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Telephone—BEekman 3-17§7
Vol. 152
JUNE 14,
No. 3964
1941
CONTENTS
Editorials
3690
The Financial Situation..
__3703
.The Public Order.
British Guiana_
.3705
____________
Comment and Review
Gross and Net earnings of United States Railroads for
the Month of April
—3708
Week
the European
on
Stock Exchanges..
3695
Foreign Political and Economic Situation
..3695
Foreign Exchange Rates and Comment-
3700 & 3750
Course of the Bond Market
—
Indications of Business Activity
——
Week
on
the New York Stock
Week
on
the New York Curb Exchange
3711
3711
3693
Exchange
3749
News
Current Events and Discussions
Bank and Trust
..3726
......
3748
Company Items
General Corporation
and Investment News
-.3798
Dry Goods Trade
State and
3846
..3847
Municipal Department...
Stocks and Bonds
Foreign Stock Exchange
—3750
Quotations
Bonds Called and Sinking Fund Notices......
3753
Dividends Declared.
3754
3753
Auction Sales
New York Stock
♦New York Stock
New York Curb
—3766
Exchange—Stock Quotations
Exchange—Bond Quotations_3766 & 3776
-.3782
Exchange—Stock Quotations
♦New York Curb
Exchange—Bond Quotations.
3786
Other Exchanges—Stock and Bond Quotations
3788
Canadian Markets—Stock and Bond
3792
Quotations
Over-the-Counter Securities—Stock & Bond Quotations.3794
Reports
Foreign Bank Statements
3699
-
Course of Bank Clearings
Federal Reserve Bank Statements...
General
—3750
-
3726 & 3763
Corporation and Investment News.......
3798
Commodities
The Commercial Markets and the Crops
3836
Cotton..
Breadstuffs
3838
...
3842
•
Attention is directed to the new column incorporated In our tables
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Published Every Saturday Morning by the William B. Dana Company, 25 Spruce
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Other offices: Chicago—In charge of Fred H. Gray, western Representative, 208 South La Salle Street (Telephone State 0613).
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Copyright 1941 by William B. Dana Company.
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Edwards Sc Smith.
June 23,1879. at
per year.
The Financial Situation
"CVER since I
Hi
mental
remarks
at
It has for
and
the
luncheon in
a
feeling" about
this city.
a
or
mental
feeling" of
machine.
different
nature
The issue which
the enemies of
the
life
German, Italian, and
No
one
for
entertaining
or
been raised today by
so
apparent
to
lieve in and what the other side
any
brought
one
ards it is
American
The
feelings.
To
an
inclined
have
to
feeling
They have,
moreover,
with
ways
is
selves
as
leaders
al¬
them¬
of the world
one
those
in
the
substantial
considered
reason
political
have
and they
liberty,
always
easily
been
aroused against any nation
who
people
or
what
they
attacked
consider
inalienable
rights
individual.
the
of
the
They have
often shown evidence of
"sentimental
about
had,
never
their
a
feeling"
peoples
they themselves
dom,
were
and
not the result of
was
their
lived
defend
to
or
their
or
preference
for
of
-
own
impose
task
of
bounds
tically
is, of
it
is
the
American
We
dangerous
in which
have
run
in
we
we,
have,
it
be
very
about
source
real
no
on
prac¬
occasion
"sentimental
which is always
and
practical
time in
our
world
history
been in greater danger from
than is the
China,
this
quixotic,
Perhaps at
moreover,
precisely this
however,
permitted
the
to
this
live.
Within reasonable
well.
case
Holland,
today—whether
Belgium,
France,
of
The
point
us
Elsewhere
for the
lose
doing
by
day
that
remarked
"in
West
training at
your
Point
that
to offend
on
a
so.
other
the
graduates
you
already
have
learned that the first duty
of
commander in going
a
battle
into
is
make
to
a
fearless and accurate esti¬
tyranny
mate of the situation
which
lies before him and of the
which
issues
first
it
has
he
Continuing,
that
added
"that
duty today,"
certainly is.
is
to
he
our
which
Yet the
address from which
take
these
sentences
seriously by failing to make an
this page we
graphs which
error.
situation.
Secretary of War in
well
ourselves the
democracy upon
to
the
of
the
his address to West Point
face."
seems
our¬
senti¬
should
we
deal
great
accurate estimate of the situation
highly commendable and
almost, - if not quite,
to
Indeed
home.
to
the
to
realities
we
course, very
even
useful.
feeling"
with
gain
losing touch with
very
seemed
shall
become
to
mental
upon
imposing
people to be wholly intolerable.
All this
world
the
in
the adequacy of
we
selves
part
which
system
some
same
must
we
mistake
nothing by permitting
apparent
their
on
believe
to
be
preparation.
But
peoples who either do not want it, or are
not
sufficiently interested to maintain it
at
liberties
the
in
not
us
titanic
incompetence to obtain
or
no
that
subjugation,
Let
indifference
own
brings, and
nature or
destruction of the latter.
conquest from abroad, but
of
difficult
our own
must
future
and that they have re¬
peatedly
survived
the encroachments
of
aggressive totalitarianism—and have done
so without destruction, or even the attempted
plight, when their enslave¬
We
make
since liberty and freedom began,
ever
have
could afford
we
prepared for whatever the
urging
It is too well known that liberty and free¬
largely responsible for their
ment
very
senses
circum¬
neglectful of
defenses.
subject to compromise.
cause for which the Secretary pleads is
greatly aided by such arguments as these.
when
even
these
in
years.
right
that
the
have lost,
liberties
are
in his
one
pose
world
it
ut¬
officials
our
now
find
We
who have
or
issue is not
the
the
to be
right and wrong,
slavery, between kind¬
facing exactly the same situa¬
at large which Abraham
Lincoln faced within our Nation eighty-three
years ago when he pointed out that a nation
divided upon such an issue could not remain
divided.
It must either become all one thing
or all the other.
The world today is divided
between two camps and the issue between
those camps is irreconcilable.
It cannot be
appeased. It cannot be placated. Humanity
cannot
permanently make terms with in¬
justice, with
wrong,
and with cruelty.•—
The Secretary of War to the graduating class
at
the United States Military Academy on
Thursday.
are
in
tion
of
course
stances for a moment sup¬
cruelty.
an
people who
We
ideas which demand indi¬
vidual
believes in.
in American stand¬
up
No
would
today that we
can
make terms with the Naxi system and
that our system can peacefully live in the
same
world
with
theirs
simply have not
thought this matter
through.
They are
guilty of wishful thinking.
There is no
possibility for this country with its prin¬
ciples and its methods of life to live safely
in a world dominated by the methods and
practices of the leaders of the Axis nations.
The world has grown too small to make that
possible.
attack.
of wanton
victim
The
so-called
animal
that
and
Such
particularly
underdog,
when
fellow
a
the
for
ness
more
during the past few
*
between
issue
between freedom and
people have always been
the
and
of
terances
faces
who
one
any
fairly.
There is no danger of misunder¬
standing its fundamental character and the
depth of the cleavage between what we be¬
such
the
by
conduct
our
system of government and
clear-cut that its nature
made
our
is
be
has
secure
it
the others
Willkie
today
should
likely to condemn either
Mr.
Hurting the Cause?
Certainly,
position has
our
been
not
developed, and often
is
preferred international law and order.
likewise,
reached white heat, about
Japanese nations.
might rather than right and, of course, including
nations like the United States which have always
"A senti¬
or
any
on
a
Helping
there be
can
peoples, even those who are inclined to rely
for all
also
has
Nor
of affairs is posing problems
doubt that this state
great damage from the
attacks of the German military
aggressive, hungry might,
is loose in the world today.
developed "a sentimental
number of other countries which
suffered conquest
we
of the other parts of the world concerning
hear so much today.
There can be no
doubt that brute force,
two
or
or any
which
few
other Americans have during
many
past:; year
have
of
course
time been evident that Mr. Willkie
some
great
a
Relief
China
a
ica,
about
said the other day in the
Willkie
British Empire, South Amer¬
Norway, Sweden, the
boy I have had a sentiChina," Wendell L.
a
was
feeling
appear
which lies before
us.
have quoted a few para¬
to be guilty of
precisely this
We venture to quote
reason
that it
deal of the loose
common
further from the address
seems to us to typify a good
thinking which
at this time.
we
fear is all too
Here is the Secretary's general
appraisal of the situation in question:
"Thirty years ago this month I had the honor as
Secretary of War of coming to West Point to assist
in
launching the class of ?11 upon its career in the
The Commercial &
152
Volume
United States
Thirty years is a very short
a very much shorter
of human civilization. Yet think for
Army.
time in the life of
time in the life
Nation and
a
profmind changes which have occurred during that brief period to transform the outlook which was before the class of '11 to the somber
a
moment of the
"In
1911, although we little realized it, we were
approaching the close of a long period of constantly
expanding liberty in the habits and thoughts of
freedom of thought
men.
Freedom of the person,
and of
anese.
It is within these countries that the preponderance of barbarity—according to our standards—has been
^jie
,mei.
speech, freedom of movement and
communicakind of govern-
stantly expanding throughout the world ever since
that time which we now call the Dark Ages, many
centuries ago.
which prein personal liberty for the
"During the particular hundred years
well as political independence for
Nations, had been spreading with great
individual man, as
the various
Our own Nation
recognized leader
and the movement had spread so
rapidity and withi hardlya check.
ever
the President himself in his
t that it ia
^5
,
of that movement
that we
were
becoming confident that the entire world
would ultimately be governed by the habits and
rapidly throughout the various Nations
ideals which
we
believed in and to which we were
devoted.
.....
^
justice
reign of law, humanitarian ethics between
"Liberalism
in
thought
and
action,
in
t,
^
x
blood or sPend our substance
for the "liberation" of the Russians, the Germans,
the Ialians, or the Japanese—or at least to do so as
an end in itself. Such an idea would be too quixotic
for the most rabid interventionist, we should
even
imagine.
-
>
But within the past year or a
„
J
__
little more France
all the smaller countries of
ticall
\
_
,,
.
,
_
the Con_
,,
,
tment of EuroP« bave been brouSht under the German y°ke» Some of these were ruthlessly taken
merely because Germany wanted them. Others quite
as ruthlessly were over-run because they, or the
facilities they possessed, were of strategic advantage
to Germany in her effort to strike at her enemies,
qj- course conduct such as this on the part of Ger-
its birth bad been the
since
under the
or
wouM
mome
r
tion, and freedom to choose our own
ment under which we should live, had been con-
ceded 1911 that progress
To be sure, not even
perpetrated.
gecretary of War
uPon us to shed our
gentlemen face today.
outlook which you
3691
Financial Chronicle
by
\
J
,v
_
any
moral or ethical
,
i.
^
,
standard, any more than earlier conquests by England could be. Nor does any recognized law of civih
ized peoples condone such a crime by citation of similar behavior by others at some other period. It is but
manifestation of the law of the tooth and the claw.
a
gUch things have,
an(j Up0n one
however, in one degree or another
or
another been occurring since
,<"arae'en<rn'whllew*
"Today, after that brief interval of thirty years,
our own Nation, sheltered as it is by the geograph-
position and natural resources which hitherto
impregnable, is confronted
ical
we
had believed made it
by the most dangerous threat which has ever faced
political and economic independence. Our President has declared it to be a national emergency and
its
danger as one which will re-
has characterized the
nci4.„„
^
ol1
:
™
the muster ot all ot our energies.
"And when we look out beyond the boundaries of
quire
hemisphere into that world which thirty
own
our
years ago
seemed
so
rapidly moving along the path-
to freedom and humanity and tolerance, we see
a world where justice and law have been overthrown,
where mutual tolerance has been replaced by cultiway
vated
ghould certainly think twice before we assume
an
.
,
-
_
The
Does
It Prove?
people
must think more realistically than these
to wish them to do.
neither the Secretary nor the others leave
ieaders appear
But
Secretary's "words are likely to be taken by the
as describing accurately in a
periods in history in which a sharp reversal of
previous trends occurs appears to have arrived, and
the
general direction of events certainly are not to
the
liking of any of those peoples whom we have
termed
proved
launch
But what does that
Hardly that it is encumbent upon us to
effort by force
an
trend in other
in the
liberty-loving.
countries.
of
arms
to
reverse
The truth is that
the
we are
grip of the same trend right here in the United
look to our own course
greater care than we are doing, or have
for a good many years. As to foreign
States, and wrould do well to
with much
been
doing
peoples who have been "trampled under by ruthless
barbarity and the organized slavery
it is well to observe
to
of fellowmen,"
that most of them have enslaved
themselves, or have not thought it
worth their while
retain, and do not now think it well to restore
their
the
own
liberties. No foreign armies have enslaved
Russians, the Germans, the Italians, or the Jap-
.
Th
+h
,
own
general way the transformation which has occurred
in the world during the past three decades.
One of
often
said many things which
seemed to leave the inference that we should adopt
some such course, as seems to be the case with the
address now under discussion, but the American
oTwavs
careful
to
no
IX",'. Z
informed American
those
^
many recent occasions
barbarity and the or6,aired el.eery
What
such
The Secretary of War, and many
attitude now.
others in places of power and influence have on
^.
.
.,
...
...
hatred, and where the doctrines of humanity
religion have been trampled under by ruthless
and
oarage uPon occasion, we have not hitherto
felt it encumbent upon us to go to war to make the
remainder of the world behave as we thought it
ought to behave, or to save the liberties of peoples
many thousands of miles from our shores.
We
Nation
.
.
.
is confronted
by the most dan-
threat which has ever faced its political and
economic independence." ' He is far from specific
gerous
in his support of this sweeping assertion. Indeed
he almost appears to suppose that it needs no support. Yet precisely what can he mean? Political
and economic independence. Who will take it from
us, and how? He can hardly mean to suggest that
we are in imminent danger of sharing the fate of
France, Belgium, and the others. Yet how else can
any foreign power rob us
ing a democracy at home
internal affairs as we
of our privilege of remain-
and of managing our own
please? Certainly we have
begun to stray far from our traditions in these
respects, but it has resulted from our own muddleheadedness not from external force. Actual conquest or enslavement of the United States
foreign power or any combination of foreign
by any
powers,
attack which could hope to rob us of our
"political independence," must be set down as one of
those remote possibilities for some distant future,
even if we accept the warnings of the alarmists at
face value so far as they are concrete enough to be
definitely appraised.
or any
The Commercial & Financial Chronicle
3692
But the
Secretary says, as others have in effect
said before him, that our "economic
is likewise in serious
danger. Here the allegation be¬
difficult to discuss
comes
where does
the
for
have
selves to
that
taken
similar
"economic
has, and
the
any very
of
substitute
in
no
ordinary
any
had set up
complete,
far
had any, consisted merely
as we
privilege of selling
goods where
our
could
we
could find sellers.
we
If what the Secretary and the others
more.
will
the entire world outside of
our
trade
with
practically
conquer
boundaries and
us—certainly
imaginable conception—the
have to conquer
an
almost
in
is that they still
answer
light of the
doing
us
about
badly
as
us^he
that
course
our
we
have pursued.
utmost—which
at
adequately, but
the
we
still most woefully lack
present
moment—to
we
meet
an
ac¬
curate
These
constant
danger of early loss of
to
advanced
reserves
Other cash of
increased
tion
$12,387,000
to .$20,613,-
Federal Reserve notes in actual circula¬
686,000.
$7,981,000 to $6,542,175,000.
deposits with the Federal Reserve banks
reiterations
our
of
the
alleged
independence, political
economic, far from clearing the atmosphere, tend
keep it* murky. It would not be suprising if we
have here
one
finding it
so
of the
reasons
consisting of
balances
serve
Total
were up
an
increase of member bank
re¬
by $110,695,000 to $13,312,189,000;
a
decrease of the
Treasury general account by $52,099,000 to $940,973,000 ; a decline of foreign deposits
by $17,135,000 to $1,226,526,000, and
other
decline of
a
deposits by $26,017,000 to $582,106,000.
ratio
reserve
unchanged at 91.2%.
was
by the regional banks
Industrial
were up
advances
were
The
Discounts
$61,000 to $1,977,000.
higher
by $38,000
$8,744,000, while commitments to make such
fell
vances
$643,000 to $11,629,000.
operations again
States
were
lacking,
Treasury securities
as
were
at
ad¬
Open market
holdings of United
unchanged at $2,-
184,100,000.
Government Crop Report
BUMPER wheat prospects are indicated in the
Agriculture Department's
forecast based
crop
June 1
harvests
why the President ik
difficult to unite the Nation behind
and
winter
been
wheat
combined.
exceeded
An
output
this size
only five times in history—in
1938, 1931, 1928, 1919 and 1915.
was
The 1915 harvest
the greatest of any and amounted to
1,008,637,-
000 bushels.
When the coming season
begins next July 1, it
estimated, 390,000,000 bushels of old wheat will
is
be
on
hand.
This will be the greatest
carryover on
record, and, when added to the prospective output,
indicates a total supply next season of
approximately
1,300,000,000 bushels, which, according to available
figures, 1919 to date, would be the greatest on record.
The
him.
conditions, which estimates that this year's
will produce
910,699,000 bushels spring
has
appraisal of those dangers and those prob¬
lems.
or
$999,000 to $20,313,731,000.
regional banks increased modestly, and their
total
on
of course, dangers confronting
These dangers we must do
not
the gold certificate
re¬
it, and when they do, they will still
they need to trade with
There are,
more so
declined
the
un¬
need to trade with them.
we
are
coun¬
Our "economic inde¬
fear is that the Axis powers
as
relatively
for ordinary peace-time
even
buyers and buying where
find that
or
independence of foreign
living of the people.
so
manu-
obliged to look abroad for many
despite reductions in the stand¬
were
articles—and that
pendence,"
of foreign
sense,
The Germans for ye&rs prior to the
war
requirements
to
and
as
$15,444,000 to $16,061,794,000, with the account vari¬
tries, but they still
fuse
materials,
gold receipts,
new
holdings of the 12 Federal Reserve banks, combined,
ations
goods.
Nothing
mean¬
Treasury in Washington again neglected to
"cash" the
ma¬
complete economic
find
The
security col¬
$12,000,000 to $347,000,000.
suc¬
outbreak of
in the
lateral receded
Nation has yet
or,
of
realistic
banks to brokers and dealers on
same
establishing independence of foreign
ceeded in
ard
had,
ever
effort, in terms of trade restrictions,
deprivation of populations,
factured
The fact is
Nation has
000,000 in commercial, industrial and agricultural
loans to a total of $2,210,000,000.
Loans by the
means
Despite prolonged and at times
development
terials,
no¬
Nor have the others
precisely.
no
independence" in
ing of the term.
almost frantic
that
reason
positions troubled them¬
define their terms
Nation
no
the
Secretary explain what he
by "economic independence."
who
independence"
June 14, 1941
previous
peak
of
1,254,969,000
bushels
was
established in 1931.
Federal Reserve Bank Statement
The formidable character of the
probable surplus
brought into sharp relief when contrasted with
ONLY a minorcurrency positions in the official
part was played by changes in the
gold and
is
banking
bushels
statistics
June 11.
for
the
weekly
These factors have been
period
leading
months, but in the latest statement
many
stocks of the
ended
ones
week
for
gold
country advanced only $14,000,000 to
$22,593,000,000, while currency in circulation fell
$1,000,000 to $9,393,000,000.
Excess reserves of
•member
banks
over
legal requirements increased,
however, by $80,000,000 to $5,490,000,000. This was
due
entirely to declines in Treasury and non-mem¬
ber
deposits with the 12 Federal Reserve
banks, the
moving rapidly into member bank reserve
funds
accounts.
come
Another
instalment
tax is due June
credit
for
the
Federal
in¬
15, which makes it likely that
changes in accounts will
in the
of
remain
banking statistics.
outstanding factors
The demand side of the
picture reflects continued effective
inquiry
loans.
porting
The
New
condition
York
statement
City member
period ended June 11, shows
an
of
weekly
banks,
increase
for
of
re¬
the
$28,-
usual
domestic
requirements of about
and the
which would
685,000,000
present poor outlook for
bring disappearance this
both channels to not much
more
year
than
exports,
through
700,000,000
bushels.
The markets were only
slightly depressed
by the Government's report, however, because of
the
Government
loan
program
and the marketing
quotas voted by farmers May 31.
The June estimate
that crop at
higher
of winter wheat
alone
than
the
previous
month's
forecast
81,564,000 bushels above the April figure.
of the size in
prospect
record and compares
The
issued
before
several
days
estimated
average
to
on
the
figure.
aggregate
average
of
private estimate
official
680,000,000 bushels, only
of the Government
and
crop
would be the third largest
151,000 bushels and the 10-year, 1930-39,
amounted to
A
with last year's harvest of 589,-
569,417,000 bushels.
is
placed
697,692,000 bushels, 44,587,000 bushels
a
forecast
little short
The spring wheat
213,007,000
crop
bushels,
Volume
The Commercial & Financial Chronicle
152
3693
slightly under last year's 227,547,000 bushels but
Administration guidance for
well
years.
the 10-year average
of 178,090,000 bushels,
recent months and
and 74% average for
The decision by President Roosevelt to take
firm action to end the strike at the Pacific Coast
plant of North American Aviation Co., which was
planted
earlier than usual this year because of the less than
average rainfall in principal growing States., Present
prospects for the country as a whole are described
as
"seasonably good." Hybrid plantings are be-
tory, heartened the market for stocks and bonds,
When further outlaw strikes promptly developed in
the aluminum and other industries, the original impression made by the North American Aviation pro¬
cedure was somewhat vitiated. But it was apparent
over
Condition of this crop was
compared with 88%
87% of normal
a year ago
the date.
The
on
June 1
followed
•
Government
reports that corn was
lieved to have shown
Monday by military control of the fac-
that the country would not tolerate much longer the
further increase.
a
on
Administration vacillation and labor-coddling which
Business Failures in May
]e(j
directly to the stoppage in vital production, and
COMMERCIAL failures previous declined season- hopes for adjustment of the differences^ ^ were not
ally from the month in May and were about
dispelled,
/:•
10% fewer than in May, 1940, thereby about equalIn addition liabilities in-
ing April's good record.
volved
dropped
month
failures
Last
with
of
aggregate
in
the
stocks
by Dun & Bradstreet in 1939.
numbered
1,119 and
casualties
April
and
$13,827,000
with
1,238,
in
a
year ago
service division had
in
the
month
a
industry participated in
as news
shared about
a
firms
failed
for
In the retail
1940.
$4,765,000 compared
with 757 for $5,145,000 a year ago.
70
Construction
year.
The
failures
with
involving $1,201,000 last
division
service
had
40
not
was
the failure
uniformly downward, however.
the 12 Federal Reserve Districts, four,
Of
the Boston,
Philadelphia, Dallas, and the San Francisco, had
a
five/ the Boston, Philadelphia, Cleveland, Atlanta,
and Dallas had
war on a
formal,
result if incidents of this nature
But the decline yesterday merely
repeated.
more
than in April.
as a
whole,
was more active than in previous weeks, with
almost all issues in request with the exception of
German and Italian bonds. The commodity markets
staged some sharp advances, especially in agricul-
greater number of insolvencies than a year ago, and
last year
sharp
although setbacks occurred at times when it appeared that wage demands soon will develop from
the rail unions. The more volatile industrial and
utility bonds were steady to firm. Coal company
bonds remained in excellent demand, and specialties
also tended to advance. Foreign dollar bond trad-
involving $570,000 in May, 1940.
In the different sections of the country
trend
a
may
road obligations the tone was favorable
$647,000 liabilities last month which compares with
46 failures
a
also is an improvement over recent performances,
In the listed bond market a good tone prevailed
for United States Treasury obligations, which managed to climb by small fractions in almost every
session. Best-grade corporation bonds also were
firm, indicating that genuine investment activity
was on the increase. Among the speculative rail-
failures numbered 63 involving $913,000 in compari-
with
of
the 500,000-share level in most full sessions, which
$1,646,000 liabilities in May,
commercial
was
German sub-
insolvencies in this classification
a
dropping to 100 involving $963,000 from 120 with
son
a
The
comparison
in May, 1940.
wholesale division also showed
735
Sinking by
to profit-
again
marked reduction
with 245 involving $4,506,000
division
of
modified previous gains, and the list at the close
last night was generally higher than a week earlier,
Trading on the New York Stock Exchange exceeded
numbered 181 and involved $2,777,000 in
ago,
response
war news
the Axis, and it also is evident that
Last month's manufacturing casualties
year
groups
deterioration of relations between this country and
are
a
all
in the South Atlantic necessarily implies
division accounted for most of the decrease from
from
virtually
of the impending move became
perturbing nature.
all-out scale
ago.
of
The upswing continued briskly in the
equally in the drop from April but the manufacturing
year
time by
marine of the American merchant ship Robin Moor
and only the commercial
Other groups
Prices
taking and partly because
greater number of failures than
before.
a
marked upward in the brief session last
developed yesterday, partly in
May,
most
All branches of trade and
overshadowed for
early sessions of this week. Modest recessions finally
1940.
the decline from
were
available.
liabilities
$13,068,000
with
California.
Saturday/
insolvencies
$10,065,000 current liabilities, comparing
1,149
were
the official determination to end the aircraft strike
any
present system of computing
instituted
was
month's
involved
in
the
since
lowest
the
to
Other factors
Compared with
the New York District showed the greatest
while
tural products, and this heartened the securities
Minneapolis District showed the highest degree
section to some degree. Foreign exchange trading
remained dull, with the exception of a good tone in
reduction
numerical
the
of betterment with
a
with
88
fewer
failures
drop of 60%.
some
The New York Stock Market
Qn
Latin American units.
^
York
Stock
Exchange
93
stocks
IMPROVEMENT in some vital reflected this week week while 43high levels for the year the present
phases of financial touched new stocks touched new low levels. On
industrial activity
and
in
was
trading
trend of
times
oped.
a
on
prices
the New York stock market.
was
the New York Curb Exchange 45 stocks touched
new high levels and 40 stocks touched new low
levels.
The
upward in most sessions and at
fairly respectable volume of business devel-
Gains wrere
the most
spirited in several
months, with the result that the general list was
lifted to best
The
figures since the early days of April.
movement
was
stemmed from the
well
maintained
and
plainly
hope that labor-capital relations
in defense industries would
be adjusted
on a more
sensible and realistic basis than has prevailed under
.
Call loans on the New York Stock Exchange remained unchanged at 1%.
On the New York Stock Exchange the sales on
Saturday were 183,930 shares; on Monday, 442,610
shares; on Tuesday, 825,780 shares; on Wednesday,
536,960 shares; on Thursday, 564,320 shares, and on
Friday, 443,580 shares.
77?e Commercial & Financial Chronicle
3694
On
Saturday
shares;
York
New
the
Curb
Exchange the sales
41,460 shares;
were
84,980 shares;
Corp. of N. J. at 21% against 22%; International
Wednesday,
Thursday, 75,985 shares, and on
Harvester at 50% against 51; Sears, Roebuck & Co.
on
on
Friday, 88,645 shares.
On
Gas & Electric at 3% against 3%; Public Service
Monday, 77,185
on
Tuesday, 142,050 shares;
on
on
Saturday of last week the stock market moved
By the end of the first hour equities grew stronger,
in
the
hour
second
previous day's losses.
Montgomery Ward & Co. at
at 72% against 69%;
35% against 33%; Woolworth at 28% against 27%,
and American Tel. & Tel. at 158 against 157%.
narrowly at the start of trading, with prices mixed.
and
June 14, 1941
they recovered all of the
Toward the close activity
Western Union closed Friday at 24% against 21%
Friday of last week; Allied Chemical & Dye at
on
154% against 148%; E. I. du Pont de Nemours at
ex-
151% against 148%; National Cash Register at 12%
panded and the list finished at its best levels since
against 12; National Dairy Products at 13% against
early April.
12%; National Biscuit at 16% against 15%; Texas
Included in the
coal, steel
Gulf Sulphur at 35% against 34%; Loft, Inc., at
rally occurring in
21% against 19%; Continental Can at 34 against
Monday extended the gains made
31%; Eastman Kodak at 132% against 124; West¬
A belated
and chemical shares.
the last hour
on
that stood out
groups
prominently during the brief session
on
Saturday of the previous week.
were
Resumption of
inghouse Elec. & Mfg. at 95 against 91; Standard
operations at the strike-bound plant of the North
Brands
American Aviation Co. in Los
against 12; Schenley Distillers at 9% against 10%,
desirable effect
in evidence
centered in
a
trading, with investment buying
on
and
Angeles produced
much
of the demand
better-grade stocks.
for
Trading
and National Distillers at 19% against 19%.
equities
was at
its
5% against 5%; Canada Dry at 12%
at
In
the rubber group,
closed
Goodyear Tire & Rubber
Friday at 17% against 16%
on
Friday of
heaviest in the last quarter hour as market favorites
last
picked
up
United States Rubber at 22% against 21.
buying
was
the list
issues
gains of three
carried
bid up
heaviest and
with
from
broadest
volume
Monday.
centered
stocks.
common
reached
in
preferred
The
in previous
as
and
higher-grade
height of the advance
shortly after midday, and in the final
ter hour evidence of
profit-taking
failed to have any great
halt
as
was
noted, but it
prices.
week.
Pennsyl-
23% against 23%
on
29
at
New York
against 26%;
Central
12%
at
against 11%; Union Pacific at 80% against 79%;
Southern Pacific at 12
12%
against 12%,
against 11; Southern Ry. at
Northern Pacific
and
at
6%
against 6%.
Steel
stocks
further
rose
the
present
week,
United States Steel closed Friday at 56% against
54
on
Friday of last week; Crucible Steel at 38%
A tempo-
against 37%; Bethlehem Steel at 73% against 71,
and Youngstown Sheet & Tube at 34% against 33%.
on
caution gripped traders.
in for
came
effect
RR. closed Friday at
Friday of last week; Atchison Topeka & Santa Fe
was
quar-
this
stocks advanced
Railroad
vania
to the upward flight of prices on
came
Wednesday
ume
month,
a
compared
as
Firmness charac-
opening sales and interest,
sessions,
rary
to three points in the
one
825,789 shares
on
choice
as
trading period in
to
rose
442,610 shares
terized
-
Spirited
again experienced sharp advances
were
Sales
points.
or more
into Tuesday's session, and
over
week; B. F. Goodrich at 12% against 12%, and
Sales vol-
sharp contraction and occasional
In the motor group,
General Motors closed Fri-
day at 39% against 37%
on
Friday of last week;
spells of profit-taking forestalled most attempts of
Chrysler
the
against 2%, and Studebaker at 5% against 4%.
market
to
break
into higher ground.
Copper
issues evinced
at
57%
against
55%;
strength and were the focal point of
dealings in Inspiration Copper ran to
10,700 shares. Investment buying in prime stocks,
Friday at 39% against 37%
however, continued in fair demand, and the general
Packard
at
2%
Refining at 20% against 19%.
interest
as
list closed in
odic
list
an
movements
among
Thursday in
on
better
irregularly higher position.
favorable position.
spirit obtained throughout and the unfalter-
ing demand for securities of
served
to
bolster
speculative
have
the
list
attracted little
shipbuilding
copper,
easier
ened
and
aviation
tone
and
and
or
prevailed
moderate
to
encourage
stocks which
attention.
no
the
were
and
some
of
late
Among the
railroads,
shares,
proved
laggards.
while
An
on Friday as activity slackprofit-taking cut into prices,
Oil
stocks, inspired by Standard Oil of N. J., which
established a new high for the
year, ran counter to
the
day's trend and closed with gains.
rail shares
threatened
were
dull, and motors
price reductions and
a
Copper and
quotations
General
29%
Co.
on
on
Friday
one
Electric closed
on
York
at
Friday of last week;
and Phelps
Dodge at 30 against 29%.
In the aviation
group,
day at 8% against 8%
Curtiss-Wright closed Fri-
on
Friday of last week; Boe-
ing Aircraft at 16% against 15%, and Douglas Air-
craft at 69% against 69%.
Trade and industrial reports of the week were
generally favorable.
ending today
were
Steel operations for the week
estimated by American Iron and
Steel Institute at 98.6% of capacity against 99.2%
last week, the
same
figure of 99.2%
and 84.6% at this time last
year.
a
month ago,
Production of
electric power for the week ended June 7
was re-
ported by Edison Electric Institute at 3,042,128,000
kwh., against 2,924,460,000 kwh. in the preceding
Friday last with final
week ago.
Friday at 31% against
Friday of last week; Consolidated Edison
of New
on
week, which contained Memorial Day, and 2,598,-
requirements. Notwithstanding
tendency yesterday, the market presented
appearance this week, as may be seen by a
comparison of closing sales
stocks, Anaconda Copper closed
affected by
were
duction for civilian
better
copper
further cut in pro-
the easier
a
Friday of last week;
American Smelting & Refining at 40% against 39%,
sugar,
specialty
stocks
Among the
Friday at 27 against 26
investment nature
an
participation in
day's special favorites
motor
A
on
Shell Union Oil at 14% against 13%, and Atlantic
Peri-
selected issues placed the
a more
Among the oil stocks, Standard Oil of N. J. closed
18% against 18%; Columbia
812,000 kwh. at this time last
of
revenue
year.
Car loadings
freight in the week ended June 7
were
reported by the Association of American Railroads
at 852,940 cars, a gain of 51,157 cars over the previous
week, and of 150,048
cars over
the same week
of 1940.
As
indicating the
course
of the commodity
mar-
kets, the July option for wheat in Chicago closed
Volume
The Commercial & Financial Chronicle
152
Friday at 102c*. against 98%c. the close
of last
at
week.
July
on
Friday
of the missing
at Chicago closed Friday
corn
7314c. against 73%c. the close
ried
Friday of last
on
July oats at Chicago closed Friday at 36%c.
against 3614c. the close on Friday of last week.
of last week.
The
23%
on
pence per
the close
appears
to exist with
com-
The sinking
American ship in this
an
war,
any
prescribed combat
When the first accounts
were
received in Wasli-
ington, President Roosevelt requested a suspension
of popular judgment pending determination of all
facts and circumstances.
Friday of last
on
mistake
any
knowledge of the submarine
zones.
price of bar silver closed Friday at
ounce,
the
and it occurred far outside
Friday of last week.
on
to
is the first involving
Friday
Friday of
on
The Robin Moor car-
mander of the nationality of the ship.
Domestic copper closed Friday at 12c.,
In London the
.•<
respect
spot price for rubber closed Fri-
day at 21.40c. against 22.25c. the close
J last week.
the close
No possibility of
price for cotton here in New York closed
Friday at 14.57c. against 13.84c. the close
feared lost.
are
munitions and prominently displayed her
no
American flag and other indications of her registry.
week.
The spot
3695
This request
specifi-
was
week, and spot silver in New York closed Friday at
cally revoked
34%c., the close
at Recife (Pernambuco), Brazil, and unfolded their
stories to American officials there. According to
such accounts, a submarine halted the Robin Moor
Friday of last week.
on
In the matter of
fers
London
on
foreign exchanges, cable trans-
closed
$4.03% the close
Friday
against
$4.04
at
and demanded to
Friday of last week.
on
1:
ir
m
Thursday, when survivors landed
on
European Stock Markets
or(|ere(j
wag
the ship's papers.
see
lowered, and after
hr
a
iower
j-0
A boat
was
brief interval, the Robin Moor
her
boats
and
take
off
all
PRICE trends on the leading European stock mar- passengers and this, crew. the time minutes at first
the but Twenty
kets
week, London reporting
given for
extended to
diverse this
were
a
succession
of
quiet
were
trading periods,
firm
and
while the Continental markets moved
downward
different
011
that
currently
upward and
than their British
more
London Stock
Exchange
there
Gilt-edged issues
sessions
others.
Occasional
rail issues
maintained
and
their
levels
ing list attention
able influence at
made
Official Washington
in
action,
buying of industrial and home
turned
South African
to
shares, owing to buying from Cape Town.
London, Thursday,
able losses
established in
were
gold
English
as a
for-
was
was
a
Ger-
stated, Thursday, that
was
a
available
began to study
evident
as
the
to
German submarine.
that
course
a
another
of
sharp
•
#
American Foreign Policy
THRESH delineations
of
Administration
policy
*
with respect to defense and to foreign affairs
were
was
issues, but
is
a
,
week, when siz-
some
it
and
A favor-
The Berlin Boerse
measure.
soft in the first two sessions of the
first
was
deterioration of relations between the United States
by President Roosevelt regarding operation
of the Lend-lease
broken
and Nazi Germany impends,
the report
was
ship
The
sinking of the Robin Moor by
reported at London, and in the min-
was
In Berlin it
authentic information
110
marked fractionally higher in
were
several
The
counterparts.
the
doubt that the submarine
was no
vessel.
man
inactive at all times,
was
which
eigner, and the State Department announced that
pliases of the conflict plainly bothered the Reich investors
after
of the submarine commander identified him
great war and the rumors
in circulation regarding the next
are
minutes,
torpedoed and then shelled.
days through a sizable arc.
The uncertainties of the
was
thirty
numerous,
this week, but
tinues to present only
a
general survey
con-
picture of confusion and
It is possible that such
uncertainty.
a
a
an
incident
as
general recovery followed which lifted levels of most
the sinking of the Robin Moor will precipitate a
stocks for the week
more
tlie mid-week
as
whole.
a
Gains at Berlin in
period ranged to 4 and 5 points, lead-
ing industrial shares being preferred.
dam Bourse
was
soft
firm
and
changes for the week of little
The Amster-
trading in American shares
on
the
An order
unified program, but in our de-
good deal of damage will have to
a
effects
his
of
own
end
time.
a
Robin
Moor
Sinking
be regarded
labor
a
stroke
policies, President
strike at the North American Aviation Corn-
pany
plant, and 2,560
thier
a
can
Endeavoring to offset at
Roosevelt last Monday used the military forces to
June 30, and this
depressed the entire Holland market for
satisfactory.
as
issued, Wednesday, for cessation of unofficial
was
and
be retrieved before the situation
by turns, with net
consequence.
settled
fense production
jobs.
men
promptly went back to
This, however, did not prevent other
strikes from developing in various parts of the coun-
?
GRAVELY overshadowing all other war in- try. Nor did it of North American Aviation.at The
the
week,
far
the United
California plant end completely the trouble
cidents
States is
in
of
South
the
the
so
as
concerned, is the sinking by
Atlantic of
submarine
a
the American
strike difficulty is one that rests squarely at the
merchant
door of the Roosevelt
ship Robin Moor, 4,985 tons. The ship was torpedoed
in the dim
morning light
of the incident
mercial
when
communications
survivors
eleven
picked
on
up
steamship
in
an
Ozorio.
channels
of
It
of
Moor
Cape
St.
proceeded
on
Robin
by
about
the
picked
Brazil,
voyage
members
Monday,
Moor
no
and
trace
seven
was
were
Brazilian
established
the
a reason-
far distant.
.
President Roosevelt sent to Congress, Wednesday,
his first report
ure,
on
operation of the Lend-lease
meas-
in accordance with the requirement that such
information be made available at intervals of not
less than ninety days.
information
The report, which disclosed
only to the degree that it might not
Robin
benefit the Axis Powers, indicated that war mate-
from New York to
rial shipments to May 31, made principally to Great
as
The survivors
almost 866 miles from the
up
sinking, but
crew
the
com-
956 miles north-
Cape Town and other African ports.
were
last
quickly
was
Roque,
her
the
boat
open
that the incident occurred
east
May 21, but first word
only reached Washington via
Administration, and
able program for dealing with it still appears to be
scene
of
found of 28 missing
missing passengers.
All
Britain,
425.
Of
were
this
valued by the President at $75,202,sum,
$64,066,666 of materials
came
from existing stocks, while $11,066,606 represented
new
production.
Since the Act
was
passed, Mr.
The Commercial & Financial Chronicle
3096
Roosevelt
added,
evidence suggested
termination of the campaign,
Little effective resistance was offered by loyal
French forces to the advancing Allies, and city after
city swiftly fell to the British and their Free French
moved rapidly into Syria all the
than $4,250,000,000 out of
more
$7,000,000,000 appropriation for the purpose has
the
been allocated to procure
an
the aid authorized to Great
Britain, China and other countries which, in the
opinion of the President, require assistance in the
"With
interest of American defense.
our
June 14, 1941
early and favorable
associates.
national
said, "we will help Great Britain to outstrip the
for the drive
before the
march began, at dawn last Sunday, and no surprise
Axis Powers in munitions of war,
was
of
it that these munitions
be
In the
we
will
to
see
uneasiness as
strictly diplomatic sphere the moves of the
were
not of a nature to clarify
indicate the
to
or
course
that the United
Government.
seemed to be whether Vichy would request aid in
State
countering the British and Free French advance.
an agree-
Secretary
No such petition apparently was made, and the Germans almost studiously refrained from tendering
of
Saturday that
reached with French authorities
re-
assistance. It was pointed out by Nazi spokesmen
that the Vichy regime ought to prove itself worthy
of holding its colonial Empire, and such comments
were associated with tentative "peace" terms rumoral to be under study by Vichy and Berlin. The
Germans tried to brand the move as "unprovoked
aggression," but no attention was paid to the comment. The concern of the United States Government that a strong defense might be organized by
loyal French troops in Syria was made amply clear
garding French possessions in the Western Hemi-
sphere,
certain degree of supervision being
a
erased
ex-
by the Untied States, while any action with
respect to those possessions would be governed by
tlie Havana Conference
Hull
on
arrangements of 1940.
States to bear in the Syrian situation,
Gaston Henry-
by informing French Ambassador
Haye that resistance to the British in that
dated
territory would be regarded
Franco-German collaboration.
derstood to have
to
Mr.
Monday endeavored to bring the weight of
the United
remarked,"
the New York "Times"
a
as
man-
evidence of
"Mr. Hull
was
in
un-
the
Syria after having allowed
Germans, uncontested, to
during the affair in Iraq."
use
Syria
It developed
as
base
a
on
Tues-
day that Portugal had protested to the State Department against references to the Azores and Cape
Verde islands made
"fireside
chat"
of
by President Roosevelt in his
Portugal "categorical"
States has
no
Secretary Hull
May 27.
assurances
gave
that the United
r*
*
Syrian
warning by Secretary of State Cordell Hull,
.
aggressive intentions.
c
a
Monday, that military opposition to British forces
would be regarded by the United States as evidence
of Franco-German collaboration. This warning followed a declaration by Ambassador Gaston HenryHaye that France will defend French territories
against any attack. After the British and Free
French move developed the hint was supplied by
Vichy that a mandated area may not be a "French"
territory, which suggests some of the difficulties
involved. The loyal French force, however, made a
reasonably good attempt to defend Syria.
The military march into Syria and Lebanon was
Washington dispatch
said, "that it would be
regrettable if the French found themselves fighting
their former Allies in
In Berlin the question
in London, Tuesday.
mons
unoccupied France and with
Cordell Hull disclosed last
ment has been
to creep even
Winston Churchill made before the House of Com-
Controversies developed with the
French Government in
Portuguese
developing and the miliis not yet clear. Some
to the Reich measures was permitted
into the speech which Prime Minister
the French reaction still is
tary riposte of the Germans
Department
matters
Political and military
occasioned by the event.
repercussions are not easy to gauge, however, since
*
States will pursue.
the
and
get to the places where they
effectively used to weaken and defeat the
aggressors."
State
into Syria was well known some time
people for mass production," Mr. Roosevelt
our
can
That forces were being concentrated
productive capacity and the genius
our
resources,
preceded by numberless British assertions that Nazi
v
•
Campaign
"tourists"
and
others
were
being concentrated in
EMPLOYING tactics of theFrench forcesvariety, thislarge part region. Such rumors were supported
Blitzkreig joined in Near East by dispatches from Turkey to the
Empire and Free
British
in
against the French mandated areas of
move
a
Syria
Lebanon early
and
when the London authorities
The
were
move was
non
made
that
had taken
heavy infiltration of Nazi troops
by
Germans.
the
As
the
campaign
take
force
dated
originally said to be in the French
territory, but
London
reports
measures
are
continuing to
whose effect must be to bring Syria
This
was
said
to
be
in
and of the Petain statement that France could not
honorably undertake anything against her former
a
allies.
Dodecanese islands.
Charles de
Political considerations affect-
possible decision by the Vichy regime to
materials to rebel
contradiction of the terms of the French armistice,
flight by the Nazis back toward Greece and the
ing
forces, and that the
war
"German infiltration into Syria has
eign Office maintained.
man-
suggested
asserting flatly
and Lebanon under full German control," the For-
de-
veloped, little evidence appeared of that sizable German
Syria had sent
begun and the Vichy Government
cupation of that vital salient in the Eastern Mediterranean
in
forces in Iraq.
place in Syria, threatening the total oc-
a
statement
at the disposal of Axis
French
ready and were
convinced
a
that Vichy had placed air bases in Syria and Leba-
Egypt and the Suez Canal against any
German attack from the East.
When the march began the Foreign
Office in London issued
primary aim of securing the flank of the British
defense of
effect.
same
last Sunday, with the
In behalf of the Free French leader, General
Gaulle,
a
statement
was
issued by Gen-
en-
eral Georges Catroux guaranteeing the liberty and
with Great Britain may have
tendency toward immediate
independence of Syria, and with such promises the
British Government associated themselves. British
military action in Syria, it was suggested. But the
Vichy Government of unoccupied France seemed
airplanes, flying over Syria and Lebanon, dropped
leaflets asserting that the Free French and British
a
gage
in all-out
overruled
any.
war
Reich
disinclined to declare
dom, and
as
war
against the United Bang-
the British and Free French forces
*
forces
were
coming to aid in the fight against the
"common enemy."
The Commercial & Financial Chronicle
Volume IS2
The distress of the French
regime at Vichy over
the Free French and British
Lebanon
shal
after the
attack
revolt
indicated
was
Henri
Philippe
military
by
a
into
move
Syria and
statement which Mar¬
Petain
issued
immediately
became known.
measures
"The
was
made, as at Dakar, under the flag of
by Frenchmen,1" Marshal Petain said. "Sup¬
ported by British Imperial forces,
they have not
hesitated to shed the blood of their brothers who
are
defending the unity of the French Empire and
its sovereignty.
The pain caused by this fact
France, faithful to her declarations, can meet with
the pride of not
having been the first to take arms
against her former allies, any
Mers el
Kebir, at Dakar
at Sfax."
or
attacks were
reported, however, against British war¬
ships engaged in shelling the Syrian coast. Diplo¬
matic
reports
stated
that
reaching
the
Washington,
French
fleet
had
Wednesday,
left
Toulon
headed for the eastern Mediterranean.
and
Beirut
the
were
immediate
and
Damascus
objectives of the
British and Free French in their drive
northward,
they reached the vicinity of those ancient towns
and
in two
days.
is
way
a
Even after such cities
long
taken the
are
to the Turkish border, and fight¬
one
ing in Syria may well continue for
time to
some
come.
Eastern Africa
today that at
more
3697
AERIAL warfare
Propaganda
pretenses of German troop landings, and of French
intensified this week in the
was
conflict between Great Britain and the Axis
preparations to deliver the territories of Syria and
centering in Egypt and the Italian colonies of east¬
Lebanon to the
ern
leader.
Germans,
were
scored by the French
By the time the military
occurred,
move
of
Africa, but there is
fighting will bring
no
indication that this form
decision in Egypt.
a
The vari¬
according to Marshal Petain, the "few airplanes"
that stopped on French
territory had returned,
with the exception of three or four which were un¬
possessions drew steadily toward their close, with
able to
the British
or
fly.
the
"There is not
German soldier in Syria
a
Lebanon," he added.
Whether
events of the Levant influenced
collaboration
the
not
or
Vichy toward fresh
with
campaigns in Eritrea and other former Italian
ous
Italian
troops still surrendering by the thousands to
Italian
no
Empire forces.
seaport
now
the Reich is not
clear, but on
Tuesday the policy of collaboration again was urged
by Admiral Jean Darlan, the Vice-Premier. Vichy
the vast
dispatches
and German
had
been
through
Thursday said that "peace" proposals
on
submitted
the
to
the
respective
British
authorities
Ambassadors
Madrid.
to
ited
area
between
The
troops.
summer
Tobruk remained in British
against that besieged town
into Syria and Lebanon which
move
heat is, of course,
rendering all activities there extremely difficult.
heavy aerial assaults.
military
In the west¬
fighting developed between mechanized British
German troops remained in
The
Thursday, and
Egypt and Cyrenaica, lim¬
According to the official French viewpoint, British
observers had been given "positive
proof" that no
Syria.
on
remains in Axis hands throughout
region recently held by Italy.
desert
ern
The port of Assab, in
Eritrea, fell to the British
hands, but it appeared
Thursday that the land attacks by the Axis
on
are
being augmented by
British naval authorities at
Alexandria announced the loss
by
of airplane
reason
began last Sunday obviously was well planned and
prepared.
The precise nature and extent of the
gunboat Ladybird, 625 tons, at Tobruk.
British and Free French forces
aerial raid
been
disclosed, and it also is uncertain
large forces
bility
on
employed has not
no
are
opposing the advance.
ceeded
swiftly
British mechanized
on
are
engaged
divisions
pro¬
their initial thrust northward into
Syria from Palestine bases, with
ample aircraft
A number of French officers and soldiers
support.
from
In all proba¬
tremendous numbers of troops
either side.
whether
Syria joined the advancing contingents, it
claimed in London.
coastal route
moved, and
over
some
British
which
one
bombings of the monitor Terror, 8,000 tons, and the
on
an
even
damage
naval
city.
ley and crossed the border into the
Syria.
reported
defend
The loyal French troops
as
the
Wilson
apathetic and
mandated
commanded
as
were
variously
bitterly determined
Sir
area.
the
eastern reaches
British
to
Henry Maitland
and
Free French
forces
moving into Syria, .while the loyal French
forces
were
Fernand
under the
leadership of General Henri
allied
troops,
which lends
the movement slowed
some
color to
that determined resistance
observers
forces
of
French.
perceptably,
persistent Vichy reports
was
agreed, finally, that
any
The
magnitude
British
no
were
preferred
being offered.
German
or
Italian
aiding the
to
see
in
All
loyal
this
a
"flight" of the Germans and Italians, while Vichy
simply insisted there were no Axis troops in Syria
when
the
invasion
began.
Some
German
aerial
losses
was
caused in the Egyptian
made
were
by
The War in Europe
TWO weeks ended, andgone byissince the definite
now have there still
episode
in Crete
in
no
of the next
The
moves
in the great
conflict
Great Britain and the Axis
between
Europe
Syrian campaign shows that the in¬
itiative in the Near East rests for the time
in the hands of the
and Italian
man
British, but the lack of
in that
move
being
any
region carries
Ger¬
a sug¬
gestion of other intentions in the Axis capitals.
Conjecture in recent days ranged all the way from
a
roundabout attack
on
the British position in Iraq
by way of Russia and Persia, tQ a simple German
assault upon
Dentz, High Commissioner for Syria.
After the first swift advance of the British and
civilian
Egypt to Germany and Italy.
Powers.
swept up the Euphrates Val¬
but
Strong diplomatic protests
ther British columns
were
Alexandria,
property damage also
indicated, but all reports agree that the
landing parties were repulsed. From Iraq two fur¬
of
at
aggregated 200 killed, and it appeared that extensive
was
of the British columns
repeated,
No military
admitted by the British in the great
was
warships pounded the
attempts to land troops from the
The heavy
was
greater scale, last Sunday.
base
indication
sea
Alexandria of last week
on
ish
Sir Stafford Cripps, the Brit¬
Russia.
Ambassador
to
Moscow,
returned to London
early in the week, and from the British capital a
flood of rumors then
began to emanate, chiefly to
the effect that the Reich was
the Russian frontier in
the Russian Ukraine.
concentrating forces
preparation for
These
a
rumors are
on
seizure of
impressive
only because dispatches from Finland, Rumania and
other
border
Nazi troop
manian
States
began thereafter to
and material concentrations.
and
Bulgarian officials
were
confirm
High Ru¬
reported in
The Commercial & Financial Chronicle
3698
consultation with German authorities.
important theater
qTATEMENTS regarding the recent war developments were made on Tuesday by Prime Minister Winston Churchill before the House of Commons
in London, and by Prime Minister Benito Mussolini before the Chamber of Fasces and Corporations
in Rome. Naturally enough, each speaker endeavered to put the best foot forward, but the grimness
of the war drift toward national exhaustion was
apparent in both cases. Mr. Churchill was questioned in the House about events in Crete, and
he supplied a reluctant accounting.
Press reports stated that he was "testy and resentful,"
and plainly on the defensive.
There was no
organized attack on the Government, but pointed
questions were asked by leaders of the nominal Opposition, and especially by Leslie Hore-Belisha, former Secretary for War. The debate followed by only
one day a fresh admission of losses suffered by the
British Navy in the action around Crete. The antiaircraft cruiser Calcutta, 4,200 tons, and the destroyers Hereward, 1,340 tons, and Imperial, 1,370
tons, were added by the Admiralty to the list of
ships sunk in the encounter. Signor Mussolini "cele-
at sea was continued on a bit-
brated" the first anniversary of Italy's entrance
apparently
into the war with an apologetic admission that most
delegated to occupy Greece and Nazi troops
were
apparently withdrawn not only from Syria,
Bulgaria and to some extent from
also from
but
These moves are
portentous and
can
be
only as a preparation for Nazi
eastward, but also as a gathering of forces
invasion attempt against England.
interpreted not
moves
for
an
Fighting between British and German forces in
Europe was again on a modest scale, and it no
only weather conditions are
aerial attacks.
Moonlight
longer seems likely that
intensive
preventing
raids
carried out by the British against Ger-
were
cities and ports, and also against
industrial
man
submarine
various
other points in the
bases and
German-occupied area of France and the Low CounSuch British raids were a daily matter,
tries.
mostly
A rather extensive Reich
modest scale.
on a
but
replied in kind only occasionally and
the Germans
developed early yesterday against East Coast
attack
The impression gained by some
ports of England.
observers, however, was that the Germans plainly
concentrating and husbanding their resources
were
for another all-out effort in some
The
of warfare.
ter
war
German
with
basis,
submarines
ranging almost to the coast of Greenland in order
In consequence of the
to find the British convoys.
incident, it was revealed that the
Hood-Bismarck
largest British warships are being used to safeguard
Possibly because of this circumstance,
convoys.
sinkings of British and allied ships in the Atlantic
are
diminishing scale,
said in London to be on a
sinkings lately have
but it is admitted that total
sizable, partly because of losses suffered in
Crete. British submarine, sur-
been
the withdrawal from
aerial forces, on
face and
the other hand, are re-
ported to have sunk large tonnages of Axis merchant
during recent weeks, and this is believed to
vessels
have modified any
In particular,
invasion threat.
satisfaction in
announcing that six
London
took
German
ships intended to supply the giant battle-
ship Bismarck had been located in the Atlantic and
the bottom.
sent to
A
good deal of recapitulating was done in London
and
Berlin, in order to bring up to date the informa-
tion
recent
on
Churchill and Mussolini
The Italians
were
Rumania.
June 14, 1941
The British Ad-
aspects of the war.
miralty admitted that in addition to naval losses
^
of the Italian African Empire; had been lost,
but
campaign in Greece
and commented incidentally on many other aspects
of international affairs.
At the outset of the Commons debate Mr. Churchill made quite clear his viewpoint that the time for
statements about the war should be left to his own
decision and discretion, owing to the possibility that
some information might be conveyed to the enemy
by enforced discussions. He launched readily, however, into a declaration on Crete, since the disaster
on that island occasioned the debate.
Offering a
virtual challenge to his critics to find an abler War
Cabinet, the Prime Minister remarked that the
choice in Crete lay between defense without effective
air support and a simple surrender of the island to
the Germans.
British supplies of war materials,
Mr. Churchill hinted, simply were not adequate for
he centered his address on the
all purposes, and he laid sharply at the door of Mr.
Hore-Belisha a portion of the responsibility for this
situation. If the inadequate defense of Crete had
not been made, he suggested further, the
Germans
announced around Crete, the anti-aircruiser Calcutta and the destroyers Hereward
might even now be in Syria or Iraq, and preparing
to march against Iran.
British Empire effectives
Imperial were sunk, in the withdrawal from
killed, wounded, prisoners or missing in the Battle
previously
craft
and
A German official resume,
Crete.
the Reich
officers
British
losses in the attack
and
and
men
killed,
of Crete numbered about 15,000 men, according to
Crete
the Prime Minister.
wounded
casualties
Greek
on
Thursday, gave
on
and
the
11,548
as
missing,
island
were
His estimates of German losses
in that struggle were about 5,000 drowned
to
cross
the
sea,
and
12,000
trying
killed or
Charges made early in the
placed by the Germans at 5,000, while 10,700 British
wounded
and
campaign that the Germans were dressing their
5,000 Greek effectives were reported captured,
The Reich Command said that 23 British
in all
war
vessels
sunk in- the action around Crete.
were
Allied
on
the island.
at least
parachute troops to resemble New Zealanders were
retracted in the course of the summation,
said,
Turning to the Syrian operation, Mr. Churchill
admitting German airplane losses of only 236.
justified that campaign on the basis of German in-
During the first four months of this year, the Ger-
filtration and intrigues in Iraq, which endangered
airplanes
while
destroyed
High Command said
man
allied
and
wliile
aged.
a
shipping sunk
further
are,
ish
on
592,
Berlin
Wednesday, British
totaled 2,235,000 tons,
1,200,000 tons
were
reported dam-
German naval losses in the four months
said to be only
war
numbered
vessels.
were
the whole eastern flank of the Nile Valley and Suez
The formidable menace of a Ger-
Canal defense.
man-Italian advance against Egypt from
was
candidly recognized.
taken into consideration when
three submarines and three "smaller"
problem
All
decision to march into
the
disclosed
of course, quite the
figures.
reverse
German
statistics
of the official Brit-
were
Cyrenaica
But all aspects of the
Minister stated.
the
Syria was made, the Prime
He found reason for some
satisfac-
tion in the lack of any German invasion attempt,
Volume
Che Commercial & Financial Chronicle
152
and in the
steady increase of British
tion this year.
well maintained and losses there
not
greatiy in
during May
month.
same
from
Prime
in
Minister,
the Near
is far
now
have
apart
was
"serious."
were
East, according to the
hopeful than might
more
have been expected six months
ago.
fair and
He held it "un¬
wrong," in the middle of operations which
far been crowned with remarkable
success,
so
to select the loss of Crete
as a
pretext for branding
Premier Mussolini made
the
troops
much, in his accounting
of the "heroic" fighting of Fascist
war,
land, sea and in the air.
The war in
Greece, which the Germans ended so rapidly in
on
April, would have produced with "absolutely mathe¬
matical" certainty an Italian
victory in that same
month,
if nothing had happened to change the
even
situation, II Duce said.
of
He revealed that almost all
Greece, including Athens, will be policed by the
Italians
for
the
time
being.
Albania will be
tended to include the Kossovo district and the
cultural
province of Ciamuria.
"independent"
an
and Croatia
is under
Savoy-Aosta family.
been "solved" and
Axis
Italian
Italian
an
desired, the Premier asserted.
so
objective of expelling the British fleet
and
told.
were
Italy
will
reached, the
Collaboration between
be
continued
and
extended,
Tripartite Pact.
mentioned in
not
Spain
the
described
were
"American
intervention
said
the
and
out of the fighting.
bother
not
us
exces¬
African
change the present situa¬
Premier, who admitted that
The
Empire
British
even
in his
conquest of the Italian
waved aside
was
importance," and
lands
circulation has increased
last
few
months.
in
II
"not of decisive
as
Duce claimed that
the lost
other
of
Foreign Central Banks
rates of any
Present
at
rates
the
leading centers
are
shown in the table which follows:
"
;
■■
'
'
Rate in
Pre¬
Date
vious
Effective
June 13
Rate in
Rate
Effect
Country
other
Colombia.
ment
other
security
was
made in the 2% discount rate.
Below we furnish
the various items with
comparisons for previous
years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT
June 11,
June 12,
June 14,
1941
1940
1939
June 15,
1938
June 16,
1937
£
£
Circulation
637,168.000 578,365,130 494,951,865 485,737, 438
7,040,000 34,890,624 22,078,770
11,556, 485
173,968,698 151,518.218 136,696,235 152,308 037
Bankers' accounts- 122,668,027 103,158,032 100,296.915 109,062 197
Other accounts
51,300,671 48,360,186 36,399,320 43,245, 840
Govt, securities
129,087,838 123,977,838 116,261,164 114,401 164
Other securities.
24,915,826 26,880,665 28,584,102 25,773, 844
Dlsc't & advances5,097,716
3,888,102
5,631,795
5,680, 689
Securities
19,818,110 22,992.563 22,952,307 20,093 155
Reserve notes & coin
44,799,000
53,384,763 31,800,925 41,529, 319
Coin and bullion
1,967,243
1,749,893 226.752,790 327,266 ,757
Public deposits
Other deposits
24.7%
2%
Gold val. per fine oz_
1
Bank's
533,000 marks,
record total
ago
139 411,957
102 ,261,391
37 ,150,566
101 ,328,759
23 ,592,139
3 ,737,837
19 ,854,302
42 ,388,736
322 ,169,953
a
aggregated
24.3%
28.30%
2%
2%
ll^d
2%
148s.
5d.
84s.
ll^d. 84s.
Germany Statement
notes
for
in
the
first
circulation
quarter
at
of
14,904,-
loss of 305,796,000 marks from the
week ago.
a
20.0%
2%
168s.
statement
showed
June
28.6%
168s.
Bank of
'T'HE
479 781,217
10 013,369
reserve
to liabilities
Notes in circulation
12,353,559,000
marks.
a year
Gold
and
foreign exchange, bills of exchange and checks, #nd
other assets registered decreases of 86,000
marks,
72,337,000
and
marks
and
investments
219,653,000
other
7,652,000
marks,
daily maturing
marks
while
obligations
and 39,346,000 marks
Gold and foreign exchange
vious
a
now
total
The proportion of gold to note circula¬
year ago.
tion, 0.52%,
compares
with the record low, 0.51%,
the last quarter and 0.63% a year ago. Following we
furnish the various items with comparisons for
previous years:
Rate
REICHSBANK'S COMPARATIVE STATEMENT
Changes
Oct.
22 1940
4
for Week
Nov. 28 1935
3
May
5
Mar. 11 1935
Dec.
16 1936
4
Japan
July
18 1933
5
Java......
Italy
4X
3.29
3
Lithuania..
Apr.
18 1936
7 1936
Jan.
14 1937
3.65
Gold and foreign exch.
4
Bills of exch. & checks
7
Silver and other coin..
6
July
1 1936
3H
Morocco
6H
May 28 1935
4H
Jan.
2 1937
5
Norway
3
May
13 1940
4^
Investments—
Denmark
4
Oct.
16 1940
4H
Poland
4H
Dec.
17 1937
5
Other assets
Erie
15 1939
3
June 30 1932
3X
Portugal...
4
Mar. 31 1941
England
2
Oct.
26 1939
3
Rumania
3
Estonia
4M
Oct.
1 1935
5
South Africa
Sept. 12 1940
May 15 1933
Finland
4
Dec.
3 1934
4H
Spain
_.
3H
*4
Sweden....
3
.
4X
3H
4H
Mar. 29 1939
5
France
IX
May 29 1941
3H
Germany
SH
Apr.
6 1940
4
Switzerland
1H
Nov. 26 1936
2
Greece
6
Jan.
4 1937
7
Yugoslavla.
5
Feb.
Advances
-
7, 1941
Reichsmarks
June
7,1940
June 7, 1939
Reichsmarks
Reichsmarks
—86,000
77,635,000
77,605,000
76,522,000
—72,337,000 15,845,284,000 12359660,000 7,176,340,000
al67,632,000
435,029,000
153,197,000
a 18,267,000
25,736,000
34,072,000
+ 7,652,000
25,167,000
138,922,000 1,204,361,000
-219,653,000
1,322,697,000 1,387,461,000 1,908,185,000
Liabilities—
Notes in circulation,.
_
Oth.daily matur.oblig.
Other liabilities
6H
1 1935
June
Reichsmarks
A sscts-™
Jan.
-305,796,000 14,904,533,000 12353559,000 8,191,937,000
+ 39,346,000
2,051,523,000 1,432,040,000 1,117,235,000
a283,863,000
484,875,000
579,063,000.
Propor' n of gold <fe for' n
curr. to note circul'n
a
Not officially
£1,225,000 and
Other securities comprise
£1,351,418 and
3
6
2
decreased
No change
3
2H
1 1940
Mar. 17 1941
and
The
securities, which gained £485,385.
4
*
holdings
Hungary...
5 1940
Dec.
*
£801,901,
£752,861.
discounts and advances, which lost
3
vakia
dropped
securities, £866,033.
Danzig
Czechoslo¬
The latter consists
rose
proportion fell off to 24.7% from 25.1% a
compared with 28.6% a year ago. Govern¬
India......
Jan.
4
.
declined
reserves
week ago,
2
2H
Chile
which
accounts,
reserve
slight increase of
a
while
which
accounts,
Aug. 29 1939
5
Canada
was
holdings
3
Mar.
2
.
Date
Effective
Holland
1 1936
3H
3
Argentina.
Belgium
Bulgaria
Pre¬
Effect
June 13
Country
£35,136,000.
77,635,000 marks, compared with 77,605,000 marks
the
THEREdiscount no changes during the week in
have been
of the foreign central
banks.
less than
deposits gained £49,040.
respectively.
Discount Rates of
to
Since Feb. 12
Public deposits fell off £3,890,000 while
bankers'
increased
eventually will be regained.
no
There
gold
£1,730,000.
"A specific dec¬
of de facto war, if not de jure,"
one
conflict.
the
high of £637,168,000.
"The Whitsun holiday and end-of-the month
currency
demands explain the circulation expansion of the
"perfect
opinion American intervention would prolong
own
another record
address, while Turkey
as
does
would not
war
tion, which is
a
France and Syria
sively," Signor Mussolini declared.
laration of
£1,736,000, which raised the total outstanding
Bank rate
line" with the
and
a
of
Proportion of
Japan will maintain what II Duce called
were
Germany
on
THE Bank's further expansion week ended June 11
statement for the in note circulation
showed
The Dalmatian problem has
more
call at London
on
Bank of England Statement
King, of the
from the eastern Mediterranean will be
Italians
orbit,
Italy could have obtained
territory if she had
The
agri¬
Montenegro will be
State within the
now
ex¬
Money
1%.
was
£6,095
with failure.
for
Friday of last week.
Friday
sunk in
were
This, he cautioned,
Mediterranean losses, which
The situation
were
of the 257,000 tons of Axis
excess
shipping which Mr. Churchill claimed
the
produc¬
arms
The Battle of the Atlantic is being
3699
three months' bills, as against 1 1-32
%@1 1-16% on
+ 0.01%
0.52%
0.63%
0.93%
Figures as of April 23, 1941.
confirmed.
New York
Foreign Money Rates
Money Market
was done this rates
IN bills Friday market discountagainst for1-32% 1ITTLE business market, where week in the New
LONDON open 1 1-32%,
rates 1 short
-j
on
on
were
Friday of last week, and 1 1-32%@1 1-16% for
York
as
tinued
at
money
previous figures.
were
con¬
The principal item of
The Commercial &
3700
note was the sale last
Monday by the United States
discount bills due in 91
Treasury of $200,000,000
0.100% average, com-
days, awards being made at
puted
on an
the New
on
annual bank discount basis. Call loans
York Stock Exchange held to 1% for
1%%
months'
transactions, and time loans again were
all
days, and 1%% for four to six
for 60 and 90
datings.
New York Money
Rates
through the week for both new
The market for time money
and renewals.
loans
1%%
Bates continued nominal at
quiet.
continues
to 90 days and 1%% for four to six months'
maturities.
The market for prime commercial paper
up
active this week.
has been very
Prime paper has been
good supply and the demand has been strong.
in
Buling rates
%@%% for all maturities.
are
'HE market for prime bankers' acceptances has
THE market for prime bankers' acceptances has
I
shown
The
verv
ine
shown verv little activity this week,
very
little activity this week
week.
The
demand has been good but prime bills are very scarce.
Dealers' rates as reported by the Federal Reserve
Bank of New York for bills up to and including 90
%% bid and 7-16% asked; for bills running
months, 9-16% bid and %% asked; for five
are
for four
and six months,
The
Bank is
%% bid and 9-16% asked.
bill-buying rate of the New York Reserve
%% for bills running from 1 to 90 days.
Discount Rates of the
between $4.03% and $4.04, compared with a range
of between $4.03% and $4.04 a week ago.
Official rates quoted by the Bank of England
continue unchanged:
New York, 4.02%-4.03%;
Canada, 4.43-4.47 (Canadian official, 90.09c@90.91c.
per United States dollar); Australian, 3.2250-3.2280;
New Zealand, 3.2280-3.2442.
American commercial
Federal Reserve Banks
continue at 4.02 buying
and 4.04 selling.
exchange is not quoted on Germany,
In London
Italy,
of the invaded European countries,
is not quoted on the invaded
any
or
jn New York exchange
European countries, but German
gince May 27 at 5.26%, with
trading highly nominal,
market is the
New 'York
Foreign Exchange Committee received from the
Qf passing interest to the sterling
made
letter
by the
public
gartered Bank of India Australia and China,
New York agency, under date of June 3:
«Following
letter of March 22, No. 1210, our
our
head office in London
with drafts
on
now
writes
the table.
in the footnote to
schedule of rates
of paper
now
The following is the
in effect for the various classes
"With reference to
our
Circular No. 216 of Feb. 13,
BANKS
Date
Previous
June 13
Established
we
in¬
lian) could be canceled nor the amount repaid to the
purchaser if it had at any time been in circulation,
we have now received a letter from the Bank of New
considerably amends
" 'The actual position is that in order to avoid
leakages, Australian trading banks are not permitted
to repurchase
drafts issued on Australia without
merits.
in such examination the following infor¬
assist
To
Rate in Effect
Federal Reserve Banks
which
the request of the Australian Exchange
Control in London that no draft over £100 (Austra¬
formed you at
examination of each individual case on its
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE
in connection
1941, in connection with the above in
rediscount rates
Government obligations are shown
us
Australia.
THERE have been of the Federal Reserve banks; South Wales,theseunder, which
no changes this week in the and hardens as instructions:
recent advances on
official marks are
pegged at 40.00 and registered marks are quoted at
13.30(^13.70. Italina lire are pegged in New York
following
Bankers' Acceptances
days
pared with a range of between $4.03 and $4.03%
last week. The range for cable transfers has been
bank rates for official sterling
DEALING in detailfrom day toloan rates was the
with call day, 1% on the
Stock Exchange
ruling quotation all
June 14, 1941
Financial Chronicle
is
mation
necessary:
(1)
reason
for the requested
Rale
cancellation and repurchase,
(2) whether the draft
IX
1, 1939
Boston
1
Sept.
New York
1
Aug. 27, 1937
IX
Philadelphia
IX
Sept.
2
Cleveland
IX
Richmond
IX
4, 1937
May 11. 1935
Aug. 27, 1937
Aug. 21, 1937
Aug. 21, 1937
2
Atlanta
Chicago
•IX
St. Louis
•IX
IX
•IX
•IX
IX
Minneapolis
Kansas City
Dallas
San Francisco
♦
2
2. 1937
2
2
Sept.
Chicago; Sept. 16, 1939, Atlanta, Kansas City and
ever
made
2
3, 1937
Aug. 31, 1937
Sept. 3, 1937
Sept.
Advances on Government obligations bear a rate
Course of
2
Aug. 24, 1937
has
been in circulation'."
public the following notice from the Foreign
Exchange Committee of London, relating to
tance of
2
2
"In view of the
of 1%. effective Sept. 1, 1939
Dallas; Sept. 21. 1939, St. Loula
TRADING in unofficial since thehas been further
sterling British action
severely restricted
on
May 19 adding
American countries (known as
a group
of 12 Latin
the Central American
area) to the list of those countries holding "special"
accounts in
sterling under the British exchange
countries
The
lations.
included
Costa
are
regu¬
Rica,
Cuba, the Dominican Republic, Ecuador, Guatemala,
Haiti, Honduras, Mexico, Nicaragua, Panama (ex¬
cluding the Canal Zone), Salvador, and Venezuela.
The
procedure to be followed by these countries is the
that
as
same
"special"
treated
now
in effect in other countries with
accounts,
as
unit
a
accounts within the
The
unofficial
area
will be
transfers between
sterling
except that
and
g oup
market
in
the
will be freely permitted.
New
York
has
moved
possible loss of mail both outward
sending abroad of cheques, nego¬
instruments, &c., especially those in foreign
and inwa d, the
tiable
SterlingfExchange
remit¬
drafts, &c., overseas:
should be discouraged
currency,
published here
Exchange Committee has
The New York Foreign
2
"Where
trouble
such
and
instruments
delay
may
as
are
far
lost
as
possible.
considerable
be involved in obtaining
duplicates, and exchange difficulties may arise.
therefore
urged that in the
case
It is
of outward payments
large amounts should be settled by telegraphic trans¬
fer and smaller items dealt with by mail transfer. In
the
case
of inward remittances,
abroad should be asked to pay
the debtor
or
remitter
the funds into a bank
Great
By this
means and the system of duplicate mails now in force,
particularly between banks, much additional work
and other complications may be avoided."
As regards outward bills for collection or nego¬
tiation, the London Foreign Exchange Committee
in the
foreign center for account of a bank in
Britain, under telegraphic or mail advice.
says:
narrowly for the past several weeks.
The range
tween
$4.03
"In those
cases
in this country on
and $4.03% for bankers'
be drawn in
sight,
corn-
where it is necessary to draw bills
drawees abroad, such bills should
duplicate.
for free sterling this week has been be¬
Volume
"As far
as
outward remittances from this country
concerned,
are
a
The Commercial & Financial Chronicle
152
we
large batch
which
lost due to
was
the middle of
in London
have been particularly lucky until
action during
March, and this has caused all banks
great deal of work and correspondence
a
be avoided if
can
enemy
have
we
to the use
recourse
T. J.
Carlyle Gifford, Special Agent of the
British Treasury in
charge of sales here of British-
owned United States
unfederated
securities, issued his monthly
He
May, 18 stock and 23 bond issues have
liquidated in their entirety.
Included in the
Malay
for
such
license
numbers, which must be obtained from the
and
Iron
Steel
Corporation,
accompanied by
a
"prior release" certificate, also
A few
days
ago
Sir Miles Lampson, the British
Cairo, said
been
Government in
a
several United States Government bonds and
In accordance with
proceeds
The
adopted
was
war as one
method of putting the British Treasury
But there
in funds.
after the outbreak of
soon
can
be
doubt that this liquida¬
no
tends to weaken Britain's future
in
and Lebanon that if
bloc,
other
and
this
purchasing
and
markets,
power
consequently is
favorable factor for sterling exchange.
anything but
a
The passage
of the Lease-Lend Act was intended in
they supported and joined the
into immediate relation with the sterling
which will give
enormous,
you
besides im¬
You will be able to sell your
exports and imports.
products and buy freely in all free countries."
In
speech before foreign traders in St. Louis a
a
Eugene P. Thomas, President of the
few weeks ago
National
Foreign Trade Council, called for a close
working agreement between the United States and
England in the post-war era.
"The Anglo-Argentine
modified at intervals in successive
operated so that United Kingdom exports
part at least to make it less necessary
agreement of 1933,
Britain to
years, was
for Great
liquidate by forced sales the United States
The pre-eminence
exchange
was
of the pound sterling in foreign
due in the past primarily to such
British
in
private holdings of investment issues here,
South American countries and in other parts of
For the better part of a century
the world.
holdings
responsible
were
volume of invisible
such
wars,
latest
The
United States securities,
relate
was the chief im¬
of the world.
figures
Department
con¬
issued at the end of May,
pointed out that the United Kingdom
was
again the leader in sales of American shares during
the four-week
$1,774,000
period ended Feb. 26.
on
Britishers sold
balance, according to the Treasury
However, it was noted that only security
reported by banks, bankers, brokers,
and dealers are computed, so that the British liquida¬
report.
transactions
tion may
The
have been
even
liquidation under charge of Mr.
In the main British
Gifford
as
foreign trade, both of imports
and exports, continues at a
high level despite
severe
This trade is carried on for the
most part with countries of the sterling area and with
the large number of countries holding registered
sterling accounts in London. These nations include
the greater part of the world and no foreign exchange
is required in transactions with these centers.
The
shipping difficulties have been considerably lessened
by United States cooperation in shipping routes.
Washington reported a few days ago that ad¬
shipping losses.
ditional unlimited licenses have been issued to the
British Iron and Steel
of
State
Corporation by the Depart¬
authorizing
shipments
of
a
great
variety of iron and steel products to Sierra Leone and
aims, should continue to bind us in the
discriminatory practices."
The London money
rates
Bill
unchanged, with two- and three-months
are
bills
,
Call
market continues easy.
against bills is available at %% to 1%.
money
1 3-32%, and
1-32%, four-months bills
1
at
six-months bills 1^%.
The Canadian dollar has
continued relatively firm
high
during the past few weeks, frequently quoted as
The firmness
moderately large purchases in the free market
cents, the highest since 1939.
89
as
reflects
Montreal funds ranged during
for tourist account.
the week between a discount of 12
count of
5-16% and
a
dis¬
113^%.
The amounts of
follow
larger.
Special Agent of the British Treasury is effected
almost entirely through private disposal.
ment
States, which unites us fundamentally in opposition
only to transactions during February, and then
was
existing between Great Britain and the United
to totalitarian
Great Britain
Treasury
accorded
"The close alliance
orderly and economic lines, with elimination of all
immense
cerning the liquidation of foreign-owned holdings of
it
now
he said.
prac¬
Britain's
physical balance of trade, for since the close of the
Napoleonic
the United States,"
to
overwhelming adverse
for
porter of goods from all parts
favorable rate of exchange than was
more
period of reconstruction that will follow this war, in
efforts to restore world commerce to its traditional
balances, which made it
ticable to carry at all times an
Argentina received priority and a considerably
to
investments of British interests.
1
behalf of the British
mediate, advantages from the point of view of your
injurious to the British position insofar as it
tion is
on
declaration to the peoples of Syria
Allies, the British blockade will be lifted "and you
may enter
not disclosed.
was
policy of liquidating privately owned stocks
and bonds
the
policy, the amount of the
Exchange
obtainable from the Corporation.
Ambassador at
were
43
Such shipments must be
Place, New York City.
stated that in
notes.
the shippers export
symbols and
shipments,
declarations must show the appropriate
report on liquidation as of the end of May.
list
action makes it un¬
this
for exporters to apply for individual export
necessary
•licenses
States without individual
While
licenses.
export
British
of cable and mail transfers."
Mr.
the
3701
are
gold imports and exports which
taken from the weekly statement of
United States Department
the
of Commerce and cover
the week ended June 4.
GOLD IMPORTS AND
EXPORTS MAY 29 TO JUNE 4, INCLUSIVE
Imports
Ore and base
Refined bullion and coin.
Total
-
Detail of
Canada
$6,254,395
—
—
-
New Zealand
*
Chiefly $326,976Canada,
$140,124
Philippine
Nil
Refined Bullion and Coin Shipments—
Venezuela
Peru,
Exports
*$2,658,062
3,596,333
bullion
Venezuela,
$3,544,094
28,178
24,061
$139,555Mexico, $168,922Ecuador, $103,642
$322,794 Netherlands Indies, $1,247,401
Islands.
earmark at the Federal Reserve banks was decreased
ended May 28 by $1,119,136 to $1,919,647,038.
Gold held under
during the week
Referring to day-to-day rates sterling exchange on
bankers' sight
On
Monday the range was $4.03 @$4.03 Yi for bankers'
sight and $4.03}^@$4.03% for cable transfers. On
Tuesday bankers' sight was $4.03@$4.03H> and
Saturday last was $4.03@$4.033^ for
and
$4.0334@$4.03%
for
cable
transfers.
The Commercial & Financial Chronicle
3702
cable transfers
$4.03%@$4.03%.
were
day bankers' sight
transfers
were
$4.03%@$4.03%.
$4.03@$4.03%
range was
On Thursday the
bankers'
for
$4.03%@$4.04 for cable transfers.
Friday
were
for cable transfers.
at
and
On Friday the
$4.03%@$4.04 for cable transfers.
on
sight
$4.03%@$4.03% f°r bankers' sight and
range was
tions
On Wednes¬
$4.03@$4.03% and cable
was
Closing quota¬
$4.03% for demand and $4.04
Commercial
$4.00; 60- and 90-day bills
sight bills finished
longer quoted.
are no
of the
velt
and the proclamations
war
of President Roose¬
blocking the assets of the nations enumerated.
official mark is pegged
The German
at 40.00 and
quoted at 13.30-13.70, against
14.30-14.50 a week ago.
The Italian lira is pegged
in New York in nominal trading at 5.26%. Swedish
registered marks
are
kronor in limited
around
trading
are
steady around 23.86,
Swiss francs (commercial) are quoted
against 23.86.
23.21%, against 23.22. Exchange on Finland
2.05 (nominal), against 2.05 (nominal).
closed
at
Spanish
Continental and Other Foreign Exchange
June 14, 1941
pesetas
nominally
are
quoted
9.25,
at
against 9.25.
NOTHING new of importance canEuropean with
be said sit¬
reference
the Continental
to
As
uation.
frequently noted, Berlin
seems
to have
gained complete control of the economic situation
in all the
A few
European countries.
days
ago
increased to
Vichy dispatches stated that funds
a
In view of
tina.
tiate
available for German army costs
were
EXCHANGE chiefly with developments in Argen¬
concerned on the Latin American countries is
in occupied France
total of 108,000,000,000 francs.
deposit with the Bank of France, and in the dis¬
cussions of Franco-German collaboration it
have been
agreed in principle that
payment is to be granted
there have been
of the
rumors
a
of
to
reduction of the
At the
soon.
seems
same
time
possible revalorization
a
marjc which might make the mark worth 23
francs instead of 20 francs.
Another report
is that the
German Government has considered stipulating that
the
in
French
occupation payments should be made
foreign valuta of which the Bank of France is
believed to have considerable
Data
show
a
Control Office
July 1 and to end the system of "pre¬
on
continued drop in Dutch economic activity in
German-occupied Netherlands as a result of the lack
of raw materials and rapid declines in commodity
The items of the
banks show sharply in¬
creased domestic expenditures in connection with the
occupation costs of the German forces.
The German Treasury's report on
ness
as
of the end of
February indicates that in the
86,600,000,000 marks.
of Finance Reinhardt
received
the
fiscal
Since the Reich debt
000,000 marks during the
expenditures
national
from
68,200,000,000
income
amounted
1940-41
compared
by
38,000,-
period, the total
same
marks,
estimated
from
rose
ended
year
According to
Herr
with
territories to
or
Reinhardt at
and levies
paid
by occupied
than one-fifth of their national
Confiscation of state and private property
the free market
limitation, about 11% will be subject to
temporarily until the exchange situation improves.
Essential
mostly
articles,
first group.
are
items deemed
motor cars and agricultural
as
Luxuries, such
machinery.
as
fall within the
copper,
In the second class
non-essential, such
such
materials
raw
fuel, iron, steel, rubber and
ettes,
in the
are
as
perfumes and cigar¬
new
on
of excluded items.
group
Argentine imports
are
Though
expected to increase under the
arrangement, a number of articles will remain
the "auction exchange
be admitted until the
exchange to
list" and therefore cannot
importers have obtained the
for them at competitive auction
pay
In order to utilize the credits which it has
sales.
blocked
in
Government
has
goods
blocked
from
currencies,
the
Argentine
arranged to admit all classes of
exchange
countries
without
restriction.
Rapid improvement in the exchange position of
Colombia is reflected in the fact that the country is
more
than they would normally
value, and about
a
billion dollars'
on
the invaded European countries is
quoted in New York.
recently
as
was
last month.
first
When the exchange
established, allotments
were
than four months behind.
rising prices of United States
mer¬
chandise, which have the effect of reducing Nica¬
the desirability of
power,
per¬
mitting merchants to order sufficient merchandise
from
this
country for
under consideration.
Bank of
six-month supply is
a
Gold
reserves
now
of the National
Nicaragua in New York amount to 2,500,000
cordobas, the largest since the predepression period.
The Argentine
at
is
pegged at 29.78.
against 20.70.
.
free market
peso
closed
peso
Brazilian milreis closed at 5.15,
Peru is nominal at 15.75,
5.17, against 5.17.
l/;v
or
The Argentine official
Chilean exchange is nominally quoted
against 5.15.
at
unofficial
23.80, against 23.80.
■
The Mexican peso is quoted at 20.70,
'%V. Y
-♦
The currencies in which
trading has been suspended are those of Belgium,
Bulgaria, Denmark, France, Greece, Holland, Hun¬
Norway, Rumania, and Yugoslavia,
as
control fund
against 15.75.
forces the sellers to grant.
Exchange
allotting exchange for payment of applications
filed
Germany buys from
worth of these purchases are on credits which Ger¬
gary,
About 85%
quota restrictions, and about 4% will be excluded
In view of the
willing to sell at prices from 15% to 40% below
not
without
a
Germany already amount to $5,000,more
occupied territories
many
allowed
Argentina's imports will thus be allowed to enter
ragua's purchasing
amounts to billions *of dollars.
be
of
to
British economic investigator, it is
a
estimated that taxes
incomes.
were
permission from the control authorities.
more
100,000,000,000 marks.
000,000,
imports
now
during
revenues
March 31.
Reich
no
country unless the importer had obtained
Assistant Minister
recently stated that the Reich
30,200,000,000 marks from taxes and mis¬
cellaneous
around
to enter the
accumulated
Reich indebted¬
month the national debt increased by 3,400,000,000
marks to
permits" under which
reserves.
published by five leading Netherlands banks
stocks.
and
reported to have decided to abolish the Exchange
vious
on
nego¬
Argentina, the Argentine Government is unofficially
It is understood that the German Government has
nearly 60,000,000,000 marks of unused funds
contemplated discussions to
trade treaty between the United States
a
as a
result
THE Far Eastern exchangeto the plan presents an
uncertain outlook owing situation of Japan to
revalue the yen in terms
of the pound sterling and
Volume
The Commercial A Financial Chronicle
152
consequently in terms of the dollar.
more
the multitudes of
Japan the impression that their
than
effort to convey to
an
is increasing in value while that of Great
currency
Britain and of the United
States is falling.
Since
1936
Japanese government expenditures have risen
from
40% to 68.0% of the national income.
level and actual consumption figures
fell
by almost one-half in the
54.9
Real
have declined from 100 to 91.1 from the 1937
wages
for the masses
period,
same
June
British statutory rate,
in
the
delivered its
Indies
84s. llj^d.
principal European banks
dates of most recent statements,
special
cable yesterday
shown for the
per
fine ounce)
of respective
as
reported to
Indies exports of
such
The reply was
and tin.
volume
as
relations, but to limit
exports to the annual
of Japanese imports during the past five
average
It
years.
desired
the
of
large share of the
materials
offer to maintain normal trade
the
a
rubber, oil,
said by informed sources to
war
was
stated that the needs of the United
1941
1940
1939
£
£
1937
1938
£
£
£
England
♦994,835
*884,921
*129,800,100
242,451,946
311,709.194
3,010,000
293,726,175
16,602,000
17,440,000
97,714,000
are
to receive
preference.
Refusal
Germany
Spain
Indies
Netherland
the
to
grant
Japan extra¬
ordinary trade concessions is ascribed to the failure
of
the
that
Japanese to provide responsible guarantees
materials
raw
would
be
not
Recent Tokio
and
products from the Indies
transshipped to
the
Axis
powers.
dispatches state that Japan is supply¬
ing Germany with 1,500 tons of essential foodstuffs
and commodities
daily, despite
freight
Berlin
rates
to
Siberian
as
500% increase in
In return Japan receives such
Railway.
products
a
Soviet Russia's Trans-
on
x.
Italy
Netherlands
Switzerland.
Sweden
Denmark
Norway
-
_
Total week.
698,092,531
698,099,799
Prev. week.
Note—The
war
more
this year,
100,750,000
123,398,000
90,029,000
76,703,000
98,858,000
29,102,000
6,555,000
6,540,000
8,222,000
7,442,000
700,290,667
870,111,294 1,029,930,932 1,104,140,992
692,777,784
861,744,802 1,030,136,112 1,104,061,502
of the countries shown in this
many
74,332,000
34,111,000
tabulation.
obtain up-to-date reports
Even before the present
regular reports were not obtainable from Spain and Italy, figures for which
war,
of April 30, 1938, and March 20, 1940,
as
respectively.
France was received June 7; Switzerland, Oct. 25; Belgium.
The last report from
May 24; Netherlands,
May 17; Sweden, May 24; Denmark, March 29; Norway, March 1 (all as of 1940)
and Germany, as of June 13, 1941.
»
Pursuant to the Currency and Bank Notes Act,
statements for March 1, 1939, and
1939, the Bank of England
since have carried the gfold holdings of the Bank
Instead of the statutory price
at the market value current as of the statement date,
formerly the basis of value.
On the market price basis (168s. per fine
Bank reported holdings of £1,967,243, equivalent, however, to only
(84s. llj^d. per fine ounce), according to our
calculations.
In order to make the current figure comparable with former periods
which was
ounce)
the
about £994,835 at the statutory rate
as
well
with the figures for other countries in the
as
tabulation, we show English
holdings in the above in statutory pounds.
* Gold holdings of the Bank of Germany as reported in 1939 and since
.,deposits held abroad" and "reserves
Include
In foreign currenctes.'
times in recent
years; on basis of latest valuation (23.34 mg. gold 0.9 fine equals one franc), insti¬
tuted March 7, 1940, there are per British statutory pound about 349 francs; prior
to March 7,1940, there were about 296 francs per pound, and as recently as Septem¬
ber, 1936, as few as 125 francs were equivalent to the statutory pound.
For details
of changes, see footnote to this table in issue of July 20, 1940,
The Bank of France gold holdings have been revalued several
y
The Public Order
which is expected to reach 60,000
and in the first quarter of 1941 has
16,173 tons of Chilean bar copper, 2,000 tons
than the entire amount
purchased during 1940.
Japan's recently established system of compensat¬
linked
to its efforts at trade expansion.
Under the method
which went into effect on June 1, foreign exchange
ing exporters for foreign exchange losses is
military force of the Nation and acting under
the direction of President
session of the great
to
operate that property, beginning with some
sevenths of its normal force of
the
tion
account" in the Yokohama Specie Bank.
Banks
are
essential to the
exercise of Federal power
tion
to the Bank of
weeks
Japan in terms of sterling, selling or
The
Japan in turn transfers the exchange to the
country's defense.
The justifica¬
assigned for this extreme and unprecedented
required to transfer their foreign currency balances
buying pounds each day to effect the transfer.
five-
TyOOO1 employees, in
production of aircraft for military uses regarded
concentrated in
"foreign exchange concentration
Roosevelt, has taken pos¬
Inglewood, California, plant of
Aviation, Inc., and is attempting
North American
as
a
Secretary of War of the United States, using
The
the
holdings in the currencies of the sterling bloc are
Bank of
25,232,000
in Europe has made it impossible to
Japan is reported to be seeking the entire output of
taken
63,667,000
132,857,000
86,730,000
41,994,000
6,505,000
6,667,000
6,667,000
—
2,522,000
63,667,000
23,400,000
chemicals, dyes, and scientific apparatus.
Chilean manganese,
tons
3,379,800
63,667,000
97,714,000
132,857,000
84,758,000
41,994,000
6,505,000
Nat. Belg..
are
of
322,169,953
347,630,739
2,473,300
87,323,000
25,232,000
94,171,000
102,627,000
83,595,000
25,769,000
6,548,000
6,602,000
327,266,757
242,451,946
3,881,750
63,667,000
from
States and Britain
are
corresponding dates in the previous
France y
reply to the Japanese demands for
by
us
(Friday); comparisons
four years:
Banks of—
Netherlands
the
6
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
to
or
by the end of 1940.
On
Gold Bullion in European Banks
The project is
essentially nothing
3703
in
is that the daily produc¬
planes had been suspended for several
of 10
consequence
of
a
strike alleged to have
begun in furtherance of the desire of a
the workers to obtain increased wages.
portion of
That ex¬
concentration account in the Yokohama Specie Bank.
planation is, however, so incomplete and involves
Under its contract with that institution the govern¬
such
ment will
compensate the bank for all losses and will
the concentration account.
agreements signed on June 11 by Russia
absorb all profits from
Two trade
and
Japan
provide
for
a
60,000,000
yen
(about
$13,800,000) annual barter between the two countries,
balancing imports against exports.
Domei, the
important suppressions of significant facts as
amount
to
practically to deliberate and flagrant
misrepresentation.
The strike was
actually brought about by a local
union of aviation
workers, affiliated with the Con¬
Industrial Organizations's subordinate
body, the United Automobile Workers of America.
gress
of
Japanese news agency, reports,
It
undertaken while the differences between the
nation treatment is
workers
and
import
tariffs,
that most favored
provided with respect to export
prohibition
or
restriction
of
and cargoes, customs
procedures, tonnage and harbor dues and pilot fees.
imports and exports, shipping
The trade agreements are
will
be
effective for
one year
renewed automatically unless either
and
party
Closing quotations for yen checks yesterday were
kong
Hong¬
closed at 24.53, against 24.50; Shanghai at
5.50, against 5.50; Manila at 49.98, against 49.95;
Singapore at 47^, agaiast
47}^; Bombay at 30.31,
against 30.31; and Calcutta at 30.31, against 30.31.
set up
of
and the
corporation were in issue before
National Defense Mediation Board,
the
interference
national defense,
inite
with
production
aid
this sort
of the
pledge not to strike pending action by the
board.
Moreover, the withdrawal of the
of the labor
approved by the California offi¬
organization, Messrs. Connelly and
Bridges, both widely believed to
terest of the
be acting in the in¬
revolutionary Communist program, was
strongly disapproved by the
of
in
and directly in violation of a def¬
workers, although
cers
especially
by the President to prevent precisely
Federal
gives notice of intent to terminate.
23.46, against 23.46 on Friday of last week.
was
whom, National Director
national officers, one
Richard T. Franken-
The Commercial A Financial Chronicle
3704
So
steen, in specific terms charged that the strikers
had been misled
by the "vicious underhand
vering of the Communist party."
of
one
Directors
the
of
of
Production
United States
police, who ineffectively watched the dis¬
Management, which is charged with supervision of
honor to the emblem of
tors
expedite production for defense, described
as
of their
van
in the ways
challenge that goes to the roots of the
a
entire democratic system
to
A
itself.
preserve
hand
of irresponsibles
cited
have
arrogantly assumed the right to speak for North American
workers—workers who
are
This
not
best
the
best
Their action
and
interests
must be
loyal, patriotic, and law-abiding.
be allowed to
labor
of
regarded
security of the Nation
Government
tolerate
to
shall
band
small
interference
flout
throughout
with
them,
of
many
The
is
several other and similar
duction
demanded
by Congress
military
caused
tion.
and
and
naval
Among the things these youths, with their plastic
minds, were permitted to see and hear, was the local
production
by
irre¬
Chief of Police
climbing
interruptions of the
employment
of
were
for cessation
causes
been
Communist-conducted
Increased wages and
demonstrate that
of
advanced
its
incep¬
primary
as
labor, but the facts amply
anything possibly required under
these heads and in the interest of
completely
Communist-
from
improved conditions of
course
secured
strike commenced.
the
to
As
"There
are
workers in the parking lot across the
many
street who want to get
justice, had been
employees
It
pro¬
to the public defense, in a
has
before
the
alleged justification for the
clearly
was
understood,
were
meretricious
mere
insufficient to deceive anyone not
fooled.
The real
pretense—
intending to be
has been to cripple the
purpose
production of arms and munitions, to promote dis¬
order, to weaken the Government at home by spread¬
ing discontent and suggesting and supporting ex¬
treme and extortionate
demands, to destroy the pres¬
tige of the United States in foreign countries by
showing that its Government has
under subversive attack and is
effort
even
in the face of
stability is threatened.
the Federal system
tents
a
become
supine
incapable of efficient
belief that its
common
With these impairments of
largely achieved, these malcon¬
believe that the step towards
destruction of
tne American free
government and substitution of
communistic
or
every
autocracy could not be
a
difficult
very
long postponed.
Many incidents of the strike, reported from Los
Angeles, might tend to strengthen such faith. The
following extracts
from that
city
on
'"The situation
American
are
from
special dispatch, sent
July 9, to The New York "Times."
bad
was
Aviation
plant
a
and
getting
this
worse
morning.
at
pickets, wanted to get into the plant and
the State
of
passage
Then he stated that the laws of
prohibited
Company's
I.
O.
leaders
abandoned.
strikers
...
were
advertisements
that
By
the
a
and
strike
the
was
conservative
5
o'clock
lock-
circling the main gate
plea
of
national
illegal and should
estimate at
...
least
no one can
be
the strike captains
patrol leaders had given the strikers rocks and
pieces
of lead wrapped in cloth or in ends of
women's stockings,
"There
that
line'
were
as
cries of
'nobody
they marched
American flag."
into the plant" and followed this
go
by congratulating the strikers "on the
managed your picket line
far."
so
way you
Nor
was
have
that all.
When this Chief of Police descended from the micro¬
phone,
a
strike leader
permitted to take his
was
other things, that he
say, among
in
those
to
the
picket line "to hold
your
lines," that is, to continue to obstruct by force the
willing workers who desired to resume work in their
interest and in the interest of the national de¬
own
fense.
And
the
so
President
commanded
the
Federal
to act, and took the private property of the
corporation which is under contract to supply mil¬
army
itary aircraft to the Government, which was pro¬
ducing them efficiently and in large numbers until
interrupted by the strike, and which would be pro¬
ducing them again if the public order
were
preserved
that the lives and limbs of the workers would not
so
be
endangered by
selves.
The
men
not willing to work them¬
seizure, under these circumstances, is
without precedent.
All sober-minded citizens must
rejoice if it succeeds in securing orderly production
without exaggerated increase in the vast burden of
defense expenditure
cannot
fail
adopted.
the
to
already entailed, although they
deprecate
the
measure
that
was
But the proof of that pudding will be in
eating—and possibly not for
.
.
.
goes
along
Meanwhile, it
seizure is the
government is
under
there
who
a
long time
ap¬
large
well be questioned whether the
its
can
no
every
or
expropriation and
situation.
The first duty of any
When
order
that
within
some
a
lawful
Unless
manner
some
the
area
duty is performed
possible obstruction to
lawful purpose.
law
of
tolerable, method for
preserve
control.
be
measure
or even a
a
to
attempts in
through now' and 'hold
a
best,
dealing with such
ten
singing behind
may
arbitrary and extreme
1,000
and
making formidable blackjacks.
"close your picket line so tight
his hearers not to
that
forcible obstruction to the
any
wishing to work and pleaded with
men
North
the
Since
step, had been circling the big plant's nine gates in
expecta¬
tion of an attempt
by non-strikers to return in response to
C.
he
parent to the ordinary observer.
striking C. I. 0. workers, three abreast and almost in
the
that
course,
being kept out by
work.
resume
looked
wages
of
were
to
the interests of the whole
people, questions of
who
fear of the
place before it to
conditions
in."
meant that these men,
delayed production with its possible impairment of
and
chair and, through
upon a
microphone, declaring:
might be said of
same
sense)
call 'militant
it."
be expected
by the President and approved
as necessary
and"
their
was
Neither the
.
conclusive, therefore, that this
(and the
farms
the
first taste of what the union leaders like to
action' and they seemed to like
the
evidence
from
Southwest, it
the welfare
be found."
California strike
youngsters
ranches of the middle West and the
.
.
or
defense
betray
country.
"For
*
sponsible and subversive groups irrespective of where they
may
might find fertile soil. The
dispatch continues:
will
and of labor.
can
and
the
contrary to
as
responsible labor
nor
of industry or government, among whom
the seeds of insurrection
and the efforts of this democracy
small
These fol¬
misguided followers.
lowers, unfortunately, included youths little versed
>
"This defiance is
liberty which the conspira¬
against the public order caused to be flaunted
in the
challenge to American democracy,
a
saying:
not pro¬
order, did nothing to prevent that abuse and dis¬
efforts to
the strike
was
1941
against desecration and the officers and men
the
of
Sidney Hillman,
Office
the
maneu¬
the flag of the
even
tected
June 14,
any person
to carry out a
effective but unwrit¬
valid statute restricts that
right,
free American is lawfuly entitled to obtain a
livelihood for himself and his
family, and
even
to
Volume
accumulate
savings if he
by working for whom
can,
he
pleases, wiiere he pleases, during such hours as
he
pleases, and for whatever wages he is pleased
to
accept.
discussion,
In the California instance now under
and used
claim
no
only for
purposes
suggestion of
or
of illustration, there was
law limiting the right
any
| of any man, who chose to do so, to
work in the avia-
the terms which many men among the
former wmrkers were willing to accept.
Many were
tion
plant
denied
on
that
right
force
and
threats
and
were
Those
ostentatiously used to enforce that denial.
completely unlawful,
threats and that force were as
under the laws of California and those
States,
as
of
But no of-
government, local, State, or Federal,
rights
boldly forward to insist that lawful
came
must be
Had that been done
lawfully respected.
certainly have been no effective interthe production of the aircraft declared
there would
ference with
to be essential to the
work in the
the
To enforce such
man.
any
by mob action was insurrection.
ficers of any
public defense, no stoppage of
plant, no retardation of the supply.
It
the State of Cali-
On the contrary,
not done.
was
of the United
crime or misdemeanor within
any
physical capacity
denial
fornia, and the Government directed by Franklin D.
Eoosevelt, "as President of the United
States of
America and Commander-in-Chief of the Army
:
J Navy of the United States," as he describes
and
himself
seizure, humbly submitted to laws,
in the order of
is, rules of conduct, decreed by a local and un-
that
official
body of employees and others, not even an
incorporated body, its membership and voting meth-
make
ods
unknown, and arrogantly assuming to
laws
and
directly opposed to the public law of the State
the Nation.
Bather than enforce the public
laws
they had sworn to enforce, possibly intimidated
by the supposed voting strength of organized labor
wishing to win its support by ignoring or per-
or
mitting its illegalities, they allowed a seven-weeks
suspension of essential production and finally, after
toleration had
passed all bounds, the President sub-
stituted himself for the
in
corporate owner as the party
position to negotiate a "collective bargain" for
continuance of defense effort
by the workers who
accept direction from the labor organization and its
A
leaders.
is
not
government which follows such a course
government, but is
real
functioning as a
abdicating its real, potential, and effective authority
in favor of
who
but
are
one
small number of
a
at the best the
side in
law-defying
persons
ex-parte representatives of
field where the public interest re-
a
quires harmonization of differences and who are at
the
worst,
racketeers
as
too
often
happens,
gangsters
and
serving only their own grasping selfish-
Preservation of the
ness.
public order against all
attacks, domestic and insidious as wrell as foreign
and
overt, is the primary obligation of government
and the first
duction.
ment
neatly
requisite of uninterrupted defense pro-
Nothing but eventual confusion and detri-
can
come
from
temporizing
any
or
other
course,
appealingly
however
drastic
and
spectacular.
■
#
The
in
two
southernmost
bases
which
the
United
arranged to lease last September are located
British Guiana.
The
one
in Trinidad is
being
prepared to serve as a major air and naval operat-
ing base. All the others in the Caribbean area are
to be either supply depots or staging bases for
patrol operations. Accordingly, some 315 miles
beyond Trinidad a seaplane base is being located at
the mouth of the Essequibo Eiver in British Guiana,
and a landplane base is being established there on
the Demerara Eiver, about 25 miles upstream from
Georgetown—the capital, 450 miles from the
Equator. This will enable our air forces to conduct thorough reconnaissance operations out at sea
and along the coast as far as the mouths of the
Amazon. From there to the tip of the bulge of
Brazil is about 1,000 miles, and we cannot look to
the British, but only to Brazil if we are to have
in that region a patrolling focus,
These bases in British Guiana are apt to be confined to aircraft activities, since the coast, like those
of the other two Guianas, is very shallow—mud
banks reaching from five to 12 miles out to sea.
Georgetown, the capital and chief port, is situated
just within the mouth of the Demerara Eiver. The
channel at the soft mud bar has a minimum
navigable depth at low water of nine feet and a
minimum width of three cables. The largest vessel
recorded, up to 1939, as serviced at any wharf of
the port had a tonnage of 7,619 and a molded depth
of 27 feet. The only other town of any size—New
Amsterdam—is situated near the head of the
Berbice Eiver estuary,
The name Guiana is said to be derived from the
aboriginal Indian word for water. The colony is
indeed well provided with rivers, of which the
largest is the Essequibo, flowing from the extreme
southern frontier some 600 miles through the center
the colony to a 14-mile estuary. At a point
Bartica -about 30 miles above the mouth it is three
and one-half miles wide, and ocean-going steamers
can proceed a few miles further on. The Essequibo
drains over one-half of the area of the colony. The
liext largest is the Courantyne Eiver, which forms
the boundary with Dutch Guiana. The third is the
Berbice, which has a longer navigable channel than
any
the others its steamer terminus lying some
110 niiles from the sea. The Demerara is cornmercially the most important, but is only 200 miles
The colonial steamers go up it for some 65
niiles, and it is navigable for smaller craft a further
1® miles. The usefulness of all of these, and the
other rivers, in the development of the country is
limited by the numerous rapids, cataracts and falls
which block off the interior.
British Guiana is one of the most undeveloped
possessions of the British Empire. The area is estimated to be approximately 90,000 square miles, or
about the size of England, Scotland and Wales combined. However, only about 198 square miles have
*)een cultivated, these being situated along the coast
ai^ UP some °t the rivers, and only 4,178 square
mBes had by 1939 been alienated under firm title,
Topographically the country is divided into three
The coast line is about 250 miles long. Extending along it—most of the way about 10 miles
wide, but, towards the southeast, reaching back as
far
40
zone^.
as
British Guiana
States
3705
The Commercial & Financial Chronicle
152
miles, is
a
low-lying alluvial and fertile
flat. Here live over 99% of the inhabitants, and
practically all of the agricultural activities are conducted in this strip, except that small farmers of
British Indian extraction have established themselves along the Courantyne Eiver for some 52 miles
from the mouth.
The Commercial & Financial Chronicle
3706
The coastal
is
area
low-lying
so
to be in great
as
June 14, 1941
78% over a
that which
temperate climate. Heat-
humidity has, however, averaged only
part below high water—at any rate below that of
75-year period—about 3% higher than
the
The Dutch—the original colon-
many
that
stroke and sunstroke are practically unknown.
spring tides.
with
izers—dealt
problem
in
characteristic
fashion, and the British have perfected and modernized
the
protection by
inter-tidal
system of
a
walls and
sea
sandy and clay
a
belt, for the most part covered with high forests,
reaching at its widest—in the northwest district—
back
further 40
a
50 feet above
series
of
This region is about
level, with occasional low hills
it and
Between
dunes.
50 miles.
or
sea
terraced
the interior frontier is
plateaus
separated
or
a
by abrupt
It is this feature of the
topographical layout of the country which makes
the
its
course
of the rivers
accidented and leads to
so
holding the world's record for height of waterThe most famous is Kaieteur
falls.
wide
with
and
feet, situated
35
miles,
Aborigines.
When the Dutch first came to the Guianas the
feet, and
the local Indian male is a hunter and a warrior
affluent of the Essequibo—some
To this day he cannot be persuaded to grow more
flies,
crow
from the Brazilian
drop of 2,000
a
the Karanang River, discovered in
About
12.6% of British Guiana consists of three
regions of
nahs—the two
swampy or grassy
The
plains
or savan-
largest lying, respectively, near the
northwest and the southwest
of the
corners
colony,
remaining 87.4%, extending from the coast to
the interior
than he needs, and the only remunerated work he
is likely to accept is that of a boathand, carrier, or
Even such services he will only perform
guide.
within what he regards as the boundaries of his
1938, is 3,500 feet high.
main
the middle of the eighteenth century, for slaves, but
who could not be forced or induced to till the soil,
the
one on
Not only the Dutch, but
tribes, especially in
mutually hostile tribes.
also the Spaniards, raided the
single perpendicular leap of 741
a
The Kukenaam Fall has
frontier.
Aborigines were numerous and were divided into
Fall, 370 feet
on an
as
region than
elsewhere,
The Government estimated the population as
337,521 on Dec. 31, 1938. There were 8,499 Portuguese and 2,199 other Europeans.
The largest
groups were the British Indians 42%, Negroes 30%,
and mixed races 13%.
There are only 8,869
escarpments from 1,200 to 2,000 feet high, culminat-
ing in mountain ranges.
In
the forests the contrast between the seasons is less
marked than on the coast, and there is less rain
in the remote southwestern savannah
drainage, built at considerable cost.
Behind these coastal flats lies
consider ideal for a
In the eighteenth century the native
tribal district.
Indians began the slow process of dying out as a
Their resistance to the attempts to enslave
race.
them, their intertribal wars and European diseases
all contributed to that course. Nowadays they are
tropical rain-forest containing vast quantities of
peaceful, amiable and responsive to fair treatment,
but are reserved and prefer to live in their own way
valuable timber.
in the interior.
frontiers, is covered by
Below the
various rivers there
are
of forests which
or
are
rapids and falls in the
about
square
miles
Shortly after the Dutch began their first real
easily
acces-
attempt to colonize the region, by organizing the
transportation of timber
Dutch West India Company in 1621, slaves were
19,000
could be made
Above the falls the
sible.
huge, dense,
a
from Africa to do the heavy work of
is, at present, too replete with difficulties to be
brought
practicable except
part of the Essequibo, which
the plantations, since it was soon realized that the
tapped by a short railway, from the head of
Aborigines could not be relied upon for that pur-
is
navigation
The
the Demerara.
cautions
one
naturally
for the tropics—provided certain
taken, such
are
pre-
boiling water and milk
as
avoiding being bitten by mosquitoes.
is the chief endemic disease.
That such
not unsuccessful appears
are
a
Malaria
precautions
by the death rate for
Europeans—other than Portuguese—which in 1938
11.8 per
was
Chinese
1,000.
1,000.
These figures compare
favorably with those for the
our
newed as the mortality, both during and after the
voyages, was
was
were
same year
of
many
States, including California and Florida.
of
The
not particularly successful as colonizers of this
the British in 1796, except for
cotton, coffee and
quantities
on
mately 5,000
shade ranges
the
to
mean
87
grees
The
maximum
temperature
in
the
registering from 83 degrees F.
degrees F., and the
F. to 76.5 degrees F.
uniform without sudden
blow
mean
from 79 degrees F. to 82 degrees F.,
mean
minimum 74.5 de-
The temperature is
changes.
Fi*esh
sea
quitfe
breezes
steadily in the day time during the greater
part of the year.
March these winds
There
seasons
are
During January, February and
continue day and night.
two wet and two
for
that
The dry
August until
November, and from the beginning of
February to the end of April.
double
seasons.
last from about the middle of
the middle of
rainfall
dry
Georgetown
of
New
is
York
The average annual
88.64
City.
inches—about
Georgetown's
high prices prevailing for the
the British—with
much
Aborigines, 31.2.
10 months
The colony, quickly became very prosperous under
as
higher, 25.8, due mainly to the much higher
among the British
Indians, 30, and
some
in 1802.
general death rate of British Guiana was, however,
mortality
great, and the proportion of women
In spite of this cheap labor the Dutch
small.
part of the Guianas, which they lost definitely to
The death rate for the local
12 per
was
over
This slave traffic had to be constantly re-
pose.
climate, though hot, is said to be
healthy
and
on
on
slaves
sugar
then produced in important
Labor
the plantations.
were
was
abundant,
brought in at the rate of approxi-
a year.,
This prosperity continued dur-
ing the Napoleonic wars until 1807, when at the
instance
of
strong
price of slaves
was
English
in
elements
opinion the traffic in slaves
was
public
abolished.
The
consequently increased, and the
labor question became progressively more acute as
time
went
colony.
was
reacting
on,
thereupon checked.
various
on
the
economy
of the
The agricultural development of the colony
seasons,
concentrate
on
One effect was that, for
the planters found it necessary to
the production of cane sugar and its
derivatives, the cultivation
lot
disappeared
as an
and coffee
Cotton has long
cotton
gradually sinking in importance.
export product of British Guiana,
and the value of the coffee exports in 1938 was only
$5,657,
and
to $1,816.
was
still
further
reduced
in
1939
Volume
The Commercial & Financial Chronicle
152
British Guiana thus became
ticallyonly
slave
crop—sugar—cultivated by
one money
1812
In
labor.
86,000 slaves.
country with prac-
a
there
reported to be
were
This is regarded
as an
underestimate,
On
100,000 being considered a's more nearly right.
Aug. 1,1834,
law emancipating all slaves went into
a
effect, which, however, provided for a four-year preliminary stage of "apprenticeship."
Thus in 1838
the slaves became their
This measure
worked, in effect,
tion the social
the
colony's economy—not to men-
aspects—had been based on slavery.
The former slaves
on
economic revolution, as the
an
whole fabric of the
masters.
own
refused, in large numbers, to work
plantations,
the
at
them,
offered
wages
This charge
They have been accused of laziness.
have been partly true, but certainly was not
may
wholly
for within four years of emancipation
so,
4,646 freed Negroes had bought with their savings
from
plantation
owners
7,000
acres
of land at an
aggregate cost of $100,000, to be worked by themWithin four
selves.
thus
The
the total acreage
their labor.
first
figure $250,000.
remaining planters had to look elsewhere for
A
system of importing workers was
The indenture
devised.
contract
or
five
then
and
three
with the
period
was
at
The experiment
years.
Portuguese hands was not successful—from
planters' point of view—as they were unwilling
work
to
years
purchased had doubled, and the total considera-
tion reached the
the
more
in
fields.
the
Experiments with inden-
Chinese labor ended in
tured
1870, but there
was
shipment of "free" Chinese immigrants in 1879.
one
The Chinese
proved to be the best of the imported
labor, being more rugged than the British Indians,
who in turn constituted the bulk of the indentured
labor, and proved in the end to be the most satisfactory, as they were more inclined to stay in the
From 1885 onwards the reliance to secure
country.
increase in the
this
on
agricultural population was mainly
this
However,
source.
immigration,
especially its indenture feature, was regarded in
India
as
were
ish
an
affront
Indian
British
to
national
the
pride.
The
Government, though these Indians
given in Guiana the same rights as other Brit-
subjects, and
finding
were
many
opportunities
to establish themselves after the contract
various walks of
period in
life, finally in 1917 terminated the
system of emigration and the inflow stopped.
It
is
commonly said that British Guiana needs
develop
capital and labor to
only
resources
and usher in
an era
the potential
of prosperity.
Poten-
not less than $300.
3707
The majority of the members
of the town councils of Georgetown and New Amsterdam are elected. A modification of this system
of mixed appointed and elected councils prevails in
the villages, but the rural areas are solely administered by appointed officials. Accounts are kept
in local dollars and cents. British sterling, however, is legal tender, though there are also currency
notes
in
dollar
denominations.
The
State-aided
elementary education system in 1939 had 238 schools
with an enrollment of 55,160.
The present Constitution went into effect in 1928
and was adopted on the recommendation of a commission appointed by the British Parliament, as it
was felt that the older form of administration,
largely inherited from the Dutch, though modified
in 1891, was retarding the economic progress of the
colony. While sound reforms were included in the
new system, it has not yet had the tralismanic effect
that had been hoped for it. Numerous improvements in the sanitation, water supply and irrigation of the colony have laid a foundation for the
development of its potentialities and promoted the
health of its inhabitants. However, the low prices
of most of the principal products, the cost of servicing the loans incurred in making the improvements—relatively heavy in so undeveloped an
economy—and the failure of capital to respond to
the opportunity, such as it may be, are still retarding economic progress.
The Government began in August, 1933 a mineralogical and geological survey, which when completed it is hoped will tend to substantiate the belief
that the mineral prospects of the colony are iinportant.
Minerals derived from Crownlands are
subject to royalties, and in at least one case—
bauxite—to an export tax. By investigations, precept and example the government is also endeavoring to inculcate sound and modern methods of exploiting the agricultural and forestal wealth,
There are, however, still only 272 miles of roads,
indicated as suitable for motors, and only two short
railways.
The economy of British Guiana is based on its
agricultural, mining and forest activities.
Cane
sugar has for some 130 years been the chief export
crop.
After the labor problem was more or less
solved, the competition of beet sugar stimulated by
the Continental European bounties of the nineteenth century, and more recently the world-wide
prices created many difficulties.
The
low sugar
industry engages about 33% of the employed,
tially, the country does in fact appear to offer an
sugar
opportunity, if transportation difficulties can be
In 1938 the crop was 196,502 tons—a record production. In 1939 it dropped to 189,245 tons. In 1938,
overcome
at
not too
great a cost,
varied colonial economy, on
to establish
a
the basis of its mineral
wealth, believed to be diversified and important, its
huge resources
suitable
lands.
for
The
in vaulable timber, its savannahs
cattle
raising and its fertile coastal
colony does, however, seem to be in
a
species of vicious circle owing to lack of capital and
labor.
Locally it is felt that if only capital is
vided the labor
the
pro-
problem can be quickly solved from
overpopulated British West Indies and else-
where.
The
•
Government
is
that
Colony under a Governor.
members of the
a
Legislative Council
the basis of a franchise open
over
of
British
Crown
Fourteen out of the 30
are
elected
on
to all British subjects
21, able to read and write, and qualified either
by land ownership or tenancy or an annual income
out of 62,941 acres
reaped, 60,944 were on the sugar
estates and 1,997 acres on the lands
of small farm-
There are 27 sugar estates as against 39 in
1922, which, however, cultivated about the same
acreage.
In 1938 the sugar exports amounted to
ers.
183,478 tons, valued at $7,573,905; in 1939 the corresponding figures were 179,103 tons and $8,134,190.
Important to the
sugar
industry are its deriva-
tives—rum, molasses and molaxuit (a cattle feed),
In 1938 the first two, when added to the sugar exports, represented about
62.5% of the total exports
of British Guiana. In 1939 the percentage was 60.
Rice ranks second to sugar in the agricultural
field.
It is the chief diet of the working classes,
important export crop,
consumed annually in the
and after sugar the most
About 24,000 tons are
The Commercial & Financial Chronicle
3708
including the second
62,033
In those two years
valued at
added aggregated 72,138
suitable for
twice
Coconuts, citrus fruits, cof¬
various
figure
subsistence
has distinct
(14,080 acres)
crops
the agricultural products.
among
possibilities, but the colony has been
it
an
As
yielding
already indicated, the mineral wealth is still
transportation and prospecting presented
dense forest and
almost
undergrowth.
the
from
tending
also met with in
is
Venezuelan
the
as
gold
As
pire
found.
Between 1884 and
Diamonds, discovered in 1890,
produced.
found in alluvial
deposits distributed
area
of the remote interior.
end
of
1938
valued
carats
the
at
total
were v
also
are
over
£8,059,558.
was
exacting
be
to
seem
2,134,934
of their
groups
either
operate
Bauxite
the most
important mineral export.
some years
Of recent years
country, which in the period 1937 to 1939
The
foreign trade since 1935 has been as follows
(values
in British Guiana dollars, as is also the
are
wherever dollars
mentioned herein):
are
.
on
body of
ore was
the Demerara River.
exploiting
In 1938
a
a
workable
1935
1938._
1939---
Chemical
there
Corp.
In that
889,368.
In both
to sugar as
Mineral
valued
tons
oil
and
indications in
manganese
been
reported
mercuride,
mica, &c., but
none
as
occurring,
graphite,
is known to
importance
ore,
occur
in order of their value
The
there
is
Gross and Net
Notwithstanding
more
Appalachian region,
the United
April,
far from
strike
a
the
its
mining
areas
of the
railroads for
The
individual
were
bituminous coal
lasted
transportation industry
more
a
roads
throughout
as
a
the
whole, how¬
than compensated the loss of busi¬
originating in the highly important soft coal regions.
afforded by the defense and aid
Great Britain programs
April.
meet
Heavy
demands
was
moving into full swing in
made
were
upon
the requirements of the official
aims,
added
dition,
ness
scatter
in
whole contrasted favorably, during
The economic stimulation
to
coal
major proportions which
For
to
gross and net earnings of
previous periods.
other factors
ever,
bituminous
as
that
the
demands
were
in percentages
as
•/
•
•
..
,
V,
Exports
1938
1939
1938
.
50%
1939
.
.
.
v
-
-
•
-
.
»
—
35%
il%
15
-
51
5
5
14
"4
"6
11
4
8
4
4
Empire
8
8
United States
Other countries
11
12
West
Rest of
Indies
Earnings of United States Railroads for the Month of April
uniformly prosperous, owing to
of
month.
ness
States
with
tendency
seriously adverse developments in
some
important
timber
1939
in commercial
decided
a
imports and the destination of ex¬
Imports
.1"/'vv-..*'''
.
Brazil,
of
follows:
United Kingdom
Can ada
: J. ^
British Guiana for valuable
the
sources
for 1938 and
ports
British
in
The chief exports
bauxite, gold, rice,
sugar,
pal¬
scheelite,
quantities.
As
are
diamonds, molasses, balata, timber, and char¬
rum,
com¬
including
iron
imports have been food, rubber goods,
automobiles, clothing, and paper.
coal.
being investigated.
are
A number of other minerals of economic
have
$2,-
at
the colony's most important export.
paratively accessible regions
ladium
In 1939
this mineral ranked second
years
The chief
the exports of bauxite
year
496,013
exported
were
$10,904,718
11,966,127
13,597,460
13,327,301
14,727,075
found by the American Cyanamid &
376,368 tons valued at $2,020*275.
were
Exports
Imports
$8,802,839
9,448,189
11,554,508
10,620,972
10,807,506
1935
1937.
deposit
been
has
the trade with Canada has
A subsidiary of
the Aluminum Co. of Canada has been
it
paper
developing, especially in the case of the exports
case
(aluminum ore) has been for
printing
other articles, such as alcoholic
on
molasses, and rum.
imprisonment.
or
and
customer—taking large quantities of sugar, bauxite,
in
(three to six months), which they must fulfill under
penalty of fine
food articles, cement, nitrogenous
and
superseded the United Kingdom as the colony's chief
under short-term contracts
own or
some
manures,
to that
Most of the mining
They
making wood pulp.
Colony, British Guiana has been giv¬
bags
On
smaller.
sufficiently rugged to meet the
requirements.
for
custom tariff preference which generally is
a
been
operations have been carried out by Negroes, who
alone
mainly
drinks, illuminating oil, gasoline, it has been much
Between 1901 and the
production
Crown
greater,
large
a
be used for
can
a
50%.
1938, inclusive, 2,917,417
gold valued at nearly £11,060,000
used
been
ing the produce and manufacture of the British Em¬
Com¬
deposits, both quartz and alluvial have been
of
has
latter
The
that it
mercial
ounces
in
shingles, but recent investigation has evoked hopes
frontier
area.
sleepers, is also found
railway
and
timber.
by the
half-way down the colony through the in¬
terior is often referred to
Mora,
heavy brown timber, suitable for ship¬
a
building
forests,
gregarious patches.
stands, and is, after Wallaba, the most abundant
of
A huge territory ex¬
northern
About 88.7% of the
While it is found scattered in mixed
wood.
importer of meat.
undeveloped, owing largely to the difficulties
States.
production of timber in 1938 was of this
Crown land
also
Said to be
piles, canal lock-gates, &c.
strong as oak, this timber is of increasing
as
interest to the United
Livestock
case
immersion in water, and therefore
to the effects of
$577,155, and 12,501 tons valued at
Such is the
colony more social habits.
Greenheart, a heavy wood particularly resistant
of
fee—long demoted from its ancient prominence—
and
However, some of the most valuable have
in this
acres.
the exports amounted to 12,888
$582,547, respectively.
through areas covered by other varieties
of trees.
reaped was
area
In 1939 the acreage was 60,607, and
acres,.
with the second crop
tons
the
crop
1941
incidence
In 1938 the area in rice was 49,139 acres,
colony.
but
June 14,
were
the railroads coped
met
the
carriers
and it
ably and fully.
may
terials
developed in April, owing to evidences of possible
shortages
The
in
some
railroads
lines
themselves
and
prices in
increasing
began
order
to
others.
equipment on a
large scale, and thus contributed to the general business im¬
provement.
It is necessary to add
that the high
rate of
general activity is in large part a reflection of the semi-war
economy
into
which
the
country
has
been
thrust
by
the
force of circumstances and the decisions of the Administra¬
tion in Washington.
is
a
matter on
The eventual soundness of the upswing
which opinions can and do
differ.
April results of railroad operations reinforced the previ¬
ous
impressions that the tremendous defense expenditures
to
of the United
be
uncurtailed ordinary outlays, would occasion a rate of eco¬
In ad¬
States Government, piled on top of virtually
nomic activities beyond anything previously known.
With
speedily and amply with busi¬
the
exception of bituminous coal, business was offered
offered to them in consequence of the
sharp increase of
the
carriers
ordinary business activities.
Much advance buying of ma¬
in
that
month
on
a
scale
that
changed
to
the
aspect of things from a search for remunerative traffic to
a
Volume
The Commercial &
152
This was done quite
problem of meeting the requirements.
adequately in the month under review, but the expansion
piled from private telegraphic reports,
in each
and
on
have .begun to contract for new equipment
This, in itself, indicates the views enter¬
large scale.
a
tained
to further
as
of the railroad
in
the
April of
16.65%.
or
of
1930's.
the
the
of
earnings
Gross
Net
last year,
an
totaled
April
for
earnings
increase of $53,412,739,
$100,508,419
against $75,696,337 in the same month of 1940, an
of
con¬
$24,812,082,
We now present this comparison
32.78%.
or
increase
m
National
of
substantial increases in
a
over
year
Gross
earnings
Operating expenses
Ratio of expenses to earnings..
$374,304,613 $320,891,874 +$53,412,739 + 16.65%
+28,600,657 + 11.66%
273,796,194 245,195,537
(76.41)
(73.15)
$75,696,337 +$24,812,082 + 32.78%
$100,508,419
Net earnings
—0.30%
—701
232,951
232,250
(—)
(+) or Dec.
Inc.
1940
1941
March.
The
of
bituminous
railroad earnings in the region affected.
sharp decline in
lesser increase of railroad
this brought about a
turn,
earnings for the country in general than otherwise
the
been
have
some
and sharp curtailment in others, naturally caused a
areas,
In
activities in
mining
coal
The
case.
began
strike
Appalachian
would
just
April 1, and in the more northerly sections it ended
before
that month.
of
end
the
In
Southern
the
with
gross
previous;
both gross and net earnings in the
cated by a decided fall of
against statistics of railroad opera¬
Pocahontas region, as
for
All
1940.
April,
sections
the
overall carrier operations for
in March the Pennsylvania produced
earnings $11,292,107 in excess of March 1940.
We
turn
the
to
now
Pacific, New York Central and Atchison Topeka & Santa Fe
followed
the
Pennsylvania in
while the
with
Pennsylvania
net
as
the
bearing on
month under review, we have
month of 1940, 1939,
more
building con¬
Anthracite coal
1929.
even
The iron and steel figures, in fact,
1929.
except
production
was
lower
before, and bituminous output was sharply cur¬
than a year
tailed due to the strike
afflicting that industry during April.
movement continued unexceptional with
farm product
The
April
selected preceding
in the corresponding month of the
exceed
either
roads in
The
amount.
$100,000 or
earlier, in contrast with the March record
three
category showing decreases of such
important
coal
the Chesa¬
conveyors,
peake & Ohio, Norfolk & Western and the Virginian, how¬
ever,
accounted for most of the total amount involved in
such decreases.
In the following table we show all changes
for the separate
of
roads and systems for amounts in excess
$100,000, whether increases or
gross
and net: +
decreases, and in
respect to most items.
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF APRIL
Increase
Increase
Yazoo & Miss. Valley
Western Pacific
$7,951,521
Pacific (2rds.)_
4,209,691
Pennsylvania
Southern
a3,769,679
New York Central
Great Northern
Ry
1,959,166
1,873,963
Chicago & Northwestern
N. Y. N. H. & Hartford.
Missouri Pacific
Atlantic Coast Line
Erie
$299,474
298,198
275,479
269,740
-
Chic. Milw.St.P. & Pac.
1,388,895
Denver & Rio Grande W.
Internat. Great Northern
932,644
929,217
903,238
869,845
792,280
_
L...
Reading
673,596
Northern Pacific
594,861
Minn. St. P. &S.
Bessemer & Lake
563,941
566,948
520,396
489,968
471,061
446,554
S.M.¬
Erie—
424,507
409,153
407,322
386,569
368,022
357,166
330,613
Chic.
St.
P.
Minn.
&
Omaha..
158,135
155,113
154,197
150,957
Can. Pac. Lines in Maine
Florida East Coast
New York Connecting
New Orleans Tex. & Mex.
128,071
(3 roads)
Delaware & Hudson
Total (69roads)
$63,590,392
Decrease
Chesapeake & Ohio..... $5,309,303
Norfolk & Western
3,375,941
Virginian
1,361,082
Monongahela
320,658
Chicago & Illinois Midi..
203,415
Western Maryland
179,813
Montour.
145,483
315,648
Cambria & Indiana
104,461
Total (8 roads)
$11,000,156
the operations of the New York Central and the
lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
These figures cover
leased
Cincinnati Northern, and
ing Pittsburgh & Lake
Evansville Indianapolis & Terre Haute.
April
1940
1939
1932
CHANGES
IN
NET EARNINGS FOR THE MONTH
OF
1929
Includ¬
Erie, the result is an increase of $4,006,124.
APRIL
Increase
Ittcrease
1941
132,243
104,897
Penna. Read. Seash.Lines
322,649
Alton
a
Pittsburgh & Lake Erie..
Alabama Great Southern
1,342,200
Chicago R. I. & Pacific._
Chicago Burl. & Quincy.
St. L. San Fran. (2 rds.)
Boston & Maine
Seaboard Air Line
N. Y.Chicago & St.
Wabash
263,504
255,127
255,074
239,767
236,445
216,361
211,307
209,690
195,896
186,319
182,781
178,069
172,256
164,934
Chicago & Eastern 111...
1,728,378 Louisiana & Arkansas
1,716,289 Texas & Pacific
1,662,594 Chicago Great Western..
1,520,283 Wheeling & Lake Erie
1,397,231 New Orleans Northeast'n
Illinois Central
PRINCIPAL
•
both
•'-
Lehigh Valley—
Grand Trunk Western..
Lake Sup. & Ishpeming.
Central of Georgia
Missouri Kansas Texas..
Richm. Fred. & Potomac
Gulf Mobile & Ohio
Del. Lack. & Western
Kansas City Southern—
Nash. Chatt, & St. L
table, all of which were in markedly greater volume in
years,
year
Elgin Joliet & Eastern—
St. Louis Southwestern..
struction contracts and automobile production, shown in the
than
no
a
1,991,030
and its
great
There were
decreases in their earnings of
reported
from
The higher rate
steel production, lumber output,
earnings.
eight roads in the gross classification and nine in the net
which
is clearly demonstrated by such basic statistics
and
iron
as
gross
Southern
brought together in the sub¬
1932 and 1929.
the list of
Baltimore & Ohio
position
Iron
Missabe &
increase of $2,394,305, nearly as
an
$2,782,908 in
of
Duluth
Central of New Jersey
activity in the more
important industries, together with those pertaining to
grain, cotton and livestock receipts and revenue freight car
loadings for the month of April, 1941, as compared with the
of activity
The
Southern Pacific on
2,782,908 Spokane Portl. & Seattle.
2,660,650 Long Island
2,043,619 Maine Central
joined table the figures indicative of
same
with
gain
to the
3,073,223
railroads during the
of the
revenues
gains,
its
in no better than ninth position
was
$1,249,253.
of
gain
a
Dui. Missabe & Ir. Range
simplified form the measure of trade activity in relation to
its
With re¬
these
In order to indicate in a
railroad earnings.
effects upon
business
order named.
the
spect to net increases, the Southern Pacific headed the list,
regions of
April, in comparison with the
general
gross
The Southern
3,348,940
month of 1940.
same
not as large as in
Atch. Top & Santa Fe...
Union Pacific...
States, which made possible the improvement in
the United
were
Pere Marquette
Cin. New Oris & Tex Pac.
impressive, in
more
circumstances, is the gain in other districts and
both gross and net earnings
gains showing an increase of $7,951,521 over a
effect is indi¬
mining was not resumed until May 1, and the
tions
on
with the exception
Pennsylvania again headed the list of roads
year
of
Cessation
Four week's.
the gains
but
ago,
Range was second
Month of April
x
important soft coal carriers, continued in April to
the
show
by major stock yard companies
k "Iron Age".
I American Iron
Manufacturers' Association (number
Lumber
individual roads of the country,
in tabular form:
Mileage of 132 roads
g Reported
h New York Produce Exchange,
Institute,
The
with the dull and
manner
April amounted to $374,304,613, against $320,-
railroads for
891,874 in
in prospect, and this situation
are
sharpest possible
decade
unfortunate
Car shortages have not yet de¬
properties.
veloped, but they
trasts
developments by the cautious managers
city,
Steel
of reporting mills varies in different years).
promises to continue for months and years to come, and the
railroads lately
3709
Financial Chronicle
$200,795
roads). $2,823,092 Yazoo & Miss. Valley
199,078
Range
2,394,305 Elgin JoJiet & Eastern...
190,693
New York Central
a2,062,583 Nash. Chat. & St. Louis.
190,150
Atch. Top. & Santa Fe_.
1,928,813 Western Pacific
Missouri-Kansas-Texas
181,358
Chicago & North West'n.
1,598,822
173,682
Great Northern
1,422,607 Cin. New Oris.&Tex.Pac.
161,602
Atlantic Coast Line
1,314,685 Reading
159,273
N. Y. N. H. & Hartford.
1.249,683 Kansas City Southern
149,135
Pennsylvania
1,249,253 Cbic. St. P. Minn. & Om.
Chicago Great Western..
146,014
Southern
1,239,392
143,012
Chic. Milw. St. P. & Pac.
1,121,647 Texasl& Pacific
142,524
Missouri Pacific
1,121,623 Louisiana & Arkansas
138,161
Chicago Rock Isl. & Pac.
1,098,423 Cbicagol& East. Illinois.
129,633
Erie
957,570 New Orleans & Northe'n
New York Connecting..
128,637
Illinois Central
791,985
120,209
Boston & Maine
685,943 Internat. Gt. Northern..
115,325
N. Y. Chicago & St. L...
649,439 Alabama Great Southern
St. L. SanjFran. (2 roads)
642,279 New Oris. Texas & Mex.
(3 roads)
115,232
Wabash
532,464
109,765
St. Louis South western __
519,592 Florida East Coast
109,032
Bessemer & Lake Erie—
466,523 Spokane Portl. & Seattle.
105,666
N orthernfPacif ic
457,155 Pere Marquette
Chicago Burl. fc^Quincy.
418,497
Total (61 roads)
$33,730,517
Lehigh Valley
412,358
Decrease
Union Pacific
404,795
$4,690,652
Lake Sup. & Ishpeming.
380,126 Chesapeake & Ohio
Norfolk & Western
3,205,236
Seaboard Air Line
324,883
812,607
Minn.»SUP. & S. S. M__
321,872 Virginian
Southern Pac. (2
Dul. Missabe & Ir.
Automobiles (units):
Production (passenger
cars, trucks, <fec.).a__
462,257
432,746
337,375
148,326
621,910
$406,675
$300,504
$330,030
$121,705
$642,061
Building ($000):
Constr. contr.
awarded b
tons):
Coal (net
Bituminous.c_
Pa.
6,266.000 32,790,000
3,203,000 3,746,000
.....
anthracite.d
9,627,000 20,300,000 44,057,000
5,296,000 5,629,000 6,205,000
Freight Traffic:
Car loadings, all
(cars) _e x2,793,563 x2,495,212 x2,225,188 x2,229,173 x3,989,142
South¬
226,040
59,146
260,950
348,872
230,269
(bales) _f—
Cotton receipts.
ern
<$
ports
Livestock receipts: g
6,168
2,897
Kansas City
(cars)...
(cars)
flour and grain
Omaha
Western
6,192
2,012
5,705
2,657
11,282
1,599
Chicago (cars)
1,712
1,753
3,603
4,785
17,546
7,673
7,719
receipts: h
xl,708
xl,596
xl.770
xl,448
xl,700
Wheat (000
xl6,481
X26.446
xl5,819
xl2,642
Corn (000
xl5,683
xl0,868
X12.090
x9,279
xl5,792
X15.566
X4.450
x3,998
x5,909
x4,324
x5,313
x4,850
x5,350
xl.OOO
xl,498
x914
x405
x817
4,334,267
6,757,728
3,137,019
4,100,474
2,302,918
3,431,600
955,244
4,102,140
5,626,610
barrels)...
bushels)..
bushels)...
Oats (000 bushels)...
Barley (000 bushels)..
Rye (000 bushels)
Iron & Steel (net tona):
Pig Iron production.k_.
Steel ingot production.!.
Flour (000
Lumber (000
_
Shipments, m
received.m
Arot#—Figures In above
a
xl,001,672
xl ,005,253
xl ,040,354
east
of
d United States
x890,854
X832.117
X906.518
X868.897
X472.963 xl,635,789
X554.510 xl,686,481
x919,613
x901,805
X506.510 xl ,653,561
table issued by:
of the Census,
b F. W. Dodge Corp. (figures for 37
Rocky Mountains),
c National Bituminous Coal Commission,
Bureau of Mines, e Association of American Railroads,
f Com-
United 8tates Bureau
States
1,429,848
X8.848
x2,788
feet):
Production _m...—.—
Orders
X2.067
.
....
261,362
Centrallof Georgia
Rich. Fred. & Potomac..
Grand Trunk Western—
Dela. Lack. & Western..
305,103
299,605
287,363
272,772
Monongahela
Western Maryland
Montour
122,726
Long Island
237,523
Chicago & Illinois Midi..
102,785
Mobilel&AObio
Maine Central
219,056
205,651
204,059
Cambria & Indiana
100,263
Gulf
Alton
197,457
157,850
Baltimore & Ohio
Total (9 roads).
....
$9,650,938
Central and the
leased lines—ClevelandlCincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern, and Evansville Indianapolis & Terre Haute. Includ¬
ing Pittsburgh & Lake Erie the result is an increase of $2,159,607.
a
These
figuresjcover the operations of the New York
The Commercial & Financial Chronicle
3710
How seriously the bituminous coal strike affected carriers
of this
June 14, 1941
GRAIN RECEIPTS
Four Week8 Ended April 26
WESTERN FLOUR AND
commodity in April is brought into sharp focus by
In
earnings results divided according to geographical
the
and
Pocahontas
center
decreased
of
region, a part of the Southern District
bituminous mining
the
area,
45.64% from April, 1940, and net, 96.46%.
Southern
by 19.54% and net by 50.53% compared with
In consequence
the Southern District
bettered
as
year
a
whole
a
1,166
8,571
1.60% less
and 15.67% less net earnings than in
gross
4,319
81
1.079
334
982
555
2,182
12,871
1,439
605
947
892
2,489
275
33
23
4,099
(1941
—
—
—
—
120
67
339
127
366
32
24
362
57
15
1,313
1,582
11940
(1941
"81
10
11940
54
2
April, 1040, while the Western District was able to report
25.81% improvement in
gross
Eastern
District
Most
11940
139
18
2,433
690
36
953
1,493
489
57
western
region,
earnings
gross
betterment
shown
was
in
part of the Western District,
a
increased
32.91% and
by
net
North¬
the
in
which
by 135.30%.
by groups
summary
is
as
below.
As previously
ex¬
1
»
"524
593
340
18
152
1940
502
491
1,030
456
38
237
(1941
183
110
94
347
174
(1941
126
633
194
....
....
11940
98
92
3,815
4,963
1,984
1,374
'207
11940
..
Kansas City
973
42
....
----
136
163
....
----
186
72
St. Joseph
(1941
Wichita
(1941
"mm
322
mm — rn
—
45
360
-
-
—
....
----
4
....
—
2
2
106
87
29
— —
373
•
1,085
mm-
tm
(1941
Sioux City
1,743
m.mm.m
—
625
113
mm
'
11940
11940
Our
--
•
(1941
St. Louis
and 81.13% in net, and the
gain of 17.51% in gross and 27.04% in
a
marked
12
295
1,000
mm
m —
355
449
239
548
Indianapolis and Omaha.. (1941
Peoria—
net.
.
799
/1941
Toledo
926
862
11940
Milwaukee
(bush.)
248
5,587
768
(1941
Duluth
Barley
1,331
1,360
794
11940
had
a
(bush.)
11940
At the
District
gross
earlier.
the
in
areas
(bush.)
(1941
Chicago
Minneapolis
time
Wheat
(bbls.)
Year
(000 Omitted)
earnings
gross
same
other
areas.
Oats
Rye
(bush.) (b ush.)
Corn
Flour
the
----
....
2
59
we group
the
of
daries
of
Commerce
the
various
Commission.
and regions
groups
are
The
109
7
13
21
1,708
16,481
15,683
4,450
5,350
1.596
26,446
10,868
3,998
1,000
1,498
1940
the roads to conform with the classifica¬
Interstate
158
(1941
1940
plained,
tion
Total all...
boun¬
indicated in
Four
----
Ended
Months
5,909
26
April
the footnote to the table:
SUMMARY BY
Flour
GROUPS—MONTH OF APRIL
Year
(000 Omitted)
Wheal
Oats
Rye
Barley
(bbls.)
(bush.)
(bush.)
Corn
(bush.)
(bush.)
(bush.)
3,525
29,997
4,319
358
2,674
19,678
4,928
254
15,147
2,741
2,791
5,094
2,019
4,300
4,098
10,853
5,244
3,546
11,039
Gross Earnings
Chicago..
(1941
Minneapolis
(1941
3,299
1940
1941
District and Region
1940
Inc. (+) or Dec. (—)
3,562
.
1940
$
Eastern District—
$
$
New England region (10 roads)
Great Lakes region (23 roads)
16,687,478
13,224,197
68,595,497
Central Eastern region (18 roads)
77,918,185
%
+26.21
60,282,220
+ 3,463,281
+ 8,313,277 + 13.79
65,374,475 + 12,543,710 + 19.19
--
163,201,160 138,880,892 +24,320,268 + 17.51
Southern region (26 roads)
Pocahontas region (4 roads)
52,674,136
44,061,000
11,503,825
21,163,582
+ 8,613,136 + 19.54
—9,659,757 —45.64
9941312634758
'
146,925,492 116,786,400 +30.139,092 +25.81
.
*
Earnings
2,162
2,273
2,211
2,737
11,317
1,910
68
3,268
2,365
1,072
1,762
173
139
114
776
679
356
246
1,232
1,033
2,692
19
......
63
28
2,414
3,571
1940
2,095
2,166
792
833
7,845
3,195
3,612
8,991
738
213
6,205
1,260
401
9,314
2,810
528
mmm-
383
12,122
3,376
338
----
447
686
671
----
---
669
689
541
«.*•««.
-
1941
City
1940
1941
....
1940
Wichita
....
1941
4,936
4,089
----
574
—
-
mm
—
—
—
mm''
-
mm
8
mmmm
9
19
1941
462
479
145
,4
419
1940
429
453
90
41
92
47,827
72,893
65,074
49,910
17,059
3,200
24,622
19,423
6,849
24,998
1940
Total all
Net
31
2,232
_t
1941
Sioux City
374,304,613 320,891,874 +53,412,739 + 16.65
6,982
1941
>'
,
29,674,285
(132 roads)--.
642
1941
■
Southwestern region (20 roads)....
Total all districts
141
897
1940
*
Kansas
-
6,308
12
St. Joseph
roads)
158
257
St. Louis
34,267,729 + 11,276,871 + 32.91
58,348,620 + 13,357,987 +22.89
24,170,051
+ 5,504,234 +23.13
Total (51
137
1940
45,544,600
71,706,607
Western District—
950
2,730
1,573
1,314
105
1940
Northwestern region (15 roads)
Central Western region (16 roads).
t
1,770
1941
65,224,582
—1.60
98
524
1940
64,177,961
—1,046,621
231
1,517
"305
Peoria..
Total (30 roads)
814
11,116
-I 1941
Milwaukee
Indianapolis and Omaha..
Southern District—
4,058
1940
Toledo
Total (51 roads)
33,903
1941
Duluth
____
...J 1941
7,211
1940
7,054
— mm-
—
——
—'
Cotton receipts at Southern ports during April aggregated
District & Region
1941
1941
New Eng. region.-
6,699
1940
$
Mileage
Eastern District-
$
1940
6.703
5,555,029
Inc. (+) or Dec. (—)
%
Great Lakes region
26,067
26,143
17,648,222
Cent.AEast. region
24,470
24,524
19,794,402
3,126,027
12,852,978
17,621,648
+2,429,002
+4,795,244
+2,172,754
+ 12.33
57,236
57,370
42,997,653
33.600,653
+9,397,000
+27.94
Total
—-
Southern
+77.70
+ 37.31
.
38,104
38,281
16,016,545
10,640,383
+ 5,376,162
+ 50.53
6,076
6,063
308,265
8,717,155
—8,408,890
—96.46
44,180
Pocahontas
-
44,344
16,324,810
19,357,538
—3,032,728
—15.67
region
Total
Western District-
Nor'western region
Cent. West, region
So'western region.
to
171,193 bales, was substantially above both April, 1940,
April, 1939, when the movement totaled 99,231 bales
and 61,703 bales, respectively.
Details of the port move¬
and
ment
of the
45,526
45,682
14,269,250
6,064,293
56,249
56,411
18.118,004
29,059
29,144
8,798,702
11,661,916
5,011,937
+ 8,204.957 + 135.30
+6,456,088
+ 3,786,765
RECEIPTS
OF
staple for the last three
COTTON
130,834 131,237
41,185,956
22,738,146 + 18.447,810
AT
Total all districts. 232,250 232,951 100,508,419
75,696,337 +24,812,082
30,451
+ 75.56
Houston &c
NOTE—Our grouping of the roads conforms to the classification of the Interstate
Commission, and the following Indicates the confines of the different
EASTERN DISTRICT
248,091
54
1,762
Brownsville
——————
New Orleans
line
thence to
the southwestern
corner
of
Maryland and by the Potomac
River to its mouth.
SOUTHERN
DISTRICT
164,652
1939
99,923
■
129,296
3,248
455,786
549,802
3,443
575
'------
2,162
-------
255
13,736
—
16,023
—
—
—
146,365
97,465
28,659
420,091
882,649
161,029
864
9,912
5,324
7,020
80,594
23,174
29
471
3
20,297
677
624
1,329
525
10,839
154
697
17,178
1,034
7,215
8
Pensacola...
.
Savannah
Lake Charles
Central Eastern Region—Comprises the section south of the Great Lakes Region
1940
322
19
9
36
492
3,835
1,057
1,000
639
562
1,700
2,864
2,660
702
4,560
613
5,415
9,213
4,176
13
20
120
151
260,950
226,040
59,146
867,753 2,038,348
445,105
Wilmington
east of a line from Chicago through Peoria to St. Louis and the Mississippi River
to the mouth of the Ohio River, and north of the Ohio River to
Parkersburg, W. Va.,
OF
Since Jan. 1
80,613
Norfolk
Great Lakes Region—Comprises the section on the Canadian boundary between
New England and the westerly shore of Lake Michigan to Chicago, and north of
a line from Chicago via Pittsburgh to New York.
a
MONTH
1941
5,424
15,596
Charleston
and regions:
New England Region—Comprises the New England States.
and
set out in
1
48,387
63,370
Mobile
Commerce
JAN.
1939
1940
Galveston.....
+ 32.78
SINCE
FOR
Month of April
1941
Beaumont
groups
are
THE
years
PORTS
Ports
+ 55.36
+ 81.13
SOUTHERN
APRIL AND
Corpus Christ!
Total
than in either of the preced¬
was more
The overland movement of the staple, amounting
the table which follows:
District
Southern region.
260,950 bales, which
ing years.
$
Jacksonville
Total
289
In the subjoined table we give a summary of the April
comparisons of the gross and net earnings of the railroads
of the country for each year back to and including 1909:
Gross Earnings
Mileage
Month
Southern Region—Comprises the section east of the
Mississippi River and south
of the Ohio River to a point near Kenova, W. Va., and a line thence following the
eastern boundary
Pocahontas
of Kentucky and the southern boundary of Virginia to the Atlantic.
Region—Comprises
east of Kentucky
Virginia,
the section north of the southern boundary of
and the Ohio River north to Parkersburg, W. Va.,
and south of a line from Parkersburg to the southwestern corner of
Maryland and
thence by the Potomac River to its mouth
WESTERN
DISTRICT
Northwestern Region—Comprises the section adjoining Canada
lying west of the
Great Lakes Region, north of a line from Chicago to Omaha and thence to Portland,
and by the Columbia River to the Pacific.
Central Western Region—Comprises the section south of the Northwestern
Region
Chicago to Peoria and thence to St. Louis, and north of a line
west of a line from
from St. Louis to Kansas City and thence to El Paso and by the Mexican
boundary
to the Pacific.
Southwestern Region—Comprises the section lying between the
Mississippi River
south of St Louis and a line from St. Louis to Kansas City and thence to El Paso,
of
April
909
of
whole,
pared with 48,719,000 bushels in April, 1940.
were
a
little larger.
com¬
Flour receipts
As regards the individual grains, the
movement was rather mixed,
wheat,
rye
and barley dropping
below last year and corn and oats arriving in greater
quan¬
tities.
In the table which follows
we
give the details of the
Western grain traffic in our usual form;
Preceding
(+)
or
Dec. (—)
Per
Cent
Year
Year
Given
Preced'g
+ 12.52
224,625
221,755
197.024.777
+28,831.397
+ 14.63
228,973
223,794
218,488,587
226,002,657
—7,514,070
—3.32
236,693
233,082
216,140,214
+4,538,251
+24,188,770
+2.10
236.722
233,057
+ 10.95
240,740
236,515
928
220,678,465
245,170,143
236,531,600
237,696,378
288,453,700
326,560,287
369,409,895
388,697,894
401,604,695
433,357,199
416,240,237
521,387,412
474,094,758
472,591,665
498.448.309
497,212,491
473,428,231
929
920
922
923
924
—
220,981,373
245,048,870
241,090,842
—8,517,270
—3.48
243,513
241,547
—3,394,464
—1.41
237,512,648
288,740,653
319,274,981
+ 50,941,052
+21.45
245,773
+ 37,819,634
+ 13.10
247,701
246,615
248.723
248,120
245,170
+ 50,134,914
+ 15.70
233,884
231,755
370,710,999
+ 17,986,895
+ 4.85
232,708
233,251
389,487,271
+ 12,117,424
+3.11
221,725
220,918
402,281,913
+31,075,286
+7.72
220.340
219,743
432,106,647 —15,866,410
415,808,970 + 105,578,442
522,336,874 —48,242,116
—1,696,103
474,287,768
—3.67
234,955
234,970
235,839
+25.39
—9.24
234,338
—0.36
235,963
236,664
472,629,820
+25,818,489
+ 5.46
236,518
498,677,065
—1,464,574
—0.29
238,183
237,187
497,865,380
—24,437,149
—4.91
239,852
238,904
513,076,026
474.784,902
+ 38,291,124
+8.07
240,9.56
240,816
930
some¬
reduced in April from a year previous, an
aggregate
42,964,000 bushels being received during the month
Given
Inc.
225,856.174
450,537,217
369.106.310
242,181
933
267,473,938
227,300,543
513,733,181 —63,195,964
—81,461,009
369,123,100 —101,649,162
267,480.682 —40,180,139
242,375
450,457,319
932
934
265,022,239
224,565.926
935
274,185,053
312,908,137
350,958,792
265,037,296
926
what
Year
$196,993,104 $175,071,604 + $21,921,600
910
925
and by the Rio Grande to the Gulf of Mexico.
The Western movement of grains was, on the
Year
927
936
937
+40,456,313
+ 9,147.757
—12.30
235,665
236,045
236,526
—18.08
242,632
—27.54
241,976
241,992
—15.02
241,680
242,160
+ 18.02
+ 3.45
239,109
237,995
241,113
242,574
239.129
274,144,735
+ 38,763,402
+ 14.14
237,028
238,208
312.822.778
350,792,144
+ 38,136,014
+ 12.19
236,093
—83,050,967
—23.68
939
267,741,177
281,513,409
267,685,764
+ 13,827,645
+ 5.17
233,555
940
320,764,087
281,513,409
+ 39,250,678
+ 13.94
232,924
236,389
234,372
234.739
233,547
374.304,613
320,891.874
+53.412,739
+ 16.65
232.250
232.951
938
233,928
Volume
11199901235
1199267834
5
19340
Increase
(+) or
(—)
and Nickel Plate bonds
Per
of
Year
Year
April
Given
Preceding
$62, 380,527
66, 725,896
$50,787,440
62,409,630
64, 768,090
66.709,729
57, 960,871
63,888,490
60, 122,205
59, 398,711
58.082.336
60,024,235
—-625,524
—1.04
67, 515,544
59,266,322
+ 8,249,222
+ 13.92
93, 092,395
67,396,538
+25,695,857
+ 38.13
93, 318,041
93,257,886
+ 60,155
—1.85
—
Decrease
+$11,593,087
+4,316,266
—1,941,639
—5,927,619
+2,039,869
Cent
+6.92
—9.28
+ 3.51
+0.06
89, 982,415
91,678,695
89,943,898
—45,093,802
—50.14
def2, 875,447
44,716,664
—47,592,111
—93.57
57, 658,213
1920
—
1,862,451
57,474,860
+ 55,795,762
+2995.82
+23,040,083
+ 38,240,343
—21,294,242
+ 5.389,790
+ 11,764,296
+40.09
—17.32
—774,126
—0.68
1921....
80, 514,943
80,386,815
122,974,961
118, 627,158
—
101, 680,719
97,471,685
102,920,855
102, 861,475
—_
steadily. Among
1970, gained *4
advanced % to
106*4, and Rochester Gas & Electric 3*4s, 1969, rose one to
109%.
Bonds of lesser quality also participated in this
movement.
Speculative issues attracted less attention, but
some activity developed in Laclede Gas 6s, 1942; Associated
Electric 4*/2s, 1953, and New England Gas & Electric 5s,
High-grade utility bonds have advanced
—2.91
44, 850,096
114, 685,151
136, 821,660
114,417,892
113,818,315
110,884,575
107, 123,770
141,939,64 8
79, 144,653
103,030,623
56, 263,320
79,185,676
52, 585,047
56,261,840
65, 263.473
113, 643,766
—
110, 907,453
1950.
.
+ 5.53
+ 11.43
—2,910,862
—2.56
—24.53
+23.39
—23,885,970
—22,922,356
—3,676,793
—23.18
+ 13.612,958
+ 26.36
78, 327,373
51,640.515
65,252,005
65,214,202
-
—28.95
—6.54
+ 53,730
+ 20.11
89, 529,494
78.326.822
+ 11,202,672
+ 14.30
48, 713,813
89,532,796
48,717,237
54.422.823
75.696.337
—40,818,983
—45.59
+ 5.705,586
+ 11.71
+21,204,832
+24,812,082
+ 38.96
54, 422,823
75 627,655
100 ,508,419
industrial bonds.
which rose sharply
toward the close of the week, the Francisco 6s, 1956, scoring
a net gain of 6*4 points at 56*4, and the Manati 4s, 1957,
gaining 2% at 36.
Steels, oils and meat packing and allied
lines have been steady to fractionally higher; moderate
strength occurred in the paper company issues and in build¬
ing materials company issues.
Several of the lower-grade
and speculative bonds in the railroad equipment and ship¬
ping company groups gained a point or better, including
+32.78
first time
Market
into
the board and gained
on
yielded
somewhat
Cana¬
and
the
European
Bonds
Aaa
A
Aa
107.44
and
Belgian
yield averages
Moody's computed bond prices and bond
given in the following tables:
BOND
YIELD AVERAGES t
(Based on Individual Closing Priees)
1941
Baa
R. R.
P. U.
91.48
97.00
111.25
Indus.
113.89
Corpo¬
•
Indus.
R.
P. U.
13
3.34
2.77
2.95
3.31
4.31
3.94
3.10
2.96
Aaa
rate
Average
June
Corporate by Groups
Corporate by Ratings
Avge.
Daily
rals *
Scandinavian
speculative buying.
MOODY'S
Corpo¬
Averages
been
are
Corporate by Groups *
Corporate by Ratings *
have
department
issues attracted some
(Baaed oil Average Yields)
Avge.
bonds
Australian
MOODY'S BOND PRICES f
Govt.
Brazilian
but most of the
better.
In
fractionally higher
Medium-grade and speculative rail issues in fairly
active trading also scored gains.
Among the former, North¬
ern Pacific 4s, 1997, advanced % to 76%.
Among the more
U. s.
under pressure,
fractionally
dian
prices.
1941
Argen¬
Latin American issues have been slightly improved.
bonds.
Daily
several points.
the Province of Mendoza moving
high ground with a gain of five points.
new
loans
While
High-grade rail issues have registered
Lines 5s,
them Japan 5*4s, 1960; Norway 6s, 1943, and
The readjusted Panama 3*4s appeared for the
tine bonds have been firm,
strong
in Treasury
Steamship
Indies
among
move,
undertone has pervaded the bond market this
gains have not been large there have been
moderate advances in the averages of all rating groups and
A
week.
West
and
1959, and International Mercantile Marine 6s, 1941.
There have been signs of increasing interest in the foreign
section, and toward the close of the week prices showed a
firming tendency.
Quite a few touched new highs for the
Cuba 4*4s.
The Course of the Bond
has been in the sugars,
Gulf
Atlantic
the
+0.08
+ 13,112,171
65, 305,735
!
A better tone has been observed among
The high-light
+47.57
+25,937,085
—34,815,878
Southern Pacific debenture 4%s,
at 53*4, while New York Central
were fractionally improved.
these, Cleveland Electric Illuminating 3s,
point at 108%; Detroit Edison 3s, 1970,
+ 22.83
—1,696,280
1919..-.———
1927
speculative rail bonds,
1968, gained l1^ points
Month
1914.--.,
3711
Commercial & Financial Chronicle
Net Earnings
\
111999233680247685
The
152
Aa
A
Baa
R.
June13— 118.97
106.92
117.60
114.08
117.40
114.08
107.44
91.48
97.00
111.25
113.70
12
3.34
2.78
2.95
4.31
3.94
3.10
2.97
106.92
3.31
118.95
114.08
107.44
91.34
96.85
111.07
113.70
11
3.34
2.78
2.95
3.31
4.32
3.11
2.97
118.89
117.40
3.95
106.92
117.40
113.89
107.27
91.34
96.85
111.07
113.70
10
3.35
2.78
2.96
4.32
3.95
3.11
2.97
106.74
3.32
10— 118.86
107.80
113.89
107.27
91.34
96.69
111.07
113.50
9.
3.35
2.79
2.96
4.32
3.96
3.11
2.98
106.74
3.32
9— 118.86
113.70
107.27
91.19
96.69
110.88
113.50
7
3.35
2.79
2.97
3.32
4.33
3.96
3.12
2.98
4.33
3.96
3.12
2.99
12—
11
7
•
—
118.83
6—
106.74
107.80
106.74
117.20
113.70
107.27
91.19
96.69
110.88
113.31
6
3.35
2.79
2.97
3.32
118.81
—
117.00
113.70
107.09
91.19
96.69
110.88
113.12
5
3.36
2.80
2.97
3.33
4.33
3.96
3.12
3.00
2.81
2.98
3.33
4.33
3.96
3.12
3.00
5— 118.78
106.56
118.76
106.56
116.80
113.50
107.09
91.19
96.69
110.88
113.12
4
3.36
113.50
107.09
91.19
96.69
110.88
113.12
3
3.36
2.81
2.98
3.33
3.96
3.12
3.00
3— 118.86
116.80
4.33
106.56
112.75
2
3.37
2.81
2.99
3.34
4.33
3.97
3.13
3.02
May 29
3.37
2.82
2.99
3.33
4.34
3.96
3.13
3.02
4„
106.39
116.80
113.31
106.92
91.19
96.54
110.70
May 29— 118.71
106.39
116.61
113.31
107.09
91.05
96.69
110.70
112.75
116.80
113.50
106.92
91.19
96.69
110.70
112.93
23-..
3.37
2.81
2.98
4.33
3.96
3.13
3.01
106.39
3.34
118.35
113.31
106.92
91.34
96.85
110.52
112.75
16
3.37
2.82
2.99
3.34
4.32
3.95
3.02
118.52
116.61
3.14
106.39
110.52
112.93
9.
3.36
2.81
3.00
3.34
4.30
3.94
3.14
2_. 118.82
23—
16
—
.
3.01
9—
118.45
106.56
116.80
113.12
106.92
91.62
97.00
117.00
112.93
106.74
91.34
96.85
110.52
112.75
2
3.37
3.35
4.32
3.95
3.14
3.02
106.39
3.01
118.66
2.80
2
116.61
112.75
106.56
91.19
96.69
110.34
112.19
Apr. 25
3.38
2.82
3.02
3.36
4.33
3.96
3.15
3.05
3.40
2.83
3.03
3.37
4.35
3.97
3.16
3.06
—
Apr. 25-- 118.62
106.21
118.28
105.86
116.41
112.56
106.39
90.91
96.54
110.15
112.00
18—
116.41
112.19
106.21
90.77
96.54
109.79
111.81
10
3.41
2.83
4.36
105.69
3.38
117.36
116.80
112.37
91.48
97.00
109.97
112.19
3.39
2.81
4.31
3.94
3.17
3.05
116.41
112.19
91.05
96.54
109.79
111.81
Mar. 28
3.40
2.83
3.05
4.34
3.97
3.18
3.07
105.86
3.39
Mar.28— 117.80
106.21 ,
106.04
3.38
106.04
3.04
117.55
96.54
110.15
112.75
21
3.38
2.80
3.01
3.36
4.36
3.97
3.46
3.02
18—
10—
4
—
4.
3.05
3.97
3.18
3.07
106.21
117.00
112.93
106.56
90.77
117.40
113.31
106.56
90.48
96.54
109.97
113.31
14
3.38
2.78
2.99
3.36
4.38
3.97
3.17
106.21
106.39
90.20
96.23
109.97
113.12
7
3.39
2.78
2.99
4.40
3.99
3.17
3.00
106.04
113.31
3.37
116.90
117.40
112.93
106.21
89.78
95.92
109.79
112.75
28
4.01
3.18
3.02
117.20
3.01
4.43
105.86
2.79
3.38
Feb.28— 116.93
3.40
112.75
106.04
89.52
95.62
109.60
112.75
21
3.42
2.80
3.02
3.39
4.03
3.19
3.02
21— 116.06
117.00
4.45
105.52
113.12
106.21
89.64
95.92
109.60
113.12
14
3.40
2.77
4.44
4.01
3.19
3.00
117.60
3.38
105.86
3.00
14— 116.24
106.39
90.20
95.54
109.79
113.31
3.18
2.99
106.21
113.31
3.97
7— 116.52
117.80
4.40
118.00
113.70
106.39
90.48
96.85
109.79
113.70
21— 117.85
117.77
14
—
7
—
Feb.
'
7
Jan.
3.38
2.76
2.99
3.37
31
3.37
2.75
2.97
3.37
4.37
3.95
3.18
3.36
2.77
2.96
3.36
4.36
3.93
3.17
2.98
3.36
2.74
2.96
3.36
4.38
3.96
3.16
2.96
3.36
2.74
2.94
3.36
4.39
3.96
3.16
2.95
3.37
2.73
2.93
3.37
4.43
4.01
3.16
3.42
2.84
3.06
3.39
4.47
4.03
3.20
3.08
3.31
4.30
3.92
3.10
2.92
Jan. 31— 117.14
24— 117.64
106.39
106.56
117.60
113.89
106.56
90.77
97.16
109.97
113.50
24
17— 118.06
106.56
118.20
113.89
106.56
90.48
96.69
110.15
113.89
17
114.08
10
10
3
106.56
118.20
114.27
106.56
90.34
96.69
—
118.03
110.15
118.65
106.39
118.40
114.46
106.39
89.78
95.92
110.15
114.46
—
114.85
107.44
91.62
97.31
111.25
114.66
—
3
High 1941
High 1941 119.05
106.92
118.60
1941 115.89
105.52
116.22
112.00
106.04
89.23
95.62
109.42
111.62
High 1940 119.63
106.74
119.00
116.04
106.74
89.92
96.07
110.88
114.85
Low 1940 113.02
99.04
112.19
109.60
99.52
79.37
86.38
105.52
106.56
Low
87.45
106.74
108.52
June 13, 1940...
89.51
105.52
109.06
June 13, 1939—-
Low
1
June 13'40 113.93
100.32
113.89
111.07
100.65
80.45
114.66
110.88
98.09
83.66
Low 1941.
3.34
2.72
3.81
3.06
3.19
2.78
5.24
4.68
3.42
3.36
3.35
2.70
2.90
3.35
4.42
4.00
3.12
2.91
3.73
2.96
3.11
3.71
5.15
4.60
3.35
3.25
3.70
2.92
3.12
3.87
4.89
4.45
3.42
100.81
3.22
1940
Year Ago—
Years Ago—
computed from average yields on the basis of one "typical" bond (3 %% coupon, maturing In 25 years) and do
average level or the average movement of actual price quotatloas.
They merely serve to ttlustrate In a more comprehensive way the
movement of yield averages, the latter being the true picture of the bond market.
t The latest conolete list of bonds used In computing these indexes was published In the Issue of July 13, 1940, page 160.
♦
These
THE
prices are
STATE
OF
TRADE—COMMERCIAL EPITOME
Friday Night, June 13, 1941.
continues to expand.
Steel makers are
expansion program to meet ever-widen¬
ing requirements- of defense and civilian users, and in
answer to a recent request of the Office of Production Man¬
agement for enlarged capacity, it became known yesterday.
Car loadings this week show substantial gains over the
previous seven-day period.
Electric power production the
past week is reported as the greatest in its history excepting
the week of Dec. 21, last.
Engineering construction awards
are near top for the year.
Non-agriculture employment has
risen about 3,250,000 persons since May, 1940.
From all this it will be seen that business and industry
are
expanding in a large way.
The labor situation also
shows definite improvement following the strong action of
the Government in the airplane dispute at Inglewood, Calif.
Business activity
launching a major
2.93
High 1940.
2
2 Yrs.Ago
Junel3'39 117.08
.
2.97
2.91
1
Yr. Ago
2.99
not purport to show either the
relative levels and the relative
out that although current strikes may cause
disruption in key defense industries, they
will not have the adverse effect upon industrial activity
It
is pointed
serious temporary
generally that the acute strike situation had in April.
The news from Europe was not so depressing this week,
and
indicate a growing feeling of optimism,
Administration circles, over Great Britain's
latest reports
especially in
chances of winning
The
electric light
the war.
and power industry distributed more
7 than in any other week in
of Dec. 21, last, the Edison Electric
Institute announced yesterday.
The total was 3,042,128,000
kwh., up 17.1% over the 1940 comparative of 2,598,812,000.
Output in the week ended May 31 was 2,924,460,000 kwh.
The all-time high, made in December, was 3,052,419,000 kwh.
Steel production in May was less than % of 1% below
the record-breaking tonnage produced in March of this year,
energy
history
in the week ended June
except that
The Commercial & Financial Chronicle
3712
American
the
Iron
ami
Steel
Institute reveals.
98; Kansas City, Mo., 50 to 71;
Oklahoma City, 60 to 79; Salt
totaled
'
a
for indirect defense for which
considerable volume
Moody's Commodity Index Higher
Moody's Daily Commodity Index advanced from 195.8 a
week ago to 199.0 this Friday, representing a new high for
the current year.
The principal changes were the gains in
cotton and hog prices, and the decline in rubber.
The movement of the Index was as follows:
pref¬
Fri.
Sat.
June
6_
7-2
been
Mon.
June
Tues.
June 10_-
worked out for expanding the capacity of the steel industry
Wed.
Age"
says.
that preliminary plans
says
have
Fri.
Kecord"
for
week
a
Public
11%
yesterday.
Loading of
cars or
cars,
134,682
May
and truck production this week will total
for the highest single week's volume since
car
units
1937,
15,
Assemblies
according
last
week
Ward's
to
numbered
Automotive
133,645;
Loading of merchandise less than carload lot freight totaled 159,712
an
year ago this
The survey said that heavy de¬
mand from the field, together with increasing Government
week
they totaled 93,635.
requirements,
responsible for maintaining the present
high production level. It added that "little change in pace
is expected until the end of current passenger car models."
Retail sales this, week held at a level well over that of a
year
in
and
ago
fact that
was
a
showed
a
small
margin
spurt in such sales
of gain despite
recorded
was
11,453
1940, Dun & Bradstreet, Inc., rei>orted today.
over
the
credit
previous week's level
"Increases
registered," said the
"by all available weekly measures of busi¬
agency,
activity.
indexes reached
daily index of 30 basic commodities
day,
gain
a
June
5.
adding
The
of
two
points
wholesale
over
food
to 137.19
the
level
as
Thursday,
price index moved to $2.97,
to the increase from the start of the year,
which already totals 47c.
The credit agency estimates the
overall net
gain of retail sales this week against the corre¬
sponding week a year ago at between 15% and 18% for the
country.
effectively
relieved
drought
during the last two weeks has
conditions
over
a
from the central
large
area
Mississippi Valley eastward to the Atlantic
Ocean, but in the Southeast and the extreme Northeast only
local, temporary relief has been afforded.
These latter
include the northern portions of New York
and New
England, and the sections from southern Virginia and Ten¬
areas
nessee
southward.
rainfall, while from northern Texas northward
had
from
Grain and
cars
two
to
four
times
for
the
normal.
the same period the amounts in
the Southeast have
ranged from only 28% of normal in Georgia to about threefourths of normal in North Carolina and
Tennessee.
Floods
from the heavy rains continued
to take their toll.
The
bodies of 12 persons drowned in
flood which swept a 20foot wall of water in darkness
through the town of Albany,
Texas, was a feature of weather news from
the South.
Deluges of rain continued to feed disastrous
floods in the
Southwest and Midwest.
Three days of violent weather
a
brought the death total past 30,
according to the Associated
Press.
responding week in 1940.
on
Friday, with
the prospect of a
change
to occasional light to
moderate showers at night and on
Saturday.
Temperatures ranged from 55 degrees to 58 de¬
1,669
58
°7erJiight a*
to
it was 57 to 65 degrees; Pittsburgh,
77; Portland, Me., 42 to 67;
Chicago, 59 to 78; Chi-'
cinnati, 67 to 86; Cleveland, 64 to 82;
Detroit, 60 to 73;
above
cars
a
decrease of 581
In the Western Districts alone, grain and grain
cars,
decrease of
a
below the preceding week, but an increase of 6,301 cars above the
cars
corresponding week in 1940.
Live stock loading amounted to 10,264 cars an increase of 1,291 cars above
the preceding week,
week in 1940.
week of June
but
a
decrease of 394
below the corresponding
cars
In the Western Districts alone, loading of live stock for the
7, totaled 7,055
ceding week, but
in
increase of 420
cars, an
decrease of 420
a
cars
below
the
cars
above the pre¬
corresponding week
1940.
Forest products loading totaled 42,168 cars,
above the preceding week,
and
an
an
increase of 2,972
increase of 7,842
cars
above the
cars
cor¬
responding week in 1940.
Ore loading amounted to 78,522 cars, an increase of 2,377 cars above the
preceding week, and
an
increase of 12,413
above the corresponding
cars
week in 1940.
.'■■■
Coke loading amounted to 12,922 cars, a decrease of 796
preceding
week,
but
an
increase of 3,162
cars
below the
above the corresponding
cars
week in 1940.
All districts reported increases compared with the
corresponding weeks in
1940 and 1939.
1941
4 weeks of
January
February
4 weeks of
1940
1939
2,740,095
2,824,188
3,123,916
2,976,655
2,495,212
2,225,188
3,351,840
5 weeks of May
Week of June 7
2,488,879
3,817,918
2,793,563
5 weeks of March
4 weeks of April.
2,557,735
2,288,730
2,282,866
852,940
702,892
2,926,408
630,060
17,189,231
Total-
14,720.474
13,329,907
The first 18 major railroads to report for the week
June 7,1941, loaded a total of 400,004 cars of revenue
ended
freight
lines, compared with 372,550 cars in the preced¬
ing week and 327,248 cars in the seven days ended June 8,
their
on
1940.
own
A
comparative
REVENUE FREIGHT
table follows:
LOADED AND
RECEIVED
FROM
CONNECTIONS
(Number of Cars)
Loaded
on
Own
Received from Connections
Lines
*
1
•
;;
y- V
Weeks Ended—
:?v.'
Weeks Ended—
June 7
Atchison Topeka & Santa Fe Ry_
Baltimore <fe Ohio RR.
June 8
June 7
May 31
June 8
1941
1940
1941
1941
1940
23,005
21,319
40,353
16,005
RR__
14,984
20,193
13,608
9,239
6,831
19,154
8,561
8,556
6,761
20,913
19,211
12,178
12,438
3,122
2,020
International Great Northern RR
24,848
21,963
Gulf Coast Lines
27,834
22,022
Chicago & North Western Ry
37,882
19,585
31,939
29,039
Chesapeake <fc Ohio Ry
Chicago Burlington & Quincy RR
Chicago Milw. 8t. Paul & Pac. Ry
Missouri-Kansas-Texas
May 31
1941
2,738
2,625
1,669
1,559
9,174
1,233
1,844
1,691
2,147
3,087
10,301
48,501
12,637
2,657
3,284
7,084
21,512
13,130
8,636
4,294
4,198
3,808
13,577
14,080
New York Central Lines
14,532
51,660
23,542
86,379
45,323
5,795
23,777
41,095
N. Y. Chicago & St. Louis
Ry
Norfolk & Western Ry
Pennsylvania RR
80,776
7,341
8,165
34,006
6,297
5,609
8,337
31,527
6,594
28,484
5,863
5,236
4,782
10,622
Missouri Pacific RR
6,693
...
Pere
Marquette Ry
Pittsburgh & Lake Erie RR
Wabash
.
Ry
Total
5,487
19,226
65,422
7,481
4,742
21,647
13,046
17,431
10,783
10,133
48,726
13,120
1,647
2,522
10,272
38,867
9,924
6,144
6,415
4,263
58,833
55,260
47,319
6,095
6,499
4,780
8,813
11,448
11,401
7,911
10,601
8,151
8,530
7,031
400,004 372,550 327,248 251,398 250,592 205,642
TOTAL LOADINGS AND
grees.
thermometer readings both for
the city and
suburbs Friday night are
expected to touch 55 degrees ris¬
ing to a high of about lO degrees on
Saturday. Moderate
southeast v\ inds obtained on
Friday evening, with indica¬
tions pointing to a change to south
and southwest on Satur¬
day.
Fair weather is the probable forecast for
Sunday.
cars,
products loading for the week of June 7 totaled 22,446
Southern Pacific Lines
Heavy rains fell
increase of 6,971
grain products loading totaled 35,562
most areas
However,
cars an
below the preceding week, but an increase of 7,401 cars above the cor¬
Since
the first of June,
according to
Government advices, the Ohio and central
Mississippi Val¬
leys have had about twice to more than twice the normal
have
151,478
of yester¬
of
one cent
It is reported that rainfall
above the corresponding week in 1940.
cars
week in 1940.
were
Three of the five most important production
new highs for the year."
The uptrend in
wholesale prices was resumed during the
week, sending the
ness
cars
above the preceding week, and an Increase of
Coal loading amounted to
the
at this season
increase of 16,385 cars
the preceding week, and an increase of 32,920 cars above the corresponding
Reports.
a
above the preceding week, and an increase of 75,241 cars above the
corresponding week in 1940.
roads with the Association of American Railroads and made
Passenger
an
Miscellaneous freight loading totaled 362,312 cars, an increase of 22,538
cars
according to reports filed by the rail¬
public today.
This was an increase of 51,157 cars over the
preceding week this year, 150,048 more than the corre¬
sponding week in 1940, and 222,880 above the same period
two years ago.
This total was 133.82% of average loadings
for the corresponding week of the 10 preceding years.
21.3% above the corresponding week in 1940, and
reported;
Car loadings of revenue freight for the week ended June 7
852,940
freight for the week ended June 7
revenue
was
$45,500,000 award for an ammunition loading
plant in Texas, and the $15,000,000 Tennessee Valley Au¬
thority construction project at Fort Loudon Dam in Ten¬
nessee.
Private awards are up 2% compared with a year
ago, but are 11% below a week ago.
totaled
171.6
an increase of 51,157 cars or 6.4% above the preceding
week, which included a holiday.
The Association further
last week, primarily as
over
Low—Feb. 17
increase of 222,880 cars or 35.4% above the same week in
1939.
Loading of revenue freight for the week of June 7
result of the
a
June 13
—155.3
171.8
149.3
—199.0
Low—Aug. 16
1941 High—June 13
totaled 852,940 cars, the Association of American Railroads
on June 12.
This was an increase of 150,048
"Engineering Xewsconstruction is 299% higher
than in the 1940 week and
198.1
198.5
198.1
199.0
announced
reported
ago,
Year ago, June 131940 High—Dec. 31
—198.1
Loadings of Revenue Freight During Week Ended
June 7 Totaled 852,940 Cars
plicating the steel situation is a growing shortage of scrap.
a growing shortage of pig iron despite high
production, quotes the "Iron Age."
Engineering construction awards for the week, $139,825,<XK), are at the third highest peak of the year, 147%
higher than in the corresponding 1940 week, and 5% above
There also is
total
———
June 11
Thurs. June 12
by 10,000,000 tons.
Probably not more than five or six
companies will share in the program.
It states the tenta¬
tive allotment of capacity additions have been made.
Com¬
the
June
Two weeks ago, May 29
194.2
Month ago, May 13-—------194.9
195.8
-196.8
9
issued," the review
be
ratings will
"Iron
The
Savannah, 71 to
Springfield, 111., 59 to 74;
Lake City, 51 to 81, and
Seattle, 52 to 74.
steel were produced, and in May. 1910,
the output was
4,907,782 tons.
Sharp curtailment of steel shipments to non-defense con¬
sumers and distributors has gone into effect as a result of
the issuance of a steel preference order on May 29 by the
Office of Production Management, the "Iron Age" reports.
"Although probably not more than 40% of the steel orders
are clearly identifiable as direct defense business, there is
erence
1941
14,
Milwaukee, 53 to 64; Charleston, 70 to 87;
Output in
7,101,750 net tons, as compared with the
March peak of 7,131,011 tons.
In April, 6,757,728 tons of
May
June
RECEIPTS FROM
CONNECTIONS
(Number of Cars)
Weeks Ended—
June 7, 1941
May 31, 1941
Chicago Rock Island & Pacific RyIllineis Central System
35*12
26,927
34,687
St. Louis-San Francisco Ry
14,749
14,483
11,564
49,861
76,097
39.698
Total
xNot available.
June 8,
1940
28*134
Volume
In the
The Commercial & Financial Chronicle
152
following we undertake to show also the loadings
roads and systems for the week ended May 31,
for separate
Total Revenue
from Connections
1941
1940
1941
1939
1940
1,105
541
530
460
1,565
1,578
7,942
1,286
1,626
6,487
1,318
6,148
1,341
206
205
13,476
2,673
9,299
2,192
Arbor
Maine..
Chicago Indianapolis A Loulsv.
1,229
58
55
2,615
2,017
6,854
—
16
14
11
1,418
;.
6,068
1,147
4,309
1,046
3,917
Delaware Lackawanna A West.
9,657
7,679
7,864
9,996
8,934
295
260
415
173
2,654
1,645
992
9,301
3,678
1,274
3,360
15,203
8,752
Central Indiana
Central Vermont
Delaware A Hudson
Detroit & Mackinac..
Detroit Toledo A Ironton
320
Erie
Grand Trunk Western
10,592
4,016
1,219
from Connections
1939
1941
1940
6,811
161
177
2,415
1,525
6,697
2,399
3,926
1,983
1,644
6,760
2,238
3,375
2,048
29,368
7,841
1,095
4,711
1,891
9,156
2,868
1,548
1,148
6,383
2,118
361
214
9,264
2,998
—
5,701
2,167
Monongahela
Montour
45,944
New York Central Lines
10,441
...
1,046
5,795
New York Ontario & Western..
N.Y. Chicago & St. Louis
N. Y. Susquehanna A Western.
Pittsburgh & Lake Erie..
36,184
8,162
1,050
5,104
2,537
1,122
435
Richmond Fred. & Potomac...
397
288
346
8,656
10,745
25,393
19,279
7,891
17,675
3,214
1,058
1,703
6,858
5,988
19,177
Tennessee Central
556
415
315
722
Winston-Salem
154
153
132
935
661
116,593
95,285
85,360
87,148
65,965
20,913
2,538
15,852
2,126
16,053
3,229
17,809
14,494
2,232
12,438
3,034
8,556
3,741
8,925
2,386
15,430
3,154
13,276
249
Seaboard Air Line...
-
Southern System..
Southbound...
Total
Northwestern
Chicago
Chicago
Chicago
Chicago
District-
& North Western
Great Western
Milw. St. P. A Pac...
St. P. Minn. A Omaha
19,199
531
448
456
129
163
20,791
18,389
13,722
3,783
3,066
549
410
447
774
529
3,323
3,308
1,463
5,345
8,634
2,258
1,582
5,090
8,021
82
64
2,087
2,914
4,269
1,672
2,201
632
656
261
393
331
251
326
1,255
862
564
2,334
489
561
511
5,236
4,968
4.298
4,325
4,285
3,213
1,177
10,601
4,085
1,908
1,031
7,350
2,817
164,948
129,395
114,580
199,979
145,862
1,587
8,467
6,499
4,628
68
58
!
239
Duluth Missabe A Iron Range
.
Duluth South Shore A Atlantic-
Green Bay & Western....
Lake Superior A Ishpeming
,
1,771
,6,983
8,245
Minneapolis A St. Louis.......
Minn. St. Paul A S. S. M-..~-
Northern Pacific
—
344
385
1,081
780
37,882
28,882
5,631
23,327
21,647
2,548
16,233
2,705
4 111
4
285
330
215
7
Cambria & Indiana
1,803
1,014
5,514
9
Central RR. of New Jersey
1,103
5,700
20
7,605
15,745
10,569
...
718
290
70
88
768
483
Cornwall
.....
-
172
321
274
1,675
2,099
1,476
103,370
88,554
54,462
38,447
17,646
18,325
2,483
7,481
2,365
2,815
4,943
1,805
606
538
313
107
72
14,984
11,523
1,937
9,726
2,005
11,779
1,190
9,239
6,866
2,640
12,283
2,427
827
714
9,801
1,710
559
528
561
2,046
1,808
1,631
10,147
3,324
1,746
3,385
2,276
1,304
2,575
175
274
179
24
24
1,399
1,778
986
1,551
1,851
1,617
Bingham A Garfield
Chicago Burlington A Qulncy—
Chicago A Illinois Midland
Chicago Rock Island A PacificChicago A Eastern Illinois
Colorado A Southern
52
33
Denver A Rio Grande Western.
35
45
Denver A Salt Lake..
67
47
23
Fort Worth A Denver City
3,018
1,690
55,260
2,692
1,248
43,094
14,956
5,218
6,035
561
■'*:u
1,542
940
851
80,776
58,092
16,597
20,590
3,904
12,351
48,152
10,325
16,594
3,137
9,460
2,710
22,338
6,928
8,814
179,949
134,454
107,737
139,230
103,644
24,557
20,855
15,775
13,046
6,415
10,926
4,177
...................
27,834
23,777
4,662
3,841
1,722
56,273
47,895
40,471
21,183
15,972
331
277
164
226
221
7,646
775
985
967
2,039
1,494
715
187
96
586
748
479
408
12
32
13
25,874
-
1,021
1,570
1,195
782
Illinois Terminal
21,098
4,122
1,182
7,113
1,388
500
407
869
Total.....................
3*467
201
1,649
Central Western District—
532
187
Ligonier Valley
Long Island..
Penn-Reading Seashore Lines..
Z74
4,559
21,319
3,142
....
180
692
Cumberland & Pennsylvania...
564
9,422
243
Alton
684
956
5,589
2,274
....
Spokane Portland A Seattle....
Total
160
843
7,611
126,503
Spokane International
Atch. Top. A Santa Fe System.
Buffalo Creek A Gauley
6,179
2,852
Ft. Dodge Des Moines A South.
Great Northern
1,898
9,395
1,415
6,329
4,682
Pittsburgh & Shawmut
—
Pittsburgh Shawmut & North..
Pittsburgh & West Virginia
6,435
584
10,870
385
Bessemer & Lake Erie
4,492
14,068
Elgin Joliet & Eastern
f. 4,489
Baltimore A Ohio..
839
1,018
5,449
39
324
Alleghany District—
Akron Canton & Youngstown..
2,371
37,133
6.297
4,754
Total............-.....—
984
393
....
30
410
—
2,611
494
Southern..
48,105
16,317
2,303
13,120
8,406
6,297
Wheeling A Lake Erie
3,359
1,171
Piedmont Northern.
Norfolk
3,864
23,783
1,115
10,381
Pere Marquette
Wabash...
Nashville Chattanooga & St. L.
2,580
10,352
203
...
N. Y. N. H. & Hartford
:
6,476
V'... 112
1,925
Lehigh & Hudson River
Lehigh & New England....—
Lehigh ValleyMaine Central..
:
245
262
14,091
5,512
Detroit A Toledo Shore Line...
Pennsylvania System
Reading Co
Union (Pittsburgh)
Western Maryland
—...
Missouri-Illinois .....
Nevada Northern
.......
North Western Pacific..
Peoria A Pekln Union..
Southern Pacific
20,266
6~283
348
281
313
12,388
(Pacific)
11,176
11,345
1,457
9,348
Toledo Peoria A Western
^Total.^i.^.^.i.^^.i
241
19,549
3,789
80
3
12
1,247
1,361
2,635
2,033
107,598
Total
87,773
86,599
63,389
45,990
Southwestern District—
Burlington-Rock Island
Alabama Tennessee & Northern
796
Atl. & W. P —W. RR. of Ala-
644
692
1,766
1,152
772
671
514
11,317
4,425
9,029
3,718
9,297
3,515
3,615
614
489
501
1,846
Atlanta Birmingham & Coast..
1
1,322
752
173
150
151
305
263
Gulf Coast Lines
Southern District—
2,738
1,844
2,228
1,442
2,677
International-Great Northern.
Kansas Oklahoma A Gulf
1,171
1,678
229
186
377
City Southern
2,332
Louisiana & Arkansas
2,074
1,943
1,833
1,653
1,719
1,559
2,657
1,004
2,895
2,007
Litchfield A Madison
259
279
193
1,092
745
429
434
370
265
214
155
165
181
379
251
4,198
13,600
3,379
10,934
3,507
3,284
10,133
2,383
10,010
104
123
92
125
96
Francisco
St. Louis Southwestern
Texas A New Orleans
7,867
2,380
7,486
5,719
1,956
3,862
5,709
3,732
5,364
3,192
4,173
4,279
3,832
2,146
2,591
Texas A Pacific
6,008
1,938
5,853
3,835
176
199
161
69
56
13
19
55
29
14
49,919
40,948
40,008
42,791
30,705
Kansas
1,739
1,447
1,191
2,980
4,712
3,219
1,333
2,056
Columbus & Greenville
466
233
304
316
238
Missouri-Kansas-Texas Lines.
Durham A Southern
176
150
132
463
431
Missouri Pacific
Florida East Coast—........
647
933
471
880
978
Quanah Acme A
50
29
28
124
78
Atlantic Coast Line
168
1,571
Utah
Norfolk A Western
Virginian
Union Pacific System
Western Pacific
Pocahontas District-
Chesapeake A Ohio
/
1940
Southern District—(Concl.)
Bangor & Aroostook..
Rutland...
Total Loads Received
Freight Loaded
Railroads
Eastern District—
Boston A
Total Revenue
Total Loads Received
Freight Loaded
1941
Ann
During this period 115 roads showed increases when
with the same
week last year.
compared
FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED MAY 31
REVENUE FREIGHT LOADED AND RECEIVED
Railroads
1941.
3713
...
Central of Georgia....
Charleston & Western Carolina
Clinchfield
GainsvUle Midland
974
1,309
Georgia
6,411
711
1,893
1,617
392
290
238
721
421
3,872
3,035
3,308
Illinois Central System
22,097
Louisville & Nashville.
24,949
17,834
22,558
xl,384
16,101
17,813
13,599
7,120
2,923
10,041
5,202
Georgia A Florida....
Gulf Mobile & Ohio
—
Macon Dublin A Savannah
194
131
96
657
178
116
138
416
226
Missouri A Arkansas
Pacific
St. Louis-San
Wichita Falls A Southern
Weatherford M.W.AN.W..
610
1,712
1,431
8,034
3,478
703
Mississippi Central
Midland Valley
1,746
Note—Previous year's figures revised.
* Previous figures,
x
Total
Gulf Mobile A Northern only.
(August, 1939=100)
Commodity Price Indexes of 10 Countries Compiled
by General Motors and Cornell University
General
Motors
prior to the European
tion of
ance
a
basis than before the
world
war
prices,
University,
price statistics,
war.
a
now
on
a
different
Aus¬
Can¬
Eng¬
tina
tralia
ada
land
Java
143
116
ico
New
Swe¬
Zeal'd
den
Switz¬ United
erland
States
1940—
132
112
118
120
113
112
131
June
118
118
120
144
116
113
114
131
136
109
July—
118
118
120
145
115
112
114
132
140
109
119
120
150
115
111
120
132
144
109
120
May
August
118
composite index of
September..
116
120
121
145
116
110
122
135
153
111
October
113
123
122
145
117
110
120
139
158
114
publishing the
November..
113
125
124
146
118
111
118
142
164
118
December..
113
126
126
149
120
111
119
144
168
118
January
114
127
126
150
121
111
119
144
171
120
February-
114
126
127
160
121
113
119
147
171
120
March
119
122
129
150
123
114
119
154
176
122
are
individual country indexes.
The index is built upon
same
Instead of
but
Mex¬
Argen¬
which
had collaborated in the publica¬
these organizations
information only as
is the
Cornell
world commodity price index, have resumed issu¬
international
of
and
Corp.
1941—
40 basic commodities and the list
for each country in so far as possible.
Each
1941—
commodity is weighted uniformly for each (country, accord¬
ing to its relative importance in world production.
The
actual
price data
Overseas
are
collected weekly by General Motors
Operations from
sources
described
"the most
as
responsible agencies available in each country, usually a
government department."
The commodities involved in¬
clude
"a
comprehensive list of several
including
grains, livestock and livestock products, miscellaneous foods
(coffee,
cocoa,
groups,
tea, sugar, &c.), textiles, fuels, metals, and
a
Weeks end.:
S.¬
7119
120
131
rl5l
124
114
119
157
180
124
Apr. 12..
Aprl 19-
7120
121
131
rl60
124
7116
120
156
180
125
122
121
131
rl50
125
116
120
157
180
126
Apr. 26May
3—
May 10..
May 17—
121
120
131
rl50
127
116
120
156
7184
126
116
120
156
189
May 24..
May 31-.
Apr.
*
Retail
to the
different commodity groups are as follows:
Grains,
other
foods, 9; textiles,
laneous, 18.
The indexes which
currency
12; fuel,
11; Metals,
11;
miscel¬
150
rl32
*150
128
117
120
156
190
127
7124
120
134
*160
129
117
7119
155
190
7130
126
120
7135
*150
131
117
120
155
*190
131
126
120
134
*150
131
117
119
155
r
are
on
131
Revised.
Prices
Gain
for
Consecutive Month,
Publications Retail Price
Ninth
Index
There were further
advances in retail prices during the
month, with quotations showing a more rapid upturn,
according to the Fairchild Publications retail price index.
The index at June 2 at 96.3 (Jan. 3, 1931 equals 100) com¬
increase of 0.8%.
the June 1 index
gain of 3.8%, but quotations are still
with 95.5 the previous month, an
Comparison of the current figure with
pares
based
prices expressed in the
of each country, were reported June 9 as follows:
rl31
120
According to Fairchild
newsprint, linseed oil, &c.)." Weights assigned in the index
20; livestock and livestock products, 19; vegetable fats and
120
121
Prelimiikary,
list of other miscellaneous materials (rubber, hides, lumber,
126
7121
127
of
a
year ago
shows a
The Commercial <t Financial Chronicle
3714
Under date of June 13 the
0.3% below the 1937 high.
Fairehild advices further said:
After five months without
infants'
Advances
wear.
change,
also
an
increase of 0.1%
occurred in
the other
The greatest increase
over
1933, occurred in home furnishings, which is
May 1,
the corresponding figure
was recorded in
four
major groups
of that date.
over
the
the record low of
now
40.9% above
In spite of gains in men's apparel
Pig tin again advanced fractionally and higher prices were reported for
certain types of farm equipment.
greater number
but
a
cotton goods,
in which the
unchanged.
few items remained
were
for silica
floor coverings, china, and furs.
These
are
the
items
same
greatest gains were recorded during the previous month.
Com¬
pared with a year ago, the most important advances occurred in furs,
furniture, blankets, and floor coverings, in that order.
the month show that retail quotations
in the index during
Gains
housefurnishing goods, particu¬
larly for refrigerators, metal beds and springs, stoves, cutlery, oil cloth
and window shades.
are
W. Zelomek, economist, under whose supervision the index is
com¬
Advances later in the year are expected as current replacement
levels are reflected at retail.
piled.
grades of fats and oils continued to fall and
Prices for the industrial
Trade reports that a drastic priority
6% lower than on May 24.
are now
control was planned on
of about
rubber were largely responsible for another decline
net decrease since
making the
3%%,
tables show (1) index numbers for the principal groups of
1940 and the percentages from a week ago, a
Jan.
|
May 1,
Percentage Changes to
3, 1931=100
June
1933
June May
31.
7,
Commodity Groups
1,
Mar.
1940
1,
Apr. 1,
MflV 1,
1941
1941
1941
June 2,
1941
Composite Index
69.4
92.8
94.5
94.8
95.S
May
May
24,
65.1
86.0
87.6
87.8
88.8
70.7
88.9
89.3
89:4
89.5
71,8
91.8
93.3
93.6
93.9
94.3
Infants' wear
76.4
96.9
97.6
97.6
97.6
97.7
70.2
94.6
96.0
96.5
97.7
98.9
,
Home furnishings
57.4
-
67.9
69.8
69.7
70.2
87.0
89.8
90.1
90.3
103.2
103 3
103.6
106.0
93.6
93.8
94.6
96.2
72.9
112.0
117.2
117.2
117.2
-
75.5
73.3
73.2
73.2
75.5
105.7
106.6
106.7
106.8
83.6
93.0
92.9
92.9
92.9
+ 11.0
+ 6.0
+ 19.3
81.5
79.2
79.5
+ 3.2
+ 15.6
+ 8.0
79.0
70.5
+2.9
99.6
—0.2
+2.2
71.9
0.0
+ 15.7
materlals.
78.3
77.7
76.2
74.9
72.2
+0.8
+ 2.2
+ 4.5
98.3
98.2
98.2
97.9
94.8
+0.1
+ 0.4
+ 3.7
100.5 100.5 100.5 100.3
92.1
0.0
+ 0.2
+ 9.1
+ 0.6
+ 9.4
84.2
83.1
76.4
—0.4
93.3
92.7
92.5
92.3
89.9
+0.6
+ 1.1
79.7
79.7
79.7
79.0
77.0
0.0
+ 0.9
+ 3.5
81.9
80.4
79.9
78.4
70.7
+ 1.9
+ 4.5
+ 15.8
86.9
86.7
86.5
85.8
77.7
+ 0.2
+ 1.3
Furs-
66.8
100.0
111.7
113.5
115.4
69.2
87.6
87.0
87.0
87.2
76.5
88.8
88.0
88.0
88.0
All commodities
87.6
87.3
87.3
87.4
69.6
91.8
92.0
92.0
92.0
and foods..
74.3
86.4
86.1
86.1
86.3
86.3
Hats and caps
69.7
82.8
83.5
83.8
83.9
84.1
Clothing, Incl. overalls..
70.1
91.5
92.3
92.4
92.5
92.8
Shoes
76.3
93.6
94.7
94.7
94.7
95.3
103.6
103.6
PERCENTAGE
92.0
Shirts and neckwear
87.6
87.5
86.7
80.9
+0.5
+ 1.5
87.0
86.7
85.9
79.8
+0.3
+-1.6
+ 9.4
88.4
88.2
87.7
86.9
82.4
+ 0.2
+ 1.7
+ 7.3
CHANGES IN SUBGROUP INDEXES FROM
87.4
Underwear
88.0
+ 11.8
+ 8.8
other than
farm products
88.1
64.9
Shoes
MAY 31,
Men's apparel:
74.0
102.0
103.6
Increases
74.3
95.0
95.2
95.2
95.2
80.9
93.8
93.9
93.9
93.9
Furniture
69.4
100.8
104.8
105.3
107.7
125.4
127.8
128.0
130.6
53.5
Musical Instruments.-——
53.5
60.1
76.0
76.0
76.1
76.6
72.6
82.0
79.8
80.5
80.6
81.5
94.1
appliances
China.--
53.5
94.8
96.1
0.4
Paint and paint
1.7
materials
Hosiery and underwear
0.4
0.3
1.4
Other miscellaneous
1.0
Paper and pulp
0.9
Chemicals
—
Grains
—
—
Other building materials
0.8
Other leather products
Agricultural implements
0.5
...
...
Furniture..
Iron and steel
index
is
weighted
a
aggregate,
group
Wholesale prices continued to rise during the first week
of June, particularly in markets for farm products, foods
and fuels, Acting Commissioner Hinrichs of the Bureau of
Labor Statistics reported on June 12.
"The Bureau's whole¬
sale price, index of approximately 900 price series rose 0.8%
to 85.9% of the 1926 average, the highest level since midOctober 1937," Mr. Hinrichs said.
"The general index has
risen 2.3% in the past four weeks and is 11% above a year
ago."
The Bureau's announcement also had the
following to
;
■
0.8
-
....
0.3
—
—
0.3
Commodity Price Average Again Higher in Week Ended
National Fertilizer Association
The general
level of wholesale commodity prices advanced
last week for the sixth consecutive time, according to the
price index compiled by The National Fertilizer Association.
In the week ended June 7 this index was 107.7, compared
with
96.4
106.9
a
in
the
preceding week, 105.8 a month ago, and
based on the 1935-39 average as 100.
The
report, under date of June 9, continued as
year ago,
Association's
follows:
Advancing
commodities
prices
were
in
foods,
farm
products, * textiles,
responsible for the higher index.
and
miscellaneous
Higher quotations for
potatoes, meat, sugar, and cocoa offset lower prices for butter, flour,
and
furnishing goods, 0-6, and metals and metal products, 0.1%.
Hides and
leather products and chemicals and allied products declined
fractionally
while textile products, building materials and miscellaneous commodities
remained unchanged at last week's level.
Each of the 10 major group indexes is higher than last month.
In the
past four weeks, farm product prices
have risen 6%, fuel and lighting
materials, 4.5%, foods, 3.2%, hides and leather products and textile prod¬
ucts, 2.2%, and housefurnishing goods, 1.1%.
Metals and metal products,
building materials, chemicals and allied products and miscellaneous
for onions,
the
farm
for
lubricating oil
products and textiles groups to new high levels.
Higher prices
prices for
rubber, cottonseed meal, bran and middlings in the miscellaneous com¬
modities group.
Declining prices for Southern pine and oak flooring were
responsible for
the
a
book
and
decline in
paper
more
than
offset
the building materials
fertilizer materials index
was
due
index.
lower
The decline in
mainly to the seasonal discounts on
potash salts.
During the week 36 price series included in the index advanced and 24
declined; in the preceding week there were 18 advances and 20 declines;
During the first week in June a large group of agricultural prices, led
by wheat, cotton and wool, advanced.
In addition to the sharp seasonal
the quotations
corn
meal.
Advances in all grains except corn, cattle, light-weight
hogs, lambs, sheep, alfalfa, cotton, tire fabric, yarns, and raw silk carried
com¬
less than 1% above the May 10 level.
prices for potatoes,
0.1
0.4
Leather
eggs,
-
The farm products and foods groups rose about 3%, fuels, 0.8%, house-
in
Cotton goods...
1.1
-.
June 7, According to
Statistics
rise
Hides and skins
3.4
Lumber
Wholesale Commodity Prices Continued to Rise During
Week Ended June 7, According to Bureau of Labor
are
3.8
Oils and fats
Crude rubber
are
arithmetic averages of subgroups.
report:
0.1
0.1
Decreases
99.1
Indexes
0.1
0.5
81.5
97.9
Major
......
—
Cereal products
Note—Composite
0.3
0.3
...
0.5
Furnishings
77.2
Elec. household
0.4
2.3
—
Other textile products
Cattle feed.
53.8
Luggage
0.4
Silk
132.1
54.2
50.6
......
Petroleum products..
11.01
79.9
...
Bituminous coal
Brick and tile..
Meats
94.4
Floor coverings.
Other foods—
3.1
Dairy products
95.2
Shoes
14.0
6.0
Fruits and vegetables
103.6
Underwear.----
..
1941 TO JUNE 7, 1941
Other farm products
Infants' wear:
Socks
+ 3.8
87.3
87.4
Hosiery
83.9
83.6
.
farm products
116.8
Underwear
products
Manufactured products.—
commodities other than
P 93.1
-
+ 8.4
All
107.1
Corsets and brassieres.
+2.3
+ 3.0
Semi-manufactured articles.
73.2
Aprons & house dresses-
+ 0.8
66.7
Raw materials.
Women's apparel:
Hosiery
77.4
75.1
Miscellaneous.-
118.4
59.2
Blankets & comfortables
84.0
77.3
Housefurnishing goods.,...
97.3
65.0
85.0
77.3
Chemicals & allied
107.7
Domestics:
Sheets
85.2
79.6
Building materials
90.7
68.6
85.9
Metals and metal products..
70.4
69.2
Cotton wash goods
1940 MayZl, MaylQ, June 8,
1941
1941
1940
All commodities.-..
Fuel and lighting
Piece goods:
Woolens.--.
1941
Hides and leather products. 107.6 107.8 106.9 105.3
81.4
83.2
83.2
82.9
Testlle products..
—
89.7
Women's apparel
1941
1941 from—
8.
Foods
89.6
Men's apparel
1941
June 7,
June
10,
Farm products
96.3
Piece goods
modities
ago,
(1926=100)
1941
Bilks
month ago, and a year
(2) percentage changes in subgroup indexes:
Copyright 1941 Fairehild News Service
f
1941 and for June 8,
commodities for the past three weeks, for May 10,
FAIRCHILD PUBLICATIONS RETAIL PRICE INDEX
THE
'
mid-May nearly 12%.
oil, paraffin wax and soap.
Prices were higher for cylinder
The following
beginning to reflect wholesale advances at a more rapid rate, according
to A.
of pine.
oxide and bone black.
A comparison of the
of May 1 shows greatest gains in home furnishings,
latest figures with those
1.1% during the week
Quotations were higher
maple, spruce, maple and oak flooring, Douglas fir timbers and
brick, prepared roofing and paint materials such as tung oil, iron
because of weakening prices for most types
for birch,
Price advances were recorded for most
by the index advanced
No declines from the* previous month's figures
during the month.
recorded,
of commodities covered
•
Average wholesale prices for lumber dropped
during the past month, this group remains 2% below the 1937 high.
The
during the week and prices for bituminous
the California fields rose over 7%
coal also averaged higher.
comprising the index, piece goods leading with a gain of 0.9%
previous month's figure.
June 14, 1941
in the second
preceding week there
WEEKLY WHOLESALE
were
41 advances and 21 declines.
COMMODITY PRICE INDEX
Compiled by the National Fertilizer Association.
apples, eggs and
(1935-1939=100*)
peanuts also moved higher.
Wheat prices rose 1M %, on reports of probable
damage to the crop because of heavy rains and oats advanced 2 %.
Quota¬
tions edged upward for steers and sheep.
However, prices for barley,
corn, rye,
flaxseed and for calves, hogs and live poultry
were
lower than
Latest
Per Cent
Week
Each Group
Bears to the
a
Group
Total Index
June 7,
1941
Preced'g
Year
M onth
Week
Ago
May 31, May
Ago
June 8,
10,
1941
1941
1940
week ago.
Fruits
and vegetables as a group averaged
14% higher than for last
short supplies of potatoes sold at a premium in certain markets,
drought affected prices of fresh vegetables and citrus fruits rose seasonally.
week,
Prices also increased for dried fruits and canned
vegetables.
were
up
mutton
3.1% and meats 2.3%
all increased.
Oleo
as
100.9
101.6
90.9
110.8
110.8
108.9
67 A
Cottonseed oil
*
102.5
Fats and oils
25.3
122.0
119.7
114.0
103.9
102.7
100.5
82.0
123.4
123.2
113.2
94.7
Foods
as
23.0
Farm products
Cotton
Dairy products
Grains
butter, cheese, milk, pork, lamb and
Livestock
oil and cottonseed oil moved
upward while
17.3
lard, edible tallow and olive oil receded slightly from their recent high
10.8
Fuels
67.9
94.3
95.3
93.4
101.9
100.8
98.6
77.0
107.2
107.2
104.5
103.7
83.3
112.1
115.3
114.9
The continued
8.2
Textiles
128.5
127.6
123.5
tight shipping situation accounted for higher prices for imported foods
including cocoa beans, pepper, raw sugar and tea.
7.1
Metals——,
103.4
103.4
103.4
101.9
6.1
Building materials
117.1
117.7
116.5
103.3
1.3
Chemicals and drugs
*105.0
*105.0
104.3
•
100.7
levels.
Lower prices were reported for flour and
com
meal.
There was
comparatively little activity in textile markets during the
registered the first decline since early in January
because of lower prices for duck and for carded cotton
yarns (reflecting
week
as
on
combed yarn).
.3
Prices of osnaburg, tire fabrics,
Fertilizer materials
104.7
107.1
107.0
Fertilizers
101.1
101.1
101.2
101.4
Farm machinery
99.3
99.3
99.7
100.5
107.7
106.9
105.8
96.4
100.0
*
a
further
petroleum in
102.7
.3
All groups combined
silk, burlap and jute continued to advance.
Continued reports of transportation difficulties contributed to
advance in prices for fuel oil, gasoline and kerosene.
Crude
116.3
.3
cotton goods
ceilings established
Miscellaneous commodities..
101.0
Base
100.
period changed Jan. 4 from 1926-1928 average to 1935-1939 average as
Indexes on 1926-1928 base were:
June 7, 1941, 83.9; May 31, 83.3; June 8,
1940, 75.1.
r
Revised.
1
Volume
Ended June 7, 1941, Shows
Over Year Ago
Electric Output for Week
Gain of 17.1%
Electric
Edison
The
in its current weekly re¬
Institute,
estimated that the production of electricity by the
electric light and power industry of the United States for
the week ended June 7, 1941, was 3,012,128,000 kwh.
The
current week's output is 17.1% above the output of the cor¬
port,
At banks in New York City there
11% compared with the corresponding
period a year ago, and at the other reporting centers there
was an increase of 21%.
These figures are as reported on
June 9, 1941, by the Board of Governors of the Federal
Reserve System.
ing period
was
year ago.
of
a
FEDERAL RESERVE DISTRICTS
(In Millions of Dollars)
week
the like week
over
a
increase
an
SUMMARY BY
of 1940, when production totaled 2,598,812,000 kwh. The output for the week ended May 31, 1941,
was estimated to be 2,924,460,000 kwh., an increase of 18.0%
responding
3715
The Commercial & Financial Chronicle
152
June 5,
year ago.
June 4,
June 5,
1940
June 4,
1941
1940
-
1941
PERCENTAGE INCREASE FROM
PREVIOUS YEAR
$574
Week Ended
Week Ended
Week Ended
Week Ended
June 7, 1941
May 31, 1941
May 24, 1941
May 17, 1941
New
York,.
4,892
2,960
786
...
Philadelphia
410
_
...
$7,285
54,022
7,368
$417
Boston
Major Geographic
Regions
13 Weeks Ended
Week Ended
Federal Reserve Districts
$5,977
48,400
5,688
691
520
21.0
22.1
Richmond
374
15.0
13.7
14.1
Atlanta
297
234
19.2
9,120
4,945
4,135
7.088
21.5
296
25.1
New England
Middle Atlantic
1,532
1,137
19,705
16,377
436
289
4,119
3,355
Cleveland
Cnicago
3,976
3,341
Central Industrial
22.2
21.4
21.3
,20.7
West Central
11.5
18.7
8.4
11.5
15.8
22.4
19.9
22.2
Minneapolis
189
159
Southern States.
2,335
2,281
12.3
14.7
15.8
16.1
305
254
Rocky Mountain
4.2
6.9
4.9
4.5
Kansas City
Dallas
3,842
3,185
10,174
3,419
2,727
8,634
*
Pacific Coast
St. Louis.
227
195
756
603
$11,060
4,542
$7,473
4,127
$130,235
49,331
70,155
$111,263
5,685
832
664
10,749
9,029
...
San Francisco..
17.1
Total United States.
DATA
_
17.0
16.3
18.0
Total, 274 reporting centers
RECENT
FOR
OF
(THOUSANDS
WEEKS
KILOWATT-HOURS)
New York City *
140 Other leading centers *
133 Other centers
2,681
44,441
57,793
Percent
Centers for which bank debits figures are
Change
1937
1938
1939
1941
1940
1941
Week Ended
available back to 1919.
from
;;
1940
Jan.
4
2,831,052
2.985.304
+ 11.0
2,329,057
2.995,562
2,673,823
+ 12.0
2,979,610
2,977,501
2,660,962
+ 12.0
2,632,555
+ 13.1
2,142,112
2,163,915
2,156,468
2,139,311
2,130,558
2,097,789
2,238,719
11
2,558,180
2,688,380
+ 10.7
Jan.
2,342,328
2,340,339
2,327,192
2,314,859
2,297,117
Jan.
18
Jan.
25
Feb.
1
Feb.
m-
m
^
2,616.111
+ 13.6
2,958,855
2,564.670
+ 15.4
2,546,816
+ 16.5
2,568,328
+ 16.1
2,269,061
2,293,582
2,553,109
+ 17.0
2,285,175
2,972,566
8
Feb.
15
Feb.
22
mm
Mar.
1
2,967,576
2,982,203
Mar.
8
2,986,470
—
-
+ 16.3
2,275,658
mm
2,964,817
2,963,579
2,550,000
Mar. 22
2,508,321
+ 18.1
2,258,221
Mar. 29......
mm
2,956,149
2,524,066
+ 17.1
Apr.
5
m
2,937,585
2,493,690
+ 17.8
Apr.
12
2,882,319
2,529,908
+ 13.9
2,272,424
2,243,986
2,234,908
Apr.
19
2,873,710
2,528,868
+ 13.6
2.926,445
2,499,060
+ 17.1
2,914,882
2,503,899
+ 16.4
2,975,024
Mar. 15
m
Apr. 26..
m
May
3
May 10
7
14
2.515,515
2,550,071
+ 18.3
2,982,715
mm
3,011,754
2,588,821
+ 16.3
2,924,460
2,477,689
+ 18.0
3,042,128
2,598,812
+ 17.1
mm
2,653,788
mm
June 28
+ 17.0
2,664,853
mm
June 21
July
m
mm
May 24....-May 31
June
m
mm
May 17
June
m
2,659.825
-
2,425,229
5
12
July 19
July 26
Aug.
2
July
2,651,626
mm
2,681,071
m
2,760,935
2,762,240
m
2,265,216
2,244,039
2,224,723
2,238,826
2,234,592
2,277,749
2,186,394
2,328,756
2,340,571
2,362,436
2,395,857
2,145,033
2,402,893
2,377,902
2,426,631
2,399,805
2,112,046
2,071,639
2,077,334
2,054,861
2,066,563
2,027,433
2,036,671
2,050,101
2,016,227
2,010,121
1,995,555
1,992,161
2,278,249
2,277,509
2,286,494
2,236,074
2,225,581
2,238,281
2,242,433
2,225.539
2,237,729
2,251,888
2,251,111
2,237,926
2,183,704
2,218,798
2,218,615
2,229,866
2,237,542
2,225,194
2,019,065
2,242,421
2,023,830
2,030,754
1,936,597
2,056,509
2,051,006
2,249,305
2,251,995
2,176,399
2,266,759
2,260,771
2,287,420
2,082,232
2,285,362
2,139,281
2,358,438
2.074,014
1.937,486
2,154,099
2,152,779
2,321,531
2,312,104
2,341,103
2,159,667
2,193,750
The
for
assist those organizations
Secretary of Labor Frances Perkins re¬
ported on May 31.
"Residential permit valuations were
38% higher than during March, and the gains spread over
all geographic divisions," she said.
"All other types of con¬
struction also
showed increases,
comparing April with
March," Miss Perkins stated. "The gain in non-residential
permit valuations amounted to 52%, and in additions,
alterations and repairs to 15%.
Total building activity as
measured by permits was 39% higher than during the
preceding month." Secretary Perkins also stated:
valuations
Permit
structure than
residential
for
buildings
was
The above weekly output
Electric Institute Revised
tute have been
figures reported by the Edison Electric Insti¬
revised upward by reason of a broader definition of what
of 97 % in indicated expenditures for new
This change
has been made to bring the data reported by the
closer agreement
existing structures.
Total building construction registered an increase
of 42% over the year period.
During the first 4 months of 1941, permits were issued in reporting
Permit valuations for new residential build¬
definition includes certain additional governmental and indus¬
The new
generation
as
The revised definitions
of all plants
The
Labor
Department's announcement further stated;
The percentage
part of the public supply not heretofore
changes in permit valuations from April, 1940 to April,
population of 1,000 or over:
reported.
Change from Apr., 1940 to Apr., 1941
Class of Construction
contributing to such supply.
All Cities
of Business in Hotels, According to Horwath
Horwath—April Sales Advance 6% Over Year Ago
Horwatli &
Horwath, specialists in hotel accounting, re¬
port in their current monthly bulletin, "The Horwath Hotel
Accountant," that total sales in Aprl were 6% above those
of
year.
similarly increase figures on total generating capacity
Trend
&
$456,463,000,
gain of 25%, as compared with the corresponding period of the preceding
1941, by class of construction, are given below for 2,134 cities having a
in Washington.
trial power
a
ct'es
buildings valued at $853,068,000, an increase of 34%, as compared
ings during the first 4 months of the current year amounted to
Institute in
with statistical reports of the Federal Power Commission
1940, while
non-residential
buildings and a gain of 5% in the value of additions, alterations and repairs
United States as a whole.
constitutes the public supply of power for the
The value of new
greater than during March,
30%
with the like period of 1940.
Weekly Electric Power Output Report of the Edison
1941, were also higher for each type of
April,
during the corresponding month of 1940.
there was a gain
for
2,876,872,000.
largest seasonal gain in 12 years in permit valuations
construction featured April building con¬
residential
struction reports,
to
which use the output report statement in
business indices, &c., the data on the same basis as formerly released will be con¬
tinued for a few weeks.
Based on the old series, the figure for the current week was
Note—To
April Building Permit Valuations Were 39% Above
March,
Reports
Secretary of Labor Perkins—
Residential Construction Shows Largest Seasonal
Gain in
12 Years—Four
Months' Permits 34%
Higher than 1940
April, 1940, and that sales for the year to date are
also
6% above the same period of 1940.
The following tabulation shows the trend of business in
1941, compared with April, 1940:
hotels in April,
TREND OF BUSINESS IN
HOTELS IN
APRIL,
APRIL,
1941,
-
New non-residential
_
Additions, alterations, and repairs.....
All construction
COMPARED WITH
Of these, 9,554 were in projects financed
permits in these cities provided for
an
or
Decrease
in publicly
age
Bever¬
Total
Total *
Rooms Restau¬
Food
Apr.,
ages
1941
the following
awarded during April, 1940,
Class of
Construction
All Cities
Excl. N. Y. City
or
Dec. (—)
residential
0
63
New
New
non-residential...
Additions, alterations, and repairs
+5
+6
+4
+2
+2
+2
+2
+2
66
65
0
+8
+ 10
+5
+6
+3
58
52
+ 13
+ 10
+ 20
88
85
+3
+ 15
+8
+ 14
+5
+5
+ 15
76
74
+5
70
67
—3
...
+ 37.5%
+ 39.3%
+ 52.1%
—2.7%
14.7%
+ 16.2%
+ 38.7%
+ 23.1%
0
+ 1
—;
—1
+6
Chicago
Philadelphia
Cleveland
construction are indicated in
table:
Change from Mar., 1941 to Apr., 1941
of
,+7
New York City
Washington—
March
30,681 dwelling units, of which 3,150
provided 4,130 dwelling units.
'
The changes occurring between April and March, 1941, in the permit
Inc. (+)
Apr.,
1940
rant
68
provided 42,487 dwelling
from public funds.
financed projects.
Percent¬
v'V
+ 6.7%
Rate +
Occupancy
(—)
+ 43.6%
Compared with April, 1940, there was
increase of 25% in the total number of dwelling units provided.
Publicly
were
valuations of the various classes of building
Room
Sales—Percentage of Increases (+
+27.8%
Permits issued during April of the current year
units.
financed projects for which contracts were
1940
+ 36.8%
+
.....
.
Excl. N. Y. City
29.5%
+ 96.6%
+ 4.8%
+ 42.0%
New residential
+6
+ 1
+ 1
+2
Pacific Coast
+9
+7
+ 10
+ 11
+9
64
60
0
Texas
—1
0
—2
—1
—10
77
75
All construction
The changes
occurring between the first 4 months of 1941 and the cor"
—2
67
+
+3
Detroit
+5
Total
Year to date
f The term
-
+6
+4
+3
+5
+6
All others—
not to
,
70
+6
+5
+5
+5
69
66
+2
+6
+6
+6
+5
+7
69
66
+2
"rates" wherever used refers to the average sales per occupied room and
* Rooms and restaurant only.
scheduled rates.
Bank Debits for Week Ended June 4, 1941,
a Year Ago
48% Above
reported by banks in leading centers for the
week ended June 4 aggregated $11,060,000,000.
Total debits
Bank debits as
June 4 amounted to $130,235,17% above the total reported for the correspond¬
during the 13 weeks ended
000,000, or
responding period of 1940 are indicated below,
by class of construction:
Change from 4 Months of 1940 to
First 4 Months of 1941
Class of Construction
All Cities
New
non-residential
Additions, alterations, and repairs.
All construction
The information
contracts
awarded
+ 67.8%
+ 34.2%
residential
New
Excl. N. Y. City
+25.4%
+ 70.2%
+ 6.6%
+39.5%
+ 7.6%
collected by the Bureau of Labor Statistics includes
by Federal
and
State Governments in addition to
1941, Federal and State
$77,397,000; for March,
$28,179,000; and for April, 1940, $18,151,000.
private and municipal construction.
For April,
construction in the 2,134 reporting cities totaled
1941,
+ 35.8%
The Commercial
3716
Permits
issued during
-were
Financial Chronicle
A
and prospective Federal taxation. For
issued revised profits data
making allowance for reallocation of Federal tax liability, and in all such
cases
the revised profits figures have been lower than those shown by the
initial reports.
Similarly, any retroactive enactment of increased taxes
this year will undoubtedly necessitate
future downward revision of this
year's first quarter profits of a large number of companies.
Large gains over a year ago in first quarter net profits were reported
by companies in the steel, coal mining, machine tool, building materials
(including heating and
plumbing supplies), industrial machinery and
accessories, and aircraft manufacturing industries.
On the other hand, a
lower level of net profits was shown by the petroleum, retail trade, textile,
automobile, drug and cosmetic, and cigar company groups.
The gain in
profits over 1937 was concentrated in companies producing durable goods;
215 companies of this type recorded an aggregate gain of 24%, while 190
companies producing non-durable goods or providing services showed a
decline of 8% in profits, and mining company profits were slightly lower in
the aggregate, despite better earnings by the coal and copper groups.
With respect to the impact of higher taxation on earnings during the
first quarter of this year, it is interesting to note that for a group of 75
companies that reported complete profit and loss data, gross sales in the
aggregate gained 30% in the first three months of 1941 as compared
with the corresponding period of a year ago.
The cost of goods sold,
including State and local taxes, rose 25% between the two periods and net
profit, before payment of Federal income taxes, increased 59%.
Amounts
companies in providing for current
April for the following important building
projects: In New Haven, Conn., for institutions to cost
the
$912,000; in New
Borough of Brooklyn, for a navy power plant to cost
York City—in the
$3,860,000, for a navy foundry and shop to cost $1,650,000, for navy ship¬
building drydocks to cost $31,000,000, for a
for apartment
hospital to cost $800,000, and
houses to cost $1,245,000; in the Borough of Manhattan,
$2,500,000; in the Bourough of Queens, for
$3,755,000, and for apartment houses to cost
for apartment houses to cost
1-family dwellings to cost
$830,000; in Philadelphia,
$2,772,000, and for a navy shop and
$834,000; in Chester, Pa., for factories to cost
Pa., for 1-family dwellings to cost
storehouse to cost $915,000; in
Chicago, 111., for 1-family dwellings to cost
$1,960,000; in Melrose Park, 111., for factories to cost $2,500,000; in
born, Mich., for
Dear¬
1-family dwellings to cost $858,000; in Detroit, Mich.,
$5,907,000; in Akron, Ohio, for factories to
cost $2,022,000; In Cleveland, Ohio, for 1-family dwellings to cost $918,000;
in Washington, D. C., tor 1-family dwellings to cost $1,654,000, for apart¬
for 1-family dwellings to cost
$1,158,000, and for hangars at airport to cost $2,077,000;
ment houses to cost
in Charleston,
S. C., for navy shipbuilding drydock to cost $2,361,000; in
1-family dwellings to cost $1,422,000- in District No. 12,
for 1-family dwellings to cost $814,000; in Arling¬
Baltimore, Md.,for
Baltimore County, Md.,
dwellings to cost $1,111,000, and for apartment
Va., for 1-famiiy
ton,
houses to cost
$817,000; in Houston, Tex., for 1-family dwellings to cost
Colo., for 1-family dwellings to cost $905,000; in
Bakersfield, Calif., for buildings at the army flying field to cost $909,000;
in Burbank, Calif., for 1-family dwellings to cost $935,000; in Los Angeles,
Calif., for 1-family dwellings to cost $4,167,000, and for apartment houses
to cost $1,803,000; in SanDiego, Calif., for
1-family dwellings to cost
$885,000; in Denver,
in
Contracts were
Federal
awarded during April for the following publicly financed
This compares with a deficit of $12,000,000 a year ago and a
of
;
(300 d. u.), in Cincinnati, Ohio, to cost $3,263,000
Ohio, to cost $376,000 (110 d. u.), in Warren,
Ohio, to cost $507,000 (200 d. u.), in Wichita, Kansas, to cost $1,251,000
(400 d. u.), in St. Louis. Mo., to cost $2,362,000 (657 d. u.), in Miami, Fla.,
to cost $459,000 (200 d. u.), in Atlanta, Ga., to cost $611,000 (179 d. u.),
in Wilmington, N. C., to cost $898,000 (374 d. u.), in Portsmouth, Va., to
cost $2,022,000 (665 d. u.)t in Birmingham, Ala,, to cost $671,000 (300
d. u.), in Corpus Christi, Tex., to cost $1,210,000 (500 d. u.), in Orange, '
Tex., to cost $488,000 (200 d. u.), in Ogden, Utah, to cost $463,000 (150
d. u.), in Fresno, Calif., to cost $475,000 (150 d. u.), in Sacramento, Calif.,
to cost $960,000 (310 d. u.), and in San Francisco, Calif., to cost $823,000
;
last
of
quarter
quarter of
Muskegon, Mich., to cost $1,017,000 (300 d. u.), In Canton,
year,
reached
and
April,
1941
1940
+ 37.5
+29.5
+ 38.5
13$ $10,345,066
+60.6
Middle Atlantic...
554
31,389,067
+45.2
477
42,750,226
+ 79.5
+ 19.0
200
+48.8
11,300,653 + 136.1
240
19,938,054
+ 16.2
—8.7
3,161,160
+24.2
East North Central
75
East South Central.
+ 59.9
+ 44.6
3,015
+ 3.0
4,199,965
+ 37.8
+ 12.5
+ 18.8
+24.71
+ 17.4
1.0
0.8
1.1
1.2
15.4
16.6
16.2
13.9
23.3
27.1
8
4.7
3.9
4.5
4.5
4.1
8
7.2
7.8
7.9
8.3
8
4.5
4.3
5.3
5.5
6.2
13
15.6
13.9
13.0
14.4
15.9
...
8.7
6
2.2
x0.9
x0.4
0.7
2.3
37
16.0
4.4
4.4
11.0
15.9
6
1.3
0.8
0.5
1.4
2.4
10
-
1.2
xl.2
x0.2
1.6
2.9
5
13.1
6.0
6.8
15.0
15.4
10
7.6
5.3
4.8
4.1
4.6
11
14.9
17.3
13.0
12.0
13.9
6
5.2
3.1
3.2
2.7
6
4.8
3.5
4.2
3.6
4.4
Paper and paper products
16
4.3
2.2
1.9
4.5
4.3
Petroleum
30
40.5
29.7
12.9
32.4
27.4
...
14.1
14
Railroad equipment
2.4
0.4
10.9
3.6
14.0
14
5.7
1.4
5.2
6.4
5.5
32
68.6
x5.5
10.4
45.8
88.6
Textiles...
11
5.2
x0.8
2.2
5.5
4.8
Tobacco (cigars)
Miscellaneous
5
0.6
0.5
0.6
0.9
0.9
30
2.1
x2.3
0.1
1.4
2.1
441
423.9
138.2
246.4
401.2
466.1
137
15.4
*105.7
x42.8
xll.9
69.0
97
60.3
50.0
56.6
62.5
70.9
68
71.9
63.2
73.0
82.3
83.2
Retail trade.
Steel
+ 16.7
26,311,316
1,310
7,677
+40.4
226
1.7
9.8
Motion pictures..
+26.0
+24.7
102
Pacific
12.9
40.0
Copper
—6.4
Mountain
25.3
8.5
41.5
11.7
Gold and silver
—7.9
1,427
—14.6
+ 18.6
21.9
4.8
27.1
17.2
Industrial machinery..
+ 75.0
6,334
12.6
1.0
18.0
26.4
Machine tools
+ 56.7
9,701
+ 68.2
x2.7
11.2
39.9
11
Bakery
Beverages... —
Confectionery
+71.5 + 101.4
+ 9.2
+47.4
2,964 + 126.6
+ 65.3
West North Central
South Atlantic
20.6
Food and food products:
+25.1
2,568
7,491
11.7
78.9
22
Office equipment
New England.....
8.2
83.3
Electrical equipment -
1940
42,487
4.0
64.0
4
Other mining
2,134 $157730,984
All dlvl8lona
3.0
4.0
Drugs <fc cosmetics (incl. soap).
April,
1941
3.3
1.6
23
-
Mining—Coal
Mar.,
for
Apr. '41
2.7
2.1
2.3
3.8
60.5
27
-
-
Chemicals
Percentage
Mar.,
1941
41
(excluding tires)
Building supplies
Provided
1941
1940
Automobile parts & accessories
Change from—
Valuation,
April,
1939
1938
7
Heating and plumbing
Cities
fourth
14
--
Automobiles
Other food products
No. of
1937
6
lishing
Aircraft manufacturing
New Residential Buildings
Families
the
Advertising, printing and pub¬
BUILDING CONSTRUCTION, TOGETHER WITH
THE NUMBER OF FAMILIES PROVIDED FOR IN NEW DWELLINGS,
IN 2.134 IDENTICAL CITIES IN NINE REGIONS OF THE UNITED
STATES, AS SHOWN BY PERMITS ISSUED, APRIL, 1941
Percentage
since
VJ
Cos.
(246 d. u.).
Change from—
level
First Quarter
No.
PERMIT VALUATION OF
Permit
highest
(Net Profits In Millions of Dollars)
v
Containers (metal and glass)..
of
the
1931.
(1,015 d. u.), in Dayton,
No.
reported net
amounting to
$15,000,000 in 1937, and is the best showing for any first
quarter since 1929.
Net operating income (before payment of fixed
charges and income taxes) of large telephone companies increased 13% over
1940 and was the highest first quarter operating income on record.
Net
income of other public utilities increased slightly over the corresponding
profit
$333,000 (100 d. u.), In South Bend, Ind., to cost $1,571,000 (500
Geographic Division
8%.
charges but before dividends)
(after payment of all
$69,090,000.
New Britain, Conn., to cost $924,000 (300 d. u.); in
$1,535,000 (538 d. u.); in Newark, N. J., to cost
$1,047,000 (300 d. u.),In Elmira, N. Y., to cost $658,000 .(200 d. u.), in
Erie, Pa., to cost $1,732,000 (500 d. u.), in Philadelphia, Pa., to cost
$1,845,000 530 d. u.), in Williamsport, Pa., to cost $783,000 (250 d. u.),
in Jeffersonville, Ind., to cost $244,000 (75 d. u.), in New Albany, Ind.,
Ohio, to cost $974,000
accounted for 46% of net profit before
against 21% a year ago, and restricted the rise in net
as
During the first quarter of 1941 Class I railroads as a group
income
Newport, R. I., to cost
d. u.), in
taxes,
profit after all charges for these companies to
housing projects: In
to cost
quarter of 1940 some companies have
first
reserved for Federal taxes this year
1-family dwellings to cost *1,428.000;
Vallejo, Calif., for navy administration buildings to cost $930,000; and
Seattle, Wash., for 1-family dwellings to cost $1,057,000.
$936,000; in San Francisco, Calif., for
in
June 14, 1941
.........
..
+ 18.4
+ 1.0
8,395,477
122
West South Central
■
Total, 30 groups
Total Building Construction
New Non-Resldentlai
Class I railroads, net Income..
(Including Alterations
and Repairs)
Buildings
Telephone companies, net oper¬
Population
ating income
Percentage
(Census
Other public utils
Change from—
of 1940)
Percentage
Geographic
Permit
Change from—
Permit
Division
Valuation,
Valuation,
Mar.,
April,
1941
Apr., 1941
1940
April,
1941
Mar.,
1940
+ 38.7
+42.0 64,258,810
All divisions-- 97.762,340
+96.6 289,376,796
+ 52.1
—15.0 + 127.7
19,455,094
+ 30.2
MlddleAtlantlc 49,395,251 +239.2 +245.2
+ 54.3
+ 33.4
E. N Central. 16,558,191
—4.8
2,275,171 —68.3
W. N. Central
89,629,169
+ 99.2
Imports of United States Increased
Slightly in April According to Preliminary Report
67,467,297
+44.8
6,581,167
+ 82.3 19,422,860
+47.8 15,378,582
15,531,828
+ 16.7
+ 32.6
Atlantic
8,674.641
+ 15.4
+ 3.2
32,459,432
+ 17.4
—2.2
E. So. Central.
1,425,106
+40.4
+73.7
5,705,440
+25.1
+0.1
W. So. Central
2,830,223
—45.5
+61.1
12,852,287
—13.5
+ 27il
1,169,531
—66.7
—29.0
6,092,111
—15.7
—0.8
10,134,972
+21.2
+79.0
40,184,138
+ 16.7
+32.5
5,309,254
New England.
.
South
Mountain
Pacific
Business
+65.0
4,748,159
5,804,866
2,142,247
.
3.672,727
1,436,700
6,071,502
(Corporate) Profits During First Quarter of
of 441 Companies 16% Larger Than
1940—Profits
Year
Ago,
Reports
New
York
Federal
Reserve
Bank
In
1
"Monthly
Review"
the
Federal
"reported net profits of the
441 industrial and mercantile corporations summarized in
the accompanying table showed a gain of 16% for the first
quarter of this year as compared with the first three
months of 1940 (profits figures for which period have been
revised by some companies to reallocate last year's Federal
taxes) and showed
appear
an
increase of 10%
over
1937.
In fact,
that reported profits of these leading
porations for the first quarter of this
first
to
$332,000,000.
For tabulation of
year were
cor¬
the highest
quarter profits since 1929, despite recent increases in
material costs, and Federal taxes.
During the
quarter of this year industrial production averaged
about 20% higher than in the first quarter of either 1940
or
1937."
The Bank goes on to report:
Summary of
first
have
the
second
quarter
of
1940
net
profits
reported
been somewhat distorted by varying procedures
by
corporations
followed by individual
Conditions in
Business
Districts—Effect
The
trend
of
districts
is
Boston,
New
business
indicated
our
in
of
in
Defense
the
Federal
Reserve
Operations
various
Federal
Reserve
the
following extracts taken from
the "Monthly Review" of the Federal Reserve districts of
Atlanta,
York,
Chicago,
Richmond,
Kansas City,
The effect of defense operations
Philadelphia,
St.
Louis,
Dallas and San Francisco.
on
Cleveland.
Minneapolis,
business is brought out in the various reports:
First (Boston) District
wage rates,
Since
previous months' figures, refer to
Reserve
Bank of New York states that
it would
Exports] including reexports, from the United States
aggregated $364,000,000 in April, according to a preliminary '
report of the month's foreign trade, issued June 12 by the
Department of Commerce.
General imports in April
amounted to $288,000,000.
The report indicates a gain of
7.5% in exports and 1.8% in imports over March, places
exports at the highest level of any month since January, 1940,
and imports at the highest since March, 1937.
The resulting
export balance of $76,000,000 compares with one of $89,781,000 in March and raises the total for the year to April 30,
issue of May 3, page 2769.
June
its
_
Both Exports and
$
$
net Income.
Deficit.
April,
1941
x
The
level
of
business activity in New England
during April continued to rise over that which prevailed
general
during the earlier months of the
been
made
for
customary
year,
after allowances had
seasonal changes, and was sub¬
stantially higher than in April, last year, the Federal Re-
Volume
said
Boston
of
Bank
serve
The Commercial
152
Review" of
"Monthly
its
in
production were general in
in the volume of
increases
by further gains in
linos and were accompanied
and during the
88,756 for the corresponding four-week period a year ago,
period ending May 10 this year were
19 .weeks'
495,951, as compared with
427,840 during the corresponding period last year. .
The sales volume of 118 reporting New England
April volume last year by 25.6%. . . .
amount of raw cotton consumed by mills in
the
in April, last year.
larger than
to
13.5% higher than in March and
60%
...
is estimated
March total
38.5% higher than in April, last year.
Second (New
York) District
June 1,
"preliminary data for May indicate a renewed
the general level of business activity following a
decline in April resulting from
coal and automobile industries."
temporary
bituminous
by
strikes in the
In part, the
in
workers who have made necessary a
new
have
non-defense
Bituminous
purposes.
May output
the
was
sharply
the end of April and by the middle
coal production recovered
ahead of a year ago.
running about 39%
Railroad
and coke likewise increased rapidly, and, as shipments
of freight continued heavy, total car loadings moved up to a
of other classes
somewhat above last fall's peak.
Seasonally adjusted figures for
power production indicate a recovery in the first three weeks of
a decline in April.
Automobile production in May ran at the highest rate in four years, and
consumer
demand continued exceptionally large.
During the first half of
point
electric
market was active, but following the announce¬
would be set on combed yarns by the
Civilian Supply, the volume of sales fell
May the cotton gray goods
ment
May 19 that price ceilings
on
Office of Price Administration and
off
Nevertheless, cotton mill activity was
sharply.
maintained
at
reported to have been
level.
high
a
Bank's
This
monthly index of production and trade for
April declined
the level of February and March to 103% of estimated
long-term trend.
In April, 1940, when the general level of business activity
was at the low ebb of the war period, the index was 87.
While operations
point
one
in
from
maintained at or above March levels during
lines of business were
many
work
April,
resulting from labor disputes led to
stoppages
the decline
in the index.
Third
The
ness
(Philadelphia) District
Federal Reserve Bank of
Philadelphia in its "Busi¬
"business activity shows
gains.
Production and employment have expanded
almost steadily, and the increase in general buying power
has stimulated the movement of goods through trade chan¬
further
somewhat
production
continued
to
of
the Third Federal Reserve District
April, after allowing for the usual
goods
Easter
buying
buying and
Bank's
"Monthly Review" of May 31:
in April at both retail and wholesale increased
over March and
was well above the level at the corre¬
than
more
usual
last year;
sponding time
Fourth (Cleveland)
in
conditions
the
in
Alabama
iron
and
output
furnace
Tennessee
[Cleveland]
district
greater extent
production in this territory,"
says the Federal Reserve Bank of Cleveland in its monthly
"Business Review" of June 2, from which we also quote:
Now that some of the new
defense plants are getting into operation,
the
and materials is exerting
It has caused sev¬
others to be under¬
taken.
This situation
both directly and
indirectly related to preparedness, including consumers' goods, particularly
larger demand
for metals and fabricated parts
increasing pressure on existing
eral expansion
programs
manufacturing capacity.
to be pushed to the limit and
has affected activity in lines
of the durable and luxury
types.
The index of Ohio
further in April to 116% of
the 1926 average.
Monthly gains of as much as 3% and 4% were reported
in principal western Pennsylvania areas.
On May 1 in Cuyahoga County
(Cleveland) approximately 100,000 fewer people were unemployed than a
year before.
The total number of jobless was the smallest since public
handling of unemployment and relief was undertaken.
During the first
four months of the year the State of Ohio paid out $2,290,000 less for
relief than in the 6ame period of 1940.
In Allegheny County (Pittsburgh)
theTe has been a reduction of 18,000 in the number on public assistance
rolls so far this year, and factory payrolls in mid-May were at record
have been
most
evident in the labor field.
employment advanced four points
levels.
and pig
that curtailed blast
4
operations.
»
District
According to the "Business Conditions" report, May 29,
Bank of Chicago, "industrial activity
marked
which had been
by labor disputes during April recovering rapidly
[Chicago] District continues to show
in the Seventh
expansion,
hampered
in
with several major industries
The Bank further reports:
have been made in primary and subcontracting of national
in the district.
Retail and wholesale trade continues at
May."
Further gains
defense
items
high levels, and income of farmers is being
increased level of farm commodity prices.
Operations in the iron and steel
augmented by the substantially
industry in the Seventh District
quick recovery during the early part of May, after
reduced to 96% of rated capacity April 26
a
made
their operations had
because of the coal
shortage.
While it was generally believed that it would take several weeks
before the mills could again be operating at capacity, they were able to
bring production up to the 102% level by May 13.
Increased purchasing
power and the fear that there might be delays in delivery have caused
retail 6ales of automobiles to exceed seasonal expectations, and dealers'
stocks of new cars are now estimated to be below those of a year ago.
The
trend
in
both employment and payrolls was upward
during the
month of April and, with the exception of coal mining, every reporting
industry showed some increase in the number of workers employed.
Both
the durable and non-durable goods showed a wide margin of gain over
the
1940
level in employment and payrolls.
Industries in the former
classification showed the best year-to-year increase, with employment up
30% and payrolls up 40%.
There have been substantial gains in the
l>een
materials industry.
building
Eighth (St. Louis) District
its district, the Federal Re¬
part:
Except for a drastic reduction in production of bituminous coal, caused
by work stoppage incident to management-labor 'disputes, industrial activity
and trade in the Eighth District [St. Louis] during April and the first
business conditions in
At to
serve
Bank of St. Louis says, in
half of
May maintained and in many instances bettered the record volumes
In virtually all lines investigated demand con¬
in
evidence since last fall.
ago.
and
shipments,
and
considerably above the rela¬
corresponding period a year
production and extraordinarily
certain key industries increased further
advancing
sales
backlogs
in
size
to
sufficient
of
are
into the third quarter
well
tions
with
expand,
to
high levels recorded during the
Despite the high rate of current
wholesale
delivery
insure the present high plane of
of the year. Quite generally both
dates are reported more
scarcity of some materials
remote.
opera¬
factory
With a growing
and increasing labor costs, wholesale commodity
virtually all categories are measurably higher
a
earlier.
year
Reflecting the broadening scope
program,
gains in manufacturing
materials.
making defense
Ninth
The
and requirements of the national defense
outputs were most marked in industries
(Minneapolis) District
Bank of Minneapolis reports that
in its district, "aside from seasonal
to the highest level for the month since 1930
Federal Reserve
April business volume
changes, rose
or earlier."
The Bank also says:
advanced five points to the highest
farming centers and country
check clearings declined slightly from the March level but were neverthe¬
less the highest for the month on record.
After adjusting for the changing
date of Easter, department store sales were well above one yaer earlier
and were the largest for April in our 13-year records.
Country lumber
The
index of bank debits at 94 cities
The indexes of debits at
1930.
since
level
seasonally from March and were larger than in
1930.
The index of miscellaneous car loadings
increased five points to a level 28% above April, 1940, and the highest
since 1930, while other car loadings advanced to the highest April level
increased more than
sales
any
The
since
1929.
ment
increased
substantially
Farm
since
April
other
commercial and industrial employ¬
level 11% above a year ago and
in our eight-year records.
to the highest level since September, 1937.
index of Minnesota
more
than seasonally to a
higher than
prices rose
for any other April
Tenth (Kansas
City) District
in April and early May, and
wheat, cotton and other farm
products have further improved the very favorable farm
outlook in most sectons of the district," the Federal Reserve
Bank of Kansas City, under date of May 30, further states:
Indicating that "heavy rains
rising prices of hogs, corn,
The Bank further says
has been so
over
in building and construction
high level. Coal production
interrupted by labor difficulties,
reduced somewhat by an explosion
was
whole because of the concentration
facilities for heavy goods
Effects
was
of the Federal Reserve
than
District
fourth
beginning to reflect defense work to a
than in the country as a
industrial
there were gains
activity, and textile operations rose to a new
prices rose sharply, and in
"Business
of
District
Merchandise distribution
heavy
April,
was the most active since 1929, and continued heavy
at wholesale also have been large, owing to increased
a substantial volume of reordering to fill in reduced
at Baltimore, and record
industries have brought large
plants
airplane
of
many
Sixth (Atlanta)
tively
inventories.
are
number of housing projects and
Newport News and Portsmouth to
defense industries in other sections
regarding business conditions in the Sixth
Federal Reserve District is contained in the Atlanta Re¬
further gains at plants producing
Purchases
May.
forward
new
The following
and unusually well sustained levels of operations in
industries.
The output of crude oil increased, and the
goods,
production of electric power declined less than seasonally. . . .
The volume of retail trade improved considerably from March to
when
and
cities, towns and counties.
There is hardly
section of the district which has not felt the impact of the defense work.
tinues
increases in defense production,
heavy
consumer'
improved
seasonal
manufactured goods expanded further, owing to
in
March
from
The output
change.
other
further says:
The Bank
Industrial
in
expansion
of business to
Review" of June 2 reports that
nels."
Norfolk,
in
Cantonments
district,
volumes
from
May
trade
retail
levels.
activity in the cotton textile and rayon yarn
of coal
loadings
naval
swelled
record
94%% of capacity at the end of April steel
following the reopening of the mines at
of
in shipbuilding, with several hundred million
and merchant ship contracts, has brought in thousands
Seventh (Chicago)
mill operations
recovered to practically full capacity by the middle of May.
Orders for
steel required directly or indirectly in defense work continued in large
volume during May, but some decline was reported in the demand for steel
for
industrial work.
and
construction
defense
dollars
Bank adds:
From about
district is the strong effect
In the Hampton
feature of business in the
great expansion
area
serve
observes that
in
Roads
April, and
New records were set in
during April.
lines
production
The outstanding
exerted
Reserve
Surveying "production and trade," the Federal
Bank of New York, in its "Monthly Review,"
rise
several
a
During April production of boots and shoes in New England
have been 15,727,000 pairs, an amount 0.9% below the
but
exceedingly active.
during May the miners were
of
New England during
The
April was 115,985 bales, an amount
Richmond, in its May 31 "Monthly
temporarily settled at the end of
least
at
was
of
.
.
department stores and
25.9% larger than in March and exceeded
apparel shops during April was
trouble
This
most indus¬
employment and pay¬
rolls.
In New England during the four-week period ending May 10 car
loadings amounted to 108,594, an increase of 22.4% over the total of
The
trial
Federal Reserve Bank of
Review," continues, in part:
added:
In part, the summary
June 1.
3717
& Financial Chronicle
that "the demand for special labor
great in certain lines that
is becoming
the problem of turn¬
increasingly important to employers."
Fifth (Richmond) District
Farm
Reporting that "all branches of trade and industry ex¬
panded further in April and early May in the Fifth [Rich¬
mond] Reserve district except bituminous coal mining and
railroad car loadings, both exceptions resulting from the
month-long shut-down in the Appalachian coal fields," the
income
in March was
22% above a year ago.
and enlarged employment and payrolls are being
increasingly reflected in trade.
Retail sales this year are 10% and ,
wholesale sales 13% larger than last year, and inventories and forward
Rising
farm
income
buying continue to increase.
Livestock slaughter and the
above
last year,
zinc and petroleum are
advance in crude oil prices cm
output of flour,
and there was a further
The Commercial & Financial Chronicle
3718
May 19.
Public works construction is in much smaller volume, but other
building remains active.
The Bank likewise says:
Employment in the district in April was about 7% and payrolls nearly
above a year ago as compared with gains of 5% and 10%, re¬
14%
spectively,
for
the year to
date.
According to the Dallas Federal Reserve Bank activity in
industry in the Eleventh District
during April was either maintained close to the advanced
level attained during the first quarter of
1941 or showed an
Business Review," dated
June 1, the Bank reported further:
The value of
of
rate
to
runs
to
oil
substantially
distribution
in
larger
exceeded
and
shipments
respective
place
in
in
April,
demand
continued
operations
products
last
at
were
larger than
half of the district
the
district,
physical conditions
a
year
same
Although
ago.
later than
are
usual,
at
115% of the
the
The Association further reported:
week.
same
of production in the corresponding
133% of average 1935-39 shipments in
average
Year-to-Date
Comparisons
Reported production for the 22 weeks of 1941 to date
corresponding weeks of
and
22
orders
new
of
weeks
shipments
1941
1940;
shipments
17%
were
14% above
was
above the shipments,
21% above the orders of the
1940 period.
date,
were
above
to
business
new
10%
was
For the
production
and
6% above production.
were
Supply and Demand Comparisons
row
unfilled orders
The ratio of
compared with 20% a year
stocks
year ago; gross
were
the outlook
stocks
gross
41%
was
Unfilled orders
on May 31, 1941,
71% greater than a
were
14% less.
Record for the current week ended May 31, 1941, for the previous week
and
Twelfth (San Francisco) District
to
ago.
Softwoods and Hardwoods
is promising
throughout most of
generally favorable.
are
orders
new
The
year.
about the
were
14% above production;
were
week of 1935-39 and
volume
agricultural and livestock production
as
in Texas
cottonseed
of
totals
for
The
Shipments
above production.
Compared with the corresponding
week of 1940, production was 6% greater, shipments 9%
greater, and new business 17% greater.
The industry stood
13%
through department stores expanded seasonally
of sales in April last year by a wide
the
nearly one-fifth
in the eastern
crops
the
merchandise
of
March
in
than
took
contraction
and
output
Sales at reporting wholesale establishments
margin.
as
seasonal
a
mills,
April and
reflecting the heavy
peak,
new
a
Activity at cotton textile mills
Although
expand.
sharply to the highest
rose
mills.
production fell off slightly in April, but crude oil
petroleum
products.
cottonseed
previous week; shipments were 1% greater; new business
is 16% less, according to reports to the National Lumber
due in part to heavy awards for national defense projects.
refinery stills reached
refined
for
contracts awarded
construction
level of record,
The
"Monthly
its
Lumber production during the week ended May 31, 1941
(containing Decoration Day), was 12% less than in the
ing the operations of representative hardwood and softwood
most lines of business and
In
Report of Lumber Movement Week Ended May 31, 1941
Manufacturers Association from regional associations cover¬
Eleventh (Dallas) District
improvement.
June 14, 1941
the
for
board
corresponding
week
of
a
year
follows,
ago
in
thousand
feet;
of industrial
course
[San Francisco]
activity in the Twelfth District
April continued one of uninterrupted
in
Softwoods
Hardwoods
1941
1941
1941
1940
Week
Week
Week
Week
Week
(Revised)
Softwoods and Hardwoods
expansion, said the Federal Reserve Bank of San Francisco
1941
May 27, which likewise stated:
on
Factory
employment
and
payrolls
further,
the
of
earlier
and
the
increases
and
1923-25
50% above April,
over
a
in
average
and
year
April,
1939.
two
44%
some
rising to
higher
than
Factory payrolls showed
years
the gains
ago,
Previous
seasonally
States
adjusted index of employment in the three Pacific Coast
157%
V-v/"?
....
advanced
a
larger
even
amounting
year
50%
to
Mills
376
Besides noting gains in industrial production, employment
payrolls in building activity and in retail trade, the
Bank states:
Farm
year
income
earlier,
these
the
in
partly
advances
in
Western
seven
reflecting
prices of
States
advances
sharp increases in retail costs of foods.
accompanied
commercial
by
and
continued
a
industrial
in
prices
products
farm
have
large gain over
a
of
farm
been
in
demand
for
bank
a
and
products,
reflected
rather
Expanding business volumes
in
increase
showed
from
100%
11,336
100%
222,183
239,248
113
13,809
122
253,057
209,762
231,645
249,467
239,612
114
12,225
108
251,837
215,541
298,326
Orders
—
traceable
and
to
recent
large
a
Ended
Manufacturers Association
An
of 471 mills report
average
Barometer for
gains
extent
in
production,
the four
weeks
June 9:
on
as
ended
follows to the National Lumber Trade
May 31, 1941:
the
to
Production
employment
and
aircraft
and
trade
shipbuilding
Orders
Shipments
(In 1,000 Feet)
are
1941
have
only
aircraft
manufacturers
1940
1941
1940
1940
1941
industries.
and
Softwoods
Conference Board
An increase of
Reports May Living Costs Increased
0.6%
Division
States
was
earners'
wage
reported for May by the
of Industrial Economics of The Conference Board
in its
monthly survey.
Living costs were found to be 2.6%
greater than in May, 1940, and 21.9% higher than in
April,
1933.
They were still 11.7% lower than in
May, 1929.
Under date of June 11 the Board also said:
Food cost 1.5% more than
cost
May,
than
more
in
March.
5.2%
1933,
more
but
than in
21.4%
May,
less
1940.
than
in
1929.
Rents
May,
they
34.5%
in April, and
are
0.2%
were
higher in May than in April and 1.5% higher than
January, 1934, housing costs were 40.4% lower than
though in May, 1929, they were 4.6% higher.
1940.
In
now,
Clothing
prices
May, 1940,
prices.
clothing prices
25.1%
more
in
increased
0.4%
in
At the depression
were
May,
low point in
21.3% below those
May, 1929, than it
bringing
costs
of
0.7%
them
April hnd
May, 1941.
above
1933,
May,
But clothing cost
May,
9.2%
than
more
in
June,
purchasing value of the
compared with
115.1c.
in
1923
52,136
39,056
ended
51,802
37,012
921,207
May 31,
record
6% above that of the
was
of
comparable
mills
884,195
970,057 1.129,574
935,350 1,045,307
1941,
7% above that of corresponding weeks
Orders
above
output
same
as
reported by
Softwood
of 1940.
weeks of 1940 and 11%
during the
received
those
were
22%
same
weeks
pared
with
of
period
of
during the four weeks ended May 31, 1941,
corresponding
above
same
of
was
those
1939.
of
weeks
similar
Hardwood
of
orders
corresponding weeks of
Softwood
1940.
period
of
1940
showed
a
and
gain
of
23%
were
orders
25%
in
1941
above
40%
as
the
com¬
1940.
On May 31, 1941, gross stocks as
reported by 384 softwood mills were
2,889,065 M feet, the equivalent of 83 days' average production (three-year
average, 1938-39-40) as compared with 3,358,674 M feet on June 1, 1940,
the equivalent of 98
days' average production.
On
May 31, 1941, unfilled orders as reported by 381 softwood mills
1,231,010 M feet, the equivalent of 37 days' average production, com¬
with 703,668 M feet on June 1, 1940, the equivalent of 21 days'
average production.
were
pared
1.5% above May, 1940, prices.
1933, and only 0.6% less than in
Car-Makers' Group Estimates
dollar
at
in
retail
was
114.4c.
May, 1940, and
in
May,
101.0c.
in
May, 1929.
The following table shows the Conference
Board's indexes for the various
in the family budget for
April and May, 1941, and the
items
percentage
changes:
COST OF LIVING IN THE
UNITED
STATES
May, 1941, Sales
at
530,300 Units
were
117.4c.
April;
38,505
931,001 1,107,772
now.
1929.
The
993,171
during the four weeks
was
the
896,845
1939.
13% above production of the 1940 period.
Shipments (luring the four weeks ended May 31, 1941, were 8% above
those of corresponding weeks of 1940, softwoods
showing a gain of 7%
and hardwoods a
gain of 33%*
Although coal prices declined 0.1% last month, they were
4.7% higher
in May, 1940.
They were 2.8% lower than in May, 1929.
They cost
mills
production in 1941
above
998,314
_
Production
than
Sundries advanced 0.2% in May and
43,647
Total..
Hardwood
0.6% in the cost of living of
families in the United
954,667
Hardwoods
these
as
1941
enterprises.
shipbuilding firms increased
operations sharply, utilizing their rapidly expanding plant facilities to the
full, but they have pressed into their service an increasing number and
variety of plants by means of sub-contracting and other measures.
;
May 31,
We give herewith data on identical mills for four weeks
ended May 31, 1941, as reported by the National Lumber
r
Not
in
252,970
Lumber Production and Shipments During Four Weeks
The Bank also has the following to say:
Current
474
210,847
were
credit
455
Production
;;
/
455
Shipments
81%.
and
It
95
Factory sales of motor cars and trucks in the United States
for May, 1941, were estimated at 530,300
units, an increase
of 14.7% over the
previous month of April, according to
figures appearing in the June, 1941, issue of "Automobile
Facts," a publication of the Automobile Manufacturers
Association.
The May estimate of 530,300 units is
35.6% above the
corresponding month a year ago, which totaled 391,215 units.
The previous month of April, 1941, showed
Indexes of the
Cost of Living
Relative
Importance
Item
Food
(l)-._
Housing
Clothing
of
Inc.
(+) or
(—) from
April, 1941
to May, 1941
Dec.
May,
April,
1941
1941
82.2
81.0
88.0
87.8
+0.2
12
73.6
73.3
+0.4
81.1
80.8
+0.4
66.0
65.8
+ 0.3
86.4
86.4
0
.
Fuel and light
Coal
5
_
86.6
Gas and electricity (2)...
Weighted average of all items
86.7
—O.l
Purchasing value of dollar..
lo/,
"X
k
j
85.9
85.9
0
30
Sundries
98.5
98.3
+0.2
100
87.4
86.9
+0.6
114.4
115.1
—0.6
f
■
r
lue umtea orates Bureau ol Labor Statistics
1941 and April 15, 1941.
Based upon retail prices of 35 kilowatt hours of
electricity, 1,000 cubic feet
of natural gas, or 2,000 cubic feet of
manufactured gas.
month of April, 1940,
+ 1.5
20
Women's
(2)
Percent
33
Men's
for May 13.
1923=100
in
Family
Budget
a total of 462,257
compared with 432,746 units for the corresponding
or an increase of 6.8%.
Figures for the month of March, 1941, appeared in our
issue of April 19, page 2465.
units
Weekly Statistics of Paperboard Industry
We give herewith latest figures
National Paperboard Association,
received by us from the
Chicago, 111., in relation
activity in the paperboard industry.
The members of this Association represent 83% of the
total industry, and its program includes a statement each
week from each member of the orders and production, and
also a figure which indicates the
activity of the mill based
on the time
operated.
These figures are advanced to equal
100%, so that they represent the total industry.
to
STATISTICAL
REPORTS—ORDERS,
PRODUCTION,
MILL
ACTIVITY
Unfilled
Percent of Activity
Orders
Production
Orders
Received
Period,
Tons
Remaining
Current
167,240
137,631
129,466
193,411
247,644
236,693
196,037
72
71
70
71
69
70
70
70
of—
January
February
579,739
528,155
420,639
...
June..
449,221
456,942
682,490
_
453,518
429,334
520,907
March
April.
May
Cumulative
Tons
Tons
1940—Month
624,184
509,781
508,005
76
587,339
452,613
487,127
162,653
74
73
468,870
163,769
72
73
October
670,473
470,228
648.611
184,002
79
73
488,990
509,945
161,985
77
73
464.537
479,099
151,729
71
73
November
December
1940, output, and fell behind the April production by about
65,725 barrels.
A detailed table on monthly flour produc¬
tion appears
)\.%l
of—
673,446
629.863
202,417
548,579
261,650
81
652,128
571.050
337,022
82
April
857,732
726,460
447,525
83
May
656,437
602,323
488,993
below:
TOTAL MONTHLY FLOUR PRODUCTION
; ,
the United States)
(Reported by mills producing 65% of the flour manufactured in
75
608,521
Northwestern production
increases were large.
the
year's figure by about 73,000 barrels, and the
Southwestern figure outstepped the May, 1940, output by
more than 190,000 barrels.
Buffalo mills registered a slight decrease from the May,
73
544,221
gains, of approximately 16,500 barrels each, over their re¬
spective production of April.
Over May a year ago, how¬
bettered last
73
72
the previous month.
The month's production, though about
84,000 barrels under that of April, is a gain of more than
250,000 barrels over that of May, last year.
Both the Northwest and the Southwest showed slight
ever,
72
79
July
August
September
1941—Month
3719
The Commercial & Financial Chronicle
Volume 152
84
January
February
March
...
May,
Week Ended—
1939
1938
1,182,570
1,261,556
1,215,919
2,155,745
2,139,269
1,965,616
1,931,218
1,121,914
1,894,772
817,809
553,774
883,533
818.352
847,392
767,364
552,701
513,992
473,975
230,031
275,398
251,889
264,076
266,910
105,644
107,749
120,410
141,287
Mar. 29
5
Apr. 12
19
Apr. 26
May
3
Apr.
261,650
82
77
Southwest
138,165
277,115
300,378
80
78
Buffalo
82
78
Central West—East'n Div.
322,605
82
78
147,263
146,578
337,022
368,304
84
79
Southeast
83
79
North Pacific Coast.
723,056
727,775
601,498
757,965
*290,021
388,197
150,259
134,853
393,732
85
80
415,485
78
80
Totals
5,785,160
5,868,995
5,533,312
5,631,832
5.015,792
147,582
431,859
84
80
*
1938 under Central West, Eastern Division.
165,583
Mar. 22
141,176
166,338
8
Mar. 15
Apr.
May,
May,
1940
155,262
154,001
168,701
167,430
161,996
183,264
181,778
160,769
1
Mar.
May,
Month
1,199,101
1941—
Mar.
Previous
1941
143,748
141,874
83
80
170,436
147,188
148,381
447,525
May 10
466,064
84
161,295
149,884
472,782
489,915
488,993
500,252
84
80
85
81
84
81
84
Includes Indiana, since
81
286,614
80
May 17—.
Western Division
May 24
168,875
152,410
May 31
155,831
156,188
151,648
1...
June
144,481
Note—Unfilled orders of the prior week plus orders
not necessarily equal the
First
received, less production, do
Compensation for delinquent
and other items made necessary adjust¬
unfilled orders at the close.
reports, orders made for or filled from stock,
ments of unfilled orders.
-riff.
-..v
-
Program Announced by Department
1941 Wheat Loan
of
2,817,650 Tons of Sugar
Agriculture—Rates
Cents
98
Average
to
; a
Bushel
A 1941 wheat loan program
based on the recently enacted
June 6 by the
Department of Agriculture.
Wheat producers in the
national referendum on marketing quotas May 31 voted in
favor of the quotas by a majority of 80.8% and under the
law the 85% of parity loan is mandatory when quotas are
approved.
Loans for 1941 rye and barley also were an¬
85-% of parity loan law was announced on
nounced
based
the July 1 parity price for
wheat, and
85% of parity on that date will represent
Department estimates that
the
on
98c. a bushel.
country and
will
reach considerable volume in the next week or two, the loan
is
announced now in order to give producers in the early wheat areas the
same
advantages producers in the later areas will have.
an
national loan rate to farmers of approximately
average
wheat harvesting
Since
"The
is under way in some sections of the
loan," said Secretary of Agriculture Claude R.
"is one part of the wheat program that wheat
have used and can continue using to protect their
Wickard,
farmers
tinental quotas represents the quantity of sugar estimated,
under the Sugar Act of 1937, to be required to meet con¬
sumers' needs during the current year.
The report, prepared
by the Sugar Division of the Agricultural Adjustment Ad¬
ministration, shows that the quantity of sugar charged
against the quotas for all offshore areas, including the fullduty countries, amounted to 2,817,650 short tons, raw value,
during the first five months of the year, as compared with
1,956,531 tons in the corresponding period of 1940.
The
announcement further said:
recorded as entered or certified
Tne figures are subject to change after final
data for all entries are available.
There were 129,246 short tons of sugar, raw value, charged against the
quota for the mainland cane area, and 768,736 short tons, raw value,
against the quota for the continental sugar beet area, during the period
January-April this year.
Data for these two areas are not yet available
for entry
outturn
includes sugar from all areas
before June 1, 1941.
weight and polarization
■'-<
\r'
for the offshore areas during
the first five months of the year and the balance remaining, under the 1941
quotas, as revised on March 19, 1941, are:
/
-v
for May.
:
A/.'- ••Vj
98c.
values averaging about
loan
a
(Short Tons, 96 Degree
18c., the
approximately equal to the
parity price.
In other words, wheat farmers this year are going to reach
their goal of parity for the first time since the farm depression hit
eooperator will receive a total return
program
Tli£ Department's announcement further explained:
As in previous years, the loans will be made by the Commodity Credit
Corporation, and State and County Agricultural Conservation Committees
will be responsible for field administration of the program.
All growers who comply with their acreage allotments will be eligible
wheat
for
loans
the
31 and will fall
rates
Loan
to
regular
which
who overseed
farmers
addition,
In
of
The loans,
acreage.
Dec.
loans.
60%
at
rate
wheat
on
callable
are
based
are
will be
produced
on
location, handling charges, grade, and quality of the
Loan values are as follows for these terminal markets:
■
No. 2 Hard Winter—
10
1.09H
J.15
At Omaha
At Chicago
At Gulf
ports__„1.17
► No. 1 Soft While—
At Portland—1.05
----
Less amt.
reallotted on Apr. 11
the
with
No. 2 Red Winter—
The
rates
hard
on
rye
winter
are
334,986
For'gn countries
farm storage.
or
1,764
7,377
38,685
61,629
2,817,650
—
other than Cuba
Total
DIRECT-CONSUMPTION SUGAR
Direct-consumption sugar is
2,014,345
1
included in the above amounts
charged against the
'->7:'
various quotas,
(Short
XXrX'XX
Tons—96 Degree Equivalent)
Quantity Charged Against
Sugar
■
:
Total
Balance
Charge
Remain¬
99.8 Degrees
ing
announcement
108,405
17,628
99,982
2,135
18,251
8,423
1,287
20.322
720
3,422
21,042
26,194
80,214
—
Phllippines----
316,228
28,681
344,909
265,954
1.15
...
162,960
193,789
610,863
Cuba
Spring-
212,040
375,000
126,033
29,616
Hawaii
loan
Polarizing
Less Than
SI. 15
Puerto Rico—
wheat
f
Polarizing
99.8 Degrees
-
1.15
At Minneapolis-
;
1941
and Above
At St. Louis..
No. 1 Dark Northern
Sugar
,
Quota
Quota
Area
,
the
QUOTAS FOR FULL-DUTY
barley produced
59,172
COUNTRIES
(In Pounds)
1941
Quota
Area
50c., whichever is lower.
Canada-.
— --
China and
Dominican
Mexico-
Republic—
—
Peru.
—-
Quotas not
v
used to date.b--
Unal lotted reserve
farmers' approval of wheat quotas was reported
<
1,146,865
26,544.533
3,668,574
24,010,472
44,240,758
95,006,783
3,764,140
Quantity Charged
Against Quota a
Balance
Remaining
592,514
1,653,361
238,173
908,692
26,544,533
3,668,574
318,679
44,240,758
1,766*307*
Represents Large Increase Over
That of Previous Year
Mills accounting for
ported
to
65% of the national flour output re¬
"The Northwestern Miller" a May production
barrels, compared with 5,868,995 barrels
totaling 5,785,160
95,006^783
1,997,833
c
o
77,369,538
123,258.462
100,314
38,685
61,629
with Sec. 212 of the Sugar Act of 1937, the first 10 short tons of
value, imported from any foreign country other than Cuba have not
the quota for that country.
' : ,
total Includes the following (in pounds): Argentina, 58,024; Australia, 811;
1 171,520; Brazil, 4,765; British Malaya, 103; Colombia, 1,064; Costa
In accordance
been
sugar, raw
May Flour Production
23,691~793
200,628,000
hh J!
a
2,245,875
---
Hongkong
Haiti
in
these columns June 7, page 3566, while the 85% parity loan
law was mentioned in our issue of May 31, page 3425.
The
9,141
100,314
4,831,995
Virgin Islands..—
35c. per bushel less than the rates applicable for
wheat,
445,493
250,814
626,778
537,170
567,352
Barley rates are
set at 45c. per bushel for No. 1, 44c. for No. 2, 42c. for No. 3, and 39c.
for No. 4, with a discount of 2c. for mixed barley.
No rye loans will be
made except for farm storage, and no storage allowance is permitted.
Barley loans may be made under farm or elevator storage, but loans on
barley stored in approved elevators will be 7c. per bushel less than the
2
622,254
818,166
wheat.
".i
At Chicago
Department announced a loan for rye and
in 1941.
Details were given as follows:
No.
1,337,693
961,764
Total
Simultaneous
1,959,947
1,055,895
73,232
Puerto Rico
terminal rates, taking into account
on
Remaining
982,663
Cuba
Philippines
demand, will be made up to
Interest will be at 3%.
the
At Kansas
eligible for
their excess
Balance
;
Against Quota
on
due April 30, 1942.
farmers
Charged
Quantity
Sugar Quota
Hawaii
agriculture in the early 20's.
American
Equivalent)
1941
Area
bushel for the Nation,
parity and conservation payments amounting to
wheat
1941
and
:]y1
quantities charged against the quotas
The
provide orderly marketing of abundant supplies
during the present emergency period."
Mr. Wickard added:
farm
1941
of
Department of Agriculture issued on June 5 its
fifth monthly report on the status of the 1941 sugar quotas
for the various offshore sugar-producing areas supplying the
United States market.
The sum of the offshore and con¬
income and
With
Entered Against Quotas for
Months
The U. S.
The report
which says:
the Department,
by
The wheat loan rate is
Five
charged against
'
b This
Belgium
Rica
Indies
Italy
81,990;
32 674,900;
Dutch West
13,663,670;
40,685,700; Salvador,
1,395,865; Venezuela. 1,154,381.
Czechoslovakia, 1,048,099; Dutch
East Indies, 841,433;
697; Germany, 466; Guatemala, 1,333,108; Honduras,
Japan, 15,958; Netherlands, 867,233; Nicaragua,
26' France,
'6,970;
United Kingdom,
The Commercial & Financial Chronicle
3720
Seventy-four pounds have been imported from Brazil, 155 pounds from the Dutch
East Indies, 32 pounds from Guatemala and 42 pounds from Salvador, but under
the provisions of Sec. 212 of the Sugar Act, referred to
tions have not been charged aga»nst the quo a.
in Footnote
a,
these importa¬
Estimate
for
1941
Tons—Figure
by 273,672
Tons
Stands at 7,126,661
Now
The
Department of Agriculture announced on June 9 an
requirements of sugar
for the calendar year from the estimate of 6,851,889 short
tons, raw value, announced March 19, 1941, to 7,125,561
tons, an increase of 273,672 tons.
Explaining this action
the Department's announcement stated:
increase in the estimate of consumers'
The Sugar Act of 1937 direct* the Secretary to
tion
of consumers'
requirements in
year, and to make any necessary
make an initial determina¬
December for the following calendar
adjustments during the year.
highest since 1937 when the price for the corresponding five months average
^
Cuban Sugar Crop 13.3% Below
was
made
March
on
19.
The Sugar Division of the Agricultural
Adjustment Administration stated that the present revision follows receipt
of complete official data on stocks, distribution or usage, and other
Last Year
Cuba's 1941 sugar crop, grinding of which was completed
June 3, totaled 2,442,708 long tons, raw value, as contrasted
with 2,816,462 tons last year, a decrease of 373,754 tons,
or
approximately 13.3%, according to Havana advices re¬
ceived by Lamborn & Co., New York.
The firm's announcement also stated:
The current crop is the smallest in seven years, or since 1934 when the
outturn amounted
to 2,274,303
tion in Cuba during the past
In the interval between
tons.
1941, Cuba's production reached
high of 3,017,718 tons.
a
1934 and
Sugar produc¬
decade has been restricted by Government
Prior to Government restriction, Cuba's crop reached an all time
decree.
high of 5,156,315 tons in 1929.
The initial
estimate of 6,616,817 tons, was announced Dec, 7, 1940, and the first 1941
revision
1941
4.77 cents per pound.
1941
Agriculture Department Increases Sugar Consumption
June 14,
Cuba's
United
1941
Department of Agriculture under the Sugar Act of 1937,
1,749,953 long tons.
amounts to
States, fixed by the
for marketing to the United
quota
States
Local consumption approximates 155,000
tons, and the balance is marketed in countries other than the United States.
factors
for the first part of the year which the Secretary is required to take into
Cuban Sugar Exports in Five Months
consideration under the Act.
The
for
quotas
the
various
sugar-producing
figures compare with the former quotas
as
under
areas
foUows in short tons, raw value:
Deter minntiori 0f
Determination March It
1941
Present
Domestic Areas—
Continental beet
1,652.571
9,507
9,141
Lamborn & Co. of New York.
961,764
Virgin Islands
Under U. 8. Sovereignty—
Commonwealth of Philippine Islands
Cuban exports of sugar from Jan. 1 to May 31, totaled
1,311,045 long tons, raw value, as compared with 1,123,816
tons during the same period last year, an increase of 187,229
tons, or 16.66%, according to advices from Havana to
430.794
1,000,177
850,844
Puerto Rico
1,589.100
448,000
:
Mainland cane (Louisiana & Florida)
Hawaii
Details
909,788 tons in the
1,959,947
Cuban exports of sugar for the week ended May 31, amounted to 67,547
clOl.396
clOO.314
tons, of which 64,423 tons went to the United States, and 3,124 tons to
214,028 tons during the similar period last year, a decrease of 164,734 tons.
7,125.561
6,851,889
Cuba,
Original quota plus 73,232 tons reallotted from Philippine quota on April 11.
The
estimate
present
of consumers'
Product Prices Up Two Points in May, Reports
Department of Agriculture—Highest Level Reached
Since October, 1937
Farm
requirements
sugar
Stimulated by improved domestic demand and by Govern¬
represents an increase of about 3K% over average deliveries of these two
''-.r)}-
years,
.Vv'V':'.
.
ment
♦
purchases
index
~v':
of
Sugar Stocks atg Record Level for First
Quarter of 1941, According to Agriculture Depart¬
ment
the
United
Department of Agriculture issued on May 29 its sum¬
mary of data on "invisible" supplies of sugar in the United
States for the first quarter of 1941, together with a record
of receipts and deliveries.
The last quarterly report, issued
March 13, 1941, covered the fourth quarter of 1940,
This
was given in our issue of March
22, page 1825.
The De¬
Division
of
the
Agricultural
Adjustment
animal
one
prices advanced
supplies continued large
than
offset
markets
time
following table summarizes the
milk
of egg
1910-14
averaged
taxes
point
STOCKS OF SUGAR HELD BY 1,540
production
DELIVERIES
OF SUGAR
TOGETHER
FIRST
WITH
QUARTER,
RE¬
Comparable
Data for First
Quarter, 1940
Quarter, 1939
May,
1,540
398,686
Receipts Jan. 1-March 31, 1941
or use Jan. 1-Mar. 31
315,570
1,479
299,794
992,434
685,711
644,187
a523,888
1941
31, 1941
.
357,094
659,672
315.007
The first quarter receipts by the firms
reporting for this period on Form SS-33
+
Price in
May
per pound
compared with 2.79 cents for the same month last year,
according to Lamborn & Co., New York.
The May, i941,
average is the highest monthly average since
October, 1939,
when the figure was 3.44 cents
per pound, it is stated in the
For the first five months of
3.19 cents per pound
period in 1940.
1941, the
as
we
also quote:
average
duty paid price for
raw
January-May period of 1941 is
the
The
index
of
than
a
last
May, 1941,
cash at New York, including
was 4.95 cents
per pound
For the first five months of
4.68 cents per pound
similar period of
as
1940.
1941, the
average
price for refined
a
as
sugar was
by
higher
points
two
living
rural
food and
in
feed
and
prices
advancing
farm
being steady to
farmers
mid-May, compared with 85
farm product prices
a
April 15
on
still about
were
mid-May,
compared with
88
on
Domestic mills continued to operate at
ago.
an
n
prices advanced three
grain
wheat,
with
Since
oats,
and
rye
a
month
earlier
animal
and
106
of most
a
year
pre-war
In
ago.
on
May 15—23 points
the national average drops about
mid-May.
prices advanced only one point from
138% of
at
prices
at
the index of dairy product
stood at 107
Ordinarily,
earlier.
year
from mid-April to
Meat
but,
a
point higher
one
selling
still
dairy products advanced to 124% of the
121%
The index of poultry product prices
1%
during the month,
only
shown small additional gains.
or
with
previous years—1917 and 1934—has
prices risen during the early spring months.
higher than
points
was
May 15, however, terminal market prices
the principal
compared
But this
pre-war average.
only two
the
pre-war,
average
30
was
April
15 to May 15,
points higher than
a
year
Small increases in local market prices of hogs and calves during the
month
more
than
offset
minor
declines
in
prices
of
cattle,
sheep,
and
lambs.
Somewhat
in
fruits
higher
prices
mid-May, and
a
during
for
the
index
month earlier at
the
four
citrus
weeks
of
89%.
ended
during the preceding four weeks, but
period a year ago.
Prices
compared with 4.42 cents per pound during the
first
The average for the
decline
January-May period is the
and
per-unit
bought
the whole,
year
all
year.
prices
cents per pound for the same month last
year.
supplies
by farmers for ootton lint and cottonseed averaged 98%
earlier,
year
changed from
against 4.41
both
in
1909-July, 1914, level
reaching 93% of the
highest since 1937 when the price for the similar five months
period averaged
The average price for refined
sugar, net
excise tax, during the month of
Oarlot ship¬
but market
parity levels.
3.55 cents per pound.
>
The
levels.
earlier.
prices paid, interest, and
earlier
the- rise,
to
86
to
On
ago.
15 and 83
ago.
against 2.82 cents for the corresponding
The average for the
last
exceptionally high rate.
Prices of
as
firm's announcement from which
year
August,
average,
The average price for raw
sugar, duty paid basis at New
York, for the month of May, 1941, was 3.37 cents
month
commodities
grains have held steady
Highest Since
record
at
year
last year,
the index of
a
Increases
other
received
their
below
October, 1939
a
the
week
purchasing power of farm products also rose during the
May 15, with prices received by farmers advancing relatively
prices paid.
The ratio of prices received to prices paid, inter¬
under
April
approximately 48.7% of the total deliveries of sugar by refiners, processors
and Importers for the period Jan. 1 to March
31, 1941.
a Does not include sugar
in transit, amounting to 139,198 tons on
March 31, 1941.
Sugar
a
Prices
of
were
Raw
77
14%
674,885
867,232
Deliveries
level,
above
contributed
and taxes increased
est,
as
during
corresponding
continued
1
same
same
ended
than
more
and
1,376
inspection
the
per-unit
month
#
Number of firms reporting
Stocks Dec. 31, 1940
1940.
costs
the
more
domestic
higher.
The
■
Comparable
Data for First
one
moderately and
little
1941 *
''(Short Tons)
Total
in
May
on
Federal
in
Cotton
demand
export
smaller.
were
crops
than
about the
was
hand in May.
on
52% larger than at
were
running higher than
were
130% of the
than
MANUFACTURERS, WHOLESALERS,
steady.
were
Stocks of grains at
under
higher
production
output
fruits
truck
At
consumption.
slaughter
13%
averaged
and
data:
CEIPTS AND
Fruit prices
curtailment of the usual
as
domestic
livestock
year;
of
ments
of
increased
week
year;
DATES,
point.
during the week ended May 17
last
volume
SPECIFIED
moderately.
more
The Department's announcement further stated:
tribution by wholesalers.
ON
highest level recorded since October, 1937.
Prices of grain, dairy products,
averaged three points higher.
Meat
same
Ac.,
the
and
vanced
quarterly period since these reports have been published.
The
large "deliveries or use" shown in the table represents primarily heavy dis¬
sugar was
112% of the 1910-14 level,
and chickens and eggs
end of any
The data for the first quarter
report were obtained from
schedules received from 1,540 manufacturers,
wholesalers,
retailers and others.
The
products in
Department of Agriculture
Large supplies of most farm products remained
Administration
pointed out that such stocks in the possession of wholesalers and retailers,
public eating establishments, and sugar-using manufacturers, on March
31,
1941, were greatly in excess of the supplies reported by such firms at the
RETAILERS,
States
the
program,
Prices of cotton and cottonseed gained 10 points during the
month ended May 15, but other farm commodity prices ad¬
partment's announcement of May 29 continued:
Average
food-for-defense
reported on
This figure, it is stated, is 14 points above a year
May 29.
earlier
The
Stocks March
the
under
prices received by farmers for their
mid-May advanced two points to
"Invisible"
Sugar
the exports totaled
year,
the United Kingdom, and 17 tons to the Bahama Islands.
Deliveries for consumption totalled 6,890,792 tons in 1940 and
6,867,533
1939.
During the corresponding week last
49,630 tons, of which 43,628 tons went to the United States, 5,985 tons to
Quota of 1,098,068 tons less 73,232 tons reallotted to foreign countries other
than Cuba, on April 11, 1941.
F
b Quota of 1,055,895 tons, less 73,232 tons reallotted to
foreign countries other
*
To
compared with
as
2,038,230
a
The
aggregated 49,294 tons,
b982,663
Mexico.
in
against
as
period in 1940, an increase of 351,963 tons.
same
al,024,836
CUba.
tens
follows:
as
other distinations the exports
Foreign countries other than Cuba
c
given
are
Shipments to the United States amounted to 1,261,751 tons,
818,166
Foreign Areas—
than
16% Above Last
Year
the revised
half
received
of
from
May
a
by
growers
averaged
month
earlier.
for
146%
fruit
the
were
principal
by
fruit
lower
crops
apple
was
un¬
Carlot shipments of five important
May
were
17
the
were
about
the
same
23% larger than for the
commercial
of
offset
truck
pre-war
crops
level,
a
during
rather
as
same
the
sharp
Volume
Farmers'
Cash Income in April Totaled $709,000,000,
According to Bureau of Agricultural Economics—
Compares with $681,000,000 in March
000,000 Year Ago
*
Cash income from farm marketings and
The
corn
users
and $627,-
Government pay¬
slightly smaller than in April, last year, because of
grains.
Income from most other
satisfactory service at a fair price.
K.
Products—Ralph
Davies,
Executive,
Named
Oil
Assistant—OPAC Orders West
Ickes'
Advance
Coordinator
Rescinded, Then Defers
Ickes Asks Illinois Pro¬
Laws—Daily Average Crude Output Gains—
Petroleum Stocks Rise
that income from livestock and livestock
was
in large quantities to the customary
corn
secure
California
Crude
Action—Oil
ration
Its
of
Coodinator
April, last year, the Bureau of Agricultural Economics,
in its May
issue of "The Farm Income Situation."
The Bureau states
otherwise
and
Coast
United States Department of Agriculture, reports
marketings and advances in price, and in April was nearly
a third larger than in April, last year.
Income from crops
cannot
Standard
in
products increased
result of both increased
who
Petroleum
April amounted to $709,000,000, compared with the
revised estimate of $681,000,000 in March and $627,000,000
than usual from March as a
Corporation prefers to sell
agencies of distribution and processing, but car-lot sales will be made to
ments in
more
3721
The Commercial & Financial Chronicle
152
Ralph K. Davies, senior Vice-President of the Standard
Oil Co. of California, was named Deputy Oil
June 9 by Oil Coordinator Harold L. Ickes,
by the President to this post.
Coordinator on
recently named
Mr. Davies, who has resigned
the decline in income from
from the West Coast Oil Co. to work for the Government,
Government
with $71,000,000 in March and $65,000,000 in April, last year.
The
will
of crops was larger than in April, 1940.
groups
payments in April totaled $39,000,000, compared
Bureau further reports:
*
including Govern¬
payments, amounted to $2,776,000,000, or $160,000,000 (6%) more
than in the corresponding period of 1940.
Income from farm marketings
of $2,497,000,000 was $237,000,000
(10%) larger than a year earlier,
whereas Government payments so far in 1941 have been $77,000,000 less.
Income from crops from January to April, this year, amounted to only
$783,000,000, as against $846,000,000 last year, as declines in income from
grains and tobacco more than offset increases in income from most other
crops.
Marketings of grains so far in 1941 have been much smaller than
•in the corresponding period last year, as a large volume of wheat was
placed under loan before Jan. 1 and corn loans on the 1940 crop have
During the first four months of 1941 cash farm income,
ment
much
been
tobacco
smaller
due
is
Income
last
of
1941
All
marked
production this year, but largely
4
in
livestock
livestock and livestock
income,
animals
meat
the
largest
per¬
,
farm marketings in April of $670,000,000 was $108,000,000
April
in
The
have shown
products
recording
.
than
March.
The decline in income from
crop.
crop.
and
of
groups
gain.
Income from
higher
1939
the smaller
products during the first four
$300,000,000 (21%) larger than in the same period
was
increases
centage
the
on
part to
livestock
from
year.
months
than
in
movement of the
the earlier
to
year and
income from
last
1
in
increase
was
farm
$60,000,000 higher/ than
in
March
to
marketings
from
larger than usual, and the seasonally
adjusted index of cash farm income increased from 88.5% of the 1924-29
average in March to 93.0 in April.
Income
from
marketings of crops increased slightly less than usual
this
April
March
from
to
somewhat
was
year
April,
marketings of grains and cotton in April were
as
livestock and livestock
products increased from 97.0% in March to 107.5% in April.
After sea¬
sonal adjustment, income from meat animals was up about 14.5% and
income from dairy products
was up 11.5%.
Income from poultry and
small.
relatively
eggs
The
index
of
all
from
income
made about the usual seasonal change from March to April. ./.
farm income during the next few months should con¬
substantially higher than a year earlier.
Income from fruits and
The level of cash
tinue
vegetables
expected
is
loan
rate
loans
bales
sold
and
the 1940 cotton crop have
on
1938
of
during the corresponding
higher than
continue
the cost of carrying the loan to date, and the quantities
are
expected to continue large.
Nearly half of the
plus
redeemed
to
Present prices of cotton are considerably higher than the
period in 1946.
under
cotton
already been redeemed and
have
loan
been
redeemed
over
and
200,000
sold.
The
quantity of free wheat remaining for sale from the 1940 crop is relatively
small, but there were about 50,000,000 bushels of 1940 wheat under loan
on farms on May 1, and at present prices farmers are able to redeem their
wheat and obtain
some
conditions for the 1941
this year's
and
last,
last year
the
dairy and
and
additional income by selling it.
crop
expected to move earlier than usual
is
moved later than usual,
crop
In addition, crop
wheat crop are much better this year than
winter
prices of meat animals and
have recorded further
poultry products
whereas
gains
mid-April,
since
feeding prospects favor heavy production of livestock products.
be relatively small
payments are expected to
ernment
or
three
in
Gov¬
for the next two
volume.
months,
or
until payments
1941 programs begin to be made
on
Department of Agriculture Announces Corn Policy—
—Liquidation of CCC Stocks Will Provide for
Ample Feed Supplies at Fair Prices
Secretary
of Agriculture Claude K.
Wickard announced
June 7 that liquidation of com stocks held by the Com¬
on
Credit Corporation
modity
in
terminal,
sub-terminal,
and
steel bin storage would be handled in such a manner as to
dairy
livestock,
assure
and
poultry producers ample feed
supplies at fair prices.
This in turn, it is said, will help
assure sufficient livestock, dairy and poultry products for
domestic consumers and aid to Great Britain under the
defense
program.
The Department
recently announced the concentration of
considerable corn in Eastern points to he kept available for
sale to farmers and feed concerns serving farmers.
Concerning the corn policy the announcement stated:
Government-owned
nels
at
a
Differentials
remain
applicable to
approximately the
and
bin
steel
on
corn
will be offered for sale into consumption chan¬
Chicago basic price for No.
country
2 yellow, at between 69c. and 75c.
than
points other
same.
Chicago
now
effect will
in
For the present minimum release prices
elevator
stored grain
will
remain
at
65c.
per
bushel.
will
Sales
corn
consumption
in
may
be restricted to those purchasers who will
channels.
In
immediately place
order that commercial
storage
be
space
made available for wheat storage, industries and deficit feeding
will be supplied first from terminal and sub-terminal stocks and
areas
wheat areas. Later movement will be from the heavy
corn-producing areas in order that storage may be available for
country elevators in
surplus
the
1941
The
and
corn
crop.
.
Corporation
sub-terminal
storage,
approximately
34,000,000
51,000,000
bushels
in
bushels
country
in terminal
elevators, and
in steel bins, or a total of 210,000,000 bushels.
In
producers hold in farm storage under Government loans 300,-
125,000,000
addition,
owns
bushels
000,000 bushels of
1938-39-40 corn which may be redeemed at 61c. to 65c.
an organization to
petroleum in the national
emergency and will be responsible to Mr. Ickes directly, it
was announced.
Mr. Davies participated in the administra¬
tion of the NIRA Oil Code, and the Pacific Coast Petroleum
Agency.
V
>.■.
assist
Ickes
Mr.
in
formulating
coordinate the work of handling
In the first Government "crack-down"
on
the oil industry,
the Office of Price Administration and Civilian
Supply asked
gasoline prices be restored to the
May 22 level at the June 7 meeting between OPACS officials
and representatives of the West Coast oil industry.
After
this decision had been made by OPACS officials at the meet¬
that California crude and
ing, Leon Henderson, OPACS Adminsitrator announced in
Washington Monday that further action in the matter will
be postponed until July 1.
The investigation was under-;
taken by the OPACS at the request of Governor Olson, of
California, who protested the price advances to Leon Hen-/
derson,s office prior to the appointment of Mr. Ickes as Oil
Coordinator.
-r). i:' 3:.
OPACS officials will review the records of the June 7
meeting and other data which small-high-cost producers and
other West Coast oil men have been asked to submit to
the office of Mr. Henderson.
This affords oil men who pro¬
tested to Dr. J. K. Galbraith and Quinn Shaughnessy,;:
OPACS representatives at the meeting, that it
to order the advances rescinded without
unfair
time to support their argument with the proper
S. Bryant, Production Manager and a director
Oil Co. of California,
oil
men
at the June 7
would be
sufficient
data. Floyd
of Standard
presented the case for the West Coast
meeting.
Week-end developments
in Washington included a warn¬
ing from Oil Coordinator Ickes that restrictions on the use
of gasoline and fuel oil on the East Coast are inevitable, and
consumers will have to make a choice between gasoline or
of a Senate subcommittee
consider the House-approved
An added highlight was the
favorable report by the House Merchant Marine Com¬
mittee of legislation suspending load line provisions of the
existing law which will permit a 3 per cent increase in the
loading of oil tankers and make possible the transportation
of between 30,000 and 40,000 barrels of crude oil daily from
heating
oils
and
the naming
headed by Senator Truman to
Cole pipeline construction bill.
the Gulf Coast to the East.
Oil Coordinator Ickes held
several conferences in Washing¬
during the week with oil men and other interested figures
in an effort to end the transportation bottleneck in the East
ton
curtail consumption of motor and heating
the lack of sufficient bottoms or pipeline
facilities to move the crude oil from the gulf coast to the
Eastern area's refineries.
The House Interstate and Foreign
Commerce Committee passed the Cole Pipeline Bill which
meant that actual legislation making new pipelines possible
which threatens to
fuels because of
Transfer of tankers from West
of the substitutes sought
by Mr. Ickes to end the bottleneck.
Acting in his capacity as Oil Coordinator, Mr. Ickes tele¬
graphed Governor Green of Illinois during the week advising
him that "it is imperative" that Illinois enact a petroleum
conservatiion bill and asking the Governor to give his "per¬
sonal attention" to this matter.
Since Illinois and Cali¬
fornia are the only two States out of the Interstate Oil
Compact Commission, it was thought also that Coordinator
Ickes would move to have both join the Compact group.
"For several years I have been advocating the necessity of a
petroleum conservation law by oil producing States," Mr.
Ickes wired Gov. Green. "Oil conservation is essential at all
times, in view of the emergency which this country now
faces, it is imperative.
I urge you to give this problem your
immediate personal attention to the end that Illinois enact a
law to eliminate as far as is practicable the waste of oil and
gas and at the same time eliminate the drilling of unnecessary
was
just that much closer.
Coast to East Coast runs was one
wells "
Coordinator
mission urging
permanent oil
Ickes also wired the Texas Railroad Com¬
that the Texas Legislature enact a law making
production proration.
Recently, the Texas
passed a bill extending the current proration laws for
two years from their expiration date of Sept. 1, next, but
the House has opposed this measure.
Commissioner Jerry
Sadler conferred in Washington with Mr. Ickes during the
week.
Mr. Ickes has been invited to send a representative
to the State-wide proration meeting in Texas, scheduled to
be held in Austin on June 16, first mfeeting since the Secretary
of the Interior was placed in charge of the American pe¬
troleum industry by President Roosevelt.
Senate
The Commercial & Financial Chronicle
3722
the Gillette pipeline divorcement bills started
by Senator Chandler
with W. R. Boyd, Jr., Executive Vice-President of the
American Petroleum Institute, the first witness.
Mr. Boyd
told the subcommittee that the oil industry planned to
spend approximately $300,000,000 to construct oil tankers
and additional pipelines to meet the bottleneck transporta¬
tion situation in the East.
Independent jobbers appearing
before
the
subcommittee
vigorously upheld the three
divorcement bills, contending that integrated oil units were
able to use their profits from other brancres of the industry
to subsidize the prices of petroleum products.
Other Washington developments that made headline news
for the petroleum industry was the announcement by the
Chandler Subcommittee of the Senate Judiciary Committee
that consideration would be given next week of the Gillette
bill for the divorcement of piepline transportation from other
branches of the oil industry.
Senator Gillette, of Iowa, made
a sharp attack upon Attornev General Jackson in Washington
during the week for allegedly turning over to Oil Coordina¬
tor Ickes the power to veto pending oil anti-trust proceedings
which might interfere with national defense, in which he
pointed out that he had deferred pressing oil divorcement
legislation at the request of the Department of Justice.
Senator Gillette also objected strenuously to the naming
of Mr. Davies, of Standard of California, as Mr. Ickes*
Deputy Oil Coordinator.
California and Oklahoma were the main factors responsible
Hearings
before
for
a
net
on
Senate subcommittee, headed
a
gain of 30,600 barrels in daily
crude oil
average
production of
the United States
during the initial week of June.
The American Petroleum Institute placed production for
the period
at 3,816,700 barrels, which, compared with a
June allowable of 3,830,000 barrels daily recommended by
the U. S. Bureau of Mines.
California production was up
26,600 barrels while Oklahoma showed a gain of 13,350
barrels and Illinois was up 4,200 barrels.
Sharpest con¬
traction of production was shown by Kansas while Texas
output also slumped.
Stocks of domestic and foreign crude
oil were up 780,000 barrels during the final week of May,
the Bureau of Mines reported, totaling 262,356,000 barrels.
Domestic crude holdings were up 1,040,000 barrels but this
was offset somewhat
by a slump of 260,000 barrels in foreign
crude
m
All refined product markets were strong but caution pend¬
ing possible Government action was a factor in some, while
in others the industry was experiencing a bit of a breathing
spell following the recent sharp changes in the price structure.
In the mid-continent market, further strength developed
this week as demand continued to expand.
Regular grade
gasoline moved up Y% cent to a range of 5 Y% to 6 H cents a
gallon with corresponding advances being marked up in the
middle west whole price structure and in north Texas.
Lubricants showed further price strength on tight supplies.
Lower freight rates on June 11 brought corresponding cuts in
prices of gasoline, naptha and kerosene in its territory by
Standard of Indiana.
unfinished and aviation motor fuel
of finished,
Stocks
sharp slump during the first week of June despite
sharplv higher refinery operations and output of gasoline,
according to the mid-week report of the American Petroleum
Institute.
The slump of 1,323,000 barrels in gasoline stocks
showed
a
pared the figure to 92,522,000 barrels. Production of gasoline
during the June 7 week was up 914,000 barrels from the
previous period at 13,294,000 barrels.
Refinery operations
showed a sharp jump, rising 4.5 points to 90.7 % of capacity.
Daily average runs of crude to stills gained 181,000 barrels to
3,880,000 barrels.
j
Representative price changes follow:
H cent to
June 11—Mid-continent bulk gasoline prices advance
of 57A
tol6% cents
a range
gallon, middle western and northern Texas prices
a
showed corresponding gains.
F.O.B. Refinery
U. S. Gasoline (Abore 65 Octane), Tank Car Lota,
Tide Water Oil—_
$.084
Texas
$.085
Socony-Vac
x
Other Cities—
New York—
New York—
.09
Shell Eastern
y
Chicago
$.05J£-.06 M
.05H-.06
Gulf Coast—
.08
Oklahoma
x
Branded,
05^-.06H
Super.
y
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
$.05251 New Orleans.$.05M-.Oti
(Philadelphia
(Bayonne)
North Texas
$.052
-
Baltimore
.04
Tulsa
.04K-.04%
—
j
.05251
-—
Fuel Oil, F.O.B. Refinery or Terminal
Savannah, Bunker C.$1.30
N. Y. (Harbor)—
Bunker C
$1.35
Gulf Coast
i
1.35
Phlla, Bunker C
$.85-.90
[Halifax
2.00
Diesel
1.50
Gas Oil, F.O.B. Refinery or Terminal
N. Y. (Bayonne)—
7 plus
I
Chicago—
$.04|
28.30 D
5.03H-.03K
| Tulsa
$.053|
inventories.
There
were no
crude oil price changes.
Daily Average Crude Oil Production for Week Ended
June 7, 1941, Gained 30,600 Barrels
Prices of Typical Crude per Barrel at Wells
(AH gravities where A.P.I, degrees
Bradford, Pa
$2.55
Corning, Pa
Eastern Illinois
1.22
1.37
Mid-Cont't, Okla., 40 and above.
Smackover, Heavy
REFINED
OIL—IDAHO
STATE
.83
Signal Hill, 30.9 and
PRODUCTS—OPACS
STANDARD
OF
OHIO
ACTION—MAY
ASKS
HAD
GOVERNOR
$1.25
1.20
1.20
PRICE
ADVANCED
HITS
PRICE
GASOLINE
.92
.85
1.26
over
RISE
DELAY-
TRACTOR
ADVANCES,
PRICES
FUEL
SEEKS
HIGHEST
IN
19
MONTHS—MID-CONTINENT GAS MARKET HIGHER—GAS¬
OLINE
INVENTORIES
CUT
DESPITE
SHARP
REFINERY
daily
price of furnace oil, tractor and
diesel fuel oil throughout Ohio announced by the Standard
Oil Co. of Ohio as becoming effective June 11 was deferred
at the request of officials of the Office of Price Administra¬
tion and Civilian Supply who asked that such action be
taken until the company had discussed the advance with
OPACS officials.
"The OPACS position," it was indicated
"is that the increase is due to an unusual demand situation
for the types of oil involved rather than an increase in cost.
For that reason, it is believed that the increase should not be
carried out unless additional
substantiating factors
can
be
shown by the company."
Some State action to control prices in Idaho
may be in
Governor C. A. Clark, irked by 2 gasoline price
advances in recent
weeks
which
have
lifted
the
price to
gallon, including all taxes, is reported to have
asked the Idaho Attorney-General of the
possibility of
enacting special legislation to establish price-control machin¬
ery within the State.
Governor Olson, of California, ap¬
pealed to Washington when his State underwent 2 gasoline
price advances and the matter currently is under investiga¬
tion by OPACS officials.
26.5 cents
Further improvement in net dealer
gasoline in 50 cities
e country
during May lifted the average to
highest level since November, 1939, with consumer prices,
including taxes, hitting a new top since late in the summer
of 1938, surveys made
by the American Petroleum Institute
disclosed this week.
Reports to the trade institute from 50
representative cities showed
a
gallon
earlier and 9 cents
was
on
on
an
average net dealer price of
June 1, against 9.40 cents a month
June 1, 1940.
Only last Dec. 1 were
7-year low at 8.46 cents a gallon.
Retail prices, before taxes, had moved to 13.69 cents a
gallon on June 1, up .59 cents from the May 1
figure and
1.03 cents a gallon better than the
figure shown on the
comparable period a year earlier.
Including all taxes, the
average price to the consumer as of June 1 was
up to 19.64
cents a gallon,
against 19.03 cents a month earlier and
18.08 cents on June 1, last
year.
Since dealer gasoline
prices at a
+
have advanced since the first of the current month,
it is likely that the
50-city average is now around 10 cents a
gallon, which is the best figure posted since mid-1938.
prices
estimates
that
the
for the week ended
This was a gain of
calculated by the United States
Department of the Interior
by the various oilproducing States during June.
Daily average production
for the four weeks ended June 7, 1941, is estimated at
3,790,050 barrels.
The daily average output for the week
ended
June
8, 1940, totaled 3,816,950 barrels.
Further
details as reported by the Institute follow:
be
to
the
total
of
States ports
United
daily
a
restrictions
imposed
and receipts in bond at principal
use
for the week ended June 7
225,857
of
barrels,
totaled
compared
1,581,000
barrels,
with
a
daily average of
258,571 barrels for the week ended May 31, and 257,393 barrels daily for
the
average
weeks
four
whether
June
ended
bonded
for
or
7.
These
domestic
include
figures
but
use,
it
is
all
imported,
oil
impossible
make
to
the
separation in weekly statistics.
There
were
receipts of California oil at either Atlantic of Gulf Coast
no
during the week ended June 7.
ports
Reports received from refining companies awning 86.2% of the 4,536,000barrel
estimated
indicate
basis,
that
pipe
lines
unfinished
daily
the
3,880,000
companies
as
refining
whole
a
barrels of crude oil
had in
as
potential
industry
of
end
of
The
total
the
the
of
on
United
week
bulk terminals,
of
Mines
and that all
transit and
in
barrels
92,522,000
amount
States
Bureau of
a
daily during the week,
storage at refineries,
the
gasoline.
capacity
to stills,
ran
of
finished
gasoline produced
by all
in
and
com¬
panies is estimated to have been 13,294,000 barrels during the week.
CRUDE
RUNS TO
STILLS,
OF FINISHED
a
the
9.85 cents
1911,
Imports of petroleum for domestic
cent advance in the
as
production
3,816,700 barrels.
30,600 barrels from the output of the previous week.
The
current
week's figures were below the 3,830,000 barrels
EXPANSION
prospect
7,
Institute
oil
crude
average
June
Petroleum
American
The
not shown)
Pecos County, Texas
Lance Creek, Wyo
1.25
»
are
Rodessa, Ark., 40 and above
East Texas, Texas, 40 and over
Kettleman Hills, 37.9 and over
1.31
Illinois Basin
A
June 14, 1941
PRODUCTION
OF GASOLINE
AND
STOCKS
AND UNFINISHED GASOLINE AND GAS AND
FUEL
OIL, WEEK ENDED JUNE 7, 1941
(Figures In Thousands of Barrels of 42 Gallons Each)
Daily
Crude Runs
Gasoline
to Stills
Refin¬
Capacity
ing
Produc'n
at Re¬
District
Po¬
P.
C.
tial
P.
ished
and
Fuel
Gaso¬
Gaso¬
Dis¬
Oil
line
Natural
Aver.
ated
Blended
156
743
420
76.9
Missouri...
tion
Incl.
C.
Oper¬
Appalachian..
Ind., III., Ky.
Okla., Kans.,
Stocks b Stocks
of Re¬
sidual
Daily
643 100.0
a
Oil
ing
Rate
Stocks
of
<Sr
Unfin¬
port¬
East Coast...
a
Fin¬
Gas
fineries
Re¬
ten¬
Stocks
ished
line
Avia¬
tilled es
600
93.3
91.0
131
92.3
422
3,047
353
420
90.2
648
96.7
2,448
17,021
3,167
3,522
1,708
21,965
9,548
8,578 E. C'st
608
310
96.0
Inland Texas.
280
59.6
132
79.0
634
2,233
334
Texas Gulf...
1,071
89.2
908
95.1
2,953
12,823
6,436
1,394
1,031
7,296 G. C'st
Louisiana G'lf
374
1,572
1,181
7,837
1,376
2,000
Inter'r
164
97.6
145
90.6
3,334
1,219
No. La. & Ark
101
51.5
39
75.0
193
528
306
508
Rocky
121
56.0
57
83.8
232
1,673
136
510
836
87 3
576
78.8
1,654
15,611
10,725
66,034
1,707
86.2
3,546
90.7
11,799
86,072
33,600
91,834
7,117
1,495
6,450
705
1,550
320
Mtn..
California
Reported
Est. unrep'ted
334
3,771
Calif.
♦Est. tot. U.S.
June
7, '41
May 31, '41
4,535
3,880
13,294 e92,522
34,305
93,384
7,437
4,535
3,699
12,380
93,845
33,524
92,757
7,460
dll.479
99,401
29,293 103,376
5,465
♦U.S.B.of M.
June 7,1940
*
and
c3,608
Estimated Bureau of Mines basis,
pipe lines,
b
1940, dally average,
Mines
May, 1940,
7,613,000 barrels.
Included
in
finished
d This Is a
dally
a
At refineries, bulk terminals, in transit
and
unfinished
gasoline total,
c May,
week's production based on tne U. S. Bureau of
average,
e
Finished,
84,909,000
barrels;
unfinished,
Volume
The Commercial &
152
DAILY AVERAGE CRUDE OIL
of Mines
Four
Week
Change
Weeks
Ended
Ended
Slate
Ended
from
Require¬
Allow¬
June 7,
Previous
ments
ables
1941
Week
June
June 8,
7,
1940
1941
415,000
b426,700
+ 13,350
417,600
437,250
232,400
b201,650
b4,350
—7,250
+ 50
211,400
150,950
4,350
250
—3,500
76,750
67,450
29,950
237,900
80,300
+ 800
258,550
79,150
373,550
209,900
228,250
373,200
—500
Southwest Texas
210,000
•Coastal Texas
275,400
+ 150
—1,250
Texas....
Coastal
+ 800
73,300
251,000
Louisiana
Total
Louisiana...
—1,600
248,200
69,200
222,250
325,000
—800
321,500
291,450
319,500
319,700
Arkansas
83,000
73,250
+ 50
63,050
Mississippi
23,300
b30,550
28,500
71,500
10,900
345,300
345,400
333,250
457,200
73,612
22,000
b21,000
+3,050
+4,200
—1,000
20,850
12,850
100,300
86,400
—7,750
90,300
92,800
37,850
—150
38,050
58,900
Wyoming
38,000
89.300
88,300
+3,150
19,700
19,200
+150
Colorado
5,000
0 4,100
+100
Indiana
Eastern (not incl. Illi¬
nois and Indiana)
Michigan
New Mexico
113,000
3,179,900
636,800
615,300 d575,000
+4,000 3,162,950 3,180,550
636,400
627,100
+26,600
3,816,700
California
3,830.000
These
are
Bureau of Mines' calculations
of the requirements of
templated withdrawals from crude oil inventories must
b
c
m.
June 4,
Beehive coke
made.
tne rest
Anthracite.b.__
to End
of
May, 1940 (Revised)—
Bituminous coal.a
www — www
w
—
—
mt
mm
'
m
m
— w —
•'
2,237,000
—
Beehive coke
239,000
25.0
—
-
www «•-
-
Includes for purposes of
*•
—WW
187,183,000
1,322,000
26.4
20,644,000
112,300
a
m'mm
..
3,957,000
780,500
...
convenience the
historical comparison and statistical
production of lignite and of anthracite and semi-anthracite outside of Pennsylvania.
b Total production, including colliery fuel, washery and dredge coal, and coal
shipped by truck from authorized operations.
t
Note—All current estimates will later be adjusted to agree
complete canvass of production
.
with the results of the
made at the end of the calendar year.
,
;
Weekly Coal Production Figures
weekly coal report of the Bituminous
The current
Coal
of the Interior, showed
production of soft coal in the week ended
Division, United States Department
the total
that
week
The decrease
8.9%, was due
the partial holiday observance of Decoration Day, May 30.
May 31 is estimated at 9,540,000 net tons.
of June 1, but experience indicates
upward revisions are
Panhandle shutdown days are June 7, 14, 21, and 28; with a few exceptions
of the State was ordered shutdown on June 1, 7, 8,14, 15, 21, 22, 28, and 30.
preceding week, 930,000 tons, or
from the
to
United States Bureau
The
Committee of California Oil Producers.
of Mines reported that the
production of Pennsylvania anthracite for the
ended May 31 was 1,043,000 tons, an increase of
estimated
of any oil which
indicated above do not include any estimate
might have been surreptitiously produced.
21,060,000
'
34,896,000
Anthracite, b
be produced.
Note—The figures
183,136,000
1,644,000
26.4
•
3,198,000
93,000
Beehive coke
domestic crud®
Mississippi, and Indiana figures are for
d Recommendation of Conservation
(Net Tons)
5,975,000
wells are completed, and if any
as new
(Net Tons)
Bituminous coal.a
This Is the net basic 30-day allowable as
that it will increase
May
Days
April, 1941 (Revised)—
1
,
Day
43,400,000
3,858,000
548,000
Anthracite, b
be deducted from the Bureau's
determine the amount of new crude to
Kansas, Nebraska.
Oklahoma,
ended 7 a.
Working
May, 1941 (Preliminary)—
Bituminous coal.a
oil based upon certain premises outlined in its detailed forecast for the month of June*
As requirements may b e supplied eitner from stocks, or from new production, con¬
estimated requirements to
Average per
of
(Net Tons)
+ 30,600 3,790,050 3,816,950
Total East of Calif. 3,214,700
a
17,800
3,200
107,350
3,950
113,000
113,050
113.000
Calendar Year
Number
Working
Total
74,200
Montana
84,450
19,050
Illinois..
*
for
Month
■
74,000
North Louisiana
follows:
aforementioned organizations
81,100
—1,350 1,403,650 1,393,950
1,371,700 C1411732 1,403,100
Total Texas
the corre¬
April, 1941.
Anthracite production during May, 1941, totaled 3,858,000
net tons, as against 3,957,000 tons a year ago and 3,198,000
tons in April, 1941.
The consolidated statement of the two
sponding month of 1940 and 5,975,000 tons in
236,950
276,250
1941, amounted to 43,400,000
May,
of
month
compared with 34,896,000 net tons in
tons,
396,700
30,000
East Central Texas.
111,600
99,550
99.650
■
West Texas
East
the
Interior, bituminous coal output
34,000
+ 1,150
74,300
Panhandle Texas...
North Texas
West Central Texas.
during
net
260,250
Kansas
United
Bituminous Coal Division of the
States Department of the
(June)
Nebraska
and the
Week
lated
459,700
220,400
4,300
Bureau
According to preliminary estimates made by the
Actual Production
B. of M.
Oklahoma..!
Month
Preliminary Estimates of Production of Coal for
of May, 1941
PRODUCTION
(Figures in Barrels)
Calcu¬
3723
Financial Chronicle
week
preceding week. Compared with the
corresponding week of 1940, June 1, there
203,000 tons over the
output in the
April Natural Gasoline Statistics
was an
April,
production of natural gasoline increased, in
The
1941, according to a report prepared by the Bureau of Mines
for Harold L. Ickes, Secretary of the Interior.
The daily
The chief
with
1940.
gains occurred in the Panhandle, the East Texas
and river ship¬
from district
of final annual returns
May
State
May 24 May 17 May 25 May 27 May 25
Carolina
At
Jan."
Jan.-
Apr.
Apr.
At
Plants
At
Plants
1941
1941
1940
Refin¬
& Ter¬
Refin¬
& Ter¬
eries
minals
rV At
eries
minals
109
1
1
1
1,932
1,218
East Coast
Oklahoma
5,674
Kansas
92,715
Texas
Louisiana
9,858
Arkansas
2,876
7,819
210
8+53
673
5,124
829
2,268
22,192
1,890
22,203
84
1,137
91,736
84
956
4,788
5,670
78,631
126
1,983
126
2,188
27,310
30,991
7,895
47,607 187,632 191,333
8,161
Rocky Mountain
46,747
California
210
4,830
34",051
5,057
341
420
918
651
424
887
1,292
276
162
309
394
33
44
22
58
81
72
37
106
131
844
750
650
844
679
154
206
110
59
210
183
38
38
24
35
45
47
4
7
2
6
14
12
41
41
47
39
48
42
18
17
18
15
40
57
—
Western ......
... -
Maryland.....—.....-........
Michigan...—
North and South
..........
23
Daily
aver.
6,660
6,972
6,771
Daily
aver.
4,916
19,345
Utah
159
161
2,069
3,738
2,051
87,024
2,032
West
3,085
2,529
2,802
Virginia-..-.—-
reported to
This is
net tons.
15
14
19
49
32
27
63
74
372
287
253
242
250
44
Pennsylvania
33.3%
an
increase,
as
compared with shipments
889,737 tons, or
during the preceding month of April, of
33.3%, and when compared with May,
increase of 137,901 tons, or 4%.
Shipments by originating
reported as follows:
carriers
1940, shows
an
32
coal—.....
anthracite.d_—...
34
23
23
38
2,273
1,901
1,589
1,868
1,380
840
581
520
711
862
98
88
74
66
83
110
1941
1940
711,185
750,347
738,758
404,233
629,760
527,910
238,464
334,672
319,629
Pennsylvania RR
....... _ — -
-—. — - _ _ — ~
472,826
306,995
475,884
424,834
324,536
258,001
347,912
321,937
342,729
RR
319,116
313,975
281,818
260,856
340,339
301,089
254,794
...
66,607
53,159
76,982
82,307
175,681
& Western Ry
England RR
f5
9,332
10,878
840
872
844
836
1,485
1,932
11,030
8,683
7,004
10,817
12,810
11,310
the N. & W,, C. & O., Virginian, K. & M., B, C. <fc G„
and on the B. & O. In Kanawha, Mason and Clay counties,
b Rest of State, In¬
cluding the Panhandle District and Grant, Mineral, and Tucker counties,
c In¬
cludes Arizona, California, Idaho, Nevada, and Oregon,
d Data for Pennsylvania
anthracite from published records of the Bureau of Mines, e Average weekly rate
for entire monthf Alaska, Georgia, North Carolina, and South Dakota included
with "other Western States."
* Less than 1,000 tons.
COAL, IN
ON PRO¬
ESTIMATED
UNITED STATES PRODUCTION OF SOFT
THOUSANDS OF NET TONS, WITH COMPARABLE DATA
DUCTION OF CRUDE PETROLEUM
Calendar Year to Date c
Week Ended
1941
June 1
1940
1941
1940
1929
April,
335,226
Delaware. Lackawanna & Western
Delaware & Hudson RR. Corp...
Total
May,
1940
699,293
Valley RR...
Central RR. of New Jersey
Lebigh
Lehigh & New
1941
6,168
10,158
May 31 May 24
865,189
Reading Company
New York Ontario
7,839
10,470
Includes operations on
;
April,
f2
*
,
1941
Erie RR.
*
*
*
(in net tons) were
May,
22
854
Wyoming.
—
—... —
Other Western States.c........
a
month of May, 1941, as
the Anthracite Institute, amounted to 3,563,905
121
117
8
2,283
Virginia—Southern.a
Total, all coal
May Anthracite Shipments Up
87 v.,-;/ 95
2,028
137
143
Shipments of Anthracite for the
1,612
2,766
378
Washington
1,705
2,419
860
3,578
146
-
-
4,074
17,353
166
405
2,743
65
Total bituminous
4,980
of barrels)
f 14
334
<
8
83,580
Total (thousands
fll
89
2,841
Pennsylvania bituminous
Tennessee..
Texas
256
6,023
384
11
15
561
-
420
209,160 206,472 812,490 728,826 101,598 129,570 106,218 117,684
24
598
Dakota
Ohio
Northern, b.
Total
66
168
f
f
900
Missouri
Mew Mexico....
3L802
8,649
19,195
31,612 122,743 130,406
6,258
25,495 22,283
86,011 342,898 273,992
34,013
10,022
38,281
9,038
11,204
2,892
9,118
7,140
4,872
31,117
III., Mich., Ky_.
398
386
Montana.......•
Applachian
334
975
—
Kentucky—Eastern
■
48
42
:■+ 95
Iowa
Kansas and
Mar.
7
70
416
i.—..
.
Indiana
1941
e
36
Illinois....
Apr.
19
87
*
Georgia and North
31, 1941
295
12
Oklahoma..
Colorado
Mar.
4
331
94
Arkansas and
Stocks
130
3
16
—
Alabama
Avge.
1923
f
f
3
3
354
Alaska..
(In Thousands of Gallons)
1929
1939
1940
1941
1941
NATURAL GASOLINE
Apr. 30, 1941
from the operators.)
Week Ended
Texas.
>
Stocks again increased, amounting to 231,168,000 gallons
on hand April 30, 1941, compared with 223,902,000 gallons
on March 31, and 256,704,000 on April 30, 1940.
Production
BY STATES
ments and are
and State sources or
field and in other parts of eastern
PRODUCTION AND STOCKS OF
(about 26%).
WEEKLY PRODUCTION OF COAL,
(In Thousands of Net Tons)
(The current weekly estimates are based on railroad carloadings
subject to revision on receipt of monthly tonnage reports
in April was 6,972,000 gallons compared
6,660,000 in March, 1941, and 6,180,000 in April,
average
increase of 218,000 tons
ESTIMATED
122,159
169,019
159,983
3.563,905 2,674,168 3,426,004 3,144,127
Bituminous
Coal a—
mine fuel
Total, including
+—
Daily average
Crude Petroleum
Coal eauivalent
b-—
of weekly output-
+~a Includes for purposes
7 456 187,185 187,901 221,878
9,540
10,470
dl,767
1,745
1,381
1,451
1,702
6,065
6,042
6,005 128,111 132,180
93,56x
of historical comparison
1,447
and statistical convenience the
b Total barrels produced during the week converted to
coal, assuming 6,000,000 B. t. u. per barrel of oil and
u.
ivr
nound of coal.
Note that most of the supply of petroleum products is not
dfictlv competitive with coal. ("Minerals Yearbook, 1939," page 702.) c
of 22 full weeks ended May 31, 1941, and corresponding
d May 30 weighted as 0.4 of a normal working day.
nrnduetion
equivalent
of
lignite,
13,100 B. t.
Sum
weeks of 1940 and 1929.
The Commercial & Financial Chronicle
3724
ESTIMATED
June 14, 1941
PRODUCTION OF PENNSYLVANIA ANTHRACITE
Lead
AND BEEHIVE COKE
With consumers asking for more metal than producers care to sell, the
(In Net Tons)
situation in lead is becoming more complicated daily.
Week Ended
lead freely on coastal
Calendar Year to Date
May 31
May 24
1941
1940
1941
1940
1929
c
c
Penna. Anthracite—
definite
fuel.a
production.b.
1043,000 840,000 825,000 21,060,000 20,215,000 30,526,000
991,000 798,000 784,000 20,009,000 19,204,000 28,328.000
United States total
124,600 147.400
20,767
24,567
Dally average
possible advance in the price.
producers look for
2,230,300
24,200
no
So far
the nearby
as
change in quotations.
17,156
4,03$
2,717,300
5.572
20,902
observers
b Excludes
colliery fuel,
c
Adjusted
to
comparable
periods In
that
import
the
On
duty
5.85c., New York, which
was
The quotation continued
also the contract settling basis of A. S. &
R. Co., and 5.70c., St. Louis.
Zinc
Zinc
the
three years.
felt
Lead sales for the week totaled 9,697 tons.
at
724,300
Some
pronouncements.
Includes washery and dredge coal, and coal shipped by truck from authorized
operations,
up
might be waived by action in Washington to relieve the market.
Beehive Coke—
a
a
move
This development has started
distant deliveries, however, the outlook Is held to be too uncertain to make
Total, Including colliery
Comm'l
going of
situation is concerned,
Inability to
deliveries, particularly foreign pig lead, brings
question of higher delivery charges.
rumors
June I
1941
the
was
placed under full priority
tive July 1.
The
emergency
on
June 11, the action to become effec¬
pool will be continued and priority ratings will
be assigned to consumers not engaged in defense work.
requirements for the year
Estimated zinc
placed at 1,165,000 tons, and the supply
are now
will total between 890,000 and 950,000 tons.
May Production and Shipments of Slab Zinc
Sales of zinc by the Prime Western group for the last week amounted to
The American Zinc Institute
June 9 released the fol¬
on
lowing tabulation of slab zinc statistics:
5,978 tons.
Shipments of
zinc for the week totaled 4,371 tons, and
common
the backlog on June 7 was 96,483 tons.
The quotation continued at 7Mc.,
St. Louis.
SLAB
ZINC STATISTICS
(ALL GRADES)—1929-1941
The May statistics of the domestic zinc industry revealed inconsequential
(Tons of 2,000 Pounds)
changes
in
the position
of the
metal.
Stocks
increased
1,019
tons
to
8,305 tons, but with deliveries of 63,638 tons for May the industry is still
Produced
During
Shipped
During
Period
Period
631,601
504,463
300,738
602,601
436,275
314,514
218,517
344.001
352,663
465,746
561,969
669,241
395,554
Stock at
(a)
Shippec
Retorts
Average
Unfilled
During
Export
of Period
Period
End of
Period
75,430
6,352
57,999
31,240
68.491
18,585
47,769
23,099
26,651
called upon to ship zinc "hot."
Orders
for
Operat¬
ing End
Retorts
End of
Period
Tin
Straits tin averaged about three-quarters of a cent a pound higher
the
1929
Year
...
Year
1930
Year
1931....
1932
Year
...
Year
1933
Year
1934
Year
1935
Year
1936
Year
1937
Year
1938
196
143,618
129,842
124,856
105.560
119,830
83,758
41
0
19,875
21,023
27,190
32,944
38,329
42,965
65,333
0
48,812
126,769
20
38,793
170
239
148
59
44,955
.
18,273
8,478
18,560
23,653
28,887
32,341
37,915
45,383
34,583
39,333
598.972
0
65,995
48,159
40,829
63.751
1940
52,399
53,387
January
54,862
51,050
63.532
65,869
50
56,184
49.909
53,055
February
March
in
the
here was in good volume.
rate to
46,803
72,144
78,386
364
0
47,287
47,863
47,188
49,744
0
36,808
47,287
47,496
May
51,457
57,224
72,629
slightly
more
48,213
53,935
66,907
2,342
49,197
♦44.179
55,389
♦44,387
46,536
♦42,498
1.710,
August
51,010
64,065
48,344
2,935/
50,715
48,991
1 ♦44,427
4,023/ 53,164
*42,884
52,444
\ ♦47,705
♦47,179
67,650
33,563
65,713
24,222
280/
53,979
95,445
116,420
54,718
♦49,438
126,120
♦50,008
55,288
55,229
125,132
♦50.169
56,459
62,295
18,386
59,883
65,385
12,884
643,386
696,497
Monthly avge.
53,616
58,041
60,414
63,272
was as
Buying
July
53.125
52.200
52.125
52.625
52.500
52.875
•
August
52.750
52.875
9
follows:
52.250
52.750
7
52.750
52.750
53.125
September
53.000
52.875
June 10..
52.875
52.875
52.800
52.750
June 11
53.000
53.000
52.875
52.875
Chinese
tin,
'
99%, spot,
was
nominally
6, 52.125c., June 7, 52.250c., June 9
follows:
as
,
June
5,
51.625c.,
52.500c., June 10, 52.250c.,
June 11, 52.375c.
DAILY PRICES OF METALS
Electrolytic Copper
Dom.,Refy. Exp., Refy.
("E. &
Straits
M. J." QUOTATIONS)
Tin
New York
Lead
New York
Zinc
St. Louis
St. Louts
June
5
5.70
7.25
June
6
11.775
10.950
52.750
5.85
5.70
7.25
June
7
11.775
10.950
52.875
5.85
5.70
7.25
June
9.....
11.800
5.85
11.825
*50,110
0
Total for yr.
♦48,680
55,228
560
December
6
June
69,508
53,552
♦48,263
'
November
June
♦42,216
61,399
52,869
during
in the price
The tin-plate industry increased its operating
52.250
63,726
67,606
56,372
5
59.043
47,545
52,098
September....
June
June
♦41,793
47.231
46,577
♦41,834
July
October
The strength
than 90% of capacity.
June
45,326
48,989
week.
political tension in the Far East.
34,580
49,524
♦44,665
2,800
June
49,513
49.805
♦44,936
....
April
preceding
Straits tin for future arrival
15,978
30,783
61,186
78,626
48.339
than
week
June
456,990
538,198
1939
Year
213,531
324,705
366,933
431,499
523,166
589,619
last
structure was due to the increased
10.950
52.250
5.85
10.950
53.125
June 10
11.875
10.950
52.875
5.85
5.70
7.25
June 11
11.775
10.950
53.000
5.85
5.70
7.25
11.804
10.950
52.813
5.85
5.70
7.25
Average..
5.70
7.25
12,823
Average prices for calendar week ended June 7
50,174
are:
Domestic copper
f.o.b. refinery, 11.792c., export copper, f.o.b. refinery, 10.950c., Straits tin,
1941
January
Of
58,000
57,160
1
10,026
♦51,754
*51,097
,121,026
February
56,227
69,168
7,085
Of
59,688
58,842
108,151
1
♦53,416
March
63,390
63,425
7,050
of
61,224
♦54,543
*52,627
60,513
97,638
April
63,210
62,974
7,286
0
1
May
64,657
Note—To reflect
a true
63,638
8,305
1.192
*56,340
j
65,540
♦59,439
65,511
*59,410
95.256
98,435
)
picture of the domestic slab zinc situation under existing
conditions, the 1940 figures have been adjusted to eliminate
some
production from
foreign
concentrates shipped for export,
Inadvertently included, and to Include
all production from foreign concentrates when
shipped for domestic consumption..
*
Equivalent retorts computed on 24-hour basis,
a
Export shipments
Included
in total shipments.
Non-Ferrous
Metals—Full
Zinc
Priorities
Ordered,
Effective July 1—Lead Demand Continues Active
"Metal and
Mineral
reported that zinc
was
Markets" in
its
issue
of
to
the
above quotations are "M. & M. M.'s" appraisal of
based
on
sales reported by producers
basis of cash,
New York
or
St.
the'major' United
and agencies.
Louis, as noted.
States
They are reduced
All prices are In cents
per pound.
62,165
♦58,608
The
markets,
*53,995
64,696
1
52.396c., Nevfr York lead, 5.850c., St. Louis lead, 5.700c., St. Louis zinc,
7.250c., and silver, 34.750c.
June
12
added to the list of metals under pri¬
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered
basis; that is,
delivered at consumers' plants.
As delivery charges vary with the destination,
the figures shown above are net prices at refineries on the Atlantic seaboard.
livered prices in New England average 0.225c. per
De¬
pound above the refinery basis.
Export quotations for copper are reduced to
net
at refineries
on
the
Atlantic
seaboard.
On foreign business, owing to the European War, most sellers are
restricting offerings to f.a.s. transactions, dollar basis.
Quotations, for the present,
reflect this change in method of doing business.
A total of 0.05c. Is deducted from
f.a.s. basis (lighterage, Ac.) to arrive at the f.o.b. refinery
quotation.
Due to the European war the usual table of daily London
prices is not available.
Prices on standard tin, the only
prices given, however, are as follows: June 5, spot, £266
three months, £266; June 6, spot,
£268%, three months,
£268%; June 9, spot, £268%, three months, £269; June 10,
spot, £266, three months, £266%; and June 11, spot, £266,
three months, £267.
ority status.
The order, issued on June 11, becomes effec¬
July 1, which will give the industry an opportunity
iron out all questions that
may be raised.
Clarification
tive
to
of
few
a
measure
follow
questions asked in reference
came
through June 11, but
to the copper
answers
to others will
Demand for copper, lead, and zinc
advanced on increased
Tin
soon.
Dutch negotiations.
ings.
Antimony
control
was
active.
uncertainty about JapaneseQuicksilver was higher on light offer¬
buying has increased.
The
publication
further reported:
Copper
Sales of copper to
to
domestic
consumers
during the last week amounted
The price situation was
unchanged, with large mine oper¬
12c. and scattered business in other
directions at 12Hc., Valley
20,900 tons.
at
ators
basis.
The Priorities Division announced
on June 11 that the
emergency pool
under the mandatory control
regulations, will be made up of
20% of the April output of "duty-free" metal, or
in copper,
17,732 tons.
stated, parties to toll agreements
must
Also, it
was
file information
concerning them.
Deliveries of copper under the control
plan need not be cut below minimum
carload lots.
Estimated copper content of
shipments by mills and foundries, allowing
for normal return of
processing scrap, was 134,000 tons during AprU, ac¬
cording to the American Bureau of Metal Statistics.
This
compares
132,000 tons in March and 68,500 tons in
April, 1940.
fabricating plants in this country used far more
than
ever
before.
with
The figures indicate
that
copper
during April
May Pig Iron Production Increased by 2.7%
The
"Iron Age" in its issue of June 12 reported that
production of coke pig iron in May totaled 4,599,966 net
tons compared with 4,334,267 tons in
April.
Output on a
daily basis last month showed a gain of 2.7% over that in
April, or from 144,475 tons to 148,386 tons a day in May.
The operating rate for the industry was
93.8% of capacity
in May, compared with 91.8% in
April.
On June 1 there were 206 furnaces in blast, one more than
the 205 in operation on April 1 before the coal strike, com¬
pared with 195 in blast on May 1.
The United States Steel
Corp. blew in seven furnaces during May, independent pro¬
ducers put four in blast and took two off blast and two
merchant furnaces were blown in, making a net gain of 11
furnaces.
Among the furnaces blown in were: Two Carrie, one Ohio,
Chicago (new) and one Gary, Carnegie-Illinois Steel
Corp.; one Lorain, National Tube Co., and one Fairfield,
Tennessee, Coal, Iron & Railroad Co.; one Susquehanna,
National Steel Corp.; one Harriet, Wickwire-Spencer Steel
Corp.; one Monessen, Pittsburgh Steel Co.; one Mary,
Sharon Steel Hoop Co.; one Shenango, Shenango Furnace
Co.; and one River, Republic Steel Corp.
Furnaces blown out or banked included: One Cambria,
Bethlehem Steel Co., and one Detroit, National Steel Corp.
one
PRODUCTION
3725
The Commercial & Financial Chronicle
Volume 152
OF
COKE
FERROMANGANESE
AND
IRON
PIG
In
May, 1940, steel ingot output was at the rate of 1,121,395
tons
"
NET TONS
;
week.
a
The
Ferromanganese y
Pig Iron x
March..
4,197,872
4,704,135
4,334,267
4,599,966
.....
April
May...——.
JUne—.—i...;—
35,337
following tabulation shows steel ingot production
by months for 1940 and 1941 to date:
PRODUCTION OF OPEN HEARTH,
INGOTS AND
43.240
33,627
4,032,022
3,311,480
3,270.499
3,137,019
3,513,683
4,663,695
...
1941
1940
1941
January—..
February.............
1940
38,720
46,260
43,384
44,973
55,460
56,871
58,578
STEEL FOR
BESSEMER AND ELECTRIC STEEL
CASTINGS
Estimated Production—
Weekly
21,083.600
—
—
Percent of
Tons
Half year
Net
Capacity
44,631
3,818,897
Calculated
Number of
Production, All
Weeks in
Companies
(Net Tons)
Month
All Companies
Period
261,208
4,053,945
4,238,041
4,176,527
4,445,961
43,341
37,003
January
33,024
March
1941—a
JUly
August
September..
October.—..—
.
.
;
———
4,547,602
32,270
31,155
35,666
46,948,906
473,667
4,403,230
November
December.
—
Year
*
These totals do not include charcoal pig Iron,
DAILY AVERAGE PRODUCTION
y
rnkmmmmm.
Included In pig iron figures.
6,928,755
6,237,900
96.9
99.7
1,564,053
1,559,475
1,609,851
4.43
7,131,641
20,298,296
97.8
1,578,406
12.86
6,757,728
97.6
7,101,759
99.3
1,575,228
1,603,106
4.43
5,764,723
4,525,797
4,389,183
70.0
63.5
990,786
4.43
14,679,703
72.3
1,129,208
13.00
4,100,474
4,967,782
61.2
955,821
4.29
71.8
1,121,395
4.43
5,657,443
84.5
1,318,751
4.29
Second quarter.
14.725,699
72.5
1,131,875
13.01
First 6 months
29,405,402
72.4
1,130,542
26.01
5,724,625
83.0
4.42
6,186,383
89.5
6.056,246
90.6
1,295,164
1,396,475
1,415,011
Third quarter
17,967,254
87.7
1,368,412
13.13
months
47,372,656
77.5
1,210,339
39.14
6,644,542
6,469,107
96.1
4.43
6,495,357
94.1
1,499,897
1,507,950
1,469,538
19,609,006
95.6
1,492,314
13.14
66,981,662
82.1
1,281,210
February
First quarter.
April—
May
.....
February
March
1939
Net
March
April
May...............
June......—.........—.
95.5
96.9
93.8
%
'
Capacity
130,061
114,189
148,386
..........
....
Tons
151,745
144,475
February...
Net
Capacity
150,441
149,924
...
%
Tons
—
95.2
91 8
75.1
105,500
104,567
68.9
86,516
68.6
113,305
127,297
74.8
76,764
62,052
83.9
79,089
III
October.——.——
November
December
Year.
...
85,130
136,711
139,218
143,418
146,774
142,407
90.4
96,096
92.2
107,466
94.8
131,061
97.1
138,877
94.4
136,146
84.4
96,760
127,912
IRON MADE. DAILY RATE—NET
1940
1941
21,254
16,475
14,773
23.069
11,760
April.....
20,434
13,656
May
21,235
16,521
20,812
-
March...
77,486
86.3
May
....
June
.
July
August
September
...
........
January
February
76.1
130,772
MERCHANT
First Quarter..
April
78,596
82,407
85.8
118,844
Half year.—...—.....
July
August
September
......
June
13.662
July
August
16,619
17,395
September
October
17,571
18,694
November
22,792
December———
19,779
....
4.00
4.43
4.29
83.4
4.43
1,301,292
1,093,188'
4.14
1940
1941
January
96.6
1940—b
January
OF COKE PIG IRON
........
1939
11,875
10,793
10,025
9,529
7,883
8,527
9,404
11,225
12,648
16,409
16,642
16,912
TONS
1938
11,911
9,916
9,547
9,266
7,203
6,020
6,154
7,408
12,650
12,095
Nine
October
November
...
December
Fourth quarter—
1937
18,039
18,496
18,432
16,259
21,821
17,774
21,962
19,971
22,473
21,224
14,793
17,541
10,266
12,280
..
Total.
a
Based
on
4.28
which In 1940 made 92.91% of the
reports by companies
100% of the Bessemer and 85.82%
96.6
4.43
4.29
4.42
52.28
open-hearth'
of the electric ingot and steel for castings produc"
tion.
b Based on reports
by companies which in 1940 made 98.43% of the open-hearth,
100% of the Bessemer and 85.52%
of the electric ingot and steel for castings produc¬
tion.
Note—In 1940 the percentages of capacity
ties of
operated are calculated on weekly capao-
1,410,130 net tons open hearth, 114,956 net tons Bessemer and 36,011 net
Ingots and steel for castings, total 1,561,097 net tons; based on annual
tons electric
capacities as of Dec. 31,1939 as follows: Open hearth, 73,721,592 net tons, Bessemer,
6,009,920 net tons, electric 1,882,630 net tons, and in 1941 the percentages of
capacity operated are calculated on weekly capacities of 1,430,102 net tons open
hearth, 134,187 net tons Bessemer and 49,603 net tons electric Ingots and steel for
castings, total 1,613,892 net tons; based on annual capacities as of Dec. 31, 1940 as
follows:
Open hearth 74,565,510 net tons, Bessemer 6,996,520 net tons, electric
2,586.320 net tons.
United States Steel Corp. Shipments
3.4% Above April
subsidiary com¬
States Steel Corp. for the month of
May, 1M1, totaled 1,745,295 net tons.
The May tonnage,
constituting an all-time monthly shipment record, compares
with 1,687,674 net tons in the preceding month (April), an
increase of 57,621-net tons, and with 1,084,057 net tons in
the corresponding month in 1940 (May), an increase of
Shipments of finished steel products by
panies of the United
661,238 net tons.
the
For
1941 to date shipments were 8,384,240 net
year
comparable
increase of 3,305,526 net tons.
compared with 5,078,714 net tons in the
tons
period of 1940, an
In the table below we
ous
periods
list the figures by months for vari¬
1929:
since January,
Particularly Sheet Mill Products,
Curtailed by Preference Order
The "Iron Age" in its issue of June 12 reported that sharp
curtailment of steel shipments to non-defense users and dis¬
Steel
Shipments,
Sharply
Being
tributers has gone
the steel
into effect as a result of the issuance of
preference order of May 29 by the Office of Produc¬
tion Management.
The "Iron Age" further reported:
than 40% of the steel orders on steel com¬
clearly identifiable as direct defense business, there Is a
additional volume for indirect defense for which preference
Although probably not more
panies' books are
considerable
ratings will be
issued.
■
of 469,420 tons of steel, mostly plates, for ships by the
.
The allocation
OPACS of preferences on railroad steel over all
other non-defense requirements and the probability that the OPM will soon
allocate 850,000 tons of steel for oil pipe lines, together with Jbe fact that
most of this steel is scheduled for early delivery, point clearly to the dis¬
placement of a good deal of commercial steel business now on the books.
Sheet and strip users generally who have no claim to preference ratings
will be first to feel the effects of curtailed shipments.
Shipments to some
warehouse distributers have already been cut down materially.
Two significant developments have followed the issuance of the steel
preference order. One is a scramble among manufacturers to obtain defense
work and the other is the redesigning of some consumer products so that
OPM, the granting by
1,548,451
1,720,366
1,687,674
1,745,295
May
June
July
August
September
October
November
—
December..
by mos-
Yearly adjust..
t 11 11 •
•
1
1
1932
747,427
845,108
771,762
795,689
522,395
464,524
449,418
422,117
609,811
429,965
369,882
607,562
524,994
355,575
745,364
484,611
294,764
885,636
615,521
316,417
1,529,241
1,480,008
1,500,281
1,086,683
635,645
340,610
1,262,874
1,345,855
730,312
336,726
1,406,205
749,328
299,076
1,333,385
1,110,050
1,443.969
765,868
250,008
931,744
7,286,347
*44,865
29,159
15,013,749 11,707,251
February
March
April
1938
570,264
14,976,110 11,752,116
1,682,454
I^Tot.
1929
1939
870,866
7,315,506
1940
1941
January
1
1
t
Total
1,145,592
1,009,256
931,905
907,904
1,084,057
1,209,684
1,296,887
1,455,604
1,392,838
1,572,408
1,425.352
1,544,623
37,639
627,047
550,551
1,364,801
1,388,407
1,605,610
1,617.302
1,701,874
plastics and other materials can be substituted for steel.
The steel industry's distribution problem has not been
4,329,082 16,825,477
*12,827
*5,237
fact has been more
4,32
solved, but In
company's regular customers,
,M5 13,812,650
steel is left after
seriously complicated by the preference order. Whatever
distributed among each
priority orders are satisfied can be
but the total amount thus remaining is not
sufficient to supply all commercial requirements. The problem
of dividing up such tonnage is one which admits of no satisfactory solution.
Shipments of steel to non-defense consumers are now estimated to be less
than consumption, with the result that inventories are being reduced and
curtailment of some manufacturing operations will inevitably result.
The recommendation of the Office of Production Management for an
increase of 10,000,000 tons in the annual capacity of the steel industry
was a surprising development in the light of the Gano Dunn report that
such an expansion would require 4.160,000 tons of ingots and take 2 years
going to be
Note—The'monthly
shipments as currently reported during the year 1940, are
adjustments reflecting annual tonnage reconciliations.
These will be
shipments as stated In the annual report
subject to
comprehended In the cumulative yearly
Steel
Production
Near Peak in May
of steel produced in the United States
during May, 1941, was 0.4% below the record tonnage
produced in March, 1941, according to figures issued June 11
by the American Iron and Steel Institute.
Production of ingots totaled 7,101,759 net tons in May,
Total
tonnage
against the March peak of 7,131,641.
In April output was
6,757,728 tons, and in May, 1940, production was 4,967,782
tons.
:•
"■
During May, 1941, the steel industry operated at an
average of 99.3% of capacity, compared with 97.6% in
April, 99.7% in March, and 71.3% in May of last year.
Over the first five months of 1941 steel operations have
averaged approximately 98.1% of capacity.
Steel production averaged 1,603,106 tons a week in
May, 1941, compared with average weekly output of
1,575,228 tons in April and 1,609,851 tons in March, 1941.
.
to
complete.
However, preliminary
plans have been worked out for such
Probably not more than 5 or 6 companies will participate
in the program, the tentative allotment of capacity additions being as
follows: United States Steel Corp., 3,200,000 tons, Bethlehem Steel Co.,
an
expansion.
Republic Steel Corp., 1,400,000 tons, the remainder to be
Steel Corp., the National Steel Corp.,
Rolling Mill Co. About 95 open hearth furnaces and
from 17 to 20 new blast furnaces would be required.
Additionas to the
Great Lakes ore fleet would also be a part of the program.
Steps have been taken by the OPM toward the alteration of continuous
sheet-strip ™w« go that they can produce wider and thicker plates for ships
and railroad equipment.
Freight cars now on order will require about
1,400,000 tons of steel over the remainder of the year and further additions
to car orders are in prospect, particularly tank cars to relieve the oil trans¬
portation problem. Orders placed in the past week totaled 10,275 freight
cars and 30 locomotives, with inquiries for 5,500 cars pending.
1,800,000 tons,
divided
among
the Jones & Laughlin
and the American
The Commercial & Financial Chronicle
3726
Steelmakers
Complicating the steel supply situation is the growing shortage of scrap.
its
unless
will
the additional railroad
Ceiling prices for pig iron may be announced shortly by the Office of Price
Administration and Civilian Supply.
206,
was
one more
than
on
March 1, the previous high point of this
and the greatest number since June
making less iron than 206
were
1, 1929, when the 219 then in blast
are now.
Ingot production this week is estimated at 100%.
and
Institute's estimate this
Steel
drawal
of the
National
The American Iron
week was 98.6%,
the Institute
now
previously.
.7
OPACS
has permitted
pound for plates, $3
June 10, 1941, 2.261c. a Lb.
rolledstrips.
had
fill
now
out
1940
2.261c.
7
Jan.
2.261c.
Jan.
2
1939
2.286c.
Jan.
3
2.236c.
May 16
2.512c.
May 17
2.211c.
Oct.
Mar.
-
1937
2.512c.
2.211c.
Apr.
16
18
.
1935
9
2.249c.
2.249c.
Dec. 28
2.016c.
Mar. 10
2.062c.
1936
Oct.
1
2.056c.
Jan.
Jan.
4
2.118c.
Jan.
alleged that makers
for
1.792c.
May
2
1932
1.915c.
Sept.
6
1.870c.
Mar. 15
1.981c.
Jan.
13
1.883c.
Dec. 29
2.192c.
Jan.
7
1.962c.
Dec.
2.236c.
May 28
2.192c.
Oct.
1931
*
1930
-
1929
-
June 10, 1941, $23.61 a Gross Ton
One week ago
established new records,
the
on average
furnace
for basic Iron at Valley
at Chicago.
and foundry Iron
Philadelphia,
22.61
.
Buffalo,
High
$23.61
Mar. 20
1940--—
Valley,
and
Dec. 23
22.61
Sept. 19
20.61
Sept. 1
June 21
19.61
July
9
23.25
Mar.
f
Jan.
2
20.25
Feb.
19.74
Nov. 24
18.73
Aug. 1
18.84
1935.-
Nov.
6
17.83
May 1
.17.90
1
1
•.••■7'.""
a
Gross Ton
One week ago
Jan.
6
14.79
Dec.
19.17
7
15.90
Dec.
1
May 14
18.21
Dec. I7
7
■
21.83
Apr.
10
16.04
Apr.
9
Oct.
3
14.08
May 16
15.00
Nov. 22
11.00
June
21.92
Mar. 30
12.92
Nov. 10
17.75
7
Dec. 21
12.67
10
10.33
Mar. 13
9.50
Sept.29
Jan.
3
Dec.
12.25
June
3
Apr.
29
8
6.75
8.50
Jan.
12
6.43
July
11.33
1932
Jan.
6
8.50
Dec. 25
Aug.
15.00
The
American
Iron
and
Feb.
18
11.25
Dec.
9
17.58
1929
Jan.
29
14.08
Dec.
3
Steel
Institute
on
June-
9
an¬
nounced that
cated that
telegraphic reports which it had received indi¬
operating rate of steel companies having 91% of
the steel
capacity of the industry will be 98.6% of capacity
beginning June 9, compared with 99.2% one
week ago, 99.2% one month ago, and 84.6% one
year ago.
the
week
This represents a decrease of
0.6 points, or 0.6%, from the
Weekly indicated rates of steel operations
since May 6, 1940, follow:
preceding week.
1940—
1940—
May
6
May 13
May 20
65.8%
Aug. 26
Sept. 2
May 27
76.9%
80.3%
84.6%
87.7%
86.5%
74.2%
86.4%
1940—
Aug. 19
70.0%
73.0%
June
3
June
10.
June
17
June 24
July
1
July
8
July 15
July 22
July 29
5
86.8%
88.2%
90.4%
90.5%
Aug. 12
89.5%
Aug.
89.7%
91.3%
82.5%
91.9%
Sept. 9
Sept. 16
92.9%
92.5%
Sept. 23
Sept. 30
Nov. 18
92.6%
94.2%
94.4%
94.9%
95.7%
96.0%
96.1%
96.6%
Nov. 25
96.6%
Oct.
7
Oct.
14
Oct.
21
Oct.
28
Nov.
4
Nov. 11
an
are
the emergency
as
with
recovered
for
in box cars, for the
as
that metal.
result of
as
of
barges
same
removing chromium-plated
are
conserve
a
cloudburst in western
number of mines which
a
metallurgical coke.
loading
is being met in
being built to relieve steel, for instance.
Moreover,
tipples.
at
high
The
completely from the coal strike of
in
water
coke
on
situation
few weeks back.
a
for
1941—
Dec.
2
96.9%
Mar.
3
9
96.0%
Mar. 10
Dec. 16
96.8%
Mar. 17
gain
of
80.8%
Mar. 24
Dec. 30
95.9%
Mar. 31
Apr.
7
99.3%
Apr. 14
98.3%
Apr. 21 —-.96.0%
Apr. 28.—94.3%
May
5
96.8%
15
Scheduled
high
new
automobile
in
daily Tate,
or
148,262
as
Pittsburgh
at
iron
gain
for
the
week
the
over
ended
7
June
91.8%
at
was
holiday week of 27,250,
corresponding week
of
in
a
com¬
1940.
nationally was unchanged at 99% of capacity
in two districts, each by 1 point, Chicago to 101%%
Pennsylvania to 97.
Two districts dropped, Cleveland by 3
and Cincinnati by 1 point to 91%.
Unchanged were the
St. Louis at 98, Detroit at 92, Birmingham at 95, Buffalo at 93,
at 100%, Wheeling at 88, New England at 90, and Youngs-
97.
"Steel's"
at
a
the
against
93
to
following:
town
for
as
production
It gained
eastern
points
95,560
ingot
last week.
and
production
of 133,645 units,
and
three
steel
composite
at
$38.15,
price
finished
groups
steel
for
at
last
week
$56.60,
were
and
unchanged:
steelworks
scrap
$19.16.
Steel
ingot production for the week ended June 9, is placed
98%% of capacity, according to the "Wall Street Journal"
of June 12.
This compares with 99% in the previous week
and 100% two weeks ago.
The "Journal" further reported:
at
U. S. Steel is estimated at 97%, against 98%% in the week before and
99%% two weeks
ago.
Leading independents are credited with 99%,
unchanged from the preceding week, and compared with 100%two weeks
ago.
The following table gives a comparison of the percentage of
production
with the nearest corresponding week of previous
years, together with the
approximate changes, in points, from the week immediately preceding:
98.8%
99.4%
Dec. 23
2.5%
144,685 tons in April.
Aggregate May output
against 4,340,555 tons in April.
During the month
furnaces to 206 took place, a recovery from the coal
as
97.5%
Dec.
May gained
May compares with
4,596,113 tons
Production rate in May was at 94.1% of capacity
April, highest rate since March, 1941, 96.3%.
5
13.42
13.00
be made to do, without
indefinite period ahead.
Moreover, confidence
for decoration to
coal
because of lack
consumers
impossible to purchase metallurgical coal in substantial tonnages
Steel
$19.17
7
Dec. 30
Jan.
22.50
.
is
foundation
the
the fact is that
year
can
larger proportions of wood,
of
a
strike, the largest number in blast, since August, 1929, when 209 operated.
Low
High
among
possible, automobile makers
interfered
never
net
a
on
$22.00
half
over
that supply
shortage again is feared
source
paring with
1940
1936
has
tons
and Chicago.
7.77V
.
the
was
No. 1 heavy melting steel
quotations at Pittsburgh, Philadelphia,
1941
confidence
Wooden ships
may use
85,000,000
nearly 30% above
or
is important, since
ingenuity is being revived
Where
rivers
2
19.17
-
The performance
gives
parts where used
1
Jan.
[Based
$19.17{
One month ago
■
Dec.
Steel Scrap
1941, $19.17
One year ago
Jan.
18.71
June 10,
13.56
13.56
18.21
'.'.".■7V
Jan.
5
5
15.90
-
facilities—about
storage
steel shortage for
Pig iron production in
16.90
Dec.
Jan.
May
of
ore.
of
hardships, for
American
reason.
the record-breaking
Were this rate
in May.
early delivery.
14.81
1931..—
intolerable
It
16.90
_
lack
and
shutdowns have occurred
no
are
23.25
23.45
-
is
cry
This
Some coke
Jan.
were
ore
Pennsylvania which temporarily has shut down
Low
$23.45
22.61
-
-
industry
steel.
Southern Iron at Cincinnati.
1941
weather
practically
in
to
as
all-time
an
the rest of the year—which is improbable because of days
Despite the
of
particularly
100% to 140% of production.
morale of the entire industry
to the
previous record.
the
of
Yet the
with last March the closest rival.
will have been transported for the entire season,
tons
is
It is
usually less than in April because of greater reluctance
were
over
up
Railroads
23.61
One year ago.....
May
The sales rate continues at
unfavorable
of
which
time
sales and shipments.
In several cases shipments for the month were at
manifold ways.
Based
$23.61
Government,
being asked to do by Washington what they
are
companies May
many
in
kept
9
29
Pig Iron
One month ago
involve the tremendous amount
the
reports are being filled out conscientiously and with good grace.
Sales
2
1.953c.
Apr. 24
Oct.
3
1.945c.
1933
remov¬
already been doing to place steel where it will do most good.
to sell.
8
1934
by
supplying civilians.
reports
the ordinary routine of production,
Helpful
1938
for
out of that
to
shipments of over 11,000,000 tons of Lake iron
Low
7
decide whether this compli¬
to the Government to
up
of rapidly-moving events, offset, as it will be,
era
come
needed for
85% of the United States output.
High
2.261c.
Jan.
1941
These products represent
estimating
which will require two years to fulfill, will be worth the
needed
time
production.
2.261c.j
2.261c. I
2.26c, [
One year ago
finished steel works,
to
ships for hauling raw material, man-power for
current situation chief complaints
In the
For
[Based on steel bars, beams, tank plates,
wire, rails, black pipe, sheets and hot
One week ago...
;
facilities
ore
cars,
high, at least for several departments,
One month ago..
1930
labor must
of
many
Finished Steel
th*
on
ing materials, labor and time from immediate defense undertakings.
It is
obvious that if the steel expansion program is attempted materials and
COMPOSITE PRICES
"IRON AGE"
THE
a
above the "frozen" price.
this
effort in
often
Steel Co. to charge 2.25c.
the Granite City
a ton
be
will
it
Then
cated program,
but with the with¬
Steel Corp. from membership
of the open hearth capacity compared with 98.26%
reports only 92.91%
11199933387024678
45
year,
officials
Washington
to
steel
building and operating the expanded mills.
There is a growing shortage of pig
On June 1 number of furnaces in blast
pig iron despite high production.
facts
1941
ingot production by 10,000,000 tons 01
They will point out the amount of steel needed to create
more
Britain, also orders for 1,000,000 tons of steel and 240,000 tons of pig iron.
full
present
stepping up
ingots yearly.
steel, from added
Meanwhile, the Treasury Department
supply is augmented.
allocate orders for 280,000 tons of scrap to be shipped to Great
soon
will
of
proposition
An Eastern mill may be forced to shut down some open hearths this week
June 14,
1941—
Jan.
6
97.2%
Jan.
13
98.5%
96.5%
Jan.
20
Jan.
27
Feb.
3
Feb.
Feb.
99.8%
99.2%
10
97.1%
96.9%
97.1%
May 26
17
94.6%
June
2
99.2%
99.9%
98.6%
99.2%
Feb. 24
96.3%
June
9
98.6%
May 12
May 19
U.
Industry
1941
98%
1940
83
+3
1939
54
+1 %
1938
26%
+
%
1937
76
+ 1
70%
+ 1
65
Independents
88
1936
Steel
1935
39
97
99
+ 1
82
46
+ 1%
60%
27
—1
—1 %
84%
%
—
+
%
26%
+
66
+2
75%
+1%
+
%
—1%
+1
35%
41
%
55
+5
+4
%
—1
1934
60
1933
47%
+ 1%
38
1931
37%
—1%
39
—1
37
—1%
1930
68
—3
72
—3
64%
—3
49
.
+
69
—1
+2
1929
96
—
1928
"Steel" of Cleveland, in its
summary of the iron and steel
markets, on June 9 stated:
73
—3
76
—3
70%
—1%
1927
71
—3
74
—4
68
—3
100
%
94
—
%
1932 not available.
Current Events and Discussions
The
Week
with
the
Federal
During the week ended June
balances
bank
increased
reserves
arose
11
$111,000,000.
from
Reserve
member
Additions
reductions
of
Banks
bank
to
were
reserve
member
$52,000,000
Treasury deposits with Federal Reserve banks
and
in
$43,-
000,000 in non-member deposits and other Federal Reserve
accounts, and increases of $9,000,000 in Reserve Bank credit,
$14,000,000 in gold stock, and $2,000,000 in Treasurv
currency, offset in part by an increase of $11,000,000 in
Ireasury cash.
Excess reserves of member banks on June 11
estimated
increase of
to be approximately
$80,000,000 for the week.
$5,490,000,000,
an
The statement in full for the week ended June 11 will be
found
on
pages
3764 and 3765.
Changes in member bank reserve balances and related
items during the week and year ended June 11, 1941, follow:
Increase
(+)
or
Decrease
(—)
Since
June
11,1941
$
Bills
U. S.
discounted
Govt, direct obligations
U. S. Govt, guaranteed obligations.
June 4,1941
$
June 12,1940
S
2,000,000
2,179,000,000
5,000,000
—288,000,000
—5,000,000
Volume
'
Increase
.v.'"-;,
;
1
1
1
■
,
:?•'
>■
:•
!v\- rW:.*
June
■
+Y;'"-A
$
(+)
'.■/■':
or Decrease (—)
Since
June 12, 1940
5
June 4. 1941
11,1941
s
commitments, June 11) Other Reserve Bank credit
>
9,000,000
,
54,000,000
+ 9,000,000
+ 20,000,000
+ 9,000,000
—274,000,000
+3,166,000,000
+129,000,000
—198,000,000
+1,676,000,000
+ 40,000,000
+14,000,000
+ 2,000,000
Member bank reserve balances
13,312,000,000 +111,000,000
Money in circulation
9,393,000,000
—1,000,000
Treasury cash...
.
2,240,000,000
+11,000,000
Treasury deposits with F. R. banks.
941,000,000 —52,000,000
Gold stock
3,138,000,000
Treasury currency
and
deposits
other
i'-iT: 'Vv
7:
+ 676,000,000
-
+ 827,000,000
—43,000,000
2,094,000,000
F. R. accounts
'
♦
York City and.
Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
Federal Reserve System for the New York City member
banks and also for the Chicago members banks for the current
week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday.
Returns of Member Banks in New
ASSETS AND LIABILITIES OF WEEKLY
REPORTING MEMBER
IN CENTRAL RESERVE
Assets—
Reserve with Fed. Reserve
June 4
1941
$
$
Assets—
Loans and investments—total..
Commercial, Industrial and
agricultural loans.........
2,210
94
Open market paper.
Loans to brokers and dealers.#
347
2,566
804
2,646
810
Other loans for purchasing or
..
160
159
114
113
122
30
451
589
31
450
575
35
378
398
carrying securities.........
Other loans....*...........
17
21
....
48
86
252
125
87
250
158
1,453
1,456
971
3,223
3,293
2,559
821
835
715
1,722
1,376
5,752
..........
bonds."
United States
guaranteed
Obligations
21
....
345
125
1,736
1,385
5,658
112
139
134
406
1,156
43
267
129
421
1,176
43
323
355
1,202
40
256
Treasury bills
Treasury notes....
54
54
54
159
Real estate loans
Loans to banks.............
by
the
Balances with domestic banks..
100
109
1,279
1,323
6,545
83
80
Other assets—net......
Liabilities—
328
334
343
43
46
48
11,048
721
19
11,030
721
20
9,518
670
2,237
492
43
100
2,237
497
100
1,912
504
84
3,867
603
3,871
586
3,689
635
1,032
8
1,027
7
969
7
....
....
....
—.
-—
293
1,522
295
1,500
303
271
15
271
United States Government
Other securities
Reserve with Fed. Res. banks..
123
Cash in vault
Demand deposits—adjusted....
Time deposits
tL 8. Government deposits.....
Inter-bank deposits:
Domestic banks...
Foreign banks
Borrowings...........
.....
8ther liabilities
apltal accounts........
1,521
....;
16
15
254
Complete Returns of Member Banks of the Federal
Reserve System for the Preceding Week
explained above, the statement of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
As
close of business June 4:
The condition statement of weekly reporting member banks in 191
An
4:
June
cultural
the
shows
cities
ing
increase
loans,
of
$33,000,000 in
changes
for
lead¬
the week ended
commercial, industrial and agri¬
$75,000,000 in loans to brokers and dealers
decrease of
a
principal
following
$142,000,000 in holdings of United States
Government bonds, and decreases of $511,000,000 in reserve balances with
Federal Reserve Banks and $423,000,000 in demand deposits—adjusted.
in
securities,
industrial
Commercial,
to
and agricultural loans
increased $16,000,000 in
$33,000,000 at all reporting member banks.
Loans
dealers in securities declined $68,000,000 in New York
City and
York
New
of
increase
an
and
brokers
reporting member banks.
$72,000,000 in New York City and
City and $75,000,000 at all
Holdings of Treasury bills increased
$21,000,000 at all reporting member banks, and decreased $42,000,000 in
the St. Louis district.
Holdings of Treasury notes increased $19,000,000.
Holdings of United States Government
bonds increased in nearly all dis¬
being $46,000,000 in New York City and
$25,000,000 in the Boston district.
Holdings of obligations guaranteed by
the United States Government increased $8,000,000.
Holdings of "other
the principal
tricts,
increases
increased $17,000,000 in the Chicago district and de¬
clined $17,000,000 in the Cleveland district, show a small decrease for
the week.
+.+'7■■
YY Y-,Y77Y 7+ •'Y77
securities," which
+3,582,000,000
+98,000,000
—105,000,000
+ 16,000,000
+748,000,000
—14,000,000
deposits—adjusted...._.23,888,000,000
5,416,000,000
479,000,000
Time deposits
U. S. Government deposits....
Inter-bank deposits:
—51,000,000
9,236,000,000
649,000,000
1,000,000
Domestic banks
Foreign banks
Borrowings
...
French
Ambassador
Attack
and
Defend
Its
In
6, Gaston Henry-Haye, the
States, emphasized that,
Nations, France always
"far attacking and oppressing other
The Ambassador
to a statement
helpful hand to other countries.
a
Will
Hemisphere
French Ambassador to the United
gave
Not
Will
But
of State Hull
Regarding Latter's
France
With
statement issued on June
a
Country
Nations,
Other
Territories—Secretary
Pact
Discloses
—2,000,000
His
Declares
Oppress
Islands in Western
2,200
588
Y 'VYYY'Y•'■+:>Y'.'-Y
2,182
1,668
592
584
413
93
103
25
25
18
359
3i2
31
34
28
3,387
—423,000,000
—9,000,000
+ 65,000,000
+ 82,000,000
+268,000,000
Liabilities—
Demand
CITIES
9,307
2,777
11,831
11,769
3,406
Loans—total
+629,000,000
+ 164,000,000
—326,000,000
3,511,000,000
Balances with domestic banks
New York City
i941
+ 8,000,000
—1,000,000
-511,000,000
+2,000,000
-21,000,000
565,000,000
Cash in vault
(In Millions ol Dollars)
June 11
+ 142,000,000
3,030,000,000
3,692,000,000
banks..10,982,000,000
......
Other securities
+ 252,000,000
+303,000,000
+1,438,000,000
+21,000,000
+ 19,000,000
950,000,000
2,231,000,000
7,975,000,000
United States bonds
$
$
$
»
June 5, 1940
May 28, 1941
Obligations guaranteed by United
States Government
BANKS
Chicago
June 12 June 11 June 4 June 12
1940
1941
1941
1940
$
$
$
$
(—)
Decrease
or
Since
Treasury notes
2,249,000,000
22,593,000,000
•
„
Total Reserve Bank credit
(+)
Increase
June 4, 1941
Treasury bills
Industrial ad vs. (not Lncl. $12,000,000
Non-member
3727
The Commercial & Financial Chronicle
152
made this declaration
as
indirect reply
an
Hull
day (June 5) by Secretary of State
issued the previous
warning France that if it adopted a policy of
collaboration
Germany it would become an "instrument of aggres¬
with
sion"
against
other
many
peoples
Nations.
and
.
.
.
Mr.
Henry-Haye's statement also said that France intends to,
continue cordial relations with the United States and that
the French
in
conception, the destiny of France can never
be
opposed to that of America.
(
Saying that France will defend its territories against
any attack and will never take the initiative of any opera¬
British, the Ambassador stated that "it was
Federal Government to understand the
tion against the
difficult
reasons
the
for
for the accusations made against its
policy."
Mr.
Henry-Haye also expressed gratitude for the food shipments
made to France.
Stating that France never committed any
gesture against the United States, the Am¬
explained that all conceivable assurances and guar¬
anties about the French possessions in the Western Hem¬
unfriendly
bassador
isphere have been given to the American Government.
With respect to this latter matter, Secretary Hull on June
7 revealed that the United States has an agreement with
Admiral- Georges Robert, the High
Territories
in
the
"Western
Commissioner for French
concerning the
Hemisphere,
relationship of the French Territories" to the American
Re¬
Mr. Hull disclosed this in a letter to Senator Mead,
of New York, who had addresed the State De¬
partment with respect to the question of the United States
undertaking "negotiations with the government at Vichy for
the establishment of defense bases in the French Islands
publics.
'Democrat
St. Pierre-Miquelon, as well as on French
In his reply Secretary Hull
the Antilles,
of
territory in French Guiana."
said:
.
department is giving full and careful consideration
The
of
its
and
to all aspects
problem presented by these French Terroritories in this hemisphere
the
possible implications
regards national security and defense.
as
As
this Government as regards the
French West Indies, which includes all territories subject to the jurisdic¬
tion of the High Commissioner for French Territories in the Western
Hemisphere, is governed by an agreement entered into at the Havana Con¬
ference in 1940 by all of the American Republics, including the Untied
States, as well as by the arrangement entered into between the High Com¬
no
are
you
missioner
doubt
and
aware,
Admiral
policy of
the
Grc-enslade,
United
States
Navy,
and
later con¬
This arrangement provides certain guar¬
antees regarding the movement of French vessels in American waters and
commits the French Government to prior notification regarding any ship¬
firmed
by
of
ments
vessel and
naval
both
gold.
governments.
It also permits
the establishment of a
check its observance.
••
,
This Government is also releasing on a
from
daily patrol by
by plane of the islands of Martinique and Guadeloupe, and a
is at present stationed at Fore de France, Martinique, to
observer
French funds blocked
monthly basis a restricted amount
the islands to make
in this country to permit
purchases in this country of foodstuffs and essential supplies to maintain
the economic structure of the islands and French Guiana.
It has been
purchased through the use of these funds shall be
products urgently required on. the islands themselves and shall
agreed that supplies
limited
to
..
Demand
deposits—adjusted declined in nearly all districts, the principal
being $261,000,000 in New York City, and
decreases
Philadelphia district.
■
Deposits credited to domestic
City and
credited
A
$87,000,000 in the
j:• V'-v'777/7
banks declined $26,000,000 in New York
increased $16,000,000 at all reporting member banks.
to foreign banks declined $14,000,000.
summary
Deposits
+YY
of the principal assets and liabilities of re¬
with changes for the week
ended June 4, 1941, follows:
porting member banks, together
and the year
Increase
(+)
or
Decrease
June 4, 1941
$
Assets*—•
Loans and
28.061.000,000
10,183,000,000
Investments—total
Loans—total
May 28, 1941
S
(—)
'YY
Since
Y7v7Y--:Y7
June 5, 1940
s
+146.000.000 +4,534.000.000
—43,000,000 +1,748,000,000
Commercial, Industrial and agri¬
366,000,000
Loans to
496,000,000
—75,000,000
+59,000,000
444,000,000
—7,000,000
1,240,000,000
39,000,000
+1,000,000
—3,000,000
—31,000,000
+45,000,000
1,892,000.000
+ 9,000,000
brokers and dealers In
securities
Other
+ 33,000,000 +1,338,000,000
—1,000,000
+48,000,000
5.706,000,000
cultural loans
Open market paper
loans
for
purchasing
carrying securities
Real estate loans
Loans to banks
Other! oans
or
+1,000,000
+ 288,000,000
not
be
for re-export
politan France.
Should
the
evidence
from
the islands
American Republics
French North Africa or metro¬
develop
so
vYY:
;7.Y7 7
that further action by this
interests of national defense
action contemplated
to
J--
be required,
you
may
YY;:
Government in
be assured that any
will accord with the agreement reached with the other
at the Havana conference.
On June 9 the French Ambassador
conferred with Secre¬
tary Hull and it is said that the whole
can French relations was considered.
The Ambassador's statement of
question of Ameri¬
June 6 bearing on Secre¬
tary's statement of June 5, given in our June 7 issue, page
3582, follows:
After persuing the statement issued by Secretary of State Cordell Hull,
I am myself very much concerned about a situation which is steadily
growing more complicated, mostly through false rumors or intentionally
exaggerated reports. 777/
77.
-7 All the news pretending that German troops were at Dakar, Casablanca
or French Mediterranean ports have been
emphatically denied and the of¬
ficial representatives of the United States in those places can assert that
these informations are contrary to the truth.
Untrue also is the statement
that German forces landed at Lataquie (Latakia), Syria.
Furthermore, I
The Commercial & Financial Chronicle
3728
able to deny
am
in the French
But
Territories
that French
against any attack.
forces will ever,
Incontestable is also the declaration
or land, take the initiative of any
Marechal
Is
Petain
it necessary
who
Government to understand the
policy.
that all those made against the Government of
during the last year have been proved totally unjustified.
remind
beg to
you
to recall that the French soldiers and the French people,
almost alone last May and June, have made
sacrifices comparable to none others, and after the defeat of our armiies
the French people in the occupied and unoccupied zones went proudly
through the most cruel winter with starving rations?
We are deeply grateful to the American Government for the four ship¬
and
fought
but
Cross,
resisted
through the good
food sent to France,
ments of
may
I be permited
funds
to
buy
recall that
much
request to use $2,000,000 from
was
rejected.
our
Frenchmen have
difficulty to understand why, in these financial matters, they
severely treated than the Japanese, the Italians or the
the greatest
are
even a
for our war prisoners
meat
shut
be
out
as
temporary
a
of
It is also evidently intended to facilitate the
been awaiting ratification.
A
emphasizes
by the Argentine Government
issued
decree
that
the
henceforth be essential materials to speed up local
bulk of Imports will
These are becoming
economic activity and help manufacturing industries.
important in view of the new lower ratio of transport costs of native
more
products to the delivered costs of the imported manufactured equiva¬
raw
The action taken, it is understood, will simplify the utilization of
lent.
blocked overseas funds.
more
Comparative Figures of Condition of Canadian Banks
following we compare the condition of the Canadian
April 30, 1941, with the figures for Mar. 31, 1941,
and April 30, 1940:
In the
banks for
STATEMENT
CONDITION
OF
OF
BANKS
THE
OF
THE
DOMINION
OF CANADA
Despite the most cruel and unjustified attack at Oran and Dakar, where
hundreds of French lives were lost amongst the sailors, who fought gallantly
British Isles, we refused to take arms against
protect the
our
former
day the populations* of the
Every
ally.
until the exchange situation
conclusion of the proposed United States-Argentine reciprocal trade treaty.
Germans.
to
measure
The general arrangement is in anticipation of the early approval
the Argentine Congress of the 110 million dollar credits deal, which has
improves.
to recall that our most urgent needs were
roughly 170 shiploads to be purchased in the United States,
frozen funds accumulated through the thrift of our forefathers.
It is most painful to
be subject to quantitative allocation,
of imports will
11%
further
A
will
of the American Red
care
estimated at
with the
Argentine Information Bureau in
according to how essential are the goods involved, and the remaining 4%
*
the French
diffcult for
is
for the accusations made against its
reasons
f
it
from Buenos Aires to the
of France that they will defend
by air, sea,
operation against the British.
Therefore,
landed
ever
New York continued:
is the statement of the leaders
true
French
formally today that any airborne Axia troops
possessions of the Near East.
June 14, 1941
stoically enduring
cities of the French coast are
bombardments and never a complaint is made
British
Apr. 30,1941 Afar. 31,1941 Apr. 30,1940
Assets
%
subsidiary coin—•
Current gold and
S
%
7,106,405
3,110,623
—
Elsewhere
6,911,597
2,857,510
5,414,777
10,217,028
In Canada
9,769,107
9,294,781
3,880,004
about that.
It is
perfectly clear that the Untied States Government's policy is based
aiding Great Britain, but it is because we, Frenchmen, who have been
on
the first to aid England
the
all
blood,
of
men
money,
because
I
this
of
war
at her suggestion, by mobilizing
a war
and
50,
material, land to aid Great
by putting all
our
resources,
Britain in this struggle,
we
is it
should be denied
emphasize
that,
far
from
attacking
and
oppressing
other
helpful hand to
other countries.
Before
and after the armistice, France has been the land where millions
France always
gave
people of all races and
observers
to American
view of the
on
a
religions found refuge and
are
now,
according
the spot, receiving the best possible treatment in
terribly precarious situation in France.
It has been
our
Never did we commit any unfriendly gesture against the United
the
On
States.
conceivable
contrary,
we
have given to the American Government all
and guaranties about the French possessions of this
assurances
Deposits with Bank of Canada
Notes of other banks
United States A other foreign currencies
Marechal
of
a
with
made
Deposits
and
live and
asserts
its
residing abroad, claims for
will to maintain
3,437,622
our
Nation the right to
the sovereignty of France.
It is im¬
3,096,895
3,450,897
40,577,721
41,240,701
36,457,871
157,796,180
141,358,324
146,674,283
1,576,583,857 1,526,981,347
and
Government
Dominion
,306,901,167
143,568,157
95,456,724
170,413,288
114,404,230
31,250,327
35,110,370
49,508,336
42,553,424
1,012,157,670 1,015,263,785
135,319,595
131,881,809
57,014,418
934,261,407
148,817,976
Provincial
Government securities
Canadian municipal securities and Brit¬
colonial
and
foreign
ish,
public se¬
148,068,573
95,704.334
curities other than Canadian
Railway and other bonds, debs. A stocks
Call and short (not exceeding 30 days)
loans In Canada on stocks, deben¬
and other securities of
marketable
sufficient
a
value
to
....
Elsewhere than in Canada
Other current loans A dlscts. In Canada.
Elsewhere
Loans to Provincial governments
ideals of the Americans.
Loans
has such
I
can
a
,
false rumors can prevent the French Nation, which
long and glorious past, from following the road of her destiny.
assure,
solemnly and most sincerely, that, in the French conception,
the destiny of France can never
be opposed to that of America.
54,028,747
Loans to the Government of Canada
possible to conceive that such action might interfere with the interests or
No propaganada, no
28,912,096
116,940,990
balance due
in Canada
and banking correspond¬
ents in the United Kingdom
Due from banks and banking correspond¬
ents elsewhere than In Canada and the
from other banks
Petain, namely the Government of all the
heartily united behind this great soldier, with the exception of
few thousand refugees
61,5*73*803
213,910,188
4,836,897
30,714,627
131,416,226
3,278,676
Due from banks
cover
Frenchmen
80*.615*795
207,997,352
banks in Canada, secured,
Including bills redlscounted
tures, bonds
Government
banks
Cheques on other
hemisphere.
The
89",327*319
228,848,332
2,824,666
28,762,798
133,175,060
Canada
Notes of Bank of
United Kingdom
privilege, since the days of Rochambeau, De Grasse and
LaFayette, to have the most cordial relations with the United States of
America.
We intend to keep this friendly collaboration as far as it is
possible..
...—...........
Loans to other
defend French sovereignty?
to
want
20
have made such tremendous sacrifices that
we
the right to
Nations,
by declaring
between
France
Dominion notes
11*6*1*6*544
12,267,397
17,300*790
85,039,346
87,087,654
119,909,726
Real estate other than bank premises..
5,680,680
6,898,515
Mortgages on real estate sold by bank.
3,557,031
5,791,285
7,049,22
3,518,43.
7,629,505
4,011,731
cities,
to
municipalities
towns,
and school districts
estimated loss
Non-current loans,
pro¬
vided for
Bank
at
premises
not
more
8,086,903
than cost
70,576,370
70,643,757
71,952,275
81.557.277
75,758,3601
59,832,371
4,844,145
10.721.278
4,840.785
10,876,603
5,080,767
11,065,013
2,013,017
less amounts (If any) written off
2,158,414
2,527,387
Liabilities of customers under letters of
Belgian Government Orders Payment on Dollar Bonds
of Specific Serial Numbers
Holders of the Kingdom of Belgium external loan dollar
bonds were notified recently by Georges Theunis, Belgian
credit as per contra
Deposit
for the
Other assets not Included under the fore¬
going heads....
Ambassador to the United States, that the Belgian Govern¬
ment has directed J. P. Morgan & Co., Inc., and Guaranty
Trust Co. of New York, sinking fund administrators and
paying agents, to apply all moneys now on deposit and to be
deposited with them for redemption, sinking fund and
payment of interest only to those bonds the serial numbers
of which may be designated by the Belgian Government,
including specifically the serial numbers of those bonds on
which interest has been paid in New York since June 1,
1940. This order applies to the 6% 30-year sinking fund gold
bonds, payable Jan. 1, 1955; the 63^% 25-year gold bonds,
payable Sept. 1, 1949, and the 7% 30-year sinking fund gold
bonds, payable June 1, 1935.
with the Minister of Finance
security of note circulation
Shares of and loans to controlled cos
...
4,109,019,014 3,909,972,488 3,731,657,385
Total assets.
Liabilities
81,377,405
83,467,245
89,171,887
141,731,216
154,641,560
179,439,353
86,385*461
64,441442
59,011^466
1,127,961.630 1,050,469,802
832,598,639
Notes In circulation
Balance due to Dominion Govt, after de¬
ducting adv. for credits, pay-lists, Ac.
Advances under the Finance Act
Balance due to Provincial governments
Deposits by the public, payable on de¬
mand in Canada
Deposits
notice
by
public,
the
or on a
payable after
1,707,557,890 1,702,704,381 1,671,538,370
467,114,635
427,891,261
410,771,610
fixed day In Canada
Deposits elsewhere than in Canada
Loans
other
from
banks
in
Canada,
secured, Including bills redlscounted..
Deposits made by and balances due to
11,567,841
Elsewhere
Cuban
in
30-Year 5 lA% Gold Bonds in
Amount
of
$666,900
than
29,673,672
15,666
In
Canada
and
letters
and
of
credit
Argentina to Abolish Prior Exchange Permit System
The
Argentine Minister of Finance, Dr. Carlos A. Acevedo,
a statement that from July 1 the
system of prior
permits will be abolished and the Exchange Control office
has issued
will
cease
to exist.
mechanism of the
The formalities will be left to the usual
Argentine Central Bank, under which 85%
of all imports on the 1940 basis will not require prior ex¬
change allocation.
Reporting this, a cable dated June 6
Liabilities not incl. under foregoing heads
Dividends declared and unpaid
Rest or
75,758,360
5,260,315
1,525,350
133,750,000
145,500,000
5,267,444
2,815,768
133,750,000
fund
reserve
35,811,633
187,159
15,079
out¬
standing
Republic of Cuba, through Pablo Suarez, Consul General
of Cuba in New York City, is notifying holders of its external
loan 30-year sinking fund 5K% gold bonds issued under loan
contract dated Jan. 26,1923, that $666,900 principal amount
of the bonds have been drawn by lot for redemption on
July 15, 1941, out of moneys in the sinking fund, at 100%
of their par value and accrued interest to the redemption
date.
The bonds drawn for redemption will be paid at the
office of the fiscal agents, J. P. Morgan & Co., Inc., on or
after July 15, 1941, after which date interest on the drawn
bonds will cease. It is stated that on June 9, 1941, $369,900
principal amount of these bonds previously drawn for re¬
demption had not been presented for payment.
29,896,432
the
United Kingdom
Bills payable
Acceptances
24,274,627
banking correspond¬
ents In the United Kingdom
Redemption of
10,235,882
24,417,891
81,557,277
and
9,316,913
21,981,713
other banks In Canada
Due to banks
Capital paid up
145,500,000
59,832,371
4,380,703
2,744,396
133,750,000
145,500,000
4,005,034,294i3,891,936,129 3,716,091,173
Total liabilities
Note—Owing to the omission of the cents In the official reports, the footings in
the above do not exactly agree with the totals given.
New
York
Stock
Exchange Short
During May
The New York Stock Exchange
the
short
the
interest
existing
May 29 settlement date,
announced
of
as
as
Interest Decreased
on
June 6 that
of business on
the close
compiled from information
obtained by the New York Stock Exchange from its mem¬
bers and member firms, was 496,892 shares, compared with
510,969
shares
on
30,
April
both
totals
excluding
short
positions carried in the odd-lot accounts of all odd-lot deal¬
As of the May 29 settlement date, the total short inter¬
ers.
est
in all odd-lot
dealers' accounts
pared with 53,537 shares
on
44,298 shares,
was
April 30.
com¬
The Exchange's
an¬
nouncement further stated:
Of
there
the 1,234 individual stock issues listed on the
were
21
issues
in
which
a
short
interest of
Exchange
more
than
on
May 29,
6,000 shares
Volume
existed,
in
or
shares
which
occurred
The
number
29,
exclusive
with
417
on
the
change
a
in
the short
position
issues
of
iii
ROUND-LOT STOCK SALES ON THE NEW YORK CURB EX¬
CHANGE AND STOCK TRANSACTIONS FOR ACCOUNT OF MEM¬
BERS •
which
odd-lot
April 30, 1941.
interest
short
a
dealers'
short
was
position,
reported
Week Ended
..v'/yy
1938—
500,961
Oct.
Jan.
28
447,543
523,226
Short sales
479,344
29
381,689
Oct.
Dec.
536,677
Mar. 31..
Apr. 28
1940—
529,559
Jan.
♦662,313
•*
*» m.m
.*»*»«
;
454,922
Round-lot
the
imm-m
498,427
485,862
Mar. 29
488,815
530,594
Jan.
31....
Apr. 29
Feb.
28
487,151
31
481,599
May 31
428,132
Mar. 31
537,613
1941—
m
Aug. 31........
435.273
June 28
446,957
Apr. 30.... 4rn:mmm
570,516
July
31
479,243
May 29
V
32,930
20,650
;
Short sales..
4,825
1if.
1,665
47,625
Other sales.b
496,892
'•
;
28,180
510,969
Sept. 29. Xy.*.*
•'
'
Total purchases
V;
Feb. 29
667,804
x--";
account
which they are registered—
651,906
July
for
515,458
May 31........
....
239,450
..
transactions
459,129
June 30
a
2,440
237,010
372,965
£
..MM*.
Dec. 31
Cent
Week
a
of members:
1. Transactions of specialists in stocks In
31
Nov. 29
31
Cent
6,225
366,740
...
Total sales
474,033
*517,713
530.442
Sept. 30
:_
...
Other sales.b
i
Aug. 30
Nov. 30
31
Feb.
1940—
31
Per
Week
1939—
30
—May 31, 1941—
Total for
Per
Total for
.
A. Total round-lot sales:
following tabulation is shown the short interest
1939—
1
Week Ended
—May 24, 1941—
v
existing at the close of the last business day for each month
since Dec. 30, 1938:
Dec.
(SHARES)
compared
400,
was
of
as
3729
TOTAL
than 2,000
of more
during the month.
of
May
In
The Commercial & Financial Chronicle
152
Total sales
♦Revised.
2.
Other
Initiated
on
floor—Total purchases...
5,775
Trading on New York Stock and New York
Exchanges During Weeks Ended May 24 and
Total sales
Trading in stocks
members,
on
the New York Stock Exchange by
odd-lot dealers, for
except
amounted to 231,440 shares
it
was
tion
announced
on
their
own
account,
the
the Curb members traded in stocks for their
5,675
♦
0
0
33,310
25,616
33,310
25,616
16,675
The term
"members"
as
2.
specialists
New York
a
Shares In members'
transactions
Stock
785
1,070
95
178
b Round-lot short sales which are
exempted from restriction
on
The
Securities
145
54
132
625
617
684
626
trans¬
Note—On the New York Curb Exchange, odd-lot transactions are handled solely
the odd-lot
<.
a
single report
may
ROUND-LOT STOCK SALES ON THE NEW YORK STOCK EX¬
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
3
Total for
I
1
Per
Total for
Week
Cento,
Week
'
.............
Total sales
for
transactions
members, except for
Round-lot
74,380
2,099,430
289,260
11,274,440
Odd-lot purchases by dealers (customers'
Number of orders:
.........
-
.....
transactions Initiated
floor—Total purchases
on
Customers' short sales
Customers'total sales
10,302,544
Round-lot sales by dealers:
Number of shares:
•
-
Short sales
K
190,320
30,150
145,150
20,610
111,690
8.41
£32,300
120
Other sales.b
134,870
,
Total sales....
I
transactions Initiated
floor—Total purchases
81.,660
b Sales to offset customers
-
Other sales.b
—..........
62,050
—
-
Total sales
4.95
Market
36,620
8,340
3,000
42,900
56,455
2.92
45,900
373,330
4. Total—Total purchases
v
73,240
a
odd-lot orders, and sales to liquidate a long position
round lot are reported with "other sales.'
i
Value
.
of
Bonds
Listed
on
New
York
Stock
Exchange May 31 Below April 30
64,795
Total sales
5.37
the
Short sales
69,590
Sales marked "short exempt" are reported with "other sales."
8,400
64,840
112,300
off
103,040
8.53
which Is less than
Total sales
102,920
Round-lot purchases by dealers:
Number of shares
a
13,500
98,800
Other
320,127
Dollar value
120,960
Other sales.b
4,711
315,416
Customers' other sales.a
the
Short sales
Other sales.b
13,481
a
1,565,740
175,300
Total sales
Other
Short sales
13,288
Customers' total sales......................................
Per
Cent
the odd-lot ac¬
and specialists:
Transactions of specialists In stocks In
which they are registered—
Short sales
»
193
Customers' other sales.a
of
account
Other sales.b_
-A-'*:?:,
sales):
—
counts of odd-lot dealers
3.
11,119
shares.............................................
47,810
1,517,930
2,173,810
............
—
Total purchases
odd-lot dealers and
Number of shares:
Other sales.b
2.
Number of
Weekl, 1941
—May
Total round-lot sales:
1.
all
Customers' short sales
Week Ended
B.
of
Odd-lot sales by dealers (customers' purchases):
Number of orders.....*....................................,..
(SHARES)
—May 24, 1941—
Short sales
account
carry
entries in more than one classification.
'
13
1941,
Dollar value...
because
TOTAL
A.
June
Week Ended June 7, 1941
engaged solely in the odd-lot business.
As a result, the round-lot transactions of
specialists in stocks in which they are registered are not directly comparable on the
OF MEMBERS »
on
TRANSACTIONS FOR THE ODD LOT ACCOUNT OF ODD-LOT
DEALERS AND SPECIALISTS ON THE NEW YORK STOCK EXCHANGE
other round-lot trades.
On the New York Stock Exchange, on the
other hand, all but a fraction of the odd-lot transactions are effected by dealers
specialists'
in the various classifications may total more
Commission
STOCK
by specialists in the stocks in which they are registered and the round-lot transactions
of specialists resulting from such odd-lot transactions are not segregated from the
,
Exchange
specialists who handle odd lots on the New York Stock
Exchange, continuing a series of current figures being pub¬
lished by the Commission.
The figures are based upon
reports filed with the Commission by the odd-lot dealers and
specialists:
48
4. Reports
showing
actions.
and
daily volume of stock trans¬
22
25
the number of reports received
New York Stock Exchange During
made public a summary for the week ended June
7,
of complete figures showing the
actions for
171
The number of reports
by the Commission
Sales marked "short exempt" are included with "other sales,"
Odd-Lot Trading
93
178
than
round-lot volume.
rules are included with "other sales."
Exchange
785
,
per cent of twice total
Exchange volume includes only sales.
Curb
Exchange
two exchanges.
as
calculating these percentages, the total of members' purchases and sales Is com¬
pared with twice the total round-lot volume on the Exchange, for the reason that the
New York
New York
Curb
3. Reports showing other trans¬
actions initiated off the floor
.
their firms and their
Week Ended June 7
Reports showing other trans¬
actions initiated on the floor
no
11,216
Exchange members,
New
Exchange
190
all
In
Week End. Map 24, '41Week End.
,
Includes
partners, Including special partners.
These reports are classified as follows:
York
16.15
44,120
Total sales...................*.,..
York Stock Exchange and the New York Curb Exchange by their respective
Stock
15.58
of
Total purchases...............*...
c
Exchange
Total number of reports received... 1,072
1. Reports showing transactions
2,160
41,960
64,580
for the account
3.91
10,675
33,240
58,905
specialists:
Customers' short sales
Customers' other sales, c
the two weeks:
New
2.61
6,555
Odd-lot transactions
64,580 shares, which was 15.58% of total volume
of 372,965 shares.
The Commission made available the following data for
The data published are based upon weekly reports filed with the
10,280
.51,640
Total sales
amount of
members.
395
5,705
Short sales
account in
own
8,065
850
Other sales.b
previous week ended May 24 (as announced by the SEC
on June 9), round-lot purchases and sales of stocks for the
account of the members, except odd-lot dealers,
totaled
352,395 shares; this amount was 16.70% of total transactions
for the week of 2,173,810 shares.
The Commission also promulgated figures showing the
relation of trading by members of the New York Curb Ex¬
change for their own account to total transactions on the
Exchange.
During the week ended May 31 the member
trading was 44,120 shares, or 16.15% of total transactions
of 239,450 shares, while in the preceding week (May 24)
1.70
3.600
12,935
4. Total—Total purchases
the
1,52
the
Total sales...
During
Exchange of 1,565,740 shares.
off
Other sales.b
16.12% of total
was
Initiated
Short sales
by the Securities and Exchange Commis-
3,500
5,575
transactions
floor—Total purchases
during the week ended May 31,
yesterday (June 13), which amount
transactions
Other
100
5,575
May 31
3.
4,525
o
Other sales.b
Curb
10.54
29,845
the
Short sales
Member
11.45
52,450
transactions
2.64
253,150
51,990
300,405
The New York Stock
as
32,010
219,430
352,395
16.70
251,440
16.12
of the close of
Exchange announced
on
June 9 that
business May 31,
1941, there were 1,283
bond issues aggregating $55,533,776,568 par value listed on
the New York Stock Exchange with a total market value
of $52,321,710,056.
This compares with 1,287 bond issues
aggregating $55,678,495,902 par value listed on the Exchange
on April 30 with a total market value of
$52,518,036,554.
In the following tables listed bonds are classified
by gov¬
ernmental and industrial groups
value and average
with the aggregate market
price for each:
" >v
Chronicle
The Commercial & Financial
3730
straddles
Market
Aver.
Market
Price
Value
Price
the
same
Aver.
Value
37,364,543,908 108.60 37,376,572,235 108.64
47 ,209,705
97.23
Amusement
46 ,032,739
Automobile
14 ,118,118 102.52
Building
19 ,976,318
Business and office equipment—...
19 424,188 104.38
Chemical..
77 ,037,813
» ...
97.77
85.08
19 ,354,400 104.00
97.46
81 ,214,070
97.61
16 .125,000 107.50
50,,443,364 101.21
212 ,822,337 104.23
227,,219,103 104.12
16 ,106,250 107.38
Food
Land and realty
9 ,769,452
63.29
9 ,781,393
63.37
49 ,569,747
98.17
49 ,545,358
Machinery and metals
51.99
87,,159,013
71 ,239,083 101.15
Mining (excluding iron)
90 ,816,870
54.20
Paper and publishing
71 ,294,627
101.37
its
One-tenth
for
1%
of
provide margin equal to:
Retail merchandising
Rubber
contracts
2.
exclusive of a
account,
commodity
straddles
in
contracts
offsetting
73.29
fide "trade" account;
71.,775,900 104.38
20 ,130,936
20 ,446,283
56.31
89.13
15 ,558,838
87.75
15 712,028
55.76
Textiles-w.
25 809,953
97.23
532 ,877,438 100.01
25 ,669,163
96.70
Tobacco
41, 427,836 122.60
41 ,288,658 122.19
3,067 196,741 107.51
147, 883,530 104.94
1,048 396,416 106.63
3,163,789,560 107.46
560 555,706 100.12
(operating)
_
.v*.
*.
—
of the ^debit balance in each customer's account in
equity containing spot commodity positions not hedged by future contracts
in the same commodity;
Thirty per cent
4.
Fifteen
combined
54.85
83, 825,991
55.02
83,.568,451
46.62
in
debit balance in each customer's
account contains spot commodity
adjusted
the
equity when such
future contracts in the same commodity.
positions hedged by
of Securities
Parallels Those of
SEC Publishes Report on Cost of Flotation
87,660,148 45.73
8,829,375 103.88
8, 850,625 104.13
Miscellaneous businesses
of
cent
per
account
147,549,900 104.69
1,053,730,089 106.97
89, 367,751
Miscellaneous utilities............
U. S. companies operating abroad
customer's bona
each
in
positions)
commodity
spot
3.
Utilities:
Gas and electric
and all "short" future
(other than those contracts representing spreads or
the same commodity in the same contract market and those
contracts
62.69
Shipbuilding and operating
Shlppl ng services
Comrn unicatlons
positions) in each customer's future
bona fide "trade" accounts;
cent of the market value of all "long"
One per
11,,388,068
590,,934,290 102.76
25 ,614,900 106.00
Gas and electric (holding)
commodity
offsetting spot
commodity
6,589,,625,231
....
Steel, Iron & Coke
,
the
of
cent
per
72.84
6,512 ,867,567
11 ,192,231
Railroad
"
market value of all "long" and all "short"
future commodity contracts (other than those contracts representing spreads
or straddles in the same commodity in the same contract market and those
Five
1.
593 ,083,681 103.13
62.00
Petroleum
bona fide "trade" accounts.
including
customers,
"long" or total
total
the
of
commodity, whichever is greater, carried
each
in
values
market
the
of
contracts
future
positions) carried for
hedging any spot commodity
or
general partners.
Cash required to
98.12
.
firm
"short"
14 ,024,848 101.33
20 .002,936
84.96
49 ,751,843 101.38
Electrical equipment..................^.
Financial
offsetting
and
$
5
$
contracts
the
U. 8. Govt. (Incl. States, cities, &c.)
United, mates Companies—
(other than those contracts representing spreads or
commodity in the same contract market and those
contracts
in
and all "short" future
of the market value of all "long"
Five per cent
commodity
April 30, 1941
May 31, 1941
Group
June 14, 1941
1940—Cost
in
Relationship
1938-39
Total U. 8, companies.......
76.62 13,138,009,665
Foreign companies
............
AH listed bonds.........
The
.....
table,
following
by
42.28
94.32
57.53
52,321,710,056
compiled
1,252,373,223
751,081,431
94.22 52,518,036,554
1,280,937,444
747,592,516
77.23
43.34
12,928,636,188
Foreign government._.........
us,
gives
57.78
two-year
a
comparison of the total market value and the total average
price of bonds listed
on
the Exchange:
__
Market
Average
Markel
Average
Value
Price
Value
Price
$48,127,511,742
$91.56
$46,936,861,020
$87.87
the cost of flotation
on
for securities
registered under the Securities Act covering the year 1940
were made public on June 6 by the Securities and Exchange
Commission.
These statistics bring up to date the annual
presented in a report of the Research and Statistics
Exchange Division on the Com¬
mission entitled "Cost of Flotation for Registered Securities,
data
Section of the Trading and
1938-39," and published in March, 1941 (referred to in our
issue of March 8, page 1518).
In general, the cost relation¬
ships indicated in 1940 paralleled those in evidence in the
1940—
1939—
Apr. 29
statistics
Detailed
May 31....
The more prominent results shown in the
1938-39.
years
May 31
48,920,968,566
92.92
June 29
47,665,777,410
90.14
June
30
92.08
July
31
31
48,601,638,211
49,238,728,732
49,643,200,867
90.96
July
48,570,781,615
49,007,131,070
47,297,289,186
46,430,860,982
47,621,245,885
47,839,377,778
49,919,813,386
91.33
by issuers to the public for 1940 are summarized as follows
92.08
by the Commission:
50,438,409,964
92.84
50,755,887,399
50,831,283,315
93.58
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec.
30...„
93.15
Aug. 31
90.59
88.50
Sept. 30
Oct. 31
90.79
Nov. 30-
91.24
.
Dec.
31
Jan.
31
49,678,805,641
92.02
Feb.
28
Feb.
29
49,605,261,998
91.97
Mar. 31
Mar. 30
50,006,387,149
49,611,937,544
92.86
Apr. 30
92.48
1940—■
30
93.05
50,374,446,095
50,277,456,796
52,252,053,607
52,518,036,554
92.72
93.73
costs
5.7%
were
For
136
New York Curb Exchange
in
The
Increased
total
short position of stocks dealt in on the New
Exchange for the month of May, 1941, reported
as of May 31, 1941, amounted to 8,494 shares compared with
7,302 shares reported on April 30, 1941, the Exchange an¬
nounced on June 7.
Five issues showed a short position of
more than 400 shares.
They were:
The
common
cost
two
American Cyanamid
Co. B non-voting
1.8%
was
280
:
461
Electric Bond & Share Co. $6 preferred
422
$5 preferred
stock
1938, while
expenses
Flotation
In
Exchange Commission on June 9 trans¬
Congress, Chapter I of Part Four of its over¬
study of investment trusts
and investment companies which it has conducted pursuant
to Section 30 of the Public Utility Holding Company Act of
1935.
This chapter,
which deals with the control of indus¬
which
An
Chapter
Investment
to
1935,
which
I,
was
Company Act
and
is
in
draft
prepared
in
of
deals
essence
1940,
economic
prior
to
analysis
and
historical.
passage
the
The
of
report
the
1927
period
is
not
intended to indicate that the Investment
that
or
any
further
legislation
Company Act of 1940 is inadequate
is necessary at the present time for the
while
0.219%.
and
The
!by
discusses in detail the total assets of all industry controlled
report
investment
coppanies; the techniques of obtaining control, and the
economic aspects
companies
detailed
and
case
of such control, including the effect
the
upon
studies
which
controlled
companies.
upon
The
the investment
report
sets
forth
deal
with control by investment
companies of
public utilities, railroads, chemical companies, banks, insurance companies,
real
estate
New
and
various
miscellaneous
Stock Exchange Amends Minimum
Capital
Requirements with Respect to Commodities
Member Firms of the New York Stock
Exchange announced on June 3 the following additions to
its
minimum
requirements
on
capital
on
requirements
commodities.
ments are to become effective
to
make
provision
5.
Cost
stock,
common
the
to
equaled
costs
for the non-
practically all of
variations
manufacturing
For
and
0.688%
0.199%,
item.
expense
generally small for bonds,
were
the
to
Most of the
A pronounced
for like utility issues.
shown for preferred stock, 7.9%
offered
underwritten
costs
from
issues
of
from
$1,000,000
larly,
were
stock
public
for underwritten
3.4%
with
comparing
for
stock issues fell in the manu¬
common
proportion of costs declined consistently as size of issue became
in
bond
stock
0.918%
preferred
common-
for
aggregated
registration
to
those
2.4% for underwritten manufacturing issues offered
was
issues
that
0.352%
aggregated
group.
The
for
for
by type of industry
utility issues.
facturing
6.
and
public comparing with 2.3%
similar
for
figures
expense
respectively,
attributable
not
indicates
items
expense
requirements
Legal fees constituted the most important single
difference, however,
for
is made for bonds,
individual
items
the total cost figure of
to
8.3%
3.5%
under
of
bond
5.6%
issues
for bond
$20,000,000 and
for
for
for underwritten
issues
offered
stock
$1,00,000
steady
a
2.2%
declined
declined
costs
issues of
for
con¬
under
of
issues
Simi¬
16.2%
$5,000,000 to $20,000,000.
issues,
12.6%
to
public,
Costs
stock
preferred
from
of
issues
common
shown.
was
underwritten
the
to
under $1,000,000 to
issues of
over
from
$1,000,000
from
to
$5,000,000.
7.
A
definite
and
offered
size
to
of
the
cost of flota¬
relationship could also be observed between
the
issuing
public, costs
underwritten
For
company.
from 5.5%
declined consistently
bond
issues
for issues
of
companies with assets of from $1,000,000 to $5,000,000 to 2.1% for issues
of
companies with assets of $200,000,000 and
ferred
stock
issues,
a
with
assets
of
decline
consistent
panies with asset3 of less than
$100,000,000
to
For underwritten pre¬
over.
15.5%
from
$1,00,000 to 3.4%
$200,000,000
was
for
of
issues
com¬
for issues of companies
indicated.
under¬
For
written
for issues of companies with assets of from
8.
additional
require¬
A
special
analysis
of
of this
9.
to
according
to
yield
cost of
flotation
The analysis revealed,
by type of underwriting contract
a pronounced tendency during
lengthen the period during which the contract could be canceled,
with many
however,
ordinary termination clauses extending
date,
instead
of
many
market
clauses
usual
bonds
non-utility bonds, although little correla¬
type was indicated for utility bonds.
Little variation in
shown.
1940
for
particularly compensation, tended to decline
the lower the yield in the case of
tion
$10,000,000 to $50,000,000.
variations
cost
suggests that cost of flotation,
for
July 1, 1941.
The debit items appearing in the
Exchange's Directory
and Guide are amended
by the addition of the following
paragraphs:
of
case
method of offering—offered to the public
one
registration
Comparable
0.228%,
was
These
methods of offering
to the public in
contrasted with 14.6%
different
stock offered
common stock,
the same tendency was evidenced in a decline from
22.8% for issues of companies with assets of less than $1,000,000 to 10.4%
industries.
York
The Committee
where
the
In
by
the
to
expense
respectfully.
tion
regulation of investment companies.
respectively.
of preferred
No comparison
of
bonds,
sistently
the
primarily with
widely
issues.
group.
attributable
decline
With regard
and
1939,
underwritten.
greater.
significance of investment companies will be
in
1.1%,
and
case
characterized
were
expenses
to
the
non-underwritten
the
transmitted to the Congress in the near future.
to this current section, the Commission said:
while
Compensation for preferred
12.6% for the underwritten group, as contrasted with 22.3%
try by investment companies, is next to the last chapter of
the Commission's entire report.
Chapter II (the last chap¬
ter) of Part Four of the Commission's report dealing with
economic
in
as
1938,
in
1940, costs equaled 5.0% for underwritten issues, as
4.
The Securities and
4.2%
1940,
varied
costs
employed.
were
900
SEC Sends to Congress Another Chapter of Its Report
on
Investment Trusts and Investment Companies
all report in connection with the
and 5.4%
9.2% in 1940
Compensation for bonds
years.
1.9%
and
1939,
in
1.0%,
amounted
partly
mitted to the
1939
to
4.3% in 1938, while
Compensation for
8.1% in 1940, 8.0% in 1939, and 11.9% in
amounted to 1.1%, 1.5%, and 1.4%, respectively.
in
1.0%,
were
stock
3.
1.9%
4.7%
equaled
expenses
and
700
in
compensation to distributors and expenses,
similarity in the three
0.6%, 0.6% and 0.5%, respectively.
underwritten
68
1,157
common
1941
April 30,
412
Atlas Corp. warrants
5.2%
costs amounted
issues,
components,
1940,
in
common
for
__
stock
compared with 9.5% in 1939 and 13.3% in 1938.
absorbed
common
compared with
as
1938.
York Curb
American Gas & Electric Go.
1940,
in
94.22
May
May 31. 1941
This compared with cost
For 81 preferred stock issues,
in 1939, and 2.4% in 1938.
ratios of 2.5%
2.
on
in the preceding two
as
same
of 85 bond issues in 1940.
case
also showed marked
Short Position
much the
was
Out of each $100 to be paid by the public, costs absorbed $2.40,
2.4% in the
94.32
52,321,710,056
May 30.-V.
1940
flotation in
Cost of
1.
years.
or
31
Jan.
Apr.
93.84
1941—
92.33
analysis of cost of flotation of securities proposed for sale
the
customary
extending
public offering date.
effective
up
to
date
of
up
to the public offering
registration;
the payment date,
and
instead
with
of the
Volume
SEC
The Commercial & Financial Chronicle
152
Adopts Rules Under Investment Company
Relating to Registration Statements
The
Securities
June 9
that
it
management
Act
and
Exchange Commission announced on
adopted rules which permit closed-end
lias
investment
companies to file copies of their
registration statements under the Investment
Company Act
of 1940 as a registration
statement under the Securities Act
of 1933
or
as
an
application for registration of securities on
Securities Exchange Act of 1934.
an
exchange under the
The Commission states:
The
rules provide that registration statements and
applications must be
accompanied by any additional information and documents
required by the
appropriate form which are not included in the
registration statement under
the Investment
Company Act.
The rules also provide that registration
statements
and applications filed
pursuant thereto must be
limited time after the date of
filing the company's
within
filed
Company Act.
The SEC also announced
June 9 that upon the
on
specific
request of management investment companies it will return
copies of their certificates of incorporaion and other formal
documents which the companies
have
may
to
answer
the
questionnaires
filed
by
them
with the Commission's Investment Trust
may file such
supplied
in
Study,
copies with the Commission
as
in
connection
that they
so
part of their
registration statement under the Investment
Company Act
of 1940.
These
The announcement further
says:
documents
will
be
returned
to
record
avoid
of
the
Commission.
This
volved
in
making
have only
may
a
photostatic
not become
procedure
subjecting investment companies
copies
investment companies
management
only to the evtent that such documents have
formal
few copies necessary for their
part of any public
being adopted in order to
the expenses
to
of
is
which may be
documents
own
which
of
Treasury bills will be dated June 18 and will mature on
Sept. 17, 1941, and on the maturity date the face amount of
bills will be payable without interest.
There is a ma¬
turity of a previous issue of Treasury bills on June 18 in
1ne
amount of
$200,167,000.
Morgenthau in his
Mr.
further said:
of
Commission
also announced
in¬
they
use.
June 9 the adoption
on
amendment to the instructions to Form
N-8B-1,
detailed registration statement required to be filed
one
the
offering
They (the bills) will be issued in bearer form only, and in denominations
of $1,000, $5,000,
$10,000, $100,000, $500,000, and $1,000,000 (maturity
Each tender must be for an even multiple of
value).
$1,000, and the price
offered must be expressed on the basis of
100, with not more than three
decimals, e. g., 99.925.
Fractions may not be used.
It is urged that
tenders be made on the printed forms and forwarded in
the special envelopes
whicl will be supplied by Federal Reserve Banks or
Branches on application
therefor.
Tenders will be received without deposit from
incorporated banks and
trust companies and from responsible and
recognized dealers in investment
securities.
Tenders from others must be
accompanied by payment of 10%
of the face amount of
Treasury bills applied for, unless the tenders are ac¬
companied by an express guaranty of payment
by an incorporated bank
trust company.
or
Immediately after the closing hour, tenders will be opened
at the Federal
Reserve Banks and Branches, following which
public announcement will be
made by the
Secretary of the Treasury of the
amount and price range of
Those submitting tenders will be advised of the
acceptance
accepted bids.
rejection thereof.
or
the
by man¬
agement investment companies.
The
Secretary of the Treasury expressly reserves the
reject any or all tenders, in whole or in part, and his action
in any such respect shall be final.
Payment of accepted tender.at the prices
right to accept
or
offered must be made
other
or
or
completed at the Federal Reserve Bank in cash
immediately available funds
The income derived from
the sale
or
on
June 18, 1941.
Treasury bills, whether interest
or gain from
bills, shall not have any exemption, as
other disposition of Treasury bills shall not
such, under Federal tax Acts now or here¬
other disposition of the
such, and loss from the sale
or
have any special treatment, as
after enacted.
The
of
announcement
1
a
registration statement
under the Investment
3731
The bills
shall
be subject to estate,
inheritance, gift, or
other excise taxes, whether Federal
taxation
now
State,
any
or
or State, but shall be
exempt from all
hereafter imposed on the principal or interest thereof
by
or any
of the possessions of the United States,
taxing authority.
Treasury bills
For
are
by any local
or
purpose of taxation the amount of discount at which
originally sold by the United States shall
be considered
to be interest.
Liquidation of Six Insolvent National Banks Completed
During May
Treasury Department Circular No. 418,
amended,
this notice,
prescribe the terms of the Treasury bills and govern the conditions of their
as
and
issue.
Comptroller of the Currency Delano
that during the month
of
announced
on
June 9
May, 1941, the liquidation of six
insolvent National banks
was completed and the affairs of
receiverships finally closed.
The announcement fur¬
such
President
to
ther stated:
disbursements,
these
of
six
including offsets allowed,
to
receiverships, amounted to
depositors
and
other
$18,660,318, while divi¬
dends
paid to unsecured creditors amounted to an average of
49.09% of
their claims.
Total costs of liquidation of these
receiverships averaged
6.01% of total collections from all sources, including offsets allowed.
Dividend
the
distributions
month
of
May,
liquidation
of
the
';
follows:
to
all
creditors
of
all
active
1941, amounted to $1,155,656.
receiverships
finally closed
'v \ V".'.v
receiverships during
Data
during
as
the
to
Vv•'
.
results
month
are
of
as
'■
INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY
CLOSED
DURING THE MONTH OF MAY, 1941
Total
Bk.
&
Stock at
to All
Date of
Claimants
Failure
1-34
$831,706
97.27
$100,000
.1-27-33
5,140,026
10.28
Holston-Union
2- 7-34
758,448
94.98
authorizing and empowering the U.S. Maritime Commission
to take over the foreign merchant vessels
lying idle in Ameri¬
can ports in the interests of national defense.
The signing
of this bill by the President was reported in our issue of
June 7, page 3579.
The number of ships coming under this
order is 84, which includes 80 vessels taken into
custody by
the U. S. Coast Guard and belonging to
Denmark, France,
Italy and Germany.
The Maritime Commission is given power to
operate,
charter
or
lease any or all of such vessels in any service of
or in any
commerce, foreign or coastwise.
the United States
None of the vessels would be permitted to be
transferred,
or leased to any
belligerent government without
74.00
100,000
8.628,220
55.13
1,047,512
85.68
approval of the President.
The text of the President's order follows:
750,000
12-
the
50,000
2,254,406
11-12-30
Bank,
80,000
EXECUTIVE ORDER
Connells-
National
Authorizing the United States Maritime Commission to Take Over Cer¬
Bank,
Knoxville, Term
FirstjNat. Bank, Keyser, W. Va_
tain Foreign Merchant Vessels
8-33
Whereas section 1 of the Act of Congress entitled "An Act to authorize
the acquisition by the
United States of title to
foreign merchant vessels for urgent needs of
Tenders of
$439,503,000 Received to Offering of $200,of
91-Day
Treasury
Bills—$200,298,000
Accepted at Average Rate of 0.100%
000,000
A total of $439,503,000 was tendered to the
offering on
June 6 of $200,000,000, or thereabouts, of
91-day Treasury
bills dated June 11 and maturing Sept. 10, 1941,
Secretary
of the
Treasury Morgenthau announced on June 9.
Of this
amount, $200,298,000 was accepted at an average price of
approximately 0.100%.
The tenders to the offering were received at the Federal
Reserve banks and the branches thereof up to 2
p. m. (EST)
June 9.
Reference to the offering appeared in our issue
June 7, page 3575.
The following regarding the accept
bids to the offering is from Secretary Morgenthau's an¬
nouncement:
Total
applied
for,
$439,503,000.
High
Total
accepted,
$200,298,000
the
use
of domestic
or
defense,
1941, provides, in part:
during the existence of the national emergency declared by the
Sept. 8, 1939, to exist, but not after June 30, 1942, the Presi¬
dent is authorized and empowered, through such agency or officer as he
shall designate, to purchase, requisition, for any period during such emerg¬
ency charter or requisition the use of, or take over the title to, or the pos¬
session of, for such use or disposition as he shall direct, any foreign merchant
vessel which is lying idle in waters within the jurisdiction of the United
States, including the Philippine Islands and the Canal Zone, and which
is necessary to the national defense
.
.
.
President
on
.
.
.
And Whereas I find that the foreign merchant vessels now lying idle In
waters within the
jurisdiction of the United States, including the Philip¬
pine Islands and the Canal Zone, are necessary to the national defense:
Now, Therefore, by virtue of the Authority vested in
me
by the aforesaid
Act, it is hereby ordered as follows:
1.
The
United
States
Maritime
Commission
(hereinafter
called
"Commission") is hereby authorized and empowered, at such time
and upon
or
the
times
such terms and conditions as the Commission shall deem desira¬
99.970 equivalent rate
(5% of the amount bid for at the low price
was
accepted).
New Offering of $200,000,000 of 91-Day Treasury Bills—
Will Be Dated June 18, 1941
Tenders to
offering of 91-day Treasury bills to the
or thereabouts, to be sold on a
discount basis under competitive bidding, were invited on
June 13, by Secretary of the Treasury Morgentnau. Tenders
received at the Federal Reserve banks, and tne branches
thereof, up to 2 p. m. (EST) June 16, but will not oe re¬
ceived at the Treasury Department,
Washington.
The
a new
$200,000,000,
'or
all foreign
merchant vessels which
are
or
the possession of, any
lying idle in waters within the
Canal Zone/including all tackle, apparel, furniture, spare parts and equip¬
approximately 0.119%
99.975 equivalent rate approximately 0.100%
Average price
requisition the use of, or take over the title to,
jurisdiction of the United States, including the Philippine Islands and the
100.
Low.
of
and for other purposes," approved June 6,
or
commerce and national
ble and conducive to the national defense, to purchase, requisition, charter,
Range of accepted bids:
amount
Commission
After signing the foreigh ship-requisitioning bill on June
6,
President Roosevelt immediately issued an executive order
600,000
2-
7-31-30
Nat.
ville, Pa
Maritime
chartered
;
Tr.
Co., Atlantic City, N. J,-.-..
Seneca Nat. Bank, West Seneca,
N. Y__
Citizens
Capital
Declared
Allowed
Nat.
Dividends
Including
Offsets
Dale of
Failure
First Nat. Bank. Linton, Ind--_
Chelsea-Second
Percent
Disbursements
Name and Location of Bank
Authorizes
Foreign Merchant Vessels Immobilized
in American Harbors
o
Total
creditors
Roosevelt
Take Over
ment, and all stores,
including fuel, aboard such vessels
or
appertaining
thereto, for the use and disposition hereinafter directed.
limiting the authority of the Commission under the pro¬
visions of sections 3, 4 and 5 of the said Act of Congress or under any other
2.
Without
provision of law, the Commission is authorized and directed, to such
tent
and upon such
ex¬
terms and conditions as the Commission shall deem
desirable and conducive to the national defense.
(a)
To operate any or all of such vessels, either directly or by agent, in
service of the United States, or in any commerce, foreign or coastwise.
To charter or lease any or all of such vessels to any persons for opera¬
tion in any service of the United States, or in any commerce, foreign or
coastwise: Provided, that no vessel shall be transferred, chartered or leased
to any belligerent government without the approval of the President.
(c) To document any or all of such vessels under the laws of the United
States or any neutral country of the Western Hemisphere.
i
(d) To make such other use or disposition of any or all of such vessels
as the President may hereafter direct.
any
(b)
The Commercial &
3732
June 14, 1941
Financial Chronicle
PART IV
To repair, equip, and man sucbjvessels and to do whatever
accomplish the purposes of the said Act or this order.
(e)
may be
of any
owners
make to the owner or
provisions hereof, just
thereof, in accordance with the
directed to determine and
vessel taken in accordance with the
3. The Commission is
the use
compensation for such vessel, or
provisions of the aforesaid
Act.
PART
The
PART
'
+
The
Rules Respecting Doc¬
uments Required of Aliens Entering United States
President Itoosevelt, in an executive order issued June 3,
Revises
Roosevelt
President
prescribed the regulations pertaining to documents required
of aliens entering tlie United States.
This action super¬
provisions of a similar order
and cancels the
sedes
5,1940 (referred to in our
June
issued
issue of June 8, 1940, pages
3590-1), and was issued in connection with
tration Act of 1940.
One of the provisions
the Alien Regis¬
of this order is
visa, transit certificate, limited entry
certificate, or non-resident alien's border-crossing identifica¬
tion card shall be granted to an alien whose entry would be
contrary to the public safety nor to an alien who is unable
"no
that
legitimate purpose or
The text of the
order,
reasonable need for the
By virtue of and pursuant to
Executive Order No. 8430 of June 5, 1940, entitled
of Aliens Entering the United States," but shall not
supersede Executive Order No. 4049 of July 14, 1924, entitled "Documents
Required of Aliens Entering the United States on Airships," or Executive
Order No. 8429 of June 5, 1940, entitled "Documents Required of Bona
Fide Alien Seamen Entering the United States."
the
FRANKLIN
the authority vested in me by the Act of
they
present
must
I
allegiance or
unexpired passports or official docu¬
by the government of the countries
other travel documents showing their
origin and identity, as prescribed in regulations issued by the Secretary
and valid passport or other non-immigrant visas.
2. A non-immigrant alien who is passing in transit through the United
of State,
present
may
a
transit certificate granted
by an authorized officer
of the United States.
the United States for a period
not exceeding 10 days, landing temporarily while the vessel on which he
is a passenger is in port, or crossing the border, entering and departing
who enters
non-immigrant alien
A
via the same port
of entry, may present a
limited entry certificate granted
authorized officer of the United States.
non-immigrant alien who is a citizen of
Mexico, or who is a British subject domiciled in
by
.
order
on
June 10
this week.
Executive Order 8738 of
of passports issued
owe
Countries to Inter-
Agreement
maximum of 20,000 bags established in
mocha type which
Subject to the allocation of a
PART
Non-immigrants
Non-Signatory
which allocated by types of
established under the Inter-American
Coffee Agreement for non-signatory countries.
The Presi¬
dent's action was necessitated because the Inter-American
Board has increased as of June 1, 1941 the initial quotas for
signatory countries and because the allocations established
in his order of April £l except for Mocha coffee, have already
been filled.
His revision on June 10 of the previous executive
order is indicated as follows in the Executive Order issued
'
ments in the nature
for
Quotas
ROOSEVELT.
Revises Order Setting up Coffee
Roosevelt
President
D.
June 3, 1941.
The White House,
persons):
3.
of
provisions
"Documents Required
coffee the initial quotas
Act of March 2, 1921,
Revised Statutes of the
Registration Act, 1940,
approved June 28, 1940 (54 Stat. 670), I hereby prescribe the following
regulations pertaining to documents required of aliens entering the United
States (which regulations shall be applicable to Chinese and to Philippine
citizens who are not citizens of the United States, except as may he other¬
wise provided by special laws and. regulations governing the entry of such
States
immediately and shall supersede and cancel
modifying his order of April 21
Entering the United States
1918,
which
VII
PART
shall take effect
This order
President Roosevelt issued an executive
40 Stat. 559, as extended by the
41 Stat. 1205, 1217, and by section 1752 of the
United States, and in connection with the Alien
1.
inconsistent with this
for carrying out the provisions of this
mentioned herein.
statutes
the
American
EXECUTIVE ORDER
to
be deemed necessary
may
as
hereby authorized
and the Attorney General are
additional rules and regulations, not
such
and
order
President's order follows:
Required of Aliens
Documents
May 22,
Secretary of State
make
to
proposed entry.
v
specified
VI
passport
to establish a
Immigration Act of 1924
this order, except as otherwise
regarded as applicable to
be
V
section 28 of the
definitions contained in
herein.
1941.
June 6,
competent
shall
The Whitehouse,
possessions outside the
American
FRANKLIN D. ROOSEVELT
—
for aliens applying for admission into
United States are to be prescribed by the
authorities in such possessions.
requirements
documentary
The
necessary to
April 21, 1941, for coffee of the
from April 22 to Aug. 31, 1941, both in¬
be entered for consumption
may
countries not signatories of the Inter-American
consumption in the United States up
of the unfilled balance of the total quota for such countries,
pursuant to the said Agreement, for the quota year ending
clusive, coffee produced in
Coffee Agreement may
to the amount
as
determined
be entered for
Sept. 30,1941.
Coffee Board on May 28 increased
countries participating in the Agreement
by 265,689 bags, or 5% for the four months beginning June 1.
In another item in these columns today we report on the
imports of coffee subject to quota limitations.
The Inter-American
quotas for producing
an
Canada, Newfoundland, or
Canada or Newfoundland,
border-crossing identification card issued
authorized officer of the United States, if he is entering the United
A
4.
by an
The
5.
which
the
passport
to
define cases of emergency
be waived for a non¬
and visa requirements may
immigrant alien.
limited entry certificate, or non¬
card shall be granted to an
alien whose entry would be contrary to the public safety nor to an alien
who is unable to establish a legitimate purpose or reasonable need for the
No passport
6.
visa, transit certificate,
border-crossing identification
alien's
resident
The Bureau of Customs
announced
on
June 12 preliminary
subject to quota limitations under
proclamation of the Inter-American Coffee
figures for imports of coffee
period of less than 30 days.
Secretary of State is authorized
States for a
in
Quotas Under Inter-American Agreement
Reported by Bureau of Customs
Coffee Import
present a non-resident alien's
may
the President's
Agreement on April 15, 1941.
The following tabulation lists the coffee quotas which have
been filled, and shows import figures for the quotas now under,
telegraphic control as of June 7, 1941.
the other coffee quotas are
shown
as
Total imports under
of May 31, 1941.
proposed entry.
PART
Entered for Consumption
II
passports, or official documents
in the nature of passports, issued by the governments of the countries to
which they owe allegiance, or other travel documents showing their origin
and identity, prescribed in regulations issued by the Secretary of State,
and valid immigration visas granted by the consular officers of the United
States in accordance with the requirements of the Immigration Act of 1924
admitted into the
United States for permanent residence, has departed therefrom and has
returned from a temporary visit abroad, may present, in lieu of an immi¬
gration visa, an unexpired permit to reenter, issued pursuant to section 10
of the Immigration Act of 1924.
The bearer of such a permit to reenter
2.
immigrant who has previously been legally
An alien
is not
An
reenter, a resident alien's border-crossing
of such a border-crossing identification
immigration visa or a permit to
card.
identification
card
.
is not
The
hearer
required to present
a
passport.
Spain, may present a
passport visa, in lieu of an immigration visa, for entry into Puerto Rico.
Such aliens may be admitted into Puerto Rico without regard to the pro¬
visions
of the Immigration Act
of 1924, except section 23.
(Act of
May 26, 1926, ch. 400, 44 Stat. 657.)
5. The Secretary of State is authorized to define cases of emergency in
which the passport and immigration visa requirements may be waived for
of
April
11,
1899,
has preserved
hie allegiance to
-
an
immigrant alien.
PART
<
The
Executive
Secretary
passport
visas,
transit
Canal
to
aliens
coming to the United
and immigra¬
States from
,
coming to the United States from Guam.
Costa Rica
Cuba
El Salvador.........
.
-
.
-
Import qu ota filled
Import qu ota filled
2,645,520 May 31, 1941
62,831,100 May 31, 1941
25,793,820 May 31, 1941
7,1941
20,173,016 June
7,1941
a36,983,708 June
Honduras
Mexico..........
Nicaragua
Haiti
countries:
All types of coffee
2,947,165
\Apr.21, 1941
/June 7, 1941
42,192,125
7, 1941
821.377
Non-signatory
46,957,980
1,432,601
55,024,892
16,686,719
18,145,515
35,226.060
7,1941
3,362,191 June
Peru...
45,659,022
Quota Period (Apr. 22 to Aug. 31,
1941, inclusive)—
2,120,335 June
b Mocha coffee
b Arabica coffee other than
Mocha.
2,645,520 J'neT.Al Im p't quota fill.
b All other coffee
a
Inter-American Coffee Board, effective June 1, 1941.
Executive order signed April 21, 1941, entry for consump¬
non-signatory countries is limited to imports of the
species during the period April 22 to Aug. 31, 1941, and separate quotas of
Quotas increased by
b Under the terms of an
tion of coffee the produce of
Arabica
not more than 20,000 bags
each were established for Mocha coffee
the annual quota for all types the
coffee other than Mocha, within
and for Arabica
produce of non-
signatory countries.
The quota for Arabica coffee other than Mocha
filled; therefore entry for consumption of Mocha coffee the produce of
countries shall not exceed 2,120,335
has now been
non-signatory
pounds during this period.
Roosevelt's Statement
and Executive Order
Directing Army to Take Over and Operate
American Aviation Co. Plant in California
certificates,
American Samoa.
The Governor of Guam is hereby authorized to issue passport visas, transit
certificates, limited entry certificates, and immigration visas to aliens
visas
Import qu ota filled
,230.166,800 May 31, 1941 1,099,273,442
372,261,767
416,669,400 May 31, 1941
24,730,381
26,455,200 May 31, 1941
4,664,550
10,582,080 May 31, 1941
56,696,402
79,365,600 May 31, 1941
Colombia
is hereby authorized to
passport visas, transit certificates, limited entry certificates,
tion
16,138,333
a71,950,208
56,484,233
.
Venezuela
President
III
of the Panama
limited entry certificates, and
immigration visas to aliens coming to the United States from the Canal
Zone.
The Governor of American Samoa is hereby authorized to issue
issue
Oct. 1, 1940)—
Guatemala...
Non-signatory countries:
nationul who on April 11, 1899 (whether
adult or minor)
was a
bona fide resident #of Puerto Rico or adjacent
islands which comprised the Province of Puerto Rico, and who, in accord¬
ance with Article IX
of the treaty between the United States and Spain
Spanish
immigrant
4. An
Pounds
As of Date
Quota Period (12 Months from,
Dominican Republic
Ecuador
required to present a passport.
alien immigrant who has previously
been legally admitted into
the United States for permanent residence and who has frequent occasion
to cross the land borders of the United States may present, in lieu of an
3.
Quota (Lbs.)
Brazil
regulations issued thereunder.
and the
Established
Quota Period and
Country of Production
Immigrants must present unexpired
1.
President Roosevelt by
North
Executive Order on June 9, au¬
take possession of and
North American Aviation, Inc., at
Inglewood, Calif., which had ceased production of planes
thorized
the
Secretary of War to
operate the plant of the
due
to
the
President
a
dispute.
In an accompanying statement,
explained that the plant had been engaged
labor
Volume
the
in
The Commercial &
152
of airplanes vital to our defense and
in the plant is owned, directly
or
indirectly, by the United States.
Asserting that "our
country is in danger," and that "the men and women
who are now making airplanes play an indispensible part
in the defense," the President called upon the workers
to return to their jobs, confident of the desire and ability of
the Administration "to protect their persons and interests."
production
President
that the ob¬
Roosevelt said
jectives of his proclamation of May 27, 1941, declaring an
unlimited national emergency, are jeopardized by the ces¬
sation of production.
He also explained in his order that
possession and operation of the plant by the Government
plant will be
privately operated in a manner consistent with the needs
will terminate when he "determines that the
of the national defense."
The events
ported in
leading
to the President's action are re¬
up
separate item in today's columns.
a
The statement issued by the
Continuous production
President
on
in the Los Angeles plant
June 9, follows:
of
or
that in the 74 days
Conciliation
.
was
other sinews of
war
given by the President
The total amount of defense articles
transferred to the democracies up to May 31 was $75,202,425,
broken down into the following classifications as reported to
$4,277,412,879.
Congress by President Roosevelt:
DEFENSE
TRANSFERRED
ARTICLES
AS
to continue
OF
now
been
production during the
of production has resulted.
The dis¬
interrupted in violation ot an
This has created
of the workers
Full stoppage
situation seriously detri¬
a
mental to the defense of the United States.
Because of this situation, as President and Commander
armed forces of the United States, I have
LEASE-LEND ACT
1941
Aid
From Defense
From
Made Prior to
Supplemental
Appropriation
March 11, 1941
the National Defense
of the mediation.
course
UNDER THE
MAY 31,
Act
Appropriations
Ammunition for small
arms
in Chief of the
determined that this plant must
be reopened at once.
I have therefore directed that the Secretary of War
shall immediately take
-
-
-
-
S9,760,361.08
20,580,109.13
2,572,570.67
3,005,807:00
——
Vehicles....
—
399,911.45
27,000.00
616,000.00
616,000.00
"*2*1,*8*6*6 TO
1,782,700.00
-
.
-
1,804,566.10
7.998,261.67
7,998,261.67
86,930.62
242,181.28
497,806.82
86,930.62
$10,729,684.10
$75,202,425.87
242,181.28
497,806.82
Raw materials and metals
-— -
$9,760,361.08
20,580,109.13
4,028,296.83
3,405,718.45
26,182,193.89
$1,455,726.16
26,155,193.89
Watercraft, &c
Clothing & medical supplles.&c.
Signal & chemical eqpt., &c
Agricultural products...
Machinery, &c_.
Miscellaneous Ji.
Total
and
artillery, explosives, &c
arms and mlscell
Ordnance,
has
defense of the
that will be needed for the
Classification
resorted to and efforts at conciliation failed.
of mediation
Roosevelt disclosed on June 11,
The exact amount of allocations was
as
Aircraft.
course
Congress of operations under the
democracies."
in the
Mediation Board.
The
Congress
than $4,250,000,000 of the $7,000,000,000 have been allo¬
cated to procure "long-range bombers, ships, tanks, and the
indirectly, by the United States.
agreement entered into by the bargaining representatives
to
since the funds were appropriated more
Production in this plant has ceased because of a labor dispute.
pute was then certified by the Secretary of Labor to
Report
American
North
duction of airplanes vital to our defense and much of the property
plant is owned, directly
In his first report to
Lease-Lend Act, President
It is engaged in the pro¬
Aviation, Inc., is essential to national defense.
First
Makes
Roosevelt
Operations Under Lease-Lend Act—Reveals
Over $4,250,000,000 Allocated for Aid to Demo¬
cracies and $75,000,000 Worth of Defense Articles
Transferred Up to May 31
on
that much of the property
In his executive order Mr.
3733
Financial Chronicle
-
-
* -
charge of the plant and remain in charge and operate
is in danger and the men and women who are now making
Our country
airplanes play
an
jobs, with full confidence in the desire and ability of this
to return to their
Administration
' I call upon the workers
indispensable part in its defense.
to
their persons
protect
and their interests.
I have an
abiding confidence In the loyalty and patriotism of the American workers
and
I
am
national
that
sure
they will seize this opportunity to cooperate in the
figures
Roosevelt:
___
DEFENSE ARTICLES TRANSFERRED BY
LEND-LEASE
DEPARTMENTS UNDER THE
ACT AS OF MAY 31,
1941
through the
A id
Supplemental
Appropriation
From Defense
From
Appropriations
The company already has stated that
Made Prior to
Department or Agency
issued
on
unlimited
an
national
emergency
the Nation to the end that
a
system of government which makes private
enterprise possible may survive, and calling upon all our loyal workmen as
of capital, and calling upon all loyal citizens to
needs first in mind and in action to the end that we may
the rights
ready for instant defensive use all of the physical powers, all of the moral
strength and all of the material resources of the nation, and
Whereas, North American Aviation, Inc., at its Inglewood plant in the
city of Los Angeles,
for the
States
State of California, has contracts with the United
manufacture of military
aircraft and other material
articles vital to the defense of the United States,
aircraft in the
of production,
course
raw
material, machinery and
11,
March
between
made
employment between the company and the workers which they have been
$180,085,863; the
Department of Agriculture,
$54,886,305; the Executive Office of the President, $25,000;
and the Office of Emergency Management, $100,000.
The allocations for specific purposes were summarized as
follows:
ALLOCATIONS
OF
SUMMARY
BY
DEFENSE AID SUPPLEMENTAL
APPROPRIATIONS UNDER THE
APPROPRIATION ACT, 1941, AS OF
MAY 31, 1941
—9880,176,863.00
material
1,938,823,489.00
vehicles—----——--—318,502,800.00
otner watercraft
551,414,140.00
——,
and aeronautical
Aircraft
—
Tanks and other
and
Vessels
unable to adjust by collective bargaining, and whereas the controversy was
Miscellaneous
duly certified to the National Defense Mediation Board, established by the
Facilities and equipment
Executive Order of March
Agricultural, Industrial and other
1941, and whereas before the negotiations
19,
had been concluded before said Board and in violation of an agreement be¬
the
tween
and the workers
bargaining representatives of the company
military
equipment
-
— —
duction at said plant of said aircraft and other articles and materials vital
defense of the United States was interrupted by a strike which still
continues, and
Whereas, the objectives of said proclamation of May 27, 1941, are jeop¬
ardized
its
to
Testing,
Services
and expenses-----— — -
— — .
445,.->74.00
United States to obtain aircraft essential
and the ability of the
forth it is essential in order that such operations be assured and safe¬
guarded that the plant be operated by the United States:
Now, Therefore, I, Franklin
in
and
D. Roosevelt, pursuant to the powers vested
by the Constitution and laws of the United States, as President
me
United States of America and Commander in Chief of the Army
of the
Navy of the
Secretary
States, hereby authorize and direct that the
United
of War immediately
take possession of and operate the said
through such person or per¬
sons as he may designate, to produce the aircraft and other articles and
material called for by its contracts with the United States or otherwise,
plant
and
of North
to
American Aviation,
Inc.,
do all things necessary or incidental thereto.
appropriate
future
adjustments
contracts
shall
and with
be
respect
further orders hereafter issued by
made
with
to carry out the
direct the Secretary of War to
protect workers returning to
authorize the employment of such
The
em¬
industrial relations,
provisions of this order.
take such measures as may
as
And I hereby
be necessary to
the plant.
Possession and operation hereunder
as soon as
necessary or
to existing and
the company, as
the Secretary of War shall provide.
Secretary of War shall employ or
necessary
Such
respect
to compensation to
ployees, including a competent civilian adviser on
are
he determines that the plant will be
privately operated in a manner
defense,
FRANKLIN D. ROOSEVELT.
White House.
June 9,
1941.
tiie
the
report
President
specitied that "facts and figures are given to the extent
advisable without disclosing military secrets to benefit the
Axis
powers."
"with
natural
our
resources, our
bearing on the report that
productve capacity, and the
genius of our people for mass production we will help Britain
to outstrip the Axis Powers in munitions of war and we will
see to it that these munitions get to the places where the^r
can be effectively used to weaken and defeat the aggressors.'
The text of the letter sent by the President to Congress
follows:
To the Congress
Section 5 (B)
of the United Slates:
of public law No. 11, 77th Congress,
approved by me on
in part as follows:
President from time to time, but not less frequently than once
March 11, 1941, provides
"The
every
90 days, shall transmit
this Act except
interest to
In
,
compliance with this provision I am
We have
incompatible with the public
submitting this report:
ammunition and
Britain, China and
supplied, and we will supply, planes, guns,
other defense
other
of operations under
to the Congress a report
such information as he deems
disclose."
articles in ever increasing quantities to
democracies resisting aggression.
Wars are not won
shall be terminated by the President
consistent with the needs of national
The
accompanying
letter
$4,277,412,879.50
The President stated in his letter
and
Whereas, for the time being and under the circumstances hereinabove
set
-
his
3.042,605.00
— —
Total--
In
48,385,880.00
——-------
—
Administrative expenses
armed forces and to the national defense is seriously impaired by
said cessation of production,
137,134,818.00
280,314,697.50
-
-
commodities-----..---- — —
reconditioning, &c., of defense articles-.--
authorized to appear before the Board and conduct the negotiations, pro¬
to the
when the
was
Ordnance and ordnance stores.--.
controversy arose at said plant over terms and conditions of
a
allocations
the
Lease-Lend Act
and
and the United States
other property situated in the said company's plant, and
Whereas,
Of
partment,
the survival of the only kind of government which recognizes
or
$75,202,425.87
mobilize and have
sure
of labor
Total
place the Nation's
as
merge
7,998,261.67
$10,729,684.10
Agriculture
signed, and May 31, the War Depart¬
ment will handle $2,890,620,953; the Navy, $589,339,958;
the Maritme Commission, $562,354,800; the Treasury De¬
their lesser differences in the larger effort to in¬
well
employers to
2,308,799*49
845.39
and calling upon all
loyal citizens in production for defense to give precedence to the needs of
$35,384,964.93
7,087,091.77
10,492,908.01
14,239,199.49
7,998.261.67
Treasury-
the 27th day of May, 1941, a Presidential proclamation was
declaring
$421,777.55
$34,963,187.38
7,086,246.38
10,492,908.01
11,930,400.00
——
Maritime Commission
Following is the text of the Executive Order:
.
$64,472,741.77
War
Navy
Whereas,
Total
Act
March 11, 1941
Army has been directed to afford protection to all workers entering
leaving the plant, and in their own homes.
owns
advices the following showing
on
such settlement will be retroactive to May 1.
The
same
defense articles transferred under the LeaseLend program and the government departments in which
they originated, as reported to Congress by President
the
of collective bargaining to reach a settlement fair and reasonable
process
to the workers and to the company.
or
864,472,741.77
.
Their fundamental rights as free citizens will be pro¬
interest.
tected by the Government and negotiations will be conducted
any
Total
We also take from the
the plant until normal production shall be resumed.
by guns alone, but wars are not won
without guns.
We
Beginning with the outbreak of the war, the
American public began to realize that It was in our own national interest and
security to help Britain, China and the other democratic nations.
Beginning with the outbreak of the war British and French orders began
to be placed.
But dollars could not be immediately turned into airplanes
and ships and guns and ammunition.
all know this
full well now.
3734
The Commercial & Financial Chronicle
In those dark
days when France
falling, it
was
clear that this govern¬
was
ment, to carry out the will of the people, txad to render aid over and
above
the materiel coming off the
assembly line.
This government, therefore,
made available all that it
possibly could out of its surplus stocks of munitions.
In June of 1940 the British Government received from
our surplus stocks
rifles, machine
than
more
guns, field artillery, ammunition and aircraft in a value of
$13,000,000. This was equipment that would have taken months
about
$300,000,000
to produce
during the World War period.
This Is
The
equipment arrived in Britain after the retreat from
longer.
This
summer
appropriate time for the conference
the
National
of speedy,
attention upon the whole
The rapid
to build
No
But they must be
-'/W
were a
our
people,
was to meet
this problem, not only by the
passage of the Lend-Lease Act, but by the
on March 27 of this
year to
appropriation of $7,000,000,000 made
out this
carry
task.
In the 90 days since the Lend-Lease Act
since the
funds
was
passed, and in the 74 days
were
appropriated, we have started in motion the
supply program which is essential to the defeat of the Axis
powers.
In these 74
days
been allocated to
focus
and
tanks
and
the building of new plants for
training quarters, the doubled
of
Nation
our
to provide adequate housing for
have just made
we
and
beginning.
a
intelligent planning
by
The task
the
Federal
It requires the cooperation of States and cities and towns—
equally
real estate
expressed through the Congress,
as
to
important,
as
owners
the
cooperation
and
unselfish
assistance
of
and private builders.
,
1941 the British commitments in this country
for defense articles had reached the limit of their future
dollar resources.
Their striking power required the assurance that their
munitions and
equipment would steadily and certainly be augmented, not curtailed.
The will of
Government.
and,
But
only quick action
ex¬
,.-v.
plants for airplanes
already taken steps to do its part
requires not
part of the aid supplied by the Govern-
;'V:
year
Emergency.
served
equipped to house them.
housed—and adequately housed.
The Government
these defense workers.
By the turn of the
being held in
now
Housing
have
its national defense have brought hundreds of thousands of
up
Since June, 1940, this Government has continued to
supply war materiel
from its surplus stocks, in addition to the materiel
produced by private
change for the defense bases
the
housing problems of the nation.
expansion of industrial
fighting against such terrific odds.
ment.
on
defense
workers and their families into areas not
and fall of 1940 when they were
The 50 over-age destroyers which Britain received in
national
and all kinds of defense materials,
has
manufacturers.
Committee
all-out
and quadrupled activities of shipyards—all of these efforts
upon the
successful British resistance in the
by
such purposes, the construction of camps and
Dunkirk, where the
British had lost great quantities of
guns and other military supplies.
one can appraise what effect the
delivery of these supplies had
most
a
demands
guns
Most of this
follows:
was as
My Dear Mrs. Rosenman
Washington
and months to produce and which, with the
exception of the aircraft, cost
materiel would not have been usable if we had
kept it much
June 14, 1941
The President's letter
vast
understand
I
that
your
conference has brought
together not only the
representatives of civic associations and Government departments—Federal,
State
local—but
and
also
representatives of labor,
and of private construction companies.
of real
boards
estate
It is in this type of cooperative
effort and planning and discussion that the road to success is
possible.
In the Federal housing program we have laid
a groundwork which has
not only made a substantial beginning in the solution of the
general overall
housing needs of the Nation, but which has also given
us
great experience
of all kinds with which to proceed to
plan and act in the future.
I am sure that the forthcoming discussions will be
helpfui in acquainting
the general puolic with what has been
than $4,250,000,000 out of the $7,000,000,000 have
the War, Navy, Agriculture and
Treasury Departments
more
done, and with what must be done,
if democracy is really to serve its function of
meeting the justifiable desire
of the average American citizen for an American
standard of living.
and to the Maritime Commission to
procure the aid authorized.
Contracts
have been let for long-range
bombers, ships, tanks and the other sinews of
war that will be needed for the defense
of the democracies. The balance of
less than $2,750,000,000 is
Very sincerely yours,
FRANKLIN
D.
ROOSEVELT.
being rapidly allocated.
To be effective, the aid rendered
by us must be many-sided.
necessary to carry the munitions and the food.
We
available to Britain 2,000,000 gross tons of
cargo
But this is not enough.
reasonably assured.
Act.
now
new
new
was passed,
$550,000,000
ships under the Lend-Lease
ways required to build these
nearing completion.
Allied ships are being repaired
by us.
Allied ships are being
equipped by us to protect them from mines and are
being armed by us to protect them as much as
possible against raiders.
Naval vessels of Britain are
being repaired
by
quickly to their naval
is
under
that they can return
us so
tasks.
The training program of 7,000 British
pilots in
Organizations
and
schools in this country
material assistance is
cracies.
Millions of pounds of food are
being and will be sent.
Iron and steel,
machine tools and the other essentials
to maintain and increase the
pro¬
duction of war materials in Britain are
being sent and received in larger
Individual campaigns for funds should be conducted
by the
United Service Organizations, and
September, 1939, the
In his
letter, which was written in response to Mr. Davis'
request for an expression of the President's views on the
question of whether to conduct a single annual
campaign for
organizations, Mr. Roosevelt pointed out that
separate campaigns permit givers "free choice in their
giving"
while enabling the organizations to "maintain
their direct
contacts with the people" and he
says "established campaign
times and procedures" will have a minimum of
disruption."
Following is the President's letter:
which
are
ports.
times
And
fighting have increased far beyond
In the first five months of this
year we
as
many airplanes to Britain
as we
the rate of aircraft production
increases,
bombers and medium bombers are
relatively
being sent.
have sent
more
than ten times
as
other
our
have sent
more
than
ex¬
12
did in the first five months of
1940.
as
heavy
we
necessary for
more
At the
and
same
more
time,
many aircraft engines in the first five
months of 1941
as we did in the first five
months of 1940.
For the first
four months of this
year, the dollar value of explosives sent to
the British
Empire was about 17 times as much as for the first
four months of 1940.
Ninety times as much in dollar value of firearms and
ammunition was
sent
to
Britain during the first four months
of this year as for the first
four months of 1940.
With
our
our
natural resources,
people for
mass
productive capacity and the genius of
production, we will help Britain to outstrip the Axis
our
powers in munitions of war, and we
will see to it that these munitions
get
to the
places where they
can be
effectively used
to weaken and defeat the
aggressors.
In the report that
follows, facts and figures are given to the extent ad¬
visable without disclosing
military secrets to benefit the Axis powers. These
facts describe the past and
portray the present status of our aid to those
nations so gallantly
fighting the aggressors.
They do not present the
important fact of all—the strong will of our
people to
forces of aggression shall not
rule the world.
b We have before us a constant
see to
purpose not of present
equally, of future survival.
FRANKLIN
D.
The White House, June
10, 1941.
The text of the Lease-Lend Act
March 15, 1941, page 1648.
was
most
it that these
safety alone but,
ROOSEVELT.
given in
our
issue of
three
Dear Mr.
Chairman:
have given careful consideration to the
important question, referred
I
war
goods sent to Britain have risen
steadily.
The over-all total exports to the British
Empire have greatly increased in
1941 over 1940.
What is more
important, the increase of those things
Community
Chests, President Roosevelt advised Norman H. Davis,
Chairman of American National Red Cross in a letter
June 7.
quantities day by day,
Since
Community Chests
Red Cross,
the
our
Valuable information is being
communicated, and other
being rendered in a mounting benefit to the demo¬
way.
President Roosevelt Advises Individual
Campaigns for
Funds by Red Cross, United Service
come must be
Since the appropriation act
Contracts have been let, and the
are
are
immediately making
ships and oil tankers.
Adequate shipping for every day to
has been allocated for the construction of
ships
Ships
are
to in your
for
letter of June 2d, of raising funds during the national
emergency
of essential charitable and welfare activities
the support
and to the
proposal that such funds be raised through
To assure the maximum
strength of the entire nation, adequate support
Likewise, the special services of the United Service
Organizations for
welfare and recreational activities for
men in uniform while on leave
should
have the hearty support of the nation
through the campaign now under way
and in such future
campaigns as may be necessary.
The American Red Cross
occupies a
unique place
"not
only
States,
Federal
cities
quick
action
Government
and towns
as
and
but
Cities,
well
as
defense
workers
requires
intelligent planning by the
also
the cooperation
of
States,
the
cooperation and unselfish
and private builders."
The
assistance of real estate owners
President made this assertion in
letter to Mrs. Samuel I.
Rosenman of New York, who is
Chairman of the National
Committee
on
a
conference in
ordinator.
popularly
sup¬
foreign relief require
that it act
promptly and fully in time of emergency.
It must continue to be the
agent of the popular will and the reliance of the
government.
It must have
mobility and freedom of action.
It must
retain its name and
emblem, as
for its
required by law and international treaty,
own
purposes.
I, therefore, heartily endorse the action of the Central
Committee of the
Red Cross in
maintaining freedom to conduct a roll call for its annual
membership and freedom to launch a campaign for funds to meet needs in
disaster or in time of national
emergency.
Whenever the timing of events
beyond control brings conflict in such Red Cross
emergency campaigns
with other campaigns, I
agree that a common sense adjustment should be
made in individual local instances.
Plans for
a
national emergency should include a
proper spacing of the
three major campaigns, those for
the
Red Cross, the United Service Or¬
ganizations, and Community Chests.
Givers may thereby have free choice
in their
giving, the organizations will maintain their direct contacts with
the
people, and established campaign times and procedures will have
a
ours,
FRANKLIN
D.
ROOSEVELT,
♦
President
Roosevelt
Signs Bill Giving RFC Broad
to Expedite
Defense Program—Borrowing
Power Increased by $1,500,000,000
Powers
President
Roosevelt
signed
on
June
10
the
legislation
authorizing the Reconstruction Finance Corporation to
ate
and
new
corporations to
expedite the national
to increase its borrowing
power by
defense
President
the
Housing Emergency.
This group opened
Washington on June 11 in order to take an
inventory of housing needs in defense areas and to find
ways for meeting them.
The speakers at the
opening session included William S.
Knudsen, Director General of the Office of Production
Management, and C. F. Palmer, Defense
Housing Co¬
a
a
minimum of disruption.
Real Estate Owners and Private Builders
Roosevelt said on June 11 thstt the
task of
providing adequate housing for
as
ported yet semi-governmental
agency, acting in acordance with the Treaty
of Geneva and under a charter
from the Congress.
Its services to the armed
forces, its responsibilities in time of disaster and its
President Roosevelt Says
Adequate Housing for Defense
Workers Requires Cooperation of
Towns,
single annual campaign.
of the regular welfare and
charitable services through
Community Chests
is even more important in time of
national emergency than in normal times.
Very sincerely
President
a
gram,
deemed
necessary
but could not
bill
are
Corporation
$1,500,000,000.
The
corporations could perform any functions the
to
extension
and
the
expedite
include any
had rejected since Jan.
1, 1926.
this
cre¬
defense program
of
both
defense
pro¬
Among other provisions of
the
Electric
the
activities which Congress
life
Home
of
the
and
Disaster
Farm
Loan
Authority,
subsidiaries of the RFC, to Jan. 22, 1947, and per¬
mitting loans to foreign governments when American securi¬
ties
are
offered
as
collateral.
r
Volume
The Commercial & Financial Chronicle
152
Congressional action
on
this bill
was
when both the Senate and the House
completed on June 5
approved a conference
issue of June 7, page
report; this was referred to in our
3580.
The measure was originally passed
on May
17, and the House on May 28.
by the Senate
under which the farm marketing excess
be stored
delivered to him.
or
of the commodity for the farm
Upon failure to store
or
may
deliver to the Secre¬
tary the farm marketing excess within such time as may be determined
under
regulations prescribed by the Secretary, the penalty computed
aforesaid shall be paid by the producer.
Any corn
or
as
wheat delivered to the
Secretary hereunder shall become the property of the United States and
shall be disposed of by the Secretary for relief purposes in the United States
President
Roosevelt
Cautions
Unions
Labor
Against
Raiding Each Others Membership
Labor organizations were warned June 13
or
in
foreign countries
or
(4) Until the producers
by President
in such other manner
divert it from the normal channels of trade and
on
pay the penalty on, the farm
any
he shall determine will
as
commerce.
farm store, deliver to the Secretary, or
marketing
excess
of any
crop of corn or wheat,
Roosevelt against seeking to take members away from each
the entire crop of corn or wheat, as the case may
other and told Government agencies to watch jurisdictional
strife.
A telegram from Daniel Tobin, President of the
shall be subject to a lien in favor of the United States for the amount of the
International Brotherhood of Teamsters, Chauffeurs, Ware¬
housemen and Helpers (A. F. of L.) is said to have inspired
Mr. Roosevelt to make the statement. Mr. Tobin charged
that because of his union's support of the President in the
national emergency
"subversive organizations" were "work¬
ing to destroy" unions supporting the Government's defense
program.
Mr. Tobin recently informed the President that
the Teamsters Union would endeavor to cooperate with the
defense program, as noted in another item in today's issue.
be, produced
on
the farm
penalty.
(5) The penalty upon corn or wheat stored shall be paid by the producer
at the
time, and to the extent, of any depletion in the amount of the
modity
J
(6) Whenever the planted acreage of the then current crop of
wheat
on
com¬
stored, except depletion resulting from some cause beyond the
so
control of the producer.
farm is less than the farm
any
acreage
corn
allotment for such
or
com¬
modity, the total amount of the commodity from any previous crops required
to
be stored in order to postpone or avoid payment of penalty shall be
reduced by that amount which is equal to the normal production of the
number of
acres
by which the farm
acreage
allotment exceeds the planted
The provisions of section 326 (b) and (c) of the Act shall be ap¬
acreage.
plicable also to wheat.
President
ernment
President
Signs Bill Making Office of Gov¬
Reports Permanent Agency
Roosevelt
signed
on
9
June
bill
the
giving
permanent status to the Office of Government Reports and
authorizing
annual
an
organization.
expenditure
of
$1,500,000
for
the
The agency which is a division of the execu¬
tive office of the President and is headed by Lowell
Mellett,
acts as a clearing house for information about Federal
activities and reports on the opinions, needs and desires of
citizens.
A conference report on this bill was adopted by
the House on June 3 and by the Senate on June 5, thus com¬
pleting
Congressional
action.
The
House
had
originally
passed the legislation on March 25 by a 202 to 144 vote
(noted in these columns April 5, page 2169) and the Senate
it
approved
(7) A farm marketing quota
Roosevelt
May 20 by
on
a
vote of 39 to
18 in slightly
amended form.
farm
any
of 15
to any
wheat shall not be applicable to
on corn or
which the acreage planted to the commodity is not in excess
on
The marketing penalty on corn or wheat
acres.
shall not be applicable
farm which, under the terms of the then current agricultural
servation program formulated under sections 7 to 17,
inclusiveVof
con¬
the Soil
Conservation and Domestic Allotment Act, is classified as a nonallotment
farm if the acreage of the
commodity harvested
on
such nonallotment farm
is not in excess of 15 acres or the acreage allotment
is
larger.
If the
acreage
allotment farm is in
for the farm, whichever
of the commodity harvested on any such non-
excess
of 15 acres and in excess of such acreage
ment, the normal production
or
allot¬
the actual production, whichever is the
smaller, of the acreage harvested in excess of 15 acres or such acreage allot¬
whichever is larger, shall be taken
ment,
and shall be
wheat harvested
on
any
the farm marketing
excess
such nonallotment farm from which no wheat is
sold if the acreage of wheat harvested on
acreage per
as
subject to penalty: Provided, That there shall be no penalty on
family living thereon
as
such farm does not exceed such
may
be used for home consumption
without reducing the payment with respect to the farm under the then cur¬
rent
agricultural
conservation
Provided further.
program,
That
for the
marketing year beginning in 1941, there shall be no marketing penalty on
Text of Resolution Passed by Congress and Signed by
President
Providing for Government Loans on
Basic Farm Crops as
85% of Parity
providing
mandatory Government loans of 85% of parity on the five
basic farm crops—cotton, corn, wheat, rice and tobacco,
because a low on May 26, when the President signed it,
after Congress had finally disposed of the legislation on
May 14.
In signing the resolution, however, President
Roosevelt issued a statement indicating that he had ap¬
proved it /"on the distinct understanding that parity pay¬
ments will be limited to the amount necessary to bring the
basic commodities to parity, but not beyond parity."
In
his statement the President pointed out that under the new
law, farmers co-operating with the Government farm pro¬
gram "will be able to receive an 85% parity loan plus a
cash parity payment plus a cash soil conservation payment.
circumstances" he added "should the
no
sum
of these
three exceed parity."
The President's statement was given
in our May 31 issue, page 3425, wherein reference was made
to the final Congressional action on the resolution.
The
text of the resolution follows.
As will be noted the 85% of
price applies to all co-operators except those "outside the
commercial corn-producing area, in the case of corn," as to
which the rate of 75% of parity will apply).
IS. J. Res. 60]
JOINT
Relating to
corn
Act
of
1938,
the Act)—'
as
as
in accordance with regulations of the Secretary, that
(8) Until the farm marketing
is stored
or
of that acreage
planted to wheat
allotment for wheat.
of
to corn on the
amended (hereinafter referred
corn
on
the farm which is in
excess
to
The farm marketing quota under the Act
shall be the actual production of the acreage planted
farm, less the normal production
in excess of the farm acreage
The normal
corn
production,
excess
smaller,
of the farm
or
the actual production,
whichever is the smaller, of that acreage planted to corn on the farm
of
excess
of corn or wheat, as the case may be,
delivered to the Secretary or the penalty thereon is paid, each
bushel of the commodity produced on the farm
to any person
which is sold by the producer
within the United States shall be subject to the penalty as
specified in paragraph (2) of this resolution.
Such penalty shall be paid
by the buyer, who may deduct an amount equivalent to the penalty from
the price paid to the
producer.
(9) The marketing penalty for cotton and rice produced in the
in which
year
any
calendar
marketing year begins (if beginning with or after the
1941-1942 marketing year) shall be at a rate equal to
of the loan for cooperators for
50% of the basic rate
such marketing year under section 302 of the
Act and this resolution.
(10) The Commodity Credit Corporation is directed to make
upon
ing
available
the 1941 crop of the commodities cotton, corn, wheat, rice, or tobacco,
for which producers have not
year
disapproved marketing quotas for the market¬
beginning in 1941, loans as follows:
(a) To cooperators (except cooperators outside
producing area, in the case of corn)
for the
commodity
as
the commercial corn-
at the rate of 85% of the parity price
of the beginning of the marketing year;
(b) To cooperators outside the commercial corn-producting area, in
case
of corn, at the rate of 75% of the rate
the
specified in (a) above;
outside the commercial
corn-producing area, in the case of corn) at the rate of 60% of the rate
specified in (a) above and only on so much of the commodity as would be
(c) To noncooperators (except noncooperators
Act, and all provisions of law appliable in respect of marketing quotas
and supplemented shall be ap¬
plicable, but nothing in this resolution 6hall be construed to
amend or repeal
(b) (6), 323 (b), or 335 (d) of the Act.
section 301
Approved, May 26, 1941.
■/:
(1) The farm marketing quota under the Act for any crop of wheat shall
of such
amount of wheat in excess of the 1941 farm
an
marketing quota.
Senate
Plant
Passes
be the actual production of the acreage planted to wheat on the farm, less
for any crop
of the usual acreage determined for the
and loans under such Act as so amended
amended.
the normal production or the actual production, whichever is the
acreage
nonallotment farm if the acreage of wheat
excess
subject to penalty if marketed.
notwithstanding the provisions of the
Agricultural Adjustment Act of 1938,
as
the farm is not in
there will not be marketed
to the
Resolved by the Senate and House of Representatives of the United States of
America in Congress assembled. That
on
(11) The provisions of this resolution are amendatory of and supplementary
RESOLUTION
and wheat marketing quotas under the Agricultural
Adjustment
harvested
farm under the 1941 agricultural conservation program and the county com¬
mittee determines,
The legislation, in the form of a joint resolution,
Under
wheat with respect to any such
acreage
or
allotment for
w
hich is
corn.
the actual production, whichever is the smaller,
is hereinafter called the "farm marketing excess"
or wheat, as the case may be.
For the purposes of this resolution,
"actual production" of any number of acres of corn or wheat on
a
farm
means
the actual average yield of corn or wheat, as the case may be, for the farm
times such number of
acres.
(2) During any marketing year for which quotas are in effect, the producer
shall be subject to a penalty on the farm marketing excess of corn and wheat
The rate of the
penalty shall be 50% of the basic rate of the loan
on
the
Seizure
Bill—Also
Age to 21-27
Limits
Draft
'
of 67 to 7 legisla¬
tion empowering the President to take over defense plants
or
those capable of being converted for such operation if
production was tied up or threatened by a strike, lockout,
or
any other cause.
This measure, which represents a
modification of the drastic legislation introduced in Congress
last week, is in the form of an amendment to the Selective
Training and Service Act of 1940. It also provides for defer¬
ring from military service those registrants who have passed
their 28th birthday.
The present age limit is 21 to 36. The
legislation now goes to the House.
Introduction of the original bill was reported in these
The Senate
on
June 12 passed by a vote
columns of June 7, page
3580.
commodity for cooperators for such marketing year under section 302 of
the Act and this resolution.
(3) The farm marketing excess for corn and wheat shall be regarded
available for marketing, and
to be delivered to the
the penalty and the storage amount
as
or amounts
Secretary of the commodity shall be computed upon
the normal production of the excess acreage.
Where,
of the producer for an
or
adjustment of penalty
upon the application
of storage, it is shown
to
the satisfaction of the Secretary that the actual production of the excess
acreage is
less than the normal production thereof, the difference between
the amount of the penalty or storage as computed upon the basis of normal
production and
returned to
or
as
computed upon the basis of actual production shall be
allowed the producer.
The Secretary shall issue regulations
House Passes
state
Bill Providing for Construction of Inter¬
Pipe Lines Related to National
Petroleum
Defense
The House by a
the Senate the
voice vote
on
June 5 passed and sent to
Cole pipe line bill designed to meet the lack
oil transportation facilities in the States along
seaboard.
Under this bill, sponsored by Repre¬
sentative Cole, Democrat of Maryland, permission would be
iriven to private builders to acquire, with Government aid,
of adequate
the Atlantic
The Commercial & Financial Chronicle
3736
the
rights of
State lines necessary to construct
measure would also allow the
construct the pipe lines itself if the President
way
Government to
deems such
The
action desirable in
the interest of national
de¬
fense.
the same time,
At
across
petroleum pipe lines.
some
June 14, 1941
members said the Committee will probably
4% normal income tax and adding to it a
favor continuing the present
7% on the first dollar of taxable income.
wives with sub¬
brackets by filing
system of surtaxes starting at
Mandatory joint returns would prevent husbands and
stantial separate incomes from avoiding higher surtax
separate returns.
President
Roosevelt
20
May
on
urged
this
of
passage
,=
Committee
The
if enacted
move,
into law,
legislation because he said it is concerned with "one of the
wives with separate incomes in all states.
vital
ever.
phases of our National defense program," this was
reported in our issue of May 24, page 3267.
The seriousness
of
the
draw
petroleum transportation situation was recently ag¬
by the Maritime Commission's decision to with¬
from service along the Atlantic seaboard 50 tankers
in
effort to aid Great Britain.
gravated
an
Passes $10,000,000 000
House
War Department Appro¬
priation Bill for 1942 Fiscal Year
to
peace-time War Department appropriation bill
for the 1942 fiscal year carrying
$10,009,655,187
was
by the House on June 9 by a vote of 350 to 1.
which
passed
The bill,
the Senate, provides for cash purchases
totaling $9,826,509,492 in the fiscal year beginning July 1
and $183,145,695 in contract authorizations.
The bill was
sent to the House by its Appropriation Committee on June
goes to
now
5, at which time Associated Press advices from Washington
said:
In
said
it would
and
tions
the
000,000
recommendations
the
outlay
to
starting
year
since
that
finance
July
the
States
are
California,
navy.
recommended,
.
.
the $6,000,-
and
program
The committee
.
$9,826,509,492
in
was
cash
$183,145,695 in contractual authority.
Some
the
of
major
additional
12,856
allotments
warplanes,
bill
the
in
$2,650,000,000
included
including bombers, pursuit and
for
ships.
cargo
The $30,115,051,142, includes $19,993,051,728 for the Army,
$7,836,691,861 for the Navy and $2,285,307,553 for other
agencies.
Other major allotments were listed by the Asso¬
ciated Press
follows:
as
The motion adopted
the
purchase of 3,000
chiefly
to
Atlantic
begin
and
complete
a
Gulf
barrage ballons;
Coast;
$45,000,000 for
In observing that the Committee was likely to advocate
keeping the income tax at 4%, with a new set of surtaxes,
the Associated Press
modernization
$245,000,000
bases; $276,000,000 for
June 11 added:
on
would follow in general the recommendations
decision
a
of the
Treasury that the normal tax be kept where it is and that a new set of
stiffened surtaxes be applied to
The
help raise $3,500,000,000 in new revenue.
11% on the first dollar of
suggested surtaxes starting at
treasury
taxable income.
The Committee was reported at its
closed session this morning to have
considered various compromises between the Treasury
lated by the staff
latter suggested
taxable income
If
6% starting surtax rate and that
a
At the present time there is a $4,000 surtax
does
retain
allowed,
exemption is
surtax
the
persons
the personal exemptions of $800 for
persons
The
the first $2,000 of
the
exempted from the surtax although subjected to
be
Committee
the
plan and one formu¬
of the Joint Congressional Committee on Taxation.
exemption.
normal tax and
4%
current
some
in the income brackets just above
single
persons
and $2,000 for married
would pay next year the same amount of taxes as this year.
It was predicted yesterday (June 13) by Representative
Dough ton of North Carolina, Chairman of the Committee,
that the latter probably would vote to levy new income
surtaxes on the first dollar of taxable income, meaning
bigger tax bills for all present income taxpayers.
The
Associated Press, from which we quote, added:
He
announced,
final decision
of
on
however,
that
the
Committee
agreed
to
postpone
the income surtaxes until after determining a new
a
schedule
profits taxes and the estimated amount that could be obtained
excess
Excess
profits taxes will be taken up by the Committee to¬
morrow.
$92,000,000 for seacoast defenses,
of
for
those
spare
defenses
engines
along
the
parts
for
new
At¬
and
bombers; $51,000,000 for continuation of the development of the
lantic island
by the Committee provided that the tax should be
prorated according to the individual income of each.
therefrom.
The $1,208,000,000 for pay of the 1,418,000-man Army;
Oklahoma,
Texas,
Mexico, Arizona, Nevada and Idaho.
Army's
the committee
1,
July 1 to $30,115,051,142, exclusive
the two-ocean
the total
of
last
provided for the Lease-led
required to complete
pointed out
and
for
bring the total of defense appropriations contract authoriza¬
the $7,000,000,000
of
$10,060,000,000
activities
of the parties
husband and wife. These
Washington, Louisiana, New
the residents of nine states where property and income
normal tax.
recommending
greatly expanded
and
marriage is now divided by state law between
Such
record
A
will affect husbands
It would affect especially, how¬
new
military post construction
The rejection by the House Committee on June 4 of the
Treasury Department's excess profits program was noted
in our issue of June 7, page 3580.
$402,-
;
000,000 for the acquisition of additional critical and essential weapons and
other
equipment,
and
$750,000,000
for the maintenance and operation
of
Payment of $10,000,000 By German Interests to Lehigh
plant and equipment.
the House
When
proved by
Valley RR. For Damages in "Black Tom" Explosion
debating the bill
was
95 to 83 vote
June 6 it ap¬
on
amendment barring cost-plusfixed-fee contracts in Army cantonment construction.
How¬
a
an
ever, on June 9 in reconsidering this action, following the
pleas of Under Secretary of War Robert P. Patterson and
Brig. Gen. Brehon B. Somervell, Chief of the Army's Con¬
struction Division, who said that this amendment would
seriously
jlelay the construction
program, the House by a
175 eliminated the amendment
prohibiting fixed-fee
179 to
The House
June 9 also included in the War
on
Department
supply with two amendments designed to curb defense
"strikes.
Regarding these provisions the Washington "Post"
Under
hour
of
10 said:
the
session,
the
picket
of
amendments
defense workers
Defense
who
refuse
Mediation
Board
further employment
Employers
the
Two
men were
killed and damage estimated at $22,000,000 was done
by
the blast, attributed by a Government Commission to German saboteurs,
which rocked
Jersey City dock
a
The railroad's claim in the
of munitions
on
railroad
made
was
July 30, 1916, destroying great quanti¬
on
approved
during
abide by
to
for
as
long
stormy
a
six-
the recommendation
as
ten
days
or
who
would likewise
Mediation
on arms
be
Board
orders paid for under the bill.
required to comply with the recommenda¬
be
or
denied
any
compensation
under
1942
military appropriations.
a
case
based
was
from
by the American Mixed
the explosion of carloads
Claims Commission several
1
was
made by the United States Treasurer, the report showed,
German-owned
War, and
on
The $10,016,953.60 award to the
siding at the dock.
years ago.
Payment
anti-strike
plant after the board has asked them to return to work would be
denied any
tions
two
National
a
report filed in the United States District Court at
Philadelphia May 29 disclosed the payment by German
interests to the Lehigh Valley Railroad of $10,016,955.60
for property damage caused in the "Black Tom" explosion
at Jersey City during the first World War.
The Phila¬
delphia "Inquirer" of May 30 stated:
ties of munitions bound for the Allies.
contracts.
of June
A
was
property
seized
and
in two separate amounts,
during
liquidated
the World
of $9,818,595.79 last Jan.
one
10,
and one of $198,357.81 last April 7.
In January of this year the United States Supreme Court
upheld awards of claims of approximately $50,000,000 in
the Black Tom and Kingsland, N.J. munitions explosions
in 1916-17; mention of this was made in these columns
Jan. 11, page 205.
Consideration
of
Excess
Profits
Tax
Proposals By
House Ways and Means Committee—Acts to Con¬
tinue
Present Income Tax
Exemptions—Favors
Retaining Normal
Tax
at
4%—Joint
Returns
of
Husband and Wife Proposed
ened in the proposed new tax bill to include
persons making
less than the present
exemptions of $800 for single persons
and $2,000 for married
couples. The Committee on June 10,
m
upholding the existing exemptions, voted to continue as
well the present $400 credit for
dependents, except in the
"heads of families" who are not husbands or wives.
As to this the
Washington "Post" of June 11 said:
case
or
Under this decision, a widow
not claim the
or a widower who has
only one child could
$400 credit in addition to their $2,000
exemption, but could
allow the credit
on
the second
or
succeeding children.
The Committee
voted to disallow "the $400
exemption for the first dependent who makes
it possible for the head of the
family to qualify as such."
The latter decision had substantial
opposition, and
a
move
to
recon¬
sider it may later be made.
The decision
it
is
was
reached by the Committee
on
June 12,
stated, to require the filing of joint income tax returns
Reporting this the Associated Press
Washington
Federal taxes
corporation capital stock and excess profits
United States Circuit Court
of Appeals in Philadelphia on June 7.
In the Philadelphia
"Inquirer" of June 8 it was stated:
on
held constitutional by the
Yesterday's decision, written by Judge John Biggs Jr., with the
currence
of
Judges
Wiliiam
on
June 12 also stated:
con¬
Clark and Charles Alvin Jones, was said to be
t^e first Circuit Court ruling in the dispute, although the Government had
earlier
cases,
The
won
core
tax is not
an
is
19 decisions in the lower courts,
15 in Federal District Court
and four in the U.S. Court of Claims.
of
an
Judge Biggs' decision
"excise tax"
on
was
his ruling that the capital stock
the corporation's right to
"ad valorem" (according to the
do business, but is
and hence
thoroughly legal and well within the right of the Congress to impose.
There
are
value) assessment
on property
reported to be approximately 500 suits through¬
out the
country seeking recovery of more than $50,000,000
paid in capital stock and excess profits taxes.
With respect to the ruling of the Appeals Court we quote
the
following from the Philadelphia "Record" of June 8:
The
Court's ruling here was on an appeal by the American Viscose
Corp. and four other firms from a decision handed down by the Federal
District Court in Wilmington in favor of the Government.
The other companies are the Empire State Ice Co.,
Inc., Federal Ice
Refrigerating Co., Continental Ice Co., and Hygienic Ice Co.
American Viscose, spearhead for some 100 corporations
by husbands and wives.
accounts from
Appeals Court in Philadelphia Upholds
Federal Excess Profits and Capital Stock Taxes
were
The House Ways and Means Committee
in its considera¬
tion this week of tax
proposals designed to raise $3,500,000,000 in additional revenue to
help finance the defense pro¬
gram, voted on June 10 to retain the present individual
income tax exemptions of $800 for
single persons and $2,000
for married couples.
On June 7 it was reported by the
Associated Press that indications had come from the Com¬
mittee that the individual income tax base
might be broad¬
.
United States
measure
in
this district in
an
sought return of $131,923 it and two subsidiaries were
1935.
attacking the tax
attempt to recover several million dollars,
'V
-v
taxed for the
and capricious" and violates the fifth amendment of
year
■
•
Viscose challenged the capital stock statute on the ground
it is "arbitrary
the Constitution.
Volume
The Commercial & Financial Chronicle
152
On the latter contention,
standards by
of their
the corporation declared the law sets up no
which officials of corporations
can
determine the "real value"
capital stock, and, by forcing them to "make
ultimately take their property without due
process
a
guess," it may
of law.
capital stock
Department. The Department takes the valuation
without question, and for each $1,000 of the declared valuation taxes the
corporations $1.
Should the profits of a corporation subsequently prove to be
in relation to the declared valuation of its stock, the excess
invoked.
excessive
profits tax is
Corporations which undervalue their stock in declarations to the
Government may have to pay more in the end through the excess profits
tax route.
Secretary explained that the President
occupation of forces pursuing
and domination."
a
policy of world conquest
He also said that the President stressed
the
strategic importance of these islands, because of their
geographical location, "solely in terms of their potential
value from the point of view of attack against this hemi¬
sphere."
-v'
Following is the text of Secretary Hull's reply, as given
out by the State Department:
Sir:
*
,
The
3737
intended "to point out the dangers to this hemisphere which
would result if these islands were to come under the control
or
Under the Federal capital stock tax statute, the 500,000 or more corpo¬
rations in the country are obliged to declare the value of their
to the Internal Revenue
Verde Islands.
: JW
v'
I have the honor to
acknowledge
your
;'•
communication of May 30, 1941,
transmitting the observations of the Government of Portugal with respect
American
Ship Sunk in South Atlantic by German
Submarine, According to Official Report
The
State
Department announced on June 12 that the
freighter Robin Moor was undoubtedly sunk by
a
German submarine in the South Atlantic on May 21.
This announcement was made by Under-Secretary of State
Sumner Welles based on an official report from Walter J.
Linthicum, American Consul at Pernambuco, Brazil, who
interviewed the 11 survivors of the ship.
There are 28
American
members of the
missing.
commander
vessel
Robin Moor's
The Consul's report
was
of
the
crew
and
seven
passengers
the sinking said that 4'the
was
fully aware that the
on
submarine
American."
to the
references to the Portuguese islands in the Atlantic made by the
President in his address of May 27,1941.
I have
carefully studied the observations of the Portuguese Government,
and have noted the declarations reaffirming its position of
determination
to
defend its
neutrality and its
neutrality and sovereign rights against any
attack.
;'■'"
,j ■;/
For its part, the Government of the United States can state categorically
that it harbors
integrity of
no
any
aggressive intentions against the sovereignty
other country.
or
territorial
The Government and people of the United
States have sought to live in peace and friendship with all other nations,
and have
consistently supported the principle of non-aggression and non¬
intervention in the relations between States.
This Government time and
again has reiterated its support of this principle.
Our
The
policy today is based
Government
of the
upon
United
the inalienable right of self-defense.
States cannot
but view with increasing
It is understood that the State
anxiety the constantly expanding acts of aggression on the part of
note
belligerent
Department is preparing
strongly protesting the action.
This, it is said, will
be handed to the German Government within a few days.
President Roosevelt on June 10 requested the American
people to withhold judgment on the sinking until the facts
were known.
On June 12, after the receipt of the report,
this request was withdrawn because as Stephen Early,
White House Secretary, explained "there seems to be no
longer any reason to reserve judgment."
The eleven survivors, all seamen on the Robin Moor,
were rescued by the Brazilian freighter Ozorio after drifting
in a lifeboat for nearly three weeks. The other 35, who also
took to lifeboats, are feared lost.
The American Consul first sent a preliminary report on
a
the incident
6 o'clock Greenwich time
on
that the vessel
positions
soon as
German submarine at
a
taken
summary
report
Exonerated—Association
was
filed
with
Had
Claimed
It
Was
a
The
same
imposed
advices also said:
Accept, sir, the renewed
Proctor.
Court of Appeals and possibly to the United States Supreme Court.
The
text
of
was
stressed
r
of my highest consideration.
President
HULL.
Roosevelt's
speech, to which the
Portuguese Government objected, appeared in our issue of
May 31, page 3422.
a
Group Health is an organization of Federal
employees which engaged physicians and nurses to furnish medical
care on
periodical prepayment basis.
were
7
The jury exonerated all of the individual physicians
last
Control
Over
Maritime
Commission
announced
on
June
5
that
both
the
taken.
Concerning the new powers gained by the Commission, a
special dispatch June 5, from Washington to the New York
"Times" said:
The
principal effect of the new powers
acquired by the Commission
through the World War legislation will be to extend the control of the
Commission
flag
over
transfer of ship registry from ships operating under the
or
whether flying the American
otherwise.
This means that the Commission gains
control over the more than 200
registry since the fall of
These vessels have been able to disregard the prohibitions of the
1939.
that none go to
The Commission now can control their registry to see
potential enemies.
Similarly, the new powers give to the Commission broad authority to
keep American shipyards
from
in American control and to prevent shipyards
engaging in work not sanctioned by the Government.
Any agreement
permitting control of a ship or shipyard to pass to foreign hands shall be
eliminated from
directed verdict by Justice Proctor and a third physician died
held the two associations
Greater
unlawful.
organization and two of the physicians
before the trial began.
Gains
automatically put into effect the wide powers
merchant marine and the shipbuilding in¬
dustry, granted the Commission by Section 37 of the Ship¬
ping Act of 1916.
It was also revealed that operators of
Atlantic and Gulf coastal shipping had volunteered 50% of
their tonnage to emergency operation, in response to the
request of the Commission which resulted in the acquisition
of some 32 ships for Government purposes.
It is reported
that only ships of 3,500 tons dead weight, or over, will be
charge
violate the Sherman Act by opposing the activities of the
Group Health Association.
Commission
Maritime
Neutrality Act.
Originally a District Grand Jury indicted the two societies, the Harris
On March
assurances
vessels that have gone from American to foreign
County (Texas; Medical Society and 21 individual physicians on
on a
The strategic import¬
OORDELL
fine of $1,500 against the Medical Society of the District
Attorneys for both groups indicated that they would appeal to the Circuit
The Texas
occupation of forces
or
geographical location,
American flag to all vessels owned by Americans
by Federal District Judge James M.
of Columbia, which was convicted along with the A. M. A.
the tiial
the control
view of attack against this hemisphere.
over
Association, fined $2,500 on May 29
charge of violating the antitrust law by conducting a
campaign against a medical cooperative,' indicated that it
would make an immediate appeal, it was stated in Associated
Press accounts from Washington May 30, in which it was
pointed out that the Government based its case on the con¬
tention that the practice of medicine is a "trade" as defined
in the Sherman antitrust law, while the defense contended
that it is a "learned profession" not subject to the provisions
of conspiracy to
under
policy of world conquest and domination.
emergency
a
a
the intention of the
was
President Roosevelt's recent proclamation of an unlimited
The American Medical
He also assessed
come
State
the
"Profession" Not Subject to the Law
was
to
by the President solely in terms of their potential value from the point of
health. De¬
Imposed on American Medical Association on
Charges of Violating Anti-Trust Law—Individuals
The fine
a
were
of these islands, because of their
ance
The
detailed
more
of that law*.
to the islands in the Atlantic it
will be sent
All survivors in good
comprehensive
and
Fines
but
pursuing
fully
♦
►
In referring
President to point out the dangers to this hemisphere which would result
Shipping
and
Shipbuilding
Under
Unlimited
Emergency
Proclamation—32
Coastal
Ships
Acquired
was
Department by Mr. Linthicum.
on
certain
hemisphere.,
if these islands
coded.
Later
a
threaten the peace and safety of the countries
,
The commander of the submarine
American.
was
of survivors
a
the morning of May 21 at latitude 6:10 North
longitude 25:40 West.
aware
now
follows:
as
The Robin Moor was undoubtedly sunk by
and
of this
which
power,
guilty.
Justice
Any vessel or shipyard involved in a violation of the
"shall be forfeited to the United States."
as
The
Proctor refused
to
direct the
acquittal of the association. He made the ruling, it is stated,
directing the acquittal of four of the A. N. A.'s co-defenA reference to the case appeared in these columns a
year ago—March 9, 1940, page 1527.
Act
s
provisions
The powers cover leases as well
sales.
President's
proclamation of
the existence
unlimited National emergency" was given in our
of "an
issue of
May 31, page 3424.
in
dents.
OPM Places Zinc and Aluminum Scrap Under Priority
Control
Secretary of State Hull Tells Portuguese Government
United States Has No Aggressive Designs on Any
Country—President Roosevelt's Remarks on Portu¬
guese Atlantic Islands Had Occasioned Protest
f
Secretary of State Hull informed the Portuguese Govern¬
ment in
"harbors
a
formal note
on
June
10 that the United States
aggressive intentions against the sovereignty
integrity of any other country," but that its
policy today," but that its policy today is based upon the
inalienable right of self-defense." Mr. Hull made this state¬
ment in a note to Dr. Joas Antonio de Bianchi, Portuguese
Minister at Washington, who had asked the State Depart¬
ment on May 30 for a clarification of certain passages in
President Roosevelt's address of May 27 with respect to the
Portuguese Islands in the Atlantic—the Azores and Cape
or
no
territorial
System—-Borax,
Rubber
and
Other Ma¬
terials Put Under Control
added to the list of essential
mandatory industry-wide control by
the Priorities Division of the Office of Production Manage¬
Zinc and aluminum scrap were
defense metals under
ment on June
Zinc had been under
5'. ^
partial control through
a
.
'
production
but under the priority order, effective July 1, an
pool will be created to meet urgent needs and the
remaining supplies will be allocated for civilian purposes
under a program of the Office of Price Administration and
pool,
emergency
Civilian Supply.
(noted in our issue of March 29,
1999) and aluminum scrap has only been subject to a
control since last March,
page
price schedule since March 23.
Under the new order virtually
The Commercial & Financial Chronicle
3738
all scrap will go for defense uses except
Director specifies otherwiseThe OPM announced
when the Priorities
June 6 the temporary
addition
priority control since a
labor dispute at one of the
on
of borax and boric acid under full
shortage had been caused by a
large producers.
On June 9, the OPM put mandatory priority control on
all types of synthetic rubber and on polyvinyl chloride, a
plasticized resin material. Neoprene, one of the synthetic
rubbers, was put under priority control on March 8; this was
mentioned in our issue of March 15, page 1680.
#A
;
E. It. Stettinius Jr., Director of Priorities issued on
June 12 a general preference order designed to conserve the
small supply of tungsten by directing the substitution of
molybdenum type steel for high-speed tungsten steely
On June 12 the Office of Price Administration and Civilian
Supply announced that it had negotiated agreements with
leading producers in the paper board industry whereby
voluntary price ceilings are established.
;;; yv'A.
—*
OPM Production
Must
Armament Production
Be in
Greater Effort
Director Biggers Says
Year—Reviews
During Second
Made in
First
A-""'■A A a'A A-
Progress
Output
with mixed feelings.
On the
'/V.AA''\ AAy
;'v
hand, the people of the United States have good reason to be
one
■•'A A
AA-"
War
♦
Increases Working Hours
44 But Leaves Pay Unchanged
39 to
War Department employees were placed on a 44-hour
working week effective June 9, compared with 39 hours
previously.
The order, issued June 7 by Secretary of War
Stimson, provides for no extra pay for the additional five
hours work.
Under the revised schedule employees will, as
in the past, start in the morning at 8.15 a.m. and be allowed
45 minutes for lunch, but will remain at work until 5 p.m.
from Monday to
Friday, instead of 4 p.m. as before.
day remains unchanged as a four-hour
14,000 persons are affected.
Army reached a peace-time record of 1,324,800 officers
on May 22, said Washington advices, that day,
The
and
men
special to the New York "Times," which added:
14,000 officers and 462,000 men In the Regular
This total included
the task has
47,000 Reserve officers, 18,000 men in the
up
for one year's training and
A;-'
second year.
y;AA'"'Ay AA■■ --'A.:
veniences of Present
greater effort must be made during the
A':.'A ■ AAlV AyA:; ;'">y-A;.■
;A'A <A
following picture of defense production at the close of
was given by the OPM Division of Production:
the first
Machine
Toola—The annual volume of machine tool
manufacturing has
risen from $220,000,000 in 1939 to $450,000,000 in JL940 to an estimated
$750,000,000 in 1941.
May production this year is expected to be
than double that of May,
tools
more
Trade estimates are that 1,000 machine
1940.
being delivered daily to defense industries.
are
Aircraft—Actual production of 1,376 military planes in April
than three times
what
it
in
was
was more
Manufacturers' estimates
1940.
June,
for May would represent quadrupled production within the year.
Monthly
output in March, 1940, was only 287.
The output of all types of military planes was almost 9,000 for 11 months.
When May's production is added, the year's record was expected to fall
just short of 10,500.
.
.
,
Ships—Major combat ships under contract
or on
order April 30 numbered
360, of which preliminary work actually had started on 312.
The Navy
contracted for 629 vessels, large and small, during the current fiscal year,
as
against 23 in the preceding year.
major combatant ships
on
order
On Jan. 1, 1940, there were only 43
under contract.
or
♦
Roosevelt
Staggered—President
grown
to the inevitable conclusion that far
.
Federalized National Guard,
Regular Army Reserve called
492.000 Selective Service trainees.
Army, 21,800 officers and 270,000 men in the
great since the program was first undertaken that any fair analysis leads
The
1,324,800 Officers
Wage and Salary Payments to Federal
scale.
On the other hand, they dare not be satisfied because
so
Satur¬
It is said that
day.
♦
Army Has Peace-Time Record of
pleased with the important strides taken toward preparing this country
for the production of defense equipment on a huge
from
Department
and Men
intensified defense program
AaAaAA-.AAA'
April to May is said to be partly attributable to a Decoration
Day week-end shutdown taken by a number of manu¬
facturers, whose plants closed the night of May 29 and did
not reopen until June 1.
Aircraft deliveries in other recent months have been as
follows:
March, 1,216; February, 972; January, 1,036;
1940:
December, 900; November, 779; October, 742; Septtember, 670; August, 586; July, 547.
Year's
Marking the end of the first year of the defense program
and the beginning of the second, John D. Biggers, Director
of Production of the office of Production Management,
issued the following statement on May 28 in connection with
a review of the year's armament production:
We may look back on the first year of our
June 14, 1941
Under
Employees to Be
Points to
revised salary payment system to
a
Incon¬
System
be instituted
portion of the Federal personnel in the District
of Columbia will receive their semi-monthly pay checks on
the 8th and 23d of each month instead of nearly all on the
next month a
15th and final
days of the month, as at present.
President
of the Treasury Morgenthau
letter dated June 7, in which
he explained that the objectives contemplated by the change
are "to spread more evenly over the month the work load
incident to such payments, to level off the semi-monthly
peak loads in the local banks and stores, and to alleviate the
attendant inconveniences experienced by Federal employees
and the public."
A^^AA'a'A-Aaa Av'-A^A
The new payment dates will apply to all employees in the
District of Columbia of the Agriculture, Commerce, Navy,
Treasury and War Departments of the Federal Security
and Federal Works agencies.
The first payroll under the
new schedule will cover the period July I to July 8, inclusive.
Roosevelt informed Secretary
of the new arrangement in a
Ship construction is
+.
the slowest of all defense production, but many vessels are being built ahead
of schedule.
A<yv.A 'A'"
.
A'
Total tonnage of major cpmbat vessels on order last July 1 was 585,930
tons.
By
April
30,
1941,
construction between the
tons.
y
;•--'A
;
it
was
Auxiliary
2,226,950.
vessels
The following tables present the picture of progress briefly.
hand
less than
are
a
year ago
Britain in exchange for naval air bases.
also
was
reduced
The number of combatant ships
by the reclassification of 30 destroyers
vessels.
v
yA.'A 'AAA'
A;,A\A
,
15
Aircraft Carriers
as
"special purpose"
.'/AAA A>y A
■/"■
'A A "A .'"-A
Ships
May 1, 1941
(On Hand)
Jan. 1,1940
,
Battleships
;A
Combatant
—
„
,
Ships on
because of the transfer of 50 destroyers to
May 1,1941
(On Order)
_
.
_
-
15
17*
5
_
_
6
37
54
165
199
332
Destroyers
Submarines-87
Totals--
109
78
A A
360
♦Includes USS. North Carolina and USS.
Washington, 35,000-ton
dreadnaughts, which have been launched but have not yet joined the fleet.
Tanks—Light—13 ton-tanks
150
a
month.
are
were
re-designed in the light of
perience of the British and French armies in Flanders.
delayed purposely
military
late
so
weapons.
Production
that machine tool priority could be given
more
ex¬
was
critical
Quantity production of medium tanks is expected by
By July, 1941, the increase
out at the rate of 400 a month.
light tanks
as many
hand
on
as
combaJt vehicles,
are
coming
By July the Army will have its present
out
1,200%.
1940.
munitions, and ammunition
in quantities that represent
Powder
Twice
output
as many
The output
of
has
risen
Garand rifles
large increases
1,000%,
are
small
over
arms
being
The
President
has
proclaimed
state
a
of national
a
position which will insure its self-preservation.
has enacted the Selective Training and
ing adequate
arms
Men
men
and
Service Act for the purpose of secur¬
equipment for the armed forces.
by the hundreds of thousands have been selected and are now in
under
the
Selective
Service
trained
in
the
methods
These men are giving their
Act.
in body, disciplined in mind, skilled and
by which the country will be defended.
be furnished by their fellow-citizens
who
are
These
supplies and equipment will
engaged in the production of
ships, airplanes, tanks, guns and other necessary munitions and supplies.
ammunition
They know that other registrants have been deferred from service in the
as
in July,
has trebled, that of .50
Gains of 40 and 35%, respectively,
of field
The
Congress
and has appropriated funds for the procurement of essen¬
whole efforts to become strong
armed forces to accomplish
artillery and anti-aircraft
that purpose.
Our
defense of America.
citizen soldiers have merged their individual desires in the common
objective, the citizens who have been deferred because they are necessary
in the production of defense supplies and
artillery.
They demand that no citizen
hesitate to do his full share in the strengthening of the
'
caliber machine guns has quadrupled.
have been made in the manufacture
emergency.
Government of the United States is exerting every possible effort to place
this Nation in
a
production
coming out monthly
.30 caliber machine guns
are
Hershey's order,
draft boards follows:
citizen soldiers have been promised that arms,
Ordnance—Machine guns, rifles,
ago.
General
program.
job he is performing in the national defense program cannot
expect to retain the status of deferment when he ceases to
work on the job for which he was deferred."
The text of the telegram sent by Gen. Hershey to local
training
requirements.
year
defense
national
designed to cover strikers in defense industries was issued
with the approval of President Roosevelt.
The telegram
it
expected to be six-fold.
was
Scout Cars—Scout cars, which are well armed
turned
the
tial
summer.
The Army has more than four times
had last July.
Strikers in Defense Industries
Brig. Gen. Lewis B. Hershey, Acting Selective Service
Director, notified local draft boards in a telegram on June 9
to take the necessary action to reconsider the classification
of registrants who have been deferred because of defense
work but have ceased to perform these jobs, thus impeding
being produced at the rate of about
Medium—26 ton-tanks
Reclassify Deferred Defense
on Job—Designed to Cover
said that "the citizen who has been deferred because of the
12
34
218
359
Cruisers
to
Workers Who*Are Not
under
months had risen from 74,938 to 282,507
same
A-'y'"'AAvV-yA'A / A.AAAy A"A-v'"AA AAAv AAAAA
-'A
Ordered
Boards
Draft
AAA
\v
equipment may not refuse to do
likewise.
Aircraft
Deliveries
of 55 Planes
in May Totaled 1,334—Reduction
Compared with April Output Reported
by OPM
Military aircraft manufacturers delivered 1,334 airplanes
during May as compared with 1,389 in April, the Office
of Production Management announced June 11.
With the
current report the April figure has been revised
downward;
the statement of the OPM issued last month
placed April
production at 1,427 planes.
The reduction in output from
The basic
man on
principle
which selective service operates is to keep the
upon
the job where he can render the greatest service to
his Government.
The citizen who has been deferred because of the job he is performing in the
national defense program cannot expect
when he
ceases to
of deferment
work
and
inseparable.
the
on
to retain the status of deferment
the job for which he was
deferred.
The status
responsibility to perform the necessary work are
AAA', -A; .A;.: A" A y
Therefore, I hereby direct all agencies of the Selective Service system to
take the necessary
action to reconsider the classification of all registrants
who have ceased to perform
are,
the jobs for which they were deferred, and who
by such failure, impeding the national defense program.
Volume
United
The Commercial & Financial Chronicle
152
States
Army Runs Seized Plants of North
American Aviation Company Pending Negotiations
United
States Army troops took over the strike-bound
American Aviation Company plant at Inglewood,
North
Calif.,
June
on
union
9 under a Presidential order after
had disregarded pleas of National
officials
local
union
leaders, including Philip Murray, C.I.O. President, to return
to work and await
mediation, and an ultimatum issued by
President Roosevelt that the strikers return to work by
June 9 or see the plant confiscated and
operated bv the Army.
Army officers in charge of the plant reported that, on
June 9, 1881 workers returned to work on the
day shift and
600 on the night shift.
Normally 12,000 are employed on
three shifts.
The following dav operations were reported
as 75% of normal and the strikers then voted to return to
their jobs and virtually all were at work on June 11.
After taking over the factory on June 9 Lt. Col. Charles
E. Branshaw said: "These men are now
working for the
United States Government. I am in complete charge of the
plant and the company officials are under my supervision
and jurisdiction."
Army control of the plant, which has a backlog of about
$200,000,000 in plane orders, came five days after the
workers struck, demanding a minimum
wage of 75 cents an
hour and
increase
an
paid 75 cents
now
of
10 cents
hour.
an
an
all workers
hour for
The strike
instigated by
was
the officers of Local 683 of the C.I.O. United Automobile
Workers on June 5.
United Press advices from
Washington, D. C.
on
June 9,
reporting the President's action said:
President acted under his powers
as
Commander in Chief of the
United States armed forces after consultation with his Cabinet, defense
agencies and Sidney Hillman, Associate Director of the Office of Production
Management.
'•
v
■
a
it has done in countless other instances, in
as
settlement
Robert P. Patterson placed a long distance telephone call from the White
House, ordering the army to
move
in.
Mr.
Roosevelt's side
Administrator
Harry
when
Hopkins,
he
issued
Attorney
the
army
Lease-Lend
were
Robert
H.
Jackson,
Hillman, Patterson and Stephen T. Early, White House Secretary.
The President acted only after he had been told
by telephone that Los
Angeles police no longer were able to cope with the explosive situation at
the vast plant, which holds contracts for
$191,000,000 in airplanes for this
nation and Britain.
An oral statement by
When
avert
interruption
an
became
we
Mediation Board.
not
with
a
However, it
soon
became apparent that
genuine labor organization,
group which
"At 10:40 the President in his
study signed the executive order authoris¬
of vital
but rather with
we were
dealing
irresponsible
an
had acquired certain key official positions in Local 683 and
had embarked upon a course of outrageous defiance.
From the first their
conduct spelled defiance of the charter under which Local 683 operates as
affiliate of the United Automobile Workers of America.
an
of the
Workers of America.
the
It is defiance
duly constituted and responsible leadership of the United Automobile
It is defiance of the duly constituted leadership of
Congress of Industrial
heartedly in the defense
Organizations,
which
has
cooperated whole¬
It is defiance of the National Defense
program.
Mediation Board in its sincere effort to insure fair and equitable disposition
of the demand of the North American workers for an increase in
wages.
is
defiance of the President of the United States and the United
Government in their determined effort to
build
a
It
States
defense for this
strong
nation.
This defiance is
challenge that
a
goes to
the roots of the entire democratic
system—and the efforts of this democracy to preserve itself.
challenge there
best
interests
To such
a
be only one answer—and that answer has been given
can
in the form of the Presidential Executive Order issued this
of this
nation—the
best
interests
morning.
The
of labor—demand
this
course.
We
are
engaged in
ment of free
all-out defense program to prevent the enslave¬
an
people and free labor.
Workers realize that their survival
as
free
human beings depends upon the victory of democracy.
We, of the
Labor Division, at all times have cooperated with bona fide labor organ¬
izations and have striven
The
Order,
specifically
safeguard labor's rights in this emergency.
to
President's statement,
these
preserves
fundamental rights
collective
bargaining
will
reach
to
The
rights.
free
as
Government and negotiations
citizens
be
said:
"Their
protected
by the
President
will
conducted
settlement
a
of his Executive
the issuance
accompanying
be
through the
fair
reasonable
and
of
process
to
the
workers and to the company."
A
small
band
of irresponsibles
have arrogantly assumed the right to
speak and act for North
American
triotic, and law abiding.
This small band shall not be permitted to flout
workers—workers who
loyal, pa¬
are
betray the best interests of labor throughout the country.
action must
be regarded
Their
contrary to the welfare and security of the
as
I, therefore, follow the President, in joining with the
leadership of CIO and the United Automobile Workers, in calling
upon
the workers of the North American plant to return to their
once.
Neither the Government
tolerate
interference
responsible labor
nor
with
defense
production
versive groups irrespective of where they may
Under another head
are
we
statement and executive order
Early disclosing the order follows:
attempt to achieve
an
of production
that this dispute could not be
aware
joined in asking that this dispute be certified to the National Defense
nation and of labor.
order
General
technician in
thereby
settled by the parties through routine processes of coUective
bargaining, we
and
Patterson talked to Lt. Col. Charles E.
Branshaw,
charge of aircraft production in Southern California.
and
defense materials.
'
Acting at Mr. Roosevelt's specific instructions, Undersecretary of War
At
parties,
(workers)
The
3739
Division of the Office of Production Management lent its offices to both
can
jobs at
will be expected to
or
irresponsible and sub¬
by
be found.
giving President Roosevelt's
incident to the taking over
of the North American Aviation
plant.
ing the Secretary of War immediately to take possession of and operate
the plant of North American, Inc., at Los
Angeles, now closed as a result
of
strike.
a
"The
"...
■
order
prepared
was
in
Agreement
\
the Justice Department, the defense agencies, and the office of Production
Management.
This officer (Lieut. Col. Branshaw) told the President that there
duty.
on
were
about
sume
1,000
work.
men
They
picket lines.
with dinner pails ready to enter the plant and re¬
being prevented by about
were
1,000 other
men
on
The officer said that in his opinion the army should move in
his opinion, the situation
because, in
beyond the control of the Los
was
Angeles police.
"When
the
order
given the Colonel
was
Patterson, acting in accordance with the
the military
they should give the
and at their homes.
men
was
specifically directed by
President's instructions, to tell
to do so unless
use
time in ten years that they have been used to cope with a domestic disorder.
The last occasion
was
Los
Angeles
reported:
advices
June
9
the
to
scales.
The
Press
The
(C.
the
industry,
provides
unionists
He has called the five-day strike
having walked out
the
as
National
wildcat walkout,
a
Defense
Mediation
Monday
by
strike
a
Judge
Stacy,
Walter
Chairman
dispute, announced that
before 9
p.
m.
was
holding hearings
any
settlement suggested by the Board would be retroactive.
Associated
on
the
Press
case
and in the face of
a
company pledge that
dispatches from Los Angeles June 10
said in part:
When
interviewers
asked
Col.
Branshaw
when
the
troops
would
be
removed, he said: "When and only when the United States Government
decides the need for them
longer exists."
no
Mr. Mortimer, as spokesman for the strikers, said he told them it would
be "silly to
tell the Army what to do." As
of the troops was abandoned.
to work
a
result, the demand for removal
"The best thing for them to do is to return
immediately," he asserted.
Bridges, West Coast,C. I. O. Director, stating:
I believe their
strike was justified in view of the huge war profits of the airplane
industry,
but I urge them to return to work in view of the odds against them, and I
that the national C.
treatment.
I.
O. leadership will see that they get fair
The strike should not be called
a
defeat but
a
strategic retreat."
A statement issued bv Sidney Hillman, Associate Director
General, Office of Production Managementr June 9, con¬
cerning situation at the plant of North American Aviation,
Inc., Inglewood, California, read:
When
North
a
dispute
American
arose
between
Aviation,
Inc.,
of
a
one
the
Die
six
to
Casting
of
The
I.
the
three-man
cents
an
Workers
Union
board panel hearing
"satisfactory agreement"
written."
was
reached shortly
■■
settlement
Judge Stacy said,
provides,
for
signing of
the regular
0. agreement
by all parties to the dispute.
provides for a one cent an hour increase for all workers,
plant minimum from 72c. to 73c. an hour, and for an
The agreement
the
hour
on
three
the
cents
for
workers
on
the
second
shift
and
five
cents
an
shift.
third
+-
Strike
the
at
Bohn
Aluminum
Co., Detroit,
Mich.,
Settled
A strike by the
United Automobile Workers (C. I. O.)
which halted production on vital aircraft parts at the Bohn
Aluminum Co.'s six plants for three days, was settled on
The strike
June 11.
was
called
on
June 9 after collapse of
negotiations on the union's demand for
wage increase.
....
■ I-■
a
10-cent an hour
United Press advices from Detroit, Mich.,
reporting the strike settlement said:
Simon
Den
$25,000,000
Uyl, Secretary-Treasurer of the
company,
on
June 11
said production
worth of parts for marine and airplane engines would
the management
at
Inglewood,
A
mass
meeting of
ment which will
"I urge North American workers to return to their jobs.
sure
from
on
be
resumed tomorrow.
The vote to return to work followed reading of a telegram from Harry
am
of
and that "a contract will be signed as quickly as it can be
the
Board
out
I. 0.).
assurance
one-fourth of the nation's warplanes, recruiting them from other
factories,
if necessary.
turning
increases
wage
his organization would co-operate in obtaining
the skilled workers necessary for operation of the plant, producer of
nearly
gave
been
has
company
company's 6,000 workers in the giant Cleveland plants which
closed
were
raising
Frankensteen, national C. I. O. organizer for the aviation
(Con¬
bomb casings, magnesium flares,
as
agreement
additional
Richard T.
June 9
on
such defense
aircraft parts
and aluminum ingots for ordnance equipment industries.
United Press dispatches from
Washington, D. C., on
June 11, reporting the agreement, said:
materials
C.
Associated
on
for an increase in wage
of Industrial Organizations)
gress
the dispersal of the World War bonus
army in this
city, ordered by former President Herbert Hoover in 1931.
The strike was called
by the National Association of Die Casting Workers
the
of Federal troops to open up a struck plant marked the second
announced
Board
an
Aluminum Co. of America.
given
protection."
Mediation
Defense
agreement had been reached for immediate
reopening of the strike-bound Cleveland, Ohio, plants of the
hour for
willing to return to work seemed timid and hesitant
The
National
June 10 that
protection at work, leaving work
'
"Sidney Hillman and the others agreed that the issuance of the order
was necessary if the plant was to
open and to operate because the workers
army
The
He also took the step unanimously approved by the Cabinet
when he laid it before it at its last
meeting.
"Before he signed the order, the President with Col.
Patterson, Jackson
and Hillman had talked to the plant
by telephone to the army officer then
America,
Reached in Aluminum Co. of
Cleveland, Ohio, Plant Strike
collaboration with the War Department,
and
workers
California,
the
of the
Labor
wage
than 2,000 union members approved the agree¬
more
permit plant operations while a demand for a 10c. hourly
increase is taken up with the National Defense Mediation Board at
Washington.
A hearing of the case is scheduled to start next Monday.
arranged at the urgent request of the Mediation Board
The truce was
-which described the strike
as
a
"serious threat" to the Nation's defense
The company earlier had taken the position that it would
change its present contract which does not expire until April, 1942.
preparations.
not
United
States
Conciliation
Commissioner John Connor brought repre¬
sentatives of both sides into conference to break the deadlock.
Approximately 4,000 employees were affected by the strike.
The
Mediation
Monday.
Board
opens
hearings
on
the
dispute at
Washington
It urged that production of aircraft and marine engine parrs
resumed immediately with the understanding that any
be
future agreements
The Commercial &
3740
would be made retroactive to June 9. when
After the conference
with Mr. Connor, Mr. Uyl said that the company,
defense," would agree to the retroactive pro¬
union yesterday, insisting
He had declined such an offer from the
posal.
that the company
until
levels
Mr.
April,
would stand on a contract which freezes present wage
1942.
Uyl expressed confidence that the
Mediation Board would support
its present contract.
the company's position on
regional director of the U. A. M.-C. I. O., said he expected
Leo Lamotte,
union
of the fact that
membership to ratify the suggestion in view
at a mass meeting yesterday.
they had voted in favor of such an arrangement
Truck Service in. New York
Armored
City Halted by
Strike
•
Armored Car Chauffeurs' and
American Federation of Labor
affiliate, against the four largest armored car companies in
New York City went into effect on June 12 as a result of
the inability of the union and the employers to reach an
agreement on terms for a new contract.
The companies
against whom the strike is directed, according to Robert
IUig, Business Agent of the Union, are United States Truck¬
ing Corp.; Brink's Inc.; Wells Fargo Armored Transportation
Corp. and Cross Armored Car Transportation Corp.
The old contract between the companies and the union
A strike of members of the
Guards' Union, No. 820, an
May 31 and negotiations collapsed a few days
later,
The New York State Board of Mediation tried un¬
successfully to bring about a settlement of the issues, but
recently had been unable to get the employer representatives
expired
to
on
attend
conference.
men receive $45 for
a
a forty-two-hour week under
The union is seeking $50 for a 40-hour
The company was reported to have offered to renew
The union
the old agreement.
week.
the old contract.
Coal
Soft
and
Operators
Workers
Mine
Accept National Defense Mediation Board's Recom¬
mendations
in
Wage
Dispute—Differential Be¬
South
and
North
tween
Eliminated—Anthracite
Pact
The
was
of the bituminous controversy, the
question in the entire coal mining industry was virtu¬
ally settled for the next two years, as anthracite operators
in the Pennsylvania area reached an agreement with the
United Mine Workers last May 19, after a one-dav strike,
which was made retroactive to May 1 and runs to May I,
1943.
It was reported in the New York "Herald Tribune"
of May 20, as follows:
'%
.
%■;:
■
The terms of the agreement, retroactive to May 1, which will run for two
With the adjustment
controversy in the bituminous coal industry
threat to the national defense program on
labor
removed
% ■. .•?
'-V
from May 1 to Oct.
1 and 10% thereafter until the expiration of the agreement;
Agreement on a vacation period to all employed one year or more in the
industry, with a $20 token payment for vacations payable next Christmas.
In 1942 the $20 will be payable during the regular vacation period.
The union had originally demanded a 20% increase.
The old daily
scales were $4.62 for outside men, $5.25 for laborers in the mines and
$5.96 for miners.
Contract miners, paid on the basis of what they produce,
have In the past averaged between $7 and $7.50 a day.
as a
when the several factions—Southern and Northern
operators and the United Mine Workers (Congress for In¬
dustrial Organizations)—accepted terms outlined by the
National Defense Mediation Board.
The dispute had actu¬
■'--'o.
years, are:
of 7on all day and contract rates
An increase
previous reference to the labor
A
industry appeared in our
problem in the coal
issue of May 3, page 2786.
Govern¬
Itself to Support
During Emergency
Pledges
Union
Teamsters
ment
The General Executive
Board of the International Brother¬
hood of Teamsters, Chauffeurs,
Warehousemen and Helpers
pledged its support to the National Administration
in its defense efforts, in a letter addressed to President
Roosevelt on June 5 and signed by its President Daniel J.
Tobin, which said in part:
June 5
The General Executive
Board of the International
Brotherhood of Team¬
Warehousemen and Helpers, meeting in Washington,
representing over one half million members, citizens of the
sters, Chauffeurs.
D.
and
C.
and to our
sincerely endorse your declarations
and principles of procedure as outlined in your radio address to the Nation
on the evening of May 27, 1941.
We, who are Americans and members
of one of the largest labor organizations in America, or in the world, do
solemnly pledge that we will follow out and put into practice any procedure
outlined by you and your associates who are handling this most dangerous
world situation which is now confronting civilization, and which is threaten¬
ing the very freedom which the men of Labor have struggled to bring about
and for which they have made sacrifices untold in all the years that are
United
hereby solemnly pledge our support to you
States,
and we wholeheartedly and
country,
--v.*
♦
Southern
14, 1941
labor
"in the interests of national
the
the strike of 4,000 employees
■■.'-V,:;
began.
June
Financial Chronicle
past.
♦
June 9,
Buying With Blue Stamps
Food
Totaled $9,577,000 in
April
added $9,577,000 worth of farm
Blue food stamps
products
ally been narrowed down to one between the Southern
operators and the union, when the Northern operators, on
May 20, entered into a formal contract with the union,
based on terms arrived at by their joint negotiating com¬
April to the diets of 3,828,000 members of families
eligible to receive public assistance, the Department of Agri¬
culture announced on June 6 in its monthly report of the
April 21, which, among other things, provided for
a wage scale of
$7 a day, $1 more than paid under the
contract that expired April
1.
Under the old contract
Southern operators had paid $5.60 a day and opposed the
union demand that the 40 cents differential be eliminated
in the new agreement.
The Southern operators held this
differential to be necessary because of higher freight costs
to them in the competitive markets to which, they said,
about 80% of their production is shipped.
The temporary
wage agreement, under which Southern miners agreed on
April 30 to go back to work provided for a $6.60 a day scale.
After the signing of the Northern agreement, the Southern
group continued to negotiate with the labor representatives,
and when this failed the Mediation Board, on May 20,
asked the various groups to meet with the Board.
Sub¬
sequently, on June 5, the Board submitted its recom¬
mendations, which included a $7 wage for Southern miners,
and acceptances were received from the three groups shortly
before the expiration of the deadline fixed at 6 p. m. June 9
by the Board.
United Press Washington advices of June 9 said:
families taking part in the Food Stamp Plan used blue
stamps—which
increased their expenditures for agricultural products
approximately 50%—as follows;
14% for butter; 14% for eggs; 31%
for pork products; 15% for flour and other cereals; 13% for fruit, and
13% for vegetables.
mittee
on
in
During April
surplus farm
5,204,000 dozen
eggs; 34,577,000 pounds of white and Graham flour; 7,064,000 pounds of
corn
meal; 971,000 pounds of hominy grits; 11,848,000 pounds of pork,
and 5,864,000 pounds of pork lard; 193,000 pounds of vegetable shorten¬
ing;
37,070,000 pounds of potatoes; 4,996,000 pounds of dry beans;
3,756,000 pounds of onions; 2,313,000 pounds of fresh carrots, and 334,000
ton increase for
of the
$7 a day wage for workers above ground,
pick miners,
a
a
on
Southern
operators finally
served
not
of John
L.
Lewis,
President of the miners, that the day worker in the South receive the same
basic $7 a day
scale
as
paid in the North.
Heretofore the workers in the
South have received 40 cents a day less than men doing similar tasks in the
The
men
who
actually dig the coal in
Southern mines,
however, will
receive 15 cents a ton less than pick miners in the North.
The
controversy
over
the
wage
differential split the Appalachian coal
conference, with Southerners walking out of
negotiations with the
wage
Heretofore there has been
union in New York.
one
blanket contract with
the union covering both the Northern and Southern mines.
Mr.
Davis
(Win.
H.
Davis,
Vice-Chairman,
Mediation
reported tonight that separate contracts, containing the
will be
negotiated with the miners
as a
same
Board-ed.)
provisions,
result of the split among employers.
The Board, he said, would take no part in the negotiations.
He said that the 40 cents
a
day, would be retroactive to May 1.
End of the protracted dispute came at
10-day supply of coal
on
a
time when there
was
hand to feed vital defense industries.
pants in the dispute waited until the deadline
was
only a
Partici¬
almost reached before they
announced their decision.
The
ments
in
Northern
operators
miners but it had not been
previously had initialed
formally attested.
a
contract
with the
The agreement stipulated
that the Northern group were to receive any additional concessions
by the mine union to
Southern operators
Board's efforts to restore peace to industry.
as
a
result
of the
granted
Mediation
fresh
continued in April to distribute farm
lunches, and to needy families in areas
to
by Secretary
Conditions—Amend¬
Program Designed to Aid Farmers
Program Announced
Drought
Offset
to
AAA
Drougth Area
offset
To
free school
Farm
Wickard
threatened
the
or
United
Wickard
effects
of
drought conditions
which have
part of
Claude R.
seriously affected the entire Eastern
States,
announced
of
Secretary
on
June 6
Agriculture
farm
program
changes to
provide for increased plantings of emergency forage crops.
At the same time he called attention to the need for plant¬
crops to offset the
plantings.
"I have
of Agriculture," he
problems created by
the drought.
Secretary Wickard also said;
The damage caused by the drought calls for immediate action.
Hay,
pasture and early vegetable crops have been damaged to such an extent
gardens and canning
yields from early
asked all agencies of the Department
said, "to use their facilities to meet the
of
losses
summer
and
reduced
in
much
be
substantially
been
will
day increase for day workers in the South
who have been working for $6.60 a
2,354,000 dozens of
by the Food Stamp
Changes in
ings
Northern States.
in
for use
products
the
yielded to the demand
about
5,796,000
Marketing Administration
Surplus
1214 cents
the ground that it was inferior.
included
purchases
stamp
fresh grapefruit; 6,668,000 pounds of fresh apples;
1,646,000 pounds of dried prunes, and 1,373,000 pounds of raisins.
In
addition
to
purchases of commodities by blue food stamps, the
provision in past contracts under which Southern operators could
workers
blue
Other
oranges;
10-day vacation with pay and elimination
reject and not pay for a certain percentage of coal mined by individual
representing new outlets for
stamps,
blue
included about 3,565,000 pounds of butter;
pounds of fresh kale.
two-year contract embracing the Board's program.
a new
Chief points are a
a
with
Purchases
commodities,
Operators and representatives of the mine union will begin negotiations
immediately for
The Department further states;
Plan.
Food Stamp
has
for
of
the
East
that
even
with
good rains
this month yields will
rains, however, which have
general over the area affected from Virginia and Kentucky northward
help insure the success of new plantings to offset the damage that
been done.
A
preliminary survey indicates adequate seed supplies
this
below
normal.
The
recent
purpose.
According to the Department's announcement, in counties
where
drought conditions justify, the machinery of the
Adjustment Administration will be used to
plantings of emergency forage crops such as
Sudan
grass,
soybeans,
and
sorghums to supplement
drought-damaged pastures and feed crops.
The Depart¬
Agricultural
encourage
ment likewise states;
Volume
Since
from
drought counties will need
in
counties
these
and
These
counties.
where
mittees
the
forage
emergency
provisions
the
approval
com¬
amendment
one
by
AAA
committee),
been
regional
ties
by
reduced
and
that
counties have
to
forage crops
emergency
soil-deplet¬
Dela¬
planting meergency forage crops if the
be incurred for
been designated as
amendment makes
drought counties.
possible for livestock farmers wishing to
it
of emergency forage crops
Department
deficiencies
rainfall
the
that
reports
responsible for the drought conditions have been cumulative
since December.
"In practically all sections east of the
Mississippi River," it is stated, "these deficiencies developed
a serious drought or threatened drought of major
proportions." It is indicated that the Western half of the
United
States
has
been
unusually
well
supplied with
into either
Wickard said that in spite
of recent rains "unless emergency measures are taken in
the east the Food-for-Defense Program could be seriously
handicapped.
Much of the great commercial dairy and
vegetable areas are included in the region affected by the
drought and increased production of dairy products and
some vegetables are essential for our needs and for export
moisture this year, but Secretary
under the Lend-Lease Act.
far
as
We
feed
Granary
into the East for future
bushels of
points.
As
supplies
storage for
Although
ditions
at
situation
our
a
future
time
when
the
of
great
corn
are
being
now
Middle West into Eastern storage
Eastern storage stocks will
for feeding,
replenished to maintain available
Eastern
the
having
in
moved
Commodity Credit Corporation has moved
of
out
used
are
have nothing to worry
situation
present
supplies
The
use.
we
needed for increased production of livestock
Granary
corn
concerned
are
the
in
reserves
Ever-Normal
10,500,000
be
Wheat will also be moved
reserves.
to
use.
has
we
been
need
affected by unfavorable weather
to
programs
occurred.,
1941, occurred in
every
size urban area, with those areas with 20,000
The monthly survey of the Board's economists
operative reports of sheriffs,
county
clerks,
is compiled from the
to
court clerks,
co¬
recorders and
other local government officials.
increased
.Z
help
for
:
compensate
of
amounts
'
the
Bankers
Estate
Taxes
Made in
drought
damage
that
has
•/'
■
+
Survey
if
Reduced
be
Reveals Real
Savings Were
Operation of Majority of Cities
ings in operations which mortgage bankers in these commnuities say they know could be made, according to a statement
issued June 7 by Dean R. Hill, President of the Mortgage
Bankers Association of America, in announcing a recent sur¬
vey of the organization.
Mortgage bankers in 81 cities
were asked if they "knew of savings that could be effected
in the municipal operation of their cities that would mean
lower real estate taxes."
Mortgage men in 45 cities de¬
clared they knew of definite savings that could be made.
Opinions from the other 36 varied.
The following regard¬
ing the results was contained in the Association's announcement:
In
.
could be made and the average
In 15 Eastern cities more than
of economies that could be
\
,
19 southern cities nearly 74%
of the bankers know of savings that
estimated cut in property taxes
was
17%.
66% of the mortgage men reporting know
accomplished and the average cut
was
set at
In 11 Far Western and Mountain cities 45% said they could
around 13%.
effect municipal economies and the average estimated saving was around
In 36 Middle Western cities 44%
8%.
the poll know of
of the mortgage men answering
possible savings and the average estimated cut was 16%.
"Elimination of useless services" was the most pressing need noted in
The savings that could be made by more efficient and busi¬
the replies.
while important, are relatively small compared to
those that would result from curtailment of non-essential services was the
The need for consolidation of city and county govern¬
expression of many.
ments was noted in many
communities and some expressed the opinion that
city manager form of government was the need in their cities.
a
On the other hand, many
of the bankers in the 36 cities where no tangi¬
ble saving is foreseen now,
expressed the view that municipal waste had
been pretty
weU eliminated in the past decade and that such minor savings
be effected
could
as
would not materially alter the real estate tax rate.
base will lower real estate-
Others said that "only a broadening of the tax
in
taxes
dairy and poultry
Association
Could
Real estate tax bills in 45 leading cities would average
about 13% lower if municipal authorities would effect sav¬
con¬
products and meats and certain vegetables we can use the machinery of the
farm
Statistics said that the decline
Division of Research and
ness-like management,
He also says:
grain supplies
fortunate
are
Ever-Normal
products.
21,519 urban foreclosures,
60,000 dwellings having the heaviest decline.
which
program,
in New Jersey, New
York, Pennsylvania, Georgia, Mississippi, South Carolina, and some coun¬
ties in Florida, Louisiana and Arkansas, to do so without incurring deduc¬
tions in program payments by planting less than the required minimum
acreage of erosion-resisting crops, provided their county has been designated
as
in the drought area.
The
Board's
were
period in 1940.
foreclosures from March to April this year and from April, 1940 to April,
Mortgage
applies to counties in
to devote 20% of the total acreage of crop¬
other than soil-depleting crops, provides that
the
uses
plant additional acreages
about.
The
same
Virginia, and to certain coun¬
Virginia, West
to
elected
have
farm
deductions will not
third
plant
may
for exceeding their total
Louisiana.
amendment
the
on
As
14% below the
This amendment applies to farmers in the States of
Florida
Tennessee
land
the State
of
recommendation
the
(on
drought"
Kentucky, Maryland,
in
Another
A
directors
incurring payment-deductions
ing allotment.
ware,
farmers in counties "desig¬
the AAA program,
counties in which the production of feed for livestock has
as
seriously
without
to
The Board's
thousand non-farm dwellings.
During the first four months of 1941 there
or
in
Under
3.5 per
was
3741
announcement added:
AAA regional
and
directors.
nated
rate
in
effect
into
put
request of county
on
committees
State
of
be
may
drought has been serious,
with
the deductions
crops
depleting allotments will not
for exceeding the total soil
payments
apply
The Commercial & Financial Chronicle
152
In
town now."
our
one
of the largest cities in the
admitted that
no
country,
a
leading mortgage banker
lower real estate taxes might be
economies that could be achieved.
expected from obvious;
"Yet," he said, "these economies would'
certainly halt the rising tax rate."
The survey was made among
members of the Association to determine if
they actually knew of savings that could be made and if so what cut ini
real estate taxes might be expected to
FHLBB
Reports
Non-Farm
Mortgages
Recorded
April Totaled
Nearly $400,000,000
$400,000,00(j
in non-farm mortgages
Almost
less
or
of $20,000
recorded by institutions and individuals during
were
April, it
was
Director
of
reported
the
on
Division
May 31 by Cor win A. Furgus,
of
Research
Statistics
&
of
"Mortgage Record¬
ing Letter" for April. It is added that although recording
statistics have been gathered for only 2^ years, all related
data available indicates that this volume represents a new
high in real estate financing activity for
since the early 1930's.
The letter goes
on
any
single month
to state:
The accelerated activity from March, which in turn represented a sharp
from
the
midwinter
throughout the country.
low
reached
in
February,
prevailed
generally
The Chicago, Boston and New York Federal
Home Loan Bank Districts lead with gains over the proceeding month of
25, 20,
and 19%, respectively.
Each type of mortgage lender participated in the March to April rise of
$50,000,000
to
or
14%.
These increases ranged from 10% for individuals
21% for mutual savings banks.
Of the institutional type of lenders,
savings and loan associations and bank and trust companies,
Savings Dollars Held Vital to Defense—Robert W.
Sparks, Director of Treasury Department's Cam¬
paign, Says Such Fund Can Be Profitably Devoted
in advancement of the defense savings
noted at Boston on June 10 by Robert
W. Sparks, Vice-President of The Bowery Savings Bank,
New York, and representative of the United States Treasury
in forwarding defense bond sales.
Mr. Sparks spoke over
Gratifying
radio stations WBZ and WBZA in the afternoon and later
addressed the Savings Bank Officers' Forum.
"Today, as
before," he said "the savings of the American people
have vital bearing upon the national destiny.
I speak not
only of our accumulated savings, which approximate the
great total of 75 billions of dollars, but especially refer to
the day to daiy saving of small funds, which can be profitably
never
devoted to the purchase of
In part
which to¬
This
this
%Chg.
Apr.,
%Chg.
April, 1941
of
April, 1940
Volume
% of
(000)
Total
Cumulative Recordings
1940
January-April
$
Volume
% of
Apr.,
1941
1940
Total
1941
(000)
(000)
Chg.
S
$
S
Insur.
32.5 + 13.9 110,787
32.5 + 16.8
32,313
8.1
+ 16.1
27,091
8.0 + 19.3
98,076
cos..
424,100
111,562
COS
24.6
+ 13.8
82,569
24.3 + 18.8
337,757
4.2
+ 20.5
13,122
3.9
+28.7
55,497
43,670 +27.1
65.708
16.5 + 10.2
+ 16.2
14.1
56,561
50,203
16.6
55,972
231,687
191,085
201,516 + 15.0
+9.2
175,052
398,305
100.0
+ 17.5
+ 14.2 340,333
premier investment in a troubled world, but, it
14.7 + 11.5
100.0 + 17.0
available for small capital.
place of mutual savings banks in their own communities and the nation
Indeed, New England was the hearthstone of the mutual sayings
large.
of the
The first bank of this kind in the United States—the banks
a
people—was a Boston institution and the year of Its founding 1816,
long century and a quarter before our time. Since then it has been a func¬
1351,688 1159,064 + 16.6
wherever they
be.
I note with pride that in the first mon th of the defense
bond movement mutual Institutions
dollars of the new Treasury securities.
millions sold throughout the country.
in 17 States
Non-Farm
Real
Estate
ward Trend in
Forclosures
Continued
Down¬
April, Reports FHLBB
The downward trend in urban real estate foreclosures
tinued in April, with the number 5,445,
lowest
being the second
That
sold
was a
about
25 millions of
sizable part of the 441
Sines mutual Institutions operate
only, the extent of their activity in behalf of the nation can be
truly estimated. ..."
The essential purpose of the Defense Savings Program is to enroll a maxi¬
mum
con¬
figure for any one month in more than a decade, it
reported on June 7 by economists of the Federal Home
Loan Bank Board.
The number of homes foreclosed by all
types of mortgage lenders in April totaled 3.6% less than in
March and 15% below April, 1940.
The April foreclosure
was
may
Certainly no one, speaking to a New England audience, need explain the
savings
Total....
Every one recognizes that defense savings
panics and booms. Once more they stand in the forefront of the crisis and
will make their full contribution in defending our shores and our interests,
Others
16,888
provide for th8 future of the in¬
of assisting the Government pay its way in
tion of mutual savings banks to help preserve the nation in a series of wars,
Individuals
—
means
emergency.
286,626 + 17.8
savs.
banks
to say:
358,686 + 18.2
93,514 + 19.3
Bank. & tr.
Mut'l
on
emphasize, this investment carries with it a better rate of return
bank system.
129,348
asens
basic
a
bonds constitute the
at
Save. & loan
defense savings bonds."
unexcelled opportunity to
unlimited
be well to
%
(000)
Mar.
an
than any other form of security
to
from
Lender
is
Mr. Sparks went
dividual and
the smallest percentage gains during April.
progress
bond program was
gether supply almost three-fifths of all non-farm mortgage credit, evidenced
Type
Purchase of Defense Bonds
to
the
Federal Home Loan Bank Board, in his
rise
result.
in
number of citizens as regular weekly or monthly purchasers of Savings
Stamps and Bonds.
to
meet the
It is designed to raise a substantial part of the funds
and providing them with modern
cost of training our men
equipment, to give every citizen a chance to participate
country, and to
in a time
future
provide a simple and convenient means
in the defense of his
of promoting thrift
upbuilt for a
'over the top*
week-In, week-out sustained educa¬
of national prosperity so that family reserves can be
day.
There
will
be no spectacular flag-waving,
coercive maneuvers, but their will be a
tional program based upon the determination of a resolute people to
defend.
The Commercial & Financial Chronicle
3742
their id sals and their freedom.
I
this
of the inevitable power of
movement.
Mr.
Sparks was also a speaker at a luncheon forum on
defense bond sales, of the Financial Advertisers Association,
held in New York on June 5, when he was reported as saying
that savings bankers anticipate large withdrawals from the
mutual banks after July 1 with the cash used to buy defense
bonds.
As to his further remarks
The
on
that occasion
we
quote
York "Journal of Commerce":
the following from the New
Pledging cooperation with the Government
think of the cold, slow, irresistible
can
force of the ever-creaking glacier when I think
July 1 date was indicated because that starts a new fiscal period in
defense program a statement issued on
of the Association, said, according to
which now exists in the affairs of the
In view of the grave emergency
the National Retail Dry Goods Asso¬
Nation and its citizens, the Board of
defense efforts of the Government,
extends the cooperation of the Association to our Government and to all
business which will wholeheartedly endeavor to facilitate the solution of
those difficult problems which attend the processes of establishing the
in every possible way the
support
invincibility of our defenses.
of inflation through a too
development but that it appeared probable.
Vice-President of the
Bankers Trust Co., William T.
Wilson, moderator, of the American Bankers
Association, and Mr. Sparks.
Mr. Sparks said that the
because at
over, persons
;<;•
Treasury is avoiding a high pressure campaign
More¬
point it would lag, requiring a new pressure drive.
some
large list of persons subscribing to securities from current in¬
a
and,
come
as
far
Priorities
and
Assn.—L.
E.
Edward
Convention, in Chicago,
controls and said continuance of present
for "a long
time to come."
Mr. Scrivens and
priority
shortages is likely
Concerning other remarks of
address of Charles S.
an
more
Craigmile. who
"Journal~oJ
spoke at the June 3 session, the Chicago
Commerce" of June 4 said:
'
,
.
■.
Production of many important raw materials is increasing, but military
and defense demands are
rising at
an even more
rapid rate, Mr. Scrivens
told members of the National Retail Dry Goods Association at their mid¬
convention
year
the
at
Stevens
Hotel.
The
difficulties
which
follow
shortages in basic materials, he explained, "come home with special force
retailers, distributors,
jobbers, manufacturers and thousands of busi¬
whose activities lie in what might be called the civilian or non-
nessmen
defense areas."
Retailers, he emphasized, "are in for some pretty rapid changes in mer¬
chandising habits and practices.
You
going to be able to get for
are not
distribution all of the things you have been getting."
to
He asked retailers
Urges Protection of Private Enterprise
will not be seriously hurt by these changes when they
"You
needed
not
are
primarily for
raw
materials which
Employees should be
defense industry."
On the
June 5.
on
Van
Nuys
eve
New
College,
problems
we
living and
plea for peace within industry
a
"If
enemy.
successfully
we
as
meet
the best defense
our
will do much to insure the future security of
our way
present
our
wage
for
the frank
discussion of company affairs between
employees
Misunderstandings often develop from small grievances
only because there has existed
no
"To that end," he said, "the following
stitutional system."
suggestions may be worthy of consideration:
1.
in
controls
Necessary
by
character,
their
Vast executive
meeting of the convention
on
June 4 Walter
remarks toward Government
price-fixing while at the same
meeting Senator Scott W. Lucas (Dem., 111.) defended the
price program of the Office of Price Administration and
Civilian Supply and urged statutory power for the President
to control the price structure.
Concerning their remarks,
the Chicago "Tribune" of June 5 said:
Mr. Fuller assailed the Administration for counteracting efforts to
inflationary trends.
He referred to the buying of food
snuff
the
under
lend-lease law to aid Britain which has caused the "American housewife to
pay
10
pays."
cents
a
pound
more
for
butter
than
the
Canadian
housewife
Mr. Fuller's proposed substitute for Government price-tinkering was in¬
He urged that the Administration permit the Nation's
productive capacity be used to the fullest.
"Greater production will control inflation better than all
whip-cracking
Senator Lucas announced that he approved Mr. Henderson's attempt to
prevent repetition of the inflation of the last
price regulation
If voluntary restraint
In
controling prices.
come
a
ceiling
V
over
industry,
in
cooperation
worked out
as a
He characterized Gov¬
war.
"sound piece of business."
and self-discipline by
•
.
business is not successful
Senator Lucas warned that there will
"ultimately
all prices, above which they cannot rise, and below
free to fall."
He declared that he is willing to vote the
over
which they are
President power to fix prices, if his present authority is
challenged.
Both Mr. Fuller and Senator Lucas lashed out
against strikes in
plants.
4.
bigger than Uncle Sam himself."
Senator Lucas asserted that the President will take "affirmative action"
against strikes.
Legislation
should be enacted
which will guarantee those who enter
plans for national
defense at the request of governmental
agencies that they will not later be punished or held civilly liable under
the
anti-trust
laws
for
"Let It be understood that I do not contend that certain strikes
may not
reason
The tremendous
5.
possible
by
economies
spending.
of
behind the great majority of
services
rather
now
the
to
than
fullest
7.
tion
Attacks
and
initiative
upon
the
of
>,
by utilizing private facilities
and
facilities,
by
encouraging
and the protec¬
invention should cease,
weakened, so that we
products and improved
processes
to give jobs to millions now engaged in defense production,
and save our American standard of living from serious permanent im¬
pairment.
;VA,";:;
'■
V
8. Efforts to federalize the entire social security system, and increase
patent laws strengthened
from
emerge
may
the
rather
period
present
than
with
new
Such burdens would be
payroll taxes and benefits, should be abandoned.
difficult
to
bear
in
normal
The
9.
necessities
in
ment
our
confined
selves
to
be
should not
policies
enacted
would seriously
now
obscure the
need for improve¬
Administrative agencies
governmental structure.
administrative enforcement
establish
imposition
program.
defense
of
their
times;
independent
of
of
statutes,
should
be
and should not them¬
congressional
Legislation
action.
defense
of
administrative agencies, to assure to the citizen the opportunity for full,
fair
hearings before impartial tribunals, with complete right of court
interfering
without
now,
agencies, to separate inveetigatorial,
with
operation
of
prosecuting and judicial functions
review of final administrative orders and decisions.
10.
will
Government
should
adopt,
and
enforce,
a
firm
labor policy which
protect the basic rights of employers, employees, and the public.
The
keystone of this policy should be that notional defense comes first, and that
national
defense—that
the
right to work is at least as important as the
'■['![/, T-'
"This," said Mr. Gall, is a fair program."
to say:
■/..*;■
It puts
same
,
He went on
V:w/- -.'J. -''v,-.; i
thp public interest first and private interests last.
time
Under such a
produce the goods needed for national defense and at the
preserve
our
American
system
of
representative
government
and free enterprise.
The
the foreign policy finally laid down
selfish ends."
public
the system
protect
to
as
private investment in private job-making business.
that, is
own
-va
extent,
building
Government
non-defense
in
•'
should be such
these strikes is not justified under any fair and impartial interpretation,"
Senator said,
"A few small leaders of the laboring cause have at¬
the
the emergency to further their
requested and
should be offset so far
program
retrenchments
/S- '-'
policies
private enterprise
and
and
defense
.V-';.-.7;.:'
Government
6.
the
of
cost
tempted to
use
their Government has
what
doing
approved.
program we can
have been justified, but certainly the
indsutries most
of the
':,v
right to strike.
Mr. Fuller charged that industry's performance in the preparedness effort
has been impeded by "the coddling of
racketeering labor leaders who are
are
and price control, should
priorities
as
with representatives
hasty and ill-considered strikes 6hall not be permitted to obstruct or delay
arms
.
acting as if they
such
directly affected.
should
from Washington," he said.
ernment
and the limits, and will at
representatives have
the people that their legislative
assure
Controls
3.
be
time
Therefore,
delegated.
Much of it must be
possible such authority should be governed by definite
impair the national defense
...
creased production.
the emergency.
legislation, which will provide the standards
as
D. Fuller, President of the National Association of Manu¬
facturers and of the Curtis Publishing Co., directed his
out
expiring with
authority cannot in the nature of things be exercised
to the fullest extent
same
should be temporary
the civilian population
over
terms
by the President personally.
prompt and simple way for grievances to
be aired."
At the dinner
recognize that more
"We all
Wilmington.
into cooperative
of life," he declared.
and management.
the
ity should be exercised within the framework of our con¬
standard of
He pointed out that "nothing in the operation of a business can be sub¬
stituted
traced
public authority must be exercised during emergency periods
than in normal times," Mr. Gall declared, "but that author¬
Charles 8. Craigmile, Vice-President of the Belden Manufacturing Co.,
foreign
Gall
Mr.
Government," he said.
"Over 100 of them have authority
to make decisions, orders, rules, or regulations, having the
full force and effect of law and touching in some way the
conduct of American
business."
Mr. Gall spoke at the
American Economic and Business Foundation, Westminster
not abdicated.
a
of Washington's
powers
growth of bureaucratic powers.
"More than 140 such ad¬
ministrative agencies have been created within the Federal
the
against
the
bureaus,
administrative
numerous
trained, he suggested, to know something about the defense program and
Chicago, presented
,
the
asserted at New Wilmington, Pa.,
of Senate hearings on the Hatch-
curb
to
measure
how it affects the goods in which shortages
exist.
^
owe
Counsel for the National Asso¬
they can live," John C. Gall,
ciation of Manufacturers,
2.
help the defense program and help yourselves," he said, "by
can
,
country
the
duty of supporting the foreign policy finally laid down by
Government," industry should not relax its efforts "to
secure domestic laws and governmental policies under which
occur."
featuring and encouraging the sale of goods made from
of
interests
"business
the
our
anticipate these problems now and to have alternate procedures planned
in advance "so you
Not Obscure Need for
Improvement
in
Governmental Structure Says
J. C.
Gall, Council for National Association of
Manufacturers—Speaks Anent
Hatch-Van Nuys
Measure to Curb Powers of Administrative Bureaus
While
June 3, forecast
on
--—-t——
:
Defense Should
of
Necessities
Speakers
Scrivens, Deputy Assistant Director of the
.
..
♦
by Speakers
Dry Goods
W. D. Fuller and Senator
addressing the National Retail Dry Goods Assn. Mid-year
to
_
\
statement.
Retail
Priorities Division of the Office of Production Management,
also
-
condition," it was
urged that retailers "observe and direct their store policies"
in accordance with suggestions which were presented in the
Discussed
National
of
Scrivens,
Lucas Among
L.
Controls
Price
prices may bring to large sections of
"to prevent such a
In the endeavor
possible, from increases in income.
as
Convention
at
-'v
the public.
impressed into buying would be early in returning their bonds.
Instead, the Treasury is seeking gradually to build up the campaign, de¬
veloping
which must be
rapidly rising price
recognize that among the dangers
"In this situation we
avoided are the possibilities
level and the distress which run-away
Taking part in the forum were Robert W. Rouse, Vice-President of the
business to
the determination of American
ciation, believing that it wiU be
savings funds, Mr. Sparks said that the Treasury did not wish for such a
Federal Reserve Bank of New York, James Rowley,
in the National
June 4 by the directors
Chicago advices to the
New York "Herald Tribune":
In reply to a question about
the computation of savings bank dividends.
June 14> 1941
business
a
interests
of
the
duty of citizenship.
country owe the duty of supporting fully
by
our
Government.
National unity in
But they should not cease their efforts to
Volume
domestic
secure
The Commercial & Financial Chronicle
152
laws
and
governmental
policies
live and under which the system of private
they
which
under
enterprise
can
can
endure.
which could
easily develop out of the tremendous Govern¬
expenditures now comtemplated, if preventive measures
ment
York State Chamber of Commerce.
tax," Mr. Gwynne said in
organizations of the state.
"This is
indefensible
an
letter addressed to the leading
He added:
a
principles of taxation which the state recognizes
when it permits deductions of other varieties of taxes.
Its collection is
defended by the state only on the ground that it needs the money.
which it forces
same economy
could eliminate
easily
this
unfair tax
upon
without
Yet,
taxpayers, the state
curtailing
essential
any
function of government.
pointed out that with the heavy increases in
creasingly difficult.
of
Defense
Bonds in
Discussed
by
H.
Financing of Defense Pro¬
V. Roelse of New York
The part to be played by sales of defense savings bonds
"in the financing of the National defense program, and the
why it is important that these securities be distributed
widely and in large volume" was discussed by Harold V.
Roelse, Assistant Vice-President of the Federal Reserve
Bank of New York, before the New York State League of
Savings and Loan Associations in Convention at Saranae
reasons
Y.
June
on
increasing doubts
Mr. Roelse stated that "there
11.
are
to the ability of the country to carry
forward a National defense program with the greatest pos¬
sible speed, and at the same time to increase still further the
as
added
Eroduction "growing for civilian consumption." "There are"
of goods indications of tendency for public
e
a
spending power to outrun the production of consucr goods,
especially the goods that are most in demand in a period of
rising National income—that is, durable goods, such as
automobiles, homes, electric refrigerators and various other
items of household
Shortages
program
or
equipment."
Not only has
are
amounts will be
required.
there been
receiving higher
give
to have little
as
There
public
are
was
on
a
the
an
of
the
public
continues
to
World War, including loans to our Allies.
you
—it
is
than
more
National defense,
To give
another comparison
spent by our Federal Government not merely for
was
but for all purposes, during the first
129 years of its
existence.
Some of these expenditures will, of course, extend over a considerable
period,
for instance, the expenditures
as
but it is expected that
a
on
the building of
considerable part of those
be completed within the next
National defense
on
was
at the rate of about
that time it has increased to
a
two-ocean
now
authorized
The rate of spending on
two years.
National defense has been increasing very rapidly.
A
$150 million
year ago
a
spending
month, but since
than five times that rate, it rose to about
more
wage rates.
In April, factory payrolls
a
It will probably reach the rate of $1 billion a
of the summer,
and plans
contemplated are
now
expected to increase the rate to around $1J4 billion a month by 1942.
The estimates of total Government expenditures during the next fiscal
(that is, from July, 1941 through July, 1942) have been progressively
year
The President's budget message of last January indicated a
raised.
of about
estimate to $19 Million, and more recently the Director of
it still further to
more
the Budget raised
than $22 billion, of which $1534 billion is for defense.
On the other side of the
ledger, tax
revenues are
running substantially
above earlier estimates, and the Bureau of the Budget has
the present tax structure will
fiscal year.
in any
That is
previous
year,
borrowing.
a
The
for
proposals
year,
ever
been collected
against the latest estimate of total expenditures,
as
billion to be raised by additional taxation and
Secretary
increased
estimated that
yield about $9,400,000,000 during the next
larger amount of taxes than has
a
but,
it will leave about $12H
billion
total
$17 H billion, in April the Secretary of the Treasury raised the
of the
taxation
Treasury has presented to
designed to
Congress
$334
yield approximately
and it is estimated that, although the proposed increases in
individual and corporation income taxes would not be payable until 1942,
these proposed taxes would
yield at least $2H billion in the next fiscal year.
That would leave about $10 M billion to be raised
by borrowing.
Probably
about $1J4 billion will be obtained from the investment of old age
retire¬
ment, unemployment insurance, and other trust funds, leaving $&% billion
general public and from banks and other financial
to be obtained from the
institutions.
There
by
is
reason
no
the Treasury
to
anticipate that
any
difficulty will be experienced
in borrowing this amount.
Need of Credit Regulation to Curb
with
Government
Goldenweiser
of
in
Civilian Competition
Urged by E. A.
Reserve System at Con¬
Defense
Federal
vention of District of Columbia Bankers Association
F.
—-C.
Palmer
Urges
Lower
Interest
by
Rates
Bankers
New York
in
The need for credit
regulation to curb civilian competition
with the Government for defense materials and man-power
indications that the larger incomes now being received by the
As
May.
month before the end
rapid increase in the number of people employed,
Furthermore, the
result, there is clear evidence of
a
tendency for
public spending to compete with the National defense program for the
available supplies of various materials and skilled labor.
...
It is, of course, possible that some of the purchasing power of the
public
be diverted to other channels where it will not interfere with the defense
program,
Perhaps I
participation in the last
rise.
spending power of the public is being still further enlarged by increased use
can
just figures.
are
to say:
about 3734%,
of instalment credit.
meaning—they
idea of their magnitude by saying that the $43 billion so far plan¬
some
increasing number of industries and
income
for the most part being spent, not saved.
are
re¬
To most of us such figures are so
ned is one-third more than the total cost of our
State were 45% greater than a year previous, and for the country as a whole
the increase
a year
A deputy director of the Office of Production
quired to match Germany's war effort.
astronomical
but they are working longer hours, and, in an increasing list of industries,
are
Total ap¬
Management estimates that total expenditures of $100 billion will be
increasing number of cases, and shortages
an
appearing in
Meanwhile
communities.
He went
threatened shortages of materials needed for the defense
have been appearing in
of skilled labor
great deal more as well.
$300 million last October, to nearly $600 million in January, and to more
Federal Reserve Bank Before New York League of
Savings and
Loan Associations—Urges
Use of
Savings In Bonds to Avoid Price Rises—Figures of
Defense Spending and Tax Revenues
in N.
a
and further expenditures now definitely contemplated, amount to ap¬
proximately $43 billion, and it is quite clear that very large additional
than $800 million in
gram
raising
ago,
navy,
Federal taxes next year, due to the national defense program,
the payment of this "tax upon a tax" was going to be in¬
Sales
a money
good advantage for defense expenditures all the funds that can be obtained
will
The letter
first, simply as
program,
device, it is certainly apparent by this time that the Government can use to
propriations for National defense since the program was initiated
bring about repeal of the New York
State law which prohibits the deduction of Federal income
tax payments from State income tax returns was urged upon
civic, trade and taxpayers organizations on June 10 by
Charles T. Gwynne, Executive Vice-President of the New
by practicing the
Considering the savings bond
through the sale of these bonds, and
ber of Commerce
A united effort to
It violates the very
He continued in part:
not taken."
were
Repeal of New York State Law Which Bars Deduction
of Federal Income Tax Payments From State Re¬
turns Urged By C. T.
Gwynne of New York Cham¬
3743
and where further expansion is still possible.
however, that with restricted supplies of the goods that
There is danger,
are most
wanted
emphasized
was
on
June 5 by
E. A. Goldenweiser, statis¬
tician of the Board of Government of the Federal Reserve
System, in addressing the annual convention at Hot Springs,
Va., of the District of Columbia Bankers Association.
Mr.
Goldenweiser's remarks, as indicated in the foregoing, were
reported by S. Oliver Goodman, Financial Editor of the
Washington "Post," in that paper's issue of June 6.
In his
account Mr. Goodman goes on to say in part:
by
Goldenweiser
Mr.
said
that
if
banking
private
institutions
to
are
be
the public, competition for the available supplies will have a tendency to¬
preserved they must "serve the common purpose, which at present is an
ward inflation of prices.
effective defense effort."
Other factors tending to promote a rise in prices are increased costs of
production resulting from the increasingly widespread wage increases, and
also larger
farm loans, crop restrictions, and purchases of supplies for Great
Britain which are tending to increase the cost of foodstuffs.
Under such circumstances, it
amounts of the
larger incomes
seems
now
clear that the saving of substantial
savings bond program provides
an
excellent
means
The
for the ab¬
The larger the amount of public savings and in¬
vestments in these bonds, the less will be the danger that the purchasing
sorption of such savings.
power
of the public will outrun the ability of the country to produce con¬
sumers'
goods, and the less
Such
increase in savings is to the interest of the public, not only in the
an
will be the inflationary pressure
immediate situation, but in the longer run.
danger that current incomes will be
very
on
prices.
have been receiving increased incomes will have little left to show for it.
On the other hand, if inflation of prices is avoided, and if
savings
are
large amounts of
accumulated by the public, current consumption during the war
and the accumulated savings will provide
period may be just as great
spending power when the
war
is over, which will
who lose their jobs in defense industries.
ease
the situation of those
Thus the adjustment to peace¬
"Secondly, banks must be a supplementary reservoir of funds to the Treas¬
portion of his address Mr. Roelse referred to
the increased rate of spending for National defense, and he
said "plans now contemplated are expected to increase the
rate to around
billion dollars a month by 1942."
He
noted that the sale of defense bonds "may be considered from
two points of view: first, simply as a means of rising a con¬
siderable amount of money toward the financing of the
National defense program, and as a means of widening the
sources of funds for this
purpose; second, as one means of
accomplishing the financing in the most desirable way—
that is, in a way that will minimize inflationary tendencies
available when needed.
They must not speculate in the credit of the
When they buy United StateB Government securities, short
ury,
Government.
long-term, they must carry them through to maturity and not dump
alarm.
Banks will never become insolvent through
or
them at the first sign of
depreciation
Federal
ties
Government
of
Temporary
securities.
indebtedness
to
the
Bank is preferable to the dumping of Government securi¬
Reserve
by banks.
"Third, banks will find more opportunities for private non-defense loons
in
than
slogan,
Service to communities should continue to be their
recent years.
and
they should
not be
carried
away
by speculative
enterprises
stimulated by the defense boom."
He
the
concluded:
Inflation
bit.
"If
will
banks
not
accept these principles,
only hinder defense
difficulties of post-defense effort.
they will do their
effort but greatly intensify
Inflation is the last resort of im¬
potent nations—not for us."
time conditions will be facilitated.
In the earlier
transition to post-defense existence with as little painful read¬
as
lowest rate of return consistent with the nature of the business.
If it does not occur, there is
largely spent, but that less will
be received for the money, so that at the end of the war period people who
a
possible," must be undertaken, he added.
"Bankers must energetically seek out the business of financing con¬
tractors engaged in
defense effort wherever it may be done with the
being received by the public would con¬
tribute materially to the avoidance of an accelerated rise of prices.
defense
"Later,
justment
In
the
June
7
edition
of
Goodman reported one of
as
the
Washington
"Post"
Mr.
the speeches of June 6, in part,
follows:
Charles F.
Palmer, Coordinator of Defense Housing, called today on the
banking fraternity to forget a part of its
into the all-out defense effort. ..
.
..
traditional conservatism and wade
is a field wheye bankers "can do their dollar's worth,"
he asserted, voicing a plea for immediate financial Aid regardless of profit
Defense housing
possible risk.
"Rightfully," he told the more than 200 assembled bankers, "you
purpose to keep capital busy at decent rates of hire.
Bpt the Jpb of
capital is trigger than that.
The job is to make sure that capital . . .
does all it should during this great test of our democracy, instead
of
or
,
.
The Commercial & Financial Chronicle
3744
downright cry-baby as it
degree
running away, sinking in the corner or being a
1933
in
was
since.
ever
continued to be in greater or lesser
and has
1934
and
.
,
Y\ Yv:-/.
■
declared
He
will give the
that
(interest rates) and 40 years
%%
building business
(credit term)
prosperity that will spread far and wide
a
in other lines of business,
.y^;vvryyy v.y
'j<-
v
y
Turning to bankers' complaints of Government competition in the credit
field, Mr. Palmer said:
"Instead
for
of
the
freeze
The
call
bankers.
"You
servative
position
to do
would
by hanging onto a comfortable,
if
as
:
Federal Reserve Bank
the
before the debate conference,
edge and clear thinking.
Second, this training assists
individual because of his improved ability in oral
Termed Bulwark of American Free
Enterprise System in Conferences of Annual Con¬
vention
of
American
Institute
of
Banking at
San Francisco—Need of Thrift Urged Incident to
Mounting Expenditures—George T. Newell Elected
President
Chartered banking is
American
of free enterprise"
system
largely depends
"one of the great bulwarks of the
its preservation
and
public awareness of that fact, it was
declared at San Francisco on June 4 by speakers in a con¬
ference on public relations held as part of the annual con¬
vention of the American Institute of Banking, educational
of
arm
on
American
the
conference
the
Public
San
Relations
Association.
Bankers
C.
Eben
were
Committee
Francisco, who presided
Speakers at
Chairman of the
Johnson,
American
the
of
Trust
Co.,
the meeting; E. V. Krick,
also of the American Trust Co.; Dr. William A. Irwin,
National Educational Director of the A. I. B., and John D.
over
Arthur, of the Society for Savings, Cleveland, Ohio.
Mr. Arthur urged that all banks throughout the country
should take steps,
as some
of them are now doing, to
inform the public of the services of banking to the Nation,
by means of visits to the banks by the public for a "behind
scenes"
the
bank
staff
view
of
banking,
members
who
staff conferences
in
come
which
at
with
contact
customers
told of the best ways
are
and the
of aiding and informing the public,
of radio talks and special motion pictures.
use
Mr. Krick asserted that "today bankers have more to do
than just a good job."
"It is necessary," he said, "that
the public understand what the bankers
significance of their acts."
He added:
Among the
of
the
life,
public
and
chartered
enlarged responsibilities.
the
importance
banking.
The
first
these
of
two
are
A
is
thorough understanding
essential
the
to
closely
very
by
existence
interrelated.
of
It
is
apparent to anyone who is conversant with present trends that philosophies
have been introduced into this country that have played and are
playing
an
important part in our economic trend.
...
In the economic
constantly
whether
needs
be
change that is occurring it is evident that bankers must
reviewing
chartered
and
is
banking service
banking
demanding.
is
giving
the
for
the
public
It is obvious that
a
of
purpose
the
type
determining
of
service
democratic institution such
banking cannot exist unless it is furnishing the country
banking facilities.
banking is one of the great bulwarks of the American system
proper
Chartered
of
free
only
enterprise.
have
If
preserved
we
great service in helping
to
The need for thrift
uncertain
are
chartered
successful
in
banking, but
preserve
maintaining it
we
the American
shall
we
have
shall
not
performed
future made
a
ence
held
as
part of the convention of the Institute.
Walter H. Tietjen of the Bowery Savings
Bank, New York
City, declared that bankers
that
must
"adopt a program of propa¬
"the disturbing influences
credit policy will inevitably bring
Taxes
alone
earner
needs
the
in
inflation.
moment
must
the
deterrent
absorb the
cannot
to
to
national
4
Instalment
what
so
rising.
to take
The
care
wage
of his
we
nor
Easy credit has proved to be a serious
buying in particular has frequently led
his future earnings to purchase luxuries
could afford.
This method of
widely adopted that it
buy when we buy it.
seems
consumer
longer
no
financ¬
fashionable
that
"the principal
factor to keen in mind
continually is the encouragement of the small steadv
saver;
not a huge total of
deposits, but a larger number of thrifty
citizens entering the banks to
leave on deposit a portion of
their weekly or
monthly wages against a time of need."
^Portance °f well-organized
debating activities
within the local
at
a
of
debate
on to say:
growing possibility that Congress may pass legislation regulat¬
a
ing trust investments for National banks or that the Board of Governors
of the Federal Reserve System will pass regulations on the subject.
Such
might be desirable in
action
standardizing trust investment requirements
but it would also present new problems.
indicate that the size of the average trust unit in the
throughout the country,
Present tendencies
fund
be
will
future
units
smaller
that this
claim
of
Governors
trust
to
of
men
the
is
the
being
now
administered
The advocates of the
to the problem.
answer
and
smaller
trust
common
Since the issuance of
the trust powers of National banks by the Board
System, new interest has been aroused in the
Reserve
the necessary enabling legislation passed
States to have
some
investment in
permit
those
than
increased operating costs.
mean
Regulation F covering
of
trust funds.
common
An address at the convention
by P. D. Houston, President
Association, was referred to in our
of the American Bankers
June 7 issue, page
3577.
of the convention, on June 6,
Vice-President of the Manufacturers
Trust Co. of New York, was elected President of the In¬
At
the
George
session
closing
Newell,
T.
He has
stitute.
served as national Vice-President during
and acted as Chairman of the convention's
the past year,
Program Committee.
Mr.
Newell
Regarding his activities
Chapter says
an announce¬
:
graduated from the Ehnira Business College and secured his
early banking training in the Second National Bank of Elmira, N. Y.
14 months' service in the United States
of
New
York,
In
1922
he
in
1930
1932
which
he
Men's
made
was
State
Assistant
an
branch.
Building
the
Association.
Mr.
Newell's
Robert
of
1929.
following
He
year
has
At
of
Trust
Co.
of
San
speaker,
course
in
was
1923,
at New
of
the
new
that
of
New
York
bank
Credit
:;:Y'■•Y--',;/
Chapter,
American
he served
elected
the
to
Yiee-President of
leader and committee
Institute, and
of
the
national
as
National
Francisco
Salt Lake
Institute.
charge
the
Institute
Chairman
as
Board of
the
of
extensive.
was
and
Governors
Chapter, and the
elected President.
as
the
and
the national organization,
elected
was
member
a
York
Executive
was
Council
Boston
convention,
City
Chairman
at
national
associate councilman.
Vice-President at the convention in
the
Sims
he
was
served
as
national
1932
in
Vice-President
now
~Y
New
to
committees and
many
In
is
Associates
Y
service
Graduating from its standard
member
Vice-President
He
Morris
Banking, prior to his work with
in
the Manufacturers
into
was
member of
a
After
Army he joined the Industrial Bank
later merged
was
promoted to Assistant Secretary of the latter organization;
he was placed in charge of the Fourth Avenue branch, and in
Empire
and
May
last
he
was
After
elected
June.
June 6, David E.
elected Vice-President of the
on
The 1942 convention of the Institute will be held
Orleans.
chapters and study
Banking was outlined
conference
held
as
groups of the American
on
part
June
of
5
the
by speakers
convention.
John Adams of the Girard Trust Co.,
Philadelphia, Pa., one
of the speakers at the
conference, urged that more interest
F.
McCusker
A.
I.
Announcement
Appointed
B.
of
Women's
the
Chairman
National
Committee
appointment
of
Miss
McCusker, with the Irving Trust Co., New York,
of the National
man
Institute
of
of
Women's
Banking
the
annual
F.
Chair¬
Committee of the American
made
was
May
as
June 6 at the closing
on
convention,
held
in
San
Francisco.
Miss McCusker is engaged in trust administration work in
the
personal trust department of the main office of the
Irving Trust Co. at 1 Wall Street.
She graduated from the
standard
course
of
the
American
New
York
York
Chapter, having been both
of
Joseph A. Kaiser, assistant auditor of the
Williamsburgh
Savings Bank, New York, addressed the conference on the
subject of "School Savings and Thrift Education."
J. H. Roberts, Assistant
Comptroller of the South Brook¬
lyn Savings Bank, Brooklyn, N.
Y., in addressing the con¬
institute
r
steadily
■
ference stated
t.
is
post-war depression.
become
to pay for
income
be urged to lay aside part of his
earnings
which he neither needed
*
There is
session
the^ wage earner to mortgage
has
increased expenditures and unlimited credit
,
our
thrift.
He went
agement facing trust men today."
the
lead
At
ing
Turning to the subject of trust invest¬
depression years.
Mr. McEntree declared that "the matter of trust
investments is probably the biggest problem of trust man¬
easy
Mr. Tietjen further said:
past decade or so we as a Nation seem to have adopted a
philosophy of bpirowing and spending.
Our national debt has risen to a
staggering figure.
The cost of national defense will at least double it.
will
Mr.
to counteract
continued
a
about."
For
thrift"
convention.
ments,
conventions
by mounting expenditures occasioned by the war
by speakers on June 3 before a Savings Confer¬
ganda for
to the
dropping this method of securing trust business during the
stressed
was
incident
Seattle-First
trust business con¬
a
banks "are again using trust business solicitors after
many
a
of life.
way
safeguard against
a
3
June
on
the
of
address before
an
McEntree, who presided over the conference, asserted that
serving
as
held
ference
it
chartered
as
in
Officer
Trust
Assistant
National Bank
ment from the New York
problems facing chartered banking are three important
change, infiltration of philosophies foreign to the American
of
operation of a bank's trust department de¬
The successful
many
ones—economic
way
doing and the
are
ex¬
pends to a large extent upon a continuous stream of new
business flowing into the bank, it was asserted by P. W.
McEntree,
Chartered Banking
the
pression."
con¬
result you should find yourselves trying
a
world order."
Nazi
a
action, he told the Washington
courageous
gain nothing
...
business in
it for 2*A% and
have
the market?"
out of
bold and
for
to the Government to be used
let business
why not
business,
Government
times
of 1%
%
lending money at
3% loans to
of Chicago, who also spoke
declared that "in considering
effective debating within the A. I. B. we must set forth
certain objectives.
They must be with reference to the
individual, tbe chapter, and national A. I. B. activities.
With respect to the objective in debating, the individual is
aided in two ways:
First, it enables him to develop knowl¬
of
Specifically, Mr. Palmer advocated lower interest rates and longer term
loans.
the
in
teams
14, 1941
given to the development of good debating
Institute's local chapters.
Roy E. Peterson
be
effort
and
June
the
Chapter in 1933.
Women's
During the past
Committee
year she
Trusts
Committee
Round
Table, and
of
as
a
member of and Chairman
a
and
served
New
Institute of Banking at
active at New
She has been
the
as
Library
Committee.
Chairman of the Small
York Chapter's
member of
the
Personal
national
Trust
Women's
Committee.
+»
Annual Report of New York Community Trust Shows
g?
Funds
Valued
at
$9,409,021
at
End
of
1940
Funds of the New York Community Trust at the close of
1940 were valued at $9,409,021 according to the Trust's
annual report, published
May 22.
Receipts of $5,207,281
produced a greater increase in the Trust's resources than in
any prior year, it is stated "Deferred" funds—those tempo¬
rarily dedicated to non-charitable uses—that last year com¬
prised approximately half the Trust's
written
state:
:
down
i v
to
■
$1.
The
advices
y
resources,
regarding
have been
the report
'*
Volume
In
The Commercial & Financial Chronicle
1S2>
1939, the
1940, compared with $205,028 in
disbursing $222,964 in
Trust appropriated more money from a greater number of funds to a
Hebrew
University in
Society,
$17,521;
United
Community
$17,724;
Palestine,
Hospital
$12,578;
Fund,
thereto
Branch
mainder going to
in
national
outside New York.
organizations, the re¬
to local
General
Payments made in 1940 included disbursements of
first becoming
or
in
active,
1940 were the Chemistry
Scholarship Fund, $4,874; Wilhelm Loewenstein Memorial Fund, $902,393:
In
included
$17,720
$145,098
William
the
to
Robert
the
to
more
for additions to previously created funds
year
Francoise
and
Morris
Clark
Aline
and
Barstow
Brothier
$10,000 to the Emily Griggs Fund; $10,000 to the Ralph D. Mershon
decided
Fund;
in
Fund;
Flag Day Ceremonies to be Conducted at New York
City Custom House Today
The Federal Business Association of the New York Area
of Flag Day Ceremonies at the
United States Custom House, Foot of Broadway, New
York City, beginning at 11.30 a. m., today (June 14).
Albert Goldman, Postmaster of New York, is President of
the Federal Business Association.
The ceremonies will be
a
by officials of the United States Army, Navy,
Corps, Coast Guard, Customs Service, Internal
Revenue Service, and other Federal departments.
Harry
M. Durning, Collector of the Port of New York, will serve
as Chairman of the Flag Day Ceremonies.
The principal
address will be delivered by Judge Murray Hulbert of the
In
his
after
and
of the organizers of the Boy Scouts
of America died at his home near Suffern, New York on
June 11, a few days before his 91st birthday, which he would
Beard,
celebrated
have
Scouts in 1910 and in recent years
and
also served
"In
the
opinions,
it
seems
you
of
Chairman
Court
National
the
of
Beard
established
had
a reputation
as a naturalist,
but thereafter his leadership of the
author and illustrator,
Boy Scouts overshadowed his other interests.
President
Beard's
son
Roosevelt
telegraphed condolences
The message read:
June 12.
I have learned with deep
Uncle Dan
father.
a
was an
Mr.
personal sorrow of the passing of your devoted
outstanding champion of American boyhood and
whose passing
long-time friend
to
brings
a
deep sense of personal loss.
Mrs. Roosevelt joins in this assurance of heartfelt sympathy.
of
Glass
Portrait
of
of
Presentation
Formal
William
and
College
to
Carter
Mary—Gift
of
Va., took place at the college on June 7.
The presentation
was made by W.
Randolph Burgess, President during the
past year of the New York State Bankers Association.
a
as
ducted
In
described Virginia's senior Senator
"embodies
who
person
virtues without which
for
us
certain
old-fashioned
the banking business cannot be con¬
for long, but which the
present generation has sometimes brushed lightly aside."
The Associated Press, in thus quoting Dr. Burgess, also
nor
business,
human
any
said:
the
Goliath
Baruch
figure of
may
been
has
take
ready
to
also
David.
or
paid tribute
Mr.
Baruch
to
Senator Glass,
said that
comparing him
"no matter what form
how he might be clothed, this modern
fight against him
like those of today and
would
the
even
many
as
did
David always
the ancient David.
who come after
us
I
to carry with
them that silhouette of Carter Glass and think of him as the modern David,
the
with sublime courage.
man
against
odds
intolerance,
all
It will give them the inspiration to fight
unfairness
and all
Goliaths
no
matter what
the
might be."
President Bryan
declared that "when all the world is wondering whether
know the Senator will
take heart, for in his life he had manifested anew that the great spirit of
courageous
citizenship was again revealed when it clothed itself with
Senator
Glass
holds
an
honorary
degree from William and Mary and is
honorary member of the Alpha Chapter of Phi Beta Eappa.
Senator Glass, who is
the tributes,
82 years of age, in acknowledging
expressed himself as "deeply touched."
Prior
presentation (on June 7) at the closing ses¬
the formal
sion
on
State
had
Minister in
talk
with
been
services
information
Campbell, K. 0. M. G.,
will
order
be
to
in
York,
New
assume
newspaper
complaints
serving
now
of
that
relinquish
will
as
Director
his
General
of
of
men
June 4 Sir Gerald,
on
delays
in
news
transmission
and human interest stories
quoted as saying:
past,"
Sir Gerald said,
of your
hope
was
to
named
we
own
doing with the materials
are
ambulances,
such
more
as
news
from
now
kitchens
and
on."
British Minister to this country
as
Lord
States.
as
British
Ambassador
appointment of Sir Gerald
Press advices from
London,
United
post,
new
Lothian
With the
3, said:
new
York
appointee is well known in the United States, having served in
Consul General
as
Commissioner to
transferred
consul
you
to form your
as was
the late
to the United
was
presents
give
you
After the lease-lend bill
aid.
war
noted in our issue of Feb. 1, page
reference to the arrival here of Lord Halifax, as
our
his
the
and
we can
15, last,
successor
to
to
will want to know what
Jan.
754, in
"we have wanted
as
us
I
Sir Gerald
on
free will,
own
sending
are
at
Canada.
to
from
1930
held
He
Washington
as
that
to 1938, when he was named
High
post until last January, when
Minister.
He previously had
served
he
as
Philadelphia and San Francisco.
Harlan
Fiske Stone
Chief
Justice
of
Named by President Roosevelt As
United States Supreme Court—
Jackson
Attorney-General
Nominated
and
Senator
Byrnes
Associate Justices
President Roosevelt
on
June 12 nominated Associate Jus¬
tice Harlan Fiske Stone, New Hampshire Republican, to be
Chief Justice of the United States succeeding Charles Evans
Hughes, who, as was indicated in our June 7 issue (page
3589) will retire on July 1.
Simultaneously the President
nominated Attorney-General Robert H. Jackson and Senator
James F. Byrnes (Dem., S. C.) to be Associate Justices of
the Supreme Court.
The vacancy in the Court, in addition
to that created by the resignation of Chief Justice Hughes,
came about through the resignation of Justice McReynolds
The Senate unanimously
confirmed Mr. Byrnes' nomina¬
Early action is ex¬
tion 10 minutes after it was received.
Justice Stone and Mr. Jackson.
D. C.
reporting the nominations said:
>
pected
on
Mr. Byrnes
on
June 12,
filled the vacancy created last Feb. 1 by retirement of con¬
McReynolds.
servative Justice James Clark
Mr. Roosevelt did not name a new
Attorney-General but most frequently
mentioned for the post is Solicitor-General
Mr. Stone has been an Associate
was
Francis Biddle.
Justice since March 2, 1925, when he
promoted from the Attorney-Generalship by
He is noted for his liberal philosophies and
Between 1933 and 1937 he
Benjamin N. Cardozo
D. Brandeis on many occasions to urge
approval of New Deal programs which the
His dissent in the
the late President Coolidge.
is a frequent dissenter.
joined the late Justice
Justice Louis
now-retired
and
majority held unconstitutional.
1935 A. A. A. case is widely regarded as a judicial land¬
May 27 of the annual convention of the New York
Bankers Association,
been
Mr.
Byrnes is Mr.
Roosevelt's sixth appointee to the Court, and Mr.
Jackson—assuming he is confirmed—will be the seventh.
justices than any other President has
Mr.
Stone's nomination
is in line with the Administration's
seeking national solidarity and
of all political
nominated
received
by
N. Y., the portrait
Kenneth A. Agee of the
at Buffalo,
Professor
background, the New
F. Byrnes of South Carolina, acting
as an
majority leader, who
Associate Justice of the Supreme Court today, made
only yesterday by saying that the
the Army is necessary,
Board by
after the fall
Low Countries.
respect to Senator Byrnes'
York "Sun" of June 12 said:
Senator James
policy of
unity by bringing into the Government men
faiths, announced by Mr. Roosevelt last year
of the European
was
That is more
named except President Washington,
appointed eleven.
who
news
Carter Glass."
to
office
With
democracy can exist or freedom endure, those who
an
has
it
sources,
British
mark.
M.
Bernard
with
existing
United Press advices from Washington,
portrait of Senator Carter
the College of William and Mary, at Williamsburg,
The formal presentation of the
his remarks Dr. Burgess
of
British
from
news
Gerald
effective last Jan. 31.
Senator
New York State Bankers Association
Glass to
office was
new
United; States for fuller and
Britain's war effort and for
the
that you
clothes.
Honorary
as
whose
as
he is also
of
Prior to his association with the scout movement,
Honor.
Mr.
office
the
of
direction
Sir
to
his
to
place of cold statistics, said, according to the New York
"Times," that he believed restrictions could be eased and
that his office wanted to give the "British angle" and tell
what use is being made of American war materials.
In part,
Commissioner since the origin of the Boy
National Scout
Vice-President
held
Beard
Mr.
21.
supply
the
hearing
one
June
demand in
suggestions for spot news
New
Boy Scout Leader—President
Roosevelt Expresses Regrets
appointment
June 3, as follows:
in
The
of Daniel Beard,
the
States
Campbell,
June
United States Second District Court.
Daniel C.
United
the
British Information Services.
program
Marine
of
appointment
attended
Death
in
Majesty's Minister at Washington.
Mr.
Charitable appropriations made by the New York Com¬
munity Trust in the first three months of 1941 totaled
$141,912, it was recently announced by Ralph Hayes,
Director.
This was the largest volume of disbursements
ever paid our by the Trust within a quarter year.
In the
first quarter of 1940, $32,727 was allocated.
his
on
increasing
entrust
to
the United
his
$4,180 to the Musical Arts Fund; and $11,000 to the Irma N. Straus Fund.
Will conduct
Services
Information
complete information concerning Great
improvement
Foundation;
Morris
to
response
Mildred Anna Williams Fund, $2,021,398.
last
of
made at London
orial, $10,011; Addison O. Rand Fund, $68,386; Semaj Fund, $8,000; and
received
British
of
announcement
Lucy Wortham James Memorial, $1,994,219; John Purroy Mitchel Mem¬
Increases
Campbell, British Minister to the United
June 3 was assigned to the post of Director
on
States*, assumed the duties of the latter post on June 4, at
which time he met with newspaper men in the offices which
he has opened at 30 Rockefeller Plaza, New York.
The
Trust since 1924 exceeds $2,500,000.
created,
United States
Country
Gerald
States, who
principal aggregating $37,000. Cumulative distribution by the Community
Funds
This
Sir
international agencies or to local associations
or
June 7 issue, page 3590.
Designated to Direct British Information Services
Of last year's
Community Trust.
outpayments, slightly less than half went
alumnus of the college; reference
an
our
Sir Gerald Campbell, British Minister to
Service
Bowery
and
Y. M.C. A., $12,203.
Fifty-five funds now comprise the
in
made
was
Service,
grants were the Salvation Army, $48,586, Visiting Nurse
$39,823;
University of Buffalo,
larger
Among the recipients of
poup of beneficiaries than in any earlier year.
larger
3745
Government should use its authority,
of the National Mediation
to enforce the decisions
long as necessary.
behind the Administration on all of its pro¬
seizing and operating defense plants as
Although he has not been
posals, Senator Byrnes nevertheless has always been regarded as a thorough
"Roosevelt man."
He backed up the President on the Supreme Court and
Government
reorganization bills, the neutrality law revision,
British aid and many emergency measures
But he split
against relief
conscription,
during the depression.
with the Administration on
wage-hour legislation, fought
appropriations and took the side of his South
Carolina col-
The Commercial & Financial Chronicle
3746
league, Cotton Ed Smith, when the President attempted to purge Mr.
strongly urged that the States should bear the burden of relief.
advocate of "a
an
common sense
Speaking of the Supreme Court
dictatorship
once,
interpretation of the Constitution."
he declared that the real danger of
in this country would come from
"Justices who forget the
warning of Chief Justice Marshall that the Constitution should be 'adapted
\
to the various crises in human affairs.' "
Senator
He
a
Byrnes's public
by turns then
was
career
Mr. Lane
A
Jackson,
New
the
York
"Times"
With German Request
of
President, Robert Houghwout Jackson has long been regarded by
in whom he placed his most complete trust.
as one
lawyer of exceptional ability,
of liberalism,
Mr.
Jackson
life-long Democrat with
a
a
background
comparatively unknown in Washington
was
when he went there from Jamestown, N. Y.
His rise
was
rapid. He became
general counsel of the Bureau of Internal Revenue, Solicitor General and
Attorney General before his nomination by the President to be Associate
Justice of the United States Supreme Court.
Born Feb. 13, 1892, in
Angelina
received
in
an
Hough wout
a
Spring Creek, Pa., the
Jackson,
degree from
a
the
law school.
son
prospective
Justice
never
Without college training, he read law
the bar examinations and began practice in 1913.
group
case
of William Eldred and
Associate
attorney's office, took a one-year course in Albany Law School, passed
to obtain
The young lawyer had
the permission of the court to try his first case as attorney for a
of Buffalo street
and worked for
a
car
strikers because he
short time in
David Schenker Resigns
ment
David
Schenker,
The United States Embassy in Paris
was
under age.
He
won
the
as
Director of SEC's Invest¬
Company Division
statute
providing for the registration and regulation of invest¬
companies and investment advisers.
Mr. Schenker
associated
with
the
has closed officially,
announced June 7
by the State Department at Wash¬
ington. This action was taken in compliance with a request
of the German Government, which controls the former
French capital.
Among the diplomatic officials affected are
Edwin A. Plitt, Second Secretary and Consul, who has been
in charge of the Embassy, and Tyler Thompson, Third
Secretary and Vice Consul. Mr. Plitt has been ordered to
return to the State Department at Washington while Mr.
Thompson goes to his new post at Zurich, Switzerland, as
Vice Consul.
Other diplomatic officials are now stationed
at Vichy, unoccupied capital of France.
The German request, which affected other nations as well,
was made on May 21 as was
reported in our issue of May 24,
page 3260.
was
*
Commission
after
W. W. Riefler Named Class C Director of Philadelphia
Federal Reserve Bank
The Board of Governors of the Federal Reserve
System
effective July 1,
1941, of Winfield W. Riefler, Institute for Advanced Study,
Princeton, N. J., as a Class C Director of the Federal Re¬
serve Bank of Philadelphia for the unexpired
portion of the
term ending Dec. 31, 1941.
announced
Director of the Investment
Schenker had been counsel for several years to the Invest¬
ment Trust Study, which resulted in the enactment of the
became
it
Buffalo law office.
a
Company
Division of the Securities and Exchange Commission, has
tendered his resignation, effective June 30, to return to the
private practice of law in New York City.
Mr. Schenker
has been associated with the
SEC since its inception and
has headed the Investment Company Division since it was
formed last September.
Prior to this appointment, Mr.
ment
First Secretary of the
United States Embassy at Paris Closed in Compliance
Senator since 1930.
a
One of the leading members of the younger group of New Deal advisers
Mr. Roosevelt
Robert B. Maeatee,
was
American Legation at Belgrade.
June 13 said in part:
to the
Lane, United States Minister to Yugoslavia*
publisher, a Congressman for 14 years,
a newspaper
Mr.
Arthur Bliss
returned from Europe on June 8 aboard the Yankee ClipperHe will report to the State Department at Washington as to
conditions in this German-occupied country. Accompanying
began as a court reporter in South Carolina.
practicing attorney in Spartenburg. and
Concerning
United States
to
He has often been found among the opposition in matters of taxation,
He is
Returns
A. B. Lane, American Minister to Yugoslavia,
Smith in the 1938 Democratic primary.
and he
June 14, 1941
serving
as
on
June
11
the appointment,
J::
+
Bert White Named Chairman
on
Banking of National
Research Councils South American Committee
Bert White, of Buffalo, N. Y., Vice-President of the
Liberty Bank of Buffalo, N. Y., has been named Chairman
of the Committee on Banking of the National Research
Council's South American Committee, Maurice Holland,
associate counsel to the Senate
Director
1978.
Engineering and Industrial Research recently announced.
Mr. White was a member of the group of 21 industrial
executives, research directors and banking representatives
who, under the sponsorship of the National Research Council
Banking and Cuirency Com¬
mittee to investigate stock exchange practices.
His appoint¬
ment last year was referred to in our issue of Oct.
5, page
;.Vv;g'
Senate
Confirms
Member of
Nomination
SEC—Also
Commissioner
The
Senate
;,
R.
June
E.
:
of
Ganson
approve
Purcell
as
Reappointment of
Healy
5 confirmed
President Roosevelt's
nomination of Ganson Purcell to be a member of the Securi¬
ties and Exchange Commission.
The President nominated
Mr. Purcell on May 29 (noted in these columns of
on
May 31,
page 3437) to fill the unexpired term ending June 5, 1942 of
Jerome N. Prank, former SEC Chairman, who is now a
Judge
of the Second United States Circuit Court of
Appeals
York.
At the same time Mr. Purcell was named
in New
by the
President Robert E. Healy of Vermont, was renominated to
SEC membership for a term
expiring June 5, 1946.
The
Senate approved this reappointment on June 2.
the
of
National
recently visited
dustrial
Research
Council's
South American countries
Division
observe
to
of
in¬
and to make a report for the Council
which will shortly be submitted to Jesse Jones, Secretary
of Commerce.
Countries covered included Colombia, Peru,
Argentina, Chile, Uruguay and Brazil. The announcement
progress
also said:
The
special
sub-committee
headed
by tour
members,
of which
Mr.
White's committee is one, were named by the Council to handle inquiries
from South America growing out of the tour on textiles, banking, iron and
steel, petroleum, transportation, and research and standardization.
Other members of the Banking sub-committee are:
Frank McNair,
Vice-President, Harris Trust & Savings Bank, Chicago, Thomas A. Shields,
Vice-President, Schroder Trust Co., New York.
At the direct request of several South American governments, the Na¬
tional Research Council tour members have been set
up as a permanent
advisory committee in five divisions of industry, banking and research, as
above, to make recommendations regarding the selection of
laboratories, engineers and other technicians upon specific
outlined
Appointment of T. F. Wilson as Director
of Treasury Department
of Personnel
American
request from-the appropriate agencies of government
Secretary Morgenthau announced on June 11 the appoint¬
ment of Theodore P. Wilson, Director of
Personnel, Farm
F.
G.
Marburg
Elected
Stock
Credit
Administration, as Director of Personnel of the
Treasury Department. According to the announcement his
first employment in Washington was in 1914 as a
messenger
in the Government Printing Office.
It is further stated:
In
1917, he enlisted in the United States Navy and served until 1919.
The following year he became an investigator in the Bureau of
Efficiency.
He
appointed an investigator in the Farm Credit Administration in
1934 and has served in that agency successively as Assistant to the Director
was
of Personnel,
Chief of the Classification Unit, Assistant Director of Per¬
sonnel and Director of Personnel.
Mr. Wilson is
a
member of the
Society for Personnel Administration and
At
the
annual
or
Vice-President
Exchange
organization
meeting
of
industry.
Baltimore
of
the
Board
of
Governors of the Baltimore Stock Exchange held June 9,
F. Grainger Marburg, of Alex. Brown & Sons, was elected
Vice-President of
the
Exchange.
R. Lea Thompson was
Treasurer.
Mr. Marburg became
Acting Vice-President last January when Theodore Gould
moved up from that post to the presidency to succeed Henry
C. Evans, who resigned to enter military service; this was
reelected Secretary and
indicated in
our
issue of Feb. 1, page 770.
the Civil Service Assembly of the United States and Canada.
John
John
Buntin
Named
Transportation Post in Agri¬
culture Marketing Service
Appointment of John L. Buntin of Orlando, Florida, as
transportation specialist in the Agricultural Marketing Ser¬
vice, was announced June 4 by the United States Depart¬
ment of Agriculture.
From the announcement we quote:
Mr. Bhntin, who comes to the Department after 18
years of service with
railroads serving important agricultural
areas, will have immediate super¬
vision of matters in the Agricultural
portation.
Lowry Again
Marketing Service pertaining to trans¬
These activities include the direction of all
reporting programs
in connection with shipments,
movement, and unloads of farm products as
In this capacity he assumes the duties of the
Heads
Merchants'
Association
of
New York—Other Officers Elected
to
At the annual meeting of the
Board of Directors of the
Merchants' Association of New York held June 12, John
Lowry, President of John Lowry, Inc., was reelected Presi¬
dent of the Association for another year.
Other officers elected at the
meeting
were:
^
'
1st
Vice-President, Stephen F. Voorhees, of Voorhees, Walker, Foley &
Smith, 2nd Vice-President, William Fellowes Morgan Jr., Commissioner
of Public Markets,
3rd Vice-President, Jeremiah D. Maguire, President,
Federation Bank & Trust Co., Treasurer, Samuel D. Leidesdorf, of S. D.
Leidesdorf & Co., Secretary, Thomas Jefferson Miley.
-v---'
reported by public carriers.
late
James G. Cross, who had been identified with
the collection of trans¬
J. B. Glenn Elected
portation statistics in the Department for 22
years prior to his death on
Mr. Buntin is
a
native of Houston
County, Ala.
He
formerly em¬
ployed by the Albaama Polytechnic Institute and State Extension Service
Auburn, Ala., after which he devoted his time to reilroad matters havin
was
at
to do with traffic management and claims.
been
a
For the past 5 years he has
railroad freight agent in charge of the Florida
territory.
President of Omeletai Council of
Speech
Nov. 22, 1940.
John B. Glenn, President of the Pan American Trust Co.,
New York City, has been elected President of the Omeletai
Council of
Speech,
a
non-profit membership organization
limited to business and professional men and women who
seek to improve their public speaking abilities.
Mr. Glenn
Volume
The Commercial & Financial Chronicle
152
succeeds Samuel W. Fraser, of Burroughs
Wellcome & Co.,
Charles A. McAvoy, also of Burroughs Wellcome & Co.,
was elected Vice-President and Treasurer and Edward War,
of the Continental
Baking Co.,
was
elected Secretary.
The
executive committee consists of the three officers and Pro¬
fessor
Dwyer.
Training sessions and speech
weekly under the supervision of
Professor Dwyer for the benefit of the membership.
A.
Charles
clinics
New
conducted
are
Stock
York
cates to
Exchange Institute
Awards Certifi¬
New York
18 Students—Change In Name to
Institute of Finance July 1
Fifteen employees
of member firms of the New York Stock
Exchange, two employees of non-member security houses
and one employee of the Stock Exchange were awarded
certificates
on
Bank
Institute.^
certificates evidence the student's successful
The
completion of
full
Both certificates
solicit securities
Others who wish to
awarded.
accepted by the Exchange as qualifying the owner to
Stock Exchange.
business for member firms of the
registered
representatives
first
must
pass
the
Exchange's rigid
examination requirements.
The exercises marxed the close of the New York Stock Exchange
to The New York Institute
Harold T. Johnson, member of the Board
of Stock Exchange Firms, distributed cash
the
graduating class and
of Governors of the Association
prizes to outstanding members of
undergraduates.
to
These awards
were
con¬
tributed by individual members
and firms, sections of the Association of
Stock Exchange Firms and, also,
by the Association of Customers' Brokers.
Plans to
Stock Exchange Institute were
the
discontinue
May 24, page 3278.
mentioned in these columns
Association of Customers' Brokers Elect T. B. Meek as
President—Resolutions
B.
Thomas
on
Orvis
of
Meek,
President of the Association of
Commissions
Bros
Co.,
&
Adopted
was
elected
Customers' Brokers at the
organization's annual election held June 12 in the governors'
of the New York Stock Exchange.
Other officers
elected included: Allyn C. Donaldson, Francis I. duPont &
Co. as Vice-President; Armand E. Fontaine, Merrill Lynch,
E. A. Pierce & Cassatt, as Treasurer; and Ralph F. Rotnem,
Harris, Upham & Co. as Secretary.
Following are the Governors elected for the specified
room
assets of
Louis C.
For three years:
For two years: James W. Sloat,
one year:
Goodbody & Co.
Harold C. Strohn, Maynard, Oakley & Lawrence.
At the meeting
the members adopted a resolution recom¬
mending the principle of charging smaller commissions to
those who buy and sell the same security within short periods
of time than to long-term investors.
This resolution, to¬
gether with others adopted, are to be sent to the New York
Stock Exchange and the New York Curb Exchange.
It was
also recommended that commissions be
than
$3,000,000,000.
computed
,
♦
i
..
Woodstock, Vt., June 20-21
The Woodstock Inn,
the
Woodstock, Vt. The speakers at
annual banquet, to be the evening of
organization's
June 21, will be Robert E. Healy, member of the
and Exchange Commission, and P. D. Houston,
the
Association.
Bankers
American
The
Securities
President
convention
includes a meeting of the executive council and a
general session on both days.
In addition there will be
program
round table discussions and several sessions devoted to the
reports of various divisions.
Special Courses
What is believed to be the world's first lecture
course on
residential
neighborhood analysis will be given at Columbia
University, New York City, June 16-20 by Thurston H.
Ross, Director of the Bureau of Business Research of the
University of Southern California.
The lectures will be
sponsored by the American Institute of Real Estate
Appraisers.
Two short courses covering condemnation appraisal and
the mathematics of valuation will be given at Columbia
University by George L. Schmutz, former President of the
Institute. Both are one-week courses; the one on the mathe¬
matics of real estate valuation opening June 16 and the
other course running from June 23-27.
In the week of June 23-27, another course, under the
auspices of the Institute, on the disintegration and de¬
centralization of American cities will be given by Gordon
Whitnall of Los Angeles.
Repayments Reflect Rising National IncomeAccording to Corporation Officials—Monthly Col,
lections
Nearly
100% of Billing—In
Addition
HOLC
Against
Made
Being
Deposits
Tax
Future
Pay¬
ments
steadily approximating 100% of current
monthly billings, officials of the Home Owners' Loan Corpo¬
ration announced on May 31 that its reports "clearly reflect
the effect of the rising national income."
They declared
the more encouraging because, in addition
the reports were
to its
monthly collections of nearly $20,000,000 in principal
the HOLC is receiving more than $3,000,000 a
deposits for future tax payments on 400,000 of its
and interest,
month in
850,000 accounts—effectively guarding against tax
delinquencies which in the past were a primary cause in
nearly
most foreclosure cases.
as a per¬
centage of the price of the security, and that the rate of this
Various Phases of Real Estate to be
Week
on
Given at Columbia University Next
With collections
Robert J.
Davidson, Fahenstock & Co., and Stanley Farrar, E. F. Ilutton & Co.
For
more
at
Fenner & Beane.
John A. Hevey, Newman Bros & Worms;
Later
Review Committee.
The 31st annual meeting of the Vermont Bankers Asso¬
ciation will be held next Friday and Saturday (June 20-21)
Besson, Francis I. duPont & Co., retiring president; Kenneth I. Walton,
J. S. Bache & Co., and Gordon C. Sleeper,
Wash¬
Vermont Bankers Association to Hold Annual Meeting
Harris, Upham & Co.; Albert C.
Reynolds,
Loan
appointed First
was
Acting Chief Examiner of the Federal Savings and Loan
as
'
terms:
For four years:
1934
Mr. Fallon's final report to the trustees of the Insurance
Corporation, it is stated by the Bank Board, shows that
since he took charge of the Corporation shortly after it was
created six years ago its assets have increased 30% and it now
insures the savings of 3,000,000 American families invested
in 2,302 savings, building and loan associations having
for 6 years assistant director of the
Dr. Shultz will retire as director.
Stock Exchange Institute.
Illinois and in
In¬
On July 1, the Institute will change its name
of Finance, and will be administered independent
stitute's last scholastic year.
of the Exchange by Albert P. Squier,
and
that year he became Chairman of the
designed
Special Certificates, recognizing completion of a one-year course
field representative of the Federal Home
a
Insurance Corporation and as a member of the Review Committee.
of
for prospective registered employees, were aiso
was
Wisconsin
At the request of the Federal Home Loan Bank Board, he came to
ington in 1934
at
become
Board in
3747
Vice-President of the Federal Home Loan Bank of Chicago.
4-year course of study devoted to the securities
market.
Dr. Birl E. Shultz, Director of the Institute since
1923, made the presentation.
The announcement of the
Stock Exchange further said:
are
Later he
12 at the 20th annual commencement
June
exercises of the New York Stock Exchange
the
Moines.
"Increased
employment
and income are enabling an in¬
percentage should decrease as the price of the security in¬
The association also recommended that in any
creasing number of American families to build or purchase
homes of their own," said John H. Fahey, Chairman of the
Federal Home Loan Bank Board, which
supervises the
revision of commission charges
HOLC.
creased.
there should be
no
excessive
differential between commissions charged large and small
investors.
aujrf
More than
in
Oscar
General
Named
Kreutz
R.
Manager of
Federal
Savings & Loan Insurance Corporation, Succeeds
Nugent Fallon, Resigned
Oscar R. Kreutz has been
appointed General Manager of
Savings and Loan Insurance Corporation, it
was announced by the Federal Home Loan Bank Board on
June 7. He succeeds Hugent Fallon, who resigned last month
the
to
President of the Federal
New York. Mr. Fallon's
appointment to the latter post was
3278. He assumed his
issue of May 24, page
duties on June 2.
noted in
new
Home Loan Bank of
Mr.
our
Kreutz
has
served
in various
Home Loan Bank Board for
capacities under the
than
seven years.
For
Deputy General Manager of the
Insurance Corporation and Chairman of the Review Com¬
some
time
he
has
been
mittee of the Board.
The announcement of the Bank Board
:
'v:c;'
says:
more
'
'
Kansas City, Mo.,
shortly after the first World War when he made
a study
He organized the Sioux City (Iowa)
This institution, weathering the financial crisis and the de¬
pression, is operating under a Federal charter as the First Federal Savings
and Loan Association of Sioux
City.
Mr. Kreutz became Secretary
of the Iowa Building Loan League in 1925
and when the Federal Home Loan Bank System was created
in
by Congress
1932 he served as a director of the Federal Home Loan Bank of Des
have
trend is definitely aiding the rehabilita¬
borrowers."
Chairman Fahey added:
90% of HOLO accounts
the present
been
time.
current
since
are
current or less than three months
that these accounts
This does not mean
their
establishment;
in
extending
the
period of some 300,000 accounts, we recast them and included
amortization
delinquencies
principal debt.
into the
But it does mean that the vast
being paid out on regular,
majority of HOLO accounts now are currently
,'7-V
stated terms.
accounts
These
and
who
those
fall
have
into two classes—those of original HOLO
bought homes from the HOLO.
borrowers
Of the more than a
Of the 724,000
three months
arrears; of the 58,000 accounts more than three months in arrears 45%
have
been brought into a
liquidating class, meaning that all current
monthly bills are being met and regular monthly payments are being
made on arrearages.
Of the nearly 122,000 accounts of families who have
purchased homes from the HOLO on long-term contracts, 118,200 are
million
original accounts, over 100,000 have paid in full.
remaining original accounts, 666,000 are current or less than
in
current or less than
are
delinquent more
three months in arrears; of the 3,650 accounts which
than three months 40% now are liquidating.
':'
♦
Chicago Home Loan Bank Advanced in March, Highest
Amount
Building Loan and Savings Association in 1923 and became its Executive
Secretary.
same
a:.';-^ 'V;;-—'
Mr. Kreutz first became identified with the savings and loan business in
of the operations of associations there.
at
arrears
always
Federal
become
"The
tion of IIOLC
A new
in
10
Years
high in the amount of money borrowed for home
ownership in Illinois and Wisconsin for any month in the
past 10 years was reached in March, when $32,314,000 was
advanced by all types of lenders, the Federal Home Loan
Bank of Chicago reported on June 1.
Borrowers in this
numbering 9,547, comprised one-eighth of all the
in the Nation during the month, and they used
9.2% of all the home mortgage money advanced. The bank
district,
borrowers
further
reports:
I
The Commercial <§ Financial Chronicle
3748
It.
A.
Gardner,
month,
borrowings
the
in
families
Of
a
district
the
loan
In
7,702 and
that
homes
on
during the
associations this
supply
than
2,000
Illinois
was
in
seen
the proportion
the level of last
from 3 to 10% higher on the average this
Eggs and butter were about 20% higher and
prices of canned and dried fruits and vegetables were up 1H to 2%.
Prices
of cereals and bakery products and of fresh fruits and vegetables, on the
was
exactly the
hand, were lower than last year at this time, the former by 3%
other
and the latter
by 2%.
•+'.
\
.
Changes in prices during the month and since last May for the more
•
''iiV;:"
Gains
Good
Reported
Factories
S;."
by
New
May
in
York
State
.\^'+yv>++.';-+ ■'
k
+,
May, 1941,
yC;:;
June
12, reported further good gains in
Compared with
April,
May,
April,
May.
1941
1940
1941
1940
Potatoes.--------
+7.9
—24.1
Butter.--—------
+4.3
Pork chops
+3.2
+2.5
+21.1
+2.2
—9.3
+ 2.2
+9.9
' 1,-
and
payrolls at New York State factories from the
middle of April to the middle of May.
Largely as a result
of
continued
expansion at plants with defense orders,
contra-seasonal gains of 1.5% in forces and of 5.0% in
payrolls were recorded in the month.
Records of the State
Department of Labor going back to June, 1914, indicate that
the average April to May changes are drops of 1.3% in
employment and of 0.9% in payrolls.
Commissioner Miller's
statement added:
furniture
metal
settled
were
tries.
fur
at
10%.
Wage
metal
and
secutive
of
$32.63
the
upon
automobile,
steel,
reported in
April
were
varied
metal
oil
and
refining
which
in
a
new
products,
textiles.
than
increases of
and
10%,
wooden
and
machinery,
fourth
con¬
was
the
April
figure and
almost
$5
greater than the corresponding figure for May, 1940.
The
New
York
based
ment,
payroll
State
the
on
index, at
The spread
Department
128.7,
between
higher
was
Preliminary
tabulations
week
of
direction
and
of
in
May,
employ¬
previously recorded.
1940,
and
Dr.
of
B.
28.1%
were
payrolls
Industry
in
up-State
more
50.7%
were
reports,
covering
2,335
firms
throughout
of Statistics and
During
on
sumers'
goods
most
of
point
was
AH
City factories
York
the
where
expansion
consumers'
benefited
much
relatively,
more,
up-State
is
goods
not
nearly
industries
as
urgent.
In
seasonally
are
May,
quiescent,
few
manufacturing
exceptions expanded.
operations
by
one
loss for the oil products industry.
depressing effect
shoe
and
Syracuse
men's
shoe
payrolls.
In
large
order
mail
The strike at
the textile industry
upon
Buffalo the abandonment of
In
food
products
plants
house
resulted
in
Utica. cotton mill had
in that district.
their
laid
off
a
but
seasonally.
increased
Binghampton-Endicott-Johnson
City the employment gains
small, but increased activity is indicated by the jump
in payrolls, particularly at shoe and business machine
plants.
Except for
at
most
small
firms
in
expanded.
$30.14 in
tady-Troy
In
New
losses
at
a
few
printing
and
paper
goods
and
underwear
the
Albany-Schenectady-Troy area, practically all other firms
The average weekly earnings figures for May, ranging from
Binghamton-Endioott-Johnson City to $40.65 in Albany-Sehenecat all-time highs in all six up-State districts.
were
York
City the large seasonal losses in forces from April to May
printing, furniture and candy firms were more than
the
gains reported by almost all other industries.
reported by apparel,
sufficient
Gains
in
to
lower, however,
Prices of apples and
usual at this time of year.
as
Canned fruit
Canned peaches moved up 2 H% and canned tomatoes
similar
following
amount
large
purchases
tomato
by the
by
a
Government.
Dried prunes and navy beans also rose in price.
Costs of dairy products increased
result of
cheese
extent
the
some
purchases of cheese and evaporated milk under the Government
Retail
and May 13, and are now 21%
relatively low
as
prices rose seasonally by 2.5%.
egg
Prices of fresh and cured pork
continued their advance between April 15
higher than a
year ago,
average
when pork prices
compared with the five-year average for 1935 39.
Lamb and chicken prices also advanced seasonally.
an
as
Wholesale prices of butter and
higher recently than for any May since 1930, reflecting to
purchasing program.
were
1.3% during the month, largely
4.3% advance in butter prices.
a
were
There
was,
however,
decline of 2% for beef between mid-April and mid-May, and
1941, than in May, 1940, wnile
in each of the first four months of this year,
sponding month of 1940
was
at
the differential over the
12%.
least
corre¬
The average cost of
meat
products increased 0.7% during the four weeks ended May 13.
Prices of fats
cession of
and
oils continued
to
advance at retail following a suc¬
sharp increases in wholesale markets.
of lard have been rather
a
Government purchases
heavy during the past few weeks and exports
Lard prices were 25% higher than
Prices of salad dressing and oleomargarine advanced 1H and
year ago.
2%, respectively, between April 15 and May 13.
situation.
was
May 13.
a
2% increase in retail prices of flour between April 15 and
This has not been reflected in prices of bread and other bakery
products.
Flour prices are still 334% below the level of a year ago and for
white bread about 5% less than in May, 1940.
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY COMMODITY GROUPS
Five-Year Average 1935-39=100
Commodity Group
May 13,
April 15,
1941*
1941
102.1
100.6
Cereal and bakery products.
Mar. 18,
1941
May 14,
r
98.4
1940
97.0
95.3
95.2
95.1
98.4
Meats
104.2
103.5
102.5
94.9
Dairy products
107.7
106.3
104.6
Fruits and vegetables
Fresh
92.0
83.0
77.9
100.6
97.1
104.6
105.8
107.8
98.1
93.1
92.5
92.9
100.0
99.3
100.9
96.1
—
102.5
94.2
102.7
;
95.0
93.5
93.3
Canned...
BeverageB
Fats and oils
88.0
85.1
81.3
82.9
106.9
Sugar
*
99.1
94.3
103.5
Eggs
104.6
98.1
97.3
Preliminary.
were
seasonal
firms
the average between
on
vegetable prices increased substantailly (1.2%) between April 15 and
May 13.
a
In Rochester
operations
workers,
+7.4
+6.7
Prices of beans, cabbage and spinach were
Dried.
furnishings plants contracted
and
a
—1.1
A temporary shortage of lettuce contributed to
All foods
industrial districts reported
notable
+ 5.0
—2.6
roast
vegetables advanced 3%
this
gains in both employment
payrolls from April to May. The largest gains were the result of further
expansion at plants with defense orders.
In all six districts, all industries
a
+3.3
continued to advance
oranges
and
when
and
with
—6.8
Milk, fresh (avge.\
Round steak
1 Rib
seasonally larger supplies available.
con¬
brought out clearly.
six
rise at retail.
because of the
There
has
engaged primarily in the production of
are
—4.9
flecting earlier advances in wholesale prices caused by the tight shipping
City industry.
This is explained
chiefly by the fact that while the major portion of up-State manufacturing
is of producers' goods for which the need is
great at the present time,
York
+3.3
0.0
—
total
from the defense boom than has New York
New
+ 1.4
White bread
under
a
Information,
reports.
New
Coffee
Prices of sugar, coffee and tea continued to rise in retail markets, re¬
Patton, is responsible for the collection, tabula¬
analysis of these
+20.1
increased greatly in March of this year.
The Division
E.
and
+2.1
+ 15.2
for potatoes and onions.
for 1940 and 1941 has been
In May, 1941, there
year.
of
figure
any
factory
The corresponding
May these firms employed 524,035 workers
payroll of $17,097,818.
tion
index
form the basis for the statements made in this report.
middle
the
than
the corresponding figures
increasing each month of the
the State,
Labor's
of fruits
Roasting chickens.
beef prices were only 8% higher in May,
1925-27 average as 100, was 113.6.
factory workers employed than
higher.
v+
the
of
'
—-
Costs
boxes,
paper
marked the
May
noted
were
electrical
as
about
\Ay,
; ;
mid-April and mid-May, with particularly sharp seasonal increases reported
and
for average weekly earnings
recorded.
The May, 1941, figure
dollar above
a
plants
all-time high
factory workers
more
5%
industries
Several
labor controversy
rate
wage
between
ranging
such
smaller
A short-lived
settled by granting
in
State
was
but they were at
non-ferrous
pulp,
York
May,
increases,
plants
month
New
for
at
not settled by the middle of
was
reported in April.
was
rate
furniture,
paper
large cotton mill
a
those
plants
individual
at
decided effect
a
Strikes
dyeing and finishing plant connected with it.
reported in
than
coat
month.
heating equipment firms that
a
were
serious
this
May with consequent rises in employment for those indus¬
strike at
The
strikes
less
industries
and
in
May and affected
new
the labor relations front had
on
certain
in
:.
Eggs
Oranges
Sugar--
a
Developments
changes
Item
Item
employ¬
■
ment
' •'
Percentage Change
May, 1941,
Compared tcith
Percentage Change
i
Industrial Commissioner Frieda S. Miller, in a statement
released
six
than in May, 1940.
year
important foods were as follows:
Further
last
They are now 5.3% above
Prices of meats, dairy products, coffee and tea,
May.
fats and oils, and sugar ranged
on
For the two States the borrowers totaled, respectively,
2,130.
the
during
interruption
without
advanced
have
costs
months, rising 6.5% since November, 1940.
.
borrowing from savings and
were
the number was almost
Wisconsin
Food
three
heavier leaning
when
1940,
families
more
while in
6,252
same
+;
came from savings,
33.6%
ingly tight shipping situation for imported commodities.
The Labor Bureau's announcement further said:
like
which is
during the
somewhat
a
the
in
1941
increases for certain domestic commodities and an increas¬
record
home-owner
than
more
than
quarter
year,
this
quarter's
;
last year.
as
said
first
30%
$86,352,000,
to
advances
borrowed
of
associations,
same
the
For the quarter borrowers totaled 26,336,
obtaining
total
source
32.9%.
Bank,
Chicago
brought
year ago.
buildings and loan
this
of the
February,
from
period of 1040.
more
months,
President
20%
up
June 14,
offset
payrolls, however,
were
greater than
the
losses.
April to May, 1941
City
■"
Percent Change
Employm't
Payrolls
May 1940 to May, 1941
Percent Change
Employm't
Payrolls
ITEMS
ABOUT
BANKS,
TRUST
,
Buffalo
+4.2
+7.1
+47.5
+73.7
Albany-Schnectady-Troy
+ 4.1
+ 13.2
+41.3
+ 23.7
+76.9
+ 17.7
+9.4
+ 30.1
Syracuse
Rochester
+ 1.9
_
Binghamton-Endicott-Johnson City.
Utlca
New York City
+7.3
+42.0
+ 1.4
+ 3.0
+ 1.3
+6.9
+ 1.3
+ 5.4
+24.7
+49.2
+ 72.3
—1.0
+ 1.2
+ 23.9
+ 38.9
Retail costs of food increased
13^2% between April 15 and
May 13, continuing the widespread advances of the previous
month. Acting Commissioner Hinrichs of the Bureau of Labor
Statistics reported on May 31.
Prices of all groups of food
moved upward, but the increase in the cost of the
family food
budget was primarily the result of contra-seasonal advances
for dairy products and higher
prices for fresh fruit and
vegetables, pork and lamb.
These advances reflect increased
consumer demand, Government
purchases and seasonal price
&c.
,
,
_—«
Albert Stern, a special partner in the New York Stock
Exchange firm of Stern, Lauer & Co., died on June 13 at
his home at Irvington-on-Hudson, N. Y.
He was 74 years
old.
A native of Cincinnati, Ohio, Mr. Stern came to New
York in 1886 and became
Bureau of Labor Statistics
Reports Retail Food Costs
Increased 1^% Between April 15 and
May 13
COMPANIES,
Harvey D. Gibson, President of Manufacturers Trust Co.,
New York City, announced on June 13 that Jay Keegan,
formerly Assistant Administrator for Title I and Director of
the Division of Education of the Federal Housing Adminis¬
tration in Washington, has become associated with the bank
and will make his headquarters at the bank's principal office
at 55 Broad Street, New York.
In his bank work Mr.
Keegan will devote himself principally to the administration,
development and extension of the F. H. A. activities col¬
lateral to the Bank's operations.
His experience, it is said,
will be at the disposal of banks throughout the country and
of the building industry.
/,
;
a
member of the New York Stock
Exchange in 1897.
He continued his membership in the
Stock Exchange until 1933 and at the time of his death was
associated with the firm of Stern, Lauer & Co.
v'
'
-
completed on June 11 for the transfer
of a membership in The Chicago Stock Exchange at $500,
off $700 from the last previous sale.
This is the lowest price
at which Chicago memberships have been transferred since
Arrangements
were
1915.
»
At
meeting of the Board of Directors of the Corn Ex¬
change Bank Trust Co. of New York, held June 11, Dunham
a
Volume
B. Sherer
was
E. Frew.
The Commercial & Financial Chronicle
152
elected Chairman to succeed the late Walter
Mr. Sherer has served
as
President of the bank
for
over ten years and has been associated with the Corn
Exchange Bank and the succeeding trust company for the
past 39 years.
He is succeeded in the presidency by Ralph
Peters Jr., First Vice-President.
The Directors also elected
John R. McWilliams
First Vice-President and
as
a
Director
and made Edward E. Strong a Vice-President.
Mr. McWilliams was formerly a Vice-President and Mr. Strong an
3749
in
charge of the bond department has been transferred to,
department where he will continue as Vice-Presi¬
dent.
The trust department will be under the supervision of
both Mr. White and Mr. Long.
W. P. Sharpe, formerly
New York representative of the bank has been elected VicePresident, and will succeed Mr. Long as head of the bond
department.
Mr. Sharpe's position in New York will be
taken by William W. Hibberd, his former.assistant.
the trust
Assistant Vice-President.
'♦
r
Lawrence
C.
Marshall
has
THE
"
been
appointed an Assistant
Secretary of the United States Trust Co. of New York.
*
At the regular meeting of the
Board of Directors of The
City Bank of New York on June 10, John A.
Painter, Arthur F. Spellman and Seth A. Emerson were
appointed Assistant Vice-Presidents.
All were Assistant
Cashiers and will continue with their assignments in the
Personal Credit Department at the 42nd Street and Madison
National
Avenue
branch.
The Board also appointed Eldrich
Campbell and Cedric R. Lane Assistant Cashiers.
C.
Prices
MARKET
higher on the New York Curb Exchange
during much of the present week. There were no spectacular
movements and while the advances were generally narrow
there was a steady upward pull that registered a number of
substantial gains ana some new tops.
Industrial specialties
were
the most active and led the advance
occasions.
Public utilities
were
Chemical worked up to a new top
Vice-President of the Chemical Bank &
was this week elected to the Board
on
a
number of
mixed with advances and
declines about evenly divided.
In the shipbuilding group
Todd Shipyards moved to the front on Tuesday with a gain
of 2% points to 90 and in the chemical section Hey den
of 6
John A. Hopper,
CURB
ruled
points to 85%.
Oil shares
^
for the
were
year
with
a
gain
unsettled during much
of the week and while there
was no general weakness, with
exceptions the changes in this group were downward
and usually in minor fractions.
Aluminum stocks were
moderately higher and the cardboard and paper issues
Trust Co. of New York
few
of|iTrustees of Central Savings Bank in the City of New
York, according to an announcement by Charles G. Edwards,
President.
Mr. Hopper was Secretary of the United States
Mortgage & Trust Co. at the time of its merger in 1929 with
moved within
the Chemical Bank & Trust Co.
a
Since that time he has been
^Vice-President of the latter institution.
A visit to the extensive
apple orchards
the Lawrence
on
Howard fruit farm at Kinderhook, N. Y., will be one of the
features of a Land Tour on Saturday, June 28, when mem¬
bers of the New York State Bankers Association will be
the guests
of officers of the State Bank at Chatham, N. Y.
It is stated that the Howard farm, consisting of over 70
acres
devoted almost exclusively to apple orchards, is a
show place in the Hudson River Valley fruit growing sec¬
tion. W. F. Salmon, President of the Chatham bank, heads
the local committee arranging the tour.
£
r
Sidney B. Dexter has been elected Assistant Vice-President
of the Land Title Bank and Trust
Co., of Philadelphia, according to the Philadelphia "Evening
Bulletin," of June 6, which also stated:
of the trust department
1
Mr. Dexter formerly was an executive of Kidder, Peabody & Co. and is
a"Trustee of the Bureau of Municipal Research. At the same time Percy
a narrow
range.
Higher prices prevailed during the greater part of the
abbreviated session on Saturday.
The changes were gen¬
erally small with only about a dozen issues registering ad¬
vances
or
declines of a point or more.
These included
among others, Colt's Patent Fire Arms, which surged for¬
ward 2 % points to 75%, and Jones & Laughlin, which worked
up to a new peak at 3034 at its top for the day and slipped
back to 2834 at the close.
Brown Co. pref., advanced 2
points to 17, and Phoenix Securities pref. gained 134 points
to 3634Petroleum stocks were fractionally higher except
Oklahoma Natural Gas, convertible
pref. which forged
ahead 2 points to 114%.
In the aircraft section, prices were
generally unsettled, Beech registering a modest gain, Cessna
Aircraft and Brewster declining while Vultee and Republic
were quiet. The paper and cardboard issues moved within
a
narrow range,
International Paper & Power warrants
moving up a minor fraction and St. Regis Paper closing
unchanged.
Advancing prices were again in evidence during the initial
session of the week on Monday.
Industrial shares led the
advance and nearly three dozen issues registered gains
The newly elected President, the Baltimore
He became associated with the Fidelity
Trust Company in 1929. For a year he worked in the various
departments, acquainting himself with the bank's facilities
and activities.
In 1930 he was named a Vice-President.
From the same paper we also quote:
totaled
the last
preceding full session. The gains in the public utility group
included among others New England Telephone, which
climbed upward 4% points to 115, North American Light
& Power pref. 1% to 8134 and Puget Sound Power & Light
$6 pref. 134 points to 52. Petroleum stocks were moderately
higher, the advances including Ohio Natural Gas, So. Penn
Oil, Standard Oil of Ohio and Northern Pipe Line, the latter
selling at its top for the year.
Shipbuilding shares were
featured by Todd Shipyards which worked up to a new top
for the current movement and then slipped back and closed
with a gain of 134 points at 9034Brown Co. pref. was the
most active stock in the paper and cardboard section and
worked up to a new high at 18 at its peak for the day,
elected a director and a member of
He also was elected a member of the
closing at 1734Curb stocks continued their advance on Tuesday and as
O. Madeira, President, announced that Stephen
Frank T. Howard have been named Assistant
B. Willis an Assistant
E. McLoughlin Jr., and
Trust Officers and Richard
Investment Officer.
meeting of the directors of the Fidelity Trust Co. of
Bladen Lowndes Jr. was elected President
of the institution to succeed his father, W. Bladen Lowndes
At
a
Baltimore, W.
Sr., whose death on May 30 was noted in our issue of June 7,
3592.
page
"Sun"
reports:
pin March, 1940, Mr. Lowndes
the company's
1923 Mr.
In
was
executive committee.
executive committee of the
Fidelity and Deposit Co.
Lowndes associated himself with the
Bank, where he remained a year
of Cumberland, of which
.
.
.
Cumberland Savings
before going to the Second National Bank
his uncle, Tasker G. Lowndes, is the President.
with that institution, Mr. Lowndes came to Baltimore.
elected a Vice-President and Director of the Commercial Coal
After six years
He
was
and Coke Co., of Clarksburg,
named
Co.
of
President
Clarksburg,
W. Va.f in 1932, and the following year was
Savings Bank and Trust
Director of the Lowndes
an
institution founded
by an ancestor,
""v.;-;'.
Lowndes.
v
^
and
Edgar
Assistant
,
Richard T.
u
•
.
"
•
.
C. Gatewood and W. Albert Hess were elected
Cashiers of the Morris Plan Bank of Virginia (at
Richmond) at the regular monthly meeting of the bank's
on June 5, it wras announced by President Thomas C.
Boushall.
According to the Richmond "Times Dispatch"
which on June 6 also stated that Mr. Gatewood, a native of
board
Richmond, first entered the employ of the bank in 1932 as
a teller in the main office here in Richmond.
Mr. Hess be¬
came
associated with the bank in a clerical capacity at
Norfolk in 1936, after several years of previous banking
experience, and was transferred to the main
office at Rich¬
mond in 1939.
♦
The Commercial Bank of Iron
Mountain, Iron Mountain,
State member bank of the Federal Reserve System,
has converted into a national bank under the title Com¬
mercial National Bank of Iron Mountain it was announced
Mich.,
on
a
June 2.
W.
merce
L.
Hemingway,
President
of the Mercantile-Com¬
Bank <fc Trust Co. of St. Louis,
announces
the fol¬
lowing changes in the bank's officials, due to the growth and
expansion in the business of the Trust Department: Joseph
W. White, trust officer, was elected Vice-President and
Trust Officer, and I. A. Long, who has been Vice-President
ranging up to two or more points.
The transfers
76,580 shares as compared with 76,590 on Friday,
.
...
,
m
the trading activity increased gains were apparent over a
broad list of stocks, many of which are usually in the slow
moving group.
The turnover for the day climbed up to
144,335 shares, the best volume of transfers since March 10.
There was a fairly long list of gains ranging up to 2 or more
Light pref. (7)
General Public
pref., 234 points to 25%; Heyden Chemical, 3%
points to 79%; Sherwin Williams, 5% points to 74%; Texas
Power & Light pref., (7), 334 points to 107; and Utah Power
& Light pref., 134 points to 69.
Aluminum stocks were
stronger all along the line, Aluminum Co. of America, ad¬
vancing 1 point to 120, while Aluminum pref. and Aluminium
Ltd., registered smaller gains. Aircraft shares moved within
points among which were Arkansas Power &
3 points to 8434; Brill pref., 4 points to 3934;
Service
Bell, Ryan, Waco and Vultee recording
while Beech, Brewster and Solar Aircraft were
lower.
Todd Shipyards continued its advance and added
2% points to its gain of the preceding day.
The industrial specialties again led the advance on Wednes¬
day and while the volume of transfers dropped to 84,970
shares against 144,335 on the preceding day, the tone was
firm and there were numerous gains ranging up to 2 or more
points.
Noteworthy among the stocks in this group were
Benson & Hedges, 3 points to 30; Draper Corporation, 2 34
points to 6434; General Gas & Electric pref. B, 6 points to
83; Lane Bryant pref., 3% points to 106; and St. Regis
Paper pref., 3 points to 93. Petroleum stocks were unsettled
the advances and declines being about evenly divided.
Aircraft shares moved within a narrow range, Brewster and
Vultee registering fractional gains,
while Bell declined.
Shipbuilding stocks were unsettled, Todd closing unchanged
while New York Shipbuilding
(founders shares), moved
ahead 34 point to 2734. Public utilities were quiet, the gams
and losses showing little variation at the close.
a
narrow
range,.
small gains
The Commercial & Financial Chronicle
3750
The tone of the market continued firm on Thursday with
the industrial specialties and public utilities leading a moder¬
116 and
to
U.
and International
S.
Securities
Corp., 2
points to 54.
Petroleum shares improved but the changes
were
largely fractional.
Aircraft stocks were unsettled,
Solar Aircraft, Brewster and Bell closing on the side of the
advance, while Waco, Republic and Beech were down and
Fairchild and
Bellanca were
unchanged.
Shipbuilding
issues moved within a narrow range and paper and cardboard
stocks were quiet.
Lower prices prevailed as the market closed on Friday.
During the opening hour trading was fairly active but the
trend gradually turned downward and for the first time this
week
exceeded the gains
the losses
Aircraft
shares
the session ended.
fractionally lower all along the line
were
as
while the paper
and cardboard issues were unchanged or did
the tape.
Oil shares were generally quiet
and the shipbuilding stocks were lower.
As compared with
Friday of last week, the market was slightly higher; Alumi¬
num Co. of America
closing last night at 120 against 118 on
Friday a week ago; American Cyanamid B at 38 against 36
Gulf Oil Corp. at 34% against 34; New Jersey Zinc at 65
against 62% and Sherwin Williams Co. at 75 against 68%.
not
appear
on
Act
of
1930, the
TRANSACTIONS
AT
THE
NEW YORK
CURB
EXCHANGE
RATES
requirements of Section 522 of the Tariff
Federal Reserve Bank is
certifying
now
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
give below
a
CERTIFIED
RATES
EXCHANGE
FOREIGN
We
record for the week just passed:
FEDERAL
BY
JUNE 7.
1941, TO JUNE 13,
1941, INCLUSIVE
Noon Buying Rate for Cable Transfers in
Value in United States Money
Country and Monetary
RESERVE
OF 1930
BANK TO TREASURY UNDER TARIFF ACT
New York
Unit
June 12
June 7
June 9
June 10
$
s
$
a
a
a
a
a
a!
»•;«'
a
;■; j
a
a
a
a
a
a V
\
a
a
a
Europe—
J
CzechoelovTa, kornua
Denmark, krone
Engl'd, pound sterl'g
Official.
.
Free
.
June 11
hv
Belgium, belga
Bulgaria, lev
..
.
June 13
t
S
v,,":
a
a
a
.035000
France, franc
4.035000
.035000
4.035000
4.035000
4.031562
4.031875
.033125
4.032500
4.032500
.020100
.020075
.020100
.020100
.020100
.020100
.399700*
+
Finland, Markka
4.035000
.031785
.......
.399700*
.399700*
.399700*
.399700*
.399700*
a
...
Germany, reichsmark
Greece, drachma....
a
a
\]
a
a
a
a
a
Hungary, pengo
,052625*
Italy, lira
Netherlands, guilder.
.052620*
.052620*
a
a
■"
4
^
a
.052620*
a
.052617*
a
.052625*
a
a
a
a
a
a
a
,040012
.040025
.040010
.040020
.040020
.040012
a
a
Norway, krone
a
:/.+
Poland, zloty...
Portugal, escudo
Rumania, leu
DAILY
EXCHANGE
FOREIGN
Pursuant to the
ate
upward swing.
Noteworthy among the advances were
Royal Typewriter which gained 2 points to 54; Bell Tele¬
phone of Canada, 2% points to 99^; G. A. Fuller, 2 points
to 49; Oklahoma Natural Gas, convertible pref., 2%
points
June 14, 1941
•:•••
a
!.:-w,
a
■
4
a
a
I
.091300*
.091300*
.091300*
.091300*
.091300*
,238357
.238400
.238362
.238362
.238337
.238371
Switzerland, franc...
Yugoslavia, dinar—
Bonds (Par Value)
091300*
Sweden, krona
Slocks
Spain, peseta
,232078
.032068
.232037
.232056
.232050
.232067
a
a
a
a
{Number
Week Ended
A«la—
of
Shares)
June 13,1941
Foreign
Domestic
Foreign
Government
China—
Total
Corporate
Chefoo
(yuan) dol'r
a
a
Hankow (yuan) dol
a
41,460
8362,000
$2,000
$364,000
Monday
77,185
5,000
656,000
142,050
651,000
1,240,000
sie'ooo
7,000
1,263,000
dollar.
.243237
84,980
913,000
11,000
7,000
931,000
India (British) rupee-
.301283
75,985
2,000
4,000
802.000
Japan, yen
Straits Settlem'ts, dol
.234387
88,645
796,000
1,060,000
.471066
.471066
510,305
$5,022,000
Tuesday
Wednesday
Thursday
Friday
w.
.
:v,:
;i;
16,000
6,000
1,082,000
$45,000
$31,000
$5,098,000
Tientsin (yuan) dol
Hongkong,
a
b
a
a
.052906*
.053031*
.053031*
.242875
.243312
,243187
.243468
.243481
.301283
.301283
.301283
.301283
.301283
.234390
.052906*
Shanghai (yuan) dol
a
a
a
Saturday
.234390
.234390
.234390
.234387
.471066
.471066
.471066
.471066
.052906*
.053031*
a
Australasia—
Total.....
...
Australia, pound—
Official
Sales at
Week Ended June 13
1941
Stocks—No. of shares.
1940
510,305
1941
228000
3.228000
3.212708
213958
3.213333
3.213333
3.225291
3.225291
226791
3.225958
3.225958
South Africa, pound. 3.980000
763,370
11.242,262
$5,022,000
$4,335,000
S123,066.000
3.980000
3.980000
3.980000
3.980000
3.980000
3.228000
16,000
1,014,000
1,041,001)
North America—
$164,312,000
45,000
Foreign government...
Foreign corporate
;1 25.752,360
31,000
272,000
1,292,000
3,517,000
$5,098,000
Total
3.228000
3.212708
225958
Africa—
1940
Bonds
Domestic
3.228000
213333
New Zealand, pound.
New York Curb
Exchange
228000
Free............
Jan. 1 to June 13
$4,623,000
$125,372,000
Canada, dollarOfficial
.909090
.909090
.909090
.909090
.909090
.909090
.883125
.882187
.881171
.880703
.878906
.877031
.205450*
.205360*
.205360*
.205360*
.205360*
.205450*
Official
.909090
.909090
.909090
.909090
.909090
.909090
Free
.880416
.879843
.878750
.878125
.876406
.874531
......
Free
Mexico, peso
$168,870,000
Newfoundl'd, dollar-
South America—
Argentina,
THE
LONDON
STOCK
Official.....
Cable & W
Tues.,
Wed.,
June 9
June 10
June 11
£11
Cons Goldfleldt of S A.
Distillers Co
...
Electric & Musical Ind.
Imp Tob & O B <fe I...
London Mid
9/9
18/8
23/6
92/-
92/6
£12
£12
Metal Box...........
Rand Mines
72/- '
£6%
£6%
Rio Tlnto
£6
....
Rolls Royce
Shell Transport...
■
72/-
71/3
72/£6%
£7
'
V
£6
66/3
9/9
18/0
23/6
92/6
£12%
72/—
£6%
£7
65/6
9/9
18/6
23/6
92/6
£12%
71/9
40/6
71/3
41/3
23/3
15/3
23/9
15/3
71/9
41/3
23/9
15/6
£3ni«
£3»ie
£3»u
£3uu
£3»i«
Wltwatersrand
Areas
ENGLISH
FINANCIAL
.060575*
.060575*
.060575*
.060575*
.060575*
.060575*
.050600*
.050600*
.050600*
.050600*
.050600*
.050600*
MARKET—PER
CABLE
peso-
+ :;'
c
Export
c
c
C
C
c
+
I'c
c
c
c
c
peso.....
.569825*
.569825*
.569825*
.569825*
.569825*
.569825*
Uruguay, pesoControlled.... m"mm
Non-controlled
.658300*
.658300*
.658300*
.658300*
.658300*
.658300*
.417380*
.417380*
.417380*
.417380*
.417380*
.418600*
♦Nominal rate,
29/6
£6%
71/3
40/6
23/3
15/3
Vlckers
.237044*
Colombia,
33/9
33/9
29/9
£6%
40/23/6
15/3
United Molasses......
West
£11
,65/3
9/6
18/6
23/6
93/£12%
72 /£6%
£6
Ry
83/£64%
£11
33/29/6
9/9
18/0
Closed
36/83/-
£5%
23/6
Ford Ltd
Hudsons Bay Co
June ;
33/9
£64%
32/6
65/-
.297733*
.237044*
Official
Frt,
£11
r
29/6
£5%
£5%
64/6
Thurs.,
June 12
36/82/6
£64%
£11%
32/6
29/-
Courtaulds S & Co....
De Beers
.297733*
.237044*
Free
Mon.,
(ord)
.297733*
.237044*
Chile,
Sat.,
Central Mln & Invest
.297733*
.237044*
Official..........
received by cable
as
June 7
36/82/£66%
.297733*
.237044*
Brazil, mllreis—
Quotations of representative stocks
day of the past week:
35/9
82 /£66%
.297733*
Free—.
EXCHANGE
each
Boots Pure Drugs
British Amer Tobacco.
peso—
a
.<
No rates available,
COURSE
OF
c
Temporarily omitted.
BANK
CLEARINGS
Bank clearings this week show an increase compared with
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 14)
clearings from all cities of the United States from which it
is possible to obtain weekly clearings will be
24.7% above
those for the corresponding week last year.
Our preliminary
total stands at $6,676,006,742, against
$5,352,209,751 for
the same week in 1940.
At this center there is a gain for
the week ended Friday of 24.7%.
Our comparative sum¬
mary for the week follows:
a
The
as
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
Mon.t
June 7
Tues.,
June 9
Wed.,
June 10
Thurs.,
June 11
June 12
June 13
Silver, per oz..
Gold, p. fine oz.
Closed
23 %d.
23%d.
23%d.
168s.'
168s.
168s.
168s.
Consols
Closed
£78%
£78%
£78%
Closed
£103%
£103 9-16
£103%
£103 %
£10311-16
Closed
£112%
£112%
£112%
£112%
£112%
British
2%%_
3%%
W. L
British
£78%
23%d.
The
States
price of silver
on
the
same
per
ounce
23%d.
168s.
4%
1960-90
1688.
£79 %
...
Boston
....
;
San Francisco
34%
34%
34%
71.11
71.11
71.11
BERLIN
+ 57.0
74,955,125
80,700,000
+21.5
+29.7
147,010,612
136,882,000
87,117,075
88,448,388
Cleveland..
-i. j ■
Baltimorei
Other
STOCK EXCHANGE
June
118,767,758
94,179,428
+ 21.6
|
+2.0
+ 68.8
+ 56.9
cities, five days
cities, five d ays
92,476.434
+28.4
64,104.597
+46.9
$4,661,213,562
952,125,390
„
June
as
received by cable
June
June
June
June
v, 7
9
170
170
172
173
172
?SS2y«,L!Cht(8%)
Commerzbank (6%)
-208
144
208
144
208
2°8
209
209
443
444
445
148
443
148
448
149
149
•
.
-"
10
11
12
13'
-Per Cent of Par
-
144
(Ger.Rys.of 7%) (7%)
(6%)
Farbenlndustrle 1 G (8%)
Reichsbank (new shares)
(10%)
Stahlwerke (6%)
cities,
one
day
Total all cities for week
Allegemeine Elektrlzltaets-Gesellschaft (6 %) 170
Siemens & Halske
,
+ 38.4
+ 18.6
256,000,000
179,634,361
$3,416,390,103
+ 36.4
836,319,635
+ 13.8
$5,563,338,952
1,112,667.790
$4,252,709,738
1,099,500,013
+30.8
+ 1.2
$6,676,006,742
$5,352,209,751
+ 24.7
;
.
,;r
71.11
■
Vereinigte
$2,077,392,317
278,679,806
138,773,150
Eleven
34%
71.11
Closing prices of representative stocks
each day of the past week:
Dresdner Bank
$2,876,047,212
330,575,500
402,000,000
218,438,350
91,092,552
104,700,000
139,629,000
Cent
Detroit
All
Deutsche Bank (6%)
Duetsche Reichsbalm
1940
Pittsburgh
(in cents) in the United
34%
'•••';
...
City
St. Louis
Total all cities, five days
THE
Per
1941
New York.
Chicago..........
Philadelphia
Kansas
days has been:
BarN.Y.(for'n) 34%
U. S. Treasury
(newly mined) 71.11
Clearings—'Returns by Telegraph
Week Ending June 14
Frt.,
....
■
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all
cases has to be estimated.
In the elaborate detailed statement, however,
,
*i....l44
144
144
144
144
14*
...203
204
203
205
207
206
131
434
434
431
101
ni
305
305
305
309
313
313
.151
i5l
150
153
155
154
which we
complete
June 7.
present further below, we are able to give final and
results for the week
previous—the week ended
For that week there was an increase of 47.5%,
of clearings for the whole country having
the aggregate
amounted to
The Commercial & Financial Chronicle
Volume 152
$7,923,387,061, against $5,372,145,638 in the
1940.
same
3751
week in
Outside of this city there was an increase of 33.4%,
clearings at this center having recorded a gain of
the bank
Week Ended June 7
Clearings atInc.
61.2%.
W© group the cities according to the Federal Re¬
districts in which they are located and from this it
appears that in the New York Reserve District (including
1941
this
city) the totals record
expansion of 59.3%, in the
Boston Reserve District of
41.6%, and in the Philadelphia
Reserve District of 38.1%.
In the Cleveland Reserve Dis¬
trict the totals are larger
by 33.0%, in the Richmond Reserve
District by 46.2%, and in the Atlanta Reserve District by
31.3%.
In the Chicago Reserve District the totals register
an
improvement of 28.9%, in the St. Louis Reserve District
of 36.5%, and in the
Minneapolis Reserve District of 22.5%.
In the Kansas City Reserve District the totals show a gain
of 22.2%, in the Dallas Reserve District of
28.7%, and in the
San Francisco Reserve District of 39.8%.
In the following we furnish a
summary by Federal Reserve
an
or
1940
Dec.
%
1938
1939
$
5
serve
Seventh Feder al Reserve D istrict—Chi cago—
Mlch.-Ann Arbor
Detroit
453,485
443,755
+2.2
160,388,225
4,296,999
103,777,088
+54.6
+ 32.5
3,676,034
2,229,889
2,332,753
1,786,413
1,879,442
+24.1
1,033,293
20,135,000
2,323,338
+22.9
17,851,000
+ 35.0
1,840,262
5,346,758
20,674,816
Lansing
Ind.—Ft.
Wayne
Indianapolis...
South Bend
3,137,514
Terre Haute.
7,306,202
26,206,454
__
Wis.—Milwaukee
307,875
375,815
78,217,503
3,242,572
24,742,000
__
Grand Rapids.
la.—Ced. Rapids
Des Moines
+24.8
5,574,328
+ 31.1
21,848,705
1,330,981
+33.4
11,596,405
+ 6.9
3,875,447
+ 17.7
+ 19.9
68,605,623
2,206,332
936,488
889,377
16,130,000
1,167,105
4,083,107
1,311,199
17,823,625
1,272,807
<7,959,910
3,070,336
440,453
307,312,285
951,712
3,737,261
Peoria
5,946,655
Rockford
2,053,180
1,909,229
1,695,726
+21.1
1,275,890
10,559,310
3,357,603
431,968
295,325,562
1,030,593
3,151,161
1,281,835
1,874,184
+ 1.9
1,427,038
1,105,494
1,917,934
680,086,309
527,732,499
+28.9
448,166,640
439,917,724
72,900,000
31,213,089
16,293,984
1.775.930
12,396,552
4.560.931
Sioux City
111.—Bloomington
572,758
568,795
+0.7
418,081,825
339,777,668
1,695,728
Chicago....
1,146,413
4,856,239
+23.0
+47.9
Decatur
Springfield
+ 22.5
'
districts:
SUMMARY OF BANK
Total (18 cities)
CLEARINGS
Inc.or
Week End.
June 7,
1941
1941
1940
$
1939
1938
$
$
%
Dec.
Eighth Federa 1 Reserve Dis trict—St. Lo
133,400,000
99,600,000
35,554,098
48,119,704
Tenn.—Memphis
29,447,087
19,438,661
uis—
Mo.—St. Louis
Federal
Reserve
1st
Boston.
2d
....
Dlsts.
.
12 cities
%
255,916,987 +-41.6
362,428,088
224.869,937
219,595,966
New York. .13
"
4,526,016,997
2,840,899,406
+59.3
3,323,012,542
4,379,850,076
3d
PhlJadelphlalO
"
560,085,517
405,630,268
+38.1
401,419,198
381,194,485
4th
Cleveland..
7
"
410,524,920
308,643,693
6
"
224,341,412
153,424,341
136,051,498
123,813,278
6th
85,500,000
+ 35.3
34,903,679
+ 51.5
18,920,516
234,640,721
Richmond..
+33.0
+46.2
258,385,859
5th
+ 33.9
Ky.—Louisville..
Atlanta....10
"
210,600,089
160,430,094
+ 31.3
160,480,890
Chicago....18
"
680,086,309
527,732,499
+ 28.9
448,166,640
4
"
211,782,791
155,167,759
139,937,195
Minneapolis
+ 41.9
613,000
635,000
211,782,791
Total (4 cities)
155,167,759
+ 36.5
139,937,195
121,042,073
121,042,073
9th
+36.5
114,625,376 + 22.5
136,613,911 + 22.2
575,000
439,917,724
St. Louis...
x
x
816,000
Quincy
139,523,178
7th
8th
111.—Jacksonville
7
"
140,360,131
10th Kansas City 10
11th Dallas.
6
"
166,973,376
"
87,080,713
67,645,332
12th San Fran... 10
"
343,106,718
245,415,972
Reserve Dis trict—Minne apolis-
108,985,566
95,733,338
Ninth Federal
121,182,353
117,142,619
Minn.—Duluth..
5,001,516
5,264,378
—5.0
7,044,347
5,655,785
+28.7
72,132,098
61,491,799
Minneapolis...
94,377,853'
69,861,805
207,326,416
203,456,519
St. Paul
33,236,546
73,675,186
28,452,492
2,542,864
+28.1
+39.8
+ 16.8
25,1.85,778
60,285.700
23,705,086
2,267,309
608,553
+ 16.9
2,301,071
7,923,387,061
5,372,145,638
+47.5
5,601,950,192
6,517,401,776
S.D.—Aberdeen.
910,275
856,568
+ 6.3
729,696
3,531,623,804
2,646,946,838
+33.4
2,377,209,301
2,248,054,135
Mont.—Billings.
Helena.......
974,314
852,505
+ 14.3
725,937
739,652
2,885.771
2,981,383
—3.2
3,136,932
2,471,253
457,571,966
415,753,909
+10.1
399,239,593
294,007,891
Total (7 cities).
140.360,131
114,625,376
+ 22.5
108,985,568
95,733,338
N.
Total.
...
.
..113 cities
Outside N. Y. City
Canada:..
We
.
....32 cities
.
now
add
our
detailed statement showing last
figures for each city separately for the four
2,973,856
D.—Fargo..
week's
years:
Tenth Federal
Reserve Dis trict
1941
1940
1938
1939
Dec.
$
$
$
S
%
Me.—Bangor
730,647
+35.0
Portland.—...
2,391,831
1,819,435
+ 31.5
Mass.—Boston..
311,284,342
213,784,323
+45.6
Fall River
766,775
678,151
+ 13.1
Lowell
497,263
503,784
—1.3
986,446
531,043
1,811,654
—10.1
30,331,981
+ 18.9
2,710,086
27,605,618
2,122,421
4,460,631
2,208,012
3,001,476
—3.9
2,200,384
+48.6
116,076,113
92,443,338
+ 25.6
2,913,402
80,436,369
3,402,259
3,435,820.
693,098
—1.0
3,443,390
667,005
—3.8
951,080
792,052
799,484
—0.9
668,214
576,121
166,973,376
136,613,911
+22.2
121,182,353
117,142,619
1,663,287
44,800,895
.
St. Joseph
2,063,725
Colo.—Col. Spgs.
189,918,225
Pueblo.......
467,349
603,845
2,265,075
1,639,556
8,421,511
New Bedford—
914,405
726,434
+25.9
Springfield.—.
4,190,752
3,402,110
+23.2
2,952,938
2,174,375
+27.0
Conn.—Hartford
2,760,945
16,325,683
+ 12.4
New Haven,._
5,613,493
14,523,013
5,025,479
1,764,075
8,948,732
4,165,139
Worcester
.
Wichita
193,169,993
606,931
460,452
521,505
——
584,561
V-
;
579,207
Total (10 cities)
Eleventh Fede ral
Reserve
R. I.—Providence
16,147,000
11,920,900
+35.5
N.H.—Manches'r
549,153
628,336
—12.6
9,446,600
490,875
3,507,546
Texas—Austin...
9,058,800
Fort Worth...
8,622,672
2,925,000
v,
2,907,795
51,339.610
7,106,125
—24.0
2,176,000
67,287,772
486,566
2,781,768
26,233,278
2,015,818
2,888,514
78,824,222
2,956,380
643,465
District—Da llas-
2,209,914
Dallas........
GaiveBton.....
+ 11.7
103,103
119,950
108,239
145,571
3,425,910
Omaha
Mo.—Kan. City.
Reserve Dist rict—Boston
City
+ 13.9
3,080,550
36,055,984
Kan.—Topeka
First Federal
as
+ 16.7
Lincoln
Inc. or
Kans
119,292
*155,500
Hastings......
Clearings at-
—
139,244
177,117
:
Neb.—Fremont..
Week Ended June 7
+ 34.4
2,268,416
55,505,737
7,506,696
2,297,000
1,012,895
+ 31.1
+ 21.3
8,223,986
2,046,000
La.—Shreveport.
Total
(12 cities)
Second
362,428,088
Feder al Reserve D istrict—New
N. Y.—Albany.
+41.6
255,916,987
224,869,937
219,595,966
1,185,572
4,849,783
1,049,228
3,066,574
+ 13.0
+ 58.1
3,487,354
1,073,582
3,684,049
Total (6 cities).
87,080,713
67,645,332
+28.7
72,132,098
61,491,799
Wichita Falls..
York-
15,946,294
11,890,698
10,567,987
+ 12.5
Binghamton...
1,516,330
1,235,673
+22.7
1,349,446
1,010,143
Buffalo.------
41,700,000
+ 19.1
26,500,000
791,536
35,000,000
618,797
+27.9
529,343
24,300,000
594,266
971,067
858,012
+ 13.2
Elmira.-
.
...
Jamestown
7,582,609
11,403,909
9,107,510
694,078
701,034
+61.2 3,224,740,891 4,269,347,641
+25.2
7,832,715
7,337,584
5,350,230
4,727,687
+ 13.2
(a) x
6,595,715
4,895,329
Conn.—Stamford
5,051,273
+ 30.6
J.~Montclair
500,033
496,546
+0,7
New York
4,391,763,257 2,725,198,800
Rochester..—.
Syracuse
Westchester Co
N.
•
Twelfth Feder al Reserve D istrict—San
38,700,989
+43.3
1,275,243
—0.1
Ore.—Portland..
45,274,593
33,578,334
+ 34.8
17,544,521
14,840,848
+ 18.2
Yakima
3,754,350
3,697,683
Utah—S. L, City
4,329,086
3,441,077
Calif.—L'g Beach
5,897,750
4,933,987
447,780
x
405,587
San Francisco.
6,023,314
4,325,466
+ 39.3
4,361,629
Pasadena
3,044,461
143,160,454
2,456,251
1,446,481
+43.3
+43.2
205,059,000
28,584,782
Total
18.021,429
25,120,363
(13 cities) 4,526,016,997 2,840,899,406
+ 38.4
17,857,404
21,490,134
+ 13.8
15,769,039
3,437,431
32,372,687
Santa Barbara.
1,946,849
2,732,356
Total (10 cities)
24,949,440
Northern N. J.
San Jose
Stockton......
Newark
Franci
55,452,283
1,274,742
Wash.—Seattle..
343,106,718
+ 59.3 3,323,012,542 4,379,850,076
2.587,445
245,415,972
+ 39.9
SCO—
31.500,838
911,593
33,145,068
26,744,723
13,731,718
3,968,776
3,596,431
120,338,000
2,472,268
26,088,609
825,974
12,140,292
3,726,055
3,431,622
118,148,000
2,331,753
+ 34.6
1,782,211
+5.6
2,279,858
1,313,233
2,305,913
+ 39.8
207,326,416
203,456,519
'
*'
Third Federal
Pa.—Altoona.—.
Bethlehem
Chester
Reserve Dist rict—Philad
614,955
+23.5
1,178,281
631,802
1,510,183
...
Lancaster
'Vv.VV
elphia
+ 23.2
512,704
676,582 + 123.2
+41.3
435,344
\*.
364,631
317,729
733,012
457,720
362,783
(113
cities)...-i.... 7,923,387,061 5,372,145,638
+ 47.5 5,601,950,192 6,517,401,776
Outside New York 3,531,623,804 2,646,946,838
+ 33.4 2,377,209,301 2,248,054,135
352,969
1,593,373
1,289,751
Philadelphia...
544,000,000
393,000,000
+38.4
390,000,000
Reading......
1,719,094
1,361,316
+26.3
1,419,007
+ 15.2
2,475,981
_
Grand total
1,248,505
367,000,000
1,251,124
Scranton
2,816,382
Wilkes-Barre..
1,612,668
2,445,443
927,502
+73.9
796,262
1,911,207
748,389
York
1,722,460
1,198,626
+43.7
1,525,641
3,864,600
3,783,000
+2.2
2,563,600
6.602,800
560,085,517
405,630,268
+ 38.1
401,419,198
381,194,485
Week Ended June 5
1,304,042
N. J.—Trenton..
Total
(10 cities)
+'
Clearings atInc. or
1941
Feder a! Reserve D istrict—-Clev eland-
Columbus.....
Mansfield.....
Youngstown...
Pa.—Pittsburgh
58,053,113
6,107,722
43,896,518
6,553,662
+32.2
4,487,228
3,965,935
+ 13.1
8,159,556
6,319,561
+29.1
3,343,361
5,713,325
4,920,197
2,288,649
2,1.50,072
3,277,709
+ 54.0
4,497,856
+27.0
6,097,976
4,302,924
+ 41.7
54,894,945
49,183,021
+24.5
84,400,625
75,985,400
13,103,700
+ 31.3
12,848,100
10,348,800
Quebec.————
1,776,248
+7.3
1,275,624
Halifax
2,635,423
176,201,414
2,709,781
—2.7
2,367,909
Hamilton
120,528,854
+46.2
1,642,452
2,074,254
99,573,054
93,544,027
410,524,920
308,643,693
+33.0
258,385,859
234,640,721
861,420
616,115
Calgary
7,579,525
2,266,169
Victoria
2,170,280
Edmonton
365,932
298,127
94,974,779
23,628,043
13,791,488
23,924,175
4,503,716
20,992,739
+25.4
107,288,538
17,210,700
1,905,046
London
W.Va—Hunt'ton
37,882,215
19,819,889
27,154,573
5,705,087
3,149,846
5,708,571
4,634,346
Ottawa.—..——
1,935,940
+ 39.8
97,733,373
132,105,426
Vancouver
2,952,429
Reserve Dist rict—Richm ond—
Fifth Federal
134,843,652
+2.0
136,919,163
113,415,141
46,406,737
20,372,043
+ 15.2
St. John....
.
Total (7 cities).
+ 3.1
+22.9
+ 3.0
57,044,087
141,106,224
115,729,023
Montreal.
2,809,127
60,427,445
133 564,159
Cincinnati
Cleveland
S
Winnipeg..
3,235,920
75,772,258
-
Reglna
Brandon.....—
1938
1939
%
$
Canada—
Toronto
Fourth
Ohio—Canton...
Dec.
1940
—6.8
—1.0
+ 0.9
+ 2.0
2,010,378
1,936,766
2,639,266
3,742,035
3,438,941
2,489,678
4,372,776
4,131,480
1,663,470
1,563,027
2,992,189
3,525,575
2,413,799
307,147
Md.—B al timore
_
D.C.j—Washnig'n
3,229,000
+25.1
3,110,000
2,583,000
39,731,231
+27.3
41,702,091
34,572,851
1,744,504
1,504,744
1,167,301
131,018,258
79,188,553
+ 15.9
+65.5
36,083,862
29,154,698
+23.8
1,319,973
67,388,636
22,164,866
224,341,412
153,424,341
+46.2
136,051,498
62,411,860
22,780,139
413,381
+22.3
348,392
554,072
497,212
+ 11.4
1,676,636
623,124
+ 3.7
455,121
1,245,075
+24.2
568,304
907,657
840,861
764,005
Westminster
1,022,024
941,812
705,198
—11.2
1,236,625
860,159
Medicine Hat—
Richmond
S. C.—Charleston
1,738,878
773,722
306,509
255,115
+ 20.1
755,815
249,903
Peterborough
4,039,000
50,594,368
Va.—Norfolk
816,265
722,138
+ 13.0
693,961
496,456
+ 16.4
827,163
+5.7
654,925
884,985
Lethbridge
-
Saskatoon
Moose Jaw.
Brantford
Fort William
Total (6 cities).
Sixth Federal
Reserve Dist rict—Atlant
123,813,278
a—•
New
Tenn.—Knoxville
6,853,979
4,268,434
+60.6
3,863,386
Nashville...—
24,784,052
+ 77,900,000
20,182,806
58,400,000
+22.8
20,125,166
17,179,642
Kitchener
+ 33.4
57,300,000
47,100.000
Windsor
1,513,621
1.225,810
1,405,789
850,886
+ 23.5
+ 65.2
1,244.859
1,036,400
Ga—Atlanta...
3,672,607
Fla.—Jacks'nville
21,154,000
16,618,000
+27.3
16,861,000
1,089,725
964^486
15,388,000
Ala.—Birm'ham
26,591,356
19,822,586
+ 34.1
20,661,881
18,966,388
2,604,361
2,303,742
+ 13.0
2,132,207
1,628,946
Augusta-
-
.—
Macon)—....
.
Mobile.
Miss.—Jackson._
Vicksburg
X
X
174,231
187,188
X
—6.9
X
X
173,812
505,388
990,370
+ 31.3
+22.0
47,618,700
36,570,642
+30.2
37,082,179
33,395,811
Total (10 cities)
210,600,089
160,430,094
+31.3
160,480,890
831,241
743,767
552,387
169,791
1,153,061
1.402.094
3,755,429
3,137,872
+ 19.7
Prince Albert
439,117
378,873
+ 15.9
1,003,428
2,927,989
295,179
Moncton..
945,031
878,034
+7.6
945,295
834,528
726,893
+ 14.8
690,021
661,109
561,816
+ 17.7
687,899
574,403
+ 19.8
604,853
578,988
1.144.095
1,036,077
+ 10.4
874,249
822.765
+ 10.1
399,239,593
294,007,891
Sherbrooke
Kingston
-
—
Chatham
Sarnia———
1,326,764
.
137,573
La.—NewOrleans
354,195
1,015,828
416,467
Sudbury--
-
415.753,909
2,484,708
255,997
V
755,305
560,378
472,031
621,950
139,523,178
Total (32 cities)
,
Estimated.
457,571,966
xNo figures available,
fa) Clearing House Assn.
discontinued.
3752
The Commercial & Financial Chronicle
MONTHLY
REPORT
ON
GOVERNMENTAL CORPORATIONS
June 14, 1941
AND
CREDIT
AGENCIES
The
monthly report of the Treasury Department,
showing assets and liabilities as of April 30, 1941, of governmental
corporations and credit agencies, financed wholly or in part
by the United States, was contained in the Department's "Daily
Statement" for May 31, 1941.
*
As
was
computed, the Federal Government's proprietary interest in these
agencies and corporations,
$3,483,794,726, and that privately owned was $421,862,309.
now
SUMMARY
OF
COMBINED
STATEMENT OF ASSETS
UNITED STATES,
COMPILED
AND LIABILITIES
FROM LATEST
OF
GOVERNMENTAL
REPORTS
CORPORATIONS
AND
CREDIT AGENCIES
BY THE TREASURY ♦—APRIL
RECEIVED
of April 30,
as
30,
OF
THE
1941
Assets d
Investments
Preferred
Capital
Loans
Real
e
United
States
Guaranteed
Public Works Admin
U. S, Maritime Comm'n..
93,782*014
Rural Electrification Adm
Receivables
AU Other
55,333", 135
Business
S
50,262,500
Government
Other f
Corporations
Agencies
$
441,519
46,848,623
h64 963,201
6,630,974
630,584.626
h69 602,302
11,261
36,281
45,754,287
19.600J77
Home Owners' Loan
6,101,618
Insurance
Corporation.
363,637
141,828,205
41,495,169
32,289,252
4.566", 125
190,434,379
J266,422,160
Farm Credit Admin
262,139,938
Federal Farm Mtge. Corp.
636,791,261
Federal Land banks.x
1,829,992,868
Fed. Interm. Credit banks
241,873,249
Banks for cooperatives..
68,057,083
6,178" 590
23,328,102
70,000,042
50,733,548
21,030,489
25,323,882
374,892
_
Production credit corp'ns
5.983" 4 57
Regional agric.credit corps
23,533,400 103,936,750
92,777,915
13,515,812
219:864",827
IO",097",729
2,838*877
333,086",953
100,000,000
628J50
""226
26,016,337
1,168,140
h4,108,899
23,359
2,198,891 127,441,729
9.686,970
40,197,350
136,058
10,682,444
289 267,519
83 ,686,915
1,266,686
196 460,073
406 ,807,715
289, 872.733
4,294",605
761,129*840
50,310,518
3,103,318 167,215,192
2,021,381
18,277,180
1,252,981
68,660,243
347,650
,733,337
130, 059,863
678,464
14,930
15.833,878
War emergency corp'ns &
11,580,211
110,088
22,187.909
357 380,803
290 114,435
2,790, 646,288
554
3,126,076
12,351,708
95.838,864
35,990,591
18 ,852,382
385, 971,970
93 782,014
29.046.182
4,844,098
Corp 1,899,855,838 1182630,360 266,132,642
Savings and Loan
"lb',929
1.330,729
10,898,428
39,292,533
2,656 ,558,294
1,056 494,296
183 ,748,370
29,695,750
6,395,962 371,478,002
894,542.795
86,400
41*275
6,559
418,592^843
Federal
Federal Home Loan Bks..
Federal Housing Admin..
Federal Nat. Mtge. Assn.
U. 8. Housing Authority-
a
S
8,300,000 £25,247.874
33,017,601
273,690,126
Total
and
Property
1,133,792
522,920
7,936,466
11,777,801
6,730,996
and Other
by U. S.
8
Reconstruction Fin. Corp. 1,054,513,934
433,831,779 £142569270
353,191,703
113,525,487
Estate
and Other
Securities
Securities
Stock, &c.
Commodity Credit Corp.
Export-Import Bk .of Wash
Federal Crop Insur. Corp
Federal Deposit Ins.Corp.
Tenn. Valley Authority--
Due from
Accounts
Cash
11,392,438
80,433,219
59", 687
3,820,234
10,581,758
9,941,969
1,533, 444,333
2,243 ,639,288
54,697
303,760
8,716
43,540
34,951
145 ,158,168
109, 658,626
22, 257,139
5,740,521
416,199
23,605
310 921.376
agencies (in liquld'n):
Navy Dept. (sale of sur¬
plus war supplies)...
Sec. of the Treas. (U. 8.
RR.
4,458,030
Admin.)
4,065
U. 8. Housing Corp....
U.S. Spruce Prod.Corp.
80,262
Otner:
Disaster Loan Corp
El. Home <fe Farm Auth.
Farm Security Admin..
19,120,762
14,975,681
433,992,213
Dept.
54,312
905
h3,286,859
2,525
64,921
1,838,085
4,545
18,109
158,961
38,656
22,572,127
1,770
15,263,475
662,885
28,648,940
1,042,907
492,906,211
4,110,592
1,186,997
20,270
29,602,173
3.732",960
(Indian
loans)
4,458,030
44,264
1,205,418
449,681
123,678
1,000
198,989
Fed. Prison Indus., Inc.
Interior
16,592
575,830
654,526
10,073,456
2.673,077
Inl'd Waterways Corp.t
429,470
Nat. Defense corp'ns.r.
Panama RR. Co.t
Puer. Rico Recon Adm.
30,000
RFC Mortgage Co
4",038" 235
699,099
252,642
386,339
""852
33,825
115,126
1,554
162,886,861
483,447
39,657,656
2,072,602
h2,440,095
434,050
4,721
19,243,594
hl5 329,555
295,501
1,219,600
69.844,218
Tenn. Valley Associated
Cooperatives, Inc...
Treasury Department:
4,065,308
7,712
10,949,118
198,461
2,130,016
2,673,077
24,938,936
178,255,682
53,714,199
7,330,437
389",783
73,108,998
2,189
293.377
Advances to Fed .Res.
bks. for Indus, loans
Fed. savs. &l'n assns.
RR.
loans
27,546,311
23,670,900
27,546,311
(Trans¬
portation Act,'20).
23,670,900
25,212,578
Secure, rec'd by Bur.
of Int. Rev. in set¬
25,212,578
tlement of tax liab's
Secure, rec'd from the
RFC
under
60,166
60,166
of
Act
Feb. 24,1938
2,121,000
Inter-agency items:m
Due from
2,121,000
other gov¬
ernmental
corpora¬
tions or agencies...
Due to other govern¬
mental
corp'ns
234,768,499
2.^4,768,499
or
agencies
Subtotal
Less: Inter agency in¬
terests incl. above.
8,093,122,314 641,390,529 770,902,752
770,764,454 126,138,228 905,554,300 554,666,640
608,056,333 1572,971,083 1,307,464,295 16,351,030,928
1,307,464,295
Total
Liabilities and Reserves d
Not
Due to
by United
States q
Guaranteed by
United States
Govt. Corp'ns
$
Reconstruction Fin. Corp. 1,745 ,133,342
Commodity Credit Corp. k697 ,496,321
Export-Import Bk .of Wash
Tenn. Valley
Authority..
Public Works Admin.
Insurance Corporation.
Federal Home Loan Bks..
_
16, 788,693
k226
763",601
Corp. 1,284:
994",363
Authority
Credit Admin
Federal Farm Mtge.
.
Federal Land banks.x._.
Fed. Interm. Credit banks
Banks for cooperatives.
_.
Production credit corp'ns.
Regional agric.credit corps
War emergency corp'ns &
agencies (in liquid'n):
Navy Dept. (sale of
£342,537.997
118,859,287
200,564,805
Home Owners' Loan
Corp. 2,632,301,174
Federal Savings and Loan
Privately
Owned by
United
Owned
Liabilities
14,043,566,633
48,775*794
2,127,900,490
956,400,920
57,053,244
4,852,382
265,433,780
74,004,188
1,597,465
106,352,410
3,918,012
89,589,064
266,790
2,838
Inter-agency
Capital Stock
200,667^643
174,700,971
2,681,076,968
528,657,804
100,093,376
183,481,580
14,000,000
289,299,557
311.967,782
93,782,014
156,813,160
115,413,464
109,569,320
1 597,465
14,000,000
139,299,557
128,462,398
106 ,352,410
528.657,804
100,093,376
183,481,580
Surplus
Interests
Net
$
40,229,151
140,045,312
174,700,971
Distribution of United States Interests
Stales
S
16,950,944
U. 8. Maritime Comm'n..
Rural Electrification Adm
A ssets Over
Total
and Agencies
266,790
4,852.382
265,433,780
Federal Crop Insur. Corp.
Federal Deposit Ins.Corp.
Federal Housing Admin.
Federal Nat. Mtge. Assn.
U. S. Housing
Proprietary Interest
Excess of
Guaranteed
Farm
1,307,464,295
0
8,093,122,314 641,390,529 770,902.752
770,764,454 126,138,228 905,554,300 554,666,640
608,056,333 1572,971,083
$
325.000,000
£203,657 ,804
100,000,000
93 .376
175,000,000
14,000,000
b854,313,644
140.045,312
8,481 ,580
150,000,000
150,000,000
311,967,782 a311,967,782
93,782,014
a93,782,014
156,813,160 8156,813,160
115,413,464 8115,413,464
109,569.320
200,000,000
128,462,398
124,741,000
100,000,000
124,741,000
62.680,210
"bio~929
55*.722*,515
bl0,094,891
163,120,760
c90,430,680 blOO.OOO.OOO
862,980,210
28,462,398
12 ,578,505
346,373
182,915.109
62,980,210
18,332,468
137,056,204
96,792.813
200,000,000
433,496,043
84,239,715
132,579,663
346,373
1,451,748
109,312,253
451,748
20,805,391
84,239,715
128,404,981
109.312,253
20,805,391
4,458,030
4,458,030
64,921
1,838,085
64,921
a64,921
350,000
1,838,085
304,526
304,526
34,080,554
100,000
c32.242.469
204,526
82,372
22,489,755
1,163,511
383,242,869
9,493,947
22,489,755
1,163,511
24,000,000
cl,510,245
313,511
383,242,869
a383.242,869
9,493,947
84,113,379
5,957,247
20
88,538*541
37,030,663
193.079,920
,706,705
178 127,605
269 ,751,511
193 079,920
46,526,293
1,923*677
1,809,439,572
226,672,945
2,636,536
703,673
1,333, 444,333
1,810 143,245
8,716
226 ,681,661
9,941,969
58,174,109
18,332,468
137,056,204
220,213,961
4*.174*682
10,000,000
8,332,468
1,000,000
136,056,204.
37.030,663
96,792,813
200,000,000
213,282,082
896,792,813
67,516,685
145.765,397
bl,896,557
b9,878,085
60,000,000
24,239,715
19,404,981
4,312,253
15,805,391
200,000,000
109,000,000
105,000,000
5,000,000
88,538,541
b9,933,253
9,933,253
sur¬
plus war supplies)...
Sec. of the Treaa. (U. S.
84,458,030
RR.
U. S.
Admin.)
Housing Corp
U.8. Spruce
Prod.Corp.
350,000
Other:
Disaster Loan Corp
El. Home & Farm
Auth.
Farm Security Admin..
Fed. Prison
Interior
Indus., Inc
Dept. (Indian
82,372
14,080,964
28,146,867
81,516,475
579.509
14,089,964
109,663,342
579,509
850,000
350,000
bl,770
52,867,535
5,380.568
loans)
Inl'd
Waterways Corp.t
Nat. Defense corp'ns.r.
Panama RR. Co.t
Puer. Rico Recon Adm.
976,409
1,226,271
1,796,333
151,847.380
976,409
153,073,651
288,212
2,084,545
2,673,077
23,962,527
25,182,031
51,629,654
7,330.437
2,673,077
23,962,527
82,673,077
12,000,000
25,182,031
27,000,000
11,962,527
cl,817,969
151,847,380
51,629,654
7,000,000
44,629.654
bl,841,804
7,330,437
a7,330,437
Volume
3753
The Commercial & Financial Chronicle
152
Distribution of United States Interests
Proprietary Interest
Liabilities and Reserves d
Excess of
Assets Over
Due to
Guaranteed
Not
by United
Guaranteed by
States q
United States
Liabilities
Total
Capital Stock
United
Interests
Surplus
$
Privately
Owned
Govt. Corp'ns
Inter-agency
Owned by
$
States
and Agencies
Net
»
$
$
$
$
$
f..
$
$
$
Other— (Concluded)
25,213,555
25,000,000
293,377
1,000
292.377
27,546.311
23,670,900
23,670,900
a27,546,311
23,670,900
25,212,578
25,212,578
825,212,578
60,166
60,166
a60,166
2,121,000
2,121,000
82,121,000
234,768,499
234,768,499
8234,768,499
25,372,045
46,170,428
213,555
27,546,311
47,895,443
46,170,428
1,725,015
25,213,555
293,377
RFC Mortgage Co
Tenn. Valley Associated
825,372,045
Cooperatives, Inc
Treasury Department:
Advances to Fed .Res.
bks. for Indus, loans
Fed.
savs.
& l'n assns.
loans
RR.
(Trans¬
portation Act,'20).
Secure, ree'd by Bur.
of Int. Rev. in set¬
tlement of tax liab's
Secure, ree'd from the
R*C
under
Act
of
Feb.24, 1938
Inter-agency itemsim
Due
from
other gov¬
ernmental
corpora¬
tions or agencies-
b234,768,499
Due to other govern¬
mental
eorp'ns
or
25,372,045
25,372,045
agencies
25,372,045
25,372,045
531.606.922
451,741,000
531,606,922
421,862.309 3,935,535,726 3,403,928,804
855,723.295 10,993,632,893 4,357,398,035
6,603,477,494 3,534,432,104
Subtotal
n451,741,000
Less: Inter-agency in¬
*
These
reports
0
6.603,477,494 3,534,432,104
Total...
are
855,723,295
855,723,295
terests incl. above.
revised
with statements issued by
.
,
Non-stock
a
>
m
Deficit (deduct).
Beginning with this statement, the
total assets and liabilities for each cor¬
the amounts due to and
poration and agency will include inter-agency items, 1. e„
due from other Government corporations and agencies,
Excludes unexpended balances of
q
'
'
of Federal
Acril 30, 1941, the United States
Housing Authority had entered into definite contracts calling for maximum advances
of $702,696,500.
Advances have been made in the amount of $260,019,100. as
loan
1941, against loan contract commitments
REDEMPTION
authorities.
CALLS
AND SINKING
a
list of corporate bonds, notes,
the
Includes
x
assets
Ky., and Houston, Texas, which have retired the capital
previously held by the Federal Government.
♦West Penn Traction Co. 1st mtge. 5s—
*
Page
Date
Company and Issue-
Bethlehem Steel Corp.
July
1
Aniline & Film.
June 18
July
1
June 26
June 26
20-year bonds
Budd Wheel Co. preferred stock
Cairo Water Co., 1st mtge. 4)^s
Canadian Pacific Ky. 4K % notes, 1944..
June 15
(William) Carter Co, preferred stock
June 16
Chicago & Illinois Western RR. 6% bonds
July
1
Cincinnati Newport & Covington Ry. 1st mtge. bonds.—July
1
Cincinnati Newport & Covington Ry., 6% bonds_
July
1
Cincinnati Union Terminal Co. 5% preferred stock
July
1
Connecticut Railway & Lighting Co. 4H% bonds
July
1
East Tennessee Light & Power Co. 5% bonds
Aug.
1
6% refunding bonds
Nov. 1
Eastern Massachusetts Street Ry. 5% mtge. bonds
—July
1
*
Federal Light & Traction Co. 5% bonds
Sept. 1
Firestone Tire & Rubber Co. 3debentures
June 30
Florida Telephone
Corp. 6% bonds
Goodyear Tire & Rubber Co. of Canada, Ltd.—
5% preferred stock.
I.
Greenbrier, Cheat & Elk RR, 5% bonds
West Virginia, ext. 5s
Houston Oil Co. of Texas, 4H% bonds
Indiana Gas Utilities Co. 1st mtge. bonds..Kankakee Water Co. 1st mtge. 4 Jfs
Kansas Power & Light Co. 1st mtge. 3Ms
(B. F.) Keith Corp. 1st mtge. bonds
Loose-Wiles Biscuit Co. 5% pref. stock
Louisville & Nashville RR. unified mtge. bonds
*
Montana Coal & Iron Co. 1st mtge. 5s
-
—
-
-----
Morgantown Water Co. 1st mtge. bonds
National Power & Light Co. 5% debs
National Supply Co. 1st mtge. bonds
National Union Mortgage Corp., 20-year bonds
Nebraska Light & Power Co. 1st mtge. 6s—
*
New Mexico Power Co. $7 pref. stock
North American Co. 4% debentures
North American Light & Power Co. 5% debs
North American Rayon Corp. 6% preferred stock
Paducah & Illinois RR., 1st mtge. 4^8Panhandle Producing & Refining Co., notes
Peerless Cement Co. 1st mtge. 5s
Pennsylvania RR., 4H% bonds, series E
Peoria Water Works Co—
-
.July
1
June 29
..July 15
July 15
1
Aug.
'
July
1
1591
3490
3644
following information regarding National
July
July
2
banks is
Comptroller of the Currency, Treasury
from the office of the
Department:
2—Commercial
June
—$100,000
.
Bank
National
Mountain,
Iron
of
Mountain, Mich
3805
3181
3181
-
3028
3506
3187
3816
June 28
June 2—The First
LIQUIDATIONS
National Bank & Trust Co. of Pompton
391,680
stock (local), $191,680.
1941.
Liquidating com¬
fy"/'- mittee:
G. Cornelius Houman, Otto Renz, William Scinski,
and Samuel Nochimson, care of the liquidating bank.
Suc¬
ceeded by North Jersey National Bank of Pompton Lakes,
Pompton Lakes, N. J. (charter No. 14451).
june 3—The First
National Bank of Bayfield, Bayfield,
Effective close of business
Gust J. Johnson, care of
3352
3191
3661
3032
Lakes,
Pompton Lakes, N. J
Common stock, $200,000; preferred
Effective close of business May 31,
3508
June 19
June 15
.-..--July
1
Nov. 1
--Aug. 15
July
1
—July
2
..July
7
July
1
July
1
July
2
July
1
190,000
.
VOLUNTARY
3655
3657
2397
Iron
-
Capital stock consists of $100,000 common, and $90,000 pre¬
ferred.
President,
W.
W.
Thompson.
Cashier, F.t O.
Morett.
Conversion of The
Commercial Bank of Iron
Mountain, Iron Mountain, Mich.
2550
2852
3498
Bank of Pompton Lakes, Pompton
Capital stock consists of $100,000, all common stock.
President,
Albert C. Kluge.
Cashier, Leo V. Hammond.
To succeed
The First National Bank & Trust Co. of Pompton Lakes,
Pompton Lakes, N. J. (charter No. 10787).
3019
2550
3655
Amount
;;"y :.v.
r,Y>rc
1275
3493
3645
2234
CHARTERS ISSUED
:
■
May 31—North Jersey National
Lakes, N. J._.
3493
3501
1
2882
3666
BANKS
NATIONAL
2845
3502
1
3833
June 26
...Aug
I
...June 19
Announcements this week.
3641
3489
1
7
3516
3484
1
July
3516
h
—
'
July
July
July
Pace
;
1
3
July
Williamsport Water Co. 5% bonds-.
1st mtge. 6s
The
bonds
nit*
.July
Witherbee Sherman Corp.,
the "Chronicle."
American Utilities Service Corp., 6%
banks of Louisville,
stock and paid-in surplus
Federal Land
of the
liabilities
and
demption or last date for making tenders, and the page
number gives the location in which the details were given in
American European Securities Co. 5% bonds
American I. G. Chemical Corp.—See General
Figures as of April 30, 1941, are not
available.
The date indicates the re¬
fund provisions.
^T■'
..•;
Company and Issue—
and
and
paid-in surplus of Government corporations
and
capital stock
Figures shown are as of March 31, 1940.
t
Plan¬
Defense Homes Corporation.
Virginia Coal & Iron Co. 5% bonds
Virginian Corp. 5% notes
preferred stocks called for redemption, including those called
under sinking
Includes
s
agencies.
FUND
NOTICES
Below will be found
S'
Rubber Reserve Company. Defense
amounting to $386,544,000.
agreed to disburse $233,558,000 on additional
commitments amounting to $316,052,500 now being financed by
contract
/'
Includes accrued interest.
ning Corporation and Defense Supplies Corporation and
Authority has also
securities issued by local housing
,
vy;-.,.;v
Includes Metals Reserve Company,
r
r
as of
;
Includes cash in trust funds.
:
and loan associations, $37,254,410; shares
j Also excludes contract commitments,
and liabilities of the Treasury Department
agencies are not included in this statement.
Represents inter-agency holdings of capital stock and paid-in surplus items
are not deducted from the capital stock and paid-in surplus of the corre¬
n
p
savings and loan associations, $145,375,950.
Housing
assets
■
with the RFC and accrued interest thereon,
i Shares of State building
The
inter-agency
which
appropriated funds.
Adjusted for inter-agency items and items in transit.
h Also includes deposits
of April 30,
Represents
sponding organizations.
1 Also includes real estate and other property held for sale.
£
the Treasury, which are shown as Inter-agency liabilities;
Tennessee
Authority, $56,772,500; U. S. Housing Authority, $37,000,000; Commodity
Corporation, $140,000,000.
v-.V:
and of Government agencies, which
d
e
of
(deduct).
c
the Secretary
Valley
Credit
following amounts in bonds and notes held by
.
(or includes non-stock proprietary interests).
b Excess inter-agency assets
421,862,309 3,483,794,726 3,403,928,804
k Excluded are the
certain
the Treasury Department to adjust for
by
inter-agency items and therefore may not agree exactly
respective agencies.
'
" -
the
451,741,000
451,741,000
10,137,909.598 3,905,657,035
Wis.
Wis.
Wis.
_
May 3, 1941.
Liquidating agent.
Washburn State Bank, Washburn,
i
;
35,000
1
,
National Bank of Washburn,
Absorbed by The First
(charter No. 12534).
June 3—The First
National Bank of Washburn,
Washburn, Wis..
45,000
stock (RFC),
$15,000; common stock, $30,000.
Effective close of business May 3, 1941.
Liquidating agent,
3819
Preferred
3510
3192
3033
Gust J. Johnson, care of
Washourn State Bank,
Washburn, Wis.
a
Bank, Washburn, Wis.
Succeeded by Washburn State
3663
3663
3511
3663
;
4% debentures
Nov.
1
3355
Prior lien 5s
Nov.
Nov.
Nov.
1
1
1
July 22
INCREASED
Orlando, Fla._
$40,000
3355
2871
Amt. of Inc.
....
3355
3355
Phelps Dodge Corp. 3H% debentures
June 15
Santa Barbara Telephone Co. 1st mtge. bonds
July
1
Scovill Mfg. Co. 3&% debentures-..
July
1
Sevilla-Baitimore Hotel Corp. 1st mtge. bonds,
June 30
Southeastern Power & Light Co.—See Commonwealth &
COMMON CAPITAL STOCK
First National Bank at Orlando,
From $160,000 to $200,000.
June 3—The
First consolidated 4s.
First consolidated 5s
First & refunding 5s
Southern Corp..
*
1
4Kb
Adjustm nt mtge. bonds
Southwestern Public Service Co., 1st mtge. 6s...
Square D Co. 5% preferred stock
(A. E.) Staley Manufacturing Co. 7% pref. stock
Thompson Products, Inc., prio preferred stock—
Union Electric Co. of Missouri 1st mtge. 3
3513
1930
.V.
of the current week:.
11
3827
Shares
Oct.
1
1
July
1
3827
3665
Boston Athenaeum, par
3359
4
units Washington
3359
1,650 Canada Fur Farmers,
—June 30
July
1
June 30
3665
1
3666
1
3666
July
1
276
July
.
SALES
sold at auction on Wednesday
^
'y^V v':ff;y,
By R. L. Day & Co., Boston:
July
July
3% notes
Unified Debenture Corp. debentures
The following securities were
3037
1586
-—...
..
Southern Natural Gas Co. 1st mtge.
AUCTION
3355
100 The
Stocks
—
Ltd., par$l, and 100 The
United,Corp. common-—
10 Lincoln
7
_•
$300
<
S Per Share
200
14
Railway <fe Electric Co.--.--.-—---------------------
Mortgage Co. common, par $1.—
Columbia Baking Co. preferred...
-
United Corp. common.$53 lo*
—
---$53 lot
4)^
25H
The Commercial & Financial Chronicle
3754
PRELIMINARY
DEBT
The
STATEMENT
STATES
UNITED
MAY
31,
OF
COMPARATIVE
THE
June 14, 1941
PUBLIC DEBT STATEMENT
1941
preliminary statement of the public debt of the United
States May
31, 1941,
as
Treasury statement, is
Public Issues—Bonds—
made
as
up on
Per
'v0''.
v
••
—
.
Mar,
31,1917—Pre-war debt-.
2% bonds of 1948-50 (Mar. 1941)
2W7o bonds of 1952-54
Series C-1938
Series D-1939
Series D 1940
Series D-1941
Series E-1941
debt
war
92,677,528.12
74,216,460.05
1,118,109,534.76
--
306,803,319.55
debt
Computed on interest-bearing debt, d Does
e Cash is held by the Treasurer of
of and Interest
guaranteed obligations and is included in the general fund balances.
a
Revised,
not include
on
b Subject to revision,
c
obligations owned by the Treasury,
DIVIDENDS
Dividends
first
we
In the
bring together all the dividends announced the
are
current week.
$34,001,547,619.89
the
grouped in two separate tables.
Then
we
follow with
a
second table in which
dividends
previously announced,but which
have hot yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
we
243,153,600.00
Total bonds—................—.............
$
S
%
the United States for the payment of outstanding matured principal
4,008,059,239.89
3% adjusted service bonds of 1945............
e
e
May 31, 1940—A year ago— 5,497,235,905.28 1.978 42^514",852A0 2,029,671,449.19
Apr. 30, 1941—Last month. 6,549,559,355.28 1.799 12,521,820.97 2,425,384,304.80
May 31, 1941—This month. 6,359,229,155.28 1.834 15,887,143.30 1,904,400,354.50
37,816,812.00
211,420,300.00
Unclassified sales
Balance
Dec. 31, 1930—Lowest post¬
I
$171,815,138.25
Series F-1941...
Series G-1941
Interest
Int.
$
312,749,604.75
406,725,130.00
490,228,383.75
811,220,358.77
1,011,176,053.00
404,485,912.50
57,744,018.75
Series C-1937
Fund
and
31,1917—Pre-war debt
Aug. 31, 1919—Highest war
1,115,368,400.00
Series B-1936
■
Mar.
1,023,568,350.00 29,554,232,400.00
D. 8. Savings bonds (current redemp. value):
Series A-1935
General
Principal
Rate
1,485,384,600.00
701,072,900.00
571,431,150.00
1,118,051,100.00
680,692,350.00
724,677,900.00
*
2.534
Com¬
Amount
450,978,400.00
918,780,600.00
1,185,841,700.00
2.531
b359.60
Matured
540,843,550.00
2H% bonds of 1950-52
2H% bonds of 1960-65
2% bonds of 1947
2% bonds of 1948-50 (Dec. 1939)
2H% bonds of 1951-53
2H% bonds of 1954-56.2% bonds of 1953-55..—.....
2.598
47,720,765,723.29
puted
1,626,687,150.00
214% bonds of 1945
3.750
b356.10
Unmatured Principald
Dale
981,826,550.00
1,786,130,150.00
2bonds of 1948
129.66
a324.72
47,230,511,228.50
Obligations of Governmental Agencies
Guaranteed by the United States
2,611,092.650.00
1,214,428,950.00
1,223,495,850.00
2M% bonds of 1958-63
2.395
4,196
42,807,765,653.85
16,026,087,087.07
May 31, 1940—A year ago—,.————
Apr. 30,1941—Last month—
—
May 31,1941—This month,
———
%
12.36
250.18
1,282,044,346.28
26,596,701,648.01
—_
Aug. 31, 1919—Highest war debt
Dec. 31, 1930—Lowest post-war debt
491,375,100.00
...
$
$
$196,102,380.00
$758,945,800.00
1,036,692,400.00
489,080,100.00
454,135,200.00
818,627,000.00
755,432,000.00
834,453,200.00
1,400,528,2.50.00
1,518,737,650.00
1,035,873,400.00
...
..............
Int.
Ratec
Treasury bonds:
1947-52
puted
Capita
Amount
V- Pv.
$49,800,000.00
15,761,000.00
13,133,500.00
117,407,880,00
__
4% bonds of 1944-54
2X% bonds of 1946-56
3«% bonds of 1943-47.......
3K% bonds of 1946-49
3% bonds of 1951-55
3\i% bonds of 1941
3^% bonds of 1943-45
3H% bonds of 1944-46
3% bonds of 1946-48
3X% bonds of 1949-52
2H% bonds of 1955-60
2H% bonds of 1945-17
2%% bonds of 1948-51
2H% bonds of 1951-54
2H% bonds Of 1956-59
2K% bonds of 1949-53
Com¬
Date
follows:
•:'•••
3% Panama Canal loan of 1901
3% Conversion bonds of 1946
3% Conversion bonds of 1947
2H% Postal savings bonds (21st to 49th ser.)
4 J4% bonds of
Gross Public Debt
the basis of the daily
show
The dividends announced this week
are:
Treasury Notes—Regular Series—
lH%serlesB-1941f maturing June 15,1941—
$23,815,000.00
1
H% series C-1941, maturing Deo. 15,1941..
204,425,400.00
1 %% series A-1942, maturing Mar. 15,1942—
426,349,500.00
342,143,300.00
232,375,200.00
629,113,900.00
420,971,500.00
2%
1H%
1K%
1H%
series B-1942, maturing Sept. 15,1942..
series C-1942, maturing Deo. 15, 1942..
aeries A-l943, maturing June 15,1943—
series B-1943, maturing Deo. 15,1943—
1 %
series C-1943, maturing Sept. 15,1943..
X % series D-1943, maturing Mar. 15, 1943..
H%
1%
1%
H%
series A-1944,
series B-1944,
serlesC-1944.
series A-1945.
maturing June 15,1944—
maturing Mar. 15,1944—
Name of
Abercrombie & Fitch Co. $6 pref.
Acme Stock Co. (irregular)
maturing Mar. 15.1945—
718,013.200.00
National Defense Series—
$4,555,456,400.00
H% series D-1944, maturing Sept. 15,1944—
X% series B-1945, maturing Dec. 15,1945...
$635,064,400.00
530,838,700.00
$1,165,903,100.00
Extra.
5,721,359,500.00
_
Treasury bills (maturity value)
1,603,263,000.00
Special Issues—Bonds—
4adjusted service bonds (Govt, life insur. fund series 1946).
500,157,956.40
„/f}Lne,,3()' 1941 t0 1944
Federal
2
old-age and survivors insur¬
ance trust fund
3%
$1,328,400,000.00
817,900,000.00
Railroad retirement account series,
ma-
turing June 30, 1942 to 1945.............
84,000,000.00
4% series maturing June 30,1941 to 1945—
3% series maturing June 30, 1944 and 1945.
4% Foreign Service retirement fund series,
621,400,000.00
_
Civil service retirement fund:
maturing June 30, 1941 to 1945
Canal Zone retirement fund series,
turing June 30, 1941 to 1945
727,000.00
ma¬
5,204,000.00
5% preferred (initial)
—
Amer. Trust Co. (San Fran.) 4% conv pf. (qu.)_
Astor Financial Corp. 75c. 1st pref. (s.-a.)
I
91,500,000.00
Atlantic City Fire Insurance Co. (quar.)
Atlantic Gulf & West Indies S. S. Lines—
8,259,000.00
3,059,986,000.00
Total
ma¬
2,254,300,000.00
interest-bearing debt outstanding
Matured Debt
debt
on
..$47,160,164,076.29
Which Interest Has Ceased—
matured—Issued
prior to April
1.
„,iL17 (©xcludin8 Postal Savings bonds)
$3,739,100.26
2H% Postal Savings bonds
%',JJnd
4H%
8 963 100 00
Loan
1933-38.
4**^ Victory notes of 1922-23...
3H % Treasury bonds of 1940-43 and 1941-43.
Treasury notes, at various int. rates, reg. ser.
Ctfs. of
indebtedness, at various interest
rates
Treasury bills, regular series—
National defense series
Treasury savings certificates
TTT?fidH^2°^° lTUeTMt~"
United States notes
Less gold reserve
1,120 550 00
i,'808J00j)0
12,312,750.00
562,850.00
27,884,650.00
35,453,050.00
3,252,250.00
demand notes and fractional
currency...
Thrift and
Treasury savings stamps
Total gross debt...
7
12
7
June 30
July
June 25 June 18
5c
June 30 June 20
£$2 H
$1K
50c
SI
July
June
July
July
1 June 14
14 June
4
2 June 16
1 June 30
25c
June 30 June 21
5C
June 30 June 21
2Hc
July
25c
July
Aug.
1 June 20
1
5 July
1 July 21
40c
June 30 June 20
10c
June
30 June 20
June
30c
July
$1.17
50c
July
July
15
15
3734c
June
20 June
16
.
>
49 739 qoo 00
'
$346,681,016.00
190,327,380.26
173,838,249.50
2,027,645 42
3,766*,786.75
370,274,266.74
$47,720,765,723.29
June
30 June 21
S3
July
July
June 23
6SHc
July
June 23
25c
22c
July
July
July
July
30c
Aug.
July
40c
July
July
July
July
June 22
40c
June
June
June
June 20
SI H
July
July
June
18
25c
15c
20c
S3 34
50c
July
1
June 20
June
7
June
14
June 23
10
June 19
June 20
June 21
1
June
18
June
June
3
June
June 23
June
June 23
$4
16c
—
July
July
June 20
June
June 23
July
July
July
$2
£32 34c July
June 30
June 30
£20c
£10c
June 30
June 30
June 20
June
June 20
7d
July
June
2Wi
July
July
1
15 Tuly
15 June 30
50c
17
sterling)
6% prior preference (quar.)
6% preferred (quar.)
Broad Street Investing
Corp. (quar.)
Brookline Trust Co. (Brookline, Mass.)
$234
75c
British Columbia Power Co., Ltd., cl. A (qu.)__
British Columbia Telephone Co.—
$190>641'585-07
5
3734c
-
British American Tobacco ordinary (interim)
British Columbia Electric Ry. Co., Ltd.—
5% prior preference (payable in pound
156.039,430,93
June 30
June 30 June 20
10c
Extra
;_
Branch Banking & Trust (Wilson, N. C.) (qu.)_
Brantford Cordage Co., Ltd., $1.30 lstpf. (qu.)
Briggs Manufacturing Co
00
50c
25c
(s.-a.)
Deposits for retirement of National bank and
™?e.?eral Reserve iank n°tes
Old
June
June
12Kc
$134
"
;45,280,000.00
'l75'l00
__
________
bonds
Third Liberty Loan bonds of
1928—1—
Fourth Liberty Loan bonds of
_
Birmingham Electric Co. $7 preferred (quar.).
$6 preferred (quar.)
Bishop Trust, Ltd. (Honolulu) (quar.)
Bliss & Laughlin, Inc., common
5% conv. preferred (quar.)_____
Boston Insurance Co. (quar.)
Boston Personal Property Trust, (quar.)
Boston Storage Warehouse (quar.)_
Bralorne Mines, Ltd. (quar.)
1
4^% First Liberty Loan
Second Liberty
of 1927-42__
....
Bird & Son, Inc
36,880.00
bonds of 1932-47
5}4% preferred (quar.)
Automatic Voting Machine Corp. (irreg.)
Automobile Insurance Co. (Hartford) (quar.) —
Avondale Mills (irreg.)
Bancohio Corporation (quar.)
Bangor Hydro-Electric (quar.)
Bank of Commerce & Trusts (Richmond, Va.)
(quar.)
Bank of Manhattan Co. (quar.)
Bank of New York (N. Y.) (quar.)
Bank of Yorktown (N. Y.) (quar.)
Bird Machine Co. (irreg.)
_
2,273,850,000.00
Old
July
10c
Auto Finance Co., common (quar.)
5,050,000.00
19,550,000.00
2J4% Unemployment trust fund series,
turing June 30, 1941
30c
5c
40c
-
Certificates of Indebtedness—
Adjusted service certificate fund series.
maturing Jan. 1, 1942
...
5% non-cum. preferred (resumed)
Atlantic Savings & Trust Co. (Savannah, Ga.)
initial (s.-a.)
2,025,000.00
90,000,000.00
4%
„
40c
10
June
...
2%
Federal Deposit Insurance Corporation
series, maturing Dec. 1,1943 to 1945
2% Federal Savings and Loan Insurance Cor¬
poration series, maturing June 30. 1945...
SI
10 June 25
American Telephone Co. (Abilene Kansas)
967,000.00
2%
Government life Insurance fund series.
maturing June 30, 1943 to 1945
3% National Service life insurance fund series,
maturing June 30,1945
...
American States Insurance (Indianapolis) (qu.)_
4%
Alaska Railroad retirement fund series,
maturing June 30. 1941 to 1945
2% Postal Savings System series, maturing
June 30, 1942 to 1945
'
?rv;
July
July
July
_
4,554,000.00
4%
Equipment Co. (quar.)
American Air Filter Co., Inc., 7% pref. (quar.)_
American Barge Line Co., new (initial)...
American Brake Shoe & Foundry Co. common..
June 20 June
25c
$1.3134 June 30 June 20
5H% preferred (quar.)
American Capital Corp. §3 preferred
1 June 18
tlOc July
:
Amer. Car & Foundry Co. 7% non-cum. pf. (qu.)
SI %
July
7 June 27*
American Cast Iron Pipe Co. 6% pref. (s.-a.)
July
1 June 20
tAmerican Cities Power & Light Corp.—
class A
^ v.A .V\ •
July
1 June 20
(68%c. in cash orl-16th sh. of class B stock.)
June
JuneT15
American District Telegraph Co. (N.J.) common
SI 34
June!l5
July
$1>4
5% preferred (quar.)
June
American Felt Co. common
$1
June] 9
June 16
July
6% preferred (quar.)__.
June 11
June
10c
American Foreign Investing Corp.
June
June
2
75c
American Insulator Corp. conv. prior pref. (s.-a.)
30c
American Light & Traction Co. com. (quar.)
Aug.
July 15
37 He
July 15
Aug.
6% preferred (quar.)
series, maturing June 30
1944 and 1945
..i.—
Allen Electrical &
Extra
Special Issues—Treasury Notes—
Fed.old-age and survivors insurance trust fund
3% old-age reserve account series, maturing
1 June 20
July
6c
_
65,039,700.00
415,519,000.00
515,210,900.00
283,006,000.00
Holders
When
Payable of Record
S3
(s.-a.)
Addressograph-Multigraph Corp—:_____
Aetna Casualty & Surety Co. (Hartford) (quar.)
Aetna Insurance Co. (Hartford) (quar.)
Aetna Life Insurance Co. (quar.)__
;__
Affiliated Fund, Inc. (quar.)
Air Associates, Inc. (quar.)
........
...
Alaska-Pacific Consol. Mining Co. (quar.)
Algoma Steel Corp., Ltd., 5% preference
Alexander & Baldwin, Ltd. (Hawaii) (irreg.)—
Allegheny Ludlum Steel
Allegheny Trust Co. (Pittsburgh) (quar.)
Allemannia Fire Insurance Co. (Pitts., Pa.)
279,473,800.00
maturing Sept. 15,1944—
?}. Per
Share
Company
-
__—
(quar.)
t$lH
£$134
25c
S3
July
Aug.
July
July
1
1
1
1
June
June
16
17
June 20
June
10
Volume
The Commercial & Financial
152
Share
Company
J50c
50c
June
30 June 16
16
SIX
1 June 10
1 June 20
June 30 June
Share
Company
First Nat. Bank (Palm Beach,
10 June 30
75c
Name of
Payable of Record
July
July
July
75c
Brooklyn Borough Gas Co. common (quar.)
6% partic. preferred (quar
Brown-Forman Distilleries Corp. S6 pref
Buffalo National Corp. common (s.-a.)
6% preferred (s.-a.)
Buffalo Niagara & Eastern Power Corp.—
First Nat. Bk. & Tr. Co.
$5 preferred (guar.)
_
Burkhart (F.) Manufacturing Co., common
S2.20 preferred (quar.)_
__■
.
,
Cable & Wireless (Holding), Ltd. (final)
California Bank (Los Angeles).
SIX
Aug.
July
15
50c
June
12
12
June
25
Canada Machinery Corp. common
J50c
June
June
14
June
June
14
Aug.
June 30
July
July
July
Aug.
June 30
7% non-cum. preferred
sffl
Canada Southern Ry. (semi-ann.).
Canadian Industries, Ltd. common A (irreg.)
mx
tux
Common B
(irreg.)
_
7% preferred (quar.)
Canadian Pacific Ry. Co. 4% non-cum. pref
Capital Administration Co. Ltd. $3 pref. A (qu.)
Capital Bank& Tr. Co. (Harrisburg, Pa. (s.-a.J.¬
Capitol Nat. Bk. & Tr. Co. (Hartford, Conn.)
(s.-a.)
►
...
June 30
June 30
July
1
July
June 20
30c
June
June
50c
50c
_
SIX
5% 1st preferred (quar.)
June
July
July
July
July
July
June
6
19
$8 preferred (quar.)
14
June
19
June
20
$1.25 participating preferred
Participating
June
Cincinnati Union Stock Yards (quar.)
Cities Service Power & Light Co.—
June
June 21
City Nat. Bk. & Tr. Co. (Columbbus, O.) (s.-a.)
City Nat. Bk. & Tr. Co. (K. C., Mo.) (s.-a.)__..
Clayton & Lambert Mfg. Co. (irreg.)
Clearfield & Mahoning Ry. Co. (s.-a.)
Clearing Machine Corp.
Cleveland Electric Illuminating Co. com
84.50 preferred (quar.)__
Cleveland Graphite Bronze Co. (interim)
5% preferred (guar.)
30c
20c
Common
Cleveland Trust Co...
Coca-Cola Bottling (Del.) $2.50 class
Extra.
June 30 June 28
June
July
July
July
July
June
82.50 class B (quar.)...
............
.
62 Xc
25c
.........
25c
...
25c
(Waterbury, Conn.) (quar.).
Co.(Columbus,Ga.) (qu.)__
Co. (quar.)...
Commercial Trust Co. (Kansas City) (quar.) —
Colonial Trust Co.
Columbus Bk. & Tr.
10c
Commercial Shearing & Stamping
Extra.
-—......
$1
81
....
t50c
Concord Gas Co., 7% preferred..
Connecticut Fire Ins. Co. (Hartford, Conn.)
Connecticut Gen'l Life Ins. Co. (quar., increased)
Connecticut & Passumpsic
85
25c
50c
Continental Assurance Co. (Chicago, 111.) (qu.)
Continental Gas & Elec. Corp.. 7% prior pf. (qu)
SIX
mx
—_
40c
30c
-
Crum.& Forster (quar.)^
8% preferred (quar.)...
.
;
Crystal Tissue Co. (quar.)
Davenport Bank & Trust Co. (Iowa) (s.-a.)
82
_*
15c
85
Co., class A (quar.)
6% conv. preferred (quar.)
T
Dennison Manufacturing Co., $6 prior pref
8% cum. debentures (quar.) ______
___
Deposited Bank Shares, series B-l
Derby Oil & Refining Corp. 84 conv. pref
Diamond Shoe Corp., 5% preferred (quar.)
82
4Xc
t$l
SIX
25c
*82^
(quar.)
Dominion Oil cloth & Linoleum Co., Ltd. (quar. ) 130c
+10c
Extra
37 Xc
75c
40c
_
_—_ _
—_v_'
June 27 June
June 30 June
July
July
July
July
1 June 20
June 21
15 July
1
Sept. 30 Sept. 16
June 30 June
14
June 30 June
15
Aug.
Aug.
July
July
July
4
14 June
1 June 23
1 June 23
1 July
1 July
23
23
1
1 June
14
1 June 20
June
16 June
6
July
1 June
20
June
1 June 20
1 June 20
81
June
July
July
July
July
July
1 June 24
23 June 20
2 May 15
1 June 20
1 June 20
1 June 14
1 June
14
1 June
14
June 25 June
16
25c
June 25 June
16
30c
25c
June 30 May 31
2 June 23
July
July
2 June 23
75c
July
15 June 30
SIX
July
15 June 30
June
16 June
25c
9
SIX
June 30 June 30
75c
June 30 June 20
1 June 30
July
June 16 May 31
2Ti
S7X
19
July
1 June
July
1 June 30
2.5c
June 16 June
6
July
1 June 30
Oct.
1 Sept. 30
825
July
SIX
25c
Y.) (quar.)
...
1
3 June 16
June 20
June
June 20
June
June
June
June
16
July
June
30
June
June
20
10
20
June 21
June 20
June 20
c
June
June 20
c
June
June 20
m
June
June
June
6
15c
July
July
June
SIX
June
June
16
9
July
June 20
«2m
17
June
June
14
Aug.
June
30
June
June
10
July
July
July
July
July
July
June 20
June
June 20
June 30
40c
July
July
July
July
July
Aug.
15c
June
June 20
June
June 20
182 X
i x%
SIX
SIX
six
30c
37Xc
12 Xc
SIX
$5
12
June
12
June
12
June 20
June
June
16
16
June 20
June 20
June 20
July
16
June 28 June 20
June 28 June 20
mm
July
July
June
21
June
14
t37Mc
June
June
10
%2c
July
20c
June
June 30
June 20
55c
June
June
July
July
July
July
July
July
July
June 19
20
June 20
June 20
June
June
14
14
June 20
July
10
June
Co. (Sarnia, Ont.)
2 June 15
25c
July
July
July
July
July
July
July
July
July
15 June 30
15 June 30
50c
June
15 June 24
30 June 20
50c
July
July
July
15 June 30
15 June 30
25c
$1X
1133c
mx
S7X
SIX
1 June
20
24
20 June 10
1 June 23
1 June 23
1 June 20
1 June 20
10
30c
40c
July
July
July
July
June
15 June
10
July
July
July
July
1 June
20
10c
$1
50c
(s.-a.)
—
Extra.
Co. (Buffalo) (quar.)
Forwarding, Ltd.—
30c
SIX
50c
30c
3%
June
July
July
July
——
6% preferred (quar.)__
—...—
Meyer-Blanke Co., 7% pref. (quar.)
Common (irreg.)
Michigan Cities Natural Gas
Michigan Silica Co. (quar.)
Mid-City National Bank of Chicago, com.
SIX
1 June
16
1 June
16
1 June
19
1 June 21
1 June 20
1 June 20
3 June 28
June 30 June 20
June 30 June 20
June 30 June 20
25c
preferred (s-a)
Securities Corp. (quar.)
1 June
June 20 June
25c
...
Merchants & Traders Trust
Common
July
July
July
July
14
1 June 28
10c
,
Merck & Co., Inc., new com...
June
1 June
1 June 25
30c
Matson Navigation
Extra
$13^
$21
15 June 30
10 June 28
30c
Marsh & Sons
McManus Petroleums, Ltd., partic. pref.
Merchants Bank of New York (quar.)
9
4
12
June
July
—
(monthly)
(quar.)
Maui Agricultural Co., Ltd
McKee (A. G.) & Co., class B (quar.)
June
June
June
—
Mercantile Transport &
June
June
Lexington Union Station Co. (s-a)
_______
Liberty National Bank (Chicago, 111.) (quar.)__
Liberty Trust Bank (Roanoke, Va.) (s.-a.)___
Lindell Trust Co. (St. Louis) extra
Lion Oil Refining Co. (quar.)
Loew's, Inc. (quar )
Long Island Safe Deposit Co. (s.-a.)
Louisville Gas & El. (5% pref. $100 par) (quar.)
5% ref. ($25 par) (initial)
Loveman, Joseph & Loeb, 7% pref
Mahoning Coal RR. Co
5% preferred (semi-annual)..
____
Manischewitz (B.) & Co.. com. (irreg.)
7% prefeerred (quar.)
Mansfield Tire & Rubber, common (quar.)
$1.20 convertible preferred (quar.) —
—
Marine Midland Corp
Marlin-Rockwell Corp
Middle States
June
37
Le Roi Co
6%
July
June
Langendorf United Bakeries, Inc.—
$2 class A (quar.)
July
1 June 20
June
—
Kittanning Telephone Co
Knott Corporation (resumed)
Lambton Loan & Investment
Semi-annual)
31 July
31 July
June 30 June 20
SIX
Kendall Company
July
June
25c
preferred
Class B
July
July
37 Xc
37 Xc
—
(initial)
Jones & Lamson Machine (quar.)
Special._
Jones & Laughlin Steel 7 % pref
—
Kahn's (E.) Sons Co. com. (quar.)
7% preferred (quar.)
Kansas-Nebraska Natural Gas com. (stock div.)
$6 preferred (initial quar.)
Kaufman (Chas. A.) Co., Ltd—
Kaufmann Department Stores
—
6% preferred (quar.)
13
40c
Irving (John) Shoe Corp., 6%
19
15
15
5
5
5c
in
(quar.)
Jason Mines, Ltd.
16
June 25 June
SIX
(s-a)
.
1 July
July
July
June 20
50c
Extra__
Aug.
6
June
June
International Machine Tool Corp. (initial)
International Mining Corp. (irreg.).
International Paper Co. 7% pref
International Paper & Pow 5% conv. pf. (quar.)
Accumulated
—
Interstate Bakeries $5 preferred
Investment Co. of America
June 30 June
20c
_____
(quar.).
First National Bank of New York (quar.)
Common
16
1 June 23
20c
(guar.)
First National Bank (Mt. Vernon, N.
14
Sept.
July
July
Interlake Steamship
9 June
14
Sept.
July
30c
International Cellucotton Products (quar.)
5
June 28 June 16
June
June
20c
International Button-Hole Sewing Mach
1
14
June
—
1 June 23
18
14
June
i 50c
87 Xc
preferred
1 June 25
1 July
2 June
14
June
S2X
37 Xc
7% preferred (quar.)
Indiana Service Corp., 6%
1 June 30
1 June 20
17
July
July
$3M
$13^ convertible preferred (quar.)
Howe Sound Co. (quar.)
_
Hudson Bay Mining & Smelting, Ltd
Hudson's Bay Co., 5% preference (semi-annual)
Hummel-Ross Fibre Corp
6% pref. (quar.)
Hygrade Sylvania Corp
Ideal Cement Co. (quar.).
Imperial Bank of Canada (Toronto, Ont.) (qu.)_
Income Foundation Fund, Inc. (quar.)__
Indiana Gas & Chemical $3 pref. (s-a)...
Indiana General Service Co. 6% pref. (quar.)—;
Indiana & Michigan Electric Co., 6% pref. (qu.)
Insurance Co. of North America
31
30
June
43 He
25c
50c
._
17
13
25c
_____
Trustee shares
Aug.
Hershey Creamery Co. (s.-a.)
20
1
June
June
>
7% preferred (quar.)__
1 June
1 June 25
July
—.
Industrial Rayon Corp
Inland Investors, Inc
Aug. 15 July
July
July
(quar.)
Extra..
1 June
40c
—
_
15
S2X
(special)_
Federal Services Finance Corp. (quar.)
6% preferred (quar.)
Ferry Cap & Set Screw Co
Fidelity Title & Trust (Stamford, Conn.) (quar.)
Fiddity Trust Co. (Baltimore) (quar.)...
Fifth Avenue Bank (N. Y.) (quar.)
Finance Security Fund (quar.)
First National Bank (Boston) (s.-a.)
First National Bank (Kansas City) (s.-a.)
First National Bank (Louisville, Ky.)—
Common
15
1 June
15c
—-...
Federal Drop Forge Co. (resumed)
Federal Light & Traction, common
1 June
16 June
SIX
-
_
15
15
20c
—
_
_
18
1 June
1 June
June 25 June
10c
5% cum. participating class A (quar.)_
Electrical Products of California (quar.)
Elizabetbtown Consolidated Gas Co. (quar.).
Elmira Bank & Trust Co. Elmira, N.Y.), (quar.)
Evans-Wallower Zinc, Inc
Faber, Coe & Gregg, Inc., com., extra
Fairmount Creamery Co. (Del.), com. (quar.)..
4 Mi % preferred (quar.)..
Family Loan Society, Inc.—
Common (quar.)
81-50 conv. preferred (quar.)
81.50 cum. conv. preferred A (quar.)
Faultless Rubber Co. (quar.)
...
1
..June 20
30 June 20
July
July
July
15c
Dominion Bank of Canada
__
14
July
July
June
75c
Dominguez Oil Fields (monthly)
Extra.
July
July
July
7y?c
De Pinna (A.)
Donahoe's, Inc. 6% preferred (quar.)
Dravo Corp. 6% preferred (quar.)
Duff-Norton Mfg. Co. (quar.)
Eaton & Howard Stock Fund
Eat-on & Howard Balanced Fund
Elder Manufacturing Co., com. (resumed)
1 June
1 June 20
June 30 June 21
June 30 June 21
15c
Davey (W. H.) Steel Co
.
July
July
July
July
River RR. Co.—
6% preferred (s.-a.)
—
J 15c
Consolidated Bakeries, Ltd. (quar.)
Consolidated Rendering Co
...
%
$1
tsix
Consolidated Sand & Gravel Ltd., 7% conv. pref
60c
Consolidated Water Power & Paper Co. (quar.).
Courier-Post Co., 7% preferred
Cream of Wheat Corp.
2
1 June 20
June 30 June
62 Xc
62 Xc
62 Xc
—
Extra._...
—
Coleman Lamp & Stove Co. (quar.)
'■■■■ Extra
.......
....
Colonial Finance Co. (Lima, Ohio)
12 June
June 30 June 20
A (quar.).
'
1 Sept. 15
Oct.
June 30 June 20
July
July
July
10c
7% preferred (s.-a.)
High Street Bank & Trust Co. (Providence) (s-a)
Hilton-Davis Chemical Co., $1.50pref. (quar.).
Holmes (D. H.) Co., Ltd (quar.)
-Houston Natural Gas (quar.)
7% preferred (quar.)
Houston Oil Field Material Co., Inc.—
(Savannah, Ga.)
20
June 20
(monthly)
Cincinnati Tobacco Warehouse.
Citizens & Southern Nat. Bank
June
July
15c
45c
Hercules Motors Corp
10
20
f
—
16
June 17
16
20
June
June 20
40c
Hartford Fire Insurance Co. (quar.)
14
16
16
June
X5c
June 20
30c
June
July
July
July
50c
June
16
June 30
30c
July
June 27 June
July
July
July
f80c
July
June 27 June
1 June
July
25
24.44c
June
June 27 June
June
...
Quarterly.
Hayes Industries, Inc. (irreg.)
Heller (Walter E.) Co., common
six
July
Harding Carpets, Ltd. (s.-a.)
Hawaiian Electric Co., Ltd.
SIX
25
tlOc
June 20
SIX
19
June
Mich.)—
Chicago Towel Co. common
$7 preferred (quar.)
...
Chillicothe Paper Co. 7% preferred (quar.)
Cincinnati Gas & Elec. 5% preferred A (quar.)__
.;
20
July
12c
_
19
_______
30
June
$3.20, class A
Hackley Union Nat. Bank (Muskegon,
Semi-annually
Hanover Fire Insurance Co. (quar.)
14
_
June
June
3lMc
June
86 preferred (quar.).
87 preferred (quar.)_
June 21
June 21
tsix
tS3X
Six
(quar.)
June
85 preferred (quar.)
July
July
July
16
20
X25c
June
'
June
June
Greenwich Gas Co
June 20
June
June
J25c
(Winnipeg), quar.)..
(D.) Co., 6% preferred (quarJ
Extra
June 20
June
partic. pref. (accu.)
Green
June
28
June
25c
Great West Life Assurance
14
28
June
SIX
(quar.)__
10
June
June
July
July
$2
Globe Steel Tubes Co_
Grief Bos. Cooperage,
May 23
20c
10
5
5
19
June
;
General Shoe Corp. 40c. pref. (s.-a.)
General Tire & Rubber, 6% preferred
16
30
14
27
June
15c
General Baking Co., common
June
July
July
June
June
July
July
y II
B
June
June
July
July
$2 class B partic. preference (accum.)
Great Lakes Power, 7% pref. (quar.)
25
June
9
Junb 23
4
10
75c
Great Lakes Paper $2 class A
20
May 20
: 50c
16
June
June
June
—
Galland Mercantile Laundry (quar.)
Gemmer Mfg. Co. $3 partic. pref. A
19
June
June
25c
June
for class B (interim)
a 112-3%
July
90c
Cayuga & Susquehanna RR
June
25c
Central Insurances of Baltimore (irreg.)
June
30c
Central Kansas Power Co. com. (initial;
July
$1.19
4 X% preferred (quar.)
15c
July
Central Republic Co_ * _ a -_—__-—- _ _—-U:_ 25c
July
Extra
i'i
July
20c
Chain Store Investors Tr. (Boston, Mass.) (qu.)
5c
July
Extra.
45c
July
Chemical Bank & Trust Co. (N. Y.) (quar.)
July
Chesapeake-Camp Corp. 5% preferred (quar.).
July
Chicago Daily News, Inc. (s.-a.)_
......
July
5% preferred (quar.)
July
Chicago Title & Trust Co........w-..
June
18
June
:
June
June
May 20
40c
Extra
June
Carolina Power & Light Co. $7 pref. (quar.)
SIX
§6 preferred (quar.)
Carreras Ltd. (Am. dep. rcts.for cl.A)interim_ _a 112-3% June
Amer. dep. rets,
9
June
May
;_
Fulton Market Cold Storage Co., 8% pref
Fyr-Fyter Co., class A (quar.)
Class
June
July
$3
50c
50c
—
Franklin County Trust Co. (Mass.) (s.-a.)
Fuller (Geo. A.) Co., 4% conv. pref. (quar.)
Sept. 30]
June
$3
25c
.
Oct.
SIX
(irreg.)
July
July
§3
(Ramsey, N. J.) (s.-a.)
pref. (initial quar.).
Florence Mills (resumed)
Formica Insulation Co.
75c
__
Carnation Co., common
June
June 25
June 25
$1
50c
_
Florence Stove Co
Hz
July
July
July
July
55c
Holders
Payable of Record
•12
Fla.), (monthly)
y Extra.
First National Bank (Pitts., Pa.) (quar.)
First Nat. Bank & Trust Co. (111.) (s.-a.)
Flambeau Paper Co
Flintkote Co., $4.50
_
When
Per
Holders
When
Per
Name of
3755
Chronicle
35c
June
2c
June
5c
June
$1
July
$1
75c
June
Oct.
30 June 20
1 June 20
1 June 20
1 June 25
6
12 June
5
15 June
23 June 20
1 June
21
1 Sept.
20
16 June
10
The Commercial & Financial Chronicle
3756
When
SIM
...
Utilities
July
l June 20
SIM
SIM
SIM
Minneapolis Gas Light Co., $5 pref. (quar.)
Minnesota Power & Light Co.—
7% preferred (quar.)..
;
6% preferred (quar.)
So preferred (quar.)
.VMission Oil Co. (interim)
Mississippi River Power, 6% pref. (quar.)
Missouri Edison, $7 pref. (quar.)
Moneta-Porcupine Mines, Ltd. (irreg.)
Monroe Auto Equipment Co. (irreg.)
Montana-Dakota
July
July
July
July
July
July
July
1 June
95c
t2c
10c
14
1 June
14
1 June
14
1 June 20
1 June
14
1 June 20
15 June 30
June 26 June 10
Co.—
10c
SIM
SIM
...
July
July
July
SIM
Common
6% preferred (quar.)
5% preferred (quar.).
1 June
1 June
July
14
14
1 June 14
Morrison Cafeterias Consolidated, Inc.—
7% preferred (quar.)
Morris Plan Bank of New Haven (quar.)
Morris Plan Bank of Virginia (s-a).... —...
Morris Plan Co. of San Francisco (quar.)
Mt. Diablo Oil, Mining & Development Co.Coomon (quar.)
Mount Vernon-Wood berry Mills, 7 % pref
Murphy (G. C.) Co., 5% pref. (quar.).
Murray Ohio Mfg. Co.
Mutual Telephone Co. (Hawaii) (quar.)
Nachman-Springfilled Corp. (irreg.)
National Automotive Fibres (quar.)
Nat. Bank of Commerce(New Orleans, La.) (s-a)
National Bank of Detroit (s-a)..
National Candy, 7% 1st pref. (quar.).-.
7% 2d preferred (quar.)
National Enameling & Stamping (irreg.)
Nation-Wide Securities Co. (Md.)—
Voting trust shares.
National Steel Car Corp. (quar.)
Navarro Oil Co. (quar.)
Special.
Newark Telephone Co. (Ohio)
—
Newberry (J. J.) Realty, 6M % pref. A (quar.). .
6% preferred B (quar.)..
-—-New Hampshire Fire Insurance Co, (quar.)
$2
50c
$7 preferred (quar.)
14 June
Sept.
June
3 Aug. 15
18 June 10
30c
July
July
2 June 21
1 June 21
20c
June
lc
t$3M
$1M
62 He
15c
40c
July
July
July
July
1 June
10c
5c
$2
June
SIM
$1M
40c
35c
... -
SIM
Aug.
Aug.
July
July
July
15
15 June 30
1 June 20
1 June 20
10 May 31
1
July
1 July
1 June
16
16
14
1 June 23
1 June 23
June 28 June
18
June
16
June
16
SIM
SIM
SIM
June
May 25
June
SIM
July
1 June 20
July
July
July
10 June 30
2 June 18
$i m
$2
50c
7Mc
J25c
_
581-3C
50c
41 2-3c
$5
25c
_
SIM
75c
...
....
SIM
_
Onomea Sugar Co. (monthly)
Ontario Silknit, Ltd., 7% preferred..
10c
July
July
July
July
July
July
July
July
July
Sept.
June 30
June 20
June 20
June
5
1 June 20
June
20
June 20
June 20
June 20
July
1
June 16
June
16
Sept.15
S2M
SIM
June
10
June
30
June
Special common
$4.50 preferred (quar.).
—_ —— Pacific Can Co. (quar.)
—— —
Pacific Tel. & Tel. (quar.)..._.
6% preferred (quar.).
Packer Corporation (quar.)
acke
—
Penn Federal Corp., 4 M % preferred (s.-a.)
Pennsylvania Co. for Insurances on Lives and
Granting Annuities (Phila.) (quar.)..
Pennsylvania Exchange Bank (N. Y.) s.-a
—
Pennsylvania Forge (quar.)
June
July
—
Otter Tail Power Co. (Minn.), founders common
June
14
June
June
14
July
June
14
25c
June
June
20
SIM
SIM
...
June
June
18
July
June 30
25c
SIM
....
Conn.) (quar.)
Pilot Royalty (semi-annual)
Plough, Inc
Potash Co. of America (quar.)
July
1 June
13
30c
15c
June 27 June
16
June
16
10c
Permutit Co
;
Petroleum & Trading Corp., $1.25 partic. A.
Pfaudler Co. (irreg.)
.'
Phoenix Acceptance Corp., class A (quar.L
Phoenix State Bank & Trust Co. (Hartford,
July
July
40c
...........
June 30 June
25c
t27l£
12Mc
5
June 20
30 June
16
10 June 27
June 20 June
13
1 June 20
July
Aug. 15 Aug.
5
13
June
16 June
5
15c
July
July
1 June
14
1 June
14
50c
_
1 June
2c
—
July
25c
...
June 30 June 20
$2
15c
__
S2M
—
Providence Washington Insurance Co
Prudential Investing Corp. (irreg.)
Public Service Co. of Colorado—
25c
July
July
July
15 June 25
1 June 14
2 June
14
June 27 June
13
3c
July
1 June 20
58 l-3c
July
July
July
1 June 20
1 June 20
15 June 20
1 June 20
8Mc
July
July
July
July
July
50c
June
16 June
12Mc
37Mc
preferred (monthly)
preferred (monthly).
preferred (monthly)
Sound Power & Light Co.—
July
July
50c
41 2-3c
Share
Company
10c
Sheller Manufacturing Corp..
tSIM
37 Mc
SIM
Rath Packing Co
Reading Gas Co. (Pa.) (s.-a.)
Reece Button Hole Machine (quar.)
Reed Drug Co., class A
(quar.) — ————
„
Reed-Prentice Corp. (irreg.)
Reliable Stores common (quar.)
5% convertible preferred (quar.)
Reliance Elec. & Engineering (irreg.)—
Richman Brothers (quar.)
Rieke Metal Products Corp..
10c
—
—
...
37,75C
:
45c
Stock
Manufacturing Co., 7%_pref. (quar.) 11
1 June 20
1?S
1 June 16
11
1 June 23
1 June
23
June 26 June
16
1 June
24
June 30 June
20
June 30 June
20
July
1 June 21
1 May 31
t8c
June
1 May
SIM
St.Joseph Ry. Lt., Heat & Pow. Co. 5% pref.
Gabriel River Improvement Co I (monthly) 1
Sangamo Co., Ltd
San-Nap-Pak Manufacturing Co., inc..I I
70c. preferred (quar.)
Savannah Sugar Refining Corp. (quar.)
_""
Schlage Lock Co
Scranton Electric Co., $6 pref.
(quar.)!""""""
Seaboard Citizens National Bk.
(Norfolk, Va.j
San
Semi-annual
.—i—III II III
"I"
Commercial Corp.,"common (quar.) "II
5% preferred A (quar.)__
Security Bank (Louisville, Ky.) (s.-a)__
I"
Selected American Shares, Inc
Selected Industries, Inc.—
$5.50 prior preferred (quar.)
Allotment certificates (quar.)
~
Seymour Trust Co. (Conn.)
——IIII
Shattuck-Denn Mining Corp. (irreg.)_
Shawmut Association (quar.).
Sheep Creek Gold Mines, Ltd. (quarl)"— IIIIII
.
_
9
July
July
$5
75c
5% preferred (quar.).
_
1 June
1 June 20
$2
Rochester & Genessee Valley RR.
Roxborough Co., 32c. conv. partic. pref
Safe Deposit & Trust Co. (Bait.)
(quar.)...
Safeway Stores, Inc., common (quar.)
SIM
Singer Manufacturing Co. (quar.)
Smith (L. C.) & Corona Typewriter com. (irreg.)
$6 preferred (quar.)
—
Snyder Tool & Engineering Co. (quar.).
Southern New England Telephone
Southwest Natural Gas Co., $6 pref. A.
Southwestern Gas & Elec. Co., 5% pref. (quar.)
Squibb (E. R.) & Sons, $5 pref. series A (quar.).
Standard Fuel Co. Ltd. 6M % pref. (accum.)....
Standard Silica Corp. (irreg.)
State Bank of Albany (quar.).
—
...—
Stayton Oil Co. (quar.)
—
Stix Baer & Fuller, 7% pref. (quar.)..
Stroock (S.) & Co., Inc. (irreg.)
......—
Sullivan Consolidated Mines, Ltd. (irreg.)—
Sunset-McKee Salesbook Co., $1.50 cl. A (quar.)
Class B
—
.
—'.
—
.
-
-
—. -
... -,.
Superior Portland Cement, $3.30 class A
Superior Water Lt. & Pow., 7% pref. (quar.)..
Supertest Petroleum, common (s.-a.)
Common bearer (s.-a.)_
...
$1.50 preferred B (s.-a.)
—
Sussex Railroad Co. (semi-annual)
Tampa Gas Co., 8% pref. (quar.)
7% pref. (quar.)
Technicolor, Inc
Texas Electric Service, $6 pref. (quar.)
Tintic Standard Mining Co
Title & Mortgage Guarantee Co., Ltd. (New
Orleans, La.) (irreg.)
Titusville Trust Co. (Titusville, Pa.) (quar.)...
15
June 27 June
17
1 June
18
1 June
18
July
July
10c
1 June 16
July
May 22 May 21
X2 5c
June 28 June 25
15c
June 30 June 20
17 Mc
June
50c
July
30 June 20
1 June
June
14 June
Toledo Trust Co. (Ohio)
Toronto Mortgage Co.
(quar.)
(quar.)
$1M
July
1 June
10c
July
June 30
12Mc
Juiy
June
July
July
July
30 June 10
15 June 30
t50c
SIM
$Ut
20c
S3
15c
1 June 20
1 June 16
1 July 15
June 16
Aug.
1
July
Aug. 15
1
July
July 30
Aug.
10
July
30 June 16
22 Juiy 10
15 June 16
June
16 June
4
37 Mc
June
16 June
4
82 Mc
July
June
July
1 June 23
1 .June 16
$1M
July
+50c
July
July
July
July
2 June 13
June
::50c
:
:75c
50c
2 June
13
2 June 13
1 June
13
$2
SIM
June
1 May 20
1 May 20
25c
June
30 June 20
SIM
July
1 June 17
5c
June
20 June 16
SIM
S2M
July
June
1 June 30
9
20 June
June 20 June
50c
July
July
July
July
Aug.
40c
—.
SIM
pref. (quar.)
(N. Y.) (quar.)..
5
June 17
June
12 Mc
37 Mc
43%i
+$1M
Torrington Co. (quar.)
Tri Continental Corp., $6
.
15c
Travelers Bk.& Tr.Co. (Hartford, Conn.)(ann.)
$5
Trade Bank & Trust Co.
9
1 June 20
1 June 14
1 June 18
1 June 20
1 July
21
June 30 June 10
62 Mc
$6
July
July
1 June 16
(final)
$1. 913346
SIM
Tubize Chatillon Corp., 7% pref. (quar.)
Twin States Gas & EI., 7% prior lien pf. (qu.)_
July
July
July
7
1 June 20
1 June 16
Trico Products Corp.
Trust Co. of Georgia
(quar.)
(quar.)
1 June 20
Trusteed American Bank Shares—
Series A coupon
June 30 June 21
Underwood Elliott Fisher Co
Union Trust Co.
(Indianapolis, Ind. (quar.)
(quar.).
Union Trust Co. (Pittsburgh)
Union Trust Co. (Providence,
S3
$50
—
SIM
R.I. (quar.)..—
1 June 20
1 June 20
July
July
June 30 June 23
Union Trusteed Funds, Inc.—
57c
Union
common
stock fund B__
—
12c
$1
Union Wire Rope Corp. (quar.)..
United Bank & Trust Co. (St. Louis,
A-
Mo.) (qu.)_
Extra
June 30 June
50c
Union Twist Drill Co
June 20 June 13
20 June 13
June 28 June 21
20c
—
June
35c
Union preferred stock fund
common stock fund A..
Union
June 30 June 20
June 30 June 20
25c
-
July
United Fruit Co. (quar.)..
20 June 13
June
14
15 June 19
United Printers & Publishers Ins. (Del.) $2 pref;
(quar.)
United Savings Bank (Detroit) (s.-a.)
United Shoe Machinery Corp. (quar.)
6% preferred (quar.)
U. S. & Foreign Sees. Corp. $6 1st pref. (quar.)U. S. & International Securities $5 1st preferred.
_
Extra
.;
—
—
50c
50c
July
62Mc
37Mc
SIM
t$2M
July
Juiy
June
30 June 14
14 June 10
June
14 June 10
$4
10c
—
10c
....
Universal-Cyclops Steel (increased)
(quar.)
8% preferred (quar.)
Utah-Idaho Co. 60c. cl. A preferred (quar.)
25c
— ......
Universal Leaf Tobacco Co.
$1
—
$2
— —
15c
Valley RR. Co. (s.-a.)
12 M
SI
—
June
June 30 June 23
June 30 June 23
June 30 June 20
1 July 17
1 June 21
Aug.
July
June 30 June 20
1 June 13
July
July
1 June 23
Inc.—
15c
7% preferred (quar.).
Vulcan Detinning Co. common..
SIM
7% preferred (quar.)
Wagner Baking Corp., common
7% preferred (quar.)
$3 2nd preferred (quar.)
30c
SIM
75c
Walker & Co. $2.50, class A
Walworth Co., 6% pref. ($10par)
t62$
£
18c
Wellington Fund, Inc.
Fargo Bank &
Francisco) (quar.).
Western Nat.
Union
Co.
Trust
July
Juiy
July
July
July
19 July 10
1 June 23
1 June 23
1 June 23
1 June 20
30 June 16
June 30 June 16
June
1 June 25
1 June 25
$3M
5% preferred (s.-a.)
July
80c
SIM
July
July
July
1 June 30
SIM
July
June 20
Aug,
Sept.
July 15
Aug. 15
—
West Hartford Trust Co. (Conn.) (quar.)
West Michigan Steel Foundry Co.—
7% prior preferred (quar.)
$1.75 conv. preference (quar.) —
West Virginia Pulp & Paper (irreg ).
—
—
_
.
-
—
—
17Mc
43 Mc
50c
June 25
July
July
June 20
25c
June
June 20
50c
Aug. 27
15c
Sept.
July
July
25c
June
25c
$1
&—---
June
May 26
May 26
—
Weston Electrical Instrument
Wetherill Finance Co. (quar.)..-
—
15c
6% preferred (quar.)
Weyerhauser Timber (quar.)..
.
—
Extra
Wheeling & Lake Erie Ry
Williams (R. C.) & Co., Inc
Winn & Lovett Grocery, class A (quar.).
Class B (irreg.)..
7% preferred (quar.)
Wisconsin Co. 7% preferred (quar.)
June 14
June 14
June 24
July
15c
June
June 13
July
July
July
June
July
June 25
25c
SIM
SIM
20
June 20
June 20
80c
(irreg.)
non-cum.
June 20
50c
.....
Wisconsin State Bank (Milwaukee)
Woodward Iron Co. (quar.)
June 20
July
Juna
—
7% preferred (quar.)
Western Pipe & Steel (Calif.) (quar.)
1 June 30
*75c
JS1M
75c
Western Electric Co
Western Grocers Ltd. common (quar.)
we
June 30 June 20
June 30 June 20
June 30 June 24
(San
(Md.) (s.-a.).
Pennsyi. RR. Co., com. (s.-a.)
Bank of Baltimore
Western N.Y. &
June 30 June 10
2 June 20
July
m
us
Vlchek Tool Co., common
Wells
June 30 June 10
SIM
Common
$6.50 preferred (quar.)
Viau, Ltd. 5% preferred (quar.)
Below
5 June 18
June 30 June 25
June 30 June 25
10c
—
-
United Utilities, Inc. (s.-a.)—
Extra..
Van Camp Milk Co. $4 preferred (quar.)
Van de Kamp's Holland Dutch Bakeries,
1 June 20
June 30 June 20
5 June 18
5c
United States Loan Society (Phila.) (s.-a.)___
United Steel & Wire Co., Inc. (quar.)
—
pf
June
June
20
25c
June
June
16
5c
July
June 20
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
12
87 Mc
1 June 17
1 June 17
SIM
—
10
SIM
I June 20
July
June 30 June 10
16
12Mc
Payable of Record
50c
/Yosemite Portland Cement 4%
SIM
Holders
if When
July
July
50c
—
_
$5 prior prefernece
—
July
July
S2M
-----
Procter & Gamble Co., common extra
8% preferred (quar.)
Providence Gas Co
Providence & Worcester RR. (irreg.)
1 June 12
June 30 June 20
50c
7% preferred (monthly)
6% preferred (monthly)
5% preferred (monthly)
Old Colony Insurance Co. (quar.)
Old Colony Trust Associates
Omaha National Bank (Nebraska) quar.)
Extra
12
July
July
July
'm
Nu-Enamel Corp
Ogilvie Flour Mills (quar.)
Ohio Public Service Co.—
Seaboard
15 June 25
13
t50c
6% preferred (quar.)
Northwestern Yeast
Risdon
July
July
15
lMc
—
Extra
Name of
Extra
Norwood-Hyde Park Bank & Trust Co. (Cin-]
cinnati, Ohio) (quar.).
Novadel-Agene Corp. (quar.)
_
5
18
1 June
$1M
37Mc
$6 preferred (quar.)
—
Northern Central Ry. (semi-annual)...
—
Northwest Publications, 7% 1st preferred
Northwestern Electric Co., 7 % pref. (quar.)....
7%
6%
5%
Puget
16 June
June 28 June
1 July
1 June
$1 M
New York & Honduras Rosario Mining (interim)
New York Power & Light, 7 % pref. (quar.)
Extra
7
Aug.
July
July
50c
—
New Orleans Public Service, common.
1 June 24
June 30 June 21
June 30 June 23
June
$2
_
Quarterly
Per
Holders
Payable of Record
Name of Company
June 14, 1941
June
30
20c
June 30 June
19
62 Mc
June 30 June
19
June
10
Per
Name of
Company
Abbott Laboratories (quar.)
Extra..
Share
When
Holders
Payable of Record
40c
June 30 June 12
10c
June
30 June 12
July
16 June
15 July
1
15c
June 30 June 20
SIM
June 17
$1M
$2
July
July
July
lated)
Adams Express Co
t$3M
July
June 18
June
June 16
Aero
S3
SIM
37 Mc
July
4M% preferred (quar.)
Acme Glove Works, Ltd., 6M% Pref. (accumu¬
Supply Mfg. class A (quar.)
Class B (irregular)
17
June 20
Aetna Ball Bearing Manufacturing
Agnew-Surpass Shoe Stores pref. (quar.)
14
15c
30c
June
June 13
June 13
35c
June
June 12
July
July.
June
$3
June
June
7
S3
June
June
7
Agricultural Insurance Co. (N. Y.), quar
June
12 Mc
15c
June
28 June
July
}4c
July
1 June 20
15 June 30
Alabama Great Southern RR. ord. shares
6% participating preferred
16
June 20
4
Volume
3757
The Commercial & Financial Chronicle
152
Ahlberg Bearing Co., class A (quar.)
Alabama Power Co. $7 preferred (quar.)-........
■56 preferred (quarterly)
$5 preferred (quarterly)
Albany & Susquehanna RR. (s.-a.)
.Allied Chemical & Dye Corp. (quar.).
Allied Laboratories, Inc. (quar.)
July
June 20
July
July
Aug.
July
June
13
June
13
June
July
6
June 16
Allied Mills, lnc
Allied Products Corp
June
May 27
July
July
July
June
Class A
(quar.)
Allied Stores Corp. 5%
Ailis-Chalmers Mfg
pref. (quar.).
...
American Chain &
Preferred
May 31
7
June
14
June
14
16
Barrister Hall Trust Co. (Boston,
Basic Refractories
13
Cigarette & Cigar Co
6% preferred (quar.)
15c
12 Mc
12Mc
12Mc
5% conv. preferred 1st series (quar.)
5% preferred 2nd series (quar.)
5% preferred 3rd series (quar.)
American Envelope Co., 7% pref. A (quar.)
7% preferred A (quar.)
American Export Lines, lnc
American Express Co. (special)
(Quarterly) com
American Factors, Ltd. common (monthly)
$6
SIM
$1 M
25c
-
$5
SIM
10c
American Fork & Hoe Co
Extra
June
June
2
5
2
1 June 20
4
14 June
15 Dec.
5
5
1 June
17
1 June
17
July
July
July
July
July
June
12
June
12
June
12
June
12
Sept.
Aug. 25
Dec.
June
June
July
July
July
June 12
Nov. 25
2
June 20
June 20
June 30
5
July
5
May 20
May 20
July
June
6
2
25c
t$lM
June
June
June
June 30
July
July
July
June 20
June
14
June
June
16
June 20
June 30 June 19
July
1 June 14*
June 30 June 20
20
June
28
June
25c
July
SIM
SIM
...
—-—
June 30 June
60c
pref. (irreg.)..
7% preferred (quar.)
(quar.)
(quar.)
$5 preferred
Dec.
July
July
t$lM
Pref
Amer. Radiator & Standard Sanitary
Common
15c
.....
5
1 June
1 Aug.
25
12
25c
American Stores Co.
Refining 7% pref. (quar.)
American Sumatra Tobacco Corp. (quar.)
American Sugar
.
SIM
25c
American Surety Co
American Telephone & Telegraph Co. (quar.)
American Thread Co. 6% pref. (semi-ann.)
—
pref. (quar.)
American Trust Co. (San Francisco)
American Viscose Corp. common (initial)
Preferred (initial)
Amer. Water Works & El. Co. $6 1st pref. (qu.)_
American Woolen Co. 7% preferred
Amoskeag Co. semi-ann_........
$4M preferred (s.-a.)
Anaconda Copper Mining
—
Andes Copper Mining
Anheuser-Busch. Inc. (quar.)
American Tobacco Co. 6%
.....
Apex Electrical Mfg. common (quar.)..—
7% prior preferred (quar.)
Applied Arts Corp
A. P. W. Properties, Inc.. class B
Arcade Cotton Mills preferred (s.-a.)
Arkansas-Missouri Power Corp. (irregular)
....
(quar.)
6% preferred (quar.)
Armour & Co. (Del.), 7% pref. (quar.)
Armstrong Cork Co. pref. (quar.)..
Arnold Constable Corp
Art Metal Construction Co. (irreg.)
Art Metal Works, lnc
Artloom Corp. 7% preferred (quar.)
...
...
l2*m
40c
50c
SIM
t-1
75c
S2M
July
July
July
July
25 June 28
5
2 June
June 16 June
1 June
July
July 15 June
2
7
16
July
1 May 31
July
1 June
10
14 May 31
1 July 15
Aug.
1 July 15
Aug.
June
1 June
July
June 20 June
July
July
13
2
3 June 21
3 June 21
50c
June 23 June
3
25c
SI
25c
June
17 June
6
SIM
narfcip
Beneficial
Loan Corp.
Sept. 12 Aug. 26
1 June 20
July
July
1 June 20
30 June 10
10c
June
30c
S3
Oct.
June 30 June
20c
June
16 May 31
SIM
SIM
SIM
SIM
June
16 May 31
1 June 14
July
July
July
1 Mar. 31
16
1 June
14
1 June
10
'
Associated Breweries of Canada, Ltd., com
Bond Stores, Inc. (quar.)
Bondholders Management, Inc., cl. A
7% preferred (quar.)
Associated Public Utility Corp
Associates Investment (quar.)
(quar.)
6% pref. (quar.)
15c
Borg-Warner Corp
Borne-Scrymser Co
Boston & Albany RR. Co. (quar.)
Boston Elevated Ry. (quar.)
Boston Wharf Co. (irregular)
Boston Woven Hose & Rubber Co. pref
Bower Roller Bearing
Brach (E. J.) & Sons (quar.)
Brandtjen & Kluge, Inc. 7% conv. pref. (quar.)
Brazilian Traction Light, Heat & Power, Ltd.6 preferred (quar.)__
—
Bridgeport Brass Co. (irreg.)
Bridgeport Gas Light Co. (quar.)
Briggs & Stratton Corp
Bright (T. G.) & Co., Ltd.. common (quar.)
6% preferred (quar.)
Brillo Mfg. Co. common (increased) (quar.)
Class A (quar.)
Bristol Brass Corp. (Irregular)
British American Oil Co. (quar.)
British-American Tobacco Co., Ltd
Interim div. of 7 pence for each £ of ord. stock.
Coupon No. 186 must be used for div.
June 30 June
12
June 30 June
12
1 June
14
July
1 June
6
June
16 June
2
4
50c
16 June
June 30 June
16
15c
July
7 June
9
SIM
30c
Aug.
June
30 June 25
June 30 June 16
1 June
31 July
31 July
50c
1
June
July
July
July
July
t$3M
1 June
27
13
15
15
June
16 June
62 Mc
40c
June
16 June
2
July
1 June
17
$2
June
S2M
$3
9
14 May 29
June 30 May 31
1 June 10
July
June 30 May 31
June 16 June
2
75c
June 20 June
6
14
30c
July
1 June
87 Mc
July
1 June 23
tSIM
July
2 June
14
June 30 June
June 30 June
16
40c
75c
June
V Mc
isiM
June
25c
25c
16 June
14
2
14 May 31
June 14 May 31
1 June 16
July
50c
July
$1
June
t25c
-
July
1 June
16
16 May 31
2 June 12
June 30 June
4
British Columbia Elec. Pow. & Gas Co.
JS1M
July
t50c
July
2 June 20
15 June 30
t$4
J25c
July
July
2 June 14
15 June 30
50c
6% preferred (quar.)
British Colombia Power Corp. cl. A (quar.)
British Mortgage & Trust Co. (Stratford,
June
Ont.)
(semi-annual)
Brompton Pulp & Paper Co., Ltd. (quar.)
Brunswick-Balke-Collender Co
M
25c
,
SIM
Company
-
Dredging, Ltd. (interim) (s.-a.) —
(quar.)
Burd Piston Ring (quar.)
Burgess Battery Co. (irreg.)
Burlington Steel Co. (quar.)
Butler Water 7% preferred (auar.)
...
Byers, (A. M.) Co. 7% preferred
Div. of $2.0708: representing the quarterly
div. of $1.75 due Nov. 1, 1937, and int.
thereon to July 1,1941.
Calamba Sugar Estate (quar.)
California Ink (quar.)
Calumet & Hecla Consol. Copper Co. (Mich.)—
July
June
July
July
n7m
Bulova Watch Co.
Aug.
July
July
July
15
June
14
June
14
June
June
2
June
9
July
40c
Bulolo Gold
June 20
Common
5% class B
June^lO
10c
June
15c
June
June
6
15c
July
June
16
SIM
June
June
2
July
June
14
40c
62 Mc
July
2 June 14
June 20 June
25c
Camden & Burlington County Ry. Co. (s.-a.)
Canada Bread, Ltd., 5% preferred (quar.)
5
16 June
1 June 20
14 May 29
1 June 12
1 June 12
June
SIM
.
75c
July
July
July
July
tSIM
t62Mc
t20c
10
June
June
2
June
14
June
14
June
14
JSIM
Canada Bud Breweries (interim)
Canada Cement 6M% preferred
Canada Crushed Stone (interim)
June
July
2
May 30
10c
June
June
15
13 0c
June
June
iiM
5% preferred (quar.)
...
15c
Canada Dry Ginger Ale (guar.)
Canada Foundries & Forgings, class A (quar.).. t37Mc
i37Mc
Class A (quar.)...
June
June
14
14
June
June 10
June
June
2
8ept.
Sept.
1
Dec.
Dec.
1
June
May 31
July
July
July
July
June 30
June
May 31
May 31
May 31
Canada Cycle & Motor Co., Ltd., com.
Class A
(quar.).
137 Mc
(quar.)
Canada Malting Co.. Ltd. (quar.)
15
50c
Aug.
July
$1M
2Mc
40c
June 30 June
SIM
SIM
June 30
SIM
(s.-a.)
1.5c
t25c
tSIM
12Mc
June
$1
Canada Wire & Cable class A
Class B (interim)
15
2
June 30
62 Mc
15
June 30 June 14
1 June 14
July
June 14 June
4
14
June
June
25c
(quar.)
15c
Corp. (quar.)
June
June
Bon Ami class A (quar.)
2 Aug.
June 30 June
Sept.
June
■
-
Canada Packers, Ltd. (quar.)
Canada Permanent Mtge. Corp. (Toronto)
15c
13
14
62 Mc
25c
75c
Bohn Aluminum & Brass
1 June 21
June 20 June 10
SIM
23
2
June
.
2
16 June
June 27 June 14
July
June
June
;
Birmingham Water Woris 6 % preferred (qu.). .,
Bishop Oil Co. (guar.)
—
Black & Decker Mfg. Co. (quar. (increased).
Blaw-Knox Co. (interim)
Bloch Bros. Tobacco 6% pref. (quar.)
Blue Top Brew., Ltd., 6% class A (s.-a.)
Blumenthal (Sidney) & Co., Inc., 7% pref
June
SI
10
15
15
June
June 25 June
Extra
Bertram (John) & Sons Co., Ltd. (initial)
Bethlehem Steel Corp. pref. (quar.)
Canada Northern Power Corp., Ltd., com.
12Mc
50c
June
June
(Delaware)
Common (resumed)
$2.50 prior preferred 1938 series (quar.)
Berghoff Brewing Corp. (quar.)
Bensonhurst National Bank (quar.)
Class B
13
40c
t30c
f*1ass A
Industrial"
Bullard
1
3
1 June
25c
Extra.
Belding-Corticelli, Ltd., common (quar.)
7% preferred (quar.).
Bell Telephone Co. of Canada (quar.)...
<
Belmont Radio Corp. (quar.)
Bendix Home Appliances, Inc.—
12
16 May 29
Aug. 30 Aug.
July 31 July
SIM
Beatty Bros..Ltd. 7 % 2nd preferred (s.-a.)
Beech Creek RR. (quar.)
Beech-Nut Packing Co. (quar.)..
14
June
50c
6% preferred (quar.)
(quar.)
1 June
SIM
July
12c
American Steel Foundries....
com.
June 30 June
7% 1st preferred (quar.)
American8nuffCo.com. (quar.)
SIM
14 May 14
15 June 18
75c
Creamery Co.,
Preferred (quar.)
Buckeye Pipe Line Co
Bucyrus-Erle Co. common (irreg)
7% preferred (quar.)
Buffalo Niagara & Eastern Power Corp.—
$5 first preferred (quar.).
'.)■
1.60% preferred (quar
Building Products, Ltd. (quar.)
Sept.
5
4
2
June
5% preferred
15 Dec.
1 June
6
June 30 June
35c
Atlanta Gas Light Co.
16 June
June 20 May 31
SIM
Extra
2
1 June 14
Corp.—
7% preferred (quar.)
American Rolling Mill Co
4M% convertible preferred (quar.)
American Seal-Kap Corp. of Del
American Smelting & Refining Co., com
6 % preferred (semi-annual)
Arkansas Power & Light $7 preferred
14 May
14 June
Sept. 15 Sept.
tSIM
preferred
ttac
American Public Service 7%
June
SI M
—
American Power & Light Co. $6
Asbestos
10
June 26 June
25c
American Meter Co
7% preferred
7% preferred
June 30 June 20
4*
June 19 June
20c
SIM
...
Amer. Nat. Fin. Corp., non-cum.
American Optical Co. (quar.)
American Paper Co.
July
July
1 June 14
1 June 14
75c
7% preferred (quar.)
16
10
2
16 June
16 June
June
62 Mc
50c
1 June
July
June
16 June
American Investment Co. of 111.—
5% cum. conv. preferred (quar.)
$2 cum .preference (quar.)
American Locker Co. non-cum. class A (quar.)
American Locomotive Co. 7% preferred
American Machine & Foundry Co. (irregular)..
American Maize Products Co. common
...
2
June
20c
...
Bath Iron Works..
3
5
16
1 June 16
13
June
75c
6% conv. preferred (quar.)
1 June
June
American Hide & Leather Co.—
American Home Products Corp. (monthly)
July
July
14
June
-
16 June
June
June
...
16 May
16 June
July
July
July
July
July
July
July
May 23
May 23
$1.18 M
(quar.)
15c
Corp. (special, irregular)
25c
American General Insurance Co-(Houston) quar.
SIM
American Hair & Felt Co., 6% 1st pref. (quar.).
t$4M
6% 2d preferred
25c
American Hardware Corp. (quar.)
SIM
American-Hawaiian Steamship Co. (irreg.)
June
June
June
13
10c
on common
4 M % preferred
American General
31
37 Mc
20c
Mass.) (quar.)
June
40c
(quar.)
2
12
June
1 June 11
1 June 17
June
6% preferred (quar.)
American Gas & Electric Co.
June 30 June
1 June
July
13
July
preferred
2
m
(quar.)
June
t35c
t30c
—
June 30 June
June
45c
Power $7 preferred
14
14
6Mc
July
July
July
Class B non-vot com (quar.)
14
1 June
July
$5 preferred (quar.) ww
$5 pref. (guar.) xw
Beattie Gold Mines (Quebec), Ltd. (quar.).
Dec.
15c
10
June 30 June
1 June 16
1 June 11
Sept. 15 Sept.
6% preferred (quar.)..
10
1 June
June
Common
American Cyanamid Co.—
Class A vot-com (quar.)
S3
1 June
June 30 June
15 May 31
Common
American Crystal Sugar
60c
SI
July
July
5
June
SIM
June
15 June
15 June
July
15 June 30
July
July
Beatrice
June 30 June 13
....
14 May 31
July
Bayuk Cigars, lnc
June
American Coach & Body Co. (increased)
American Colortype Co. common
June
(quar.)
Bastian-Blessing Co., common
$5.50 preferred (quar.)
3
18
1 June 16
1 June 16
June
American
1 July
1 June
June 30 June 20
40c
Barber (W. H.) Co.
15
June
12
16 May 21
Aug.
July
SI M
25c
15
June
..iv-
June
1 June
SIM
—
1 June
June
1 June 27
Aug.
July
Jime 30 June 20
1 June 20
July
1 June 20
July
(quar.)
31 Dec.
July
July
July
July
July
July
Cable
37 Mc
6% preferred (quar.)
Bankers Trust Co. (N. Y.)
June 30 June 16
July 15 June 20
(resumed)
$1
75c
..
June 30 June
(quar.)
American & Foreign
.
July
American Chicle Co. (quar.)
■
Preferred (s.-a.)
Bank of Nova Scotia (quar./
Bankers' National Investing Corp., com.
Dec.
6% preferred (quar.)
.American Can Co., 7% preferred (quar.)
$m
| ■
7% preferred (quar.)
Baldwin Co.. 6% pref. series A (quar.)
6% preferred (quar.)
Bangor Hydro-Electric 7% pref. (quar.)
6% preferred (quar.)
Bank of America (quar.)
June
Sept. 30 Sept.
$2M
(G Foods, Inc., 7% prior pref. (quar.).
16 May 31
June 30 June 15
Sept. 30 Sept. 15
Dec. 31 Dec. 15
June 30 June 15
.i...
American Bank Note Co. common
9
9
17
June
9
June
June
f.
Holders
Payable of Record
Co.-
5% preferred (semi-annual)
Atlantic Refining Co. (quar.)
4% pref. A (quar.)
Autocar Co., $3 pref. (quar.)
Avery (B. F.) & Sons 6% pref. ww (quar.)
6% nrpf
0% pref, xw
July
July
Class A extra
Class B
14
June
_
.
18
June
June
Share
Company
Atcheson Topeka & Sante Fe Ry Co.—
June
June
j.
Alpha Portland Cement
Altoona & Logan Valley Electric Ry. Co
Aluminum Co. of America $6 pref. (quar.).
Aluminum Goods Mfg. Co. (irreg.)
Aluminum Industries (quar.)
Aluminum Manufacturers, Inc. (quar.)
Quarterly
Quarterly
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Amalgamated Sugar Co
6% preferred (quar.)
American Agricultural Chemical
American Alliance Insurance Co. (quar.)
American Bakeries Co., class A (quar.)
...
■
Name of
5% non-cumulative preferred
Atlanta Birmingham & Coast RR.
July
June
When
Per
Holders
of Record
Name of Company
(qu.)
125c
1$1M
7% preferred (quar.)_
(quar.)
Preferred (quar.)
111
(qu.)
(accumulated)
7% partic.
pref. (accumulated)
Ltd., common (quar.)
16
14
175c
July
2 June 14
144c
July
July
July
10 June 21
Canadian Car & Foundry. Ltd.—
Canadian Cottons,
6% preferred (quar.)
June
June
June
Canadian Breweries, Ltd.—
$3 preferred (quar.)
June 30
112
IS 1
150c
1S1M
1S1M
June
2
(June 14
21 June 14
The Commercial & Financial Chronicle
3758
Per
Name
Share
of Company
When
5%
Participating
60c. non-cumul. conv. pref. (quar.)_-
Participating-
-
participating preferred
7%
June 14
June 14
June
—
—
Canadian Malartic Gold Mines, Ltd
June
Canadian Oil Companies, Ltd., 8% pref.
July
July
July
m
(quar.)
'«#
m m
m
it*
Canadian WastinghouseCo., Ltd. (quar.)
Canadian Wirebound Boxes, Ltd.
Class A (quar.)
Class A
50c
15c
Co
Capital City Products—
Capital Transit Co
25c
—
$15*
$15*
Carey (Philip) Mfg. Co., 6% pref. (quar.)_
5% preferred (quar.)
$1.20
Carib Syndicate, Ltd. (liquidating)—
Cariboo Gold Quartz Mining Co., Ltd
Common
Extra.
J4c
J 2c
(quar.)
—
----
Carpenter Steel Co. (irreg.)
Carter (Wm.) Co. 6% pref. (quar.)
Carthage Mills, Inc., common
6% preferred A (quar.)
6% preferred B (quar.),
Case (J. I.) Co., 7% preferred (quar.)
T%
Case-Pomeroy & Co. (semi-annual)
Cass Bank & Trust Co. (St. Louis) irregular)
Castle (A. M.) & Co. (quar.)
Sill
50c
$15*
60c
~
$15*
15c
:,v $2
25c
—
cum.
4
4
June 16
July
July
July
2 June 14
2 June 14
1 June 18
June 20 June
10
1 June 16
July
June 30 June 20
June 30 June 20
June 24 June
17
2 June
4
2 June
4
July
July
June 20 June 10
June 16 June 16
July
July
July
July
1 June
1 June 14
1 June 14
1 June 12
June 20 June
June
14
5
16 June 10
25c
_
—
June
50c
_
Aug. 10 July 30
Aug. 10 July 30
10c
Extra...
Catalin Corp. of America (irregular)
Celanese Corp. of America, common
7%
14 July
14 July
June 30 June 17
16 June
2
$31* June 30 June 17
June 30 June 17
$31*
1st part, preferred (semi-ann.)__.-_
1st pref. (semi-ann.)
.
$15* July
1 June
17
July
July
July
7% cum. prior preferred (quar.)
Celluloid Corp., $7 participating 1st pref
Central Aguirre Associates (guar.) — —
Cent. Canada Loan & Savs. Co. (Toronto) (qu.)Central Cold Storage
Central Electric Co—
1 June
17
June
15 June 30
2 June 18
14
1 June 20
16 May 20
16 May 20
'
Consumers Power Co. $5
preferred (quar.)
$4.50 preferred (quar.)
Continental Baking Co., 8% pref. (quar.)
Continental Bank & Trust Co. (N. Y.) (quar.)_Continental Can Co. (quar., interim)
Century Electric Co
Chamberlin Metal Weatherstrip Co
June 21 June 16
June 20 June
June
10
1 June 20
13 June
6
June 30 June 14
1 June 14
July
July
July
July
July
July
50c
Extra
Chicago Flexible Shaft Co
$15*
Chicago Pneumatic Tool S3 conv. pref. (quar.)
$2.50 conv. prior preferred (quar.)
-
75c
_
625*c
Chickasha Cotton Oil (special)
Christiana Securities Co. common (irregular)
7% preferred (quar.)
Chrysler Corp
25c
1 June
6
llJune
6
23'May
31
June 23 May 31
June 30 June 20
July
July
$1 Y4.
$1 5*
Crown Zellerbach Corp
Crucible Steel Co. of Am. 5% pref.
Crum & Forster 8% pref. (quar.)
-
-
City Ice & Fuel Co
$3
$15*
$1.12
3
June
14 May 17
June 25 June
9
Sept.
July
2 Aug. 15
1 June 18
July
28
1 June 29
15c
July
Aug.
1 June
1 June 20
1 July
25
June 30 June 17
125*c
75*c
July
July
20 July
20 July
50c
June
14 June
75c
June
16 May 29
$15*
Extra
Clark Controller Co
Clark Equipment Co
Preferred (quar.)
June
16 May 29
15
15
6
Clearing Machine Corp. (quar.)
Cleveland Cliffs Iron Co. $5 preferred
25c
July
t$l
Cliffs Corp. (irregular)Climax Molybdenum Co.
25c
June 20 June 10
June 20 June 10
June 27 June 17
(quar.)
-
Clorox Chemical Co. (quar.)
Cluett, Peabody & Co. (interim)
7% preferred (quar.)
Coast Counties Gas & Electric, pref. (quar.)
Coca-Cola Co
Class A (semi-annual)
30c
75c
75c
$15*
315*c
75c
Class A (semi-annual)
June
25 June 14
June 25 June 13
1 June 19
June 16 May 26
1 June 12
July
1 June 12
1 June 12
1 June
$3
$1,065* June 30 June
1 June
$15*
July
1 June
July
Aug. 28 Aug.
Colgate-Palmolive-Peet preferred (quar.)
Colonial Ice Co. $7 preferred (quar.)
$6 preferred, class B (quar.)
Colorado Fuel & Iron Co
Mfg. Co. (quar.)
Commercial Baking Corp. 7%
preferred (quar.).
$1.20 prior preferred (quar.)
Commercial Credit Co., common (quar.)
pref. (quar.)
50c
35c
30c
75c
June
July
July
Confederation Life Association (Toronto) (qu.).
Quarterly
Quarterly
Congo]eum-Nairn, Inc. (quar.)
-
Conn Gas & Coke Securities $3 pref. (quar.),
Connecticut Light & Power (quar.)
Connecticut River Bank (Hartford) (s.-a.)
Extra--—...
June
June
$2
20c
July
July
July
July
June
1 June
20
30 June 10
10
>6
15
12
June
13
50c
June
May 24*
June
June
July
July
July
July
June
14
75c
July
June
16
$25*
June
30 June 19
$2
June
30 June
2
June
13
13
June 14
June
19
June 30 June
19
June
14
May
June 30 May
June 16 May
June 16 May
31
24
31
31
June
24 June
14
565*c
June
$15*
$15*
125*c
25c
43 He
m
16 May 29*
6
Aug. 15 Aug.
June
July
30 June 21
1 June 13
June 30 June i.6
Tune 30 June 20
July
1 June 20
1 June 20
Aug.
1 July
22
50c
14 May 31
1 May 29
July
June 30 June 20
40c
June
July
50c
(quarterly)
25c
June
July
14 June
1 June
15 June
15 July
4
16
5
2
315*c
June
25| June 14
25c
June
30; June 14
June
20 June
10
1 June
14
60c
$1
July
2 June 21
2
June
16 June
2
$15*
Delta Electric Co. (quar.)
July
July
20c
_
-
$15*
$15*
$15*
t$l
preferred
25c
Manufacturing Co_
June 20 June
July
1 July
1
July
July
1 June 14
5
21 July
10
5 June 20
1-5-42 Dec. 20
June 20 June
July
$2
10c
Detroit Michigan Stove Co., common
Detroit Steel Corp. (irregular)
Detroit Trust Co. (Detroit, Mich, (s.-a.)
10
1
1 Oct.
Dec. 23 Dec. 23
Oct,
$2
Semi-annually
14
1 June 14
1 June 20
2c
Detroit Gray Iron Foundry (s.-a.)
Detroit Hillsdale & Southwestern RR. (s.-a.)
Devoe & Raynolds Co.—
Class A
16 June
-
Dentists' Supply Co. (N. Y.) 7% pref. (quar.)-.
conv.
25 June
June
5c
7% preferred (quar.)
7% preferred (quar.)
Derby Oil & Refining, $4
July
June
15c
Delaware RR. Co. (semi-annual)-.
De Long Hook & Eye Co. (quar.)
t$25*
375*c
50c
June
16 June
June 25 June
6
14
June 25 June 18
25c
-----
1 June 20
1 June 20
1 June 20
June 16 May 29
35c
June
35c
June
$15*
-
June
25c
25c
;
$15*
Devonian Oil Co
Dewey & Almy Chemical Co.—
Common (irregular)
:
Class B (irregular)
$5 conv. preferred (quar.)
Diamond Match Co., pref. (semi-annual)—
Diamond Portland Cement Co. (irreg.)
Diamond T Motor Car Co
Distillers Corp .-Seagrams, Ltd. (quar.)
July
July
July
29
29
29
12
75c
Sept.
20c
June
June 10
25c
June
June 16
J555* c
—
May
May
May
Aug.
June
June
July
July
July
1 June 10
21 June 30
2 June 14
July
July
July
July
July
June 20
6
Option is given to non-resident stockholders
to obtain U.S. currency at
share less 15%
U. S. funds.
rate of 50c. per
withholding tax, or 425*c. in
Dixie-Vortex Co class A (quar.)
Dome Mines, Ltd
4
625*c
150c
Dominion Coal Co., Ltd., 6% preferred (quar.)_
Dominion Foundries & Steel, Ltd—
6% preferred (quar.)
Co., common (quar.)
7% preferred (quar.)
Dominion Textile Co., Ltd. (quar.)
7% preferred (quar.)__
Draper Corp. (quar.)
Dresser Manufacturing Co
Driver-Harris Co., common
7 % preferred (quar.)
13 8c
J25c
t$15*
J$15*
-
-
May 31
July
1
12
June 20
July
July
July
July
July
June
14
June
14
June
.
-
625*c
30c
$2
$15*
$15*
$15*
$3
(Quarterly)
Eagle Picher Lead Co. com
6% preferred (quar.)
1 Junefl3
July
1 June 13
July
Aug. 30 Aug. 15
East Mahonoy RR. (s.-a.)
East Tennessee Light & Power Co. $6 pref.
Eastern Gas & Fuel Assoc. 45* %
June 30 June 16
5
16 June
June 20
June 20
June 27 May 27
„
Dunlop Tire & Rubber Goods Co. Ltd.—
5% 1st preference (s.-a.)
Duplan Silk Corp., common (reduced)
8% preferred (quar.)
du Pont (E. I.) de Nemours & Co. (interim)
$4.50 preferred (quar.)
Duquesne Light Co., 5% pref. (quar.)-__
Durfee Trust Co. (B. M. C.) (Fall River, Mass.)
June 30 June 15
14
June 30
July
(guar.)
t75c
16
June
July
7% preferred (quar.)
$15*
16
June
July
Duke Power Co
Extra
June
June 25 June
Dunlop Rub. Co., Ltd. Am. dep. rets. ord. reg.)
Annual dividend year ended Dec. 31,1940
14
13
13
June
$15*
—
Detroit Gasket &
14
June
June
Dunkirk Trust Co. (N. Y.)
10
Community Power & Light
Compo Shoe Machinery vtc com. (quar.)
$2.50 conv. preferred (quar.)
Jujy
July
10
20
Commercial Investment Trust Corp. com. (qu.).
1 June
$1
July
$4.25 conv. preferred (quar.)
1 June
$1.0654 July
Commercial Solvents
25c
June 30 June
Commonwealth Edison Co. (quar.)
45c
1 July
Aug.
Commonwealth Loan (Indianapolis)—
preferred (quar.)
:$2
$15*
$15*
10c
20
10
A
Sept. 15
May 29
t$!5*
7% preferred
12
June
5% cum. pref. (quar.)
June
Oct.
Dim & Bradstreet, Inc. $6 pref. (quar.)_
Dunean Mills 7% pref. (quar.).
30 June 12
1 June 20
$1,065* June 30
Commonwealth & Southern Corp. $6 preferred
Commonwealth Utilities Corp. 6% pref. B (qu.)_
July
Jifne
$2
Dominion Glass
1
July
July
July
July
-
Coca-Cola International Corp., common
16
$2
$2
25c
7% preferred (quar.)
16 May 26
1 June 20
July
$15*
15
$15*
(quar.)
Curtiss-Wright Corp. $2 non-cum class A
Cutler-Hammer, Inc. (irregular)
Dairymen's League Cooperative Assn..
Class B
July
75c
30c
City Title Insurance Co. (quar.)
June
July
55*%
Daniels & Fisher Stores Co.
2
2
June
Aug.
50c
Co
Crown Cork & Seal Co., Inc., $25* pref. (qu.)-Crown Drug Co. 7% conv. pref. (quar.)
Crown Trust Co. (Montreal) (quar.)
Cuban American Sugar,
15
125*c
25c
Crowell-Colfier "Publishing
1 June 20
Ry. Co.
(Irregular).
5% pref.(quar.)
Cincinnati & Suburban Bell Telep. Co. (quar.)__
Cincinnati Union Terminal. 6%
pref. (quar.) _Citizens Wholesale Supply Co. 6 % pref. (qu.)
City Auto Stamping
;
City Baking Co., 7% preferred (quar.)
June
11%
1 June 20
June 20 June
June
>
Cincinnati New Orleans & Texas Pac.
1 June 20
2 June 16
i June 23
June
-
1 July
June
65*% preferred (quar.)
Cooper-Bessemer Corp., $3 prior pref. (quar.)__
Craddock-Terry Shoe Corp.—
1st preferred (semi-annual)
2nd preferred (semi-annual)
3rd preferred (semi-annual)
Crane Co. 5% preferred (quar.)___
Creameries of America, Inc. (quar.)
Creole Petroleum Corp
Delaware Fund
July
_
14
25c
2
Central Trust Co. (Cincinnati, Ohio)
(quar.)
Chartered Trust & Executor Co. (Toronto) (qu.)
Chemung Canal Tr. Co. (Elnaira, N. Y.) (s.-a.)_
Chesapeake & Ohio Ry., common (quar.)
4% non-cum. series A pref (quar.)
Chesebrough Mfg. (quar.)-
14
June
$15*
$15*
2
14
June 20 May 31
June 20 May 31
common
14
June
7% preferred (quar.)
Continental Tel. Co. 7% partic. pref. (quar.)—
16 June
7% prior lien preferred
6 % prior lien preferred - —.
Central Steel & Wire Co. 6% pref. (quar.)-
Preferred (quar.)
Chapman Valve Mfg. Co.,
June
July
July
Aug.
25c
Continental Oil Co. (Del.)
Continental Steel Corp., common--.
Extra
Champion Paper & Fibre
iy
.inly
40c
Consumers Gas Co. (Reading, Pa.)_
Consumers Gas (Toronto) (quar.)
16 June
June 28 June
t$
1 June 10
t25c
10c
—
June
1 June 10
Central & South West Utilities Co.—
65* %
Extra—
Darby Petroleum (resumed)
Davega Stores Corp., 5% conv. pref. (quar.)
David & Frere, Ltd. class A (quar.
Davison Chemical Corp. (resumed)
Dayton & Michigan RR. 8% preferred (quar.)__
Debenture & Securities Corp. of Canada—
5% preferred (semi-annual)
Deisel-Wemmer-Gilbert Corp. (quar.)
1 June 10
1 June 10
1 June 10
June 28 June 14
-
27
30c
Consolidated Oil Corp. (quar.)
Consolidated Retail Stores, 8% pref. (quar.)-
14 May 29
1 June 17
July
July
July
July
6% preferred
conv.
Consolidated Investment Trust (Boston)—
Common (quar.)
•Tune
Extra
June
Cuneo Press 65*% pref. (qaur.)
Curtis Publishing Co. prior pref. (quar.).
June
Central Power & Light, 7% preferred—
9
*ug.
Consolidated Laundries $7.50 preferred (quar.)_
30 June
Central Maine Power Co.—
45*%
,
,
conv. pref. (quar.)
Culver & Port Clinton RR. Co. (s.-a.)
July
July
7% preferred (quar.)
:i
6% preferred (quar.)
$6 preferred (quar.)
5% preferred (guar.)
Central Patricia Gold Mines, Ltd. (quar.)
16 May
$15*
_
(quar.)
45*% preferred B (quar.)
4% preferred C (quar.)..
16 June
6
21 June 16
June
6% preferred
16
16
June
90c
$2 preferred
Common
June
—
June 30 June
June 30 June
Consolidated Gas Electric Light & Power (Bait.)
June
Central Illinois Light Co.. 45*% prff. (quar.)-.
Central Illinois Public Service, $6 pref
Colt's Patent Fire Arms
$5 preferred (quar.)
Consolidated Film Industries, Inc.
June
Central Electric & Telephone Co., 6% pref. (qu.)
Central Eureka Mining Co. (bi-monthly)
Cent. Hanover Bk. & Tr. Co. (N. Y.) (quar.)
(Quar.)
8% preferred (quar.)
J375*c
J125*c
(accumulated)
Mills
4
18 June
June 20
July
A
Canadian Wallpaper Mfrs., Ltd., class
ClStSS U'
"m W
#•»'m **
Cannon
14
16
16
June 30 June 16
June 15
July
June 14
July
June 30 June
_
Canadian Foreign Investment pref. (quar.)
Canadian General Electric (quar.)
$2
—
50c
$15*
Consolidated Edison Co. of N. Y., Inc.
14
Holders
When
Payable of Record
75c
Consolidated Aircraft Corp. com. (irreg.)
$3 conv. preferred (quar.)
June
June 30 June
Canadian Celanese, Ltd. (quar.)
Extra
*
Share
Name of Company
June 14
July
July
July
July
July
(Quar.)
1st preferred (quar.)
Per
Holders
Payable of Record
Canadian Canners, Ltd.—
Common
June 14, 1941
27 May 27
June 30 June 16
Aug. 15 July
July
1 June
June 14 May
July 25 July
July 15 June
July
July
July
31
16
26
10
16
1 June 14
1 June 14
1 June 14
Eastern Massachusetts Street Ry.—
$15*
$15*
25c
25c
June
625*c
June
$15*
$15*
$15*
Sept. 30 Sept. 25
Djc. 31 Dec.
14
16 June
2
June
75c
July
July
$15*
5
June 30 June 25
25c
75c
$i 5*
16 June
1 June 13
1 June 14
June 30 June
3
June 30 June
3
10c
prior pref.
(qu.)
(qu.)
6% preferred
6% 1st preferred
Eastern Steamship Lines, $2 conv. pref
Eastern Steel Products, Ltd., 5% conv. pref.
(quar.)
Eastman Kodak Co. (quar.)
Preferred (quar.)
Easy Washing Machine, class A (irreg.)
Class B (irreg.)
Eddy Paper Corp. (irreg.)
$15*
$15*
$15*
$15*
t75c
t$15*
t50c
June
July
July
July
June
July
14 June
4
1 June 16
1 June 16
1 June 16
16 June
2
1 June 20
125c
July
§15*
July
June
14
5
$15*
July
1 June
5
June
25c
June 28 June 20
25c
•Tune 28 June 20
June 27 June 16
375*c
r
The Commercial & Financial Chronicle
Volume 152
3759
Holders
Name of
Company
Per
of Record
Ecuadorian Corp., Ltd. (Bahamas)
3c
(quar.)
5% cuiuul. comvpiVerred (quar.)
Egry Register Co., 5jH
» pref. (quar.)
Electric Auto-Lit%Co_
Electric Controller & Mfg. Co
Electric Power & Light Corp.—
$7 preferred
_
June
June
10
$3H
June
June
10
30c
June
62 He
Preferred (semi-annual)
Edison Bros. Stores, Inc., common
June
May 31
May 31
Name of Company
Share
General Time Instruments Corp
July
July
June
10
General Water Gas & Electric Co., common-:
July
July
June
18
$3 preferred (quar.)
Georgia Railroad & Banking (quar.)
Gillette Safety Razor, $5 conv. pref. (quar.)
June
t30c
July
July
June
50c
June
50c
June
20c
25c
$2M
June
June 21
Globe-WernickeCo., 7% pref. (quar.)
June 20
Godchaux Sugars, Inc., com. class A
$7 preferred (quar J
Goderich Elevator & Transit Co., Ltd. (s-a)
t35c
;
$6 preferred
Electric Storage Battery Co., com.
(quar.)
Participating preferred (quar.)
Electrolux Corp
Elgin National Watch Co
Elizabethtown Water Co. Consolidated (s.-a.)__
Elmira & Willianrjport RR. Co.
——
$1.60
$15*
pref. A (quar.)
m
El Paso Electric Co.
(Texas) $4.50 pref. (quar.)_
El Paso Natural Gas Co.
(quar.)
60c
Ely & Walker Dry Goods 1st pref. (s.-a.)
Second preferred (s.-a.)
Empire Power Corp., $6 preferred (quar.)
Emporium Capwell Co. common..
June 20
1
July
1
July
1 June
16
25c
June
June
9
June 20
9
Glen Alden Coal Co.
(quar.)
Glen Falls Insurance Co. (quar.)__
25c
June
40c
June
May
15
June
June
7
July
July
July
July
July
July
July
July
June
16
June
June
13
July
July
July
July
3
June
June
5
June 30
June 30
3
Glidden Co., com. (interim)
4H%
conv.
50c
56Hc
SIX
preferred (quar.).
Goebel Brewing Co. (quar.)
Gold & Stock Telegraph Co. (quar.)
Goldblatt Brothers, $2.50 conv. pref.
Golden State Co., Ltd. (quar.)
50c
SIX
J25c
5c
.—
(quar.)
Sept. 16
June
12
June
14
Gruen Watch Co
June
June
14
Sept.
Sept. 15
Dec.
Dec.
15
Guarantee
July
June
10
Oct.
June
Sept. 10
May 27
FeddersManufacturing Co. (irreg.)
25c
July
June
18
Federal Bake Shops (quar.)
25c
June
June
14
75c
June
June
14
35c
35c
July
June 20
Oct.
(Quarterly)
Extra
Guaranty Trust Co. (N. Y.) (quar.)
Gulf Oil Corp.
Gulf Power Co. $6 preferred (quar.)
Gulf States Utilities Co., $6 pref. (quar.)___
$5.50 preferred (quar.)
Guilford Realty Co. (Bait.), 6% pref
Hackensack Water Co. pref. A (quar.)—
Halifax Insurance Co. (N. S.) (s.-a.)
$1
1
cum.
preferred (quar.)
English Electric Co. of Canada, Ltd.—
$3 non-cum. class A (quar.)
Equity Corp., $3 convertible preferred.
E vers harp, Inc.,
5% preferred
,
IX
_
—
25c
20c
_
Quarterly
Preferred (s.-a.)
Federal Insurance Co. of New Jersey (quar.)—
£'£
Federal Mining & Smelting Co. (irregular)——_
Federal Mogul Corp
Feltman & Crum Shoe Stores $7 pref
Fernie Brew Co., Ltd. (annual)
1 June 13
1 June 13
1 June 13
3
June
July
July
June
16
June
16
June
5
June 10
June
July
June 20
July
June 30
June
June
June
2
$1
June
Sept. 20
May 29
25c
June
June
t$3H
July
July
July
May 31
June 15
15c
25c
-
_
June
June
15
5
—
-
60c
_
Ferro Enamel Corp
Fidelity & Guaranty Fire Ins. Co. (s.-a.)
Field (Marshall) & Co.—
6% preferred$2nd series (quar.)
y; 50c
HP
25c
____—
Filene's (Wm.) Sons, common (quar.). _______
4 X% preferred (quar.)
Finance Co. of Amer.
com.
1.185*
15c
cl. A & B
Common class A & B (extra).
10c
__,
Philadelphia
June
5
First National Bank of Jersey City (quar.)
First Nat. Bank (North Easton, Mass.) (quar.)
July
July
1 June 23
1 June 25
June 30.June 20
July
1 June
Oct.
1 June
4
4
ljJune
5
41-10c
June
16;June
2
53-10c
June 16 June
2
17Hc
Dec.
—
_
pref. (qu.)__
Haverty Furniture Cos., Inc., $1.50 pref. (quar.)
Hat Corporation of America, 6H %
Hazel-Atlas Glass Co
Hazeltine Corp. (quarterly)
Heath (D. C.) & Co., 7% preferred
14
—
——
—
4
June
4
July
June
14
June
June
14
June
June
14
July
July
12Hc
68 He
June
June
May
May
May
May
May
May
31
31
31
31
31
31
June
June
5
25c
6% conv. preferred (quar.)
Gatineau Power, common (quar.)
5H% preferred (quar.)
5% preferred (quar.)__
Gaylord Container, com. (quar.)
June
June
tlX
SIX
July
July
July
June
5
June
10
10
June
Extra
-
5H% preferred (quar.)
General Acceptance Corp., com. (quar.)___
Class
(quar.)
General American Investors, $6 pref. (quar.)
General American Transportation (irregular)
General Box Co (Quar.)
General Candy Corp., class A (quar.)
General Cigar Co
—
—
lc
25c
5
June 20
June
June
May 26
July
June 27
June
May 29
tlX
Extinguisher Co__
General Mills, Inc., 5% pref. (quar.)
General Motors Corp., $5% pref. (quar.)
General Outdoor Advertising, class A
June
25c
—_
35c
25c
General Electric Co
July
Aug.
Aug.
June
10*
July
7
Aug.
5
Nov.
Nov.
5
$1
Class A
pref. (quar.)
Home Insurance (Hawaii) (quar.)
Quarterly
—
Homestake Mining
"Co." (monthly)
Honeymead Products Co. (quar.;
Honolulu Gas Co., Ltd. (quar.)
—
Honolulu Oil Corporation
_—
Hooker Electrochemical Co. 6% pref. (quar.)—
Hoover Ball & Bearing Co__
Hoskins Mfg. Co-—
—
Houdaille-IIershey Corp., class A (quar.)
Class B (irregular)_
__—
Houston Oil of Texas 6% preferred
Hubbell (Harvey), Inc. (quar.)
Humble Oil & Refining
Humphreys Manufacturing Co., com. (quar.)—
6% preferred (quar.)
Huron <fc Erie Mtge. Corp. (London, Ont.) (qu.)
Huttig Sash & Door Co., 7% pref. (quar.)_
Idaho-Maryland Mines (monthly)
Illinois Bell Telephone
Illinois Central RR. Co.—
(Leased Line) 4% guaranteed (s.-a.).
Illinois-Iowa Power, 5% preferred
Imperial Chemical Industries Am .dep. rec____
Imperial Life Assurance Co. of Canada (quar.) —
Quarterly
.
—___
Aug.
5
Nov.
5
Indian
June 20
tlX
June
10
25c
June
June
3
General Reinsurance Corp.
50c
June
June
9
Co.,
com.
1_
—
(irreg.)
6% preferred (quar.)
(irreg.)
(N. Y.) (quar.)
General Telephone Corp.,com. guar, (increased)
$2.50 preferred (quar.)
General Theatres Equipment Corp
S1H
SIX
25c
June
17
June
June
17
20
June
10
40c
June
June
62Hc
July
June
3
15
25c
June
June
9
June 20 May 20
14 June
2
6
1 June ; 7
1 June
7
1 June 20
June 25 June 13
June
$1 X
Six
July
July
July
16 May 31
17
6%
Motocycle (irreg.)
___—-
non-cumulative preferred (irreg.)
Indianapolis Power & Light Co.
5X% P^ (quur.)
(quar.) —
Indianapolis Water Co., 5% pref.A (quar.) —_
Industrial Bank & Trust Co. (St. Louis), quar.)_
Ousrtcrly
w
Industrial Natl Bank of Chicago (Chic., 111.)—
Common (quar.)
-
4X% preferred (quar.)
——
Ingersoil-Rand Co.. 6% pref. (s.-a.)
Inspiration Consolidated Copper,,
July
27 June
1 June
17
7
1 June 20.
60c
14 June IF
Sept. 15 Sept. 12
Dec. 15 Dec. 12
37Xc
June 25 June 20
60c
}50c
Honey Dew, Ltd
Aug.
15c
$6 preferred (quar.)___
General Public Utilities, Inc., $5 pref. (quar.)
June 20
June 16 June
2
June 30 Juno 28
5
—----
Nov.
General Refactories Co.
Corp., $2-67 preferred (quar.)___
General Printing Ink Corp
June 18
June
------
(monthly)—
•—
—
HP
July
July
July
July
July
July
SIX
16
60c
(A.) <fc Son
Quarterly
—-—
Imperial Tobacco of Canada, Ltd. (interim) —
66c
17
3
Extra-
tlX
Preferred (quar.).
Preferred (quar
*.).
July
16 June
Hollander
Hollinger Consol. Gold Mines, Ltd.
5
June
7
Aug.
July
July
June
Home Gas & Electric Co. 6%
June
June
50c
15c
Home Fire & Marine Ins. Co. (Calif.) (quar.)___
10
tlX
SIX
17 He
37 He
14
June
June
6
3
June
25c
—
June
July
12Xc
SIX
37Xc
SIX
17 June
June 30
June
$6 convertible preferred (quar.)
Gannett Co., Inc., $6 pref. (quar.)
Garfinckel (Julius) & Co. com. (quar.)
June 30
June 12
16 June
June
June
June
June
June 17 June
July
10
July
$1J*
June
20
June
June
25c
June
15
16
June
June
July
}5c
} 5c
June
JSL38
(quar.)
SIX
5
16
Aug. 15
July
7
May 31
25c
June
2
June
7
June
16
June
July
Sept.
14
17
July
July
June
June
SIX
SIX
six
2 June
1 June
m
June
May 31
May 31
1 June
1 June
June
June
June 14
June
SIX
5% preferred (quar.)
-Hinde & Dauch Paper of Canada, Ltd. (quar.)_ tl2Hc
50c
Holland Furnace Co
May 31
June 16
June
July
June
5
June 21
June
June
June
t75c
tsix
20 June
July
July
July
July
July
June
June
June
15c
June 30
$1
15c
16 May 29
16 May 29
11
50c
25c
June
25c
__
Brewing (quar.)
Frankfort Kentucky Natural Gas
Franklin County Distilling 60c. conv. pf.
Gamewell Co., common (irregular)
June
June
1 June
25c
June 30 June
Hibbard, Spencer Bartlett & Cc. (monthly)
Hibernia National Bank (N. O.) (s.-a.)
Hinde & Dauch Paper Co., common
16
1 June 13
1 June 20
60c
14
June
15 June 30
July
July
$1}*
June 30 June
June
15 June 30
June
Hewitt Rubber (quar.)
25c
25c
1 June 20
1 June 20
June 20 June
July
7
July
July
20c
16
2Hc
(Peter) Brewing Co. (quar.)
21
25c
25c
16
J25c
;■, 60c
1 June
June 28 June 10
1 June 20
July
Hecla Mining (irreg.)
Heileman (G.) Brewing (quar.)
Hein-Werner Motor Parts (quar.)
25c
Corp. $7 preferred,
6
16
1 June 21
July
75c
—
(quar.)____
6c
Foster & Kleiser Co. 6% preferred A (quar.)—
19 June
2 June
37 Xc
Harshaw Chemical Co. (quar.)
Harvill Aircraft Die Casting (initial)
J25e
Fosotria Pressed Steel Corp__
Foundation Co. of Canada, Ltd. (quar.)
Four Wheel Drive Auto Co. (irreg.)
July
July
July
June
foe
Hard Rock Gold Mines, Ltd
Harrisburg Gas Co., 7% preferred (quar.)
Harrisburg Steel Corp. (quar.)_
—
Harrison National Bank (N. J.) semi-annual—
50c
Foresight Foundation A_
June
30 June 20
June 30 June 16
2 June 10
July
June 16 June
9
J50c
—
—
1 June
1 June
5
SIX
SIX
SIX
+7 5c
43 Xc
25c
Foote-Burt Co
Ford Motor (Canada) cl. A & B (quar.)
General Railway Signal
4H% pref. (quar.>—
SIX
4H % convertible preferred (quar.)
Foote Bros. Gear & Machine Co., pref. (final)__
—
Hammermill Paper Co.
July
July
50c
_
20
LNov. 20
June 25June 14
»^c
12Hc
12Hc
37Hc
25c
7% pf. (accum)
Helme, (Geo. W.) Co. (quar.)
7% preferred (quar.)
nenkel-Clauss Co. $6 pref. (quar.)
Hercules Powder Co
2;Aug
July
1 June 17
1 June 17
16 May 20
15 June 20
July 15 June 30
June 25 June
3
2 June 14
July
2 June 14
July
,
25c
15
2 June
preferred
25c
—
_:i_
—
General Paint
Sept.
life
_—
$3
J15c
16 May
25c
Harbison-Walker Refractories pref. (quar.)__
5
50c
15 June 30
25c
June 20
June
June
six
7
10
25c
Hanna (M. A.) Co., $5 pref. (quar.)
June
July
July
50c
1 June
14
2 June 14
16 June
2
1 June 21
July
June 30 June 20
10c
25c
14
1 June 30
June
25c
t$lH
18
25c
15
15
16
July
July
10c
18
1 June
2 June
June 30 June 20
June 16 May 15
June
35c
1 June
20c
June 20
June 20
July
July
July
J63c
75c
13
1 June .20
June 30 June
SIX
t62&c
13
1 June
July
Hall (W. F.) Printing Co. (quar.)
Haloid Co
July
June
25c
1 June
July
July
(C. M.) Lamp Co
June
July
SIX
July
July
July
14 May 26
May 29
1 June 13
(Montreal)
July
July
July
—_
Class B
Food Machinery Corp., common
Extra-,_______
America
35c
7% preferred (quar.)_
Flintkote Co_—
Florsheim Shoe Co., class A
Frankenmuth
North
Hamilton Watch Co
$2
Foster Wheeler
of
15
June
Ts
Hall
Co.
20
62Hc
Quarterly
First National Stores (quar.)
Fiscal Fund, Inc.—
Beneficial shares, bank stock series
Beneficial shares, insurance stock series
Fitzsimmons Stores, Ltd. 7% pref. (quar.)
_—
6% preferred class C (quar.)
June
June
$2 X
Extra
June
July
3%
$3
(s.-a.)
—
July
of
First National Bank (Binghamton, N. Y.) (s.-a.)
First National Bank of Chicago (quar.)
-—.—
June
$2
50c
—
Hamilton Cotton, Ltd. $2 conv.
Accumulated
Hamilton United Theatres, Ltd.,
6Me
5H% preferred (quar.)
Finance Co. of Pennsylvania (quar.)_
Fireman's Fund Indemnity (quar.)
First Federal Savings & Loan Association
General Fire
July
July
July
June
3c
Brewing Co. pref. (semi-ann.)
Fear (Fred.) & Co. (quar.)
Fox
25
*5c
$5 preferred (quar.)
Farmers & Traders Life Insurance (quar.)
South
Oct.
15c
Fanny Farmer Candy Shops (quar.)
Fansteel Metallurgical Corp. $5 pref. (quar.)
$5 preferred (quar.)
Extra
25
June 21
15c
Famous Players Canadian Corp., Ltd. (quar.)__
(quarterly)
July
65c
$1.44
Excelsior Insurance Co. (N. Y.) (reduced)
Falcon bridge Nickel Mines, Ltd. (interim)
:
June
July
Aug.
Nov.
June
_
Ewa Plantation Co
Ex-Cell-O Corp
Excelsior Insurance Co. (Syracuse) (irreg.)_____
Excelsior Life Ins. Co. (Toronto, Ont.) (s.-a.)
Falstaff
21
July
S1H
62Hc
20c
Oct.
$5 div.
40c
1
Aug.
75c
July
Quarterly
Engineers Public Service Co.—
$6 div. cum. preferred (quar.)
$5H div. cum. preferred (quar.)
12
(Philadelphia)
Girdler Corporation, com. (quar.)
June
40c
12
1 June
15 July
Girard Trust Co.
25c
„
14
14
1 June
1 June
7
7
37 He
%IX
%IX
tlX
$2H
$2 H
50c
3oc
56 He
4X% preferred series A (quar.)
Employers Casualty Co. (Dallas), (quar.)
19
July
Goodrich (B. F.) Co., $5 pref. (quar.)
Goodyear Tire & Rubber
$5 preferred (quar.)
Goodyear Tire & Rubber Co. of Canada, Ltd.—
Common (quar.)
5% preferred (quar.)
Gorham Manufacturing Co
Gorton-Pew Fisheries Co., Ltd. (quar.)
Grand Rapids Varnish Corp
Grant (W. T.) Co. (Del.) (quar.)
5% preferred (quar.)_
Great American Indemnity Co. (s.-a.)
Great American Insurance Co. (quar.)
Great Lakes Power Co., Ltd., 7% pref. (quar.)__
Great Northern Ry. Co., preferred
Great Western Sugar Co., com
7% preferred (quar.)_
Greene RR. Co. (semi-annual)
Greening (B.) Wire Co., Ltd. (quar.)
Greyhound Corp., com. (quar.)
5H% preferred (quar.)
Group No. 1 Oil Co
$3
$1H
19
1 June
1 June
July
July
__
1 June
July
July
$6 preferred (quar.)
Georgia Power Co. $6 pref. (quar.)
$5 preferred (quar.)
June
75c
When
Holders
Payable of Record
July
2 June
14
12c
June 30 June 23
45c
June 20 June 12
June 16 June
6
June 30 June 12
25c
SIX
50c
25c
62 He
50c
1 June 20
June 26 June 11
1 June 20
June 25 June 17
July
July
t76c
June 27 June
13
40c
June 20 June
10
37 He
30c
June 30 June
19
$1H
June 30 June
19
2 June
14
$1
S1'd
$2
$2
July
July
May 31
June 30 June 20
June 21 June 10
June 30 June 19
July
t75c
June
a5%
July
July
t$3 k
i$ 3X
XS3X
tlOc
1
Oct.
1 June 11
25 June
4
8 Apr. 25
2 June 30
1 Sept. 30
1-2-42 Dec. 31
30c
June 30 June
July
1 June
30c
July
1 June 16
40c
July
15 June 30
$1.31 X July
July
July
Oct.
$i
sin
50c
SIM
$3
25c
6
16
1 June 14
1 June 12*
1 June 16
1 Sept. 15
June 15 June
5
June
15 June
6
1 June
June 23 June
9
July
6
The Commercial & Financial Chronicle
3760
Per
Name
Share
of Company
dir.)
(Md.)—_—
Institutional Securities (bank sbs.) (stk.
Insuranshares Certificates, Inc.
2%
—
10
15 June 20
30 May 30
June 30 May 31
July
June
t50c
$154
8 54c
$134
mli
Aug.
Aug.
July
July
July
1 July
1 July
2
2
1 June 30
2 June 14
15 June 30
50c
July
1 June
16
3734c
July
1 June
14
•\&
July
July
1 June
13
15 June 19
25c
June
16 June
June
16 May 31
1 June 14
International Salt Co,
International Shoe Co
—
International Silver Co., 7% pref.
(quar.)——
Department Stores
Mills
„
Interstate Hosiery
2
$134
July
40c
June
75c
June
t$i54
July
1 June
14
July
1 June
14
July
1 June
14
Sept.
$6 pref. (quar.)
Intertype Corp
Corp. of Philadelphia
7% pref. arrears certificates
654 % pref. arrears certificates
6% pref. arrears certificates
—
Iron Fireman Mfg. Co. (quar.)—
Quarterly
Irving Air Chute Co., Inc. (quar,)».—«-*--.»
Irving Trust Co. (N. Y.), (quar.)
Jamaica Water Supply, com. (quar.)
$5 preferred A
—
Jamieson (c. W.) & Co. (quar.)
Jefferson Electric Co
—
Jefferson Lake Sulphur Co., Inc. (quar.)
Jefferson Standard Life Insurance (s.-a.)
Jersey Central Power & Light Co.—
7% preferred (quar.).
jreferred (quar.).
670^
531% preferred (quar.)
Jewel Tea Co., Inc. (quar.)
Johns-Manviile Corp. common-...
7% preferred (quar.)
....
Joliet & Chicago RR. Co., stamped (quar.)...
Joslyn Manufacturing & Supply Co., com
6% preferred (quar.)
Joy Manufacturing Co. (quar.).
Justrite Mfg. Co
Kalamazoo Vegetable Parqhment Co. (quar.). .
Kansas City Pow. & Lt., 6% pref. B (quar.)
Kansas Elec. Power Co., 5% pref. (quar.)
Kansas Gas Sc Electric Co., 7% pref. (quar.)...
6% preferred (quar.)
Kansas Power Co. $6 preferred (quar.)
$7 preferred (quar.)
;
Kansas Utilities, 7% pref. (quar.)
Katz Drug Co. common (s.-a.)
$4.50 preferred (quar.)
Kaufmann Dept. Stores 5% conv. pref. (quar.).
Kelley Island Lime & Transport Co
Kemper-Thomas Co., 7% special pref. (quar.)—
7% special preferred (quar.)
Kennecott Copper Corp.
Extra
m
14 May 20
2
16 June
30c
Dec.
2 Aug.
9
1 Nov. 10
25c
July
1 June
16
15c
July
1 June
10
50c
June 30 June
14
June 30 June
14
16 June
2
June 30 June
14
30c
June
50c
1234c
75c
June
16 May 31
July
26 July
22
$1 H
$134
91M
60c
75c
17
1 June
7 June 25
June
HP
25c
$134
$134
25c
50c
14 May 31
June 27 June 17
20
1 Nov. 20
15 June 30
5
June 20 June
July
1 June
10
10
77c
June
40c
Series K-2
June
Keystone Public Service, $2.80 pref. (quar.)
Keystone Steel & Wire Co
Keystone Tel. Co. of Phila., $4 pref.
$3 preferred
Kimberly-Clark Corp.. com. (quar.)
6% preferred (quar.)
...
King Seeley Corp
Kings County Lighting Co.7% preferred, series B (quar.)
6% preferred, series O (quar.)
5% preferred, series D (quar.)
...
Kingsburg Cotton Oil Co
...
Kingston Products Corp., com. (resumed)
Klein (D. Emil) Co
Kleinert (I B) Rubber Co
Koppers Co. 6% preferred (quar.)
...
Kresge Department Stores, Inc.—
4% conv. 1st preferred (quar.)
Kress (S. H.) & Co
...
6% preferred (interim)
Kroger Grocery & Baking 6% pref. (quar.).....
7% preferred (quar.)
....
Kysor Heater Co. (quar.)
July
15 May
15 May
10
31
31
1 June 16
16 May 31
3
70c
July
25c
June
t50c
June
16 June
June
3
16 June
1 June 12
t37&c
$134
20c
July
July
1 June
12
June 20 June
14
~
$134
July
July
July
July
1 June 16
1 June
1 June
June 26 June
July
16
16
2 June 25
11
1 June 20
June 30 June 16
July
1 June
July
1 June 20
June
June
July
Aug.
13
14 May 24
14 May 24
14 June
2
$1
27c
Lackawanna RR. of N. J. 4% gtd. (quar.)
La Crosse Telephone Co. com. (initial)
July
1 June
13
1 June 20
1 June 20
July
:35c
June
:10c
July
July
July
10
1 Juhe 10
1 June
17
July
2 June
14
(Interim)......
Lamaque Gold Mines, Ltd. (quar.)....
Lake Shore Mines, Ltd.
15c
;
3754c
Co
Landed Banking & Loan (Hamilton.Ont.)
1$1
(qu.).
16 June
2
1 June
3754c
June
30 June 19
$154
$154
Landers, Frary & Clark (quar.)
Landis Machine Co. 7% pref. (quar.)
June
15 June
7% preferred (quar.)
<«
7% preferred (quar.)
25c
Lane-Wells Co. (quar.)
:i754c
Lang (John A.) & Sons, Ltd. (quar.)
50c
Langley s, Ltd., 7% conv. pref
50c
7% conv. preferred
La Salle Industrial Finance Corp., com. (quar.).
354c
17
70c. cum. class A (quar.)
At DC
Wc
Law (A. C.) Leather Co. (initial)
"
■
10c
Leath & Co
Preferred (quar.)
Lehigh Portland Cement Co. 4% pref. (quar.)..
Lehigh & Wilkes-Barre Corp
Lehman Corp. (quar.)
Extra (Year end dividend)
Lehn & Fink Products Corp
Leslie Salt Go.
(quar.)
Ldbbey-Owens-Ford Glass
Liggett & Myers Tobacco Co., 7% pref. (quar.).
Lily-Tubp Cup Corp. (guar.)...
5
12 Dec.
3
July
1 June
25c
July
15c
July
June
65c
June
50c
June
$154
July
30c
7 June 20
14 May 31
15 May 24
16 May 29
1 June 10
June 16 June
1
2
26
(Providence) (s.-a.)
Extra
Lindsay light & Chem. Co., 7% pref. (quar.)..
Link Belt Co. 634% pref. (quar.)
Liquid Carbonic Corp. (quar.).
Ldquidtometer Corp. (irreg.)
Little Miami RR.. original capital
Original capital
Special guaranteed
Special guaranteed
Special guaranteed
Little Schuylkill Nav. RR. & Coal (irreg.)
........
Pipe Co. 8% pref. (quar.)
Locke Steel Chain Co. (quar.)
Extra.
30c
Aug.
30c
75c
Nov.
June
25
80 June 16
June
30 June
June
16 June
7
1 June
16
1 June
14
17 June
3
1754c
$154
25c
40c
July
July
June
July
1 Oct.
16
$1.10
Sept. 10 Aug. 25
$1.10
50c
Dec.
10 Nov. 24
June
10 May 24
50c
Sept. 10 Aug. 25
50c
Dec.
90c
$2
30c
July
10 Nov. 24
15 June 13
July
1 June 21
June 25 June
30c
June
14
25lJune 14
Aug. 15 Aug.
Nov. 15 Nov.
5,
5
Aug.
1
May 29
Tuly
15 June
2
3
June
*$154
June 30 June 20
50c
50c
50c
25c
30c
$154
7c
July
July
July
July
1 June 14
15 June 30
1 June
16
10 June 20
June 20 June 17
1 June 14
July
June 16 May 31
June 20 May 29
1 May 29
July
Extra
June 20 June
5
June
16 June
June 30 June
2
%
75c
75c
......
7% preferred (s.-a.)
Mengel Co., 5% 1st pref
Mercantile Acceptance Corp. 5% pref. (quar.)..
5% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
Mercantile National Bank (Chicago) (quar.)
......
35c
t$154
25c
25c
30c
30c
$1
50c
Meet a Machine Co
Metal & Thermit Corp. 7% pref. (quar.)
Metropolitan Edison Co. $7 cum. pref. (quar.)
$7 prior preferred (quar.)
$6 cum. preferred (quar.
$6 prior preferred (quar.
$5 cum. preferred (quar.
Michigan Associated Telephone Co. 6 % pref
Mickelberry's Food Products Co.
$2.40 preferred (quar.)
Middle West Corporation
Midland Loan & Savings Co. (Port Hope, Ont.)
Common (s-a)
Midland Oil Corp. $2 conv. pref
$154
$154
$154
$154
9
June 30 June
3 Aug.
15
1 June
14
1 June
14
July
1 June
14
June 30 June
16
Sept.
Dec.
Sept.
Dec.
5 Aug. 30
5 Dec.
1
5 Aug. 30
1
5 Dec.
June 30 June 25
July
1
June
16
June 30 June 20
July
July
July
July
July
July
60c
July
20c
June
88
9
Sept.
July
July
$134
1 June
2
1 June
2
1 June
2
1 June
2
liJune
2
l|June 14
1 June 20
16 May 31
_
40c
July
t25c
June
50c
Midland Steel Products
2 June 14
16 June 11
1 June
13
1 June
13
16 May
15 June
$2
July
July
July
July
45c
June
3754c
June
1254c
15c
June 25 June 12
3 June 23
July
50c
$2 non-cumulative dividend shares
Preferred (quar.)
$2
....
Mid-West Refineries, Inc., $1.50 conv. pf. (qu.)
Miller Wholesale Drug Co
Mission Dry Corp
$154
$154
July
July
$1
Mississippi Power Co. $7 preferred (quar.)
$6 preferred (quar.)
Mississippi Valley Public Service Co
Mitchell (Robert) Co., Ltd
Mobile & Birmingham RR., 4% pref. (s.-a.)
Modern Collet & Machine Co. (initial)
Modern Containers, Ltd. (quar.)
July
:50c
$2
10c
20c
1 June 13
1 June 14
15
5
1 June 20
1 June 20
1 June 20
June 30 June 20
July
1 June
2
June 20 June 10
2 June 20
10c
July
July
July
75c
Extra
June 20 June 10
Preferred (quar.)
...
2 June 20
2 June 20
Serv. Co.—
7% preferred (quar.)
Monroe Chemical Co. (quar.)
...
....
$154
$134
$5
50c
$i 54
July
July
July
July
July
July
July
July
:$3
: $1
:$1
July
July
t$:.54
Extra
7% preferred (quar.)
Montreal Loan & Mortgage (quar.)
Moore Corp., Ltd., common (quar.)---7% preferred A (quar.)
7% preferred B (quar.)
Moore (W. R.) Dry Goods Co. (quar.)
Quarterly
Quarterly
Morgan (J. P.) & Co. Inc. (initial)
Morris & Essex RR. (s.-a.)__
Morris (Philip) & Co. common (quar.)
4 34 % preferred (quar.)
Motors Acceptance Co., 6% pref. (quar.)
Motor Finance Corp. preferred (quar.)
Mountain Producers Corp. (s-a)
Mueller Brass Co. (increased)
Muncie Water Works Co., 8% pref. (quar.)
Murray Ohio Manufacturing Co
Muskogee Co. common (irregular)
4354c
8754c
10c
Montreal Cottons, Ltd., common (quar.)...—
July
$1
$154
June 26 June 16
June 26 June 16
t$154
(quar.).
7% preferred (quar.)
lay Department Stores (quar.)
May Dei
Mead Johnson & Co. (quar.)
9
June 23 June
7 June 20
6254c
16 May 31
14
June 25 June
June 25 June 14
June 26 June 16
10c
14
2
June 20 June
1 June 14
July
June
60c
14
June 30 June 25
7
June 16 May 31
16
3734c
(quar.)
Mastic Asphalt Corp. (quar.)
Mathieson Alkali Work
orks, com.
6% preferred (quar.)
i
5% preferred.
Montgomery County Trust Co. (N. Y.) (s-a)
Montgomery Ward & Co., Inc., com. (quar.)
$7 class A (quar)
—
Montreal City & Dist. Savings Bank (Montreal)
Common (quar.)..
June 30 June 25
June 14 June
June 15 June 10
10c
Montana-Dakota Utilities Co., common
Dec.
1 June 19
June
50c
Sept. 12 Sept.
3
15 June 30
14 May 29
(s-a)
Modine Mfg. Co. (quar.)
Monongahela West Penn Pub.
1 June
35c
(quar.).
Sept. 15 Sept. 6
Dec. 15 Dec
5
June 15 May 21
2 June 15
July
25c
(quar.)
Quarterly
Lock-Joint
July
$154
preferred (quar.)
com.
Midwest Oil Co. (semi-ann.)
June
July
July
June 30 June 20
2
June 16 June
June
5c
Massachusetts Plate Glass Ins. Co.
(irregular)
2
15c
Massachusetts Investors 2nd Fund
Mid vale Co.
2
$154
$154
$134
16 June
Aug. 30 Aug. 29
Nov. 29 Nov. 28
50c
(N. Y.)
19
June
4354c
4354c
*\&
Mangel Stores, $5 preferred..
Mansfield Theatre Co., Ltd., 7% pref. (accum.)
17
15c
Extra
*—
(Quarterly)
:
Magma Copper Co
Mahon (R. C.) Co
Malartic Gold Fields (initial)
1 June
14 June
Sept. 20
1-2-42 Dec. 23
June 14
July
25c
(quar.)
1 July
June
June 21
Oct.
25c
Extra
Master Electric Co.
July
$154
$2 preferred (quar.)
—
Mapes Consolidated Mfg. Co. (quar.)—
Margay Oil Corp. (quar.)
Marine Midland Trust Co. (N. Y.) (quar.)
Marion-Reserve Power Co., $5 preferred (quar.)
Maryland Fund, Inc. (quar.)
1 June
July
June 28 June
5c
—
...
13
13
2 Aug.
June
*$154
J8c
preferred (accumulated)
13
Dec.
May 31
16 May 31
7
14 June
50c
McLouth Steel Corp. (irreg.)
MacKinnon Steel Ltd.—
1 June
Sept.
16 May 31
June
3c
(quar.)
1 June
June 30 May 31
June 30 May 31
June
15c
Manufacturers Trust Co.
I7c
834c
Red Lake Gold Mines
7% preferred (quar.)
Magnin (I.) & Co. pref.
Preferred (quar.)
June 25
25c
1 June 13
14 May 31
June 30 June 21
June
$1.9449 July 28
$2-2692 July 28
June 25 May 31
3734c
t$ 154
--
McCrory Stores Corp. (quar.)
July
July
July
July
June
16
June 16
2
16 June
25c
.
14
1 June 21
15 June 30
1 June 16
17
June
40c
1 June
July
July
June
July
July
5
$154
July
July
18
$2
19
1 June
June
$154
$154
preferred (quar.)
June 30 June
1 June
July
14
19
July
July
5c
New preferred (quar.)
Magor Car Corp. com. (quar.)
July
July
10c
Magazine Repeating Razor Co., common
6
June 20 June
June 24 June 10
Aug.
16 June
25c
(semi-annual)
Macassa Mines, Ltd
30c
3c
Keystone Custodian Fund Series B-l
Lincoln Trust Co.
(Del.) class A (quar.) —
634% preferred (quar.)
654% preferred (quar.)
Lykens Valley RR. & Coal Co. (s.-a.).
Lyon Metal Products, Inc
McClatcbey Newspaper, 7% preferred (quar.)
7% dreferred (quar.)
McColl-Frontenac Oil Co., Ltd.—
6% preferred (quar.)..
McGraw-Hill Publishing Co
conv.
Nov. 20
Dec.
10c
.
Manufacturing Associates
McKenzie
Nov. 20
Dec.
June
30c
(quar.)
Louisville Title & Mtge. Co.
Extra
Ludlow
14
11
1 Aug. 20
1 Aug. 20
$154
$2 >4
7% preferred (final)
Class B
Sept.
Sept.
25c
Preferred
Louisville Gas & Electric
June 30 June
June 30 June
50c
10
$134
25c
Lincoln National Life Insurance Co.
(quar.)
Lord & Taylor (quar.)
Lorill&rd (P.) Co., common
7% preferred (quar.)
Louisiana Land & Exploration Co
Louisville Gas & Elec. Co. 6% pref. (final). —
Holders
When
Payable of Record
25c
10
2
$134
$134
$134
$134
1234c
$134
25c
$154
10
2
iig
—
5% partic. pref. (quar.)
5% partic. pref. (partic. div.)
Longhorn Portland Cement Co. (irreg.)
Loose-Wiles Biscuit Co. (quar.)
1 June
16 June
$134
*$354
75c
$1 54
1 June
16 June
3134c
Kerlyn Oil Co., class A (quar.)
Lambert
(quar.)
5% partic. pref. (quar.)
5% partic. pref. (partic. div.)
1 June
June
15c
Ltd.—
7% preferred (accum.)
July
July
June
Class B (resumed)
Kerr-Addison Gold Mines (interim)
Extra
Loew's (Marcus) Theatres,
July
July
$154
Share
of Company
Lone Star Cement Corp.
$7
...
Kennedy's Inc. pref. (quar.)
Kern County Land
6%
Name
Lunkenheimer Co. 654%
Iowa Southern Utilities Co.—
—
10 June 20
June 26 June
International Ocean Tel^raph Co. (quar.)
_
International Pow. Co., Ltd., 7% pref. (accum.)
International Products Corp., 6% pref. (s.-a.)„_
Investment
1 May 31
16
June 26 June
60c
7% preferred ($100 par) quar.)—..
7% preferred ($5 par) (quar.)..
Interstate Natural Gas
Interstate Telephone Co.
July
40c
International Harvester Co. (quar.)
International Holdings, Ltd. (irreg.)
International Nickel of Canada
Per
Holders
Payable of Record
July
International Business Machine® (quar.)
International Cigar Machinery Co..
Interstate
When
June 14, 1941
1 June
1 June
14
14
1 June
14
1 June
14
1 June 20
15 June
13
1 June
13
2 June
14
2 June
14
June
3154c
—
1 June 14
:5554c
$154
$154
$154
$134
$154
$1
June
15 May 31
15 May 31
June 16 May 31
July
July
July
July
2 June 10
2 June
10
2 June
10
1
Oct.
1 July
1 Oct.
Jan.
1 Dec.
31
June
1
15 June
2
1 June 13
15 June 30
$1 54
July
75c
July
1 July 15
$1.0654 Aug.
June 16 May 31
$154
$154
June 28 June 14
16 May 21*
16 June
6
30c
-
June
75c
June
$2
30c
June 16 June
2
1 June 21
July
25c
June 14 June
2
June 28 June
19
Mutual Chemical Co. of America—
6% preferred (quar
6% preferred (quar
6% preferred (quar
88
$134
Sept. 27 Sept. 18
Dec. 27 Dec.
18
Volume
The Commercial & Financial Chronicle
152
Per
Name of Company
Share
Muskegon Piston Ring Co
Nashville & Decatur RR. Co. 7**% gtd. (s.-a.)
Battery Co. pref. (quar.)
National Biscuit Co
National Bond & Investment Co., com. (quar.)_
5% preferred A (quar.)
National Breweries, Ltd., com (Quar.)
.
7% preferred (quar.)
National Brush Co. (quar.)
National Cash Register
National Casualty Co. (Detroit) (quar.)
National Chemical & Mfg. Co. (extra)...
National City Lines (quar.)
S3 conv preferred (quar.)
Class A (quar.)
National Container Corp. (Del.)
National Cylinder Gas
National Dairy Products
June
June
12
June
16
June
June
12
93 He
55c
July
July
June
20
Pacific & Atlantic Telegraph
Pacific Finance of California
Preferred A (quar.)
40c
July
25c
$1J*
150c
2 June
2 June
July
July
10c
June
25c
July
14
14
2
16 June
15 June 30
10c
June 14 May 29
2
June 16 June
25c
June
75c
19
1 July 19
Aug.
June 16 May 20
25c
50c
.....
25c
20c
National Electric Welding Machine Co (quar.).
20c
2c
2c
Quarterly
National Grocers, Ltd., $1-50 pref. (quar.).
National Lead Co. class A preferred (quar.)
6% preferred B (quar.)
50c
National Supply Co. (Pa.) 6% prior pref
t$l.
5** % prior preferred
+$1*
50c
1$2
(quar.)
July
22
20
1
1 June
July
HX
50c
Extra.
3
30 Oct.
Aug.
Oct.
2
10
June
35c
-
1 July
June 24 June
1 June
July
$1**
1234c
$1*4
National Oil Products Co. (irreg.)
National Paper & Type Co. 5% pref. (s-a.)
National Standard Co. (quar.)
15 May 31
Aug.
wy2c
Common
National Transit Co
National Trust Co., Ltd. (Toronto)
May 16
15 June 17
June 21 June 10
June 21 June 10
14 May 29
June 30 June 13
June 30 June
June 30 June
10
10
June 16 May 31
2 June 20
July
Parke Davis & Co
Parker Appliance Co. (quar.)
Aug. 20
June 16 May 31
June 30 June 26
1 June 14
July
July
July
June
1 June
1 June
16
16
16 May 31
June 16 May 31
June 30 June 10
1 June 14
July
June 30 June 14
2
1 June
June
1 June
16 June
June
16 June
9
June 26 June
1 June
July
13
July
July
July
1
14
9
13
Junejl3
1 June
13
1 June 30
June 14 May
23
•
5**% preferred (quar.)
;
Newberry (J. J.) Co. (quar.)
Newmont Mining Corp
Newport Electric Corp. 6% preferred (quar.)
Newport News Shipbuilding & Dry Dock Co—
$5 cum. conv. preferred (quar.)
Niagara Shares Corp. (Maryland)
6 % preferred class A (quar )
Nicholson File Co. (irreg.)
;
__
$T6c
3734c
$1*4
$1*4
Aug.
$1*4
June
June
50c
July
15
6
June
June
Aug.
Nov.
1
75c
«»-»«•—
June
June
June
May 20
May 31
15c
—
June
$1
$2*4
Noblitt-Sparks Industries, Inc
Noranda Mines, Ltd. (interim)—.
Norfolk & Western Ry. (quar.)
Norma-H Bearing Corp. (quar.)
June
June 22
15c
Sept.
Sept. 21
16
North American Co. common—>
stock ($20 par)
This div. is subject to
approval of SEC
75c
V1
6% preferred (quar.)
7124c
5%% preferred (quar.)
North American Finance Corp.—
25c
Class A (quar.)
8734c
7% preferred (quar.)
20c
Prior preferred (quar.)
1234c
North Central Texas Oil Co., Inc. (interim)
North Star Oil Co. Ltd. 7%preferred (accum.)
J854c
50c
Northern N. Y. Trust Co. (Watertown) (quar.)t20c
Northern Ontario Power Co., Ltd. com
+$1*4
6% preferred (quar.)
$1*4
Northwestern Telegraph Co. (s.-a.)
$134
Norwich & Worcester RR. 8% pref-50c
No-Sag Spring Co. (irreg.)
t$l*4
Nova Scotia Light & Power Co., Ltd. (quar.)
5c
Oahu Sugar Co. Ltd. (monthly)
—
—
50c
/-<.
50c
Class B
July
July
July
1 June 10
1 June 10
1 June 10
July
July
July
July
July
1 June 20
June
1 June 20
1 June 20
1 June
16
2 June
13
14 May 31
25 June 30
July
July 25 June 30
1 June 14
July
1 June 14
July
June
July
June
14 June
5
2 June 14
14 June
5
June 24 June
June 24 June
7
7
1 June
14
1 June
14
Ohio Edison Co.—
$7.20preferred (quar.)-$7 preferred (quar.)
$6.60 preferred (quar.)__
$6 preferred (quar.)
$5 preferred (quar.)
Ohio Finance Co. (quar.)
6% preferred (quar.)
5% preferred (quar.)
Ohio Forge & Machinery (irreg.)
Ohio & Mississippi Telegraph Co. (annual)
$1.80
$154
$1.65
$1*4
$1*4
July
July
July
July
July
40c
—
July
July
July
$1*4
$1*4
-
50c
$2*4
25c
-
13
13
June
10
2
June 24
June
4
June
4
June
20
14 June
2
1 June
14
16 June
2
10
12
July
July
July
July
June
10
June
10
June
June
16
16
July
15
June
14
June
14
June
14
.
7
14
June
16
June
16
9
1 June
15 June 21
June 30 June 25
Extra
June 30 June 25
(Quarterly)
|Sept. 30
Perfect Circle Co. (quar.)
(quar.)
Extra
Sept. 25
June 17
June 30 June 20
June 21 June
2
June 21 June
2
Perfection Stove Co. (quar.)
Perron Gold Mines, Ltd (quar.)
-
1 June 10
1 June 20
July
July
-
June 28 June
June 14 June
12
June
Pfeiffer Brewing Co. (quar.)
Philadelphia Baltimore & Washington RR. Co.
Common (s.-a.)
Philadelphia Company, $6 pref. (quar.)__
$5 preferred (quarterly)
Philadelphia Dairy Products Co., Inc.—
4
14 Juno 1 4
July
—
■
31 July
10
June 30 June
14
July
July
1 June
1 June
2
1 JuneJ20
50c
July
July
July
10c
$1**
50c
Pickle Crow Gold Mines
(quar.)
Pilot Full Fashion Mills, Inc. (quar.)
10c
2
1 June
10
1 June
14
June 30 June
14
June 30 June *16
Pioneer Gold Mines of British Columbia—
Common
(quar.)
Pittsburgh Bessemer & Lake Erie RR. Co.Common (quar.)
Pittsburgh Fort Wayne & Chicago Ry. Co.Common (quar.)
7% preferred (quar.)
Pittsburgh & Lake Erie RR. (irreg.)
Pittsburgh Metallurgical Co., Inc. (irreg.)
1
Pittsburgh Plate Glass
Pittsfield Coal Gas Co. (quar.)
Pittsfield & North Adams RR. (s-a)
Placer Development, Ltd. (interim) s.-a.)
Plaza Perm. Bldg. & Loan Assn. (Bait.) (s.-a.)__
Plymouth Oil Co. (quar.)
Pollock Paper & Box Co., 7% pref. (quar.)
7% preferred (quar.)
7% preferred (quar.)
Porto Rico Power Co., Ltd. 7% pref. (quar.)
Powdrell & Alexander, Inc
Power Corp. of Canada, common (interim)
6% 1st preferred (quar.)
6% non-cum. partic. pref. (quar.)
Pratt & Lambert, Inc
Preferred Accident Insurance Co. (quar.)—,—
Premier Gold Mining Co., Ltd. (quar.)
Pressed Steel Car Co., Inc., 5%llst preferred—
6% 2nd preferred (resumed)
Preston East Dome Mines, Ltd. (quar.)
UOc
July
75c
Oct.
1 Sept. 15
$15*
$15*
July
July
1 June
10
8 June
10
$i
14
14
ExtraPrice Brothers & Co., Ltd., 5**% pref. (quar.)--
14
Procter & Gamble Co. 5% pref.
10
June
$2**
t60c
$31*
30c
$15*
$15*
$15*
June 20
June 30
9
July
June
June
June
June
June 30
June
10
June
June
15
Sept.
Sept. 15
Dec. 15
Dec.
July
10c
tl5c
t$l**
June
June
June
June
2
June
10
June
30
.
4
50c
July
July
July
20c
June
June
16
3
t3c
t50c
July
June
13
June
June
10
$2**
June
June
5c
Juhe
WH
July
July
July
June
May 23
J75c
2**c
Progress Laundry Co. (quar.)
—
16iMay 23
June 16'June
6
l'June 10
July
$1**
.-
Extra.-
2 May 31
June
—
1 June
June 20 June 10
1 June 17
July
June 14 May 15
June
June 30 June
June
July
-
1 June
1 June
June
July
July
July
July
Aug.
July
July
July
-
1 June
1 June 10
1 June 10
11
June
1
N»v.
1
June
June 30 June
5
Aug.
50c
1900 Corp., class A (quar.)
Class A (quar.)
15 July
July 25 July
Penney (J. C.) Co. (quar.)
Pennsylvania Edison Co., $5 pref. (quar.)
$2.80 preferred quar.)
Pennsylvania Glass Sand Corp., com. (quar.)_5% preferred (quar.)
Pennsylvania Power Co., $5 pref. (quar.)--,
Pennsylvania Power & Light Co. $7 pref: (qu.}-_
preferred (quar.).
$5 preferred (quar
Pennsylvania RR. (Irreg.)
Pennsylvania Telep. Corp. $2.50 pref. (quar.)_.
Pennsylvania Water & Power Co. com. (quar.)
$5 preferred (quar.)
Peoples Drug Stores
Peoples Gas Light & Coke Co
Peoples Nat. Bk. of Wash. (Seattie,Wash.) (qu.)
June 20
1 July
$i
50c
Niles-Bement-Pond Co
Ohio Brass Co. class A—
(quar.)
(quar.)
Extra
6
1 June
1 June 16
June 16 May 29
July
1 June 16
14
June 27 June l0
Oct.
1 Sept. 15
1-5-42 Dec. 15
Aug. 15 Aug.
5
Nov. 15 Nov.
5
5-15-42
5-5-42
Preferred A (quar.)
Penn Electric Switch Co. $1-20 pref. class A
(quQ
Penn Traffic Co. (s.-a.)
Pet Milk Co.
July
July
14
June
14
June
Peter Paul, Inc. (quar.)
Petroleum Corp. of America (irregular)
Petroleum Exploration, Inc. (quar.)
New York State Electric & Gas Corp.—
June
July
June 20 June 10
10
1 June
July 27 June 28
Quarterly
June 20 June
$1
July
July
July
July
1
June 25
June 25
June 30
_
.
July
July
_
Peninsular Telephone (quar.)--
A
1
Dredging, Ltd. (s.-a.)
Extra
Peerless Casualty Co. pref. (semi-ann.)
Pend Oreille Mines & Metals (initial)
Penick & Ford, Ltd. (quar.)
Preferred A
14
30
28 June 18
June 30 June 20
June 30 June 20
June
June 30 June 14
June 30 June 16
June 20 June
5
Pathe Film Corp. $7 conv. pref. (quar.)
5
-
'
-
14
14
15
15
15
1 July
Aug.
1 July
Aug.
1 June
July
July 15 June
June 20 June
6% 1st preferred (quar.)
6% 2nd preferred (quar.)
14
1 July
4
July
July
July
July
Park Street Trust Co. (Hartford), semi-annual
Park & Tilford, Inc. 6% conv. pref. (quar.)
1 June
1 June
14
July
Parker-Wolverine Co
10c
Founders Shares
50c
-
16 June
_
One sh. of Detroit Edison cap.
for each 50 shs. held.
Common
July
-_
$1*S
$1**
4% preferred (quar.)
Paramount Pictures, Inc.—
June
13c
$3H
$3**
J$l**
7% preferred B (s.-a.)
Panhandle Eastern Pipe Line Co.
6% partic. preferred class A (quar.)
6% partic. preferred class B (quar.)
Paraffme Cos., Inc., common (quar.).
1 June
f 33 l-3c
6% preferred
t$l
New England Public Service Co.—
$7 prior lien preferred
$6 prior lien preferred
New England Tel. & Tel. Co. (quar.)
$1H
New Haven Water Co. (s.-a.)
$2
New Idea, Inc. (quar.)
15c
New Jersey Power & Light Co. $6 pref. (quar.)_
$134
New London Northern RR. Co. (quar.)
$154
New Mexico Eastern Gas Co. com. (s.-a.)
20c
$1*4
6% conv. preferred (s.-a.)__
New York City Omnibus Corp. (reduced)-50c
New York & Harlem RR. Co.com. (s.-a.)
$2.50
$2.50
10% preferred (s.-a.)
N. Y. Lackawanna & Western Ry. com. (quar.)_
$1*4
New York Mutual Telegraph Co. (s.-a.)
75c
New York & Queens Electric Light & Power Co.
$2
(quar.)
New York Shipbuilding Corp.—
10c
Page-Hersey Tubes .Ltd. (quar.)
Pato Consolidated Gold
25c
(quar.)
50c
$1**
14
1 June
Aug.
-
-
Lighting Corp. $5 pref. (quar.)._,
Aug. 15 July 31
1 June 13
July
1 June 13
July
July
$1.31 ** July
$1**
Sept.
Nelson Baker & Co
New England Fire Ins. Co. (quar.).
New England Power Assn. $2 pref
Quarterly
Pacific
1 July 18
Aug.
June 30 June 20
15c
$5.25 first preferred (quar.)
Neiman-Marcus Co. 5% preferred (quar.)
June 30 June
1 June
Pacific Public Service (quar.)
Pacolet Mfg. Co. 7% preferred A (s.-a.).
25c
i
Nazareth Cement Co., 7% preferred
Nehi Corp. (quar.)
July
July
(s.-a.)
5% preferred (quar.)
Pacific Indemnity
t$4 2-3
Natomas Co
_
Preferred C (quar.)--
Holders
Payable of Record
Ottawa Electric Ry. Co. (quar.)
June
f44c
—,
Ohio Oil Co_
Preferred (quar.)
Company
75c
National
3761
When
Name of
25c
Nash-KelvinatorCorp. (resumed)-.
Participating Shares_
Holders
When
Payable of Record
12HC
Myers (F. E.) & Bro. Co
Neisner Bros., Inc.
•
(quar.)
June 30
June
10
June 30
June
30
21
June
June
4
10c
June
June
4
$1**
July j
July
1
20c
-
Prosperity Co. preferred (quar.)
Prudential Personal FinanceiCorp.
(Baltimore)
25c
RClass A (quar.)
Public Investing Co. (Phila.)
8c
June 14 June
2
June 14 June
5
June 20 June 10
Public Nat. Bank & Trust Co.
$154
$1*4
July
$154
7% preferred (quarterly)
$1*4
6% preferred (quarterly)-----------------Oklahoma Interstate Mmmg Co. cl. A (s.-a.)_$l ,5734c
35c
Oklahoma Natural Gas Co
June
June 16 June
Public Service Co. of New Hampshire
60c
Ohio Seamless Tube
Preferred (quar.)
4354c
Ohio Telephone Service, 7% preferred (final) ___
Ohio Water Service Co., class A (increased)-—
Oklahoma Gas &
1
June 30 June
16"
Electric—
$3 preferred (quar.)
$5.50 prior preferred (quar.)
Omnibus Corp. (reduced)
75c
$154
,
10c
$2
8% preferred (quar.)
Oneida, Ltd., common (quar.)
7% partic- preferred (quar.)
Ontario Loan & Debenture Co. (quar.)
Orange & Rockland Electric Co. 6% pref.
5% preferred (quar.)
Orpheum Building Co
—
Otis Elevator Co
Preferred (quar.)-.:
Otis Steel $5** 1st preferred
-----Ottawa Light, Heat & Power Co., Ltd—
5% preferred (quar.)
(qu.)_
—
1854c
4354c
t$134
$134
$1*4
15c
20c
—
$1*4
t$2 54
U5c
t$l*4
June
14 May 31
14 May 31
June 16 May 31
June 30 June 12
June 30 June 12
June 30 June 12
June 30 June 13
1 June 13
July
June 14 May 29
June 14 May 29
2 June 16
July
July
1 June 25
1 June 25
July
June 20 JuneJIO
June 20 May 23
June 20 May 23
June 15 May 31
July
July
1
1
May 27
May 27
Original stock
8c
June 30 June 23
June 16 June
2
—
(N.Y.) (quar.)__
Quarterly
37**c
37**c
$1
$6 preferred (quar.)
$5 preferred (quar.).
ubl'
Public Service of N. J. common
$1
preferred (quar.)
Co. of Okla., 5% pref. (quar.)
Publication Corp., common voting (quar.)
June 16 May 31
June 16 May 31
June
30 June
July
15 June 13
$15*
$1**
$1**
50c
50c
non-voting (quar.)
$15*
$15*
Original preferred (quar.)
7% first preferred (quar.)
25c
Pullman, Inc. (quar.)
Pure Oil Co., 6% pref. (quar.)
6% preferred (quar.)
Pyrene Manufacturing
2
1 June 20
1 Sept. 20
50c
(quar.)
Public Service
Common
Oct.
55c
6% preferred (monthly)
Public Service Elec. & Gas Co., 7% pref.
.
July
$1**
$1**
20c
—-—
Quaker Oats Co.,common (quar.)
6 % preferred (quar.)
Quaker State Oil Refining
Radio Corp. of Amer., $3.50 conv. 1st pref. (qu.)
Preferred B (quar.)
Rath Packing 5% pref. (semi-annual)
$1
6
June 30 May 29
June 30 May 29
July
1 July
June 27 June
June 27 June
July
i June|20
June!16
June
July
July
1
17
17
June
5
16 May 26
1 June 10
1 June 10
June 16 May 31*
3
June 25 June
Aug. 30 Aug.
1
June 16 May 29
87
$2*1
July
July
1 June
1 June
Nov.
1
6
6
The Commercial & Financial Chronicle
3762
Per
Name of
Share
Company
Name of
July
June 16 May 31
l'June 12
Southern Phosphate Corp
Southland Royalty Co
June
Southwestern Associated
50c
June
June
16
16
50c
July
July
June
19
Southwestern Life Insurance Co.
June
—
—
:$i
2c
June
17
June 15
—
June
S7Ac
July
June
25c
Reed-Prentice Corp, p/ef. (quar.)
Reed Roller-Bit Co, (quar.)
Extra
June
June 20
5c
June
June 20
June
$1H
Inc., common (quar.)
6A% preferred (quar.)
Regent Knitting Mills pref. (quar.)
—
June
May 31
May 31
Aug. 15
40c
40c
Sept.
,
Nov. 15
July
June 26
June
15c
7% preferred (quar.)
Remington Arms Co., Inc. 6% preferred (s.-a.)..
Remington Rand, Inc., common
$4.50 preferred ww (quar.)
Rensselaer County Bk. & Tr. Co. (N. Y.) (quar.)
Rensselaer & Saratoga RR. Co. (s.-a.)
Republic Investment Fund pref. A & B (quar.).
Dec.
90c
30c
(guar.)
Reliable Fire Insurance Co. (quar.)
Reliance Insurance Co. (Phlla.).
Reliance Mfg. Co. (111.) common
Aug.
July
May 23
July 21
June
7
July
June
10
July
July
July
Aug.
July
July
July
July
June
10
June 20*
25c
June
July
July
June
14
June
14
14
%1A
$2 A
$4
15c
50c
(quar.)
%XA
$1A
$1 %
—
,
June 30
June
July
14
15
June
10
June
10
June
10
1>
June
June
HP
25c
July
July
July
June 30
June
May 29
June
June
14
5c
June
June
14
25c
June
June
2
June
2
50c
June
June
17
10
■
........................
Extra
25c
Rochester Telephone Corp., 6A% pref. (quar.).
Common (quar.)
i
Roeser Si Pendleton, Inc., (quar.)
July
July
July
July
July
%\%
$1A
25c
15c
Rome Cable Corp
Roos Brothers, Inc. (quar.)
June
25c
Rochester-Amer. Insur. Co. (N. Y.) (quar.)
37$
Roper (Geo. D.) Corp. (quar.)
June 20
15c
5c
$1A
35c
$1A
$1H
15c
$1A
July
July
50c
June
June
5
June
10c
$1A
tlOc
t75c
25c
25c
25c
50c
40c
1(
IIH
j75c
75c
25c
150c
10
Sun Oil Co
14
Sundstrand Machine
14
Sunray Oil Corp 5 A% convertible pref. (quar.)
Sunshine Mining (quar.)
68 Ac
Supersilk Hosiery Mills, Ltd., 5% pref. (s.-a.)—
Sussex Trust Co. (Del.) (s.-a.)
t$2A
Safety Car Heating & Lighting Co., Inc
St. Croix Paper Co., 6% pref. (semi-annual)
St. Lawrence Corp. 4% class A conv. preferred—
St. Lawrence
June
June
May 31
June
June
July
June 20
July
July
July
June 21
July
July
15 June 30
15 June 30
*Tl
S3
t25c
June
6
14
June 30
Corp., Ltd.—
4% class A preferred (accumulated)
Paper Mills 6% preferred
St. Louis Bank Bldg. & Equipment Corp
St. Louis Bridge Co. 6% 1st pref. (s.-a.)
3% 2d preferred (s.-a.)
St. Lawrence
J25c
t50c
;
121§
$IA
June 20 June
July
June
June
50c
! Quarterly)..
June
June 24
50c
8ept.
Sept.24
50c
Dec.
Dec.
7 Ac
75c
75c
June
May 31
June
June
Sept.
...
July
June 20
July
July
July
June 20
June
......
San
Diego Gas & Electric Co
San Francisco Remedial Loan Assn. Ltd. (quar.)
Quarterly
Savannah Electric Sc Power, 8% pref. A (quar.)
7A% preferred B (quar.)
7% preferred O (quar.)...
6A% preferred D (quar.)
Schenley Distillers Corp., com. (resumed)
5H % preferred (quar.)
Schiff Co. common (quar.)
5A% preferred (quar.)
Scott Paper Co.—
Common increased (quar.)....
$4 preferred (quar.)
$4.50 preferred (quar.)..
Scovill Mfg. Co
....
if
HP
50c
%1'A
16
45c
June
June
$1
$1A
July
July
50c
Aug.
Aug.
July
June
75c
June
June
Scranton Lace Co
Scudder Stevens & Clark Fund, Inc. (quar.)
Seaboard Oil Co. of Del. (quar )
Second Standard Royalties, 12% preferred-,
Securities Acceptance Corp., com. (quar.)
25c
.
June
May 31
July
June
10
July
June
10
June
16 May 29
June
62c
July
July
July
July
$1A
6% preferred (s.-a.)
30c
$3
25c
Sharon Steel Corp., common
$5 preferred (quar.)._
Shattuck (Frank G.) Co. (quar.)
Shell Transport & Trading
91A
.....
10c
Sherritt-Gordon Mines, Ltd
Sherwin-Williams Co. (Can.), 7% preferred
...
Sigma Mines (interim)
Signal Oil & Gas Co., class A (quar.)
30c
50c
50c
_______
Silver King Coalition Mines
Silverwood Dairies, Ltd. (initial;
10c
20c
tl5c
(interim)
com.
tii
t
Simonds Saw & Steel
J_„
5% prior preferred (quar.)
5% preferred A (quar.)
t2c
25c
...
M
...
Sloss-Sheffield Steel & Iron Co..
$6 preferred (quar.)
June 20
June
16
June 25 June
14
June
14
June 20 June
2
July
_
_
June 25
May" 23 ~
July
June
July
July
15 June 30
June
16 June
7
June
16 Juhe
7
July
15
June 23
1 June 17
June 30 June 14
June 28 June
June 28 June
14
14
14
May 24
June 16 May 16
July
1 June 14
July
1 June 14
July
1 June 14
(Howard) Paper Mills, Ltd. 6% pf. (qu.)_
Packing Corp
Corp
Preferred (quar.)
.......
...
$1A
ip
25c
5c
15c
June 21 June
10
June 21 June
....
Smith
Sonotone
June 20
16
June
Siscoe Gold Mines, Ltd. (Irreg.)
Skenandoa Rayon Corp., common.
Snider
5c
m
16
16 May 31
June
July
(6 pence) interim
(H.) & Sons, Ltd.,
7 % preferred (quar.)
June 30 June
10
July
June
1 5June30
14 June
4
June 25 June
4
1 June
4
July
South Carolina Electric & Gas Co.—
$6 prior preferred (quar.)..
South Carolina Power Co. $6 pref. (quar.)
South Penn Oil Co. (quar.)
South Porto Rico Sugar Co., com.
(reduced)
8% preferred (quar.)
South West
Pennsylvania Pipe Lines
Southeastern Greyhound Lines (quar.)
Preferred (quar.)
Conv. preferred (quar.)
Southern California Edison Co. 6%
pref. B (qu.)
Southern California Edison Co., Ltd.—
Original preferred (quar.)
5A% preferred C. (quar.)
Southern Canada Power Co.,
Ltd., com. (quar.)
6% preferred (quar.)
Southern Colorado Power Co. 7% preferred
Southern Natural Gas Co. (quar.)
...
$1A
$1A
37Ac
15c
$2
50c
37 Ac
30c
30c
June 30 June 21
1 June 16
July
June
June
July
July
July
Sept.
Sept.
Sept.
June
37 Ac
July
July
Aug.
July
X20c
til A
t$l
25c
15
15
15
15
June 30 June
13
14
1 June
1 June
16
June 30 June
14
2 June
2 June
13
110c
128c
June
112c
16
June
1 June
13
10
14 May 31
14 May 31
June 30 June 16
1 June 16
July
June 26 June
14
6
July
1 June
June
June
14 May
16 June
July
50c
Thew Shovel
common 7% pref. (quar.)
Thompson Products, Inc
$5 conv. preferred (quar.)
Tide Water Associated Oil Co., $4.50 pref. (qu.)
Tilo Roofing Co., Inc. (quar.)
$1.40 conv. preferred (quar.)
Axle
Todd Shipyards Corp
Tokhelm Oil Tank & Pump Co.
Toledo Edison Co.,
June 28 June 23
June 26 June 16
June 16 June
3
16
2
June
50c
91A
91A
July
July
July
20c
June
$1
58 l-3c
50c
6% preferred (monthly)
412-3c
5% preferred (monthly)
Toronto General Trusts Corp. (quar )__$1
Transue & Williams Steel Forgings (irreg.)
30c
Tri-County Telephone Co., 6% 1st pref. (quar.)
$1A
Truax-Traer Coal Co., 6% conv. pref. (quar.)—
5 A% conv. preferred (quar.)
Tuckett Tobacco Co., Ltd., 7% pref. (qu.)
Tunnel RR. of St. Louis (s.-a.)
Twentieth Century-Fox Film Corp
$1.50 conv. preferred (quar.)
Union Carbide & Carbon Corp
Union Gas of Canada (quar.)
20c
in
mg
37!£
.
Extra
1 June 20
1 June
10
16 May 26
16 May 26
June 20 June 10
June 16 June
2
June 14 Apr. 26
July
July
July
July
June
July
1 June
14
1 June
1 June
14
2 June
14
14
14 May 20
1 June 14
15 June
15 June
5
June 30 June
16
1 June
6
June
June
July
July
July
June
5
15 June 30
1 June 15
14 May 20
14 May 20
June
July
July
1 June
18
1 June
June 23 June
June 23 June
18
HP
25c
July
1 June
June
14 June
3
62 Ac
June
14 June
25c
June
3
28
95c
7.6% preferred (quar.)
Union Metal Mfg. Co.. common (quar.)
6% preferred (quar.)
Union Pacific RR
Union Premier Food Stores (quar.)
15c
$1A
$2.50 preferred (quar.)
Union Trust Co. (Maryland), irregular
United Aircraft Corp
United Artists Theatre Circuit, Inc.—
16
16
2
$2
Co
17 May
June 16 June
SIM
5% preferred (quar.)
June 16 June
2
1 June
14
5
2
75c
United-Carr Fastener (quar.)
United Elastic Corp. (increased)
United Fuel Invest s., Ltd., 6% cl. A pref. (qu.)
United Gas & Elec. Co. (N. J.) 5% pref. (s.-a.) —
United Gas & Electric Corp. 7% pref. (quar.)_
June 16 June
20c
June 24 June
5
2 June 20
July
i75c
92 A
$1M
HP
J6c
$1
Illuminating Co
United Light & Railways 7% pref. (monthly)
—
6.36% preferred (monthly)
6% preferred (monthly)
United Merchants & Manufactures,
voting trust certificates
United Molasses Co., Ltd.—
July
30c
20c
(quar.)
$5 preferred (quar.)
Amer.
1 June 20
10c
Union Investment Co
United Gas Improvement, com.
16 June
20c
...
United Carbon
2
June
35c
25c
7% preferred (monthly)
1 June 21
June 28 June 10
HA
$1A
(quar.)
United Gold Equities of Canada (s.-a.)
31
20
June 14 May 31
16
1 June
July
July
July
20c
United
July
18
75c
9
June
16
1 June
Aug.
July
July
July
16
$4
10c
9
June 20
June 30 June
June 30 June
50c
16
June 20
5
50c
(annual)
June
Aug. 20
Aug. 20
Aug. 20
May 20
1 June 14
July
1
June 30 June
2 June 13
July
10c
June
June
37 Ac
34 Ac
11
14*
16 May 26
Jane 20 June 10
16
50c
.....
$3 preferred (quar.)
Tlmken-Detroit
f2.50 conv. preferred (quar.)
% class A prior pref. (quar.)
Simon
2
14
14
June 30 June
June 30 June
91A
Textile Banking Co. (quar.)
Thermoid Co. (resumed)
June
75c
Shamrock Oil & Gas 6% conv. pref. (s.-a.).,
Class B
16
10
5
June
1 June
Texas-New Mexico Utilities Co.—
June
tic
$75c
.......
Optical Co
Texas Gulf Producing Co
Texas Gulf Sulphur Co
June
25c
June 30 June
June 30 May
25c
Corporation
Light & Power Co., 6% preferred
Terminal National Bank of Chicago
Texas Corporation (quar.)
$4 2nd preferred
Texon Oil & Land
37 Ac
..
June 30 June
10
lc
5% preferred (quar.)
19
19
43'Ac
_
6% preferred (quar.)
Security Engineering Co., Inc.—
7% preferred (quar.)
.....
Security Holding Corp., Ltd.—
6% non-cum. pref. (increased)
See man Brothers, Inc.
Seiberling Rubber Co.—
?■-
2
June 30 May 31
1 June 14
July
5
16 June
June
10
120c
162 Ac
19
May 15
May 31
2 June 20
June 30 June 20
June 30 June
68Mc
Tennessee
June
15
2 June 20
June 30 June
62 Ac
10c
Tennessee
June
14
June 14 May 31
2
1 June
July
91H
5% preferred (quar.)
Taggart Corp. $2.50 preferred (quar.)
Talcott (James) Inc., common
5A% participating pref. (quar.)
Tamarack & Custer Cons. Mining (irreg.)
Taniblyn, (G.), Ltd., common (quar.)
10
July
30
10c
50c
June
June
40c
25c
June 20
25c
40c
25c
(quar.)
June 20
SIN
15
31
17c
Teck-Hughes Gold Mines, Ltd. (quar.)
Telephone Bond & Share Co. 7% 1st preferred._
$3 1st preferred
50c
...
Shuron
20
15
16
31
15
50c
*
—
Extra
Sept. 15
Quarterly)
Quarterly)
21
30c
—
Extra
Class A
9
30c
-
Sylvanite Gold Mines (quar.)
Tacony-Palmyra Bridge Co.—
Common (quar.)
15
St. Louis Union Trust Co. (Mo.), common—
75c
Sutherland Paper Co
Swift & Co. (quar.)
10
15
July
Extra
2
2
1
June
June
June
June
July
July
25c
June
June
25c
June 30 June
July
50c
$1H
10
5
June 14 June
June 28 June 16
5
June 15 June
t2Ac
t$3A
Tool
16 June
1 June
July
Sept. 15 Sept.
July 10 July
1 June
July
June 16 May
June 16 May
J tine 16 May
June 16 May
June 16 May
June 14 May
July 15 June
Dec. 31 Dec.
20c
37 Ac
June 20 June
Sept. 30 Sept. 15
Ruber old Co. (Irreg.)
Ruud Mfg. Co. common..
Sabin Robbins Paper Co., 7% pref. (quar.)
June 20 June 10
1 June 20
in
Russell
Industries, Ltd. (quar.)
7% preferred (quar.)
RussellMfg. Co
14
July
t$l
10
12
14
June 30 June 17
1 June 30
$3 A
25c
10
5
14 May 31
16 May
1 June
Starrett
Stewart-Warner Corp
5
1 June 28
16 June
June
$1A
(L. S.) Co, (irreg.)
Stearn Manufacturing Co. (quar.)__
Stecher-Traung Lithograph Corp. 5% pref. (qu.)
5% preferred (quar.)—...
5% preferred (quar.)
Stedman Bros., Ltd. (quar.)
Preferred (quar.)
Sterchi Brothers Stores, 6% pref. (quar.)
June
June
37 Ac
Standard Wholesale Phosphate (quar.)
July
50c
50c
Extra
Standard Oil Co. (Ohio) (quar.)
Preferred (quar.)
15
91A
Strouss-Hirshberg Co. (quar.)
Stuart (D. A.) Oil Co., Ltd.—
Class A participating preferred, extra
Sudbury Basin Mines, Ltd. (irreg.).
Sun Lire Assurance of Canada (quar.)
June
1 June
15 July 12
7 June 20
June 16
June 20
June
July
July
July
June 16
June 16 June
Strawbridge & Clothier 7 % preferred
June
June 30 June 16
June 20 June 10
$1
June 20
June
Holders
$2
—
8% preferred (quar.)
Sparks-Withington Co. 6% conv. pref. (quar.) —
Spartan Mills (s.-a.)__
Spencer Trask Fund, Inc
Spiegel, Inc. pref. (quar.)—
Spring Valley Co., Ltd. (liquidating)
Springfield Gas & Elec., $7 pref. (quar.)
Square D Co., common
5% convertible preferred (quar.)
Staley (A. E.) Manufacturing Co., com. (irreg.)
7% preferred (semi-annual)
—$5 preferred (quar.)
Standard Brands, Inc. pref. (quar.)
Common (quar.)
$4.50 preferred (quar.)
Standard Coated Products Corp., $1 pref
Standard Fruit & Steamship, $3 partic. pref
Standard Oil of Calif, (quar.)
Standard Oil Co. (Indiana) (quar.)
Standard Oil Co. (Ky.) (quar.)
Standard Oil Co. (N. J.) (semi-ann.)
May 31
tlH
20c
—.
6% preferred (quar.)
6% prior preferred (quar.)
Reynolds Metals Co., 5 A% pref. quar.)
....
Rheem Mfg. (guar.)
Rlce-Stlx Dry Goods Co. 7 % 1st pref. (quar.) —
7% 2nd preferred (quar.)
Rich's. Inc., 6A% preferred (quar.)
Rltter Dental Mfg. Co
Inc., 5% pref. (quar,).
Common (resumed;
Riverside Silk Mills, class A (quar.)
Robbins & Myers preferred
Roberts Public Markets (quar.)
Extra...
Robertson (H. H.) Co. (quar.)
June 20
June
--
When
Payable of Record
Telephone Co.—
(Dallas) (quar,)
Southwestern Light & Power Co. $6 pref. (qu.)_
Southwestern Portland Cement, com. (quar.)
16
12Mc
—
Reeves (Daniel),
Share
Company
50c
Real Estate Loan Co. of Canada, Ltd. (s.-a.)—
Red Indian Oil Co. (quar.)
—
Republic Steel Corp.
Per
Holders
Payable of Record
37m
Kaybestoe-Manhattan, Inc
Rayonier, Inc., $2 pref. (quar.)
Ray-O-Vac Co., (quar.)
8% preferred (quar.)
Reading Co. 2d preferred (quar.)
Preferred
When
June 14, 1941
June 15 June
2
June 20 June
5
June 30 May 29
June 30 May 29
June 30 June 16
July
1 June
11
58 l-3c July
53c
July
1 June
1 June
16
16
50c
Inc..
deposit rets, for ord. reg. (final).
Bonus
United New Jersey RR. & Canal (quar.)
United Pacific Insurance Co. (quar.)
United Public Utilities $3 preferred
$2 H preferred
July
1 June
16
25c
June
16 June
2
com.
al2A% June 21 May 20
a2A%
$2 A
SIM
June 21 May 20
July
10 June 20
June 27 June
75c
June
68 He
June
17
14 May 31
14 May 31
Volume
The Commercial & Financial Chronicle
152
Per
Name of
Company
Share
U. S. Gauge Co., common
(s.-a.)
$2M
$1H
*
7% preferred (quar.)
U. 8. Graphite Co. (irregular)
U. 8. Gypsum Co. (quar.)
35c
-
50c
7% preferred (quar.)
U. 8. Leather Co. 7% prior preferred
IX
t$3
U. S. Petroleum Co
2c
United States Pipe &
Juarterly
uarterly
ted States
1 June 20
1 June 20
June 14 May 31
July
1 June 14
July
1 June 14
July
1 June 10
July
July
June
16 June
June 20 May
Sept. 20 Aug. 30*
Dec. 20 Nov. 29*
1 June 14
July
50c
6% pref. (quar.)
U. 8. Rubber Co., 8% non-cum. 1st pref.
(qu.)_.
United States Steel Corp
U. S. Sugar Corp. (increased)
Preferred (quar.)
June 30 June 14
2
June 16 June
SIM
$2
$1
15c
Upson Walton Co
15c
Utah Fire Ins. Co. (Salt Lake
City) (quar.)
$2
10c
Utah Oil Refining Co (quar.)
Utah Power & Light Co. $7 pref. (quar.)_
$6 preferred (quar.)
.
t$lM
+$1$f
Utica Knitting Co
5% prior pref. (quar.)
Utility Equities $5.50 priority pref
Valve Bag Co. 6% preferred
(quar.)..
62 Mc
Van Norman Machine Tool
25c
Vapor Car Heating Co., pref. (quar.)
Preferred (quar.)
$154
$154
June
2
June
14 June
direct and guaranteed-—
Other bills discounted
_
....
June 30 June 19
June 28
July
Sept. 28
Oct.
1-2-42 Dec. 29
July
1 June 16
June 20 June 10
June
14 June
16 May
July
July
6
July
1 June 21
2
June 16 June
June 14
July
June 20 June
10
Sept. 10 Aug. 30
10 Dec.
June
16 June
2
June 25 June
1 June 14
132,000
644,000
171,000
841,000
1,720,000
1,727,000
575,000
165,000
-
815,000
740,000
2,010,000
:
•
anteed:
Bonds
389,312,000
234,163,000
389,312,000
404,247,000
234,163,000
339,160,000
623,475,000
623,475,000
743,407,000
626,036,000
18,000
2,300,000
201,520,000
9,779,000
14,296,000
Notes
Total U. 8. Government securities,
direct and guaranteed
Total bills and securities
Due from foreign banks-Federal Reserve notes of other banks—.
Uncollected items
Bank premises---.-..
Other assets
Total assets.
626,017,000
746,157,000
18,000
18,000
1,642,000
201,077,000
9,779,000
13,982,000
1,724,000
273,780,000
9,820,000
18,828,000
June 30 June 20
16 June
5
June
15 June
June
15 June
1
June 25 June
10
1,732,339,000 1,733,187,000 1,346,005,000
6,527,945,000 6,440,246,000 7,309,315,000
338,095,000
56,935,000
394,604,000
466,273,000
163,196,000
701,145,000
467,447,000
465,728,000
474,075,000
acc't..
reserve
U. 8. Treasurer—General accountForeign
I
$1M
9,841,610,000 10045,091,000 9,725,023,000
Liabilities—
Deposits—Member bank
June
62 He
37 He
50c
Other deposits————--—
July
June 20 May 29
June 25 June 14
Aug.
July
J July
19
June 21
50c
June 20 June
30c
10c
25c
June 26 June 16
June 16 May 20
June 20
July
40c
Waldorf System, Inc. (increased) quar.)
709,000
F. R. notes In actual circulation
15c
...
obligations
1
50c
60c
Vinco Corp
Waialua Agricultural Co., Ltd
Waite Amulet Mines (Interim)
Govt,
10
July
30c
Virginia Electric & Power Co. $6 pref. (quar.)
Virginian Railway Co. (quar.)
(Qvarterly)
Wabasso Cotton Co. (quar.).
Wagner Electric Corp..
S.
2
_
t50c
$1K
$2.40 preferred (quar.)
8,987,661,000 9,192,576,000 8,674,696,000
—
U.
Total bills discounted
Industrial advances
2
June
16 June
June
10c
Victor-Monaghan Co., 7% pref. (quar.).
Viking Pump Co. (Del.) com
by
U. S. Govt, securities, direct and guar¬
31
June
60c
Victor Chemical Works
Victor Equipment Co. $1 conv. pref
$
10
June
Dec.
.
...
'A;
9,133,152,000 8,564,048,000
1,597,000
1,697,000
57,727,000
109,051,000
June 20
$2
50c
Extra
-
Secured
75c
10c
Veeder-Root, Inc..
Ventures, Ltd. (interim)--.
Vermont & Boston Tel (annual)
Vick Chemical Co, (quar.)
$
on hand and due from
United States Treasury.x
8,933,256,000
Redemption fund—F. R. notes
1,697,000
Other Cash f
52,708,000
Total reserves
4
t$2
June 12,1940
4, 1941
Bills discounted:
July
'
June
Gold certificates
2
$15
6% pref. (quar.)
Upressit Metal Cap Corp. 8% preferred
11, 1941
$
2
25c
40c
June
15 July
43 He
m
1941,
previous week and the corresponding
As86tS—
16 June
16 June
July
June
...
Bank of New York at the close of business June 11,
in comparison with the
date last year:
June 20 May 20
June 27 June 17
32c
Upper Michigan Power & Light Co. 6% pf. (qu.)
6% pref. (quar.)
Special fiscal year-end
June 27 June 20
SIM
United States Tobacco Co. (quar.)
7% non-cum. pref. (quar J
U. S. Truck Lines, Inc. of Delaware
U. S. Trust Co. (N. Y.) (quar.)
Universal Products Co
following shows the condition of the Federal Reserve
31*
50c
U. 8. Potash Co
The
6
50c
——
Playing Card Co
New York
Payable of Record
50c
50c
Foundry Co. (quar.)--
Condition of the Federal Reserve Bank of
Holders
When
3763
June 20
Walgreen Co. (quar.)
4M% Pref. ww (quar.)
Walker (H.) Gooderham & Worts (quar.)
SIM
June
$1
,3vM
7,799,760,000 8,010,070,000 7,995,174,000
179,333,000
259,787,000
171,849,000
1,739,000
1,563,000
1,636,000
———
Total liabilities
9,713,171,000 9,916,669,000 9,602,602,000
Capital Accounts—
Capital paid In
51,593,000
56,447,000
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts
51,589,000
13,329,000
51,039,000
56,447,000
7,070,000
13,316,000
7,070,000
53,326,000
7,109,000
10,947,000
June
Preferred (quar.)
Ware River RR.,gtd. (s.-a.)
Warren (S. D.) Co. (quar.)
Washington Water Power, $6 pref. (quar.)—_
Waukesha Motor Co. (quar.)
3
Total deposits
Deferred availability Items
Other liabilities, lncl accrued dividends.
25c
18
14 May 23
June 14
50c
July
July
15 July
June
June
14
1
94.3%
92.9%
1,611,000
828,000
ad
t "Other cash" does not inolude Federal reserve notes
or
a
bank's
own
Federal
Reserve bank notes.
x
These
certificates given by the United States Treasury for the gold taken
from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
are
July
June 20
over
June 20
May 29
June 30 May 29
June 14
July
July!
1 June 14
100 oents 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.
SIM
$154
June 30 June
13
37 Mc
June 25 June
10
SIM
$1M
SIM
4354c
$154
$1
July
July
July
(s.-a.)
Westgate-Greenland Oil Co. (monthly)
Westmoreland, Inc. (quar.)
Weston (George) Ltd. (quar.).
Westside Bank (Milwaukee, Wis.)
(s.-a.)
Weyenberg Shoe Mfg. Co. (irreg.)
Wheeling Steel Corp. (resumed)
$5 conv. prior preferred (quar.)
White Sewing Machine, $2
prior preferred
Whitman (win.) Co. pref. (quar.)
Wiebolt Stores, Inc., 6% pref. (quar.)
$5prior preferred (quar.)
Wilsil, Ltd. (quar.)-Winsted Hosiery Co. (quar.)
15 June 20
1 June 14
1 June 14
June 20 June
July
June
25c
July
July
16 June
7
10
1 June 13
J20c
$3
37Mc
1 June 12
June 23 June 20
June 20 June
5
25c
50c
$154
75c
$154
25c
M
$1,1
Extra
...
Extra
•
25c
10c
OF MEMBERS
ASSOCIATION AT
CLOSE
$1M
5c
SIM
—
Bank of New York
14
Bank of Manhattan Co.
20,000,000
July
July
15
15
National City Bank
Chem Bank A Trust Co.
77,500.000
20,000,000
Nov.
Oct.
Oct.
June
15
Guaranty Trust Co
15
Manufacturers Trust Co
June
10
10
July
July
June
Accumulated
(irreg.)
Wood (Alan) Steel Co. 7% preferred
Woodward & Lothrop, common
7% preferred (quar.)
Worcester Salt Co. (quar.)
Worthington Pump & Machine Corp.—'
4M% prior preferred
4M% conv. prior preferred
Wright-Hargreaves Mines, Ltd. (quar.)
Extra
Wrigley (Wm.) Jr. Co. (monthly
Monthly
Common
June
June
t$254
June
June
10
50c
June
June
$154
June
June
16
50c
JTune
Class B--
15c
6,000,000
90,000,000
41.748,000
21,000,000
15,000,000
10,000,000
Cnt Hanover Bk&Tr Co
Corn Exch Bank Tr Co.
——
Irving Trust Co
Continental Bk & Tr Co.
Chase National Bank-
50,000,000
4,000,000
100,270,000
500.000
Bankers Trust Co
25,000,000
6,000,000
5,000,000
12,500,000
7,000,000
7.000,000
Title Guar A Trust CoMarine Midland Tr Co.
New York Trust Co
Comm'l Nat Bk A Tr Co
Public Nat Bk & Tr Co.
Totals
*
m
J10c
}5c
25c
25c
June
June
June
June
July
July
July
Aug.
Sept.
May 21
May 21
5
5
518,518,000
Net Demand
Time
Deposits,
Average
Deposits,
Average
14,195,100
242,375,000
624,116,000
80,993,400 a2,701,848,000
58,009,600
842,787,000
187,236,100 62,343,807,000
40,986,600
774,715,000
75,370,100 cl,202,507,000
20,258,800
330,296,000
108,726,400
799,847,000
53,792,700
751,297,000
4,511,100
77,261,000
139,538,700 d3,360,062,000
4,279,500
58,366,000
83.878,300 el,230,657,000
26,989,700
17,524,000
39,431,000
166,112,000
6,697,000
75,673,000
106,161,000
75,613,000
27,795,000
662,000
5,128,000
1,211,000
44,775,000
3,904,000
64,914,000
16,071,000
8.843,900
145,394,000
462,131,000
147,195,000
10,714,100
96,455,000
2,227,000
3,044,000
41,099,000
1,642,000
53,407,000
957,498,400 16,207,187,000
737,019,000
28,039,600
31, 1941; State, March 31,1941; Trust
companies, March 31, 1941.
Includes deposits In foreign branches as follows:
a
$285,100,000 (latest available
d $87,073,000
date); 6 $61,252,000 (latest available date); C$3,140,000 (June 12)
(latest available date); e $22,697,000
(May 31).
June 20
25c
Oct.
July
July
$154
July
July
July
June
75c
June
May 24
$1M
July
June
Stock
June 20
15c
1,073,300
10,061,400
As per official reports: National, March
July 19
Aug. 20
Sept. 20
$154
25c
-—
Surplus and
June 20
June
May
May
May
May
HOUSE
16
June
S1I1
25c
7% preferred (quar.)
Youngstown Sheet & Tube
Preferred (quar.)
Youngstown Steel Door (irreg.)
Zion's Cooperative Mercantile Institution (qu.)_
15
1 June 10
15 May 31
31
31
31
31
June 16
25c
Monthly
Monthly.
Wurlitzer (Rudolph), 7% preferred (quar.)—..
Yale & Towne Mfg. Co
Yellow Truck & Coach Mfg. Co.—
31 July
CLEARING
$
June 20
July
July
YORK
Profits
June
Nov'
NEW
Undivided
Capital
Members
Fifth Avenue Bank
$154
THE
July
$ 1.16 2-3 June
-
OF
OF BUSINESS THURSDAY, JUNE 12, 1941
*
*
Clearing House
First National Bank-
6% preferred (1897 series) (quar.)
Wisconsin Ivestment Co. (irreg.)
Wisconsin-Michigan Power Co. 4M % pref. (qu.)
Wisconsin Power & Light Co.—
7% preferred (quar.)
Accumulated
STATEMENT
July
Aug.
Aug.
Wisconsin Electric Power—
6% preferred (quar.)-
The weekly statement issued by the New York City
Clearing House on Friday afternoon is given in full below:
Aug. 15 July 25
June 13
July
June 25
Aug.
June 14
July
June 20
July
$154
....
Weekly Return of the New York City
Clearing House
10
1 June 20
June 30 June
lc
-
Quarterly
industrial
S£
Western Union Telegraph Co
Quarterly
make
to
vanoes
50c
West Texas Utilities, $6 pref. (quar.)_
Wolverine Tube Co.
94.3%
1,611,000
Commitments
25c
West Virginia Water Service Co. $6
prefWestern Light & Telephone Co. $1.7o pref.
(qu.)
Western Tablet & Stationery Corp. 5% pref.(qu)
Wiser Oil Co. (quar.)
Extra
June 26 June
July
,
4M% preferred (quar}
—
June 30
July
25c
West Penn Electric Co., class A (quar.)
West Penn Power Co.
(quar.)
Quarterly
14 May
$1M
$1M
Wayne Knitting Mills, 6% pref. (s.-a.)-.
Common (irreg.)
Wayne Pump Co
Welch Grape Juice Co., common (irreg.)
Stock dividend
Wesson Oil & Snowdrift Co., Inc
West Jersey & Seashore RR. Co.
May 20
15
16 May 23
June 16 May 23
Total liabilities and capital accounts. 9,841,610,000 10045,091,000 9,725,023,000
June
10
16
June
16
June 16
50c
June
June
June
June
5
50c
Sept.
Dec.
the
as
Bond
and
daily closing
stocks and bonds listed
on
Averages
averages
5
of representative
the New York Stock Exchange
compiled by Dow, Jones & Co.:
v
Bonds
Stocka
5
50c
Sept.
Dec.
are
14
2
50c
Below
10
••'V
10
30
20
15
Total
10
First
Second
10
Indus¬
Date
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
trials
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Total
t Payable in Canadian funds, tax deductible at the
tax, effective April 30 1941 increased from 5% to
remains at 2%.
a Less British income tax.
28.36
17.60
41.20
107.45
94.25
63.58
109.48
122.98
28.40
17.69
41.39
107.49
94.55
53.91
109.39
91.34
June 11.
Transfer books not closed for this dividend,
122.31
June 12.
*
122.18
28.46
17.60
41.14
107.45
94.36
53.70
109.34
91.21
June 10-
121.89
28.20
17.55
41.04
107.41
94.24
53.76
109.26
91.17
June
9.
120.16
27.65
17.45
40.45
107.30
93.84
53.34
109.20
90.92
June
7.
118.89
27.69
17.32
40.13
107.28
93.90
53.29
109.25
90.93
June 13.
t On account of accumulated dividends.
source.
15%.
Non-resident
Resident taxs
91.19
The Commercial &
3764
Weekly Return of the Member Banks of
Following is the weekly statement
Items of resources and liabilities of the
alwavs
These figures are
the Federal Reserve
the Federal Reserve System
issued by the Board of Governors of the Federal Reserve System, giving the principal
reporting member banks in 101 leading cities from which weekly returns are obtained.
week behind those for the Reserve banks themselves.
The comments oj the Board of Governors of
the figures for the latest week appear in our department of "Current Events and Discussions
a
System
June 14, 1941
Financial Chronicle
upon
New York and Chicago reporting
immediately preceding which we also give the figures of
WEEKLY REPORTING MEMBER BANKS IN 101
(In Million# of Dollars)
ASSETS AND LIABILITIES OF
V;v
member banks for a week later.
LEADING CITIES BY DISTRICTS ON
Loans and
10,183
Indus, and"agricul.loans
Commercial,
387
366
m m m -mum m m m m
» «a
731
5,706
Investments—total
tOtal
12,784
3,786
2,326
81
Open .market paper
Loans to brokers and dealers In secure
Other loans
760
603
2,451
373
1,258
393
212
357
1,064
529
310
316
854
149
192
104
213
419
397
221
212
277
809
5
45
18
3
24
16
13
v; 11
2
40
7
44
5
■..v....--; 2
4
3
10
11
;67
13
6
10
12
40
133
60
14
32
23
385
160
75
83
75
63
193
16
2
14
32
51
183
48
36
86
■
121
194
31
556
42
1,501
368
...
1
1
1
1
.
106
225
9
1
5
253
56
45
221
37
19
34
50
163
40
25
1,255
191
123
103
119
809
575
40
7,975
116
1
320
70
35
69
116
624
118
42
139
346
2.50
60
264
5,869
517
780
208
498
551
282
144
26
16
82
17
26
25
52
14
136
7
150
14
565
387
295
260
667
190
132
327
204
315
254
298
182
52
80
16
20
68
40
288
81
92
31
421
23
1,212
11,829
1,137
1,713
630
507
3,375
620
335
546
1,407
577
23,888
Cash in vault
61
181
153
73
42
83
107
1,835
1,529
3,511
1,088
261
746
208
192
1,003
£ 192
112
136
230
144
1,312
1,104
5,416
securities
Federal Reserve Bank—
Reserve with
232
70
135
10,982
8. Govt
706
3,030
3,692
United States bonds
45
31
46
135
19
2
13
35
73
529
373
366
1,375
474
181
457
293
372
—
domestic banks..
Other assets—net
LIABILITIES
Demand
433
206
4
9.50
Obligations guar, by U.
P2«
825
13
2,231
Treasury notes
Balances with
3,931
19
81
Treasury bills
Other
716
31
16
149
$
741
3
39
1,892
••••'
$
2,135
16
444
—
...
Loans to bpnks—
Francisco
Dallas
$
%
24
1,240
securities...
Real estate loans.
$
•.
San
Citv ;
apolis
I
1
purchasing or carrying
Other loans for
St. Louis
%
365
13
496
%
Chicago
-
1,296
108
1,386
28,061
Atlanta
%
Cleveland Richmond
delphia
■■
$
%
$
%
ASSETS
New York
Boston
Total
;
■
Kansas
Minne¬
Phila¬
Federal Reserve Districts—
JUNE 4, 1941
deposits—adjusted..—
deposits*.*.*«#—*»V*»
United States Government deposits..
Inter-bank deposits:
Tiro©
Domestic banks
395
182
1,581
112
258
479
14
45
16
0,236
—
—
383
3,965
468
23
587
6
I
2
9
29
"""302
~"l5
20
40
15
20
8
250
1,648
220
392
102
98
424
97
'
;
649
Foreign banks
3,558
,
—
,
Borrowings
785
Other liabilities
3.877
Capital accounts
,
'
1
1
19
5
320
91
385
——-
4
62
108
(V
-
Weekly Return of the Board of Governors
of the Federal Reserve System
issued by the Board of Governors of the Federal Reserve System on
The following was
Thursday afternoon, June 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
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks. The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
showing the condition of the 12
Reserve agents
returns for
and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve
of "Current Events and Discussions."
System upon the
the latest week appear in our department
COMBINED RESOURCES AND
LIABILITIES OF THE FEDERAL RESERVE BANKS AT
THE CLOSE OF BUSINESS JUNE 11, 1941
June
Three Ciphers
(000) Omitted
ASSETS
Gold ctfs. on hand and due from
U. S. Treas.x.
Redemption fund (Federal Reserve
notes)
Other cash *
Total reserves
Bills
discounted:
Secured by U. 8. Government
direct and guaranteed—
obligations,
Other bills discounted
Total bills discounted
Industrial advances
U.S. Govt, securities,
Bonds
direct and guaranteed:
—
Notes
...
Total U.
8. Govt, securities, direct and
guaranteed
...........
Total bills and securities.....
..........
Due from foreign banks
Federal Reserve notes of other
Uncollected
Bank
Other
banks
Items
...
premises........—...—.—
assets-...—....
Total
.........
—
assets——...............
LIABILITIES
actual circulationDeposits—Member banks' reserve account...
United States Treasurer—General account—
Federal Reserve notes in
Foreign.
Other
...............................
deposits
Total
—
deposits
Deferred availability Items
Other liabilities, inol.
accrued dividends
Total liabilities—
CAPITAL ACCOUNTS
V
Capital paid In..
...
...........
Surplus (Section 7)
Surplus (Section 13-b)
...........
Other capital accounts—............
Total liabilities
and capital accounts
Ratio of total reserves to
Reserve note
deposits and Federal
liabilities combined..—
Commitments to make Industrial
Maturity Distribution of
Short-Term
advances
Bills and
Securities—
discounted........
discounted...;
31-60 days bills discounted
...
61-90 days bills discounted
Over 90 days bills discounted
1-15 days bills
16-30 days bills
Total bills discounted—.........
1
-16 days industrial
16 30 days industrial
advances
advances
81-60 days industrial advances
61-90 days industrial advances
Over 90 days Industrial advances
Total industrial
advances
12,
1940
Volume
The Commercial & Financial Chronicle
152
3765
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
Thru Ciphers (000) Omitted
June
June 4,
1941
Maturity Distribution of Bills and Short-Term
.5 \
May 28,
$
11,
1941
$
.
May 21,
AprU 30,
Apr. 23.
1941
1941
1941
1941
1941
%
%
$
S
June 12
Apr. 16,
1941
1941
,
M ay
May 14,
7,
1940
$
$
;>.<■
Securities (ConcludedV
U. 8. Govt, securities, direct and guaranteed:
1-15 days
———
16-30 days
31-60 days
61-90 days..
—.
.
....
57*660
57~O56
57",000
57"66O
2,184,100
2,184",100
2;127,100
2,127,100
2,127,100
2,127,100
2,184*106
2,184*106
2,184", 100
2,477,120
Total U. S. Government securities, direct
and guaranteed-—
2,184,100
2.184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,477,120
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
6,865,638
323,463
6,835,331
6,767,692
307,682
6,701,917
317,530
6,682,910
323,239
6,643,710
6,574,463
301,137
299.833
292,095
6,538,248
320,281
6,513,752
307,480
5,398,209
316,895
6,542,175
6,534,194
6,460,010
6,384,387
6,359,671
6,343,877
6,282,368
6,217,967
6,206,272
5,081,314
7,011,000
1,693
6,971,000
1,642
6,909,000
3,842
6,823,500
6,810,000
6,675,000
1,512
6,659,000
1,742
5,483,500
1,098
6,741,000
1,238
6,636,000
1,784
991
1,669
7,012,693
6,972,642
6,912,742
6,825,284
6.742.238
6,676,512
6,660,742
6.636.991
5,485,169
—
——
...
.
.
Over 90 days
——
—
In actual circulation
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfe. on hand and due from U. 8. Treasury
By eligible paper
Total collateral
•
6,811.0981
"Other cash" does not include Federal Reserve notes.
These
*
-
cents on Jan.
•
certificates given by the United States Treasury for the
are
gold taken over from the Reserve banks when the dollar was devalued from 100 cents to
'
BUSINESS JUNE II, 194
WEEKLY STATEMENT OP RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
Three Ciphers (000) Omitted
Federal Reserve Agent at—
ASSETS
Gold
certificates
on
Phila¬
,yf'
r
New York
Boston
Total
Minne¬
Cleveland Richmond
delphia
5
$
'
and
hand
;
::
Atlanta
$
$-
$
V':;;
20,313,731 1,165,191 8,933,256 1,191,178 1,528,486
689
832
394
10.945
1,697
Redemption fund—Fed. Res. notes16,776
Other cash *
22,576
52,708
289,010
20,553
20,613,686 1,186,138 8,987,661 1,214,586 1,545,951
681,492
216
100
58
42
458,478 3,374,543
658,772
31
....
reserves
City
!'■
$
San
Kansas
apolis
St. Louis
Chicago
Dallas
Francisco
$
$
$
s
due
from United States Treasury
Total
59.00
31,1934, these certificates being worth less to the extent of the difference, the difference itself having been appropriated as profit by the Treasury under pro
visions of the Gold Reserve Act of 1934.
465,952
'
897
1,033
400
156
154
27,613
39,284
18,273
6,312
486,988 3,414,860
579,706
346,375
484,263
328,047 1,308,888
845
1,941
18,157
1,907
:
20,813
-
rr---
339,907
561,033
14,108
31,837
343,000 1,342,666
Bills discounted:
Secured by U. S. Govt, obligations,
direct and guaranteed
1,358
95
709
619
—
19
132
Other bills discounted
■V;
U. S. Govt,
148 i:'
v
25
43
182
203
73
25
412
291
276
217
63,283
41,178
66,277
54,979
114,043
38,062
24,769
39,863
33,068
68,596
65,947
106,140
88,047
182,639
66,541
106,634
88,396
182,881
50
1,977
114
841
258
131
58
8
34
8,774
770
1,720
3,310
348
851
215
364
1,363,800
98,544
389,312
75,859
59,247
156,506
234,163
108,110
65,027
136,462
59,273
82,079
45,627
35,637
94,136
2,184,100
157,817
623,475
173,137
218,541
121,486
94,884
250,642
101,345
2,194,851
158,701
626,036
176,705
219,020
122,395
95,107
251,040
101,395
-
...
30
55
162
34
820,300
Total bills discounted
Industrial advances
20
50
""
securities, direct & guar.:
Bonds
,«i
Notes
Total U.S. Govt, securities,
direct and guaranteed
Total bills and securities
.....
,
4
'
5
4
2
2
6
1
1
1
4
1,467
1,770
6,220
2,685
2,682
826
1,436
825
60,991
4,720
112,614
74,162
33,791
130,181
22,493
39,450
4,525
5,685
2,598
1,973
2,218
3,012
2,698
50,174
2,300
1,355
3,193
50,351
2,810
5,676
2,291
1,622
2,964
2,464
30,936
1,189
2,332
4,739
Total assets..................... 23,818,310 1,434,308 9,841,610 1,464,210 1,889,569
890,080
622,764 3,807,457
738,565
439,212
637,212
47
3
18
26,825
889,067
723
82,404
40,035
2,810
53,799
3,529
2,300
201,520
9,779
14,296
Due from foreign banks————
Fed. Res. notes of other banks..
Uncollected Items
Bank
...
premJses—*.»,:i.—
Other assets—i—u....;.
■
v
v:;K.
5,736
3,211
See
a
466,679 1,586,644
LIABILITIES
6,542,175
538,581 1,732,339
453,308
609,662
308,781
215,776 1,404.889
243,641
169,957
220,103
104,043
541,095
13,312,189
679,310 6,527,945
47,024
338,095
707,019
954,314
396,673
279,504 1,889,074
184,992
31,144
342,217
170,173
291,996
246,792
827,172
F. R. notes in actual circulation.—.
Deposits:
Member bank reserve account
56,764
36,809
42,931
36,683
38,800
36,832
57,462
466,273
118,967
112,835
52,738
42,926
147,176
36,794
26,982
7,425
467,447
20,362
16,088
6,136
6.449
4,654
11,620
6,708
35,568
4,298
35,568
582,106
3,207
27,712
912,475 1,140,001
492,356
360,023 2,225,896
940,973
«
93.237
433,562
240,546
370,662
322,399
972,893
835,205
78,343
179,333
62,090
104,918
72,564
33,184
128,416
49,398
18,846
34,968
28,584
44,561
7,133
553
1,739
1,829
607
434
167
648
200
165
207
216
368
23,446,307 1,408,698 9,713,171 1,429,702 1,855,188
874,135
609,150 3,759,849
726,801
429,514
625,940
16,061,794
Total deposits
availability items..
Deferred
24,772
66,127
1,226,526
U. 8. Treasurer—General account.
Foreign
Other deposits
Other liabilities, lncl. accrued dlvs—
Total liabilities
791,221 7,799,760
455,242 1,558,917
CAPITAL ACCOUNTS
51,593
11,901
14,486
5,447
4.809
14,932
4,295
3,001
4,516
4,270
11,728
56,447
15,144
4,393
3,070
14,323
5,247
5,725
3,974
10,785
713
1,138
1,263
2,121
2,007
2,367
2,011
3,152
1,000
2,545
3,613
3,244
22,824
1,429
8,423
4,925
1,007
4,565
2,005
1,930
3,093
Total liabilities and capital acc'ts.. 23,818.310 1,434,308 9,841,610 1,464,210 1,889,669
890,080
622,764 3,807,457
738,565
439,212
637,212
6
364
39
140,331
157,065
Other capital accounts
Commitments to make Indus
*
2,874
47,822
;
9,353
10,906
26,785
Capital paid in
Surplus (Section 7)
Surplus (Section 13-b)
2,477
172
11,629
ad vs..
7,070
13,329
1,611
"Other cash" does not Include Federal Reserve notes,
2,333
32
1,114
1,732
Less than $500.
a
533
■
f
466,679 1,586,644
3,076
56
1.094
V,
FEDERAL RESERVE NOTE STATEMENT
phita-
Three Ciphers (000) Omitted
Federal Reserve Bank of—
Total
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
.......
Sew York
telphia
s
Federal Reserve notes:
Boston
%
$
$
.
'tichmond
Atlanta
Chicago
S
Cleveland
S
%
$
St. Louis Minneap. Kan. City
$
$
.
Dallas
San Fran.
$
S
S
6,865,638
323,463
554,797 1,827,040
16,216
94,701
469,818
16,510
633,263
23,601
325,855
17,074
235,597 1,440,056
36,167
19,821
259,010
175,261
5,304
230,994
10,891
115,054
598,893
15,369
11,011
57,798
6,542,175
538,581 1,732,339
453,308
609,662
308,781
215,776 1,404,889
243,641
169,957
220,103
104,043
541,095
7,011,000
1,693
570,000 1,845,000
480,000
640,000
350,000
240,000 1,460,000
269,000
177,000
235,000
121,000
624,000
841
259
50
182
189
7,012,693
570,114 1,845,841
480,259
269,050
177,182
235,189
121,000
624,000
by agent as security
Collateral held
for notes Issued to banks:
Gold certificates on hand and due
from United States
Eligible paper..
Treasury....
—
Total collateral
—
114
58
quoted
are
for discount at purchase.
240,000 1,460,000
Quotations for U. S. Treasury Notes—Friday, June 13
United States Treasury Bills—Friday, June 13
Rates
350,058
640,000
*
Int.
Int.
■'
'
'■
Bid
"V'.-A
Treasury Bills
June 18 1941......
June 25 1941.
2
July
9
July 16
July 23
July
1941.
1941
1941
1941
0.13%
0.13%
0.13%
0.13%
0.13%
0.13%
Asked
Bid
July 30 1941
Aug.
6 1941—..
Aug. 13 1941
Aug. 20 1941.
Aug. 27 1941..
IIIII
Sept. 3 1941
Sept. 10 1941-
.
0.13%
0.13%
0.13%
0.13%
0.13%
0.13%
0.13%
Asked
Bid
Asked
102.1
102.3
102.14
Sept. 15 1942...
1M%
1 %%
2%
103 17
15 1942...
1 H%
J Mar. 15 1943—
June 15 1943...
*A%
1H%
1%
Maturity
Dec. 15 1941...
Mar. 151942...
Deo.
-----
Sept. 15 1943
Rate
Rate
Maturity
United
States
Government
Securities
Exchange—See following
page.
on
the
New
Transactions
Asked
102.14
1H%
102.12
102.16
Mar. 15 1944...
102.2
June 15 1944...
103.11
103.13
Sept. 15 1944...
101 8
102.1
102.4
101.3
101 6
Mar. 15 1945...
1%
H%
1%
H%
102
103.19
101 8
101.10
102.5
102.7
Nat. Defense Nts
102.2
102.4
tSept. 15,1944
*Dee. 15,1945
York Stock
Bid
15 1943...
Deo.
at
the
New
York
Daily, Weekly and Yearly—See page
H%
H%
Stock
3781.
101 10
100.12
100.14
100.9
100.11
Exchange,
June 14, 1941
3766
Stock Exchange
Stock and Bond Sales—hew York
DAILY, WEEKLY AND YEARLY
One
Occupying Altogether Sixteen Pages—Page
sales are disregarded in the day's range,
sales in computing the range for the year.
NOTICE—Cash and deferred delivery
account Is taken of such
unless they are the only transactions of the day.
Nc
New York Stock Exchange
and Federal Farm Mortgage
the New York Stock Exchange during the current week.
United States Government Securities on the
Below
we
furnish
the transactions in Treasury, Home Owners' Loan
daily record of
a
Corporation bonds on
Quotations after decimal point represent one or more
Dally Record of U. S. Bond Prices June 7
32ds of
June 10 June 11 June 12 June 13
June 9
Total saies in
Total sales in J1,000 units...
111.24
Total sales in
1
.
107.28
107.28
107.28
(Close
1
$1,000 units...
(High
(High
Low.
2Ms. 1950-52
Low.
I Cl08C
ZKn, 1946-66
10
(High
.-.-jLow.
2Mb. 1940-53
111.24
jLow.
(Close
.
108.30
$1,000 units...
111.24
(High
Total sales in $1,000 units.
108.30
jLow.
(Close
(Close
4s, 1944-64..—
108.30
(High
2MB. 1948
jLow
4^8, 1947-62
June 10 June 11 June 12 June 13
June 9
June 7
Bond Prices
Treasury
(High
Treasury
point.
a
Daily Record of V. 8.
Close
Total sales in
Total sales in $1,000 units...
$1,000 units...
(High
104.12
104.18
Low.
(Close
104.12
104.14
104,12
104.18
Total sales in $1,000 units...
4
2
(High
Low.
103.11
103.16
103.16
103.19
103.11
103.16
103.16
103.16
Close
(Close
103.11
103.16
103.16
103.19
Total sales in $1,000 units...
40
*3
Total sales in $1,000 units...
4
(High
2 Ms, 1952-54
jLow.
3H«,1943-47
(Close
■.
Total sales in $1,000 units...
2Mb, 1956-58—
Low.
107.3
Low.
....•
107.2
107.2
107.2
107.3
(High
107.2
107.3
'
3 MS. 1943-45
'
1
(High
;
3 Ms, 1941
107.2
107.2
(High
(Close
Total sales in $1,000 units...
(High
Low.
Close
2ms, 1954-56
108.3
108.3
Total sales in
units...
Total sales in
(Close
110.14
Total sales in $1,000 units...
2s, Dec. 1948-50
112.20
'
110.24
110.27
110.24
(Close
110.27
110.24
Low.
110.27
jLow.
3ms, 1944-64
(Close
Total sales in $1,000 units
108.18
108.16
108.18
108.16
108.18
5
(Close
5
Totat sales in $1,000 units...
3s, 1944-49
—
(High
3s, 1942-47
jLow.
(Close
Total sales in $1,000 units
(High
(High
jLow.
.jLow.
2ms. 1942-47
(Close
(Close
Total sales in $1,000 unit*...
109,
109.28
109.28
109.29
110
jLow.
109
109.28
109.28
109.29
110
(Close
109,
109.28
109.28
109.29
110.
1
2
5
(High
Total sales in $1,000 units...
Low.
•
.
106.29
106.29
106.29
106.29
106.29
106.29
3
2
1
1
2 Ms. 1942-44..
110.10
110
110.10
110,
110.10
Low.
(Close
110,
Total sales in $1,000 units...
V
:
(Close
Total sales in $1,000 units
110.23
Low.
110.23
(Close
110.23
Total sales in $1,000 units...
10
*
Odd lots sales,
(High
108.
108.4
108,
108.4
bonds.
108,
108.4
5
I Close
Total sales in $1.000 units.
12
f Cash sale, ??
t Deferred delivery sale,
Note—The
jLow.
—
(High
jLow.
ims. 1945-47
:
l
(High
2Mb, 1945...
Low.
(Close
1
Total sales in $1,000 units...
2Mb. 1960-65
106.29
106.29
106.29
(High
(High
2 Ms. 1958-63
106.29
106.29
Total sales in $1,000 units
110.6
$i,000 units...
>;
106.29
Close
(High
110.6
(Close
Total sales in
Total sales in $1,000 units
3s, series A, 1944-52.... Low.
Home Owners' Loan
110.6
(High
2Mb, 1956-59...
1
(High
Federal Farm Mortgage
3
1
108.16
(High
2Mb. 1951-54
T-;:V
_.
jLow.
2Mb, 1948-51
104.13
(Close
Total sales in $1,000 units
1
High
104.13
Low.
2b, 1953-55
112.20
Total sales in $1,000 units...
104.13
High
112.20
Close
25
{Low.
(Close
3
Low.
2Ms, 1945-47
103.2
2
—
(High
Total sales in $1,000 units.
103.2
102.31
(High
110.8
Low.
•
103.2
102.31
C10S6
V'."
Total sales in $1,000 units
Close
2Mb, 1955-60
'
110.14
(High
3s, 1951-55
102.31
Low.
High
2s, March 1948-1950
'
Total sales in $1,000 units
...
$1,000 units—
>
•
Total sales in $1,000 units.
*3
Low.
Close
1
Low.
3s, 1946-48
106.11
3
2s, 1947
(High
"('•
106.11
106.17
110.30
Close
Total sales in $1,000 units...
3 Ms, 1949-52
106.11
106.17
(High
110.30
Low.
106.17
106.6
106.6
$1,000 units...
110.30
(High
3 Ms, 1946-49—
106.6
Low.
(Close
108.3
(High
Total sales in $1,000
Low.
2Mb. 1951-53
Total tales in $1,000 units...
3 Ms. 1944-46
—■
table
above
Transactions in
,
includes
x
No transactions.
sale
only
registered bonds
of
coupon
were:
.—.—106.10 to 106.10
Treasury 2Mb. 1954-1956.
—.
..
New York Stock Record
AND
SALE PRICES—PER
HIGH
STOCKS
NEW YORK STOCK
the
NOT PER CENT
SHARE,
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
June 7
June 9
June 10
June 11
June 12
June 13
Week
$ per share
On Basis of
Shares
$ per share
47
$ per share
47
4714
"118
47*4
13i8
437s
45*2
6lg
21I4
13i2
40
40
*43U
*578
*1934
*38
716
4*g
S8
_
6*8
03s
*1934
21*4
*8
*11
*3s
*678
8*s
1U8
1312
1334
41
^
38
*5i8
♦15*4
22i8
46
41
4
578
16*S
150*s 150*8
*45
6*8
21*4
7*8
22
46
4634
1378
41*4
*38
*
4
4
*38
7*8
7*4
73«
6
6*4
*16
17i2
233s
812
23
8*2
152
154
*11
11*8
1214
12
*12*4
578
12*2
♦76
79
*77
78
78
80
2734
*1658
28*4
17
28*4
*1658
28*2
29
29*4
17*8
7g
13*2
56*4
1778
45
♦34
♦12i2
53*2
17
4478
57g
7g
1312
53*2
17i4
45
*84
*1212
53i2
17*4
7g
13*2
6*4
*1634
78
17
54
1758
13*2
54*4
1734
44
44*8
45
63s
6*2
*6*2
6&S
♦43*2
44*4
43*2
4334
6
6
*534
6
•Bid
6
X6%
z43
*534
6*4
*20
4378
45*2
6*4
21*4
*40
*45*2
6*8
*20
4778
6&S
4334
6
48*8
4378
46
6*4
21*4
*40
*45*2
4378
23*4
8*8
153
1358
4134
13*4
41*2
*2
*2
*%
h
4*8
4
13*2
123s
6*8
*78
17*2
233g
8*8
11*8
127g
6*2
80
285s
1634
29
1634
8
7*8
6*4
7*4
6*4
4
1,100
7
7*8
800
*578
6*2
600
*16
17
ar2234
23
8*4
10,000
1543g 155
*11
11*8
2,100
1234
6*2
80*8
"lM
29*8
17
3,800
*1284
6*4
7934
29
*1638
*34
8*2
155
11*8
1278
6*2
1
13*2
56*2
57
1778
1778
45*2
6*2
*42*2
57g
67S
634
43
578
*42*2
v
534
6*4
80
29
58
1734
1234
7934
13*2
*4434
*8
29*8
1634
57
45
Apr
44
Apr
1778
46
67g
43
534
*16*4
*34
1
Adams Express
5*8 Apr
No par
.No
Address-Multlgr Corp
19*2 Feb
12 May
par
10
600
No par
Allen Industries Inc
Allied Chemical A
11,000
200
Amalgam Leather Co Inc
6%
1
*12*2
13*2
200
57*2
58*4
4,800
18
2,800
Am Agric Chem
(Del)._N# par
44*2
1,600
Am Airlines Inc
..10
1,600
American Bank Note
Xl7%
44*2
6*2
6*2
*42*2
43
578
534
t In receivership.
a
230
1,100
50
conv preferred
Amerada Corp..
..No par
6% preferred
American Bosch Corp
Del. delivery,
n New stock,
r
Dec
per
share
70*4
Feb
Feb
147
Jan
110
May
43*2 Feb
51«4 Jan
30
May
3478
4*4
16*8
12*2
36*2
May
9
Jan
June
27*2
Apr
June
19*2
Jan
June
58*8
Jan
734 Jan
Jan
2234
1578 Jan
42*2 Jan 17
% Jan 14
5
Jan
4
May
46*2
May
Nov
60
7| Mar
3g May
4
Apr
7
Jan
Jan
Jan
1*8
14%
9*4 Jan
4*4 May
12*2
Jan
May 27
21*2 Apr
253$ Jan
7
24
Deo
15*2 May
734May 22
r
Allied Mills Co Inc....No par
Allied Stores Corp
...No par
100
49*4
Highest
®8 June
634 June
18*4 Apr 21
5% preferred....
100
Allis-Chalmers Mfg
.Nd par
Alpha Portland Cem..No par
700
$ per share $
10*8 Jan
15
par
par
5
3
22
22
20
15
23
short
Jan 2
634May 26
5i2June 6
1
Dye.No
Allied Kid Co
53
378May 23
3g Feb 26
$2.60 prior conv pref.No par
Alghny Lud Stl Corp. .No
per
120
3534 Apr
3* A pr 24
Allegheny Corp..
No par
5M% pf A with $30 war.100
5M% pf A without war.100
100
16
*8
38
5~400
23*2
*11
Abraham & Straus....No par
Acme Steel Co
25
Air Reduction Inc
16
154
46
Lowest
Highest
$
share
Feb 21
Mar 21
115
Air Way El Appliance. .No par
Alaska Juneau Gold Mln...10
716
per
100
5,000
~
23*8
14
*1234
"l'eoo
$
No par
conv preferred
Adams-Mlllls Corp
4178
*38
154
*11
4,100
6*4
21*4
h«
*16
100
46
x6*8
*20
*13*2
41*2
7*8
Abbott Laboratories
4M%
1378
41*2
4
7*8
*6*4
1,300
4838
100-Share Lots
Lowest
Par
*118
..
37g
1334
41*4
*38
and asked prices; no sales on this day,
4758
*16
6
1684
2234
8
8*8
151
151i2
*11
1U8
12*4
12*2
578
6
$ per share
*118
*40
578
*1934
13*2
47%
*118
4384
*43*4
%
*678
*5*2
*15i8
2158
....
*40
4378
4
$ per share
47*2
48
*40
4034
*378
47ia
*118
*118
♦40
$ per share
Range for Previous
Year 1940
Range Since Jan. 1
Rales
for
LOW
144*2 Mar
10*4 Feb
1134 Feb
135*2 June
Jan
11*4 Mar 17
14'4 Apr 24
7% Jan 8
26*2 May
1234 Apr
182
Jan
1684
4*2 May
93s
Apr
Jan
80*8 June 13
37
Jan
4
2134 May
417g
14*2 Mar 13
»u Apr 25
1734 Jan
8
11
18
55
May
June
1*8 May
Apr 12
1*4 Jan 4
15*4 Jan 15
41*| Feb 14
58*4June 13
143® Feb 28
Feb 19
58*2 Jan
2
5*2 Apr 22
8*4 Jan
8
6
June
Mar
6
35
June
8*4 Jan
2
10
40
42% Jan
2
5*8 May 29
*
Ex-dlv.
y
18
47
June 13
Apr
14
June
87S May
10
25%May 28
—1
Cash sale.
3
6«4 June
11*4 Jan
165
May
5*4 Apr 21
713sMay 14
10
50
6
1
% Jan
79
2*8
Dec
Jan
Nov
Jan
9*2 May
38*2 May
18
Apr
58*2
Apr
12*8 May
21
Jan
4134
75
Apr
1234
Apr
50
Jan
Jan
5*8 June
938 May
Ex-rights. K Called for redemption.
Volume
New York Stock
152
Record—Continued—Page
LOW AND
HIGH
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
June 7
June 9
June 10
June 11
June 12
June 13
Week
$ per share
$ per share
S per share
$ per share
36
36
Shares
*3412
*127
$
ver
share
PRICES—PER
36
36
36
36
36
*35%
35%
127% 127%
128%
127% 127% 12778 128
128% 128% 128
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
78% 79
79%
82%
82%
80%
80% 80%
82% 82?g
174
*170% 174% *170% 174% *171% 174% *173% 174% *171% 174%
28
28%
29
287S
28%
29%
28% 29%
28%
29%
2978
71
72
72
70%
72%
70%
71%
72%
70%
72%
72%
19
19
18%
18%
18%
18%
18%
18%
19
18%
19
110% *108
110% *108
110% *108% 110% *108% 110% *108% 110%
106
*102
106
104
104
*101% 104%
*101% 105% *101% 105
11
11
1034
1034 1034
*10%
12
10% 11
*10%
12
*7
7%
*7
7%
*634
*7
7%
*67g
7%
7%
7%
5
5
*5
5
47S
5
*5
*5
5%
5%
5%
15
15
15%
15%
15
1478
15
15%
15%
15%
15%
93
92
*92
*90% 92
92
92
*90% 92
*90%
92
1%
1%
•1%
*1%
1%
*1%
1%
1%
1%
*1%
1%
STOCKS
Range Since Jan. 1
NEW YORK STOCK
On Basis of 100-Share Lots
the
NOT PER CENT
SHARE,
*35
36
Sales
for
$ per share
SALE
EXCHANGE
500
127%
*1%
78%
*170%
2734
70
18%
"107%
*102
*10
*6%
*478
15%
*90%
411
230
1%
79
8,300
4,100
434
*334
*17l2
17%
*2%
*2%
234
*3
*27%
44%
*1%
20%
14%
35%
3%
29%
4478
*11
*41
33
*28%
6%
*159
3%
11
46
1434
3%
*28%
45%
*1%
21
3%
11%
*41
*3%
%
19
2%
15%
36%
3%
29%
45%
1%
21
33s
19
23g
4%
1
*3%
%
19%
2%
j
19%
2%
4%
%
20%
2%
*3%
.
19%
*2%
4%
*9,600
2,700
2,100
4%
9% Mar 27
12
Jan
6
9
May
6% Apr 23
Am Comm'l Alcohol Corp. .20
American Crystal Sugar
10
2,900
200
"
2,200
3%
*28%
29
29
45%
45%
45%
1%
21%
1%
3%
11%
*11
11%
*11
11%
*41
46
*41
46
11%
*41
115%
25%
1%
33%
2834
6%
160
600
1%)
3%
2,500
11%
400
12%
13
12%
12%
~6~, 500
88
89%
88
89%
11%
11%
2,900
1,000
6,400
1,200
160
*159
160
160
160
*156
160
117
5%
17%
180
33%
1%
33%
28
28%
2,900
1,400
2,700
8,300
1%
6%
*156
6%
70
160
5,700
1334
1378
1378
14%
14%
14%
14%
14%
14%
14%
14%
14%
*64%
478
*8%
3634
39%
6534
478
6434
434
65
65
65
65
65
65%
65
65%
1,000
40
40
1,590
9,400
146
*145
39
40%
40%
146% 146%
*43
44
146
*41
*42
42%
*148
149
22%
*148%
*10
1634
*86
22%
10%
11%
1634
22%
*10%
87
*10
*85%
12%
158%
*12% 127S
157% 158%
6334 6334
64
64
j
*10
16%
*63
63%
14734 14734 ♦143%
5
5
5
4%
4%
4%
*86
.
88
*5%
*5634
58%
5%
*47
578
5%
52
26%
*85
5%
58
5%
*47
9
5
8%
38
37%
4078
4078
146% *145
44
4234
149
149
22%
2278
10%
10%
11% *10
17
16%
87%
87%
12% *12%
159
159%
63%
63%
63%
6334
148% *145
5%
5%
434
4%
88
5%
58%
5%
52
*85
534
58%
5%
*47
13%
*112
26%
2678
2678
30
*29
26%
30
30
30
13%
13%
13%
13%
...
*9%
10%
*1
2
27
*112
*9%
....
10%
27
*1
2
*26% 27
111
1117g *110
4%
4%
4%
4%
55
55
54% 54%
*111
*47
62
2334
*678
2378
7%
*4
4%
*84% 89%
*7 :'v;' 7%
*79% 81
*50
23%
*7%
*4
25
7%
*84%
4%
90
7%
7%
147
23%
10%
11%
17%
89
13
160%
64%
5%
5
88
6%
60%
534
52
27%
3034
13%
10%
111
4%
38%
40%
39%
38%
39%
*145
5
41% 41%
*146% 147
4178
147
*42
23
23-%
10%
10%
*10%
11%
16%
167g
*87%
90
1278
1278
159% 160%
64%
65
4%
5678
62
2534
7%
4%
£23
10%
*10
17%
*89
*12%
160
6%
59%
5%
*48
59%
5%
5%
53
27
27%
*29
*49%
27%
*29%
*13%
30%
13%
13%
Amer Internat Corp
No par
Amer Invest Co of 111..
1
10
10%
2
*26%
*110
4%
56%
*50
10%
*1%
*27
28
111
4%
56%
56
*50
American
6% preferred
$5 preferred
No par
Am Rad 4 Stand San'y .No par
Preferred
100
American Rolling Mill
*1434
3%
13%
*3%
7%
1%
15%
3%
1378
334
*6
6%
*5%
5%
24
24
8%
8%
7
7
*28%
9
22%
*26%
*24%
*103
*103
30
9%
22%
26%
25%
105
105
14% Jan
16834 Jan
American Tobacco.....
62 May 28
62
May 27
146% Apr 26
159
Jan
7
Jan
*65%
67
67
67
4,300
9,500
85
6%
60
6
5%
Common class B__
Am Water Wks 4 Eleo.No par
30
9%
*22%
26%
5%
25
8%
7%
*7%
3%
6%
5%
24%
8%
7%
29
29
6%
*5%
24
8%
9%
9%
22%
2678
22%
*26%
25
25
*25
22%
27%
25%
*103
105
103
*103
105
103
105
105
5%
5%
24
8%
*7%
29%
9%
24
8%
7%
29%
9%
22%
22%
26%
26%
25%
25%
*103
*103
105
105
Bid and asked prices; no sales on this day.
Apr 18
Apr
Apr
Apr
No par
Andes
Copper Mining
A P W Paper Co Inc
9,400
4,900
4%
58%
62
6
Armour 4 Co of Illinois
4,000
26
109% Mar 24
4
May
5
86 conv prior pref...No par
47% Jan
3
7% preferred
100
100
60
Jan 20
23
May 28
6% Apr 18
4%May 22
May 16
5% Feb 19
79% Mar 8
100
1
100
...100
89
87
Feb 19
Assoc Investments Co.No par
26
Apr 23
...100
Topeka 4 Santa Fe__100
85
May
9
18
Jan
2
7% preferred
12,400
Associated Dry Goods
6% 1st preferred.
7% 2d preferred
100
200
7,700
5% preferred...
Atch
1,800
7
Atlantic Refining—...—25
pref series A—.100
.........5
6% preferred-...
50
4%
conv
Atlas Corp
No var
Atlas Powder
5%
conv
100
preferred
Atlas Tack Corp......No par
Austin Nichols....
No par
No par
$5 prior A
250
16
...100
5% preferred
20
3,700
r 400
1
Atl G 4 W I S3 Lines
100
300
100
5% preferred
Atlantic Coast Line RR...100
200
83g
*7%
8-%
1,700
(The)..3
C..13
Baltimore 4 Ohio........100
4% preferred
—.100
Bangor 4 Aroostook.......50
Conv 5% preferred
100
Barber Asphalt Corp..
.10
7%
200
Barker Brothers......No par
*29%
30
9%
4,700
Barnsdall Oil Co...——
5,000
Bath Iron Works
9,100
8,300
1,800
2,100
3%
14%
3%
6%
t In receivership,
Apr
12
61% Dec
41%
Armour4Co(Del)pf7% gtdlOO
"
200
5%
110
28
22% £22% 22%
27% 27%
27% 27%
*2434 25%
*24% 26
*10134 105
*101% 105
*10134 105
*10134 105
*29
*29
33%
33%
*108% 110
*108% 110
7%
7%
7%
7%
*1034
*10%
35%
35%
35%
36
1634
1634
£16%
1634
*56%
57,%
£56%
56%
28a4 2834
*28% 29
73
74%
74
74%
122
122
122% 122%
25%
26
*25% 26
21
21%
*203g
2034
738
7%
7%
7%
*15
1534
15% *15
*12
13
*11%
13
*78%
90
*78% 90
101%
May
400
22%
May
20
111
93g
6
25% May
6
111
*24
Oct
35
28
25
8%
7%
30
9%
9
Apr
6% Nov
12% Jan
25% Apr 21
11% Apr 25
111% Jan 29
Feb 24
6%
*5%
8% Jan
9184
163%
2% May
5% May
83% June
54%
May 14
Feb 20
5%
99% Jan 11
60%June 10
Dec
June
32
1
6%
7% Jan 10
Dec
Mar
May
9
3%
6884
Feb
18
175% Mar
89% Apr
June
26
16
66%
136
Jan
Feb
93
18
20
5
16%
73% Jan
74% Jan
May
Apr
35
Archer Daniels MldPd.No par
3%
9%
5
145
14%
17%
23%
3
1
300
14%
24%
8%
*7%
*29%
Feb 14
600
3%
6%
5%
June 13
5%May 19
61
10%
2
14%
3%
3%
85
27
50
49% *49%
*64
*63%
65
64%
114
114
*114% 115
*114% 115
8
*8%
8%
8%
8%
2
2
*1%
1%
1%
*1%
3%
4% Apr 21
4
May 20
8
May
6
*49%
6%
1134May 27
*1%
3%
9% May
11
Jan
$5 prior conv pref
$5 dlv preferred
32%
33%
20% 20%
20%
20%
107% 107% *106% 107%
*29
33%
33% *28% 33% *28%
33%
*108
111% *106% 111% *108% 110
*108% 110
*7%
*7%
7%
7%
734
7%
7%
7%
*1034
*10%
*10%
*10%
*34% 34%
34% 3478
34%
35%
35%
35%
17
17
17
17%
17%
17%
17%
17%
*55% 57% *55% 56%
56%
56% *56
56%
28
28% *28% 28%
28% *28
28% 28%
74
71% 7178
73%
74%
74%
71% 73
122
*121% 122% *121% 122% 122
122% 122%
*25
26
26
26
26
25%
25%
2634
19%
19%
19%
20%
20%
20%
1934
1934
7
*678
7
7%
7%
7%
7%
7%
14%
14%
15
*15%
15%
*14%
1434 *14%
*11%
1278
12%
12%
12%
13
15% *11%
*77% 90
*78% 90
*78% 90
*77% 90
100
Preferred
— -
14%
19% May
152% May
33% Jan
Jan
33
*15
Dec
May
8
21
14-%
3%
6%
Feb
May
54
32%
16%
3%
Dec
70
49%
139
27«4 Jan
21
3%
155%
122
22% Feb 14
21%
14%
Apr
46%May 13
19
*15
Feb
Deo
54
25
21%
3%
11%
41%
Anaconda Copper Mining. .60
1,400
9,500
2,500
13,700
3%
10
Amer Zinc Lead 4 Smelt
24,-500
6
100
Am Type Founders Ino
100
68%
19%
*5%
*23%
8%
7%
*28%
9%
25
...25
6% preferred
No par
29%
14%
Jan
May
30% May
70% Dec
11% May
No par
68%
19-%
14%
3%
Jan
Mar
23
Mar 27
Anchor Hock Glass Corp 12.50
6%
163
May
93
27
634
10%
5
2
Anaconda W 4 Cable..No par
25%
June
Jan
$6 1st preferred
28%
14
9%May 29
May 26
10%
2
26%
135
81
150
4%
54
..100
Preferred
700
.5612
Jan
28% May
484 May
1234 May
13%
62
63%
Mar 19
31
56%
Jan
3434 May
19
*13%
62
5%
Feb 19
*29
10%
Mar
May
13
American Woolen
52
27%
*112
Mar
26
2
44,900
5%
52
26%
121
90
10
4,400
59%
51
27%
30%
13%
No par
200
6%
59%
July
20% June
No par
1,800
2,800
85
88
6%
Jan
Jan
Mar
American Sugar Refining.. 100
200
148% 148%
5%
5%
4%
4%
69
19%
1378
3%
578
3
Jan 21
l48%May
29%
2
Jan
Amer Telep 4 Teleg Co...100
68%
16%
54
Am Sumatra Tobacco. .No par
28
3%
154
2
150% Jan 10
28% Jan 10
11% Jan 13
13% Jan 14
200
28%
3%
138'4Mar 13
Jan
6,300
1,-500
4,000
American Stores
""140
3%
Jan 13
13
90
*1%
15%
7
8%June 13
*12%
89
8
3
£157% 158
89
734
134
16%
Jan
400
89
115
100
American Stove Co
90
*28%
•
Preferred
19
29
*114
7% Jan 10
45% Jan 13
Amer Steel Foundries. .No par
*87%
7%
2
1678
Jan 13
40
Apr 25
*27
114
7%May 23
May 12
Apr 21
90
7%
162
37
29
114
Feb 17
145
*88%
19%
19%
20
*1734
19%
20%
20%
29
27% 27%
30
27% 29
20
19%
1934
20%
20%
207g
*106% 10778 '106% 10778 *106% 107%
634
634
6%
6%
634
634
*49
50
*49% 49%
49% 49%
*60
62
62
62
63%
63%
155
25
90
68%
19%
21
21%
30%
31%
20%
21%
*106
107%
6%
6%
*49%
49%
*60
64%
39
6
5
Feb 14
Apr 18
96%
29
67%
19%
5
Feb 14
*93%
*27%
27%
25
May
May
34
97
28%
30
30
*94
68%
1934
207g
4
Apr 21
Amer Smelting 4 Refg.No par
89%
7%
83
68
1
Amer Ship Building Co.No par
89%
7%
83
96%
29
27%
Mar
23% Jan 24
33s
25
74% Nov
1234 Mar
*84%
67%
111
134 May
1234 May
48% May
584 Deo
*84%
7%
♦81%
27%
Deo
147g
4
Artloom Corp........No par
19
Jan
92
7384 Jan
300
67%
2234
May
May
Apr
61% Apr 23
434June 9
900
27%
May
10
13% Aug
57
conv preferred.... 100
American Safety Razor.. 18.60
American Seating Co..No par
7%
19
10
38
Jan
13% Jan
5% Apr 4
19% Jan 10
121
Apr 4
2584 Feb 13
3% Jan 13
4634 Jan 13
12% Sept
41% May
18% Nov
4%
68
17% Jan 10
93
79
Jan
89%
13
Jan
1034 Apr 21
Apr 23
13% Jan 27
*89
161
Apr
50
"2,700
90
6%
Apr
Mar
May 26
Apr 29
48
100
300
June
35
Apr
9% May
*7
27%
115
4H%
3
37g
6
*4%
*84%
7%
*81%
19
11
6
38
66%
16% Jan
7%
*66%
3%June
Jan
24% Jan
50% May
6% Apr
11% Feb 19
4%
*27%
22%May 24
4% Jan
Feb 14
Jan
25
4%
*93%
20
4
1% Mar 29
6% preferred
*27
*88%
100
No par
Amer Power 4 Light...No par
$6 preferred
..No par
£7%
7%
*81%
May
May
45% May
1% Deo
18
May
15% Apr 24
4%
89%
8
83
26
3
23
Jan
Amer Metal Co Ltd
American News Co
May
Jan 23
10% Apr 23
2% Feb 15
No par
9% May
23
51
American Snuff
29
90
100
7%
26
Jan
2% May
30
10
5,900
Apr
2%
28%
7%
10'4 May
Dec
27
2% Feb 15
May 15
Jan
3% Mar
84
44%June 3
1% Feb 20
300
92%
*88
Locomotlve.No par
Preferred
Feb 14
Amer Mach 4 Fdy Co.No par
Amer Mach 4 Metals ..No par
200
149
81
*27
89%
7%
83
96%
50
Armstrong Cork Co
No par
Arnold Constable Corp
5
25%
7%
4%
21
Apr
15% Apr
91% Mar
6%
10%
17%
110% 111
4%
4%
62
conv preferred...
Sept
Feb
1% May
17
*112
*1
100
pref
75
984
8%
3% June
17%
67%
6%
No par
May
3
Jan 18
23
10%
65%
*83%
6%
60
1
8
13
6
*10
65
87
non-cum
60
29
4% May
Nov
Mar 26
17s4 Jan 18
38% Jan 4
4% Jan 10
10
5% May
1% Jan
22%
*10
148% *146% 148%
5%
5%
5%
4%
4%
4%
4%
6%
1% Jan
5
2
%May 27
10%
5%
87
*147
l%May 14
3% Jan
10%
23%
65%
66%
*37%
90%
29
7%
1%
149
600
81
95
*27
*114
44
*147
44%
149
*112
111
*7
8%
65
6434
148% *145
2
247g
9
*42
27
4%
4%
*8%
*147
*1
55
5
9
44
27
*50
5%
149
*112
10%
47g
*8%
*84%
7%
*80%
*93%
*90
2634
62
5
8%
39%
41%
92
11% Apr 15
No par
American Ice
420
4%
8%
37%
64-%
434
*8%
37%
9
7
3% Jan 13
$6 preferred
110
117
25%
25
Jan
2% Apr 16
5%
13%
78
5
June 12
14»4 Feb 15
Amer Hawaiian SS Co
46
88
15%June
9% Feb 19
$7 2d preferred A ...No par
400
21
884 Jan 23
6% Jan 11
4% Feb 17
par
6% conv preferred
American Home Produots
1278
5
...No
American Hide 4 Leather
87
*159
%7 preferred...
100
2,700
13%
17%
Encaustic Tiling. .1
700
3%
87
11%
11%
11%
11%
*11% 11%
5
5
5
4%
5%
5%
17%
1778
17%
18
*17%
18%
115% 115% *115% 118% *116
117
25%
25% *25% 26
25% 25%
1%
1%
1%
1%
1%
1%
33
32% 3278
33
33
33%
29
28% 29
29%
28% 29
6%
6%
6%
6%
6%
6%
100
Amer European Sees..No par
Amer 4 For'n Power
No par
400
12%
4%
17%
*115
115%
*25
25%
1%
1%
32% 3278
28% 2834
6%
6%
American
7,100
245%
Chl&e
100
6% 1st preferred..
10
34
20%
2%
conv
American
2,300
46
Jan
110
2,800
3%
Nov
"""500
16%
3%
23%
140% May
35%
3%
65
May
*15%
3%
Jan
Deo
33% May
112
£35
21
May
13% May
185
3
16%
*21
34
116%
Jan
37%
3%
30
*21
May
121
15%
*1%
May
18
Jan
June
234 July
z98%May 29
37
*3%
85% Deo
164
4584
135
No par
15%
3%
May
Oot
Am Coal Co of Allegh Co NJ25
American Colortype Co
10
"166
37
29%
45%
1%
21%
May
1%
115
15%
3%
28
128
7
7234june 12
23% Jan 7
6
Highest
share % per share
May
36%
*28%
45%
1%
Jan
per
31% Jan 11
Feb 15
18%June
7
95% Jan 10
Apr 19
56
Jan 13
Mar
1»4 Jan 13
17i%May 28
23
!
100
84
4%
185
38
130
share
Jan 21
12%
17%
Preferred
100
American Car 4 Fdy. .No par
Preferred
100
Am Chain 4 Cable Ino.No par
per
Lowest
115
8334
11
$
107
Year 1940
Highest
Par
% per share
Am Brake Shoe 4 Fdy .No par
29% Apr 14
5 H% conv pre!
100 zl22% Apr 14
Araer Cable 4 Radio Corp
1
Mar 18
1
American Can
25
78%May 29
preferred
Range for Previous
Apr 22
12%
*11
Lowest
5%
83
1734
1%
2034
11
11%
4%
*17%
3
29%
44%
1%
*41
82
11%
*25
35%
3
12%
82
*115
14%
35%
44%
1%
2034
3%
46
*12%
2%
*28%
178
20%
3%
11%
*3
18%
*3%
%
18%
*2%
14%
35%
1734
*13%
35%
434
%
I
3767
2
Aviation Corp of Del
Baldwin Loco Works v t
5M% preferred.........50
5
50
Corp....-.1
No par
25
w
No par
,2
13% Feb 14
13% Feb 15
60% Jan
16% Jan
2
19%June
6
107
May 29
6% Feb 14
47% Feb 14
61 May 16
111
Apr 22
6
Feb
4
l38May
3
13
May
6
2% Apr 17
12% Apr 21
3% Mar
3
4% Feb 15
5
Apr 23
23%June
7
4
Apr 23
6% Jan
28
8
Jan 20
7% Feb 19
2,400
$2.50 dlv ser'38No par
No par
200
.
Pr pfd
700
Best 4 Co
15,100
Bethlehem Steel (Del) -No par
700
7% preferred...
..100
Bigelow-Sanf Carp Ino.No par
Black 4 Decker Mfg Co No par
Blaw-Knox Co
...No par
Bliss 4 Laughlln Inc.—
6
Bloomlngdale Brothere.No par
Blumenthal 4 Co pref
100
1,100
2,400
1,800
200
90
d Del. delivery,
n
New stock,
r Cash sale,
104
Feb
8
111% Jan 16
5% Jan 25
5812 June 13
62
June 13
343s Jan 10
8% Jan 13
684 Jan 10
90
Jan 14
8
June 11
87
Jan
9
13%June
11
80
4
Apr 29
Jan 7
x Ex-div.
v
1578 Nov
4%
35%
Apr
Feb
Dec
4
May
111%
7%
35
May
64%
Apr
68
Apr
4334
Apr
Apr
97% June
58%
Jan
22% May
6% May
3% May
96% Jan
4% May
65
Aug
11
9%
Apr
Jan
102
July
9
Jan
84
Dec
95
Deo
45
Mar
70%May
8
21%May 13
23% Apr 15
33%June 12
24% Jan 2
110% Jan 2
May
13
May
25%
Jan
39% May
9% May
8% June
9% June
64%
Deo
23%
22%
Apr
18% May
102
June
7
May
2
50%June
72% Jan
118% Jan
3
43% June
9
4
67
May
112% June
8%June 11
2% Jan 11
4
20% Jan 11
5% Jan 6
10
May
4
Aug
178
May
Feb
2
1238 May
43g Jan 10
284 May
19
Jan
7% Apr
4
6% Apr 4
29% Mar 26
10% Jan 10
8% Mar 25
31
Mar 20
9%May
6
Feb
5
Apr 28
Jan
6
83g Jan 24
57
32
Mar 17
May
2
Jan 16
89% Jan 3
131% Jan 28
28
Mar 11
21% Jan
10% Jan
100% Mar
82
7% Jan
13
18
19
18
June
113% Aug
29% June
3734 Jan 28
20% Jan 10
12
22
20
May
134 June
22% Mar
49% May
103s Jan 14
23
26
June
8% Nov
Deo
99%May 14
35% Jan 23
96% Mar 12
30%May 7
323g Apr 21
15%May
54%May
2634May
68% Apr
121% Feb
23% Apr
16% Apr
6% Apr
107
23
126
MarlO
5
12% May
Jan IS
109%May 27
73s Feb 19
103
3
4% May
12% Jan 7
2% Jan 17
30
32
Feb 17
"~7~ 000
4
28% Feb 17
22
800
Mar
104
1834 Feb
2534May
Beatrice Creamery...
.—.50
Beech-Nut Packing Co...—20
Beldlng-Hemlnway
No par
Belgian Nat Rys part pref—
Bendlx Aviation.—
5
Beneficial Indus Loan. .No par
113
5
Bayuk Cigars Inc
200
Beech Creek RR
14% Jan 11
24% Mar 17
313s Mar 24
2534June 11
1033gMay 8
400
$5 preferred w
Preferred x-warrants.No par
Jan
4
111
Feb
80% May
12434
Jan
8% Mar
5% Mar
32% Mar
8%
Apr
197g May
6% Jan
Jan
3% May
8
Dec
Dec
8% May
147g
62%
Jan
16%
Apr
4
May
8%
Jan
20
May
7% June
30%
13%
Dec
Jan
434
24%
Jan
Dec
2584
Dec
20% May
36»4
Apr
18% May
3534
105
May
112%
102
June
105
23%
29% May
102
May
7% June
10
Nov
24% May
17% May
49% June
22% May
63% May
109% May
32%
127
Apr
Apr
May
Oct
Jan
97g
Apr
67%
36%
Apr
Apr
22% Mar
5634
39
Jan
Jan
93% Nov
134
Nov
14
May
34%
Jan
15
May
22%
Apr
534 May
13% May
11%
183g Jan
23%
15
9
11
May
16
Mar 13
54
June
95
90
Dec
978 Mar
51
9
4
8
Jan
Jan
22% Apr
27% May
Jan
Jan
Apr
Nov
Ex-rights, f Called for redemption.
New York Stock Record—Continued—Page 3
3768
SALE PRICES—PER
HIGH
AND
June 10
June 12
June 13
$ per share
$ per share
$ per share
Shares
June 9
% per share
42l2
19%
19i8
1534
92
*43
*3%
*1%
4
4
934
19%
33%
*9%
*1914
45
41
19%
20%
19%
17%
2034
1934
17%
17%
*1%
3134
32
*30
45
16%
4%
10
10%
20%
4%
""300
4%
2,200
10
2,000
20%
20%
8,000
*33
34
*33
34
*33
3434
*33
41
41
*39%
41%
*39
2%
*2%
2%
*40%
*2%
41
*2%
2%
*2l4
2%
6I4
*10%
6%
11%
6%
6%
*2%
6%
6%
6%
"2" 500
*10%
6%
11%
11%
900
*30%
31%
*30%
*20
20%
20
*33
40
40
*10%
*107
*107
3%
3%
67
6%
17
6%
6%
10%
*30%
20%
10%
31%
20%
1034
6%
11%
10%
3%
25%
6%
2534
30%
30%
17%
*17%
17%
51
*50
51
17%
51
6%
7%
7%
8
8
2%
2%
2%
19
19%
*20%
2034
4%
*20%
3%
3%
3%
8%
8%
8%
4%
85
85
85
*8%
1734
52%
*5034
34
34
11%
11%
12%
*37
£12%
12%
*37
38
37
2,000
*6%
2,500
25%
3034
25%
1,700
3034
3034
3034
400
17%
17%
51
51
9%
19%
43,4
20%
434
Bullard Co
No par
Conv pref $2.75
600
290
Bush Term Bldg dep 7%
1,800
500
Butler
3%
2,500
9
1,100
930
9%
800
Byron Jackson Co..—No par
18%
18%
18%
2,000
California Packing..__No par
52%
34
13ie
"2^900
6%
6%
11%
12%
11%
1234
4,600
1,800
12%
4,900
38%
*36%
38%
10
4
-.50
5% preferred
*5034
52%
6%
11%
:
14,500
3%
36%
3%
334
3%
3%
4%
3%
36%
36%
*35%
36%
*35%
36%
100
Cannon Mills..
No par
2%
*2%
3
*2%
234
*2%
234
100
*37%
*37%
39%
*37%
Capital Admin class A
$3 preferred A
1
___.10
*89
91
*89
27%
*26%
27%
234
*2%
39%
91%
27%
234
39%
*27
*37%
90%
*2634
*2%
*37%
*89
39%
91%
*34%
*2%
*37%
36%
2%
3%
334
36
*2%
*36
3%
27
2%
234
*59
59%
60%
60%
117% 117% *116% 117%
45
4434 45
45%
21%
118
21%
213«
118%
22%
9%
9%
934
*67%
9%
67%
934
6834
6834
1634
2
110
2
5%
16%
16%
*1.84
1%
*109% 110
*1%
*434
*2%
*8614
31%
2%
*25%
17
2
*16%
1%
*109%
*1%
5%
5%
*2%
3
95
3134
*86%
31%
3
2%
17
*13
14
*2%
35%
93%
*%
*2%
1%
*6
*534
14
23g
36
94
93%
—
1%
6%
95
31%
50%
*50
3%
*3%
3%
29%
1734
106
20
3%
*17Li
*19
20
*19
14
14
14
14
94
95
28
1734
*2%
3
37
95
97
y
*96
1%
1%
3%
3
•
3%
i: 1%
1%
2
2
6%
.
y
6%
6%
40%
41
41
41
700
50%
50%
50%
50%
50%
400
%
%
*%
632
*%
50%
*%
*%
50%
®32
8%
8%
12%
12%
56
57%
10%
10%
102
102
102
1%
1%
24%
24
103
*43%
46%
*43%
46%
*238
2%
*2%
1%
2%
*30
33
*30
33
*30
*43%
*2%
*130
150
*130
150
7334
113
113
25
25
*
73
*-...
*31%
*130
*70%
73
24%
25
24%
2%
25
25%
98%
*130
82
*4834
*98% 100%
*82%
82%
*98% 100%
*82
82%
*82
98%
82%
*4834
*49
51
*49
51
36%
37%
37
3234
32 34
3234
3334
*145
*145
89
...
37%
89
61
61
*60%
1334
1334
3778
37%
3734
33%
3334
3334
34
89%
13%
*99% 103%
*101
103%
19
19
*11034 113%
*153g
*1%
1%
2%
61%
*60%
13%
*99%
1938
1938
19%
11034 11034 *111%
13%
16
16
16
1%
*16%
*15
14%
134
*1%
2%
*1%
15%
*1%
*1%
*145
*145
89
88%
14%
15
15%
14%
1434
1434
3%
14%
2%
*1%
2%
134
*1%
8934
£89%
22,100
10%
1034
73
1%
2%
134
15%
I
1634
*1%
2%
*1%
*98% 100%
*82%
82%
*82%
*48®4
82%
20
Clev & Pitts RR Co 7% gtd_50
49%
51
10
37%
37%
3334
33%
38%
3334
Special gtd 4% stock
50
Climax Molybdenum__No par
37%
£33%
*89
90
.
....
90
17%
17
2%
2%
1»4
1%
15%
15%
15%
15
15%
15%
15%
15
15%
3%
3
*74%
3%
75
*51
70
*50
70
*55
70
*55
70
*55
70
*72
74
103%
9%
9%
38
3g
*52
53%
2534
*
25%
1,700
10
900
3%
75%
1,400
3%
75%
200
7334
a
5% pref
100
Cluett Peabody & Co.-No par
Preferred
100
Coca-Cola Co (The)
Class A
""560
1,000
100
4,900
100
6,000
300
6,000
35,400
1,800
6,300
Def. delivery,
No par
100
100
Columb Br'd Sys Inc cl A.2.50
100
100
preferred
Columbian Carbon Co-No par
Columbia Pictures
$2.75
conv
Commercial
4M %
conv
No par
preferred-No par
Credit
preferred
10
100
Comm'l Invest Trust--No par
$4.25
conv
pf ser *35.No par
Commercial Solvents..No par
Commonw'lth & Sou..No par
$6 preferred series
No par
Commonwealth Edison Co-25
n New stock,
r Cash sale.
21%
7% Dec
12%
Jan
May
5%
Apr
5% May
16%
6
Jan
Oct
36
35% Nov
Jan
Jan 13
Jan
2
7%
Jan
23%
Apr
5
Sept
6% May
May
9
May
9
6
Jan
Oct
4% May
17%May
2% May
9
39
14
May
Jan 24
Jan
6
Jan
6
Jan
7
34
1
3
6
2% May
29% May
50% July
Nov
15%
Jan
26%
Feb
52% Mar
8%
Feb
Feb
19%
Apr
De
23io
Anr
July
n
Apr
11%
Jan 14
Jan
13®4
82
May
1
May
4% May
II
Jan 10
1%
6% Mar
Jan
40%
6
Apr
45
May
92%May 20
2% Dec
36% Aug
75% June
30% Jan 14
22% May
3234 May
41
Jan 17
3% Jan 29
Jan
2
50% Jan
9
28% Jan
6
120% Jan 29
10%June 10
73% Jan
2234Mar
2% Jan
115% Jan
3
14
25
13
29
Apr
4
6% Mar 11
3%
Jan 13
Apr 2
97
2
May
92%
Dec
3% Nov
39% May
62% June 11
125
75
Jan
June
126
Dec
100
42% May
20
May
105% May
5
May
48
June
17
Aug
l%May
56%
Jan
Apr
35%
Dec
121
12%
Feb
May
72
26%
Apr
3%
Jan
June
106
114% Mar
Dec
Apr
11% May
1%
4
May
i 2%
Oct
Sept
88
5%
6
Mar
100
Apr
41%
Jan
5% Jan 13
3% May
8%
Feb
37% Jan 14
21% Jan 4
106% Feb 10
15% May
,15
May
99% June
20;% Jan 10
17% May
3034
10% June
29% Mar
34% Jan
18
Jan
Jan
2
Jan 16
3
44% Jan 13
102% Feb 3
1% Apr
2%
Oct
3834 Dec
22
Oct
106
May
4%
44
Dec
84% June
101
Dec
6
8% Apr
3
8% Jan JO
15% Mar J 8
44% Jan
9
52% Jan 13
%« Feb
6
Jan 17
% Jan 18
9% Jan 29
6% May
8% May
23% May
41
May
*11 Dec
9
2% Jan 27
27
Jan 27
72%
Jan
2
1034 Feb
Jan
15%
Dec
38
%»Dec
34
Dec
%
13% Jan
12%
44% Dec
51% Dec
%
16%
May
1% Aug
Aug
20
Nov
Apr
91%
5
14%
Jan
9
85
Sept
98
Feb
46% Feb 20
44
Sept
£60
4
2
May
4%
Apr
37% Jan 13
24
May
40%
Apr
June
Jan
3
139
133
Jan
Nov
124
July
85
Jan 15
56
June
114
Jan 24
108
May
Jan 10
26
May
43% Mar
74
May
83%
Apr 26
3334
74% Nov
114%
Jan
100%May 12
83% Jan 29
Mar 11
46% May
48
38%June 13
25% May
41%
50
34
Jan
9
25% May
45%
Dec
99% May
141
Mar
56
May
63
14
10% May
20
Jan
June
94
103% Apr
30% Jan
Mar 19
114
9
June 102%
16% May
108
May
Jan 10
12% May
1% Jan 13
2%May 6
•u Dec
20
2
Apr
Apr
145
62% Jan
5
3
Dec
Mar
May
131
145%May
106
y
Apr
5% Mar
34
Feb 19
Mar 17
Ex-dlv.
Jan
11% Mar
9
53% May
8% Oct
103
9
2%May 20
73 May 24
64 Mar 4
69% Apr 29
4%May 16
21% Apr 17
21'4May20
99% Apr 8
28%May 20
£l02%June 9
8% Feb 15
%«May 19
49
Jar 30
24%May 26
*
Jan
Apr
7% May
Jan 22
1434June
Apr
30% May
1
2%May
3
14%June
Apr
438 Apr 24
Apr 18
.% Jan 2
1% Feb 5
1
Feb 18
4% 2d preferred
6% preferred series A
17% May
12% May
39% Apr
3% Jan
14
4% 1st preferred
2.50
20
22% May
18%May
110
Jan
100
B
6
11% Feb 14
100% Feb 15
Colo Fuel & Iron Corp. No par
Colorado & Southern
100
Class
Jan
7
87
60
No par
Columbia Gas & Elec..No par
8% Nov
143
No par
5% conv preferred
3% May
6%
2
4% Apr
43 May 6
2% Mar 7
30%June 6
139
Apr 26
73
Apr23
110
Feb 14
24%June 9
98 May 23
82 May 28
49
Jan 8
27
Feb 14
28% Feb 18
No par
$4.25 preferred
Collins & Alkman
7234 Nov
9
95
Colgate-Palmollve-PeetNo par
5%
70
*55
$ In receivership,
30
7,800
*7414
7534
*74%
75
7534
7534
*5
434
5%
*434
4%
4%
*22
23
23
23
*23%
23%
*23%
23%
*22%
23
£23
23
23
23%
2334
2334
23%
23%
23%
2334
*100% 101% *100% 101% *100% 101% 101% 101% *101% 105
£28%
29
29%
28%
29%
28%
29%
29%
29%
29%
*103
107
104
104
£102% 103
*103% 107
*103'4 105
9%
10%
9%
934
9%
10
9%
10
934
9%
%
%
%
%
38
<
38
%
53
54
54
54%
54%
5534
56
5434 £5334
56
26
26
25% 26%
26%
26%
26%
263s
25%
26%
100
15%
*15
*4%
Bid and asked prices: no sales on this day.
100
2,600
2,900
1%
*2%
*1%
1%
2%
134
15%
75%
*103
'MOO
""270
*1%
1%
2%
1%
*7334
24
90
*1%
75%
*22
...
*89
1734
3%
7334
4,300
17%
*73%
233s
23%
*10034 101%
29
29%
*145
5,500
17%
75%
4%
100
*98% 100%
*74
74
No par
CCC&St. Louis Ry Co...100
Clev El Ilium $4.50 pf.No par
3%
4%
100
5
5% preferred....
73
*....
City Investing Co
City Stores
Clark Equipment
Clev Graph Bronze Co (The). 1
*145
...
3
100
150
*130
*60
*60
*60
61%
61%
61%
61%
1334
13%
14
13%
14
13%
13%
102% 102%
102% £100
102% *99% 102
20% |
20%
20%
20% 20% *20% 20%
113% *111
113% *111% 113% *111% 113%
18
"""266
No par
100
10
753S
73%
2%
33%
City Ice & Fuel
6preferred
May
40
22 June 2
55%May 28
884 Apr 21
25
5
Chrysler Corp
40
*73%
4%
*30
46%
..No par
Chile Copper Co
1,000
15%
3%
*43s
*43%
*2%
2,660
10
11234 11234 *11234 115
*26
26%
25%
26
3
3
102% 103
2,600
Childs Co
No par
49%
25%
51
51
37%
100
58
150
*
73
82
*98% 100%
32%
33%
1,800
25
21
1%
7%
14%
13%
8
% Jan 4
'*» Jan 6
8%May 22
10% Feb 7
l%May 16
100
Chickasha Cotton Oil
57
46%
2%
32%
*2%
150
300
May
63
%• Jan
100
400
5834
*43%
No par
Pr pf ($2.50) cum div No par
tChic Rock Isl & Pacific. .100
9
1%
5
7% preferred
Dec
3
21% Mar 29
3% Mar 20
5
Apr 28
9% Feb 19
37% Apr 22
49
Apr 8
50
$3 conv preferred
6% preferred
Chicago Yellow Cab
25
1034
1034
102% 103
46%
400
25
58%
5938
*11234 115
112% 112% *112% 115
1%
100
12% Nov
May 119
97
9
12
2
% Mar 3
l%Mar 12
»i«Mar 20
Chicago PneumatTool.No par
12%
1%
*1134
1%
200
%
*8%
12%
25
1034
102% 103
33
150
*....
8%
2434
S32
*10
.
*532
%
8%
12%
*10%
2%
*130
*%2
1%
2434
58%
1%
25
57% 59%
10%
10%
102% 103
*43%
46%
2%
*%
Apr
6% May
6
Jan
1134
93%June
—.40
5% preferred
Chicago Mail Order Co
Jan
Apr
29%
22%Apr21
100
4,100
y
25%
37%
Jan 17
8 534June
1534May 1
£102 June 12
17% Feb 15
Checker Cab Mfg
5
12% Apr 22
^Chesapeake Corp
No par
2%May23
Chesapeake & Ohio Ry
25
34%May 19
Class A
Dec
May
1434 May
27
5% Jan 6
21% Jan 13
4% Jan 4
No par
Preferred series A
4% Nov
2434 Sept
1234
Jan 13
June 11
334 Jan 10
23% Jan 27
Cham Pap & Mb Co 6 % pf. 100
Common...
No par
6%
6%
6%
40%
8%
prior preferred
Apr
5334
Jan
1%
2%May23
Chic Great West RR Co___50
40%
12%
Products..
Chic & East 111 RR Co .No par
100
8%
*11%
.
_
'400
4,300
11%
.
2,100
1,400
6
11%
_
1,
14
12%
_
3
*5%
%
_
2
1
13%
*%2
*
3
6
*%2
_
2
14%
%
10%
400
98
*5%
%
*8%
56
*96
7,100
*%
%
%2
61«
10%
19,300
37
_
"Chain Belt Co
"""206
2%
37%
50%
50%
55%
14
39%
39%
6%
410
14%
%
1%
500
.
193f
1%
6%
6%
173
103
6
*%2
*23%
100
14%
*5%
%
%
13g
1,470
14
6
*%
24%
273
14%
39%
6
14%
14%
616
*1%
1
10
3
3
yy:, 2
*%
*20
Certain-teed
Central Vloleta Sugar Co
2,700
May
£534 Nov
8% Jan 16
2
1,100
200
38
53%
11
3%
pref__100
JCentralRR of New Jersey 100
2%
1
1%
234
Jan
66 June
l6%May
1% Apr
l09%June
134june
3,700
Central 111 Lt 4^ %
40
*13%
234
98
1
7
41% Nov
18% Jan
3
8
1
Century Ribbon Mllls.No par
Preferred
.'
_ -100
Cerrode Pasco Copper.No par
1,500
*18%
234
37%
100
May
34% Jan
33% Mar
112
No par
5% preferred
Central Aguirre Assoc.No par
Central Foundry Co—____.. 1
Apr
27
£734 Jan
116%Marl9
Celotex Corp
260
1,000
Mar
71%May 27
100
prior preferred
7
1334
8
Jan
5%
Mar 18
40
Apr 14
18%May 26
7%
5,200
14
37
37%
97
37%
230
19%
234
3
100
May
2634 Nov
12% Jan
5
22
10
11
4% Feb 3
2% Feb 19
86%June 13
27
Feb 19
32
103
102%
100
Preferred
8
13% May
118
Caterpillar Tractor
No par
Celanese Corp of Amer. No par
150
5,000
*17%
1734
*17%
£102
10434 105
Case (J I) Co
1,500
3,400
3%
27%
2734
2734
28
5
Carriers & General Corp.._.l
46%
32
3%
32%
s
*8%
9%
Carolina Clinch & Ohio Ry 100
Carpenter Steel Co
900
23%
23%
118% 118%
9%
934
67%
6834
1634
16%
2%
*1%
32%
*%
*%
*11%
116
4534
17
3134
3%
6
3934
61%
60%
116
60
400
234
2%
68
32%
3134
3%
*534
*50
9%
*67%
1634
17
32%
*1
*39
66
9%
66%
9%
10%
67%
91%
27
2634
.
234
14%
*39%
*89%
•'
3
1%
6
14%
2%
16%
16%
2
2
2
*1%
1%
1%
*109
*109
110
no
110
109% 109% *109
2
2
*134
2
134
134
*1%
134
6
6
5%
6%
534
5%
5%
5%
3
3
3
*2%
*2%
*2%
*2%
3
95
86%
86%
*86%
*86% 95
*86%
95
*1
1
3
*89
*26%
2%
62%
*16%
2834
26%
28%
17%
17% *17%
10434 10434 *10434
*19%
*18% 20
14
*12%
1334
3
2%
3
35% 36% : 3634
26%
10434 IO434
*18% 20
91%
27
39%
90%
27%
2%
62
*60
61%
62%
60%
117% 117% *115% 117% *115% 117%
46%
46%
45
46
45% 46%
23
23%
23%
23%
22%
23%
118
118% 118% 118% 118%
118%
118% 118%
*67%
39%
3
Dec
4%
Jan
Jan
2
14%
36 May 7
3% Feb 13
34 May 27
2%May 20
37%May26
86% Feb 25
22
Apr 23
2% Apr 28
43
Feb 14
234
3%
38% Nov
May
6
31
Apr 21
Co.. 100
25
*2.%
*35
Apr
24% Mar
25%
234
26
Jan 6
Jan23
2% Jan 13
6% Jan 14
34june 2
5% Feb 19
Canadian Pacific Ry
29%
44% Jan 13
l0%May 16
10%June 3
Canada Southern Ry
Apr
23% Mar 21
Campbell W & C Fdy.-No par
Canada Dry Ginger Ale
5
1
June
12% May
% Dec
41
Jan 16
Calumet & Hecla Cons Cop..5
Callahan Zinc-Lead
19
17
9
4
Jan
12% Jan
19%May 29
3
Apr 16
7% Apr21
76% Feb 14
7% Apr 29
16% Feb20
51 Mar 11
Byers Co (A M)
..No par
Participating preferred.. 100
6%
11%
13%
12%
10
Bros
2
Jan 10
Nov
34
123% Jan
70% Mar
25-% Jan
15% Jan 2
4% Feb 17
5% conv preferred ______ .30
Butte Copper & Zinc
5
84%
9%
"le
1134
pf 100
May
Dec
May
22% Jan
2%May
ser..No par
Burroughs Add Mach. .No par
Bush Terminal—______—.1
1934 May
99
51%
Jan 18
20%
20%
1%
39%
4%
1534May
49 May
r7%May
Burlington Mills Corp______l
9
Jan
54
5% Apr 15
23%June 6
27% Feb 15
Bulova Watch_.__.__.No, par
200
18% Jan 27
35
19% Apr 24
No par
9%
*5034
40
Budd Wheel
9
9%
*18
y
preferred
84%
3%
9%
34
6%
7%
per
111% Jan 23
—100 £109 June 11
No par
3% Feb 14
100
61
Feb 14
84%
3%
52%
34
*37
*3%
1,500
*36%
*50%
1134
12%
434
1,390
3,800
2%
19%
4%
20%
20%
£84
9%
18%
;•, 6
434
20%
*8%
9%
85
*9
2%
*17%
20%
3%
85
•
20
8
*734
2«4
*2%
20
17%
51%
*50
8
7%
8
3%
17%
17%
51
234
434
37
12%
11
3%
67%
25%
2 a4
11 «4
12%
11%
12%
40
10%
334
30%
34
6%
9
2534
7%
6
5
7% preferred
Budd (E G) Mfg
6%
*19
52%
34
i
Bucyrus-Erie Co
20
30%
8
6
800
2534
234
20%
434
6
6
10%
109
6%
25%
18%
18%
*5034
52%
34
6
8534
30
7
18%
*8%
84%
Brown Shoe Co
No par
Bruns-Balke-Collender.No par
7
9
3%
9
100
share $ per share
28% Apr
1234 Aug
share
per
Highest
Lowest
Higfiest
$
share
30%May 19
38
Apr 18
2% Jan 3
5*4 Feb 14
10
Apr21
700
67%
634
Co..-.5
Brewing Corp. of America—3
Bridgeport Brass Co—No par
Briggs Manufacturing.No par
Brlggs <fc Stratton
No par
Bristol-Myers Co
—5
Brooklyn & Queens Tr.No par
Bklyn-Manh Transit..No par
Brooklyn Union Gas_.No par
Bower Roller Bearing
32
*106
3%
(The)
21
20%
10%
10%
109
334
3%
67%
11%
"""266
69
2034
M
9%
85%
9%
20%
3%
20%
*106
41
6634
67%
20%
*18%
18
*5034
19%
4%
19%
4%
834
834
18
3%
31
234
4%
3%
68%
68
10%
34
*31
31
2034
2034
10%
21%
109
17%
*49%
5034
*19
*10%
•'
11
*30
31
*30%
31
17%
734
*2%
11%
31
*20%
109% 109% £109
110
67%
6%
2434
24%
*49%
6%
3%
6834
6%
25
6%
23%
2%
ll%'
3%
68%
*30%
*2%
3i%
2o%
10%
*10%
10%
110
2%
1
15
Inc
Co
Borden
Borg-Warner Corp...
5
Boston & Maine RR......100
1%
£10
20%
4%
Stores
5,300
4,100
32
4
10%
20
4%
Bond
800
19%
17%
*30%
10
No par
Class B
190
per
12% Apr 21
25% Apr 22
90 May 9
38
Apr 29
17% Apr 26
18% Feb 19
16 .Apr 18
% Feb 19
30
Apr 8
3% Apr 23
834 Apr 19
18% Apr 22
Aluminum & Brass.__5
Bon Ami Co class A—No par
20%
16%
*1%
1934
Bohn
$
5
Boeing Airplane Co
22,800
30
100-Share Lots
Lowest
Par
700
93%
*20%
1934
1%
*1%
1%
3134
.
34
*40
*44%
*1%
3134 J.
4%
4%
10%
10%
19%
20
19%
19%
*33
44%
2034
43
17%
4%
10
934
,j
9934
29
44%
29
*93
*20%
19%
17%
1%
32
16%
32
*27%
9434
.43
19%
19%
16%
1%
*114
4234
203«
*10
32
16%
*31
45
•
16%
29%
15%
ie%
283,j
*92% 100
16%
*27%
93%
16%
16%
*28
*92%
16
28
2734
92
19%
1938
91U
16%
27%
15*4
27%
91U
4212
15%
On Basis of
Week
$ per share
June 7
*2634
STOCKS
1941
EXCHANGE
Thursday
Tuesday
I per share
Friday
NEW YORK STOCK
the
SHARE. NOT PER CENT
Wednesday
June 11
Monday
14,
Range for Previous
Year 1940
Range Since Jan. 1
Sates
for
LOW
Saturday
June
Mar 31
1%
1
%
Dec
Oct
35%
112%
24
434
534
5
Feb
Feb
Dec
Apr
Feb
May
Apr
Apr
Apr
2134 Jan
6
16
May
26% Mar
21
Jan
6
16
May
26% Mar
4% Jan
9
4% May
7%
82% Jan 25
67% May
93%
72
2
59
June
79
Jan
80% Jan 17
6% Jan 6
71
May
9834
Apr
Apr
3% May
Apr
Apr
8% Mar
26
Dec
24% Jan 16
1434 May
31
Mar
7
27% June
104
Jan
6
95
June
108%
Feb
37% Jan 10
32
June
56
Apr
June
113
Mar
110
Jan 15
11% Apr
3
Jan
97
8
2
>»n
61% Mar 20
30%
Jan 11
Ex-rights.
May
%
42
Dec
May
25% June
48
16%
Jan
Apr
134 June
73%
Jan
33
Apr
1 Called for redemption.
New York Stock Record—Continued—Page 4
Volume 152
LOW AND
HIGH
Saturday
Monday
Tuesday
Wednesday
Thursday
June 7
June 9
June 10
June 11
$ per share
$ per share
$ per share
$ per share
SALE
PRICES—PER
Sales
NOT PER CENT
SHARE,
for
*3%
*14%
30%
*10%
3i2
15
31%
11
*83
*3%
3%
*3%
STOCKS
NEW YORK STOCK
Friday
the
EXCHANGE
June 12
June 13
Week
$ per share
$ per share
Shares
|
*3%
312
3%
15
15
3%
15%
3%
15
15%
31
32%
32
33
32
11
11
15%
32%
11%
15%
32%
*11%
3%
15%
32%
13
83%
84
85
*85
88
15%
£29%
11%
*85%
*90% 90%
6%
634
18%
18%
9934 100
91
91
*92%
678
95
95
*11%
85
634
18%
18%
99% 100%
5s
U 16
%
8%
8%
2%
5%
5%
*1
1334
6%
78
102
3134
*734
38%
234
21%
*17%
*13%
172
102
32%
8
39
17%
14%
53
42
42
46%
46%
8
*52
42
46%
*170
378
172
3%
34
40
3
22%
18
15
53
3%
%
172
3%
33%
8
*7%
39%
278
22%
1734
14%
*52
42%
46%
*170
33
42
46%
172
3%
%
*%
15%
99%
15
%
15%
15%
15%
16%
99%
99
99
99
99
15
15%
7%
15%
7%
15%
7%
*15%
*21%
*40%
40%
12%
86%
7
*21
21%
21%
*%
12%
85%
37%
84%
21%
21%
40
*36
40
40
22%
40%
41
12%
85%
40
*38%
*38
41
41
41
12%
86
12%
12%
86%
12%
85%
38%
84%
*2
3%
4%
*85
88
*50
52
*11%
12
*20
U8
■
6%
1%
*40
42
*3034
31%
8%
8%
27
26%
38%
85
*2
38%
85%
38%
4%
4%
88
*85
39%
86%
85%
*2%
4%
3
"
■
86
3
4%
86
51%
12 v 12%
20% ' 20%
1
1%
*40
41%
31%
31%
8%
8%
86
51%
12%
51%
51%
*20
*1
8%
8%
2%
*2%
8%
2%
5%
6%
6
*40
31%
8%
27%
3
2278
18
15
53
42%
46%
172
7
38%
86
*2%
4%
*86
51%
98% 100%
33%
34%
*7%
8
39% 40%
2%
3
22% 22%
*17%
18
*15
15%
52%
42
47%
47%
*3%
'
3%
3%
%
3%
*%6
*%
%
*%
20%
20%
20%
20%
20%
*14%
*22%
15%
14%
22%
34%
*7%
13%
14%
22%
1478
22%
*34%
778
13%
3%
3%
210
40
10,900
11,400
3,200
1,000
1,700
1,200
10,100
600
6,000
800
300
4,400
6,800
6,400
2,300
3,500
200
4,100
5,700
8,600
500
1,400
2,300
22
800
7%
22
*21%
40%
40%
*40%
*39-%
1278
87
£12%
40
12%
86%
41
38%
*40
%
20%
5
13
27
30%
8%
17%
3,600
5%
*15
*7%
1,000
1,900
100
3,200
100
1,400
23,600
4,000
17% """900
32,25
15%
8
22%
27%
*14%
600
10%
20
23
16,500
2,800
27%
15%
10%
conv
100
-
.
par
.No par
pref w w..No par
Pref ex-warrants..
No par
Crown Zellerbach Corp
5
100
1,900
3%
*%
3%
3%
3%
10,400
%
20%
20%
*%
20%
%
20%
~2,900
*34%
7%
13%
35
72
72
7%
13%
*68
8%
*7%
34%
*33%
*1778
18
*15
15%
70%
127
127
21
21%
18
*6%
8%
13%
8%
13%
72
72
8%
34%
*7%
34%
18%
34%
18
*15
15%
*126
21%
:
15%
70
70
135
69%
4% i; :- 4
7
634
4%
13%
*34%
73
*7%
*34%
*69%
34%
7%
14%
2278
35%
*128
21%
4
1
21%
4%
i'; 7
*6%
*111%
151
152%
128% *126
114 ■ 114%
9
18%
15%
7138
135
2178
4%
14%
14%
23
23
15%
"'"570
23%
35%
7%
13%
1,400
*68
"15%
14%
23%
35%
7%
23%
35%
23%
34%
35
8%
13%
8%
1334
8%
13%
72
*68
9
*7%
*34
"is"
*7%
34%
18%
15%
19
70
34
70%
15%
128% 131
21%
21%
4%
4%
18%
15%
13%
71
71
*7%
34%
*18%
18%
15%
128
128%
21%
22%
4%
4%
128i2 128%
*4%
22
4%
7
7
7
7
*110
114
114
114
154%
128%
151
152
151% 152%
26 j
2534 *25
26%
26%
*3
*3
3%
3%
3%
3%
124
126
127
124% 125
129%
*171
174% *171
174% *171% 174%
29
30
30
29-%
29%
30%
16
16
16
16
*15%
*15%
27
27
*26%
27%
27%
27%
15
14%
14%
14%
14%
14%
26
*110
114
*110
150
150
150
*125
114
128% *126
114
114
114
7%
114
:%
1%
32%
134
32%
31
31
*71«
1%
*32%
*29%.
*28%
29%
29
*30
31%
*30
%
%6
1%
1%
33%
33
31
29%
31%
31
8
*7
26%
31%
29%
*30
31%
*38
39% *39%
39%
39% *38
*109% 111% *109
111% *109% 111%
4
4
*3%
3%
37g
3%
77
74
74
*73
*72%
75%
26
!
130
130%
172
172
172
30%
*15%
3%
30%
16
*30%
:> 16
27%
172
*172
30%
16
173
30%
*15%
30%
16
14%
15
500
1,700
400
2,900
3,300
4,800
7,700
Curtlss-Wrlght
1
Class A..
1
Cushman's Sons $3 prefNo par
Cutler-Hammer Inc...No par
5
Conv 5% preferred......25
Davison Chemical Co (The).l
Dayton Pow A Lt4M% pf.100
Deere & Co
No par
20
Preferred
Diesel-Wemmer-GUbert
10
Delaware & Hudson
100
Delaware Lack & Western..50
Detroit Edison
20
new
Diamond Match
Distil Corp-Seagr's Ltd No par
5% pref. with warrants.. 100
Class A
Douglas Aircraft
No par
Dow Chemical Co
No par
Dresser Mfg Co
No par
$4,50 preferred.
Duquesne Light 5% 1st pf.100
Eastern Rolling Mills..
6%
2%
7it
*38%
*
i
1%
*isi6
*73
1%
78
*1
*"xe
*73
*%
*%
%
preferred
Eaton Manufacturing Co
cum
100
4
Edison Bros Stores Inc
2
Electric Auto-Lite (The)
5
.3
Electric Boat—
$7 preferred
5% preferred
10
1,700
1%
*1
1%
78
1
16
*73
ht
1%
1%
5
24 May 14
3% Apr 21
120%May 26
160
Apr 29
29 June 7
1412 Feb 14
25
Apr 21
12% Feb 14
"""200
1,000
.
Engineers Public Service
$5 preferred
$5^ preferred..
36 preferred
50
100
1
No par
No par
..No par
Equitable Office Bldg..No par
J Erie Railroad..— —100
4% 1st preferred..
100
Feb20
% Feb 15
%
Erie & Pitts RR Co
Eureka Vacuum Cleaner
%Mar
75
-.50
6
5
l
Feb 28
2% Apr 23
5% Feb 19
23% Apr 30
%May 22
34
May 17
716
*716
716
36%
17%
10%
36%
17%
10%
92%
24%
36%
36%
18%
36%
36%
18%
36%
2,166
Exchange Buffet Corp ..No par
Fairbanks Morse & Co-No par
18%
12%
92%
1,600
3,700
Fajardo Sug Co of Pr Rico..20
Federal Light A Traction... 15
17
June
10
10
No par
Federal Mln A Smelt Co—_—2
Federal-Mogul Corp
—5
Federal Motor Truck..No par
Federal Water Serv A..No par
Federated Dept Stores.No par
4:14% conv preferred
100
Ferro Enamel Corp..—
1
Fidel Phen Fire Ins N Y.$2.50
90
May 29
May 2
36
17%
25
25
11%
*2%
%6
%
20
*91
12%
*38%
11%
2%
%
*91
*24
12
2%
12%
2%
20
20
93%
91
%
20%
92%
1212
13%
38%
39
38%
%
13%
17%
*10%
*90%
17%
10%
92%
10%
*91
27
18%
13
92%
24
24
24%
24%
12%
12%
13
13
2%
*%
20%
21
*90
13%
2%
%
*6%
7
26%
27
12%
92%
200
1,800
2,000
*24
25
200
13
13
1,600
1,000
*2%
2%
*%
%
21%
*21
*90
93%
*90
*13%
13%
13%
14
38%
39%
38%
39%
21%
93%
13%
38%
Bid and asked prices; no sales on this day.
7%
27
2%
J In receivership,
2%
7J6
500
21%
93%
*%
9% Jan
9
9
Jan 10
Mar 29
Jan 8
Jan 15
Jan 10
8%May 20
114
Jan 24
23
June 10
May
75% Oct
1% May
3%
Aug
60
May
45% Dec
9% May
19% June
1% Oct
31
June
29% Dec
6% July
21% May
42
Sept
14% May
3
May
13% May
3% May
107
June
13% May
2934 Jan 24
21
18% Jan
2
11% May
13% Jan 10
8% May
3% Apr 4
*i« Feb 26
23% Apr 7
45% Mar 18
17% Jan 10
900
200
1,100
3,400
a Def. delivery,
Evans Products Co.
Ex-Cell-O Corp.....
$6
n
preferred.
New stock,
3
.
r
Jan
3
10% Jan 10
9
Jan
6
Jan 30
Jan
8
23% Jan 28
17
Jan 27
79
Jan
9
141%
Jan
4
22% June 13
6% Jan 8
9% Jan 6
Cash sale.
6
21% Feb 15
10% Apr 18
2% Apr 16
% Apr 18
18% Jan 3
91
June 10
11% Apr 29
34% Feb 19
*
34
June
2%
Dec
%«Dec
Ex-div.
y
9
Dec
30% May
14
May
11% May
65% July
127% Nov
14% Jan
5
May
9% June
113
Oct
140% May
114
May
^112% May
Mar 28
3
May
117
Jan
182% Jan
36% Jan 10
16
May
4% May
12% May
56% May
25% June
Jan
5% Jan 23
142
June
155
June
22
May
10% May
33% Jan 10
25
17% Jan
10% May
% Jan 23
4% Jan 11
37% Apr
33
Apr
34% Jan 13
May
%
26
Jan 10
44%
Jan 13
May
May
35
111% June 13
102
7
Jan 11
4
4
87% Apr 4
% Jan 30
1% Apr 4
1% Jan 9
1% Apr
76
3
Feb 28
3% Jan
8% Jan
2
30% Jan
% Jan
45% Jan
24% Mar 10
Dec
3
May
18i2 May
15% May
x24% June
31
83% Apr
*%6
7%
27
3%
6
34% Feb 10
Feb 14
4% 2d preferred....—100
1%
78
*3
2
Jan
70
75% Feb 14
3»May 21
*s16
6%
26%
3%
7%
Jan
1% Jan
80% Apr
716
7%
27
*3
Mar 7
Mar 10
Feb 26
*%6
3%
May
Jan
65
678
26%
*3
May
3
6
Jan
May
716
3%
12
75
Jan 9
1 117
1 164% Jan 7
120% Feb 14 126%June 11
114 June 7{ 118 May 2
138
6%
*24
38%
14%May 31
63% Feb 19
120 May 26
17% Feb 18
4
Apr 21
26%
10%
92%
93%
12%
12%
May 31
6%
*90
*91
8
*26%
*10
20
Apr
3%
10%
*19
45% Mar 18
13
Apr 21
3%
95
11%
/ 2%
5
Endlcott Johnson Corp
%
*11%
.1
Eastern Airlines Inc
Eastman Kodak (N J).No par
100
%
*24
No par
40
1%
1%
10%
Jan
May 23
6%June
40
*78
1%
17
%!
Dec
May
May
TiiSept
25
16% Jan 25
29%
47%
19%
3%
17%
4
Jan 16
113% Mar
100
1%
*90
2% Feb 19
20
..100
8% preferred
Du P de Nem (E I) & Co...20
31
3ie
25%
17%
Feb 19
9
.....No par
Duplan Silk
31
*%
25%
17%
14%May 26
6% Apr 18
109% Feb 26
18% Feb 19
27
Apr 30
14%May 21
31%
%o
35%
1
Dunhlll International
31
*%
*%6
Apr 21
3!%
316
%6
.25
Diamond T Motor Car Co.-.2
100
6%
26%
..No var
6% partlc preferred
110
6%
V
Devoe & Raynolds A..No par
300
*S16
3
Apr
Apr
June
45
30% Apr 19
7% Feb 14
24% Apr 22
42% Feb 4
15
Apr 18
4%
8% Apr
2% Jan
5% Nov
23% Nov
108% Dec
19% ApF
15% Jj
June
40
No par
10%
17% Deo
3% May
18% June
36
July
30% June
25
Prior preferred—
Apr
40%
13
ll%May 6
May 20
1
May 8
3
16%
18%
15%
75
4
7%June 6
27% Jan 10
45% Jan 9
45% Jan 16
15% Jan 7
92
2
Jan
20
..No par
$6 preferred
No par
Elec Storage Battery...No par
El Paso Natural Gas
...3
%6
19
4%
27%
Jan 16
19% Jan 10
107
5
l%May 31
27% Feb 19
23% Feb 19
28 May 27
26% Apr 29
39% Feb 14
108% Apr 12
3%May 5
*%
%
4% Jan 4
% Jan 14
Cuneo Press Inc
June
Feb
May
Jan 24
Curtis Pub Co (The)...No par
Preferred
No par
Electric Power & Light .No par
111% 111%
3%
3%
41
165
56
Mar 11
conv
3,800
1,400
1,000
1,000
*29%
47
8
47% Jan 13
182% Jan 16
52% Jan
Mar 11
100
1%
77
26%
1
2
33%
81
*3%
Feb 24
ll%May
82%May
1%
33%
80
3%
7
June
40
1'8
1%
1%
33%
33%
33%
34%
31%
31%
31% 31%
31
31
30%
29%
*29 > 31
*30% 31%
40
40
*39%
*39%
*109% 111% *110
111%
4
3%
3%
3%
*73
77
75%
*71%
81
*3
19%May 28
40
% Jan
*78
1%
6
Elec & Mus Ind Am shares...
*72
78
4% Jan
200
83
*»U
3% Apr 23
% Jan 7
13
Apr 18
96%May 7
14%June 7
%
80
*73
Mar 31
*7i«
*79
1%
170
*2
*78
1%
52
40%May 5
42% Apr 21
9%
32%
Hois Mar
1% Jan
May
May
May
May
June
May
Mar
May
63
10
7,600
84%
78
25
Apr
June
33
2,800
80
1
24
Apr 21
Feb 18
70
June
1,000
1,600
3,300
1,000
*79
*»!«
13
16
99% Deo
100
Deo
Dec
%
6
40% Jan 8
8% Feb 7
40%June 12
4% Jan 2
22%June 10
23% Jan 14
18% Jan 2
17
*82%
*73
6
3
14
26
Doehler Die Casting Co No par
Dome Mines Ltd.
No par
79
1%
31%June
6% Feb
35% Feb
2%May
17% Feb
15% Apr
14%June 6
1% Mar 31
102
37
84%
1%
3
86
*82%
78
2
Jan
34
78
*i®X6
% Jan
No par
84%
*73
7% Feb 19
79
No par
*76
*1
4
9
15
41% Feb 20
""""60
*81%
*%
*%
1%
8%June 7
3% Jan 13
6%May 21
1% Apr 1
5%June 10
26% June 12
106% Jan 22
15% Jan 2
18% Jan 11
84
*16
14
2
14
15
15
12%May 12
68% May 22
7
May 3
1,200
2,100
81
.
7% Apr
2%June
£5% Apr
% Feb
2% Feb
15% Feb
99%June
12% Feb
Jan
12% May
25% May
84
*%
*%
% Mar 27
6%
24% Feb
31% Apr
32
*76
77
2
*716
14%
hi
9
41
200
28%
7% Mar 19
23% Jan 13
107% Jan
2% May
May
17% June
7% Jan
63
May
75
May
4% May
21% May
97% May
% Aug
5% May
2% May
I 6% May
% Dec
2% May
8% May
93% May
9% May
7% May
14
29% Jan 11
50
28
Jan 15
% Jan
14%
28%
15% Jan 16
97% Jan 28
preferred....100
Cudahy Packing Co.
30
5H%
500
120
115
25%
25%
3%
*3%
132% 132%
5% Apr 21
17%June 2
May 26
95
28%
14%
27%
j 14%
%6 *- ■. %6
1%
i%
34
26
3%
3%
130% 133
3%
103
88
preferred..
Preferred
100
128
26
20
23
8
June 10
Highest
$ per share $ per share
21% Apr 29
34%June 12
6% Apr 21
,300
*109% 119
151
152%
*125
126% 126% *125% 128
114% *114% 115% *114% 115% £114
25%
*%6 .*•
15%
69%
33
FeD15
100
Cuba RR 6% preferred
100
Cuban-American Sugar....10
conv
Dixie-Vortex Co
15
18% Feb
19
72
5%
300
19
Feb 19
Apr 25
tDenv & R G West 6% pf.100
9
34%
69%
70
21%
71
9
34
3
14
22% Feb
10%May
82 May
90 May
$ per share
4
Jan 10
47%
98%
3%
6%
Detroit Hillsdale & S W RR100
22%
Year 1940
Lowest
35% Apr 14
82
Apr 9
l%May 6
3% Feb 15
Davega Stores Corp
112
112
.25
conv preferred
Crown Cork & Seal.
60
3%
*3
...1
Crane Co...
11,100
47%
*40
1
$5 conv preferred...No par
100
*44
1
100
...
Crucible Steel of Amer.No par
10,200
52%
13%
20%
1%
41%
30%
8%
27%
*51%
13%
*20%
40%
31%
8%
3%
par
440
4%
85
85
52
38%
85%
2,800
3%
4%
4%
1%
41%
31%
8%
27%
47%
17%
3%
5
Coty Inc
Coty Internet Corp
700
*2
3
88
Preferred.
80
40%
12%
87
*84%
20%
*%
20%
40%
37%
1
31%
8%
27%
Continental Oil of Del
Continental steel Corp .No
Copperweld Steel Co
380
40%
12%
*85%
40%
13
....1
Crosley Corp (The)....No
7
51%
Continental Motors.
Cream of Wheat Corp (The) .2
7
4%
Continental Can Ino
20
Continental Diamond Flbre.6
Continental Insurance
$2.50
1,800
15%
3
100
Range for Precious
Highest
$ per share
....No par
8% preferred
6,700
700
*86
Class B..
4
15%
88
Continental Bak Co d ANo par
600
16%
99%
16
38%
86%
25
Corn Products Refining....25
16%
38%
86%
3
4%
Consolidation Coal Co.
5% conv preferred
100
Consumers Pow $4.60 pfNo par
Container Corp of Amedca.25
Conv pref 5% series.....50
Corn Exch Bank Trust Co..20
99%
*86
32 partlo preferred
No par
Consol Laundries Corp
5
Consol Oil Corp
..No par
Consol RR of Cuba 6% pf.100
320
200
16%
22
Consol Coppermlnes Corp
5
Consol Edison of N Y..No par
$5 preferred..
No par
Consol Film Industries
..1
1,900
99%
*20
3% I
%
20%
Consolidated Cigar
No par
7% preferred
.......100
6 H% prior pref...
100
16%
27
26% 27
27%
*44
47% *44
*44
47% *44
47%
17
16%
17
16%
17
16%
16%
17%
*3
*3%
4
*3
*3
3%
*3%
3%
378
3%
*14
*14
*14% 15% *14%
16
15%
15%
15% *14
8%
*7%
8%
7%
7%
7%
7%
7%
7%
778
*111% 112
*111% 112
*111% 112
*111% 112
*111% 112
22
23
21% 21%
23
21%
21%
22%
22%
22%
27% 27% *27%
27%
27%
27%
27%
27%
27% 27%
15
15
*15
15%
*15%
15% *15
15%
*14%
15%
*10
10%
10%
10%
10%
10%
10%
10%
10%
10%
*44
400
99
1%
8%
27%
47%
17%
Conde Nast Pub Inc.—No par
Congoleum-Nairn Inc.No par
Consol Aircraft Corp...
1
140
%
1
31%
300
16
7
Par
1,600
22,500
99%
16
7%
22
*15%
Lowest
4
4
*20
40%
31%
34%
8
40
2%
22%
17%
15
52%
42%
47%
Range Since Jan. 1
On Basis of 100-Share Lots
172
171
171
1%
42
*7%
39%
2%
22%
*17%
1434
52%
42%
20%
12%
34
47
171
378
99% 100
52%
*42%
51%
13
20%
13
,
3978
378
15
:
»16
8%
2%
5%
100%
99%
1478
*678
15%
*16
£99
33%
38%
2%
22%
*17%
14%
42
46%
*%
32%
8
14%
53
*41%
46%
378
101
2%
22
17%
21%
6%
18%
100
!
*52
*52
*170
%
102
32%
*7%
38%
2%
*8%
*2%
5?8
9
96
6%
18%
7%
18%
33,
16
30%
11%
88
1%
1%
1%
1%
!%
1%
6
5%
*5%
5%
5%
5%
6%
26%
25%
26
26%
26%
26% 26% *25
101%
100% 100% *100% 101% *100
101% *100
14%
15
14%
14%
14%
14%
14%
14%
13%
13%
13%
14%
13%
13%
13%
13%
%
%
"le
%
%
%
%
»16
14%
ll16
31%
8
3812
2%
21%
17%
14%
2%
18%
100
*1
5%
102
Si*
16
6%
25%
99%
14
%
88
94%
6%
7
18%
18%
100
100%
'16
16
2%
1
14
102
18%
101
8%
5%
14%
7
6
*23%
99%
13%
14
14%
*85%
*93%
*#
2%
1
100
94
18%
»18
5%
1%
5%
24%
5%
23%
100
*2
86
100
£8%
*2
*11%
*92
7
11%
3769
May
5% May
63
May
May
66
77
Dec
%
Dec
% May
%
Dec!
% May
67% Aug
2% Dec
5
May
20% Jan
% Oct
29% June
17% May
11
May
13
Mar 17
100
Jan 27
85
25% Jan 23
16
14% Jan 14
4% Jan 7
% Apr 1
21%June 12
9712 Jan 15
14% Mar 14
39%June 13
Ex-rlghts.
June
July
12% Aug
2% May
TuMay
15
May
79
June
10
May
27% May
Called for redempcioa.
New York Stock Record—Continued—Page 5
3770
June 14, 1941
AND
NOT PER
SHARE,
SALE PRICES—PER
HIGH
Monday
Range for Precious
June 9
t per share
Friday
June 12
June 13
Week
$ per share
$ per share
Shares
June 10
$ per share
S
share
per
*10
1034
*52%
53
*52%
*4
7
4%
*101
104
51
51
*5*4
*141
6
14384
4
I034
1034
11
*10%
53
53
53
5334
7
*0%
4%
4%
434
7%
11%
5334
10
15% Apr 23
0% preferred series A—100
1.300
First National Stores..No par
3,600
1,200
Fllntkote Co (The)
No
Florence Stove Co
No par
101% Mar 7
31%May 12
12% Apr 22
26%June 6
♦141
4
14384 *141
13
27
22
14334
414
*4%
4%
*116%
29%
35%
4%
*4%
4%
12
*12%
1234
12%
12%
83
83
83
81% 81%
17%
1734 *17
17%
17%
*121
125
*116% 123
122%
30
30
30%
30%
313g
35% 36
35%
3534 36
*115
120
12
*81%
*17
%
*4
120
*115
%
*115
%
*%
%
*
32
«•
conv
Foster-Wheeler.
4,300
3 500
1,600
9%
1,600
18a4
350
Game well Co (The)
100
Gannet Co conv S3 pref No par
110
484
600
Gaylord Container Corp
200
General Baking
143
4%
4
2,100
1,300
4%
13
13%
13%
13«4
84
84%
84%
4%
13«4
84%
84
7%
*116% 123
122% 122% *116% 123
31%
31%
31%
31%
31%
31%
36
3034
36
363g
36%
36%
10
17%
17%
*%
%
*%
%
*115
120
*115
116
m#.* m
—
No par
No
preferred
$4.50
par
Gen Gas A Electric A..No par
1,500
%
100
General Foods Corp ...No par
—
85
*75
85
*75
80
80
81
81
80
130
130
37%
*128% 129
37%
*124% 124%
38%
37%
85
*80
8034
*128% 129
38%
3934
124
124
41
124% 124%
*41%
43%
41
*80%
39%
*41%
42%
*3%
6%
334
3%
3%
*3%
334
*41%
*3%
6%
0%
6%
6%
6%
6%
*108
111
*%
13%
*99
*108
»H
13%
101
111
*108
*ie
*%
14
*13%
14%
*98% 101
ht
%
%
*%
*17%
*20%
18%
21%
934
*17%
22
934
934
58%
68%
18%
*11%
*20%
60%
*9%
57%
18%
11%
*20%
109
19
11%
22
109
10%
*2%
101
%
19
*17%
22
22
*934
61%
1834
18%
*1134
*20%
II84
22
*109
934
62%
18%
978
64%
1834
12
*20%
110
3%
1012
73%
17%
122
2%
*34%
*6%
*60%
14%
3434
3434
034
62%
14%
678
7
62%
64%
65
15%
14%
15%
*44
44%
44
44
44
44
*2%
*82
1%
2%
86
12%
*59%
*16%
*84%
1%
2%
*82
12%
60
10%
2%
3434
7
1%
*1%
2%
2%
86
*82
x45
45
*44
45
1%
2%
2%
*77
86
13%
12%
1234
60%
60%
500
17
17%
4,800
*83%
17%
84%
*83%
84%
300
1%
1%
1%
100
27%
84
20
10
9%
2984
2434
15%
25%
24%
9%
30%
*23%
15%
2538
24%
141
14034 14034
50
*42%
3134 3184
*22
lli#
478
11%
10%
9%
478
4%
5
*103g
30 %
2434
15%
10%
*9
30%
*23
15%
25%
25%
25%
*141
141
11%
11%
15%
*1%
14
25%
x25
32%
32
323g
1,600
11
11%
11
11
4,900
11%
11%
*11
11%
11
11
500
1534
*1%
16
*14
15
3
3
3
15%
28%
157„
*27%
16%
28%
34
*32
38
*32
14%
1234
*14
15
*1278
13%
*106
157s
1%
15
15«4
16%
15%
•
10,700
16
*13g
177g
*14
3
*3
3%
16%
28%
16
16%
*2778
28%
38
*32
38
*32
14%
*13%
14%
*14
1438
*1234
13%
*1278
13%
*1284
13%
28%
*106
107
*106
3
16%
2,300
28%
28%
200
27g
mm.
75
*72
75
75
*145
160
*145
160
*145
12%
*69%
6984
*48%
52
*98% 101%
*14%
*15
*23
*634
*14%
*109
4484
*32%
11%
*49%
*106%
*3%
30
*3g
*234
16%
*2%
ht
•
15
12
75
*75
77
15978 *145
13
12%
127s
12
*75
159% *150
13% *13
72
72
6934 71%
71% 71%
*126% 130
*126% 130
♦126% 128
*48% 53%
*49%
53% *48%
53%
*9915 101%
15
*15
*991* 1011.
*14%
15
*99% 101%
*14%
15%
15
x72
23%
7%
3
30
53%
*48%
53
*991o 1011b
*9919
mils
15
15
*48%
*14%
15
%
%«
200
16%
3
%
3
%
3
%
3
%
Bid and asked prices: no sales on this day.
jE
Apr
4
Mar 10
1% Aug
3%
Apr
3
19
Mar 11
3
%
%«
%
f In receivership,
*3g
a
1% Feb
13
Jan
1% Feb 19
9
Feb 14
103% Apr 21
17
Apr 14
140
Jan 3
5%June 13
29% June
34%
30
37
Jan
20%
Feb
9% May
15
Jan 24
10% May
107
Jan 16
100% June
106*4 Jan 16
95
25% Jan 10
149*4 Feb 11
6% Jan 23
16% May
70
100
158
1,300
1,000
2,500
__
~3~300
2,000
600
200
1,400
1,900
100
—
conv
No par
Hlnde A Dauch Paper Co
Hires Co (C E) The
Class B
5%
5%
100
preferred
2,300
Hud Bay Mln A Sm LtdNo par
1,900
Hudson Motor Car
%
8,100
JHupp Motor Car Corp
Del. delivery,
Jan
Dec
Apr 22
n New stock,
r
No par
Cash sale.
1
*
Ex-div.
y
Apr
12% May
Dec
100%
126% Aug
133%
Jan
67%
115%
18%
Apr
35%
Apr
09
50
56% Jan 18
115
16
14
22
3
18
26
2
15
Apr
9
16% Jan
17
Apr 22
21%
77% Jan 11
128% Jan 8
4
3% Feb
26% Apr
%Mar
2% Feb
15%May
2%June
% Feb
5
Jan
167
Jan
8
Jan 14
Mar
6
9
Jan
Jan 15
4%May
37% Jan
f
June
94% May
12% July
Jan
Jan
5
13% Jan
64
100
Apr
Jan
111
Howe Sound Co
Apr
113%
11%
155
48%May 27
Hudson A Manhattan
4%
Jan 10
108% Apr 24
Houston Oil of Texas v t C..25
Apr
Apr
Aug
166
No par
preferred
Apr
7
Feb
100
Household Finance
9%
110
4
10
No par
104
June
23
10
5
138
Jan
80
1578May 23
May 28
..10
7
30*4 Jan 10
9
Jan 24
6% Apr 12
15 June 12
9
Feb 14
Holly Sugar Corp.....No par
7% preferred
100 zl07% Apr 14 *107% Apr 14
52% Jan 8
Homeatake Mining
42% Apr 21
12.50
39
Jan 27
32%May 28
Houdaille-Hershey cl A .No par
Holland Furnace (Del)
Hollander A Sons (A)
28%
Jan 13
14% Feb
10
Jan
Dec
89% June
6% Dec
6
7% Jan 13
June
101
Jan
100%
106
May
2
Apr
96
100 zl23%May 1
No par
48%May 28
preferred
Jan
17
5% May
83% June
130
Feb 10
3% Jan
June
14% Nov
Apr 25
10% Apr 21
66
...No par
preferred
Hershey Chocolate
May
8
1
25
cum
Jan
Mar 28
16% Jan
95
8%
30% Apr
2% Nov
7
June 12
Hercules Powder
May
1% Dec
8% Nov
6
2
11
Jan
6
3% Apr 29
76
June
May
18%May
.25
3%
*3
3
12% Apr 23
101
$4
.
24
3
Jan
25%
Hercules Motors......No par
V 800
*7
3
500
1
71%
Apr
17%
14% June
93%May 29
178 Apr 21
Preferred
— -»
126% 126%
*70%
*15
*15
*15
*15
16%
16%
16%
16%
24
25
26
*25
25%
24%
24%
25%
*7
7%
7%
734
7%
7%
7%
7%
*7%
15
14%
14%
1434
14%
14%
14%
14%
*1438
14%
14%
114
*109
114
*109
114
*109
114
*109% 110
*109% 114
45
45
45
46
4478
45%
45%
46% 4634
46% 47
33% *32
33% *32%
33% *32% 33% *32% 333g *32% 33%
12
11%
11%
11%
1134
12%
123s
12%
12%
12%
12%
50
*50
50
50
5084 *49%
5034
5034
5034
*4934 5084
109
*107
109
109
*106% 109
*107% 109
109% *107% 110%
3%
4%
3%
4%
4%
4%
4%
4%
4%
4%
4%
30
31
31
3078
30%
31%
31
31
31%
31%
31%
%
%
%
*%
%
*%
%
%
%
*3g
*«8
3%
3%
*234
*234
3%
334
*234
3%
334
*234
*234
17
18
16%
16%
16%
1634
1634
1734
1734
17%
1784
16%
24
2,100
35%
12
100
2
Hecker Products Corp
Helme (G W)
May
9% May
9
Hazel-Atlas Glass Co
900
23
Jan 10
Hayes Mfg Corp
1,800
100
'
72
...100
1
Jan
Jan 13
12%June 9
104
Feb 25
preferred
55
Apr 22
Jan 9
5
7
11% Apr 19
preferred
Jan
Feb
27% July
12%
11%
17%
1%
Jan
10
6H%
Nov
34
9%May
11
Hat Corp of Amer class A
110
29%
142
29%May 27
38
6%
10
1,700
30
June
*123
Mar 20
33
Harbison-Walk Refrac.No par
11% May
15% May
18% May
42
Feb 18
220
21% May
Feb
4% Feb
71% Jan
1% Jan
9% Apr
14% Jan
12% Deo
16% Apr
36% Apr
25% July
18% Jan
Mar 20
42
33
100
6% June
May
May
Apr
Jan 15
28%May 21
preferred
9% June
10
16%June 13
Jan 11
20% Mar 19
25
Water
1,500
*
2
May
% May
4% May
28%
25
6%
Apr
Sept
143
par
Hanna (M A) Co $5 pf.No par
15978
15978 *150
13%
13%
*13%
126% 126%
No
Feb 14
Hamilton Watch Co...No par
-
10
77
*75
77
J-
3%
138% Mar 20
100
preferred
7% preferred class A.
Hall Printing Co
100
.
*72
*11%
197g Jan
No par
preferred
Hackensack
20
106
106
$5
Mar 12
13% Feb 18
Gulf Mobile A Ohio RR No par
1,800
16
107
8%
30
38
*14
107
15
3
16
Guantanamo Sugar
200
1%
*13%
13s
Dec
26
22
10
1
preferred
Grumman Aircraft Corp
36% Jan 16
25% Jan 22
Apr 22
23
100
1
conv
25
28% Apr 22
Greyhound Corp (The) .No par
11%
16%
1%
June
1%
1% Jan 10
28% Jan 22
1% Jan 11
6% Jan 6
13% Jan 7
13% Jan 6
12% Jan 2
9
Great Western Sugar..No par
100
91
June 10
% Apr 17
4% Apr 14
10%May 20
978 Apr 15
No par
Preferred
May 21
l%Mar 10
dlv ctfS.No par
317g
1%
2
Apr
97%
11%
1%
Dec
4%
69
50
16%
45
Dec
May
Jan 27
1,700
5)4%
May
1%
90
25
50
Jan
30
9
2% Jan 25
2% Jan 2
25
23%
*45
Nov
19%
79% Apr 18
25
50
05
May
4% May
69% Mar
24% Apr
31%
*45
Jan
May
11
May
26%
50
9
43
12% May
7,800
140% 14012
Jan
6% Mar
45
4,000
141% *139% 140%
61% Mar
No par
100
Without dlv ctfs
m
23%
Oct
65% Jan 13
20% Jan 10
16%
ii>
10% May
3
Sept
90
26%
*
Jan
Apr
May
20%
10%
-
Jan
13%
23%
106
30%
Jan 10
3% Jan 13
37% Jan 15
7% Jan 9
z67% Jan 9
15%June 11
40
Feb
July
2584
2434
13
98
May
16
*23
7% May
13% May
6
21% Mar 19
lll%June 13
10
82
Granite City Steel
Grant (W T) Co
1,400
16% May
No par
preferred
Preferred
w
Jan
8
77
11
14
*126% 130
2% Feb 13
16%
Mar
Jan 10
*31%
3
105
40% Feb 25
1% Apr 23
No par
10
5% preferred
20
Gr Nor Iron Ore Prop ..No par
Great Northern pref__.No par
2484
Apr
1434 Jan 10
1,800
1534
Jan
"u
11% Apr 19
58%May 20
10
May 15
*45
15%
*27%
105%
18%
conv
Feb 21
12% Feb 24
preferred
10%
105
105
*105
10538
105%
105% 105%
105% *105
19
19%
18%
18%
1934
19%
19%
19%
19%
19%
*147% 152
150%
*147% 152
*147% 150% *147% 150% 147% 147% *146
534
5%
534
5%
53g
*534
5%
5%
534
5%
5%
5%
*94
100
*94
95
94
94
*93% 100
95
95
95%
95%
*2
*2
2%
2
2%
2%
2%
2%
2%
2%
2%
2%
77
79
77
*78% 80
80
76
78
80%
80%
80% 80%
6
6
6%
6%
6%
6%
6%
6%
63g
6%
6%
6%
18%
60
No par
11
3
107
Apr 28
(The).....No par
50
*11
16%
1%
10
2%May 13
34%May 24
5% Feb 14
par
3134
15%
*106
$5
Apr 21
Mar 17
...No par
Brothers
preferred
Gotham Silk Hose
200
2534
25%
11
18% Apr 16
102
6
No
preferred
3184
11%
12%
conv
Green Bay A West RR
Green (H L) Co Inc
*42%
11
*13%
100
preferred
*10
*23
Jan
19%
106% Dec
Jan
20
10%
2434
1534
•1# Mar 27
1%
1734May 22
Corp
1
31
Jan
% Nov
9% June
86% Jan
% Dec
Jan
6
307g
Jan
110
65% Nov
24% Mar
Graham-Paige Motors
31
Apr
10
June
May
Grand Union
*30%
7%
5% May
100
14
Granby Consol M 8 A P
3012
Deo
Apr
1,700
10
Apr
60
14%
3,800
*9
56%
127% Mar
18%
478
1134
10
Dec
33%
11
11
34
5,200
*9
May
32% June
3% June
131
July
*10
10
37% May
116
Jan
Apr
May
*10%
478
2
May
101
10
11%
»1C
5
118
Jan
44
13% July
1
*10%
"16
1134
10%
26
*22
27%
27%
ll16
*22
*1
3
•u Jan
60
1
Goebel Brewing Co
1
Gold A Stock Telegraph Co 100
Goodrich Co (B F)
No par
6% preferred
No par
Goodyear Tire A Rubb.No par
700
6034
13
Jan
%May
Sept
77% May
28
20
4 H% conv
Gobel (Adolf)
86
*77
118%
%
11% Jan 10
69%June 12
22% Jan 9
Glidden Co
500
2%
*2%
2%
86
1%
25
1%
1%
1%
Jan
Apr
111% May
20
$8
300
1%
Dec
49%
6
3
Jan
29% Jan 11
Gimbel
3,900
45
Feb
Jan
4% Sept
11% Jan
29% Apr
89% Nov
Dec
7% Jan 15
109
Jan
145
16% Apr 16
$5
500
15
84%
11
*105
60
*14%
48% Jan
Dec
57%
8%
33%
2
132% Jan 28
105
Nov
Mar 19
Jan
Apr
41
i»i»Mar 17
June
11% Apr 12
Gillette Safety Razor..No var
6,000
6%
67g
*0484
15
6434
*1
*25%
7
6484
zl5
*83
31%
*105% 107
67g
6434
15%
9
Apr
May
7%
20% Apr 21
9%May 5
46% Jan 30
0%
800
1%
25%
10%
14
35%
84%
30%
14%
35%
*1
2934
*23%
153„
25%
24%
*13%
*12%
35%
84%
3038
2434
15%
25%
38
*34%
114%May
14%
51
22
% Jan 27
16% Jan 10
106% Jan 15
99
105% Mar
120
4
3
May 26
Apr
Sept
May
102
6
4% Jan
No par
General Tire & Rubber Co
2,700
10%
10
28%
*13s
*2%
*82
23s
8434
1%
27%
*1
*9%
*34
*43?8
7
2%
16%
zlO
J1'2
15%
23g
39% Jan
2
3% Apr
5%
20
20% May
19% Jan 28
7
Gen Theatre Eq Corp..No par
Gen Time Instru Corp .No var
600
11
11
11
*84%
9%
*13%
*2%
15%
*27%
078
*64
111%
1,600
*107g
2%
*6038
17%
10
15%
1%
17%
111% 111%
70
13%
*10%
*11%
14%
700
*110
2%
34%
86% Jan 10
130% Apr 7
35% Jan 14
Jan
6
Dec
3% Sept
General Telephone
200
60%
17%
11%
50
117g
20%
17
11%
*42%
117g
20%
12
2034
1234
4%
141
19
60%
4%
141
187g
13%
llu
25
19
6
1578 Jan 10
Mar
105%May 12
% Apr 8
Apr
Dec
39%
Gen Steel Cast $0 pref..No par
1,000
11,540
12
11%
1%
2%
978
68%
2034
2%
•»
*934
0534
18%
18%
*107g
34%
1,000
978
60%
17%
*4%
*10%
25%
*24%
General Shoe Corp
17
4%
*15
General Refractories
13
»i«
*23%
100
1,700
60%
»u
30
18%
22%
12%
*4%
*10%
*8%
18%
22%
61
12%
*5934
*25%
10
18%
2278
21%
2%
86
16%
8434
1%
27%
*1
ht
5
4% May
11% May
48% Feb
12% May
6% Jan
48
preferred
*%
69%
1% May
126
No par
100
Gen Realty & Utilities
1
$0 pref opt dlv series.No par
0%
%
*934
Mar 20
5
Feb 14
40
Gen Railway Signal
20
63
934
63%
par
No par
22%
1078
35
900
14%
142%May 17
5% May
118
May
123*4 Mar 19
1
No
preferred
Apr 10
36%May
10
par
No par
Gen Public Service
100
35*4 May
8
100
No
400
14
6
Jan
126
preferred
June
Jan
7%
86
General Printing Ink..
111
100
55
Feb 27
preferred...
94
102%May 10
80
$8
*%
Feb
45% June
3% May
8
Jan 10
5%
91
Common
1,300
*109
Apr
28%May 29
33% Feb 15
112% Jan 8
% Jan 0
Gen Outdoor Adv A...No par
100
6%
0
Apr
11% Jan 15
2
*17%
110
110
10%
2%
384
*6%
12
12
22
*10%
*3%
Jan
3% Jan
Dec
6%
41
Mar 21
537gMay
Jan
$5
200
0%
%
1834
22%
%
43
Apr
1
6
6
22
21
19
25
5%May
134% Jan
118
5% Mar 21
8
38
General Motors Corp
900
334
111
*109
36,800
*41%
43
Apr 16
June
5
46% Apr 21
conv
5%
120
39%
124
124
si«
*%
*%
14%
*14%
14%
14%
101
*100
*98% 101
%
10%
2%
3434
684
64%
1434
*1%
6%
%
*17%
.
*3%
6%
334
22
110
*108
*41%
43
12934
3834
39%
124
124
111
*108
%
14%
*98% 101
18%
*21
111
%
39%
3934
124
124
12934 *127
*128
128% 129
1,400
80%
June
pref series A .No par
General Mills
No par
$8
86
80
80%
80
8034
*80
86
*80
86
5
2% Jan 7
978June 10
June
'
*75
22
1% May
2%June
8
100
preferred
5
4
No par
General Electric Co
5,000
120
%
7%
31,600
,
preferred
cum
24% May
10% Jan 30
47% Jan 21
No par
Class A....
General Cigar Inc
4
June
General Cable Corp_._No par
700
Jan
May
97
5
General Bronze Corp
900
17%
17%
18
preferred
S8
10
39
334 Apr 19
6
Apr 23
Transportation
Gen Am
1,700
57g
20
104% Mar 26 zl08%June 12
5
No par
6
5
No par
preferred
S3
100
2,600
55
May
2% Aug
7
Dec
conv preferred
50
Gen Amer Investors—No par
102% 102%
01
Jan
May
6H%
600
7
3% Feb 28
40
12
10
6*4
4%
132
Jan 28
1
5% preferred
Apr
18% June
May 21
17
var
Gar Wood Industries Inc
17,300
Jan
Apr
21%
102
2
20
No
Nov
9% May
7
7
Jan
32
35
107%
2
32i2May 31
1% Feb 4
1% Apr 10
7% Apr 16
4,200
...
Sept
June
Jan
2% Feb 17
36
1%
6% preferred
May
6% Sept
22
Feb 19
105
preferred
conv
Fk'nSlmon&Co inc
4
Apr 21
13
Francisco Sugar Co
100
Jan
107% Jan
20% Jan
2
104i2June
No par
No par
7% pf.100
Free port Sulphur Co
10
Gabriel Co (The) cl A ..No par
Galr Co Inc (Robert)
1
$7
70
1,200
"
300
%
preferred
107«
1234
*17%
10
100
10
Food Machinery Corp
2%
*384
19
May 31
-
5334
43g
24*4 June
24
-
35
*142
8
4
337g
Jan 13
*5234
143
Jan
21% Apr
38% Mar
25% Apr
8% Nov
29
43
584
10% May
Apr 30
20
278
55
Jan 13
22
2,100
15
4%
Jan
15
100
12234
*6%
Jan
46
7
105%
Jan
32% May
Apr 25
preferred
share
21%
42% Jan 13
4
conv
per
106
22
*10
84
*115
118
-
12% May
I
May
Florehelm Shoe class A .No par
5%
Highest
share
84
Jan 10
Follansbee Steel Corp...—10
107g
4%
4%
4%
4%
'm
26
per
18% Jan 10
105
300
4%
5334
678
$
25% Apr
3
Jan
share
per
600
22
*5234
*142
4%
4%
4%
par
*10%
141
*141
Firestone Tire A Rubber
100
6%
$
share
100
434
4%
4%
*4%
4%
4%
4%
4%
4%
43g
*102
104
*101% 104
*101% 104
*101% 104
55
54
54%
51%
52%
51%
52% 52%
6
6
6
6
57g
5%
578
6%
4
*3%
7
4%
*6%
4%
per
400
*
....
4%
$
Par
Year 1940
Lowest
Highest
1584
.
4%
*6%
*10%
Lowest
102%
3584
15%
1584
15%
*15%
15%
15%
*15%
1578
*15%
15%
15*4
102% *102
*102% 102% *102% 102% 102% 102% *102
102% *102
36%
3584
36
36
30%
*35%
*35% 36
36% *3.534 3634
13
1234
13
12%
12%
13% xl 3
12%
13%
1234
12%
27
27
27
*26% 27% *26% 27%
27% 27%
27% 2734
*21
22%
*21
22%
22% *21
22%
22% 22% *21% 22%
4%
43g
*4%
4%
4%
4%
4%
4%
4%
4%
43g
22
*20
*20
22
*20
*20
*20
22
*18% 22
22%
26%
24
*25%
*25%
25
*23%
2434
2434 2434
25% 26
105
105
*105
*104% 105
*104% 105
105% *103% 105% *103%
15
15
1578
1434
14%
14% *14%
1434
15%
1434
15%
*118
122
12234 Xl2234
121
121% *118
121% *118
121% 121
2%
278
278
*2%
2%
2%
2%
2%
2%
2%
23g
*37
43
*36
*37
43
*36
43
37
37
*37% 43
34
347g
34% 347g
33%
33%
3334
34%
34%
3434
3434
*2
2
2%
2%
2%
2%
2%
2%
2%
2%
2%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
934
9%
934
*9%
9%
9%
9%
9%
9%
97g
934
*17
18
I884
17%
18
18
*1634
18% *17%
18% *17%
«
O QC
*110
*110
x!08% 108% *108%
*109%
4%
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
Thursday
June 11
June 7
....
STOCKS
NEW YORK STOCK
the
CENT
Wednesday
Tuesday
$ per share
*4%
*6%
Sales
for
LOW
Saturday
6
8
% Jan 22
3% Jan 6
19% Apr 5
4% Jan 13
% Jan 6
19
May
4% July
9% Nov
8
May
103
May
35
May
May
60%
8% May
16%
71%
28
54% May
101
June
3% May
28
Aug
%
Dec
2% May
12
3
May
May
% May
16%
110
38%
112
6%
50%
1%
7%
27
Apr
Mar
Jan
Deo
Apr
Apr
Dec
Jan
Feb
Feb
Feb
Jan
6%
Feb
1
Jan
Ex-right. 5 Called for redemption.
Volume
LOW
AND
New York Stock Record—Continued—Page 6
152
HIGH
RALE
PRICES—PER
SHARE,
Sales
CENT
NOT PER
for
STOCKS
NEW YORK STOCK
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
EXC&ANGE
June 7
June 9
June 10
June 11
June 12
June 13
Week
$ per share
$ per share
3 per share
$ per share
$ per share
$ per share
Shares
*7%
17%
*43%
♦3»4
*1834
*6
♦215s
7%
17«4
*17
7%
1734
44
*43%
44
414
7%
*334
734
1734
*41
*334
7%
7%
*1734
18%
18
41%
*334
41%
4%
19%
6
24
41%
*334
19%
4%
19%
*19%
19%
19%
6
6
22%
24
97%
*534
2334
19%
19
6%
22
22%
22%
95
95
*6%
4%
9584
70
70
70%
71%
72%
11
11%
11%
11%
11%
*6
6%
6
6
1184
6%
*20% 21
*10912110
*384
4
778
*112
8
I84
1%
1%
*34
*35
150% 150%
*148
*1
153
1%
51
*148
6%
6%
1%
6%
*3U
25%
384
*3%
127
14%
70
*1%
2534
127
14%
71%
1%
*33
36
*40
4034
*28
28%
*31% 32
*97% 100%
2%
2%
*2%
2%
*8
*91%
*7%
*29
*133%
*10%
36%
8%
94
8%
30
36%
51%
152
1%
6%
4
36%
*1%
36%
134
37
150% 151
5234
150
52%
150
1%
634
1%
6%
*3%
334
*72
11%
*6%
21
109%
*334
8%
1%
38
152
52%
734
4%
19%
534
534
23%
98
*153
4%
19%
*384
19%
5%
8%
9
*91%
*7%
2984
94
8%
30
800
Ingersoll-Rand—
6% preferred
No par
Inland Steel Co
No par
99%
19,000
1,600
7%
6,200
334
26
400
10%
10%
*36%
36%
35
35
35
35
35
*40
41
*4034
*28%
29
29
29
*28%
28%
*33
3378
*1084
36
*91%
94,1
*91%
11
36%
1034
*35%
1034
26%
8%
30%
8%
133% 133%
10% 10%
36% 36%
58
58%
60% 61
£57%
58%
59
59%
5834 59
59% 61
*125% 126% *125% 126%! 125% 125% *126
126%
126% 126% *126%
109
108
10634 110%
109%l 107% 109% 106
10634 107% 105% 106
*10
*10
10
*10
10
10%
10%
10%
10%
10%
10% *10
*118
*118
*118
*118%
*116% 116% *116%
*4%
4%
*4%
4%
4%
*4%
434
484
*4%
4%
4%
4%
*18
*18
19
*18
20
19
*18
19
*18
19
19
19%
*13
*13
*13
*12
*12
13
14%
1334 *12%
14
14%
13%
*101
*7
*110
13%
*6
*98
36
13%
*24
*2%
104
7%
114
13%
6%
*6%
1%
6
*2034
*12%
21%
27%
5%
113
13%
6%
1434
6%
99%
1434
*6%
1434
6%
15
6%
15
6%
14%
6%
Jewel Tea Co Inc
No par
Johns-Manvllie
No par
3,100
20
18.500
200
10
300
100
"""26
100
14%
~1~206
6%
400
99%
20
36%
373g
3634
37%
37%
3734
36%
13%
13%
*13%
1334
25%
*26
28
13%
*26%
*2%
30%
24%
*3%
25%
13%
28
238
31
24%
4
253s
*13%
25%
13%
27
2%
32%
37%
14%
25,900
13%
*26
28
2%
4
24
7%
28%
12%
7%
2384
*21% 22
*109% 111
234
6%
*105
500
36%
25%
2334
13%
400
99
25
■
*6
113
7
1
36%
24%
7%
13%
*7
*101% 103% *101% 103%
7%
73s
*7%
7%
*7%
7%
*107
*107
113
113
*107
113
*101% 104
234
1%
6%
21
*25
2%
*99
2%
2%
30%
3134
24%
*3%
25%
*24%
24%
4
32%
243s
*3%
25%
25%
24%
4
25%
25%
25
*634
28%
7%
28%
7%
7%
28%
28%
12%
13
7%
13
13
*7
25%
*99
99%
2%
2%
3184
24%
32%
24%
*3%
25%
4
25%
25%
25%
7%
*6%
*26
13%
7%
7%
23%
243s
24%
24%
22
22
22
22
*109% 111
2%
2%
1%
1%
6% r 6J
*109% 111
*2%
1%
2%
1%
12%
12%
12%
12%
21%
2734
2134
2134
28%
*2134
634
21%
12%
22
5%
5%
28%
5%
2884
5%
21
28
21
5%
6%
21
25
*7
*26
29
13%
13%
24%
*24%
*2184
9
7%
23%
22
*99
22%
*110
11034 111
99%
25%
7%
30
13%
*99
*2%
32
24%
*3%
25%
24%
4
2538
25%
*7
7%
9%
*24
111
13%
9
9
2434
22%
*22%
40
5%
538
5%
6%
21%
1234
0,500
30
12
12
11%
11%
II84
11%
*1134
16
16
16%
2334
16%
16%
16%
16
*19%
25
23%
28%
105
19%
*65
*25%
*128%
*27%
*23
*11%
*25%
*1%
*6
*12%
81
34%
81%
*33%
82
82
23%
28%
105
19%
155
20%
150
20%
67
*6634
27
*25%
150
20%
67
27
27
134
7%
13%
27%
23%
*11%
2634
134
*6
*12%
15
106%i 106%
17
150
20%
67
*25%
17%
150
20%
67
27
*128%
*128%
27%
23%
12
15
16
28%
23%
12
2634
134
7%
14
28%
23%
*11%
27
1»4
*6
*13
2934
23%
1134
27
134
7%
14
24%
11%
1134
2,800
11%
800
Lion Oil Refining Co.. .No par
1534
1,500
9,400
7,100
Liquid Carbonic Corp. .No par
Lockheed Aircraft Corp
1
Loews Inc.
..-No par
15
243s
1134
1%
24%
12
27%
*24
25
12%
*26
1%
134
*6
1%
7%
*13
1384
*1
1%
1
1
4%
734
4%
4%
7%
7%
*7%
15%
28%
15%
2834
9%
15%
28%
834
22%
*27%
*6
*13%
7%
14
*6
200
71,000
1,700
100
1,700
1,720
2,900
50
1,700
900
100
"3",500
900
12%
27%
1%
1,600
300
1,600
8%
9%
9%
8%
9%
22
22
21
22%
21%
21%
2784 28
*27% 28
2734
27%
26%
27
171
*170
173
*170
172
173
*171
173
*16334 173
*16384 173
52
53
51
51
*50
51
51%
53
52%
53
51
51
*2%
*2%
*2%
2%
2%
278
*2%
2%
*2%
2%
2%
2%
25
25
*25
26
*25
26
*25
26
*25% 25%
24%
24%
*105% 107
*105% 107
*105% 107
*105% 107
*105% 107
*105% 107
13
13% *12%
1234
1234 *1234 13
*13
13
13%
13%
13%
14
13%
13%
13%
13%
13
13
14%
13%
13%
13%
13%
19,900
1,100
27%
8
20%
*26%
28
8%
20%
27%
4%
734
7%
14%
27%
15
28
8%
8t4
*20%
20%
734
4%
734
15
8
15%
15
15%
27%
28%
28%
28%
8%
2034
27%
£4
.
„
*101
*101
105
105
105
105% *101
105% *101
105% *101
193s
19%
19%
19%
19% 19%
1834
19%
I884
1834
18%
18%
*8
8%
8%
9
*8%
8%
8%
8%
*8
8%
8%
8%
32%
32%
*32% 33
*32% 33
32%
32%
32
32
3184
3134
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
29% 2934
2934 2934
29% 29%
29% 29%
*29%
29%
29%
29%
830
800
20
3,200
200
500
4,200
*101
*
Bid and asked prices; no sales on
this day.
{ In receivership,
"2",500
900
1,200
6,200
3,500
d Def. delivery,
4% June
21% Aug
91
June
2% July
6% May
1
May
18% May
May
131
8
1%
Dec
5% May
3% May
19% June
Jan 13
109
June
15%June 10
10% May
73%June 10
10% Feb 19
67% Feb 19
1% Apr 16
40% May
ia4 May
2%
Jan 16
3934 Jan
2
42%May 20
31% Jan 30
35% Mar 21
May 20
25% Feb 15
95
Jan
28% Apr
23% Feb 19
125
Jan
June
102
Mar 20
37
June
26% May
25
May
13% May
97% Jan
Jan
3
l%May
l%May
2
3
1
3% Jan 10
1% May
5% Feb 19
938June 12
4% May
94% Jan 17
8% Mar 15
74% June
5% May
87
Feb 24
Feb 14
7
Jan
9
33
Jan 10
Mar 21
134
May 14
934 Apr 21
14
27% Apr 21
124
32
44
Apr 23
54% Apr 19
124% Mar 26
97
Apr 21
10 May 20
100
7
Jan 16
03% Jan 13
Feb 11
128
1103gJune
7
9% June
4
11
9
May
92
May
6
7
Dec
121% Apr 18
95
Jan
2034 Apr
8
Jan
18
2
8% Jan
4
8% May
434 May
Mar 26
87% June
100
3734june 12
Feb 14 1
13%June 10
Jan 10
38
4
1»4 Jan 24
2% Mar 10
23% Feb 15
32%June 10
22
26%
Feb 14
Jan 13
2% Feb 15
3%May 22
3
27% Jan 9
29% Jan 10
Feb 15
5% Feb 14
7
•
2
is4 Jan
% Feb 13
2% Feb 14
19% Apr 12
11% Feb 1
21
Apr 18
3
26%June
Feb 19
6
8% Jan
30
Jan
Jan
May
Jan
Feb 14
21% Apr 14
19% Apr 12
109%June 4
48% May
3% May
12
17%
122% May
117% May
31
ll34May
June
14% Jan 10
104% Jan 27
5% Apr 23
98% Feb 21
24
May
44
53s Jan 10
104% Jan 22
13
Apr 22
£22% Mar
June
9
3484 May
121% Mar 12
Apr 16
25%June
20% May
122
Jan 10
12%
Mar 19
7
Jan
184 May
8
24% May
10
May
2784 May
l%May
17% May
19% May
2
May
22% Aug
23% May
4
May
June 13
8% May
13% June 11
93sJune 11
11% Dec
27% Jan 10
25% Jan 9
116% Jan
3% Apr
l%June
Jan 22
1234june 13
Jan 13
24
45% Jan
1% May
%
2
634June
22%
3% May
16% May
15% May
100% June
9
Dec
May
15% May
9% May
18% May
30
June
Jan 23
5
May
Jan 18
33
May
96% Jan
3
87
May
109
109% Apr
1883s Dec
7%
33%May 27
39
78% May 22
May 26
80
175
98
Jan
2
87
May
5
189
Jan
3
169
June
June
18% Mar 11
20% Apr 14
30
20% Apr 21
£29
May
8
9% Apr 15
13
Apr 26
19% Apr 21
28
May 22
Jan
4
37% Jan 14
12
June
7
8
9
34% Jan 6
109
Jan 29
16% Jan
28% Jan
16
23%
Apr
18% May
3034
Dec
May
41
Apr
9
May
148$
Apr
May
10% May
22% July
20% May
97
153$ May
4134June 13
29
June
2
May
109%
39%
46%
4%
13% June
1834
3
6
110% Jan 18
19% Jan 16
May
105% May
17%
Dec
15% May
21%
38
May
65
31% Jan 21
2534 May
35
Jan 21
128
Sept
17
May
Macy (R H) Co Inc...No par
Madison Sq Garden...No par
22«4May 26
27
20% May
...10
——1
Copper
Manati Sugar Co
Magma
Shirt...
M aracalbo Oil
No par
25
1
Exploration..
23% Apr
9
1% Feb
4
534 Jan
5
pref—100
Marshall Field & Co—-No par
Martin (Glenn L) Co..
1
Martin-Parry Corp...-No par
Masonite Corp
No par
Mathieson Alkali Wks.No par
Market St Ry 6% pr
3
6% Mar
14% Jan
84 Jan 14
l%May
x4
June 13
7%June
5
13% Jan 17
23
Feb 14
7
May 20
19
May 28
24%May
5
June 13
-100
May Department Stores
10
Maytag Co
.....--No par
$3 preferred
No par
171
pref......No par
...No par
McCrory Stores Corp
1
103% Jan 23
12% Jan 7
12%May 26
103% Feb 20
7% preferred
McCallCorp
6% conv preferred
100
McGraw Elec Co
1
McGraw-Hill Pub Co..No par
Mines..5
{McKesson & Robblns, Inc..5
$3 series conv pref—No par
Mclntyre Porcupine
n
New Btock.
r
Cash sale.
30% Jan
2% Mar
12% Apr 17
.
Marine Midland Corp
Jan 14
12% Apr
Feb 17
45
Apr 23
2% Feb 24
2434June 5
25%
2084May 24
70»4 Jan 27
138
7
2
10
22
13
20
5% Jan 14
11% Jan 8
1584 Jan 27
3034 Jan 6
12% Jan 6
28% Jan 13
8% June
21% May
1% Aug
4
May
11% May
«4 May
6
14% Jan 6
111%« Jan 30
14%May
31
1234
38
4%
Dec
Apr
Jan
Mar
Apr
7% Mar
Jan
16%
1% May
Oct
June
5
3I84
Dec
June
June
Jan
136% May
6%
21
107
Jan
Nov
13»4
100
2% Jan 14
Apr 8
Apr
2% May
834 May
2034 June
6% May
21'i June
Jan 22
28
Jan
3% May
175% Apr 29
53% Jan 23
30
Jen
Apr
163% Dec
138% May
Jan
Apr
Apr
109% May
2
162
3338 Jan 10
11
183s Mar
41% Apr
37% Mar
22%June 13
3% Jan
15% Jan
A]
27
23% Apr 21
$6 1st cum
"_500
May
66% May
7% May
No par
Manhattan
14
Apr 24
No par 105 June 4
14
Feb 19
1
35
Apr 21
Lone Star Cement Corp No par
2% Apr 12
Long Bell Lumber A...No par
1334 Jan 30
Loose-Wiles Biscuit
25
5% preferred
100 106'ajJune 3
16%May 14
Lorillard (P) Co
10
7% preferred
100 160 June 2
Mar 3
17
Louisville Gas & El A—No par
Feb 18
00
Louisville & Nashville
100
25
May
1
MacAndrews & Forbes
10
6% preferred
100 133 May 15
Mack Trucks Inc
Nov
May
$6.50 preferred
Loft Inc
Mandel Bros——
7%
*13%
*1%
9,900
6,200
1%
4%
No par
1584
15%
28%
*1%
Lily Tulip Cup Corp...No par
Lima Locomotive Wks. No par
1134
4,500
1%
4%
-—100
Link Belt Co
1%
4%
.......
600
4%
7%
1%
4%
4%
734'
8
14%
1434
*1
Libby McNeill & Llbby
7
Corp
6
Liggett & Myers Tobacco..25
Series B...
...—25
Preferred
200
*1
5
No par
Libbey Owens Ford Gl. No par
1534
*26
27
l«tt
60
1
1134
15
15
24
27
—100
50
No par
4% conv preferred
1134
*1434 15
*
106 hi 1063s *106%2106%
106% 106%
17
17
*16%
17
'£17% 16%
*151
155
*150
155
*148% 155
20% 20%
*20% 20%
20% 20%
*67
67
67%
68%
67% 69
26
26
*2584 27%
*2684 2784
*128%
*128%
*128%
28%
28%
28% 2878
2834 28%
15
5
*1534
1178
24
24
24%
24%
24%
24%
24
24%
24%
30
30
29
30%
30%
2934 30%
29%
29%
30
*106% 107
*106% 107
*10534 107
105% 105% *105% 106
2084 21%
20% 2078
21% 22%
19%
1984
19%
20%
41
41
41
4134
4134
41%
41% £41
40% 41%
*2%
3
*2%
3
*2%
3
2%
*2%
3
2%
41%
*2%
3
14%
14%
14%
15
*106%2106% *106*32106%
I684
16%
16%
16%
*20%
*33%
177
41%
*150
80%
Lane Bryant
Life Savers
2,300
3434
No par
No par
Lerner Stores Corp
84
84
83
81
81
83
8434
82% 83%
81%
176%
176% *174
*170% 176% *170% 176% *170% 176% *174
*19% 20%
*19%
*1984 20% *1934 20%
*19%
20%
20%
20%
26
26
25
26%
26%
26% 2634
26% 2634
25%
26
*31
*31
32
32
31
31
32
32
32
30
32%
*81%
*171
80%
100
5% preferred
500
6,700
""600
*33
Laclede Gas Lt Co St Louis 100
Lambert Co (The)
6% conv preferred
Lehman Corp (The)
Lehn & Fink Prod Corp
8234
34
80%
No par
Kroger Grocery & Bak.No par
15,100
2,400
35
80%
Co
{Lehigh Valley RR
*82
*33
Kress (SH)&
Lehigh Valley Coal
*34
80
Keystone Steel & W Co No par
Kimberly-Clark
No par
Kinney (G R) Co
1
$5 prior preferred
No par
Kresge (S S) Co
.......10
Kresge Dept Stores
1
800
34%
3434
*79%
Kendall Co $6 pt pf A ..No par
Kennecott Copper
No par
10,800
82
*33
1
500
5%
5%
234
1%
5%
21%
1234
2%
1%
22
12%
Class B
22%
111
*110
28%
5%
22
Keith-Albee-Orpheum pf.-lOO
Kelsey Hayes Wh'l conv cl A.l
Lehigh Portland Cement—.25
22
2178
28
100
5
23
May
City P & L pf ser BNo par xll6%June 12
Kansas City Southern. No par
384 Apr 23
4% preferred
...100
1584 Jan 9
12
Kaufmann Dept Stores
Apr 16
1
5% conv preferred...
Kayser (J) & Co
140
145
170
Kan
Lee Rubber & Tire
2734
1%
6%
217g
80
1,700
4,400
100
500
28%
1%
6%
2134
12%
2,400
Preferred
Jones & Laughlln St'l pref.100
Kalamazoo Stove & Furn—10
500
234
1%
6%
2134
12%
22
28
2%
"2,700
1
24%
234
1%
6%
*21%
*12%
*21%
27%
2%
2,400
120
30
30
*13%
500
270
32
25%
1,000
500
23g
No par
1
99
30
12%
*105
7%
*101% 104
Intertype Corp
$6 preferred
Jarvls (W B) Co
36%
13%
25%
30
*27
*7
101
No par
Island Creek Coal
20
99
24%
*3%
24
101
"""260
Inter Telep & Teleg
Dec
5
May
16% May
72
May
38
26
Foreign share ctfs...No par
Interstate Dept Stores.No par
Preferred
100
Jan
136
No par
50
6%
5384 Jan 10
32%May 23
38% Feb 21
100
20
Jan
Dec
5
No par
International Sliver..
234
Apr
43%May
3%
....
Jan
43%
167% Jan 10
3
15
1338
24%
June
1
6% Apr 21
7% preferred
700
31
*30
Jan 16
5% May
May
12
31
May
Internat'l Mining Corp
1
Int Nickel of Canada.-No par
Preferred
.100
5% conv preferred
100
InternatRys of Cent AmNo par
5% preferred
100
4,200
2,500
3
49
30% Apr 23
2% Jan 10
9% Jan
27,100
Ti:206
2% Jan
1% Apr 10
2
Apr 15
1,300
238
2%
9%
94
8%
11% Jan
June 10
34
,
48s Feb 28
Apr 21
1
33%
2%
*2%
9%
2
150
Inter Paper <fc Power Co
""150
6% Jan
100
Int. Hydro-Elec Sys class A.25
Int Mercantile Marine.No par
57,200
*97% 100%
2%
*8
No par
Preferred
Intern atlonal Shoe.
2%
9%
30%
140
6
25% Jan 14
113% Jan 28
1
3% Feb 17
Internat Agricultural.-No par
Prior preferred
100
Int. Business Machlnes.No par
9
13% Jan
Feb 25
Apr
Jan 10
90% Jan
19% Apr 16
7
Intemat'l Harvester
161
9% Apr 22
6
6
Jan 10
111% Jan 22
165% Feb 10
69% Apr 21
109
'
12
22
10
27
26
Highest
$ per share $ per share
6%May
Feb 13
5
No par
800
2%
9%
133% 133%
*10%
10%
*36%
36%
Interlace Iron
28
2
20
Insuranshares Ctfs Inc
1
Interchemlcal Corp..
No par
6% preferred
100
Intercont'l Rubber....No par
28
2%
8%
Inspiration Cons Copper
International Salt
2%
9%
30
200
100
300
2
8%
12,500
..No par
40%
2%
*133% 134
1,000
1,500
4,400
7
*3%
43
94
900
7,500
1,000
700
35
9
.
1%
*40
*95% 100%
20
1%
36
33% 3334
*97% 100%
500
300
156
156
43
30
""700
1178
11% 11%
*6
6%
*6%
6%
6%
22
21
21% 21% *21
*110
110%
110
110% *110
384
334
*334
4
4
8%
8%
8% n. 8%
8%
1%
1%
1%
1%
1%
3934 40
3934
39% *38
152
152% 152% 15234 154
51
52%'
52%
50%
5084
*40
*133%
2
18%May 19
11%
156
152% 152% *151
*1
1%
1%
1%
6%
7
684
7%
*3%
334
3%
3%
26
26%
26% 2634
*91%
2% Jan
—
73%
*35
33%
1000
Lowest
8%May
203s May
45%May
4%May
21% Jan
Feb 18
2084May 27
93%May 5
35
32%
6
6% Feb 15
Industrial Rayon
14%
*97% 100%
2
2%
2%
2%
8%
9%
*91% 94
*8
8%
*29
30
34% Jan
Indianapolis P & L C0.N0 par
Indian Refining
10
127
4034 41%
*28%
28%
*31%
32
*97% 100%
2
2%
2%
2%
100
100
300
*1%
71%
26%
13
Leased lines 4%
RR Sec ctfs series A
2,000
35
14%
6% preferred series A—.100
~2~ 900
11%
$ per share
5%
*97%
*153
74%
$ per share
Illinois Central RR Co
7334
73
73
Par
Year 1940
Highest
2334
*23
Range for Previous
Lowest
1,900
1,200
7%
18%
42
23%
98
98
*1734
*41
7%
Range Since Jan. 1
On Basis of 100-Share Lots
170
734
18%
42
26%
2634
2534
*127
128
*127
*127
128
128
*126% 128
14%
15
14%
15%
14%
15
14%
15%
72
72
73%
72
73%
72%
73%
72%
73%
*1%
134
1%
134
*1%
134
*1%
*1%
134
25%
127
*133%
11
*6
*96
734
*153
21
21
2134 2134
*109% 110
*109% 110
4
*4
4%
4%
8
8%
8%
8%
150
30%
150%
505s 505s
96
*153
*152%
,
18%
52%
*93%
*15258
*6934
v
3771
363$ May
2% May
20
May
96% June
10% May
10% Nov
4784 Apr
1434 Apr
40%
Jan
32 34
Apr
173% Dec
53% Jan
4%
30%
105
Feb
Apr
Mar
10%
Jan
17%
Apr
10
May
93
May lll"n Dec
17% May
29
Apr
18%June 3
7% Feb 19
25% Jan 11
9
Jan
9
6
June
9%
31
35
Apr
2
26
June
47%
Jan
6
Dec
8«4
Apr
30% May
1
17% May
32%
Apr
3
24
Feb
3
Feb 18
Feb 19
* Ex-dlv.
v
3%
Ex-rights,
338
Apr
Jan
t Called for redemption.
W
ESZaefiBs:
LOW
AND
On Basis of 100-Share Lots
STOCK
NEW YORK
lor
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
June 7
June 9
June 10
June 11
June 12
June 13
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
7
7
7
7%
7%
7%
6%
7
*6%
6%
6%
6
*104% 108
*104% 108 ' *104% 108
*103% 108
*103% 108
*103i4 108
8
8
*8
8
*77g
8%
8%
8%
7%
7%
*714
712
75
75
75
75
*7434
75
74% 74% *74% 75
*74%
75
*65% 68
*65%
70
*65% 68
*65% 70
*65% 70
*65%
70
2934
30
29% 29%
287g
29
29% 29%
*28
29
28%
28%
37«
4
378
4
37g
3%
3%
3%
3%
3%
3l2
3%
*2334 25%
26% 26%
26%
26%
25
25
2534 26%
25%
2534
*24
25
24% 2434
24% 25
*21
23% 24
2334
*22%
24
*30
29
29
30
30%
30%
2934
2934
*29%
30
*2914
30
7%
7%
7%
7%
7
7%
7%
*7
7%
7%
7%
712
16% 167«
16%
1634
16% 1678
16% 1634
16%
15%
15% / 16
*29% 30%
30%
30
*30%
31% x30
30%
*30% 31%
30%
30%
*114
*114
115
11434 11434
*114
115
1147g 2:114% 115
*113% 115
*40
41
41
41
40
*40%
4134
40%
88% 99
*37%
39
107
*107
*107
*2%
*55%
10%
58%
10
*%
*2%
2%
%
*117
118
*109
111
*109
79%
*37%
3
7%
14%
*19%
234
52
52
*52%
11%
11%
65
*11
12
7%
14%
20
14%
1*19
*234
*6334
*110
*43
65
17%
*5
5%
*7%
8
*8
8%
15%
5%
*7%
8%
1534
162%
*10%
16
*162% 170
*1034
4%
18%
4%
*17%
18%
17
*84%
11
92
*14%
15
*8334
7
7
*14%
6%
12
12
12%
10
10
10
1234
*5%
1234
5%
1234
8%
19%
8%
193g
14%
14%
6%
6%
*15
6%
t*27
18%
14934
6%
4934
6%
5638
62
*65
5%
8%
2:4%
*17%
8%
15%
6%
*15%
6%
20%
15%
*144
19%
~2~ 400
300
10%
1034
4,100
*%
»i«
200
1,100
400
807g
81
115% 115%
2,900
80%
*115
115%
*8%
20
36%
734
147«
2034
3%
60
11%
66%
11%
66%
11%
66%
5%
*44%
4%
*17%
5%
45%
4%
1834
18%
4%
1834
18%
5%
77g
87g
5%
*7%
878
8%
20
300
800
60
5%
45
4%
1834
2,000
18%
53g
734
834
1678
170
10%
90
2,200
5%
*43%
4%
*18%
18
i
53g
.
*7%
*8%
16%
*5%
8%
20
200
5,300
10
1,300
8%
19%
16%
1534
67g
*28%
29%
*28%
6%
6%
634
6%
53
63g
52%
53%
5334
6%
6
12%
1238
12%
6%
12%
12%
6
29%
634
54
6
12%
5
Louis—100
300
300
400
500
100
Nat Bond & Invest Co.No par
100
Nat Bond & Share Corp No par
10
1,400
1,200
Nat Cash Register
No par
2,000
National Cylinder
Gas Co—1
7,200
2,000
Nat Dairy Products—No par
Nat Dept Stores
No par
400
4,300
1,900
3,300
80
4,400
*"""16
4,500
10
6% preferred
Nat Distillers Prod
No par
Nat Enam & Stamping
No
par
1
Nat Gypsum Co
$4.50 conv preferred-No par
National Lead Co
10
100
100
7% preferred A
6% preferred B
29%
6%
54%
5,600
3,700
National Pow & Lt
6
3,700
National Supply (The) Pa..10
,
2,400
1,700
12%
No par
.25
$2 conv preferred
Nov
119
May
May
119
July
122
Oct
10878June
6
109%Jurie 11
39% Jan 8
43% Jan 23
28%June 10
40
May
24% Jan 13
4% Jan 6
15
May
June 12
20
234May 15
2
ll%June 12
61% Apr 17
71% Jan 16
9%May
106
3934
106
71
*37%
28%
60
• *5
*5
*5
5%
5%
5%
5%
5%
57g
*434
5%
5-%
1134
11%
»*9%
10%
10% *10
10%
10%
10%
11%
11% 1134
111%
*110% 111% *110% 111% *108
111% *108
111% *106
111% *106
*110
*110
115
115
*110
115
*110
115
*107% 115
*107% 115
*52
56%
*3««
7io
*1^
*25
%
29i4
25%
*190
196
*112
113
13
13
*53%
53%
*53
5338
14
13%
*9634
97
56%
56%
*316
7 32
%
%
*l16
*1
16
z28
28%
*25%
2534
190% 190%
*112
z1234
*53%
*52%
13.%
*9634
6%
113
12%
53%
53%
14%
97
*52
56%
*%6
%
%
*1.
16
2834
56%
56%
*53%
3'1
%
700
29%
*25%
30%
27
14,800
112
1234
53%
527g
14
*9634
112
113
*112
127g
53%
527g
14%
97
1234
53
5234
14%
*9634
113
*23
4%
76
11%
9
*11%
19%
19%
4%
76
*3%
*1434
*140
3%
15%
143
6%
*42%
*16
*49
7
45
16%
4934
*116
9
5
74%
3%
14%
*140
7
*43
*16
*49
*23
11%
9%
19%
5%
74%
11%
9%
19%
5%
73
28
11%
9%
197g
5%
73%
3%
334
334
15
15%
15%
14334 *140
14334
7
7%
7%
45%
45% 45%
16%
16%
17%
4934 *49
4934
*116
*116
17g
74
9
*37%
is4
19%
5%
7434
x76%
80
80
xo
4
4
15%
*140
7%
7%
7%
7%
45%
45%
45%
*17
18
4934
41%
*8%
42%
8%
42%
44
8%
8
234
2%
13%
6%
1334
234
14%
234
14%
*49
*116
...
41%
8%
*9%
10
23%
33%
1334
*13
*
10
10
23
23%
*3234
33%
1334
13%
10%
23%
33
137g
10%
23%
33%
14%(
18
4934
....
6
3%
Jan
4
7% May
.....No par
8
45%
18
*49
4334
43%
8%
3
*8%
27g
14%
1534
*2%
14%
44
8%
3
2,500
700
400
5,400
1,130
880
23%
*9%
23%
97g
24
23%
33%
33%
33%
33%
33%
5,800
1,000
14%
14%
I53g
15
15%
4,100
14%
day,
$ In receivership,
a
500
Def. delivery,
Oct
14
May
July
36
May
Jan 17
100
June
20% July
834 Jan
8
6
2734 Jan
2
23% Nov
Jan
6
10534 NOV
Jan
6
30% May
3134 Jan
110
106% Mar 8
31% Apr 24
45
Jan 10
6
6% May
9% May
8% May
11% Apr 22
15%
16
6% preferred series A...100
40%May
6
15
NYC Omnibus Corp. .No par
15%May 15
24%
Jan
6
20% May
4%May 16
8
Apr 12
634
Jan
7
3% May
12
4
112
Jan
7
104
115
Feb 24
110
Apr
9
45
June
New
York
Dock
No par
5% preferred
.No
par
50
109
Mar
50
112
Apr
N Y Lack & West Ry Co.. 100
47
non-cum pref
tN Y N H & Hartford
100
Conv preferred
100
N Y Shipbldg Corp part stk__l
North
5
American
Co
1
100
North States Pow $5 pf No par
Northwest Air Lines
No par
%
Jan
*ji Jan
*ji
Jan
Feb 25
May
Jan 10
56%June
Jan
s
May
7
5034 Apr 29
Jan 13
May
May
117
Jan
2
105
May
17%
Jan 10
14% May
6
47% May
47% May
58-% Jan
57%
Jan 20
17% Jan 10
15
97% Apr 16
84% June
7%May 8
113% Feb 1
10% Mar 31
4% May
May
7
7%June
3
110
Jan 15
40
158May 17
Apr 25
27
June
20
34
..No par
No par
1334 Feb 19
8% preferred A
Oppenhelm Collins
6
100
73
June 10
No par
3
Feb 19
Otis Elevator
No par
Otis
Steel
$5.50
Co
conv
No par
1st pref..No par
Outboard Marine & Mfg
5
Outlet Co
........No var
Owens-Illinois
100
Glass
Co. 12.50
4s4May 23
14%May 29
140
June
4
6% Apr 23
40% Apr 16
16 June 4
2d preferred
1
Jan 11
10% Jan 10
7% May
May
95
2% May
11% June
12434 June
7
May
May
June
Mar 26
120
Mar 26
1
9
4% Apr 17
Cash sale.
7
19
32%May
r
6
Jan
47
934May 24
22%June 3
New stock,
Jan
4% June 12
1734 Jan 8
3
Pacific Ltg Corp
Pacific Mills
n
10
104%
Dec
5% June
10% May
21
3834May
7% Apr
11
May 29
11
6
Pacific Finance Corp (Call).10
Pacific Gas <fe Electric
25
...
25% Augt
7
Jan
No par
No par
.No var
2% May
Jan 11
Jan 17
No par
1st preferred
May
27~~M»y
Jan 11
9%May 21
150
101
55
48%June
120
234
5
May
26%
134 Apr 23
10
May 3
10
Jan
7
534 Feb 14
Oliver Farm
100
Oct
Dec
20
1334 Feb
6% preferred
%
hi
13%
12% Apr 21
96% Mar
3
634 Feb 19
Equip
Omnibus Corp (The)
Dec
175
ll%June
Ohio Oil Co
>1«
Jan 25
Norwich
Co..2.50
434 May
May
215
23
Pharmacal
May
1% Feb 6
% Jan 10
3134 Mar 17
3234 Jan 8
Northwestern Telegraph
50
Ncrwalk Tire & Rubber No par
Preferred
50
Pacific Coast Co
15%
Jan
1134 Feb 19
25
Feb 14
Pacific Amer Fisheries Inc...5
23%
*914
.No par
New York Central__...Aro par
N Y Chic & St Louis Co...100
670
*33%
6%
preferred....Aro par
N Y Air Brake
800
6%
9%
2334
7%
conv
Preferred..
634
10%
634
$5
8%
72
110
50
....
*8%
\*
Apr 28
June 12
50
4934
*116
38
Aug
Jan 18
16
7
106
34
79% Feb 10
45% Jan 16
Feb 17
June
Northern Central Ry Co
Northern Pacific Ry
40
45%
*16%
9% Apr 18
5% pref series
North Amer Aviation
1,100
3,700
May
Feb
1,200
13,500
4%
15%
4%
1434
4% May
8
26% May
5
12
410
May
10%
50% Apr 29
141% 141%
7%
7%
43%
234
14%
5%
81
Dec
5% May
48
Apr 30
Feb 19
109
6%
*934
Bid and asked prices; no sales on this
4%
15%
14334
5%
June
13% May
Apr 22
10
15,300
1,300
1,700
19%
132
y2834
9
50
11%
June
14% May
May
zl60
3
100
100
7% June
5% May
66
No par
6% preferred series
30
June
No par
700
300
May
5% May
Natomas Co
100
200
June 13
6334June 13
Adjust 4% preferred
1,000
3
12% June 12
700
7,200
Jan
7% Mar 20
Norfolk & Western Ry
9%
9
31
Noblltt-Sparks Indus Inc
20
Jan 15
23% Jan 10
300
60
2
154
24% Feb 14
24%May 7
188 May 31
8,300
May
National Tea Co
JN Y Ontario & Western.. 100
28
'
19%
8%
33%
*23
*11%
*23g
23
134
28
45%
*116
6%
39%
9%
39%
2
9%
19%
5%
15%
*49
63g
*834
*37%
*1%
11%
234
13%
6%
6%
9%
9%
8%
6%
634
111% 111% *11034 112
*11%
41%
*6
98
6'
9%
197g
8%
*2%
*12%
13
*9634
11%
41%
41%
97
1438
97
*23
140
*17%
112
53
1434
52 34
1%
37g
15
140
197
112
1234
53%
52%
14%
53
6%
196
12%
*52%
52%
14%
13
53
28
*11%
9%
*19%
5%
113
127g
13
53%
527g
14%
97
*23
*11%
8%
*18%
500
6
11%June
Feb 14
10%
60
56
6
Jan
Oct
934 May
43
N Y & Harlem RR Co
s18
7S2
3i6
6%
6
110% 110%
9%
9%
39%
39%
28
1,600
34
*1i«
8%
*23
200
782
3ie
*109
28
*51
1734 Jan
176
2034 Feb 14
;
15%
100
100
5J^% prior preferred
6% prior preferred
N'port News Ship&Dry Dock
*%
%
34
34
%
*%6
*%6
%
%
%
2834 29%
28%
29%
28% 29%
27
27
2534 26%
*26% 27
193
198
194% *195
*195% 197
7 62
V
6%
63s
6%
6
110% *109
110% *109
110%
81"
8%
8%
*834
9%
*39
—
*38% 40
39% *39
39%
*134
1%
*134
1%
1%
134
6%
5534
■
17%June13
8% Jan 13
62
8,700
5,800
1,000
Nov
86
17
8% Feb 19
Feb 19
4,200
400
Dec
June
12% Dec
3
93% Jan 10
22% Apr 28
5% Apr 23
1,200
29,300
Jan 15
4% Apr 23
Mining Corp....10
Newport Industries
..1
300
June
155
41
Newmont
3,000
28%
29
63g
7
6%
6%
24% 25
24%
25
109%
109% 109% *109
38
38
38% 39%
12%
12%
12%
12%
14%
14%
14%
14%
37
37%
3634
373g
17%
rrl7%
17% *17
2834
200
3934
106
106
9
Jan
68% Jan 6
6% Jan 10
*38
*13%
June
16%
Jan
8% Mar 20
24% Jan 11
534May 29
June
3
39% *38% 39%
38%
38%
3834
107
*106% 107% *106% 107
10634 10634 *106
28
28% 29
28%
28%
28%
*2938 29<%
6
6
6
6
*534
6
6%
6%
24
23% 23%
23% 24
24%
24% 24%
*105% 10934 *107% 10934 *108
109% 109%
10934
35
36
37
*37
35%
37%
k*3334 35
11%
12%
12%
12%
» 11%
12%
12%
12%
14
14
*13% 14
1*13%
14
14%- 14%
3434
35%
34%
35
3534 373g
3634 37
17
16%
16%
16%
16% *1634
17%
17%
1*37%
71
334 May
6% Jan 14
Feb 19
13
14%
Jan
11
49
71
14%
71
Jan
14% Jan 10
14% Apr 22
..1
*71%
3834
9
13% Jan
5% July
7% June
2
Feb 24
Jan 6
Jan 15
934 Apr 28
13% Mar 20
168%May 29
142
May 9
4%% convserlal pref...100
Newberry Co (J J)
No par
5% pref series A
100
*87g
*13%
9
11
9
5% Apr 21
78 May 12
Nelsner Bros Inc
72
*8%
9%
May
June
7% Jan
Apr 26
Jan 30
130
*71
*3%
*9%
4
41
10%
18%
175%
13%
88%
17%
27
27
11
21
27
ll%May 20
834 Apr 1
12%June 6
4% Feb 15
7% Feb 14
100
72
*9
9%
97% May
23% Jan
160%May
10%May
8134June
14%May
634May
14%
*13%
*71
9
*3%
*9%
May
8% May
May
56
20%May
7% Apr21
15%May 26
12
2% May
8% Jan 11
51% Jan 27
5% Jan 4
4% Apr 23
43%June 10
334 Apr 21
14% Jan 3
17
Feb 19
112
June 11
110
71
14%
71
71
3%
*914
60
Feb 19
46
Nehl Corp
9%
8% May
12
6
400
338
21%June
1834May
100
*9%
8%
*13%
338
| 9%
# *834
1*1334
33% May
4
800
i
6
17% Jan
62
860
Jan
3134 May
3
59%
6334
3%
9%
12
8
14%June
6034
61
6
4
6%May 29
58%
5734
G134
3%
9%
9%
14%
88% Jan
31% Apr 30
61%
3%
57%
6184
*3%
*9%
Jan
113% May
61
57%
62
3%
9%
9
14%
19%
110
57
57
*6134
3%
9% May
x79
5734
6134
3%
9%
9%
14%
72
.
Jan
Jan
15%May 19
16% Apr 21
6%
5%
%
%
7
26
4
*28%
12%
Dec
% June
Jan
Nat Mall & St'l Cast Co No par
National Steel Corp
%«
•uMay 14
Jan 31
National Oil Products Co
200
53
Jan
»n Jan 14
Feb 17
National Can Corp
■
434
120
5
5% pref series A
Jan
Dec
117
7
5
10
7% preferred
1%
1%
Apr
6
..10
National Biscuit Co
*ie Dec
4
%May 10
3
Apr 18
June
6
6,700
7% May
6
Jan
Apr
64% Dec
lis4 Nov
Feb 14
16
Co
preferred
May
434
Mar
1
Nat Automotive Fibres Inc..l
conv
26
Jan 13
Apr
110
Mar 27
Jan
6%
June
2% May
54
77
June
Nat Aviation Corp
95
Jan 16
Dec
124% Dec
115
38
Acme
May
33% May
112
23
National
103
Jan 14
4
No par
Nashv Chatt & St
45
1134May
3
2
%June 9
% Jan 9
13% Feb 15
Motor Products
Nash-Kelvlnator Corp
12% Apr
17% May
23% May
67
1% Jan
Morris & Essex;
"""960
16
7%
I27s
10%
13%
534
8%
I934
17%
67s
80%
1634
172
80
28%
51%
280
12
*1034
16%
16%
163% 163% *163%
10%
10%
11
*82%
*8134
90
16
16
*15%
7%
7%
7%
12%
*1234
13
10%
10%
10%
13
13%
13%
5%
*8%
2,300
110% 110%
111
*110
5%
700
6
% Jan
No par
Co
Jan
Feb
28% May
x38% Dec
6% May
4% Jan 11
Feb 14
50
Corp..Aro par
Motor Wheel Corp
5
Mueller Brass Co
1
Mulllns Mfg Co class B
1
$7 preferred...
No par
Munslngwear Inc
No par
Murphy Co (G C)
No par
5% preferred
100
Murray Corp of America..10
Myers (F & E) Bro
No par
Morrell (J) &
26
11% May
45% Jan 10
4
9% Feb
20
10
May
6%
6
110
2%June
Aug
24
Jan 15
9% Jan
107
56
10
May
34% Mar
17%May 21
38% Jan 9
125
June
4
Jan
37
6
10534 Apr 21
3734June 4
Montg Ward & Co. Inc.No par
600
Mar
26% Apr 21
$4.50 preferred
No par
Preferred series B...1V0 par
$4 pref ser C._
4%
Feb 14
13
100
100
tMissouri Pacific RR
5% conv preferred
Mohawk Carpet Mills
Monsanto Chemical Co
1,020
1,000
60
60
55
100
—
7% preferred series A—100
110
14,500
16%
16%
6%
6%
6%
80
*79% 80
79
16%
16%
1578
16% £16%
1534
*168%
172
*168% 171% *168% 172
*143
144
144
144
*143
144
144%
21
21
2034
21%
20%
20%
20%
6%
79
Miami Copper
110
118*4 11834
109% 109% *109% 111
3534 357g
2-35% 36
*37% 41
*37%
41
25% 26%
z26
26%
?
7%
7%
7%
7%
1434
147g
*147g
15
*20%
20% *20% 2034
3%
3
3%
3%
20%
1534
634
Mesta Machine Co
90
♦1181* 120
6%
6%
3
63
"it
28%
12
3
14%
45
*44
4%
18%
19%
6%
900
....
*%
110
110
8%
19
110
10%
56
*1034
5%
43%
19%
51
50
11%
5638
62
i
6%
6%
11%
4
3
56
111
4%
18%
28
28
28
638
1834
600
147g
17%
5%
145
*142
144
1838
147g
19%
11%
66%
*78% 79%
78% 78% *78%
15%
15%
15%
15%
1534
*168% 171% *168% 172
*168%
*142
4,000
15%
81
17% 18%
18%
18%
5%
5%
5%
8
*7%
8
*7%
*8%
8%
8%
8%
15%
16%
16%
16%
16
*162% 170
162% *162% 170
*10%
11
11
*10% 11
83
8334
8134 8134
86
15
15
*14%
16
15
7%
7%
7%
' 7
7%
~
13
13
12%
1234
12%
10
10
10%
10%
10%
13
13%
13%
13%
13%
5%
5%
5%
5%
5%
*8%
19%
5%
27%May 23
6% Apr 21
200
28%
7%
2%
5%
43%
46
28
56
*110
5%
*43
4
4
17
2%
*54
*10%
65%
111
*5
5%
46
*17%
1434
20
65
*110
111
5%
5
5
Mld-Contlnent Petroleum.. 10
Midland Bteel Prod
No par
8% cum 1st pref
100
Minn-Honeywell Regu.No par
4% conv pref series B—100
Minn Mollne Power Impt-.-l
$6.50 preferred
No par
Mission Corp
10
Mo-Kan-Texas RR
No par
3,600
%
®32
120
3534
*37%
283S
734
1434
20%
7%
7%
14%
20
234
56
g *7%
r
Merch & M'n Trans C 0.N0 par
800
550
*ht
109% 109%
39%
28
28%
1,200
14
3,400
%
%2
807g
80%
109% 109%
34% 36%
39%
28
2% May
11% May
*%
*%
*147«
119
82
3
26%June 12
3034 Apr 2
2,100
11534 116
Feb
24% May
2%
120
Feb
Jan 16
Feb
1,300
Jan
Dec
53%
75
33% Jan 10
70% Mar 19
May 8
preferred series A .No par
Melville Shoe Corp
9%
108%
14% May
85
May
70
2%
116
May
7% May
27%May 29
3% Feb 15
2134 Feb 15
*%
15
May
64
Jan 13
9
65
10%
SJ6
15
5
90
7% Jan 15
109% Jan 9
w.No par
1
Mengel Co (The)
1
5% conv 1st pref
50
$6
$5.50 pref ser B w
2%
*118
*37%
38%
28%
*32
%
15%
80%
$ per share $ per share
$ per share
$ per share
6
Feb 15
101% Apr 30
7
May 21
No par
Mead Corp
140
"
2%
*114
10934
34%
34
33%
3334
28
15
80%
"""600
3J6
15
1
100
6% conv preferred
234
2%
234
234
*%
%
Par
,.-r'
McLellan Stores Co
2,100
Lowest
Highest
Lowest
Shares
*59
3%
63%
3%
*60
10%
34
118
118
1
"j t
117
*115
| 38%
10%
h
vn
*14%
79%
15
79%
117
*116
10%
*%
9
*U
9m
10%
2%
%
*%
*%
*13%
79%
62
"4
2%
*%
3%
64
*59
62
*107
*107
....
278
234
234
234
59%
10%
*2%
2%
59
10%
*107
Range for Previous
Year 1940
Ranoe Since Jan. 1
8TOCK8
Sales
NOT PER CENT
SHARE.
SALE PRICES—PER
HIGH
1941
14
June
New York Stock Record—Continued—Page 7
3772
5
Feb 19
srEx-dlv.
y
53% Jan 10
49% Jan
9% Jan
8
May
115% May
42
June
434 June
6
6
2
May
Jan
6
8
May
7% Jan
6
3% May
11% Jan 28
28% Jan 24
9% May
3% Jan
16
25% May
8
33
May
15%June 12
8
May
40
Jan
Ex-rlghts.
^ Called for redemption.
Volume
LOW
AND
New York Stock
152
HIGH
SALE
PRICES—PER
Record—Continued—Page
Sales
3773
8
June 12
Week
$ per share
$ per share
Shares
Tuesday
Wednesday
Thursday
June 7
June 9
June 10
June 11
$ per share
$ per share
% per share
$ per share
117*2 117*2
118*2 118*2 *120
*152
159
159
123
*153
120% *120
120
155% *151
125
*120% 125
155
*153
159
3%
3%
3%
3%
*3%
3%
3*4
3%
6%
684
634
*6%
2*2
684
2%
11%
2%
1134
5,300
8%
*8*2
9
1%
*1%
1%
1,400
27*2
27*2
*9834 1023S
11*8
10%
97
*95*2
10%
10%
100
*634
7
2%
2*2
*11*8
11*2
11*4
8*2
*1*2
8*2
*8%
8*2
8*2
8*2
*8%
8%
11%
*8%
1%
1*2
1%
1%
1%
1%
1%
1%
*2734
287s
*2634
28%
105s
*9834 1023g
10%
*10*4
*15
10%
1*2
1*2
97
*26
26*2
*177S
18
18
78
*%
*878
9%
*734
8
26%
79*2
*2%
*18
*%
*8%
9%
*8%
9*8
8%
8%
8%
*45
•
*15
15*8
26*2
18%
z26%
*18%
%
26%
*18%
*%
8%
%
778
4534
7934
2%
2*4
15%
1%
1%
18%
%
97
*%
10%
*15
26%
*9512
a:10%
97
10%
:
28
*9834 102%
10%
11%
10%
10%
*96%
15%
1%
*27
28
*2634
10*2
1%
26*8
12
*9834 102%
97
*15
1%
18%
*5S
*45
97
10%
15%
1%
26*4
2%
2%
1134
*2634 28%
*9834 102%
Zl0%
10%
<10%
15*8
*15
1034
*96*4
10%
98
10*4
2%
12
1%
32
32l4
*21
29*2
3
3*8
*42*4
43
*82*2
83*4
75
9
75
*5
5%
500
*%6
100
3%
3,600
1,700
39
7*4
29*2
2934
4234
30%
29%
43
43%
43%
3038
43*2
12,900
43
83*2
2934
*4212
*8234
43*4
*82*2
83*2
8234
8234
84
84
9
9
9
*8%
9
75*2
108
*5
*5
5%
60
42%
3%
*2*2
■-
6
6*2
50
6
38
*6*2
11
4%
5%
6%
6*2
50
50
50
32
32*2
32%
57*2
33
57
56
1038
m:m
*10
....
'
1*8
*15*2
*16*2
6
6
6
'
11*2
11
37
a;35i8
35%
60
20
44
11,400
*2*2
3%
*47
50
15%
15%
*70
6%
*584
38
38*2
7%
7%
*69
75
59
1034
10%
1%
10%
'
mrnmm
16%
1*8
*15%
1734
18
6%
734
8
*58*2
1034
59
59*2
6*4
18
10*2
8
*10%
11%
*34
52*2
*140
51%
51*8
*115%
115*4 *115*4 116
22%
22%
22%
21%
99
99*2
99*2
99*8
10934 *108*2 109*2 109%
123
12134 122% *123
*140
141
141
140%
35*2
53%
*113
118
51
115% *113
116
99%
109%
140
140*2
115% *113
140
115%
27%
99
99
89
89
89%
2734
10
10%
10%
10%
10%
10%
*93g
10
*9%
10
10
10
15
*25*4
*22*s
26*2
23%
3%
49%
*234
*45
47*2
19
19
19
13%
25*8
1434
14%
26%
*22%
*1%
23*2
1%
14%
*25*4
*7*8
8
8
*7
8
*7
25*8
*7
25
25
934
8
10
10
*56*2
61
*56*2
61
*57
59
*57
5834
%
*58
5834
»78 \
1834
*100
87%
*8*4
%
1
19
19
2:18%
100
10134 2:100
85*2
*84%
87*8
8%
*17
19*2
*102
103%
*58
12*8
*87*2
*634
89
29%
8*8
8*2
19
100
%
19%
100
7*8
2978
8*8
10%
8%
8%
19%
*17%
103% 103%
*17%
104
61
11%
12%
*12%
12%
89%
*89
9034
*634
7
7%
29%
30*8
8%
*8*4
30*4
*50
53
8%
8*4
9%
*8*2
7%
31%
8%
9
7%
4%
4%
*4%
434
2:16%
16*4
16%
*16%
*1034
*40*2
11*8
4334
11%
*40*2
4334
16%
11%
*40*2
**16
3134
*%
*71S
1
3134
31%
32
*16
**8
**4
1
*i4
*2
*41
5*2
*6%
14
40
40
111*8 111*8
1378
•
11%
14
*4
*6%
3934
111
13%
*7is
32
*%2
*16
*4
14*2
105%
105
62
700
64
800
19%
180
.
260
1,100
90
7
30%
3034
7
30%
*50
8%
834
*4%
*16%
11%
*43
1
*7i«
3234
3234
*%2
8%
834
434
17
11%
4334
%
34
*8
.
*2
if 5*2
*8
*%«
*4
*50
53
*71S
1
7*
311
%
5%
53
8%
*8%
*4%
1634
*1034
43%
*7ie
33%
**8
*%S
*4
*6%
14
*6%
14
*7
14
*7
39%
40
40
40
40
*39%
111% 111% *111% 112% *111% 112%
14
13%
13%
14%
1334
13%
300
12%
32%
Bid and asked prices; no sales on this
340
93*4
7*8
h*
*%6
106
63
33,400
12*s
1
*4
106
62
:
.
700
1
*%
1834
19%
*99% 10134
*84% 87*8
8%
*8*4
*18
m
day.
X In receivership,
mm
mm
1,300
834
434
1634
11%
200
4334
%
20
34
31«
*2
5*2
39%
112
13%
"mm
8%
14
112
700
7,300
■
1334
100
600
800
*
4,000
100
mmmmmm
mmmmmm
1,900
210
15,100
d Def. delivery.
New stock,
r Cash sale,
2578 Nov
Nov
Nov
4*2
Jan
May
May
May
13*4
4684
Apr
Deo
29*4
Apr
15
May
24
Apr
684 Dec
6*8 May
25*2 June
37*4 May
87s Nov
10*8 Feb
40*2 Jan
87*2 Dec
14*4 Nov
97*s May
68
47
Jan
7
Jan 17
3*8 May
784
49
Apr
69% Jan 18
30
44
7
27*s May
238 May
4184
678
Jan
Feb
2
36
May
66
Feb
23% Jan 11
22
May
2878
Apr
78
35
May
75
Deo
June 13
3% Feb
61
June
Mar 28
784 Jan
46% Jan
884 Jan
84
3*2 May
16
Jan 30
15
Jan
181
Feb
Jan
_
7% Jan 6
958 Jan 10
May
5*4 May
6434 May
13*2 Nov
167
June
4*2 May
5
May
Deo
7*4 Nov
46% Deo
978 Nov
85*4 Deo
165s Nov
178
Oct
83s
Jan
11
Jan
Deo
16*4 May
57
8
10
May
4I84 Nov
8
1334 Jan 10
19
May
Jan
164
Mar 31
Jan
Ma.
16
12*4
83s Jan 10
10
7
151*2 July
58 Feb
June 13
13is
13i2
40»4
58 ]4
11912
29i2
Jan
110
Jan 11
Jan
6
Jan
Jan 22
Jan 29
Jan 6
May
Jan
5*2 May
434 Oct
6*2 May
63s May
21
May
63
June
112*2 May
283s Dec
100
May
73*2
16*4
151*2
1*4
2284
20*2
12>4
8
1478
1434
Deo
Apr
July
Mar
Feb
Deo
Jan
July
Jan
Jan
45*4 Nov
71»4 Apr
118*2 Jan
43*2 Apr
115*2 Jan
123i2 Jan 15
1107s May
128
Apr
137
4
126
June
145
Mar
15814 Feb 11
143
May
165
Apr
II714
114i2
Oct
167s May
684 Oct
118
Jan
Jan
Jan 25
28i8May 22
10
May 10
I0li2 Jan
91
June
8
84
3
733s May
June
32*4 Jan
11*2 May
97*2 May
89
May
155s
Feb
7
9
15*2
7*4
Feb
Apr
69
Apr
Deo
43*2 Deo
Jan 17
Jan
4
62i2 Jan
2
334 Jan
2
4*4 May
48*2 May
2*8 Nov
5
34
478
49
1
20
Jan 23
2
17
Jan
May
June
2
287S Jan 14
June
15*2 May
13*2 May
23
37*2 May
17*2 Apr
May
978 May
1934 June
24
17
Jan
7
Apr 22
26
30
21
23
Feb 13
84 Apr 10
1634 Feb 14
Jan 13
1% Jan 11
28«4 Feb 4
9i2 Jan 7
7«4 Jan 21
12i2 Jan 7
10% Mar 10
67U Jan 23
61
Apr 7
13s Jan 11
384
24
15i2 Apr 4
26i2 Apr 24
May
1*4 May
Apr
2978 May
27
Oct
23
Jan
43s
25
Deo
55
6
June
13
658 May
8
Aug
May
6
x37»4 June
60
May
1
May
14
May
Feb
Mar
Jan
884 Nov
13*8
Feb
10*2
Jan
63*4 Deo
69
Jan
2
Apr
82% Apr 21
73s Apr 19
97
Jan 13
60
11
Jan
3
17
24
Jan
2
7*4 May
17*2 July
24*2 Nov
10534 Sept
97*2 Dec
1484 Jan
30*4 Apr
117
5)4% conv preferred...100
Reynolds Spring
1
Reynolds (R J) Tob class B.10
Common..........
10
Richfield Oil Corp
No par
Rltter Dental Mfg
No par
Roan Antelope Copper Mines
Ruberold Co (The)
No par
Rustless Iron A Steel Corp_..l
$2.50 conv preferred.No par
tRutland RR 7% pref
100
St. Joseph Lead
....JO
ISt Louis-San Francisco... 100
»
Feb
Deo
Jan
June
7% preferred
100
5M% preferred........100
Reynolds Metals Co...No par
100
5
4
46*4
1658
9*2 Sept
100
100
62i2 Jan
96*2 May
4% Jan
10
6% conv preferred
100
6% conv prior pref ser A.100
A Brass
5
Class A
10
5% preferred
Savage Arms Corp new
238 Mar
12*s Mar
l()3s May
1
51
Revere Copper
5% preferred...
Apr
2338 Nov
9
7
Republic Steel Corp...No par
Safeway Stores—.....No par
44l2
1158 Jan 11
65s Mar
9% Apr
7i2 Apr
57%May
1
6% preferred..100
Southwestern...100
Feb
258 Nov
2
1% Apr 9
22i8 Mar 12
Rensselaer A Sara RR Co.. 100
ISt Louis
Deo
18
23
21
pref—100
Reo Motors vtc
Dec
June
80
11
Preferred with warrants..25
300
*
Nov
ll*s
108% Apr 18
1778May
Co—........10
Remington-Rand
1
2,400
8%
19
J2%
%
5834
99
Apr
1*2
5*2
17*4
1U2
23i4May 28
1238 Feb 14
2314 Jan 8
Reliance Mfg
*91%
11%
4334
11*2
*40%
5%
60
*54
39%
14
3934
111%
11%
4384
*%«
%
5%
19
8*2
8%
*57*2
Dec
43
Dec
May
2i2 Apr 21
38i2Mar 14
Reliable Stores Corp...No par
200
11
Jan
45*2
1055s
1078
3%June
47%June
60
60
100
7%
11%
834
434
17%
4%
87*8
Reis (Robt) A Co 1st
50
8
7
Apr
June
1
8I4 Apr
6
100
Hosiery
Preferred
20
26
91%
8%
*8*2
*4%
8*2
19%
100
Real Silk
mmmtmmm
Mar
10
May
June
7
4% Mar
25*4
May
1134
Jan
7*4 Jan
87s Nov
15
70
9
share
23
12% Jan 10
Jan
per
978May
Manhattan.No par
4% 1st preferred....
4% 2d preferred...
'•
11%
8%
16*2
«16
600
90
53
*4*2
7%
10*2
8*2
58%
5834
15
12%
30%
*16*4
8
-
800
Feb 14
8334 Feb 15
Rayonier Inc
1
$3 preferred
........25
Reading Company
....60
2,400
90%
7%
31%
12%
*89
*50
53
1%
*8%
■
61
Raybestos
*1*8
*23%
*7*8
*7%
*9%
19i8
8%
61
600
19
1%
24*2
100
18%
17%
104% 104%
104
61
600
300
*84
8%
3
200
89
*94
49
24
100
7
49
25%
ult
%
19%
-No par
:3
13%
2534
11478May 26
22% Feb 14
......No par
3
300
5
100 2:108 May 14
100 12134June 9
100 139%May 19
Purity Bakeries
1,900
25*2
*23%
58
....No par
50
800
*14
*54
No par
Pure Oil (The)
2,600
14%
5734
%
19%
Pullman Inc
19,800
21,000
6
21
June
9% Apr 21
9i2 Apr 21
32i2May 15
50i8May 1
115i4June 7
2U2May 19
97%May 26
5
50
29,900
3,200
1,300
13%
May
l%June
167s Jan 17
3
5i2 Apr 22
434 Feb 14
1
6% preferred
...100
5% conv preferred...
100
No par
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer...No par
$3.50 conv 1st pref..No par
Radlo-Keith-Orpheum ......1
6% conv preferred
100
19
15
16
Pub Ser El & Gas pf $5.No par
mmmmmm
25%
23*2
5834
8*2
*50
53
7*4
*54
8%
21
1st pref
2d pref...
6% preferred
7% preferred
8% preferred
170
14%
*1*8
24%
*7%
*7%
*9%
*8%
conv
%5 preferred
700
125
25%
23%
8
*85%
61
125
*24%
1334
24%
25
*7*8
7%
*9*2
8%
5734
100
*88*2
*1184
*50
%
8%
conv
Procter & Gamble
600
19%
13%
25%
1334
*24
86*2
*8*4
*19
19
24%
1434
13%
*24%
1434
2534
86%
61
61
8*4
2%
47%
47%
1%
7*2
10
934
*45
*1%
61
8%
3%
50*2
234
*23%
*934
2:8*4
10
1%
24*4
5%
5%
......
140*2 140
140*2
*113
115% *113
115%
26%
27%
27%
27%
10
10
9%
9%
99
99
99%
99*4
90
90
89%
89*2
10%
10%
10%
10%
10
10
10
*9%
4
334
3%
334
51
5034 51%
5034
2534
23*2
26*2
83g
*56
8%
11
*934
334
49%
23*2
*23
*1*8
24*4
*7*8
1%
*1034
19
12%
*25*4
10
284
25%
7
*1*8
*2414
3
12%
14*4
*14%
3%
48%
24
24
27%
9%
10%
*1812
*12%
125
May
May
May
June
14U Apr 21
5
Pressed Steel Car Co Inc
Mar 31
»i«May
Postal Teleg'h Inc pref .No par
4,100
11
June
13s
1*2
1134
934
43% Jan
75% Jan
May
914 Feb 19
No par
Poor A Co class B
13,000
10%
Dec
71
65
164
No par
Plymouth Oil Co
6
5384 Apr 29
Pond Creek Pocahontas No par
2,200
6%
*140
99
12*4
53*2
*123
99
18*2
35
53
125
89
24*4
*33
*123
124
89
18*2
*10%
*33*2
53*2
300
10
43
27
5% pf (ser of Feb 1 '29). 100
99
1214
24*4
6*s
8%
10*4
16
7
2
45% Feb 14
7% pf 100
Pittston Co (The)
1,000
1,200
Mar
434 Apr 26
6
May 3
Pub Serv Corp of N J_.No par
X89
2%
47%
Pit Youngs Asht Ry
50
X99
*45
470
4,900
2,300
90*4
278
47*2
11%
99%
99
*234
7% pref class B
100
5% pref class A
100
5)4% 1st ser conv pr pf.100
Pittsburgh & West Va
100
180
22
99*4
90*4
49
310
690
60
116
115% 115% *115
21%
21%
21%
2134
99%
99%
99%
9934
109
*109% 109%
10934 10934 zl09
21%
9*2
3*2
Pittsburgh Steel Co....No par
115% 115%
22%
27*4
4884
278
800
4,400
9*2
3%
Pgh Ft Wayne & C 7% pref 100
Pitts Screw <fc Bolt
No par
174
2,300
1%
Apr 22
534May 27
Apr 23
934 Apr 22
69
$5 conv preferred
53%
52%
2734
487g
-W
30
100
No par
Pittsburgh Forgings Co
.1
19
15%
*18
4U Apr 22
Pitts Coke & Iron Corp No par
800
......
m'rnm-im
1*8
Jan 21
200
9*2
99
934
11%
June 10
34%
2678
27%
1*8
16
6%
6%
7%
8%
10%
10%
*10% .11%
6%
36
11%
19
*18
10*2
*58*2
15
61
6% preferred
1,300
7%
75
*163
1*8
1534
16
6%
734
60
*163
1*8
11%
3%
7
*69
..25
Italy "Am shares
Pittsburgh Coal of Pa
100
10
17*2
27%
9%
37%
7%
75
23
20
18
14
Dec
Jan
Mar 29
5U4May
3534 Feb
234Mar
z3878 Feb
Pirelli Co of
500
534
3738
1,300
*10%
*35
*113
39
*5%
5
100
Pillsbury Flour Mills
1,800
15%
76
11
11%
11%
11%
11%
11%
175
*173
175
*173
*172% 175
5*2
5*4
5%
5%
5%
5*s
5%
7
7
7
6%
6%
634
6%
53
54
53
*50
53% *49
54%
35
35
35
35*2
34%
*34% 35
1034
51*4
6%
30
11
10*2
10*4
15%
Phoenix Hosiery
Preferred
3*8
50
*45
*70
76
*5*2
38%
*6%
*69
*163
1%
6%
7%
10%
7%
10%
*10*2
534
60
43*4
*2%
*2*2
16
16%
17%
*15*2
5%
60
May
138 May
Jan
3%June 12
3i8 Jan 2
4634June 13
14i2May 13
112i2Mar 1
2514 Apr 4
24i2 Jan 27
4314 Jan 23
2% Apr 9
lli2May 6
87
2
15
87
Apr 15
Apr 4
Jan 23
Jan 2
Mar 28
May
6*4 May
48
May 10
434May
4*4 May
64
5*4 June
6
23i2
738
778
3578
105
Sept
9i2 Jan
46
Preferred 4K% series.—100
99
984 Jan 10
8i2May 17
7234 Feb 4
Phillips Jones Corp....No par
7% preferred
100
Phillips Petroleum
No par
26*2 June
84 May
53s May
79
100
May
634 Jan
*2 May
13*2 May
38
Feb 20
12
4
Jan
20% Feb 14
3
10
5*2 Oct
2*4 May
6
1
May
Jan31
278 June
203s Jan
60
2-512 Apr 17
6
May 19
share $
29*4
25%May 5
40i2 Feb 18
600
43%
3*8
49%
15%
Feb 15
7
21
5
No par
Philip Morris & Co Ltd
700
'
43%
76
*163
1%
1*8
16%
17*2
734
58%
10*2
10%
*163
5%
*5
7
Jan
per
3058 Jan 10
Phllco Corp
1,000
175
10%
175
478
*6%
9
60
*15%
7%
•
30
60
*70
75
8%
8%
2
9
1514 Jan 31
Phelps-Dodge Corp
25
Philadelphia Co 6% pref...50
16 preferred
No par
500
86
43%
43
15%
5%
43*2
*83*2
79
77
*77%
76*2
*108% 10934 *106% 108*2
5%
*5*4
*55%
*47
38
*6%
*68
~
3%
76*2
108
76
37
7%
60
43%
50
5%
75
76
108
5%
*55*2
43
42*4
*214
76
108
*75*8
108
8%
3034
Co
9
Jan
42% Feb 15
No par
Pfelffer Brewing
497s
*4434
Pet Milk Co
1,400
*1034
*173*4
3*2
4878
870
Jan
13s Mar 24
100
100
6*2
*22
Jan 30
3634 Jan
100
5% prior preferred
5% preferred
6*2
11
5
100
Pere Marquette Ry Co
200
1,050
6%
*10*4
*120
Feb 14
684
30*4
38
578
*175
22*2
99*2
*108*2
Feb 14
21
634
30*2
*62
115*4
22
5
*6*2
29%
75
5034
111
50
634
*62
*36
100
6%
15
734
10*8
*10*2
12
JPeoria & Eastern Ry Co..100
...
Feb 19
par
6%
*70
16
800
2
34% Apr 23
No
Peoples Drug Stores Ino
Peoples G L & C C (Chic)
500
134 Feb 15
No par
6*2
16
mm
13,500
par
Petroleum Corp of Amer
76
*1
pref ser A
5% preferred
Pennsylvania RR...
......
34
33%
conv
Penn G1 Sand Corp
100
100
15*2
*70
*163
34%
23*2
$7
2,400
No
1,700
16
*10*4
Penn Coal & Coke Corp
10
Penn-Dlxie Cement
No par
6%
76
56
33*4
*22
23*2
43% Mar 4
7484 Feb 20
No par
.
Penney (J C) C6
23%
157s
*70
*6*8
34
33%
Penick A Ford
300
5,100
'
50
3134
6% Apr 21
1,100
6*2
*47
*48
2
6*2
50
3834
*6*2
li2 Feb 19
25i4May 29
17 May 27
\ Feb 21
7%May 1
6%
*47
534
1
Park Utah Consol Mines
1
Park Davis A Co
No par
Parker Rust Proof Co
2.50
634
*55
42*8
*214
Park & Tilford Inc
6%
108
60
42
1134
634
*22
Jan 11
1234 Mar 28
6%
23*2
106
99% Jan 10
6%
*22
6
1
6%
8%
75*2
*107*8 108
*55
34
33
32%
6
200
7934
3*8
79%
Jan
103sMay 6
134May 9
37% Jan 10
978May 27
1434 Apr 9
46
*45
33s Jan
16
95% Feb 14
*45
46
45s Jan 10
8
May 6
10
2,700
Feo
$
...100
*14
22
10
1
share
per
6% 1st preferred
6% 2d preferred
4234
6*2
6*4
29%
*8%
32
Apr 22
Patlno Mines & Enterprises.10
3
X22
23
*6%
6*4
7
% Feb 15
May 31
600
80
Apr 21
7% Jan
99
4,300
2%
*2%
2%
40%
10
27
9*2
3
3
100
Paramount Pictures Inc.
100
18%
<■
"is
34
Mar
No par
conv preferred
8%
7934
2%
Paraffine Co Inc
$
share
5% Feb 18
212 Apr 30
5
*7%
80%
15
3
No par
Airways Corp
*8%
46
40
Deo
9
*4434
40
Mar
160
8
x7934
*14
139
June
9
80%
40
May
144
8
45%
15
*14
115
Jan 10
per
2,100
2*2
2%
2%
2%
2%
2%
46 34
44
46
46
41%
42% 43
*14
*14
1438
2:143s
1434
1434
1434
*108
111*2
111*2 *108
111% *108
111% *108
11134 *108
111% *108
24
23%
2334
2334
23%
23% 23*2
23%
2334
23%
23%
23%
*23
*23
*23
23*4
*23
23%
23%
23%
23%
23%
23%
23*2
39
39%
*39*2
*39%
39%
38*4 38*4
38%
38%
38%
39%
3834
*1*2
2%
2*2
*1*2
*1*2
*1%
*1%
2%
*1*2
2%
2%
2*2
10
9%
9%
9*4
*834
9*4
9*4
*834
*834
*9%
9%
9%
55
56
55
55*4
54%
*52l2 5234
52*2
5234
5334
5334
54%
*2%
*39*2
Jan 27
8%
80*8
258
3
126
160
8
45
234
/
6
8
734
80
2%
214
18%
Pan Amer
7,500
27
2634
18%
May
147% Apr
Pan-Amer Petrol & Transp__5
Panhandle Prod A Ref
1
4%
1%
1*2
Packard Motor Car
200
15
15
1%
2634
116
Parmelee Transporta'n.No par
Pathe Film Corp
1
4534
7934
1034
Highest
$
Pacific Tin Consol'd Corp.—1
Pacific Western Oil Corp__.10
11,200
11%
7
Lowest
100
6% preferred
600
11%
634
2*2
11%
634
2%
*634
2*2
3%
Year 1940
Highest
100
Pacific Telep A Teleg
500
*3*8
Range for Previous
Par
mmmm'mm
3*4
*95
Lowest
130
*153
159
*3*s
*634
2*2
*9834 102'%
On Basis of 100-£/wr« Lots
EXCHANGE
Friday
June 13
Monday
*151
Range Since Jan. 1
NEW YORK STOCK
the
CENT
NOT PER
STOCKS
f(YT
ji/r
SHARE,
Saturday
Mar 18
2284 Jan
6
10U2 Feb 10
70*8 May
May
97
6
Apr 21
113
Jan
8
70
June
60
Apr 17
73
Jan
8
39
May
74*8
10
Feb 15
133s Jan
9
8*8 May
157s
8U2May 9
6%May 5
28i8May 29
94i2 Jan 16
1038 Jan 6
7578 Mar
6*s May
30*2 Dec
Jan 17
53% Jan 13
62
May
714 Feb 14
6
Apr 15
458 Mar
1434May
8
1
934 Feb 15
4238Mar 1
Ui Mar 11
283sMay
>x» Jan
5
7
% Jan 4
2i4 Jan 18
434 Mar 20
35
Apr 19
10978 Feb 17
1238June
x
Ex-dlv.
3
3414 Jan
9
7
Jan 22
978 Jan 27
584 Jan 16
1734 Mar 20
13% Jan 3
4834 Jan 14
78 Apr 5
3878 Jan 10
14 Feb 8
i2 Apr 15
6
May 5
8
Apr 29
Nov
Deo
Feb
96*4 Apr
117s Nov
44
May
56
Oct
52
May
578
484
3*4
11*2
1258
45*2
38
May
9*4 Nov
May
7*2
26
Aug
May
Dec
Oct
Dec
June
*i«
Oct
12
Feb
22*8
Apr
15*2 Nov
48*2 Nov
18s
42
2
3
Jan
Dec
Feb
Jan
3g
78
Dec
*s
Jan
Jan
Jan
5
May
484 May
Jan 13
34
May
53
Mar
112*2 Jan 11
96
May
llisg
Dec
45
14%June
y Ex-rights,
4
t Called for redemption.
New York Stock Record—Continued—Page 9
3774
AND
LOW
HIGH
SALE PRICES—PER
SHARE,
NOT PER
CENT
June 14, 1941
Sales
STOCKS
Range Since Jan. 1
for
NEW YORK STOCK
On Basis of 100-Share Lots
the
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
June 7
June 9
June 10
June 11
June 12
June 13
Week
$ per share
I per share
$ per share
Shares
$ per share
$ per share
$ per share
934
81
81
*34
3512
3512
10912 10912
*10912 111
*10712 110
*107l2 110
10%
*79%
£984
*7912
*3418
1012
978
10%
*80
81
*34
2ie
*%e
I4
»ie
7i«
7ie
1534
1534
2%
70%
9%
%
15i2
*178
6934
6912
70
8%
*1012
11
11
*63
65
*63
4
4
9
8%
53U
5%
5314
5%
1334
*4%
165g
4i2
1«34
*158
134
25%
2514
27
*101
*113
1312
*1312
9
*134
*1434
*50
*36
*5%
*4%
1634
14'8
412
1634
*4%
*15s
134
*1%
1334
26
26
26
*23
*
132
233s
lll2
2314
11%
1H2
*—
23%
11
11
1212
22%
12%
23
2314
11
1212
227g
*2812
*29
30
134
*25%
2734
2734
28%
2734
19%
13%
20
1434
9%
*1334
14
9
2
2
2
15
14%
14%
14%
1434
14%
*
130
100
584
900
36%
10
14%
4,200
4%
17%
2,800
134
2734
100
Sim ma Petroleum
400
14%
132
*130
132
11%
12%
12%
1234
1,400
41,600
24
2334
24
1%
*3
1%
*2 34
*29
1%
""700
3%
300
*2%
*60
64
*60
64
64
64
10
19
*18%
19
*1884
19
100
36%
5%
5%
35%
36%
35%
3034
30%
59
58%
30%
58%
*30%
35%
32%
*30%
33
600
*58
59
*58
59
30
35%
3534
5%
7
678
3%
7
7
7%
312
3%
384
334
6i8
6I4
6%
6%
6%
6%
5
5
5%
8
8
8
1534
1534
16%
2
2
13
13%
18&8
*1734
*4%
6
2178
22
185S
18%
*578
*584
6
6
534
*378
*3512
234
*7i2
39i8
334
*3412
*578
4%
*10
*512
*32
534
4
3612
2«4
*36i2
2i2
*384
*28
*3512
34%
6
6
3%
4%
14
14
14
19
*1734
6
*4%
21%
1834
1834
6%
6%
578
5%
*4
36%
27«
778
3934
334
34%
*35%
*234
7%
39%
*3%
3434
6
3
3812
434
38%
2%
4
2812
5
5
11
*2%
*334
*28
*2%
*38%
434
434
3734
234
12
12
9%
9634
31%
43%
4%
11%
10
96%
£31%
43%
4%
10%
*7%
31%
31%
32
43%
4%
11%
*7%
4334
*714
8
*1
1%
*62%
65
1
63%
12%
934
8%
1
5
5
10%
10%
5%
17%
*1%
*1734
6%
5%
5%
17%
1%
18%
6%
30%
1034
30%
*10%
70% 7184
112% 112%
14
14%
79
*8134
*1134
79
821?
12
30%
30%
38%
10%
38%
*11%
*110
12
634
30
10%
10%
12
4384
18%
%
22%
*17
%
22%
43'4
*
%
22
64
4%
*10
5%
18
1%
*1%
18%
7%
30%
1034
18%
7
30%
1034
71%
72
112% 112%
13%
14%
7934 7934
82%
82%
1134
1134
3012
3084
3834 39%
UO84 *110
*43%
*16%
-
10%
*1%
*18
1
63%
5
10%
17%
934
11
5
5%
*12
43%
4%
*9%
*17
2%
38%
72
%
22%
64
4%
10%
5%
18
1%
19
7%
30%
11%
721?
11234 11234
14
14%
80%
81%
8234
82%
*1134
30%
39%
10%
1234
10%
12%
11034
4334
18%
4%
11%
8%
1%
110
12
3034
39%
10%
1234
110
4434
4434
17
17
%
22%
*7%
1
64
4%
*9%
5%
*35%
3%
*234
3%
200
8%
£8
8%
40%
3%
3,000
*11
*5%
*2%
*38%
434
*36%
3
*3%
28
*»!•
97%
96%
32
31%
43%
4%
44%
5
18
18
*1%
19%
1%
19%
40%
334
35%
6%
5%
11%
5%
35
3
6%
5
5%
11
11
*5%
33
5%
81
81
*12%
10
64%
10%
5%
17%
18
4%
1%
19%
7%
3234
11%
72%
81
44
*l73g
1734
»i«
22%
%
22
1,100
300
mm m-
-
12,900
2,700
2,600
1,400
6,000
Texas Pacific Coal & Oil
»»
22%
100
300
800
400
97
31%
44%
6,800
4%
11%
3,000
44%
4%
11%
*7%
1%
600
1,400
3,700
65
65
4%
*9%
4%
10%
2,500
5%
2,200
5%
£18
18
1%
1%
*18%
19%
8034
81
230
200
1,400
100
110
Apr
46%
Jan
4
23
56
3834
8034
Dec
Jan 11
8%
Feb
8%
Apr
6
May
393gJune 13
6
Jan
834
6%
8%
8%
8%
Jan
4
5%May 19
38
4
10
30
June
4
2% Mar
May
4% May
Jan 28
4
Jan 10
7
5
May
584 May
6
4634 Aug
65% May
122%May
5
7% May
12% May
1% Oct
9% May
10%
27%
9
Jan
21
4
Jan 10
2%May
6
17
Jan
6
23%
Jan
2
4%May 2
24% Jan 27
19% Jan 14
734 Jan 2
35% Apr
Jan
4%May 12
634May 12
5,700
16,700
20
June
38%June
6
130
2,600
1,600
500
300
2,300
7,800
6,500
500
10
1,000
18
200
»U
5,300
2234
9,500
Def. delivery,
preferred
United Carbon Co
100
234
Feb
7%
Apr
6
4
Jan
6%
38%
Dec
34
Jan 10
1% Jan 18
United Corporation
$3 preferred
1
May
8
May
23
Jan
884 May
12
May
Mar 17
9934 Jan
6
81
18
May
35% May
4% May
34% Dec
52% Nov
10% May
21%
18
n
New stock,
r
17% Jan
884 Jan
2
75
Jan
5%
1% May
64
Jan
Feb 14
Mar
4
9%May 15
ll%May 27
May
1
407gMay 2
16% Apr 23
%June
3
18'4 Apr 21
x
Ex-dlv.
v
Aug
3% May
2%
Jan
9934
7
Dec
Mar
Apr
9% Nov
234 Jan
82% Mar
5%
Apr
6% May
10%
Apr
6
5
May
13%
7
14
May
25%
Jan
3%
Apr
Jan 10
l%May
13% May
9% Jan 13
34% Jan 6
21% June
1% Jan 10
FeD 14
May
4% May
Jan
5
Feb 19
109
No par
Cash sale,
Jan 13
Apr 16
June
ll%May 26
No par
Apr
9
25% Feb 19
34% Apr 19
No par
2584 May
6
984 Feb 14
Unlted-Carr Fast Corp .No par
Nov
6
Jan
Union El Co of Mo $5 pfNo
par xlll'4 Jan 30
Union Oil of California
25
1234 Jan 2
Union Pacific RR Co
100
75% Mar 28
5%
35
Jan
Jan
1034May
6%May 22
Un Air Lines Transport
5
United Biscuit Co
No par
Feb
Feb
534 Mar
6
Mar 25
80
4
42%
2% June
6
16% Feb 20
4% preferred
100
Union Prem Food Stores.Inc. 1
Union Tank Car
No par
United Aircraft Corp
5
Jan
Jan
Mar
4%
10%June 12
60
Jan
12%
May
9% Jan 30
5
May 23
16%May 20
par
May
June
67gMar25
30
5
Apr 22
6
1
Jau
6%
18%
2
100
Apr
8%
53
Jan
7% preferred
Apr
37% Nov
Dec
Jan
Twin Coach Co
Dec
47%
4%
Dec
5%
1
Mar
5% Mar
9%
7
34%
No par
40
36
51%
$1.50 preferred
Apr
40% Jan 21
Feb 17
Twin City Rapid Tran.No
par
Jan
6
334 July
4%May 26
9%May 15
1
Jan
73g May
1234May 6
10% Jan 23
3
27% Feb 19
4
May
30
39
63
33
Feb
32%
9%
4% May
5%June 10
Jan 24
Transamerlca Corp
2
Transcont'l & West Air Inc..5
1
384 May
4% May
28% May
2% Dec
Jan 18
9% Mar
No par
Aug
434 May
Maris
96
$6 preferrred
16%
5
Tlmken Detroit Axle
Tlmken Roller Bearlng.No
Trl-Contlnental Corp
35%
7% Mar
24% Apr
3
ll%May 14
Truax-Traer Corp
No par
Truscon Steel Co
10
20th Cen Fox Film Corp No par
May
2% May
26% May
5% Oct
38
Jan
Jan
2% Jan
18% Nov
May
8
40%May21
Jan
Feb
3
45
Tide Water Associated Oil.. 10
$4.50 conv pref.....No par
10
7
334 Jan 16
9%
12%
12%
20
*17% May
1
Jan 17
Jan
Jan
3
Feb
2584 Apr 30
% Apr 16
par
Dec
May 21
2% Apr 23
334 June 11
preferred.No par
May
Jan 10
Jan
5834
234June 5
7% Apr 23
34% Feb 19
27g Feb 14
31% Apr 22
5% Mar 4
3»4 Feb 18
Jan
Jan
June 12
8
Under Elliott Fisher Co No
par
Union Bag <fe Paper
No par
Union Carbide & Carb.No
46
a
Jan
29
6
31
Jan
1
1,400
44
t In receivership,
cum
26%
2034 May
29% June
23%May
484
100
$3 dlv conv preferred
$3.50
Jan
3%May 10
Jan
Apr
Dec
2234
7
32
7%
113
May
12% M**
16% O t
Jan
32
3,100
*17%
%
22
4
No par
—No par
66% Apr
40% Apr
112% Dec
2% May
9% Mty
2284 Mar 21
Transue & Williams St'l No par
1,100
8
1%
5
5% Feb 14
Third Avenue Ry
100
Thompson (J R)
25
Thompson Prods Inc..No par
Tompson-Starrett Co.No par
200
5,500
Feb 28
1984May
—.No par
The Fair
--
2,700
4
13
4
10
Feb
Jan
67g
Thatcher Mfg
pref
Apr 21
1
21% Mar 21
Feb 15
100
conv
Apr 14
1% Feb 27
11% Apr 14
18%May 15
Texas Pacific Land Trust.-. 1
Texas 6c Pacific Ry Co
100
47
3884 Apr
58% Dec
11% Jan
2%
7%
18%
5
400
3
10%
Feb 19
Feb 14
Mar 4
Mar 5
Feb 14
15
5
Apr
May
117%June 2
7«4 Apr 22
25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur...No par
Dec
June
33
5
-
May
26% May
112
5
5% Apr 23
50
Telautograph Corp
Tennessee Corp
Texas Corp. (The)
$3.60
Jan
9
5H % partlc pref
-
Jan
May
2384
May
46
1
Talcott Inc (James)
7
72
98
17% Mar
Without warrants
Jan
Jan
Apr
Oct
6
10%
12%
17%
25%
Symington-Gould Corp w w.l
1,100
Jan
Jan
June
1% Jan 6
4% Mar 20
4%May 26
25
3%
113% Feb 14
60
Swift International Ltd
97
5%
1734
"i«
1,200
31%
1
£44
21%
Swift & Co
2834
»M
13
46
»16
2,300
May
5
5
1
Jan
33
Jan 24
6%
Jan
39
%Mar21
2% Feb 15
1
Preferred
10%
116
20%
34%
19
May
45% May
484 May
June
67g
57%
May
May
Nov
14% May
37% June 11
5% Apr 26
10834June
3%May
par
Therm old Co
*28
59
Apr 21
31% Feb 19
11184June 2
4
3812 Jan
Z3734 Jan
4
100
Sutherland Paper Co
10
Sweets Co. of Amer (The)..50
100
2834
34
6
June 13
20% Jan
15%
8
4% Jan
64
44%May 31
6% Mar
(The)
Superior Oil Corp
Superior Steel Corp
900
2%
*3%
Apr 21
1
No
3
*36%
29
5
Class A pref (4H% cum) 100
Sunshine Mining Co
100
Superheater Co (The)—No par
35
83% *81% 83%
83% 83%
*1134
12
*1134 12
1134
11%
30%
30%
29% 30%
30
30
39%
3984
39%
39
3934
39%
1034
11
1034 11
10% 1034
1234
1234 *12%
1234
13
*12%
*110
11034 *110
11034 *110
11034
22%
Studebaker Corp
434
37%
4
6
No par
Sun Oil Co
3834
*82%
*44%
*17%
WebBter
*2%
434
10%
80%
Stone &
38%
8
7
35%
10
Corp
Stokely Bros & Co Inc
£4%
*7%
*1%
*18%
35%
6%
Standard Oil of Indiana
25
Standard Oil of New Jersey. 25
434
37%
3%
4%
11%
64
3%
prior pref
No par
Standard Oil of Calif.-No par
3834
96%
32%
44%
43g
11%
1
39%
7
*7%
7%
7%
3934 31
31%
3234
33%
11%
11%
1L%
11%
11%
71% 72%
7134
71% 72
112% H234 *112% 112%
*112% 112%
14
14
14%
14
14
14
Bid and asked
prices; no sales onthls
day,
36%
83g
10
10%
5%
•»
*2%
6%
*6
*4
*12%
11%
8%
1%
64%
-
*35%
6%
6%
*33
10
96%
4%
35
13
97
18%
4%
334
35%
6%
5%
*ui»
»n
18%
6%
3934
34
*1134
10%
2%
38%
*434
*36%
22%
*6
384
35%
«4
197
4%
*32
6
22%
800
22%
18%
6%
6%
4%
36%
40
28%
4
13
*10
36%
3%
8%
35
*4%
*3%
4
2884
4
984
97%
32%
4
234
384
*28%
*2%
4
28%
*12
43
6%
4%
37%
284
334
29%
34
*36%
*9%
*95%
31%
22%
1834
634
6%
5%
%
43
100
5%
11%
58
9%
19
*5%
34%
2%
3834
*434
*18
5%
*10%
*31%
*36%
19
5%
34%
278
3834
478
3734
234
3,100
*18
6
*31%
*2%
*38%
2%
100
800
6
584
1,800
14
6%
11
800
3,500
120%
8%
17%
6
9
Mar
3034 May
152% Apr
30% May
634 May
13%
17%
1%
334
60%
Jan
66
*13%
*4%
22%
18%
May
2
40
2
6
3
6
327gMay
5
60
May
23% May
26% Apr
Feb 14
14
19
127gMay
14%May
Apr 16
2
*4%
21%
1834
*6%
May
128
Oct
12% Jan
2% Mar
16% Jan
10
3
Apr
114% May
11% June 11
2
11% Feb 15
19% Feb 14
23% Mar 13
52
1,900
2
10%May 16
34
11,400
8
Mar 31
28% Jan
Sterling Products Inc
5%
17%
150
8
Stewart-Warner
1,000
5334
120
4
1,700
5%
17%
June
22%May
par
cum
1
Jan 23
132
2,700
53%
8%
,
$7
7% May
1% July
May
16
Aug
42
14
8
Brandc——No
$4.50 preferred
No par
Standard Gas & El Co.No par
$4 preferred
No par
$6 cum prior pref
No par
6
34% Feb 19
2%
14%
8%
39%
334
584
6
97gMay
2% Apr
Standard Oil of Ohio—..25
Starrett Co (The) L 8—No par
*17
*234
57S
3%
18,200
15,200
34,400
5,100
8
*35%
5
11
3%
6
900
1,300
1,000
17%
3%
*5%
734
100
1,100
Feb
MarlO
-
100
Jan
2434
14
21
27% Apr 25
66% Mar 19
Standard
11%
Dec
8
6
1
No par
----1
May
Jan
June
Sperry Corp (The) v 10
1'
Splcer Mfg Co
—-No par
$3 conv pref A
—.No par
Spiegel Inc
2
Conv $4.50 pref
22
5
I.584
arl734May 22
Square D Co
10% May
2
1
Nov
23% May
120
3
Jan
31
Apt
1534
Feb 19
8
Jan
2%
May
May
2:13
par
5% conv preferred
"5",000
105
Jan
6% Nov
2034June 6
14%June 12
8
par
490
2,100
8
8%
40
334
35
120% 120%
7%
2,100
17%
6%
6%
4%
36%
6%
*10
6i8
120% 120%
*18
6
5384
*3%
5%
53
2
19
5%
7%
334
6%
5%
6
14%
22%
1834
7%
53%
3%
53
2
4
334
35
35
*2%
38i4
434
4
278
734
39%
11
8%
17%
2
22
3934
778
8
1634
2
734
3%
6%
5%
5%
5334
120%
120
16%
2
13%
185s
*418
21»4
*18i8
5%
52%
52
>7%
4,800
67
8% Mar
1% Jan
13
par
$5.50 preferred
No
Spencer Kellogg <fc Sons No
6
Jan 27
13% Feb 28
100
Sparks Wlthlngton—-No
Spear <fe Co
Jan
Jan
13%
17% May
12% June
2834May 10
112
114
Apr
24
1% May
Feb 15
9
Southern Pacific Co—-No par
Southern Ry
No par
5% preferred
Jan 20
Feb
14% Feb 19
Mobile <fe Ohio stk tr ctfslOO
*17%
35%
3012
*58%
120%
8%
8% preferred
—100
Southern Calif Edison
25
Southern Natural Gas.Co_7.50
4,100
2934
1%
*1%
3%
7,300
19
7
52
52
120l2 *120
2,300
2%
1878 Feb 19
South Am Gold & Platinum
11%
123s
2934
2734May 12
Socony Vacuum Oil Co Inc. 15
8'eastern Greyhound Lines..5
So Porto Rico Sugar—No par
56
7% Mar
40% Feb
7% June
3% May
Jan
Jan
16% Nov
73% Nov
584 Jan
12% May
95
10
1,000
24
*29
4
5
Apr
16%
May
21% Jan 10
Apr 18
112
No par
5,000
""800
31Z
*478
23,100
May 20
34
1% Mar 28
23%June 4
Smith & Cor Type v t c.No par
Snider Packing Corp—No par
1,600
15
•
88
3
May
40% Aug
484 May
Jan 30
Jan
Jau
2% Nov
51% Aug
7
40
1%
20
8% May
.
6
4
16%June
15
$6 preferred
Smith (A O) Corp
4
534May
3534 Apr 19
10% Jan 21
Sloss Sheffield Steel 6c Iron. 100
"lJOO
1134
*29
4% Feb 19
10
Skelly Oil Co
100
23%
12%
23%
2934
1%
3%
7134 Jan 17
47g Feb 8
5584 Jan 14
Feo19
3% Apr 23
61% Feb 27
No par
1%
111
1091410914 *106
*106
111
*106
111
*105
110
*105
110
*12
*i«
%
%
*%
»i«
%
%
%
%
7i«
%
2%
278
*2%
3
2%
2%
2%
2%
2%
2%
*2%
234
*1534 1634
16%
16%
16%
16%
16
16% *15%
16
*14%
16
*18
*18
1834
18%
18%
18%
18%
18%
1734
18%
1734
1734
2014 203s
21
20%
2()34
21%
21
21%
21% 21%
21%
2134
2978
3018
30
2978
30%
30%
30%
30%
30%
30%
29%
30%
37l2 38
3778 38%
38%
3834
38% 38%
38%
39
38% 39%
3978 3978
3978 4034
40%
41
41
4134
41% 42
4134 42
36l2 36l2 *3634
37
38
3734
37%
39
38%
38% *36
3834
*53
54
53
53% 54
5334
54
54
55
54% 54%
55
5H2
3,600
Oct
May
1% Sept
61% May
8% June
Jan
Jan
%
11
2% Mar 11
7834 Jan 2
14
Dec
49
115% Jan
111% Dec
«8 Jan
% May
9
3
107g Jan 21
Sliver King Coalition Mines. 5
Simmons Co
Jan
61
15
14%
1434
5%
5%
5%
5%
5%
4434
45%
45%
46%
46
46% 46%
46
46%
46%
3612
37
3634
37
37%
37%
37%
37%
37%
37% 37%
*11134 115
*112
*11134 115
115
*112
115
*112
115
*112
115
512
5%
5%
534
5%
534
5%
584
5%
584
5%
584
*120
100
3
•V Jan
8%May 22
10% Apr 23
Slmonds Saw & Steel-.No par
Shell Union Oil
%
1434 Mar
88
34
May
107% June
101% June
1578June
3
1% Apr 29
67% Apr 22
No par
$5 conv preferred
No par
Sharpe & Dohme..—No par
$3.50 conv prefser A-No par
Shattuck (Frank G).„No par
Sheaffer (W A) Pen Co.No par
70
9
12% Mar
Sharon Steel Corp
700
Jan
% Jan 20
100
3%
5334
74
*17%
5%
67
1134
1134
12%
2334
2934
*-._
31
900
23%
18%
59
2,400
11%
12%
1234
18%
514
4434
3612
*130
132
3
3014
11,400
2334
3
59
Seagrave Corp—
No par
Sears Roebuck & Co—-No par
Servel Inc..
1
preferred
38% Mar 28
share
per
7% May
64% July
115% Mar 27
llDg Jan 10
Feb 14
%
Seaboard Oil Co of Del.No par
400
*23%
3
3014
*58l4
514
200
2%
72%
1%
14%
15
117g Jan 10
108
Highest
$ per share $
87% Jan 24
1,700
8%
113s
share
per
7934June 4
33%June 12
109%June 9
No par
—.No par
$4 preferred
—-No par
tSeaboard Air Line—No par
4-2%
$
100
5Hi% preferred
Scott Paper Co
14.50 preferred
700
share
per
Lowest
8% Apr 15
7]<
a:1134
3
35%
*18
%
Year 1940
Highest
6
1584
*1%
*2634
28%
1%
1434
Schenley Distillers Corr
10
11%
1134
3l2
35%
*30%
*58%
5%
45%
111
23%
*3
35
120
11%
11%
12%
23%
1%
35
300
23%
1%
74
35%
113%
11%
1%
I8I2
200
23%
1%
74
1%
2784
1%
15
1 '4
*1734
1%
*26%
15
*118
*
81%
*80
27% 28
28%
101% 101% 102
102
*112%
*112%
20%
19%
19%
19%
19%
14
14%
14% *13%
14%
1434 *14% 1434
*1334
1434
9
9%
9
9%
9%
*112%
*29
29%
3,000
1017s;*101% 10178
23%
*11%
11%
12%
23%
11%
11%
12l2
*1%
j
—
1312
*— 134
80
Par
9%
*109
134l
26
27
27
27%
27%
1017g £101% 101% *101
*11212
*112%
20
1934
20%
19%
14
1312
14
13%
1478
*1334
1478
*1334
9
9
9l8
9%
178
178
1%
1%
15
*1434
15
1434
1378
1334
1334
1334
...
20
4
37
5%
14
*13«4
65
4
*36
*512
70»2
878
11%
65
*50
37
*50
*36
*2
11
*3%
80
9%
34
34
33%
34
*33%
*111% 113% *111% 113% *111
112
*109% 111
*109%
**u
%
%
%
'it
fx«
'%
*'%
*%
7i«
*%
7i«
1578
15%
15% *15% 16
15%
2
2
*2
2%
2%
2%
71
7078
70% 71%
72%
71%
«
Q
9
8%
9
8%
11%
11%
11%
11% x 11%
11%
66
*66
67
*6484 67
*6434
4
4
4
*3%
4
3%
*52
53'4
*52
53%
53% 53%
578
5%
5%
5%
5%
5%
36% *36
36% *36
36%
36%
14%
14
1334
14
13%
14
4%
*4%
4%
*4%
4%
4%
17%
17%
1734
18
17%
1734
110
%
1534
2
984
111
*i«
2
*9%
97g
80%
3512
111
110
*7u
*16
934
80%
Lowest
Range for Previous
7%
19%
24
1234
Jan
Jan
Jan
6% May
4
9% May
72%June 10
59% June
115
Jan 15
1434May
105
May
Jan
30
Apr
13% Mar
45
Feb
1834 Apr
88% Jan
116% Dec
6
112
May
17%
Jan
85%
Jan 10
71
May
98
Apr
85%
13%
Jan 13
70
June
89%
Feb
13
Dec
16
30%June
2234
Jan
44%
Jan
31% July
17% Jan
12
May
12% May
108% Nov
29% May
53% Apr
2384 Apr
14
Jan
2
Jan
113% Feb
50%
20%
1%
30«4
Jan 10
Jan 15
Jan
7
Jan 10
42% May
12
1%
26
May
Dec
Dec
July
18
Apr
111%
Dec
65% May
20%
2%
42
Dec
Apr
Feb
Ex-rlghts. 1 Called for redemption
Volume
New York Stock
152
Record—Concluded—Page
LOW AND
HIGH
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
June 7
June 9
June 10
June 11
June 12
June 13
Week
S per share
$ per share
$ per share
$ per share
8 per share
$ per share
Shares
SALE
3*8
3%
1%
*21%
*4
3*8
1%
2234
4*4
*35
35%
35%
61%
61*4
61*4
7
7
*106
107
,
*87g
A
4
62
9
10
3775
3
9%
57*2
59
*175
*175
177
*175
6%
177
*42%
6%
44%
24*2
3%
23%
24*4
*3*8
*3%
3%
*6*4
6%
*6*4
6%
*69
74
2634
*67%
32
22%
*30
*1
21%
1*4
21
•
27
2634
*305s
*2U2
21%
9034
90*84
*59*2
21*4
9034
*59
*7034 71%
5414 55
*11734 11834
23*2 23%
*45
47*2
71%
2334
*45
1*8
*»!•
34
49%
*44
*11
*45*2
♦It
13
*4634
*46%
49%
*144
148
*150
154
**16
27%
27%
32
*31
21%
*1
1*4
2134
91%
2134
91%
60
*144
*150
25
13
13
48
6%
6%
*67%
7%
69*2
70
27%
*31
*1
22%
94%
22
94*2
*59%
*70%
154
*44
14
48*2
*48%
*144
154
*150
*%«
%
si«
17%
*15%
17%
*15%
17%
6%
634
1,300
67%
67*2
200
27%
27%
31%
21%
1*8
22%
94%
*30*2
*21
*1
1*8
22%
21%
94%
94
*46
150
154%
24*2
2134
i*i
1%
22%
22%
115*2 115*2
17*2 20
♦
72
*21%
72
"22"
21%
*1*2
1%
22*2
1%
23%
23
116
20
21
19
40
40
*37%
40
*37%
32%
*32
32*2
*32*2
*91*2
95
95
96
141
*138
141
**16
*4
•ll
^
%
'4
*«16
*138
*4
9
*187g
*9678
4l2
26*2
*13*2
19*4
99*2
4*2
26%
18%
*96%
18%
99*2
4*2
26*2
14
*13%
*4*2
5*4
:V
1
4%
26*2
*3*8
*56*2
14
1
19
19*4
3*4
61
1*8
19
3%
*56*2
3%
61
15
200
Universal-Cyclops Steel Corp 1
49
300
Universal Leaf Tob
148
149
149
.....a
.....
Preferred
397g Mar
117i2 Apr
49ij May
m mm
«
*1
19
3%
*57%
900
Va~narolliia Chem
Va El & Pow $6 pre!
No par
5% pf 100
200
Virginian Ry Co
25
*25*4
28
18%
19
1434
1434
15
15
1634
2%
14%
16*4
14%
*16*4
16*4
16%
16%
'2%
2%
*2%
2%
*19
100
Preferred
tWabash Railway Co..... 100
5% preferred A...
100
No par
Walgreen Co
No par
4%
6,000
27%
500
Walk(H)Good A W Ltd No par
Dlv redeem pref
No par
5%
100
1
1
500
Ward Baking Co cl A.-No par
Class B
....No par
*18
19
800
1
19*4
3%
♦57*2
61
%
8*2
*18%
28%
19%
*19
*15
15%
3%
*4%
*15
3%
4
—
W7o pref with warrants 100
No par
7% preferred
100
5
Warner Bros Pictures
4,500
3%
61
*%
Waldorf System
$3.85
10
700
No par
preferred
115i2 Feb 17
12
Apr
3
Jan
135
Mar 27
139
June 12
120
June
135
May
is Apr 15
*n Jan
8
Jan
17i2 Apr 22
97
4
May 21
May
1
25%May 31
z1234 Feb 13
3%May 13
»i«June
4
Jan
4
33i2 Feb
5
9%
22%
1055s
6*8
15
500
Waukesha Motor Co
17
700
Wayne Pump Co....
100
Webster Elsenlohr
No par
7% preferred..
—100
80
6
25
Feb
4
Feb 19
18i2June
Oct
138
Deo
2<s
Jan
Nov
Jan
Jan
89
June
3
May
978
23*2
10478
6*2
85*4
1658
Jan
14
10
June
514 Jan
June
378 Apr 17
1
Mar 21
Jan
2
9% Apr
3
30
June
3*2
l%June
63
Jan
i2Mar 11
*4
•u
18*4 May
2
63
Deo
% May
13*2 Aug
2
May
Jan
13*4 May
24
May
6
6
Jan
Feb
14
May
16% Jan
Deo
Nov
1284 Sept
34*8 Nov
2884 Feb
20*4 Apr
22
20
20U Jan
May
1% Jan
25i2 Jan
4*4 Feb
60*2 Deo
2*8 Sept
May
*2 May
384 May
9
Jan
Jan
9*%
30
2384 Jan 13
Jan
7
Feb
6
80
23i8May 10
74i2 Jan 18
106% Jan 26
91
414
Jan
5*4 May
16*2 May
Apr
30i2 Jan
21
48
36*4 June
28*2 May
38 Jan 10
»ii Jan 17
13i8 Apr 19
234 Feb 19
15
1
Apr
Nov
♦16%
5
Jan
Nov
15*2
35
3
14
May 14
15i4May 28
238May 6
2%
31*4
120
110
200
2%
May
May
300
2%
May
5
71
19*2
17
May
109
Jan
June 13
32
*2%
14
1
9
4*8
42
*28*4
15%
16*2
2%
June
Oct
31*2 Mar
102
*19
70
21
62
Feb 15
19%
*8
117i2 Feb
July
35*2 May
6684 Jan
19
May
is4 May
89
29
29
%
8%
Mar 26
112
23734 June 12
3 li2 Mar 29
JWarren Bros Co..
No par
$3 preferred
....No par
Warren Fdy A Pipe
No par
Washington Gas Lt Co-No par
8*2
16%
16%
*2%
%
%
14
*13%
61
61
*8
h
8%
.
1
19
3%
3*8
*26
25
..100
*96%
*57%
19
2t2 Jan 2
27U Jan 11
27
61
28
2484 Jan 15
99 %
19%
V-
67
Mar 13
*96%
4%
*1
*183s
8*2
27%
Mar 26
1% Apr 14
19% Apr 22
Va Iron Coal & Coke
Walworth Co
9
20
60
_
2
4414 Jan
67
510
700
2
Feb
Mar 17
June 11
5
No par
6% dlv partlc preferred. 100
1,500
39%June
16
27
115i2 Jan
100
Victor Chemical Works
400
*26%
*13%
*19
%
8%
27%
19%
Feb 13
8,200
19%
3%
9%
%
Feb 14
114
5
Vlcks Shreve & Pac Ry
<+ —
Apr 10
£22
18%
99%
5%
Apr
22*2 June
Vlck Chemical Co
100
12
5
100
7% 1st preferred
m
18%
14
84
Van Raalte Co Ino
-
-
18%
*4%
*18 Nov
600
18*2
5%
1%
Jan
Deo
400
100
14
*4*2
Jan
128
19
600
*13%
70
159
437i May
%
5*4
1%
Apr
2*2 Apr
63*4 Deo
18*2 Nov
May
9
14
9
June
Dec
2%
June
**i«
5*4
i2 Jan
69
Apr
60
June
12*2 May
45
May
13484 June
Nov
39*4
12
*%•
4%
2
130
25
24
27
165s Jan 10
5934 Jan 15
41
Jan
6758 Nov
*73*2 Deo
76*8 Nov
6
*%
*8%
4%
*11 Jan
2
May
Jan
Apr
4
%#
5
June
42
103*2 May
29*2 Deo
42*2 June
1*4 Deo
1
May
I84
41%
117
Jan
9
27
4
Jan 10
68*2 May
39*4 May
60
May
74
17
"16
4%
*26*2
Apr
34is Jan
*n
*96%
Apr
May
Apr 21
**2
*8%
4%
Apr
1284
Deo
Apr 18
%
26%
75s
23
"11
4%
28
15
10
26%
*13%
*98
May
3*2 May
100
146
18%
99%
35
14
Van Norman Mach Tool..2.50
*138
18%
25*2 July
Vanadium Corp. of Am.No par
139
18%
99%
Jan
182*2 May
6*2 Mar
3,900
139
18*4
II4 Jan
60
MarlO
141
9
,
7
168
*138
v
% Apr 28
44% Apr 25
12
May 10
4
15s Jan
May 10
Jan
Jan 17
6% preferred...
*%
*%
48
133
Vulcan Detlnnlng Co
9
1
Jan 13
3388 Jan 13
Jan 21
500
Art
130
2
223s Apr 30
42
Mar 27
157
310
%
115%June
12
May 20
102
9
8i2 Jan
48
100
6i«
%
4
140
100
33
June 12
4i2 Jan
Universal Pictures 1st pref.100
Vadsco Sales
No par
500
72
*23~
2884 Jan 10
100
96
*8*2
*25*4
*2%
«
72
23
43
Apr 22
No par
8% preferred
96
34
34
9%
No par
96
32%
34
34
*8%
preferred
49
1%
1%
*1%
*1*2
24%
24%
24%
24%
115% 115% *115*2 116%
19
19
*18%
19%
37%
38%
£37%
*37%
33
33
*32%
33%
39%
...25
96
9
■
5*4
*5*8
1
19*4
it
%
9
*37%
32%
No par
%
23
22%
1%
U 8 Tobacco Co
141
95%
9
,
*1%
24
24%
*115% 116
18*2
18%
19
*115% 116
*37i2
*8*2
24
116
*32
*137
"21%
1%
50
U 8 Steel Corp......
No par
Preferred
......100
49%
*58
72
*..
22
Feo 10
Apr 18
3
May
284 May
Nov
6518 Apr 4
76% Jan 29
70«4 Jan 6
*"i«
24%
*
72
*2l~
33
20
165
Deo
11
89
June
5514 Mar 13
6958 Apr 25
4938 Apr 21
50
*45%
13
*
Jan 14
7%June 13
5*8 May
*2 May
May
1
17%
183
Apr 23
12*8
15
6
*15
50
Jan
May
97
2518 Apr 4
9434June 10
.100
United Stockyards Corp
17%
Jan
May
10i4 Jan 27
69% Jan 8
4% Feb 17
7*8
Deo
5
1778 Feb 14
8OI4 Feb 15
10
8% 1st preferred
""150
3*8
80
5
Jan
Apr
*144
*15
17%
9
Jan 17
1434June
Apr
Nov
United Stores class A
25
25
25
25
25
24%
25%
25% 25%
13%
*1134
12%
1234 *11%
12%
12%
12% *12%
12%
27
*26
28
28
27
*26
26% 26%
r26%
26*2
r26%
26*2
*114% 116
*114% 116
*114% 116
*114% 116
*114% 116
*114% 116
*40
42
*40*2
42%
41% *40
41%
40%
40%
*40*2 42% *40*2
24*2
♦12
3% Jan
90
4
7*8
39
7% preferred...
sie
170
Mar
Oct
1334 Mar
24
700
%
May
38*2
400
*%«
June
3
Dec
1%
150
6
22
*1
*14
Jan 13
3% Jan 10
2184 June
27*4 June
47*2
14%
11
34'8 Feb 7
25»2 Jan 6
178 Jan 11
49
*48%
*144
8% Apr 25
2% Apr 10
2% Feb 19
6
148
*14
14
49
118
Ji.n22
4
U 8 Smelting Ref & MIn
Preferred
conv
Jan
107*2 June
117
May
"loJune
U 8 Rubber Co
$6
Jan
15
3
105
Deo
8578
Deo
l
10
t»: <* «
41
May
9*2
Aug
46*2
*1%,
*44
9
278 May
25i2 May
60
48
100
_
*46
<»
8
Apr
Mar
65*j Mar
5*8 Jan
May
fU 8 Realty & Imp
200
Jan 11
Jan
70% Jan 10
10i2 Jan 15
7*4
6
Deo
6
20
1,700
2,100
5
42
384 May
2
Sept
26*4
6
70
May 14
31s4 Jan 11
U 8 Pipe & Foundry....
53,600
'*•
6%May
Jan 11
24
24
26
U 8 Playing Card Co...
U 8 Plywood Corp
800
484 Jan 13
314 Jan 11
32
No par
Prior preferred
13,900
4,000
25
3
l%May 6
20%May 16
3% Apr 21
33%May 6
60
May 29
Highest
$ per share $ per sTtare
558 Apr
54i2 Feb
2618 Apr
29^May
185S Apr
47*?
1%
%
*1
148
cl A...No par
conv
300
119
25
25
Partlc &
900
56%
55%
5
5H% conv preferred
50
U 8 Industrial Alcohol .No
par
No par
1,900
71%
71%
119
100
U 8 Leather Co
"
61
*59
60
24%
%.
*1534
400
73
*70%
56%
56%
119% 120
%
49%
5i«
1,200
3%
2% June
Year 1940
Lowest
$ per share
9% Feb 19
8% Mar 4
55 May 14
7% preferred
50
24%
27%
31%
21%
60
1%
%
%
148
153
57
*1
44%
3*4
share
84
U 8 Hoffman Mach Corp
3,900
24%
94
119%
24%
24%
*45
47*2
"
7%
21%
73
56*4
10
180
*42
69
1
119
1,200
7%
*21
60
200
60
3%
25
27%
*30%
22%
94
180
7
43
24%
*3*4
69
21%
1%
*9%
6%
6%
32%
21%
9%
60
59%
*176
177
per
U 8 Dlstrlb Corp oonv pref.100
U S Freight Co
.....No par
U 8 Gypsum Co
20
100
14%
9%
$
Range for Previous
Highest
United Paperboard
10
U. 8. A Foreign Secur..No par
16 first preferred
.No par
700
90
14
43
•
28
32%
21%
%
*153s
27*2
3%
*86
13
100
3%
3%
100
United Electric Coal Cos
6
United Eng & Fdy
5
United Fruit Co
No par
United Gas
lmprov't.,._No par
$5 preferred
Aro par
United Mer A Manu Ino vto 1
1,300
9%
9%
*3
90
6%
3%
13
48
*144
1,000
1,000
*9%
25%
*3%
49%
107
xl77
3%
24
«4
*45%
107
*59%
6%
44*2
1*4
107
13
177
♦1
6,600
*86
6%
*42%
47*2
148
3%
90
*175
*45
7
9%
6%
44*2
25%
47*2
1*8
*4
49%
7
3%
3%
59
24
2,300
7
6
10
Preferred
400
65
9%
59
9%
24%
4
36
65
7
13%
9%
60
59%
73
*7034
56*8
57*8
118% 120
71%
4
36
65
3%
3%
3%
150
36
4%
3%
1*4
21%
55*8
56*4
117% 118
1
*»1«
6%
*67i2
70
*1
60
*42*4
24%
3*2
300
9%
13%
*9%
United Drug Ino
United Dyewood Corp
1,500
107
177
6%
3%
1%
21%
63%
59
9%
3%
1%
21%
36
107
*86
Par
3%
9
14
Lowest
1%
22%
4%
*3
88*8
On Basis of 100-Share Lots
EXCHANGE
3%
7%
107
3
88*s
13%
*9%
6%
44%
7
Range Since Jan. 1
NEW YORK STOCK
*1%
64
14
57
*42*4
64
14
*234
*85%
59
*23
35%
STOCKS
the
CENT
PER
NOT
*21
20%
4%
35*2
7%
106% 107
*9
9%
*3
3%
3%
3%
88*2
,
3*4
1%
3%
*1%
20%
4%
7
9
*3%
3*4
1%
21%
4%
35%
64
4*4
*35
58
6%
1%
61%
; 7 7%
*106*2 106%
3%
3*8
88%
14*4
9%
*284
*8512
13%
*9*8
3*4
21
35%
9*2
*3
3%
1%
22%
SHARE,
Sales
JOT
*1*2
*21*4
PRICES—PER
May
2*2 May
47g
Jan
Feb
'
•77
*77
*2034
*70*2
*98
rV
22
*20*2
21%
72
*71
72
100
104l2 104*2
♦77
*77
-
21%
21%
72
72
*98*4 100
*98% 100
104
105
104
105
21%
71%
100
*77
«.
22%
W
£22%
*70%
71%
100
£100
A.
-
«.
22%
72*8
100
*77
—
22
300
100
105*2 *103*2 105
98
98
97*2
97*2
90
97
97
98
98
*96*2
*96%
114
114
113% 113% *113% 114%
113% 113%
*11334 114
*11334 114
18
18%
17%
18%
18*4
16*8
17%
16*8
16*2
17%
18%
1634
♦103*8 105&8 *103% 107
*103% 105% ♦103% 105% *103% 105% *103% 105%
27
27
28
29
28
28*2
29%
*28% 29
28*2
28%
28%
3
3
3
3
*2%
*2%
*2%
2%
2%
*234
234
234
*5%
7%
*6*8
7*2
*6%
*%
7
*6%
7*2
%
23%
21%
96*4
*6%
*69
72
*69
72
*11
11%
*11%
14%
12%
13*2
14
69
*11*4
14%
14%
*%
69
12%
15
23%
20%
96%
30*8
1,100
Weston Elec Instrument-12.60
300
Westvaco Chlor Prod—No par
14%
*5
*45
23
*23%
*45
23*2
23*2
2*8
23 %
*2
2%
2%
*1*2
1%
*1*2
1%
1%
3*2
3%
3%
23
4
4%
*45
1%
3%
1%
3*2
1%
*3*2
2%
90
30
*2
*2
1%
20
220
*67
69
200
$5 conv prior pref—No par
12%
*11%
12%
100
White Dental Mfg(The 88) .20
2%
1%
1%
4%
70%
71%
6,400
!
68
68*2
*2634
27%
2734
2734
28%
28%
27*2
27%
28
28
27*2
28
27%
28%
28%
20
2734
27%
19%
28*8
27%
*19%
20
20%
21
20%
20%
21
28%
21%
*95
99
*95
99
*95
99*2
100
100
*95
*86
92*2
*86
92%
*90
92*2
*90
92
*90
58
*56
58
58
*58
58%
*57%
*58
58%
*59
61
*59
57%
61*2
92%
58%
*90
*56*2
*60
61
*60
61
*59%
61
*59%
61
*92
96
*92
*96
98
96
96
97
98*2
*97%
99
""180
64
64
*63%
65
64%
64%
*64
65*2
65
65
500
19*4
£19
19
13
1278
12%
*117
*116% 118
118
*19
10
106
64%
4*4
6434
19
13*4
*9%
10
33%
33%
88*2
88%
*15%
15%
15%
15*4
12%
12
13*2
117
12
*12
1%
•
1%
33%
*84
*1%
10*4
10%
34*2
89
3434
*84
1%
19
14%
117
10*4
35*2
89
12%
15%
12%
1%
1%
15%
69
*19
13%
*117
10*4
34%
*85
100
4%
71
71
*27*2
28
28%
20%
*96
1,300
900
1,000
80
16%
12%
*1%
2
16
12%
1%
16%
12%
1%
1,000
13,400
400
16
15%
12%
12%
2,200
1%
1%
600
t In receivership
Woodward Iron Co
Wool worth (F W) Co..
d Def
4,600
.
delivery
n
New stock
r
110*4 Jan
6
108
Deo
100
Jan
2
85
May
30
Jan
3
18*8 May
35*8
May 19
76
Jan 14
61
May
7478 Nov
IOI4 Jan 7
12% Feb 14
4
Apr 21
12
Jan 22
Aug
11*4 Apr
17*8 Dec
115s Apr
7*4 May
64
2012 Feb 14
l%May
3
H2 Apr 16
3ift ADr 18
1758 Jan
9
7*2 Jan 13
5% Jan 10
50
Apr 8
25*2 Mar 28
23«May 12
28g Jan 11
5*4
Jan 13
684 Jan 25
784
7*2
4%
3*2
38
H2
Jan
Jan
384 May
33*2 Jan
3412 Jan
7
7
9
30
July
95
Oct
June
58
Nov
June
65*4
91
June
129
Apr
73
May
93
Apr
86
Apr 23
Jan 11
1034May 16
13s Apr 23
* Ex dlv.
p
34U Nov
Apr
2478 May
102*2 Oct
42*4
39
64*4 Jan 28
101i2 Jan 9
13U Apr 16
7% Apr
70
Mar
29
Feb 13
Apr 26
Jan
Apr
Apr
684
55
Apr
68
83
May
135s May
3%
3*2
60
92
9% Feb 19
30i2 Apr 18
57*2 Mar
24% May
I
1
3
100
Jan 30
Feb 25
1584 May
Apr
June 11
Mar 15
54U Feb 17
1158 Apr 21
June
Nov
60*4 Jan 28
93
85
114
Jan
3
2518 Apr 21
26i8May 26
16i2 Feb 19
62%May 28
1758 Apr 24
Mar
Oct
10
10
Jan
May
May
184
45
24*8
103
1434 May
4
Cash sale.
373g May
38*2 Feb
1097g Deo
Apr 16
Apr
7% preferred A....
100
6% preferred B—
100
Prior pref 4^% series—100
Prior pf 4H% conv series 100
Wright Aeronautical—-No par
Wrlgley (Wm) Jr (Del)-No par
Yale A Towne Mfg Co
25
Yellow Truck A Coach cl B..1
Preferred..
100
Young Spring A Wire. -No par
Youngstown 8 A T——No par
6M% preferred ser A...100
Youngst'n 8teel Door..No par
Zenith Radio Corp
No par
Zonlte Products Corp
..1
12,100
Nov
74
20
19*2
19%
19%
20%
14
13%
14%
£13%
*117% 118
£117% 117%
10%
10
10*4
10%
10%
35
35%
35%
34%
35%
£88
88
88%
86
86
140
Jan
414 Apr 24
Worthlngt'n PAM(Del)No par
"""166
May
26
3
65i2 FeD 15
3,000
100
110
Jan
par
20,500
14
12%
$6 preferred.
20%
19*2
16
No
Mar 22
No par
Wilson A Co Ino
28%
118
Bid and asked prices: no sales on this day,
jt£
4%
Jan
Jan
Jan
Jan
Apr 28
92
Feb 15
68
2884
28*8
Jan
Apr
* Jan
21% Apr 18
105
41
4%
1
Apr
118
2784 May
No par
Prior preferred
20
Wilcox Oil A Gas Co
6
Willys-Overland Motors
1
6% conv preferred
10
6734
5
85s
May
36
Feb 14
100
407g
Apr
76
34i2 Jan 10
4
1,200
1,500
5,300
105
2
141
White Rock Mln Spr CoNo par
"""700
Oct
2538 May
June
2
6
White Sewing Mach Corp.—1
$4 conv preferred
21
27% Apr 17
120i4May
27i2June
300
■
1007a May
105
1,900
51%
24%
2%
1%
3%
4%
May
May 31
5%
4*4
3%
1
White Motor Co
18i2 Feb 13
4%
*2
3%
3%
4%
70%
15
4*4
6734
4%
Wheeling Steel Corp..-No par
69
3%
4*2
68*2
4*4
No par
H % conv pflOO
$4.50 preferred
W heeling AL E 5
Jan
120
1
133
2,000
198
»»» Feb
30
50
June
11
2*4 May
133
preferred
80
108*8 May
4*8 May
*8 Dec
14*2 May
15*4 May
1734 Apr 22
1st
Apr
7*4 Mar 28
l%May 13
2434june 13
2278 Jan 10
86
31%
*30%
31%
108% 108% *108
108%
97
97
97
*95*2
24
*23*2 24%
23*2
115
334 Jan 22
Westlnghouse El A Mfg.—.50
Jan
Apr
96*2 May
5
Westlnghouse AirBrakeNo par
Apr
75
110*2
Jan
6
Western Union Telegraph-100
*30%
3
June
Deo
29%
15*8 May
6884 Aug
187gJune 13
105% Feb 10
29*4 June 11
4,500
5*2
4%
51*2
51%
117*2 Jan
6,900
15
*4
1077a Jan 18
Mar 31
35,400
6% pref—100
Jan 10
80
Deo
15% Feb 19
10412 Apr 26
23% Mar 3
234 Apr 28
97
5%
*4*4
4%
..100
..100
4% 2d preferred
.
115
112
95
14%
4%
*4%
Western Maryland...
200
80
101%May 29
97
May 19
%
5*2
4%
51%
23*2
2%
4%
4%
51%
23%
30*2
2,000
6
20%
15
4%
4%
23%
133
133
60
180
3
May 31
24%
14%
4%
23*2
20
*11%
4%
*2
23%
97
100
100
West Penn Pow Co 4
pf -100
West Va Pulp A Pap Co No par
6% preferred..
-.100
Western Auto Supply Co.—10
16% Mar
65i8 Mar
97
Western Pacific
12
4%
51%
*22*2
23%
21%
7% preferred
6% preferred
2,200
7%
par
5
"""166
70%
434
*45
*%
12
*4*4
*45
%
*67
*66
*4*4
*45
*6*2
%
%
%
*58
34
*%
22
22%
2H2 2134
21*4
22%
2134
21
21
20*4
20%
*19% 20%
19%
92
96
95%
96%
90*2 91%
9434
129% 129%
129%
*125*4 1297g
125*4 125% *127
30
28
30
28
28*2
29%
*27i2 28*2
31
31
31
31
30*2 *29%
*28%
30%
109
*108
109
109
*108*2 109*4 *108*4 109%
97
97
97
97
*95%
*95%
97%
*95*4
24
24%
24*8
23% 2334
23%
*23*4 23*2
r
7%
No
$4 conv preferred
West Penn El class A.-No par
30
105
105% 105%
97*2
*96*2
Wesson Oil & Snowdrift No par
1,900
22*2
72%
72%
*97
Feb
80
8
17*4 Jan 10
22*2 Jan
120
12*4
Jan 10
June
15*4 May
984 May
98
May
Jan 11
63» June
6
26*4 June
42*8 Jan
94*4 Jan 31
1838 Jan 6
15% Apr
2*4 Jan
Ex-rights.
80
May
12*2 May
3
85s May
6
2
Mar
Oct
25
Jan
19*4
Jan
126*2 Sept
14
Apr
48*4 Jan
99*8
28*2
1734
Deo
Jan
48g
Apr
Apr
f Called for redemption
June 14, 1941
3776
Bond Record—New York Stock
Exchange
FRIDAY, WEEKLY AND YEARLY
NOTICE—Prices are "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 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.
Friday
Friday
Range
Since
N. Y. 8TOCK EXCHANGE
—.1944-1954
...,1946-1966
1943-1947
35*s
1941
35*8..—
1943-1945
35*8..
1944-1946
354 s
1946-1949
354s
1949-1952
3s
1946-1948
3s
..1951-1955
254s
1955-1960
254b..
—1945-1947
254s...
1948-1951
2548
1951-1954
254s..
1956-1959
254s..
1958-1963
2548
1960-1965
254 s
1945
2 54s
1948
2 54s..
1949-1953
254s
——1950-1952
High
NO.
O
*109.10 109.12
....
D
111.24
111.24
111.19113.18
Af 8
*113.6
113.8
113.3
Treasury 35*s
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
1952-1954
2 54s.......... 1956-1958
Treasury 2 54s...
Treasury
Low
119.4
High
121.26
D
Treasury 2s..
Treasury 2a.....Mar
Treasury 2s....—Dec
107~3
4
106.26 108.6
108.3
1
107,29 109.9
110.30
*113.1
113.3
110.14
1
1
8
112.20
112.20
Af
8
110.24
110.27
4
M
8
108.16
108.18
10
M
8
*1C9.29 109.31
J
M
109.28
D
8
110.6
110.3
110.6
110.11112.12
112.15114.9
"3
M
109.24111.21
110.4
113.2
107.14111.13
108
109.24
107.27110.9
'if
1
107.2
110.3
107.1
110.22
J
D
110.15 110.10
110.15
2
J
D
110.23
110.23
10
107.8
J
D
108.4
108.4
15
107.22108.14
108.30
108.30
10
107.16109.22
M
8
107.28
107.28
M
8
*108
108.2
M
S
104.12
104.18
6
M 8
103.19 103.11
103.19
49
J
D
J
D
1947
15 1948-1950
15 1948-1950
J
"100.11
D
103.2
104.15
105.2
107.30
108
102.8
104.18
♦6s assented
M
Sept 1961 M
♦6s assented.
8
1961
A
1962
1963 M N
♦6s assented
1957
♦6548 assented
1957
♦Sink fund 6)4s of 1926
1961
♦6)4s assented
....1961
J
8
107.3
106.26107.28
*107.7
107.9
♦6s assented
O
*954
115*
10
1962 AfN
♦Guar sink fund 6s..
1960 M
11
8
1960 M 8
♦7s assented...
954
D
1951
♦Cologne (City) Germany 6543-1950
J
♦6s of 1927
Jan 1961 /
♦Colombia Mtge Bank 654s—1947 A
37
O
37
3654
*2354
37
30
25
2254
30
23
30
3754
375*
1952 / D
3154
32
2154
2354
1953 AfN
245*
245*
21
245*
31
Copenhagen (City) 5s
3154
2154
3154
79
80
72
80
16 54
1454
With declaration
25-year gold 454s
Cordoba (Prov) Argentina 7s.. 1942
Y"j
*101.27 10i .30
102.15103
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
.1944 Af 8
106.29 106.29
*102.6
22 54
~28~
106.17107.26
External loan 4 54s
102.9
454s external debt
103
.1977
103
101.29103.2
103
103
1
101
103
A
.1949
102.8
*1554
103
1
10154
2
6254
62
101
Sinking fund 654s...Jan 15 1953
18
101
101
.1949 F
106.29
*102.22 102.24
100
1035*
24
10454
96
10154
49 54
625*
101
15
9954 104
88
13
73
88
♦Public wks 554s—-June 30 1945
Transit Unification Issue—
1980
3% Corporate stock
J
D
104
10354
104
116
100
1947
♦Gtd sink fund 6s
1948
Akershus (King of Norway) 48.1968
♦Antioquia (Dept) coll 7a A...1945
♦External s f 7s series B
1945
♦External s f 7s series C
1945
♦Gtd sink fund 6s
*85*
854
*854
854
95*
315*
3854
2954
3354
2754
555*
6954
6154
60
4954
5554
A
A
O
*2354
J
754
954
9
8)4
245*
75*
75*
754
754
654
40
954
24
22 54
23
25
*21)4
Af 8
J
23
*2354
954
26
9)4
854
954
954
♦External s f 7s series D
1945
♦External s f 7s 1st series
1957
♦External sec s f 7s 2d series. 1957
9
8)4
9
9
854
9
8)4
754
854
20
654
854
1957
Antwerp (City) external 5s....1958
9
754
9
15
7
18
14
17
VtM
175*
"49 5*
66 54
14
495*
495*
3
60
4
*42
Apr 15 1962 A O
51
4754
5554
58
58
1
62
58
58
5554
Dominican Rep Cust Ad 554s.. .1942 Af 8
.1940 A O
{♦1st ser 554s of 1926
{♦2d series sink fund 554s... 1940 A O
Customs Admin 554s 2d ser.. 1961 M 8
30
58
1
58
59
17
5254
5254
"7
31
67
52
58
59
6854
59
5254
595*
60
5254
595*
16
*59
27
9
*1554
External g 454s
With declaration
A
525*
58
5154
1955 F
External gold 5548
With declaration
J
5154
63
.1942 /
Denmark 20-year extl. 6s
With declaration
F
10
104 %
& Municipal
(Colombia)
86 54
♦Czechoslovakia (Rep of) 8s__..1951
.1952
♦Sinking fund 8s ser B
New York City
Govt.
"15" "§65*
36 54
23?*
2354
2354
27
33
M B
Foreign
854
*2354
*25 54
1946 M N
1947 F A
1942-1947
Agricultural Mtge Bank
854
954
*2354
3654
2548
154b series M
954
11
"2154"
Af S
Oct 1961 A
.1951 MN
J
115*
*75*
♦Chinese (Hukuang Ry) 5s
Colombia (Republic of)—
♦6s of 1928
854
1054
854
954
85*
1154
125*
1154
13
12
1154
1054
115*
105*
1154
105*
1154
105*
11
105*
106.28108
Home Owners'Loan Corp—
II
054
1962 AfN
♦6s assented
♦Chilean Cons Munic 7s
♦Costa Rica (Rep of) 7s
D
10
954
101.28103.3
J
115*
115*
*10i .25 .01.28
J
10
115*
95*
954
85*
115*
J
M N
1054
115*
O
38
1942-1944
.....1945-1947
125*
105*
*11
"9%
9
105*
1961
-
AfN
1944-1952
12
...1961
♦Guar sink fund 6s
1944-1949
1942-1947
series A
12
1254
1054
954
3s
3s
854
1054
854
1054
954
1154
1944-1964
254s series G_.
1
D
D
se s
/
4
D
♦Sinking fund 7s of 1926
*107
1254
1054
12
12
105*
D
With declaration
M
High
105*
*1054
♦External sinking fund 6s—1963 ¥N
♦Chile Mtge Bank 654s
♦Sinking fund 7s of 1927
Federal Farm Mortgage Corp¬
Low
2
12
O
106.17
100.24 103.2
No.
High
12
*1054
O
♦6s assented.. ......——1962 A
♦External sinking fund 6s
103.5
104.12 106.7
Since
Jan. 1
12
8
106.4
101.24104.15
Range
Ss
Asked
1054
Jan 1961 J
♦Extl sinking fund 6s..Sept
103.19
"2
&
12
Jan 1961 /
103.1
"27
Bid
Low
Foreign Govt. & Mun. (Cont.)
♦Ry extl. s f 6s
104.28106.28
"13
*106.10 106.12
104.15 104.13
111.9
Friday's
Chile (Rep)—Concluded—
103.5
106.10
102.31
D
J
106.17
*106.8
Af 8
J
106.6
106.31110.15
105.4
1
*106.10 106.12
D
1953-1955
107.2
110.8
D
Treasury 2s
101.21102.19
110.30
J
Treasury 25*8
106.18107.25
108.3
107.2
1951-1953
1954-1956
Treasury 25*8
115.7
*106.14 106.16
*100.12
/
Week's
Range or
Price
Week Ended June 13
Jan. 1
-
Treasury 35*s
Treasury
Asked
J
Low
45*8.———1947-1952
Treasury 4s
A
A
U. S. Government
Treasury
Bid
v'o
Last
Sale
BONDS
Friday's
Price
13
Week Ended June
Range or
Sale
EXCHANGE
Week's
Last
BONDS
N. Y. STOCK
,
♦External sec s f 7s 3d series.
With declaration
4s Feb.....1972
4s Apr
1972
Australia Com'wealth 5s
1955
External 5s of 1927
...1957
External g 454s of 1928
1956
♦Austrian (Govt) s f 7s
1957
8 f extl conv loan
8f extl conv loan
♦Bavaria (Free State) 6)48
1945
With declaration
Belgium 25-yr extl 6 Ha—
With declaration
1949
F
A
A
O
J
J
M
J
F
With declaration
External 30-year s f 7s
1955
17
93
5454
854
♦554s of 1930 stamped
..1965 / D
♦554s unstamped
1965
♦554s stamp (Canadian Holder)'65
♦German Rep extl 7s stamped.. 1949 A O
6054
19
6054
61
9
53)4
5354
5254
55
69
47
7
7
5
6
17
17
14
16
26
7154
74
4354
4354
70
43)4
4354
49)4
48)4
83
81)4
84 54
7554
15
70
74
75
75
"17"
With declaration
27
74
1950
17
17
5
14
26)4
26
26)4
18
♦Berlin (Germany) s f 654s
x8
1
14
26
20 H
2054
2054
64
1754
1754
17)4
1754
1754
53
19
44
2154
1754
1754
1954
64
6154
65
15)4
With declaration
♦External sinking fund 6s—1958
J D
17
With declaration
/
D
1941
A O
1957
A O
♦External s f 654s of 1927
1957
J D
♦7s (Central Ry)
1952
Af 8
Brisbane (City) s f 5s
1957
F A
Sinking fund gold 5s.
1958
/ D
20-year s f 6s
1950
/ D
♦Budapest (City of) 6s
...1962
♦Brazil (U 8 of) external 8s
♦External s f 654s of 1926
60
1754
1854
*5554
62
*5554
1854
60
17)4
15 54
1554
1654
5254
5254
5854
60
57
554
50
55
17
61
"l7"
"55""'
*75
5854
28
5
5)4
654
7s unstamped
German Govt International—
♦78
55
14
27
2654
26 54
63
94
*6454 "67"
1949
unstamped...
854
2054
/
French Republic 7s stamped...1949 / D
With declaration
58
75
8
854
♦Frankfort (City of) s f 654s... 1953 AfN
With declaration
6154
6154
AO
8
1945 M
854
64)4
64)4
61
61
5954
70
/
70)4
6154
/""J
♦El Salvador 8s ctfs of dep
1948 J
♦Estonia (Republic of) 7S.....1967 J
8254
103
74
59
*5754
5854
6154
"55"
♦5754
O
...
65
69
5954
A
j'D
1969 A
1969 A O
554s 2d series
♦Dresden (City) external 7s.. .1945 MN
78
8154
6654
6J 54
74
1955
External s f 6s
554s 1st series
51
7954
6854
/
M~<8
9
60
8154
8
AfN
95*
954
Finland (Republic) ext 6s
_
Argentine (National Government)—
M N
8 f external 454s—...
1948
M N
8 f external 454s
1971
954
7 5*
954
6
1949
10
554
115*
154
554
754
27
854
854
6
5
1454
954
20
15
265*
105*
German Prov & Communal Bks
♦(Cons Agric Loan) 654s
♦Greek Government
♦7s part paid
s
f
ser
"*954 "1254
*8
954
1968
s
*75*
1968 FA
♦6s part paid
(Republic)
7s.. 1964 MN
1964
♦Sink fund secured 6s
♦Haiti
1958 J D
9'
954
""65* "16"
954
♦Hamburg (State 6s)
O
66
225*
26
30
5354
O
1454
26
ser
A..1952 A
1946 A
f 6s
385*
26
27
57
4954
6254
5354
25
With declaration
♦Heidelberg (German) ext 754s 1950
J
/
Helslngfors (City) extl 6 54s
1960 A O
Hungarian Cons Municipal Loan—
♦754s secured s f g
1945 J
J
♦7s secured 8 f g
1946 J
/
*49
454
65*
♦Hungarian Land M Inst 754s_1961 AfN
♦Sinking fund 754s ser B
1961 AfN
Hungary 754a ext at 454s to._.1979 F A
*6
6 5*
5
6
*45*
6 5*
5
♦654
65*
5
6 5*
65*
15
1
1254
6
5
1554
2
74
2
65
75
30
8
2654
465*
305*
295*
71
63
235*
Buenos Aires
(Prov of)—
♦6s stamped
...1961
External s f 454-4548
...1977
Refunding s f 4 54-4 54a
1976
External read] 454-4548-—1976
External s f 454-4)48
1975
s
f 7s
♦Stabilization
Af 8
F
A
loan\7548
Canada (Dom of) 30-yr 4s
O
♦Farm Loan
s
on
♦7s assented
♦External
97)4
101
5154
47
1
3254
52)4
37
97
10054
854
5)4
7
654
98
8854
10154
Feb 1961F
98
102
O
♦Leipzig (Germany)
s f 7s
1947 F
♦Lower Austria (Province) 754s 1950 J
♦Medellln (Colombia) 654s
(Prov) 4s read]
Mendoza
28
*2154
29 5*
29
1954
-
-
18
-
70
6554
70
56
5854
63
57
63
53
4154
6
8
1954
28
A
854
2654
D
*754
1954
1954
9654
"8854
8854
8854
7954
9054
9654
9654
9654
92
8554
86
86
86
7654
7654
9754
8854
♦454s 8tamped assented
1943 MN
♦Mexico (US) extl 5s of 1899 £.1945 Q /
86
70
654
8
70
4
61
95*
70
Mexican Irrigation—
*754
9
9
88
954
26
"1654
1754
1454
24
1654
16
2654
25
1654
14
26 54
1754
14
14
18
1054
*1054
12
1054
14
*12
A
A
Japanese Govt 30-yr s f 654s... 1954 F A
Extl sinking fund 554s
..1965 AfN
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
89
14
O
f 5s
95
1942 M N
1960 A
97
754
8
b
94
1942 M N
For footnotes see page 3781.
46
3
7 }
...I960
♦Extl sinking fund 6s...Feb 1961F
♦6s assented..
2
36
14
sinking fund 6S...1960 A O
♦6s assented
*22
49)4
1960
f 6s...Oct 15 1960 A
♦6s Oct coupon
♦Chile (Rep)—Extl s f 7s
74
♦Italy (Kingdom of) extl 7s
1951 J D
♦Italian Cred Consortium 7s ser B'47 Af S
♦Italian Public Utility extl 7s.. 1952 /
J
4854
54
*654
10-year 2 54s
♦6s July coupon on
.1960 MN
5254
25
36
J
1960 A
Irish Free State extl
52
4554
105
4854
4854
MIV
Aug. 15 1945 F A
25-year 354s
1961/ J
7-year 2)4s
1944 / J
30-year 3s
1967 /
J
30-year 3s
1968 MN
♦Carlsbad (City) 8s
1954 /
J
♦Cent Agric Bank (Ger) 7s
1950 M 8
♦Farm Loan s f 6s. .July 15 1960 J
J
68
45
4854
47
O
/
1968
68
85
4654
46
AfN
J
1984
1952 AfN
6s
*55
4854
A
1967 /
3% external s f $ bonds
Bulgaria (Kingdom of)—
♦Secured
Af 8
1054
1254
11)4
12.4
12
1054
12
105*
12
"l"054
12
1054
1054
8)4
10
9
1054
9
12
1254
12
♦Assenting
♦Assenting
♦Assenting
{♦Treas 6s
554
554
12
354
554
55*
554
55*
17
354
4s of 1904
1945 Q
/
1954 J D
554
554
1945
55*
554
70
354
354
*5 54
554
55*
65*
38
4s of 1910
"205*
2054
205*
.7
185*
55*
55*
55*
6
30
5s of 1899
of '13 assent
1933 y~j
♦Milan (City, Italy) extl
6548—1952 A O
Mlnas Geraes (State)—
454
8
♦Sec extl sf 654s
1958 Af 8
*105*
♦Sec extl s f 654s
1959 M 8
1952 J D
*60
63
54
6254
1959 MN
*57
70
53
60
♦Montevideo (City) 7s
♦6s series
A
12 54
854
105*
105*
1054
New York Bond Record—Continued—Page 2
Volume 152
ts
BONDS
N.
Y.
STOCK
50
•S
EXCHANGE
Last
Range or
Friday's
Sale
^ Si
Week Ended June 13
Bid
Price
F
A
mmmmmm
A
O
mmmmmm
Norway 20-year extl 6s
F
A
mm-mmm
1943
With declaration
With
1944
F
..1956
Af S
1965
AO
..1963 F
1970
f 5s
1967
♦Pernambueo (State of) 7s
♦Peru (Rep of) external 7s
♦Nat Loan extl s f 6s 1st ser
m'm-
*56%
D
M
57%
S
m'i»mm
1960 J
1961
I ♦Poland (Rep of) gold 6s.
♦4%s assented.
♦Stabilization loan s f 7s
O
1940 A
1958 A
m
—
♦Prague (Greater City) 7%s
♦Prussia (Free State) extl 6 Ms
*4
m
«»
m
A
O
1968
1950
1963
1961
-1966
-.1952
1951
A
O
mm+mmm
J
mrnmmmm
J
D
J
J
M
S
&
-.1952
A
O
s
1941
..1947
A
O
96%
F
A
64%
1950
M
8 mm.mm'm
♦Rio de Janeiro (City of) 8s
♦Extl Bee 6 Ms
1946
1953
A
O
F
A
Rio Grande do Sul (State of)—
♦8s extl loan of 1921...
1946
A
O
11%
1968
1966
J
D
MN
9%
10%
10%
22
s f g_.
♦7s extl loan of 1926
♦7s municipal Joan
♦Saarbruecken (City) 6s
mmmmmm
mmmmmm-
4
4%
13
13%
mmrnrn
mm
m
m
5
mm +
m
mmmm
1
rnmmmmm
1950 J
♦7s extl water loan
♦6s extl dollar loan
...
M
8
1968
....
J
J
1940 A O
1945 J D
1946 J D
{♦Secured s f 7s
♦Saxon State Mtge Inst 7s—
6 Ms
3
♦7s series B
sec
MN
.......
♦Silesia (Prov. of) extl 7s
.1958 J D
—1958 / D
♦4Mb assented
1947
♦Slleslan Landowners Assn 6s
F
A
3
59
66
m'm
20
27
39
7%
8%
46
6%
8%
18
9%
28
11
7%
8%
12%
10%
4
5
13
9
8
9
7
F A
Sydney (City) s f 5 Ms
Taiwan Elec Pow s f 5Ms————1971 J
J
Tokyo City 6s loan of 1912
....1952 M 8
External s f 5Ma guar
...1961 A C
F A
♦Uruguay (Republic) extl 8s
♦External
s
f 6s
AfN
♦External
s
f 6s
mmm'
3%s-4-4%s ($ bonds of *37)
external readjustment
....1979 AfN
3%-4-4%s (3 bonds of 1937)—
External conversion..
AfN
...
18%
22
43%
22%
7%
53%
26%
26%
3 M-4 M-4'i • extl conv
J
D
4-4 M-4
F
A
J
J
A
MN
3%
7
3%
20%
5%
26%
61
71
5
38
19
47%
15
39%
54
55
59
50%
54%
*50
mmm
2
54%
47%
25
—
41%
42%
50
39%
44%
40
40%
3
20
35%
35%
41%
36%
17%
41%
41%
46%
44%
37%
38%
46%
46%
46%
*35%
A
mmmmmm
A
J
D
+ m
*2%
12%
3%
4%
50%
54
rn'immm
54
"*2%
mmmmmm
10
40
'■'mmm
F
1961
6%
10
mmmmmm
F
♦Warsaw (City) external 7s.
♦4Ms assented—
Yokohama (City) extl 6s
1995 J
Feb 1 1960 F
Bank
STOCK
Last
Range
Rating
EXCHANGE
Friday
Elig. A
BONDS
Y.
Sale
mmmm
9
mmmm
3%
mmmm
3
17
Friday's
See
Week Ended June 13
Price
a
41
28
12%
3%
4%
67%
Week's
Bid
A
or
Range
Since
Asked
Jan. 1
COMPANIES
1947 J D ybb
Coll trust 4s of 1907
A ybb
10-year deb 4Ms stamped.1946
♦Adriatic Elec Co extl 7s—1952
Ala Gt Sou 1st cons A 5s....1943
1st cons 4s sales B__
.1943
D
x
aa
x
aa
3
Alb ASusq 1st guar 3Mb_...1946
3Ms registered1946
Alleghany Corp coll trust 58-1944
O y bbbl
O ybbbl
*105%
O y cccl
O y cccl
Coll & conv 5s
♦5s stamped
O
54 %
39
*101M
*101
3
D
Albany Perfor Wrap Pap 68-1948
6s with warr assented.....1948
50 M
53 M
1
1
*20
z
*106 %
106 %
101%
108 %
45
109 M 110 M
106%
106% 107%
55
54
59
*41
48
46
54 M
83
81%
84
81M
88 M
75%
50%
79
80
82 %
*79
2
~88M
87 M
2
74 M
50
74 M
48 M
102%
103 %
102 M
103 %
104
8
108
107%
108
6
O y b
O ybb
.1950
AUegh & West 1st gu 4s
1998
Allegh Val gen guar g 4s
1942 M S
Allied Stores Corp 4mb debs. 1951 F A
Allls-Chalmers Mfg conv 4s. 1952 M S
♦Alplne-Montan Steel 7s
1955 M 8
Am A Foreign Pow deb 5s—2030 M S
Amer IG Chem conv 5 Ms—1949 AfN
1
1
*72 M
2
x
aa
x
bbb2
x
a
2
y
b
1
"56 %
"54M
x
bbb2
102 M
100
102 M
*
*
1949 J J y b
A Teleg—
20-year sinking fund 5 Ms. 1943 M N x aa
3mb debentures......
1961 A O x aa
3mb debentures
1966 J D x aa
J ybb
Am Type Founders conv deb. 1950 J
Am Wat Wks A Elec 6s ser A. 1975 MN y bb
Am Internat Corp conv 5 Ms,
1
25
107 M
D
yb
54%
99% 102%
103%
100% 107%
20
A y bb
....1949
43 M
101
*40
82 %
75
46
34
38
85%
72%
46%
69
"
3
97 M
86
62%
72%
102% 104
102
104%
106% 108
25
99 %
56 M
103 M
100
257
69
11
52
60%
100% 104 M
99% 103
Amer Telep
4Msl950 A O
♦Anglo-Chilean Nitrate deb. .1967 Jan
{Ann Arbor 1st g 4s
...1995 Q J
Anaconda Cop Mln deb
Ark A Mem Br A Term 5s...1964 M S
Armour A Co. (Del) 4s B
1st
s
f 4a ser C (Del)
For footnotes see page
1955
1957
3781,
F
J
A
102 M
108 %
101M
102%
65
101% 104«m
108 M
109
29
108 M
108 M
108%
13
106%
106%
101%
108%
103 %
*105
aa
y
ccc2
y
bb
x
bbb3
x
bbb2
110%
104 M
104
*27 M
54 M
1
J Xbbb2
107 M
110
104 M
x
105 %
105 M
105M
....
5
28%
57
99 M
106
98
"28
10
106%
106%
44
49
110
109%
108
111
106
26%
35
49
58
98% 100
105
50
23
&
75
33
38
1
30%
34%
103
75%
98
6
9
105%
99%
65
63%
35
D
39%
39%
34%
33%
34%
28%
33%
26%
y
ccc3
A
z
cccl
y
103% 106%
96% 100%
1
Toledo Cin Dlv ref 4s A..1959
y
b
ybb
Bangor A Aroostook 1st 5s..1943
Con ref 4s
...1951
46
106%
106% 106%
63%
73%
65%
68
65
73%
132
33%
47%
40
36
39%
53%
34%
44
33%
46%
34%
79
28%
788
33%
14%
47
30%
50%
52%
45
53%
61%
37
55
46
52%
43
50%
58%
92%
36
50%
85%
*83
b
*46%
yb
46%
y
159
48
54%
2
b
due
47
46%
46%
47%
"l3
43
14
43
-
55
y
b
*45
48
44%
55%
44%
Beech Creek ext 1st g 3Ms..1951
x
bbb3
*83
87%
83
85
B..1948
x
aa
1960
x
aa
4b stamped
1951
3s..1989
♦Deb sinking fund 6 Ms
With declaration.—
1959
110%
131%
"16
132
8
110% 113%
130
137%
*104
"16
98
*7
"97"*
19%
F
A
z
25%
z
z
...
A
x
x
F
bbb2
a
x
a
F
x
a
J
....I960
x
aa
Big Sandy 1st mtge 4s
1944
F
Xbbb2
Blaw Knox 1st mtge 3 Ms.
.1950
M
y bb
Boston A Maine 1st 5s A C—1967
1st M 5s series II
1955 Af N y bb
A O y bb
1st g 4%s series JJ
.1961
.
107
106%
105% 104%
100%
"104% 104%
*107%
y bb
1960 J
♦Inc mtge 4 Ms ser A.July 1970 MN y ccc2
F A z cccl
X♦Boston A N Y Air L 1st 4s,1955
AfN x aaa3
Bklyn Edison cons M 3%S—1966
F A x bbbl
Bklyn Union EI 1st g 5s
1950
Af N x a
Bklyn Un Gas 1st cons g 5s.. 1945
1st lien A ref 6s series A...1947 Af N xbbb2
Debenture gold 5s
1950 J D ybb
1st lien A ref series B
1957 AfN X bbb2
F A x aa
Buffalo Gen Elec 4 %s B
1981
Buff Nlag Elec 3 Ms series 0.1967 J.-D x aa
Buffalo Rochester A Pgh Ry—
Stamped modified (Interest
AfN yb
1
at 3% to 1946) due
1957
{Burlington Cedar Rapid A NorA O z cc 1
{♦1st A coll 6s
1934
z cc
1
♦Certificates of deposit
y bb
Bush Terminal 1st 4s.......1952
104%
102% 106
161
y
ccc2
bb
x
108% 109
99% 102
74
79%
..1966
1962
Canadian Nat gold 4 Ms
1957
Guaranteed gold 5s._ July 1969
aa
84
83
29
27%
16%
16%
109
109%
1
109%
109%
*
"91%
"91%
103%
116%
103%
112%
110%
41%
41%
5%
109%
110%
91%
108% 110%
82
97%
100%
100%
42%
96%
99%
100%
100%
75
82%
28
98
100%
43
101
17
aa
aa
"99"
99
99%
aa
97%
96%
98
aa
98
97
107
aa
bbb2
"61%
58
bbb2
85%
85
aa
bbb2
103%
77%
73%
104%
79
bbb2
46
J
b
a
105%
MN
b
102%
A
*
b
F
A
D
bb
J
D
cccl
F
A
z
ccc2
MN
z
cccl
A
z cc
'l2%
23
9
47
7
86
7
104%
79
20
74
22
46
5
105%
4
102%
13
50
"36
96
*45%
12%
*3%
3%
15
48
9
13
cccl
♦5%
4%
4%
13%
z
cc
*9
11
z
cc
x
b
z
cccl
z
cccl
J
J
A
0
F
A
A
15%
14%
'107%
107%
72%
0 y bbbl
z
cccl
63
15%
14%
14%
z
a
ybbbl
14
74
*60
17
16
22
14%
49
17
14%
....
107%
79
74
75%
56%
FA yb
AfN y b
"55%
54
79
79
Af S y b
"84%
83%
6
90% 100
93% 101%
94
102%
93% 103
92% 101%
90% 99%
90% 99%
102% 107%
51
63
76
87
101% 104%
69% 81%
64% 76%
41
104%
46
108
99% 102%
51% 53
97% 99%
88
97
17%
26
45
14%
5%
5
14%
11%
108% 110%
"63%
*13
cccl
x
6%
5%
*110%
aaa3
z
"3%
48
28%
5%
1%
1%
5%
96%
24
z
O
9
53
98%
107%
61%
23%
96
8
100%
"99"
a
J
105%
101%
113
74
47
66
76%
105% 108
80
89%
108
aa
.
{Central of Georgia Ry—
♦
1st mtge 5s...
.Nov 1945
{♦Consol gold 5s
—1945
♦Ref A gen 5 Ms series B—1959
♦Ref A gen 5s series C
1959
♦Chatt Dlv pur mon g 4S..1951
♦Mobile Dlv 1st g 5s
1946
Cent Illinois Light 3 Ms
1966
{♦Cent New Engl 1st gu 4s..1961
{♦Central of N J gen g 5s
1987
5s registered....--——1987
♦General 4s—...
1987
4s registered—
1987
Central N Y Power 3%s
1962
Cent Pac 1st ref gu gold 4s—1949
Through Short L 1st gu 4S.1954
Guaranteed g 5s..—-—I960
Central RR A Bkg of Ga 5S.1942
Certain-teed Prod 5 Ms A...1948
Champion Paper A Fibre—
S f deb 4%s (1935 Issue).—1950
S f deb 4%s (1938 Issue)—.1950
3%
3%
66%
41%
46%
aa
M S
F
40%
6
A
J
111
5
*107%
104
112%
110%
69
75
75
20
107% 110
104
5
'46%
74%
29%
9%
108% 111%
109% 113%
90
95%
103% 107%
69
46%
„
104
D
{♦Carolina Cent 1st guar 4s.l949
4s—.1965
Carriers A Gen Corp 5s w w..1960
Cart A Adir 1st gu gold 4S...1981
Celanese Corp of America 3S.1955
Celotex Corp deb 4 Ms w w..1947
♦Cent Branch U P 1st g 4s ..1948
16
09%
*103
78
18%
1
16%
J
4%s..June 15 1955
A
Guaranteed gold 4 Ms. ... 1956
M S
Guar gold 4 %s
Sept 1951
J
J
Canadian Northern deb 6 Ms. 1946
J
J
Can Pac Ry 4% deb stk perpet...
M S
Coll trust 4 Ms
1946
J
J
5s equip trust ctfs—.—1944
D
Coll trust gold 5s—Dec 11954
J
Collateral trust 4 Ms
1960
Carolina Clinch A Ohio
344
85%
67
42
68%
O
Guaranteed gold 5s—Oct 1969
Guaranteed gold 5s——1970
81%
75
76
"68"
xbbb2
J
77%
*
a
y
1955
1960
*73
28%
17
101
105%
101
68%
15%
26%
105% 107
103
106%
100
104%
.
1st mtge 4s series RR
Consolidated 5s
Bush Term Bldgs 5s gu
~17%
*7
27
17
"2l"
26%
25%
14
"17"
27
15
15%
17"
♦Berlin Elec El A Undergr 6 Ms'56 A
Beth Steel 3%s conv debs...1952
Cons mtge 3%s ser F
1959 J
100%
14%
26%
z
.1955 AO
♦Debenture 6s
With declaration
111
z
Attention Is directed to the column Incorporated in this tabulation pertaining to
95
65
.
{{♦Abltlbl Pow <fc Pap 1st 5S.1953 J D z cccl
4s...1948 M S ybb 1
35
33%
1950
to Jan 11947)
Guar gold
RAILROAD and INDUSTRIAL
Adams Express coll tr g
35
34%
Ref g 4s extended to. .1951 MN ybb
Calif-Oregon Power 4s
Canada Sou cons gu 5s A
N.
62
89%
69%
35%
30%
69
k%
S'west Dlv 1st M(lnt at 3 % %
Consol mtge 3%s ser H—1965
20
mmmmmm
65%
87%
2
O ybb
11-5%
Consol mtge 3s ser G.
2
*49
97% 100%
99% 102%
73% 79%
61% 69
77
89%
4
64%
D y ccc3
Ref A gen ser D
6%
8%
18
mmmmmm
Ref A ger ser C(lnt at
to Dec 1 1946) due
8%
4%
4%
5%
47%
O
Ma extl read)
3 Ms extl readjustment
♦Venetian Prov Mtge Bank 7s—..
♦Vienna (City of) 6s
—
7i'A:, %
mmmm
~~6
64%
89%
69%
a
15%
5
7
.
115
49
aaa2
3
42%
In"
100%
101%
77
z
68%
mmmmmm
A
1946) due... 1995 J
x
2
4%
54%
mmm
75
x
"68%
54%
102%
bb
1943
2%s..l950
19
9
42
105
100
97% 101
95% 96%
103% 105
100% 102%
111
112%
109
111%
76
64
bb
y
♦Berlin City El Co deb 6%s.l951
With declaration
'
mmmmmm
y
Beneficial Indus Loan
19%
AfN
100%
'76%
105%
99%
Belvldere Del cons 8mb
16
5
46
100%
"98"
63
20
18
m'm mmm
97
99%
30%
J y b
J y b
54%
9%
8%
44%
m
100 M
bbb2
x
Bell Telep of Pa 5s series
1st A ref 5s series C
16%
6
4%
*106
2
25%
3
53%
4%
J
aaal
32
26
17
*
bbb2
19
1
19
mm
68%
to Dec 1
Battle Cr A Stur 1st gu
13%
12%
30%
mmrnrnm
mmmmmm
aa
x
22%
mmmmm
mmmmmm
Stamped modified bonds—
1st mtge g (int at 4% to
Oct 1 1946) due July 1948
Ref A gen Ber A (lnt at 1%
11%
10%
17%
4%
x
x
J
104
*101%
*111%
110%
High
106% 110%
88% 93%
88
94%
"92%
Pgh L E A W Va System
30
*4%
S
D
July 1948
..1948
♦Conv due
26%
m
1st mtge gold 4s
4s registered
27
mm
66
Baltimore A Ohio RR—
96%
-v
No. Low
100
99%
104%
2
J yb
1959 J
aa
Atlantic Refining deb 3s....1953 M S
J
J yb
Austin A N W 1st gu g 5s
1941
13
**\J SB
mmmmmm
1948 J
87
52%
...1962 AfN
extl
With declaration.
1948 J
Atl A Dan 1st g 4s
Second mortgage 4s
Atl Gulf A WISS coll tr 5s
1
****
mmmmmm
*92%
99%
aaal
S x bbb2
4s.July 1952
General unified 4 %s A
1964 J D ybb 2
10-year coll tr 5s.-May 11945 AfN ybb
LAN coll gold 4s
Oct 1952 MN y bb
8
16%
1962 AfN
With declaration.............
aa
x
27
9
Serbs Croats & Slovenes (Kingdom) -
♦8s secured extl—...
bbb2
x
J
27
8%
11%
17%
*16%
52%
10%
10%
22%
22%
57%
12%
30
mmmmmm
Cal-Ariz 1st A ref 4 Ms A..1962 M
Atl Knox A Nor 1st g 5s
1946 J
Atl & Charl A L 1st 4 Ms A—1944 J
1st 30-year 5s series B
1944 J
M
Atl Coast 1st cons
x
J
16
mmmm
High
*99
bbb3
14
8
10%
11%
mm-mm-mm
bbb2
(lnt at 1%
to Sept 1 1946) due..2000 Af S y CCC3
Ref A gen ser F (lnt at 1%
to Sept 1 1946) due..1996 M S y ccc3
mmm -
11%
11%
J
1956
♦8s external
5
4%
4%
10%
"56%
12%
mmmmmm
30
3%
3%
3%
8%
12%
:
*
1952 AfN
1957 AfN
{♦San Paulo 8s extl loan of 1921—1936 J J
g
7
m
109%
Jan. 1
7%
9
mmmmmm
♦Sao Paulo (City of, Brazil) 8s
♦6 Ms extl secured s f
♦Sinking fund
7
24
"
"10%
Af 8
...1964
f 4s
*
m
mmmmmm
1967 J D
1952 A O
1953 J J
♦Rome (City) extl 6 Ms
s
7%
rn
x
96%
64%
8%
7%
Santa Fe extl
7%
mm
Since
Asked
108%
108%
bbb2
D
1955
17
♦Rhlne-Maln-Danube 7s A
♦6s extl
8
6
17
96%
64%
rnmmmmm
58%
mmmmm
16
mmmmm
"17
mmmmmm
f 7s
6s
Queensland (State) extl
25-year external 6s
mmmmm
6%
■mmmmm
mmrnrn
mmmmmm
81
6%
11
17
mmmmmm
90%
"6%
4
*10%
*8
57
54%
55%
■>:
10
•
mmmm
30
14
10%
10%
mmmmmm
mmmmmm
69
mmrnrn
4
mmmmmm
AfN
24%
40
mmmmm
*3%
mmmmmm
7
23
*3
J
....
4%
*12%
J
mmm
mmmrnrn
4
J
With declaration
43%
27%
30%
7%
*7
1947
♦4%s assented
♦External sink fund g 8s
46
36%
7%
6%
O
27
6%
6%
7%
O rn'mmmrn'm
28
39
■^mmrnrn
6%
6%
•
■m
27%
56%
58%
55%
*103%
■7%
7%
6%
D
A
-
31%
11
m'm
±m.Um
1947 Af S
1959 M S
f 6s 2d ser
♦4^8 assented
♦Porto Alegre (City of) 8s
♦Extl loan 7%s
mmmmmm
mmm
40%
....
x
D
32
....
Range
A
bbb3
x
Conv deb 4%s
1948
Rocky Mtn Dlv 1st 4s
1965
Trans-Con Short L 1st4s_. 1958 J
1
30
25%
Bid
D xbbb2
43%
*_
mmmmmm
x
...1995 MN
1955 J D
Stamped 4s
Conv gold 4s of 1910-.—1960
13
mmmmmm
aaal
36%
44
41%
m m
—1994 J
"43"
x
Conv gold 4s of 1909
Conv 4s of 1905.
29%
29
Indus. Cos. (Cont.)
58%
62%
2
10
....
24
-
44
1963 AfN
1963 AfN
ref 3 Ha ser B
--
•
mm mm
58%
63%
34%
40%
34%
mmmmm
m m m m
m
A
^
Atchison Top A Santa Fe—
General 4s
....1995 AO
Adjustment gold 4s
1995 Nov
33
31
Price
Lots
Railroad &
64%
4
40%
*27%
mrnmmmr*
Af S
m'm
♦Stamped assented 5s
Stamp mod 3%s ext to—
s f
40
1958 MN
...1955 A O
♦Panama (Rep) extls f 5s serA
♦External
31%
40%
31%
1Z
o*kyb
....
mmmm
D
F
1953
guar 6s.
b
51%
31%
"31%
40%
....
...1952
Extl debt 5 Ha.
♦Nat Loan extl
4
....
*31%
A
/
-
Oslo (City) s f 4%s
With declaration..
sec
51
35
*32
mmmm
__
s
52
"62%
62%
......
5
....
Range or
Friday's
Sale
See a
Week Ended June 13
67
Last
Rating
Y. STOCK EXCHANGE
High
66%
53%
51%
OA
With declaration
Extl
mmrnrn
"63%
716%
♦Nuremburg (City) extl 6s
Oriental Devel
mmmmm
mmm.mm m
With declaration..
Municipal Bank extl
5
60%
m'+.~m-±m
f extl loan
s
2
59%
*59
With declaration
4s
63
*59
A
declaration...
External sink fund 4%s
With declaration
External s f 4%s
No. Low
High
59%
63%
----
20-year external 6s.
N.
Since
Jan. 1
62
Elig. A
BONDS
Range
•3
Asked
&
Low
Foreign Govt. & Mun. (Concl.)
New So Wales (State) extl 5s.
1957
External s f 5s
Apr 1958
3777
Week's
Friday
Bank
Week's
Friday
85%
126
2
29
M S
x
bbb2
106
106
1
M S
x
bbb2
103%
103%
1
bank eligibility and rating of bonds.
56
65
20%
17%
11%
18
11%
12% 12%
108
106%
65% 76%
63% 75%
42% 68%
79%
51%
82% 91%
13
105% 106%
103% 104%
See a.
New York Bond Record—Continued—Page 3
3778
Bank
Elig. A
Rating
EXCHANGE
Week Ended June
Last
See k
BONDS
Y. STOCK
N.
Price
13
General
x
2
x
4a.— 1989
aa
2
aa
series B
1977
A ref 6s series A.——1971
ccc2
a
2
x
a
a
C
1947
1st A gen 6s series A
1966
♦ 1st A
gen 6s ser B—May 1966
?;hlc Ind A Sou 50-year 4S-1956
IChlc Milwaukee A St Paul—
♦Gen 4s series A.--May 1 1989
♦Gen g 3%s ser B.May 1 1989
♦Refunding 4s series
♦
103%
104|i
103%
104 li
37
104%
105!i
22
121
121
♦112
119
15
14%
92 %
92%
*
High
a
2
"82li
76 %
bbb3
83M
82%
cccl
a
3
1
22%
83
57
77%
84%
29
23
24
54
*114
,2
bb
b
66 %
66%
34 |i
"67%
"54
STOCK EXCHANGE
Week Ended June 13
Y.
Railroad & Indus. Cot.
22%
27
109% 114
70%
1
7
z
ccc2
J
♦Gen 4 Mb series C.May 1 1989 J
♦Gen 4%s series E.May 1 1989 J
♦Gen 4 lis series F.May 1 1989 J
{Chic Mllw St Paul & Pac RR—
z
ccc2
z
ccc2
"37 k
37%
z
ccc2
37 %
35%
35%
48
37%
44
z
ccc2
37
37
37%
37
35
68
2
7
7
29%
28%
30%
30%
30%
z
cc
2
8%
8%
9
204
4%
z
11%
c
1
2%
2%
2%
151
1
40
39%
40%
40%
40%
10%
3%
{♦Secured6 %s. .
1st ref a 5s
♦Conv g 4 Mb
Ch St L A New
J"ne15!^ i
Memphis Dlv 1st g
ChicTH4So'easterD
Income guar
5s
1963 J
M
J
J
series D—1962 M
3lis series E
n
1st mtge 3 lis
14
24
6
10
24
25%
25
♦
"23%
24
cccl
cc
1
c
z
1
cc
1
z
cccl
"Tk
cccl
z
cc
z
21
"ilk
19
*19%
10%
cc
lOli
9%
cc
13
12%
z
cc
11%
IK
10%
c
z
y
bb
bb
y
bb
78
51 %
65
64%
bb
52 li
50%
J
aaa2
107%
8
J
x
aa
2
105%
107%
105%
aaa2
100 li
100
MN
MN
F A
16%
a
2
a
2
93%
X
92%
95%
ccc2
"33%
ccc2
y
16%
aaa3
31
15%
109
aaa3
108%
110%
x
aaal
aaa3
109%
x
aaa3
112%
bbbl
*95
J
J
y
J
D
x
bbb2
-—-1993
--1993
General 5s series B
Ref A lmpt
4 lis series E—1977
J
D
x
bbb2
J
Jybb
1
Jybb 2
4s—1991 J
St L Dlv 1st coll tr g 4s—1990 MNybb 2
J x aaa3
Cleveland Elec Ilium 3s
1970
Cleveland A Pittsburgh RR—
A O x aa
Gen 4 lis series B
1942
A O x aa
Series B 3 lis guar
—1942
J
J x aa
Series A 4 lis guar
1942
x aa
Series C 3 lis guar
1948 MN
F A x aa
Series D 3 lis guar
—1950
x a
Gen 4Mb series A
1977
x a
Gen A ret 4 lis series B—1981
x bbb2
Cleve Short Line 1st gu 4 lis.1961
x bbb2
Cleve Union Term gu 6 lis—1972
75
78
10%
1%
17%
16%
10%
2%
62
20
12%
10%
13%
430
12%
7%
16%
13%
11%
1%
102
176
2
21
50
118
9
2
51 %
65
49
21%
18%
0
11%
7%
6%
%
14
73
46%
55%
44%
52%
108
12%
2%
78
61%
65
53%
100% 109%
105
107%
98% 104
94
89%
105%
100%
93%
96
110%
96
91%
30
27%
18
9%
107% 109%
109
110%
109%
112%
98%
104% 106
108
110%
111
113%
89
98%
33%
16%
109
56
■
1st
s
1973
x
bbb2
—1977
x
bbb2
x
aa
f 5s series B guar
1st s f 4
lis series C
4s
1945
Colo Fuel A Iron gen 8 f 6S—1943
♦5s Income mtge
—1970
Colo A South 4 lis series A—1980 AfN
Coal River Ry 1st gu
Columbia G A E deb 5s.May 1952 AfN
*76
108
bb
b
2
x
bbb2
Apr 15 1952 A
Jan 15 1961 J
O
x
x
bbb2
Columbus A H V 1st ext g 4a.l948 A
O
x
S
x
aa
A
x
z
cc
1
x
aa
3
32
cccl
104% 109%
109
108%
107% 107%
_
16"" "88%
81%
7
89%
37
84%
90
77%
23
74%
79%
71%
105
80
21%
103%
2
105
80
22%
29
~'m—
103%
103%
103%
22%
1
73
104% 106%
1
77
85%
13
26
31
50
44%
48%
331
108%
111%
*100%
109%
15
111%
16
1
-
■
*111
103%
103%
103%
114%
104%
106
106
105%
114%
108
113
107%
*110
107%
68
112
29
'107%
113
48
34%
48%
Commonwealth Edison Co—
1st mtge 3 lis
1958
x
a
Conn A Pasump Rlv 1st 4s—1943
x
109%
bbb2
Conn Ry A L 1st A ref
8tamped guar 4 lis
Conn Rlv Pow
Consol
s
4 lis. 1951
—.1951
f 3%s A
1961
x
aa
i"D
cc
2
1
*15%
AO
a
2
3 lis debentures
3 Hs debentures
aa
of Upper
aa
bb
53%
x
aa
x
aa
J
J
x
aa
J
z
cccl
J
z
cccl
A
z
cc
1
For
<o
1946
——.1948
1956
1958
x
aa
aa
aa
3
x
aa
3
page
3781.
15
1%
1%
13%
34
1
86
6%
*80
110%
S
x
aa
111%
2
x
aa
106%
111%
105%
111%
D
106%
47
J
*4%
6%
7
*23
D
z
ccc2
AfN
x
bbb2
96 %
M
S
x
aa
2
103%
A
O
x
aa
3
107
107
J
J
z
ccc2
J
J
X
aaa3
A
Minn Nor Dlv 1st 4s 1948
1st 5S..1956
Ed El 111 (N Y) 1st cons g 58.1995
Elec Auto-Lite 2%s debs——1950
East Ry
East T Va A Ga Dlv
3%s.l970
Elgin Jollet A East Ry
El Paso A S W 1st 5s
3
O
x
aa
MN
x
x
aaa3
D
x
a
M 8
x
aa
J
*107%
106
16%
150
150
101
101%
105%
106%
100%
1965
1965
A
O y bb
70
A
{♦Erie RR 1st cons g 4s prior 1996
Prior 4s registered
1996
♦1st consol gen lien g 4s_—1996
Gen 4s registered
—1990
♦Conv 4s series A
1953
♦Series B
1953
♦Gen conv 4s series D
1953
O y bb
J z b
98
91%
1938
♦3d mtge 4%s
-.1954
Fairbanks Morse deb 4s.
1956
Federal Light A Trac 1st 5s—1942
5s International series..1942
1st lien s f 68 stamped
1942
1st lien 6s stamped
1942
30-year deb 6s series B
1954
{♦Fla Cent A Pennln 5s
1943
{Florida East Coast 1st 4%s. 1959
80%
93%
b
cccl
55%
54%
55%
J
z
cccl
55
54%
O
z
cccl
50
49%
55
50
84
242
90%
40%
55%
11
42
55
267
36
50
36
49%
49%
49%
195
38
42
25%
"24%
"25%
264
16%
25%
25%
24%
25%
181
16%
15
82%
cccl
O
z
cccl
z
cc
z
cc
1
z
b
z
b
x
a
M 8
z
a
A
z
J
105%
25%
96
*99%
F
94%
111%
96
112%
112%
105
*102
103
101
103
35
D
x
a
Af S
x
M 8
x
a
M 8
x
a
17
106
a
M 8
x,a
J
J
J
z
bb
D y b
c
z
♦Certificates of deposit
cc
z
{Fonda Johns A Glover RR—
(Amended) 1st cons 2-4s..1982
z
36%
36%
104% 107
101% 103
100
102%
102%
"i
102%
3
102
103
9
102
104
101%
102%
102%
102%
101%
*46%
64%
9%
9%
D y bb
1974 Af S
♦1st A ref 5s series A
50
93%
z
AfN
♦Ernesto Breda 7s
70
55%
91%
z
♦{Ref A lmpt 5s of 1927--1967
A O
♦{Ref A lmpt 5s of 1930—1975
J
♦Erie A Jersey 1st s f 0s.-1955
J
♦Genessee River 1st s f 68-1957
N Y A Erie RRext 1st 4s,-1947 AfN
101%
56
J
z
150
70
J
O
24
103% 106%
*59
J
Ss stamped
107%
108% 108%
93
100%
97
3
30
105% 109
108%
150
43
96% 102
101
104%
97
bbb2
J
28%
*18%
19%
107% 1108
107%
3%
7%
77
72%
108% 112
109
112%
102% 106%
27
103%
3%s—1965
3
2%
15%
43
*40
4 %S.1961
Dow Chemical deb 2%s
1950
Dul Miss A Ir Range Ry 3 %s 1962
♦Second gold 4s_.———.1995
Detroit Term A Tunnel
1
100
102%
43%
43
48%
103%
66
"28
64%
10
37
7%
11%
13
6%
10%
75
cccl
9%
9%
*1%
2%
{♦Proof of claim filed by owner.
♦Certificates of deposit
Francisco Sugar coll trust 68.1956 MN
c
1
z
c
1
*1%
ccc3
48%
56%
D
x
aaa3
J
z
D
z
1%
2%
y
z
7s
1949
1945
J
J
{♦Sinking fund deb 6%s__1940
1%
13
39
121
*120
2%
3
56%
With declaration
-.-1948
1949
{♦Georgia A Ala Ry 5s.Oct 11945
{{♦Ga Caro A Nor 1st ext 68.1934
♦Good Hope Steel A Ir sec 78.1945
Goodrich (B F) 1st 4%s
1956
f deb 6s
Gen Steel Cast 5%s w w
s
AfN
*15""
35%
39
35
19
35%
bb
1
"36"
88
90%
134
92
84%
92
J
A
cccl
*11
17
10
14
J
c
2
*18
21%
18
23
31
21
33
O
D
X
t
z
bbb2
J
Grand R AI ext 1st gu g 4 %s 1941
Grays Point Term 1st gu 58—1947 J D
Gt Cons El Pow (Japan) 7s—1944 F A
X
106
*100
aaal
104% 100%
81%
74%
106%
78
2
*100
78
95
100%
100% 101%
95
96
96
2
y
96
70
y bb
71
63
73
66
61%
80
61%
J y
1950
106""
2
Gotham Silk Hos deb 5s w w.1946 M S y bb
Gouv A Oswegatchle 1st 5s.-1942 J D y b
1st A gen s f 6 %s
30
21
46
35
z
J y
121
22%
22%
♦
z
J
Great Northern 4%s ser A--1961
General 5%s series B
1952
X
a
X
bbb3
104%
J
X
bbb3
98%
General 4%s series D
1976
General 4%s series E—-.1977
General mtge 4s series G—1946
J
X
bbb3
91%
J
X
bbb3
91%
J
X
bbb3
Gen mtge 4s series H
J
X
bbb3
100%
97%
1946
J X bbb3
Gen mtge 3%s series I
1967
♦Green Bay A West deb ctfs A— Feb y bb 1
Feb z cccl
♦Debentures ctfs B
104%
39
103% 108%
99%
28
97% 104%
95%
89%
97%
90%
90%
'
26
45
89
95%
100%
91%
101%
139
100
105%
97%
97%
87
95
81
82
29
*60
81%
91%
62
3
O y bb
3
J y bb
2
"70%
I
46%
46%
B 1975 J
2015 J
J
J y ccc2
A
O x bbb2
104%
2
*109%
AfN
x
108% 109%
J
J
♦Harpen Mining 6s
J
J
Hocking Val 1st cons g
Hoe (R) A Co 1st mtge
1944 A O
{{♦Housatonlc Ry cons g 5s.1937 MN
Houston Oil 4%s debs
1954 AfN
5
9%
92%
"~7
79
90
71
59
62
73%
46%
90
*88
99%
87%
64
87
95
70%
J x b
ser
"38
80
62%
8%
8%
*91%
O y bb
♦Gen mtge lnc 5s ser A
Gulf A Ship Island RR—
105% 109
107%
104
1950 A
1st mtge 5s series C
2
107%
3
J
1973
General 5s series C
Gulf States Utll
48
36
50
89
90%
90
z
109%
5
104
19
108
104%
105%
105%
108%
105
105%
105%
105
105%
108%
105
15
7%
22
110%
119
*
bbb2
7%
4
2%
cc
101
109%
z
x
4
47
aa
D y b
57
108%
12%
b
J
40%
103% 105%
106
108%
x
M
99%
103% 109
105
107%
13%
2
2
19
20
106
z
119
3
x
174
16%
96
107%
z
101
3
x
deb 3 lis... 1951
■tnotea see
"2%
48
.54%
*106%
*104%
107%
12%
12%
12%
"~23
106%
53
y
J
18
15
17
105%
106%
3
18%
98%
98
J
J
109% 109%
2
Wuertemberg 7s. 1956
conv
aaa2
*117
3
x
11
103%
104%
103%
100%
53
102% 106%
14
13
105%
106%
106%
108%
♦Consolidated Hydro-Elec Works
Consol Oil
x
J
*109%
2
x
107% 110
111
119%
Edison of New York—
3lis debentures
3 lis debentures
17%
1
J
Gulf Mobile A Ohio 4s
series I—-.1968
Conv debs 3 lis
19%
15%
Gulf Mob A Nor 1st 5%s B—1950 A
♦Commercial Mackay Corp—
Income deb w w
16
7
16%
18%
19
18%
-
103%
103%
103%
i03%
5
17%
1
O
♦Gen Elec (Germany)
88%
76%
70%
*104%
16%
19%
2
A
Gas A El of Berg Co cons g 5s
80%
70%
16%
18%
cc
M S
1965
Gen A ref mtge 3 %s ser G.1966
Gen A ref 3s ser H
1970
Detroit A Mac 1st lien g 4s—1995
F
68
79
89%
76%
37
gu4%s.l947
61
108
107%
*.
24
24
91
80%
aaa3
Apr 1 1969 May
Columbus & Tol 1st ext 4s—1955 F
3
—
"HI
*106%
16%
16%
22%
{♦Des M A Ft Dodge 4s ctfs.1935
61%
75%
105% 105%
*108""
97%
22
24
1%
54
102% 103%
*107
92%
15%
14%
18%
16%
12%
80
109
aaa2
Columbus A Sou Ohio El 3lis 1970 M
Debenture 5s
-
*102
bbb2
J
Debenture 5s
-
11
105% 108%
16%
96%
18%
1%
72
*103%
1
y
108%
3
—
97% 102
12%
85
86
*105
bbb2
y
77%
14
1
♦20-year
2
x
17
56
111%
106
101%
cc
11
64
38%
14%
11%
13%
56%
*87
56%
Cln Wab A M Dlv 1st
107
104
8
cccl
102
75%
89%
57%
12
14
z
{♦Des Plains Val 1st
106% 108%
107% 110%
108% 111%
109%
4
97%
2
2
cc
MN
General g 4s
13
z
235
Louts Ry—
Cleve Cln Chic A St
4
110%
111%
108%
O
{{♦Dul Son Shore A Atl g 58.1937
*104%
x
108%
A
Duquesne Light IstM
78
84
17%
16%
cc
D
J
{♦Denv A R G W gen 5s. Aug 1955
♦Assented (subj to plan)
♦Ref A impt 5s ser B.Apr 1978
25
30%
bb
y
1%
26
75%
11
106
J
22
17%
19%
18
96%
D
cc
1969
1969
1st mortgage 4 %s
26
44%
"ilk
1
bbb2
D
J
{{♦Den ARG 1st consg4s—1936
{♦Consol gold 4%s
-.1936 J
18
80
21
7
cccl
J
1st 4%s—1971
10%
19%
10%
2
25%
21%
84
cc
15
1
30%
16%
16%
16%
18%
17%
cccl
z
146
44%
cccl
z
25%
24
15%
15%
15%
1%
"ieii
cccl
z
24%
24%
93
29%
"36"
1
cc
23%
24
y
Z"}^1 £,£
48.1942
Cln Un Term 1st gu 3 Mb D—1971
1st mtge gu 3lis ser E——1969
Clearfield A Mah 1st gu 58—1943
5
24
x
J
S
Chllds Co deb 5s
-—1943 A O
{♦Choctaw Ok A Gulf con 5s. 1952 M N
Cincinnati Gas A Elec 3lis—1966 F A
Cln Leb A Nor 1st con gu
22
y
4s.—. 1951 J D
1st58.1960 J D
Dec I 1960 M B
3Ha guaranteed.-.—
1951
1st mtge 3%s series F-—1963
Chic & West Indiana con 4S.1952
1st A ref M 4lis
22
23%
cccl
Chicago Union Station—
1st mtge
cccl
z
^
Gold 3 lis
25%
cccl
——
Orleans 6s..-1951 J D
•
24%
22%
16
22%
"23"
cccl
------ylllj J^D
May 1 2037 J
M 8
14%
cccl
1st A ref 4 %s
{♦Secured 4Mb series A---1952
♦Certificates of deposit-.--.
13
37
z
*JN
A O
15
22
24%
cccl
22M
cccl
z
MN
MAT
{♦Refunding gold 4s—— —1934
♦Ceitlflcates of deposit----.
57
22
23
z
MN
MN
stpd May 1 2037 J D
♦1st & ref 4Mb C—May 1 2037 J D
♦Conv 4lis series A.—-—1949 MN
{{♦Chicago Railways 1st 5s stpd
Aug 1940 25% part P<1-1927 ^ A
{♦Chic RI& Pac Ry gen 4s-1988 J
J
4 s registered
1988 J J
♦Certificates of deposit
4s ctfs registered
1988 —♦
cccl
cccl
z
O
J
Detroit Edison 4s ser
MN
MN
MN
A
deb. 1955
1st A ref 4%s
35
27
17%
105%
108%
109%
aa
aa
Del Power A Light
9%
70%
35%
18
6
108%
110%
110%
107%
109%
108%
aa
D
♦Deposit receipts
Curtis Publishing Co 3s
High
10
22
101
MN
MN
J
11%
29
37
aa
Low
22
83
84
aa
MN
72
AfN
J
25%
9%
9%
/
88
aa
MN
69
*24
cc
"70k
88%
80
MN
May 1 1965
—1967
1st mtge 3%s_.
1970
1st mtge 3%s
1906
1st mtge 3%s
1969
Continental Oil conv 2%s„1948
Crane Co 2%s s f debs
1950
Crucible Steel 3%8 s f debs..1955
♦Cuba Nor Ry 1st 5%s
1942
♦Deposit receipts...—_—
♦Cuba RR 1st 5s g
1952
♦Deposit receipts
♦7%s series A extended to 1946
♦
Deposit receipts .
♦6s series B extended to 1946
1st mtge 3%s
1st mtge 3%s.„.
Dayton P A L 1st mtge 3s—1970
AfN
Del A Hudson 1st A ref 4s..1943
ccc2
J
♦
ccc2
No
High
20%
20%
20%
21%
Jan. 1
Asked
A
25
z
z
1
Fed lnc tax—1987
•4MB stamped
J987
z
18%
6%
6%
J
J
2
♦Gen 68 stpd
j
26
cc
♦Stpd^n
cccl
40%
28
bb
-
z
20
z
------1987
♦CenerauJ
1987
4s registered
I987
p Fed lnctax.1987
♦Gen 4 lis stpd Fed lnc tax 1987
4 lis registered
—-1987
j
21%
27
y
Registered
cccl
30%
27
J
3 Ws
cccl
z
Since
Friday's
Bid
Low
z
j
1
34%
27
*25
9
97
Price
j
Range
Range or
Sale
See k
(Cont.)
{♦Consol Ry non-conv deb 4s 1954
♦Debenture 4s
1955 j
♦Debenture 4s
1950 j
Consolidation Coal s f 5s
1900 j
Consumers Power Co—
36
32%
ccc2
ccc2
9li
93%
81%
71%
78%
Last
Rating
si
72
z
1
93%
100%
96
Week's
Friday
Elig. A
H
BONDS
N.
64
z
y
J
119%
8%
18%
91
94%
90
5
bbb3
z
26
93%
x
y
93
*25
x
x
15%
97%
x
N
112
89%
93%
81%
76%
128% 132%
102% 106
102% 105%
120% 122%
85
"96%
"97"
—
2038 J
4%s—
29
a
x
F
F
111 RR—
♦Gen mtgelnc <conv) —1997 J
Chicago & Erie 1st gold 5fl--|982 ™
Chicago Gt West 1st 4s aer A. 1988 J
♦Gen lnc rntge
132
2
x
Chicago & Eastern
{♦Chic Ind A Loulsv ref 68—1947
♦Refunding g 59 series B—1947
130
aaa2
z
1958 M
—
—
1st A ref 4 M"
No. L010
High
132
aaa2
x
x
1949
registered
General 4s
Jan. 1
2
x
gold 4a..
1989
♦Chle A Alton RR ref 3s— 1949
Chic Burl A Q—HI Dlv 3%s 1949
3
registered
—1949 —
Illinois Division 4a
1949 J
1st
aa
x
F
J
/
J
A
J
3 %fl ser E—1996
Creek Br 1st 4a.
1946
2d conaol
4a
aaa3
%s.Af S
mtge 3%sD-1996 MN
R & A Dlv let con 8
Since
Jl
Asked
j
Ref & Impt M
Potts
A
Range
*■«
Friday's
BUI
Low
x
gold 4
Ref A impt
Range or
Sale
Cot. (Cont.)
Railroad & Indua.
Chesapeake A Ohio Ry—
June 14, 1941
Bank
Week's
Friday
15
24
22
1st A ref Term M 5s stpd..
Gulf States Steel
s
1952
1901
D„1969
1949
4%s.l999
f 4%s
3%s
ser
a
♦AdJ Income 5s
Attention la directed to the column incorporated in thla tabulation pertaining to
10
111
bb
2
*93%
130%
94%
z
b
1
*62%
64%
y
bb
2
2
103%
11
"38%
103%
38%
*121%
39%
164
3
"45"
44%
45%
157
cccl
10%
10
10%
19
z
130%
130%
bank and eligibility rating
103% 104%
108% 111%
127% 130%
aaa3
z
A y b
Febl957 A O
104%
x
Hudson Coal 1st s f 5s ser A. 1962 J D y cc
Hudson Co Gas 1st g 5a
1949 MN x aaa3
Hudson A Manhat 1st 5s A„ 1957 F
«. _
„
85%
93%
56
65
101% 103%
28%
39%
121% 127
--
of bonds.
43%
9%
See >.
48%
13%
Volume
New York Bond
152
Bank
BONDS
N.
Week Ended June 13
Railroad &
Indus.
Elig. A
fel
| «
EXCHANGE
Y. STOCK
Last
Rating
Price
Cos. (Cont.)
Illinois Bell Telep 2%a ser
?
J
J
x
aaa3
103
Range
3
Low
A.1981
High
103
102 H
BONDS
N
Since
2
Jan. 1
No. Low
98
1951 J
—1951 J
4a registered
1st gold 3Hs
1951
3Hs—1951
1951
Collateral trust gold 4s
1952
Refunding 4s
1955
Purchased lines 3 Hs——1952
Collateral trust gold 4s
1953
Refunding 5s
1955
40-year 4^S-_Aug 1 1966
Cairo Bridge gold 4s
1950
Litchfield Dlv 1st gold 38.-1951
J xbbb3
J
x
High
100% 103
O
A
M 8 y bbbl
A O yb
2
-
St Louis Dlv A Term g
4a
53 H
53
F
46 H
53 H
47 %
174
79%
114 H
80
51%
51 %
6
33%
37
253
80
78
80H
64
59 H
64
60 H
58 H
49
43 H
47 %
61 H
47
49
51H
45
44
51%
59 H
44 H
44 H
43 %
47
79 %
"36"
*81 %
y
bbbl
Manila RR (South Lines) 4s_1959
x
bbb2
J5*Man G B A N W 1st
Af N
3Hsl941 J J
z
cccl
f 5s—1953
s
25
88 H
98
86
98
85
(Stamp mod) ext 5s
1945
Mead Corp 1st mtge 4 Hs—.1955
Metrop Ed 1st 4Hs series D.1968
Metrop Wat Sew A D 5HS—1960
t|*Met W side El (Chic) 4s. 1938
Q A
z
ccc2
78
78
78 H
73
M S
x
bbb3
*105
M S
54
09
3
*42
bbb2
*60
95
63
63
60
65
♦Mlag Mill Macb 1st
65
58
60
O y bb
O y bb
1
97
1
97
"97"
97
Michigan Central-
49
63
H
*58 H
ser
2
aa
z
dddl
D
z
M
111
69
59
59
S ybb
6
6
5H
*30 H
3
49
%
49 %
50 %
242
40 H
51
Jack Lans A Sag
1st gold 3Hs
1st A ref 4 Ha series
45 H
44%
45%
123
48
Ref A lmpt 4Hs series
29 H
37 %
25
33
Michigan CodsoI Gas 4s
1963 M «S
x
75%
74
78
cccl
20 H
z
b
1
z
cccl
z
z
z
cccl
z
c
1
z c
1
J
75
*58
J
z
cccl
O
z
cc
J
z
z
2
{♦Iowa Cent Ry 1st A ref 4s. 1951
4s. 1959
Steel 3HB-1961
Kanawha A Mich 1st gu g 4s 1990
105
105%
46
100 H
99
10
98
98 H
19
12 %
13%
129
97 H 103
16 H
8
1H
12 H
1%
28
"99"
13
104 %
Syb
105H
84
M N y bb
F A ybb
z
c
1
82 H
104 %
102 % 104 %
101% 105%
79%
76%
91
83 H
47
30 H
♦25-year
8
90%
43 H
44%
229
45%
46%
179
8
1
-
73
108
107 H 109
18H
1
101H
lODie
101 % 103
112
101H
109H 110H
69 %
*25
80 %
10
81%
92%
77H
'81%
88
91
81H
v
88
170"
161
108 H
108H
100 H 108H
100 % 108%
104
104 %
102% 105%
*165
'107
104
O
z
bbbl
1H
98
1942 A
O
z
bbbl
1%
168H
1%
4
♦1st mtge income reg
4 Ha A
4 Ha ser C. 1954
Lehlgh A New Eng RR 4s A. 1965
Lehigh A N Y 1st gu g 4s— 1945
Lehigh Valley Coal Co—
—
J
A
M
1944
1954 F
♦1st A ref s f 5s—
'z
1964 F
stamped
♦1st A ref s f 58--♦5s stamped.:
1964
♦5s
1974IF
Leh Val Harbor Term
Lehigh Valley N Y
—
gu 5s.. 1954 F
1950 J
4Ha ext..
stamped modified
4s registered..
68
I"
z
cccl
24 %
z
cccl
A
z
cccl
——
z
cccl
z
♦1st A ref 5s series I
♦Certificates of deposit
{♦Mo Pac 3d 7s ext at 4% July '38
Moh'k A Malone 1st gu g 4s. 1991
Monongahela W Penn Pub Ser—
1st mtge 4Ha
-—1960
6s debentures
1965
Montana Power 1st A ref 3Ha *60
2
90H
1 100 %
Mutual Fuel Gas 1st gu 58.1947
91
70
90
91H
Nash Cbatt A St L 4s ser
93%
33 H
71
70
97
30
45
Newark Consol Gas cons
70%
9
25H
62%
70
3
60 %
97
12
42
52 %
3
95
52 H
57 H
50
59%
5
80
95
1
36 H
10
37%
52%
59%
35
:V
43 H
65
67 H
"12
57%
1
57%
16
*95
97 H
b
35 H
-32
,33
57 H
57 H
48
22
z
cc
*30 %
85H
82 H
98
43
49
43
62
301
29%
z
cc
55 H
a
x
bbb3
30%
35%
55%
117%
"91
"5
*
aaa3
A—1978
1954
{♦Naugatuck RR 1st g 4s—1954
Natl Supply
3%a
28
20
119H
16
125 H
126
20
124
131
8
95
100
2
99
aaa2
D
x
112
106
107
67
86%
57
108H 111H
110H 113
102 H 107
62 %
85
68
40
39
50
39
39
43 %
42 %
65
40
39 H
40 %
37
4.0%
40
40 %
36
35%
108H
36%
108H
107H 109 H
115
aaa2
MN
x
a
J
2
115
115
F
A
ybb
2
D
x
a
2
x
bbb2
x
aa
x
a
3
*105
MN y b
3
30%
*83
aaa3
*120
J
D
{♦New England RR guar 6s. 1945
♦Consol guar 4s
1945
5s A
1952
1st g 4 H» series B
1961
N J Junction RR guar 1st 4s. 1986
N J Pow A Light 1st 4Ha—1960
New Orl Great Nor 5s A—-1983
J
z
bb
4 Hs A'52
A. 1952
1st A ref 5s series B
.1955
New Orleans Term 1st gu 4s. 1953
J
New Eng Tel A Tel
N O A N E 1st ref A Imp
39
68
8
104 %
102
104H
14
103
104H
104%
105H
35
101H 106H
55
106H
82%
120
55
z
bb
1
*54
x
aa
2
MN
122 %
124 H
50
125
108%
108H
x
aa
2
A y
bb
O
a
2
J
J y bb
55
45H
123
8
2
A
x
125
6
122
77
86 %
124
60
60 H
127H
123H 131H
70
3
J y bb 3
x bbb2
72
80
103%
1
F
68
104 %
104 %
103
J
J
75
"7
8
77
107
67
80
65
72 H
72
72 H
7
106
106 H
11
106
3
108H
1935
A
O
J
D
x
bbb2
J
J
x
bbb2
A
O
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b
1
z
b
1
z
b
1
b
1
*35 %
41
z
b
1
*35%
*35%
41H
44
35 H
32
39%
39H
32 H
42
42
45%
41%
1954
A
O
1956
F
A
♦Certificates of deposit
♦Certificates of deposit
mm mm
1956
D
68
104 %
103
i04%
D
J
♦Certificates of deposit
♦1st 5s series B
3
:
,
117
z
New Orl Pub Ser 1st 6s ser
♦1st 4 Hs series
120
119
aaa3
112
107
MN y ccc2
J
57
19H
48 H
117
119
bb
3
M N y ccc2
D
♦1st 5s series C
104 H 100 H
119
123
x
O yb
J
32 %
106H
y
O y
b
b
5s_1948
30%
35%
106H
x
O y
x
17%
106H
1951
a
J
20
31%
33%
54%
~34H
bb
x
29%
w%
106
29%
*28 H
y
x
29%
*28 H
cc
cc
z
27
28 %
z
J y bb
3Ha debs—1960
1949 M S
A O
National Steel 1st mtge 3s—1965
57 H
85H
~98~* "~2
49
cc
2
O y
D
Nat Distillers Prod 3 Ha
70
52
bb
J
24%
53
111 H
19
79%
95
85H
23
52%
3
2
82
27%
*55
a
O y b
95
69H
57 H
O
D y b
2
19%
24%
25%
A
A
1%
26
56 H
Ul%
25
20
*50
z
%
24 H
41
382
1
J
7
88%
27 H
b
22%
"23 H
19 H
14
20
I
A
3Hs—2000
100
95
b
z
1%
%
163
11
f 5s series D.-.1955
Morris A Essex 1st gu
B—.1955
Mountain StatesT AT 3H8.1968
87H
41H
22%
81
s
71%
42
1
2
23
Gen A ref
Constr M 5s series A..—1955
96 H
22%
23%
81
A
71 %
2
2,
2
~23%
22%
C-1955
66%
90
21H
1
f 4 H8 aeries
50
87 H
22%
H
"2
bb
s
57 H
48 H
2003
153
S ybb
Gen A ref
49
100
"23
2
2
2
2
2
{{♦N O Tex A Mex n-c Inc 6s
—
,
M
MN
Montreal Tram 1st A ref 5s—1941 J
A
Gen A ref s f 5s series A—1955
Gen A ref a f 5s series B—1956 A
21
91
«>
1981 ¥
30
47 H
F
A
mmm'
♦Certificates of deposit
♦1st 5Ha series A
1954
'Certificates of deposit-
A
O
——
z
b
b
b
72 %
z
b
1
b
76
30
38
39
30
30 H
41 H
1
z
68
35 H
*35
1
z
105H 1O0H
105H 106H
100 H
73
*32%
"72H
I
z
106 H
*
24
11
41H
!1H
41%
41
H
42 %
39%
1
33%
33%
39%
32
45H
42H
44H
39 H
39 %
*100
—
Little Miami gen 4s ser A
Loew's Inc s f deb 3 Hs
1946 F
A
Lombard Elec 7s series A
1952 J
D
z
O
z
♦Long Dock Co 3Hs ext to— 1950
A
x
a
2
bb
2
104 %
99%
105"
104" 105"
30
22
30 %
95%
93
96%
unified 4a.
ref gold 4s
1949 M 8
x
bbb2
1949 M 8
x
bbb3
96 X
95%
96%
31
95%
98%
99%
stamped—
Lorillard (P) Co deb 7s
1949 M 8
x
bbb3
96 H
96 H
96%
5
96
99%
1944 A
O
x
aaa2
119%
7
119
1951 F
A
x
aa
119H
124H
124%
13
123
122 H
128
Long Island
4s
5s
cccl
89
47 H
1962 M N
Guar
z
66%
deb 4 Ha— 1952
debenture
Lion Oil Ref conv
IN
♦Conv gold 5 Ha
1949
♦1st A ref g 5s series H
1980 AO
♦Certificates of deposit
67%
04 H
22H
23%
cccl
61
71H
cccl
cccl
65
48 H
Hs
254
z
*»
z
66 H
J y bb
stamped modified— 2003 A/N
2003
registered
—
2003 IN
5s stamped modified
Leh Val Term Ry ext 5s— 1951 A O
Lex A East 1st 50-yr 5s gu— 1965
LIbby McNeil A Llbby 4s__ 1955
Liggett A Myers Tobacco 7s. 1944
4
23%
A
z
«
1978 UN
07
Alybb
4 Ha
79
cccl
98
11
z
12H
z
♦Certificates of deposit
68 H
67%
57 %
2003 IN
22%
11%
cc
MP
1977
50H
98
Lehigh Valley RR—
4s
63
12%,
1
z
cccl
92 H
J,z b
z
28
1%
24%
23%
23%
106
z
96
57 H
1943
20
23
26 H
M S
62
'z b
1943 J
24 H
183
25H
; 1%
08 H
Aizb
1974
extended to
♦6s stamped—
z
19
30
25%
*22 %
98
A\z b
-A-.
2%
25%
85
28 H
24 H
26%
1
96%
'z b
Aizb
1954
♦5s stamped
♦1st A ref s f 58--
19%
29H
2
2
cc
65
Ox bbb3
S y b
518
160
cccl
67
bbb2
J y bb
23%
23%
24%
23%
37
z
Nat Dairy Prod
Cons sink fund
19H
19H
1H
25
"50
H
z
M
97 H
94
Co Ltd—
Lehigh Coal A Nav s f
28%
5
35
1975 M S
♦Certificates of deposit
♦General 4s
98
bbb2
J y bbbl
D * bbb2
Dec y cc
J y bb
1954 J
27 %
11%
3%
85
37
2
O
1965 F
♦1st A ref 5s series A
Constr M 4Hs series
1975
32H
11
'""3
y cc
Jy cc
{Missouri Pacific RR Co—
97
I
x
12H
65%
y cc
1962
♦Certificates of deposit
*109H
1939 A
x
89
40 H
3H
1%
85
D y ccc2
1962
A
♦1st A ref 5s series G
*10
1H
A y ccc2
18H
*10
Jx bbb2
z
H
♦1st A ref 5s series F
bbb2
C— 1953 F Aybb 1
Coll A ref 5Ha series D— 1960 F A y bb 1
Coll tr 6s series A..
1942(F A y ccc2
♦Sec 6% notes
ser
75H
Coll A ref 5 Ha aeries
♦5s stamped
Prior lien 6s
77 H
24H
an:
*1
65H
J y b
J
53
12%
13%
12%
5%
2
69H
6
RR—'
69
Ox aaa3
D
Missouri-Kansas-Texas
69
67%
72%
107%
*82
1997 J
{♦Mo-Ill RR 1st 5s series A-1959
gold 4s.__1990
Mo Kan A Tex 1st
63H
66 H
*89
3 Ha— 1997 J
c
45
bbb2
registered
z
J y bb
J
32
bbb2
3 Ha
6Hs
♦1st A ref 5Hs series B—1978 J
41%
41
X
J
c
22e
46%
X
J
8%
z
32%
Jx bbb2
1941 J
8%
7%
44
J
1946 J
1949 M S
42%
"42H
J
Lake 8h A Mich Sou g
1%
54
12
95%
J
Lautaro Nitrate
49
12%
92%
1961
unguaranteed
1961
Kings County El L & P 6s—1997
Kings Co Lighting 1st 5s
1954
1st A ref 6 Ha
1954
Kresge Foundation 3% notes 1950
{♦Kreuger A Toll 6s ctfs.—-1959
2d gold 5s
10%
%
u%
94 H
Stamped——-———--1961
5s
1%
1H
11
*92 H
42
4 Ha
RR—•
extended at 3% to——,1947
31H
6%
11%
Prior lien 4 Ha series D—1978 J
♦Cum adjust 58 ser A.-Jan 1967 A
Plain—:
Coll tr 6s series B
*%
15
10%
40-year 4s series B
—
Lake Erie A Western
*1%
21%
35%
8%
2%
35
*30 H
12
58%
1950 A O x bbb2
J y bb 2
Apr 1950 J
Kansas City Term 1st 4s
1960 J J,x aaa3
Karstadt (Rudolph) Inc—
z
♦Ctfs w w stmp (par $645) 1943
♦Ctfa w w stmp (par $925) 1943 MNz
♦Ctfs with warr (par $925) 1943
Keith (B F) Corp 1st 6s
1946 M~Sy bb 2
Jx a
3
Kentucky Central gold 4s—1987 J
J x a
1
Kentucky A Ind Term 4HS-1961
1942IF
20%
ccc2
12%
99
gold 3s
Gas Lt ref A ext 5s
ccc2
26 H
11%
95
Ref A lmpt 5s.
Ref A ext mtge 5s.—.
5
cc
«*
1
I ♦Laclede
33%
45 H
65H
36 H
22 H
25
33 %
*8
107
28 H
59 H
cc
17
b
a
103
66%
cc
20
1
M 8
53
37%
■
z
55%
Ozb
M Sx
64
z
98 H
A
X
99 H
70 %
2
106 %
106 %
106H
70
95 H
13
z
53 %
Ox bbb3
J
32 %
2
07
97 %
68 H
96 H
68 %
J
97%
A
Kan City Sou 1st
48
120
79 %
*86
a
97 %
2
J
{ {♦MStPASSM con g 4s Int gu '38
{♦1st cons 6s
1938 J
{♦1st cons 5s gu as to int.. 1938 J
53 %
D y bb
J x a
z
89
104 %
46
1
51%
♦1st A ref 6s series A
44
*63
bbb3
6
30
16
16
8
36 H
71
105H
104 %
79 H
1
1H
x
J y b
98
J
..
103
13
%
8H
J
1
J
Jones A Laughlln
1936
9
120
84 H
36 H
101
MN
2
James Frankl & Clear 1st
{{♦K C Ft 8 A M Ry ref g 4s
♦Certificates of deposit
13%
13%
39%
12 %
38 %
O y ccc3
J ybb 2
M 8
106% 106 %
102% 107%
100
105H
1
2
2
3
J
J y cccl
1955 F Ay cccl
Debenture 5s
*107"
cccl
Oyb
■
*75"
r
cccl
J
r-
1951
1952
C—1979
3Hs
3%
30
*37
15%
{{♦Mid of N J 1st ext 5s
1940 A O
{{♦Mil A No 1st. ext 4Hs—1939 J D
♦{Con ext 4Hs
1939 J D
{♦Mil Spar A N W 1st gu 4s. 1947 M S
J
{ {♦Mllw A State Line 1st 3 Hs-*41 J
{♦Minn A 8t Louis 5s ctfs
1934 M N
♦1st A ref gold 4s
1949 M S
♦Ref A ext 50-yr 5s ser A.-1902 Q F
z
20%
N O—
Dybb 1
D y bb
1
C—-1963
Az
♦Ilseder Steel Corp 6s
—1948
J y bbbl
Ind 111 A Iowa 1st g 4s
1950
J z cccl
{♦Ind A Louisville 1st gu 4a.1956
Ind Union Ry 3Hs series B.1986 M 8xaaa2
Inland Steel 1st mtge 3s ser F1961 A O x aa 3
Inspiration Cons Copper 48.1952 A O y bbbl
Interlake Iron conv deb 48—1947 A O y bbbl
79%
105H 107
109 % 112H
105H
111
O
A
t 78—1956 J
s
x
A
F
Joint 1st ref 5s aeries A—1963
M
86 H
44
44
*30 H
53
85
ybb
2
1st 5s B. 1972
1st lien & ref 6H»
1947
Int Telep & Teleg deb g 4 Ha 1952
37
86
97
ybb
ybb
Int Rys Cent Amer
80%
28
29
*75
*45
x
1956
114 %
74 H
48
ccc2
2
3
1951
deb 8s—1944
Int Merc Marine s f 6s
1941
Internat Paper 5s ser A A B.1947
Ref s f 6s series A
1955
105%
103
16
z
2
2
♦1st g 5s series C
105
....
87%
.44
44
;
90
111
A
ybb
Internat Hydro El
87 H
109
A Apr 1940
Stamped
I^Market St Ry 7s
b
y
{♦Int-Grt Nor 1st 6s ser A—1952
♦Adjustment 6s ser A.July 1952
♦1st 5s series B..
1956
2
112
31H
97%
3
ybb
111 Cent and Chic St L A
12
27
Af S
ybb
4a-.—1951
registered
105H
113
Marlon Steam Shovel s f 6s.-1947
45H
1951
105%
H4H
55
49
44 %
*61%
105%
47 H
35 H
44 H
60 %
2
89
z
x
High
112
109
H
109
31
M N y b
M N y b
bbb3
a
F A
A O
87
87%
Manila Elec RR A Lt
3
45H
3
46 H
43 H
*
a
39
43 H
No. Low
110%
bbb2
37
43H
Jan. 1
x
45H
95
High
Since
II
x
N
38H
46 %
"38" "48%
Asked
*108
3
47 %
44 %
bbb2
93%
93%
♦Lower Aust Hydro El 0H8-1944
McCrory Stores deb 3H«—-1955
A
a
39
46 H
x
Atl Knox A Clno Dlv 4s—1955 Af
Range
Friday's
Bid
x
1
$ ♦McKesson A Robbins 6Hs 1950 Af 8 z b
Maine Central RR 4s ser A.1945 J
D ybb 2
Gen mtge 4 He series A
2
1960 J D y b
Manati Sugar 4s s t—.Feb 1 1957 M N y ccc2
MN y b
J
J y b
x
South
90
89%
47
A y ccc2
97
70
46 %
3 Ha registered
1951
Springfield Dlv 1st g 3HS-1951
Western Lines 1st g
*30"
45H
1951
38—1951
Gold 3 Ma
"95"
1
bbb3
45H
Loulsv Div A Term g 3 Hs.1953
Omaha Div 1st gold 3s
x
Price
Low
M S
Ry Joint Monon 4s_1952 J
J
89 H
*93"
J xbbb3
J
1st gold 3a sterling
Range or
Sale
See 1
88
94
Last
Rating
Railroad & Indus. Cot. (Conf.)
Louisville A Nashville RR (Concl)
Mob A Montg 1st g 4 Hs—1945
Week's
Friday
Elig. A
STOCK EXCHANGE
92
*92 H
bbb3
Extended 1st gold
Y.
Week Ended June 13
Illinois Central RR—
1st gold 4s
3779
,
Friday's
A
Asked
1
Bid
Record-Continued—Page 4
Bank
Range or
Sale
See a
*£
j
-
Week's
Friday
debenture
Louisiana A Ark 1st 5s ser A. 1969 J
Louisville Gas A Elec 3 Ha— 1966 M
2
J
x
bbb2
S
x
aa
87
2
Co gu 4s.. 1945 M S x aa 2
Louisville A Nashville RROx bbb3
2003
1st A ref 5s series B
T08H
87%
47
109
104
46
98 H
91
99
29
91
1
Ox bbb3
85%
86%
27
104%
29
O
x
104
98 H
J
x
a
3
J
X
a
3
'106H
108
Ax bbb2
*105%
106
Sx
a
3
104 %
103 H
87%
107 % 109H
103 %
Ox bbb3
1st A ref 4s series
82 H
108 H 110
bbb3
_
1st A ref 4 Ha
For footnotes *ee page 3781
86H
•108
Lou A Jeff Bridge
2003
aeries C
2003
D
1st A ref 3%s aeries E_— 2003
Unlf mtge 3 Ha ser A ext. 1950
1960
Unlf mtge 4s ser B ext
Paducah A Mem Dlv 4s.. 1946 F
St Louis Dlv 2d gold 3s.— 1980 M
95 H
*96%
89
102
97 H
105H
101
91
96%
85%
91%
103% 105 %
105H 109%
104 H 106 H
85 H
88
Gen gtd 4 Ha
A—-1998
10-year 3Ha sec s f
1946
Ref A lmpt 4 Ha series A—2013
Ref A lmpt 5s series C
2013
Conv secured 3Hs
—1952
N Y Cent A Hud River 3HS-1997
3 Ha registered
1997
30-yr deb 4s 1912
1942
Lake Shore coll gold 3H8—1998
3 Ha registered
1998
N Y Cent RR 4s series
x
aa
2
F
A y
bb
2
A
O ybb
A
O y b
A
O y b
MN ybb 2
J
J x bbb2
J
J
J
J
x
69%
59%
79%
80%
67%
63%
01K
79 %
60%
61 H
79%
80
58
J
J ybb
2
3Ha registered..
1998
New York Chicago A St Louis—
F
A
ybb
2
1974
--—1978
A
O y bb
2
1946
F
65
62%
80
l"6i"
2
A ybb
►
2
65
*62
61 %
*57
101
"~6
25
65%
100
64%
69%
95%
63%
87%
83
101
70
65
60%
61%
59%
68
60
56%
65
60 H
76%
65
95%
64H
74
73 %
61%
74 %
62%
219
54%
x
bb 2
bbb2
61%
A
93%
92%
93%
62
80 H
O
x
bbb2
95%
95%
95%
33
90
95 H
99
99
99%
71
90
99H
94%
94%
6
79
95
S y
extended to 1947
A
1941
1950
A
O y bb
1
6s debentures
J
D y bb
1
NY Connecting
RR3H0 A.-1905
A
aa
2
1st mtge 3 Ha
61%
4.8
63 H
2
3-year 0% notes
136
57%
F
M
89%
55%
57%
A y bb
A—
C
173
2.50
93 %
2
A y bb
Ref 5 Ha aeries
94%
58%
2
F
Ref 4 Ha series
60 %
2
bbb2
107
62
61
F
4s collateral trust
107
*107
62 %
94 H
3H8—1998
Mich Cent coll gold
Attention is directed to the column incorporated in thla tabulation
Co—
--1945
Newport A Cincinnati Bdge
O
x
100%
100%
44
101
pertaining to bank eligibility and rating of bonds.
58
98H 101
See s.
xs
New York
3780
Bank
Elig. A
Rating
STOCK EXCHANGE
13
Last
See a
BONDS
Y.
N.
Price
Week Ended June
Cony 6% notes
N Y Edison 3%a ser
D
1st lien A ret 3%s ser E
y
1
x
aaa3
x
High
60%
19
55
03%
Peoples Gas LAC cons 6s..1943
70
73
14
60
73
108%
109
28
106% 109
Refunding gold 5s
Peoria A Eastern 4s ext
109
109%
10
107 % 110%
109
aaa3
121%
121
121%
12
115%
11
x
aaa3
115
115
\MN
z
cccl
55
51
MN
x
aa
"54%
Branch gen 4s._1941 M S
Hav A Hart RR—
1947
♦Non-cony debenture 3 %s 1947
♦Non-cony deb 3%s
-.1954
♦Non-cony debenture 4s..1955
♦Non-cony debenture 4s.. 1956
♦Cony debenture 3 %■
1956
♦Cony debenture 6s
1948
6s registered
1948
|*Collateral trust 6s
1940
♦Debenture 4s
1957
♦1st A ref 4 %s ser of 1927.1967
{♦HarlemR APtCh 1st4s 1954
West ref g
{♦N Y Ont A
54%
z
A O jz
z
1948
21
21
cccl
21%
21%
22%
23%
21%
26%
cccl
22 H
cccl
22%
cccl
21
cccl
z
25%
26
~40%
5%
5%
cccl
z
1%
c
*49
H
"42"
y
....
y
O
Debenture 3%«
Debenture 4s
(July 1)
forth Cent gen A ref 60
Gen A ref 4 %s series A
♦Certificates of
z
cc
b
A
x
aaa3
A
x
a
A
x
a
Ry 1st 4s..
Edison 1st mtge 4s
a
46
116
20
28%
9
78
80
4%
1%
99
48%
31
)hio
1st mtge 4s
1st mtge
21%\
1
16
Series E 3%s guar gold...1949 F
J
Series F 4s
21%
*21%
3
Series I cons
100
40
z
z
ccc2
a
1
x
a
1
x
bbb2
x
bbb2
y
y
bb
bb
2
66 %
y
bb
2
y
bb
2
x
aa
x
bbb2
Q
J
J
J
J
F „
M 8 |x
J
J
ccc2
15
109
16%
mtge 4%s series C
2
111
Pitts Y A Ash 1st 4s ser A—.1948
1902
1st gen 6s series C
1974
1st 4%s series D
1977
Port Gen Elec lst4%s
12%
22%
21%
13
12
22
77
22%
42
25
104%
104%
25
100
a
3
a
3
JWN
1st 6s. 1946
1946 J D
Iregon RR A Nav coo g 4s..
1946
>re Short Line 1st cons g 6s.
1946
Guar stpd cons 5s
1961
)re-Wash RR A Nay 4s
1962
>tla Steel 1st mtge A 4Ms..
aa
114
113
70
83
75%
46%
|*2d ext gold 6s
42
~44
80%
76%
65%
298
62%
Pennsylvania Company—
Guar 3%s trust ctfs C
Guar 3%s trust ctfs D
Guar 4s ser E trust
1942
1944
ctfs...1952
1903
Pennsyl Glass Sand 3%s_ .1960
Pa Ohio A Det 1st A ref 4 Hb A '77
4 Ha series B
1981
28-year 4s.
Penna Pow
A Lt 3 Ha
2
53%
58
58%
8
55
53%
53%
58%
17
54%
52
*5%
5
6
110%
111
108
108%
14
109%
109%
110%
6
109
109
109
104 %
104 %
102 %
104 %
19
102%
4
102%
3781
V
'
r
=========
■
5
8
114
4
aa
2
114%
4
aa
2
106%
114%
106 %
16
bb
2
79
81%
23
69
69
1
112%
110%
109%
104%
*85%
*81%
113
47
110«»ill3
111%
110%
104%
38
31%
113
A
bb
60
bb
bb
x
aa
2
109%
19
Dlx
109 %
109%
110
14
107% 110%
F
A
*117%
*99%
x
aa
2
J Dx
aa
2
J
aa
a a
2
a
2
A y b
2
Jl*
M.
x
x
M S y bbbl
J y a
1
85%
83%
101%
102H
"65
53%
95%
1
52
x
aaa3
18
94
43
41%
45%
71
2
1
124
X
68
x
aa
D
x
aa
2
105
105
1
x
aa
2
107
107 %
4
F
x
a
3
bbb2
105%
105%
103 %
26
x
"l5
110%
"19
a
2
x
a
a
2
*104
2
ix
x
x
s
'l03%
bbb3
105%
*105%
103%
*104
no"
109
108 %
*106
109
45
111%
111 %
"~3
111%
112
112
112%
93%
102%
102%
90
117
1" I '
77% 85%
106% 107%
109%
93% 97%
84
109%
97%
9
107
5
109% 111%
3
4%
2%
4%
110%
143%
219%
109%
bbb2
105
105
105
68
4
145
109%
bbb2
x
4%
87
*80
110%
10
142
152
3
218% 222
108% 109%
7
104
106
06%
82%
68
41
65%
70%
83%
44
78
82%
bbb2
82%
J
83
84%
84
3
105%
106 %
"85
112 %
113%
93%
102%
102%
40
111
43
90
90%
28
63
79
bbb2
Pur mon 1st M conv 5%s.l954 MAT
1956 MN
Revere Copper A Brass
s
1940 J
f 7s
♦3%s assented
104
104%
19
98%
7
103%
104"
bbb3
98%
J
<11—
J
♦Rhine-Ruhr Water Serv 08.1953 J
♦Rhine-Westphalia El Pr 7s. 1950 MN
5
36
2
"32
■
1
96% 101
19
28%
27%
33
26%
17
14%
14%
22
*15
25
19
27
15
1953
F
A
*15"
17%
♦Cons mtge 0s of 1930
Richfield Oil Corp—
s
103
105
104%
104%
105%
100%
29%
.....
!
1952 MN
mtge 0s
102%
103%
102%
103%
104%
104%
J
1946 J
♦Rhelnelbe Union
42
105
104%
104
104%
104%
104%
104%
103%
1
a
bbb2
3%s 1900 MN
1955
A
O
f 7s
1955
F
bbb2
A
D
tl*Rlo Gr June 1st gu 5s...1939
{{♦Rio Gr West 1st g 4s...1939
b
1
—...
A
{♦Rut-Canadian 4s stmp_..1949 J
{♦Rutland RR 4%s stmp_..1941 J
42
42%
cccl
aa
9%
2
aa
6%
20%
107
9
40
45
35
47%
45
42%
34
10%
51
7
1
131
131
131
2
110
110
aa
2
109%
109%
cccl
11%
2
110
110
28
107
110
29
14
*7
*5
J
*5%
bbb2
St Jos A Grand Island 1st 4s. 1947
St Lawr A Adlr 1st g 5s
1990
x
aa
y
b
*35
yb
*35
89
90
2
10%
15%
31
~~6%
J\
x
131
31
12%
O
1996
20
105
106%
11%
2
Saguenay Pow Ltd 1st M 4%s '06
gold 0s
20%
17%
17%
17%
aa
1907
Gen mtge 3%s series J
1969 M S
{|*R I Ark A Louis 1st 4%s. 1934 M S
1948
1
b
J\
♦1st con A coll trust 4s A..1949 A O
Roch Gas A El 4%s ser D...1977 M S\
Gen mtge 3%b series H...1907 M S
M S
Gen mtge 3%s series I
♦Ruhr Chemical s f 6s
*106%
*9%
15
13
"l8
22
*15
1952 M 8
♦JRiy A G Dlv 1st g 4s... 1933 MN
♦Certificates of deposit
z
b
z
3%
6%
4%
21
90%
85
111
*109
b
"76"
9
9%
95%
112
60
70
60
94
St L Rocky Mt A P 5s stpd..1955 J
{♦St L-San Fr pr lien 4s A.—1960 J
20
1950 J
64%
71%
2
64%
70%
35%
33
25
77%
38
67%
77%
6
39
46%
11
46%
12%
11%
12%
12%
35
34
77%
74%
44%
z
cccl
"12"
z
J\
55
71%
70%
70
J | y ccc2
♦Certificates of deposit
♦Prior lien 5s series B
70
71%
J | z cccl
{♦St L Peor A N W 1st gu 5s 1948 J
St L Pub Serv 1st mtge 6s...1959 M 8 y b
2
cccl
11%
11%
30%
159
9%
13%
150
9
13%
39
9%
14%
9%
14%
J
cccl
cccl
♦Con M 4 %b series A
1978
♦Ctfs of deposit stamped
"12"
12
12%
6
m's
cccl
13%
13
13%
244
9%
15%
cccl
13
12%
13%
115
9%
15
{♦St Louis-Southwestern Ry—
b
2
b
75%
9
49%
28%
"37
17%
77
75
"28"
cccl
J|
♦Gen A ref g 6s series A...1990 J
con g 4s..1908 J D
{♦St Paul E Gr Trk 1st 4%s.l947 J J
{§*8t P A K C Sh L gu 4%s_1941 F A
St Paul Un Dep 5s guar
1972 J J
75
*48
1
cccl
17%
bbb2
St Paul A Dul 1st
93
1943 J
8 A A Ar Pass 1st gu g 4s
110%
106% 110%
106
107%
111% 115%
111% 114%
67
93%
101%
101%
89%
bbb2
78%
26
16%
*79%
cccl
cccl
*4
aaal
76
35%
49%
29%
18%
17%
9%
78
4%
8%
9%
92
69
112%
2%
81
3%
11
9%
12
112%
37
112% 114%
26
70% 95%
105% 100%
121% 124%
5%
103% 105
108
96%
122%
95%
bbb2
5
J y bb
Santa Fe Pres A Phen 1st 5s. 1942 M S
1989 MN
Scioto V A N E 1st gu 4s
{Seaboard Air Line Ry—
(♦lstg 4s unstamped.
1950 A O
1950 A O
2
2
*105%
*121%
cccl
12
12
4
cccl
12
12
12
8%
1
%
3%
z
Oct 1949 F
A
z
d
^Refunding 4s
120% 125%
104% 108%
1959 A
O
z
cccl
z
cccl
♦Certificates of deposit
♦1st cons 68 series A
116
97%
1946
♦Certificates of deposit
{(♦At! A Blrm 1st gu 48—1933
99% 105
100
104%
87% 91%
M~Sj
94
aa
aaa3
§♦48 g stamped
♦Adjustment 5s
98
Q**
94
x
x
z
2
z
cc
1
z
cc
1
m"5i z
cccl
1%
4%
4%
"~6%
*4%
6%
5%
5%
14
14
106%
1%
4%
4%
6%
5%
iiMi.n.i,
-j"
'
.W
■»
in
■tin,"
1
...-n,
1
111
'
9
18
2%
"42
15%
Attention Is directed to the column Incorporated In this tabulation pertaining to bank eligibility and rating of bonds.
1'
119%
82%
106%
82
219%
♦1st 4s bond ctfs
1989 MN\
J
♦2d 4s inc bond ctfs..Nov 1989 J
f*lst term A unifying 6s..1952 J J
104% 104%
104% 105%
106
108%
103% 107
105
105%
*120%
"loo"
61%
.....
109%
3
x
Gen A ref 4%s series A...1997
71
105% 106
111%
95%
61%
52
.....
[y bb 2
Reading Co Jersey Cent coll 4s '61
120% 126
71
MN
105 %
52
109%
*96%
Jiy bb 2
JfN
aa
96%
*120%
1
8
42
55
106%
82%
109%
aaa3
55%
95
43
aaa3
M S y b
2
53%
95
"5
55%
53%
-
J
x
♦Certificates of deposit
bbb2
O y ccc2
x
12
*104
102%
"55"
2
D
x
104% 105%
101% 102%
:.a3
13
100
109% 113%
109% 113%
105%
99
100%
106% 106%
51% 61%
102
St Louis Iron Mtn A Southern—
103%
bb
2
*105%
\J D
1968
f deb 63...1948
2d
109
Jjz
26
54
54%
2037
1st A ref mtge 8s
69
0|x aaa3
|x bbb3
debentures
1974
MN x aa 2
Pennsylvania RR cons g 4s_.1943
x aa
Consol gold 4s
1948 MN
4s sterl stpd dollar May 1 '48 MN x aa
x aa
Gen mtge 3%s Berlea C...1970 A O
x aa
Consol sinking fund 4He.-I960
x a
General 4Mb series A
1905
tx a
General 5s series B
1968
x bbb3
Debenture g 4%s
1970
x a
3
General 4Hb series D
1981
z a
3
Gen mtge 4 %s series E
1984
For footnotes see page
1
P
108%
107% 110%
108% 110%
107% 109%
104
100%
100% 104%
102
103%
108% 112%
113% 117%
113% 117%
105% 107%
78% 89%
102%
106%
4 Ha
"
1
110% 111%
108% 110%
104% 104%
83%
89%
80
85%
106% 109%
...1952
y
y
aaa3
♦Cons mtge 6s of 1928
With declaration
9
106%
111
1969
Cony deb 3 Ms
3%
110
"l02%
3
110%
103%
With declaration
108% 110%
109% 110%
6%
110%
110%
A
53%
110%
*106%
x
4s s f conv debentures
108%
aa
D
99%
aa
1
♦Direct
107%
aa
J
bb
bb
y
3
*95
aa
J
103
y
cc
62
D
A
110%
110%
aaa3
62
43%
114
aa
M S
119
103%
b
70
D
F
111%
120%
117
x
Gen mtge 4%s series C
58%
b
M 8
a
117
119
a
x
119
*117
a
x
J
110
*117
y
45
75%
72%
73
39
D
4s. 1938
1938
B..1900
Ref mtge 3Us series C
1960
Paducah A 111 1st sf g 4*48—1955
Panhandle East P L 3s B
1960
Paramount Broadway Corp—
1st M s f g 3s loan ctfs
19,1,
Paramount Pictures 3Hb dr ^Y7
Parmelee Trans deb 6s
1944
Pat A Passaic G A E cons 6s. 1949
>Paullsta Ry 1st s f 7a
1942
x
O
108% 110%
111% 113
110% 112
*109
z
52%
45
76%
74%
44%
42%
2
D
Pacific Tel A Tel 3%s ser
D
19
*111%
aa
J
Remington Rand deb 4%s w w '66
4%s without warrants
1950 M 8
Republic Steel Corp 4 %s ser B '01 F A
50%
aaal
D
1970
x
103ii»
109
115
75
aa
Jntarlo Transmission
{♦Pac RR of Mo 1st ext g
3
16% 25%
3%
6%
4%
0%
3%
5%
99% 104
101% 104%
103iu 104%
105% 106%
*111%
aa
A
Gen A ref 4%s series B...1997 J
43
2
113% 115%
108
109%
105"j«l07%
108% 110%
*109
x
x
Purity Bakeries
103% 107
103«m103«U
53%
66%
3
a
S\
JI
a
3s ser J
A |x aa
D
103ii»
J
guar deb 4s 1957
103% 106
12
aaa2
1967 M
4%
*105%
{♦Providence Term 1st 4s...i960 M S
123
110
aa
1st A ref mtge
109
Pub Serv of Nor III 3%s
123
*110%
1966 MN
Co 1st g 6s
1940
Paciflo Gas A El 4s series G.1964
1st A ref mtge 3lis ser H..1961
1st A ref mtge 3 %s ser I...I960
1900
1st 6s extended to
1950
Potomac El Pow 1st M 3%s_1966
Pressed Steal Car deb 5s
1961
125% 127%
104
107%
125"
42
2
c
1943 M S\
Pacific Coast
aa
aa
J
Public Service El A Gas 3%s 1908 J
1st A ref mtge 5s
2037
47%
44%
aa
74
74
22%
104 %
*73
"52
5
4
aa
1960
1st gen 5s series B
12%
*54
"44"
162
132
x
Pitts Steel 1st mtge4%s
1950 J D
Pitts Va A Char 1st 4s guar. 1943 MN
D
Pitts A W Va 1st 4%s ser A.1958 J
A O
1st mtge 4%s series B
1959
A O
1st
97
108% 109%
102% 104
*54
76%
410
6%
4%
104
x
M 8
x
63
106% 107%
107% 109
118% 120
87
*68
J
bbb3
N F 1st g 6s..
1970
1977
114
O
26
25%
104
x
1963
1904 MN
1975
21%
127%
*115%
Q
Q
Q
A
Jntarlo Power
4%s
Series J cons guar 4 %s
Gen mtge 6s series A
54%
22
126%
104
110%
*3%
103%
104
1957 MN jx aa
F A |x aa
1960
F A x aa
Series H coQs guar 4s
95% 101%
6%
2%
7
104
A
1946 J
1943 F
1953
Gen mtge 6s series B
93
4
O
1942 MN
1945 MN
guar gold
108% 111%
1
A
1942
Series C 4 %s guar
Series D 4s guar
7%
9%
9%
18
*21%
17
62
104
"164*
'
D
4s debentures
d
Series B 4 %s guar
7
61 %
14
104%
127%
3
D
)klahoma
z
debs._1951
Gen 4 %s series C
26
*103 %
1972 J
4%
108 %
104 % 106
110%
109%
103%
21%
A O z ccc2
3Kb
Gas A Elec 3%s.. 1966 J
4%
108% 110%
83%
109%
28
....
83%
64
14
55
23
9%
110
Pittsburgh Cine Chi A St Louis—
27
33%
3%
110%
......
3
1948 J
d
29%
♦Rima Steel 1st
4s.
8*Og A L Cham 1st gu g
>blo Connecting
z
20%
95
"49
109%
3
x
J
6
110%
23%
25
72%
111
20%
3%
103 %
1
z
deposit
prior Hen 4s... 1997
4s Registered
1997
Gen lien ry A Id g 3s Jan—2047
3s Registered
2047
Ref A lmpt 4 %s series A.-.2047
Ref A lmpt 6s series B
2047
Ref A lmpt 6s series C
2047
Ref A lmpt 6s series D
2047
forthern States Power Co—
(Minn) 1st A ref M 3%s._1967
(Wlso) 1st mtge 3 34s
1964
Northwestern Teleg 4 Hi ert 1944
6
18
"51
94
1974 M 8 x a a 2
1974 M 8 x aa 2
forth Paciflo
cc
8
100
4s called
[Northern Ohio Ry—
♦1st gtdg 5s
1945
♦1st mtge g 6s (stamped can¬
cellation of guarantee). 1945
ccc2
aa
l%s
Petrol
Improvidence Sec
1949 F
1964 F
.1959 F
deb 8 %•
aaa3
z
z
bbb2
♦Ctfs of dep
1st cons g 4s... 1996
x
J
x
3%
110%
110%
67%
107%
107%
118%
114%
109%
105"« 1052*,!
1949 M S
J
J
x
*13
94
105**»i
J"J
105% 108%
*99
bbb3
Pitta Coke A Iron conv 4 %s A *62 M S
50
1
a
x
Phillips
8
2
x
27
1%
2
a
a
27
67
b
aaa2
x
4%
106
25
77%
66
66%
107%
107%
*117%
114%
108% 108%
x
26%
2
b
x
65
67%
107%
17%
18%
18%
5«„
c
J D
a
J
Pblla Electric 1st A ref 3%s.l967
107%
31%
109
bb
7
1*106
14
66
y
x
A
97
105
*58
76%
J\ y bb
26%
26%
110%
106%
31%
bb
1981 J D
108 %
aaa3
{|*N Y West A Bost 1st 41481940 J Jz
aaa2
Falls Power 3%S—1960 M S x
a
3
A O Pow 1st 6s A. 1955 A O x a
1
Niagara Share (Mo) deb 5%s 1950 MN y b
|TWWi OVUWU AMW w
t|*Norf South 1st A ref 68..1901 F A * Cc 1
nt rtanoslt
----lz cc 1
♦Certificates of deposit—....
STorth Amer Co
J\ y
D
1967 J
M S
110 %
107%
8
108
General 4%s series D
1*105%
110%
*4
*106
12
40
100
*95
b
cc
aa
$ ^Philippine Ry 1st s f 4s._1937
♦Certificates of deposit
6%
6
47
z
17%
25%
84%
24
25
cccl
Nlag Lock
tforf A WRy
3
|y b
x
Phi la Co sec 5s series A
Series G 4s guar
MN z
J Jx
—
47
114% 118%
44% 54%
98
22
"4lk
cc
MN
....
108
1
O
5
cccl
cccl
Niagara
(Issued by reorgan¬
ization manager) 5s
1961
♦Ctfs of dep (Issued by reorgan¬
isation manager) 6s
1941
5
115
101
♦Conv deb 0s
High |
108
115
19
10
NO. Low
108%
88
cccl
_
stamped
1974 F
1977 J
Since
Jan. 1
aa
95
96
22%
cc
0s
General g 4 %s series C
Hi
Range
1*
§3
aaal
1st g 4%s series C
lv80 M S
J D
Phelps Dodge conv 3 %s deb. 1952
Phila Bait A Wash 1st g 4S..1943 MN
General 5s series B
Ask
x
92
22 %
cc
N
1
100
*89%
aa
N
100%
*97
1942 A Oy b
b
4s. 1993 A O y b
aaa3
N Y Queens El Lt A Pow 3%s '65MJVXa
bbb3
N Y Rys prior Hen 6s stamp. 1958 J
Jx bbb2
N Y A Rlchm Gas 1st 6s A..1951 MN x
N Y Steam Corp 1st 3 %s__. 1963 J
Jx cccl
ti*N Y Susq A W 1st ref 58.1937 J J z
1
|♦2(3 gold 4 %a
1937 F A
1
|*GeneraI gold 5e
1940 F A „ cccl
gold 5e._—1943
Y Telep 3%s ser B
...1967
Y Trap Rock 1st 6S
1940
6
cccl
MA'
J D [z
z
{♦N Y Prov A Boston 4s
N Y A Putnam 1st con gu
♦Terminal 1st
32
59%
100 H
cc
1955 J D
",57"
A
x
Pere Marquette 1st ser A 68.1950 J
1st 4s series B
1950 J
26% 55
100% 103%
49% 57
53% 59%
Friday's
Bid
S
Apr 1990 Apr
st5%s..l974 F A
4s
Range or
Sale
Low
1900 A
1941
O
A
...1947 M
{♦Phlla A Read C A I ref 68.1973 J
z
M 8
M 8 |z
z
A O lz
J J
|z
MN
J J lz
J Jz
J J
4S..1992 M 8
♦General 4s..
55
58 %
NY A Long
deb 4s
♦Income
120% 125%
113% 118%
*104
Harlem gold 3%s
2000 MN
y b
Lack A West 4s ser A...1973
4 Ha series B
1973 M N |y b
y bb
♦N Y L E A W Coal A RR 5%s'42 MN
♦N Y L E A W Dk A Impt 601943 J
J |y b
y bb
Price
Railroad & Indus. Cos. (Com.)
59%
aaa3
N Y
♦Non oonv
No. Low
Last
See a
NiO.
14,
Week's
Friday
Elig. a
Rating
STOCK EXCHANGE
Week Ended June 13
73
x
N Y A
{N Y New
High
N. Y.
Jan. 1
Peoria A Pekln Un
gold 4s...1949
Greenwood Lake 5el940
f*N Y A
Since
Asked
60 %
b
yb
NY* Erie—See Erie RR
N Y Gas El Lt H A Pow g 5S.1948
Purchase money
A
BONDS
Range
Friday's
Bid
Low
1951
1947
1955
1966
June
Bank
Range or
Sale
Railroad & Indus. Cos. (Com.)
N Y Dock 1st gold 4s
Bond Record—Continued—Page 5
Week's
Friday
4%
13%
13%
1%
5%
4%
8%
15
3%
7%
4
10%
17%
See
a
■-.rr.mnTTA-nr-^m^-r-v--n
I
Volume
3781
New York Bond Record—Concluded—Page 6
152
Friday
Bank
ISale
z
z
c
1
Shell Union Oil 3 Ms
X
a
2
2Kb s f debs
1961
Shlnyetsu El Pow 1st 6 KB—1952
♦Siemens A Halske deb 6KB-1951 M S
x
a
2
♦Silesia Elec Corp 6 Kb
1946 F
Slleslan-Am Corp coll tr 7s__1941
Simmons Co deb 4s
1952
z
debs...1954
3
3K
1
c
High
No. Low
2K
4
2K
24
3K
4
Last
See a
Price
Week Ended June 13
Sale
x
aa
S
y
ccc2
bbbl
97 K
97 K
98 K
53
94 K
99 K
Va A Southwest 1st gu 6s.-.2003 J
J y
lat cons 5a
1958 A O y bb
98
98K
14
97
98 K
Virginian Ry 3 Kb series A
1966 M S
x
aa
2
49
51
47 K
54
45K
I Wabash RR Co.—
{♦lBt gold 5S
1939 MN
z
b
{♦2d gold 5s
1939 F
A
z
1954 J
J
z
*
z
'
■
2
45
78
*14""
'
27
85
15K
25
84 K
"27
1
84 K
90
65
74
108K
108 K
108K
43
1
59 K
56 K
cccl
17K
13
20 K
50
30
49K
67
52 K
67 K
17
12
bbb2
103
103K
102 K 103 K
1941 J
J
1
x
bbb2
103K
103K
10
101K 104
{♦Des Moines Dlv lst4fl_.1939 J
J
z
cccl
*14K
105K
106K
30
103 K 107
♦Omaha Dlv 1st g 3Kb.-.1941 A O
{♦Toledo A Chic Dlv g 4«_1941 M S
z
cccl
9
9
12
7K
z
cccl
53
53
54
7
45 K
:♦ Wabash Ry ref A gen 6 Kb A '75 M S
♦Ref A gen 5s series B
1976 F A
♦Ref A gen 4 Kb series C
1978 A O
z
cc
1
12 H
11H
7K
14
cc
1
12K
UK
12K
12K
55
z
48
7K
12K
z
cc
1
12K
11K
12K
56
7K
12K
cc
1
12M
11M
12K
32
7K
.-J..
*103 K
"106K
b
aaa2
"l06K
106 K
103
104K
107K
106 K
104K
52
104K
15
104
102
102
22
101K 102K
♦Ref A gen 5b series D
Walker (Hiram) Q A W—
1980 A O
z
105K 107K
Convertible deb 4Kb
Walworth Co 1st M 4b
1945 J D
1955 A O
x
bbb2
y
b
*
3
aaa2
1951
bbb2
0
x
bbb3
A
1949
x
J
121
107 K
-
D
Southern Kraft Corp 4Kb—1946
Southern Natural Gas—
*1048n
106K 108 K
104K
48 K
120
119
....
50 K
108K
106
Southern Pacific Co—
D y b
50
101
37 K
53 K
48 K
Gold 4 Kb—
Gold 4Kb
1968
1969
y
2
b
2
bb 2
b
2
y
b
2
53 H
51H
51H
53 H
53 K
385
39 K
Gold 4 Kb
1981
y
b
2
2
53
51H
53 K
357
68K
65 K
68 K
363
39 K
48 K
57 K
55 K
55 K
55 K
72
1
85
84
85K
7
71
88
65K
68
57K
1949
y
1st 4Kb (Oregon Lines) A.1977
y
bb
34K
54 K
54 K
53 K
10-year secured 3Kb
1946
y
San Fran Term 1st 4s
1950
x
a
1955
y
67 H
1955
y
bbbl
bbbl
Southern Ry let cons g 5s.-1994
Devel A gen 4s series A... 1956
x
bbb2
92
y
bb
D
220
40 K
109
x
aaa3
*125~"
x
aa
2
109K
109K
107 K 109K
70K
Westchester Ltg 5s stpdgtd. 1950 J D
Gen mtge 3Ks
1967 J D
West Penn Power 1st 5s E..1963 M S
x
aa
2
112
112
110K 114
1st mtge 3 Kb series I
1966 J
West Va Pulp A Paper 3a... 1954 J
x
aa
2
110K
109K 111H
x
a
3
*103 K
110 K
104 K
220
57
81
82
57
75
85 K
87 H
51
79
84 K
89
83
83 K
9
78
86
77K
1
73 K
80
V<~
-
-
77 K
*111K
-
"107 K
cccl
32
Standard Oil N J deb 3s
x
aaa3
105
107
30
104 K
109 K 111K
112
i07K "37
32
22
105 K
62
104 K 109
26 K
106 K 108 K
107K
*
110K
124K 128 K
101K 104K
y
bb
3
x
a
2
103
k
"37
92
23
106
106 K
14
105K
*94 K
105K
99
103K
104
"30
82 K
14
27
23
O
x
bbb2
71 K
71 K
71K
42
62 K
Gen A ref 6s series C
O
x
bbb2
70 K
70 K
71
40
62 K
Gen A ref 5s series D
D
x
bbb2
40
62 K
Tex Pac Mo Pac Ter 5 Kb
A.1964 M S
x
bbb2
J y
ccc2
70 K
101K
3
75 K
75
74K
96 K 101K
85
15
1949 M S
Wheeling ALE RR 4s
17K
J
1955 J
53 K
22
50 K
66 K
48K
49K
10
46 H
52
*113K
114K
93
20 i
105K
93 K
105 K
103 K
103 K
3
52 K
52 K
*93 K
2
«
112K 115
9
1947
O
1960
J
aaa2
J»Wis Cent 50-yr lat gen 4s.. 1949
J
c
37
36 H
37 K
♦Certificates of deposit
{♦Su A Du dlv A f.er 1st 48.1936 Af N
c
35M
35K
36
28
cc
11
11
11
93 K
105K 107 K
104
103
92 K
4
Conv deb 3Ks
103 K 108 K
1979 A
1980 J
70 K
74
_
Registered
94
78
96
1977 A
101K
81
Winston-Salem 8 B 1st 4a
Gen A ref 6s series B
70K
81
102K 106K
102 K 106 H
aa
1943
Pacific 1st gold 5s..2000 J D
79K
bb
x
91K
81
bbb3
J
105K
2
Wilson A Co 1st M 48 A
195 3 V
F
5Kb A.1950
"l"06 K
b
108K 111K
88
94 K
5
aaa3
125K
*110K
HOK
125K
x
aaa3
75
2
aaa2
A
aaa3
83
aa
x
Term Assn St L 1st cons 5s„ 1944 F
bbb2
80 K
80 K
bbb2
15
x
29 K
2
71K
73 K
Wheeling Steel 1st 3Ksser B1966 M 8
101K
x
30 K
15
34
109K 113K
18
101K
x
15
39
78 K
2
102
2
O
31
26
76 K
2
2
aa
1965 M N
26
24 K
78 K
82 K
bb
bb
x
1H K
24 K
b
D
i960 M S
1951 J
...
105K 107
25
bb
y
105K
104 K
100
2
J
100 K 109
"111k
7
cccl
J
25
H2K
12
106
95 K
90 K
71
102
cccl
♦58 assented
1946 M 8
Western Union Teleg g 4KB.1950 MN
25-year gold 5s
30-year 5s
92 K
91 K
101K
105K
b
8
A.. 1946 M
105K
2361
103
105K
102K
■
ser
101K
aaal
2361
29
104K
-
:♦ Western Pac 1st 5s
bbb2
O
J
O
92 K
West Shore 1st 4a guar
104K
105K
-
Maryland 1st 4s....1952 A
bbb3
99 K 102 K
100K 101K
123 K 128K
104K
2
Texas A
*107 K
J
104 K
b
J
J
D
♦Westphalia Un EI Power 6a. 1953 J
With declaration
aaa3
z
Texas ANO con gold 5s
..1945'F A
1st A ref 5 Kb series A
1977 J
West N Y A Pa gen gold 4a.. 1943 A
103 K 106 K
x
"16 IK
Western
34
1953
Studebaker Corp conv deb 6s 1945
Superior OH 3 Kb debs
1950
Swift & Co 2Kb debs
1961 M N
J
J
Tenn Coal Iron A RR gen 68.195
A
1st 40-year guar 4s
65 K
aaa3
A
70K
aaa2
62 K
z
....1959
70
*65
34 K
aau2
94 K
x
Texarkana A Ft S gu
37
K
61
65
13
96 K
51K
32
56 K
*33
3
b
98
92 K
bbbl
90
1968
Texas Corp 3s deb
8s debentures
y
84
91
x
87 K
3
Warren RR 1st ref gu g 3 Ks.2000 F A
Washington Cent 1st gold 4s_1948 Q M
Wash Term 1st gu 3
Kb
1945 F A
77 K
95
55
56 K
34
12K
105K
y
57
^♦Spokane Internat 1st g 5s. 1955
2Kb debenture
*81 K
*94
6s debenturesi.~
1955 A O y ccc2
Warner Bros Plct 6s debs
1948 M S y bb 1
*♦Warren Bros Co deb 6a....1941 M S z cc 1
103
82 K
82
81K
82
2
104
18K
11
56 K
x
81K
aaa3
1961
44 K
92 K
bbb2
x
350
91K
60K
bbb2
x
1951
bb
x
So*western Bell Tel 3Ks B..1964
bb
y
54 K
61 K
2
2
2
y
1956
1956
1996
f g 4s
37
x
bbb2
s
17 K
16K
*62 K
x
Gen refund
61K
*46
x
1st A ref 3s series C
K
44
1
b
x
St Louis Dlv 1st g 4s
175
z
Southern Colo Power 6s A-.1947
Devel A gen 6s
106 K 108
♦1st lien g term 4s
♦Det A Chic Ext 1st 5fl
39 K
South Bell Tel A Tel 3KB...1962
3s debentures
1979
Devel A gen 6 Kb
Mem Dlv 1st g 5s
64 K
High
9
a
8 tamped
54 K
108 K HOK
72 K
aaa3
1st 4s
10
No. Low
89
x
So Pac RR 1st ref guar 4s
13
62 K
High
71X
x
4s registered
110K
89
Bocony-Vacuum Oil 3s debs. 1964
South A Nor Ala RR gu 5S..1963
4s (Cent Pac coll)
HO K
62
9
76 K
y
1950
1st mtge pipe line 4Kb
Asked
1
98K
Since
Jan. 1
A
Low
110 K
62 K
2
S
3K
Range
Friday's
Bid
Railroad & Indus. Cos. (Concl.)
Va Elec & Pow 3Kb ser B...1968 M
Va Iron Coal A Coke lat
g 5s. 1949 M
*2K
y
A
"•
Range or
Elig. A
Rating
N. Y. STOCK EXCHANGE
Since
Jan. 1
Asked
High
Low
Railroad & Indus. Cos. (Cont.)
HSeaboard All Fla 6s A ctfa.1935 F A
♦6s Series B certificates
1936 F A
SkeUy Oil 3s debs
A
BONDS
Range
•3
Friday's
Bid
Price
See a
Week Ended June 13
Range or
Last
Elig. A
Rating
BONDS
N. Y. STOCK EXCHANGE
Week's
Friday
Bank
Week's
♦Certificates of deposit
109 K
*108
aa
O
J
A
J
t*Wor A Conn East 1st 4Kb.1943 J
a
"~95
114K
27
37 K
26 K
36 K
7
13
7K
12K
110
*8K
cc
Wisconsin Elec Power 3 Kb.-1968
Wise Public Service 3 Kb
1971
114
116
*114K
2
12
108 K 110K
106 K 108
*4
cc
Youngstown Sheet A Tube—
960 J
Third Ave Ry 1st ref 4s
♦AdJ Income 6s
Jan
{♦Third Ave RR 1st g 5s...
960 A
937 J
O
J y bb
52
55
110
48K
65
15 X
17 H
353
14 K
24
1st mtge
100 K
100M
3
100
46 K
94 K
59
39
94 K
'60
x
"5
70 K
78K
104 K
94
11
105K
4
bbb2
Tol St Louis A West 1st 4S..1950
y
bb
45
*91 K
"
77
2
x aaa2
Tol W V A Ohio 4s series C..1942
3
Toronto Ham 4 Buff 1st g 4s. 1946 J D x a
M S x aaa3
Trenton G A El 1st g 5s
1949
J y bb 1
Trl-Cont Corp 6s conv deb A. 1953 J
„
m — "
104K
rn
94
105K
z
*8
23
A
z
*8
30
UJlgawa Elec Power s f 7s
945'M
S
y
J {♦Union Elev Ry (Chic) 5s.
945'A 0
942,F
z
cc
x
aaa3
x
aa
x
aaa2
x
aaa2
Union Oil of Calif 6s series A.
959
3s debentures
3
F
947 J
4s
J
947
4s registered
35-year 3Kb debenture.._
80
7
8
3
2
8
1 04233»
105 K 107 K
20 K
20 K
15
62
90
8
8
104"«107
104K
2
x
aa
105
17
101K 105K
111K
HI K
65
110K 114K
-»-
2
aaa2
980 <7
Ref mtge 3Ks ser A
HIK
2
aa
D
x
3Kb debs...
955 A
O
x
a
952 A
0
S
944 M S
y
b
953 M
y
bb
3
x
a a
a.?
U N J RR A Canal gen 4s...
i
r,
-
»
98K
105K
107K
3
United Drug Co (Del) 5s
United Biscuit
_
98
97 H
97 K
-
104 K
98 K
2
United Cigar-Whelan Sts 5s_
107 K
70
70
108
87 K
108
*99 K
87
>
M
~
16
110
96
100K
101 K
107
50
96 K
30
102 K
5
1
41
2
1
941 MN
x
aaal
May
1
942 MN
x
aaal
1
aaal
82K
108
aaal
1
x
aaal
e
sale,
Odd-lot
n
Under-the-rule sale.
{ Negotiability Impaired by maturity,
t The price represented Is
unit of bonds.
Accrued Interest payable at the
tion per 200-pound
the dollar quota¬
exchange rate of
$4.8484
J Companies reported as being In bankruptcy, receivership,
Section 77 of the Bankruptcy Act. or securities assumed by such
or reoreanlzed
under
companies.
*
Friday's bid and asked price.
♦
during current week.
Bonds selling flat.
No sales transacted
90 K
108K
100
100
iooK
IOOK
*100
x
Nov
942 MN
943 MN
943 MN
x
1
d Ex-Interest,
sale,
Bank Eligibility and
Rating Column—x Indicates
those bonds which we believe
eligible for bank investment.
*100
Nov
.May
8753
delivery
Cash sale.
A
Nov
75s
Deferred
a
r
104K 107K
65 K
76 K
100K
86
debentures—
625s
103 K
112K
United States Steel Corp—
Serial
96 K
98
94
13 K
1042%
75
1
x
970 AO
84-year 3 Kb deb
101K
t
104K 104 K
Onion Pac RR—
1st A land grant
s
*120
Jlf N
♦Tyrol Hydro-El Pow 7 Kb—1955
♦Guar sec s f 75
1952 F
101K 103K
53
48K
97 K
17H
46 n
y
953
1st 6s dollar series
17
101K
101K
3
Tokyo Elec Light Co Ltd—
Tol A Ohio Cent ref & imp 3 Kb
103
101
Conv deb 4s
16K
cccl
z
102K
...1948 M S x bbb2
2
f 3Kb ser D
1960 MN x a
54
'V
y
Indicates those bonds we believe are not
provision in the bond tending to make
or some
1.25s
May
1
944 MN
x
aaal
*100K
*J00K
*100K
1 376s
Nov
x
aaal
*100K
101 K
100 K
100K
May
1
1
944 MN
1.50s
945 MN
x
aaal
*100 K
1
945 MN
x
aaal
100 K
by the three rating
1
946 MN
x
aaal
100
102 K
1
x
aaal
102
100K 102
947 MN
x
aaal
*100K
947 MN
x
aaal
*101
948 MN
x
aaal
948 MN
x
aaal
949 MN
x
aaal
*100 K
2.10s
1
Nov 1
May 1
Nov 1
May 1
Nov 1
949 MN
x
aaal
*101K
2.15s
May
1
950 MN
x
aaal
100K
100 K
102 K
100K 103
100
103 K
2.20a
Nov
1
May 1
Nov 1
May 1
950 MN
x
aaal
102 K
102 K
102 M
100
951 MN
x
aaal
101K
x
aaal
101K
1C1K
101K
951 MN
100 K 104 K
100 K 104
952 MN
x
aaal
X
aaal
*100K
101K
101 K
952 MN
101K
bank eligible due either to rating status
lt speculative,
ately following shows
946 MN
*100K
101K
*101K
100 K
100
101
....Nov
101M
101K
101K
1 OOs
1.125s
1.625s
May
1 75s
1.80s
Nov
1.85s...
May
1 90s
1.95s
2.00s
2.05s
2.25s
2.30s
2 35s
z
100
J
101 K
101M
100K 102 K
101 K
101K
100
101H
majority of the issues bearing
Where all three agencies rate a bond
102
101H
103 K
103 K
Transactions
100 K 104
102 K
100
100* 103 K
101K
In default.
bearing ddd or lower are
the
at
York Stock Exchange,
New
Yearly
Daily, Weekly and
May
1
1
953 MN
X
aaal
*100K
2 50s
Nov
1
953 MN
X
aaal
*101
2 65s
May
1
954 MN
X
aaal
*100 K
2.60s
Nov
1
954 MN
X
aaal
*100 K
1
955 MN
X
aaal
951
z
951
z
28
33
33 K
Saturday.
183,930
$1,880,000
951
z
36 K
20
25
Monday.—
442,610
951
z
31K
947
z
31
20 K
20
33 K
Tuesday —
Wednesday-
33
Thursday—
825,780
536,960
564,320
97
Friday-----
4,455,000
7,572,000
5,639,000
6,086,000
4,992,000
Nov
......
May
2.65s
♦Un Steel Wks Corp5 Kb A..
♦3Kb assented A
♦Sec s f 6 Kb series
C
♦3Kb assented C
♦Sink fund deb 6 Kb ser A.
*icok
30
z
951
x
bbb2
944
x
a
Utah Power A light 1st 5b..
944
♦3Kb assented A
Vandalla cons g 4s
Cons B f 4s series B
1
x
bbb2
A
x
aaal
957 MiV
x
aaal
series A.. 955
F
100 K 104K
101K 103 K
100 K 104 K
102
104 K
20 K
33
102
30
32
947
United Stockyds 4Kb w w._
Utah Lt A Trac 1st A ref 5s.
21K
14
102 K
93 K
103K
16
102
103
103K
25
102 K 105K
92 K
103K
*110K
*110K
-—-
91K
-
1941
Total
Municipal
States
Bond
Bonds
Number of
Shares
.
United
Mis cell.
For'n Bonds
Bonds
State
Railroad A
Slocks
Week Ended
June 13,
443,580
104 K
110
109
2,997,180
Total.
111
110K
Sales at
New York
$30,624,000
Stock
$250,000
$2,160,000
370,000
28,000
11,000
4,853,000
512,000
561,000
58,000
6.258,000
623,000
35,000
6,744,000
Exchange
18,000
5,596,000
$2,902,000
$180,000
$33,706,000
Jan. 1 to June
1941
5,119,980
58,287,272
119,206,185
$180,000
foreign...—-—
Railroad and
Total
$1,434,000
3,853,000
22,727,000
<^9,209,000
75,315,000
922,368,000
$24,183,000
112,049,000
industrial -
—
$1,006,892,000
$791,497,000
2,902,000
30,624,000
$33,706,000
$28,014,000
See note
the column incorporated in this tabulation
pertaining to bank
13
1940
2,997,180
Bonds
Government
State and
8,095,000
586,000
1940
1941
Sales
$30,000
Week Ended June 13
Stocks—No. of shares
Attention Ib directed to
All Issues
symbol ccc or lower are In default.
100
2.45s
2.408
ratings assigned to each bond
agencies. The letters indicate the quality and the numeral immedi¬
the number of agencies so rating the bonds.
In all cases the symbols
the rating given by the majority.
differently, then the highest single rating Is shown.
will represent
A great
of reorganization.
in bankruptcy, or in process
this column are based on the
100K 102
OIK
*100K
101 h
Indicates issues in default,
The rating symbols In
eligibility and rating of hondB.
4
ahove.
655,265,000
New York Curb
3782
Exchange—Weekly and Yearly Record
June 14, 1941
NOTICE—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
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.
of the regular
In the
following extensive list we furnish a complete record of the transactions on the New
York Curb Exchange
beginning on Saturday last (June 7, 1941) and ending the present Friday
(June 13, 1941).
It is
compiled entirely from the daily reports of the Curb
Exchange itself, and is intended to include every security, whether
stock or bond, in which
any dealings have occurred during the current
year.
for the week
Friday
tiaies
Last
STOCKS
Par
Week's Range
for
Sale
of Prices
Price
Low
High
Range Since Jan. 1, 1941
Shares
\6A
Supply Mfg—
Class A
6*
J)_.l
new conv
pref
Warrants...........
Alabama
Ot
Jan
Jan
200
Bell Tel of Canada
4X
June
Jan
9*
600
100
9A
1
Juna
1*
Benson A Hedges com..
Conv preferred
Apr
GA
GX
■12X
1A
Feb
25 A
*
20
*
he
500
*
Southern..60
Alabama Power Co $7 pf-*
S0 preferred...
109'
98
99
Mar
103
Mar
A
May
Mar
May
200
15*
160
22
22
120
118* 120
113*
13*
14
112
68
..100
95 *
American Beverage oom-.l
American Book Co
100
~26X
69
700
850
05
95*
150
26*
"250
4*
4*
500
93
24 A
4
Amer
10
200
A
9
26
Class A with warrants.26
Class B
1
18*
19*
26
0% preferred..
25
Amer Mfg Co common. 100
Preferred
100
Amer Maracalbo Co
1
Jan
Feb
June
British Amer Oil Co
British Amer Tobacoo—
26 A
Feb
X
May
X
Jan
35
Jan
38 A
88
Jan
Feb
16*
1 5*
16*
1,400
15A
Apr
19A
Jan
11
11
24*
107*
24 X
25 A
American Republics
10
8eal-Kap common
2
Am Superpower Corp com •
1st $6 preferred
*
$0 series preferred
*
100
A
9A
2,500
23 A
375
105X
2*
2*
100
2A
25 A
29
26 X
200
25X
13*
Apr
Feb
20
Jan
Feb
21
Mar
13*
700
28
400
21
50
28
"~A
A
29X
"GA "~7H
3*800
""*
""A "~ht
25
'4*666
A
29
300
X
29
June
Apr
4
2A
100
3A
3
400
2X
2
600
IX
300
'he
160
103 A
300
1
9
104 A 105
1A
IX
1A
IX
6A
81A
6A
85
"ga "ga
6
1
1,300
4
A
5
ht
Apr
12
Jan
May
Apr
105
June
1A
1A
8A
Apr
Jan
Jan
June
June
8 A
Jan
5A
Jan
6 A
June
"466
800
Apr
96
Jan
Mar
100
4 A
Apr
6X
Jan
June
11A
May
Mar
3
Mar
Jan
h*
Jan
A
Jan
Feo
IX
Jan
1
IX
Atlanta Birmingham A
Coast RR Co pref... 100
2X
3
1,800
Jan
108
Apr
2A
Corp warrants......
Atlas Drop Forge com...6
Atlas Plywood Corp.....*
3 A
*1.
6*
Auburn Central Mfg.....*
IX
3*
Avery (B F) A Sons oom.6
0% preferred w w
25
0% preferred x-w
26
14*
3*
1*
3*
3*
14*
ht
200
May
5A
Jan
13 A
May
2 A May
1A
600
1
Mar
~28%
4
7% preferred
30
Baldwin Rubber Co com.l
Bardstown Distillery
4*
.
Mar
May
Jan
17X
Jan
10
Jan
0%
preferred
7%
preferred
300
1,400
2,900
34*
5*
100
150
Mar
May
A
Jan
A June
30 A
8A
Feb
4X
Apr
Apr
Feb
8A
25
31A
Jan
5A
Apr
7A
Jan
FeD
32
37 A
Mar
GA
Jan
Apr
Name
changed to
Barbon Corp
1
Barium Stainless Steel
Barlow A Seellg Mfg—
$1.20
1
conv A com
2%
A
6
Basic Refractories Inc
Baumann—See "Ludwlg"
Beau Brummell Ties Ino.-l
Beaunlt Mills Ino com.. 10
$1.60
conv
pref
For footnotes
<£
--
1
20
see
page
5
2A
2A
500
»i»
Jan
X
A
2A
900
May
X
Apr
1A
Jan
A
9A
200
9
3787.
9A
Jan
GA
1
Jan
4X
Mar
4 A
Mar
12 A
Jan
11
May
7A
Jan
A June
5
14 X
IX
Jan
150
35 A
June
10
Conv preferred
Conv pref opt ser
Feb
Apr
Feb
3
Jan
A
60*
Mar
12*
June
May
June
12*
May
10
100
18X
8
Jan
31
Jan
Apr
13 X
750
IX
June
200
A
A
41A
Jan
Jan
Apr
June
8*
Jan
*
Jan
15*
Feb
18* June
2*
Jan
Feb
IX May
May
Mar
10
Mar
38
Jan
1*
Jan
May
IX
12 A
1,100
100
A June
11A
Jan
13
42X
100
30 A
42* May
12A
17
17X
93
93
93
10 A
10
10A
1,900
A
100
Feb
1*
Mar
Apr
1,500
17
June
50
93
June
19*
99*
Mar
Feb
May
12*
Mar
9X
"ie June
1
Jan
X
June
May
*
Feb
A
12X
IX
JaB
A
A
A
Feb
*
Feb
>11
Feb
*
Feb
100
8A
Apr
300
IX
May
1*
Jan
3*
Jan
3 A
Jan
14*
12X
IX
2%
2X
2X
Apr
18*
2a
May
5
Jan
Jan
16
Mar
100
13
14
May
Jan
1*
Apr
1*
1*
May
1*
Jan
Jan
114 *
A
hi
Feb
117*
Apr
1,200
Mar
*
Mar
8A
8X
50
8*
Feb
"u
9
1A
IX
1,300
"11
Jan
1* June
1A
7
38
Jan
38
1
39
Jan
May
113
Apr
10
106
June
110*
10*
6*
Feb
A
GA
8
1,000
6 A
100
7A
Apr
6* May
5*
3A
*3 A "3
A
i",300
2*
107
106
9X
40
107
9X
25
100
10*
1,300
""*60
96
82*
100
•
Apr
May
Apr
*
*
5*
46
116*
13*
100*
95
Mar
Jan
Apr
Jan
10
Feb
116*
Jan
Jan
Mar
Mar
Jam
he May
Feb
hi
*
375
*
May
50
*
May
*
100
*
May
*
Mar
3*
"4 A
A
2*
*
*
1,500
3*
Apr
4*
Apr
3*
Feb
Mar
4*
5*
14*
Mar
4*
110*
Jan
1
1
'29.100
•
Jan
134
June
*
100
60c preferred B
Feb
3A
Jan
100
Chief Consol
Mining
1
Childs Co preferred
100
Cities Sendee
oommon..10
$6 preferred
•
Jan
Apr
8
*
Apr
9* June
110
*
Jan
20
Feb
35*
106
"87A *88*"
Jan
8
June
4
40
Jan
May
Apr
17
__100
Charts Corp
oommon...10
Cherry-Burrell common..5
Chesebrough Mfg
25
Chicago Flexible Shaft Co 6
Chicago Rivet A Mach...4
Apr
Feb
110
7
•
Cessna Aircraft Co
1
Chamberlin Metal
Weather
Strip Co
5
7*
35
120
106 A 106 A
•
•
Jan
200
111X
110
10
$0 preferred BB
4
Jan
IX
40* May
"""766
•
Cent Hud G A
Ecom__
3A
4*
39 A
16 A
*
Cent Maine Pow
7% pf 100
Cent N Y Pow
5% pref. 100
Cent Ohio Steel Prod
1
Cent Pow A Lt
7% pfd 100
Cent A South West
Utll 60c
Cent States Elec
00m..
1
4A
A
Feb
•
$7 dlv. preferred
1st partlc pref
Feb
Jan
30
Apr
IX
....•
Mar
4*
4
34*
5*
May
Jan
4A
Apr
7
..26c
Catalln Corp of Amer
Mar
Jan
1
x24 A
Carrier Corp common
.1
Carter (J W) Co
oommon. 1
Casco Products
*
May
30
*""466
IX
Carnation Co common.._*
Carolina P A L $7
pref...*
$0 preferred
2A
28*
27
Carlb Syndicate
8A
12 A
10
"I A
Apr
A
15
16 A
Celanese Corp of America
7% 1st partlc pref... 100
Celluloid Corp common. 15
Jan
7X
10
2
Capital City Products
100
100
Jan
•
Carman A Co class A
Class B
000
*
June
A
....I
3 A
30*
8A
11*
7X
Canadian Industries Ltd—
7% preferred
100
Canadian Marconi
3*
14*
30*
Feb
Apr
10
1
May
Jan
100
*
30 A
5A
7A
7% partlc preferred...25
May
108 X
May
400
Tobacco—
Ayrshire Patoka Collieries 1
72
3A
3*
100
3,100
Canadian Dredg A Dock.*
Canadian Indus Alcohol—
Class A voting
•
Castle (A M) oommon
23 A
4
Jan
•m
16
Warrants..
Jan
Apr
200
GX
15
Jan
Jan
17
Atlas
A
Jan
05
Atlanta Gas Lt 0 % pref 100
Atlantic Coast Fisheries.. 1
Atlantio Coast Line C0..6O
Atlantic Rayon Corp
1
2,100
10,500
Camden Fire Insur Assn..6
Canada Cement Co Ltd..*
Canadian Car A Fdy Ltd—
Class B non vot
Feb
Jan
Jan
Jan
4A
60c
Can Colonial
Airways
7A
200
*
Purch warrants for 00m.
Jan
he
Assoc Laundries of Amer *
Assoc Tel A Tel class A..*
*
2X
6 A
3
1
Babcock A Wilcox Co
Baldwin Locomotive—
Jan
79 A
1
10
Jan
June
Mar
8A
10 A
Cables A Wireless Ltd—
3A
1
2X June
X
3A
5
*
6A
""166
11A
Bunker Hill A Sullivan 2.60
Burma Corp Am dep rets
Burry Biscuit Corp_.12*c
Cable Elec Prod com
60c
Vot trust ctfs
Jan
May
X
30 X
10 A
60
Buff Niagara A East Pow
$1.00 preferred...
26
$6 1st preferred
*
Jan
7
Apr
A
Am dep 5 A
% pref she £1
Calamba Sugar Estate..20
Calllte Tungsten Corp
1
110
(Associated Gas A Eleo—
Class A common
8
Buckeye Pipe Line
Jan
10X
Assoc Breweries of Can..*
Axton-Flsher
IX
Apr
38 A
Feb
Distillers. 1
Jan
Feb
100
Associated Elec Industries
Amer dep rota reg
£\
Automatlo Products..
6
Automatic Voting Mach..*
X
Apr
1
Jan
May
3A
00
Mar
Jan
Jan
7 A
Mar
1*
A
Jan
May
66
Feb
May
Apr
June
X
32 A
Apr
A
3
•
28 X
23 A
84
Feb
6A
1
$6 preferred
Jan
60
4
15A
Apr
Mar
42 A
10
Class A
Feb
Apr
17X
79X
"766
"ix
11X
Jan
Mar
400
TA "2
$0 preferred
*
Brown Rubber Co com___l
Bruce (E L) Co common..6
Bruck Silk Mills Ltd
*
1 GA
27
Arkansas Nat Gas com
*
Common ol A non-vot..*
Common
Brown Forman
15 A
50
27
A
39 A
(Brown Co0% pref
100
Brown Fence A Wire 00m.1
Class A preferred
•
Jan
160
May
5X
A
"""56
Am dep rets ord reg..10s
British Col Power cl A
*
Jan
600
18 A
33
Jan
28
Am dep rets ord bearer £1
Am dep rets ord
reg
£1
British Celanese Ltd—
Feb
18
29
Mar
♦
3 A
20 X
21
100
Arkansas P A L S7 pref
Aro Equipment Corp
U3X
17
..1
Art Metal Works com
Ashland Oil A Ref Co
Jan
20 A
13
Apex Eleo Mfg Co com
*
Appalachian Elec Power—
6% preferred
Jan
Jan
29 A
33
American Thread 6% pf—6
Anchor Post Fence
2
4*% preferred
he
12 A
80 X
June
106 X 107 X
_.
AngosturarWupperman
Mar
Apr
May
May
May
Jan
IX
•
28 A
31
Jan
Mar
30
•
Jan
"160
7 A
"l
"i~A
100
May
»i«
A
38*
May
8
8A
10X
*
16 A
16 A
125
Feb
June
100
preferred
Apr
A
5X
6 A
A
8X
Jan
34 X
~36*
4
1
Jan
Apr
700
1
X
A
4
20 X
200
200
Brlllo Mfg Co common...*
Class A......
..._*
"5,700
Amer Meter Co
*
Amer Potash A Chemical.*
A mer
Jan
38
Amer Hard Rubber Co..60
Amer Laundry Mach
20
com
68*
Apr
36*
10
Amer General Corp com 10c
S2 conv preferred
—1
$2.60 conv preferred
1
Amer Lt A Trac
*
Class B
7%
Feb
200
35
~~2X "2 A
100
Brill Corp class A
Jan
Mar
38
Cynamld class A.. 10
preferred....100
7% 1st preferred
$5 2d preferred
Brazilian Tr Lt A Pow
Breeze Corp oommon
Bridgeport Machine
May
li«
Mar
13 X
4,300
Jan
8X
1A
6
Jan
IX
Mar
40 A
GA
*36
Brewster Aeronautical... 1
Bridgeport Gas Light Co.*
11X
Jan
Apr
*
00m
A
Class A—
4*%
May
03
Jan
May
GA
25
Jan
6X
Jan
10
.»
Amer Export Lines com__l
Amer Foreign Pow warr
Amer Fork A Hoe com
*
American Gas A Eleo
10
Jan
Mar
10c
...—*
n-v
Apr
A
35
Jan
X
13X
37
100
Preferred
Centrifugal Corp.—1
Class B
99 A
Apr
May
A
Amer Cities Power A Lt—
Amer
Jan
Apr
Apr
Class A common....10c
.
75A
Jan
7u
Amer Box Board Co com.l
American Capital—
.
Fei.
May
27 X
84
25
15A
A
Jan
Jan
50
IX
Bourjols Inc
Bowman-B lit more
Mar
39X
14X
A
34 X
•
Jan
Jan
Jan
Apr
3 A
7% 1st preferred
Borne Scrymser Co
Jan
18 X
7 A
Jan
5A
111
X May
10* May
oommon
A
116
28 X
32
60
7X
24 A
GA
•
155
Mar
96
210
com
Blumenthal (8) A Co
Jan
12
A Machine Co
Blauner's
Bohack (H C) Co com..
May
2X
High
Apr
May
May
May
11*
11*
39X
Apr
4A
111X
•
$2.50 preferred...
Birdsboro Steel Foundry
Apr
May
May
May
900
Bfckfords Inc common
a
16
200
3X
Berkey A Gay Furniture. 1
14 A
22 A
Low
4
4,000
1,000
»
1
Apr
19
3
Range Since Jan. 1, 1941
Shares
99 A 100
30
30
1
2
6 A
17X
100
Bliss (E W) common
Blue Ridge Corp 00m
$3 opt conv pref
16 X
115
1,350
95
Feb
18X
75
25 *
May
X
Feb
6X
Aluminium Ltd common.*
2A
14
4
112*
.
Apr
111 A
Jan
15*
6% preferred
100
Aluminum Goods Mfg—*
Aluminum Industries com-*
.
88
Jan
94 X
2 A
Altorfer Bros com....—
Common class B
Jan
103 A
x
3X
6 A
....
20
-*
Aluminum Co common—
S3 preferred
Jan
170
*
Allied Products (Mich).. 10
Class A conv com
25
S6.60 prior pref
Mar
1A
99
Alles A Fisher Inc com—.*
6% preferred
Jan
Apr
75 X
107"
108*
All lan celn vestment—..
Allied Intl Investing—
S3 conv pref
1
22 A
May
GA
18X
1
Feb
5A
Jan
Week
1
600
5*
9*
1*
com...2
new
Aircraft Corp
4 *
5*
4*
Alnsworth Mfg common..6
Air Associates Inc (N
Beech
21A
1
Air Investors
Jan
for
of Prices
Low
High
Price
Par
20
Week's Range
Sale
High
Mar
Sales
Last
Bell Aircraft Corp com
Bellanca Aircraft com
—1
.
Class B
STOCKS
(Continued)
Low
Acme Wire Co common-10
Aero
Friday
Week
3 A
11* May
87
61A
88
61
7 A
350
87
61A
300
60
7A
200
June
Apr
6 A
4
5A
4
54 A
GA
375
4X
2,000
57
700
June
*i«
57
7A
5A
3*
4*
48
June
Feb
Feb
June
Feb
Jan
Jan
Jan
73*
Jan
10
Jan
Jan
48
Jan
Jan
Mar
*
Jan
10
Jan
6*
69*
6*
Jan
70
Jan
Jan
Jan
Volume
New York Curb Exchange—Continued—Page 2
152
Sales
Friday
STOCKS
Last
Par
Week's Range
for
Sale
{Continued)
of Prices
Low
High
CitiesServ P4LJ7 pref.*
S6
preferred
*
—
*
City Auto Stamping
....
Range Since Jan. 1, 1941
Shares
Low
1
*
Cleveland Tractor
Cllnchfleld Coal Corp.. 100
Club Alum Utensil Co
»
Emerson Eleo Mfg
102
Mar
Empire Dlst El 6% pf 100
Empire Gas A Fuel Co—
Feb
5K
Mar
5K
'""266
15K
1,500
K
5K
Jan
May
Feb
6%
Jan
6K%
Jan
7%
8%
May
m
"36""
Jau
6K
June
he
6K
Jan
15%
'38"
♦
oom
"""356
36
35
17
K
8
May
Jan
41
4K
4K
100
3K
Apr
5K
Jan
2%
~~2H
2K
1,100
1,500
2K
Jan
3
Feb
2K
Jan
1
1
June
8
Jan
Cockshutt Plow Co com..*
Colon Development ord
conv
Colt'
1%
K
warr.
Patent Fire Arms.25
2H
75K
2K
2%
75K
Jan
IK
Mar
May
May
4K
May
4K
Jan
Apr
82 K
Jan
200
£1
Colorado Fuel A Iron
Mar
9
4K
IK
preferred
2.100
50
2
70K
Columbia Gas A Eleo—
5% preferred
100
1
Columbia Oil A Gas
56 %
56K
56%
50
63
Feb
60 K
Mar
IK
IK
IK
79,500
1
Feb
IK
June
hi
hi
1
1
18K
100
10 K
10 H
50
*
*
preferred
1
Consol Biscuit Co
Consol GELP Bait com.*
4K% series B pref
4% pref series C
' *
2
2
57%
■
2
1
700
160
"800
Consol Mln A Smelt Ltd..6
Stores.*
67 K
95
Mar
70
Feb
95
Mar
68
Feb
97
Mar
preferred
100
92 K
92%
72
Jan
95K
Mar
21K
Apr
5K May
22 K
Mar
Empire Power part stock.*
Emsco Derrick A Equip..5
Equity Corp
S3 conv preferred..—
1
Ever-sharp Inc
6K
6%
Fairchild Eng A Airplane.1
Falataff Brewing
1
Fanny Farmer Candy
Fansteel Metallurgical
85%
10
Jan
~~6~%~~6K
1,100
575
200
hi
K
Jan
Apr
20 K
IK May
Mar
3K
Jan
Mar
28 K
Jan
13
June
800
7K
May
10 K
2K
6K
21K
8
2,800
2K
Apr
4K
Jan
200
5K
7
Jan
300
6
7%
500
7
19
2K
7K
2K
6K
21
7%
June
825
58 K
111K
8
300
1
»
Apr
Feb
Jan
May
May
119M
Feb
110K
IK May
21% June
IK
Mar
Jan
Feb
Feb
85
June
'""700
200
1
500
9K
73
Mar
Mar
1,100
10
Jan
25 K
3H
105
Jan
Jan
Feb
Jan
Jan
Apr
IK
Jan
8K
Jan
Conv parti c pref
8%
18%
K
Feb
300
100
Feb
Mar
8K May
May
May
9K
Mar
18
20 %
Jau
Apr
Feb
37
June
conv preferred... 100
50
Mar
57
June
Gamewell Co S6 conv pf..*
Gatineau Power Co—
90
Jan
95 K
May
52
65 K
Apr
K
K
May
June
Feb
12 K
May
May
4%
6% preferred
...100
100
1
General Alloys Co
Mar
4
Gen Flreprooflng com
»
12K
80 %
13K
83
300
Gen Gas A El $6 pref B._*
30
Apr
37
Jan
General Investment oom.l
K
K
100
"25K ~26K
preferred A
*
Cosden Petroleum oom..
5% conv preferred
Feb
SK
K
86K
86%
10
1
IK
IH
Jan
70
Jan
100
K
4%
50
Jan
Feb
June
Jan
Mar
% June
1% May
K
Apr
8
Courtaulds Ltd—
Adrs ord reg
5
Crocker Wheeler Eleo
2H
15K
15
16M
3,000
•
4%
4%
1
K
he
4,500
Crowley, Mliner A Co
♦
Feb
2K
Feb
12%
Mar
17%
May
100
Croft Brewing Co
Crown Cent Petrol (Md)_6
IK
Crown Cork Internat A..*
4%
Crown Drug Co com...25c
7%
conv
preferred
:
1-';
1K
4%
'1 f
preferred
Cuban Atlantio Sugar
Jan
200
May
May
100
4%
100
6
*
7%
1,300
6K
500
1
~9%
35
Class A conv..
Decca Records oommon__l
7%
9 K
9%
25/25H
6
K
Feb
Jan
400
Detroit Gray Iron Fdy
May
Glen A!den Coal
June
Jan
12
Jan
7
Jan
3K
Mar
1%
Feb
2K
50 K
Mar
K
June
107
Mar
Jan
IK
300
IK
Jan
Feb
2%
100
1%
Jan
(Detroit Paper Prod—.1
lie
16
400
Detroit Steel Prod——.10
hi May
17
May
11
Diamond Shoe common..*
2 Hi
Llauors
Apr
10
.—.10
May
IK
Dlvco-Twln Truck oom..l
6%
7
800
Dobeckmun Co common. 1
Mar
5%
Feb
3K
May
Dominion Steel A Coal B 25
*
4%
4%
64%
64%
28
64%
29
100
30
150
"2 %
100
Duke Power Co
"2% "2%
73 K
"460
2K
72 K
400
»u
Jan
Jan
11
Apr
12 K
IK
7
Duval Texas Sulphur....*
.10
~8K
*
5K
Jan
6
Jan
76
Jan
Feb
30
June
111
Jan
Apr
3
Jan
Jan
Jan
7K
May
10 K
Jan
IK
May
Jan
Jan
1,200
IK
800
4K% prior pref—100
6% preferred
100
"32K "34""
'"900
Eastern Malleable Iron..25
Eastern States Corp
*
57 preferred series A
*
Easy Washing Mach B
'"%
•
13
13
2
K
2
K
125
3
300
Economy Grocery Stores.*
Elec Bond A Share com..5
preferred..
—..*
preferred
*
Elec P A L 2d pref A
~~2K
51 K
mm2H ~~2K
51%
58%
"6:208
1,200
*
SO
Option
56%
Jan
Elgin Nat Watch Co.
56%
3,400
60
*16
*18
100
*
112K
5%
preferred...
Hartford Rayon v t e
"55"
Harvard Brewing Co
Apr
Apr
15K
Apr
15 K
Mar
Mar
May
3K
Jan
Jan
12% May
4K
Jan
65 K
70
Apr
13
Jan
Apr
Feb
1
U%
U%
100
11%
Feb
12 K
Jan
28%
29
150
27K
May
32 K
Mar
3787
7%
7%
June
11K
June
25 K
June
99
Mar
100
14K
Jan
ht
;>
Jan
25 K
IK
Apr
24K June
JaD
200
June
4K June
35 K
5
Jau
100
500
3K June
6K
Jan
Jan
Fen
Apr
105
Feb
132
K
Jan
100
36 K
May
42
100
7%
June
10 K
Jan
Mar
IK
K
Apr
175
97
35
5,400
29
Mar
109
30
109
Mar
10
111K
Jan
Mar
112K H2K
5
5K
20 K
55
21 %
55
500
350
10
500
Apr
K
Mar
34
4K
6
—*
oom..6
17K
18
Corp
6% conv preferred
IK
Apr
Jan
Mar
35K May
Feb
110K
115
:
Jan
2K
8K
Mar
4K May
Feb
25K
Jan
20
54%
K
IK
ex-warr
700
300
200
50
5K
25o
Helena Rube ostein
*
Clan A_.
——*
Heller Co common......2
Hecla Mining Co
w w.
IK
May
May
Apr
4K June
17
May
IK
5K
1,200
4
K
9
"T
~"~8%
400
65
"u
Jan
Jan
Jan
IK
Mar
5K
Jan
26 K
2
Jan
May
12
Feb
Jan
Jan
10K
26 K
Jan
26
Jan
5
Feb
26
26
5
Holophane Co oommon..*
Horder's, Inc
*
Hormel (Geo A) A Co com*
Horn (A C) Co common.. 1
Horn A Haedart Baking..*
Horn A Hardart
*
5% preferred
—100
Hubbell (Harvey) Inc....5
Humble Oil A Ref....—*
Hummel-Ron Fibre Corp 5
Hussmann-Llgonler Co... •
Huyler'e com
......1
V t c for 1st pref
1
Jan
Jan
6H
Feb
25
4
K
Apr
Apr
Feb
10
85 K
275
65 ,'
9
8K
200
8K
14K
14%
50
UK
32
32
50
100
76
Apr
25
9K May
7K May
—.25
Henry Holt A Co part A..*
Hewitt Rubber common..5
Mar
Fee
20
8K
•is
37
7K
B non-vot common.... 1
Bollinger Consol G M
12K
12 K
2K
11%
May
America—
Hearn Dept Stores
Preferred
IK
3K
625
99K
K'
Jan
IK
3K
1
!
13 K
16
For footnotes see page
Mar
Jan
2K
Gulf States UtU 15.50 pf.*
Apr
May
May
7%
Mi
9
June
Feb
109
34 K
Hey den Chemical..
10
Hoe (R) A Co clan A... 10
•at
ZK
600
1
25
Gypsum LlmeAAlabastlne*
Hall Lamp Co
6
Preferred
Mar
May
May
19 K
200
Grocery Sts Prod oom__25c
Hazel tine
Mar
Jan
z3H
7% June
Feb
8K
IK
7K
Jan
7K
warrants..
Eiectrographlc Corp
*
42
*i«
IK
24 %
25K
4K
37
.25
Greenfield Tap A Die
May
2
50
6K
49
128K
June
51 %
56 %
Jan
K
30
May
Apr
Mar
Apr
12,200
99
3K
68 K
'""2OO
"~K
*
86 preferred series B
3K
11
K
Mar
5
6
IK
48
32
100 %
TOO
hi
Non-vot oom stock....*
Hammermlll Paper.....10
East Gas A Fuel Assoc—
Common
10
Hartford Elee Light....25
IK
7K
6K
Jan
5%
4K
JaD
76 %
100
Mar
UK
24 K
Mar
May
Apr
K
7K
8K
Mar
110
25%
25K
Gray Mfg Co
Great Atl A Pao Tea—
56
Apr
43
Jan
11
*
(Guardian Investors
2.*
10 K
Apr
May
50
Mfg common.. 10
preferred..
Gulf Oil Corp
May
Mar
K
7%
8%
IK
K
May
94
Grand Rapids Varnish..
Jan
ci B com *
Duro-Test Corp oommon.l
Eagle Ploher Lead
S3
Gorham
Apr
May
200
74
May
Jan
108
98
25K
11%
*
IK
2K
June
21K
110
preferred.......100
Dublller Condenser Corp.l
4%
61
61
Mar
60
Gorham Ino elass A
Hat Corp of
Driver Harris Co.——10
June
40
♦
18K
Dominion Bridge Co Ltd.*
....
preferred
June
De Vllbiss Co common.. 10
preferred
57
Gt Northern Paper
May
IK
45
50
7% 1st preferred..—100
10
Mar
250
7%
7%
Greater N Y Brewery....1
36
Jan
•ii
90
,6
June
Apr
2 %
•
Apr
IK
K
45
5%
Class B_
Goodman Mfg Co
Mar
Apr
Jan
Jan
31
41%
108%
.....*
7K
28
17 H
180
•
May
Feb
100
K
Goidfleld Consol Mines.. 1
Mar
18
48'
*
May
8K
18
preferred
7K
June
Jan
55
Preferred
Jan
6%
Jan
55 K
83
10K
41K
107
Gilbert (A C) oommon—•
IK
20
Feb
May
Apr
Jan
Jan
Jan
*101K
Godohaux Sugars elan A.*
Feb
1
52 K
77 K
23
1
7K
29%
Det Mlob Stove Co oom._l
S5
46 K
—...*
8
1
20
1
S3 preferred
Jan
35
20
""26
200
Gladding MoBean A Co._»
99%
K
May
Jan
Apr
Mar
91
Jan
K
Georgia Power S6 pref—.*
Gilchrist Co
8
1%
IK
Gen Water G A E oom
Jan
3%
4K
16 K
Jan
40
K
100
Apr
24
"""106
6% preferred A
K
Jan
May
J&°
Jan
General Tiro A Rubber—
Feb
Mar
54
53
1
Apr
Apr
*
w w
Durham Hosiery
Common
22 %
Mar
IK
IK
General Shareholdings Corp
Mar
90
...100
Detroit Gasket A Mfg
7%
54
40
*
May
100
3,200
7
SO prior pref.........60
Draper Corp
Gen Rayon Co A stock
2K
Feb
May
"i% "in
Derby Oil A Ref Corp oom*
A conv preferred
Jan
%
1%
2%
"ok
..1
Dejay Stores.
Dennison Mfg ol A oom..5
8% debenture
6
18K
6%
Davenport Hosiery Mills.*
Dayton Rubber Mfg
5%
7
Darby Petroleum oom—5
Distilled
.*
4K
IK
Jan
1%
6
Curtis Mfg Co (Mo)
7%
preferred..
Apr
1
Curtis Llght'g Ino oom 2.50
0% preferred
S6
Gen Outdoor Adv 6% pf 100
Gen Pub 8erv S6 pref..—*
Feb
«i»
hi
6%,
May
%
20 %
5
Cuban Tobacco oom
3%
V
K
1%
25
*
...10
Crystal Oil Ref oom
56
Amer dep rets ord rcg.£l
56 conv preferred...... •
£1
stock
Creole Petroleum.
Jan
Gen Electric Co Ltd—
Jan
ri6 June
Jan
Feb
K
28
Jan
1
23
Jan
75
Jan
4%
11
Apr
K
37
♦
8H
100
Apr
36
S3 conv stock
II
1,500
Apr
11%
Feb
11%
hi
IK
Jan
34
May
5K
Jan
May
'""125
May
9% June
1
June
69
129 K
Feb
49
7
6%
19
Apr
46
Fuller (Geo A) Co com___ l
400
hi
Jan
22 K
49
Mar
98
8%
18%
1
250
5H
Jan
8K
17
1
16
Common
Fruebauf Trailer Co
9K
5%
Jan
10 %
May
19
7%
*
25 K
Apr
IK
7K
Cornucopia Gold Mines 6o
Jan
May
10 K
10K
9K
Corroon A Reynolds
Jan
Froedtert Grain A Malt—
1%
55%
1%
5%
129
*
Copper Range Co
3
May
19K May
""% ""%
Class B voting
..*
Fox (Peter) Brewing Co..6
Franklin Co Distilling
1
2K
126
1
10 K
Jan
115
.
129
£1
2
%
33%
Mar
Mar
7
*
*
Jan
Apr
21 %
2
Cooper-Bessemer
S3 prior preference
8
50
Cook Paint A Varnish
com
Feb
Ford Motor of Canada—
%
6%
%
15K
2K
22 K
(Phlla).lO
Gellman Mfg Co oom
1
2K
1
13K
1,000
85%
15
22 K
..1
May
Continental Oil of Mex—1
Roll A Steel
15
50
300
1
oom
Falrchlld Aviation
10K
Continental Gas A Elec Co
100
7
he
...1
Eureka Pipe Line com..60
Jan
3
7% prior pref
7
common.. 10c
%
Consol Royalty Oil
Cont
110
175
May
100
preferred
June
June
200
Florida P A L S7 prof
Ford Motor Co Ltd—
1
8%
K
92
Fire Association
—100
10
Consolidated Steel Corp.*
Consol Retail
90
200
91 %
91
Jan
100
58%
Apr
90
91 %
Jan
900
116% 118
80
85
90 K
Feb
hi
2
105
57 K
100
100
Consol Gas Utilities
1
4
90 K
24%
Jan
June
%
33%
1
Feb
100
Class A non-vot
S3
High
2
100
June
»u
1
Conn Gas A Coke Secur—
Conn Telep A Elec Corp—1
Low
1,300
—.100
Am dep rets ord reg
1
4%
preferred
18%
100
100
18%
Compo Shoe Mach—
Common
90
Range Since Jan. 1, 1941
High Shares
preferred..
preferred
K
Warrants
Community Pub Service 25
Community Water Serv..1
Low
4K
4
*
Feddere Mfg Co....
6
Fed Compress A W'h'se 25
Flat Amer dep rets
Commonwealth A Southern
Commonw Distribution.. 1
V t c ext to 1945
Price
Esquire Ino
Cohn & Roaenberger Inc.*
6%
Week
Par
Mar
Tsh
Clayton <fc Lambert Mfg..4
Cleveland Elec Ilium
for
of Prices
104
he
15K
Week's Range
Sale
High
*89 K
Claude Neon Lights Inc._l
Last
Mar
89
City A Suburban Homes 10
Clark Controller Co
STOCKS
(Continued)
'
'""600
6
5%
Sales
Friday
Week
Price
3783
Mar
9
Feb
13 K
Jan
85K
June
900
Feb
May
10 K
Jan
9K
Apr
Jan
15K
Apr
Apr
Apr
13
Apr
31K
33 K
Feb
2K
Mar
2K
Feb
"25* "May
8K
8
31K
114K
Jan
Apr
8
13
2K
2K
113K
16
60 K
16
200
60
61
4,200
5K
5K
600
Feb
June
16
52 K
18
Jan
Apr
63
Jan
5K May
6K May
%
4
6K
7K
hi
Feb
June
7
Jan
Jan
Jan
Jan
New York Curb Exchange—Continued—Page 3
3784
Friday
STOCKS
Sales
Last
{Continued)
Week't Range
Sale
Par
of Prices
High
Price
Low
for
Range Since Jan. 1,1941
IX
Hygrade Sylvanla Corp.
1%
33 X
33
1,900
oodt
preferred
Dlv arrear ctfa
"26% "27X
3%
i~200
•
3%
400
10%
300
6 X
0%
2,300
2%
5%
9
300
3%
10 X
10
OX
Jan
Jan
Metal Textile Corp
Partlc preferred
2%
May
May
Feb
7%
Apr
9
Apr
Britain A Ireland
Indiana Pipe Line
7
£1
7X
Indianapolis Power A Light
5%% preferred—.-100
4%
4%
May
3,700
2%
Apr
111X nix
100
111%
June
Indiana Service 0% pf-100
7%
preferred—
9
>4%
50
13%
Jan
21%
Jan
19%
30
14%
Jan
24
Jan
%
Jan
1
Class B
X
X
1
100
o common
200
%
Jan
Vi
Mar
Feb
%
Jan
7% preferred
100
Insurance Co of No Am. 10
10%
72%
17%
74 X
Pref $3.60 series
60
Internat Industries Inc—1
Internat Metal Indus A..*
Internat Paper A Pow warr
International Petroleum—
1%
29~od6
1%
2,300
8%
9
International Products... *
"3% ~~3%
3%
1
May
12
hi
1(H)
10%
28
1
4%
4%
Investors Royalty
Iron Fireman Mfg v t o
4%
2,000
9
Interstate Home Equip..1
Interstate Hosiery Mills..*
Interstate Power $7 pref.*
9%
400
10%
1%
1%
100
%
%
300
%
16%
10%
150
9%
400
*
Irving Air Chute
1
Italian Superpower A..._*
Jacobs (F L) Co
1
16
1%
*
1
Jersey Central Pow A Lt—
6%% preferred
100
6% preferred
...100
7% preferred
100
2%
1%
-
97
20X
26%
30%
8X
116
20
Jan
12
Mar
3%
Jan
1% May
Feb
Jan
May
May
Feb
%
76
Mar
64
Jan
1
Feb
1%
Jan
Jan
2%
Feb
"220
11
10%
3%
ii:
600
11
1,400
4
300
106
8
106
7%
8%
12
June
Jan
104%
Apr
60
Apr
11%
4%
Apr
Jan
Apr
13%
5%
Apr
Jan
42
Jan
10%
3%
May
May
14%
5%
Jan
Feb
1%
May
10
98 %
Jan
400
7%
June
Jan
%
%
Leonard OH Develop...26
Le Tourneau (R
G) Ino..l
Line Material Co
...6
Llpton (Thos J) Inc—
3%
%
30
6%
3%
%
32%
7%
2%
hi
23%
Feb
200
6%
15
Jan
Jan
1,400
Jan
Jan
300
June
10%
Jan
5,700
Jan
106
Feb
6%
3%
25
15%
1%
6
June
%
7%
Feb
Apr
3% June
Jan
hi
32% June
8%
•
Jan
1%
15
15%
1%
15%
50
15%
200
250
1
May
19
Mar
Feb
1%
Jan
8%
8%
2,900
13%
8%
.....*
%
%
400
100
%
May
%
Jan
22%
20%
1%
23
300
21%
June
31 %
Jan
21
175
20
June
28%
Jan
1%
4%
Jan
Feo
June
106%
Apr
2%
5%
109%
Feb
27%
Feb
25%
Jan
"8%
100
♦
Louisiana Land A Explorll
Louisiana P A L $6 pref..*
5
•
2%
700
5%
6,800
Ludwlg Bauman
A Co oom*
Conv 7% 1st pref
100
Conv 7% 1st pf v
to. 100
25
21%
18
18
18%
200
Apr
Mar
June
15% June
10%
Jan
24
May
Feb
Jan
hi
Jan
%
Mar
Mar
1%
Jan
Apr
38
Mar
*
*
24%
Communication Co Ltd.
Margay Oil Corp
•
Marlon Steam
Shovel....*
Mass Utll Assoc v t o
1
common
18
Feb
1%
l
»
Manlsohewltz(The B) Co
Mapes Consol Mfg Co..
Marconi Intl Marine
Apr
98%
6%
$2
12% May
38% May
10% June
11%
"hob
10%
2,500
3
100
1,275
4%
100
9%
"l,2 00
2%
4%
20%
7%
8
100
26%
Jan
2%
4
500
28%
28%
29%
"250
7%
130
1%
7%
129
1%
200
8
400
130
90
4%
17%
For footnotes see
page 3787.
4%
300
17%
17%
50
87
"11
110%
11%
3
%
11%
11%
109% 110%
100
preferred
Jan
May
400
%
9%
Jan
Feb
100
60
109% May
3% May
5%
Feb
%
Jan
7%
100
14
ih«
300
4
40
25
New Process Co
Jan
125
36%
Jan
Apr
"35% "37"
"175
3%
35%
115"
35%
44
14
65
115"
~"io
3%
15%
4%
15%
200
62%
65
1
Land...]
1%
300
1,500
1,500
Mar
61%
1
•
3%
Warrants
6
17
17
7%
7%
109% 110%
Lt7% pref..100
$6 preferred...
»
100
100
100
7
'
98% June
Shipbuilding Corp—-
Founders Shares
1
New York State El A
Gas—
6%%
26%
105
preferred.....100
New York Transit
Co
5
N Y Water Serv
6% pf.100
7%
27%
105
7%
650
22%
Apr
50
104%
Apr
6%
Jan
100
26% June
Niagara Hudson Power—
Common
10
5% 1st preferred
6% 2d preferred
2%
2%
2%
7,300
68%
100
69%
325
100
Class A opt
warrants
Class B opt
2%
May
56% May
hit
Feb
%
Apr
3%
Jan
warrants
Class B common
Class A preferred
100
*
3%
6
3%
100
"56"
"706
89
"49"
49
Nineteen Hundred
Corp B 1
6
Feb
5
Apr
May
May
May
Jan
45% June
8%
%
Noma Electric
2%
55%
1%
Apr
59%
2%
9%
Jan
5%
Jan
Feb
124% May
4
15%
Apr
Mar
148
4%
20
Jan
Mar
Jan
Jan
Apr
100
Common
]
$6 preferred
—III*
North Amer Rayon cl
A..*
Class B common.
*
prior preferred
Apr
61
Niagara Share—
Nlplsslng Mines
Jan
Feb
Apr
Nor Amer Lt A
Power—
Jan
Jan
Apr
107
30
Apr
Mar
15
100
100
May
Jan
29%
N Y A Honduras
Rosario 10
N Y
Merchandise
..10
N Y Pr A
May
110% May
3%
Apr
13%
Feb
*
N Y Auction Co
com
N Y City Omnibus—
Jan
2%
Feb
2%
♦
Apr
33
Apr
10 %
♦
10
1%
27%
Jan
Mar
1,000
10
Pow Assoc
preferred
Jan
Feb
Feb
May
Eleo—
Apr
hi
May
1,500
7%
4% non-cumlOO
New Jersey Zinc
New Mex A Ariz
May
May
Feb
6%
New England Tel A Tel
100
New Haven Clock
Co
*
New Idea Inc common
•
N Y
10%
2%
99%
3%
3%
4%
*
hi
3%
B..I*
cum
12%
1
30c
New Engl
0%
McWilliams Dredging...*
Mead Johnson A Co
I*
Memphis Nat Gas oom
6
Mercantile Stores com...*
'3
11%
2%
Common
3%
400
6%
Nehl Corp 1st
preferred..*
Nelson (Herman)
Corp
5
Neptune Meter class A
*
Nestle Le Mur Co cl
A...*
Nevada-California
Apr
*u May
14
12%
*
Navarro Oil Co
May
Mar
Jan
10
National Tea 6 % % pref. 10
Transit
12.60
Nebraska Pow 7% pref.100
June
1,200
Refining.*
Nlles-Bement-Pond
49
preferred
McCord Rad A
Mfg
•
2%
9%
*
Master Electric Co
l
May McEwen Kaiser Co—
400
250
...
..*
preferred
11%
11%
Nat Rubber Mach..
•
National Steel Car Ltd...*
National Sugar
May
15
Jan
June
May
Apr
May
Jan
2% June
67
Nat Mfg A Stores com...*
National P A L $6 pref
*
National Refining com...*
3%
»
6
Nachman-SprlngflUed
June
%
_.
5%
12%
130%
10%
9%
5%
10%
11%
National
37
11%
800
100
Nat Tunnel A Mines
Nat Union Radio
Jan
%
50
•
Lynch Corp common.
Manatl Sugar opt
warr
Mangel Stores
preferred
Jan
1
Loudon Packing
6%
Feb
Apr
5%
Feb
14%
%
Muskegon Piston Rlng.2%
Muskogee Co common
*
14
94
4,400
2%
5%
Mountain Sts Tel A Tel 100
Murray Ohio Mfg Co
*
10%
Mar
2%
2%
*
Apr
10
15
10
common
Apr
May
3%
"""25
1% June
11% Mar
|Mountain States Power—
9
200
'10"
10%
%
"96% "98%
"ie"
10%
200
3%
156
♦
9
4%
3%
100
"l"30
(Del).l
Apr
Mar
1%
National Fuel Gas
118
%
162"
1%
National Candy Co
*
National City Lines com.l
$3 conv preferred
60
National Container
Jan
Apr
29% May
160"
Cop com.6c
12
3%
1,500
""166
6%
Jan
Feb
37%
23%
Feb
400
6%
""% '""""% "~X
Nat Bellas Hess com
1
National Breweries com..*
Feb
"lX
Jan
5%
7%
5%
Jan
7
Apr
100
110
3
%
69%
8%
Apr
Feb
June
Jan
8%
97%
104%
Apr
116
Feb
3%
Montreal Lt Ht A Pow..*
Jan
%
Apr
300
Moody Investors part pf.*
Moore (Tom) Dlst Stmp.l
Mtge Bank of Col Am shs
May
24
115
4%
*
Mountain Producers
Feb
May
4%
A
1
Montana Dakota Utll...10
Jan
Jan
45%
83%
Monroe Loan 800
Montgomery Ward A
Feb
hi
Molybdenum Corp
1
Monarch Machine Tool..*
Mar
Apr
*13%
2.60
14
400
•
$4
May
200
100
Lone Star Gas
Corp
._.*
Long Island Lighting—
Common
18%
*
Massey Harris
6% preferred
100
Missouri Pub Serv com.
Mock Jud Voehrlnger—
%
Langendorf Utd Bakeries-
conv
Mississippi River Power-
Jan
1%
%
Lamson Corp of Del
5
Lane Bryant 7% pref.. 100
Lane Wells Co
common__l
$5
Minnesota P A L 7 % pf 100
8%
4%
1%
Kress (8 H) special
pref. 10
Common
7% pref class A
6% pref class B
Jan
Apr
Feb
51%
Kobacker Stores Inc
»
Koppers Co 6% pref...100
6% preferred
Lit Brothers common
Locke Steel Chain
300
8%
4%
%
Klelnertd B)Rubber Co. 10
Knott Corp common
1
Lefcourt Realty com
Conv preferred
48%
»ii
Jan
Klrkl'd Lake G M Co Ltd.l
Kelin (D Emil) Co com..*
Lehigh Coal A Nav
47%
May
Feb
Mar
May
8,800
Apr
47%
Apr
June
Apr
16
Midwest Piping A Sup..
9%
97
50
Mining Corp of Canada..*
Minnesota Mln A Mfg
*
Mid-West Abrasive
Midwest Oil Co
15%
80
17
17
1
Mountain City
May
Apr
6%
dlv shares.1
non cum
Midvale Co
Jan
%
Apr
%
4% May
Midland Steel Products—
3%
%
1%
2%
2,300
preferred
Apr
Feb
700
98
116
Kimberly-Clark 6% pf.100
Kingsbury Breweries
1
Kings Co Ltg 7% pf B.100
6% preferred D
100
Kingston Products
1
Klrby Petroleum
1
Class B
conv
300
400
%
5
Jan
6%
Apr
23%
Kansas G A E 7% pref. 100
Kennedy's Inc
6
Ken-Rad Tube A Lamp A »
Class A
$2
3%
%
Jan
14%
Apr
34%
Jan
4% June
10,
Jan
May
May
103% May
Julian A Kokenge com..*
Kreuger Brewing Co
1
Lackawanna RR (N J). 100
Lake Shores Mines Ltd__.l
Lakey Foundry A Macb-.l
3%
4%
Jan
Feb
Feb
Jan
200
5
1
Monogram Pictures com.l
Mar
May
92
Johnson Publishing Co.. 10
Jones A Laugblln Steel. 100
Kresge Dept Stores—
4% conv 1st pref
1
t c
3%
100
Class B v t c
.1
Middle West Corp com..5
Midland Oil Corp—
hi
1
Jeannette Glass Co
3%
8%
v
200
Apr
May
Mar
100
12
Vitamin
Class A
5%
6%
7
10%
4%
%
Feb
%
*
$1.76 preferred
$3.60 prior pref
International
400
400
"1
hi
5%
6%
108%
1%
11
Mar
4%
Internat Safety Razor B_*
Class B
5%
5%
2%
Jan
♦
International Utility—
Class A
Preferred10
Mlcromatlc Hone Corp—1
Middle States Petroleum-
108%
Jan
X May
4%
Apr
%
Feb
2%
Apr
9%
lhi
X
100
12%
Jan
74% June
Feb
1%
100
16
preferred
900
7%
9%
%
FeD
% May
% June
33% Apr
1
1%
20%
IX
%
100
7%
3% May
1% June
Mar
OX
..*
100
78
1
25c
1%
7%
Mar
4%
%
1%
100
Feb
Mar
1%
Feb
17%
2,000
%
1%
Feb
3%
%
7%
9%
64%
200
100
900
10
25
1,200
17%
1%
5
60c
10%
74%
4
preferred
A
Mar
28
4%
Michigan Bumper Corp..1
Michigan Steel Tube..2.60
Michigan Sugar Co
*
$2
International Cigar Mach *
Internat Hydro Elec—
Coupon shares
Registered shares
$6
Mar
*n
1
.
X
Low
3%
Metropolitan Edison—
111% June
10X
Industrial Finance—
V t
June
19
Indian Ter Ilium Oil—
Non-voting class A
Jan
4%
15X
100
6%%
Apr
Imperial Tobacco of Great
Range Since Jan. 1,1941
1
Mesabl Iron Co
Jan
7%
6
Imperial Tobacco of Can.6
for
Week
Shares
Participating preferred.*
7%
12%
7
Low
Warrants
35
Mar
of Prices
High
Price
Merrltt Chapman A Scott
Jan
Jan
Registered
Merchants A Mfg cl A
Jan
Jan
3%
Imperial Chemical Indus—
Am dep rcte regis
£1
Imperial Oil (Can) coup..*
Feb
38
May
24% May
3% May
9%
Apr
8%
...—
Illinois Zinc Co
Feb
1%
60
Par
1%
1%
Feb
31
100
Illinois Iowa Power Co—*
6%
Jan
1%
Week's Range
Sale
High
«u
5
Sales
Last
(Continued)
Low
Hydro-Electric Securities *
Hygrade Food Prod
STOCKS
Week
Shares
June 14, 1941
Friday
60
6% prior pref called
No Am Utility
Securities.*
Nor Central Texas
Oil...6
h6
83%
2,500
675
80%
19%
18%
20
400
20
300
52
52
50
50%
50%
30
84
3
May
Feb
May
hi May
70
Feb
17% May
18%
Apr
Feb
50%
50% June
%
Jan
3%
Tan
New York Curb Exchange—Continued—Page 4
Volume 152
Sales
Friday
Week's Range
Last
STOCKS
Sale
(Continued)
Par
Price
Jan
119
Royalite Oil Co Ltd
Royal Typewriter
Russeks Fifth Ave
""600
7%
Apr
9%
500
6%
9%
Mar
500
20%
2%
May
May
Apr
*
22
21
2
%
2%
1,300
3%
175
18
May
23%
107
Apr
110%
Jan
112% 113%
150
109%
113%
113%
May
118%
110%
Jan
19
Jan
Mar
106% June
Ollstocks Ltd common...5
6
Oklahoma Nat Qas com.15
18%
19
200
49%
50
100
114% 116
125
Jan
18
Apr
48
May
Jan
Savoy Oil Co
107%
Apr
116%
Jan
Schiff Co common.....
5%
Jan
6%
Mar
Overseas Securities new__l
1%
May
2%
Jan
1,300
30%
May
34%
Jan
200
28%
May
31%
Jan
50
101%
May
108%
Feb
10
78%
May
87%
Mar
13
50
preferred
50
$6% conv prior pref—♦
1
54
31%
1st preferred...25
28%
6%%
Pacific Lighting $5 pref..*
PacificP & L7% pref—100
104
105
80
105
80
;
*
Pacific Public Service
$1.30
32%
28%
Mar
4
May
18%
67%
Jan
67%
Jan
Feb
4
3
Jan
3%
10
11
Apr
American shares
3%
Parker Pen Co
Parkersburg Rig <fc Reel—l
Patchogue-Ply mouth Mills *
Peninsular Telephone com*
$1.40 preferred A
26
5%
"300
30%
Pennroad Corp com
Airlines
Mar
6%
2%
2%
2%
5,400
9%
9%
9%
800
*
$2.80 series pref
*
•
*
60
20
$6 preferred
Penn Salt Mfg Co
160"
PhUa Elec Pow
Phoenix Securities—
Am dep rets ord reg
May
Mar
Jan
Sherwin-Williams
113
Apr
162
182
Jan
Bilex Co
Jan
May
Jan
14
49%
Apr
57%
Mar
$3
92
Jan
Simplicity
Apr
28
Jan
Simpson's Ltd B stock
2%
May
Singer Mfg Co
4%
Jan
Mar
Jan
45%
31%
2%
May
Feb
31%
3%
Jan
Sioux
Jan
Feb
7%
Jan
4.750
31
Feb
39 %
June
13%
300
12
Feb
18%
Jan
...100
1%
1,200
1%
Feb
1%
Jan
Boss Mfg com
6%
800
5%
May
6%
Jan
Jan
Feb
45%
May
70
Jan
Mar
16%
Apr
June
96%
77
4%
63
12%
73
3
300
10
X
Apr
10%
103%
Southern
5%% pref series C...25
Jan
Jan
2%
Feb
South New Engl Tel
June
23%
Jan
%
Jan
%
Jan
3,100
Jan
Feb
May
5%
8%
Mar
9%
Jan
107% June
Jan
113%
Mar
114%
Mar
95%
275
Jan
45
Jan
125%
59%
May
May
67%
18%
Apr
Standard Products Co.—1
8%
Feb
Standard Sliver Lead
16%
16%
14 %
Pyle-Natlonal Co com...6
■8%
8%
8%
June
6%
Jan
Pyrene Manufacturing—10
6% preferred
Quebec Power Co
•
5
Standard Tube clB
Mar
159%
Jan
May
9%
Jan
147
6%
*
14%
15%
48
44
,
uie
*""%
""% ""%
Jan
hi
Jan
hi
Jan
1%
Richmond Radiator..
21
4,400
*5%
1
"5% "5%
1%
Mar
16%
Jan
3%
Feb
11%
3%
Mar
5%
14%
Jan
5%
June
1%
Jan
4%
1%
1%
JaD
Mar
Jan
Rio Grande Valley Gas Co-
Voting trust ctfs
1
*16
3,000
X
104
Rochester GAE10% pf C100
Root Petroleum Co..
pref
Rosa la International
2%
1%
Jan
l
2%
1%
2%
1
2b
9%
8%
9%
4%
Jan
X
Jan
*
For footnotes see page 3787.
"
Jan
6
Apr
8
3
Jan
25
May
•
■
5
■;
Jan
Stinnes
Sun Ray Drug
Co...
SunrayOil
6%% conv pref
1
1
1%
Jan
Apr
May
7%
Jan
Feb
2%
June
x
May
1%
Mar
he
Apr
400
3%
Mar
5%
Jan
350
12%
Feb
15%
1%
2%
2%
Apr
Jan
Apr
1,400
1
Jan
3%
13%
13%
4
13%
Jan
Jan
2
14%
Jan
20%
Jan
19%
1,600
12%
17%
110% 111%
200
107%
500
he
Feb
hi
19
Apr
ht
Jan
Jan
28%
Mar
18%
9
27%
8%
*18%
18%
27%
27%
9
"166
700
19
7%
he
700
he
18%
600
Jan
Feb
Jan
Apr
18
111% June
he
Jan
9% May
Apr
%
27%
2
Jan
1%
Jan
%
Apr
Apr
44
10%
""% ""%
May
12
2%
38%
Jan
1%
Feb
Feb
40%
Mar
Mar
"560
44
4%
4%
4%
600
11%
J an
Jan
9%
May
8%
Feb
50
1%
2%
""556
u*
400
2,100
600
Feb
Apr
1%
Jan
Jan
4
he
Mar
Jan
15
11
Apr
14%
100
10
Jan
»ie May
Feb
May
Jan
Apr
300
12
10
Apr
13ie
5%
%
7
%
10
1%
2,600
Jan
Jan
10%
Jan
Jan
1%
May
Apr
40%
June
Mar
30%
May
9%
1%
1%
37%
22%
1%
50
Apr
Jan
12
5%
Corp—.15
2%
2%
2%
20%
100
Apr
7%
Jan
2%
19%
Apr
3%
Jan
2%
2%
300
2%
15%
6%
50
14%
200
%
100
Inc..——1
Tlshman Realty A Constr *
Tobacco A AUled Stocks—*
Tobacco Prod Exports...*
Todd Shipyards Corp
*
5% June
%
Superior Oil Co (Calif)..26
Superior Port Cement—
Class B common..
*
Swan Finch Oil
Jan
4%
15%
2% May
9% June
Jan
X
165
Jan
Mar
Feb
THo Roofing
2%
2%
FeD
Mar
Thew Shovel Co com....6
Jan
Jan
Jan
%
2%
20
50
Texon OH A Land Co..—2
10%
29%
4%
6%
Jan
Apr
Mar
31 %
Jan
June
152
"406
Jan
13%
8%
May
May
Feb
Feb
Roosevelt Meld Inc
28
May
May
May
12
103%
6
6
"600
114
Jan
Feb
114
Rome Cable Corp com
Feb
107
*11
104
Roeser A Pendleton Inc..*
100
46%
Taggart Corp com..
1
Tampa Electrlo Co 00m..•
Technicolor Ino common.*
Texas P A L 7% pref—100
Jan
Feb
Rochester Tel 6%% prflOO
0% preferred D
May
""50
Sullivan Machlnery—... *
Feb
15%
3%
Jan
38
"7%
"14% "is"
Jan
(Hugo) Corp
Stroock (S) Co
Reliance Elec A Engln'r'g 5
3%
V
3%
Stetson (J B) Co com
hi May
1
1
Rice Stix Dry Goods.....•
30 %
1
10
152
152
3%
Sterling Inc
Jan
Rheem Mfg Co
Apr
2% June
800
"
1
*
5
•
Jan
Feb
hi
Republic Aviation
"28% ~29%
1%
Apr
Corp.60c
Relter Foster Oil
23
100
5%
%
1 %
2
5% June
17%
5%
Jan
50
5%
17
Feb
5
Jan
Mar
39%
200
50
20
5% 2d preferred
50
May
17%
"~5%
1%
Apr
300
1
Sterling Aluminum Prod.l
Sterling Brewers Ino
1
Jan
3%
•
Reeves (Daniel) common. ♦
•
Jan
17%
Reed Roller Bit Co
Sterchl Bros Stores
Jan
13
48
15%
7%
Jan
hi
♦
60c
3%
Feb
36%
2%
common..*
0% 1st preferred
...
$3 conv preferred
*11 May
Feb
5
Railway A Util Invest A. 2
Raytheon Mfg com
Red Bank Oil Co
Feb
H
1,500
Raymond Concrete Pile—
Common
._.__*
152
Tto.l
Steel Co of Canada
*
Stein (A) A Co
10
Mar
%
Starrett (The) Corp
148%
Radlo-Kelth-Orphuem—
New voting com
June
1%
1
June
Option warrants
Railway A Light Sec—
Jan
1
Jan
•
Preferred
Standard 8teel Spring
74
6%
Common class B
Jan
Jan
~76%
6%
Jan
105
"74"
147
147
4
Apr
1
8% May
Puget Sound Pulp A Tim *
Feb
Apr
1
May
112
"""7%"
%
29
28%
100
5% preferred
37%
May
Feb
74%
10
94
53%
Jan
104
Feb
Standard Oil (Ohio)—
Standard Pow A Lt
98 % 100
Feb
Mar
1%
$1.60 conv preferred—20
Standard Oil (Ky)
♦
Jan
2%
2%
Standard Dredging Corp—
Common
1
105%
Jan
200
100
Feb
May
Jan
1%
200
5%
he
2%
%
Jan
13
23 %
800
5%
8%
Apr
Apr
Apr
1% June
100
May
Puget Sound P A L—
*
100
*
Jan
»n
2%
24%
June
4
Mar
*102%" June "130%"
100
2%
'is
107% 107%
49%
Feb
24%
7%
*60%
6%
•
6%
%
4%
Public Service of Indiana—
Quaker Oats common
100
Spalding (A G) A Bros...1
1st preferred
*
Spencer Shoe Corp..
*
Stahl-Meyer Inc
._*
Standard Brewing Co
*
Standard Cap A Seal com.l
Conv preferred
10
Public Service of Colorado
*
Jan
Feb
25
Southern Union Gas
'
*
115%
Southland Royalty Co.—6
Mar
217%
18%
*
$6 preferred....
Jan
100
7% preferred
Apr
Preferred A
1
$5 prior preferred
109
Southern Colo Pow cl A.25
Canada..*
100
55%
80%
1%
41
5% original preferred. 25
0% preferred B
25
6% 1st preferred
54%
Jan
Apr
2%
2%
Southern Pipe Line.....10
54%
Jan
65
»n
40%
Jan
•
Jan
1%
2%
26
4%
3%
$7 prior preferred
7
4%
11
"MOO
104
26
Mar
$6 preferred
%
Calif Edison—
3%
7% 1st preferred
Feb
May
""6%"
Southwest Pa Pipe Line. 10
5
100
100
Apr
3
1,000
200
1%
37%
Jan
*
104
103
1%
Soutnern Phosphate Co. 10
0% 1st preferred
June
22%
1%
1%
Mar
%
Feb
Feb
4%
6%
36%
1%
•he
111
111
1
12%
*
%
Jan
60
"75" "67% "75""
1
Feb
Feb
11
*
3%
25
Penn OH
Jan
4
June
8%
South
Mar
Prudential Investors
Jan
8%
"18
%
Prosperity Co class B
Feb
%
1%
4%
3%
2%
%
Providence Gas
200
,3%
1
1
1%
%
4%
X
Jan
X
.1
Solar Aircraft Co.—
Solar Mfg Co
""% ""11
Producers Corp of Nev_._l
Mar
5
Sonotone Corp
74
Pressed Metals of Am
50
(H) Paper Mills...*
16,200
I'i*
Jan
City G A E 7% pf 100
6%
39%
iii*
42
Amer dep rots ord reg_£l
35%
217%
400
•
Skinner Organ
76%
218
46%
%
2%
Singer Mfg Co Ltd—
45%
1
Mar
Pattern oom__1
6%
Pittsburgh Plate Glass..25
*
50
Jan
Apr
11
May
118%
Pleasant Valley Wine Co.l
conv
com..25
.
Feb
500
Premier Gold Mining
FeD
%
pref
Mar
15
Pratt A Lambert Co
41
common
conv
5%
15
Prentlce-Hall Inc com
500
""506
Simmons-Boar dm an Pub
"50
60
Alexander
Jan
%
Sherwin-Williams of Can.*
113%
1%
Jan
"45% X""
1%
47
♦
Shattuck Denn Mining...5
South Coast Corp com
25c
6
7% June
1
106% May
15
$1.20
%
%
%
5% cum pref ser AAA 100
Pittsburgh Metallurgical 10
Power Corp. of
Jan
Jan
Jan
"""346
Potero Sugar common
37% May
»u
115
66
Polaris Mining Co
Jan
9
May
65
Powdrell A
36
3%
108%
65%
Pneumatic Scale com
Jan
Mar
1
Serrlck Corp class B
Be ton Leather common
50
8%
%
Selfrldge Provinc'l Sts Ltd-
900
8%
Mar
8entry Safety Control....1
1%
7.60
he
50
50
Pittsburgh A Lake Erle.60
Plough Inc com
100
8%
Jan
5%
Pitts Bess ALE RR
916
8%
Apr
Pltney-Bowes Postage
Meter...
®16
Apr
Mar
13
Pioneer Gold Mines Ltd—1
1%
Apr
2%
Smith
Pierce Governor common.*
Apr
%
2%
600
5%
38%
Jan
%
500
2%
14%
100
1
Conv $3 pref series A. 10
14%
1,400
200
Jan
:
Common
10%
%
Apr
»x«
9%
10
Selected Industries Inc—
3%
8% pref. 25
*
9
Jan
*
Selby Shoe Co
6
115% 115%
Phillips Packing Co
Feb
'2T606
Apr
1
3
29%
115%
2%
2%
Pharls Tire A Rubber
5%
Apr
Mar
1,100
2%
8% May
23
3%
24
Jan
»
Mar
79
*
Jan
9
*
com
%
*
Phlla Elec Co $5 pref
13%
Jan
Apr
100
Philadelphia Co common.*
Jan
Mar
114
27%
1
Perfect Circle Co
Pepperell Mfg Co
"ll
;
Jan
Apr
100
164% 166
"52% "52%
14%
5
13%
Pennsylvania Sugar com
Penn Water A Power Co.*
Feb
115
40
109
i09
Jan
May
73% June
Convertible stock
%
% May
%
%
40
$5.50 prior stock
26
Allotment certificates...
61%
June
12
Segal Lock A Hardware..1
Selberllng Rubber
Mar
40
June
75
Common
Mar
Feb
%
23%
73%
Jan
38
Jan
Mar
June
22
22
%
110% 110%
60
June
3%
%
22
Jan
2%
93
Peb
■
2% May
17% May
Shawlnlgan Wat A Pow..*
110%
23%
70
500
40
Apr
Pennsylvania Gas A Elec—
Class A common
._*
Penn Pr A Lt $7 pref
"I%"May
250
2%
19
35%
64%
25
38
38
7,600
1
Apr
Pennsylvania Edison Co—
$5 series pref
2
93
2%
18
2%
1
1%
90%
Feb
26
%
com.l
1%
91%
Jan
1%
May
399
32%
33
Apr
1
10%
27%
Apr
Mar
31
2%
Feb
9%
Securities Corp general
Mar
Feb
Mar
1
"1
Jan
13
Jan
2%
%
2%
4%
25
June
30
"30% ~30%
2%
Penn Traffic Co
Cent
300
6
6
60c
Penn-Mex Fuel
Penn
14,400
4
Jan
3%
2,900
Warrants
June
2%
Paramount Motors Corp.l
67
Feb
Apr
16
Seem an Bros Inc
Page-Hereey Tubes
Pantepec Oil of Venezuela-
Mar
3
16
Scranton Spring Brook
Water Service $0 pref..*
Scullln Steel Co com
Jan
52
"366
*
Mfg...
...25
Scranton Elec $0 pref
*
Scranton Lace common
•
Mar
4
14%
*
*
1st preferred
High
...1
Scovlll
Pacific G <fc E 0% 1st pf.25
200
3%
5
Schulte (D A) com
Conv preferred..
Pacific Can Co common..*
54
3%
2%
•
Jan
Omar Ine
52
3%
J
7% preferred
..100
Salt Dome Oil Co
1
Samson United Corp com.l
Sanford Mills
»
Jan
6% May
21%
Low
3
St Lawrence Corp Ltd
»
Class A $2 conv pref..50
St Regis Paper com..
5
Apr
400
18%
*
Ohio O110% preferred..100
Ohio P 8 7% 1st pref—100
6% 1st preferred
100
Ryan Consol Petrol
Ryerson A Haynes com
Jan
107% 107%
Ohio Edison $6 pre!
Range Since Jan. 1, 1941
for
Week
Shares
*
Ryan Aeronautical Co...1
Jan
30
of Prices
1
High
Low
2%
9%
6%
Apr
Price
•
Jan
9%
6%
OK den Corp com
—4
Ohio Brass Co el B com..*
Novadel-Agene Corp
101% June
Jan
110
Week's Range
Sale
Par
40
100
preferred
Last
(Continued)
High
Low
102%
102
Northern Pipe Line
10
Northern Sts Pow cl A..25
STOCKS
Range Since Jan. 1,1941
for
Week
Shares
110
Nor Ind Pub Ser 8% Pf-100
7%
of Prices
High
Low
3785
Sales
Friday
19%
T"
1,100
6
%
9
1,800
10V
8%
107
10
3%
3%
90
3%
94%
400
260
%
3%
82
Jan
25
114%
9%
Jan
Mar
May
3%
Apr
May
19%
Jan
June
6
43
94
June
8
Apr
103% June
8%
Jan
Jan
%
Jan
Mar
Mar
JaD
53
4%
98
Jan
Jan
Jan
New York Curb
3786
Friday
STOCKS
Last
(<Concluded)
Toledo Edison
7%
Week's Range |
Sale
Par
Low
for
High
Range Since Jan. 1.1941
Low
112
108%
Jan
Feb]
114
Jan
Tonnpah Mining of Nev.
hi
Trana Lux Corp.--*
Transwestern Oil Co—-10
%
3%
2%
%
3%
%
Tublze Chatlllon Corp.—l
Class A
"6"
3%
800
100
3
10
3%
3%
100
United Aircraft Prod
1
United Chemicals com.—'
8
*i»|
115%
United Gas A Eiec Co—
%
%
115% 116
%
%
%
%
23%
22%
53%
44%
9%
U 8 and Int'l Securities..*
S51st pref with warr—*
U 8 Lines pref
400
100
%
50%
55
Ti»
19%
Since
bbb2
106
.....1951
x
bbb2
104%
x
bbb2
Mar
•is
May
2,100
3
Jan
61
Jan
10
Jan
2%s s f debs
3%ssf debs
3%« s f debs
1950
27%
1%
2%
200
600
Jan
Arkansas Pr A Lt 5s
Associated Elec 4%s
Jan
Feb
29%
2%
4%
%
Jan
Jan
♦Debenture 5s...
2
104% 104%
106% 106%
9,000
2
108
108
1,000
106
107% 134,000
107% 61,000
3
107%
]
2024
x
...1956
x
bbb2
107%
bbb2
1953 y b
2
107%
44%
Apr
i"
Jan
Jan
d
1
z
d
1
13%
z
d
1
z
d
1
13%
13%
Avery A Sons (B F)—
2%
900
69%
300
Jan
14%
Jan
13% May
1%
Jan
66% June
%
Mar
hi
500
200
1,600
10
%
Mar
Jan
17%
2% May
Jan
83%
*100
*100
Convertible 6s
3%
103
2
aa
2
x
aa
2
Bethlehem Steel 6s...
1998
x
a
2
Birmingham Elec 4%s
1968
x
bbb2
Jan
Broad River Pow be
1954 y bb
Jan
1%
b
Apr
Canada Northern Pr 6s
1953
Canadian Pac By 6s
—1942
Cent III Pub Serv 3%s
1908
Apr
lx»
1%
z
x
Cent States Eleo 5s
y cc
1
1954 y cc
Jan
49
22
...I960
BeU Telsp of Canada—
1st 5s series B
...1957
5s series C—........1960
Jan
x
bbb3
x
bbb2
x
1948
5%8
May
2
a
3
100
6%
1,000
3 % j
300
3
Apr
8
4%
8%
400
7%
Feb
9
8%
100
2%
2
Apr
%
Jan
10
3%
3%
3%
3%
Apr
1%
Mar
2
May
95% June
102
Feb
3%
1,600
3%
700
Apr
Feb
3%
Jan
May
5%
4%
Feb
72
Western Tablet A
Statlon'y
Common
---*
Jan
15% June
150
5%
5%
100
4%
5%
6
5%
700
Jan
11%
6
20
13
Westmoreland Coal——20
Westmoreland Inc—-.-10
Weyenberg Shoe Mfg
1
Jan
19%
14%
6%
6%
5%
6
5%
4%
1
1
10%
Wilson-Jones Co.———*
Wisconsin PAL 7%
pf 100
Wolverine Portl Cement. 10
Jan
Feb
Mar
Jan
Mar
7
Feb
114
Mar
3
11%
8%
117
May
Jan
Mar
Feb
2
ser
N
1st ref mtge 3s ser P
1st ref M 2%sser Q
1971
x
1969
x
x
aaa3
Consol Gas (Bait City)—
Gen mtge 4%s
...1954 x aaa3
Cont'l Gas A El 6s
1958 y bb 3
Cuban Tobacco 6s
1944 y ccc2
z
bbb3
Jan
Eastern Gas A Fuel 4s
1956
x
bbb3
Apr
Eleo Power A Light 5s
2030 y b
Elmlra Wat Lt A RR 68—1966 x a
Empire Dlst El 5s
1952 x a
Mar
Jan
Jan
Mar
5%
Jan
6%
4%
Mar
5%
200
4%
Apr
500
4%
Jan
4
4
100
4
Apr
3%
3%
5%
Jan
3% June
4%
Jan
Jan
♦Eroole Mare 111 Eleo
Mfg—
6 %s series A......
1953
3
97%
56
101%
AND
5s ex-warr stamped
Gatlmau Power 8%s A
GOVERNMENT
MUNICIPALITIES—
Sales
104%
Week
3
Agricultural Mtge Bk
(Col)
*24%
24
♦Baden 7s
♦6 series A
Ext 6s
*16%
8%
8%
Glen Alden Coal 4s
....
24
1,000
21%
22%
17%
Mar
26%
104%
8%
*16%
*16%
196*
*40
6%
Apr
8%
"77%
163"
*27%
39%
Jan
23
Feb
Jan
24
3787
2
19,000
83%
"87%
....
13
Apr
27
22
Feb
22
Jan
81
73
Attention is directed
26%
*47% 49
*105% 106%
104% 104% 152,000
100% 100%
75
77%
2,000
33,000
101%
99%
88% 99%
98% 103%
127% 130
107% 111%
105% 111
101
103%
122% 128%
89%
53%
98%
60
101
102%
101
107
80
89%
78% 94%
119% 120
104
100
45
100% 101%
75
i's'ooo
o
84%
102
98% 103
65
100% 101%
83%
85%
18%
18%
86%
87%
tabulstion pertaining to bank eligibility and rating
41% 48
104% 106%
104
106%
100
45*666
101% 103
65
99% 101%
6,000
72
85%
1,000
18%
80%
23
98,000
Apr
to the new column in this
88
108% 109%
May
Mar
90%
89%
89%
101% 104
Jan
May
25
80
79
v
1,000
Feb
52
91%
96%
92
9,000
Jan
....
49
109
*65
ioi%
100%
37%
86%
90%
83%
80%
30%
31
93
44
—
Mar
68
........—1963
1965 ybb
4,000
108%
12%
103% J104
*100
1
1956 y bbbl
2,000
Jan
79
2
bbb2
12
Jan
10,000
....
1952
For footnotes see
page
x
1953 y b
105
3,000
30,000
104% 104%
109
103%
...
♦20-year 7s.—Apr 1946
♦20-year 7s—
Jan 1947
1951
Bogota (see Mtge Bank
of)
♦Cauca Valley 7s
1948
Cent Bk of German
State A
♦Prov Banks 6s
B..1951
1944 y bb
1909
5,000
30,000
65,000
39,000
51,000
9,000
2,000
11,000
123% 123%
1,000
97% 98% 168,000
123
102% 104
73% 81%
69% 86
21*666
31*666
101 % 102
156
101% 103%
49,000
90% 319,000
78,000
34,000
56
105% 111%
106% 112%
149
3,000
25,000
109% 110
109%
103% 103%
*45%
z
♦General Rayon 6s A—1948 z
Gen Wat Wks A El 5s
.1943 x bbb2
Georgia Pow A Lt 5s——1978 y b
3
♦Geefruel 6s
.1963
for
BONDS
Danish 5Ms
With declaration
General Pub Serv 6s
Gen Pub Utll 0%s A
92
109% 127%
1,000
98,000
65,000
123
Gary Eleotrio A Gas—
FOREIGN
101
104%
100% 102
23,000
56
107%
107% 109%
18,000
150%
15%
106
20",000
101«32l01»U
7,000
"88%
88%
89
126,000
91%
90%
92% 153,000
Erie
Lighting 5s...
2
1967 x a
Federal Wat Serv
6%s
1954 y b
3
Finland Residential
Mtge
Banks 0e-5s stpd
1961 y
Florida Power 4s bot O
1960 x bbb2
Florida Power A Lt
6s.....1954 X bbb2
15%
69
1*108
103%
3
1
12%
12%
101%
97%
97%
15%
15%
15%
03
89%
89%
98%
98%
101
12%
12%
51
6,000
*129%
aaa3
1976
101%
aaa3
1959
4%
2,800
88%
bbb2
5%
4%
Wright Hargreaves Ltd..*
88%
89%
98%
98%
x
4%
Wolverine Tube com
2
Woodley Petroleum
1
Woolworth (F W) Ltd—
Amer dep rots
6e
89%
2
2
1955
Mar
88%
2
1909 y b
Cudahy Packing 3%s.
Delaware El Pow 5%s
Mar
91
90
1949 yb
5%«
(Bait) 3%s
"91%
19,000
34,000
11,000
104%
104%
99% 100%
43% 45%
91%
91%
96% 96%
1952 yb
y bb 3
Conn Lt A Pr 7s A
1951 !x aaa3
Consol Gas El Lt A Power—
I
Feb
58%
100
2
2
Community Pr A Lt 6B—.1967
Jan
Ry-~-
1950 y b
1968 y b
Debenture 5a—
Debenture 6s
Cities Serv PAL5%s
14% June
Jan
2%
2%
3%
3%
20
2
43%
3,000
64
102% 102%
*103% 105
"76%
75%
76%
84%
82%
84%
107%
107% 108
15%
15%
16%
15%
16
15%
2
I960 y b
Conv deb 6s.....
Jan
Apr
13%
1%
1,200
Cincinnati St Ry 5 %S A ..1952
ybb
fia scries B
...1955 y bb
Jan
Mar
1927
13%
13%
13%
13%
102%
100
130
106% 107%
64,000
12%
107% 107%
*109
110%
150
ie'ooo
14
114% 115
1
|*Chle Rys 5a otfs—
»i«
2%
1%
bb
Cent States PA L
Jan
5%
%
Apr
bb
z
6%sl—1953
Jan
11
Feb
y
1
1
Cities Service 5s
8%
128
107%
45%
*107% 107%
107% 108%
2
Jan
%
63
2
5s without warrants
Baldwin Looom Works—
8%
6%
3%
4%
%
108%
*13%
13%
13%
13%
13%
1947 y b
Feb
Feb
Jan
85%
Feb
7% June
4%
Apr
3
aa
~~
43%
1947 yb
27%
Jan
1%
Feb
% May
13% May
x
04
103% 106%
i05% 108%
106% 110%
100% 109%
106
107%
3,000
131
107
5s with warrants
21
Apr
44
1,300
♦Conv deb 5%s
1977 z d
1
AssocTAT deb 5%s A—1955
y b
2
x bbb2
107
*129
z
...1968
3%
%
5%
7
103
105%
101% 103%
9,000
2
3,800
Jan
Feb
28,000
a
6%
%
101% 101%
105% 107%
103% 106%
102% 105%
13,000
a
♦Conv deb 4%s
1948
♦Conv deb 4%s_....... 1949
♦Conv deb 5a
—.——I960
Mar
Jan
Mar
21,000
3,000
a
x
—2010 y bb
Appalac Power Deb 6s
May
5
101%
106
106 %
104% 104%
103% 103%
103% 103%
x
6%
95%] 95%
Range
x
Appalachian Elec Pow 3%s 1970
Jan
61%
May
23
1.26
West Texas Utll S6 pref.
West Va Coal A Coke
5
Western Air Lines, Inc—1
High
1970
6%
Wentworth Mfg
Sales
1960
Am Po1* A Lt deb 6s..
Jan
6%
8% June
%
2
2
American Gas A Eleo Co.—
Jan
45%
x
1st A ref 6s.........—1968 y bb
1st A ref 4%s
1967 y bb
Jan
Mar
5%
1946
Atlanta Gas Lt 4%s
1955
Atlantic City Eleo 8%S—-1964
Walker Mining Co
Wayne Knitting Mills.—5
Wellington OH Co
—-1
Apr
Jan. 1
......1966
-
Jan
v I c—-
Wilson Products Inc
1st 5S
Jan
"e%
10%
%
1st A ref 5a
June
96
Jan
for
1st A ref 5s
49
l,i«!
8%
Low
Apr
100
2%
*16 May
*1. June
Price
Mar
300
1%
3%
2%
Mar
6%
Mar
43% June
8% May
8% June
%
Feb
%
Jan
Week
Mar
June
96
40
of Prices
70
»i«
2%
Feb
Mar
Week's Range
29%
1%
96
22% May
23% June
11% June
Sale
25
250
600
16%
Feb
Apr
Last
Apr
4%
i»i«!
Mar
Co—
Feb
Feb
7% preferred
100
Waltt A Bond class A—-•
Class B
Wichita River OH Corp—10
Williams (R C) A Co
*
Williams Oll-O-Mat Ht—*
Power
Apr
*
7% 1st preferred
Alabama
1
16%
Jan
Friday
June
49%
Apr
43% Mar
7%
Feb
4% May
7%
Apr
%
Feb
90
%
1%
Feb
9%
See A
BONDS
2,800
1%
%
14%
Jan
14%
Elig. A
Rating
%
1%
2%
68%
29,000
15
*10%
%
1%
69
6%
Feb
Bank
Jan
3%
Petroleum.-.1
Western Grocer oom
Western Maryland
1949
1%
5
Feb
16
8%
%
%
the
*7i«
May
Jan
*i«
2,900
55
1%
2%
3%
Utility Equities oom—10c
S6 .60 priority stock
1
Utility A Ind Corp com..6
Conv preferred—«—7
Valspar Corp oom
1
Wagner Baking
♦Santiago 7s
Jan
Apr
Feb
8
Waco Aircraft Co
85
Mar
Pictures com.—1
Products Co—*
Va Pub Serv 7%
pref—100
Vogt Manufacturing.—--*
Vultee Aircraft Co———1
Mar
%
1%
1
o
7%
| Associated Gas A EI Co—
1
preferred
Jan
%
preferred—-20
—*
United Stores common.60o
United Wall Paper——2
Universal Cooler class A—*
Class
*
54 conv
20
Jan
16
32% June
*18"
7%
Jan
"11
Jan
118
May
*it
Jan
*ii
900
4%
27
Mar
22%
23%
9%
30%
3,000
Jan
Jan
Jan
Jan
100
let 17 conv pref
Venesuelan
♦Russian Govt 0%s.. 1919
♦5%«
1921
Apr
7%
Jan
% June
Feb
100%
%
600
4%
U 8 Rubber
Reclaiming—*
U 8 Stores common
oOC
Utah-Idaho Sugar
Apr
300
9%
4%
4%
U 8 Plywood Corp—
Utah Pow A Lt S7 pref—-»
Utah Radio Products——1
3%
24
With declaration.
Jan
54%
44%
51%
44%
9%
4%
2b
United Specialties com—-l
Insuranoe
*27
"10% "Apr
7
27
27
Jan
%
4%
U 8 Foil Co class B
1
U 8 Graphite com.—6
▼ t o
16
♦Parana (State) 7s
1968
♦Rio de Janeiro 6%s.l959
ht
5%
7
23%
Jan
%
*u
1,000
13%
*23%
23%
Feb
11%
United Profit 8baring-25c
Corp
5%
10
22
10% preferred
io
United Bboe Maoh com.25
Universal
Universal
Universal
Universal
20
*8
Jan
May
13%
Apr
14% May
16
May
18
70
United Milk Products—*
53 partlc pref
---*
United N J BE A Canal 100
conv
5%
*13%
High
13
30
*11
9
Apr
3,900
%
%
23%
5,000
2,000
*16%
*10%
♦Issus of Oct 1927
4%
% June
80
Common class B—
S6 1st preferred
•
SIM
Jan
June
-iou
com A—*
17
17
♦Mtge Bk of Chile 0s. 1931
Jan
3,000
%
17
Mtge Bk of Bogota 78.1947
♦Issue of May 1927—
Jan
1,000
Option warrant®-.
U 8 Radiator com
Jan
Jan
Low
17
♦Maranhao 7s....
1958
♦Medellln 7s stamped. 1951
Jan
$
7
Mtge Bk of Denmark 5s '72
Jan
3%
Jan
300
10
%
United Corp warrants—United Elastic Corp
*
Preferred..——
8
Feb
900
8%
9%
S3 cum A part pref—Un Clgar-Whelan Sts_. 10c
United Gas Corp com——l
1st 17 pref. non-voting.*
8%
Jan
40%
2%
7%
4%
%
7% May
3%
Apr
com...
Un Stk Yds of Omaha.. 100
United Lt A Pow
Apr
32% May
1%
Feb
6% May
%
Unexcelled Mfg Co.
7% preferred
Jan
Range Since Jan. 1,1941
Week
18
*2%
17
♦Hanover (City) 7«
1939
♦Hanover (Prov) 6%s.l949
Lima (City) Peru—
♦6%s stamped.....1958
3% June
Jan
5
250
Jan
Mar
for
of Prices
High
Low
Danxlg Port A Waterways
♦Ext 6%s stmp
1952
♦German Con MunJo 7s '47
♦Secured 6s—
1947
Jan
Jan
%
400
3
Union Gas of Canada
Union Investment
2%
ht
8%
"560
39%
1%
6%
1%
6%
3%
1
400
"oh
38%
1
Apr
200
warranto
Truns Pork Stores Ino—*
Tung-Bol Lamp ---------1
Works...i
Jan
»»i«
1,600
%
%
Week's Range
Sals
Price
Apr
1941
Sales
Last
High
105%
preferred-------^'
Tono pah-Bel mont Dev.100
80c oonv preferred
Udyllte Corp---—
lUlen A Co eer A pref
Series B pref—-
BONDS
(Continued)
Shares
June 14,
5
Friday
We
'eek
of Prices
Price
?% pref 10c
Trt-Coatlnental
Exchange—Continued—Page
Sales
Ibon
87%
New York Curb Exchange—Concluded—Page 6
Volume 152
Friday
Last
Week's Range
for
Ranoe
Rating
Sale
Week
Since
(Concluded)
See a
Price
of Prices
Low
High
1950
x
a
x
aa
1
x
bbb2
-.1946
y
82
2
stpd
1950
Green Mount Pow 3%b...1903
ccc2
ccc2
c
1
Grand Trunk Weet 4s
Or Nor Pow fie
Grocery Store Prod fla
Guantan&mo A Weet 6s—1968 y
{♦Guardian Investors 5s—1948
y
1935
82 M
4,000
4,000
*104% 105%
25
20%
"i'ooo
Jan.
EUg. A
75%
85
107% 108%
103% 106%
62
24
25
20M
20%
3,000
17,COO
*24
58
64
17%
15
27
29%
18
15%
18%
1938
z
aa
;
ccc2
ccc2
1966
x
♦Hungarian Ital Bk 7%8.—1963
Hy grade Food 6s ▲
1949
6s series B
1949
z
y
Idaho Power 3%s
Houston Lt 4 Pr 3 Ms
y
110 %
2
"~76~~
z
aa
1953
x
1954
x
bbb2
1st 4 ret. 5s
1956
x
bbb2
ser
G
Sf deb6Ms.__May
1967
y
Indiana Hydro Elec 5s
Indiana Service 5s
1958
y
1950
y
1963
y
1952
x
107%
1st lien 4 ref 6a
♦Indianapolis Gas 5s A
{International Power Sec—
♦6 Hs series C
—_1955
"T\66O
76 M
Price
Phlla Rapid Transit 6s
1962
2,000
2,000
107% 107 %
22.000
106%
106 % 106 M
5,000
48,000
6,000
101M
101M 101%
"78"
2
1
1
1
100 % 100 M
79 %
78
34.000
3,000
z
105
108
104% 107
98% 103
100% 101%
72% 79%
78%
18,000
71%
78%
75%
80 %
32,000
75
92%
107 % 107%
11,000
105
♦7s (Aug
♦7s series F
1941 coupon) 1957
1952
z
16%
dd
24
17%
11.000
22%
24%
15%
7.000
14%
15%
1,000
15
15%
22
dd
22
2,000
15%
109
77 M
79% 328,000
124,000
34
3,000
107% 108
75%
1952
y
2
ccc2
Iowa Pow 4 Lt 4MB
1958
x
aa
♦Isarco Hydro Elec 7s
1962
1963
z
22
24
y
15
15
1957 y b
32 M
2
zb'i'i
x
a
3
Kansas Eleo Pow 3 Ms
1966
x
a
2
Kansas Gas 4 E ee 6s
2022
x
bbb2
Lake Sup Dlst Pow 3 Ms
x
a
Long Island Ltg 6s
1966
1946
1945
x
bbb2
Louisiana Pow 4 Lt 5s
1967
x
a
♦Leonard Tleti 7 Ms
1.000
102% 106
z
*22
23%
17%
29%
z
*16%
30
22%
26%
Portland Gas 4 Coke Co—
♦5s stamped
..1940
1
bb
z
bb
1
z
a
3
3
..1961
x
a
Potrero Sua 7s stamped
1947
z
1959
y a
110
Corp(Can)4MsB
♦Prussian Electric 8s._
1954
PubUo Service Co of Colo—
1st mtge 3%s
8 f debs 4s
1964
;
z
86%
17,000
4,000
109
4 000
109% 111%
100
5,000
60
71
20
70%
*16%
6,000
69
76%
17
26
105% 109
108% 108%
*106
106%
1949 xbbb2
6.000
151% 151%
2
7,000
44,000
12,000
11,000
150
162
100
103%
22,000
82
105% 107
Public Service of N J—
6% perpetual certificates
Puget Sound PAL 6%s...l949
2
bb 2
y aa
y
1st A ref 5s ser C
I960 y bb
1st A ref 4%s ser D
1950 y bb 2
2
102%
102
103
102%
102
102%
102
101% 102
98% 104
98% 102
Queens Boro Gas A Elec—
...1952 y bb
5%s series A
3
85
85%
85%
30%
♦Ruhr Gas Corp 8Mb
♦Ruhr Housing 6%s
1953
z
*16%
17%
1958
z
*16%
1979
x
aa
2
JoaQUln L A P 6s B...1952
x
aa
2
cc
1
♦Saxon Pub
15
66%
79%
43
24%
106% 108
Wks 6s
1937
1951
z
108 %
44%
108% 108%
*106% 108%
124% 124%
3
107% 107%
40
*20
105 H
3
105% 106
108
108%
*19
*16%
*40
79%
30,000
85%
19,000
84
ccc2
x
bbb3
x
bbb3
*85%
Sheridan Wyo Coal 6s
...1947
y
b
1957
x
bbb2
99
*98
104% 105%
Southern Cal Edison 3s^..1965
x
aa
2
104
1951 y bb
2
53
1970
84
103% 104%
2,000
14
35%
Sou Indiana Ry 4s
aa
2
106% 107%
42
48
So'west Pow A Lt 6s
2022 y bb
3
108
Spalding (A G) 5s
1989
23,000
105% 108%
106
"i'ooo
4,000
106%
123
128%
106% 107%
6.000
104% 106%
107
109%
25
35
25
77
90
y
53
52
108%
93
6,000
86,000
4,000
7,000
7,000
103
87%
93%
93%
99
105%
102% 104%
50% 60
105% 107%
101
110%
40
40
18,000
34%
46
87%
88%
36,000
69
89%
88%
87%
88%
28,000
87%
88%
39,000
69%
69%
89%
89%
88%
87%
88%
32,000
70
88%
87%
70
89%
86%
21%
88%
88%
21%
96,000
87%
49,000
68%
89%
2,000
20
25%
26%
1
39%
88
b
26%
1,000
26%
54
54
2,000
43
32%
56%
13%
26%
Standard Gas A Electric—
6s (stamped)...
Conv 6s (stamped)
....1948 yb
1948 y b
Debentures 6s..
il'ooo
x
85
85%
14,000
3%s
20
40
82
y
2
138%
15
36%
75%
1951
Sou Carolina Pow 6s
133
"42"
Shawlnlgan W A P 4%s...l967
1st 4%s series D
..1970
85%
16%
106% 109
6,000
137
26
Mansfeld Min 4 Smelt—
1941
107% 107%
*134
z
♦Schulte Real Est 6s
Scullin Steel Ino 3s
107%
15%
2,000
90%
28%
14
25%
15%
24
98
96%
110%
90
89
1
x a
110
110% 111%
ccc2
Power
96%
95%
96%
93%
99%
*98%
z
.1950
.1966
6s stamped extended
Potomac Edison 5s E
1961 y b
Debenture 6s
Dec 1 1966 yb
1957 yb
6s gold debs
....
Standard Pow A Lt 6s
♦7s mtgesf
Jan. 1
1963
S'western Gas A El
1942
Jersey Cent Pow 4 Lt 3%s_1965
Since
t
♦Pomeranian Eleo 6s
San
—
6s stamped..
104% 104%
3
Range
for
Week
♦Pledm't Hydro El 6%s._l960
21
15
coupon).1952
Italian Superpower 6s
106% 108
77 %
2
dd
z
Debenture 6s
77
70%
76%
70%
107% 109%
78 %
dd
z
Interstate Power 6e
109% 110%
bb
y
of Prices
High
Low
Safe Harbor Water 4 Ms
a
1957
JacksonvlHe Gas
1,000
80 %
♦7s series E
78 (July 1941
"76 %
76
106 M 107
z
Indianapolis Pow 4 Lt 3%sl970
bb
bb
bb
bb
8.000
76 M
bbb2
1st 4 rel 6 Ms ser B
18M
18M
110% 110%
*3
109 % 109 M
2
1967
IU Pr 4 Lt 1st 6s ser A
-
Sale
See k
4%s series F
♦Hamburg El Underground
4 St Ry 6 Ms
Rating
CConcluded)
1
Week's Range
Last
BONDS
18
62
z
♦Hamburg Elec 7s
81%
108 M 108%
Friday
Bank
Sales
Bank
Elig. A
BONDS3
%
3787
Sales
1967 y b
I960 z cccl
♦Starrett Corp Ino 5s
89%
Stlnnes (Hugo) Corp—
McCord Rad 4 Mfg—
y
b
1952
1947
1971
x
a
y
bb
x
aa
1965
x
1945
1943
1967
1978
y
bb
y
79 M
2
bb
79%
79%
1,000
Deb 4Ms
Mengel Co oonv 4 Ms
Metropolitan Ed 4s E
4s series G
Middle States Pet 6Ms
Midland Valley RR 6s
*103
98 %
T6§"%
aa
98%
*102
""54"
103%
99%
108% 108%
108% 108%
53
6,000
y
bb
105%
Miss Power 4 Lt 5s
1957
x
bbb2
104 M
Miss River Pow 1st 5s
1951
x
aaal
111M
102 H
102% 102%
106%
x
bbb2
104 M
1955 xbbb2
1st 4 rel 58
100
IsTooo
1955
a
6,000
54%
Mississippi Power 5s
Minn P 4 L4M8
x
2.000
103
106% 107
103% 104%
107
107%
105
105%
104% 104%
111
111%
Mliw Gas Light 4MB
3.000
101% 103%
95% 99%
105% 109%
107
110%
104
59%
50%
103% 107
7-4s 2d...
1946
z
7-4s 3d stamped
1948
6s stamped
Memphis Comml Appeal—
1946
z
54
z
Certificates of deposit
♦Term Hydro El 6%s
1953
Texas Eleo Service 5s...... 1960 xbbb2
Texas Power A Lt fie
6s series A
22%
24%
106% 107%
107
1956 xbbb2
107%
2
3
"99%
3
107% 108
*118
120
99% 100%
00%
.....2022
Tide Water Power 6s
y
bb
1979 y bb
10,000
26,000
106% 107%
107
108%
12/)66
118% 121%
96
100%
30,000
Tleta (L) see Leonard—
102%
105
Twin City Rap Tr 5%s...l962 yb
14,000
106
108%
103% 105%
102% 106%
60
60%
13,000
59
5,000
7
9%
5,000
114
118%
{♦Ulen A Co—
14,000
11,000
20,000
7,000
109
112
Conv 68 4th stp
1950
United Elec N J 4s
1949
x
♦United El Service 7s
1956
z
z
1960
y
bb
Nassau 4 Suffolk Ltg 6s
1945
x
bbb2
101% 102
7,000
96% 102%
100% 102%
♦United Industrial 6 Ms... 1941
♦1st s f 6s
1945
Nat Pow & Lt 5s B
2030
x
bbb2
107
7,000
105% 109
9
9
z
115% 115%
24%
24%
aaa3
24%
*20
62%
30
16%
25
20
1,000
30%
United Light A Pow Co-
Missouri Pub Serv 6a
z
d
x
aa
2022
x
a
1948
x
bbb2
{♦Nat Pub Serv 5s ctfs....l978
1981
Nebraska Power 4Mb
6s series A
Nelsner Bros Realty 6s
Nevada-Calif Elec 5s
1956
y
bb
New Amsterdam Gas 5s
1948
x
aa
N E Gas 4 El Assn 5s
2
1947 yb
1948 yb
5S
Conv deb 5s
New Eng
59 H
Pow Assn 5s
Debenture 6Ms
y
b
1961
1948
1964
x
aaa2
y
60
bb
78:600
57%
59
62
59%
13,000
57
62
80,000
*107% 109
"96"
bb
y
15,000
23
*19
109% 109%
Tooo
118
*117
108% 108% "logo
99 %
99% 224,000
*117% 120
"60 "
1950
-
New Eng Power 3%s
107%
107%
93
88%
90
56 Io00
92
93
60,000
21
107
26
111%
114% 124
106
109%
99%
88%
117% 121%
66%
57%
59
66%
57
66%
106% 109%
87% 97%
91% 100
1949 y bb
♦Income 6s series A
New
York
3
1st mtge 3%b
N Y 4 Westch'r Ltg 4s
x
a
104 %
104% 104%
11,000
x
a
102 %
102% 102%
33,000
x
a
2004
N Y State E 4 G 4Mb
x
aaa3
*109% 110%
105% 105%
"i'ooo
1964
Debenture 5s
x
aa
3
*114%
*42
1953 y
Nippon El Pow 6Ms
6Ms series A
bbb2
120
1
100
Va Pub Service 6% A
1st ref 6s series B
102% 102%
*104% 106%
7,000
109%
109% 109%
"d'odd
108
108
109% 110
...1962
x
a
108
108%
10,000
Okla Nat Gas 3%s B
1955
x
bbb2
104
104
Okla* Power 4 Water 6s
1948
y
bb
3
1941
x
aa
2
1942
1955
,.1964
x
aaa3
y
y
bbbl
cccl
1977
x
a
1979
x
a
106
36%
105% 105%
105% 106
105% 106
1971
108%
108% 108%
x
aa
110
102% 102%
*103
107
Pacific Gas 4 Eleo Co—
1st 6s series B
Pacific Ltg 4 Pow 6s
Pacific Pow 4 Ltg 5s
Park Lexington 3s..
Penn Cent L 4 P 4Mb
1st 5s
Penn Electric 4s F
6s series H
Penn Pub Serv 6s C
6s series D
98
99
45
102% 103%
x
100%
104%
101%
102%
101%
93% 101%
13,000
18,000
117
121
83% 100
23,000
14,000
100
102
103
109
16,000
1,000
101% 102
102% 103
z
*4%
5
*109
110%
109% 109%
c
100% 102
aa
aa
....2030
x
bbb2
6s...1960
x
a
2
...1944
1966
y
b
1
x
bbb2
{♦York Rys Co 6s stmp,..1937
♦Stamped 5s
1947
z
bbbl
*96%
y
bb
1
98%
Weet Penn Eleo 5s..
107%
107% 107%
*118% 119
4
3,000
6%
108
5,000
109%
105% 109%
105
108%
6s unstamped
105%
65
106%
66
116% 119
105% 106%
98
99%
9,000
59
68%
19.000
105
107%
"s'odo
97%
99%
98% 100%
49% 54%
109% 113%
106
109
108% 110
106% 108%
103
106%
17T600
102% 104%
104% 106%
95
100%
35
38
104% 106
7,000
7,000
105% 107%
104% 106%
1.000
107% 110
106% 109
16,000
104%
103% 104%
10,000
104%
104% 104%
7,000
102% 104%
112% 112%
2,000
109
a
1954
100
x
West Penn Traction
8,000
106
a
x
120%
98% 100
103% 108%
Western Newspaper Union—
107% 107%
108
108
a
x
120
1,000
64.000
2,000
"19*060
*34%
105%
100
137,000
104
x
115
107% 107%
x
1962
1947
1
98%-
4,000
bb
88
100
100% 100%
103%
101%
101%
102%
*101%
bb
y
income deb....
106%
104
1,000
21,000
Ogden Gas 1st 5s
Ohio Pow 1st mtge 3%a_t__1968
y
100
118,000
104%
1946 y b
103
38%
48
bb
Took
bbb2
y
1946
..1950
101% 106%
102% 106
107% 109%
...
x
1944
..2022
Deb 6s series A
114
102%
...1956 y bb
3MS—.1947 x aa
.1948 yb
...1946 y bb
4s
x
Utah Power A Light Co—
1st Hen A gen4%s
30
85
100
99
100
1973 y bb
Deb 6s series A
Wise Pow A Light 4s
Nor Cont'l Utll 6Ms
Ohio Public Serv
bb 2
1954
Wash Ry A Elec 4s
1951
Washington Water Pow 3%s'64
No Amer Lt 4 Power—
No Boat Ltg Prop
bb
y
United Light A Rys (Me)6s series A
1952
15
98
bbb2
cons
"i'ooo
104
y
♦5s
195
1980
1964
bb
y
x
1st lien A
18%
Waldorf-Astoria Hotel—
Penn 4 Ohio—
♦Ext 4Mb stamped..
18%
100
......1975
..1974
Debenture 6%a
102% 105%
*100% 102
""l8 %
5%s._. ..1959
Un Lt A Rys (Del) 5Ms. ..1952
Debenture 6s
Deb sf 6s...
New Orleans Pub Serv—
z
a
Pennsyl Wat 4 Pow 3%s_.1964
3%s
1970
1,000
108
109%
106% 107%
106% 107%
Peoples Gas L 4 Coke—
4s series B
1981
x
a
4s series D
1961
x
a
1972
x
aa
Phlla Elec Pow 6M8
2
102
105
115
▲
I
Deferred delivery sale.
♦
No par
n
Under-the-rule sale,
value.
a
r
Cash sale,
♦ Friday's bid and asked price.
♦
x
d Ex-Interest.
e
Odd-lot sale.
Ex-dividend.
No sales being transacted during
current week.
Bonds being traded flat.
| Reported In
receivership.
Abbreviations
Used Above—'"cod,"
"cum.'* cumulative, "conv,"
certificates of deposit; "conP_"
y
Bank Eligibility and
stock:
Issued; "w w." with warrants; "x w,"
O
~
:: ; ■
Rating Column—x
believe eligible for bank Investment,
A
consolidated,
convertible; "M," mortgage; "n-v," non-voting
c," voting trust certificates; "w !," when
without warrants.
■"' / ■;
"v t
..
Indicates those bonds wnlch we
Indicates those bonds we believe are not bank eligible due either
provision In the bond tending to make It speculative.
to rating
status or some
reorganization.
The rating symbols In this column are based on the ratings assigned to each
bond by the three rating agencies.
The letters Indicate the quality and the numeral
Immediately following shows the number of agencies so rating the bond.
In all
cases the symbols will represent the rating given by the majority.
Where all^three
agencies rate a bond differently, then the highest single rating Is shown.
A great majority of the Issues bearing symbols ccc or lower are In default.
Issues
z
Indicates Issues In default, In
bearing ddd or lower are
Attention is directed to the new
column in this tabulation pertaining to
bank eleglbillty and
bankruptcy, or in process of
In default.
rating of bonds.
Sec note A above.
The Commercial & Financial Chronicle
3788
-
June 14, 1941
Other Stock Exchanges
Sales
Friday
Range Since Jan. 1, 1941
Last
Baltimore Stock
June 7 to June 13, both inclusive,
Hales
Range Since Jan. 1, 1941
Last
Stocks—
Par
Week's Range
for
Hale
of Prices
Low
High
Week
Price
Par
Adams Oil A Gas com
compiled from official sales lists
Friday
Stocks (Continued)
*
Low
High
for
of Prices
Week
Price
com__l
Low
High
Low
Sham
High
Mar
4%
May
2% May
650
3%
12%
Jan
2%
11
4%
2%
11%
2.50
11
11
11
800
10%
Feb
13
15% Xl5%
4%
Advanced Alum Castings.5
Aetna Ball Beanng
Shares
Week's Range
Hale
Exchange
250
14%
Feb
16%
145
4%
2%
"li%
Allied Laboratories com..*
100
May
Jan
Jan
Allied Products Corp—
1st preferred v t c
4
*
%% pref cl B
27c May
20
10
.
10
...
40c
Apr
Allls-Chaimers Mfg. Co..*
Jan
118%
Feb
2% May
10 % Mar
120%
Jan
Altorfer Bros conv pref...*
7
114
170
5 %
Jan
14
113 %
Apr
32 %
170
1.65
0%
J an
29
Jan
32?4
Apr
American Pub Serv preflOO
100
20 %
20 %
23%
Merch & Miners Transp..*
"48 %
450
20%
23%
50
15%
Feb
20 %
Feb
29%
Apr
4
48%
33
17%
246
18
Feb
100
95c
June
1.15
Jan
96 %
96 %
20
94%
Jan
97 Yi
Jan
Berghoff Brewing Corp...
Bliss A Laugblin Inc com.
83
84
85
83
June
87%
Feb
Borg
21%
21%
382
21
May
23%
Mar
35
35
100
33%
2
Western National Bank.20
June
94
Jan
920
4%
4%
2,250
4
Apr
7%
100
7
May
1%
1%
200
1%
3%,
3%
1,100
2%
17%
300
34%
11%
36
1,300
7%
400
15
Bendlx Aviation com
95c
u 8 Fidelity A Guar....
21
June
11%
3%
Bastian-Blessing Co com.
95c
100
Jan
85
7%
3
10%
Preferred
17
90
7
"l%
Asbestos Mfg Co com...
48%
50
36%
10
88
157%xl60%
"4%
Equipment Co com._l
North Amer Oil Co com_.l
Northern Central Ity
25% May
21
17%
Armour A Co common—5
New Amsterdam Casualty2
National Marine Bank..30
29%
85
15%
400
13%
17
17%
16%
800
16
140
16
June
1%
400
1
% June
7
149%
May
Jan
168%
Jan
5%
Jan
9
Jan
Jan
2%
Jan
Apr
5%
Jan
16%May
19%
Apr
May
15
27%
21
85
Amer Tel A Tel Co cap. 100
Aro
Aviation Corp (Del)
Houston Oil pref
Apr
Mar
117%
31%
.
2.80
56
50
Common
71 J*
88
TVs
7%
7 %
7%
119% 120%
East Sugars Assn com v t cl
Feb
Jan
53
60
117
17
May
May
31c
2.50
58 %
30c
Davison Chemical Co com 1
Fidelity & Guar Fire
May
2.40
58%
100
Fidelity «fc Deposit
14%
57%
100
Conaol Gas EL A Pow
362
15 H
15%
Arundel Corp.......
*
Bait Transit Co com v t c •
Belden Mfg Co com
16% May
Feb
35
June
10
35%
15C
10
Jan
12
32%
Apr
37%
Jan
Apr
8%
Jan
June
18%
Jan
Apr
20%
Jan
18
Jan
6
May
Warner Corp—
17
Common
16
Brack A Sons (E J) cap...
Brown Fence A Wire—
Bonds—
1%
Common
Bait Traslt Co, 4 s
A 5s flat
41
.1975
41% $19,000
48%
flatl975
48%
14,000
33 %
40
Mar
41 %
June
Jan
49%
May
Class A pref
Bruce Co (E L) com
6
7 to June 13,
Exchange
5%
both inclusive, compiled from official sales listg
Friday
Range Since Jan. 1, 1941
Week's Range
for
Hale
of Prices
XVOPIC
VV WJ/V
Low
Low
Shares
Price
100
158%
157% 161%
104
104
104
57
88
88
89
270
27%
27
28%
43
44
18%
18%
75
6%
1,000
5%
Mar
Jan
High
Blgelow Sanf Cpt Co pf 100
Boston A Albany
100
Boston Edison Co (new).25
100
Boston Elevated
Boston
Boston
Prior
HeraldjTraveller..*
2,973
105
100
preferred
35
Class A 1st pref
2
2
100
Feb
5%
Jan
19%
Jan
21%
Jan
11%
11%
50
10% May
Jan
84
87
May
14%
95%
Jan
%
Jan
.—... .
.
pref
87
100
si#
*i«
2
Class B 1st pref std__
2%
2%
40
*
Cbicago Corp common
Convertible preferred..*
May
34%
Jan
Chic Flexible Shaft com..5
Apr
50%
Feb
Chicago Yellow Cab cap
20%
106
31%
106%
110
106
2%
2%
15
1 %
100
100
100
Class C 1st pref std. .100
275
2
2
11
Boston and Providence. 100
Too
11%
19
11%
19
1.00
530
30
1.00
Apr
2%
May
Jan
2%
Feb
Jan
2%
May
2%
Apr
Jan
June
2% May
12%
Apr
Feb
95c
23%
Apr
Jan
12%
20
7
Jan
1%
11
Jan
30% June
47
Jan
40
105
Mar
112%
May
10
5
5
%
5
June
8%
Jan
Apr
1%
Class D 1st pref std..
82
900
30%
*
Jan
1 %
.....
4%
350
Apr
1%
Brown & Durrell
1,950
104%
97%
18
2
Boston Per Prop Trusts..*
4%
Mar
Jan
2
Class A 1st pref std_.100
Mar
20%
29
28%
29
2,850
1,350
61%
61%
62
150
%
1
.
.
%
1.50
Feb
1
% June
27%
Feb
30
Jan
60
73
Jan
Apr
Jan
8%
*
8%
287
8%
May
9%
Jan
55%
3%
May
72%
Jan
Feb
5
24%
6%
May
30
Chrysler Corp common..6
6%
Jan
13%
4%
Central States P A Lt pf.*
Maine—
A
9%
Jan
20%
168% May
May
100
87%
26%
41%
Jan
June
10%
4%
50c
Preferred.....
High
800
20%
Jan
148%
400
12%
Central A 8 W—
Prior lien
2,606
7%
7
30
pref
cum conv
Common
Par
Stocks—
Amer Tel A Tel
12%
Campbell-Wyant A Can
Foundry cap—
—*
Cent 111 Pub Ser 16 pref..*
cults
Last
7%
12%
2%
..10
Butler Brothers
Boston Stock
June
1%
57%
3%
55%
3%
58%
4%
936
Cities Service Co com...10
26%
25%
5,300
5%
26%
6
2,850
4%
4%
20
500
Jan
Commonwealth Edison—
26
Capital
Consolidated Oil Corp—•
6
Feb
Jan
6%
May
6%
Jan
Consumers Co—
4%
Jan
14%
14
80
12%
Feb
17%
partic shs—50
of Ameri
Common
.20
V t c pref
Container
17%
50
17%
Mar
Corp
______ _
...
.
16
Jan
Jan
Continental Steel—
Com mon
.
_
.
.J
..
_
.
_
~
*
25
6%
5%
310
5%
Aor
5% June
Crane Co com
5%
904
4%
Fen
5%
May
East Fuel & Gas As corn..*
1%
1%
36
1% May
3%
Jan
Cudahy Packing 7% prflOO
Cunningham Drg Sirs..2 %
4%% prior pref.....100
6% pref
.....100
50%
52
110
47% June
58%
Jan
33%
272
30%
75
75
16%
503
13
Apr
89
91 %
110
80%
Jan
96
Jan
15%
100
15
May
19
Jan
24
24%
50
24
21%
23
Decker (Alf) A Cohn—
32%
14%
23%
19%
15%
_
Caiumet A Heel a..
*
6
6
Copper Range..
"~5%
"33""
41%
Jan
87%
Feb
Diamond T Mot car com.2
Feb
8%
Apr
Dodge Mfg Corp com
6%
Employers Group
Gillette Safety Raaor
•
1%
22%
5
21
May
25%
2%
179
2
May
3%
Jan
1%
'2%
Lamson Corp (Del) com..5
769
2
*
7%
22 %
6%
Eastern 88 Lines..
25
1%
30
2
Apr
26
May
3%
*
com
_
_
_
cum
pref
23
50
—
23
25
1% May
20
May
100
Common
1
t c_.
v
Eversharp Tnc com
3%
5
15c
5
15c
5
15c
200
20%
5%
55
20 %
Mergenthaler Linotype-.*
NarragansettRacgAssnlncl
5%
72
410
15
15
4
Jan
5c
2.50
21c
23c
130
88
5
Fairbanks Morse
*
com
21c
88
23%
99c
100
1
1%
150
1
Feb
10%
10
10%
165
9%
Apr
5%
Apr
26%
25%
26%
1,035
Apr
Shawrnut Ass'nT C
*
Btone A Webster
•
*
United Shoe Mach Corp.25
6%
cum
pref.
..25
6%
Waldorf System
Warren Bros
Jan
35%
290
39%
Jan
37%
39%
1.500
36%
May
48%
Jan
2%
2%
100
2%
May
3%
Jan
6%
6%
150
June
8
Jan
16%
17%
430
8%
150
14%
14%
600
13%
14
100
June
General Foods
._.*
com
90
Gossard Co (H W)
8c May
25c
Mar
4c
Jan
10c
Feb
11%
Feb
14
716
22
Feb
25%
June
% May
1%
Jan
Hetleman Brewing cap
1%
Jan
8%
Jan
Horders Inc
Jan
8
Hibb Spencer Bart com.25
30%
"16%
Heln Werner Motor Parts 3
Jan
39
May
6%
16
19
Jan
Jan
May
20%
May
10%
Jan
14%
Feb
17%
Mar
11%
8%
Apr
June
16%
Jan
9%
Jan
May
9%
Jan
8
May
190
11
com...*
Great Lakes DAD com..*
25
748
33%
59%
June
54
459
49%
Apr
70%
60%
Jan
Illinois Brick Co cap
10
Illinois Central RR comlOfl
44
44
44
62
43%
May
45%
Jan
Indep Pneu Tool
Feb
40
Jan
v t c_
Apr
52c
Mar
_*
'9%
9%
50
7%
Apr
9%
Apr
Indiana Steel Prod
"IS
»16
98
%
Feb
%
Jan
26%
Mar
31
June
12%
16
12%
May
550
40
Jan
14%
Jan
%
10
Apr
13%
Jan
50
15%
Feb
17%
Jan
255
*u
Mar
Jan
3%
100
2%
Feb
%
3%
June
7%
7%
310
7%
June
8%
May
100
21%
May-
29%
97
lS %
3
May
21%
23
23
19%
19%
100
3
3
1
70%
370
50%
53
456
16
50
10%
50%
Iron Fireman Mfg Co v t c*
73%
16
•
international Harvest com*
Feb
3%
"7%
Indianapolis Pr A Lt com.*
com..
37%
50
14
16
%<l
7
30
11%
16
.*
Inland Steel Co cap
138
—
150
38
1
Hupp Motor Car com
200
7%
14
*
com..5
8%
38
....*
com
Hubbell Harvy Inc
65%
110
;8%
7%
1
37
Mar
"\4%
Hall Printing Co com... 10
52
31
Jan
Jan
36%
29
5
2%
61%
*
May
1% June
33%
Feb
35c
Warren (8 D) Co
3%
300
100
890
;
Jan
1%
36%
*
.......
7%
1%
54
35c
Jan
Jan
General Finance Corp coral
38c
1
4%
Jan
45%
Apr
35c
Utah Metal A Ton Co
100
May
55%
65%
5
United Fruit Co
7
Feb
34%
6%
Apr
Houdallle-Herebey cl B
Union Twist Drill Co.
200
16
508
6%
»
Torrlngton Co (The).
36%
3
46%
230
»'
4%
33%
Apr
June
May
2
113
Goodyear T A Rub com.. •
99c
Feb
28%
100
100
Jan
23%
...50
Pennsylvania RR
Quincy Mining Co......25
Reece Folding Mach Co. 10
3%
500
16
37c
15%
15%
23%
950
2
53%
June
13%
*
3%
29%
4
Goldblatt Bros Inc com..*
10c
3%
Jan
16
Jan
10c
Jan
50%
Gen Motors Corp com.. 10
Old Colony RR
14
7
Gillette Safety Razor com *
50
Apr
35%
1
Jan
10c
11
.5
com
Apr
June
50
General Amer Trans
%
10c
Pacific Mills Co
Fuller Mfg Co com.
11%
9%
Gardner Denver Co com..*
Jan
*16
Old Colony RR.......100
(ctfs of dep)
June
May
Jan
129
110
81
88
June
23
7
Jan
15
May
15
215
*32
Northern RR(Nw Ham) 100
May
52c
June
65
116%
North Butte
6
26
May
Jan
632
113
115%
May
18%
4%
N YANH&Hrt RR..100
N ErigiGs & El Assn pref.*
New England Tel A Tel 100
24%
Feb
350
2
1
FitzStm A Con D A Dcom*
Maine Central—
Mass, Utll Asa
Jan
19%
8%
28%
.*
Elec Household Utll Corp. 6
525
7%
11%
8
Elgin Natl Watch Co.-.15
6%
Jan
Jan
Deere A Co
100
100
Preferred
Apr
74% June
Eastern Mass 8t Ry—
1st pref
16%
91%
10%
45
4%
4%
200
69%
43%
June
Apr
May
15% May
4
Jan
Jan
Apr
90%
53%
Jan
Jan
Mar
18
Bonds—
Boston A Maine RR—
1960
67%
69%
$6,200
1970
4s
28
66 %
Mar
74
Mar
Jarvis (W B) Co cap
Katz Drug Co com
1
1
28%
20,500
18%
Jan
29%
Apr
1948
104% 104%
2,000
101%
Jan
105%
Apr
Ken-Rad Tube A L
Series B 5s
1948
106% 106%
100
102
Mar
107
Apr
Ky Utll jr cum pref
Series D 6s
1948
108
600
105
Feb
108
Mar
9%
Apr
4
Jan
7
May
14
Jan
4%
feb
8%
Jan
Kellogg Switchboard—
Series A 4%
4%
4%
Eastern Mass St Ry—
Common
108
A *
SECURITIES
June
4% June
50%
Jan
30
99%
2,750
%
Apr
%
400
%
June
1
4
4
50
3%
8%
8%
50
6
5%
5%
5%
670
1
1
1
100
106 %
Jan
%
Jan
Jan
4
Apr
8%
June
5
Feb
7%
Jan
1
Feb
1%
Jan
Apr
Lincoln Printing Co—
Unlisted
Common..
*
Liquid Carbonic
Paal RDavts &
Members
May
%
*
Principal Exchangee
11%
115
9%
Apr
16%
16%
39
13%
16%
Jan
*
1%
2%
400
1%
May
Feb
2%
June
Marshall
Field
Feb
Mar
_*
com
60
11
McCord Rad A Mfg clA.
11
9
Jan
7%
7%
100
5%
Jan
14%
8%
15%
14%
15%
1,650
13%
Jan
15%
Jan
27
27
30
26%
May
29%
Apr
2,650
4%
May
700
3%
McWilliams Dredging com*
Municipal Dept. OGO. 521
Jan
11% June
11%
*
com
Loudon Packing com
Bell System Teletype
,
—*
Lion Oil Refg Co cap
Trading Dept. OGO. 405-406
Jan
45%
99%
10
LlbbyMcNelllALlbby com?
3
10
%
5
com
50
100
%
...
Le Rol Co
7%
4%
46
99%
6% preferred
100
Kingsbury Brew Co cap—1
Leath A Co com...
Listed and
4%
46
50
La Salle Ext Univ com
CHICAGO
7%
*
com
11
Mer A Mfrs Sec—
10
La Salle St., CHICAGO
S.
$2
cum
partic pref
*
5
4%
5%
pf A*
5%
5%
*
*16
Middle West Corp cap
Midland United
conv
Common
Chicago Stock Exchange
June 7
to
Last
Sales
Sale
Stocks—
Par
Price
Week's Range
of Prices
Low
High
Range Since Jan. 1,1941
for
Week
6% prior lien
100
7% prior lien
100
7% preferred A.100
Low
Modified
High
preferred
$1 prior pref
Abbott Laboratories com
Acme Steel Co com
For footnotes
*
25
see page
11%
11%
11
%
550
3
11%
11
11%
400
3
%
100
3791.
6%
Jan
7
Apr
*i6
Feb
9,500
Apr
12% May
Jan
%
12%
May
Apr
%
May
6%
1%
%
May
16%
600
Jan
16%
June
5%
6%
2,000
5%
June
6%
June
4%
June
36% June
6%
Jan
May
46%
48
00
46
Feb
53%
Jan
Minneapolis Brew Co
1
4%
4%
100
46
0
43%
Apr
51%
Jan
Monroe Chemical Co pref.*
36%
36%
20
com
1% June
1%
15%
1%
24
10
46
48
Feb
Feb
Miller A Hart—
V t c common stock
Shares
*16
Midland Utll—
June 13, both inclusive, compiled from official sales lists
Friday
350
10
37
Volume
The Commercial & Financial Chronicle
152
Sales
Friday
Montgomery Ward
Week'8 Range
for
Sale
of Prices
Week
Price
Par
Low
35%
.»
33%
£10%
Natl Cylinder Gas com
1
Natl Pressure Cooker com 2
10%
4%
10
National Standard com.. 10
27
27
25%
27%
Natl Bond A Invest com
.
*
.
Noblitt-Sparks ind cap..5
No American Car com
20
4%
10%
8%
Apr
150
4
Mar
100
24
May
210
24%
200
11
10%
May
10% May
1,150
6
600
6
Northwest Bancorp com..*
50
31%
Stocks
High
Low
495
36%
10%
10%
4%
28%
com
Last
Apr
39%
Jan
13
Mar
11
4% May
Jan
32%
Jan
8
Mar
Apr
14
Jan
Feb
63
Feb
May
13
Jan
5% May
10
Par
Brewing Corp of Amer
City Ice & Fuel
Jan
32
(Concluded)
for
of Prices
Week
Price
Low
3
102%
662
10%
103
102
1,098
584
78
27
14%
78
5
78
27
*
.100
Cliffs Corp com
Colonial Finance
110
4%
10
100
Range Since Jan. 1,1940
Shares
High
4
*
Preferred..
CI Cliffs Iron pref..
Cleveland Ry
Week's Range
Sale
Shares
High
Sales
Friday
Range Since Jan. 1, 1941
Last
Stocks (Concluded)
3789
14%
992
95
Low
High
3% May
8%
Apr
95
Jan
70
Apr
25% June
12 %
Apr
10% June
1
11
11
200
100
Dow Chemical pref
115
115
115
110
Jan
June
Jan
4%
10% June
103
June
79% May
32% Mar
17%
Jan
13
Jan
115% June
N West Util—
Prior lien pref
7% preferred
Peabody Coal Co cl B
100
57%
10
100
5
Penn Electric Switch cl A10
70
57%
1%
%
54%
50
10
9
1%
com
6
1,200
%
Jan
14
14
100
13% May
23%
24
770
22
38%
39%
475
23
23
1% June
Jan
16
Eaton Mfg
Electric Controller
Peoples G Lt&Coke
100
cap
Perfect Circle (The) Co..*
Poor ic Co cl B
*
Pressed Steel Car
23%
1
com
39%
m
•
75
— -
75
100
10
46
-.50c
■.¥ 2
Rath Packing com
20
;
10%
76%
380
60
46
300
2
Jan
25%
43%
Apr
Mar
Glidden Co
com
10%
19%
Sears Roebuck A Co cap..*
3%
Serrick Corp el B com—1
13
Jan
Jan
Mar
41% May
160
Jan
Interlake Steamship
148%
57%
700
Sou Bend Lathe Wks cap.6
30%
2
30%
5%
30%
200
5%
1
18% June
67%
Apr
1%
Feb
28% Mar
29% Mar
45
10
Feb
4%
Apr
10%
Feb
20
13
•
26
30%
6
Stewart Warner
13
50
12%
Jan
29%
30%
1,294
7%
2,000
25%
6%
Mar
Apr
7
Sunstrand Mach T*1 com.5
30%
30
Swift International cap.. 15
Swift A Co
25
18%
18%
431
17%
Mar
22%
21%
1,742
39%
22%
39%
19%
34%
May
Feb
3%
3%
15
9%
9%
300
Union Carb A Carbon cap *
70%
72%
690
United Air Lines Tr cap..5
10%
10%
30
U S Gypsum
57%
54%
59%
225
Texas Corp caoltal
26
2
Trane Co (The) com....25
Thompson (J R) com
_
_
500
31%
560
80
Feb
29
20
United States Steel com..*
7% cum pref
Utah Radio Products
56%
100
com
1
1
1
1%
Util & Ind Corp conv pref 7
57%
117% 120%
%
1%
5
*ie
*
18%
Wayne Pump Co cap
1
18%
16%
21%
91%
Common
24%
Western Un Teleg com 100
Westnghs El & Mfg com.50
Wieboldt Stores com.....*
-a-
Williams OU-O-Matic com *
2%
*
Wise Bankshares com
7%
2%
4%
Woodall Indust com— ...2
3%
3%
Wrigley (Wm Jr) Co cap.*
Zenith Radio Corp com..*
mZmrneiiim
64%
12%
7 to June 13,
1%
150
1%
Feb
350
lie
Apr
17
95
15%
Apr
Feb
24%
268
19
96%
110
85% June
7%
2%
200
4%
3%
65%
12%
50
6%
200
Last
Sale
Par
Mach.
Price
..20
Champ Paper pref _.
.100
35%
Jan
6%
Jan
National Acme
4%
150
__*
National Tile
Jan
14%
Week's Range
High
cNYCentralRRcom..
*
Packer Corp
3
Jan
c
Republic Steel com
*
*
Richman Bros
Standard Oil
25
(Ohio)
Troxel Mfg
3
16%
103%
50
3
100
2%
82
2%
3
7%
8,657
130
8%
250
"2%
*
Crosley Corp
-10
8%
8%
19%
*
27
130
-12
5%
35
Hobart clA
June
3%
Mar
5%
12
1
24%
26
765
"25%
*
51%
53%
Randall clA
20
20
21
3%
2%
Class B
23
..50
Preferred
—
Jan
7%
Jan
10%
Jan
23
Mar
:K29'V:/
Jan
6%
Mar
16%
Mar
June
45
June
13%
Feb
Jan
105%
June
102%
Jan
30
Jan
19%
Feb
24
June
1,019
50%
May
58
Jan
22%
Jan
346
3%
2*4
20
200
23
7%
98%
3% May
15
50
98%
4
1 %
30
6%
.100
Feb
3% May
94
..10
Wurlitzer
May
24% June
24
53%
U S Printing
3
23
24
P & G
Lunkenheimer
92% May
12
25
105
Feb
35
12
12
Apr
5% June
11%
Jan
8
35
2%
107%
4%
8
5%
13
35
20% Mar
Feb
106
%;:■ 4 v'J'. Jan
May
Apr
May
105
Kroger.—
10
Jan
Feb
6% June
95
Feb
23
Jan
June
9%
Jan
97
Apr
Unlisted—
Am Rolling
13%
25
Mill
3
Columbia Gas
39
10
General Motors
38
43%
Timken R Bearing
14%
3%
39%
43%
209
11%
Feb
2% May
36% May
41% May
24
208
10
15%
Jan
4%
48%
Jan
51%
Jan
Jan
Ford
31
a41%
a55%
Par
StocksBaldwin Rubber com
Briggs Mfg
...
.1
com........*
com—1
Burroughs Add Machine.*
Chrysler Corp com
5
Consolidated Paper com .10
Consumers Steel com
1
Continental Motors com.. I
Cunningham Drug com 2 %
Det & Clev Nav com....10
Detroit Edison com
100
Brown McLaren
com.l
.. 1
Divco Twin Truck com
1
Durham Mfg com
1
Det-Michigan Stove
for
High
8
Shares
5
Akron Brass Mfg
50c
Body..—5
Apex Elec Mfg
*
For footnotes see page
"16%
10%
8%
5
10%
8%
550
160
127
*
Frankenmuth Brew com.. 1
Gar Wood Ind com
3
General Motors com
10
Goebel Brewing com
1
Graham-Paige com
1
Grand Valley Brew com . .1
Hall Lamp com
-*
4%
June
Mar
38
Jan
22% May
10% June
51%
Feb
23%
Jan
3% June
41% June
1% Mar
% May
15%
Jan
9% May
19
June
12
May
52
11%
Mar
175
16%
Feb
22%
Jan
30
Apr
35%
Jan
34%
Feb
41% June
2% Feb
1,224
330
320
361
2
Jan
49%
Apr
4% June
110
8%
Apr
al4% al4%
a33% a34%
10
12%
30%
Feb
Apr
65
55
70%
6%
10%
17%
42%
Jan
Jan
Jan
Jan
Jan
New York Curb Associate
Chicago Stock Exchange
High
Exchange
Sales
for
of Prices
Week
Price
6
Low
6%
Mar
Mar
Jan
High
19%
245
99c
500
8
873
7%
58%
15
790
6
99c
"99c
Low
High
5%; Apr
18%
Apr
75c
Jan
6%
24
Jan
Jan
1.00 May
379
15
7% May
55% May
68
Jan
200
58%
15
15
16%
Feb
72c
80C
400
2%
15%
3
835
15%
200
77c
79c
350
80c
Range Since Jan. 1, 1941
Shares
5%
19%
Apr
8%
Jan
Mar
93c May
2% May
15% June
15% June
60c
68c
20
Jan
94c
23
Jan
Mar
2%
1,336
1,300
Apr
Apr
400
Jan
10c May
2%
13c
45c
Jan
7
7
100
5%
7%
Jan
1%
2%
1%
200
1
1%
Jan
20%
2%
11%
1%
21
547
12
4%
4%
1,750
1,404
38%
2%
38%
2%
450
65c
65c
523
50c
1%
50c
100
5%
260
65c
5%
1%
959
May
4
13c
20%
1%
Apr
Apr
11%
Apr
1% May
3%
Apr
36% May
2% Mar
62c
Apr
30c
5
Mar
June
19
19
100
18%
Feb
12%
12%
245
12%
10%
May
May
14
2%
4%
48%
2%
1.00
50c
7%
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
21
Apr
Jan
3
3
250
3
Apr
14%
13%
4%
30c
30c
800
30c June
45c
Jan
com..l
10
1%
24%
600
1
Mar
1%
Apr
153
23
Feb
26%
Lakey Fdry & Mach com.l
Masco Screw Prod com ... 1
3%
1%
1 %
24%
3%
1%
21c
22c
2%
12%
Houdaille-Hershey cl B . .. *
Hudson Motor Car com..*
Hurd Lock & Mfg com . - .1
11%
Hoskins Mfg com
Kingston Products
Kresge (S S) com
285
: ;
125
440
2,000
3% May
1% May
16c
1
22c
com.....1
.*
1%
1%
930
1
"77c
76c
77c
200
60c
5%
5%
5%
6%
1%
7%
5%
1%
1%
6%
com—*
*
"7%
2%
2%
26
T~
1,050
6
400
6%
1%
7%
5%
1%
3,000
2%
26%
1,345
Jan
25c
Jan
Jan
Mar
Jan
1%
Jan
1.25
Mar
4%
Jan
5% May
200
7
May
475
5
Apr
1%
Apr
Apr
2% May
25
1%
Jan
Jan
|1%
100
5
Jan
May
375
May
6
6%
1%
11
June
Jan
Jan
Jan
8%
1%
Apr
3%
30%
Jan
Jan
Jan
7% May
86c May
1% May
11
100
75c
Apr
1.25
Jan
200
8
2
Apr
2%
Jan
1%
Apr
17% May
1% Mar
1%
20%
2%
11%
99%
Jan
Jan
Apr
Feb
Jan
Jan
100
8
90c
90c
90c
100
1%
1%
1%
296
-5
com.-.-..2
75c
75c
Paper com—*
Scotten-Dillon com
10
Std Tube cl B com .—
1
Stearns (Fred'k) com....*
Preferred...
—.100
17%
1%
17%
10%
1%
38%
1%
10%
98
98
1%
1%
700
520
804
:
200
20
10% May
98
Mar
Jan
1.25
Jan
1%
Jan
1%
1%
290
1% May
1%
-I
3%
3%
3%
3%
100
3
Feb
4%
Jan
314
Mar
4%
4%
9%
250
3% Mar
4% May
3%
*
United Specialties ....—1
Universal Cooler cl B
*
Universal Products com..*
70c
70c
200
70c June
14%
14%
110
14% June
Union
8
12%
^
DETROIT
Week'8 Range
Hoover Ball & Bear com. 10
Udyllte--
4%
Jan
10% June
8% June
8
Feb
5
—1
1%
Range Since Jan. 1,1941
Low
6%
8%
-
Investment com—*
United Shirt Dist com
Amer Coach A
30
8
12
11% May
5
Federal Mogul com
TIvoli Brewing com
Sales
Low
330
9%
al8% al9%
30%
31
a39% a42
2%
2%
«54% a565ie
...
Rickel (H W)
Week
Price
50
Reo Motor com—
Exchange
of Prices
Jan
19% June
12% Mar
Jan
Detroit Paper Prod com
Parker-Wolverine com... *
Peninsular Mtl Prod com.l
Prudential Invest com_._l
both inclusive, compiled from official sales lists
Par
May
%
Friday
Packard Motor Car
Parke Davis com
A. T. & T. CLEV, 565 & 566
Week's Range
Jan
both inclusive, compiled from official sales lists
--10
com—1
com50c
Motor Products com
*
Billdln& Cleveland
Sale
Mar
%
Mid-West Abrasive
j^j RUSSELL co.
Last
Apr
26
Mar
8%
River Raison
Stocks—
110
Apr
1%
52
Detroit Stock
-.10
Michigan Die Casting .... 1
Friday
Jan
11%
43%
Telephone: Randolph 5530
Murray Corp com
June 7 to June 13,
16
Building
Micromatic Hone
Members Cleveland Stock Exchange
Cleveland Stock
45
32
Exchange
Michigan Sugar com
Preferred
Ohio Listed and Unlisted Securities
Telephone: OHerry 5050
26
Member*
Michigan Silica
Unlin CcmmerM
20
1,112
York Stock Exchange
Detroit Stock
McClanahan Oil com
GILLIS
Jan
Sale
2%
June
41% June
W ATLING, LERCHEN & CO.
New
Jan
Jan
9%
Jan
15% June
14%
Jan
85
Apr
48% June
Jan
5
Jan
18
IIoo
Kahn
referred
7%
4
26
Feb
Apr
May
18% Mar
24% June
Jan
104%
99
4
*
Kakn 1st pref
316
24
June
80
85
13
.100
June
2% May
101
19%
26%
Feb
Apr
%
Jan
98% June
87%
Feb
249
5
"26%
*
Formica Insulation.
Gibson Art
7
12
Youngstown Sheet & Tube*
High
1
90
..50
904
Last
137
Jan
16%
35%
Jan
Range Since fori,1>194L
90
pref
Jan
June 7 to June 13,
Low
Jan
58
1% May
Jan
1%
Jan
2%
81%
Part
70%
Apr
..50
Hatfield prior pref-.
Jan
15%
..20
Eagle-Plcher
69%
May
CNO&TP
..50
Feb
Jan
Mar
600
1
130
17
300
3%
33%
%
%
8
"al9~
Weinberger Drud Stores..*
White Motor
50
10%
Cln Gas & Elec pref.
Rights
*
Upson-Walton
Jan
Jan
June
50
9%
1
17
11
22%
10%
45%
45%
al7% a!8%
2%
3%
37
41%
*
Ohio Oil com
72% June
695
.100
98%
9%
*
79 X
:::s
2%
2%
98% 100
35%
22
15%
287
al2% al2%
*
Ohio Confection A
Jan
May
for
41%
11
4%
35%
%
36
63
Shares
40%
Apr
20% June
90
12
*4
Week
of Prices
Low
50
18%
*
c
Sales
3
—
—
Mar
3% May
June
..*
30% May
Jan
8%
116
Cin Ball Crank
Cin Telephone
Jan
40
4%
.....1
National Refining (new)..*
Prior preferred 6%
*
Exchange
20% 20%
104% 104%
*
Cin Street
Feb
1
704
10%
Myers (F E) & Bro
Jan
Mar
17%
Apr
35%
22%
both inclusive, compiled from official sales lists
Stocks-
Churngold
49%
115% June
% Mar
800
Friday;
Am Laundry
161
19
Cincinnati Stock
June
3,800
v
350
118
Walgreen Co com
1
7
12
McKee (A G) clB
.*
Medusa Portland Cement*
cU S Steel com
Co com
56
18%
Jan
4% June
12
Feb
50
124
225
..*
78%
30
9
May
May
Apr
44%
a23% a23%
a8%
a8%
40%
41%
.*
Lamson & Sessions
Miller Wholesale Drug...*
3% June
61%
9%
53%
80
41%
Kelly Island Lime & Tr__*
Jan
Jan
19%
Jan
24%
40% May
Jan
6%
June
41
__*
Nestle LeMur A
Preferred
al3%
44%
41%
22%
Standard Dredging—
Standard Oil of Ind
a30
36%
Jan
Apr
883
38
_....
105
9%
3%
80
_*
com
Goodrich (B F)
*
Great Lakes Tow pref. .100
Feb
670
30
al4% al5%
a!3
28% May
12% Mar
11%
Apr
71%
Jan
44%
Apr
June
9%
75
1% June
72%
3%
80
a31%
Greif Bros Cooperage A..*
2
30
Slgnode Steel Strap pref_30
a31%
Jan
Jan
300
June
Jan
Jan
19%
Apr
13
8
%
18%
50
30
27
400
1%
10%
69%
Sangamo Electric com....*
Spiegel Ino common
1%
10%
17
13
...»
Jaeger Machine
5
Reliance Mfg C* com... 10
54
13
a30% a30%
Halle Bros pref
100
c Industrial Rayon com..*
c Interlake Iron com., j..*
1,100
2
6% preferred
29
54
*
Apr
Raytheon Mfg Co—
Common
General Electric
20
*
June
5%
300
149%
45%
36%
23
450
6%
149
wW*'
Quaker Oats Co oommon.*
Preferred
6%
10%
Feb
c
c
Penn RR capital.—60
_*
Faultless Rubber
9%
70c
;
235
8
Apr
5
10
1%
16%
Jan
Jan
Jan
Mar
3791,
=k*l
The Commercial &
3790
Sale*
Friday
Range Since Jan. 1,1941
Last
Warner Aircraft corn
_
for
of Prices
Low
High
-
Young Spring & Wire
Low
Shares
3,685
1
Feb
600
2
Jan
250
4% May
5% May
210
9%
2X
5%
10
Apr
12%
Jan
Sales
Friday
IX
Jan
3% May
10%
.4
Last
of Prices
High
Sale
Price
Par
Stocks—
American Tel <fc
Angeles Stock Exchange
Low
compiled from official sales lists
both inclusive,
June 7 to June 13,
Week's Range
Last
of Prices
High
Sale
Stocks—
29%
.
4%
4
Jan
2%
1
%
Jan
2
100
3%
Apr
5%
.
40
220
59
157
6
6
505
a70
255
5X
900
9
9%
Mar
25c
Apr
410%
Apr
9
582
324
388
7%
37%
5%
May
Feb
Feb
Jan
June
47%
8%
34c
35c
May
19%
33%
Feb
8
June
10%
46c
Jan
20
Apr
60c
50c
500
38c
Jan
IX
IX
1,200
1%
May
46c
Oil Mng & Devi
47c
IX
46c
46c
200
35c
Jan
4c
3,000
4c
May
7c
100
9%
May
11%
Jan
9X
108
9% June
10%
Mar
4c
1
Finance Corp com 10
Nordon Corp Ltd—
10
10
9%
9X
5%
a23%
023
023%
187
a28X 028%
25
28%
is
335
33%
33%
150
15
88%
*
Pacific Pub Serv 1st pref..*
Republic Petroleum com.l
Rice Ranch Oil Co.
1
Pacific Lighting com
;
15
8
37%
Apr
May
Mar
48c May
Apr
33% June
15
June
17%
800
1.25
Apr
1%
Jan
15c
Feb
9
Jan
Jan
15c
2,000
15c
Feb
1,171
7%
Feb
625
3%
600
9%
2%
Jan
May
10% May
Jan
4%
June
40
Bo Calif Edison Co
al4%
al4X
2%
23%
29 X
.25
25
a28%
aSIX
6% pref 25
6% preferred A
25
So Calif Gas Co
a
14%
45
2%
2X
1,170
40
10%
Feb
2% June
May
9
7%
8%
4,162
9%
8%
June
6X
6X
305
4%
Apr
8%
Jan
•:
7
ex
40 X
40%
40%
..100 al57H al57%al61%
26 X
26%
26%
50
•
29%
29%
o20
5
a35%
Bethlehem Steel Corp
*
a74%
a\7X
3%
...5
25
1,320
a46X
Commonwealth A South..*
Continental Oil Co (Del) 5
X
a2%
a22%
1
8%
a
Continental Motors Corp.l
10
a26%
.1
81X
General Electric Co
13
a20
a3%
a3%
270
39% May
248
149% May
Feb
22%
860
165
25
18%
21%
Feb
50
2%
Apr
Jan
14%
200
09%
10
a34% a35%
a73% a74%
20
35
Jan
85
76
Mar
14%
o9%
Intl Tel & Tel Corp
*
Kennecott Copper Corp..*
50
20%
9%
Apr
12
9
5%
65o
5%
1,480
Apr
Apr
8%
Apr
5% May
70c
300
IX
11
230
1
IX
300
76%
120
5%
29
5%
29
50
580
50
4%
May
3
Jan
80
Jan
100
May
10
656
10
May
36%
200
40
Feb
2%
100
Mar
36% May
2% May
21%
505
19%
48
100
Feb
Feb
Apr
26%
34%
Jan
American Invest
20
35%
May
Mar
36%
30
11%
Feb
13%
Mar
Mar
Brown Shoe com
Apr
100
9%
June
22%
a2%
all
023% a23%
30%
Feb
37
Feb
39
33%
Mar
Par
Stocks—
1
10
3%
Coca-Cola Bottling com__l
Jan
Dr Pepper com
Jan
Ely & Walker D Gds com25
Apr
Apr
15
Jan
Apr
17%
17%
Jan
Jan
Falstaff Brew
Jan
Jan
Hydraulic Prsd Brck prf 100
May
20
10%
95
22%
Feb
Feb
25
Jan
•
19X
19%
19%
474
Sears Roebuck A Co.....*
a72%
17% May
11%
10
4%
22%
June
Jan
Jan
1st preferred
5X
05%
9
.4
a5%
*
6
International Shoe com
Mo Ptld Cement
72%
Apr
Apr
9%
May
5% May
Jan
355
6
100
34
Jan
36%
6
*
6
1
5X
a 21X
05%
a5%
a21% a21%
52
61
22
Mar
23
Feb
25
Tide Water Assoc Oil... 10
a40
a39% a40
89
37
Jan
37
Jan
Union Carbide A Carbon.*
a72%
a39X
5%
Apr
8%
Jan
5
X
United Corp (The) (Del).*
10
a22
......*
55%
Warner Bros Pictures Inc 5
a3%
Westinghouse El A Mfg.50
a97X
3791
o9%
15
9%
Mar
10
Jan
070% o72%
a39% a39%
%
%
a20% a22%
55%
55%
235
64%
Feb
66
Mar
47
36%
Feb
39% June
1%
Jan
21%
50%
Feb
24
Apr
431
Apr
68 %
a3%
210
2%
Feb
3%
Jan
Apr
a91% a97%
110
09%
o3%
100
151
»i« June
173
11
June
13%
20
45
June
50
Feb
30%
65
29%
Jan
31
June
27%
3%
23%
55
26% June
3
May
28
Mar
100
180
22%
June
27
9%
129
9
June
12%
Jan
12%
50
12
May
15%
Feb
18
18
193
17
Feb
19%
Feb
10
117
Jan
121%
June
3%
22%
1.10
28
325
2%
6%
175
6
17%
10
7
25
1.10
441
28%
384
Apr
June
17% June
6% May
1.00
May
26
May
5
Jan
Jan
4% June
7%
Jan
25
Jan
8
Mar
1.10 June
31%
Jan
Arp
7
20
Jan
15
Feb
30
13%
13%
50
17
6
20
16
120
14
14%
16%
17
55
Feb
Feb
June
50
4%
1.21
12
1.00
10
51
9
80
70c June
5%
3%
14% May
6
5%
St L P Serv cl A
Scullln Steel
com.
com
.
1.16
1
10
*
70c
Warrants.
Securities Invest pref. .100
98
1
5%
Stlx Baer & Fuller com..10
a9X
Jan
11%
45
Mar
Jan
16% June
22 %
Jan
5% June
May
June
Stone A Webster Inc
4% May
1, 1941
High
Low
30%
26%
17
Rice-Stlx Dry Goods com.*
com
Range Since Jan.
for
Shares
16%
14%
Natl Bearing Metals com.*
6%
039
Exchange
compiled from official sales lists
16
25
May
8%
6
593
Sales
7
1.10
Laclede-Chr Clay Pro com.*
Laclede Steel com
..20
70%
Studebaker Corp..
a
A.T.T. Teletype STL
Week
17.
28
120
a38
a 39
7600
Postal Long Distance
of Prices
Low
High
6
1
com
475
30
Jan
Phone
121% 121%
4%
4%
100
Emerson Electric com
Midwest Pip & Sply com.*
9
18
Hussmann-Ligonier com.. *
May
2%
3
June
069% a72%
2%
Jan
439
Week's Range
9
Griesedleck-W Brew com.*
12% June
8%
9
23
__*
2%
25
June
12%
26%
3%
5
com
11%
12%
100
100
11
*
200
80
Apr
June
45
50
.
Century Electric Co
Columbia Brew
Price
com
5% preferred
1,365
3%
9%
Sale
Burkart Mfg com
2%
Jan
37% June
32%
Feb
2
70
Texas Corp (The)
Friday
Last
28%
2%
37%
17%
100
2% June
22%
Jan
Associate
June 13, both inclusive,
25%
340
25
to
295
ol3
9%
CEntral
St. Louis Stock
June 7
31%
31%
all
a
Feb
2
100
2%
Apr
May
Jan
May
10
a3%
Standard Oil Co (N J)...25
Apr
Jan
11
3%
21%
2%
17%
7%
a3%
*
3e
Jan
Jan
June
Apr
a26% 026%
a23%
Socony-Vacuum OH Co..16
Jan
7%
1,000
1,389
2%
1
New York Curb Exchange
10
all
10
29
Jan
Jan
a3%
...*
Jan
Jan
75
a2%
Feb
1%
100
2%
Chicago Stock Exch.
Chicago Board of Trade
Associate Member Chicago Mercantile Exchange
Jan
%
50
296
12 X
America...*
35
83%
May
25
2%
37%
.*
Jan
1%
12%
Members
195
a25% a26%
12%
al4%
Jan
1%
96%
New York Stock Exchange
a22% 022%
8%
8%
Montgomery Ward & Co.*
*
Jan
200
75
60
Jan
Jan
11
130
Paramount Pictures Inc-.l
9%
25
alO%
%
%
a2%
a2%
a35% a35%
2%
2%
12%
12%
014% 014%
12%
12%
*
18%
9% May
18%
4%
036% a36%
No American Aviation...1
Jan
6
Established 1922
ST. LOUIS
43% June
029% a30%
Mountain City Copper._5c
Feb
14
Apr
Mar
al3
2X
Jan
10%
4%
Apr
29
June
le
Mar
Boatmen's Bank Building,
Jan
May
al3
37 X
Jan
105
10% Apr
1%
Jan
72% June
20
2c
Mar,
Jan
Jan
20%
60c May
100
i
30% May
21%
Feb
16%
3%
a35X
2h
221
Jan
Edward D. Jones & Co.
Jan
40%
a30 X
For footnotes see page
5
10%
St. Louis Listed and Unlisted Securities
Apr
27%
10
.*
U 8 Steel Corp
May
2%
100
....
Pennroad Corp vtc
40% June
158
100
a25H
.*
Intl Nickel Co of Canada.*
US Rubber Co
Apr
Apr
2%
Jan
Mar
a46% 046%
al7% al7%
3%
3%
a36%
•
United AlrcraftCorp
18%
6%
25
50
196
Jan
Jan
alO
Caterpillar Tractor Co
*
Commercial Solvents Corp*
Swift A Co
240
7%
3%
10
St. Louis Stock Exchange
Bendix Aviation Corp
High
Unlisted—
Unlisted—
Amer Smelting <fc Reg
Standard Brands Inc
Low
36%
23
7%
14%
Jan
10
May
14%
a9%
Jan
1,1941
Range Since Jan
Shares
23%
2c
12%
Preferred
Jan
5
Mar
Jan
100
Westinghouse Air Brake.. *
Apr
Apr
Barnsdall Oil Co
Jan
%
1%
10%
117%
Jan
Apr
Republic Steel Corp
6% May
104% May
for
2%
Mar
9%
4%
Radio Corp of
5,199
85
1
Mining Co
34%
6%
Pure Oil Co
7%
Jan
Jan
Apr
Sales
5%
29%
10
Pennsylvania RR
Feb
Apr
IX
May
200
Packard Motor Car Co
ht
*11
11
May
1,425
Baldwin Locomotive v t c..
Apr
112
200
74%
Pittsburgh Brewing com. . *
Pittsburgh Forglngs Co--l
Pittsburgh OH & Gas
5
Pittsburgh Plate Glass..25
Pittsburgh Screw & Bolt.. *
Pitts Steel Fdy pref
100
31%
5
14%
North American Co
50%
%
%
IX
28%
15
190
08%
New York Central RR
26
%
Apr
26% May
Week
Waveriy 011 Works cl A..*
a8%
Loew'slnc
53%
Feb
2%
8%
Jan
13%
Goodrich (B F) Co
33% June
of Prices
Low
High
5%
Jan
a8%
General Foods Corp
66
17%
30%
10
1
.
150
04%
28
5%
Class A
2%
34%
70
May
Jan
Feb
Curtis-Wright Corp
23%
3%
38%
58%
50
May
May
Borg-Warner Corp
Canadian Pacific Ry
Feb
19%
29
4%
a8X
21
97%
22%
8%
18
a 20
Feb
Feb
15%
23%
18
19%
538
956
29 X
12%
60
97
826
662
RylOO
Atlantic Refg Co (The) .25
Aviation Corp (The) (Del) 3
130
Duquesne Brewing Co.-.5
Harbison Walker Ref com *
23%
23X
29%
29%
a28X a28X
a31X a31%
4%
Atchsn Topk A S Fe
14%
10
•I 6%
21%
Anaconda Copper
8% June
Feb
31% June
Jan
12%
23%
7%
Apr
IVA
Amer Tel A Tel Co.
Apr
Mar
25%
3
5%
21X
4%
13X
Vultee Aircraft Inc
40
22
390
4X
1X
1
9
Allegheny Lud Steel com.*
Blaw-Knox Co
-*
Col Gas & Elec Co
*
San Toy
21X
Vega Airplane Co
29%
Week's Range
Price
Par
Stocks—
Shamrock OH & Gas com.l
2
25
6X
295
Sale
Jan
Standard Oil Co of Calif..*
United Aire Prod
Jan
31
Last
Feb
12
Universal Consol Oil
118
Friday
Apr
12
Union Oil of Calif
113%
both inclusive, compiled from official sales lists
5%
5%
32
*
59
Pittsburgh Stock Exchange
June 7 to June 13,
4
12%
32
Transamerlca Corp
Apr
June
32
Southern Paclfio Co
Apr
163
5% May
8%
6% pref
—100
6% pref..
10
Vanadium-AUoys Steel.—*
5%
Ltd..25
6% pref B
6%% pref cl C
100
40
Mar
30
25%
182%
Jan
40
8X
3%
2%
Feb
106% 107%
106%
Mar
40%
10X
40
Mar
Jan
22
%
Co
10
Natl Flreproofing Corp—*
8X
8X
7%
2
1,789
51%
Hoppers Co pref
..100
Lone Star Gas Co com
*
10X
40
230
3,863
r-
Jan
8%
15c
6%
2%
23%
2%
Mar
iox
15c
June
33%
28%
Markets..2
Ryan Aeronautical Co
1
Safeway Stores Inc
*
Shell Union OH Corp.... 15
Solar Aircraft Co
..1
Sontag Chain Stores Co..*
.
3%
14%
30%
Richfield Oil Corp com...*
Roberts Public
Jan
Feb
2%
23%
50c June
2%
105
1%
IX
IX
June
Mar
Jan
31%
25%
Mt Fuel Supply
40
39 X
39%
Pacific Indemnity Co... 10
Jan
22%
a28%
25
5%% 1st pref._
4c
10
...10
Eiec oom..25
1.058
120
24% June
10
8%
Jan
28
23%
7%
8
Jan
30%
Mar
20c
June
Jan
Jan
115% 116
165%
Jan
11,800
339
113
25
Jan
165% 166
—
Jan
June
362
24
3%
27% May
36% May
Jan
Jan
2%
Transit Invest Corp
June
17%
30
60
247
1,234
6%
——*
25
United Corp com
.*
United Gas Imprvmt com *
Preferred
*
Sun Oil--
31%
Apr
5%
7%
71%
34%
48%
Jan
140
8
Salt Dome Oil Corp
452
11%
168%
23%
2%
23%
50
50
50
1
*
preferred
2nd preferred
1st
59%
3%
Navgtn...*
Natl Power & Light
.*
Pennroad Corp vtc
1
Pennsylvania RR
50
Penna Salt Mfg—
50
Pbila Elec of Pa $5 pref..*
Phila Elec Power pref__.25
Philco Corp....3
Reading RR
100
39%
37%
113% 114%
24%
24%
Lehigh Coal &
Scott Paper..
7%
—-
Menasco Mtg Co
Pacific Gas <*
Mar
271
30
30
35c
Corp._l
Los Angeles Inve8t'mt_.10
Mascot Oil Co.
-1
Preferred C
39%
7%
8X
al7
al7X
39X
8
Lockheed Aircraft
Mt Diablo
Jan
6
19c
Kleiser Co..2.50
24
20%
Jan
10
Dane-Wells Co»—- ....—1
Lincoln Petroleum Co.. 10c
Feb
Jan
8
Mar
203
a!7H
30
Feb
6%
Apr
May
May
68%
6%
9%
395
Co..*
Rub Co.*
com.*
17
Apr
72%
-9
Goodyear Tire &
Feb
11%
4%
Feb
9
Hancock Oil Co cl A
Apr
Jan
May
395
Gladding McBean &
May
June
5%
5%
May
8%
9
39%
8%
3%
59
Feb
68%
396
..10
Jan
Jan
Mar
365
300
al9c
al9c
al9c
9%
2%
31
5
a70
a70
9
350
6
19X
5X
19X
5X
19%
5%
com.l
General Motors com.
Pacific
Feb
Natl. 100
Farmers & Merch
Foster &
May
1%
59
5X
... .
Oil Co cl A
1.20
27%
10
Horn&Hardart(Phlla)com*
General Motors
6%
2% May
5%
Feb
55
May
29%
"39%
Horn <fc Hardart (N Y) com. *
High
10
iox
4
3X
Low
1,906
200
5.057
6
Douglas Aircraft Co
*
Electrical Products Corp.4
Exeter
Range Since Jan. 1, 1941
for
Week
Shares
59
—
.
IX
4%
10X
10%
100
Cessna Aircraft Co
1
Chrysler Corp.
6
Consolidated Oil Corp....*
Consolidated Steel Corp..*
Preferred
——~—*
Creameries of Amer v t C..1
Central Invest Corp...
2
IX
4X
.IX
10
Inc. *
Bolsa Chlca Oil cl A com
Broadway Dept Store
2
2
Blue Diamond Corp
IX
29%
1X
29%
IX
60c
514% pref_.50
2
Aircraft Accessories
Barker Bros
Low
Price
148% May
160
56%
57%
716
4
6%
5
Chrysler Corp
Feb
9%
3%
Electric Storage Battery 100
Sales
Friday
Par
Budd Wheel Co....
High
Low
371
157% 161%
100
*
*
Tel
Week
Shares
10%
10
Budd (E G) Mfg Co
Range Since Jan. 1,1941
for
Week's Range
American Stores
Los
from official sales li»ta
both inclusive, compiled
June 7 to June 13,
High
IX
3
5%
IX
1%
1
2
*
Wayne Screw Prod com
Wolverine Tube com
Philadelphia Stock Exchange
Week
Price
Par
.. _ -
Week's Range
Rale
Stoclu (Concluded)
14, 1941
June
Financial Chronicle
10%
Sterling Alum
com
Vardaman Shoe com
Wagner Electric
com
1
15
98
5%
10
1
75c
98
5%
10%
1
4
120
182
250
23%
24%
67
77
77%
$2,800
20
20%
53,000
80
80
98
Apr
June
June
5% June
9
May
1
June
23% May
1.25 June
14%
1.55
101
8%
Jan
Jan
Jan
Jan
10% June
1.15
28
Mar
Jan
Bonds—
St L P S 1st mtge 5s..1959
25 -yr con v inc
Scullln Steel 3s.
.1964
1941
1.000
68%
Jan
77% June
11%
Jan
May
20% June
86%
Jan
79
The Commercial & Financial Chronicle
Volume 152
3791
Friday
San
Sales
Last
Stocks—
Par
Aircraft Accessories
Weel's Range
for
Sale
of Prices
Low
High
West
Price
60c
1.60
1.50
1.65
Range Since Jan. 1,1941
Shares
High
Low
1.05 May
2,300
Alaska-Juneau Gold Min 10
4
4
165
4
Apr
Anglo Calif Natl Bank..20
7%
7%
869
7
June
7%
1,160
Atlas Imp Diesel Engine..5
Bank of Calif N A
Calamba Sugar com
7
80
20
104
104
Preferred
12%
7%
Calif Water Service pref .25
Central Eureka Min com.l
25 %
2.50
7%
18X
51
25%
25%
40
2.60
2,320
26%
26%
20
25%
225
2.50
Coast Cos G A E 1st pref 25
26
Commonwealth Edison..25
26%
21%
Creameries of Am Inc
*
com
5%
Crown Zellerbach com...6
Preferred
*
100
Doernbecher Mfg Co
El Dorado Oil Works
"86
*
*
6
Fireman's Fund Ins Co..26
~42%
102"
Food Machine Corp com 10
Foster A Kleiser pref
25
Gen Metals Corp cap__2*$
General Motors com
.10
General Paint Corp com..*
10
2.50 May
8
Feb
»
$
United Aircraft Corp
cap.5
U S Petroleum Co
1
United States Steel com..*
*
No par value,
Mar
11%
May
327
82 %
Apr
9%
405
18%
275
18
Feb
42%
180
41
Feb
47%
25
15%
year,
a
36
Apr
The Wahl Co. to
92
8
8
Jan
9%
19%
44%
27%
50%
5%
14%
5%
8%
10%
11%
14%
15%
517
41
190
39 %
40
400
5
990
Jan
5%
1,568
Feb
100
293
...1
Menasco Mfg Co com
1
Natomas Co
*
May
8
Jan
Stocks
(Concluded)
Feb
8% June
10 %
Union
«
1,420
48c
Feb
1
Apr
8%o
11
10%
30%
1,600
6o May
3
39
15%
348
14%
103
36
32
670
Feb
32
Apr
28%
Jan
Jan
1.15
Mar
Wright Hargreaves
15%
Feb
1.50 May
18%
Mar
Ymir Yankee
2.35
Jan
24%
590
85c
534
80c
17%
1.65
85c
24%
19%
1,027
2,480
Jan
16%
June
43%
Mar
Jan
June
130
June
10% June
10
11%
324
1.30
Mar
1.65
Wendigo
...1
Western Can Flour pref 100
West Grocers pref
.100
1.27
39
155
37
19%
19%
101
18c
2,691
4,901
22%
June
28%
2,488
30%
34%
Jan
Jan
28%
28%
33%
33%
104% 104%
952
673
28 %
33
May
May
—.
«.
17c
16c May
31%
15
June
5
107
June
107
June
8
May
11
Jan
9%
9%
m
340
4.90
4.95
7,905
5%c
5*$c
500
101% 101 %
98%
98%
$5,000
4.90
_..*
9%
5%c
."
4.90 June
(1st)
mmmm, *»
...
------
Toronto Stock
Jan
Friday
Last
Week's Range
for
4%
Jan
Sale
of Prices
401
May
18%
Jan
1.05
29
1.05
3%
115% May
40
394
21 %
14
95
13%
3
14%
350
25
90c
214
238
1.25
8%
3%
633
7H
1,145
2%
14%
28%
228
300
10 %
25*$
525
17 %
14%
19%
19%
100% 100%
32
31%
Jan
Feb
11 % May
23% May
1.50
3%
Jan
34
100
210
31
Apr
Feb
May
Feb
Feb
126
5
Jan
21% June
16
Jan
28
Stocks—
Par
11
12
20%
2154
10
4%
AH
4,880
2,107
1.50
Jan
Brett-Tretheway
1
Ho
Bruck Silk
*
5
6
Canada Bud Brew
*
Consolidated Paper
»
Consolidated Sand pref. 100
Dalhousie ...——„
4%
80
14%
June
30
May
Feb
Jan
34%
23
May
3an
5,356
1,073
4%
May
10*$ May
6%
Jan
13
Mandy......
———..i,.*
-
Montreal Power
544.
5%
May
300
3% June
6%
300
23%
200
27
27
50
25%
25%
100
Yosemlte Ptld Cem pref. 10
1.35
1.35
278
Pawnee-Kirkland
400
6
320
1495*
22
Jan
Jan
27
Jan
Pend-Orellle
*
Jan
1.50
7%
Jan
168
Jan
27%
Jan
5%
Jan
3.00
Jan
400
2.10 May
512
19%
Jan
a35% a35%
57c
10%
60
36%
57c
50c
Jan
May
37*$
502
1.35
Jan
10 %
600
9%
May
12%
Jan
Jan
57c
10
83
83
10
Jan
30% May
Jan
83
June
Chesapeake A Ohio RR.25
86 %
37%
37%
100
Cities
36%
June
a4
37% June
a4%
32
4%
Feb
Service Co com..10
5%
Jan
Coen Cos Inc cl A com...*
23c
23c
100
23c June
Consolidated Oil Corp
25c
May
*
6
6
120
Curtlss-Wright Corp
1
8%
305
Feb
Feb
6%
9*4
May
8%
5%
7%
*
30
424
2%
200
27 %
2
May
235
28 %
May
2%
Feb
31*$
Feb
Mar
a31%
a.29% a31%
2%
149
a36% a37%
488
24%
24%
3C
24%
36
Mar
Apr
Inter Tel A Tel Co com
*
Kennecott Coppercom
*
2%
a36%
Matson Navigation Co
*
24%
Montgomery Ward A Co.*
2%
4
a
14%
..20
36%
325
32 %
2%
Mountain City Copper..5c
2%
910
2%
June
4
4
200
4
June
20
14
May
a!4%
o3%
2%
a
14%
a3%
Jan
30% June
4%
Jan
34%
Jan
2%
Jan
34% Mar
28
39%
3%
4
Jan
Jan
17%
Jan
May
Feb
3%
25%
Apr
Apr
Jan
4%
The Canadian
2%
200
2%
23%
160
22 %
3%
3%
252
3%
5%
6
Mar
Jan
Riverside Cement Co cl A *
7%
7%
95
Schumach Wall Bd com..*
a6%
a6%
50
28
28%
40
28
June
23%
31%
23%
29%
28%
726
22 %
28
Jan
243
29
May
May
31
120
28%
Ma
23%
25
29%
5%% preferred
25
28%
6%
Jan
1.50
1.50
AHo
45
Mar
Jan
4%d June
%c June
9c
Mar
lo
Feb
1.20
Apr
4*$c May
1.000
Activity at
2.10
Jan
8%
Jan
Mid-May
Increased
of
a
of Commerce,
it was announced
year ago,
Toronto, index of in
from 149 at mid-April to 155 at mid-
rose
(1937 equals 100) attaining
May
level of 38% above that
a
June 10 by A. E. Arscott,
on
General Manager of the bank.
The percentage of factory
capacity utilized rose from 106 to 110, indicating that indus¬
try as a whole is operating at about 10%
Mr,
overtime.
Arscott further said:
foodstuff
The
that
and
men's
in
group
sharply,
rose
and canned
cereals
flour,
goods.
women's
The
-bags
and
boxes,
were
more
pulp and
pulp
factory
active,
garments,
a
as
regards the output of
registered
men's
was
decline,
knitted
rise in cottons, woolens and leather
group
mainly in
rose,
newsprint.
no
slight
a
furnishings,
Other
net change in
the
of paper
case
wood-processing
especially sawmills, sash and door
there
turning plants;
paper
and
especially
Clothing
goods and silks more than offsetting
Only
a
moderate rise
steel
trades
ago,
but there was
as
a
factories
industries
and
wood
the furniture trade.
is
shown
in the automotive
and
other
whole, compared with the speeding up reported
7% June
8
29%
Apr
Mar
J
marked upturn in
a
the
steel, castings and forgings, and machinery.
trical
Our
Jan
*
6% pref
Jan
Jan
35
5
600
2,000
400
4%Q
Bank
activity
Jan
2%
23%
9c
29%
iron
a
and
month
June
Feb
Pennsylvania RR Co.-.60
Jan
Apr
20 % June
250
Mar
3%
Radio Corp of America...*
Jan
Mar
10c
Further, Reports Canadian Bank of Commerce
footwear.
30%
2%
.
4%C
%c
1.50
Industrial
Canadian
Feb
483
4%
35
5c
30c
27
No par value.
June
5%
29
6 %c
4%c
%o
1
Mar
2.25
5%
2.25
28
8c June
21
35
1
25% June
Feb
21c May
21% May
Jan
5
8%
28%
Feb
760
Mar
9
Feb
May
Jan
June
125
20%
1
dustrial
1,380
4
80
8% June
Unlisted—
6%
Feb
8,600
3,000
22
$%c
6c
21
*
Ontario Silknit pref
100
Osisko Lake.-..——1
14% May
12%
6%
Jan
Jan
Feb
Jan
23%
Feb
American Tel A Tel Co. 100 al57%
al57Y%a\6iy*
Anaconda Copper Min..50
27%
26%
27%
5%
4%
Jan
Apr
June
80
6
21c
210
... ..
21%
102
May
4%
3%
2%
358
80
1
OH
1.25
High
1 %c
%c June
27
2%
80
*
324
22
2%
2%
Dominion Bridge
May
20
Low
1,000
50
Kirkland Townslte
May
Apr
May
May
Range Since Jan. 1,1941
Shares
Ho
Jan
13
5
High
Jan
Jan
22%
21*$
Low
9
8%
18
■
Price
Sales
Jan
Jan
1
Mar
Jan
1.05 May
Jan
5
Mar
Week
Apr
Bunker Hill A Rulilvan.2H
Cal Ore Pwr 6% pfd '27 100
101*$
99*$
98*$ May
inclusive, compiled from official sales lists
May
6%
5%
Mar
Exchange—Curb Section
June 7 to June 13, both
3%
8
5
Jan
8c
101
14,700
200
170
Atchison Top&Santa FelOO
7.00
Mar
Feb
4c
Jan
422
Anglo Nat Corp cl A com.*
Jan
25*$
Bonds—
Feb
6%
8%
3%
Am Rad&St Sntry
Jan
60
39 %
12%
6%
26c
16
107 %
14
23%
Jan
107
May
6%
8%
3%
6%
23%
150
Jan
20 %
Mar
15
June
13/8
Walalua Agricultural Co_20
48
May
107
"
101 %
12%
1%
Jan
W
V
20
10
Victor Equip Co com
1
Vultee Aircraft.......... 1
Jan
'
-
-
4
28%
"6%
4
Apr
19 %
18c
—
Westons
Jan
24
31%
7%
4%
Jan
Mar
1.35
23%
25
14
Jan
Jan
6%
20
38%
•
Preferred
36
20
100%
Jan
14%
38%
11
Jan
31
14%
16
117% 120
14%
39c
June
30% May
2% Mar
375
Jan
30
31
3%
Jan
4.10
10%
26
26
8%o
"io%
Walkers
1.30
.25
Preferred
65
3.10
Temiskamlng Mining
80 Calif Edison 00m
1
49
Jan
21%
..*
Feb
65
1,700
8
Standard Oil Co of Calif..*
.
so
64
.
3.20
Jan
Tide Water Ass'd Oil comlO
Transamerica Corp
2
com
June
64
Jan
3.10
5
"12"
Packard Motor Co
Mar
3.10
76
100
Olaa Sugar Co
10
III*
Waite Amulet
85c
1.45
Nash-Kelvinator Corp. _.5
North American Aviation. 1
Apr
2.28
Jan
85c
'12%
Elec Bond & Share Co. ..5
General Electric Co com.. •
7%
4.25
6%
So Cal Gas Co pref ser A.25
Dominguez Oil Co
100
Feb
War Loan, 2d
Signal Oil A Gas Co cl A..*
Bendix Aviation Corp
Blair A Co Inc cap
6%
2.95 May
War Loan
15
Argonaut Mining
6%
»
610
Jan
com
2
ilV
1,134
Jan
Richfield Oil Corp com...*
Series
3.75
10,535
9%
Ryan Aeronautical Co...l
ser
May
3%
Apr
...25
Yellow Checker Cab
11%
2.71
10
1.89
43
Jan
3%
Vega Airplane Co
Feb
3,340
3.35
Mar
14
Jan
5
2.95
1.75
Apr
Rayonier Incorp com...
2.90
3.30
7%
100
High
Apr
1.85
5
com
10
2.40
3.30
9%
1.05
Universal Consol Oil
Low
696
20%
*
...
500
Pacific Tel & Tel 00m..100
Union Sugar com
2.45
*
Ventures
350
Pig'n Whistle pref
Union Oil Co of Calif
2.45
Range Since Jan. 1,1941
Shares
IIIi
Jan
275
1st preferred
Southern Pacific Co
High
Upper Canada
16%
8%
104%
Sound view Pulp Co com.. 5
Preferred
100
Exchange
"50
16%
11%
Apr
4
com
Low
...1
9%
com
Republic Petroleum
3793)
2.78
w
m
»
Gas
5%
Pacific Light Corp com...
Preferred
page
United Fuel A pref
United Steel
9%
"28%
J Title changed from
10*$
*
Uchi Gold
Jan
Jan
Mar
5
26
Preferred
f In default,
2.85
...1
Toronto General TrustslOO
10%
Pacific Light Corp $5 div.
Price
*
com
8%
24
Admitted to unlisted
c
Cash sale—not included In range for
«
Listed,
Sales
2.45
Hughes
"T%
com
25
Par
Sylvanlte Gold
"T%
Pacific Coast Aggregates.6
Pac G A E Co com
26
5%% 1st pref
t
Jan
11%
1.55
O'Connor Moffat cl AA_
6% 1st preferred
5 Ex-stock dividend,
delivery.
Ex-rights,
y
for
Mar
Feb
6%
No American Oil Cons..10
2% May
90c May
Week
363
17
1
Feb
of Prices
13%
24
"85c
Jan
70c
Sale
36
"31
1%
458
Week's Range
13^
"r85o
720
75c
Jan
48%
6%
Jan
10
May
13%
Jan
14% June
8%
2%
Last
Teck
Apr
Feb
Friday
Tamblyn
May
70%
Apr
Jan
6
Apr
Toronto Stock
Feb
37
49 %
75c
Jan
17
400
1,079
57
Jan
Eversharp, Ino.
|May
32
1,310
Feb
Mar
3.00
15
6%
1.30
(Continued from
24% June
39 %
Jan
Jan
482
38
1.00
Jan
8 %
Canadian Markets
102
Apr
Jan
230
6%
4% May
2%
Odd lot sales.
6% May
15%
Jan
280
86
52 %
5% May
Jan
21% June
47
May
96%
Feb
48
Apr
1.20
55%
d Deferred
Ex-dividend,
x
Jan
5%
Jan
35%
60
Jan
2,000
1,207
Jan
185
175
1.15
"2%
High
39
4%
1.15
Low
a5%
4%
39
Utah-Idaho Sugar Co com 5
Westates Petroleum pref.l
Jan
Feb
a5%
Range Since Jan. 1,1941
Shares
Jan
4.00
26
6
Price
Jan
May
3%
8%
102
Feb
Mar
20*$
2.25
101
9%
21%
52%
27%
755
58
22
May
30
530
18%
41%
21%
47%
14
24%
200
Week
Mar
112%
28%.
7%
for
of Prices
Low
High
Jan
May
May
6%
11%
~u'h
March Calcul Machine—.5
Shell Union Oil
Standard Brands Inc
Studebaker Corp com
15%
Natl Auto Fibres com
RE&RCo Ltd
May
25% May
2.55
7
10
LeTourneau (R G) Inc_..l
Lockheed Aircraft Corp..l
Magnavox Co Ltd
Feb
51
6%
10%
Langendorf Utd Bak cl A
Leslie Salt Co....
May
17
43
15%
—-
*
com
6
7
525
6
"39"
Home F A M Ins Co cap. 10
Honolulu OH Corp cap..
Pacific Pub Serv
Feb
Par
Tip Top Tailors.
*
Inc^....*
Hawaiian Pine Co Ltd
87
15%
*
Greyhound Corp com
86
24%
Gladding McBean & Co..*
Golden State Co Ltd
12%
100
Apr
9
Ewa Plantation Co cap..20
Fireman's Fund Ind Co. 10
Pacific Can Co
Jan
June
2.55
"6 %
Electrical Products Corp.4
Emporium Capwell com.
Preferred (w w).__
50
5%
22%
5%
12%
1
Di Giorgio Fruit pref
8%
18
60
Consol Chem IndclA
200
51
Calif Packing Corp com..*
Hunt Brothers
6%
104
Jan
4%
9%
(Concluded)
trading privileges,
12 %
Calif Cotton Mills com. 100
Hale Bros Stores
6
2.10
Stocks
Week's Range
Sale
June 7 to June 13, both
inclusive, compiled from official sales lists
Friday
Sales
Last
Francisco Stock Exchange
trades accounted
wage
March owing
payroll
to
a
for the-rise in non-ferrous
index
seasonal
for
April
slackness
manufacturing industrial groups.
above
and
in
that
of
output
April, 1940,
trade payrolls ot
with
35%.
or
was
of primary
only
metal
products.
slightly
above
temporary recession
The composite index
a
rise in
iron and
Greater activity in the elec
was,
in
that
some
for
non
however, 44%
manufacturing payrolls of 61%
The Commercial &
3792
Financial Chronicle
1941
14,
June
=j*
*
.
Canadian Markets
AND UNLISTED
LISTED
Montreal Stock Exchange
Industrial and Public Utility Bonds
Closing bid and asked quotations, Friday, June 13
Range Since Jan. 1, 1941
Last
{Concluded)
Ask
;<;V
.
Bid
'
68—1963
50
52
Gen Steel Wares 45*8.1952
67
69
68
70
Gt Lakes Pap Co
1st 6s '55
67
69
6b...—1948
70
72
British Col Pow
45*8.1960
67
69
Canada Cement
45*8.1961
71
73
Canada SS Lines 5s ...1967
69
71
'47
35
Dom Steel A Coal 6
5*»1965
% J 1951
Paper Co—
—1966
75
Dom Tar A Chem 4
68
70
50
52
45*8—1961
ly«w
69
71
67
69
Low
V :y.
High
11
75
v
11
75
Low
Shares
55
-
High
12%
80%
6%
Feb
10%
Jan
37
73
Week
*
100
Ask
Alberta Pac Grain 6a. .1946
for
of Prices
Price
Par
Foundation Co of Can
Week's Rangt
Sale
Stocks
Bid
Sales
Friday
(American Dollar Prices)
Abltlbl PAP ctfs
Algoma Steel
Donnacona
48
54
56
Maasey-Harrls 45*8...1954
McCoU-Front Oil 45*8 1949
625*
64
71
73
57
Power Corp of Can 45*s '69
71
73
65
67
685*
70
1961
55*s
1962
Quebec Power 4s
Famous Players
Goodyear T pref inc
Hamilton Bridge
59
Price Brothers 1st 58—1967
Federal Grain 6s
5% pref
Masse y-Harris
Bid
McColl-Frontenac Oil
Province of Ontario—
province of Alberta—
6s
Jan
1 1948
415*
6a
Oct
39
405*
8s
Sept
68
May
1 1959
99
12 1949
85
88
4a........June
1 1962
88 5*
Oct
1 1963
Province of Manitoba—
80
Prov of British
Columbia—
68........July
45*s—
Aug
June 15 1954
68
2 1959
68
71
79
82
75
78
Deo
68
Apr
45*s
Apr
Feb
1 1958
82
85
May
1 1961
83
86
June 15 1943
62
Nov
Oct
151946
11951
59
62
52
55
89
65*8
91
93
45*8
.
Preferred
66
*
50
St Lawrence Flour Mills..*
St Law Flour Mills pref.100
Closing bid and asked quotations,
(American Dollar Prices)
Bid
Ask
Canadian Paciflo Ry—
Canadian Paciflo Ry—
4s
61
62
45*s
Sept
1 1946
85
87 X
6s
84 5*
85
68
Deo
1 1954
78 5*
79 X
45*8
July
1 1960
74 5*
755*
perpetual debentures
Sept 16 1942
6s
July
11944
1035* 1045*
Shawinigan Wat A Pow..*
Southern Can Power
*
Co of Canada
Steel
Preferred—
»
Twin .City
i
Bid
99
975*
98
975*
June 16 1955
4%s-.
1 1966
4%b_- —.Feb
1 1967
July
4%s___
1005* 1005*
Oct
1 1969
—Feb
1 1970
Ry—
1946
1
July
1962
90
015*
1*
1962
83
85
Jan
68
Apr
80
-
155*
80
-
80
75
135*
13%
145
25*
5
Exchange
Par
Stocks—
Price
Algoma Steel
__*
Anglo Can Te Co pref. .50
Asbestos Corp
;„*
Associated Breweries
*
100
Preferred
Batnurst Pow A Paper A.»
75*
44
29
Jan
15
June
5
26
May
30
Jan
15%
16
c; 15
May
61
Mar
225*
165
19
May
27%
Jan
31
Feb
38
Jan
57%
Jan
155*
155*
225*
6
35
35
505*
505*
122
195*
"l53
Braslllan Tr Lt A Power. •
44
17 X
175*
16
Range Since Jan. 1. 1941
for
195*
34
18
May
"~6%
Shares
40
10
18 5*
17
5
1085*
Jan
182
1,956
235*
14
1.75
35
65*
155*
46
Jan
Jan
1.75
5
June
145*
65*
235*
*
44
10
145*
British Col Pwr Corp B._*
Bruck Silk Mills
Feb
10
Brit Col Pow Corp cl A... *
Bulolo..
153
65
150
June
155
Feb
49
49
6
49
Jan
49
Jan
124
124
124
37
120
Jan
124
June
35*
35*
141
3% May
5%
9
9
9%
424
9
Feb
12%
Jan
5
61
June
67%
Apr
9% June
14%
61
01
95*
95*
95*
240
3
3
35*
50
1.50
100
145*
1.50
145*
645
55*
*
Canada Forgings cl A
*
Can North Power Corp..*
15%
6%
Canada Steamship (new).*
5% preferred
...60
Cndn Car A Foundry....*
Canadian
"l8%
5
Celanese.
*
Preferred 7%
~20~~
,.—W—•
19
19
45
19
Mar
22
Apr
m*mm'mm
110
no
12
110
Feb
112
Feb
32
32
125*
12%
10
10
645*
645*
70
m
mmm'mm
mmmm'mm
4m 4
^'mm.
m
mm
85c
8%
2
59%
24
Mar
70
Jan
10
64
Feb
73
Jan
1
215
1
May
1%
Jan
25*
3
160
2%
3%
Jan
76c
85c
49
Feb
70c May
60
8%
10
10
Jan
Nova Scotia
100
272
272
272
22
272
June
284
Jan
Jan
J&n
100
153
153
153
74
150
Fen
166
Jan
mm
June 7 to June 13, both
mm
«*
m
140
140
inclusive, compiled from official sales lists
Sales
Range Since Jan. 1, 1941
for
1105*
6%
6%
99%
...100
cum pref
*
Bathurst Pw A Pp Co B—*
~~~9%
Apr
Canadian Breweries Ltd..*
--mmmrn
Preferred
*
*
265*
Jan
1.75
Apr
45*
Feb
65*
100
Mar
Apr
7%
m
m
m
m
m
.1
Canadian Vickers Ltd
7%
mmmmmm
m
mmm
mm
2%
Mar
Commercial Alcohols Ltd.*
1.50
Jan
Crown Cork & Seal Co
*
Distillers Seagrams.
Dominion Bridge
23
Dominion Coal pref
18%
65*
*
*
25
Dominion Steel A Coal B 26
Dom Tar A Chemical
*
kfc Preferred
4
Dominion Textile.......*
"nx
Dry den Paper
»
"4%
Jan
9%
9%
175
6%
Mar
10%
Apr
90
Apr
10
90
90
Apr
60
15% June
18%
Jan
99% June
102%
Feb
20%
99%
21%
5
34
34
70c
22%
14%
230
20%
June
33%
Mar
38
55
70c
Feb
30
14
June
33
150
June
207
35
160
14%
70c
175
2%
2%
10
Jan
Jan
25
Feb
25
160
Jan
95c
22
23
150
Jan
27
35
75c
21%
Mar
Jan
June
175%
Jan
65c May
85c
Feb
Feb
3%
2
10
15
10
May
38
5
38
June
Jan
Jan
15
38
42
Jan
1.50
Feb
1.95
Jan
11
3c
Feb
3c
Feb
2.50
7%
7%
4
Consolidated Paper Corp.*
2%
2%
912
55*
1,220
225*
215*
Mar
May
105*
Jan
Dominion Engnrg Works.*
Dominion Square Corp
*
95
205*
Apr
Jan
185*
May
Jan
Donnacona Pap Co Ltd A *
Jan
4
325*
25
Donnacona Paper cl B___*
10
100
5
110
V
22
2,110
1125*
10
2
1.85
May
124
June
23
Feb
45*
118
June
Fleet Aircraft Ltd
11
Apr
Ford Motor of Can A
•
Feb
3
Jan
Apr
2.75
Jan
Feb
65*
55*
Jan
Lake St John PAP
Jan
May
May
39
115
245* June
30
Jan
155
19
May
28
Jan
May
27 5*
Mar
Feb
6 5* May
20 5*
Jan
215*
10
17 X
65*
65*
4
84
715*
151
45*
219
25
5
35*
84
m
m
"""2%
May
June
95*
JaD
55*
Mar
87
Feb
21
70
May
82
Jan
5
150
Jan
155
4
4
Jan
June
25
Mar
16
May
1.75
Jan
6%
Mar
7%
Jan
2% June
5%
7%
3
310
2%
297
2% June
5%
m
m
m
mm
1.50
6
1.50
60
1
Apr
1.50
1.75
7%
2%
Jan
Jan
Jan
10
Feb
l%May
3
Jan
7
25
'
3% June
5%
Jan
3%
"15%
3%
70
15%
15%
225
15
Jan
38
2
Jan
2%
6%
Jan
7
May
6% June
11
Jan
2
2
7
7
5
*
Paton Mfg 7% cum pref 100
Power Corp of Canada—
6% cum 1st pref
100
Sarnia Bridge7Co Ltd A._*
Sou Cndn Pwr 6% cum pflOO
Walkerville Brewery Ltd.*
Walk-Good A Worts H___*
......
6%
13
9
m
m
m
m
m m
115
80
6%
"~99"
50c
99
16
Apr
Jan
Feb
55*
Walker-G A W $1
•
Jan
cum
No par value,
r
prf *
6%
15
13
305
9
24
115
80
6%
100
10
6
100
52
11
7%
115
Feb
Feb
Jan
15%
9%
115
Jan
Jan
Jan
98
Jan
6% June
7
Mar
May
104
90
98
Feb
Jan
50c
50c
200
50c
June
75c
Jan
38%
19%
38%
19%
130
38%
Mar
47%
Jan
Feb
20%
Jan
Mar
365
8
May
1.75
6
•p
MacLaren Pwr A Paper..*
Mitchell Robert Co Ltd..*
4
1,485
30
June
2%
Jan
32
185*
mm
Int Paints (Can) Ltd A..*
Int Utilities Corp A.
*
80
235*
m
*
Jan
20
15
7
2%
m
EKootenayPr7%cum pflOO
Feb
425
20
4
16
Dominion Woollens pref.20
250
275*
285*
36
185*
4
2.50
50
55*
195*
215*
71
Feb
2c
526
55
151
Dominion Textile pref.. 100
Jan
1.90
1.50
Consol Div Sec pref
45
84
100
Jan
1
Jan
jpier
20
Jan
7%
115
2c
Jan
25*
65*
245*
June
1.50
Feb
25*
55*
Feb
4
98%
85c
1.25
Consolidated Die Sec A..*
85*
25*
4
Feb
10
"38"
165*
25*
325*
High
Low
55c
165
70c
m
100
May
205*
5%
585
160
160
mm m
*
cum pref
55* May
35* June
175*
Feb
20
32%
6%
150
100
cum pref..
Cndn Marconi Co
15
26
....*
5%
99% 100
99%
m.
"21"
*
55*
800
15% .15%
Calgary Pwr 6% cum pflOO
Canada A Dom Sugar Co.*
Cndn Industries Ltd B
19
80c
90
Canada Malting Co Ltd..*
Cndn Dredge A Dock
Mar
70c
1.25
Apr
Mar
Feb
55*
70 c
May
22?* May
1.50
Week
of Prices
Low
High Shares
Price
Par
■.
Week's Range
Abltibi Pwr A Paper Co..*
4
25
CoiiboI Mining A Smeltlng6
Apr
162
80
10
Cockshutt Plow
11
193
65*
35*
185*
118
Canadian Paciflo Ry._.25
Jan
146
155*
10
2 y8
Jan
1.15
Mar
May
118
*
Jan
Mar
May
95
Cndn Foreign Investm't..*
»
10%
June
10
Canadian Cottons pref.100
Cndn Ind Alcohol
17
May
171
Falrchild Aircraft Ltd....5
jh Class B
Jan
40%
May
12
143
Jan
Feb
22
225*
*
Rights
31% June
2
1
70
1
75
385
/■,
140
Jan
May
1115* 1115*
100
Jan
Jan
2%
Jan
75*
4 5*
65*
5
17
5
13
145*
155*
185*
107
33
160
40
22
25
Preferred
Jan
Jan
1.50 May
13% June
38
May
110
95
35*
Feb
178
May
105*
137
55*
55*
Jan
5
178
Jan
155*
95
Canada Cement pref_..100
Apr
June
3
104%
106
106
"TSo
Cndn Westinghouse Co..*
Canada Cement.
Jan
21%
150
\
Bright A Co 6% cum pflOO
Brit Amer Oil Co Ltd
•
High
Low
7
395
207
65*
49% May
Jan
1455* 146
Beauharnois Pwr Corp...*
1095* 1095*
105*
105*
144
Jan
Jan
June
26
——
16
146
Aluminium Ltd
142
109%
10 %
100
Bell Telephone...
75*
16
17 %
official sales lists
Sales
of Prices
Low
High
Feb
2
15
2,082
Last
Week's Range
12
5
215*
26
225*
35
Jan
5%
26
„
Jan
3%
3%
15
«,
15%
Feb
June
June
10
15
215*
Mar
May
210
3%
35*
205*
m-
13%
2%
Jan
June
3%
20%
25*
2
—
25
13
13
13
m+mmmm
Friday
June 13, both inclusive, compiled from
Sale
Jan
178
Stocks—
Last
25
May
Montreal Curb Market
1
3s
Friday
22
16% May
25
100
.i 100
* .
1005* 1015*
1005* 1005*
to
Jan
Jan
36%
155
Sale
June 7
Jan
Jan
12% May
7%
15%
108
107
48—..Jan
Montreal Stock
14
Jan
7
100
.
Grand Trunk Pacific Ry—
1 1969
5a——.
6s
6 5*8
975*
July
6S.»wa,
10%
Feb
11%
Royal
Ask
Bid
Ask
085*
995*
975*
Feb
9
Apr
3
255
Montreal
Canadian Northern
1 1951
Bept
Apr
Commerce
Canadienne
(American Dollar Prices)
4%s—.
26%
Banks—
Closing bid and asked quotations, Friday, June 13
Canadian National Ry-
May
15
Winnipeg Electric el A...*
Zellers—.———..—*
Bonds
Dominion Government Guaranteed
Jan
Mar
29% June
;■
*
United Steel Corp.
22%
870
18%
2,435
25
... .
26
Jan
13
*
22%
35*
St Lawrence Paper pref. 100
Bid
Ask
May
Feb
25*
Class A pref
Friday, June 13
11
10
5% pref 100
Quebec Power
*
Regent Knitting ....—*
St Lawrence Corp
12
15
11%
Price Bros A Co
Saguenay Power pref... 100
Railway Bonds
655
115*
115*
mm mm
mm
;__*
...100
Pe nmans....
5
495
Price Bros A Co Ltd.....*
Prov of Saskatchewan—
87
Ogflvie Flour Mills—
*
Preferred.
—.100
May
977
Power Corp of Canada...*
6e
Sept 15 1962
Mar
1 1960
6s
2 1950
45*8
16 1960
15 1961
Province of Nova Scotia—
45*8—
895*
Mar
4a
Prov of New Brunswick—
68
88
45*8
71
2%
155*
*
•
160
95*
«.
•
Noranda Mines Ltd
955*
Province of Quebeo—
100
1 1941
45*s
6s
National Breweries
Natl Steel Car Corp
90
Jan
535*
Feb
12 J*
7
«•
Montreal Tramways...100
100
935*
16 1965
Jan
45*8
82
16 1943
93%
56
225*
40
Montreal Telegraph
1015* 1025*
1015* 1025*
1 1942
40
1 1966
Oct
45*s
*
Montreal Loan A Mtge..25
June
June
125*
7
35*
Mont L H A Power Cons.*
Ask
Bid
Ask
87
53 X
95*
115*
*
....*
Lake of the Woods
(American Dollar Prices)
Jan
25
125*
7
....25
*
Intl Paper A Power
15
June 13
Closinglbid and asked quotations, Friday,
Feb
95*
Intl Nickel of Canada
Co Ltd...*
Feb
125*
Intl Bronze pref
Intl Petroleum
June
4%
24
26
Imperial Oil Ltd
*
Imperial Tobacco of Can.6
Preferred ...1.......£1
Industrial Acceptance....*
100
75
140
3
3
4
65
115*
Hudson Bay Mining.....*
Preferred
if I
45*
87
12
12
*
International Power.....*
Issues
Provincial and Municipal
535*
m'mm
•
Hollinger Gold Mines....6
72
70
1966
*
45*
87
'27.50
Howard Smith Paper
Saguenay Power—
45*s series B
45*
*
100
General Steel Wares.
Preferred
Lake St John Pr A Pap Co
N Scotia Stl A Coal 3 5*s '63
Canadian Vickers Co 6s
Gatineau
Canadian market.
10
19%
The Commercial & Financial Chronicle
Volume 152
3793
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Mine*—
Week's Range
for
Sale
of Prices
Week
Price
Par
Low
High
Range Since Jan. 1, 1941
Stocks
High
Low
Shares
(Continued)
Par
Gatlneau Power pref
*
Cndn Malartlc Gold
*
8c
Central Patricia Gold.___l
8%c
1,700
50c
200
1.80
Jan
57c
Apr
1.80 June
5%% preferred
Gillies Lake
Glenora
Week's Range
for
of Prices
Week
Price
Low
100
100
1
80
'<■. 80
_i_._l
3Hc
3Hc
lc
3%c
Low
5
1.75
Feb
lc
21%
May
May
24 %
Jan
God's Lake...
21c 31Hc
2.90
Jan
Goldale
..1
llHc llHc
1,500
200
75c
June
85c
Apr
Gold Belt
50c
21 He 21Hc
500
4.43
2,300
3.50
Apr
95
Jan
4 He
Jan
2c
Jan
7,000
2%
Jan
June
'3 He June
1,000
105
90
,80
50C
100
21 H
22
1
2.35
2.44
Kirk Lake Mines
1
750
75c
4,15
Malartlc Goldfields
1
1.00
1.02
1,100
Mclntyre-Porcupine-
5
46%
46%
50
46 %
June
O'Brien Gold
1
61c
65c
1,900
60c
Apr
87c May
1
;
Wc
4.15 June
Golden Gate.....
Gold Eagle
1.16
Jan
6Hc
lc June
21c June
39c
Jan
Mar
21 He June
16 %c
29c
Jan
Mar
13c
Jan
10c
Jan
ll%c
5c
500
2%c May
Jan
3c
2,900
68
70
77
67 H
May
80
52%
53 H
43
52%
May
55
2c
Goodyear pref
Jan
1.10
6Hc
1
Goodyear
Apr
49
1
High
73% June
15
73%
73%
Range Since Jan. 1, 1941
Shares
High
1,000
1.80
*
East Malartlc Mines
4.30
16o
Feb
48c
Dome Mines Ltd
Kerr-Addisson
May
8c
50c
50c
Sales
Last
Sale
"'•V"*1.'
Aldermac Copper
Exchange
Friday
Last
Stocks {.Concluded)
Toronto Stock
Sales
Friday
2c
2,000
1%C
Mar
13 H
13 H
'5 He
5Hc
120
23c 24Hc
2,500
23c June
37c
200
4.50 June
5.40
Jan
May
5%
Jan
67c May
3c May
1.10
Jan
3c
Graham-Bousquet.
*
50
Perron Gold Mines
1
1.35
1.36
1.28 May
1.65
t pref
*
Pickle-Crow
1
2.88
2.88
50
2.29
May
3.00
Jan
Great West Saddlery
*
*
2c
2c
500
1%C
Mar
3c
Feb
Gunnar
2.40
2.40
200
2.13 June
2.25
67c
1,500
61c June
84c
Jan
7.50
7.50
133
7.25 May
Jan
H Apr
2 %c
Jan
19%
Jan
5He June
Feb
67c
53
Gold
Red Crest Gold
San Antonio Gold
1
Sherritt-Gordon
1
2.40
Sigma Gold
Slscoe Gold
500
55c
1
55c
55c
2.40
2.42
_.l
2.85
2.85
30
Wood-Cadillac Mines
1
5c
5c
W right-Hargreaves
*
4.95
5.00
23 He
Hallnor Mines
__1
Hamilton Bridge
Hard Rock.
400
.1
Mar
Harker
Mar
Highwood
Feb
Holllnger Consolidated...6
3.45
Jan
Home Oil Co
May
8%c
Jan
Howey
7.00
Jan
Hudson Bay
Jan
2.71
June
5c
Oil—
1
15c
15c
1,000
15c June
21c
Feb
Petroleums...
3c
3c
200
3c June
7c
Mar
1.76
2.00
5,200
2.55
Jan
1.95
*
1.58
May
Exchange
Week's Range
for
Sale
Par
of Prices
Week
Price
Low
High
*
Abltibl pref
6%
100
Algoma Steel..
...*
Amm Gold
80c
Shares
Low
,,
~~"l
Anglo Canadian
#
Arntfleld
"26"
...i
Aunor
Gold Mines
7
.100
Bank of Nova Scotia.
_
Bank of Toronto
8%c
Beattle Gold
nil
1.07
Bell Telephone Co
.100
142%
1
7%c
Bldgood Kirkland....
Brantford Cordage pref.25
•
Brazilian Traction
38o
43c
4.45
16,318
76c
79c
8,650
...1
15%
15H
15H
375
*
13%
13%
13%
25
4.40
4.75
310
LamaqueG
g
Jan
...»
Landed Bank & Loan.. 100
9%
Jan
Lapa-Cadlllac
1
10c
9Hc
10c
2,400
Feb
Laura Secord (new)
3
6%
9%
9%
Apr
9c
Feb
Levy Bros...
May
4%C
Jan
Little Long Lac...
1.50 June
2.45
Jan
Loblaw
_•
•
A
Macassa
Jan
McL Cockehutt
..1
283
Feb
Madsen Red Lake..
250
Jan
Malartlc (G F)
Jan
193
275
19
272
June
240
10
240
June
1.08
1.00 May
2,515
137
405
143
3,900
7Hc
Mar
May
7c May
British American Oil.,
*
British Dominion Oil.
*
15%
15%
"""82c
Broalan-Porouplne
11c
1.20
Jan
160%
Jan
13%C
Jan
Mines.....
~
Feb
12
20
Jan
1,795
5
Feb
15%
863
15%
June
1,500
6%
Apr
71c
Feb
100
11c
Jan
48c May
J
10.50
22
18%
11%
Jan
1.10
Jan
»
Canada Cement
6c June
9c
Jan
Can Permanent Mtge.
3.40 June
5.95
Jan
Canada Steamships... _..*
121
~
mm
-
mm
"~50
Canada Steam pref
Canadian
Breweries..
Canadian Bank
com
—
lioo
Canadian Canners cl A -.20
m
'mm
mrn
25
Preferred
—
Canadian Locomotive.
nil
'mm
mm ^
Cockshutt
Mar
4%
P Rico
11,600
-
-
3,460
12c
4,100
65c June
4%
220
1.25
1.28
-
35c
71c
1.28
1,107
4% June
1.13 June
9%
50
9
n
9
33
32
33
107
114
114
114
•*24
114
33
33
75
3C
Cub Aircraft
100
mmmrnmrm mm
mm.'
60c
_*
...
Jan
Mar
31%
50c
50
60c
Feb
Apr
May
May
Apr
Apr
13c
70c
12c May
70c June
100
Dome
21c May
32c
Jan
1.74
Jan
40c May
Jan
1.04
Prairie
Preston
5%
Jan
Roche LL.
Jan
Royal Bank—-
Dominion Foundry ...
39%
145
33
Jan
Royalite
Jan
June
1.05
Jan
-
Dominion Tar pref—
*
II20
Duquesne Mining
East Crest.
6%
85
4
4%
171
lioo
Dominion Woollens—
Preferred
6%
m.
...i
rn mm. -
rn
mm
Jan
East Malartlc
..
)
83%
Feb
10
50c May
6%
9%c
3,500
3c
1,000
2.45
6,275
.
811 verwoods—...
Mar
8%c June
2 He
2.17
88
8
May
2
20
2
June
5
5
5
5
June
Feb
May
16%c
Jan
5c
Jan
May
2
Mar
1.75
2.95
Jan
3
Mar
Sterling Coal
14c
500
11 He
May
5%
16%c
Jan
Sturgeon
2.52
400
1.97
Feb
2.60
Jan
Sudbury
24%
1
4c
1
_»
15%
24%
545
4c
3,000
l%c
Fanny Farmer....... ...1
1%C
7,500
15%
15%
430
22
4c
Jan
37 He 37 He
12c
10c
600
75c
Jan
1,438
35c May
10c June
17c
Apr
3c
500
'
10c
3c
1.02
1.07
2Hc
2 He
16c
18c
Jan
Jan
1.05
4,100
5,000
2%C
Apr
98c
June
1.65
Jan
2%C\June
16c!June
5c
Feb
28c
Jan
4%c May
1.37
1.32
1.28
Apr
2.60
2.60
2.85
2.25
May
3.00
Jan
2.22
2.20
2.20
342
1.90
May
2.35
Mar
96
96
5
95 H
Jan
1.37
1.69
99
Jan
May
55c
55c
1,300
1.04
Jan
5c
5c
2,600
4c
Apr
9c
Jan
"87c
87c
91c
1,938
88c
Feb
94He
2.93
2.89
2.98
20,450
2.70
Feb
3.40
Jan
22c
22c
22c
1,000
22c
Apr
22c
Apr
3c
3%c
152H 154H
1,700
1
52 %c June
Jan
3c June
5c
Jan
13
149
May
18
May
8c May
166 H
21
Jan
2
19
19
19
4C
4c
5,975
1,000
38c
44c
14,800
12 H
130
85c
300
<
40c
12
,
-50c
1
"85c
78c
21% May
3%c Mar
28
6c
1%C June
14%
Feb
6%c
16%
Apr
Straw Lake
River
Basin...
Sudbury Contact
•
Jan
Jan
4c May
35c June
7%c
*
73c
June
May
17
85c
Jan
Jan
Jan
Jan
66c
6,055
62c June
87c
7.50
233
7.15JjMay
8.90
Jan
5%
49
6%
290
5%
6%
June
9%
6%
94
94
10
■
54c
14c
55c
4,560
14c
54c
18c
1,110
12,200
8%c 10 He
8%c
'
55c
55c
/
3
5%
91
51%c
Feb
May
Apr
Feb
Jan
Feb
90c
Jan
57
50c
Mar
Mar
64%
30
59 H
69H
69%
15
67
1.08
1.00
1.08
5,900
3%
2%c
3%
3%
745
2% June
2%c
2%C
18,000
2%c May
1.18
1.20
225
3Hc
3HC
3%c
1,000
500
Nopfcr value.
.....
(Concluded
on page
3791)
Mar
43c
19%c
64
15c
69o
Jan
Mar
14c June
69 H
15c
100
Jan
0%o May
64"
\
..*
1
12
59c
65c
Jan
Jan
Jan
2.65
5%
*
---100
Jan
14He
Feb
2.03
7.50
65c
I
1
-1
Lake.------—---1
Standard Paving....—-*
Steel of Canada
•
Preferred
--25
Steep Rock Iron Mines.
*
14c
mm.
1.15
Slave
2.50
mm
Jan
3%
56cjMay
Slscoe Gold
Sladen-Malartic..
*
mm.
6.00
3% IMar
7,700
Preferred------------*
Simpsons pref
100
*
mm'
4.75 "June
100
68c
Apr
Mar
Mar
........
Federal Kirkland
A
Jan
5%
60
2.33
2.45
1
Equitable Life—.— ..25
Eextension Oil
Fernland
9%
8%c
: 8He
Easy Washing Machine. .*
Falconbridge
May
7%
*
100
3%
65c
1
Sheep
May
1.05
...
4.75
3%
65c
1
1.25
4
7%
,
4.75
Shawl nigan
45c
1.05
-
mbm
Jan
Apr
1
Jan
Mar
3c
m
Jan
4c
Ban Antonio
16%C
8%
5
88
88
'mm
57%
Sand River
Sigma
6%
Feb
4,300
Jan
mm. mm
49%
9c
Jan
*
Dominion Stores
380
51
2.45
Feb
Dominion Steel cl B— ..25
Jan
2.28
24%
45c
1.18
'8 He
28%
10
Feb
2.45
24
45c
1.00
8 He
17
18%
180
1
18% May
21% May
45c
1.10
40c
100
---*
St Anthony
410
45c
1.10
61,200
2,242
3,870
—
22
Dominion Scottish Ins nil
Mar
Jan
1 55
14
20%
Feb
2c
26c fiMar
-1
Quebec Mining
22
40
38 H
31o
Jan
Feb
lcTJune
57c
20
160
Mar
2,000
2He IMar
-25c
—1
E Dome......—1
20
18
30 %
21 Ho
lc
720
Royalties
Premier
22
*
40
5,500
lc
1,500
Powell-Rouyn
Creek
Sherritt-Gordon
—
35 H
23c 23Hc
—1
100
-
pref
♦
DIst Seagram..
34%
1
*
Delnite
Ford
500
70c
~""l ""70c
13c
Jan
1
Senator-Rouyn
*
Davies Petroleum
3%c
3c
J
Pioneer
May
Feb
1
Jan
9c
2c
35c
Pickle-Crow
Jan
15c
1,000
35c
Perron
55c
1.10
Jan
2%c
2%C
Paymaster...
1.96
500
Jan
6c
50 H
Jan
1.65 * Feb
9,870
188
Apr
35c
Jan
3,300
I.I 6
Crows Nest Coal
6%
20%
1.80
15c
June
2c
2%e
*
Porcupine
Partanen-Malartic
45c June
1.48
Jan
177
2,000
*
Pacalta Oils
500
Gas...... .100
Smelters....
Feb
Apr
47%
2 He
22 He
—
45c
4%
*
Consumers
Jan
9
69c
*
Cons
3
June
30c
...i
Consolidated Bakeries -*_.
Mar
7
1.35
30c
........
Coniaurum
2
18
Feb
41c
Jan
Mar
10
15c
*
Cochenour
28
90
25
Jan
2%c
Normetal—
17c 18 He
18c
1.39
i
Chromium..
21%
1,824
Jan
54c
51
Omega-.---—1
29
5%
82c
*
Mines
Jan
105
19
Jan
Feb
34c June
1
Noranda
Norgold
Jan
45c
mm mm
i
—
Mar
Jan
1.00
7
5%
15
60c
Jan
2c
—5
1.67
mm
...i
Central Porcupine
Chestervllle
61
Niplssing
2%
19
...i
Chemical Research
21%
1
Pamour
5%
223
178
178
2c
*
Jan
June
10
45
44
178
Nay bob
7
*
Central Patricia...
-100
...1
Newbec
2%
_
38c
•
—
Jan
'"V-
......
47
45
10%
14
Ill*
Castle-Trethewey
7%
Jan
25
95
C P R
Canadian WIrebound
May
Jan
5%
23
.
Cndn Ind Alcohol cl A.
4
Jan
16
Jan
600
Jan
20%
Feb
8,250
Jan
22%
Jan
Jan
8c
38c
10
15
98
May
80c
20
21%
—
4c
Jan
Mar
5%
4H
163
20%
*
June
85
500
4c
37
34c
Jan
I'm.
mm
*""♦
Mar
74
4% May
20%
Apr
19% May
:
HCJune
ffJan
3%jMay
80c
May
18%
Jan
Jan
4H
*
*
1
.....
8% May
143
50
4Hc
1
25
Jan
lc
7%
Jan
.-*
North Empire.......—1
North Star pref
5
O'Brien...
1
Okalta Oils
—*
Apr
20%
mm
._.*
Canadian Dredge
Feb
June
60c
11
20
7
87%
9%
9
"■■■'■,■5
17
50
10
85
He
1.17
June
136
Feb "v 5
10
40
145%
19%
mrn
*
Canadian Car
Canadian Celanese
•
S 9
41
June
130
45
4
*
80c
210
Mar
Mar
National Steel Car
19
1,000
3H
85
1
50
1 He
33 H
He
3%
May
He June
6
24c
Murphy
145
145
mm
*
ClassB
l
87c
b
15c May
Jan
750
'mrnm.
mm
2,000
1,500
2.75
50
mm
mm
4,700
He
6H
16c
1.85 June
18%
Canada Wire class A.. .__*
1.03
Jan
16c
64
3%
Apr
9c
1.85
100
Jan
70c
1.32
Moore Corp
3%
2.35
51%
Morrls-Klrkland.
3%
mm
4.30
1.50 May
50c
FeD
Apr
Jan
Feb
Feb
5,080
1,900
May
Apr
June
3.45
57c
4c May
6c
4%
1,060
1.65
1.01
1.49
76
3.85
46%
Mar
120
Jan
523
May
15
26
500
1.05
30
Jan
May
2,300
2%c
63
27
22 H
5c
1,100
5%
24
Jan
Mar
60
1.10
11,500
79%
Mar
288
33
33%
1.08
1.13
123
3%
2.06
He
47%
3%c
120
Jan
2% June
1.60 Apr
47%
Moneta—
79%
lioo
Jan
60c
*
Mining Corp
800
5%
*
Canada Packers
Feb
Feb
5c
Mercury Mills
1,000
Apr
2 He
45c
1.05
Mc Walters
15,850
35
lHclMay
23
6
1
McVIttle
83c
5
Jan
Apr
9
1.02
~i".02
5
McKenzle
Jan
3.50
=•■:
Jan
Jan
Mar
----1
Mclntyre
Jan
7 He
40
53
12 He
10 H
6He
Apr
June
7%
80c
40
June
Jan
5.15
55c
*
1.85
50
B
43
Mar
Jan
13% June
1.62
...100
Preferred
McDougall-Segur
3c
*
4.25
1.05
21
25
*
Class A_.
Canada Bread
55
850
Feb
46c
Apr
4.20 June
3.80
~i~62
.....I
Massey-Harris pref
1.10
1.13
Calgary & Edmonton. mmim*
■
May
Jan
Jan
22%
1
1
Maralgo
3.50
*»
-
*
Buffalo-Canadian
9.50
12
Jan
24 %
25
Maple Leaf Gardens pref 10
7 He
nil
:v
-.-*
Buffalo-Ankerlte
Mar
6%
7
7
6c
47c June
200
9.95
22
6%
.
Brown Oil
.h
2,500
4,800
'/■'•
2%
1.80
Manitoba & Eastern.....*
Mar
7c
2%
1.75
1.80
..1
171
600
15%
115%
36%
15 H
Jan
Jan
1,000
Feb
75c May
2,800
!
*
8c
47
9.90
7
43
43
1
...
16%c
179
8%c
3.05
435
5%c June
4c May
CMay
35o May
6,760
4.15
2c
750
110
Mar
48c
6,000
June
June
lHc
5%c
5%e
100
13%
76c
Jan
Apr
29%
4.25
Jan
93 H
755
1
13%
Jan
416
1
Jan
10%
105
13%
1
205
Feb
30 H
Kerr-Addison
9% May
93
13%
3%c
22
14
May
Feb
30
47c
48c
■—
113
8%
11%
13%
lHc
5,300
6%
113
>
"30 %
1
6Hc
mm
5
1
1.65
9.90
«.
100
Leitch
48c
,
100
Lebel-Oro
6 He
*
Bralorne
130
10
;
Jan
48c
1
2,861
98
98
Jan
6 He
Bobjo..............
9H
12%
•
McColl
Bonetal
Feb
81c
1,000
7 He
192
2.75
2%c
142
18
46c
Apr
2.10 May
5Hc
8%c
1.06
196
Jan
240
240
*
Mar
90c
Mar
272
.100
Base Metals
8
9H
100
Lake Shore
High
177
.100
15
June
International Petroleum..*
3,000
5c
9
12
100
52c
5c
Jan
602
%
1 %c
1.50
179
Jan
26 %
23 H
26
9%
100
........
2.50
5%c
...i
30c
He June
5%c
i
Bankfleld
Bank of Montreal
21c$Mny
23
"98""
B
Bagamac
1,800
2,000
1,112
6,100
r.60
i
Jan
23c
He
2%c
5%c
2.54
195
100
51c
"
May
9
Intl Met pref...
2.35
52c
nil
Astoria Que.
4
5
■:.r..•
1.59
Feb
55c
890
6%
8
He
*
Anglo-Huronian
5%
8
7,030
Feb
200
80c
Jan
1.91
22 He
*
Lake of the Woods..
Abitibi
Jan
13 %
Jason Mines
Range Since Jan. 1, 1941
Last
Stocks—
15c
May
3c
Kirkland Lake
Sales
Friday
Jan
6c June
12
1.75
6
International Nickel
both inclusive, compiled from official sales lists
8c
1,200
1.90
100
Imperial Tobacco ord
JaD
2,608
20% pref. 100
Imperial Oil Co
3
85
4,700
1,500
Jan
6c,
12
_.l
*
June
2c
12%
6c
♦
Intl Milling pref
Toronto Stock
June 7 to June 13,
3c
3c
12
Class A pref
Home Oil Co Ltd
70c
*
____
Imperial Bank
Foundation
3
68c
12
50
4.50
3
1
65c
Feb
50c May
2.40
Huron & Erie
Calmont Oil Ltd
4.50
_*
69c
200
Teck Hughes Gold
55c
v
4.90 June
900
1
.....
7.50 June
Great Lakes
2.52
1,100
1
53c
1,200
Sullivan Cons....
Sylvanite Gold
Jan
81c
70
Apr
73%
Mar
1.78
13c June
3
Jan
Jan
Jan
Jan
4%e
Mar
24c
Apr
Apr
1.65
Jan
2%c June
5%c
Jan
1.10
The Commercial & Financial Chronicle
3794
Quotations
on
New York
a3e
Jan
1
1977
100 M 101 M
103 M 104
a3s
June
1
1980
103M 104
aJuly
1
1
1
1
1976......
1964
1964
106M 107M
1960
16 1976......
110M lilM
15 1969
a2H» July
a3Hs M&y
a3H« Nov
aZHs Mar
aZHnJ&n
111
112
111 M
112M
110M 112
116 M H7M
a4fl
May
1
1967
a4s
Nov
1
1968-...—
116M 117M
a4s
May
1 1969......
1 1977
1 1980..
120M 121M
121M 123
a4s
May
a4fl
Oct
..
118
117
121
1 1960
1 1962
04*8 0CDt
a4M« Mar
Over-the-Counter Securities—Friclay June 13
Chicago & San Francisco Banks
City Bonds
Bid
Ask
Hid
122M
121 H 122M
1
1
«4Ms Apr
16
a4Ms June
1
a4Ms Feb
16
1964
1966
1972
1974......
1976
a4MeJan
1 1977
a4 Me Nov 16 1978
o4M»Mar
11981
o4Hfl May
1 1957......
04 Mb Nov
1 1957
o4Hfl Mar
1 1963
a4 Mb June
1 1965
o4 Mb July
1 1967
o4Hs Dec 15 1971
122 M I23H
122M 124
a4M" Mar
o4M»Apr
1
o4Hfl Dec
123M 125
100
33 1-3
100
Bank A Trust
71 rat National..
132
1979
133M
61.95
to'71
Sept '63
1964..
-100
Fifth Avenue—
100
Merchants-.-..--
140 H
4»
tm
Bank of New York
1Q7rt
130
-
-
100
101M 102 M
Clinton
61.50
Colonial
100
98
Kings County
106
12
Title Guarantee A Tr
12 H
14
Trade Bank A Trust—..10
17
21
42 M
Underwriters
...100
80
90
50
44 M
47 M
United States
1962
1966
108
100
101
111
Ask
6e
Apr
68
Feb
1962
108
6 He Aug
1941
Bid
100
Am Dlst Teleg (N J) com. •
Govt of Puerto Rico—
117
120
107
4Mb July 1952
108 H
100 x 101
July 1948 opt 1943.
6a
10
Par
128
109
106
5% preferred-
4H» Oct 1966 Apr '46..
1112
Federal Land Bank Bonds
JAJ
108"» 10813u
3b 1966 opt 1946
JAJ
MAN
109»r„ 109 "as
38 1966 opt 1946
Bid
Ask
Bid
3a 1966 opt 1046
110»u 110*i«
Emp <t Bay State Tel—100
100
80
Bank Bonds
Bid
First
r2M
...
Denver IMS.
3s
2M
100
113
25
Sou New Eng Telep... 100
150
$6 .50 1st pref
83
17 H
So A Atl Telegraph
19H
153 M
Chain Store Stocks
Ask
Bid
IX
1H
*
1M
2
United Cigar-Whelan Stores
99
•
92
Lincoln 5s
94
Lincoln 6Hs
97
87
Ask
JIM
Kress (8 H) 6% pref..—10
Bohack (H C) common
/
Bid
PaJ
r,y.
,
Foods Ino common. _•
12M
99 H 100
23
20
7
18 %
17M
*
$5 preferred
\ '
8M
v/
99 H
Carolina—\
1 He, 2a
99
First Montgomery—
.....
r40M
Pennsylvania 1Mb. IHs...
42
SPECIALIZING
99 H
Oregon-Washington.
3a. 3Ms
89
;
99
First New Orleans—
Is. IMS......
St. Louis
99M
First Trust Chicago-
Is, 1Mb
F.H.A. INSURED MORTGAGES
99
First Texas 2s, 2 Hs
Fletcher
32 H
Fishman (M H) Co Ino
Ait
New York 5s
Chicago
ii"
31H
30 M
18
B /Q
Lincoln 4 Ms
r9
99
29 H
110M
Lafayette Hs, 2s
99
Burlington........
19
•
26
com
Rochester Telephone—
llOH
109M
North Carolina Hs, la....
Atlanta M«. lHe
Atlantic lHe. 1Mb
Ask
17
Ait
110M
Ask
Bid
1410
Bid
Atl Telegraph...26
A
Pao
28
Par
Joint Stock Land
2M
48
Franklin Telegraph
109*u I099x«
3MB 1066 opt 1946..MAN
18 1946 opt 1944
JAJ
is 1964 opt 1944
JAJ
Par
Ask
104
Preferred A
New York Mutual Tel..25
111
Conversion 3s 1947.....
115
112
1M
100 1360
111H 113H Peninsular Telep
100
Inl Ocean Telegraph... 100
110M 110M
D 8 conversion 3s 1948
Hawaii—
12
38 M
53 H
100
Telephone and Telegraph Stocks
Bid
126
U 8 Panama 3s June 11961
1969
51H
97
41M
Empire
Ask
Bid
36 M
20
26
New York
Continental Bank A Tr.10
United States Insular Bonds
Government—
275
20
Preferred
34
270
10 H
10
11M
1610
--..100 1560
26
29
25
Manufacturers
98
45M
Ask
218
Corn Excb Bk A Tr.....20
2.50%
100 M
4 He July
Irving
43 M
29
25
1980
f revenue
104
4 He Oct
Guaranty
17H
74 H
95
Bid
198
100
53
14 H
50
a
100M
103
PhUlpplne
51
Lawyers
2Mb serial rev 1946-1952
103 H
4th ser Deo 16 '76
26
100
Fulton
69 M
20
Central Hanover
62.60
3Ms
General A Refunding—
2nd eer May
24
Par
342
Chemical Bank A Trust. 10
3s serial rev 1963-1975.'.
Port of New York-
3 He 6th ser Aug 16'77
3h
6th "erles...1975
30 M
Companies
Ask
335
...........
County
Brooklyn
Trlborough Bridge—
3s
17
50
150
111
3
14
29 M
z
50
17 H
Sterling Nat Bank A Tr 25
1470
Bid
10
35
100
Bronx
103 M 104 M
no
1 *76
100
Bankers.
Pennsylvania Turnpike—
San Francisco-Oak land—
A*
M
700
660
New York Trust
m[.
A6A
California Toll Bridge—
15
45
10
...
Peoples National
181
27
12
et'mrm
111H
Authority Bonds
DMA
•
Penn Exchange
31M
29M
50
25M
12H
—12M
National City
National Safety
175
Par
Public
Ask
46
140
Canal Imp 4s JAJ '60 to '67
147
42
13.65
National
149
Can A High Imp 4Ms 1966
Highway Imp 4
37 H
Bid
50
Bronx
85
First National of N Y—100 *1430
Barge OT 4Mb Jan 1 1945.
150
Canal Imp 4Mb Jan
35 M
Par
National
16 H
Public National
Highway
fie Jan A Mar 1964
15
Atk
61.00
4Mb April 1941 to 1949.
Improvement—
4s Mar A Sept 1968 to '67
530
Ask
Bid
par
Co-10
Bank of Yorktown..66 2-3
Beneonburst National.
60
Bank of Manhattan
Chase
Bid
61.85
517
SAN FRANCISCO—
79 H
82 H
251
265
1 Bk of Amer NT AS A 12H
127 M 129
128M 129M
World War Bonus—
6 1.80
1081
Canal A Highway—
Northern Trust Co....100
240
327
New York Bank Stocks
Commercial National—100
3a
235
316
Continental Illinois Natl
126M 128
Ask
3s 1974
Ask
Harris Trust A Savings.100
American National Bank
A Trust
124M 126
125M 126M
126
127M
>
126M 128
127M 128M
121 M 122M
122
123M
125M 126M
Bid
Par
Ask
Bid
Par
Ask
New York State Bonds
Bid
June 14, 1941
Me, 3Ms
99
...
Southern Minnesota......
r
Southwest (Ark) 6s
Fremont 4Mb, 6Ms
Illinois Midwest 4Mb. 6e__
99 H
Virginian
15M
"Hedge'* security for Banks and Insurance Co's.
17"
Circular
on
request
92 H
Union Detroit 2Mb
98
The beet
72
Iowa 4 H«. 4Hs
26
99 M
...
99
........
r24
....
San Antonio Ms. 2s
STORMS AND CO.
99 H
99
....
Is
Commonwealth Building
PITTSBURGH, PA.
Phone Atlantic 1170
Joint Stock Land Bank Stocks
tat
Atlanta....
.......
Bid
95
...100
Atlantic...
100
60
Dallas
100
783
....100
80
Ask
102
Denver
^
52
Pennsylvania
100
53
21
27
100
2
5
59
San Antonio
100
130
Virginia
Bid
101H 102 M
Alabama 4 Hs
3M
6
140
4
Arkansas 4Mb
58
102
103H
101H 102M
4Mb
Bid
Ask
Ast
102M
Georgia 4Mb
Debentures
101
101 M 102M
101 M 102 M
Illinois 4Mb
Indiana 4Mb..........
Louisiana
4
_
102H
N
103M
Florlda 4Mb
Federal Intermediate Credit Bank
102
Y
New York State 4Ms
North Carolina 4Ms
103
Maryland 4Ms
*M% due
July 1 1941
M% due
Aug
11941
6
.30%
6.25%
Ms due
...
Me due
Sept 2 1941 6.25%
1M % due....Sept 2 1941 6 .30%
M% due
Oct
1 1941 6 .25%
M% due
Nov 1 1941 b .25%
♦
M%due
Msdue
....
:M% due
%%7o due....May
1941
103M
Tennessee 4Mb
102
103
Texas 4Mb
Michigan 4Mb
...
102
Massachusetts 4Mb
6
.25%
Jan
2 1942 6 .35%
Feb
2 1942 6.30%
Mar 2 1942 6 .40%
1
Dec
102
102 M
Minnesota 4Mb
102 H 103 M
♦
Obligations of Governmental Agencies
Bid
H%
May
11943 100.26 100.28
Federal Home Loan Banks
Ma
Apr
2s
15 1942 100.9
Apr
16 '41 at
100M 101.11 101.14
1 MB Jan 3 1944—
Jan
3
1942
at
Ast
maturities,
x
Corp—
H%
H%
H%
notes
July 20 1941 100.17 100.19
Nov
Jan
.
JH%
J1M%
July
1 1941 100.18 100.20
15 1942 100.19 100.21
1
1942 101
No par value,
/Flat price
Reconstruction Finance
1%
100.11
1 1943 102.18 102.24
Federal Natl Mtge Assn—
2s May 16 1943—
Call Nov
Bid
Ask
Commodity Credit Corp—
H%
Aug
1 1941 100.15 100.17
1%
Nov 16 1941 100.20 100.22
insured Farm Mtges 4 Mb
Virginia 4Mb
West Virginia 4Mb
1 1942 6.40%
A servicing fee from
♦
July
♦
quotation,
vht
r In
receivorship
With stock
103
103
102M
102 H
x 103 H
103 H
z
d Coupon,
e Ex Interest.
Quotation shown is for all
Ex-dividend.
Now luted on New York Stock Exchange.
Curb Exchange.
-
-
Quotation not furnished by sponsor or Issuer.
15 1943
101.4
These bond3
are
subject to all Federal taxes.
T Chase Natl. Bank announced
on
U S Housing Authority—
100.3
M% notes Nov 1 1941.. 100.1
1M% notes Feb 11944.. 102.1# 102.16
on
Dec. 31 a distribution at the rate
each original 61,000 principle amount
ciple and $1.50
on account
of interest.
of 377.50
of debentures; $75.98 on account of prin¬
Previously paid 5% on July 7, 1939, and
5H on sept. 25. 1939
,
101M 101.22 101.25
xx
103 H
15 1942 100.22 100.24
101.2
6 Basis price,
Interchangeable.
i When Issued
y Now selling on New York
101.2
Oct
a
o xxi
103
103M
H% to M% must be deducted from interest rate.
n Nominal
w
103M
103 H
4 Ms
101 H 102M
Ms
102 M
(Metrop area) 4Mb—
Pennsylvania 4Mb
Rhode Island 4Mb
South Carolina 4Mb
102
Asked
103 H
New Jersey 4Mb
101 H 103
6s
Delaware
Bid
Asked
District of Columbia 4Ms.
Bid
Mortgages
7
120
...
58
100
............
FHA Insured
9
3
110
90
Des Moines..........100
Ask
100
North Carolina
First Carolines
6v
...100
New York
88"
Fremont.
Bid
Par
Lincoln. .............100
—
/
.
A
Volume
152
The Commercial & Financial Chronicle
Quotations
3795
Over-the-Counter Securities—Friday June 13—Continued
on
Railroad Reorganization Securities
Guaranteed Railroad Stocks
(When Issued)
3oscpb Stalker $ Sons
§
Mjtmktn hirw Yrrk Sunk
Bear, Stearns
Extktag*
fDe4k™i"l
GUARANTEED
Tel. RE ctor
sioas
120 Broadway
Co.
&
Members New York Stock Exchange
.
;
"
2-6600
NEW YORK
■
New
York
Since 1855_
!
.
Chicago
Reorganization Rail Issues
^%SSSSSBSSSOSSSBSBr
(When,
Guaranteed Railroad Stocks
as,
and If Issued)
(Guarantor In Parentheaea)
Asked
Dividend
v;■>
r
'1.'Vy
1 •.
PaT
.
Alabama A Vlcksburg (Illinois Central)
Albany A Susquehanna (Delaware A Hudson)
Stocks—
Bid
Dollars
in
Asked
74
71
6.00
100
10.60
96
Allegheny A Western (Buff Roch A Pitts)....
..100
6,00
82
84
Beech Creek (New York Central)
Boston A Albany (New York Central)
...60
2.00
29%
31%
-100
8.75
87%
90%
Boston A Providence (New Haven)
Canada Southern (New York Central)
—
100%
-100
8.50
22
25
3.00
37
40
(L A N-A C L). -100
6.00
89%
Cleve Cln Chicago A 8t Louis pre! (N Y CeDtral)
100
Cleveland A Pittsburgh (Pennsylvania)
—60
Betterment stock...
...60
Delaware (Pennsylvania)
...25
5.00
69
92%
73%
3.50
81%
83%
2.00
48%
50
2.00
48
50
61
65
Carolina Cllnchfleld A Ohio
oom
—
....
Fort Wayne A Jackson pref (N Y Central)...... -100
5.50
Georgia RR A Banking (L A N-A CL)
-100
9.00
147%
152
(Del Lack A Western).. -100
Mlohlgan Central (New York Central)
100
4 00
40%
43
Lackawanna RR of N J
60.00
.
Morris A Essex (Del Lack A Western).......,
New York Lackawanna A Western (D L A W)
3.875
,
-100
600
500
25%
27%
57
5.00
54%
—50
4.00
96
98%
60
Northern Central (Pennsylvania)..
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
4.50
37%
41
1.60
Preferred
45
47
3.00
...60
87
92
Pittsburgh Fort Wayne A Chicago (Penna) pref.. -100
Pittsburgh Youngstown A Ashtabula pref (Penna) -100
7.00
173%
176%
7.00
164%
169
Rensselaer A Saratoga (Delaware A Hudson)
-.100
6.64
54
57%
100
6 00
138
142%
3.00
70
137
—
lunnel RR St Louis (Terminal RR)
United New Jersey RR A Canal (Pennsylvania).. -100
249
6.00
46
—100
5.00
59
100
6.00
57
62""
5.00
Vlcksburg Shreveport A Pactlflo (Illinois Central)
10.00
-100
Utlca Chenango A Susquehanna (D L A W)
Valley (Delaware Lackawanna A Western)
61%
64%
.23%
—
Preferred
Warren RR of N J (Del Lack A Western)...
49%
—50
3.50
21%
50
„
3 00
54
West Jersev A Seashore (Penn-Reading)
58
bid
I
Ask
bid
Ask
5% preferred A (par J100)
62.20
1.75
61.75
1.35
Bessemer A Lake Erie 2%s
Boston A Maine 5s
28
Certificates ben Interest in common stock..
Norfolk & Southern RR—
Missouri Paclfio 4 %b-5s—
bl.75
1.25
b
62.20
1.75
Nash Cnat A 8t Louis 2%s
York Central 4%s
62.20
1.75
61.75
1.25
62.15
1.65
62.50
1.75
2s-2%s and 3%s
First mortgage 48. ..^^. ...^.
General mortgage Income A 4%s.
General mortgage incone convertible B
First mortgage 4%s A
First mortgage 4s B
14%
Ohio Match Co
12
12%
12%
Permutit Co
12%
Petroleum
4%
51%
Petroleum Heat A Power. •
l
5% conv pre! 1st aef—10
2d series.......... 10
series
American Hardware
Maize
25
Produots
•
American Mtg 5% pref 100
Amer Viscose Corp
14
3.25
Northern Pacific 2%s-2%s
61.85
1.40
1.20
No W Refr Line 3 %s~4s
62.25
2.50
Pennsylvania 4s series E._
2%s series G A H
61.90
1.40
62.15
1.60
1.65
Pere Marquette—
1 75
2%8-2%s and 4%s
Reading Co 4 %s._
61.75
1.40
61.65
1.20
City A Suburban Homes 10
St l,ouis-8an
1.25
61.70
1 25
Shippers Car Line 6s
62 00
1.50
Grand Trunk Western 5s..
Great Northern Ry 2s.
63 75
3.00
Southern Paclfio 4 %s
61.90
1.40
61.60
1.20
62.50
1.75
Illinois Central 3s
62.25
1.75
61.70
1.25
Kansas City Southern 3s..
62.30
1.75
Lehigh A New Engl 4V4s.,
Long Island 4 Ha and 5s
61.75
1.30
61.75
1 25
Texas A Pacific 4s-4%a
Union Pacific 2%a
Louisiana A Ark
62.00
1.50
Western Maryland 2s
,
3%s
Maine Central 5s
62.00
1.60
61.75
1.30
Fran4fl-4%s_
2%s
Southern Ry 4s and 4%a..
oonv
Crowell-Colller
Cuban-Amer
61.85
1.50
61.85
1.40
61.90
.
1.40
62.00
1.50
61.70
1.30
Domestic Finance
61.65
1.20
Draper Corp
Dun A Bradstreet
bar
Aetna Cas A Surety
10
Aetna
'ltd
120
10
52 %
10
25%
25
70
American Alliance.
10
2214
American Equitable—
.6
18 %
Aetna Life
Agricultural
—
Amer Fidel A Cas Co com 5
American Home
5%
10
2H
12%
Re-Insurance. 10
41 %
American of Newark
American
10
American Reserve
American Surety
10
....25
id
124
54%
27%
73%
23%
20%
11%
6%
13%
43%
i-:.-,'."
;'.\v
Bid
bar
Home.
30%
.......6
Ait
32%
Home Fire Security
10
Homestead Fire
10
Ins Co of North Amer
10
16%
74%
Jersey Insurance of N Y.20
38%
40%
8%
9%
.6
1
2
Maryland Casualty
1
Mass Bonding A Ins..12%
61
Mercb
48
52
6%
24%
7%
27%
Knickerbocker
1
5
Lincoln Fire
Fire Assui
2%
5
com
10%
12
Merch A Mfrs Fire N Y..6
46
48
2%
17%
75
3%
64
10
Baltimore American
Bankers A Shippers
Boston
....
33%
35%
10
59%
61%
2H
25
Automobile
National Casualty
National Fire
7%
8%
95
National Liberty
2
National Union Fire....20
7%
8%
91%
...100
590
610
6
19
21
Camden Fire...
Carolina
10
27 %
City of New York...
10
20%
28%
22%
10
New Amsterdam Cas
New Brunswick
New
New York
5
8
9
10
24
26
5
30
32
North
10
Fire
..5
Northern
Continental Casualty
Eagle Fire
2H
%
Employers Re-Insurance 10
40%
Excess
6
10
Federal
8
45%
1%
43
9%
47%
Northeastern
5
River
Franklin Fire
5
10
15%
6%
100
24%
Pacific Fire..
25
114
117%
Pacific Indemnity Co
10
38%
41
Phoenix
10
84
88
13%
33%
35%
...6
Providence-Washington .10
28%
30
Republic (Texas)
Revere (Paul) Fire....
General Reinsurance Corp 5
39
41%
St Paul Fire A
Georgia Home
22%
25
Seaboard Fire A Marine. 10
Rhode Island
10
46%
126
Preferred Accident
8%
33%
122
Reinsurance Corp (N Y) .2
5
18
National.26
120% 125
Firemen's of Newark
23%
149
Northwestern
60%
62%
100% 103%
25
96
2 60
Fidelity A Dep of Md.._2Q
..10
5%
12.50
Fire Assn of Phlla
Fireman's Fd of Ban Fr
16%
31%
44%
13%
10
Hampshire Fire
Connecticut Gen Life
City Title
144
2
i
10
10
2%
Marine62%
Gibraltar Fire A Marine. 10
22
24
Glens Falls Fire
6
42%
44%
Seaboard Surety i.
Security New Haven
Globe A Republic...
—
...10
10
n
6
26%
22%
2%
244
6%
34%
33%
15%
7%
36%
35%
Springlleld Fire A Mar. .25
9%
60%
64
Standard Accident..... 10
Stuyvesant
6
Great American
25%
27
Sun Life Assurance
100
200
240
10
12
Travelers
100
393
403
117% 121%
47%
5%
Halifax.
10
9%
10%
..10
24%
26%
U 8 Fidelity A Guar Co..2
U 8 Fire
..4
21%
Hanover
46%
22%
48%
10
86%
89%
U S Guarantee
73%
51%
Westchester Fire
33
35
Steam Roller.. 10
.2.50
Sylvama
2%
Talon Inc
4%
Tampax Inc
174
Indus
*
...
Corp
41
19%
42
1
1%
2,%
...»
9%
10%
com
Steel common
Tennessee Products
•
5%
Thompson Auto Arms
1
6%
Time Ino
*
66%
27%
15%
Tokhetm Oil Tank A Pump
Common
...5
Trlco Products Corp.....*
Explosives
.2
Triumph
58%
61
19
2t
6%
48%
14
15%
26
%J 29%
,
32% 35%
27% 30%
63%! 67%
2%
13%
Class B
A'
•
5%
40
41%
113% 118
14
16
31
33%
2%
3%
%
%
7-
8
M
1%
%
2%
•
Preferred
100
Veeder-Root Ino
6
:
•
53%
56
Warner A Swasey
•
Welch Grape Juloe com 2%
20%
16%
21%
17%
7%
com
preferred
ion
Wlokwire Spencer Steel. 10
Wilcox A Gibbs
60
com
Worcester Salt
■
*
...
United Piece Dye Works.*
34
2%'
4
Class A
4
3%
v
United Artists Theat com. *
United Drill A Tool-
7%
51%
32
4%
17%
39
5%
11%
3%
/
•
5
com
Taylor Wharton Iron A
19%
27
...100
York Ice Machinery
*
preferred... ...100
Garlock Packings com
*
Gen Fire Extinguisher...*
50
14
15
Gen Machinery Corp com •
26
27%
Amer Writ Paper 6a__i961
Brown Co 5%s ser A.. 1946
-—.2
13%
15%
Carrier Corp 4%s
1948
1
2%
Deep Rook Oil 7s
108
5%
6%
9
6%
40
2%
50
3%
1937
52
Glddlngs A Lewis
Machine Tool
Good Humor Corp
Graton A Knight com
Preferred
4
6
*
Stamped...
7%
...
66
70
Firestone Tire A Rub 3s '71
39%
42%
Koppers Co 3%s
Harrisburg Steel Corp.
14
100
...
5
Interstate Bakeries oom..*
S5
preferred
•
King 8eeley Corp com.._l
Landers Frary A Clark..25
Lawrence Port! Cement 100
Long Bell Lumber
S5 preferred
•
39
36%
-
15%
1%
1961
Minn A Ont Pap 5s...1960
Monon Coal 5s
.1955
1 NY World's Fair 4s. 1941
1%
22%
7%
24%
20
22
14%
19%
16%
Western Auto Sudd 3 %s '55
Railroad Bonds—
20%
Akron
8%
Old Ben Coal 1st mtg 6s '48
Scovlll
Mfg3%s deb..1950
Canton
&
90
93
12%
13%
5%s ser B triple stamp..
1
53%
55%
Merck A Co com.....
1
25%
26%
Bait & Ohio 4% notes. 1944
Cuba RR 5s
1960
preferred
100
96%
50
/63% 65%
97%
96%
104% 104%
69%
71%
/12%
15%
8%
69%
8%
71%
105% 106%
100
98
town—
Denv & Salt Lake 6s_.1960
59%
57%
19%
54%
61%
59%
21%
57
10%
13%
12%
Hoboken Ferry 6s....1946
*
16
102% 102%
*
83
86
Monongahela Ry 3%s 1966
N Y & Hob Ferry 5s__1946
3%
23%
Richmond Term 3%s.l965
104
26%
Muskegon Piston Ring.2%
National Casket
Preferred
Nat Paper A Type com
6%
118
80%
/48%
94%
Youngs-
•
6%
40
.
MaUory (P R) A Co
Marlln Rockwell Corp
...100
37
78%
Industrial Bonds—
Great Lakes 88 Co com..*
Great Northern Paper..25
1
.—.50
preferred
4
Tenn Ala A Ga 4s
1957
50
57
39
38
105%
55
-
79%
-
-
81%
Sugar Securities
Bid
Bonds
Ask
Antilla Sugar Estates—
6s
1951
.....
/19%
21
6s
.—.—1947
Haytlan Corp 4s
New Nlquero
3%s
60%
1954 //39
1989
6s
718%
62%
43
20
Sugar—
.1940-1942
For footnotes see page
Stocks
/30
3794.
---
Par
Eastern Sugar Assoc oom. 1
Preferred
1
Haytlan Corp com
Baraqua Sugar Estates—
76
Hartford
a3%
30
4
10%
10
19%
*
24
9%
Hartford Fire
5%
254
6%
6
28%
104%
4%
27%
5
Great Amer Indemnity... 1
103
5%
54%
46%
7%
Globe A Rutgers Fire—16
2d preferred
15
45%
4%
26%
42%
Amer shs *
Foundation Co
Standard Screw
52
44%
*
com
Bake Shops
Preferred
8%
39%
13%
24%
*
Federal
2%
7%
4%
20
62
Farnsworth Telev A Rad
Insurance Companies
2%
2
4
pf. *
cum
6%
.20
%
Stanley Works Inc......25
39%
i"
Dentists Supply corn
10
Devoe A Raynolds B com *
Western Pacific 5s
5%
.05
Strom berg-Carlson
18%
Dictaphone Corp
*
Dixon (Jos) Crucible... 100
Wheeltnar A T ake Erie 2%s
9%
11%
187
40
170
Manganese.2
West Fruit Exp 4%8-4%b.
Despatch—
2%s. 4%s A 6s
42%
2%
*
Pub
1
;
Conversion... 1
Exploration..... 1
Manufacturing... •
Remington Arms com
1
Safety Car Htg A Ltg—50
Scovlll Manufacturing..26
Singer Manufacturing.. 100
Skenandoa Rayon Corp..*
17%
*
pref
9%
1%
3%
SI partlc pre!erred ..._*
Consolidated Aircraft—
S3
179
8
•
12%
Coca Cola Bottling (NY)*
Columbia Baking com...*
61.75
St Louis 8'western 4 %s
1.20
Express—
8
17%
10
1.60
62.15
.....*
43%
Pilgrim
83%
37
*
41%
Pollak
22
1%
40%
Arlington
62.50
1.45
Merchants
13 partio preferred
Ask
7%
*
Pan Amer Match Corp__25
Co
...*
24%
108% 109%
1
62.00
61.60
Growers
100
SI 25 preferred
61.75
4s
.......
com v t o
Brown A Sharpe Mfg...60
Buckeye Steel Castings..*
Chic Burl A Quincy
100
Chilton Co common
10
4%s and 4%s
Fruit
5% preferred
Arden Farms
10
Peoel-Cola
24
Botany Worsted Mills ol A6
1
National Radiator
4%
11%
11%
3%
48%
20%
15%
79%
...10
63.80
Denv A Rio Gr West 4 %».
Erie 4%s
Bid
Par
12%
•
61.50
Clinch field 2%s
Del Lack A Western 4s
18%
Amer Bern berg A com
Chesapeake A Ohio 4Mis..
1.75
,174%
...2014
Ask
3%
Mills
100
Art Metal Construction. 10
Autocar Co com
.10
1.20
...1998
American Cyanamld—
N Y Chic A St Louis 4s
1.25
84%
49%
New Britain Machine
N Y N H A Hartford 3s...
61.75
loo
V
...2015
34
1.00
62.25
,-24%
,..1957
31
3.40
61.60
...1999
.....
Bid
Par
3.50
Chic A Northwestern 4 %B.
69
Alabama Mills Inc......*
American Arch..
•
61.50
Chic Burl A Quincy 2%a_.
40
30
Industrial Stocks and Bonds
64.25
ChicMlJw A St Paul 5s...
84%
...2014
First mortgage 4%s
General mortgage convertible income 5s
64.35
1.75
...1989
...1995
Central RR of N J 4 %s
Central of Georgia 4s.....
62.25
>
...2039
...
4%s__.„
General mortgage income convertible 4%s A
Norfolk Southern Ry—
1.25
2%s
41
.;
...1989
a
1.50
2%s and
y
Second mortgage convertible Income 4%s
ErleRR—
61.65
„.
■
Chicago & North Western Ry—
First general mortgage 2%-4s
62.25
_
4
Bonds—
Chicago Milwaukee St Paul & Pacific RR—
Canadian National 4%s-5e
Canadian Pacific 4%8__„
New
43lg
Common (no par)....
Ctfs of beneficial Interest In J L
Roper Lumber Co..,
Amer
Atlantic Coast Line 2%s—
Baltimore A Ohio 4 %s
,*.!
7%
2%
Amer Distilling Co 5% pflO
American Enka Corp
*
Equipment Bonds
*
Common (no par)
ErleRR—
3d
Railroad
3%
........
253
'
■
Common (no par)
Chicago A North Western Ry—
5% preferred (par $100)
142
St Louis Bridge 1st pref (Terminal RR)...
Second preferred
7;7-'
Chicago Milwaukee St Paul A Pacific RR—
5% preferred (par 8100)
73
6.00
>7
7
Ash
7%
21
23
%
*
Punta Alegre Sugar Corp.*
Sugar Refg—1
Vertlentes-Camaguey
Sugar Co
—5
West Indies Sugar Corp.. 1
Savannah
Bid
5%
28
1
5%
29%
2%
2%
3%
3%
The Commercial & Financial Chronicle
3796
June 14, 1941
Quotations on Over-the-Counter Securities—Friday June 13—Continued
Public Utility
Preferred Stocks"
All
Bid
'V
Corp. 10
1396
1496
Series B-l
2.65
2.91
Series B-2
InclOc
6.45
7.11
Series B-3
Assoc Stand Oil Shares...2
496
596
Series B-4
Exchanges
Teletype N. T.
7-1600
16.90
396
496
596
.07
Series K-2
.17
22.02
Bollock Fund Ltd.......1
11.74
12.87
I
Bid
Alabama Power $7 prel__*
Amer Utll Serv
0% pref.26
7% pf—
Arkansas Pr A Lt
0% pref-
Atlantlc City El
Par
Atk
10896 11096
National Gas A El Corp .10
5M
8196
12096
New Eng Pr Assn
696
8496
New EngG A E5M% Pf-*
6% pf 100
Bid
Fund Inc
10c
com
10c
Maryland Fund Inc
1
15
1696
3596
3696
17
40
52 M
New
10
$7
*
preferred
7% pf 100
10996 11296
11196 11496
Central Maine Power—
J0
7%
100
100
preferred
preferred
Cent Pr A Lt 7% pref-100
Community Pow A Lt._10
Consol Elee A Gas 16 pref _•
Consumers Power $5 pref-*
Continental Gas A Eleo—
7%
100
preferred
0296
8796
5096
Carolina Power A Light—
Cent Indian Pow
6596
28596
Birmingham Gas—
13.00 prior preferred..50
Derby Gas A El 17 pref—*
99
10196
10896 11196
114
2796
796
105
496
New Eng Pub Serv Co—
116M
s%
9
*
prior lien pref..
*
cum preferred
♦
Orleans Pub Service.*
preferred
*
66M
6496
0
896
18M 21
11096 11296
New York Power A Light—
40 cum preferred
•
101
299
7% cum pref erred... 100 210996 11196
N Y Water Serv 0% pf.100
2896
3096
Northeastern El Wat A El
*
44 preferred
62
5996
Northern States Power—
(Del) 7%
..100
pref
-_*
preferred...*
16.50 cum
Florida Pr A Lt 17 pref-*
78J6
Ohio Public Servloe—
8896
91
59
61M
100
100
Okla G A E 7% pref...100
38M
41M
Pacific Pr A Lt 7% pf-100
40
42 M
Panhandle
127M 130
Ind Pow A Lt
596% pf-100
Interstate Natural Gas..-*
Jamaica Water Supply..-*
Jer Cent P A L 7% pf-100
5496
5696
0%
7%
preferred
preferred
10596 10796
115
117
H5
H7M
26
103
7996
82
2.01
2.13
Accumulative series
1
1
..1
National Investors Corp.l
2.41
2496
National Security
mm
2.41
♦Cram A Forster com..10
*
(Md) voting shares..25c
(Colo) ser B shares
m+m-
»
2.01
Series AA mod....
Series ACC mod
/'
m
-
3496
37 M
Pipe
Eastern
•
Line Co
*
66
68
Penn Pow A Lt 47 pref...*
110
112
Peoples Lt A Pr 43 pref.25
Philadelphia Co—
19
21M
7996
8196
29
45 cum preferred
*
Pub Serv Co of Indiana—
105M
.*
47 prior lien pref
122
124M
Low priced bond scries..
New England Fund
1
*• m
26
3096
Cumulative Trust Shares. *
.1
15.49
1
Building
4.13
2.66
Delaware Fund
Deposited Insur Shs A
5% pref25
100M 10196
271*6
7396
2496
2296
2796
2896
16M
1736
Queens Borough G A E—
100
preferred
0%
Republic Natural Gas
Rochester Gas A Eleo—
100
6% preferred D
*
preferred
2
Sierra Pacific Pow 00m...*
Mass Pow A Lt Associates
S'western G A E 5% pf-100
1896
1696
6
5
pref..50
Mississippi Power 16 pref.*
17 preferred
*
Mississippi P A L SO pref.*
Missouri Kan Pipe Line..5
Monongahela West Penn
conv partlc
Pub Serv 7%
pref....15
Mountain States Power..*
50
6% preferred
Mountain States T A T 100
Narrag El 494% pref...60
Nassau A Suf Ltg 7%pf 100
10296 104 M
1996
102M
1896
16.75
25M
26 M
79
9096
93 96
61*6
6396
Texas Pow A Lt 7% pf.100
10596 10896
81M
United
Pub
Utilities Corp
12M
42 M
132
6M
29M
1396
44M
135
5296
5396
19M
42.75 preferred
•
2196
2396
preferred
•
2296
2496
Utah Pow A Lt 17 pref...*
5M
28
68 M
70 M
43
1396
1496
2096
21M
West Texas Utll 46 pref..*
94 M
97
Bid
Bid
Ask
6496
60 M
Kan Pow A Lt 3M>
94M
9696
Kentucky Utll 4s.....1970
Associated Eleotrlo 58.1961
48 M
49M
Assoc Gas A Eleo Corp—
Income deb 3Ms—1978
Inoome deb 394s... 1978
/14
Inoome deb 4^8—.1978
/1496
/14M
/1496
Conv deb 4s.......1973
Conv deb 4Ms
1973
/21
/23M
Conv deb 6s
/24
/24
/53
Income deb 4s.....1978
1973
Conv deb 5Ms
1973
8s without warrants 1940
1909
1983
4M»-5Ms—1986
Sink fund lno 6-08—1986
Blackstone Valley Gas
A Eleotrlo 3MS—_— 1908
f 9M
/8
/8
/8
fS
24
Michigan Pub Serv 4s. 1905
106
24M
Montana-Dakota
25
3M
1901
Narragansett Eleo 3 Ms 66
New Eng G A E Assn 6s '62
54M
N Y State Eleo A Gas Corp
4s
1965
10
Northern
7.99
6.85
Oils
7.21
25c
1.04
1.15
Railroad
2.97
3.27
Railroad equipment....
Steel
5.50
6.06
No Amer Bond Trust ctfs.
4096
Shares
Metals
Eaton A Howard-
...
101
10
Public Service 3*48.1909
Northwest Pub Serv 4s '70
Ohio Power Co 3s
1971
1 a:17.l9
18.27
Stock Fund
1 zl0.30
10.94
9796
98
103
9896
99M
1O0M
Cent 111 El A Gas 3 Hs. 1964
106
Cent Maine Power 3Ms '70
109M 110M
No Amer Tr Shares 1953.*
23.59
25.37
Series 1955
1
2.36
1596
Series 1956
1
2.32
15.44
16.61
Series 1958
1
1.90
5.47
6.07
Bank stock series... 10c
2.01
2.27
Insurance stk series. lOo
2.89
*
First Mutual Trust Fund. 5
Plymouth Fund Inc.._ 10c
Putnam (Geo) Fund
1
Fiscal Fund lno—
3.26j
Fixed Trust Shares A... 10
8.44
Foundation Trust Shs A.l
3.30
3~80
Fundamental Invest Inc.2
15.07
16.52
Fundament'! Tr Shares A 2
4.20
4.98
*
3.84
B
.33
.38
12.05
12.59
Quarterly Inc Shares.. 10c
4.20
5.10
Republic Invest Fund—_1
3.13
3.49
Scudder, Stevens and
.*
Clark Fund Inc
76.81
Selected Amer Shares. .2 M
104M
10994
60
04
96 X
General Investors Trust. 1
4.33
4.71
Spencer Trask Fund
Standard Utilities lno. 50c
12.72
Corp
Cons Cities Lt Pow A Trac
6s
.1902
95 M
1950
6s
is" 1969
Pub Serv of Okla 3Ms. 1971
Pub Utll Cons 5His.—1948
10896 10894
106
10694
10496 10596
86 M
8896
4.95
♦State St Invest Corp...*
5996
Z3.47
3.83
Super Corp of Amer AA..1
2.00
26.74
7.41
Aviation shares..
...
Building shares
...
Chemical
...
x4.60
5.07
25.54
6.10
Electrical Equipment
27.26
7.98
Food shares
23.58
3.95
24.57
5.04
Mining shares
24.89
5.39
Petroleum
24.21
4.64
shares
shares....
shares
1961
Collateral 5s
4Ms_.._
....1947
63
89M
105
106M
♦Series
B
4.97
Class B............25c
Trusteed Industry Shs 25c
Union Bond Fund B
4.29
U 8 El Lt A Pr Shares A...
.07
.15
1
.45
.69
15.72
1396
1.50
B
Huron Holding Corp
5.35
Trusteed Amer Bank Shs—
3.69
1.23
Wellington
1.35
Investors..5
13.79
14.83
1.93
2.16
12.64
13.85
Aviation Group shares .
1
Fund
13.17
Investment
Banking
Corporations
1
♦Blair A Co
H
♦Central Nat Corp CI A..*
.
1.16
Investm't Co of Amer.. 10
1
♦First Boston
Corp.....10
12 96
♦Schoellkopf Hutton A
1.27
17.54
Insurance Group shares.
20
•
♦Class B
.95
.86
Bank Group shares
19.07
Pomeroy Inc com... 10c
96
Water Bonds
|
Bid
|
Bid
Ask
Ohio Water Service 4s. 1964
1958
10596
10496
108
Oregon-Wash Water Serv—
-
Atlantic County Water—
5s
1958
-
5s
Community Water Service
6Ms series B
1940
1946
0s series A
—.1957
99 M
Pittsburgh Sub Water—
6a
1951
103 M
5e
108M 110
88 M
92
96
Richmond Water Works—
92 M
I
1957
Water 5s
1948
73
1900
1st 5s.
105 M
Ontario
1951
101M
1st 5s series A
Roohester A Lake
Gulf Coast Water—
78
107
1994
108M
104*4 10594
9396
9594
/1896
108
70 H
7394
1st 5s series A
1st A ref 5s A......1907
..1957
1st 5s series A—....1958
10396 104
8096
10396 10596
108M 10994
107 M
9896
105
M5s
1956
South Bay Cons Water—
105 M
Spring Brook Wat Supply
5s
1965
108 M
Springfield City Water—
4s A
1956
105
b f
debs 3 Ms
1960
8496
10296
10396
104~"
10996 10994
10396 10496
5s
1957
10596 106
102M 103M
6Ms series A
1951
100 M 103 M
1951
101M 104 M
1960
1951
9896 10196
Ohio Valley Water 58.1954
10896
10894 109
104
For footnotes
1961
Western N Y Water
1st 5
Ms series A
1st conv 5s
deb 6s extended
128
102
1951
see page
103 M
Service—
1st 5s series B
New York Water Service—
Western Public Servloe—
5Ms
Union Water Service—
1st 4s
New Rochelle Water—
58 series B
76
10596
Utlca Gas A Eleotrls Co—
West Texas Utll 3 *4 s. 1969
103
West Va Water
5s
Union Elec (Mo) 3968.1971
United Pub Utll 6s A. 1900
100
78M
107
I960
58
5Ms
1905
101
102 M
103
Muncle Water Works—
5s..
1968
101M
10596
Sbenango Val 4s ser B. 1961
Kankakee Water 4 96s. 1959
Kokomo Water Works—
103 M
Scran ton-Spring Brook
Joplln Water Works—
Southern Count Gas 3s '71
.
1958
4Ms
1st mtge 3Ms
Inland Gas Corp—
Iowa Southern Utll 4s. 1970
Gen Mtge 434s
1950
1.98
1
1
A........
Water Service 6s. 1961
91M
8196
♦Series
24.47
shares
Tobacco shares
onongahela Valley Water
5Ms
1950
Toledo Edison 1st 3Mal968
1st mtge 3 Ms
1970
60M
1952
2.03
1
4.93
Monmouth Consol Water—
Texas Public Serv 5s__1901
9796
1
C__
♦Series D
23.34
.
5496 55 96
103M 104
58 J6
104
♦Series
Trustee Stand Oil Shs—
23.89
RR Equipment shares.
103M
107M 10796
Ca~lif~Gas~3}4sriIl970
Sou Cities Utll 5s A... 1958
59
1954
Federated Utll 594s___1957
Trustee Stand Invest Shs—
2.72
22.64
Railroad shares
Indianapolis Water—
Republic Service—
57
Dallas Ry A Term 6s. 1951
Houston Natural Gas 4s '55
.20
*4.49
shares.....
Portland Eleotrlo Power—
57 M
Crescent Public Service—
107
Investors
Automobile
Calif Water Service 4s 1901
10596 10694
97M
1970
Sovereign
Group Securities—
Tel Bond A Share 5s.
8896
1902
5.53
*
27.77
9794
Pacific Gas A Eleo 38.1970
Sou
196
8996
Consol E A G 6s A....1902
7.93
3.63
1
•
25.83
General Capital
Southern Nat Gas 3 Ms '56
107M 10896
Inoome 5Ms with stk '52
Cities Service deb 5s.. 1963
/96
.
1.90
X1494
Eqult Inv Corp (Mass)..6
Equity Corp S3 conv pref 1
St Joseph Ry Lt Ht A Pow
Central Pow A Lt 344s 1989
Central Public Utility—
6.59
5.98
Scranton Gas A Water Co
10396"
Pub Serv of Indiana
1st Uenoolltr 5^8-1946
1st lien oollt rust 6s. 1946
104
109
7.93
'
Balanced Fun.d
Ashtabula Water Works—
Indiana—
10
Central Gas A Eleo—
6Ms stamped
10.30
7.26
5.35
107
Utll—
!§*
10696 10796
396s
7.09
9.37
equipment
8.53
6.44
6.22
Electrical
4.75
15M
25M
5.35
7.75
Machinery
63 H
65M
92
9496
10496 10596
15
Parr Shoals Power 5s. 1952
Cent Ark Pub Serv 5s. 1948
Ask
U296
Lehigh Valley Tran 5s I960
Lexington Water Pow 6s'08
Luzerne CoGAE 396® '06
14M
1496
Old Dominion Pow 6s. 1961
109M
10396
*
1965
4«s.
NY PA NJ Utilities 5s 1956
Cons ref deb 4^8...1958
Sink fund lno 4Ms—1983
112
10696 10696
10596 106
Assoc Gas A Eleo Co—
El Paso Elec
8.38
4.85
Insurance stock
Independence Trust Shs.*
Institutional Securities Ltd
6s.. 1904
Coll lno 6s (w-s)
4.47
Income Foundation
Utility Bonds
Amer Utility Serv
7.58
10.24
3.20
Fund Inc com......10c
Amer Gas A Pow 3~5s.l953
0s series B
5.38
11.37
2.50
Dividend
Steel
Washington Ry A Ltg Co—
Participating units
West Penn Power com—*
22
Public
S f Inc
4.88
1
C
Merchandise
100
4.59
4.15
10.55
...
supplies
Chemical
Diversified Trustee Shares
Incorporated
Sink fund Inc 5s
1.15
5.28
Agricultural shares..
Mass Utilities Associates—
6%
1.03
4.91
Selected Inoome Shares..!
4M% preferred
100
Kings Co Ltg 7% pref-100
Long Island Lighting—
7% preferred
....100
12
9.22
3.20
■7.62
Bank stock
112
100
8.75
8.43
9.31
Aviation
♦Common B shares... 10
8.14
4.05
Automobile
♦7% preferred
3.85
18.72
6.89
Agriculture
....
Cram A Foreter Insurance
28M
8.03
7.30
2.95
17.41
N Y Stocks lno—
Kansas Power A Light—
Louisville G A E
Series—
Income series
mmlm
m
■
100 H7M
♦8% preferred
6J25
Nation .Wide Securities—
26
23 M
Fidelity Fund Inc
21
110M 112
19
3.63
.107
Penna Edison 45 pref
Hartford Electric Light .2 5
Mass Investors 2d Fund.l
Mutual Invest Fund Inc 10
9.71
Corporate Trust Shares..1
Series AA
..1
D
7696
Federal Water Serv Corp—
16 cum preferred
3.15
26.13
Consol Investment Trust..
17 prior Hen pref
Blrmlngham Eleo 17 pref.*
Ask
396
9.08
3.41
5.68
Manhattan Bond
3.34
1
Chemical Fund
12.25
8.23
2.50
Commonwealth Invest
11.31
3.07
8.97
*
Century Shares Trust
13.01
......
24.30
Canadian Inv Fund Ltd.
Utility Stocks
15.91
11.78
Mass Investors Trust
Public
7.74
14.52
...
14.32
13.32
20.37
A
15.93
7.05
Knlckbocker Fund
1
Broad St Invest Co Inc..5
Inc
24.83
14.52
8erles 8-4
5
Boston Fund
9.01
31.14
22.62
Series K-l
3.32
8.79
.....
Series S-2.............
♦5% preferred
..5
Basic Industry Shares. .10
1-1600
Ask
Bid
28.38
Series S-3
496
...
British Type Invest
Tel. BArclav
18.64
10.14
Axe-Hougbton Fund Inc.l
Bankers Nat Investing
♦Common
„
17.15
Aviation Capital Inc-..-l
New York City
115 Broadway
1
Keystone Custodian Funds
Amer Foreign Inv't
0:;Vr;
established 1879
Principal Stock and Commodity
Members
Investors Fund C—
2.50
♦Amerex Holding
Jackson & Curtis
^'?'v
7.73
2.34
Par
Affiliated Fund Inc
Quoted
,
Par
7.11
19*
Amer Business Shares... 1
Sold
Bought
.1
Securities.. 1
Aeronautical
3794.
106 M
Co—
1950
104
1950
102
...1951
1950
99 M
96
I
..
-
100
Volume
The Commercial & Financial Chronicle
152
Quotations
Over-the-Counter
on
Securities—Friday June 13—Concluded
If Yon Don't Find the Securities Quoted Here
have Interest, ytu will probably flDd tbem in
monthly Bank and Quotation Record.
In this publi¬
cation quotations are carried for
all
stocks
and bonds.
The
covered
Bid
are:
Ask
36
Bid
'
1st
6 X
15X
5s (Bklyn)
1st 6s (L I)
16 X
28
29
4-0s__
Companies—
Municipal Bonds—
Domestic (New York and
3s
Public Utility Bonds
.
Federal Land Bank Bonds
Industrial Bonds
Railroad Stocks
;
let 3Xs
Insurance Stocks
Real Estate Trust and Land
Investing Company Securities
Stocks
Mill Stocks
U. S. Government Securities
Mining Stocks
Quotation Record
•ells for 112.50 per year.
Anhalt 7s to
1946
AntloQUla 8s
..1946
Bank of Colombia 7%. 1947
7s
1948
Barranqullla ext 4s... 1964
Bavaria 0Xs to
1946
Bavarian Palatinate Cons
Cities 7s to
1946
Bogota (Colombia) 8Xe '47
Atk
/16X
/50
mmm
/23
/23
/32
/16X
-
1968
1969
7s
.1940
mmm
mmm
1963
Buenos Aires scrip....
Burmeister A Wain 6s. 1940
Caldas (Colombia) 7Xs '46
Call (Colombia) 7S...1947
Callao
(Peru) 7X8...1944
Cauca Valley 7Ha
Ceara (Brazil) 8s
1946
1947
Colombia 4s
1946
Cordoba 7s stamped.. 1937
Costa Rica funding 6s. '61
Costa Rica Pao By 7Xs '49
4
6X
mmm
mmm
mmrn
—
mmm
15
Water 7s
1948
Munich 7s to
1945
Munlo Bk Hessen 7s to '45
Municipal Gas A Elec Corp
Recklinghausen 7s.. 1947
4
10X
Hungary 7Xs
Mtge 7s
7s to
mtmm
'
/3X
mmm
86
mmm
/28
/II
'
m m m
13
37
39
30 X
31X
.
■mmm
mmm
mmm
'mmm
—
Poland 3s
—A
mmm
mmm
golf
Cup in
with stock
Syracuse Hotel
Textile
Trinity
6s
1945
1968
mmm
mmm
mmm
,
mmm
/30
1948
Agricultural 6s
1938
German Conversion Office
Funding 3s
....1946
mmm
/16X
/16X
mmm
German Central Bank
Rlode Janeiro 6%....1933
Rom Cath Church 8Xs '46
R C Church Welfare 7s '46
Saarbruecken M Bk 6s.'47
Salvador
37
3s
38X
1939
mmm,
mmm
49 X
—
25
/24
/2
1948
37
'
mm m
41
11
18
1st mtge 4s
1948
mmm
■
.mmm
CURRENT
28
a contest with the Bond
1947
Santa Fe 4s stamped. 1942
Santander (Colom) 7s. 1948
Sao Paulo (Brazil) 6s. 1943
Saxon Pub Works 7s..1945
6X8
1951
Saxon State Mtge 6s.. 1947
Slem A Halske deb 6s.2930
Morgan
on
at the Westchester
The winning team, comprising Herbert
the
12 points for Philadelphia and four
Participating in the competition for the Morgan Cup
following players from the out-of-town bond clubs:
A.
Schmidt,
Walter
E.
Krause,
Thornton
C.
34
/3
/8X
tournament which
Cup
9X
enlisted several hundred
was awarded to Prescott S.
The
Hamilton
with
.r."
a
Candee
low net
Trophy
8X
score
was taken
Cup went
M.
gross score
of 87-18-69, and the Robert E.
P.
of 78.
Richardson,
Christie, Jr., Memorial
score
in handi¬
"■
•
was won
by
a team
of Frederick
Warburg and James W. Maitland, who defeated Gerald E. Donovan
■
Wahler, White 4c Co., originators, participating distributors
and dealers in stocks and
bonds, have succeeded James A. Ross & Co., with
offices at 212-214 Dwight Building, Kansas City, Mo.
<:'-'rnmm'
All of the officer®
9
formerly with James A. Ross & Co.
were
10 x
of the new firm.
14X
Presidents.
10
office.
Leonard A. White is President
John E. Wahler and Wm. E. Bilheimer, Jr., are Vice-
Mr.
Wahler
is
also
in
charge
of the
Leavenworth,
Kan.,
Resident managers of other branch offices are: Jack Besse, Topeka,
...
Kan., Clyde A. Marshall, Wichita, Kan., L. J. Sommer, St. Joseph, Mo.,
'■mm-'
mmm
Joe E.
180
DuBreuil, Pittsburgh, Kan.
York and Chicago, has been retained
1950
/10
15
...I960
AO
15
Ralph C. Harvey, formerly of New
as
business and financial consultant
and sales analyst.
/16X
/66
1947
low
match play against par, finishing 3 up on par.
—The firm of
7
6H
1955
a
Howard
and Carlton P. Fuller in the finals.
/5X
/X
/9
/8
Toiima 78
to
a
The Ex-President's
by John M. Fisher, who turned in the best
A round-robin doubles tennis tournament
/16X
Stettin Pub Utll 7s... 1946
players.
Bush, who turned in
Memorial
mmm
—
/7X
/16X
/16X
Toho Electric 7s
.
mmm
/16X
/16X
/16X
/16X
/9 X
/61
/12X
/9
A6X
/16X
/16X
'*
Three other trophies went to members of the New York Bond Club in
Mtge Bk Jugoslavia
5a
the
won
Clubs of Philadelphia and Hartford at the
Hartford—Norbert H. Eaton, L. H. Wiley, Charles J. Lyon and Alex
32
1948
A8
Vesten Elec Ry 7s
1947
—J. G. Sheldon, for more than 20 years in the municipal bond business in
Chicago, has become associated with Channer Securities Co.
/35
/16X
/16X
1946
(18 X
Unterelbe Electric 6s..1953
'
40
25
NOTICES
team representing the Bond Club of New York
Pardee.
57
Wurtemberg 7s to
/16X
—
Westlnghouse Bldg—
30
28 X
Philadelphia—Walter
—-
/6
Uruguay conversion scrip..
/16X
28X
41
Hall, Captain, Prescott S. Bush, Perry E. Hall and H. Kimball Halligan,
has
Hanover Harz Water Wks
39
1960
—
day of the Bond Club of New York
were
mmm
3X
/6
m m
3794.
see page
points for Hartford.
...
/54
8s ctfs of deposit. 1948
Santa Catharlna (Brazil)—
2d series 5s
1964
/27X
Wall A Beaver St Corp—
1st 4Xs w-s
1951
w-s
m
25
Bldgs Corp—
Bldg 1st 4-5s'40
Walbrldge Bldg (Buffalo)—
rolled up a score of 20 points against
mmm
/16X
/16X
7s 1967
State
:
24
Bldg—
1st 5X8
-
mmm
■
■
Pray and James D. Winsor, 3rd.
1956
1941
8s
'
82 X
2 Park Ave
45 X
17X
•V
1955
1st 3-5s
42 X
22
(Syracuse)
1st 3s.
—
39 X
1957
Friday (June 6).
S.
...
/3X
4s scrip..
mmm
35
1967
3s
..■'"mmm
/3X
1962
many) 7s
1946
Prov Bk Westphalia 6s *33
6s 1936..
mmm
/3 X
French Nat Mail SS 6s '62
1963
30 X
16X
010 Madison Ave—
CURRENT
/63
/60
Porto Alegre 7s
1988
Protestant Church (Ger¬
8%
6s
29X
21st annual field
7s ctfs of deposit.. 1967
16
Hamburg Electric 6s..1938
1947
1st 3X8
'mmm
/16X
1948
Panama City 6XS....1952
Panama 6% scrip....
rnmm
;3
1946
Haiti 6s
Bldg lnc 5Xa
12 X
61 Broadway Bldg—
47 X
paid)...
London Terrace Apts—
1st Agen3-4s
1952
cap
/16X
/16X
Guatemala 8s_...
12 X
National Hungarian A Ind
Oberpfals Elec 7s.....1946
European Mortgage A In¬
vestment 7Xs
1966 718
7Xa Income..... 1966
/3
7s
1967, /16
...
89 X
11X
38
35
Lefcourt State Bldg—
1st lease 4-6Xs
1948
Lewis Morris Apt Bldg—
1st 4s
1951
9X
/H X
'
flftU
J iO /2
fl6X
German scrip
Graz (Austria) 8s
88X
Harrlman Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s* 42
Hotel St George 4s...1950
Lefcourt Manhattan Bldg
mmm
Oldenburg-Free State—
Electric Pr (Ger'y) 6Xa '60
bank 6X8
56 X
9
...
0/2
East Prussian Pow 6S.1963
German Atl Cable 7s.. 1946
German Building A Land-
54
3Xa with stock....1950
32
For footnotes
Nat Central Savings Bk of
18
f2
J*
1946
Mtge 7s. '63
1957
1st 5 H B(w-s)
1956
00 Park Place (Newark)—
rn.m
m
30 X
/16X
Nassau Land bank 6Xs '38
Nat Bank Panama—
(A A B) 4s—.1946-1947
(C A D) 4s
1948-1949
9
Frankfurt 7s to
64
mmm
/16X
/22X
/35
/16X
/16X
Meridionals Eleo 7s.. 1957
Montevideo scrip....
10X
/9X
/15
/3
/9X
/16X
/16X
/16X
Farmers Natl
59 X
61
Sherneth Corp—
12X
26
1948
27X
Roxy Theatre—
Bldg—
1st 4-5s
26 X
1943
Income
1st mtge 4s
Savoy Plaza Corp—
■
36
...
'mmm
/16X
'mmm
15X
1967
36 X
nx
58
31
£8
Country Club
/3X
A6X
/45
13
7s Income
mmm
due 1952 ($500
mmm
Park Avenue—
Realty Assoo Seo Corp—
7X
1939
56 X
/2
Sec s t ctfs
4Xa (w-s.'58
Prudence Secur Co—
5Xs stamped
1961
12X
/5X
Lincoln
13
46 X
Luneberg Power Light A
Mannheim A Palat 78.1941
40X
/8
1963
13
/16X
/3
/16X
/16X
1943
/3X
/5X
/II
6X8
Koholyt 6Xs
Leipzig O'land Pr 8Xs '46
Leipzig Trade Fair 78.1953
/13X
Dulsburg 7% to
mmm
31X
44 X
5s
Lexington Hotel units
4X
1949
Dortmund Mun Utll6Xs'48
Duesseldorf 7s to
1946
mmm
29 X
54 X
3s with stock......1956
12
32
mmm
mmm
fS
f8
4
6X8—1959
5s
Oundlnamarea
"f
f7
C3X
.
City Savings Bank
Budapest 7s
....1963
1936
/3X
Central Agrlc Bank—
see German Central Bk
Central German Power
Madgeburg 6s.....1934
/16X
/4
/4
Land M Bk Warsaw 8s *41
British Hungarian Bank
6Xs
change Bank 7s
18X
Brandenburg Elec 6s. 1963 716 X
Brazil funding 68—1931-51
/39X
Brazil funding scrip
/58
Bremen (Germany) 78.1936
/16X
6s
1940
A6X
7Xs
1962
Brown Coal Ind Corp—
A Real Imp 7s '46
Hungarian Cent Mut 7s '37
mmm
(Republic) 8s. 1947
6s...
'Housing
Atk
34
/18
/17X
7s
Bid
-■/
Jugoslavia 5s funding-1966
Jugoslavia 2d series 58.1956
mmm
1946
Graybar Bldg lstlshld 6s '46
Hungarian Ttal Bk 7Xs '32
Hungarian Dlsoount A Ex¬
mmm
/15
1946
8s
Bolivia
mmm
15X
15X
1st 4s stamped
1948
Fuller Bldg debt 6S...1944
1st 2X-4s (w-s)
1949
quotations shown below are
1
1st Income 3s
500 Fifth Avenue—
42 B way 1st 6s
1400 Broadway
Foreign Unlisted Dollar Bonds
Bid
15
48 X
2d mtge 6s
1951
103 E 67th St 1st 68... 1941
165 Broadway
Building—
2X
15
Bldg 1st 4s '49
40 Wall St Corp 6s
1958
nominal.
1
-
Film Center
Dept. B. Wm. B. Dana Co., 25 Spruce St., New York City.
some of the
-
Urn
Broadway Building—
6Xs (stamped 4s).. 1949
is published monthly and
Your subscription should be sent to
Due to the European situation
v;
62d A Madison Off
Bldg—
let leasehold 3s. Jan 1 '52
U. S. Territorial Bonds
The Bank and
■
IX
Equit Off Bldg deb 5s 1952
Deb 5s 1952 legended
50
'w
25
3X
46 X
6Xs series F-l
5Xs series Q
Ollcrom Corp v to
22 X
32 X
Hotel units
Title Guarantee and Safe Deposit
Stocks
ties
21
i960
14 X
3X
5Xs series BK
14
30 X
Dorset 1st A fixed 2s..l967
Eastern Ambassador
Real Estate Bonds
67X
14
5X8 series C-2
13
29X
48
1st 4s (w-s)
1948
Court A Remsen 8t Off Bid
Industrial Stocks
Joint Stock Land Bank Securi¬
1957
64 X
4s with stock
strap. .1956
N Y Title A Mtge Co—
Colonade Construction—
Public Utility Stocks
Railroad Bonds
81
.1945
_
64
62 X
Chanln Bldg 1st mtge 4s '46
Foreign Government Bonds
1951
8 f deb 5s
Cheseborougb Bldg 1st 6s '48
Canadian
52
N Y Athletic Club 28.1955
N Y Majestic Corp—
Brooklyn Fox Corp—
Domestic
Out-of-Town)
Canadian
1948
_
1947
Metropol Playhouses lnc—
Broadway Motors Bldg—
Banks and Trust
Ask
Ludwlg Baumann—
w
m
5X
B'way Barclay lnc 2s..1956
B'way A 41st Street—
1st leasehold
3X-5s 1944
active over-the-counter
classes of securities
Real Estate Bonds and Title Co.
Mortgage Certificates
Aid en Apt 1st
mtge 3s. 1957
Beacon Hotel lnc 4s..l958
which you
our
3797
specialized in local governmental securities.
T. J. Bolger & Co.,
then
one
Mr. Sheldon
He started in 1919 with
of the oldest houses in the
field, and which
mmm
later became Bolger, Mosser & Willaman.
In 1923 he joined H. M. Byl-
'
mmm
lesby & Co. to form
man
a
municipal bond department, which he managed until
He then served in the Chicago offices of Brown Brothers Harrl¬
1933.
NOTICES
&
Co., later affiliated with the National City Co.
In 1934 he
was
—Carreau & Co. announce the opening of a research and
investment
department under the management of Morris C. Kessel and C. Howard
elected Assistant Vice-President of Blair Securities Corp., Chicago affiliate
Sanborn.
of Blair & Co., Inp.,
ment
until 1940.
Both of these men were
formerly officers in charge of the invest¬
department of Trust Company of North America, and since
Septem¬
ber, 1937 have headed the research and investment department of Clinton
New York, serving
of the Chicago offices
V.v.
—Arthur E. Delmhorst was tendered
Gilbert & Co.'
as co-manager
'
a
dinner
on
June 10 at the Montauk
Club in Brooklyn, in celebration of his completion of 50 years at Whitehouse
—Robert W.
Sinsabaugh, Vice-President of Clarke, Sinsabaugh & Co.,
Inc., will address the New York Financial Advertisers
meeting of the .spring
Club.
For?"
at the last
luncheon
Wednesday, June 18, at the Lawyers'
The subject of Mr. Sinsabaugh's address will be
"What Are Banks
;
■;* •
"
''
season
on
,
& Co,
The dinner
was
given by his associates in the firm and
was
attended
by 20 guests, including all of the partners of Whitehouse & Co. and a number
of life-long
with
a
friends of Mr. Delmhorst.
The guest of honor
was
presented
souvenir book suitably engraved and containing the signatures of
the guests and
of
every
employee of Whitehouse & Co.
The Commercial &
3798
General Corporation
For
OF
always
REGISTRATION STATEMENTS
as near
UNDER
SECURITIES ACT
statements (Nos.
Securities and Ex¬
Commission under the Securities Act of 1933. The
following additional registration
4773 and 4774) have been filed with the
The
change
amount involved
$4,000,000.
is approximately
v
of cumulative convertible
of shares of common
Proceeds from
will be
used to pay $1,200,000 of outstanding short-term loans and for working
capital.
The stock is to be underwritten as follows:
Alex Brown & Sons,
8,334 shares; Dean Witter & Co., 8,333; P. S. Moseley & Co., 8,333. and
Shields & Co., 5,000.
R. G. LeTourneau is President. Filed June 9, 1941.
A-2), Detroit, Mich, has filed a regis¬
statement covering $1,000,000 sinking fund debentures due May 1,
Company, which is engaged in design, fabrication, erection, and
steel and sheet metal products, intends to use $528,468 of the
R. C. Mahon
tration
1956.
sale of
Co, (2-4774, Form
proceeds of the issue for redemption of all of its outstanding 5% sinking
fund debenture notes, due April 1, 1951, while the balance will be used for
general corporate purposes and for working capital. Principal underwriters
of the issue will be Burr, Gannett & Co., and Coffin & Burr, Inc., Boston,
Mass.
R. C. Mahon is President.
Filed June 9, 1941.
previous list.of registration
issue of June 7, page 3640.
The last
in
our
Capitalization—The articles of incorporation, as amended, authorize""a
of 1,100,000 shares consisting of 100,000 shares of preferred stock,
1,000,000 shares of common stock (par 50c.). As of June 9,
1941 no preferred stock is outstanding and 407,215 shares of common
stock are outstanding. Furthermore 50,000 shares of com. stk. are reserved
as follows:
20,000 shares for R. C. Walker under an option, and 30,000
shares for employees (including officers and directors).
Purpose—It is estimated that the net proceeds to be raised from the sale
of this issue is $432,000.
This estimate is based upon the assumption that
total
(par $5), and
will be sold.
proceeds to be realized from the sale of the shares being
proposed to be devoted to increase the working capital of the
company and its subsidiary.
;
Underwriting—The names of the underwriters are:
Nelson Douglass
& Co., Murdoch, Dearth & White, Inc., R. H. Johnson & Co., Brush,
Slocumb & Co., Straus Securities Co. and Searl-Merrick Co.
No firm commitment to take the issue has been made.
the entire offering
has filed a
LeTourneau. Inc. (2-4773, Form A-2), Peoria, 111.
registration statement covering 30,000 shares
preferred stock (no par), and an undetermined number
stock ($1 par), to be reserved for conversion of the preferred.
sale of the preferred, to be offered publicly through underwriters,
G.
R.
The estimated net
offered are
Consolidated Income Statement
&
Power
Co.,
Paper
(Corporation and Subsidiary)
4 Mos.End. 10 Mos.End.
Year End.
Period—
Gross sales (less returns &
Cost of goods
Dec. 31, '39 Apr. 30, '40
allows.)—
$225,485
$90,810
Feb. 28,'41
$684,404
161,331
w
51,460
536,227
$64,154
8,121
sold
Agency commissions earned-—
$39,349
2,224
$148,177
8,740
Ltd.—Cash Payment on
V.7
$75,129
89
2,379
$13,848
233
638
13
$72,750
3,012
2,434
$37,113
Interest-.^._
$13,937
$35,821
1,058
.w. ..
Miscellaneous
232,047
$36,168
.
.
Net loss—
$156,917
55,511
347
statements was given
$41,574
108,444
$72,275
|
deprec. & taxes--------.
y
Abitibi
alphabetical order.
possible to arrange companies in exact
alphabetical position as possible.
mechanical reason* It i* not always
However, they are
FILING
and Investment News
UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
RAILROAD-PUBLIC
NOTE
June 14, 1941
Financial Chronicle
$14,499
$78,196
7-
Bonds—:'v, v)■■'7 77
Toronto on June 7 ordered G. T. Clarkson,
$6,274,710 out of cash on account of principal.
This total works out to $130 per $1,000 bond.
The application for the order was made by Montreal Trust Co. at the
request of H. J. Symington as chairman of the bondholders protective
Justice W. E. Middleton at
Net loss
-
receiver and manager to pay
committee.
,
provides for the payment to be made in Canadian funds and
apply to Foreign Exchange Control Board for
The order
instructed G. T. Clarkson to
non-residents holders for amounts
produce.—V. 152, p. 3330.
facilities to pay
would
which Canadian funds
have declared a dividend of $3.25 per share on account of
preferred stock, payable July 2 to holders of record
Dike amount was paid on Jan. 2, last and on July 1 and Jan. 2,
1940.—V. 152, p. 2227.V
"TTfrectors
stock
(par $10)
Corp.—Stock
Sold—Esta-
that the block of common
which they purchased recently from the
British has all been sold.—V. 152, p. 3640.
Air Communications,
The Chemical Bank &
and
the
Trust
Lawyers
v. 151, P. 2034.
r
Agent
.777
7-:
Corp.—Pref. Stock Offered—A bank¬
group composed of R. H. Johnson & Co., New York;
Nelson Douglass & Co., Los Angeles; Murdock, Dearth &
ing
White, Inc., Des Moines; Straus Securities Co., Chicago,
and Searl-Merrick Co., Los Angeles, on June 10 offered,
prospectus, 60,000 shares of cumulative
preferred stock (par $5). The shares are
priced to the public at $9 per share.
through
means
of
a
convertible (54c.)
The
preferred stock is convertible, at the option of holders, into common
of common for one share of preferred.
It
stock at the rate of four shares
be redeemed, in whole or part, by the company, upon 60 days' notice,
by payment of the redemption price of $9.90 per share, plus all accrued and
unpaid cumulative dividends. 1
may
Transfer
Agent,
California Trust Co.,
Los Angeles, Calif.
Bank of America National Trust & Savings Association, Los
within
a
short time its own facilities will
minimum the operations for which
of the other plants.
Substantially
be such
Registrar,
as
to reduce
to a
it must rely on contracts with operators
all of the business of the company and
United States Government, is done on a
the subsidiary, except that with the
current purchase order basis.
Most of the company's orders on hand are traceable directly to the
present
emergency defense program of the United States and to war conditions
abroad.
The backlog of undelivered orders on hand as of April 30, 1941,
was approximately $1,600,000. This represents an increase of approximately
70% over the backlog at Oct. 31, 1940.
Among the more important cus¬
tomers of the company are:
Boeing Aircraft Co., Consolidated Aircraft
Corp., Hughes Aircraft Co., Lockheed Aircraft Corp., North American
Aviation
Inc., Northrop Aircraft, Inc., United States Naval Aircraft
Factory (Pennsylvania), Vega Airplane Co., and Vultee Aircraft, Inc.
During the year ended March 31, 1941, over 40% of net sales of the com¬
pany were represented by sales to Lockheed Aircraft Corp.
The business of the subsidiary is principally that of designing, developing,
manufacturing and selling radio transmitting and receiving equipment,
radio accessory equipment, and aircraft maintenance equipment.
This
equipment includes ground radio stations, portable transmitters, aircraft
radio receivers, fixed and retractable antennae, amplifiers, and propeller
governor test units.
The backlog of undelivered orders of the subsidiary as
of March 31, 1941, was approximately $411,000.
.
-...
-
373,618
Trust deed note
receivable
1,871
(net)...
446,551
Prop/, plant & equip,
.
_
_
-
„•
_■-
- .
.
.
45
.i
-
419,086
payable
Accrued liabilities
41,464
4,299
i.„
payable......
Cap. stock (parent
Paid-in surplus
205,608
361,477
92,697
company).
Earned deficit
87,782
$1,177,472
Total
$1,177,472
Total
—V. 152, p. 2840.
Co.—Files $91,878,000 Bonds and, Notes
Alabama Power
The company on June 12 filed with the Securities and Exchange
mission an application for the issuance and sale of $83,878,000 of
bonds, due 1971, and $8,000,000 of 2^ % notes.
The company will publicly invite sealed written proposals for
chase or underwriting of the bonds and will issue the notes to
Com¬
3Y%
first mortgage
the pur¬
evidence
bank loans.
application also covers, the Securities and Exchange Commission
the proposed surrender by Commonwealth & Southern Corp.,
parent of its holdings
of preferred stock of Alabama Power.
Alabama
the stated value of its preferred stock to the liquidating
also make certain adjustments in its property
and depreciation reserve accounts.
The parent company proposes to acquire all the assets of its subsidiary,
the General Corp., which is to be dissolved, the SEC added.
These assets
include the securities of Southeastern Fuel Co., which will subsequently
be acquired by Alabama Power Co.
Proceeds from sale of the bonds and bank loans, together with treasury
and other funds, will be applied as follows: $10,036.950 to the redemption
at 105 of $9,559 000 5% first mortgage 30-year gold bonds, due March 1,
1946; $18,142,500 to the redemption at 102 Y of $17.700 000 5% first
mortgage lien and refunding gold bonds, due 1951: $5,558,140 to the
redemption at 101 Y of $5,476,000 5% first mortgage lien and refunding
gold bonds, due 1956; $48 315,370 to the redemption at 101 of $47,837,000
of 4Y% first and refunding mortgage gold bonds, due 1967: $15,450,000
to redemption at 103 of $15.000,000 5% first and refunding mortgage gold
gold bonds, due 1968: $2,300 to redemption of $2,000 of 6% Electric Light
System refunding bonds, due 1945 of the Town of Headland (assumed);
$17,700 to the redemption, including payment of principal and interest
from Feb. 1. 1941 to Feb. 1. 1952. of $10,000 7%. 30-year funding bonds,
due 1952, of the City of Ozark (assumed).—V. 152. p. 3640Power will increase
value of $100 a share and will
Angeles, Calif.
* Business—Company was incorp. Aug. 18, 1937, in California
and as of April 16, 1939, acquired all the outstanding stock of the Thos. L.
Siebenthaler Mfg. Co., which had been incorp. Feb. 24, 1937 in Missouri.
The name of the subsidiary was recently changed to Aircraft Accessories
Corp. of Missouri.
The business of the parent company is principally that of designing,
developing, manufacturing and selling hydraulic actuating equipment for
operating landing gear, wing flaps, cowl flaps, bomb doors, and power
brakes, together with hand pumps, sump pumps, pressure regulators, se¬
lector valves, check valves, relief valves, restrictor valves, swivel joints,
and equipment for controlling airplane nose wheels.
In order to facilitate
field testing of airplane hydraulic systems and hydraulic equipment, the
company is also now starting to market test stands, for which the demand
will in the opinion of the company naturally increase with sales of the
company's hydraulic equipment.
Originally, the major portion of the products of the company was manu¬
factured and assembled for it under contracts with other manufacturers and
machine shop operators.
Over a period of time it has acquired, and it is
still continuing to acquire, additional manufacturing and engineering
facilities and equipment with a view to the possession and operation itself
of a complete engineering, manufacturing and assembling plant.
Company
is now manufacturing the major portion of its requirements and expects
History
that
.
Inventories.......*
The
Co. the Registrar for this company's stock.—
.
Accounts
—
$238,235
Notes pay able
$76,674
12,669
178,262
demand depos.
Sund. depe. & accts.
stated,
Inc.—Transfer Agent, &c.—
Trust Co, has been appointed the Transfer
Aircraft Accessories
"v
Accounts receivable...
June 18.
Addressograph-Multigraph
■
Deferred charges
accumulations on the
brook & Co. announced June 6
'
"
Restricted deposit
Trade mark
Co.—Accumulated Dividend—
Acme Glove
A ssets
Cash on hand &
Consolidated Balance Sheet Feb. 28, 1941
Liabilities—
'777
■*
Alaska Juneau Gold Mining
Co.—Earnings—
1941—5 Mos.—1940
$1,925,000 $1,861,500
618,200
544,800
x Includes other income and is after operatingexpenses and development
charges, but before depreciation, depletion and Federal taxes, &c.—V. 152,
Period End. May 31—
Gross earnings.,
x Profit.
-
1941—Month—1940
$383,000
—:
115.500
__
p.
^
$361,500
85,200
3331.
Gas & Electric Co.—Sells $3,000,000
Privately—See Federal Light & Traction Co.
Albuquerque
Bonds
Retires—
Allegheny Ludlum Steel Corn.—Official
A.
F.
of tool steel sales.
Vice-President of the corpo¬
Dohn has retired as Vice-President in charge
He will continue in
a
ration, however.—V.
consulting capacity as a
152, p. 3010.
Allied Kid Co.—Sales—
Company reports sales of
$885,517 for May, a gain of 34% over the figure
For the first ll months of the
of $659,190 in the same month last year.
company's present fiscal year, which will end on June
$8,664,487, an increase of 4% over the $8,294,223
months ended May 31,1940.—V. 152, p. 3168.
Aluminum Goods Mfg.
Co.—25-Cent Dividend—
Directors have declared a dividend of 25 cents per
stock, payable July 1 to holders of record June 14.
15 cents paid on April 15, last; 40 cents paid on Dec.
on
Oct.
1, July 1
and April 1, 1940: a
Dec. 15, 1939, and dividends of
three months.—V. 152, p. 2229.
30, sales have totaled
reported for the 11
share on the common
This compares with
18 last: 20 cents paid
year-end dividend of 40c. paid on
20c. per share previously
distributed each
v
American Bakeries Co.—Extra Dividend—*
Directors have declared an extra dividend of 25 cents per share in addi¬
tion to the regular quarterly dividend of 50 cents per share on the class A
stock, both payable July 1 to holders of record June 16. Similar payments
were made in preceding quarters.—V. 152, p. 2229.
American Bantam Car Co.—Earnings—•
10 Months Ended April 30—
Net profit after charges
1941
1940 '
$16,965 loss$147,000
has a backlog of about $3,000,000 of unfilled orders
consisting of 1,200 reconnaissance cars, a large order for reconaissance car
parts, and a substantial quantity of British orders on which the company
The company now
Volume
The Commercial & Financial Chronicle
152
is
now
engaged in
Sept. 1.
a
tooling
program
and
on
which production
will start
John W. Young, Peter V. Bouterse and W. A.
Ward Jr., were recentlyelected directors —V. 151, p. 3225.
American
Consolidated Balance Sheet March 31
Bemberg Corp.—Directorate Reduced—
At the recent annual stockholders
meetings of this corporation and the
North American Rayon
Corp. the number of directors of each corporation
was reduced from 14 to
9.—V. 150, p. 3811.
compares with 25 cents paid in each of the four
preceding quarters; divi¬
dend of 45 cents paid on March
15, 1940; 25 cents paid on Dec. 15, 1939
and previously
regular quarterly dividends of 15 cents per share were dis¬
American
Assets—
1941
Cash
1940
Licbililies—
$498,351
$346,640
2,761,043
taxes, &c
Instal. on contract
191,563
171,876
193,222
173,287
14,000
......
2,431,132
rec.
Inventories
real est.,&c.,inv.
b
Land, bldg.,
ma-
Assets
with
Extend Debentures—
87,984
87,212
Notes pay. to bank
Contract payable.
Res.
for
tax
61,069
munitions
contract
2,817,235
Machine
Inc.- -Listing—Offers to
identified
munitions
contract
Prepd. taxes & ins.
Metals,
taxes....
Llabils.
identified
with
payable
Current
Factory & shipping
supplies, ^..de¬
&
1940
Accounts payable.
Accrued
salaries,
Accts.&nctes
1424.
p.
1941
5613,310
3,580,055
ch'ry, eqpt., &c. 2,384,166
a
$411,104
3,998,171
3,047,179
Typograph .library,
American Fork & Hoe Co.—Common Dividend—
Directors have declared a dividend of 45 cents
per share on the common
stock, no par value, payable June 15 to holders of record June 14.
This
tributed.—V. 151,
3799
—The income account includes depreciation of
$240,754 in 1941;
$268,086 in 1940, $253,076 in 1939 and
$228,119, 1938.
No provision has been made
for Federal income tax for the reason that
none is deemed to be
necessary.
Fed.
2,817,235
300,000
49,000.
300,000
c77,000
Inc.
payable
139,735
112,445
72,500
914,790
Cap. stk. ($10 par) 5,680,964
Capital surplus... 1,686,277
ferred charges..
105,000
938,500
5,680,963
1,711,741
15-yr.
conv.
sink.
.
The
New
York
fund debs
Stock
Exchange has authorized the listing of 12,420
additional shares of capital stock (no
par) upon official notice of issuance in
an offer of extension and
exchange dated May 27, 1941,
making a total of 392.553 shares of capital stock applied for.
The directors at a
meeting held May 13, 1941, authorized the issuance of
the shares.
Company has outstanding $621,000 conv. 4% debs, maturing
Jan. 1, 1943. It is
soliciting the extension of the date of maturity of these
debentures to Jan. 1, 1950.
As an inducement to debenture holders to
connection with
consent to such
extension, the company is offering the shares to consenting
debenture holders at the rate of 20 shares for each $1,000 of debentures so
extended.
The offer is being made by an offer of extension and
exchange
dated May 27, 1941. The offer
expires on Aug. 29, 1941., Company reserves
the right to renew or extend the
offer.—V. 152, p. 3333.
American Maize-Products Co.—President
Resigns—
Donald K. David, President of this
company,
has
been appointed
Associate Dean of the Harvard School of Business
Administration, effective
Feb. 1, 1942, and will also become the
William Ziegler professor of business
administration on the same date, the
university disclosed from Cambridge
on June 11.
Mr. David will resign his present psoitlon and devote his
full
time to administrative duties at the
business school
—V. 152, p. 2539.
American Power & Light Co,
(& Subs.)- -Earnings—
Period Ended Apr. 30—
1941—3 Mos.— •1940
Subsidiaries—
Operating revenues
Operating expenses,
excl.
10,635,483
5,300.141
Prop, retirement & depl.
reserve appropriations
42,023,169
19,399,967
40,671,498
15,015,694
2,621,563
10,944,848
10,210,763
$9,830,545 $10,158,201
19,038
17,687
Gross income
Int.
to public and other
deductions..
equity
of
$37,644,031 $38,328,408
112,366
136,700
3,934,299
3,952,564
15,803,877
15,884.087
to
9,304
Balance
$4,131,652
Portion applicable to mi¬
nority interests
_•
12,111
Pow.
760,547
459,264
$13,078,797 $9,758,484
c
a After
reserve of $156,206 in
1940 and $163,298 in 1941.
b After
for depreciation of
$1,197,340 in 1940 and $1,408,800 in 1941.
Includes $14,000 current instalments to March
31.1941.—V. 152, p. 1581.
American Water Works & Electric
Co., Inc.—Weekly
Output—
Output of electric energy of the electric properties of American Wate1"
Works & Electric Co. for the week ended
June 7, 1941, totaling 61,781,000
kilowatt hours, an increase of 18.0% over the
output of 52,392,000 kilowatt
hours for the
corresponding week of 1940.
Comparative table of weekly output of electric energy for the last five
follows:
years
Week Ended—
May 17
May 24....
May 31-.
Ju£e Ja
—V.
152,
1941
1940
1939
1938
62,098,000 51,895,000 43,150,000 37,701,000
61,948,000 52,597,000 44,616,000 38,603,000
59,994,000 49,369,000 42,790,000 36,060,000
61,781,000 52,392,000 45,105,000 38,670,000
p. 3641.
1937
50,723,000
50,672,000
48,018,000
50,718,000
Anheuser Busch, Inc.—Loses Tax Case—
Company lost a tax case when a decision of the U. S. District Court at
St. Louis, Mo. in favor of the
brewing company and its subsidiaries was
reversed with direction to dismiss the actions in an
opinion handed down
by U. S. Circuit Court of Appeals for the 8th Circuit.
The brewing firm
sought to recover $123,179 in Federal income taxes
Claims for tax refunds which previously had been
rejected
by the Commissioner for Internal Revenue referred to deductions made
by
the company for obsolescence of cases and
bottles sold for junk in 1924.
—V. 151, p. 3171.
$9,849,583 $10,175,888 $37,756,397 $38,465,108
Balance—
$5,924,588
b Pref. divs. to public..
1,792.936
Net
Total
and interest.
Net oper. revenues—
Other income (net)
Less interest
charged
construction—
10,534,918
4,010,599
2.772,874
Direct taxes
$13,078,797 $9,758,484
reserve
$28,539,043 $27,325,281 $110012,015 $104226,363
direct taxes
a
1941- -12 Mos.—1940
Earned surplus.._
Total
3,739
80,609
17,530
$6,227,06.3 $22,033,129 $22,598,551
1,792,936
7,171,742
7,171,740
$4,434,127 $14,861,387 $15,426,811
12,335
54,498
;
58,549
Arkansas Power & Light Co.—Earnings—
Period End. Apr. 30—
1941—Month—1940
Operating revenues
taxes
335,784
167,898
93,000
302,766
94,864
96,000
4,001,012
1,794,201
1,279,000
4,127,927
1,251,562
1,292,000
$236,888
$218,319
738
$3,299,113
10,956
$3,151,181
631
$237,519
147,023
27,990
1,733
$219,057
146,373
19,522
$3,163,406
1,756,528
224
$3,310,069
1,760,394
236,959
8,981
income
$64,239
$53,386
Divs. applicable to pref. stocks for the period
$1,321,607
949,265
$1,145,618
$372,432
$196,353
Direct taxes
Prop, retire,
res.
approp.
Net oper. revenues
Other income (net)
Gross income
Amer.
&
Lt. Co. in
income of subs
$4,119,541
Amer. Pow. & Lt. Co.—
Net equity of
$4,421,792 $14,806,889 $15,368,262
(as above)...
Other income
$4,421,792 $14,806,889
18,299
68,824
1941—12 Mos.—1940
$711,949 $10,373,326
$9,822,670
$833,570
Oper. exps., excl. direct
Interest on mtge. bondsi
Other int. & deductions.
Int.chgd. to constr.(Cr.)
12,225
264,834
3,574
company
$4,119,541
15,471
Total—
$1&.368,262
76,409
$4,135,012
Expenses, incl. taxes...
189,826
$4,440,091
Balance.
Int. & other deductions.
$3,945,186
711,811
$4,334,795 $14,130,778 $14,968,825
712,671
2,832,411
2,870,635
Balance carried to con¬
solidated earned surp. $3,233,375
$3,622,124 $11,298,367 $12,098,190
$14,875,713 $15,444,671
105,296
744,935
475,846
Includes $260,737 and $1,157,417 for Federal excess
profits tax in the
12 months ended April 30, 1941,
respectively,
b Full
dividend requirements applicable to respective
periods whether earned or
unearned.—Y. 152, p. 3484.
a
three months and
a
elected
recent
a
meeting of directors of this company Albert N. Butler
member of the board.—V. 151, p. 3385.
American Telephone & Telegraph
was
Co.—Earnings—
Period End. Apr. 30—
Operating
revenues
Uncollectible oper.
1941—Month—1940
1941—4 Mos.—1940
$12,291,462 $10,195,267 $47,695,194 $40,218,676
rev..
70,988
66,156
278,342
207,089
Operating revenues...$12,220,474 $10,129,111 $47,416,852 $40,011,587
expenses
7,438,985
6,981,514
28,951,781
27,477,968
Operating
Net oper. revenues...
Operating taxes
Net operating income.
x
Net income.
x
$4,781,489
2.014,322
$3,147,597 $18,465,071
1,342,982
7,802,721
$12,533,619
5,327,818
$2,767,167
1,973,594
$1,804,61.5 $10,662,350
1,070,369
50,487,926
$7,205,801
47,146,845
Includes dividends received from subsidiary and other
companies.
Gain in Phones—
There
was a gain of about 121,600
telephones in service in the principal
telephone subsidiaries of the American Telephone & Telegraph Co.
included
in the Bell System during the month of May, 1941.
The gain for the previous month was 112,500 and for
May, 1940, 86,600.
The net gain for five months this year totals 605,400 as
against 430,900
for the same period in 1940. At the end of
May this year there were about
18,088,300 telephones in the Bell System.
■&The gain for May, 1941 was the largest for the month of
May in the
history of the Bell System, the next largest May gain having been 95,738
in 1937.—V. 152. p. 3641.
American
Type Founders, Inc.—Annual Report—
Consolidated Income Account Years Ended March 31
[Including Wholly-Owned Subsidiaries]
1941
Net sales
Cost of goods sold
Selling &
gen. expenses..
Gross inc.
on
Net
operating profit..
Other income
Total income
Discounts allowed
Miscell. deductions
Interest
1940
1939
1938
$8,065,039
5,571,125
2,345,165
$7,608,477
5,171,170
2,362,017
$6,180,353
4,319,840
2,148,755
$7,564,458
$75,291 loss$288,242
186,279
190,720
$136,006
184,438
5,102,408
2,326,044
long-term
contract
debentures..
Fed. & foreign inc. tax..
on
Cr202,500
$351,249
195,904
$547,153
102,603
13,637
46,120
83,510
$261,570
98,569
26,485
46,925
Balance
Notes—(1) Provision for Federal income taxes, subsequent to April 1,
1941, is being made at a rate which will result in the accumulation of such
taxes at tbe rate of 30
$301,283
Shs. cap. stk. (par $10).
568.096
Earns, per sh. on cap. stk
$0.53
% for the full
year 1941.
(2) Includes provision of $164,001 for Federal excess profits tax in tbe
12 months ended April 30, 1941.—V. 152, p, 3013.
Art Metal Construction Co.—50-Cent Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, payable July 1 to holders of record June 21.
Dividend of 40 cents
paid on April 1, last; 40 cents paid on Dec. 27, last; 40 cents paid on Oct.
1,
1940; 35 cents paid on July 1,1940, and 25 cents was paid on April 1,1940.
—V. 152, p. 1904.
v:
Associated
Gas
&
Electric
Co.—Corporation Trustees
on Recapitalization
File Answer in Holders* Plea—Takes Action
Fight—
Denis J.
Driscoll and Wiliard L.
Thorp, trustees of Associated Gas &
Electric
Corp. (AGECorp.), filed June 9 with the Federal Court their
and objections to the petition of the general protective committee
for security holders of Associated Gas &.Electric Co. (AGECo) in connec¬
tion with the litigation over the "Recapitalization Plan" of 1933.
answer
The relative
priorities of the
security holders of AGECo and AGECorp
must be determined before reorganization of that
be effected.
holding company system
can
The
AGECorp trustees asserted in their answer that most of the claims
and contentions of the committee were duplicates of those made by
Stanley
Clarke, trustee of AGECo.
Through their counsel, Allen E. Thropp and O. John Rogge, the AGE
Corp trustees urged the dismissal of all the 18 causes in the petition of the
protective committee, including those which attacked the validity of the
"Recap Plan."
They referred to their answer to the Clarke petitition in
which it
had been urged that the debenture
holders of
AGECorp have
a
claim to the assets of the corporation superior to the ciaim of the debenture
holders of AGECo.
It was further pointed out that the AGECorp debenture holders, in
making exchange under the "Recap Plan," had made substantial sacri¬
AGECorp
which, in most instances, entitled them to interest only if earned.
At the
time they made these exchanges, it was stated, they were informed and
believed they would have a prior claim to the assets and income of AGE
Corp and that their sacrifices would enable the business to be continued.
The trustees also contended that the general protective committee was
barred from asserting its claims because neither the committee nor its
present counsel had taken any judicial action prior to this time, even
though the "Recap Plan", was promulgated over eight years ago.
fices in relation to principal and interest, receiving securities of
Weekly Output—
Service Corp. reports that for the week ended
of the Associated Gas & Electric group was
This is an increase of 17,923,486 units or 18.9%
above production of 94,651,387 units a year ago—V. 152, p. 3641 ■!»,,„ m. J
The
June
6.
Atlantic
net
Utility
electric output
112 574,873 units (kwh.).
Atlantic Co.—Accumulated Dividend—
loss$97,522
71,987
21,274
33,886
2,489
$320,443
$89,591 loss$227,159
568,096
568,096
$0.16
Nil
$145,139
93,635
13,456
38,214
30,000
Directors
568.096
$0.26
have
declared
a
dividend of $1.50 per share
on
account
of
accumulations on the 6% cumulative preferred stock, payable June 1 to
to holders of record May 20.
Last previous dividend was paid on July 1,
1939 and also amounted to $1.50 per share.—V. 151, p. 3081.
Atlas
Pipeline Corp.—Reorganization—SEC Report—
Exchange Commission on June 7 issued an advisory
proposed plan for the reorganization of this corporation.
The
The Securities and
report on a
Net income
949,265
.
American Reserve Insurance Co.—New Director—
At
Net
plan was filed by the trustee on March 24, 1941 and was referred to the
Commission on May 7, 1941, for examination and report pursuant to
Section 172 of the Bankruptcy
Act.
•(
The Commercial & Financial Chronicle
3800
The SEC reports:
"It Is our conclusion that the plan is neither fair nor
feasible and we accordingly recommend that it not be approved."
Automatic Products Corp.
The
York
New
(Del.)—Listing—
Curb
Exchange has approved the application of the
corporation to list 225,000 shares of capital stock (par $1) upon official
Extracts from the report of the Commission follow:
Present Capitalization of Debtor
First mtge. 6% sinking fund conv. bonds, $836,000; accrued int.
May 1, 1941, $125,400
$961,400
Second mtge. 6% sinking fund conv. bonds, $1,305,000; accrued
interest to May 1, 1941, 1-1195,750
1,500,750
Common stock (par $10)
268,800 shs.
to
June 14, 1941
-
—
notice of issuance in exchange share for snare of the stock of the Automatic
Products Corp. (of Illinois).
The
stock of the Illinois corporation, which has a par value of
on the Curb and will be stricken upon admission of
value stock to dealing.
The Delaware corporation is acquir¬
ing the properties of the Illinois company.—V. 152, p. 3336.
$5
Summary of Proposed Plan
Distribution of Cash and Securities—The proposed plan provides tor the
organization of a new company to take over the assets of the debtor.
The
new company will have the following capitalization:
414% first mortgage bonds
$1,011,400
4% preferred stock
435,000
Common stock ($20 par)
100,000
Under the plan Federal tax claims aggregating approximately
$43,000,
common
share, is now listed
a
the new $1 par
Axton-Fisher Tobacco Co.—New Plan Proposed—
"Stockholders are being polled on a plan to exchange the outstanding
preferred stock for 4% debentures.
The poll is being conducted by Transamerica Corp. which
recently took over the company.
The plan can
become effective only If two-thirds of the stockholders assent.
The plan
provides that Trans-america Corp. would exchange for each
6% preferred, 85% in Axton-Fisher sinking fund 4%
and 15% in Axton-Fisher sinking fund debentures of
share of Axton-Fisher
as
debentures of 1961
claims include the claim of the State of Louisiana for motor fuel taxes in
thereafter to June 1, 1946 at 102
to June 1,1951 at 102, to June 1,
1956 at 101 and then to maturity at par and accrued interest.
The bonds
are convertible into 16 shares of class B common to June 1, 1943, into 12
compromised, will be paid in cash.
State ad valorem taxes in the
amount of $56,669 and certain other State tax claims aggregating $5,710
will also be paid in cash in full.
General unsecured claims aggregating
approximately $400,000 will receive 10% in cash without interest.
These
the amount of $141,839.
The first mortgage bondholders will receive $961,400 of the new 43^%
first mortgage bonds, which corresponds to the principal amount of their
claims plus accrued interest to May 1,1941.
The remaining $50,000 of new
first mortgage
bonds will be sold at par to the American Locomotive Co.
purchase agreement with the Producers Group.
The second mortgage bondholders will receive the new $435,000 issue of
preferred stock, corresponding to one-third of the principal amount of their
claims, "in exchange not only for the security of their mortgage but for their
Interest as ordinary creditors in the unmortgaged assets."
In view of the debtor's insolvency, as found by the Court, Its common
subject to
a
stockholders
The
are
common
excluded from participation in the plan.
stock of the
is to be purchased for $100,000
by a group of oil producers who own or control substantial oil production
in the Magnolia Oil Field, in Arkansas.
The common stock cannot be
new company
1951.
The 4s of 1961 are callable at any
posted price for crude oil in the East Texas field.
In other words, the price formula in the contract fixes a minimum and
maximum price in terms of the price of East Texas crude.
The contract
provides that it may not be modified
the consent of those
directors
preferred stockholders
In
addition
new company
on the
who
extended during its life without
or
are
to represent
the bondholders and
The 4s of 1951 are callable at any time to June 1, 1942 at 103
at
one-half point less each year until June 1, 1948 and thereafter to maturity
at 100.
The bonds will be redeemable immediately for cash.
A minimum
of $198,900 additional 4s of 1951 will be bought from the company by a
purchasing group in order to provide cash for expenses Incident to the plan
and for other corporate purpose.
The $5 Kentucky ad valorem tax will be
refunded.
As
part of the plan, provision will be made for prevention of dilution of
the interest of holders of the 4s of 1961 in the class B stock.
Stock divi¬
dends of 7% or less on the $10 value of the class B stock in any one year.
however, will not be considered
1941
a
Net profit
a
152,
$10,000 of bonds each
year after consummation of the plan.
The
Group further agree that during the life of the three-year oil
purchase contract they will advance the company short-term credit not to
exceed $200,000 in the event that additional
working capital is needed.
Producers
brief, gives all the
common
stock and virtually complete
a group
of oil producers who will have a three-year
contract to sell crude oil to the debtor, under which the latter is
obligated
to purchase all of its requirements.
This group will pay $100,000 for the
common stock of the
company and will in effect guarantee the $50,000
investment in the new bonds by American Locomotive Co.
In addition
the group will to the extent required finance the sale of its crude to the new
company up to $200,000 by secured short-term credit.
The first mortgage bondholders are
required to take a reduction in interest
from 6% to 4to extend the
maturity of their bonds for 15 years and
to give up their lien on approximately
$150,600 in cash held by the indenture
trustee.
requirements in connection with their bonds
are also reduced, and their conversion
privilege is eliminated.
The second
mortgage bondholders are required to accept new 4 % preferred stock having
a par value equal to one-third of the
principal amount of their claims.
Feasibility and Fairness
The soundness of any plan of
reorganization for the debtor must be
weighed in light of the facts adduced in the preceding section of this report.
To recapitulate, the salient facts are that
(a) the debtor's value upon present
liquidation may well equal, if not exceed, its value as a continued operating
entity; (b) its earnings prospects are subject to substantial fluctuation
and as a going concern it would
operate as a marginal enterprise; (c) its
remaining economic life is limited by reason of advancing obsolescence of
its refining facilities and its
apparent inability to earn the substantial
investment to be required within a few
years if the enterprise is to be kept
competitive.
Especially when viewed against this background, the terms of the pro¬
posed plan do not meet the statutory requirement of
feasibility.
A com¬
pany emerging from reorganization as a
going concern should possess a
sound capital structure.
The amount and character of the new securities
proposed to be issued should be properly related to the value of the
property,
and adequate provision must be made for
working capital and the main¬
a
sound credit
status.
In a number of respects the
proposed
plan violates these elementary requirements.
The plan provides for a total
capitalization of $1,546,400, consisting of
$1,011,400 of 4)4% first mortgage bonds, $435,000 of
4% preferred stock
and $100,000 par amount of common stock.
It has been estimated that the
going concern value of the debtor does not exceed
$1,100,000, before re¬
organization expenses.
The proposed new bond issue alone approximates
that amount, and it is obvious that the
total capitalization proposed in the
plan is excessive.
The new bond issue would represent
92% of the going
concern value; the bonds and new
preferred stock would represent 131%
of such value; and the total
capitalization 140%.
Even if a valuation is assumed
equal to the total capitalization proposed
In the plan, the capital structure
would be unsound, with over
93% of the
total capitalization in senior securities
and approximately 65% in fixedinterest bearing debt.
The plan sets up a capital structure which would
be unsound even for a
company with a long established record of stable
earnings, and we have demonstrated that the debtor has not been and will
not
be
such
a
company.
In
this connection,
Mr.
Boenning, Chairman
of the first
mortgage bondholders' committee, testified that "if we were
approaching this
on a basis of original
financing we would cer¬
tainly not set up the financing as it is set up in this
proposed reorganization."
Conclusion
We believe that the proposed
plan cannot be approved as feasible or fair.
It has been suggested that the
interests of the debtor's
security holders
require an agreement with the Producers
Group, and that the plan embodies
the most favorable terms which
could be obtained from them.
It is our
view that the risks to the debtor's
security holders entailed by disapproval
or the plan are
outweighed by the sacrifices they are asked to make under
the plan, and by the probable existence
of alternative courses of action
which are not subject to these same
objections.—V. 149, p. 1319,
.
Atlantic
Gulf
.
.
&
West
Indies
Steamship Lines
Subs.)—Earnings—
(&
Period End. Apr. 30—
1941—Month—1940
1941-4 Mos—1940
Operating revenues
82,707,821
$2,326,686 $10,321,341
$8,535,447
Oper.exps. (incl.depr.)2,221,025
2,117,770
8,900,274
8 085 597
Taxes.
101,666
75,218
339,684
256,148
—
__
Operating income
Other income
Gross income
Interest, &c
Net income
Note
These operating
Jan. 1 to
Month of
Period—
Jan. 1 to
Apr., '41 Apr.30,*41
$18,126
$73,791
Mar. 31,'41
$55,665
Oper. and miscell. expenses, including
insur., deprec., repairs & alterat'ns
Taxes, incl. Federal income tax
26,447
14,747
8,518
4,881
34,965
19,628
Net income
$4,727
$14,471
$19,198
-V. 152, p. 1905.
Beaver
Valley Traction Co.—Sale, &c.-
Bradshaw, McCreary & Reed, Attorneys at Law, Beaver, Pa., writing
June4, state:
"The properties of the Beaver Valley Traction Co. were sold at receiver's
sale on Feb. 24, 1941, return thereof made to the Court, and a final decree
$385,130
5,486
$133,698
7,778
$1,081,383
15,091
$193,702
50,153
$390,615
38,270
$141,476
$1,096,473
158,037
$243,855
180,727
$352,345
$96,808
44.668
~
March 4.
There is no plan for reorganization of
It will presently be wound up.
The reason
of the first mortgage bonds carried through a
receiver's sale in lieu of a foreclosure, and by purchase acquired the prop¬
erties, making payment of the purchase price by delivery of bonds conform¬
ably to the order of court.
There are six first mortgage bonds outstanding.
on
Beaver Valley Traction Co.
is that the owner of
98%
whereabouts unknown.
The distributive share of these bondholders will
be paid to The Pennsylvania Co. for Insurances on Lives & Granting Annui¬
ties, Philadelphia, Pa., and by that company held until the bondholders
can be located, if ever.
We have exhausted every effort to trace these
bonds."—V.
152,
p.
3488.
Beneficial Industrial Loan
Corp.—i0-Cent Dividend—
Directors have declared a dividend of 40 cents per share on the common
stock, payable June 30 to holders of record June 14.
This compares with
45 cents paid on March 31, last; 50 cents paid on Dec. 31, last; three divs.
of 45 cents were paid in preceding quarters; dividend of 50 cents
paid on
Dec. 27, 1939, and previously regular
quarterly dividend of 45 cents were
distributed.—V. 152, p. 3487.
Benjamin Franklin Corp.—Exempted by SEC—
The Securities and Exchange Commission on June 3, issued an order
exempting the corporation principal underwriter and depositor of Ben¬
jamin Franklin Foundation certificates, from Section 9 (A) of the invest¬
ment Company Act of 1940, under which it would have been
ineligible to
act as underwriter or depositor.
The company's application was filed on Nov. 1, 1940, and
requested
temporary exemptions from the provisions of the act,
determination
of
the
issues.
The
Commission
issued
$63,128
a
temporary
ex¬
representatives, employees, salesmen and assignees engagod in various acts
and practices in violation of Sections 5
(B) and 17 (A) of the securities Act
of 1933.
On Feb. 10, 1938, the court entered a decree enjoining the cor¬
poration and certain individuals from any further violation of the Securities
Act of 1933.
Benjamin Franklin Corp. in its application filed last November, stated
that none of the individuals named as defendants in the suit
brought by
the Commission in 1936 is now an
officer, director, agent or emlpoyee, or
•
otherwise connected with it.
"So far as the evidence discloses, the
applicant has complied with alF
of the terms of the injunction and there is no evidence of misconduct on its
part since the injunction decree was entered," the SEC states in its opinion.
"It appears that the company has been completely
reorganized with the
ts method of doing
fiurpose of obviatingbusiness and practices complained of in the relation to
the objections made by the Commission in injunction
suit."—V.
146,
p.
3661.
Bireley's, Inc.—Earnings—
Earnings for the 3 Months Ended April 30, 1941
Sales—net.
1
Cost of goods sold
Gross profit on sales
Operating
Operating profit
—
Other expense (net)
-
Net profit,...^...
Earns, per sh.
on
$333,872
145,208
$188,663
170,753
...
expense
$17,910
7,473
$10,437
200,000 shs. of capital stock ($1 par)
$0.05
Balance Sheet April 30, 1941
Assets—Cash, $33,156; accounts and other receivables (net), $147,319;
inventories, $272,167; due from employees, $1,467; fixed assets (net),
$509,411; sundry assets, $7,380; deferred charges, $128,837; total, $1,099 737
Liabilities—Accounts
and contracts payable, $44,258; notes payable,
liabilities, $41,825; customers' refundable deposits on
$38,795; trust deed notes payable, $39,648; deferred
rental income, $10,960; reserve for product deterioration, $4,905;
capital
stock (par $1), $200,000: paid-in surplus, $380,000; earned
surplus, $248,499;
total, $1,099,737.—V. 152, p. 2695.
$90,847;
accrued
and
cases.
Black & Decker
Mfg. Co.—50-Cent Common Dividend—
Directors have declared
$938,437
pending the final
emption.
*
In 1936, the SEC filed a bill of complaint
against the corporation in the
New Jersey Federal District Court,
alleging that certain individuals, agents,
bottles
earnings are before Federal excess profits taxes
and year-end audit adjustments, and do not
include profits or losses arising
from disposition of capital assets or
purchase of this company's obligations.
*—V. 152, p. 3642.
!
Building:, Inc.- -Earnings—
Gross Income
The sinking fund
tenance of
$155,313
profits taxes, &c.—V.
excess
2231.
Balfour
of confirmation made
Summary
The plan, In
p.
Federal income and
1940
$64,004
-
After depreciation,
board.
to their $100,000 payment for the common stock of the
the Producers Group, in order to induce the American Loco¬
control of the debtor to
dilution of interest.
as a
Earnings for Quarter Ended March 31
motive Co. to subscribe to $50,000 of new first mortgage bonds,
agree to
purchase such bonds from the latter at par plus accrued interest at the
rate of
to and including June 1, 1943
shares to June 1, 1951 and thereafter until payment of the debentures into
10 shares of common stock.
preferred stock dividends.
below 93-llOths of the
up
,
divested of control for at least the first three years of the company's existence
because of failure to pay
The plan further provides that the new company shall enter into an oil
purchase contract with the Producers Group under which it will agree to
purchase all of its crude oil requirements from the group, up to a maximum
of 8,000 barrels per day, for a period of three years.
For such oil the con¬
tract provides that the company will pay the price posted in the Magnolia
field by the major companies provided, however, that in no event shall the
price payable under the contract be more than 5c. above or more than 5c.
time
at 103,
a dividend of 50 cents per share on the common
Dividend of 40 cents
March 31, last, and previously regular quarterly dividends of
25 cents per share were distributed.
In addition extra dividend of 10 cents
was paid on Dec.
20, last, and extra of 25 cents was paid on Sept. 20,1940.
stock, payable June 30 to holders of record June 16.
was
paid
on
—V. 152, p. 3015.
Volume
The Commercial & Financial Chronicle
152
Birmingham Electric Co.—EarningsPeriod End. Apr. 30—
Operating revenues.
Oper. exps., excl. direct
Direct
$8,108,959
416,118
86,693
50,000
5,227,978
1,082,899
600,000
5,051,886
455,608
95,013
taxes
Prop, retire,
1940
1939
1938
50,000
res. approp.
991,674
600,000
$2,084,348
$2,252,587
$2,356,563
1,277,608
895,969
1,366,616
expenses.
1,355,261
824,568
309
309
3,707
$105,290
$78,384
$1,194,375
$1,188,898
357
368
5,379
4,578
investments
Net oper. revenues
Other income
Profit from operations
Prov. for U. S. and foreign inc. taxes.
,481
1,210
$79,010
15,935
;
$85,265
$78,752
45,750
4,402
$1,199,754
$1U93,476
549,000
53,693
549,000
53,348
$55,361
$28,600
Dividends applic. to pref. stocks for the period
$597,061
429,174
27,038
20,416
44,691
$167,887
income
loss$123,729
$42,659
$11,990
Notes—Provision for Federal income taxes, subsequent to April 1, 1941,
is being made at a rate which will result in the accumulation of such taxes
at the rate of 30% for the full year 1941.
No provision has been made for Federal excess profits tax since
indications are that no such tax will be payable.—V. 152, p. 3015.
Coal
Co.,
Inc.,
Consolidated Balance Sheet Dec. 31
Assets—
1940
on
211,580
275,569
•/*
surplus after all charges.
X
Res.
1941
Assets—
Liabilities—
1940
Cash on hand and
$686,460
$414,045
U. 8. Treas. bonds
519,777
425,994
45,602
1,469,101
459,466
536,683
Real est.,
land
1,282,854
b Buildings,
1
154,005
401,171
101,546
92,571
Capital stock
5,000,000
.
79,245
1,620,242
114,356
1,487,479
1,534,203
$2,255,489 $2,285,111'
Total
$2,255,489 $2,285,111
__
a After reserves of
$14,360 in 1939 and $12,343 in 1940.
b After depre¬
ciation of $313,506 in 1939 and $342,346 in 1940.
c Represented by 86,770
1,249,233
.
467,800
........
159,033
1,534,203
pat. contr'ts, &c
5,000,000
1,728,813
compensation
6,786
467,800
Reserves
62,289
5% preferred stock 1,620,242
c Common stock..
114,356
Deficit
1,639,654
1
139,125
186,516
7,278
6% notes payable.
copy¬
Total
Acer.State, county
Surplus (earned)..
lease¬
30,198
222,232
magazine
rights,
subscr'n
lists, advertis. &
no
par shares.—V.
152, p. 3338.
Canada Bud
timber-
&
26,050
for
returns
exp.,
Miscell. investm'ts
1940
Res. for workmen's
Acc'ts receivable..
2,119
897,945
5,777
$237,894
$371,949
and Fed. taxes..
Notes receivable..
Inventories
5,097
advances, &c
Subsidiary]
1941
Accounts payable.
in banks..
deposits
Prepd. Ins.,
1939
1940
payable.$l,370,115 $1,242,904
30,832
54,742
for replacing
agents'
pattern
discards:.
Res.
b Fixed assets
[Includes Blue Diamond Coal Sales Co., Wholly-Owned
and
Inventories
Publica'ns,
Consolidated Balance Sheet March 31
holds
197,373
278,717
Liabilities—
Acer, taxes & exps.
Notes and accts.
a
';
The annual report for the fiscal year ended March 31, 1941, shows that
for the year company produced 2,734,952 tons, as compared with 2,452,791
tons for the previous year.
The report shows that company added $479,580
a
$79,809
Accounts
hand
Post office & other
Report—
to earned
1939
$63,862
Cash in banks and
present
Tenn.—
Knoxville,
28.583
Note—Costs and expenses include provision for depreciation of $31,585
1940, $32,597 in 1939, and $35,438 in 1938.
receivable
Diamond
Blue
904,682
notes payable,
Net profit for the year
in
Balance
on
foreign income
taxes, &c. (less miscell. income)
Expenditures in connection with mov¬
ing offices
$161,954
on mortgage bonds.
Other int. & deductions.
Net
(incl.
replacing pattern discards).
Selling, general and admin,
$591,128
429,174
$105,647
45,750
4,536
Int.
maga-
zinereturns)
Int.
Gross income..
for
Cost of sales and shipping exps.
cost of
3,717
standing credit
on
balances (less provision
limited-term
of
(& Subs.)—Annual Report—
Consolidated Income Account for Years Ended Dec. 31
$7,836,175
Sales, incl. interest
taxes
Amort,
1941—12 Mos.—1940
1941—Month—1940
$706,220
$631,504
__ -
_
3801
Butterick Co., Inc.
Breweries, Ltd.—Interim Dividend—
X
Directors have declared
an interim dividend of 25 cents per share on the
stock, payable July 10 to holders of record July 2.
Dividends
of 20 cents were paid on Dec. 12 and July 5,1940.—V. 149, p. 3867.
1,509,009
common
plant
equipment. 3,002,850
137,371
2,873,847
Other assets..
74,062
Canadian Breweries Ltd.—Accumulated Dividend—
Total
..$7,603,480 $6,733,703
After
a
$7,603,480 $6,733,703
Total....
charging depletion of $260,331 in
1941
1940.
1940.
and .$259,176 in
b After deducting depreciation of $4,823,864 in 1941 and $4,564,994 in
Directors have declared
accumulations
Boeing Airplane Co.—New Plant Facilities—
nounced
It
Canadian
plant' facilities
New
and equipment costing $17,500,000 for bomber
by this company were authorized in a lease agreement an¬
construction
June 5 by Jesse Jones, Federal Loan Administrator.
estimated that $12,131,272, of the amount would be used
on
was
on
for land
the
$3
dividend of 75 cents per share on account of
a
cum.
pref. stock, payable July 2 to holders of
record June 14 leaving arrears of $6.75 per share.—V. 152, p. 3644.
Celanese, Ltd.—Extra Dividend—
*"T)irectors have declared an extra dividend of 25 cents per share in addi¬
tion to the regular quarterly dividend of like amount on the common
stock,
both payable June 30 to holders of record June 16.
See also V. 152, p. 1585.
and
buildings and the balance for machinery and equipment.
An addi¬
commitment of $272,500 also was authorized for machinery and
equipment to be placed in the existing Boeing plant near Wichita in which
training planes are made.—V. 152, p. 3489.
tional
Canadian International Paper Co.
1940
Gross sales
Bond Stores, Inc.—Sales—
Period End. May 31—
Profit
1941—5 Mos.—IMO
$2,608,846 $16,528,551 $11,312,496
1941—Month—1940
Sales.
$4,059,833
—V. 152, p.
loss.31,919
Total income
a
June 5 declared
Cost
of sales
dividend of 40 cents per share on
and
Chairman Resigns—
:
George W. Borg has resigned as Chairman of the Board because of the
increasing burden of other duties in connection with national defense, the
company announced on June 6.
Mr. Borg's responsibilities as Chairman will be assumed by C. S. Davis,
President.
Directors voted to discontinue the position of Chairman.
—V. 152, p. 2845.
Boston Consolidated Gas Co .—Gas
Month—
March
;
V
.
April
May
-
1,490,244,000
1,295,368,000
1,384,148,000
1,108,156,000
1,057,833,000
cu.
1,512,108,000
1,297,439,000
1,342,494,000
1,146,783,000
1,050,050,000
ft.
ft.
cu. ft.
cu. ft.
cu. ft.:
cu.
Brown
& Williamson Tobacco
Co.—New President—
Timothy V. Hartnett was on June 4, elected to the Presidency of this
Mr. Hartnett succeeds George Cooper, who was named Chair¬
man of the Board on acceptance by the directors of the resignation of
Sir Hugo Cunliffe Owen of England.
•
On April 16 Jesse Jones, Federal Loan
Adminsitrator, announced a
$40,000,000 loan to this company to make funds available to the British
Government for purchases of war materials in this country.—V. 152,
company.
p.
X
2543.
&
v
■
382,474
1,689,026
1,308,021
2,231,513
1,899,094
695,231
2,228,211
321,064
~6~303
381,335
1,792
9,958
336,712
Cr7,135
26,732
$808,885
14,705,980
$3,195,182
11,234,311
$698,529
13,006,303
exp.
funded debt-
-
Prov. for income taxesNet loss
_
prof$1,238,425
15,599,221
*
non-opera¬
ting plants.
Surplus adjustment (net)
cu.
—V. 152, p. 3015.
40,995,219
1,283,977
2,186,246
750,554
Prov. for doubtful acc'ts
Write-down
1940
ft.
ft.
cu. ft.
cu. ft.
cu. ft.
cu.
28,140,725
1,249,115
1,977,779
750,158
427,029
1,707,168
315,733
Depletion
Depreciation
of disc't
32,767,704
c603.470
Other interest
on
lossl2,226
bonds
Deficit Jan. 1
Output—*
X
1941
January
February...
1st mtge.
and prior liens
Amort,
16,161
1,204,613
1,886,167
751,099
551,894
5,099,327
Inc. on obligs. of subs
,
16,818
41,171,608
dividend of 25 cents paid on Dec. 10, last.
on
1937
ex¬
(net)
penses
Int.
a
1938
-$52,822,338 $38,397,435 $31,630,904 $49,015,070
the com.
stock, payable July 1 to holders of record June 17.
Like amount paid on
April 1, last, and special dividend of 50 cents in addition to regular quarterly
on
1939
$52,854,257 $38,380,617 $31,614,743 $49,027,296
__
bonds and debs.
on
redeemed-
3015.
Borg-Warner Corp.—40-Cent Dividend—
Directors
(& Subs.)—Earns.
Consolidated Income Account for Calendar Years
Deficit Dec. 31
276,486
bCr84,356
<LDr84,356
02,470,521
$14,276,439 $15,599,221 $14,705,980 $11,234,311
a After deducting other income of
$1,365,953 in 1940, $587,188 in 1939,
$63,435 in 1938 and $435,639 in 1937. b To restore to surplus (deficit) the
amount charged thereto at Dec. 31, 1939, with respect to conversion of
net working capital of foreign subsidiary companies,
c Includes excess
profits taxes,
d Adjustment resulting from conversion of net working
capital of foreign subsidiaries in terms of foreign currencies into equivalent
Canadian dollars.
• ■■■.vX',;'.
Consolidated General Balance Sheet Dec. 31
Assets—
1940
Plants, properties, &C--_.-._
Securities and investments (book value)
77,140,826
a
;Xv.V■
620,652
•'
.
f•*'«•
^
'
im.
a* Mk
«■»
' '
3,925,320
m
1939
$
82,285,016
161,379
3,198,464
Accounts receivable:
Burlington-Rock Island
RR#—Abandonment of Opera¬
The
Int.
Paper Co. for sales of
From International
Interstate Commerce
Commission
May 31 issued a certificate
permitting abandonment by the company of operation under trackage
rights, over lines of the Texas & New Orleans RR., Galveston, Harrisburg
& San Antonio Ry., and Southern Pacific Terminal Co. between Houston
and Galveston, 51 miles, in Harris and Galveston Counties, Tex.
The Commission approved operation by the company, under trackage
rights, over the line of the Gulf Colorado & Santa Fe Ry., between Houston
and Galveston, Tex, 47.22 miles.—V. 152, p. 3490.
Brown &
From
newsprint &
pulp
tion, &c.—
on
Sharpe Mfg. Co.—Extra Dividend
Directors have declared an extra dividend of $4.50 per share in addition
regular quarterly dividend of $1.50 per share on the common stock,
both payable June 10 to holders of record May 31.
Like amounts paid on
March 10, last.
During the year 1940 company paid a total of $21 a share
consisting of $6 regular dividends and $15 extra dividends.—Y. 152, p. 1585.
334,268
4,803,508
2,187,070
16,017,325
339,401
150,114
v
468,397
704,031
From others
Inventories.
Due from affiliated company
—
-
Special deposits
Receivables not currently due
Due from officers and employees--
Prepaid insurance and taxes
Depletion on pulp wood still in inventory
Deferred assets, prepaid and deferred
applicable to future operations
Unamortized debt discount and expenses
-
203,274
4,497,945
2,254,393
14,490,012
57,425
141,101
72,650
2,346
108,745
715,793
147,879
2,598,820
Paper Sales Co., Inc
201,987
2,946,989
-
158",153
-
expenses
to the
|
(Edward G.) Budd Mfg. Co.- -Buys Budd Realty Capital
Stock—RFC Loan—
was
financed through
a
loan from the Reconstruction Finance Cor¬
poration, with the Federal Reserve Bank of Philadelphia and certain other
Philadelphia banks participating.
The loan is for $8,000,000, and in addition to providing part of the funds
necessary to exercise the option will also be used to liquidate an existing
loan from the RFC.
The Budd Realty Co., from which the Edward G. Budd Manufacturing
Col. leases properties in Philadelphia and Detroit, will be continued as a
wholly-owned subsidiary, it was announced.—V. 152, p. 3643.
(A. M.) Byers Co.—Preferred Dividend—
Directors have declared a dividend of $2.07 per share on the preferred
stock, payable July 1 to holders of record June 14.
This dividend repre¬
$1.75 dividend ordinarily due on Nov. 1,1937 plus interest accrued.
sents the
—V. 152, p. 3015.
.109,595,763 111,337,518
1940
Funded debt
56,945,721
Accounts payable-
Accured interest
has announced that it has exercised its option to purchase
the entire outstanding capital stock of the Budd Realty Corp.
The pur¬
The company
chase
Total
Liabilities-
Accrued payrolls, &c
Accrued taxes
Serial obligations due within one year
—
1,930,586
3,227
2,439,042
678,331
2,613
5% sec. note of Can. Int. Paper Co. due various
dates to March
12. 1938, given to Internal.
Paper Co. for advances and assigned by them...
Due to International Paper Co
15,968,244
Due to Canadian International Paper, Ltd
1,142,847
Due to other affiliated companies
16,630
Reserves.
904,961
10,000,000
Capital stock (1100 par)
Paid-in surplus
33,840,000
Deficit
14,276,439
-
Total
-
-
1939
58,315,100
2,266,470
1,281
1,450,483
71,304
3,000,000
16,427,462
1,080,380
86,546
397,713
10,000,000
33,840,000
15,599,221
109,595,763 111.337,518
a After depreciation reserves of $25,769,567 in 1940 and $20,740,223 In
1939.—V. 150, p. 3503.
*
3802
The Commercial & Financial Chronicle
Canadian National
Ry.—Earnings—
To File Plan Soon to
Earnings for Week Ended June 7
Charles M.
1941
Cross revenues
—V. 152, p. 3644.
1940
$5,926,585
--
$5,279,136
at
payments would
the full amount of interest
earned and payable on the
new
be issued in reorganization.
They would be paid, however,
the presently outstanding securities which
would be stamped to
evidence
receipt of such payment.
In case the present
reorganization plan is thrown
out, such payments would be charged back
against the securities on which
they were paid and taken into consideration in
any subsequent changed
allocation of securities.
constitute
securities to
on
Earnings for 10-Day Period Ended May 31
.
1941
Gross revenues,.
1940
$6,564,000
Earnings for Week Ended June 7
$4,272,000
—
The
1941
1940
$4,108,000
Gross earnings
—V. 152. p. 3644.
$2,870,000
Canadian Wirebound Boxes, Ltd.—Accumulated
Div.—
a dividend of 52 H cents
per share on account
on the $1.50 cum. class A
partic. stock, no par value,
payable July 2 to holders of record June 14. Dividends of 37 M cents were
paid on April 1, and in each of the 14 preceding quarters. Accruals
per share.—V.
152,
p.
Syndicate, Ltd .—Liquidating Dividend—
May 27.—V. 152,
on
special
p.
Period End. Apr. 30—
Operating
3491.
Oper.
excl. direct
exps.,
taxes
Co.—Earnings—
1941—Month—1940
1941—12 Mos.—1940
$1,209,753
$1,173,293 $14,909,517 $12,769,282
"
revenues
483,802
290,428
105,000
422,761
210,2,56
90,000
6,071,856
1,933,918
1,140,000
Net oper. revenues
Other income (net)
$330,523
$450,276
538
734
$5,763,743
20,652
$4,892,796
21,339
Gross income
Int. on mortgage bonds.
Other int. & deductions.
$331,061
143,750
Cr3,415
$45i,010
$5,784,395
1,947,393
CV21.482
)
344
$4,914,135
2,300,000
85,315
Direct taxes
Prop, retire,
res. approp.
191,667
9,666
$3,863,108
1,255,237
are
$1,273,583
Celanese Corp. of America—50-Cent
Dividend—
Celotex
Chicago
•
interest,
excess
1941
1940
1939
$761,235 loss$117,396
$1.07
Nil
amortization, depreciation,
profits taxes in 1941.
&c.f
$10,400
Nil
including
$343,000
343,000
343,000
343,000
343,000
343,000
343,000
Federal
on the state of business, Bror
Dahlberg said: "Current
steadily showing improvement from month to
month."
He
also said: "Exact determination
of the corporation's
liability for excess
profits taxes cannot presently be determined.
The amount provided of
$198,000 is the maximum estimated
liability allocable to the six months
period ended April 30, 1941."—V. 152,
p. 2543.
-
Ry.—Earnings—
Income Account Years Ended June
30
1940
1939
£
Gross receipts.
1937
£
£
Balance
Income from invest'ts__
Deb. stock interest
Interest on notes
Other interest, &c
Net income
4X % pref. dividend
9,315,262
7,401,431
12,217,048
8,460.156
1,547,557
712,662
2,246,715
1,913,831
915,040
3,756,892
962,984
834,896
32,263
1,283,731
32,757
998,791
34.221
2,436,769
32,078
1,316,487
1,055,733
109,213
115,610
1.033,012
1,055,734
109,213
90,787
2,468,847
1,049,637
109,213
113,756
loss415,409
___
9,421,113
7,174,398
867,159
1,146,522
109,213
26,833
Net receipts
Exchange difference.
1938
£
8,404,084
6,856,527
expenses
35,928
loss222,722
1,196,241
436,308
600,000
Surplus
def415,409
35,928
1.320.123
def222,722
A scheme of
arrangement was submitted to the
holders of the
5% redeemable debenture stock and
benture stock,
and approved by them at
meetings held
sanction of the Court
being obtained
Under
this
scheme,
a
on
on
159,933
4% de¬
5A% bearer notes
Oct. 29, last, the
subsequent
Nov. 21.
moratorium for the
payment of interest on the
debenture stocks and notes has been
sanctioned for a period of 2
A years
to Dec. 31,
1942, and with the sanction of the holders
may be extended for
a further period of
one, two or three
years.
A
committee representing the holders
of the obligations of the
affected by the scheme has been
company
appointed for the moratorium
period.—V.
149, p. 3255.
Chesapeake & Potomac Telephone Co.
(Bait.)—Gain
in Phones—
Company had a net gain of 3,026 stations
during May, compared with
1,581 in May, 1940.
For the first five months
of the year the
a net gain of
company
16,356 stations, compared with
10,412 in 1940.—V. 152,
p. 2544.
had
Chicago
banking
Chicago on
2% second
of 100.261,
A
& North Western
group
headed
by
Ry.—Equip. Trusts Offered—
Harris
Hall
&
Co.
(Inc.),
June 10 were awarded an issue
of $2,325,000
equipment trust certificates of
1941, on a bid
a net
interest cost to the road of
1.95%.
The
reoffered at prices to
yield from 0.40% to
2.35% according to maturity. Other members
of the group
were
Alexander Brown &
Sons, Tucker, Anthony & Co.,
Illinois Co. of
Chicago, Milwaukee Co. and
McMaster,
Hutchinson & Co.
certificates
were
The certificates are to be
issued under the
Philadelphia Plan.
Harris
Trust & Savings
Bank, trustee.
Certificates are due
1951.
annually, 1942 to
Certificates issued for
approximately 75% of the cost of 1,000
50-ton all-steel box cars are to
be
unconditionally guaranteed by Charles M.
Thomson, trustee of the property of
Chicago & North Western Ry.
Other bids were: First Boston Corp., 100.58 for 2Ks;
Gregory & Son,
100.5402 for 2Hs: Freeman &
100.484
,
Co.,
for 2Xs;
Evans, Stillman &
Co., 100.4388 for 2^s; Salomon Bros. &
Hutzler, 100.368 for 2^s, Halsey,
Stuart & Co., 100.309 for
2^s.
8 '
'
343,000
343,000
343,000
Rate
*Prtce
Maturity
Jan.
2.00%
0.70%
July
Jan.
0.80%
July
1.05%
1.10%
July
1,
1,
1,
1,
1,
Rate
$343,000
343,000
1.75%
1.85%
July
343,000
343,000
343,000
343,000
343,000
343,000
1.95%
Jan.
1, 1942
Jan.
Jan.
July
Jan.
*Prlce
Amount
0.25%
0.40%
0.55%
0.70%,
0.85%
0.95%
1.10%
1.25%
1.35%
1.45%
1, 1942
1.30%
1.40%
1.55%
Coupon
to Yield
2.00%
1943
1943
1944
1944
1945
1, 1945
1, 1946
343,000
343,000
Maturity
Jan.
2.00%
2.00%
2.05%
2.05%
2.10%
2.10%:
2.10%
July
Jan.
July
Jan.
July
Jan.
to Yield
1, 1947
1, 1947
1,
1,
1,
1,
1,
1,
1,
1,
1.55%
1.65%
1.75%
1.85%
1.95%
2.00%
2.05%
2.10%
2.15%
2.20%
1948
1948
1949
1949
1950
1950
1951
1.65%
July 1, 1946
July
1951
Plus, in each case, accrued interest from
July 1, 1941, to date of
delivery.
Dated July 1, 1941; due
$343,000 each Jan. 1 and
July i, 1942 to 1951
incl.
To be guaranteed
by endorsement as to both
principal and interest
jointly and severally, by Chicago Burlington &
Quincy RR„ Pittsburgh
Cincinnati Chicago & St. Louis
RR., Pennsylvania RR., and
Henry A*
Scandrett, Walter J. Cummings and George I.
Haight, as trustees of the
property of Chicago Milwaukee St. Paul &
Pacific RR.
Coupon bonds
to be issued In
$1,000 denom., registerable as to
principal, and fully regis¬
tered bonds in authorized
denoms.; coupon bonds and
registered bonds
bonds to be
interchangeable under the provisions of the
indenture
terest payable Jan. 1 and
In¬
*
July 1.
All
bonds not then matured and
payable,
or
part
of the
guaranteed serial
but not less than all the
bonds of
maturity, may be redeemed prior to
maturity at the option of the com¬
pany on July 1, 1942 or on any int. date
thereafter on at least 30
published notice at the
days*
principal amount thereof and
accrued interest
thereon to the date fixed for
redemption, together with a premium
to IX% of such
equal
principal amount for each
any
pref. div
cum.
Station
Maturities, Coupon Rates and Prices
are
Central Argentine
Union
Coupon
A mount
Commenting
6%
collateral
Co.—Bonds Offered—Central
Republic Co. (Inc.); A. C. Allyn & Co.,
Inc.; A. G. Becker
& Co., Inc.; Stern,
Wampler & Co. Inc.; Paine, Webber &
Co.; Blair, Bonner & Co.; Jackson &
Curtis; H. M. Byllesby
& Co., Inc., and
Farwell, Chapman & Co. on June 12
offered
16,860,000 guaranteed serial bonds.
Corp.—Earnings—
per share on common stock.
income and
Working
as
The Interstate Commerce Commission
May 29 issued a report and
om«r
conditionally authorizing Harry W. Harrison, J. H.
Dornstreich, and Henry
.Broder to serve as a protective
committee, for, and to solicit
authorizations
from holders of preferred
stock.—V. 152, p. 3493.
a
6 Months Ended
April 30—
Net profit
operations
pledged
under
marshalling and distributing plan.
Railroad Credit Corp. is to
the debtor any excess which
pay
might become due it under the
and distributing plan.
marshalling
Preferred Stock Committee—
Directors have declared
After
disbursement of interest
The agreement proposes that the
Railroad Credit Corp. retain
the distributive shares which will
be due the debtor and
the Omaha
dividend of 50 cents per share on
the common
stock, payable June 30 to holders of record June 17.
Like amount was
paid on March 31, last.
See also V. 152, p. 1586 for
record of previous
Payments.—V. 152, p. 3173.
a
general
security.
$2,528,820
1,255,237
Notes—Provision for Federal income taxes,
subsequent to April 1, 1941,
is being made at a rate which will
result in the accumulation of such
taxes
at the rate of 30% for the full year 1941.
Includes provision of $20,000 and
$80,000 for Federal excess profits tax
in the month of
April, 1941, and in the 12 months ended
Apr. 30, 1941,
respectively, but includes no provision for such tax
applicable prior to
Jan. 1, 1941, since no excess
profits were indicated before that date.—
V. 152, p. 3016.
Earnings
first
the
$2,607,871
Balance
a
the
the
time is
4,624
Net income
$191,070
$249,677
Divs. applicable to pref. stocks for the
period
to
effective
these reorganization
proceedings."
The purpose of making the interest
payment recommendations
at this
so that
attorneys who will be in Chicago June 23 for a
hearing'on
final confirmation of the plan of
reorganization can then make any
objections
to the proposed interest
payment.
At the same time the trustee moved to
settle all claims of the
Railroad
Credit Corp. against the
bankrupt estate.
He proposed that the
railroad
pay the Railroad Credit Corp. $300,000 in
cash, receiving in return
$6,021,000 of its 1st & ref. bonds and
$1,000,000 1st mtge. bonds of the
Chicago St. Paul Minneapolis & Omaha which
4,745,230
2,051,256
1,080,000
...
report
$29,515,400.
1423.
Directors have declared an initial
liquidating dividend of $1.20 a share on
the outstanding capital stock
payable June 24 to stock of record June 17.
Liquidation of the company was voted by stockholders at a
Carolina Power & Light
his
Making his recommendation to the Court, the trustee said:
"In the opinion of the undersigned trustee
it will be to the best
interests
of the estate of the debtor herein and
of all parties to these
proceedings
if the fixed and
contingent charges called for by the terms of the
pending
plan of reorganization and earned by the debtor
herein, during the two
years 1939 and 1940, are paid to the various
parties who hold securities
of the debtor, on the basis of the new
securities to be issued to said
holders
pursuant to the terms of said plan, all such
payments, however, to be
accepted by each of said parties as payments on
account of the amounts
which may finally be determined to be
due them as the holders
of such
securities during said two
years, 1939 and 1940, or any parts
thereof,
pursuant to the provisions of such plan of
reorganization as may
be made
ultimately
in
after the
$2.10
mark
went into reorganization in
1935.
Court Mr. Thomson showed
that the road had
$23,568,815 of cash on hand Dec. 31, 1940, and that after
making such
payments and setting aside required amounts for
sinking funds, $6,000,000
for the additions and betterments
fund, and other
requirements, it would
have a $6,339,239 cash balance for a
working fund.
As of June 1,
1941,
the road's cash balance had risen to
In
The directors have declared
current payment will amount to
would
payments
by the railroad since it
of accumulations
meeting
Thomson, trustee, will file petitions with the
Federal Court
Chicago shortly seeking to pay $9,028,315 of interest on
$280,175,823
obligations of the road.
The proposed
of bonds and other
Canadian Pacific
Ry.—Earnings-
Carib
June 14, 1941
Pay Bond Interest—
period of 12 months
thereof from the date fixed for
the redemption to
the
or part
respective dates of
case with accrued
interest.
Continental Illinois National
Bank & Trust Co. of
Chicago, Trustee.
The issue and
guaranty of the above bonds and their sale
are subject to
the approval of the
maturity: in each
Interstate Commerce
Commission.—V. 152,
p.
3493.
Chrysler Corp.—Prices Increased—
Dodge and Chrysler divisions
June 5 notified
dealers of price increase
effective immediately.
Similar action was taken on
June 14 by the
ration's Plymouth and De Soto
corpo¬
divisions.
The Dodge increase
averages $32.10 per car, while the
Chrysler advance
ranges from $15 to $53.
Plymouth's a dvance was $10 to
$37, while De Sotos
was $15 to $47.—V.
on
152, p. 3017.
Cincinnati New Orleans & Texas
Pacific Ry.— $3 Div.
Directors have declared a dividend of
$3 per share on the
$20 par common
shares, payable June 25 to holders of record
June 9.
Dividend of $5 was
paid on Dec. 20, last; $3 paid on June
26, 1940, and one of $4 was
Dec. 22, 1939, this latter
paid on
being the first distribution made on
these shares
since they were
exchanged for the old $100 par shares on a
five-for-one basis
Company paid a dividend of $10 per share on the
old stock of June
—V. 152, p. 3493.
26.1939.
Cincinnati
&
Suburban
Bell
Offered—
Telephone Co.—Stock
A total of
54,976 shares of capital stock (par $50)
company for subscription at par to holders of
record
are
offered
by the
May 12, in the ratio
10 shares held.
Both transferable
full subscription
fractional subscription warrants
are being
given
evidence their pro rata
subscription rights. No fractional
subscription warrants may be combined so as to
obtain the right to
for one or more full
subscribe
shares.
Subscription rights evidenced by the
will expire at 5
warrants
p.m., (EST), on July 2.
Certificates for shares
for under this offer will
subscribed
be dated July 2, and will
participate in dividends
declared after that date.
of
one
share for each
warrants and transferable
to shareholders to
The net proceeds which will
be received
the shares after
deducting the estimated
by the company from the sale of
expenses in
connection with such
sale, will approximate $2,731,800 if all
rights to purchase such shares
are
exercised.
Such net proceeds will reimburse
the
penditures for extensions, additions and
plant, in respect of which securities have
such
company in part for ex¬
to its
telephone
improvements
not
heretofore been issued.
Upon
reimbursement, the company intends to use, as
required, these funds
for extensions,
additions and improvements to its
telephone plant,
the conversion of
including
some of its central offices to
dial operation and
for its
general purposes.
Company is engaged in the telephone business in
Hamilton, Butler,
Warren and Clermont Counties
in Ohio, and,
through Citizens Telephone
Co., a subsidiary, in Kenton,
Campbell, Grant, Pendleton and
Gallatin
Counties in
Kentucky. The properties consist mainly of
telephone instru¬
ments and facilities
for their interconnection, the
latter
consisting chefly of
central office
switching equipment and
connecting lines.
Volume
The
152
Outstanding as of
i
Capitalization—
Notes sold to trustee of pension
fund (4 % demand
notes) —
of March
As
b27,488,400
31,
now
1940
1939
$11,108,545 $10,613,189
2,782,208
2,832,791
Calendar Years—
Total income..
— -
_____
52,195
Interest expense.__
2,730,012
$4.97
4.50
Net income
share
Dividends paid per share..
Net income per
1938
$10,296,991
2,738,780
o8,662
2,680,117
$ eA
4.50
.55,191
2,777.599
$5.05
4.50
205.361,
telephones
Stations in operation by this company as of May 31, 1941, totaled
a gain of 1,132 over preceding month and 11,332 over 194,029
operated in May, 1940.—V. 152, p. 3339.
Cities Service Power &
Light Co.- -Liquidation
'
Proposed
hy Cities Service Co.—
The following is
from the "Wall Street Journal":
is considering methods for liquidating
The Cities Service Co.
intermediate subsidiary
&
properties.
would be an important change in Cities Service s plans,
it was previously contemplated that the electric subsidiaries would
together to form three integrated systems, all owned by
Power & Light. *,
„
,
Liquidation of Cities Service Power & Light would be
according to present indications, by exchange of operating
stocks for its outstanding debentures, preferred and common shares, to
avoid heavy capital gains taxes.
.
Type of program to be adopted for liquidation of Cities
Light is likely to take final form after conference with the staff
division of the Securities and Exchange Commission.
Cities Service Power & Light has outstanding $51,004,400 of
debentures, $17,285,609 of preferred stocks and
of common
stock.
Cities Service Co. owns $3,975,000 of the debentures,
of the preferred stock and all of the common of Cities Service Power
On the basis of such holdings by the parent, a liquidation program for
Cities Service Power & Light would bring control of the operating proper¬
ties direct to Cities Service Co. and another step, therefor, would have to
be taken for further divestment by the parent company of its utility
ings.
This presumably might be a duplication of what its
undertaken, and mean the exchange of operating property securities for
Cities Service Co. debentures.
for
be linked
Cities Service
a move
accomplished,
companies'
Service Power &
of the utility
$6O,OOO,O0O
5XA%
$11,534,000
& Light.
hold¬
subsidiary had
The
SEC's present
interpretation of terms of the Public Utility Act of
earlier plans for recasting its electric prop¬
1935 has made Cities Service's
erties into three integrated systems impossible.
The SEC early this year ruled that Cities
Service must either retire from
in petroleum and other Indus-
dispose of its investments
the utility field or
tries
for
Liquidation of Cities Service Power & Light would clear the way
Cities Service to divest itself of its utility interests and would also avoid
the difficulties it might encounter in an attempt to rearrange its properties
in compliance with the SEC's requirements under present plans for admin¬
istration of the 1935 Act.—V. 152, p. 3018.
Terminals Building Co.—Suit—
and accounting involving securities put up as col¬
lateral for a $23,500,000 loan negotiated in 19,30 was filed in U. S. District
Court at Indianapolis June 6 by the company against George A. Ball,
of Muncie, Frank B. Bernard and the George & Frances Ball Foundation.
It is the latest in a series of litigations involving Ball purchases of assets of
the Van Sweringen brothers of Cleveland.—V. 150, p. 3655.
Cleveland
A
The Securities and Exchange Commission on June 9 announced the
10 to June 17, of the hearing on the application
(File 70-263) regarding the proposed acquisition by Columbia Gas & Electric
Corp., of all the outstanding stock and obligations of five wholly-owned
subsidiaries of Columbia Oil & Gasoline Corp., namely, the Ohio Fuel
postponement from June
Supply Co., the Preston Oil Co., Union Gasoline & Oil Corp., Viking
Distributing Co. and Virginian Gasoline & Oil Co. Postponement of the
hearing was requested by Columbia Gas and Columbia Oil because they
require additional time to prepare other applications which they believe it
will be found desirable to consolidate with the pending application.
SEC Permits Cash Advance to Subsidiary—
Securities and Exchange Commission granted, May 27, an appli¬
by Columbia Gas, for authority to make a cash contribution of
$3,402,090 to a subsidiary, Cincinnati Newport & Covington Ry,
The
company proposes to use the money to redeem on July 1 the outstanding
$3,303,000 of its first & refunding mortgage bonds, series A, 6% due in 1947.
The SEC's approval was made in an interim order since Columbia Gas
had requested expedition of this phase of its program which includes the
proposed offering of $120,000,000 of debentures.
Columbia Gas told the
Commission that it wished to obtain retirement of the subsidiary's bonds
The
without delay.—V. 152, p.
Cities Service
through which it controls
its utility
Such
suit for judgment
& Electric Co.—Bond Issue—
The company has applied to the California Railroad Commission for
authority to issue $3,500,000 first mortgage 3H% 30-year bonds to provide
funds to redeem outstanding series B 4s, due 1965, and for capital purposes.
The current call price on the 4s is 106 with notice required 60 days before
the next interest date which is Sept. 1.—V. 152, p. 2937.
Coast Counties Gas
Colonial Stores Inc.—Sales—
four-week period ended May 24, 1941, aggregated $4,346,631,
compared with $3,570,507 combined sales of the merged companies, David
Pender Grocery Co. and 8outhern Grocery Stores, Inc., for the corre¬
sponding four weeks of 1940.—V. 152, p. 3646.
3494,
Corp.—Settlement in Panhandle
Reached—Corporation to Be Dissolved—See
Electric Corp.—V. 152, p. 2546.
Columbia Oil & Gasoline
Eastern
Dispute
Columbia Gas &
Gas
&
Electric
Corp.—Panhandle Eastern
Pipe Line Co. Litigation Ended Outside of Court—Gasoline
Company, Mokan Settle Dispute—SEC Approval Required—
An agreement has been reached between Columbia Gas &
Electric Corp., Columbia Oil & Gasoline Corp. and MissouriKansas Pipe Line Co. to end the years of litigation involving
the affairs of the Panhandle Eastern Pipe Line Co., in which
the three concerns have a direct or indirect interest.
The following statement was issued by Columbia Gas &
Electric Corp. June 13:
An agreement has been executed June 7, 1941, between Columbia Gas
& Electric Corp., Columbia Oil & Gasoline Corp. and Missouri-Kansas
Pipe Line Co. which, subject to the approval of the Federal District Court
in Delaware and the Securities and Exchange Commission within their
respective jurisdictions, provides in substance that:
Pipe Line Co.
Panhandle
(1) Columbia Oil & Gasoline Corp. and Missouri-Kansas
coincidentally dispose of their holdings of common stock of
Eastern Pipe Line Co. to their own stockholders, or otherwise.
will
(2)
Panhandle Eastern Pipe Line Co. will refund its
B preferred stock, now both
stock and retire its series
Oil & Gasoline Corp.
(3)
series A preferred
held by Columbia
Panhandle Eastern Pipe Line Co. will have a new board of directors
the board to consist of 12 members, one nominated by
and management,
Missouri-Kansas Pipe Line Co., one by Columbia Oil & Gasoline Corp.,
and the other 10 members to be independent directors mutually
to these two stockholding corporations.
It is expected that
of the new board will be a designee of Missouri-Kansas Pipe
Co.,
that the new president will be an operating man of outstanding
acceptable
the chairman
Line
and
ability in
natural gas field.
(4) Panhandle Eastern
the
Pipe Line Co. will acquire from Columbia Gas &
subsidiaries, Michigan Gas Transmission Corp.
Electric Corp. the latter's
Gas Distribution Corp.
Panhandle thereby acquires owner¬
ship of the pipe line which transports its gas to the Detroit market.
purchase price is the amount of the investment of Columbia Gas &
Corp. in these two subsidiaries, plus an agreed price for a connection pipe
and Indiana
The
Electric
line
in
Indiana.
amounting
(5) Columbia Oil & Gasoline Corp. will discharge its debt,
to
$20,700,000 now owned by Columbia Gas & Electric Corp., out of the pro¬
ceeds of its investment in Panhandle Eastern Pipe Line Co.
(6) Columbia Gas & Electric Corp. will receive approximately
000,000 in cash from these transactions.
(7) Columbia Oil & Gasoline Corp. will retire its entire outstanding
preferred stock issue now owned by Columbia Gas & Electric Corp., by
transferring to the latter the five oil and gasoline subsidiaries now owned by
Columbia Oil & Gasoline Corp.
Thereupon, Columbia Oil & Gasoline
Corp. will be liquidated.
$32,-
consummation of the foregoing, Missouri-Kansas Pipe Line
terminate all litigation against the Columbia companies, and
declares a moratorium on all steps therein pending consummation of the
foregoing transactions.
This settlement includes all of the features involved in the plan for
(8)
Upon
Co. agrees to
terminating the Government anti-trust litigation heretofore conditionally
approved by the Federal District Court in Delaware and goes
that it provides for the distribution of the common stock of Panhandle
Eastern Pipe Line Co. now held by Missouri-Kansas Pipe Line Co. and
Columbia Oil & Gasoline Corp.
It further results in Columbia Gas receiv¬
ing full payment for all of its holding of Columbia Oil debentures, so
farther in
that
Corp.—Sells Mfg. Corporation—
Commercial Mackay
See International
Telephone & Telegraph
Corp.—V. 152, p. 3339.
Commonwealth Edison Co.;—Weekly
Oiitput—
Company has furnished us with the following summary of weekly kilo¬
output of electrical energy adjusted to show general business
conditions of territory served by deducting sales outside of territory to
watt-hour
other utility
companies:
1941
141,989,000
Week Ended—
June
7--
May 31
May 24
May 17
—V. 152, p.3646.
...
___
132,431,000
139,977,000
140,082,000
Per Cent Increase
1940
10.7
12.9
12.2
128,292,000
117,281,000
124,743,000
125,870,000
11.3
Commonwealth & Southern Corp.—Weekly Output—
kilowatt hour output of electric energy of subsidiaries of the
adjusted to show general business con¬
ditions of territory served for the week ended June 5, 1941 amounted to
178,844,291 as compared with 147,198,020 for the corresponding week in
1940, an increase of 31,646,271 or 21.50%.—V. 152, p. 3646.
The weekly
Commonwealth & Southern Corp.
Connecticut River Power
Period End. Mar. 31—
Co.—Earnings—1941—12 Mos.—1940
1941—3 Mos.—1940
$1,019,808
$1,035,114
$4,125,851
Drl74
Drl92
5,574
$4,095,048
4,609
Total gross earnings,. $1,019,634
Operating expenses:
Oper. costs other than
120,468
those listed below..
20,314
Maintenance
86,250
Depreciation
$1,03*,921
$4,131,425
$4,099,657
160,296
21,087
86,250
543,567
85,544
345,000
507,562
92,647
345,000
Gross oper. revenue
Other income
Federal,
a
and
State
235,493
on
"873,374
712,576
$557,109
177,816
$2,283,939
716,606
$2,441,872
26,780
38,775
10,430
27,059
39,229
10,024
106,649
157,319
10,430
108,481
157,856
16,536
$303,309
18,000
$330,556
18,000
$1,292,934
72,000
$1,429,586
72,000
1$ 312,556
$1,220,934
$1,357,586
taxes
Bal. before cap. chgs.
Int.
179,529
$587,759
180,891
$285,309
municipal
funded debt
Amort, of debt discount,
exps.
& prems. (net)..
Other int. expense
Other chgs. agst.
income
Bal. before dividends.
Pref. divs. declared
Bal. for com. divs. &
Sales for the
Columbia
Columbia companies.
against the two
cation
Gain in Phones—
Power & Light Co., the
larger total amount of cash then under the old plan.
Con¬
settlement will also accomplish termination of
the present
Hearing Postponed—
b Subsequent to
Operating revenues
a
of
the pending anti-trust litigation
1941, these notes had been reduced to $1,190,049.
Dec. 31, 1940, directors by resolution reserved the 54,976
offered for issuance upon the exercise of transferable
subscription warrants which the company is giving to holders of record
May 12, 1941.
a
it will receive
summation
Dec. 31, 1940
a$l ,212,658
Capital stock (par $50)
shares of stock
3803
Commercial & Financial Chronicle
729,410
applicable to the 1941 periods are based
30%.
No provision is included in tax expenses for Federal
excess profits tax under the Second Revenue Act of 19*0.
In 1940 the com¬
pany had no such tax and the amount applicable to the 1941 periods, if any,
can be determined only at the end of the calendar year.—V. 152, p. 2390.
a
on
Federal income tax accruals
a
rate of
Consolidated Aircraft
Directors have declared a
Corp.—$2 Dividend—
stock,
amount was paid on
December, 1938 and
dividend of $2 per share on the common
payable June 30 to holders of record June 16.
Like
Dec. 26, last, and previous distribution was made in
amounted to $1 per share.
•
.
, ;
.
May Increase Stock—
special meeting of stockholders to vote on an increase
stock to 2,400,000 shares from 1,200,000.
No date
meeting.
The company stated the action was neces¬
sary
to provide the financial structure for handling the tremendously
increased defense effort entrusted to Consolidated Aircraft by the Gov¬
Directors called a
in authorized common
has been set for the
ernment.
As
a
to call
second step in changing the financial structure the board also voted
outstanding convertible $3 preferred stock on 60 days' notice at call
price of $55 a share.
There are about 23,000 shares of the issue outstanding.
Backlog of unfilled orders, including a recent award from War Depart¬
ment, approximates
.$684,000,000.—V. 152, p. 2235.
Consolidation Coal Co.-—Capital Change Voted—
Stockholders on May 26 approved an amendment to company's
charter
Iiroviding that approval of holders of two-thirds of of the company' unless
would be required for mortagging any assets the preferred stock no
onger
all
or
substantially all the corporation's property or assets were
company had an opportunity this year to buy some
The
involved.
of its out¬
pledge them for a long-term bank loan
said at the meeting. The bank declined
to approve a pledge of the corporation's own notes without approval of the
owners of two-thirds of the preferred stock because the notes constituted
"assets" of the company and it was indicated by the bank that the transac¬
tion would be reconsidered if the charter were amended and business con¬
ditions were not changed materially, it was explained.—V. 152, p. 3647.
standing 5% secured notes and to
at a reduced rate of interest, it was
Consolidated Edison Co. of New
Output—
York, Inc.—Weekly
,
•
•
.
Consolidated Edison Co. of New York announced production of the
of its system for the week ended June 8, 1941, amounting to
142,300,000 kilowatt hours, compared with
138.200,000 kilowatt hours
for the corresponding week of 1940, an increase of 3%.—V. 152, p. 3646.
electric plants
Consolidated
Film
Industries,
Inc.—May Buy Own
Shares—
special meeting on July 8 to consider removing
with respect to the purchase by the corporation of its
and common stocks.—V.
152, p. 3647.
Stockholders will hold a
certain restrictions
outstanding preferred
Consolidated Paper Corp.—Interest Payment—
L. Belknap, President, stated that directors have definitely decided
the 5 H % 1st mtge. bonds, due July 2,1941, will be paid in
cash.
In the past, Interest has been paid in capital stock of the company
at the rate of five shares per $1,000 bond.—V. 152, p. 983.
J.
that interest on
Consolidated RR. of Cuba—New President—
June 3 elected President of this railroad, and
RR., and Chairman of the Cuba Northern Rys., to succeed the
late Horatio S. Rubens.
Mr. Brown has been with the companies 22 years
and has been Eexecutive Vice-President three years.—V. 152, p. 1127.
Wilfred J. Brown was on
the Cuba
The Commercial & Financial Chronicle
3804
Consolidated Gas Utilities Corp.—Earnings—
Net
a
earns.
$793,094
312,661
$766,888
302,799
$2,221,473
1,111.197
$480,433
2,023
$464,089
$1,110,276
10,211
$482,456
88,095
122,659
5,486
$464,465
98,502
122,945
$266,216
$243,018
$0.28
from oper.
Other income
Total income
Prov. for depr. & deple.Interest deductions..—
Miscellaneous
1941—12 Mos.—1940
$2,178,106
1.081,533
1941—3 Mos.—1940
Period End. Apr. 30—
Operating revenue#
Operating expenses——
charges--
375
$1,096,573
1,098
$1,120,487
$1,097,671
334,683
466,818
381,528
493,957
17,133
_______
Net
income
Earnings
a
per
share—$0.30
Before provision for depreciation and
<•}:.}
1941
$
842,051
5,640
331
347,090
Cash dep. with tr.
277,651
348,892
243,411
Cash
244,690
and employees..
2,862
3,325
Materials&suppl's
147,914
30,167
103,684
162,759
16,068
8,226
Notes payable...
100,000
51,232
Accounts payable.
146,407
66,850
59,705
70,965
House profit
Store rentals
—
16,569
$264,348
—
130,455
$133,893
11,600
—.—
—
operating profit
-—$145,493
45,363
——
Taxes and insurance.
Crown Drug
64,586
Taxes accrued
accrued..
878,026
207,332
mtge. bonds
347,090
7,600
5,446
Consumers' depos.
155,030
—
4,350
1,673
1,237
3,588,290
3,537,224
lies, for deprec. &
depletion
10,938
Contrlb. for exten.
24,045
2,260
1,882
6,378
418,388
Earned surplus...
Total
Corp.—Reduces Loan—
$1,000,000 of notes payable to banks leaving
$8,000,000 outstanding as of May 31, 1941.
The prepayment represented
the maturity of Feb. 1, 1943.—V. 152, p. 1429.
Cuban-American Sugar Co.—Preferred Dividends—
Directors have declared
a dividend of $1.75 per share on the 7 % pref.
per share on the 5lA% pref. stock, both
payable July 1 to holders of record June 20. Like amounts paid on April 1,
last.—V. 152, p. 1746.
stock and a dividend of $1.37^
Cuba Northern
6,378
16,569,110 16,204,408
.'••'■"v y,:'
;y;,,
Crown Zellerbach
The corporation has prepaid
Rys.—New Chairman-
See Consolidated RR. of Cuba above.—V. 152, p. 3648.
285,035
—V. 152, p. 3019.
Co.—Sales—
p. 1746.
3,382,994
Paid-in surplus..-
$95,780
Sales for May this year were $747,559 as compared to $707,971 for May,
last year, an increase this year over last of $39,588 or 5.59%.—V. 152,
149,139
credits.,
Capital surplus... 3,376,359
16,569,110 16,204,408
operating income
General and unapportioned expenses—
8
7,543,000
Miscell
Total
.
.
Gross
Gross
.$202,122
45,657
...
—
Profit before interest, depreciation and amortization-—--
878,026
7,400,000
Deferred
profit
departments profits
Other income
1940
$
Com. stk. ($1 par)
Funded debt
Interest
.
Rooms department
Total other operated
Corporate expenses
Miscell. accruals..
of officers
Prepayments
Deferred charges..
$0.25
Prem. & int. on 1st
Accts. & notes re¬
(net)..
1941
Liabilities—
14,572.425
'
.$287,915
85,793
Expenses
.
1940
8
Assets—
ceivable
$0.34
Rooms department, revenue
$222,186
depletion and before interest.
Balance Sheet April 30
Prop., plant, eqpt.
<fc leaseh'ds, net.14,567,593
Intangible assets.842,663
Investments
6,075
Indebt.
$301,854
June 14, 1941
Statement of Income Year Ended Sept. 30,1940
Cuba RR.—Bondholders Committee Summarize Situation—•
The
protective committee for the first mortgage 5s, due July 1, 1952,
a letter to holders of the issue in which recent developments are
"On March 24, 1941," the letter states, "the committee
filed a bill of complaint in the Chancery Court of New Jersey requesting
the appointment of a receiver.
The committee claimed 11) insolvency of the
corporation under the New Jersey statute, and (2) unfairness of the com¬
pany in refusing to pay first mortgage bondholders 5% interest, and in
offering them the procedure for deposit arrangement.
A hearing was held
on April 21, 1941, before Vice Chancellor James F. Fielder in Jersey City.
This hearing was final as to the first point but only a preliminary hearing
on the second point.
On May 23, 1941, the Vice Chancellor delivered a written opinion in
the matter.
He decided not to appoint a receiver for the corporation under
the New Jersey insolvency statute.
At the same time, he refused to dis¬
miss that part of the bill requesting the appointment of a receiver under the
general equity power of the Court.
Accordingly, the Cuba RR. has until
June 18, 1941, to file an answer to the committee's bill of complaint.
After
this has been done, a final hearing will be held to determine whether or
not a receiver should be appointed for the Cuba RR. under the general
equity power of the Court."
The committee is headed by Ambrose W. Benkert and includes Herbert
G. Lord, Arthur W. Palmer, Beverly R. Myles and Erich Held.
has
sent
summarized.
S;
Consolidated Retail Stores, Inc.—Sales—
Period End. May 31—
1941—Month—1940
$970,727
$798,052
Sales
—V.
152,
P.
1941—5 Mos.—1940
$4,501,674
$3,958,613
3020.
Continental Can
Co., Inc.—New Director—
Directors on June 11 elected Arthur G. Chase of Syracuse, N.
director in the place of the late O. C. Huffman.—V. 152, p. 3020.
Continental
Y.,
a
Baking Co.—To Recapitalize
Stockholders have been called to
a special meeting in Wilmington, Del.,
July 15 to vote on a plan of recapitalization providing for payment of
arrears, retirement of part of the preferred stock and exchanges for other
on
securities
of the company.
In the readjustment, company proposes to
borrow, at an average interest
3.35%, $17,500,000, of which as much as $17,325,000 would be used to
acquire outstanding preferred stock through tenders to be invited at flat
prices of not more than $105 a share, including arrears. The amount would
permit purchase of at least 165,000 shares, leaving a maximum of 235,900
shares of $100 par 8% preferred stock outstanding.
The $5 arrearages on
such remaining shares would be paid in cash.
The company plans to exchange each present class A share for three shares
of
of
new common
N"ew President
common stock, which would result in 1,075,429 new common shares
being outstanding out of 2,000,000 shares to be authorized.
Of the total,
875,439 shares would be received by holders of class A stock and 199,900
shares by holders of class B stock.
The new debt would consist of $4,830,000 of serial notes due from
February, 1942, to August, 1948, at an average annual interest of 2.01%
and $12,670,000 of notes or debentures due from 1949 to 1965 at
3H%.
The company said it had received from the Commissioner of Internal
Revenue a ruling that there would be no taxable gain or loss to stockholders
under the existing Federal income tax law by reason of the proposed
reclassification of the A and B shares.
Approval of a majority of each
class of these shares would be necessary to consummate tbe plan, each part
of which would be put into effect at the discretion of the board of directors.
—V. 152. p. 2700.
vV
■
'
~
See Consolidated RR. of Cuba above.—Y. 152, p. 3648.
stock and each present class B share for one-tenth share of
Davega Stores Corp. (& Subs.)—Earnings—
new
Consolidated Income Account (Incl. Wholly-Owned Subs.)
9.
Year Ended
Period—
a
Net sales
Mar. 29 '41
;
53 Weeks
Years Ended
Mar. 31 '40 Mar. 25 '39 Mar. 26 '38
merchandise.$11,634,360 $10,752,370 $10,272,596 $10,778,237
b Cost of mdse. sold
Deprec. & amortization-
11,286,021
63,852
10,569,494
54,709
10,197,081
60,410
10,543,382
53,416
Net oper. profit
Miscell. earnings (net).-
$284,487
24,226
$128,166
32,175
$15,105
24,573
$181,440
8,130
$308,713
C107.131
$160,341
60,677
$39,678
26,558
$189,570
45,835
Net profit
Provision for taxes
Surtax on undist. profits
148
Res.
against invest, in
stk. of Majestic
Radio & Telev. Corp.
Corn Products Refining Co .—New Directors—
cap.
Major T. P. Walker and Harold H. Helm have been elected directors of
152, p. 2701.
11,647
100,000
$1,472
31,583
56.066
Nil
$43,587
192,209
74,191
$0.32
this company to fill vacancies.—Y.
Net profit—-
*
Creameries of America,
w
Divs.
Inc.—Listing—
The application of company to list 100,000 additional shares ($1 par)
stock has been approved by the Los Angeles Stock Exchange and
registration with the Securities and Exchange Commission has become
common
effective.—V. 152, p. 3340.
Cosmopolitan Realty Co.
of Securities—
(Mo.)—Organized—Exchange
stock-
on common
Preferred dividends-.--
Earnings
a
per
share
al., as a committee constituted and acting under deposit agreement
dated Nov. 30, 1931, for the protection of the holders of bonds secured
by
deed of trust on Hotel Cosmopolitan and Broadway Theatre
man, et
Building,
This corporation
owns and operates the above
mentioned property which was acquired by the committee
at foreclosure
on behalf of depositing bondholders.
The capital stock of the corpora¬
tion consists of 10,600 shares (par $1).
Approximately 10,500 shares of
this stock are to be issued to depositing bondholders on the basis of one
share of stock for each $60 of general mortgage income bonds.
The balance
sale
Includes service department income of $32,058 in 1941, $34,658 in 1940,
$32,085 in 1939 and $33,527 in 1938.
b Including selling, general and
administrative expenses, including provision for bad debts and repossession
losses (exclusive of depreciation and amortization). c No provision for
excess
profits taxes.
Assets—
Mar. 29 '41 Mar. 31 '40
Cash in banks and
$339,001
of the principal
mortgage income bonds
will aggregate in principal amount $630,000 and are secured
by a deed of
trust on the above mentioned property subject only to the lien of a first
mortgage deed of trust originally in amount of $450,000 now reduced to
$382,500.
The first deed of trust provides for interest at the rate of
5%
and annual principal payments of $22,500.
Said general mort¬
gage income bonds are dated Sept. 1, 1940, and mature Nov.
15, 1960.
They bear interest at the rate of 5% per annum, payable if and to the
extent that 75% of the net income of the
company and the mortgaged
property, as defined and provided to be ascertained and determined in che
deed of trust securing said bonds, shall suffice for such
payment.
Said
interest is non-cumulative and is payable once a
year beginning Nov
1
per annum
Provision is made in said deed of trust for a
sinking fund for the
on a tender basis.
The stock will be attached to the
retirement of bonds
income
bonds.
Mar. 31 '40
$711,679
$521,203
200,000
100,000
1,296,034
Accrued expenses.
145,111
132,656
1,908,224
338,141
Cust. dep. against
30,524
32,061
Prov. for Fed. and
2,274,986
fixtures.,
Deferred charges &
undeliv.
sales
&
other credit bals.
prepaid expenses
State taxes..-..
77,428
68,543
91,696
84,863
Prov. for Fed. and
91,535
State taxes (def.)
106,862
Pref. stk. (par $25)
Com. stk. (par $5)
880,000
977,500
1,070,000
1,089,000
Capital surplus
Total
$4,259,341 $3,913,461
912,692
875,823
Earned surplus
63,873
def27,663
Total
—
$4,259,341 $3,913,461
-V. 152, p. 1747.
Dayton Power & Light Co.—Morgan Stanley & Co. Inc.
Appeals SEC Decision Denying Compensation—
Morgan Stanley & Co., Inc., on June 11, appealed to the U. S. Circuit
Court of Appeals for the Second Circuit from the decision of the Securities
and Exchange Commission
their participation in the
denying them compensation in connection with
underwriting of $25,000,000 Dayton Power &
Light first mortgage bonds in February, 1940.
This action, the first of its kind ever taken by an underwriting firm
against a decision of the SEC under the "arms" length bargaining" rule
in the issuance and sale of public utility securities, dispelled all doubt
that had prevailed in financial circles since the Commission made known its
findings in this
The trustees under said general mortgage deed of trust are
Frank E
Agnew Jr., Henry I. Cohn and Hugo Monnig.
The Boatmen's National
Bank of St. Louis is registrar and depositary.
Each of the three trustees
above named is now acting as an officer and director of the
company.
In addition to the above mentioned stock and bonds there will be
issued
depositing bondholders fractional participation certificates.
Each $60
principal amount, or any multiple thereof, of such certificates may be
exchanged for a like principal amount of income bonds.
These certificates
will be issued only in certain instances and are intended to
put certain of
the depositing bondholders who deposited an early maturing
coupon on an
equal footing with those who did not deposit such coupon and became
entitled thereby to a cash distribution out of the proceeds of the fore¬
to
closure sale.
On the basis of
Mar. 29 '41
banks
mortgage income bonds of Cosmopolitan Realty Co. which are to be issued
to depositing bondholders pro rata in accordance with their
holdings.
For
each deposited bond depositing bondholders will receive a new
general
mortgage income bond in principal amount equal to 60%
amount of the deposited bonds.
The new general
Notes pay.,
362,178
Merchandise
Furn.
Liabilities—
Accounts payable.
hand
$328,043
Accts. receivable,- 1,263,609
on
of the stock will be held in the treasury of the company.
In addition to this stock depositing bondholders are to receive new
general
1941.
$99,664
54,475
49,535
$0.23
Consolidated Balance Sheet
The Cosmopolitan Realty Co. is a corporation organized in Missouri and
qualified to do business in Colorado.
It was organized by Charles L. Hol-
Denver, Col. (which see).
$201,583
64,200
45,847
$0.72
case on March 27 last that the investment banking firm
case into
the courts.
It had been expected generally,
that, cased on the factual record of the transaction from its
inception, the firm would resort to the courts in an effort to reverse the
would take the
however,
Commission's order.
In effect, Morgan Stanley & Co., Inc., are seeking, on both constitutional
and factual grounds, to have the Commission's order set aside in order
that they may receive underwriting fees amounting to $90,844, to which
they claimed title by their contract with Dayton Power & Light with
respect to the underwriting of that company's bond issue.
The SEC's
order, issued on April 15 last, which was about one year and two months
after Morgan Stanley and Dayton Power both had asxed the Commission
a decision on the firm's status in this case, specifically found Morgan
for
Stanley to be
earnings for the last fiscal
year there is more than sufficient
income for the payment of 5% interest on the income
bonds, after making
provision for principal and interest payments on the first mortgage and after
establishing the sinking fund above mentioned.
Earnings for the six
months period ended March 31, 1941, are substantially better than for the
ccn jaiable six months period of the preceding fiscal year.
of any
an affiliate of the issuing company and denied the payment
underwriting fees to which it otherwise would have been entitled.
—V. 152, p. 3340.
Defiance
Spark Plug Corp.—Stricken from List—
The common stock (no
Exchange list.
jmmm-
par) has been stricken from the New York Curb
The Commercial & Financial Chronicle
Volume 152
would be unconstitutional.
The earnings appearing in the "Chronicle" of June 7, were for the three
and 12 months ended March 31,1941 and 1940 and not for the three
months ended April 30, 1941 and 1940.—V. 152, p. 3649.
Mr. Boone, pointing out that E. B. S. derived around 50% of its gross
on loans to subsidiaries, asserted that the proposed
rule might result in a stoppage of dividends on Bond & Share
preferred
and 12
_
income from interest
stock.
Dening Ice & Electric Co.—Sells $300,000 Bonds Privately—See Federal Light & Traction Co.
(W. S.) Dickey Clay Mfg. Co
6 Mos. End. Apr. 30—
Net profit—
a
a
Before provision for Federal taxes. -V.
Di-Noc Mfg.
1941
Net profit after all charg.
a
defendant.
;
300 shares of stock of the American Power & Light Co., sued for herself
and other stockholders.
Julius Karlsberg, who has 50 shares of stock of
the National Power & Light Co., brought another suit.
The third was
riled by A. Shell Lezberg, holder of an unspecified amount of stock of the
loss$40,213
$12,125
a$38,936
The suits were filed by three residents of Boston, each of whom holds
stock in one of the three power companies.
Dora Goldstein
owner of
1938
1939
share of common stock in 1941 and to 22
152, p. 2393.
per
in 1940.—V.
Electric Power & Light Corp.—V. 152, p. 3341.
Derby Oil & Refining Corp.-—Earnings—
El Paso Electric Co.
[Including Derby Oil Co.]
3 Months Ended March 31—
Sales (less discount)
Cost of sales..-----
-—•«.;
*
_
1940
1941
$931,562
747,572
—
$174,955
42,013
—
$901,407
726,452
$183,990
-
—
_
Selling
—
-
expenses—
-
—
44,666
32,538
-
General and administrative expense------—.—
34,444
Profit from operations..
Other income.
*;
Gain from sale of assets
Total income
<
—
-
•
-
-
$115,818
4,305
14,592
$108,110
4,660
$112,769
4,955
26,281
Other charges
51
Depletion
Depreciation
Undeveloped leasehold rents
Surrendered leases and non-productive development
Applicable to minority interest-----------
x
.Loss.
Taxes—Federal incomeOther----
.
Balance for
common
Assets—
64,234
17,526
15,000
15,000
Inc.
1940
795,000
839,576
87,154
....
V;',v'v-1'..
Total
Liabilities—
$4,891,362
$5,940,092)
Ser. B
1941
6% pf. stk.
1940
17,600
a Comraonstock..
2,914.100
Accrued taxes
27,611
Capital surplus... ■
27,586
Earned surplus...
327,763
Total..
$2,598,800
17,600
2,914,100
24,701
77,636
307,255
;
—$4,891,362 $5,940,092
Represented-by 58,282 shares of no par value authorized and out¬
standing.—V. 152, p. 2702.
a
El Paso Electric Co.
Period End. Apr. 30—
Operatingrevenues
1941—12 Mos.—1940
33,856
15,581
34,717
33,490
35,727
32,498
6,937
29,961
$3,553,832
1,389,196
213,027
406,606
179,208
377,350
$53,869
$66,348
1,852
$988,445
13,254
$926,234
20,414
$54,613
26,037
$68,201
$1,001,700
430,087
$946,648
438,024
$28,576
$31,779
$571,613
47,700
$508,625
68,256
$523,913
55,240
$440,369
46,710
$468,673
$393,659
Maintenance--
Depreciation
a
(Texas)—Earnings—
Ml—Month1941—Month—1940
$312,778
$261,659
122,112
109,341
Operation
-
Federal income taxes.
$3,203,663
1,279,043
176,655
400,664
66,141
354,926
Mines,
~
Aleve Director
May production
was
Net oper. revenues—
Other income—net
Balance
Int. & amort,
>-'/
■■
a
Balance
Preferred
:
Eastern Steamship
a
on the preferred stock, payable July 1 to holders of
June 20.
After payment of current dividend arrears will be $2 per
—V. 152, p. 3650.
record
share.
.—.
Bal.applic.toElPasoElec.Co. (Del.)
-
consider that it has
as
any
liability under the Excess
amended March, 1941.
Beginning with the
month of March, 1941 the accrual for Federal income tax is based on an
estimated rate of 30% against the original estimate of 27%, spreading the
under-accrual for January and February over the remaining 10 months of
The rate under the present law is 24 %.—V. 152,
p.
2702.
Equity Corp.—75-Cent Dividend—
J
Esquire-Coronet, Inc.—Indictments Resisted—
Counsel for 12 persons indicted May 2 on Federal charges of illegally
manipulating 200,000 shares of stock of the company, filed demurrers
June 9 at Chicago challenging validity of the indictment.
Pleas in abatement also were filed in behalf of six of the defendants,
David A. and Alfred Smart, owners of "Esquire Magazine"; A. D. Elden,
Arthur Greene, Jeanette Kilmnick and Alfred Pastel.
Federal Judge John P. Barnes set Sept. 8 for arguments on the demurrers
and pleas.—V. 152, p. 3022; V. 148, P. 3686.
Easy Washing Machine Corp.—25-Cent Dividend—
dividend of 25 cents per share on the
-
paid on June 1, 1940.—V. 152, p. 3022.
Co.—Wages Raised—New Vice-President
a
.
Directors have declared a dividend of 75 cents per share on the $3 con¬
vertible preferred stock, payable July 21 to holders of record June 16.
Last previous distribution was the regular quarterly dividend of 75 cents
Company has announced a wage increase "of approximately 10%" for
ah plant and office employees now earning up to $3,000 a year, adding an
estimated $4,000,000 to the amual payroll.
.
:
Company on June 4 announced the election of Charles K. Flint as VicePresident and the appointment of Edward 8. Farrow as production manager.
The company now has five Vice-Presidents.
William S. Vaughn was made
assistant to Mr. Farrow.—V. 152, p. 3650.
Directors have declared
—
Profits Tax Act of 1940
the year.
Line—Accumulated Dividend—
dividend of 50 cents per share on account of
accumulations
Eastman Kodak
36,422
Del.)
dividend requirements.
The company does not
dividend of 30 cents per share on the common
stock, payable Aug. 15 to holders of record July 31. Last previous dividend
was the semi-annual dividend of 50 cents paid on Aug. 15, 1940.—V. 152,
page 826.
Directors have declared
------
Interest (El Paso Electric Co
Duplan Silk Corp.—SO-Cent Common Dividend—
Directors have declared
(public)—
Balance
valued at $661,808, including premium, compared
;
valued
at $3,271,664, compared with $3,314,284 in the similar 1940 period.
F. Warren Pershing has been elected a director of this company.—V. 152,
3649.
744
■ .>*.
with $651,835 in April and $661,091 in May, 1940.
For the first five months of the current year bullion output was
p.
$127,016
Ser. A 7% pf. stk.$l,576,700
notes rec_.
Cash
;
$4,804,207 $4,305,515
x$15,215
$11,921
Ltd.—Stock Offered—Allen & Co. offered
after the close of the market June 12,6,000 shares of common
stock (no par) at a fixed price of 15 M less 65 cents concession
to dealers.
The stock is of domestic origin.
Output
$309,988
182,972
$196,021
------
cos.
Common stocks
drll
Dr9
1941
Inv. in sub.
Other taxes--
•
$355,144
159,123
stock and surplus--—-—
Consolidated Balance Sheet March 31,1941
■1
3,004
.
Comparative Balance Sheet April 30
Assets—Cash, $386,841: accounts receivable (net), $231,051; inventories,
$478,859; fixed asset (net), $3,015,247; deferred charges, $24,812; total,
$4,136,809.
Liabilities—Accounts payable, $361,933; accrued payrolls, commissions,
taxes, &c., $104,338; provision for social security, unemployment tax,
$6,005; deferred liabilities, $138,132; miscellaneous reserves, abandonments,
taxes, &c., $21,205; minority interest (Derby Oil Co.), $3,001; $4 cumula¬
tive jpreferred stock, $729,456: common stock (263,142 no par shares,)
$2,076,192; certificates of deposit outstanding calling for delivery of 21 shs.
of common stock, $168; capital surplus, $344,866; earned surplus, $351,512;
total, $4,136,809.—V. 152, p. 3649.
:
Dome
-
-
-
12,209
:
$341,505
9,563
18,949
16,021
24,887
3,889
-----
••';;v
Balance
.
$273,250
47,700
20,555
-I-—------
revenues
Preferred dividend requirements
27,731
67,794
—
Net income
-
Expenses
$97,751
10,358
; 1940
:■
$352,243
47,700
$399,943
—
Interest—demand notes—...
$107,533
8,284
-
Divs—common
Interest—income notes
$134,715
Profit
1941
■
.
„
Total
Miscellaneous operating revenue (net) —
(Del.)—Earnings—-
Earnings {Parent Company Only) 12 Months Ended April 30
Revenue from subs, cos.:
Gross profit-------
E. B. S. would
Three stockholders' suits for accountings and counsel fees were filed
June 11 in Federal court.
They alleged that improper payments had been
made by subsidiaries of three power companies controlled by the Electric
Bond & Share Co. to two other concerns, one of which was named a
$49,147
152, p. 826.
1940
a$59,139
Equivalent to 34 cents
cents per share
,
Stockholders Question Deals in Bond & Share System—
Co.—Earnings—
^Cuar. End. Mar. 31—
:
...
1938
1939
$286,126
$174,102
'
Mr. Boone said that if the SEC adopts the proposed rule
have to go to court to protect its legal rights.
-Earnings—•
1940
1941
$382,642
.
3805
inter-company payments without prior approval of the regulatory body
Delaware Power & Light Co.—Correction—
-
class A
Excelsior
28 to holders of record June 20.
Four
quarterly dividends of 12)4 cents per share were paid during 1940.—V. 152,
p. 1280.
\
and class B stocks payable June
Insurance
Co.
15-Cent Dividend— '
(Syracuse, N. Y.)—To Pay
ff'rt
.
Ebasco Services,
Directors have declared a dividend of 15 cents per share on the common
stock, payable June 30 to holders of record June 20. Dividends of 20 cents
was paid on Dec. 23, last, and regular semi-annual dividend of 15 cents was
paid on June 28, 1940.—'v. 151, P. 3088.
Inc.—Weekly Input—
For the week ended June 5,
1941 the System Inputs of client operating
companies of Ebasco Services, Inc., which are subsidiaries of American
Power & Light Co., Electric Power & Light Corp. and National Power &
Light Co., as compared with the corresponding week during 1940 were
oc
follows*
•'
In Thousands of
i
1941
Operating Subsidiaries of—
143,203
73,838
97,902
American Power & Light Co—
Electric Power & Light Corp.
Fairchild Aviation
••
Kilowatt-Hours
•*"
1940
125,169
67,266
Il%CTCCLSC
Amount
18,034
6,572
%
14.4
9.8
86,430
11,472
13.3
The above figures do not include the system inputs of any companies not
appearing in both periods.—V. 152, p. 3650.
National Power &
Light Co..
Eddy Paper Co.—%7 %-Cent Dividend—
Directors have declared a dividend of 3714 cents per
share on the common
stock, payable June 27 to holders of record June 16.
This compares with
25 cents paid on March 31, last; 75 cents paid on Dec. 26. last; 25 cents paid
on Sept, 30, July 29 and April 1, 1940; 50 cents paid on Dec.28,1939 and
20 cents paid on March 31, 1938.—V. 152, p. 1430.
Edison Brothers Stores,
Period End. May 31—
Sales.
-
—-------
—V. 152. P. 3650.
Unfilled orders
as
Corp.—Unfilled Orders—
of April 30, 1941, were $23.132,"686.86,
with $1,952,951.42 a year ago
V. 152, p. 3022.
Fedders
.
as
as compared
of Dec. 31, 1940.—
Mfg. Co., Inc.—To Pay 25-Cent Dividend—
The directors have declared a dividend of 25 cents per share on the
stock, par $5, payable July 1 to holders of record June 18. This
compares with 20 cents paid on April 1, last; 35 cents paid on Dec. 24. and
on Oct. 1, last, 15 cents paid on July 1 and April 1, 1940; 20 cents paid on
Dec. 20,1939; 10 cents on Oct. 2 and July 1,1939; 15 cents on April 1,1939:
10 cents on Jan. 10, 1939; 35 cents on Oct. 1, 1937, and dividends of 25
cents paid on July 1 and April 1, 1937, this last being the initial payment
on the larger amount of stock now outstanding.—V. 152, p. 1590.
common
Federal
Light
&
Retire Indebtedness to
and Sale
Inc.—Sales-
1941—Month—1940
1941—5 Mos.—1940
$2,582,519 $13,249,215 $10,522,014
.'P
$3,380,491
and $21,704,505.99
Traction Co.:—Five Subsidiaries to
Parent Through Private Sale of Bonds
of Stock to Parent—
Commission on June 5 Issued its findings
opinion granting the applications (File 70-310) of the company and
of its subsidiaries regarding the proposed retirement of the subsidiaries'
The Securities and Exchange
and
five
indebtedness to the parent company through the issuance and sale of 3 H %
Electric Power & Light
Co.—Preferred Dividends—
dividend of 30 cents per share on the $6 cumu¬
lative preferred stock, and a dividend of 35 cents per share on the $7 cumu¬
lative preferred stock, both payable July 1 to holders of record June 7.
Like amounts were paid on April 1, last, and Dec. 31, 1940, these latter
being the first payments made since January. 1933.-—V. 152, p. 2853.
Directors have declared a
Electric Bond & Share
Co.—Challenges SEC Power—
The power of the Securities and Exchange Commission to forbid utility
companies with dividend arrearages on publicly-held preferred stock to
make principal and interest payments on debt to their parent companies
was challenged June 10 by Electric Bond & Share Co.
U Boone, counsel for the Bond & Share system, told the SEC
that it had no authority under the Utility Act to take such action and
declared that a rule proposed by the Commission's utility division to forbid
Jarn^
bonds, due 1966, in an aggregate principal amount of $9,~
025.000 to John Hancock Mutual Life Insurance Co. and additional shares
of their capital stock to the parent company.
The parent company also will make capital contributions to certain of the
subsidiaries which will be effected by the cancellation of open account
indebtedness and by partial cancellation of demand notes.
The subsidiaries are Albuquerque Gas & Electric Co., Demlng Ice &
Electric Co., the Tucson Gas, Electric Light & Power Co., New Mexico
Power Co. and the Las Vegas Light & Power Co.
The cash proceeds to be received by the parent as a result of these trans¬
actions, aggregating $7,834,759, will be applied to the redemption of
first mortgage
$7,928,000 of its 5% (as stamped 6%) 30-year first lien sinking fund gold
bonds, due 1942, at 102%.
The transactions in respect of each of the subsidiary companies are as
.
follows:
The Commercial & Financial Chronicle
3806
Albuquerque Gas & Electric Co. proposes to Issue and sell $3,000,000 first
mortgage bonds, 314% series due 1960 to John Hancock Mutual JLIfe
Insurance Co., (all bonds are to be sold to this company and none involve
a public offering) at 102%, namely $3,060,000, thereof plus accrued interest
to the date of purchase.
The new bonds are to be issued under and secured
an indenture of mortgage and deed of trust to be dated as of April 1,
(ail indentures are to be substantially similar and of the same date).
Albuquerque also proposes to issue and sell or exchange to Federal 14,760
shares of its capital stock ($100 par) at the par value thereof, namely,
by
1941
(i)
Retirement of all of the company's indebtedness to Federal, which
follows:
indebtedness (exclusive of accrued interest) is as
May 1. 1947------- $2,000,000
g% demand notes—.—1,112,005
First mortgage 30 year g% gold bonds due
——
1,248,708
—
$4,361,313
(2) To the payment of estimated expenses of the financing.-—
(3) To be added to general funds of the company- — — — -
Total
Total
—
—
-
--
--
--
-
-
—
-—- — -
—
—
-------
... -- ---------
------- -
Deming Ice & Electric Co. proposes to issue and sell $300,000 its first
mortgage bonds, 3H% series due*960, at 100%, namely $300,000, thereof
plus accrued interest to the date of purchase.
Deming also proposes to issue and sell to Federal 3,364 shares of its
capital stock ($100 par,) at the par value thereof, namely $336,400.
The proceeds from the sale of the new bonds and capital stock, aggre¬
gating $636,400, will be applied as follows:
(1) Retirement of all or company's indebtedness to Federal remaining
after giving effect to the capital contribution proposed to be made by
Federal, which indebtedness (exclusive of accrued Interest) is as follows:
8% demand notes, $746,778. less capital contribution, $188,978
Open account, $96,945, less capital contribution, $96,945---.-(2) Payment of estimated expenses of the financing.—-——
(3) To be added to general funds of the company.
Total...
—
$557,800
-----
15,500
an
adjourned regular monthly meeting of the board of directors
a dividend for the quarter of 25c. per share and a special dividend
$1.25 per share was declared on the common stock, payable July 2,
1941 to the stockholders of record June 23. 1941.
June 12.
of
Special dividend of 50 cents was paid on Dec. 23, last, and one of $1.75
on July 1, 1940.
paid
Federal will make a
capital contribution to the company of $285,923 to be effected by the can¬
celation by Federal of the company's open account indebtedness amounting
to $96,945 and $188,978 principal amount of the company's 8% demand
notes.
Company proposes to enter the capital contribution on its books as
a capital surplus.
The capital surplus so created will then be eliminated by
the transfer thereto of the adjusted balance in the surplus deficit of the
company of $285,923.
Las Vegas Light & Power Co. proposes to issue and sell $225,000 first
mortgage bonds, 3H% series due 1966 at 100%, namely $225,000, thereof
plus accrued interest to the date of purchase.
Las Vegas also proposes to issue and sell to Federal 841 shares of its
capital stock ($100 par) at the par value thereof, namely $84,100.
The proceeds from the sale of the new bonds and capital stock, aggregat¬
ing $309,100, will be applied as follows:
(1) Retirement of all of company's indebtedness to Federal remaining
after giving effect to the capital contribution proposed to be made by
Federal, which indebtedness (exclusive of accrued interest) is as follows:
1st mortgage sinking fund 20-year gold bonds which became due
July 1, 1929—6% series, $150,000; 7% series. $10,000
$160,000
8% demand notes, $236,034, less capital contribution, $108,259
127,775
Open account, $49,291, less capital contribution, $49,291
To the payment of estimated expenses of the financing..15,125
To be added to general funds of the company—------6,200
;7-'
Bonds Called—
1 at 102 and accrued interest
bonds, American series, stamped
sinking fund bonds, international series, and
bonds, American series, stamped "interest
changed to 6%." due March 1, 1942.
Holders of the bonds may at their
option surrender the bonds at any time before 8ept. 1 and receive 102 and
accrued interest to Sept. 1, 1941.—V. 152, p. 3181.
Company has called for redemption Sept.
all outstanding first lien 5% sinking fund
and unstamped; first hen 5%
first lien 5% sinking fund
Federal-Mogul Corp. (& Subs.)—Earnings—
Consolidated Income Account for
Calendar Years
1939
$6,439,912
4,284,838
1938
1937
Cost of products sold—
$7,690,460
5,234,797
$4,783,021
3,354,631
$6,163,110
4,716,776
Sell., shipping, admin.
& general expenses—
1,537,812
1,315,147
1,015,652
940,598
$917,850
2,550
$839,926
6,131
$412,738
5,454
$505,735
4,160
$920,400
25,419
$846,058
26,080
$418,192
33,117
$509,896
33,524
1940
Net sales——,
—
Operating profitOther income---------Total income-
Other deductions
—
_
_
—
Prov. for U. S. <fe Cndn.
a300,994
Net profit-Cash dividends paid
—
171,652
61,827
74,779
$593,987
273,231
(est.),.
taxes on income
$648,325
$323,247
101,839
$1.27
$401,593
203,678
$1.57
a
190,948
$2.54
2.12
Earnings per share
Includes excess profits tax.
Consolidated Balance Sheet Dec. 31
$630,400
-...————....——————
.■•//
At
v
63,100
In connection with the financing of the company.
exceed the aggregate amount of
•
,
Special Dividend-—
$4,536,000
Albuquerque also proposes to sell to New Mexico Power Co., an Associate
company, 178 shares of that company's $7 cumulative preferred stock at
cost to the company, namely, $17,780.
transactions shall not
respect of these
$47,500.
50,000
124,687
Open account—
1941
14,
That, attorneys* fees to be paid in connection with services performed in
•
J .476,000.
The proceeds from the sale of the new bonds and capital stock aggregating
$4,536 000, will be applied as follows:
June
Trade
notes,
ceptances & ac¬
counts receivable
Other assets-----b
Prop.,
plant
$353,398
302,548
141,202
148,033
taxes on income.
106,858
75,196
301,318
Com. stk. (par $5) 1,397,370
247,843
Capital surplus—
Earned surplus.-- 1,635,708
167,126
1,272,990
93,184
1,314,952
1,506,962
12,852
equipment
1,048,577
1,273,711
-
1
:
39,719
44,156
Deferred charges..
After
reserve
income—.
$4,183,698 $3,474,029
Total—--
Total..-.-.—$4,183,698 $3,474,0291
a
accts.
U. 8. & Can. taxes
on
&
Patents <Sr goodwill
1939
$100,000
pay-
Payrolls & comm's
770,934 Taxes, other than
810,621
1,927,852
11,723
-
Notes payable
Trade
ac¬
Inventories
1940
Liabilities—
$94,983
$115,633
Cash
a
1939
1940
Assets—
V.
1939.
y After reserve
$735,971 in 1940 and $670,898 in 1939.—V. 152, p. 2704.
of $48,644 in 1940 and $34,308 in
for depreciation of
Federal Motor Truck
Co.—Earnings—
Consolidated Income Account for Calendar
Years
bl937
a1940
bl938
$228,681
$123,656
$276,152
13,559
14,764
39,295
42,545
$215,123
81,100
$108,892
66,886
$236,857
62,412
x$115,057
59,287
3,015
$296,223
$175,778
$299,269
x$52,754
49,154
$296,223
491,543
Operating loss
al939
$175,778
491,543
$299,269
491,543
x$3,600
491,543
Other income
$72,512
-
Loss
Depreciation
Income tax—
Total----..---—
$309,100
-------
In connection with the financing of the company, Federal will make a
Net loss
capital contribution to the company of $157,551 to be effected by the
by Federal of the company's open account indebtedness
amounting to $49,291 and $108,259 principal amount of the company's
8% demand notes. Company proposes to enter the capital contribution on
its books as a capital surplus.
The capital surplus so created will then be
eliminated by the transfer thereto of the adjusted balance in the surplus
deficit of the company of $157,551.
'
Dividends
cancelation
New Mexico Power Co. proposes to issue and sell $2,000,000 first mortgage
bonds, 3Y%% series due 1966 at 101%, namely $2,020,000, thereof plus
accrued interest to the date of purchase.
New Mexico also proposes, to issue and sell to Federal 118,200 shares of
its common stock (no par) for $1,232,000.
The
proceeds from the sale of the new bonds and
common
stock,
aggre¬
gating $3,252,000, will be applied as follows:
(!) Retirement of $2,000,000 of company's 1st mtge. gold bonds, series A
5% due Jan. 1,1958 and $109,500 of first mortgage gold bonds, series B
5% due Jan. 1,1958, in the following manner:
$700,000 of series A bonds held by the public to be called at
103% (excl. of accrued interest)
$721,000
Balance of old bonds, namely $1,409,500 to be acquired from
Federal at cost to Federal (excl. of accrued interest)--..-1,127,600
(2) Retirement of 3,000 shares of the company's $7 cumulative
preferred stock (no par) in the following manner:
272 shares held by the public to be called at 105%-----—--28,560
178 shares to be acquired from Albuquerque Gas & Electric
Co., an associate company, at cost to that company.—...
17,780
2,550 shares to be acquired from Federal at cost to Federal.. V 240,000
(3) Retirement of the company's indebtedness to Federal, which
indebtedness (exclusive of accrued interest) is as follows:
8% demand note, $513,562; open account, $497,724
1,011,286
(4) To the payment of estimated expenses of the fmaclng.—...
39,000
(5) To the payment of interest overlap.—
4,375
(6) To be added to general funds of the company...62,399
Deficit
Shs. cap. stock
Earnings
a
per
outstd'gshare—_
Nil
Nil
Nil
>
-
b Including subsidiaries,
Including subsidiary,
x
$0.11
Profit or surplus.
Consolidated Balance Sheet Dec. 31
1940
Assetssi
machry. & equip
Cash.-.
Inventories
8,725
153*761
rec.
247,417
1,366,256
1,195,016
...
1939
Capital stock,..$2,457,715 $2,460,715
296,591
382,001
—
Res. for conting.—
22,601
b
$906,272 $1,092,420
331,204
302,731
Marketable secure.
Notes & accts.
1940
Liabilities—
1939
Land, buildings,
Accts. pay., &c
Accrued
Insurance
7,530
& taxes, &c
13,937
Surplus...
80,120
567,656
Cash surrender val.
41,758
219,183
42,461
insur. policy—
Other assets..—
Deferred charges..
Total
a
41,090
260,226
80,344
$2,861,183 $3,427,683
After depreciation,
-—$2,861,183 $3,427,683
Total
b Represented by 491,543 no par shares.—V. 151
p.3888.
Federal Screw Works
(& Subs.)—Earnings—
Consolidated Income Account for Calendar
Years
,
Calendar Years—
Gross profit before depr.
Sell., adra. &
1939
1940
1938^
1937
$438,189
183,565
$505,343
202,417
$31,097
7,210
loss$88,879
5,138
$302,926
5,479
$266,496
70,337
43,322
9,750
318
$38,307
90,908
53,521
loss$83,741
105,796
34,798
11,297
4,204
$308,405
107,993
15,877
23,000
7,721
$142,768
161,465
$0.88
Operating profit
Other income
$59,236
148,115
$254,623
11,873
gen. exp„
$192,802
161,705
x$H7,419
al61,465
x$228,538
bl99,375
-
Total-.-—
— —
—
$3,252,000
Tucson Gas, Electric Light <fe Power Co. proposes to issue and sell
first mortgage bonds, 3H% series due 1966, at
$3,500,000
102% of principal amount,
namely $3,570,000, thereof plus accrued interest to the date of purchase.
Tucson also proposes to issue and sell to Federal 20,000 shares of common
stock (no par) at $10 per share, namely $200,000.
The proceeds from the sale of the new bonds and common stock, aggre¬
gating $3,770,000, will be applied as follows:
(1) Retirement of all of the company's indebtedness to Federal, which
indebtedness (exclusive of accrued interest) is as follows:
1st mtge. sinking fund 6% 20-year gold bonds which became
due May 1,1927 of which bonds $35,000 bear additional
interest at rate of 1% per annum--.---$297,000
8% demand notes...2,653,046/
Open account.
604,939
(2) Acquisition of 225 shares of the company's 5% preferred
stock ($100 par) from Federal at par.
22,500
(3) Payment of estimated expenses of the financing.
52,500
(4) To be added to general funds of the company.
1.1
140,015
—
----
.
—
———
.
Net income...
Provision for deprec
Interest
Federal income tax
Other charges
—
Net income
Shares
common
Earnings
a
stock
per share.
b No par.
$i par.
x
Loss
.
Cash
$152,513
-----
Misc. accts. receiv.
Inventories
c
13,923
and commissions
$3,770,000
trustees..
1,136
2,912
254,446
current)
& other
.
-
Investments
a
equipment-
Deferred charges..
Goodwill..
19,078
accr.
on
5%
sundry items—
Deposits by cust—
Prov.
for
62,703
19,791
18,558 5% 1st mtge. bds.
income tax——
9,750
821,205
par).
Capital surplus—
Oblig. for retire, of
161,465
219,778
5% lstmtge.hds
28,785 Earned surplus
868,500
161,465
211,823
4,295
149,148
4
6
749,424
737,491
28,785
49,500
Federal
54,370
Lansing,
Mich——
21,453
Int.
Social sec. taxes &
Prop., plant and
b Land In
14,475
—
1st mtge. bonds.
584
—
charges-
6,532
13,758
_
saL, wages
Interest
Prepd. insur., taxes
long as any of the first mortgage bonds, 3H% series due 1966,
of the Tucson Gas, Electric Light & Power Co. shall be outstanding, such
declarant will not declare or pay any dividends (other than dividends
payable in shares of its common stock) on any shares of its common stock
unless its earned
surplus remaining after such declaration is not less than
$1,524,000: provided, however, tnat such amount may be reduced by
surplus adjustments applicable to a period prior to Feb. 28, 1941, and
charges to earned surplus In respect or loss on sale, abandonment or write¬
down of properties or investments owned on said
date, write-down or write¬
off of the excess of the cost to the declarant of properties over the original
cost of such properties when first devoted to the
public use and transfers
to capital or reserves.
This provision shall be subject to revocation, in full
or in part, by this Commission at any time on its own motion or
upon
application of the declarant.
so
24,245
3,998
Accrd.
123,852
Notes receiv. (non-
following further conditions:
37,908
matured.
.
15,358 Accounts payable.
200,842
362,699
28,098
Expenditure-
$121,568
$12,364
44,354
machinery
Cust. accts. receiv.
(net)
1939
$118,139 Notes payable for
Notes rec., incl. ac¬
crued Interest—
1940
Liabilities—
1939
1940
The applications, as amended, are permitted to become effective subject,
however, to the terms and conditions prescribed in Rule TJ-24, and to the
That,
$153,816
bl99,375
$0.77
Consolidated Balance Sheet Dec. 31
Assets—
Special depos. with
Total—..
Nil
Nil
Com .stk.($1
2,239
1
Total---..— $1,613,827
$1,362,837
Total--,--
$1,613,827 $1,362,837
reserve for depreciation of $403,384 In
1940 and $422,223 in
b Not used in operations (at cost).
c On plant faculties for U. 8.
Government under educational contract,
d On undeposited conv. 6)4%
a
After
1939.
10-jear gold notes.—-V. 152, p. 2704.
The Commercial & Financial Chronicle
Volume 152
committee.
Federal Telegraph Co .-"Sale to I. T. & TVSee International Telephone & Telegraph Corp.—V.
Ferro Enamel
al940
$1,552,183
46,306
d74,905
d79.333
70,222
25,385
565,784
a dividend payment
equal to 1.8% of the principal amount of the deposited bonds.
In order to obtain the new securities it will be necessary for depositing
bondholders to present or forward to Boatmen's National Bank of St. Louis,
as
depositary for the committee, their certificates of deposit, duly endorsed
in blank with signature guaranteed by a bank or trust company.
The members of the committee are: O. L. Holman and Warren Browne,
with James S. McClellan, Sec., Boatmen's Bank Building, St. Louis, Mo.
—V. 136. p. 1381.
,y;.yy
' '■ .
'
- ;yy'
$2,469,084
73,437
60,469
23,616
815,577
817,176
Miscellaneous income.
Profit.
Interest, discount. &c__
729,199
780,824
$557,477
69,074
$115,288
69,624
$715,161
90,159
$602,958
60,964
Operating profit
925,774
$542,958
c60,001
ministrative expenses.
$626,551
79,237
89,819
$184,912
53,267
20,387
$805,320
731232
101,551
_
Minority interest
Profit for the year
First National Stores Inc.—Earnings-—
Years Ended
Period—
106(567
$440,443
$1.89
wholly-owned domestic
ended Dec. 31, and those of its foreign subsidiaries
b Including accounts of Ferro Enamel
Corp. and its wholly-owned domestic subsidiary for the year ended Dec. 31,
1937, and those of its foreign subsidiaries for the fiscal year ended Oct . 31,
1937, with the exception of the Ferro Enameling Co. of Canada, Ltd.,
which are for 10 months ended Oct. 31, 1937.
c Includes $22,631 in 1940,
$16,947 in 1939, $28,989 in 1938 and $40,311 in 1937 commissions earned,
d Depreciation charges only.
years
for the fiscal years ended Oct. 31.
Consolidated
53 Wks.End.
Mar. 30 '40
1,923
2,137
Apr. 1 *39
2,244
Apr. 2 '38
y
2,350
Sales...142,680,922 131,041,158 124,222,956 124.294.61S
Cost, expenses, &c—...138,253,888 126,983,033 120,005,014 bl20179,976
Depreciation
972,868
953,731
956,014
1,005,649
$559,677
$2.92
$111,257
$0.57
$457,495
$2.35
Includes accounts of Ferro Enamel Corp. and its
subsidiary for the
Mar. 29 *41
Stores (number of).....
65,843
...
Earns, per share on com.
a
receive at the time of the distribution of the securities
$1,562,584
.
Prov. for Fed. inc. tax.
bl937
al938
al939
$1,435,039
Maintenance & repairs.
Deprec. tc amortization.
Taxes (other than inc.).
Other mfg. expenses...
Selling, general and ad¬
depositing bondholders.
These securities consist of bonds, certificates representing the capital
stock of Cosmopolitan Realty Co. (for details see this company), and frac¬
tional participation certificates.
In addition, depositing bondholders will
Corp. (& Subs.)-—Earnings-
Years End. Dec. Z\-~
Gross profit
c
to
132, p. 4053.
3807
The securities of this company are now ready for distribution
Earnings for the 3 Months Ended March 31
.
Miscellaneous income.
Total income
Interest paid
Loss
on
3,454,165
199,770
.
_
3,261,928
235,248
3,108,993
177,577
3,653,936
23,180
3,491,550
22,622
145,556
51,540
532,757
3,497,176
25,034
149,021
3,286,570
548(755
468(269
2,774,366
5,605
2,044,226
-
2,705,191
136,114
2,042,975
;•
526,102
_
—
sale of assets-
3,104,394
232,354
114,037
40,765
.
.
314,941
.
Miscellaneous charges.
Federal taxes
Surtax
1939
1940
1941
Profit..............
rec. (net)
on sales of secur.
Int. & divs.
Gain
_
8807(695
98.116
i
undist. profits
on
15,000
Net
income after deprec., interest,
)■»Fed. & foreign inc. taxes, &c
...
Shares
stock
common
Earnings
...
share
per
$143,785
233,056
$0.62
$123,409
-
233,160
$0.53
'
$148,689
194,300
$0.77
Note—Above figures include accounts of wholly-owned foreign
sidiaries for quarter ended Jan. 31, 1941, the first quarter of their
year.
yyvy.v.
•
,;>-v yy->\y
Assets—
1940
':;
1939
Lands, buildings,
mach'y & eauip-
Cash______......
b Notes & accts.rec
t*
2,046,417
Surplus
Earns.per sh.of com.stk.
460,399
$3.06
689,434
$3.34
$909,837
443,155
873.106
Investments
—
....
10,465
12,518
80,813
10,327
52,057
Deferred charges.
Due
from
8,333
44,547
_
Excess
cost
cos.
of
562
15,895
22,526
Goodwill
6,250
Pref. stk. sink. fd.
6,900
26,629
8% pref. (par $10)
.
.
Other liabilities...
.....$3,675,387 $3,778,2241
19,025
1,910,078
932,508
20,228
1,864,604
780,950
Drl,661
..
Total
b
$3,675,387 $3,778,224
Total..
Consolidated Income Account for Years Ended Jan. 31
1941
1940
.....32,405,643 30,980,349
shares
First Security Corp.
34,450,908
34,027,033
34,209,950
18,737
$2,331,380
19,601
$2,187,832
34,723
$2,384,434
84,732
$2,612,279
89,341
$2,350,981
72,307
486,657
233,000
994,148
451,679
420,384
170,200
1,013,137
$2,222,555
72,022
413,699
136,000
889,279
$2,361,122
23,312
..
Other income
$2,593,542
Period End. May 31—
—
—V. 152, p.
3023.
-
— _
taxes
$877,240
4,216,707
$674,953
4,219,235
3,266
30,573
4,66l
12,975
36,258
14,926
$4,945,372
$5,206,735
500,000
228,665
500,000
237,500
750,000
$4,193,763
$4,321,902
$4,216,707
$4,219,235
11,424
210,819
Balance
Excess over requirements in reserve for
ments.
(
:
possible additional tax
576,367
Cash
U. S., State
munic, securities
805,250
acc'ts
Mdse. inventory..
4,256,024
4,016,715
Sundry debtors...
114,199
Other assets......
1,588,679
5,510,683
217,908
receivable...
...
Fixed assets
Deferred charges.
Goodwill....
Total
.
1
1940
$
Earnings
y
"'"287
276
275,939
13,969
196,000
b275,500
1,028,284
$1,233,475
1,020,339
$876,833
758,227
$1,247,088
1,088,489
$343,087
$213,136
$118,606
$158,599
a650,000
$1,371,371
——
share on
stock$3.99
•
■
■
$2.59
$3.61
$3.71
Includes $140,00 exceesO for profits tax.
b Includes $31,000 for surtax
undistributed profits,
c Includes $4,350 gain on security investments
801
59,438
1,999,000
16,768
50,000
4,466.200
5,000,000
4,321,902
Total——17,085,827 17,209,252
■.
Represented by 500,000 no-par shares.—V. 151, p. 3236.
*
Balance Sheet Dec. 31
840,922
455,022
Includes (a) mortgage notes, 4 Ys
1959
"""306
per
common
Acc'ts pay.—trade
842,320
503,209
1,375,250 Accr'd liabilities..
91,772
Sundry creditors..
3,995,212 Mtge. note pay...*1,957,000
3,836,482 Res've for oossible
add'l tax assess.
97,098
18,761
1,544,804 Res. for conting..
50,000
5,621,729 4%%
cum.
pref.
stock (par $100) 4.429,000
221,060
1 y Common stock.. 5,000,000
Earned surplus... 4,193,763
17,085,827 17,209,252
338
1,269
yyyv
$
% instalments payable within one year,
$42,000; (b) mortgage note payable (mortgage on real estate of R. H.
White Co., maturity Feb. 1, 1959), $1,440,000; (c) mortgage note, 4H%
(not assumed—outstanding on real estate acquired by R. H. White Co.),
principal payable $6,000 semi-annually; unpaid balance due Dec. 31, 1946
(instalments due within one year included in current liabilities), $475,000.
The $1,500,000 note payable of R. H. White Co. bears interest of 4%
per annum for first 10 years; 4Per annum for next five years; 4Yt%
per annum for last five years; $2,500 to be paid monthly on account of
principal, commencing Feb. 1, 1940; balance of principal payable Feb. 1,
x
$1,534,112
11,238
to
Surplus...
assess¬
1941
Liabilities—•
creditors..
and
Customers'
517,615
$1,087,109
~3", 164
Common dividends.—_
on
$
$1,513,192
a
194C
$
'
$2,022,640
Netprofit
Consolidated Balance Sheet Jan. 31
1941
Assets—
$1,413,379
120,733
Sears, Roe¬
buck & Co.
Prov. for Fed. inc. taxes
»■
.
$994,494
92,614
_—......
45,306
220,288
500,000
.....
$1,391,651
121,542
Miscellaneous charges -1
Final
adjust,
of
1937
$5,137,495
1937
$9,879,119 $12,726,135
7,667,373
9,912,060
1,217,252
1,400,696
cll8,858
$1,903,782
Total income
inc.
pribr years—
Divs. on 4%% pref. stk.
Divs. on common stocks
tax
& admin, exps
Net profit from opers.
Other income..—.....
sales
1938
1939
1940
14,776,226 $11,924,647
11,085,760
9,091,532
1,786,685
1,441,464
Cost of goods sold—....
gen.
$1,482,298
Co.—Earnings—
Calendar Years—
Gross sales
Sell.,
$1,717,552
y;
Other interest—.,
Loss on sec. invests, sold
50,000
Res. for contingencies..
a
$711,554
4,495,181
281
$4,916,007
-
986,018
$585,898
4,321,901
Netprofit—Bal.,surp.,ofprev.years
Net disc't on repurchase
of preferred stock—_
a Miscellaneous credit-Refund Federal income
taxes, prior year
Federal
208,000
1941—5 Mos.—1940
1941—Monta—1940
$463,356
$394,768
...
^
Florence Stove
Gross income
Interest paid...
Deprec. & amortization.
Prov. for Fed. inc. tax..
(Ogden)—Special Dividend—
(M. H.) Fishman Co.. Inc.-—Sales—
'
35,068,476
Sales
Total
..32,405,643 30,980,349
...
and 6,897 shares of pref. stocks held in treasury in 1941 and 9,057
common and 3,584 shares of pref. stock in 1940.—V. 152, p. 1431.; ;
mon
departments)..$37,429,598 $37,044,450 $36,358,413 $36,397,782
oper. & admin, exps..
Additional
Total
were paid on Dec. 10 and June 10, 1940.
Extra dividend of 15 cents was
paid on Dec. 15,1939 and 25 cents paid on Dec. 15,1937*.—V. 151, p. 3888.
1938
1939
s&Igs of
Cost of goods sold, sell.,
Other
573,019
80,631
Directors have declared a special dividend of 25 cents per share in addi¬
tion to the regular semi-annual dividend of 50 cents per share on the class A
and B stocks, all payable June 10 to holders of record June 2.
Like amounts
(Wm.) Filene's Sons Co.- (& Subs.)—Earnings—
Profit
695,511
a
After depreciation of $5,812,071 in 1941 and $6,183,801 in 1940.
Represented by 827,634 no par shares, c Includes 9,057 shares of com¬
depreciation of $395,653 in 1940 and $402,742 in
b After reserves,
c 92 shares at cost.—V. 151, p. 2940.
leased
335,090
913,727
591,807
80,631
Federal
for
Income taxes...
for
reserves
(incl
306,780
certificates
Prov.
70,070
70,070
b Common stock.. 6,977,422
6,977,422
Earned surplus...18,492,334 18,031,935
c Treasury stock.. Dr327,170
Dr285,174
67,998
credits
128,884
3,301,328
1,071,634
Employees' invest.
Reserves...
fluctuations
38,107
4,043,523
1,256,520
Accounts payable.
Accrued expenses.
1
com.
Treasury stock
Sctl©s
1
'
letters of credit.
.
Inter-co.charges &
56,956
Accepts, pay. und.
.
Res. for for'n exch.
over
$
74,914
contracts
Capital surplus...
Earned surplus
1939.
Liabilities—
.
...
Prov. for inc. taxes
under
Mar. 29*41 Mar. 30'40
$
102,262
15,052
-
Mis cell, reserves..
13,088
...
acquired...
After
490
Cash
5,324,029
4,839,394
U. S. Govt. sees.. 1,580,000
3,080,000
Accts.rec., less res
432,607
419,533
Inventories
.14,257,569 12,584,842
Investments, &c_.
389,185
284,584
Prepd. ins. & exp.
651,051
699,160
a Fixed assets
.9,771,201
9,072,835
agreement
subsid.
Total
55,822
339,328
112,461
Adv. payments on
Liab.
wholly-
book val. of cap.
stock
112,865
350,126
113,129
158,833 Dividends payable
owned subs, not
consolidated
.
$3.14
Comparative Balance Sheet
$
5,000
Accr'd liabilities
179,854
724,534
$3.38
72,319
921,729
_
.
b Includes interest paid.
Mar. 29'41 Mar. 30'40
Assets—
Accts. pay. (trade)
..
1,903
.
No provision for excess profits taxes.
$194,300
$233,148
...
995,650
b Pats. & pat. rts.
Other assets-.
Prepaid expenses
—
1939
1940
Liabilities—
Com. stk. (par $1)
$958,513 Bank loan (foreign
549,676
subsidiaries)
...
Common dividends
a
1,000,729
135,317
Inventories
a
-y
2,508,719
2,739,075
4,163
2,045,478
Consolidated Balance Sheet Dec. 31
,vy y
a
sub¬
fiscal
Net profit
Preferred dividends.
Accounts
Cash in banks and
on
trade
Accts:
notes and
accep'ces
on
ance
14,063
14,081
35,149
29,621
1,239,724
1,054,757
policies....
& other expenses
at cost.*
..——
Property,
plant
and equipment. 1,911,270
Patents &
Fidelity Bond & Mortgage Co., St. Louis, Mo.—Sale,
Sears,
135,455
27,127
28,299
Prov. for taxes..
132,333
48,542
789,890
84,742
28,839
405,453
Employers' llab. &
group ins. res...
86,119
62,673
3,622,295
2,681,457
Other accrd. exps.
b Common
stock. 3,681,042
Earned surplus... 2,986,807
1,536,364
1
goodwill
$8,227,844 $7,343,215
Total...
1939
$294,003
payable
—other........
c
insurance
Secur. investments
a
pay,
Accounts
Accrued payroll &
commissions...
Total.
$8,227,844 $7,343,215
obsolescence and amortization of
$1,353,402 in 1940 and $1,344,003 in 1939.
b Represented by 344,053
(341,442 in 1939) no par shares,
c Including $665,000 in 1940 and $291,000
in 1939 for Federal taxes on income.—V, 152, P. 2704.
a
After
for
reserve
depreciation,
Ford Motor Co.,
'
1,271,042
1,857,518
return prem.
mutual insur¬
Prepaid
$475,984
Roebuck & Co..
receivable...... 1,757,953
Inventories-..... 2,550,260
Est.
1940
payable
—trade
$719,424 $1,579,831
hand...
Accts.,
Liabilities—
1939
1940
Assets—*
Detroit—FTC Upheld by Court Against
Company in Financing Method—
In a
unanimous opinion, the IT. S. Circuit Court of Appeals for the Sixth
has affirmed a cease and desist order of the Federal
Circuit (Cincinnati)
The protective committee for holders of bonds of the company, in a letter
to holders of certificates of deposit representing bonds on Cosmopolitan
Hotel, Denver, Colo., May 29, states:
The property securing the bonds was acquired at foreclosure sale by the
committee acting on behalf of depositing bondholders.
The property is
now owned by Cosmopoltan Realty Co., a corporation organized by the
against Ford Motor Co. involving the legality of the
advertising of its "6%" plan for the purchase of auto-
Trade Commission
Ford Motor Co.'s
mTheso-caUed
first used in
other motor
"6% plan" of financing the retail sale of automobiles was
1935 by the General Motors Corp. and was later adopted by
companies and finance corporations.
The Commercial & Financial Chronicle
3808
The opinion was delivered by Judge Hamilton.
Comparative tables
prepared by an expert accountant and in evidence in the case indicated that
the credit charge under petitioner's "6%" plan amounted to approxi¬
mately 1114 % simple annual interest.
In its appeal from the order of the Federal Trade Commission, petitioner
alleged, among other things, that the method used by it in the sale of its
automobiles was not unfair; that the proceedings by the Commission to
prevent the use of the method by the petitioner is not in the public interest,
and that the method of petitioner does not affect competition in interstate
commerce.—V. 152, p. 3496.
Follangbee Steel Corp. (&
Subs.)—Earnings—
Dec. 31, 1940
Consolidated Earnings for 6 Months Ended,
$3,781,192
Sales, less cash discounts, outward freight, returns, & allowances
Cost of sales
3,124,679
;
Selling and administrative expenses
Maintenance and repairs
Taxes (other than Federal income taxes).__
Royalties
204,278
195,679
93,152
——
.
-
Provision for
..
JM28
153,763
—
-
-
depreciation
$10,187
30,755
Loss before other income and other charges-
Other income-,
—
—
.
6,100
35,565
23,164
6,416
disposal of fixed assets,
*
Interest on notes payable
—
- Expenses incident to obtaining 1st mtge. and collateral loan..-Prov. for Federal income taxes (of sub. companies)-,
$50,679
dollars in the United States.
Income shown in the above statement includes gross profit on billings and
and interest charges against the Canadian subsidiary totaling
$43,536, not realized by the corporation in the United States. The statement
does not include, as in previous years, an adjustment in the reserve for
loss on Foster-Wheeler Ltd. (Canada). Such adjustment has been omitted
because the reported net income of that company (Canadian $73,518) may
be subject to adjustment by reason of additional income tax.
b Including British subsidiary,
c Including British and French sub¬
service
sidiaries.
incl. operation and maintenance of plants,
general and administration
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.
f Including Federal excess
profits tax.
fi-:
Balance Sheet Dec. 31
■vv-'vs:
v v. ^
d After deducting all costs,
erection and installation of apparatus, selling,
expenses,
e
420,537
Land, buildings, machinery &
223,416
11,278
1,977,932
equipment (net)
—
Cash in bank—property fund
6,951,414
20,493
Prepaid taxes, Insurance, &c.
31,452
518,779
(net)..
Inventories... w.-------—Miscell. investments, Ac
Reserves for extraord. repairs,
furnace relining, &c_.
>eftclt.
Notes & accts. rec.
3,023,902
3,036,524
Notes payable.-—
Marketable secur.
16,106
Acer, commissions,
216
409,827
2,244
2,668,300
2,046,601
Wheeler,
690,737
International Paper Co.—Sells $26,500,000 First Mtge.
Vs % Bonds to Four Insurance Companies—It was announced
June 10 that company has sold privately to four insurance
companies at 100 and accrued interest $26,500,000 first lien &
general mortgage bonds, Z%% series, dated April 1, 1941,
due April 1, 1956.
The respective participations of the four
insurance companies are: The Equitable Life Assurance
Society of the U. S., $12,500,000; Metropolitan Life Insur¬
ance Co., $9,000,000; John Hancock Mutual Life Insurance
Co., $3,500,000, and Massachusetts Mutual Life Insurance
Co., $1,500,000.
Arrangements for the sale of the bonds
were made through the First Boston Corp. and Smith, Bar¬
ney & Co.
3
This financing not only represents a further important step in simplifying
the company's capital structure, but also provides a permanent medium
for handling future bond capital requirements.
97,025
$7 preferred stock.
1,672,800
Other subsidiaries.
22,034
Capital surplus..
2,581,800
1,804,820
2,581,800
9,814
7,657
84,910
Common stock.
Miscell. invest—.
Earned surplus.
1,313,034
269,272
with
Deposits
38 832
2,829,056
57,675
62,998
11,146
the sale of the bonds are being used:
To redeem on July 12,1941, at 101 ]A and accrued interest, $9,928,000
Southern Kraft Corp. first leasehold and general mortgage bonds, 4M%
series due 1946.
This represents the entire outstanding balance of the
Southern Kraft issue after the regular sinking fund operations which
required call of $705,000 bonds for redemption on March 4, 1941, and an
additional $300,000 for redemption on July 3, 1941.
Both sinking fund
redemptions were at 100 and int.
(2) To refund the secured bank loans of International Paper Co. which
amounted to $9,187,500.
These bank loans, whicb were in the formof
secured sinking fund notes due 1941-1944 with interest from 2% % to 4M %
25,585
Deferred charges.-
,.1
•
,,
1
oped patents..-
a
$10,843,646 $9,292,000
This cash has
been deposited with Chemical Bank & Trust Co. subject to withdrawal
against 60% of the cost or fair value of additions and improvements to the
Southern Kraft properties.
To reimburse the company for the cost of the acquisition of the
steam and steam-electric plant near Mobile, Ala., purchased in April at a
cost of $1,750,000.
This plant has heretofore supplied under contract the
bulk of the steam and electric power requirements of Southern Kraft's
Mobile mill.
The purchase of the plant will permit considerable savings
in power and steam costs at this mill.
The bonds are secured by a first collateral lien on the Springbill, La.,
Georgetown, S. C., Panama City, Fla. and Mobile, Ala., mills of Southern
Kraft Corp. which are the most modern and most profitable properties now
controlled by International Paper Co.
In addition they will be secured by
a collateral lien, subject to the International Paper 1st & ref. 5s, on the
more important of the other properties of Southern Kraft Corp. and by a
mortgage, subject both to the 1st & ref. 5s and to the refunding 6s, on
substantially all the directly owned properties of International Paper Co.
are
issued under
Smith
as
an
indenture to Chemical Bank & Trust Co.
Additional bonds of different series
trustees.
increasing amounts is provided to retire over 75% of the present issue of
bonds prior to maturity.
Richard J. Cullen. president, also announced that International Paper
Co. had redeemed at par on June 9,1941. the $2,909,080 secured promissory
notes due serially to Dec. 31, 1944, issued last December in connection
with the acquisition of Agar Manufacturing Corp.
Funds for the re¬
demption of these notes wer3 obtained by a $3,000,000 unsecured four year
term loan at 1 %% from Chase National Bank, First National Bank of
Boston
and
Bankers
Trust
Co.
The
new
loan
matures
instalments of $375,000 every six months from Dec.
in
semi-annual
10, 1941, to June 10,
b After depreciation of $2,912,842 in 1940
Represented by shares of $10 par.—V. 152,
(The) Foundation Co.—Earnings—
1937
1938
1939
1940
$76,849
145,817
$77,591
142,542
$64,631
121,801
$13,519
139,179
$64,950
33,206
$57,170
4,174
$125,660
17,170
$68,969
41,435
$?2,996
17,948
$108,490
22,940
$27,534
24,494
$48,417
$70,944
$131,430
$52,028
80,653
37,277
113,155
$129,070
Loss..-Other income.,.
$108,221
$244,585
$31,745
16,672
Net loss...
Int. and miscell. deduct-
JLoss before extraordin¬
ary deductable
Extraordinary charges &
credits---
Deficit for year
*
;
132,642
•
$184,670
Balance Sheet Dec. 31
1939
1940
Assets—
,
1939
1940
$175,927
62,898
Liabilities—
Notes & loans pay.
Marketable secure.
276,447
$354,661
276,447
Accounts payable.
Mat'ls & supplies.
101,250
100,237
Adv. pay. on con-
Other eec. invest'ts
29,666
29,112
516
261,907
14,679
521,552
Current assets
Indebt.
of
$700,507
Securs. of affiliates
12,308
Fixed assets
515,618
1
-
b Trust fund
484
reserve
c
17,905
,,20,856
d538,307
b Liab.under tr.fd.
27,338
548,190
16,551
16,999
Res. marine Ins
10,224
9,699
Capital stock
150,000
125,000
1,309,454
537,476
c
Capital surplus.
32,426
3,420
Total .....-...$1,656,730
$57,221
34.175
•'
:
liabilities.
16,551
16,999
Deferred charges..
a After
b Contra,
trftCtS
Other liabilities.-.
Accrued
subs.
(not current)
Earned deficit
$1,608,0571
Total
„
1,377,500
695,980
$1,656,730 $1,608,057
for depreciation of $689,772 in 1940 and $710,142 in 1939d Note payable to RFC (secured by mortgage on
Par $1.
property, &c.)t $109,140; notes, accounts and
subject to "standby" agreements with RFC.
accrued interest payable
Notes payable to bank
$293,682; notes payable to others $20,000, accounts payable
$14,000, due to officer $14,819, accrued interest $20,428, accrued com¬
mission, $53,773,notes payable $4,800, accrued employees, indemnities
$5,975, and accounts payable to subsidiary not consolidated $1,690.—
(secured)
V. 150, p. 3559.
(4)
may be issued up to 60% of the cost or fair value of additions and improve¬
ments to the company's properties.
A semi-annual sinking fund m gradually
c
Calendar Years—
a
*
$10,843,646 $9,292,000
Total
Includes British subsidiary,
and
Other assets
Howard B.
1,796,007
19,257
2,727,790
Pats., &c„ purchGoodwill & devel-
(1)
The bonds
c
in¬
cos
surance
The bulk of the proceeds from
and
contr's
185,275
Oper. revenues (net)
Operating expenses
To provide $4,500,000 cash for new construction.
37,510
1,930
1,672,800
on
Min. int. in subs..
Ltd.
(Canada)
subsidiary companies as of Dec. 31, 1940, and the consolidated results of
their operations for the six months ended on that date.—V. 152, p. 3181.
(3)
107,063
492,024
Unshipped
$3,016,238 in 1939.
p. 3652.
^
670,554
915,000
costs
billed
1, 1940, Follansbee Steel Corp. acquired the assets,
including the investment in three subsidiary companies, and assumed
certain liabilities of Follansbee Brothers Co. under the plan of reorganiza¬
tion of that company.
The present accounts set forth the consolidated
assets and liabilities of Follansbee Steel Corp. and its three wholly-owned
Note—As of July
have been paid in full.
282,205
Foster-
Wheeler,
—.$10,241,199
—
318,834
Acer, income taxes
Ltd.
— —
in
1,200,000
482,029
& exps_..
wages
Accrued
Foster-
in
v-—*-
50,679
—-
Total
$10,241,199
-—-
Accounts
billed contracts.
Accrued interest.-
Invest,
Total
—
$672,859
payable.$1,263,305
$771,581
b Fixed assets.--.
20,079
5% cum. conv. pref. stock...
2,547,282
iommon stock ($10 par) —2,176,629
'apltal surplus
2,728,866
al939
1940
Liabilities—
11,290,552
$64,359
121,500
2,348,445 Accrued liabilities
45,989 Reserve for Fed. income taxes
1st mtge. & coll. loan.______
Notes <fe accts. receiv,
.
al939
1940
Assets—
Cash
Invest,
Purchase money mortgage..Note payable to bank
Accounts payable (trade)
$288,529
36,098
Cash in banks and on hand..
Cash in bank (tax fund)
Substantially
representing dividends and profit has been realized in
all of the amounts
(England)
Liabilities—
Assets—
representing the net
British
dollar value of dividends of £10,493 received from or credited by the
it,
Consolidated Balance Sheet Dec. 31, 1940
.
reported by foreign auditors,
subsidiary and $8,296 gross profit on sales to that company.
Inventories
Loss.
—
as
The above statement includes an amount of $37,809
20,568
_
on
Total
ended Dec. 31,1940,
(England) for the year
amounted to £18,588.
,
Profit before other charges,
Loss
June 14, 1941
Foundation Plan, Inc.—Exempted by
SEC—
The Foundation
Plan, Inc., William H. Ward, Mary H. Bodner and
Crockett, severally made application to the Securities and Ex¬
change Commission for an order exempting them from Section 9 (a) of the
John
H.
Investment Company Act.
All are officers and directors of Foundation
Plan.
sv
*
On Jan.
9, 1940, the Federal Court for the Southern District of New
York issued a permanent injunction, in an action in which the SEC was
plaintiff.
The action enjoined the applicant, Foundation Plan, which had
been formerly known as United Endowment Foundation, from violation
of Sections 5 (b) and 17 (a) of the Securities Act-of 1933.
Permanently
enjoined with the corporate applicant were six individulas, none of whom
is now an applicant for exemption from the prohibitions of Section 9 (b)
of the Investment Company Act.
Messrs. Ward and Crockett and Mary M. Bodner were not named in
the criminal action of last January and no injunction was issued against
them.
Furthermore, none of the persons enjoined are now with the or¬
ganization.
',x'V V.v
-V'
".•'• •••• : 7:
Because none of the applicants had violated the Securities Act the Com¬
mission now exempts them from Section 9 (b) of the Investment Company
Act of 1940.—V. 150, p. 1277.
Four Wheel Drive Auto Co.—60-Cent Dividend—
Directors have declared a dividend of 60 cents per share on the common
stock, payable June 20 to holders of record June 10. Dividend of 30 cents
was paid on March 20, last, this latter being the first dividend paid since
Dec. 15,1937 when 30 cents per share was also distributed.—V. 152, p. 2854.
1945—V. 152, p. 3657.
Franklin Simon & Co., Inc. (&
Foster-Wheeler
Corp.—Earnings—
Calendar Years—
al940
b 1939
cl938
cl937
3
Unfilled orders
$30,674,886 $16,130,500 $10,614,145 $10,492,22
d Prof, from manufactur¬
ing and trading.
1,937,708
Divs. from British sub--
350,745
117,350
Other income
116,387
390,167
225,780
87,807
1941
a
1938
$7,662,433
$8,682,669
171,276
and general expenses.
8,553,466
8,043,247
7,984,718
8,750,751
prof$25,382
109,706
$81,716
132,031
$322,286
140,745
$68,082
135,244
Loss.
$84,324
18,158
$213,747
28,083
$463,031
27,619
$203,325
45,273
$66,165
$185,664
$435,412
$158,052
Loss
;
$477,975
©111,203
97,232
107,092
$467,132
106,462
79,969
188,876
115,191
Income taxes.-i.
Other deductions.
Loss on sale of Cleveland
1939
$7,961,532
Operating loss
37,809
$2,092,867
Depreciation
1940
$8,578,849
Sales
Cost of sales and selling
Deprec. and amortiz
Profit
f915,000
59,159
$397,056
207,417
63,244
74,394
153,500
plant
654
Net profit
$1,003,517
ment.
Because of conditions abroad
and the situation
change, the operations for the year 1940 of the
included in
the
above
statement.
Net
656
•
$162,447 loss$101,499
$91,825
In previous years
the operations of Foster-Wheeler Ltd. (England) (a
100% owned subsidiary) were included in the consolidated income state¬
a
Subs.)—Earnings—•
Consolidated Income Account—Years Ended Jan. 31
as
to
foreign ex¬
British subsidiary are not
income of
Foster-Wheeler
Ltd.
and loss.
Cr3,065
Cr8,722
4,398
Net loss
$63,754
$176,942
$439,810
a
After
$158,709
deducting discounts, returns and aJiowances, and including leased
department sales.
Volume 152
The Commercial & Financial Chronicle
Consolidated Balance Sheet Jan. 31
Assess—
a
1941
1940
Bldgs.,impts.,&c$3,063,663 $2,940,384
Cash..
Liabilities—
91,904
b Common stock..
1,038,552
Curr. mtge. instal.
862,971
Accte. receivable..
717,652
Inventories
Sundry
*
Misc. assets recelv.
Mdse. in transit..
Goodwill
1,367
26,961
8,774
33,054
9,958
2,500,000
2,500,000
71,257
58,411
Deferred charges..
Mortgages
....
accrued
152,
2068.
p.
,
288,375
56,724
2,913,144
[Exclusive of 1107 Fifth
Avenue
1939
Years
Corp.]
"
1937
1938
$797,383
45,227
$769,641
43,702
151,493
32,619
86,052
$558,389
90,299
47,548
$1,419,807
$964,837
$916,054
803,275
748,049
687,023
$161,562
$168,005
$9,214
deprec., int. & taxes).
Net profit..
$416,730
•*
Consolidated Balance Sheet Dec. 31
[Exclusive of 1107 Fifth Avenue Corp.]
Assets—
1940
Cash..
1939
$1,072,949 $1,094,746
127,996
501,341
Accts. rec.,&c_.__
Work completed on
bldg.
contracts.
Inventories
3,119,375
20,258
53,637
Deferred charges..
224,009
Invest, in 1107 5th
Ave.
Corp
^
Mtges., Btks., bds.,
a
267,993
27,325
26,910
45,398
4% cum. conv. pf.
stk.(par$100).. 2,418,600
$3 conv. stock._
b Common stock..
232,333
266.313
Capital surplus...
554,910
539,996
Earned surplus...
$7,031,943 $5,799,418
Represented by 17,508
152, p. 2239.
Total
84,499
$7,031,943 $5,799,418
(17,487 in 1939)
—V.
2,414,500
437,175
25,049
373,413
437,687
25,096
349,253
175,524
no
par
shares,
b Par $1.
Gaylord Container Corp.—Gets $1,000,000 Loan—
The corporation on May 8 borrowed
$1,000,000 from five banks to finance
expansion and improvements at its Bogalusa, La.,
plant.
Of the total,
$420,000 was obtained from the Bankers Trust Co., $150,000 from the
First National Bank of St. Louis,
$150,000 from the Mercantile-Commerce
Bank & Trust Co. of St. Louis,
$80,000 from the Boatmen's National Bank
of St. Louis, and
$200,000 from the Marine Trust Co. of Buffalo.—V. 152,
p. 3497.
-
General Gas & Electric Corp.—To
Pay
Pref. Div.—
and 32,110.9 shares
Corp.
are
held by the public.
on
June
—Week Ended May 31—
1941
1940
Gross^revenues test.)
months of 1940.
|» Sales to dealers in the United States totaled 217,120 in May compared
with 171,024 in May a year ago.
Sales in April were 233,735.'
Sales for the
first five months of 1941 totaled 1,104,239
compared with 861,373 for the
same five months of 1940.
Sales to consumers in the United States totaled 265,750 in
May compared
with 165,820 in May a year ago.
Sales in April were 272,853.
Sales for
the first five months of 1941 totaled
1,147,305 compared with 768,609 for
the same five months of 1940.
Sales to Dealers in United States
1941
218,578
208,214
226,592
233,735
217,120
^
1940
1939
164,925
1938
June..
July
August.
September
October
November
December
Total.
116,964
115,890
142,743
126,275
112,868
124,048
71.803
7.436
47,606
129,821
180,133
188,839
61,826
34,752
16,469
92,890
159,573
150,005
1,860,354
...
1,364.426
1941
March
April
-
May
June
168,168
187,252
253,282
272,853
265,750
-
July
August
September
...
.
October
November
December
Total
183,900
171.024
151.661
99.664
21,154
1940
120,809
123,874
174,625
183,481
165,820
173,212
145,064
100,782
97,527
186,016
181,421
174,610
1,827,241
The OPM's action makes official
These defense needs also will take the
output of the substantial
tional capacity whicl* the
company had hoped would satisfy
March
56,938
63,771
76,142
78,525
71,676
72,596
1939
1938
88,865
83,251
142,062
63,069
62,831
100.022
103,534
132,612
129.053
92,593
76,071
124,618
102,031
76,120
56,789
110,471
162,881
156,008
78,758
64,925
40,796
68,896
131,387
118,888
1,364,761
1,001.770
May
__
1940
235,422
226,609
247,683
255,887
235,679
181.088
174,572
193,522
196,747
185,548
167.310
110,659
24.019
124,692
226,169
217.406
223,611
161,057
142,002
128,453
139,694
84,327
12,113
53.072
144,350
200.071
207.637
2.025.343
1.542.776
June
July
August
September.
October—
November.
December.
Total
1939
136,489
133,511
1938
76,665
77.929
89,392
91,934
85,855
84.885
73,159
41.933
19,566
108,168
185,852
com¬
demands, it was stated.
\
Units affected include the original facilities at Akron and
the recently
completed plant at Niagara Falls, N. Y., for
supplying raw materials
both
of which are being expanded, and a new
$300,000 plant in Akron
originally planned for processing koroseal for industrial and commercial
r-
■■
■.
v
Additional productive capacity at Niagara Falls went into
operation
June 1 and the company announced that a new
large plant for the processing
of koroseal will be constructed in
Louisville, Ky., to be completed shortly
after Jan. 1, 1942.—V. 152, p. 3653.
(W. T.) Grant Co .-SalesPeriod End. May 31—
1941—Month—1940
1941—5 Mos.—1940
Sales....
....$10,575,955
$8,786,559 $42,246,068 $36,547,400
—V. 152, p. 3655.
(H. L.) Green Co.—Sales—
Stores in operation
—v. 152, p. 3656.
■
,
1941—Month—1940
1941—4 Mos.—1940
$4,315,183
$3,751,476 $15,084,818 $13,650,459
150
151
Greenbrier Cheat & Elk RR.—Bonds—
The Interstate Commerce Commission on May 27 authorized the
com¬
pany to issue not exceeding $2,000,000 first mortgage bonds, consisting of
$500,000 of 3% bonds, maturing serially in five equal annual instalments
of $100,000 each on May 15 in each of the
years 1942 to 1946, incl.; $375,000
of 3 H % bonds maturing serially in five equal annual instalments of
$75,000
each on May 15 in each of the years 1947 to 1951,
incl.; and $1,125,000 of
4% term bonds maturing May 15, 1966; the serial bonds to be sold at par
and the term bonds at 99.44, in each case with accrued int. from
May 15,
1941 to date of delivery, and the proceeds therefrom, together with
$241,300
in cash, used to redeem $2,235,000 of its outstanding bonds.
Authority was granted to the Western Maryland Ry. to assume obliga¬
tion and liability, as guarantor by endorsement, in respect of the bonds
The proposed bonds will be sold to a group composed of Dick & MerleSmith and Salomon Brothers & Hutzler, both of New York, and Stroud &
Co., Inc., of Pniladelphia, Pa.
The 3% and 3H% serial bonds will be
sold at 100 and the 4% term bonds will be sold at 99.44, in each case .with
accrued interest from May 15, 1941 to date of delivery.
At the price of
99.44, the average annual cost of the proceeds of the term bonds will
approximate 4.06%.
See also V. 152, p. 2553.
V
Gruen Watch Co.—12
lA-Cent Common Dividend—
Directors have declared
a dividend of \2Vz cents per share on the com¬
stock, payable July 1 to holders of record June 20.
Like amount was
paid on April 1 and Jan. 2, last, this latter being the first dividend paid
mon
since September, 1931.—V. 151, p. 3747.
Guarantee Co. of North America—Extra Dividend—
an extra 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 30. Extra of $4 paid on April 15,
last, extras of $2.50 paid on Jan. 15, last, Oct. 15 and July 15, 1940. See
also V. 152, p. 2240.
Gulf States Utilities
Period End. Apr. 30—
Operating revenues
Operation
Maintenance
172,669
Pay of Salaried Men Raised—
Workers of
America, affiliated with the C. I. O., and the corporation signed an agree-
Co.—Earnings
1941—Month—1940
1941—12 Mos.—1940
$887,522
$840,350 $10,859,891 $10,685,817
295,818
265,514
3,369,484
3,310,754
47,622
129,433
77,500
87,229
121,208
43,100
$249,920
15,002
55.269
575,045
1,489,831
784,800
1,026,240
576,350
1,456,858
204,745
924,499
$274,974
13,889
$3,614,490
12,501
$4,212,610
35,207
$264,922
103,678
$288,862
107,066
$3,626,992
1,270,368
$4,247,817
1,396,746
Balance
$161,244
Preferred dividend requirements
$181,796
$2,356,623
$2,851,071
584,968
Depreciation
a
Federal income taxes.
Other taxes.
Net oper. revenues...
Other income—net
Balance
Int. & amortization
80,286
584,967
Balance for common stock and surplus
a
The
company
$1,771,656
$2,266,104
does not consider that it has any liability under the
Excess Profits Tax Act of 1940 as amended March, 1941.
Beginning with
the month of March, 1941 the accrual for Federal income tax is based on an
estimated rate of 30% against the original estimate of 27%, spreading the
under-accrual for January and February over the remaining 10 months of
the year. The rate under the present law is 24 %. Federal income taxes for
the taxable year 1939 were substantially reduced as a result of the redemp¬
tion of series C bonds on July 31, 1939.—V. 152, p. 3184.
1,108.007
Between 35,000 and 40,000 employees ®f this corporation are to receive
increases in salaries, many of them as much as $15 a month.
The increases were disclosed as the United Automobile
addi¬
growing
mercial
Directors have declared
1941
April
$445,956
the voluntary policy adopted
by the
company several months ago, the announcement said, under which sub¬
stantially all production of koroseal, developed by the Goodrich
company
for many industrial and consumer
applications, was diverted to defense uses.
Total Sales of General Motors Cars and Trucks from A11 Sources of
Manufacture
United States and Canadian Factories—Sales to Dealers and Export Shipment:
January--.
February..
1 to May 31
1941
1940
$538,251
Military requirements for koroseal, company's synthetic rubber-like
under mandatory priorities by the Office of
Production
Management effective June 9, are so great that all present
productive
facilities are being utilized for defense
requirements, the company an¬
nounced on July 11.
935,163
160,458
181,066
Sales to Consumers in United States
January
February
$28,585
-Jan.
authorized.
r
116,031
207,934
198,064
204,473
March
$35,500
-
material placed
Sales
on
May sales of General Motors cars and trucks in the United States and
Canada, including export shipments, totaled 235,679 compared with 185,548
in May a year ago.
Sales in April were 255,887.
Sales for the first five
months of 1941 totaled 1,201,280
compared with 931,477 for the same five
April
May
1940
$267,516
prof41,366
(B. F.) Goodrich Co.—To Increase Koroseal Output—
Period End. May 31—
Corp.—May Car Stffrs—The company
released the following statement:
January
February
1941
$211,612
15,147
Georgia & Florida RR.—Earnings—
11, 1941, will be ad¬
General Motors
after
Corp.—Earnings—
vV'^
Meeting Adjourned—
Annual stockholders scheduled to be held
journed to July 2, 1941.—V. 152, p. 3343.
June 9
June 3
on
General Telephone Corp.—Gain in Phones—
uses.
The Securities and Exchange Commission announced June 9 that
corpo¬
ration has filed an application (File
70-331) under the Holding Company
Act regarding the proposed
payment of the regular quarterly dividend,
amounting to $75,000, on its $5 prior preferred stock (no par). The applica¬
tion states that there are 60,000 shares of this stock
outstanding of which
27,889.1 shares are held by the trustees of Associated Gas & Electric
into effect
Corporation reports for its subsidiaries a
gain of 4,485 company-owned
telephones for the month of
May, 1941 as compared with a gain of 3,245
telephones for the month of May, 1940. The
gain for the first five months of
1941 totals 20,760 (exclusive of
purchases) or 3.90% as compared with a
gain of 14,798 telephones or 2.95% for the
corresponding period of 1940.
The subsidiaries now have in
operation 552,803 company-owned tele¬
phones.—V. 152, p. 3653.
10SU52
45,832
put
signed.—V. 152, p. 3023.
Realty & Utilities Corp. which share for the six months
ended March 31,
last, amounted to $128,573 after
making provision for dividends on the
Lefcourt preference stock as
compared with loss of $145,322 for the six
months ended March 31, 1940.
There has also been excluded from income
the results of operations for
the six months' period of Central Park Plaza
Corp. in which General Realty & Utilities has a one-half
ownership.
The
latter's share in this
company's loss after depreciation for the six months
ended March 31, 1941, amounted to
$6,828 as compared with loss of $6,706
in
corresponding period of previous year.—V. 152, p. 2069.
$2,290,322
Dividend payable.
Reserve
was
Note—-There has been excluded from income the shares of loss
of Lefcourt
Realty Corp. for the same period
applicable to the stockholders of General
600,000
a
&c., invest., cost
Fixed assets (net).
Total
1939
1940
Notes payable
Int. & taxes accr'd
4,810,143
213,352
......
Liabilities—
Accounts payable.$2,684,631
members
contract had been
General Realty & Utilities
$696,237
1,003,077
Profit from allied oper'ns
Gen. & corp. exps. (incl.
Calendar
a new
6 Mos. Ended March 31—
Profit before depreciation.Net loss after depreciation..
:
Income Account for
a
^81s for those receiving more than $200 a month.
were said to include all employees not covered by the
amendments to
b Represented by $1 par value shs.
1940
Profit on bldg. contracts
$1,356,699
Other income (net)...__
17,881
Total income
-
$7,956,062 $7,385,190
(George A.) Fuller Co. (& Subs.)—Earnings—
Consolidated
hourly rate,
reported that all salaried
employees earning $200 or less a month
5_,rec,eive ^e r*se
515 a month.
Adjustments are being made on an
The rise for the union
23,810
300,000
379,386
41,066
2,976,898
37,789
800,000
Accounts payable.
Acer, wages, &c
After deprec. and amortization.
an
was
U. A. W. contract.
Notes payable
Total
employees, working under
therecipients
tt
Taxes reserved and
Total .........$7,956,062
$7,385,190
—V.
It
137,130
22,500
1,205,000
137,130
25,000
1,398,500
Surplus
a
1940
1941
Preferred stock. ..$2,299,400 $2,299,400
266,843
1,149,499
3809
ment which granted to
170,000
wage rise of 10 cents an hour.
(W. F.) Hall Printing Co.—>Sells Debentures Privately—
Alfred B. Geiger, President, in the annual report states:
During the year the company redeemed and retired before maturity all
of its remaining outstanding 2 H % serial notes payable to banks amounting
to
$1,166 667.
Company also in April, 1941 completed the
arrangements
The Commercial &
3810
commenced during the fiscal year for refunding its most recent outstanding
bonded indebtedness of $3,000,000 upon which interest was being paid at
4% per annum.
$1,200,000 10-year 27A% sinking fund de¬
April 1, 1951, and $1,800,000 of serial debentures, having
the rate of
bentures due
2.04%, due $100,000 semi-annually from Oct 1,
1950, were sold at par to the Chemical Bank A Trust Co.
of New York City, and Harris Trust & Savings
Bank, of Chicago, and Equitable Life Assurance Society.
The $3,000,000
thus received, together with other funds of the company, were used to re¬
deem and retire on April 5, 1941, at 103^ and accrued interest, the $3,000,000 first mortgage and collateral trust 4% sinking fund bonds, due Oct. 1,
1954.
The effect of this new refunding will be to remove the mortgage
on the company's physical properties as well as to save a substantial sum
in annual interest. X; .'V V.'V/v • "■<
Consolidated Income Account Years Ended March 31
V*
w
1941
1940
1939
1938
an average
Financial Chronicle
Holly Sugar Corp.—Earnings—
$3,731,446
$3,249,066
995,575
926,059
731,570
754,393
881,944
102,386
$2,050,994
90,488
$1,589,310
79,186
$1,288,578
58,045
$2,344,483
$2,141,482
$1,668,497
$1,346,623
148,634
249,971
344.510
363,124
1940
cl939
cl938
$21,088,305 $19,008,482 $14,199,991
17,135,478 16,149,353 11,197,564
^
Profit from sales.-.—
$4,661,760
62,252
——
$3,968,327
2,060,170
1,843,282
Gross
Sell., gen. & admin, exps.
Prov. for special compen.
$3,002,427
81,763
$2,867,527
1,845,086
15,500
operating profit $4,724,013
$2,859,129
8,398
$3,952,827
Other operating profits.
$3,084,190
1,414,725
41,302
-----
981,384
from oper.. $2,242,097
1941
Years End. Mar. 31—
Gross sales
$24,230,772
Cost of goods sold—— 19,569,012
a
$3,134,007
$3,969,242
shipping expenses..--
paid on June 26,
1939, this latter being the first dividend paid on the B shares since Dec. 15,
1937, when a regular quarterly distribution of 37>£ cents per share was
made.—V. 152, p. 334.5.1 ;
1941 to April 1,
profit from oper..
Gen., admin., selling and
Dec. 21. 1939, and 25 cents
March 14, 1940; 50 cents on
interest rate of
and First National Bank
1941
14
June
Gross
Depreciation--'
Net profit
(Aet)..
Misceli. earnings
Gross earnings __
Interest charges
Prov.
for
—
575,800
profits taxes—
charges-.—.—
excess
Other
Min.
int.
C140.930
190,907
228,083
160,261
141,141
$1,219,059
$898,853
387,357
------
370,357
370,35/
$2.32
$1.94
loss on disposal of capital asets.
b Addition to reserve
c Includes expenses in connection with issuance of bonds
Provision for
for
389,357
$3.13
388,357
$3.32
....
contingencies,
and provision for rehabilitation of equipment.
Consolidated balance Sheet March 31
Assets—
$
864,278
7
;
1941
$
Liabilities—
$
909.530
:
-
.
payable.
pay. to bks.
188,629
1,062,599
493,743
Accounts
Market, securities.
1,840,422
1,533,113
Notes
Value of life Insur.
73,896
1,128,805
Inventories.--...
669,209
560,956
1940 P
7';v"; $
7.P
198,692
1,166,666
Accrued liabils—
Notes <fc accts. rec.
79,439
1,399,879
Min. int. in cap. &
accts.
Amount
260,000
receivable
received
380,000 Funded
60,000
machinery, &c_.
8,760,453
Other investments
23,158
9,156,282
29,728
87,037
321,368
3,000.000
ferred charges.-
...14,029,127 13,876,0001
Total
After
a
979,876
$2,698,419
172,188
63,026
33,347
$2,139,772
1 86,000
63,116
37,249
$1,163,342
1 96,656
93,580
;
42,841
$1,693,692
206.648
39,992
;
49,396
—....
14,133
18,736
90,572
Net loss on sales and re¬
tirements of property.
Prov. to adjust livestock
and supply inv. to est.
market
••
Yi.-
95,000
.—
.
—
390,000
41,630
120,500
$1,660,659
6,663,453
$1,407,645
5,413,385
$691,029
4,886,163
$1,013,107
5,166,438
$8,234,112
114,536
$6,821,030
157,577
$5,577,192
163,807
$6,179,545
168,382
Surplus March 31
$8,209,577
Net income per share on
500,000 sns. com. stk.
outstanding
$3.02
a After deduc. for deprec
923,221
$6,663,453
$5,413,385
$4,886,163
$2.50
813,510
$1.05
763,045
$1.69
492,038
Prov. for State inc. taxes
Net income for year—
Surplus April 1
Total
—
Dividends
on
—
pref. stock
.
—---
1,125,000
Dividends on com. stock
Sugar, by products, beet seed, fertilizer, livestock, &c., less discounts,
returns, freight allowances and Federal excise tax.
b Includes $1,116
undistributed profits tax.
c Corporation and wholly-owned subsidiaries,
d Includes provision for excess profits tax of $50,000.
a
Balance Sheet Mar. 31
? •; 7
979,876
1941
bl53,485
3,177,5.47
cl39,946
Accounts receivable—trade
Inventories
Other accounts and notes receivable
Agricultural expenses
Other current assets
14,029,127 13,876,000
depreciation of $13,666,783 in 1941 and $13,005,098 in 1940.
Represented by 11,643 common shares in 1941 and 10,643 shares in 1940.
c First mortgage and collateral trust 4 % sinking fund bonds ($3,000,000)
March 31, 1941 for redemption on April 5, 1941 at 103 %,
and premiums ($112,500) payable on redemption.
The funds required
for the redemption were obtained from (1) the issuance of $1,200,000
10-year 2Vs% sinking fund debentures due April 1, 1951, (2) issuance
of $1,800,000 serial debentures due $100,000 semi-annually from Oct. 1,
1941 to April 1, 1950 with interest at rates ranging from Yt% to 2%%
per annum and (3) current working capital.—V. 152, p. 128
$1,608,326
2,465,332
9,425,566
134,407
294,615
Cash
applicable to current year
109,241
Investment in securities
21,567
Other assets
Hamilton Cotton Co.,
Ltd.—Accumulated Dividend—
75 cents
per
share on account of
$30, payable July 2
June 14.
Like amount was paid 6n April 1, last;
dividend of $1.75 was paid on Jan. 2, last; 75 cents paid on Oct. 1, July 2
of record
holders
to
and
April 1, 1940, and dividends of 50 cents were paid in preceding quarters.
Accumulations after the current dividend will amount to
—V.
152,
Hat
$3.25 per share.
1434.
p.
Corp of America—Earnings—
1941
6 Mm. End. Apr. 30—
1939
1940
1 938
Net
profit after taxes,
deprec., interest, &c_a$174,604
a$261,509
$273,740 loss$129,961
a Equivalent to 18 cents per snare in 1941 on combined 359,660 shares of
class A stock and 109,660 shares of class B stock, and to 36 cents per share in
1940.
Current assets as
q£ April 30, 1941, including $687,948 cash, amounted to
$4,867,875 and current liabilities were $1,197,797.
This compares with
cash of $651,686, current assets of $4,080,627 and current liabilities of
$543,018 on April 30,1940. Inventories were $2,568,232 against $2,180,582.
—V. 152, p. 679.
'
:
v;;
Hayes Industries, Inc.—Earnings—
Period End. Apt.
Sales
a Net profit
Earnings per
1941—3 Mos.—1940
$1,457,047
$744,302
223,633
107,316
share—b$0.67
c$0.5j
30—
194 v—9 Mos.—1940
$3,607,247
$1,881,723
426,709
251,966
b$1.28
c$1.18
After depreciation, interest, provision for Federal taxes, &c.
b On 333,000 shares of common stock (par $1).
On 212,000 shares of common stock (par $1).—V. 152, p. 1593.
$24,848,290 $24,195,171
Total.
Accounts
payable—trade
payable
-
$526,073
2,500,000
38,453
2,822,478
189,800
-
Salaries and wages payable.
Accrued Fed. inc. excise capital stock & gen. taxes
Accrued additional beet payments
Preferred dividends
payable
-
58,203
66,902
4,400,000
959,845
847,218
104,544
650,000
2,133,300
114,318
650,000
2,205,800
2.500,000
2,500,000
276,018
.
Reserve for
of
excess
$339,431
3,750,000
31,037
2,003,291
309,100
36,601
3,880,000
Other current liabilities
First mortgage bonds
Reserves for fire risks on uninsured property and
for workmen's compensation liabilities—
par
value over cost of re¬
acquired preferred stock-Reserve for contingencies
7% cumulative preferred stock
a
18
108,183
9,568,885
1,368,413
571,799
52,118
Factory sites, farm properties and lime quarries
Deferred charges
called prior to
Directors have declared a dividend of
.
9,092,537
1,279,199
386,914
b Buildings, machinery and equipment
Notes
1940
$1,267,819
763,064
9,939,324
342,152
240,341
3,605
34
Special deposit for pref. stock sinking fund
b
accumulations on the $2 cum. sinking pref. stock, par
6,477
bl92,500
72,775
d650,000
46,425
Other misc. items (net).
Prov. for Fed. inc. taxes
c
April 1, 1936... 3,965,902
Total
$1,628,163
65,529
Assets—
Surp. earned since
Treasury stock.Dr
de¬
and
Amort.of bd.disc. & exp.
paid-
88,940
Prepaid
-
$1,022,441
140,901
4,000,000
stock...
and
443,790
4,000,000
379,362
in surplus
buildings,
Land,
Capital
728,007
c3,112,500
debt
Common
from director...
a
Reserves
surplus of sub..
Other noties and
1st mtge. bonds.
on
Other interest
$2,125,045
14,728
-
1940
1941
'';>7 'vo-V/,.
$2,663,170
34,576
profit
Gross income.
Int.
$593,372
8bs.cap.stk.out.(par$l0)
Earned per share
Cash
211,665
a37,319
219,872
b45,000
266,686
C177.683
$1,288,212
Net profit-Common dividends
a
864,045
in net income
partly owned sub..
of
777,812
and
Fed. inc.
Net oper.
a
Other income
„.
Common stock-—
-
Paid-in surplus
Earned surplus
276,018
8,209,577
——-
-
Total--
6.663,453
——-$24,848,290 $24,195,171
—
a Represented by 500,000 no par shares,
b After reserve for deprecia¬
tion, obsolescence and valuation adjustment of $9,092,537 in 1941 and
$11,500,438 in 1940.
c After reserves of $25,000.—V. 152. p. 2397.
Idaho
Power
Co.—Earnings—
Period End. April 30—
Operating revenues
Oper.
excl.
exp.,
1941—12 Mos.—1940
$6,602,199 $6,217,669
1941—Month—1940
$535,359
$483,356
direct
,
181,087
147,000
50,000
163,003
120,000
43,800
2,009,130
1,726,683
549,900
1,890,476
1,537,043
500,100
$157,272
252
$156,553
580
$2,316,486
2,265
$2,290,050
5,255
$157,524
56,250
10,706
209
$157,133
56,250
8,908
12
$2,318,751
675,000
120,082
7,481
$2,295,305
675,000
111,455
1,314
Net income
$90,777
$91,987
Divs. applic. to pref. stocks for the period
$1,531,150
414,342
$1,510,164
414.342
$1,116,808
$1,095,822
taxes-.—.
Direct taxes
Prop, retire,
res. approp.
a
c
Magazines, Inc.—Trade Commission Order Finds
Housekeeping" Claims Tend to Mislead Reader—
Hearst
"Good
Hearst Magazines, Inc., of which Good Housekeeping Magazine is a
wholly-owned subsidiary, has been ordered by the Federal Trade Com¬
mission to cease and desist from misrepresentations in its periodicals and
magazines in connection with the use of seals, emblems and other insignia,
purporting to guarantee the quality of various advertised products or to
indicate the nature and extent of respondent's testing of such products.
The Commission states that the respondent maintains department known
as Good Housekeeping Bureau and Good Housekeeping Institute for texting
various products, and issues seals of approval containing the words "Tested
and approved," a cut of a star followed by a serial number with the name
"Good Housekeeping Institute" or "Good Housekeeping Bureau."
When the respondent issues a certificate certifying that the products has
been tested and approved, it authorizes the use of seals of approval on the
applicant's merchandise and the reproduction of such seals in various ad¬
vertising and in circulars as may be desired.—V. 149, p. 2233.
Heyden Chemical Corp. (& Subs.)—Earnings—
3 Months Ended March 31—
a
Net profit
a
p.
1941
$262,221
-
After provision for
Federal income and
excess
1940
$206,743
profits taxes.—V. 152,
3656.
Net oper. revenues—
Other income (net)
Gross income
Interest
on mtge. bonds.
Other int. & deductions-
Int. chgd. to construe.Cr
Balance-
Notes—(1) Provision for Federal income taxes, subsequent to April 1,
1941, is being made at a rate which will result in the accumulation of such
taxes at the rate of 30% for the full year 1941.
(2) No provision has been made for Federal excess profits tax since
present indications are that no such tax will be payable.—V. 152, p. 3025.
Indian Motocycle Co.—30-Cent
Directors have declared
stock and
a
Resigns—
has been
made of the resignation of Wilfred Kurth as
Chairman of the Board of Directors.
The Board accepted his resignation
Announcement
Dividend—
dividend of 30 cents per share on the common
stock, nar $10, both
payable July 1 to holders of record June 16.
Dividends of 25 cents were
on the common shares and 30 cents on the preferred shares on Jan. 2,
last, and on July 1, 1940.—'V. 151, p. 3090.
Indiana Harbor Belt
Period End. April 30—
Home Insurance Co.—Chairman
a
dividend of 30 cents on the 6% preferred
Railway
Railway
oper. revenuesoper. expenses-
with great reluctance on June 9, and voted by a change in the by-laws to
abolish the office of chairman. Harold V. Smith, who was elected President
May 10, 1937, the same day Mr. Kurth became Chair¬
now becomes Chief Executive of the company.
Mr.
1941—4 Mos.—1940
$4,731,810 $3,885,893
2,969,379
2,706,568
Net revenue from rail¬
Railway tax accruals
Equip. & joint fac. rents
RR.—Earnings—
1941—Month—1940
$906,549
615,185
$1,153,134
728,628
of the company on
man of the Board,
Kurth
was
$424,506
xl54,602
127,361
$291,364
79,817
91,753
$1,762,431
x571,367
449,315
$1,179,325
321,320
394,565
$142,532
2,363
$119,794
Otherincome
2,006
$741,749
11,492
$463,440
9,627
Total income
Misceli. deduct, from inc
Total fixed charges.....
$144,906
3,092
36,942
$121,800
3,252
37,914
$753,241
12,360
148,786
$473,057
Net income after fixed
charges
$104,872
$80,634
$592,095
$304,595
way operations
elected Chairman of the Finance Committee and will continue
to interest himself in the financial end of the
company's affairs.
The same
meeting of the City of New York Insurance
Co. and similar action is contemplated in the next board meetings of the
other companies in the Home fleet.—V. 152, p. 1131,
action was taken at the Board
Houdaille-Hershey Corp.—Class B Dividend—
Directors have declared a dividend of 50 cents per share on the class B
stock, no par value, payable June 25 to holders of record June 17.
This
with 25 cents paid on March 15, last; 50 cents paid on Dec. 30,
ast; 25 cents on Oct. 10, 1940; 50 cents on June 15, 1940; 25 cents on
compares
Net ry. oper. income.
x
Includes
excess
profits tax of $31,499.—V. 152, p. 3184.
12,921
155,551
I,v
Volume
The Commercial & Financial Chronicle
152
Inland Steel Co.—Stock
Offered—Alex.
Paul H. Davis & Co. offered June
Brown & Sons and
11, after the close of the
capital stock (no
stock market, a block of 14,000 shares of
par) at
fixed price of
a
at
The dealer discount
72^.
was set
$1.75 a share.
The distributors informed the New York
Stock Exchange that they may stabilize the market to facili¬
tate the
offering.
Meeting Date Changed—
The annual
meeting date has been changed to the last Wednesday in
April—V. 152,
3027.
p.
Insull Utility
Investments, Inc.—Checks for Creditors—
Garfield Charles, special master in chancery, began mailing June 7
17,000 checks totaling $249,453 to creditors of this company, the second
distribution since bankruptcy hearings were completed in February, 1938.
Federal Judge Michael L. Igoe approved the distribution last May 7.
It brought the total payments to $2,487,532.
Creditors have until Dec. 31,
1942. to file claims, with the final distribution due some time in 1943.—
V. 152, p. 3346.
3811
International Telep. & Teleg. Corp.—Acquisition—-
At
a
special meeting held June 6, the holders of income debentures of
Commercial Mackay Corp. approved the sale by a
subsidiary of its holdings
of the capital stock of
Federal Telegraph Co. (amounting to
approximately
99.76% of such stock) to International Telephone & Telegraph Corp.
*ntCTests which will deliver in payment for the stock
$.300,000 in cash and
$900,000 in income debentures, series A, of All America
Corp.
Federal Telegraph owns and operates a
factory of 125,000 sq. ft. at 200
Mount Pleasant Ave.,
Newark, N. J., which designs and manufactures
many types of radio equipment and kindred communication
apparatus.
It is employing at
present 700 persons.
It has unfilled orders of approxi¬
mately $4,500,000 of which a considerable proportion is radio
equipment and
supplies for departments of the U. S. Government!
I. T. & T. has
held, indirectly, a substantial interest in Federal Telegraph
through its holdings in American Cable & Radio Corp., which, in
turn,
controls the Commercial Mackay Corp.
Federal Telegraph will become a
subsidiary of and will
radio
manufacturing
be closely allied with I. T. & T.'s new telephone and
company,
International Telephone & Radio Mfg.
equipping a factory at 231 Grant Ave., Newark, and
will soon be
producing equipment and supplies for I. T. & T.'s operating
subsidiaries and other important communications companies in Latin
Corp., which is
now
America.
The proceeds of the sale of Federal
Telegraph will be used by Commercial
Mackay Corp.,
income
International Holdings, Ltd.—60-Cent Dividend—
Directors have declared
a
dividend of 60 cents per share on the common
stock, payable June 30 to holders of record May 30.
Last previous dis¬
tribution was made on May 15, 1940, and amounted to 70 cents per share.
—V. 150. p. 1769.
or its subsidiary for the acquisition of Commercial Mackay
debentures.—V. 152, p. 3501.
Interstate Department Stores, Inc.—Sales—
^
Period End. May 31—
1941—Month—1940
Sales
$2,778,162
1941—4 Mos.—1940
$9,326,832
$7,399,565
$2,091,151
Consolidated Income Account for Years Ended Jan. 31
International
Hydro-Electric
Period End. Mar. 1—
Operating
Total
$18,885,354 $17,784,790 $72,106,091
revenue
incl.
exps.,
chased power
6,055,004
6,438,947
909,294
857,843
2,220.704
Taxes
Int.
funded
on
2,230,600
23,564,869
3,703,170
8,539,135
23,801,630
3,819,501
8,479,881
debt, &c.,
debt of subs
on
$69,319,713
2,539,646
Hydro-Elec. System.
2,561.447
10,405,310
10,163,070
398,520
398,520
1,594,080
1,594,080
195,258
200,627
1,107,633
1,010,272
1,773,671
1,655,137
6,570,964
*6,598,934
_
and expense
Operating profit
against operations
normal
Cndn
income &
profits taxes
excess
income
1,506,510
697,081
4,718,475
2,698,077
307,000
&
$166,580
37,518
$569,929
103,573
$892,514
179,429
162,602
15,263
778
$584,278
$204,098
175.977
207.831
Cr353
Cr304
$673,502
209,825
94,387
1,050
Cr345
$534,441
149,448
90,554
$320,971
155.662
def$49,084
163,905
$368,585
173,250
150,689
$294,439
301,846
$1.28
Depreciation
Minority interest.
$165,309 def$212,989
301,846
301,846
•
$0.55
Nil
$44,646
301,378
$0.65
Net profit
Preferred dividends
Common dividends....
150,000
1,352,176
Surplus
Shs.com.stk.out.(nopar)
Earnings
443,337
per share.
•
1,853,911
2,084,459
8,344,299
72,152
550,674
219,214
370,055
336,422
1,214,489
1,371,976
34,463
18,330
16,133
Cr581
$317,707
$83,225
$373,088
1941
earns
1940
Liabilities—
748.223
1941
1,205,949
3,556,888
594
1,842
1,544,751
1,544,751
1,180,686
1,097,124
Notes payable
226,875
26,667
Deposits in closed
Mtges. payable...
banks
45,804
316,481
Minority
49,046
Deferred accounts.
by
for
replace't
Res.
5,290
11,250
13,500
2,061,167
35,500
677,814
2,044,868
of fixtures, Ac..
Approp. surplus..
Earned surplus
Total .........$8,042,678
After
x
$7,830,883
35,500
383,375
Total .........$8,042,678 $7,830,883
depreciation and amortization,
par shares,
z
After reserve.—V.
Offered—
Blyth & Co., Inc. and Stifel, Nicolaus & Co., Inc. on June 12 after the
12,000 shares of common stock (no par) at
a list of selected dealers with discount of $1 per share.—V. 152,
close of the marked offered
28K net to
p. 122.
International Silver Co.— -Annual
Calendar Years—
1940
May 31,1940.
—V.
152,
2708.
p.
Costs and expenses
dend
arrears
$938,727
40,406
$768,365
47,514
$806,275
65,246
6.462
22.173
loss427
332
287.217
319.444
122,469
Silver
of Canada
rec.
from
Manning
Bowman & Co
14,897
Profit
Loss
on
$1,703,072
$979,133
$821,914
$908,924
53,275
328)666
141",441
104)918
129,997
sale of securs
Federal and State taxes.
Surtax
on
Approp.
profits
of income
against
$716,996
592,610
$715,756
594,570
$491,909
$116,151
$124,386
$121,186
$4.98
$3.32
$3.28
$9.45
Pref. divs. (6%)
Common dividends
1940
dian Co
24,257
Notes A accts.
1940
ceivable, trade.. 4,360,430
4,125,362
1,638
Accrued int. rec..
310,195
280,000
172,313
148,164
Prov.
d
302)282
24,956
5,921,200
4,559,900
4*559,900
Capital surplus. 4,559,900
4,559,900
Pref. stock
div.
5,767,216
scrip.....:
1,492,622
51,674
Preferred stock
c
b
building,
4,479,824
78,699
Common stock._
Earned surplus
f
7% pref. stock
1,087,112
After
16,796,179 16,726,177
Total
for depreciation of $4,102,370
24,956
5,921,200
595,203
ac¬
quired dur. yr__Z>r687,792
Total
Dr413,328
16,796,179 16,726,177
in 1939 and $4,056,379
In 1940.
b Arising from reduction in par value of common stock,
c
Par
$50.
d Payable Dec. 31, 1925. not yet presented for payment,
e Liqui¬
dated entirely early in Jan., 1940.
f Acquired for purpose of retirement.
—V. 152, p. 3185.
reserve
4»
—
—
151,614
Consolidated Balance Sheet Dec. 31
x
z
1939
$
$
Property accts..12,716,402 13,540,519
Cash
and
U.
S,
savings bonds..
Other investments
Cash
U. 8. Treas. bonds
Accts. A notes rec.
Dock
Inventories
Deferred charges.
_
1940
Liabilities—
y
89,670
66,339
16,736
4,140,008
130,507
793,137
3,000,000
......
2,173,828
2,168,469
$
Preferred stock..
25,269
1939
$
25,269
Common stock..
593,865
593,865
Paid-in surplus...11,124,721 11,124,721
Fund, debt of sub.
300,000
465,000
Land purch. oblig.
42,227
Deferred income..
35,000
y
l,obb)6o6
Notes payable
Accts. pay., Ac...
1,060,178
905,627
176,380
2,001,630
159,637
534)211
889,315
Acer, tax pay.,
A
Co
206,937
888,567
37,904
270,070
Ac.
Federal taxes
Dividends payable
299,115
486,086
Reserves
Profit A loss surp.
..21,250,139 21,888,930
Total
329,407
1,506,671
«*.
37,904
508,417
7,017,679
6,633,026
55,659
on
for taxes
5,555",841
mach'y A equip. 4,354,986
Deferred charges..
92,482
$188,423
593,865
$2.32
$3.65
e780,000
Inventories
47,827
$246,778 def$322,502
593,865
593,865
$2.42
$1.46
,»
$384,553
593,866
340,404
Notes pay. to bks.
Investments
Land,
$
Accts. pay., trade.
Accts.
Div. on pref. stk..
re¬
Due from empl's..
1939
$
Liabilities—
Accrued taxes
164.825
Cana¬
1,187,729
$1,527,765
151,614
1,187,729
Earned surplus.
Fuel
Accrued liabilities.
564,317
14,374
Marketable securs.
rec.,
$
839,310
Cash in banks
Accts.
1939
$
$1,016,841
Com.shs.outst'gfpar $1)
Earnings per share.
Carnegie
Comparative Balance Sheet Dec. 31
Assets—
220,000
$1,586,121
151,614
1,187,730
14,291
1940
$837,692
721,541
Earns, per sh. on 91,198
shares common stock.
150,000
35,000
Net income
'
$1,225,073
733,164
dividends
270,000
165,000
150,000
Surplus
$2,969,179
263,152
697,199
261,062
profit on
D. &
Assets"****
Preferred
$2,220,231
291,538
480,763
281,088
Gross sales taxes, &c
Res. for Federal excess
9,896
foir
metal invent, reserve.
$3,281,224
356,998
728,187
339,917
Exps., int. & sundry tax.
Deprec'n & depletion
profits tax
$1,671,325
31,747
Profit of the Steelsmiths,
Inc
Div.
$4,859,870
318,449
939,264
385,103
Total income
186,971
148,105
Res.
Co.
$2,765,227
203,951
267,709
290,870
Other income
1937
$1,994,025
226,205
Interest charges
Res. for Federal taxes
175",999
Profit
1938
$3,145,695
135,529
sale to Carnegie
F. Co
368,741
184*867
dies
1939
$4,332,690
527,180
$2,317,762
151,614
1,781,595
114,874
359,153
Ordinary taxes
Fed. & State payroll tax
Bents, &c
Replacement of tools &
(& Subs .)—Annual Report—
685,000
Income from operation..
Other income
170",980
Maintenance and repairs
Flood losses
3658.
p.
1940
171,444
244,693
92,908
582,231
152,
Consolidated Income Account for Calendar Years
1937
$14,680,954 $14,320,980
12,151,171
589,768
298.352
Prof, of Internat.
certificates.—V.
12,579.260
511,211
244,673
68.400
Depreciation.
(Del.)—Dividends—
Directors have declared payments of arrears on the former cumulative
preferred stock outstanding on Aug. 3, 1938, at the rate of $1.75 per share
for the 7% series, $1.62lA per share on the 6 H % series, and $1.50
per share
on the 6% series, all payable on July 1 to holders of record June
14, of divi¬
Island Creek Coal Co.
1938
no
Net asset value per common share as of May 31, 1941, with securities
owned adjusted to market prices, was $16.82.
This compares with $16.73 on April 30,1941, and $15.45 on
Report—
1939
$17,698,145 $17,021,399
14,483,892
14,521,383
Represented by 301,846
Investment Co. of America—Net Asset Value—
|
Net sales
y
152, p. 3027.
Iowa Southern Utilities Co.
a
6,068
a
International Shoe Co.—Stock
a
483,474
interest-
286,049
Additional provision for depreciation was charged directly to surplus
subsidiary in the amount of $468,725 for the year ended March 31,1940.
Note (1) Undeclared cum. divs. on System shares held outside the com¬
pany at March 31, 1931 (1) preferred stock, July 15, 1934 to March 31,1941,
$3,352,802; (2) Class A stock, April 25,1932 to March 31, 1941, $15,349,531;
(3) Class B stock, at March 31, 1941, $4,571,247;
Class A stock also has
certain participating rights and, subject to rights of preferred stock, liquida¬
tion value of $60 a share plus accrued dividends.
(2) No provision has been made for the quarter ended March 31, 1941
for possible liability for United States excess profits tax.
The amount
of such liability, if any, will be determined only at the end of the year.
—V. 152, p. 680.
30)600
194,000
Due to landlord
Capital surplus
*
1940
$2,193,000
Common stock..
Current liabilities.
700,870
1,567,865
3,311,758
Misc. other assets.
Net profit
.
y
Inventories
z
Other charges against in¬
come of subs
-
Preferred stock...$2,077,900
Accts. rec., Ac
of subs
'
~
Land, buildings,
Cash
stocks of
subs
Minority int. in net
W
$762,845
Divs. not being currently
45,656
'
leaseholds, &c._$2,051,953 $2,030,239
8,409,074
403,612
87,684
"
Consolidated Balance Sheet Jan. 31
v
Assets—
x
class A stocks of subs.
on prer.
1938
$536,303
47,975
Dr9.137
excess
profits taxes
Divs. paid on pref. and
paid
$901,651
Federal taxes
Federal surtax
Prov. for deprec. charged
S.
1939
$25,451,880 $24,720,323 $23,717,188 $26,947,882
24,550,229
24,184,020
23,550.608
26,377,953
Other income
debs, of Intl.
Amortiz. of debt discount
U.
1940
1941
Net sales...
Costs and expenses
pur¬
Maintenance
Interest
Subs.)—
(&
1941—12 Mos —1940
$18,278,182 $17,230,457 $69,291,599 $66,493,625
607,172
554,333
2,826,088
2,814,492
revenue
Other income (net)
Oper.
System
1941—3 Mos.—1940
Total .........21,250,139 21,888,930
After depreciation
and depletion of $12,393,426 in 1939 and $13,003,576
in 1940.
y Par value $1 per share,
z Deposited with trustee to guarantee
payment of workmen's compensation claims.—V. 152, p. 3185.
x
(S. S.) Kresge Co.—Sales—
Period End. May 31—
Sales
1941—Month—1940
1941—5 Mos.—-1940
$14,381,383 $12,592,169 $61,661,439 $56,299,777
Number of stores in operation on May 31, last, were 671 in the United
States and 61 in Canada, compared with 674 American and 61 Canadian a
year
ago.—V. 152, p. 3028,
(S. H.) Kress & Co.—Sales—
of this year amounted to $7,958,326, an increase of $1,16.4% over May, 1940.
For the first five months of this year,
$35,318,642, a gain of $4,279,027, or 13.8% over the first
five months of 1940.—V. 152, p. 3348.
Sales for May
120,401,
sales
or
totaled
,
The Commercial &
3812
June 14, 1941
Financial Chronicle
Consolidated Income Statement
(Byron) Jackson Co.—Earnings—
2938
$1,281,632
$1,360,304
$2,244,452
779,116
744,141
727,312
802,651
$354,113
115,856
$537,490
69,916
$632,992
65,425
$1,441,801
58,682
$469,969
$607,406
$698,417
3,560
213,000
1940
1 939
$1,133,229
Selling, gen, & admin.,
&c., oper. expenses...
Operating profit
Non-oper. income (net).
Sales and
Balance.
Int. exp. deb. discount
and expense, &c—...
Prov. for Fed. inc. tax..
35,162
60,496
64*352
Prov. for Fed. surtax—
Net
$574,065
$511,747
,$405,617
profit...........
$1.51
$1.35
$1.07
stk
Comparative Balance Sheet Dec. 31
$3.33
$334,095
$252,042
Notes
Notes, contracts &
accts. rec.,
after
609,771
......
1,337,569
Accr'd exps.,
Federal
Equity In assets of
c
72,667
dissolved co
Self-ins.
&
b
Indem¬
nity deposits
ad vs. to
30,000
55,000
allied & subs—
130,000
1,496,189
31,548
Capital stock...
Minority interest in profits
Corp
2,160,129
414,699
a
1,404,861
Fixed assets
Prepd.
exps.
deferred
a
and
Real
48,775
40,853
a
After depreciation,
cludes
selective
surplus of
b Represented by 378,680 no par
benefits,
d Includes $63,481
employee
Jewel Tea Co.,
an
$4,323,989 $4,043,766
shares, c In¬
undistributed
subsidiary.—V. 152, p. 3185.
Inc.—Sales—
Company reports that its
were
Total
sales for the four weeks ended May
$2,947,707 as compared with $2,189,107 for
$10,515,020 for a
p. 3028.
Jones &
466,323
466,323
advances to subsidiaries not
733,328
consolidated.
153,806,265
Fixed assets (less reserves for depreciation)
1,620,014
Deferred charges
733,328
153,806,265
1,620,014
companies
Investments in and
17, 1941,
$13,820,712 as compared with
like period in 1940, an increase of 31.44%.—V. 152.
and
a
11 that it is the intention of the directors
consummation of a merger with two of its important subsidiaries
conversion of its present stocks into new stocks, to inaugurate regular
preferred stock beginning with the first quarterly pay¬
date and at the same time to inaugurate dividends on a new common
dividends on a new
ment
Taxes—Other than Federal income
gtocic.
special shareholders' meeting will be held July 22 in Pittsburgh to
into Jones & Laughlin Steel Corp. of the Vesta Coal Co.
and Shannopin Coal Co., which merger will involve the conversion of the
outstanding $58,713,600 of present 7% preferred stock including accrued
dividends amounting to $45.75 per share or a total of $26,861,472 as of
April 1, 1941, and the outstanding 676,320 shares of present common
stock into new securities.
Under the proposed plan of merger, basis of the conversion of the present
stocks into new stocks would be as follows:
The holder of each share of present 7% preferred stock will receive for
each such share:
(1) Y± share of new 5% cumulative preferred stock,
series A ($100 par), and (2) XA share of new 5% cumulative preferred stock,
series B, convertible ($100 par), each full share of which may be converted
at any time into three shares of new common stock, and (3) IX shares of
new common stock (ho par value).
The holder of each share of present common stock will receive for each
such share one share of new common stock.
In a letter addressed to all shareholders, H. E. Lewis, Chairman of the
Board, states as follows:
"The board of directors after thorough study and consideration has come
to the conclusion that it is both impracticable and unwise from the stand¬
point of the preferred shareholders, and the corporation as a whole, to
A
vote on a merger
pay-off in cash the total
The board believes that
under the most ideal conditions in the future this process would require a
substantial number of years for its accomplishment, during which period
the corporation's credit standing and ability to finance possible new capital
requirements would be impaired.
Although the management of the
corporation has no immediate plans requiring financing for additions to
plant and equipment or for other purposes, changes in the products and
processes of the steel industry from time to time come so rapidly and require
such large sums of money that no predictions can be made with reasonable
assurance for any period of time in the future as to requirements for new
attempt over any reasonable period of time to
sum of the accumulations on the preferred stock.
capital."
the necessity of the corporation to retain a portion of its
earnings in the business, it is pointed out that since the organization of
the present corporation in 1922, its annual expenditures for plant and
equipment replacements, additions and betterments had averaged $3,675,083 in excess of its annual average appropriation for depreciation and
depletion over the period, the total of such expenditures being $167,030,252
and the total of such appropriations being $100,878,758.
Quoting again from the Chairman's letter to shareholders:
"As long as accumulations of dividends on the present preferred stock
exist in substantial amounts, it is not practicable to obtain capital through
equity financing.
The only other means of obtaining additional capital is
through the creation of additional debt.
The board of directors of the
corporation believes that it is extremely unwise to rely continually and
solely upon this type of financing and certainly unwise to create additional
debt for the purpose of paying off dividend arrears.
The board also con¬
siders it unwise to increase the already large amount of preferred stock out¬
standing, whether for the purpose of raising additional capital, or for use
in conversion of the present stocks."
Mr. Lewis' letter also sets forth that the corporation has a substantial
amount of cash on hand currently, but that its available current assets
after allowing for current liabilities and operating commitments, are not in
excess of requirements.
Such current liabilities and operating commit¬
ments it is indicated include the following:
(a) The necessity for large increases in ore inventories during the cm-rent
ore-moving season on the Great Lakes.
(b) Large reserves for taxes which must be paid when due, and
(c) Commitments for heavy construction expenditures necessary to
increase steel production required by the defense program.
As a result of the proposed plan annual preferred dividend requirements
would; be reduced from $4,109,952 on the present 7% preferred stock to
$2,935,680 on the new 5% preferred stock prior to any conversion of series B
preferred into common stock, and to $1,467,840, after giving effect to the
complete conversion of series B preferred.
The consummation of the plan would result in the ownership of common
stock being divided, prior to any conversion of series B preferred stock, as
follows:
733,920 shares of new common stock to the holders of the present
preferred stock, and 576,320 shares to the holders of the present common
stock.
After giving effect to complete conversion of the proposed series B
preferred stock, the present preferred shareholders would own 1,614,624
shares of the new common stock.
The consummation of the plan, it is indicated, would permit payment of
dividends on the common stock of the corporation for the first time since
Federal income
Other accrued liabilities
sales contracts
Accident compensation and pensions payable
within year
Funded and long-term debt payable within year
514,687
2,044,118
40,397,059
514,687
2,044,118
40,397,059
2,693,000
debt..
compensation and pensions payable
Funded and long-term
Accident
$6,442,782;
2,220,921
312,083
3,628,621
6,279,934
951,262
541,113
2,220,921
312,083
3,628,621
6,279,934
951,262
541,113
—
........
Advance collections on
b Pro Forma
$6,442,782
Accounts payable, trade—
Accrued liabilities—Payrolls
7%
Preferred into 5% Preferred and Common—To Wipe Out Pre¬
ferred Accumulations—Plan Would Allow Resumption of
Both Preferred and Common Dividends—To Merge Two Subs.—
upon
''
Interest
Laughlin Steel Corp.—To Convert Present
$244,495,683
$244,495,683
a Actual
Total
Liabilities—
:
Shareholders were informed June
258,125
associated ore
Investments in and advances to
parallel weeks in 1940,
20 weeks of 1941 were
.
(less reserves)...
Investments in other corporations
increase of 34.65%.
Sales for the first
2,458,692
258,125
contracts, long-term receiv¬
estate sales
ables and sundry securities
$4,323,989 $4,043,766
Total
$23,695,290
20,296,409
41.161,237
2,458,692
—
—
b Pro Forma
Acutal
$23,695,290
20,296,409
41,161,237
hand—
receivable
Notes and accounts
Inventories
charges
effect to merger.
A. ss
1
1,235
$5,224,810
Consolidated Balance Sheet April 30, 1941
Cash in banks and on
Patents,
&c.,
at
nominal value..
366,458
$5,224,810
Before and b after giving
d991,397
$9,234,268
3,641,765
1,235
Profit for -period
414,698
1,018,334
Paid-in surplus
Earned surplus—
$9,905,147
505,188
29,234
98,257
38,200
97,669
of Frick-Reid Supply
21,707
2,160,129
Other income taxes
188,275
Inv. in &
a
245,037
coin p.
Insurance
29,433
40,627
tomers' contr'ts.
384,608
2,451,130
$9,234,268
3,641,765
366,458
&c
Profit before income taxes,
216,180
tax....
—
384,608
2,451,130
funded debt...
.
w
.....i.w.
505,188
Amortization of bond discount and expense
29,234
Other interest^.. .2
*'2.-v-V 98,257
Provision for sundry securities, &c—
38,200
Federal income taxes
lncl.
Self-Ins. reserve,
workm's
Instalments on cus¬
;
70,000
of allied co—
645,757
1,651,838
reserves
Inventories
1939
$210,797
$263,098
150,000
payable.
payable
Subscr. to cap. stk.
Accounts
*
2,732,934
Interest on
1940
Liabilities—
1939
1940
Assets—
Cash
Profit
2,732,934
97,669
$9,905,147
and prepaid mining royalties
and rebuilding, &c
Amortiz. of stripping
$1,262,924
Earns, per sh. on cap.
—$15,571,488 $15,571,488
.
Depletion
Furnace relining
54,122
$15,207,125 $15,207,125
364,363
364,363
-
Total income
2,909,527
54,122
Depreciation
21,000
$67,188,122
49,017,348-
2,909,527
Selling, administrative, and general expenses—..
Provision for doubtful notes and accounts
Other income
Profit
b Pro Forma-
$1,500,484
19,672
104,678
Four Months Ended April 30, 1941
a Actual
operating revenues, less cash discounts,
returns and adjustments..
— — ...
$67,188,122
Cost of sales and operations
49,017,348
Particulars—
1937
Calendar Years—
Gross prof, from sales...
2,693,000
1,490,220
2,043,546
46,684
subsequent to one year
Reserves—Fire insurance
1,490,220
Contingencies
Minority interest in capital stock
7% preferred stock (par $100)
Common stock (par $100)
5% cumulative preferred stock (par
Series B convertible
Common stock (no par)
2,043,546
46,684
58,713,600
.
57,632,000
29,356,800
29,356,800
57,632,000
$100) ser. A
—
Capital surplus...
31,010,055
Earned sin-plus
.
27,533,998
c
58,544",053
Surplus at April 30, 1941
$244,495,683 $244,495,683
a Before and b after giving effect to merger,
c Accumulated from earn¬
ings of the corporation, its predecessor company and their subsidiary com¬
panies, $57,549,333; capital surplus arising on consolidation of Frick-Reid
Supply Corp. and gain on sale of treasury shares, $994,720.
d Authorized,
Total
2,500,000 shares; 880,704 shares (minimum) reserved for conversion of
preferred stock series B; issued and outstanding 1,310,240 shares (733,920
of the old preferred stock, and 576,320 shares issued
to holders of the old common stock.
shares issued to holders
Dividend—•
$1.25 Preferred
dividend of $1.25 per share on account of
cumulative preferred stock, payable July 1 to
This compares with $1 paid on April 5, last
Dec. 23, Oct. 22, July 22 and April 15, 1940, and a dividend of $1.75 was
paid on Oct. 15, 1937.
As stated above directors also approved what is likely to be the final plan
to take care of balance of arrears on the preferred stock.—V. 152, p. 2708.
have declared a
Directors
accumulations on the 7%
holders of record June 19.
Co.—Earnings—
Kansas Electric Power
Period End. Mar. 31—
1941—3 Mos.—1940 1 941—12
Mos.—1940.
$2,670,605-
Operating revenues.u...
Oper. exps. and taxes
$734,361
544,051
$723,458
554,257
$2,751,840
2,041,269
Neb oper. income
Other income (net)
$190,310
$169,201
$710,572
299
295
1,207
$711,553
1,229
$190,610
63,705
$169,496
62,909
$711,779
254,912
$712,782
253,431
$126,905
44,347
$106,587
44,681
$456,867
178,393
$459,351
178.729
$82,558
$61,905
$278,474
$280,622
1,959,053
In referring to
Gross income
Int. & other deductions.
Net income
Pref. stock dividends—
Balance
Note—Federal
income
Second Revenue Act of
tax has been accrued at rates provided in the
1940, and 1940 figures previously published have
been adjusted for purposes
of comparison.—V. 152, p.
April 30—
Operating revenues
Oper. exps., excl. direct
taxes..
....
...
Direct taxes
Prop, retire, res. approp.
Amortiz. of limited-term
2708.
Co.—Earnings—
Kansas Gas & Electric
Period End.
.
1941—Month—1940
$561,645
$527,346
217,770
96,801
60,000
212,153
1,660
55,000
1941—12 Mos.—1940
$6,631,799
$6,413,674
2,521,312
828,544
680,000
2,613,217
827,714
660,000
157
391
3,859
5,084
$186,917
$258,142
$2,307,659
7,036
investments
:
1931.
Announcement Is made
series of the new
preferred stock and the new common
York Stock Exchange.
of both
stock on the New
that it is intended to apply for listing
298
Net oper. revenues
Other income (net)
Gross income
Int.
on
Int.
on
_.
mtge. bonds
deb. bonds
Other int. & deductions.
91
$2,598,084
7,463
$187,215
45,000
$258,233
$2,605,547
$2,314,695
70,500
15,000
19,880
588,000
180,000
730,500
180,000
231,429
122,954
363
632
$1,606,481
$1,281,873
520,784
520,784
15,000
19,371
Int. charged to construc¬
tion-credit
...
Net income
Divs. applic. to pref.
Balance
a
$1,085,697
$761,089
Federal income taxes subsequent to April 1, 1941, is being
which will result in the accumulation of such taxes at the
.
Provision for
made at
$107,844
$152,853
stocks for the period. _;
rate
rate of 30% for the full year
No provision has been made
indications are that no
-
1941.
for Federal excess profits tax since present
payable.—v. 152; p.. 3028.
such tax will be
-
Volume
The Commercial & Financial Chronicle
152
Key West Electric Co.—Earnings—
Period End. April 30—
Operating
1941—Month—1940
$25,236
$18,317
6,579
5,774
revenues
Operation....
Maintenance..
Depreciation
957
$255,574
71,915
18,757
36,941
21,141
27,052
3,007
Net oper. revenues.._
Other income (net)
Balance
Int. & amortization
893
1,811
$9,536
$9,735
1,883
$5,834
200
Balance
$7,852
Preferred dividend requirements
r
$4,203
.....
3186.
P.
(net)..
Keystone Custodian Funds—Dividends—
Increased rates of payment and resumption of dividends
by many of the
35 listed preferred stocks held by Keystone
Appreciation Preferred Stock
Fund "K2" are reflected in the increased
distribution to be made June 15
Net
value per share also reflects improvement in the
position of
Compared with the Dow-Jones industrial stock average
declined 13.4% during 1940, the average of all New York Stock
asset
preferred stocks.
which
Exchange listed preferred stocks advanced 2.29% and the Keystone Ap¬
preciation
Preferred
Stock
Fund
"Kw" advanced
14.67%, Keystone
Custodian Funds reports.
•
'
Also making a distribution is the Keystone Investment Bond Fund
"Bl,"
will pay 77 cents per share on June 15 to holders of record as of
This is the same amount as on the last distribution date, Dec. 15,
1940—Y. 152,p.3159.
which
May 31.
161,310
stock, both payable June 14 to holders of record June 2.
Extra of five cents
paid on Dec. 16, last, and an extra of 15 cents was paid on June
15, 1940.
—V. 152, P. 1132.
; ;
:,
^M
16,396,092
152,
p.
Lone Star Cement Corp.
$450,000.
-.V-'-
Of this amount,
$250,000
was set aside for payment
of the reorganization
The remaining $200,000 will meet obligations
proceedings, begun in 1936.
incurred
by the trustee.
^
plan is supported by a $600,000 Reconstruction Finance
Corporation loan, which becomes a first lien on major assets of the com¬
bined companies.—V. 150, p. 2885.
The
merger
La Luz
Operating profit
-
exp.
..
Tons ore milled
Metal production (gross)
—
—
92,737
$579,875
10,984
—
Net production revenue
.
...
$568,891
..
costs
239,552
Reserve for depreciation and deferred
development
Estimated net profit
92,194
...
$6,783,630
167,075
$7,913,574
170,779
_
$7,547,381
2,674,040
$6,950,705
b2,792,816
1,312,248
1,256,104
$8,084,358
2,735,740
3,698
1,265,090
$3,561,094 b$2,901,784
3,137,014
2,885,516
$4,079,825
3,616,159
.
1,911,643
....
13,619
Net profit...
$3,457,293
3,385,807
Common dividends
Balance, surplus..—
a
No.
com.
shs.
$71,486
977,795
$237,144
105,954
...
$424,080
977,795
$3.54
(no par)
$3.64
per share
Including treasury shares,
$16,268
977,795
$2.97
$463,666
977,795
$4.17
b Revised.
Consolidated Balance Sheet Dec. 31
1940
Assets—
; •
1939
$
1940
$
6,174,163
Liabilities—•
2,633,844
a
7,527,688
Accounts & notes
M
receivable
1,951,741
1,347,736
Inventories
5,442,082
5,086,396
Inv. Insecurities..
1,980,063
1,968,408
b Plant sites, min¬
1'ds, rights,
bldgs., mach., &
equipment
Bond
disc't,
/f
■
Prov. for taxes...
Insurance reserves
Common stock.
in
466,465
483,740
444,693
.33,333,774 33,333,695
279,249
710,10
71,010
co.
Argentina set
aside
pre¬
255,176
851,915
979,439
552,582
Consol.adJ. acct..
Surplus of sub.
paid exps., &c_.
1,096,434
1,440,158
Res. for conting. &
def'd liabilities..
29,390,250 30,325,525
1939
$
Accts. payable and
accrued exps
c
eral
in
accord,
with Ar gen. law.
355,397
324,752
10,801,000 10,469,758
Treasury stock.. Dr306,776 Dr406,725
Earned surplus
d
....47,827,319 46,535,002
After
in 1940.
Marketing charges
Operating and administrative
$7,364,669
182,712
Interest and amortiz
Federal taxes, &c
Net foreign exch. adjust.
Earnings
1937
$7,987,743
2,605,188
.
Deprec. and depletion.
1938
$7 706,353
281,390
...
Total income
1939
$22,674,274 $21,085,781 $20,458,971 $21,251,648
14,967,921
13,721,112
13.675.342
13,338,075
Other income
a
Earnings for the Quarter Ended March 31, 1941
(& Subs.)—Annual Report—
1940
Sales (net)
Mfg. cost, sell., &c.
Total
Mines, Ltd.—Earnings—
17,274,431
Consolidated Income Account for Calendar Years
U. 8. Treas. bonds
Industries, Philadelphia textile fabrics manufacturing firm, and its sub¬
sidiary, Pendleton Manufacturing Co., of La France, 8. C.
The Court directed J. Harris
Warthman, the Court Trustee, to turn
over to the new corporation all of the
merged assets, except approximately
16,396,092
: >
Cash............
Philadelphia, June 4, approved
1,016,219
Total
17,274,4311
Directors have declared a dividend of 90 cents
per share on the common
stock, par $50, payable July 15 to holders of record June 13.
Dividend
of $1 paid on Jan.
15, last, and regular semi-annual dividend of $1.05
per
share was paid on July 15, 1940.—Y.
151, p. 3565.
a
Industries—Merger Plan Approved—
Federal Judge William H. Kirkpatrick at
1,343,325
1,041,123
2243.
an initial dividend of 27 cents
per share on the
stock, payable July 1 to holders of record June 20.—V. 152, p.
financial reorganization plan which provides for the
merger of La France
Accrued expenses.
Funded debt due
Surplus
Little Schuylkill Navigation RR. & Coal
Co.—90-Cent
Dividend—
...
a
32,411
3,206,500
2,928,442
1,051,854
777,465
592,039
91,731
After depreciation and depletion of
$10,593,268 in 1940 and $10,779,450
in 1939.
y Represented by 435,060 (435,003 in
1939) no par shares.—V.
La Crosse Telephone Co.—Initial Dividend—
La France
connection
x
Directors have declared
common
in
with merger
204,827
88,378
159,371
_
Total—i
Kysor Heater Co.—Extra Dividend—
Directors have declared an extra dividend of 15 cents
per share in addi¬
tion to the regular quarterly dividend of 15 cents
per share on the common
142,121
7,577,769
Reserved for issue
30,104
1952.. 2,981,500
797,390 Oth. long-term dt. 1,612,034
129,855 Notes payable
958,733
113,530 Accounts payable.
849,224
106,488
to holders of record of this Fund
as of May 31.
The June 15 distribution
of 40 cents per share is more than double the
last payment of 18 cents per
share on Dec. 15, 1940.
128,039
2,168,720
723,111
Deferred charges.
$
standing....... 7,580,049
628,107
823,411
1939
$
Deb. 4^8,
expense
of
April, 1941 the accrual for Federal income tax is based on an
estimated rate of 30% against the
original estimate of 27%, spreading the
under-accrual for January, February and March over the
remaining nine
months of the year.
The rate under the present law is 24%.—V. 152,
2
re¬
Life ins., cash val.
Invest. & advances
Unamort. disct. &
$37,183
24,374
Liabilities—
Capi. stock out¬
13,015,585
l 195,388
ceivable
1940
$
y
Cash
Inventories
$60,286
23,103
24,374
;
plant
Notes & accts.
$59,483
803
$59,333
1939
$
Property,
and equipment .10
,973,923
Patent license
110,968
28,476
Balance
$34,959
$12,809
a
Company does not consider that it has any liability under the Excess
Profits Tax Act of 1940 as amended
March, 1941.
Beginning with the
month
x
8,181
22,304
$83,236
23,903
™
$6,042
1,839
Assets—
$203,365
65,892
19,028
$79,768
3,468
208
; :
1940
1941—12 Mos.—1940
997
3,263
2,440
2,461
Federal income taxes..
Other taxes
a
3813
Consolidated Balance Sheet Dec. 31
reserve
b After
Total
47,827,319 46,535,002
for doubtful accounts of
$276,813 in 1939 and $178,290
reserve for depreciation and depletion of
$39,714,018 in
1939 and $40,657,435 in 1940.
c Represented by 977,795 no par shares,
d Represented by 11,972 shares at cost in 1939 and
$9,030 shares in 1940
—V. 152, p. 2709.
Louisiana Power &
Period End. Apr. 30—
Light Co.—Earnings-
1941—Month—1940
$760,765
$649,228
Operating revenues
Oper. exps., excl. direct
taxes
1941—12 Mos.—1940
$8,462,745
$8,021,399
—V. 152, p. 1437.
Lamaque Gold Mines, Ltd.—Extra Dividend—
Directors have declared an extra dividend of 15 cents
per share in addi¬
tion to the regular quarterly dividend of 10 cents
per share on the common
stock, both payable July 1 to holders of record June 10.—V. 150, p. 3516.
Lane
Bryant, Inc.—Sales—
Period End. May 31—
1941—Month—1940
Net sales
$1,586,665
$1,297,473
—V. 152, p. 3028.
398,805
126,221
70,224
372,237
73,723
67,295
4,380,700
1,275,484
817,549
4,228,090
968,509
Prop, retire, res. approp.
Capital expenditures
Net oper. revenues—
$165,515
$135,973
$2,032,817
10,506
Direct taxes.
272
194
$165,787
$136,167
72,947
8,154
$2,001,930
875,151
80,496
1,049
$2,043,323
875,381
86,736
'
4,170
$55,066
$1,047,332
356,532
$1,085,376
356,532
$690,800
$728,844
Other income (net).....
Gross income
Int. on mortgage bonds.
Other int. & deductions.
1941—5 Mos.—1940
$6,731,610
Int. chgd. to constr.
72,928
8,243
75
(Cr.)
$5,763,358
Net
income
Las
$84,691
Divs. applic. to pref. stock for the period
Lehman Corp.—Extra Dividend—
is being made at a rate which
■
Vegas Light & Power Co.—Sells $225,000 Bonds
Privately—See Federal Light & Traction Co.
Directors have declared an extra dividend of 15 cents per share in addition
to the regular quarterly dividend of 25 cents
per share on the common
stock, both payable July 7 to holders of record June 20.
Extra of five
cents paid on April 4, last.
See also V. 152, p. 1755.—V. 152, p. 2242.
Lerner Stores Corp.—Sales—
Period End. May 31—
Sales
—V. 152, p.
3029.
152,
3348.
p.
Locke Steel Chain Co.—Extra Dividend—
.
Directors have declared an extra dividend of 30 cents
per share in addi¬
tion to a regular quarterly dividend of 30 cents
per share on the common
stock, both payable June 25 to holders of record June 14.
Like amounts
on
April 1, last and
Lion Oil
on
1940
Balance....
1939
$2,780,981
336,397
Miscellaneous income
Total income.
Res.fordepr.& delp.,&c.
Interest payable, &c
Fed. and State taxes
$2,560,715
93,796
$3,117,378
1,692,605
304,672
663,227
$2,654,511
1,639,943
348,995
13,221
Amt. of net inc. of sub.
1938
1937
$2,587,589
121,941
!
Dr 15,212
Earns .per sh .on com .stk.
$5,260
$2,387,382
1,074,693
164,574
al90,610
"
stockholders
Includes
$2,307,089
80,293
$2,709,530
1,316,741
271,191
193,903
applicable to int.
minority common
Net profit
Dividends paid
1941
1940
$12,438,797 $11,615,650
3,879,350
3,553,556
Maintenance
588,950
644,146
Appropriation for retirement reserve....
1,400,500
1,300,000
Amortization of limited-term investments
1,428
1,428
Taxes (other than income taxes)
1,157,795
1,135,601
Provision for Federal and State income taxes...
1,264,275
776,962
Operating revenues
Operating expenses and taxes—Operation..
Net operating income.
income
$4,146,499
228,428
$456,873
435,049
$1.05
($21,518
in
profits.
1936)
$652,352
434,989
$1.50
Federal
■
DM2,170
$912,483
434,847
$945,335
640,149
$2.10
$2.17
surtax
on
—
■>
:
$4,374,928
1,030,450
160,227
6,216
250,000
37,000
Cr29,345
22,066
$4,421,014
$1,030,450
160,227
31,105
250,000
37,000
Cr6,266
24,903
$2,893,595
Amortization of flood & rehabilitation expense
Amortization of contractual capital expenditures
Interest charged to construction
Miscellaneous
v
,
Balance
—
—
—
on pref. stock of Louisville Gas & Elec. Co.
(Ky.) held by public—cash..
Divs.
Net income
Dividends on class A common
Class B common—
1,354,920
1,354,920
$1,543,393
900,565
300,948
$1,538,675
900,563
263,329
Note—Provision for excess profits tax under the Second Revenue Act of
1940 was made for the calendar year 1940 in the amount of $154,000.
—V. 152, P. 3187.
Louisville & Nashville
undistributed
$4,203,957
217,057
$2,898,313
Other
Interest
cos.
of
Subs.)—Earnings—
Years Ended March 31—
Amortization of debt discount and expense
Other interest
$10,777,760 $10,831,474 $11,329,784 $10,555,066
5,834,506
6,193,552
6,546,058
6,341,412
2,162,274
2,077,207
2,196,137
1,906,566
Adm. & gen. exp., &c
respectively.—V. 152, p. 3029.
Gross income
on funded debt
Refining Co.—Earnings—
Gross oper. income
v
Includes provision of $10,688 and $68,652 for Federal excess profits tax
of April, 1941, and in the 12 months ended Apr. 30, 1941,
in the month
Dec. 27, 1940.—V. 152, p. 1595.
Consolidatea Income Account for Calendar Years
Cost of sales..
Balance
Notes—Provision for Federal income taxes subsequent to April 1,
1941,
will result in the accumulation of such taxes
attherateof 30% for the full year 1941.
—
(R. G.) Letourneau, Inc.—Registers with SEC—
paid
....
Louisville Gas & Electric Co, (&
1941—Month—1940
1941—5 Mos.—1940
$4,256,014
$3,575,073 $16,860,995 $15,042,549
See list given on first page of this department.—V.
a
791,983
$1,989,012
12,918
RR.—Equipment Trust Ctfs.—
The Interstate Commerce Commission on June 6 authorized the company
to assume obligation and liability in respect of not exceeding $4,970,000
series J
15^% serial equipment-trust certificates, to te issued by J. P.
and sold at 100.0777 and accrued dividends
the procurement of certain equipment.
Morgan & Co. Inc., as trustee,
in connection with
The Commercial &
3814
Commission states in part:
invited 164 investment houses,
The report of the
The applicant
savings hanks, Insurance
companies, commercial banks, trust companies and other prospective pur¬
chasers to bid for the purchase of the certificates, the bidders being required
to name the rate of dividends to be borne thereby in multiples of % of 1 %
annum.
In response thereto six bids representing 24 parties were
The best bid, 100.0777 and accrued dividends, based on a rate
% % per annum, was made by the Central Hanover Bank & Trust Co.,
and has been accepted.
On this basis, the average annual cost of the pro¬
ceeds to the applicant will be approximately 1.61 %.—V. 152, p. 3506.
per
received.
of 1
agent for
new scrip certificates.
City Bank Farmer's Trust Co. was
approved as registrar for the new preferred and common stocks, and Guar¬
anty Trust Co. of New York as indenture trustee.
Mr. Wardall is expected to proceed immediately with plans for under¬
writing the company's new securities and to announce shortly the banking
firms who will bid on them.
When the underwriting is completed he will
make known the final date of distribution.
Under present plans it is
hoped that this will be about July 15.—V. 152, p. 3349.
McLellan Stores
Co.—Earnings—
1910
1939
1938
$23,086,048 $22,282,068 $22,615,287
1941
31—
Years End. Jan.
McCrory Stores Corp.—Soles—
Period End. Mau 31—
1941—Month—1940
1941—5 Mos.—1940
Sales..
$4,100,827
$3,507,287 $18,182,919 $16,406,511
Stores in operation
— 200
203
June 14, 1941
Financial Chronicle
Net sales
$24,030,780
Cost of sales, sell. & ad- '
,
22,426,053
$1,604,726
20,983,145 a21,121,923
21,630,378
$1,455,670
—
—V.
152,
3029.
p.
'
,
Gross income
.
Co.—Earnings—
McGraw Electric
-
_
_
-
-
Deprec. of bldgs. & fixts.
& amort, of invest, in
leasehold improvem'ts
Miscell. other charges...
Prov. for Fed. inc. taxes.
.
.
$1,298,923
,■A,".
'
1938
1937
$6,919,554
$5,797,501
1
allowances.!
.$8,262,044
Cost of goods sold, gen.
& admin. & sell. exps.
Net
4,643.123
4,710,595
5,240,032
6,110,251
$2,151,793
$1,679,523
$1,086,907
$1,241,191
59,590
profit from oper.
71,859
35,791
37,572
Other income
367,957
4,127
b250,000
363,928
3,435
115,000
$982,642
179,970
439,886
$973,306
$860,788
$1)..
733,188
179,970
439,886
733,185
Earnings per share—._
$1.09
$1.08
Net prof. for period-. _
Preferred dividends
/
Shs. com. stk. (par
profits before ad¬
justments of res. &
prov. for inc. taxes. $2,211,383
Exp. of moving Toastmaster division
Net
for excess
necessary
$1,122,698
$1,751,382
Cash
hand, in
transits,337,577 $1,362,307
on
bks. & in.
a756,450
b338,200
bl82,400
b334,237
$1,454,933
$1,413,182
$891,858
$944,526
Dividends......
1,063,350
827,050
472,600
472,696
472,600
$3.07
__
472,600
$2.99
472.600
$1.88 '
472,600
$1.99
stk. outst'd'g
Earnings per share
$218,000.
of approxi¬
for 1937: $15,000 for 1938 and $24,000 for 1939.
a Includes
Federal excess profits taxes of approximately
b Includes provision for Federal surtax on undistributed profits
mately $89,000
Comparative Balance Sheet Dec. 31
52,049,862 $1,587,087
Cash
a
1939
1940
5243,973
Accounts payable.
$143,677
42,512
value)
Furniture & fixt's
71,978
69,907
1,452,435
1,464,775
1
Leasehold valua'ns
Invest .In leasehold
Accrued liabilities,
890,788
484,002
improvements..
c
Common stock..
472,600
472,600
1,719,079
1,509,945
206,511
890
;;
10,000
insur.
for
6%
42,512
153,643
52,017
(contra)
a
163,643
conv.
cum.
2,999,500
pf.stk. (par$ 100) 2,999,600
733,186
Com.stk.(par $1)
779,914
Capital surplus
Earned surp. since
Jan. 1, 1935.... 2,956,078
733,186
b
779,914
2,593,292
166,323
Prepaid ins., taxes,
1,031,549
874
Res. for conting's.
1
116,000
250,000
re¬
Res. for tort claims
5,834
4,950
Real estate—....
395,251
scrip
for
Reserve
rec.,
893,857
1,031,549
Paid-in and capital
supplies, &c..._
49,226
61,547
55,139
b Plant accounts..
1,043.293
1,074,531
32,888
$4,533,005
store
23,725
Total .........$5,431,669
surplus..
42,235
Investments, &c_.
...
Earned surp. since
Jan.
2,401,177
2,792,760
1, 1933
goodwill...
...$5,431,669 $4,533,005
Total
of $49,279 in 1940 and $42,637 in
1940 and $671,836
After reserves for doubtful accounts
suppl.,Ac_
..$9,243,178 $8,735,584
Total
Development work
(new products).
Patents, trademks.
a
61,298
52,017
less reserve
856,428
Prepaid insurance,
and
accts.
$911,396
424,273
tirement
30,181
Securities (nominal
980,118
,.-i
Res.
_
1,214,734
Receivables...
Inventories
Other
$883,694
taxes
4,081,727
4,339,401
less reserve
Ins. fund (contra)
c
Liabilities-
1939
1940
A ssets—
Accrued
Reserve for Federal
Miscell. accts. rec.,
Shs. of cap.
1940
1941
payable.
expenses.
Accounts
Mdse. Inventory <fe
rndse. In transit.
Netprofit
$1.30
provision considered
Liabilities—
1940
1941
Assets—
Provision for Federal and
State income taxes
$1,131,318
179,985
439,878
733,188
Comparative Balance Sheet Jan. 31
$1,278,763
48,440
b No
social security taxes
profits tax.
«
Including $109,042,
a
123,000
179,970
439,881
733.185
$0.93
„
294,828
4,337
.... 62,881
312,007
$5,884,315
Net sales, after deducting discts,, returns and
„
_
Common dividends—..
1939
1940
Calendar Years—
$1,493,364
-.;y:
1939.
b After reserve for depreciation of $780,712 in
in 1939.
c Common stock of $1 par value.—V. 152, p.
2862.
$9,243,178 $8,735,584
Tota 1
preferred stock is shown upon the basis of treating as
though issued 183 shares (188 shares in 1940) of new preferred stock for
183 shares (188 shares in 1940) of old series A 6% preferred stock,
b The
outstanding common stock is shown upon the basis of treating as though
issued 137 shares of new common stock for 137 shares of old class A common
stock, not yet converted: 275 shares (282 shares in 1940) of new common
stock to be issued in connection with the conversion of 183 shares (188 shares
in 1940) of old series A 6% pref. stock and 16 shares of new common stock
to be issued in connection with the conversion of 32
(31 in 1940) scrip
certificates,
c Less reserve
for depreciation plus subsequent additions
at cost.
>'
The outstanding
a
.
Mclntyre Porcupine Mines,
Ltd.—-Earnings—
1941
1940
1939
1938
$9,348,002
$8,691,659
4,819,593
$8,273,737
4,502,813
$7,963,886
4,375,203
734,085
$3,872,066
649,871
$3,770,924
602,061
$3,588,682
635,441
$5,349,173
1,530,141
$4,521,937
802,679
$4,372,985
660,045
$4,224,124
626,306
Years End. Mar. 31—
Bullion recovery
4,732,914
Operating costs..
Operating profit.
$4,615,088
__ —
Other income
Total income.
...
Taxes...
...
Corp.—-50-Cent Dividend—-
McLouth Steel
13,821,179
Sundry adjustments
$3,597,818
11,537,172
14,849
$3,712,940
12,145,858
4,165
$3,719,257
13,596,759
6,566
$3,819,032
Net income
Previous earned surplus.
Sales—New Officers—
Period End. May 31—
1941—Month—1940
1941—4 Mos.—1940
Sales
$2,328,814
$1,899,981
$7,709,487 $6,608,442
Howard J. Moffatt has been elected a Vice-President.
Earle G. May,
Treasurer, has also been named a Vice-President.—V. 152, p. 3660.
50 cents per share on the common
holders of record June 7.
Dividend of 25 cents
Directors have declared a dividend of
stock, payable June 14 to
paid on March 14, last; 40 cents paid on Dec. 17, last; 35 cents on May 29,
1940, and an initial dividend of 25 cents was paid on Feb. 15,1940.—V. 152,
p. 1596.
MacAndrews & Forbes Co. (&
$17,640,211 $17,322,583 $15,862,963 $15,149,839
1,771,560
3,192,000
1,197,000
1,995,000
Total
Dividends
Prospecting & explorat'n
expenditures on outside
properties
22,020
Transf. to res. for deple.
of mining properties._
Additional provisions for
prior years' taxes122,076
a
87,638
320,180
8,981
3,973
743,414
1,000,000
......
Prem.
N.
on
Y,
funds
......
1940
798,000
$4.51
Capital stock
706,819
3,990,000
221,768
__
Accounts payable.
^•.to other cos....
,139,272
Prepayments
and
deferred items..
1,139,272
Prov.
104,845
Cash
445,575
1,069,185
Bullion
530,412
635,161
Marketable sees..18 ,697,548 16,265,694
Accts. & int. rec..
107,353
121,666
,
for
for
for taxes
Earned surplus
Capital surplus
Quebec
rent
$1,062,009
214,066
$1,202,754
124,000
146,000
$911,914
2,546,850
$869,662
2,525,958
$723,943
2,529,227
$886,283
2,522,103
Total surplus-....
$3,458,764
759,735
$3,395,619
119,424
729,346
$3,253,170
119,424
607,788
$3,408,386
119,424
Common dividends..
$2,579,605
$2,546,850
$2,525,958
$2,529,227
Earned surplus.
.....
stock
Shares
standing (par $10)...
Earned per share
133,226
72,668
57,976
a
,
and
com.
out¬
303,894
303,894
303,894
303,894
$2.61
$2.47
$2.38
$2.52
Includes depreciation:
1939, $104,104; 1938, $S5,222; 1937, $67,203
1936, $67,748. b Includes provisions for excess profits tax of $8,000.
154,736
1,029,304
13,821,179
245,454
244,542
Consolidalea Balance Sheet Dec. 31
148,920
1,759,688
15,702,673
a
22,284,203
After
deducting
20,506,6221
1,583,881
533,618
413,076
accrued expenses
529,168
744,735
2,991,824
$4,747,387
22,284,203 20,506,622
reserve
for depletion giving the mining
a
.
A
31,266
22,385
employees
buildings,
for depreciation was $5,104,282.)—V.
2,367,121
Goodwill, tr.-mks.
&
Robins,
Plan—Form of
Inc.-—Court
'
the estate, be transferred to the reorganized company before the new
debentures and new preferred stock are delivered and paid for by the
or purchasers.
Upon the transfer of this property and the
completion of other steps, Judge Coxe ordered that Mr. Wardall should
be relieved of his duties and responsibilities as trustee in regard to the
operation of the business.
The Court approved the appointment of the Manufacturers Trust Co.
as transfer agent for the new preferred and common stock, as exchange
agent for cash and securities distributable under the plan and as scrip
for
war
c290,054
b324,816
333,750
303,361
con¬
60,000
Re!?, for employees
add'l
63,925
compens'n
62,095
1,990,400
Common stock
1,990,400
3,038,940
1,711,143
3,038,940
1,673,480
2,579,605
2,546,850
Preferred stock
2,030,323
2,030.323
Underwiiting Agreement Approved•—
The Court directed that the property dealt with under the plan, other
than cash distributable to holders of debt and certain claims belonging to
underwriters
78,851
Takes Steps to Con¬
Paving the way to final consummation of the plan of reorganization
and company's formal return to private management, Federal Judge Alfred
C. Coxe, June 12, signed an order approving the form of agreement to be
used in underwriting the new securities called for by the plan and appointing
the exchange agent to carry out the distribution of new securities and cash.
At the same time he authorized the trustee of the drug firm, William J,
Wardall, to set the date on which the formal transfer of assets shall be
made to the reorganized company if an agreement on the underwriting is
made, and to take all necessary steps to consummate the plan of reorgani¬
zation.
Res.
Capital surplus
Earned surplus
brands, &c_._._
McKesson
...
469,052
tingencies.
Land,
machry. & equip 2,435,824
90,941
Prepaid expenses.
summate
eral taxes
387,332
Dividends payable
properties a nominal value of $1 and after deducting depreciation reserve
of $5,264,208, giving plant and equipment a value of $537,058 (in 1940 total
152, p. 684.
$
Provision for Fed¬
3,229,008
1939
Accts. payable and
.
Inventories
Total
$
Liabilities—
%
1,751,796
$
Cash
Notes & accts. rec.
463,980
1940
1939
1940
Assets—
Stock allotment to
Total
119,424
759,735
$
25,211
646,466
170,472
41",444
Net income
Stocks and bonds
account
_
195,696
Mines, Ltd., cur¬
Supplies
$1,301,673
215,795
174,772
167,206
silicosis
assessment.....
Prov.
$1,413,904
vb274,783
60,000
Prior earned surplus.
3,990,000
sundry
liabilities,, &c
Prov.
1940
137,216
Payrolls
155,308
$1,071,854
130,900
885,780
Dividend payable.
Shares of and adv.
Belleterre
T
$
Liabilities—
$
$
537,059
$945,167
116,842
Preferred dividends.
1941
plant
equip., &c_..
$1,225,222
76,450
Unrealized loss on exch.
$12,145,858
Balance Sheet March 31
Assets—
$1,290,376
123,528
„
Prov. for war con tings.
5,609
V
surplus.
$15,702,673 $13,821,179 $13,596,759
of capital stock
outstanding (par $5)_.
798,000
798,000
798,000
Earns, per sh. on cap .stk
$4.78
$4.66
$4.65
Min. prop.,
$5,644,868
4.573,013
Gross profit,
Shares
a
$5,480,398
4,535,232
Federal taxes.
^Earned
1941
5,048,713
Sell., admin. & gen. exp.
217,793
16,483
5,399
$6,273,935
Total income
V
1937
1938
$6,453,702
goods sold.___
5,163,326
Other income.......
.
:
purch. for divs
Sundry charges
Cose of
Subs.)—Earnings—
1939
1940
Calendar Years—
Sales (net).
Total
a
in
After
1939.
10,455,149 10,408,993
allowance for depreciation of $3,024,039 in 1940 and $2,994,077
b Including foreign,
c Includes excess profits tax.—V. 152, p.
10,455.149 10,408,993
Total
2557.
(R. C.) Mahon Co .—Registers with SEC—
first page of this department.—V. 151, p. 3401.
See list given on
Magor Car Corp.—Extra
Dividend—
dividend of $1.75 per share in addi¬
quarterly dividend of 25 cents per share on the common
stock, both payable June 26 to holders of record June 16.
Extras of
50 cents were paid on March 31 and on Dec. 26, last.
Extra of 25 cents
was paid on Sept. 30, 1940.—V. 152, p. 2710.
Directors
have declared an extra
tion to the regular
Manning Bowman &
A
on
a
special
Co.—To Vote on Sale
meeting of stockholders
has been called for June 16 to act
the company's assets to the Bersted Mfg. Co.
The International Silver Co. owns 61,000 of the 96,500
proposal for the sale of
of Fostoria, Ohio.
capital shares of Manning,
Bowman & Co.
Volume
The Commercial & Financial Chronicle
152
Under the terms of the proposed
sale, BerstedlMfg. will offer to buy
from present stockholders 12,500
shares of Manning Bowman stock in
the ratio of one share for each
eight owned at $8 a share.
Bereted also
proposes to issue $798,000 in 15-year debentures to finance the
purchase.
-=V. 151, p. 2503.
Mandel Bros.,
Inc.—Earnings—
Years Ended Jan. 31—
Net sales.
Cost
1941
1940
1938
1939
-$18,506,099 $18,089,250 $17,798,545 $19,377,722
of goods
sold
and
18,111,123
17,563,100
18,881,885
$394,976
$352,147
$235,445
$495,837
170,541
Operating profit
17,737,103
168,452
174,555
Income credits—Interest
earned, &c_
Gross profit-.
Prov. for deprec. of prop.
>
$520,599
$410,000
$733,249
208,412
211,240
38,000
16,224
209,952
alOO.OOO
9,372
$269,128
296,800
$256,208
207,760
$144,536
$413,925
222,975
capital stock, no par__
o0.91
$0.86
a
Including provision of $28,000 for surtax.
$0.49
$1.39
Net profit
_
-
share
per
Prov. for loss
sub. in
50,000
5,979
on
1941
1940
Prop. A impts..$l ,654,483 $1,798,103
x
Earns,
$3 ,287,714 $3,287,714
Accounts payable.
name
1
121,141
94.701
per share on com.
accruals..
0,000
7,558
111. occupa'n tax..
115,054
1 ,742,642
1,760,695
Accrued rent
investm'ts
25,694
Inventories
2 ,348,238
Prepaid expenses..
90,655
25,722
79,948
535,140
111,197
65,296
Notes & accts.
rec.
Sundry
Accrued tax, Ac._
Res. forinsur., Ac.
2,459,585
Capital surplus
51,395
274,505
Earned surplus
77,290
430,885
Includes profit
Total
..$7,619,975 $7,489,514
Total
-.$7,619,974
After
depreciation of $1,863,461 in 1941 and $1,747,436
Represented by 296,800 no par shares.—V. 152, p. 2400.
x
y
$0.64
Nil
1939
Liabilities—
Receivables
a
other
516,997
836,070
timber
158,950
293,729
State inc. taxes.
Funded
cost,
623,755
863,983
3,640,309
3,813,738
224,939
V 244,917
48,885
56,051
3,249,000
42,800
417,681
Capital surplus... 2,236,293
2,236,383
7%
cum.
($100
pref. stk.
par)
_
Com. stk. ($1 par)
1940.
Corp.—Earnings-
Total
Calendar Years—
1940
1939
1938
1937
Total income
a
$66,492
$60,296
$68,678
$71,368
573
796
Loss
on
foreign exchange
Operating
28,496
~2l',80i
11,511
8,329
19,035
20,124
6,903
78,900
24,070
8,348
45,097
2,524,089
$11,131
2,535,220
loss$37,824
2,497,396
loss$6,944
2,490,453
$2,524,089
$2,535,219
$2,497,396
_.
12,534
Profit for year
Previous earned deficit..
Deficit, Dec. 31
$13,950
a Includes
profit on sale of oil royalties, &c. of $37,164 in 1937,
$33,899
in 1938, $15,233 in 1939 and
$6,665 in 1940.
1940
Prop., plant A eq.
1939
$309,941
24,974
Contingent asset..
$1)
leum Co
12,500
36,431
receivable..
Mat. A supplies.
22,500
8,661
—
Cash
Merchants & Miners
Calendar Years—
Oper.
Total income
Other
3,189
1,755
1,003
58,176
44,226
accts
5,951
58,711
$7,946,427
1,224,765
6,141,951
219,963
$7,326,718
1,188,863
5,788,074
250,797
323
385
214,752
275,249
237,267
$7,674,227
1,170,099
6,311,347
250,746
2,479
250,536
$111,711
deprec.)._
x$84,177
$138,669
58,744
$310,979
284,273
$197,413
234,982
def$0.59
$595,252
236,902
def$1.31
176,231
Balance, deficit
$111,711
234,982
def$0.48
Shs. of cap. stk. outst'd'g
Earnings
per
share
Balance Sheet Dec. 31
$376,984
1940
Total
Total
$393,471
Assets—
$376,984
Capital surplus $2,568,315, less earned deficit of $2,510,138
($2,524,089
1939.)—V. 152, p. 3029.
x
in
"r.
$92,054
234,982
$0.36
Profit.
3",026
$393,471
1937
$7,540,616
133,611
Dividends paid
x
575
1938
$7,202,956
123,762
223
(incl.
expenses
Rentals
389
_
Deferred charges._
1939
$7,837,561
108,866
$7,691,262
1,249,461
6,133,608
204,929
Other income
Maint.
Transportation Co.—Earnings—
1940
$7,570,420
120,843
(transp.).
Net loss
$330,000
2,105
Surplus
x
revenue
1939
$330,000
Accounts payable.
Accrued
$9,658,006 $9,997,430
After reserve for doubtful accounts and notes, &c., of $66,381 in 1940
$69,022 in 1939. b After reserves for depreciation accumulations since
1921 of $4,471,209 in 1940 and $4,417,584 in 1939.—V. 152,
p. 3660.
Capital stock (par
Invest, in cap.stk.
of Simms Petro¬
Accts
1940
300,123
Total
and
Taxes (incl. Fed. tax res.)
Liabilities—
$281,273
5,523
$9,997.4301
Interest.
Comparative Balance Sheet Dec. 31
Assets—
$9,658,006
Prop. & equip...
a
Invest,
1939
1940
S
x
-Earnings-
c
6,147,850
Treasury stock.. Dr273,300
1940
Earned surplus—
62,588
Audited
748,928
1937
U.S. Govt.secure.
383,878
Accts. receivable.»
624.186
552,082
Total
Int.
profit
funded debt
on
Federal taxes
Net profit
x
618,034
698,322
155,791
118.187
114,824
139,925
$711,114
J>20,621
21,399
$210,366 loss$413,367
Dr37,568
4,459
40,722
39,196
$213,520 loss$369,711
110,553
120,745
$508,608
$102,966 loss$490,457
:
$599,226
Dr25,425
9,546
$583,347
131,665
y!13,491
*»
»\
■
'
-
—
—
I
»"t r,
A
•« -m
-i?
—.
—
.
_
J!
4.
.t *L.
J
—
.1
...
4*9
'
1940
Cash...——
x
Accts.
1939
$197,034
1,930,187
2,452,761
1,287,509
2,523,876
bonds agst.Com-
10,287
10,287
(not current)
373,272
8,585
9,336
Instal. rntge. note,
Land, bigs., ma¬
year s.
386,874
33,506
25,000
f. bds
1,686,994
Total
z294,500
25,000
1,544,000
Note pay., not cur,
18,248
cum. pf. stock
(par $100)
2,643,900
3,054,140
26,038
a
Common stock.-
Paid-in surplus
2,379,525
2,086,313
1,945,302
$8,348,841 $7,425,409
Total
2,643,900
2,379,525
2,232,852
2,453,910
under
wav
3350
Canadian
dollars.- -V.
152,
Copper Co.—Earnings—
1940
Depreciation,
Ac
1938
1937
$8,046,715
7,024,677
22,269
275,772
$5,451,448
5,480,462
20,464
261,161
58,721,657
7,738,838
$723,997 def$310,640
44,939
29,506
$665,564
63,334
$526,409
336,202
Interest
1939
$7,576,812
6,734,820
11,653
294,208
$441,632
84,777
Expenses, taxes, &c
$768,936
$728,897
112,067
31,220
261,704
Reserve for Fed. & State
income
taxes
94,500
-
Profit
-
Other income
Net profit
Di\4dends paid
a24,331
$281,134
Includes $1,984 reserve for Federal undistributed profits tax
a
Balance Sheet Dec, 31
1939
$
$
1940
Liabilities—
9,469,648 10,078,372
Development
2,974,706
2,918,505
aConstruc'n, Ac-- 2,776,772
2,788,360
Sundry mining and
a
Mining prop.,Ac.
549,940
Ore and metals— 1,997,231
481,790
other lands.----
Prepay, on natural
gas contract
Mat'ls A supplies.
2.429,299
$
3,735,580
318,894
262,195
Notes payable
352,700
Res. for accid. ins.
premium
Unclaimed bals. A
14.193
......
Res.
365,600
Taxes due
71,829
1939
3,735,580
Accts. pay., Ac.—
188,572
383,273
114,459
609,295
Investments
8
Capital stock
sundry reserves.
757,188
289,416
821,792
Accts. receivable..
for conting..
Smelting,
823,953
Surplus
Total
6,370
10,500
265,112
172,111
367,594
Deferred taxes
20,134,425 20,869,8941
6,960
10,500
refining
and freight
114,319
104,904
...
Unreallz. surp. res.
a
were $17,149,561, as against sales
1940, a gain of 16.66%.—V. 152,
months of
$415,077
in
5,855,232
452,140
134,877
5,650,856
9,469,648 10,078,372
20,134,425 20,869,894
After depletion.—V. 151, p. 2947.
as
year, an increase
$14,700,305 in the first five
$391,321
Calendar Years—
Total
Corp.—Sales—
p. 3187.
$138,327
shown
are
Cash
Corporation on June 11 reported retail sales for
May of $4,756 042
compared with sales of $3,923,235 in the same month last
°i 2h23$'n^lesS01ttixe five months
$1,855,933
1,440,856
Prepaid exps., Ac.
Works—New Officials—
George W. Dolan has been elected Executive Vice-President
and J V
Joyce, Comptroller, has been elected Vice-President and
Comptroller'
—V. 152, p. 2558.
of
$2,185,308
1,793,987
1940
Mayor Rossi of San Francisco has notified
Ladenburg, Thalman & Co
that the proposal some months
ago to negotiate for the purchase of
Market
Street Ry. by the city with a price
objective around $9,500,000 is out of line
with city ideas.
No municipal price ideas are given
publicly but $7,000 000
has been reported as privately discussed as
the limit.
In any event
there
is no probability the city will
proceed on its transit problems until
the
Hetch Hetchy power issue is settled.
Arrangements for submission of new
power bond plan of around $60,000,000 to
$65,000,000 are now
Melville Shoe
$614,195
475,868
$107,992
Assets—
p.
1941—3 Mos.—1940
$713,264
605,272
operating results
Gross earnings---.——
Market Street Ry.—Price Out
of Line—
Secretary Ickes.—V. 152,
Represented by 10,932
3189.
Miami
$8,348,841 $7,425,409
After reserve for doubtful accounts and
discounts of $128,299 in i940
and $..09,118 in 1939.
y After reserve for
depreciation of $7,557 017 in
1940 and $7,309,420 in 1939.
* Includes
$80,000 in default and $214,500
due in 1940.—V. 152, p. 3350.
Mathieson Alkali
1941—Month—1940
earnings
Note—The
*
in accordance with agreement with
10,947,354 11,085,267
c
Light & Power Co., Ltd.—Earnings—
from oper..
earns,
Net
231,324
7%
2,924,110
37,689
Mexican
p.
pay.
Total
for depreciation of $7,705,780 in 1940 and $7,161,188 in
Period End. Mar. 31—
473,173
Deficit from oper.
Deferred assets
11,085,267
reserve
1939.
b Represented by 245,914 no par shares,
shares.—V. 152, p. 3030.
$36,798
552,030
lies, for comp. ins.
1st mtge. 6% 20-
chinery A equip¬
ment, Ac
$500,000
taxes, comp.
ins. reserve, Ac.
10,774
943,732
10,947,354
114,847
18,034
12,261
and
Total
After
62,363
22,871
1939'"I
co.
317,190
1,461,264
payable—
UnadJ. credit Items
$338,191
1940
Accts. pay., trade.
Acer, int., payroll,
Sinking fund
pensa. ins. res__
Accts. A notes rec.
3,269
Oper. exps. and deptec.
Notes payable
Deps.of U.S.Treas.
3,269
other assets
a
rents
Unearned income.
...
Defd charges
Gross
Liabilities—
$611,949
and notes
receivable
Inventories
y
receivable
payable
not due—taxes &
plies (at cost)...
.
Condensed Balance Sheet Dec. 31
Assets—
& wages
Materials and sup¬
Includes depreciation of $8,263 in
194J, $7,179 in 1939, $5,880 in 1938,
1 fl J /
1
At
tU* {*!
"t V"1 t?
y includes $24,105 for undistributed
profits' tax.
its.
J.062 in 1937.
358,134
44,125
Accrued liabilities,
$711,892
107,271
96,012
Other income
Extraordinary income.-
4,664,802
344,162
79,216
Miscell. accts. pay.
$1,453,340
1938
Accrd. Income, Int.
Operating profit
4,551,931
vouchers
$344,593
$999,404
653,925
135,114
672,355
151,278
Depreciation
17,000
65,842
434,994
383,878
1939
$1,534,748
Sell., gen. & adm. exps.
17,000
invest'ts.
Cash.......
.;$
6,147,850
Dr273,300
b Capital stock—
8,258,967
(at cost):
Other
1939
$
Liabilities—
7,838,734
Stock of sub. co.
Marion Steam Shovel Co.Calendar Years—
Gross profit from oper..
45,800
417,591
a
$2,510,139
expenses.
Depletion & depreciation
Other deductions
662,589
1st
conv. cum.
pf. etk.(par $50)
Earned surplus
Maracaibo Oil Exploration
2,202,000
574,413
3,252,000
5%
deferred charges
26,000
2,021,500
debt
Deferred income..
and
exps.
75,241
Reserves
depletion
Land, buildings,
$7,489,514
281,471
542,163
mdse. & equip..
b
150,000
450,000
208,287
Prov. for Fed. and
less
65,377
in
147,139
433,787
100,000
307", 599
Notes payable
and
at
1939
A
Accrued expenses.
3,020,612
not used
in operations..-
Timberlands
1940
pay.
other fund, marturities due, cur.
,
Accounts payable.
assets
Properties
f.
Bond s.
513,434
1,036,533
3,038,110
-
Inventories
483,932
2,274,505
458,557
Nil
•
on
1940
hand.
on
Prepaid
.
©40,000
$360,374
$0.56
joint venture of $16,880 in 1940 and $22,756 in 1939;
&c. (net) of $57,044 in 1940 and $9,635 in
1939. b Includes profit on
joint venture of $9,037; profit on sale of timberlands, stumpage, fixed assets, &c., of $10,744, and rentals and other in¬
come, &c., (net), of $16,997. c Includes
profit on joint venture of $20,934;
profit on sale of timberlands, stumpage, fixed assets, &c., of
$18,356, and
rentals and other
income, &c. (net), $15,051.
d No provision for excess
profits tax considered necessary,
e Includes $5,000 Federal surtax on un¬
distributed profits.
Consolidated Balance Sheet Dec. 31
104,811
121,678
1,246,439
Sundry
1 ,637,121
Cash
11,000
$33,631 loss$340,986
Investments and
salaries
antic, warrants.
630,565
750.630
Accrued wages and
City of Chicago tax
d77,000
$431,916
and rentals and other
income,
1940
1941
Capital stock
y
Goodwill and trade
1937
18,752
125,612
Cash in banks and
Liabilities—
1938
of
on assets
Assets—
Balance Sheet Jan. 31
Assets—
1939
liquidation
Flood loss
Prov. for Federal & State
income taxes
a
Dividends paid
Earnings
1940
a$10,887,019 a$8,968,176 b$6,997,135 c$9,782,542
9,724,580
8,246,443
6,740,599
8,617,791
Deprec. & depletion
526,344
538,742
449,359
464,941
Interest (net)
111.154
122,973
132,121
137,165
Amort, of bd. disc.&
exp.
16,025
15,387
16,042
17,907
_
Net profit—
204,925
85,000
6,464
improvements
Miscellaneous charges.
Consolidated Income Account for Calendar Years
Net sales
Cost of sales...
237,412
$565,517
and
Federal taxes
3815
Mengel Co. (& Subs.)—Earnings—
Michigan Bell Telephone Co,—Gain in Phones—
At
the
beginning of June
there
were
457,412 telephones in service in
Detroit and immediate suburbs, a gain of 4,170 over May 1, according to
this
company.
^
The Commercial &
3816
whole had 871,745 telephones in service June 1, a
May, compared with a 10,937 gain during April and
1940.—V. 152, p. 3660.
Middle States Petroleum
Tide Water Associated
Oil Co.
Calendar Years
:
West RR.]
but excluding Louisiana & North
1940
1939
1938
$1,363,224 $1,372,569 $1,478,241
Incl. affll. cos. consolidated,
Gross income
from oper.
448,849
534,695
504,942
$951,020
16,965
149,419
Net inc. from oper...
Interest and discount—
a
Miscellaneous..
Inc. from all
$923,720
6,029
102,960
$943,546
11,156
154,654
$1,030,645
r
12,363
122,044
sources..*$1,117,404
100,335
31,997
125.321
115,138
Other interest
153,859
337,373
146,157
272,694
89,085
103
$164,193
$197,161
$1,165,052
109,938
2,846
109,807
103,051
------
— -
Taxes
Administrative expenses
Depl. & amort, of leaseh.
Deprec. of phys. equip—
other
$1,109,356
107,045
5,257
128,086
$1,032,709
101,887
22,992
153,817
117,963
debt-
Interest on funded
1937
$1,535,587
412,205
Operating expenses
,
112,066
187,946
226,338
240,498
264,615
,
Abandonment and
leasehold
expenses
Miscellaneous charges..
Net income.
—
...
Prop, of consoi. net inc.:
Minority int., oil cosCorporation (net)
—
Net income
Dividends paid
-
capital stock in 1940 and to 87 cents
per share in 1939.
b Does not include $1,239,234 after deducting Federal
stock transfer tax of $10,000 excess of amount received from sale of 250,000
shares Tide Water Associated Oil Co. common stock on March 19, 1937
West RR.J
8k. fd. pay. due-
43,900
776,668
3,661,352
45,031
105,895
Receiv'ship claims
—
Mat'ls & supplies.
60,888
Prepaid items and
deferred charges
9,445
12,263
182,768
45,269
56,209
Miscell. liabilities.
41,612
437,747
,463,500
11,975
130,952
1,535,400
70,000
60,000
allowed
Funded debt..-..
316,845
393,221
148,933
Dividends pay
265,729
Deferred income &
106
credits
a
2.063,578
Capital stock... 2,063,578
725,855
—$4,842,311 $4,354,400
a 299,954
shares class A, $1 par, and 895,529 shares class B, $1 par
outstanding (represented by voting trust certificates, of which 7,984 (7,982
in 1939) shares class A and 77,440 (77,666 in 1939) shs. class B are in
treasury) at stated value, $2,063,578.—V. 152, p. 125.
pany
Total
Corp.—SEC Acts to Integrate Corporation—
Middle West
a$227,003
$0.12
$0.21
$0.18
$0.16
shares of
of Skelly Oil Co.;
Oil Corp., and held 4,400 shares
common
Balance Sheet Dec. 31
.8,346
7,511
Inv'y of crude oil.
Invest. in com .stk.
462
Accounts
4.239
6,392
stock
7,200
5,400
payable.
Accrd. Fed. capital
97
.
of Tide
-
-
-
-
.
.
3 ,864,943
349
a
_
13,795,450 13,795,450
2,543,829
1,494,212
Capital stock
Earned surplus.--
493,348
b Cap.
493,348
223,873
3,254
4,352
stk. purch.
218,696
and fixtures
Prepaid exps., <fcc_
Dr9,462
Dr36,097
for retirement-.
Oil producing lease
and equipment.
40,000
Federal
for
tax on income.
3,816,917
West¬
Oil Corp...
1,247
53,000
held on divs
Prov.
Invest, in com.stk.
Furn.
tax
Fed. Inc. tax with¬
Water-11 .444,635 10.508,516
Invest, in com.stk.
ern
$
Liabilities—
$
280,764
Cash
1939
1940
1939
324,754
4,176
3,212
July 9 to Determine Course under Holding
Com¬
Act—
Represented by 1,379,545 no par shares,
a
16,367,968 15.333,239
b Cost of 4,400 (900 in 1939)
—
shares.—V. 151, p. 3894.
Mississippi Power & Light Co.—-Earnings—
1941—Month—1940
1941—12 Mos.—1940
Period End. Apr. 30—
Operating revenues
Oper. exps., excl. direct
$686,572
$626,990
$7,817,040
$7,618,623
420,397
4,744,985
1,069,137
786.667
4,519,375
88.224
66.667
393,715
72,881
65,000
$111,284
$95,394
80
87
$1,216,251
2,229
$111,364
66,667
14,599
$95,481
66,667
10,851
$1,218,480
$1,420,007
800,000
117,518
811,800
118,783
$30,098
taxes
$17,963
the period.
$300,962
403,608
$489,424
403,608
Direct taxes
Prop, retire, res. approp.
Exchange Commission launched corporate simplifica¬
tion proceedings against its fourth major holding company June 11 when a
hearing was set July 9 to determine what steps Middle West Corp. and two
of its subsidiaries North West Utilities Co. and Wisconsin Power & Light
Co., should taae to comply with the 11 (B) (2) provision of the Holding
Company Act.
The Commission said it had "reasonable grounds" to believe the corporate
structure and (or)
continued existence of North West Utilities Co., a
subsidiary, complicate the Middle West structure and unfairly distribute
voting power among the holding company system's securities holders.
At the same time, the SEC said it behoved the voting power is unfairly
and inequitably distributed among security holders of North West as well
as that of Wisconsin Power & Light Co., the second subsidiary.
North West is a holding company while Wisconsin is a public utility
organized under Wisconsin laws.
>"
Other companies against which the Commission has instituted 11 (B) (2)
proceedings are Commonwealth & Southern. Electric Bond & Share and
United Power & Light Corp.—V. 152, p. 3660.
Total
16,367,968 15,333,239
Total—
Sets Hearing
a$247,717
771,600
Deficit
$4,842,311 $4,354,400
a$290,849
%
of Pacific
Minor, ints., capi¬
tal and surplus..
1938
$174,110
1940
of Skelly
Res. for conting.
<fc receiv.exp—.
1939
Acc'ts receivable..
111,124
liabilities
;
:
1940
44,700 common shares of Pacific Western
of its own capital stock in the treasury.
Assets-
Accts. pay. & accr.
Llabs. not current.
139,289
such shares were earned
1941
Before Federal income taxes.
376462
3,949,360
68,278
at which
(at $14.30 per share), over the amount
the books ($9,303 per share).
31, 1941 the corporation owned 1,161,543
Tide Water Associated Oil Co.; 574,557 common shares
52,852
1,416
2,232
145,344
— .
$1,427,829 b$l,807,686
1,379,245
1,745,506
all,393,402 a$l,205,165
343,786
896,219
Equivalent to $1.01 per share of
a
On March
1939
Oil prop. & well eq.
Misc. prop. &eq..
—-
3,999
distributed profits
$49,900
9,335
21,997
39,114
for surtax on un¬
Prov.
a
1940
Miscell. assets
Total
g;/ 8,198
stock outstanding....
Dec. 31
payable..
838,585
5,250
Earns, per share on cap.
Liabilities—•
Notes
38,782
Federal normal
income tax..
19,454 in
$48,990
Special deposits—-
$1,967,233
V
133,550
Federal income taxes.
Int. on fund. debt.
Accts. rec. & accr.
Investments
Prov. for
38,787
257,445
$330,833
1939
66,270
Quar. End. Mar. 31—
Net inc. after charges &
79,705
18,016
—
.
Total income
Expenses
Loss on sale of com. stk.
of Skelly Oil Co....-
428,368
on
$505,176
1940
$1,541,411
48,607
_ -
$296,234
a
Assets—
$1,292,554
43,479
52,361
Sales of crude oil (net)
$329,022
29,424
42,197
167,737
286,825
Including net profit on sales of assets of $142,521 in 1940,
1939, $146,343 in 1938 and $111,515 in 1937.
Cash.
$1,489,243
—
38,062
21,151
143,043
Consolidated Balance Sheet
17,805
$946,498
567,657
12,850
14,406
$1,123,397
17,880
27,583
$818,723
$754,591
716,846
Skelly Oil Co-_
...
Pacific West. Oil Corp.
12,995
20,038 ;
[Excluding Louisiana & North
1937
1938
1939
1940
Calendar Years—
Dividends received from:
Corp.—Earnings—
Consolidated Income Account for
Corp.—Earnings—
Mission
The company as a
gain of 9,878 during
a 6,876 gain in May,
June 14, 1941
Financial Chronicle
The Securities and
Midland Oil
dividend of 25 cents per share on account of
accumulations on the $2 cum. conv. preference stock, no par value, payable
June 16 to holders of record June 11.
Same amount was paid in each of
the six preceding quarters and on June 20, 1938.—V. 152, p. 1757.
Subs.)—Earnings—
Calendar Years
Consolidated Income Account for
1938
1939
1940
Calendar Years—
•
1937
$4,334,183
562,512
526,372
$2,793,419
455,632
$4,734,578
Dr225,807
$3,637,528
Dr95,856
$2,337,787
55,773
$3,7.50,460
Dr63,024
$4,508,771
$3,541,673
401,999
426,564
406,183
cl,430,999
311,511
b568,261
$2,393,560
452,109
130,092
a360,786
3,687,437
444,571
324,287
a597,768
Net income.$2,269,590
$2,235,336
759,400
$2,320,811
759,400
115,800
1,057,118
$388,494
$6.15
Operating profit
Other income (net)
Profit.
..
—
Depreciation
Profit-sharing fund
Federal taxes
Preferred dividends
-
$2 non-cum. pf. stk. div.
Common dividends
Surplus
—
Earns.persh.oncom.stk.
112,300
115,750
1,292,032
1,174,575
$1,450,573
759,400
57,900
234,915
$105,858
$5.95
$185,611
$5.79
583,722
$398,358
$2.45
759,400
on
mortgage
bonds-
Other int. & deductions.
income
Net
Dividends applicable to pref. stock for
$338,000 for normal income tax in 1938 ($482,000 in 1937), $63,000 for
surtax on undistributed profits in 1937.
Additional assessments and undera
provision (est.) for prior years of $22,786 In 1938 ($52,786 in 1937). b In¬
cludes $8,279 over-provision for prior years—net.
c Includes $431,000 for
excess profits tax, and $30,091, an overprovsion for prior years taxes (net).
Notes—Provision for Federal income taxes subsequent to
Includes provision of $32,479 for
months ended April 30,
a
1940
$
Liabilities—
c
Land, buildings,
First
pref.
stock
4,189,653
6,462,594
5,526,856
872,199
Accts.receivable.. 2,672,438
871,271
d Common stock..
1,873,261
Accounts payable.
2,358,075
2,516,913
Accrued payrolls..
Cash
-
& accrued int
Secure, dep.
under
Accrued
77.027
Misc. assets, &c_.
9,324
Pats. & goodwill— 1,723,176
Deferred charges..
203,316
.
taxes...-
9,693,000
9,693
2,423,250
9,693
2,423,250
806,574
428,604
Period Ended Mar.31—
Operating revenues
Oper. expenses & taxes-Net oper. income-...
913,291
580,447«
27,057
1,543,390
Contingent reserve
11,090
Prof. &
b Treasury
44,446
644,688
720,000
3,248.974
stk__Drl,023,402 Dr992,743
$85,816
Note—Federal
April 1, 1941,
in the accumulation of
such taxes
Federal excess profits tax in
the 12
-Earnings—
1941—12 Mos.—1940
$638,164
$680,423
495,987
563,582
1941—3 Mos.—1940
$165,572
130,887
$180,597
147,491
$34,685
14,038
$33,106
14,209
$142,178
56,437
$116,842
56,860
$59,982
income tax has been accrued at rates provided in the
Act of 1940, and 1940 figures previously published have
been adjusted for purposes of
$85,741
$18,896
$20,647
Second Revenue
comparison.—V. 152, p. 2559.
Missouri-Kansas Pipe Line Co.—Settlement Reached in
Panhandle Eastern Pipe Line Co. Dispute—See Columbia Gas
& Electric
Corp.—V. 152,
Missouri Pacific
p.
3661.
RR.—Equipment Trust Certificates—
The Interstate Commerce Commission on June 2 authorized the company
obligation and liability in respect of not exceeding $2,895,000
equipment trust certificates, series EE, to be issued by J. P. Morgan &
Co., Incorporated, as trustee, and sold at 101.069 and accrued dividends
in connection with the procurement of certain equipment.
The report of the Commission states in part:
The railroad trustee invited 52 firms, banks, insurance, and trust com¬
to assume
panies to bid for the purchase of the certificates, the bidder to name a rate
of dividends to be borne by the certificates in multiples of M of 1% per
Eight bids were received.
The best bid, 101.069% of par and
accrued dividends, based on a rate of 2 H%, was made by Salomon Brothers
& Hutzler, Dick & Merle-Smith, and Stroud & Co., Inc., and has been
accepted.
On this basis the average annual cost of the proceeds to the rail¬
road trustee will be approximately 2.10%.—V. 152, p. 3507.
annum.
Co.—-Earnings—
Modern Collett & Machine
A Months Ended
Net sales-
i941
April ZD—
--.iT-....*:'■
■
Net income before taxes
—V. 152, p.
1,000,000
loss surp..f 3,354,832
77,815
1,757,970
201,657
9,693,000
Non-cum. 82 dlv.
Sundry accounts..
self-risk industr'l
insurance plan.
e
stock—.
U.S. Govt.securs.
Inventories
cum.
$
8%
4,143,409
machinery, &c_.
1939
$
1939
$
4,737
1941.—V. 152, p. 3030.
Consolidated Balance Sheet Dec. 31
1940
Assets—
$1,415,270
,
def$102,646
Balance--.
is being made at a rate which will result
at the rate of 30% for the full year 1941.
Net income
$4,163,901
Expenses
Int.
Interest deductions.
$5,297,090
Manufacturing profit...
Gross income
Missouri Gas & Electric Service Co.-
Corp.—Accumulated Dividend—
Directors have declared a
Midland Steel Products Co. (&
Net oper. revenues
Other income
917,311
766,667
1940
$484,256
80,111
$242,744
30,603
3190.
Montana Coal & Iron
Co.—Tenders—
Empire Trust Co. is inviting tenders
for the sale to it on July 2, 1941 of
1st mtge. 5% 30-year sinking fund gold bonds, at prices not to exceed
and accrued interest, sufficient to exhaust the sum of $10,996.43.
Sosals will up to 3:00 p. at the main 24, 1941. the trustee,
Tew York be received
m. on June office of
105%
Pro-
120 Broadway,
Montgomery Ward & Co.—Sales—
May 31— 1941—Month—1940
1941—4 Mos.—1940
^.$60,519,761 $45,904,51i $196913,097 $161133,045
Period End.
Gross salesTotal
18.521,558 17,026,487|
Total
18,521,558 17,026,487
b Consists of 2,005 shares of 8% pref. in 1940 and
1939,41,130 (39,230 in 1939) shares of $2 stock and 7,4-10 common shares in
1940 and 1939.
c Represented by 96,930 shares $$100 par), including
shares in treasury. d Represented by 242,32f5 no par shares, including shares
in treasury,
e Represented by 96,930 no par shares, including shares in
treasury,
f Restricted to the extent of $1,023,402 representing cost of
treasury stock.—V. 152, p. 3030.
a
After depreciation,
—V.
152,
p.
3352.
Montour
The
RR.—Equipment Trust Notes—
Interstate Commerce
pany to issue not exceeding
sold at par and accrued int.
•
Commission on June 6 authorized the com¬
$500,000 1.04% equipment-trust n#tes, to be
in connection with the procurement ©f certain
equipment.
The report of the Commission states
in part:
Volume
The Commercial & Financial Chronicle
152
will be in the denom. of $100,000,
The notes will be dated June 16, 1941,
will bear int. at rate of 1.04% per annum, payable quarterly on March 16,
June 16, Sept. 16 and Dec. 16, and will mature in five equal annual instal¬
ments of $100,000 on June 16 in each of the years 1942 to 1946, inclusive.
The notes
were
offered for sale at par
and accrued interest through com¬
petitive bidding and in addition invitations for bids were sent to 43
the bidders being required to name the rate of interest to be borne
parties,
thereby
Note—The foregoing statement does not include the operations of the
wholly-owned real estate companies (not consolidated) the investments in
are carried in the accompanying consolidated balance sheet at the
nominal amount of $1, the operations of such companies for the year resulted
in a loss of $51,936 in 1941, $79,694 in 1940, $83,075 in 1939 and $90,560 in
1938, after provision for depreciation and amortization in the amount of
$107,759 in 1941 and 1940, $125,106 in 1939 and $119,452 in 1938.
which
in
multiples of 1-100 of 1% per annum.
In response thereto 11 bids were
received.
The best bid, par and accrued interest based on a rate of 1.04%
per annum, was made by Evans, Stillman & Co., and has been accepted.
—V. 152, p. 3508.
Bondholders' Cooperation
Montreal Tramways Co.—Seeks
The protective committee for the
1st & ref. mtge. 5s, of which Prof. Clyde
outlining its posi¬
April 18, last, the
company announced its inability to retire the $21,351,000-issue, which
falls due July 1.
"It is in the interest of bondholders that they should
cooperate with the committee in its efforts to formulate a fair, equitable and
feasible plan," the letter states.
"In its negotiations with the company
the first considerations of the committee shall be:
(1) That the principal
amount of the 1st mtge. bonds shall remain intact; (2) that the fixed interest
rate of 5% shall be maintained; (3) that the security for the 1st mtge. shall
be preserved: and (4) that an adequate sinking fund shall be provided to
retire a substantial portion of the 1st mtge. bonds before the date of any
extended maturity that may be agreed upon."—V. 152, p. 2711.
3817
Consolidated Balance Sheet Jan. 31
1941
a
$
Liabilities—
Investment in
am'ts
2,509,532
1,827,530
b Common stock..
4,940,646
4,940,646
Sec'd notes pay
200,000
200,000
950,000
Minority interests.
750,000
707,200
8,766
Drafts & accts. pay
1,557,994
1,479,551
695,755
342,153
582,827
Other sub. debt...
real estate subs.
2
2
Goodwill
1
1
1,888,504
Cash
1,560,169
U. S. Govt.securs.
Accruals.
100,000
6,045,012
Accts.
5,033,935
in
Other assets......
135,731
75,588
120,750
74,961
Deferred charges..
329,159
343,214
Current reserve.
(net)..
Inventories
...
1940
Gross profit
1939
$1,247,497
782,607
274,427
$1,958,667
780,101
247,536
1,124,054
Other deductions
Total
on
$614,776
50,295
$225,760 def$423,010
36,944
19,820
33,602
155,667
$665,071
12,060
68,908
62,244
or
49,218
38,573
102,512
contingencies
reserves
91,312
2,450,056
1,900,087
Dr230,764
Subs.)—Earnings
Consolidated Statement of Earnings for Years Ended
40,413
undit. profits
—.16,827,485 15,925,647
Total
After deducting depreciation of $1,060,946 in 1941
National Bond & Investment Co. (&
79,455
6,000
78,872
int.
initial accts. sec.
Res. for claims and
($851,462 in 1940)
b Represented by 485,433 no par shares,
c Represented by 46,602 (33,965 in 1940) preferred shares and 556 common
shares,
d Improvements to leased premises at Jan. 31, 1936, at nominal
value of $1 plus subsequent additions at cost less reserve for amortization
of $44,507 ($28,999 in 1940).—V. 152, p. 2402.
a
$190,463 def$443,136
35,297
20,126
income tax
45,000
690,750
.
accumulated since Jan. 31, 1936.
Estimated prov. for Fed.
Surtax
16,827,485 15,925,6471
219,836
$455,941
59,578
25,841
Total income
Deductions from income
169,987
45,000
666,318
_
2,473,864
Earned surplus
2,718,194
c Stks.held by subsl>r315,928
cl937
1938
$584,501
40,393
$415,548
Operating profit
Other income
9,702
Capital surplus
Corp.-—Earnings-
$1,660,788
964,408
280,832
Calendar Years—
a
Expenses
Depreciation.
707,500
mdse.
transit
Other
Mullins Manufacturing
pay.
Unearned
(cash
value)
....
Res. for inc. taxes.
107,500
6,528,679
5,273,580
Notes & accts. rec.
Life insur'ce
$
1,827,530
Notes pay. sub.cos.
138,072
and
from
rec.
1940
$
6% pref. stock
Land, buildings,
equipment, Ac„ 2,350,602
d Lease impts
138,139
O. Ruggles is chairman, has sent a letter to bondholders
tion with respect to the maturity.
It is recalled that on
1941
1940
$
Assets—
Dec. 31
1940
$291,650
98,698
_
Earnings
per
share
class B shares
$149,213 bdf$598,497
50,356
$533,143
201,425
$192,952
Net profit
Preferred dividends
$149,213
def$648,853
$331,718
Nil
$0.16
Cash in
717,509
Accts. pay., trade.
in
772
6,760
Accrued liabilities.
Res. for Fed. taxes
122,238
Clist's' advances..
8,382
7,837
8,835
b Oth. loans, notes
Notes
e
owned
consol.-
partially
120,000
120,000
2,197
3,551,555
Deferred charges.-
108,144
3,541,230
116,326
Land, buildings,
1,150,000
1,438,750
$7 pref. stock
Class
B
res.
a
1,438,750
common
546,050
for surtax
distributed
$7,217,181
546,050
920,785
on
$3,908,272
321,198
509,447
2,859
3,008
Cr255,030
400,300
326,882
;4 579,386
$1,722,882
$1,371,639
300,000
796,380
612,600
$1,213,450
$2,595,959
300,000
588,096
612,600
$1.49
300,000
1,102,680
612,600
$3.74
$6,133,762*
com.
reserve,
220,472
300,000
1,102,680
Earnings
stk. (no par)
per
share
c
..
a
9.
$
7,876,388
8,977,515
Notes and accts.
Duefromempl.,Ac
Investments
Fixed assets
earned discount. 2,671,055
145,291' Long-term debt...12,750,000
117,866
—
165,397
2,228,766
8,250,000
Stores in
Total
a
Co.—Earnings—
p.
1940
1939
1938
$5,996,768
1,825,238
$1,769,163
970,785
375,228
36,164
$1,015,798
752,190
38,333
$3,139,252
986,118
44,712
173,643
39,555
c550,832
Other deductions
164,713
62,941
al,558,317
Prov. for Fed. inc. tax._
152,200
36,761
b7,248
132,274
35,607
bl09,924
$2,010,331
188,817
Balance, profit
Net profit
——
Earns, per sh. on cap.stk
69,750,092 49,097,378
—
After
$2,199,147
$4.40
$29,066
153,848
$484,409
$578,994
$1.15
94,584
$182,914
$0.36
$1,344,392
82,021 *
$1,426,413
$2.85
profits tax, and $1,683, an overprovision for prior year,
b After deducting $76 ($3,252 in 1938) overprovision for prior years, net.
c Provision for current year: Estimated
normal income and excess profits taxes, $371,000, and surtax on undis¬
tributed profits, $182,000, less over-provision for prior year, $2,167.
7
Balance Sheet Dec. 31
$2,717,827
$919,494
2,378,577
4,156,281
43,901
1,176,507
3,363,802
43,901
Cust's' notes, Ac—
Inventories
Misc. secur. owned
A
de¬
water
man
a
Accrued expenses.
Customers*
National Cash Register Co. (&
L'd, bldgs., Ac..
Patents A goodwill
Deferred charges..
94,288
1940
Sales (incl. foreign
and branches)
712.111
Fed. Income taxes.
„
4,712,141
1,232,062
4,509,718
1,298,034
5,813,079
1,517,873
7,182.699
1,363,635
$3,480,079
214,480
$3,211,684
$4,295,206
145.397
$5,819,064
$3,694,559
$3,364,337
377,307
457,411
662,152
$4,440,603
353,430
$5,930,291
-
depreciation-
Profits from oper
Miscellaneous income...
Total
Workmen's
1,929,992
1
34,067
1,528,396
Capital surplus...
1
Earned surplus...
comp.
& contingencies.
412,000
62,000
500,000
b Capital stock
500,000
2,702,520
3,255,885
2,671,258
1,556,738
Provision for taxes
300,577
301,209
1,041,047
Minority int. in profit of
foreign subsidiaries
Profit of German subs,
credited to gen. res...
Net
152,653
111,227
After
depreciation
23,852
75,269
69,788
248,359
187,759
$1,805,086
J,628,000
$2,392,341
1,628,000
$3,920,667
$423,727
1,628,000
$177,086
1,628,000
$764,341
1,628,000
$1,885,667
1,628,000
$1.26
Balance
-
Shs. com. stock outst'g-
$1.11
$1.47
$2.40
Earnings per share.
Including results of foreign operation of $799,576 in 1940, $663,784 in
1939, $1,180,833 in 1938 and $1,961,829 in 1937, after foreign exchange
conversion adjustments,
b Including estimated undistributed profits tax
c
Profit of Japanese company credited to reserve.
Consolidated Balance Sheet Dec. 31
1941
Net sales
Cost and expenses.
Depreciation
1940
1939
Land,
equipment. 11,534,285
Pats. & goodwill..
1
and
Cash
Accts.
9,210,605
2,586,543
receivable._14,631,468
—
9,950,980
Inventories
Agents' balances A
miscellaneous
Operating profit
Other income.._—
$1,285,249
46,790
$787,999 def$102,702
25,142
23,230
$769,581
215,101
—
Prepayments
Total income
$1,332,039
93,015
-819
Interest
Minority interest
Fed. & State in. taxes.
333,510
$813,141
107,912
729
158,121
def$79,472
140,149
636
81,301
Federal surtax
Other deductions—._
$984,682
159,623
1,605
103,231
57,657
8,399
a
After
$904,695
$546,379 def$301,558
Including sales of leased departments.
$654,167
1939
$
1,072,608
290,906
Total
49,277,396 47,655,116
depreciation of $6,197,316 in 1940 and $6,258,393 in
1939.
by 1,628,000 no par common shares,
c Interest rate of
b Represented
2J^% effective Feb. 1,1941
(prior thereto 3h%) -—V. 152, p. 2863.
National Gypsum Co.—Borrows
$435,000—
borrowed $435,000 from the Manufacturers & Traders
Buffalo. The notes will mature from 1942 to 1951. Proceeds of
the loan were used as part of the payment for a cargo vessel acquired by the
company.—V. 152, p. 2711.
The
company
Trust Co.,
Net profit
./;
$
stock...24,420,000 24,420,000
6,633,337
6,209,610
11,160,236 Earned surplus
5,662,066
5,662,066
1 Capital surplus
c 15-yr. s. f. debs.
6,000,000
6,000,000
9,169,851
1,146,130
1,450,235
3,114,534 Reserves
407,000
407,000
13,694,731 Dividends payable
1,140,454
8,903,299 Accts. pay., &c... 1,862,956
1,436,366
Agents'bals., Ac.. 1,452,584
1,072,009
1,229,844
1,223,526 Accrued taxes
161,480
159,373
388,938 Customers' depos.
49,277,396 47,655,116
Total
Liabilities—
b Capital
buildings
Investments
1938
$42,743,004 $40,811,592 $39,358,556 $46,101,861
41,207,603
39,780,274
39,222,652
45,118,831
250,152
243,319
238,606
213,450
$
1940
1939
%
Assets—
a
Consolidated Income Account for Years Ended Jan. 31
2,035,000
a
1939.
National Department Stores Corp. (& Subs.)—Earns.
239",476
bl ,512,601
1,628,000
$11,365,072 $7,175,839
of $1,476,024 in 1940 and $1,392,015 in
443,090
928,114
c38,529
profit for year.. $2,051,727
Dividends
of $241,999.
41,441
Total
-
Income deductions
110,000
812,000
4,602
—
Int. on loans & debs
a
b Par %1.—Y. 152, p. 3352.
a
1937
1938
income from
1940
a
Subs.)—Earnings—
1939
subs.
..$39,922,227 $40,444,685 $45,557,268 $51,439,862
all sources
Prov. for
55,137
1,566,082
1,560,000
75,661
$11,365,072 $7,175,839'
Total
a
152,
Consolidated Income Account Years Ended Dec. 31
adv'ce
4,602
banks
1939
$546,595
150,000
Note payable
75,661
Ger¬
in
payable_$l,274,297
Funded debt
of
German cos
Deposits
22,034
24,164
secure,
Accounts
payments
posits, Ac
in
1940
Liabilities—
1939
1940
Assets—
Cash
Inv.
69,750,092 49,097,378
Total
b Represented by 612,600 no par shares.—V.
reserves,
Includes $580,000, provision for excess
a
Ins.
7,012,000
3,947,455
3352.
Profit and
Other income
7,012,000
1937
Calendar Years—
Depreciation
Interest charges, &c
6,000,000
6,000,000
Earned surplus... 4,265,080
203
204
Gross profit on sales...Admin., sales, &c., exp.
261,379
cum.
(par $100)
;
3031.
National Acme
stock
b Common stock..
1941—5 Mos—1940
1941—M-wffc—1940
$5,301,576
$4,299,953 $21,281,771 $18,170,865
operation
—V. 152, p.
Accrd. liabilities.Other curr.liabil..
Federal taxes
Def'd income—un-
Pref.
(G. C.) Murphy Co .—Sales—
Period End. May 31—
9*
176,933
331,937
466,198
1,784
3,322
78,427
93,324
3,726
3,706
1,250,738
Deferred charges..
1939
9.
T dnhlUtlfiQ
Notes pay,, unsec.35,107,500 20,285,000
Accounts payable516,206
399,088
403,985
762,887
receivable, Ac._59,231,145 40,898,844
Accts. rec., sundry
1940
1939
1940
.
»
Sales.
$1.75
Consolidated Balance Sheet Dec. 31
■v'v
$7,217,181 $6,133,762
612,600
$2.32
—
b Includes $264 decrease in equity of affiliated company (25% owned)
for the year ended Dec, 31, 1939, applicable to stock held in the company.
Assets—
Total
un¬
Net inc. for the yearPreferred dividends
737,941
After reserve for depreciation of $5,222,851 in
1940 and $5,026,546 in 1939.
d After reserve for amortization of $19,989
in 1940 and $16,898 in 1939.
e Stated value $50 per share.—V. 152,
P. 3352.
W■,
b Less
$1,609,359
profits
2,191,564
stock (par $1)._
Earned surplus
After reserve for doubtful accounts of $39,379 in 1940 and $40,616 in
1939.
$1,811,110
302,001
b4,5l7
546,059
1,500
for losses
Cash...
Total
$3,898,285
9,987
capital stock taxes
Prov.
31,422
28,814
d Patents
26,190
Provision for income and
Shs.
Capital surplus... 2,191,564
1,531
mach'y, eq., Ac.
Other assets
$1,583,168
11,933
Common dividends
(non-
pay.
current)
Inv. in Aadvs. to a
c
137,071
34,160
239,441
1,070,972
A accts. receiv..
$1,799,176
receivables
on
15,440
1,286,922
payable..
co., not
120,348
Misc. accts. pay..
Inventories
$3,031,316
770,291
Total income
162,437
$199,991
399,981
banks
1,199,882
balances
acc'ts
$750,000
Demand notes pay.
accts.
receivable
Debit
$518,510
$911,724
A
$6,858,268
2,959,983
Interest paid
Miscell. deductions
Adjust, of
1939
1940
Notes pay., banks.
and '.r
bank
Notes
charges (net) of $16,328.
Liabilities—
1939
1940
hand
on
a
2,501,793
Cr267,348
—
1937
2,904,706
$0.61
Nil
After deducting cost of sales, b Before special
Consolidated figures.
Balance Sheet Dec. 31
Assets—
Profit
1938
$4,084,961
$3,040,733
exps.
1939
$4,703,882
Other income
on
a
c
——
$6,415,540
3,384,224
9,417
Operating income.
Oper., gen. & adm.
The Commercial & Financial Chronicle
3818
National Malleable & Steel Castings Co.
National Sugar Refining Co. (&
(& Subs.)—
1939
1940
Gross sales
Cost of sates.
Prov. for depreciation..
Net profit on sales.
Net sales
1938
1937
Cost and expense
$7,675,728 $19,210,454
8,581,712
16,771,561
499,800
429,765
$17,765,293 $14,213,587
14.837,442
12,237.366
474,550
466,903
$2,453,301
33,295
$1,509,317 y$1.405,784
21,000
20,152
$2,009,128
38,318
$2,486,596
..
Gross prof .on misc. oper.
$1,530,317 y$l .385,632
$2,047,445
467,185
Net profit from oper..
Other income & credits.
46,576
24,883
49,659
Profit from operations
$1,576,894 y$l,335,973
$2,511,479
Exps. of non-oper. plants
(net)
17,074
15,182
17,953
Gross earnings
Deprec., interest
Extraordinary & non-recurringitems
43,816
30,603
34,141
4,72o
5,975
a946,000
252.500
15,000
b507,500
(net).....
Dtect. on mtge. notes rec
Add'l income taxes, prior
years
Prov, for Fed. inc. taxes
Net profit
Earnings
$776,709 df$1390,504
483,961
483,961
$2.60
Nil
$629,024
483.961
$3.05
stk. (no par).
share
per
$1,292,863
723,875
$113,930
$866,594
$2,016,738
$449,418
568,815
Balance, deficit..
571,300
579,100
f.- 579,100
Nil
Nil
Nil
Shares of cap. stock out¬
standing (no par)
Earns, per sh. on cap.
v
y
$4.02
on
Loss.
1940
«
Assels—
Includes provision for
sundry.
Liabilities—
Property acct
'
1940
1,439,853
5,000
5,000
U. S. Govt, secur.
Accounts payable.
2,891,040
671,339
568.776
391,814
2,838,885
294,160
284,925
payable
45,577
64,039
70 $33
64,680
expenses
Invest'ts and long-
income taxes
Reserve
466,894
receivables
707,217
Property, plant &
equipment:
b Oper. plants.. 6,648,677
Non-cper. land. 1,420,450
1
Pats. & goodwill..
for
Fed.
N.Y.State & N.Y.
City bonds
Deferred charges..
184,934
176,511
253,701
254,376
Pats. & tr. marks.
1
1
Capital surplus...
6,611,662
1,492,497
d Reacq'd
Dr77,m
stock..
Z>r77,185
2,000,000
1,165,558
excise tax on
1,055,480
901,809
400,000
(current)
350,000
178,680
Def. income
3,111
..
Cont.prof.on treas.
General
188,632
194,467
4,385,877
reserve
4,607,277
Total.........24,080,632 25,453,581
24,080,632 25,453,581
Total.....
123,289
164,652
stock.
Earned surplus
629.025 x3,868,065
Earned surplus
900,000
1,512,505
...
.
Serial notes pay'ble
257,225
131,824
69,167
8,000,000
8,000,000
6,661,568 10,529,632
Capital stock
1,650,000
notes
mfgd. sugar
guar¬
antees, <fcc
c
1,250,000
...
payable
Acer, taxes. State,
local, &c
14,282,500
Accts. &tr. accept.
Provision for Fed'l
insurance
a After depreciation,
y Represented by 568,815 (571,300 in 1939) shares
(no par) after deducting 31,185 (28,700 in 1939) treasury shares carried
at $779,625 ($719,500 in 1939) .—V. 150. p. 3521.
v
1
National Tea Co.
Total
Short-term
7,190,409
282.777
e946,000
salaries, &c
3,074,489
3,605,366
receivable
%
Accrued wages,
Accts. and notes
Inventories
$
Serial notes pay'ble
&
advances......
1939
Liabilities—
$
.
invests.
S
$
b Capital stock...14,220,375
12,904,870 13,306,231
Cash, Ac....
1,184,290
1,682,249
Accts. <fc notes rec. 4,431,029
2,779,766
a
1939
1940
1939
1940
Bund,
1939
2,353,753
Cash..
17,639,310 16,056,487
Total..
.17,639,310 16.056.487
$48,188 in 1939.
b After reserve for depreciation of $9,495,656 in
1940 and $9,186,631 in 1939.
c Represented by 488,676 no par shares,
d Represented by 4,715 shares at stated value,
e Including excess profits
tax.
x Deficit.—V.
152, p. 2711.
(& Subs.)—Earnings—
Consolidated Income Account for Calendar Years
After reserve for doubtful accounts, allowances, &c.f of $44,832 in 1940
a
$1.22
contingencies of $30,891. b Consists of $11,234
pre-operating expense of subsidiary company: $144,116 loss on account of
spurious raw sugar warehouse receipts; $76,877 strike costs and $17,840
a
Inventories...... 5,076,229
term
pf$708,782
1,158,200
$434,144
432,450
...—
483,961
Consolidated Balance Sheet Dec. 31
Prepaid
$1,586,023
877,241
b250,069
...—
$113,930
$995,051
b Including $138,500 surtax
Including $300,000 excess profits tax.
undistributed profits.
a
$508,884 loss$488,774
692,959
a804,089
Consolidated Balance Sheet Dec. 31
Surplus.
com.
$1,945,723
950,672
483.961
846.932
$1,566,415
19,608
.
stock
$1,260,670 y$l,390,504
$1,475,956
Dividends paid
$494,724 loss$506,667
14,159
17,893
$586,245
700,175
Dividends paid..—...
12,266
61.198
11,250
sale of plant as¬
sets
a
$2,514,630
1939
$571,177
15,068
Other income—
Net loss
Gross income
Shs.
Subs.)—Earnings—
1938
1937
.$59,617,353 $50,021,008 $64,457,899 $69,526,588
59.046,176
49,526,284
64,964,566
67,960,173
1940
Consolidated Income Account for Calendar Years
>
on
1941
Consolidated Income Account for Calendar Years
Earnings—
Loss
June 14,
1940
and
National Oil Products Co. (&
Net sales
Cost of sales, &c
Depreciation..
Gross income
1938
$7,728,599
5,158,258
$6,111,985
4,112,212
$2,633,507
$2,570,341
1,382,395
1,348,494
$1,999,774
1,285,725
$1,251,112
47,165
$1,221,847
38,297
$714,048
33,938
$1,298,277
307,739
60,453
232,500
$1,260,143
323,739
76,608
159,394
$747,986
226,379
24,335
95,401
-
;
1938
1937
$361,611
18,449
...
Interest
Prov. for lease cancel
x$330,883 x$l ,025,689 x$l ,419,430
Dr4,564
51,009
121,116
$380,060
26,669
Other income
$8,274,924
5,641,418
Cost of sales
1939
.$61,919,443 $56,824,450 $55,545,216 $62,100,160
60.930,009
56,446,877
55,783,314
62,586,760
*■:
627,823
708,456
787,591
932,830
Operating profit.....
Subs.)—Earnings—
Consolidated Income Account for Calendar Years
1940
1939
Sales
x$335,447
33,633
x$974,679 x$l,298,314
or
rentals on closed stores
Gross profit
Sell.,
gen.
& administrative expenses.
Federal taxes
Net profit
Net profit from operations
—
Other income
Total income
—....
Other deductions...
Provision for executive incentive plan
Provision for Federal income taxes
Net profit for year
* $697,586
$700,401
Surplus
Shs. com. outst.
a
332,654
$3.90
I
Consolidated Balance Sheet Dec. 31
$301,203
Cash—Subscr.acct
1939
$287,323
204,344
Due from stockh'rs
payable
underwriters.
&
760,866
Accts.
Accts. & notes rec.
(net).
499,928
2,305,439
16,907
secure
5,557
Sundry receivables
Due
from
Adv.
on
Res.
1,533
33,068
purch.,&c.
Notes rec. (net)
Cash
for
plan..
60,453
7
52,919
42,692
&
25,284
rec.
25,284
1,500
memberships.
2,350
secured
Net fixed assets...
1,509,411
107,897
1,500,000
...
141,128
79,199
Patents, trade
marks, &c...._
47,044
for conting..
Com. stk. (par $4)
.
......
822,500
3,374
2,999
14,447
credits..
1,384,585
charges
Res.
17,850
100,000
/
732,760
719,316
50,322
\ a912,912
Prepaid expenses &
deferred
Total
Paid-in surplus...
Earned surplus...
578,439
501,976
1,528,386
1,419,841
Treasury stock...
Drl48
$6,581,033 $4,740,4111
Total
..$6,581,033 $4,740,411
(Issuance completed by Jan. 6,
bx9f^lch |3j?P-000 current and $400,000
—V.
152, p. 3661.
Accts. receivable
443,749
410,060
4,371,521
3,838,937
2,227
4,028
.
.
.
...
for cars
1,132
29,674
Investments
386
1,634
7,989,475
8,433,320
1
1
Prep, rents, taxes,
insurance, &c._
84,302
Fixed assets
Total.
..14,557,394
due 1941-44
^ao
1941).
Light Co.—-Integration Plan Discussed
?• lawyer, President, told stockholders
the annual meeting,
indications, that the SEC has adopted a narrow inter¬
pretation of the Holding Company Act which might involve
expensive
litigation or an unfavorable order by the SEC, the company is attempting
to meet the requirements of the law.
June 8, that in view of
at
In the
Mr.
event that National Power &
Light Co. should be liquidated,
Sawyer told stockholders in his opinion the securities which Investors
would
in return would provide them with the same treturn
they are
now receiving from the parent
company.
He asserted that the reduction of
approximately $750,000 a
receive
year
effected
through redemption of the company's debentures would
help, but it might
not offset a possible drop in income from subsidiaries.
Present prospects
indicate that National Power &
Light will be able to continue its regular
a share on common stock but he did not feel
likelihood of payment of any extra dividends.—V.
152, p. 3508.
quarterly dividends of 1.5 cents
there
was
National Refining Co.—New President—
Paul
his
Ryan, President of this company, resigned
continued
forced
absence
injured in an airplane crash
—V. 152, p. 2076.
from
at
his
2,541,581
Real estate mtge..
442,502
606,163
20,000
106,709
23,000
1,431,070
d Commonstock
7,783,125
Paid-in surplus...
69,398
e Earned
surplus. 2,112,223
1,431,070
Acct.
payable
(Re
5}4%
pref.
(par $10)
83,890
stock
7,783,125
.
69,398
1,844,542
100,303
duties.
June 5 because of
Ryan was seriously
Airport on Dec. 4.
on
Mr.
Chicago Municipal
14,499,280'
14,557,394 14,499,280
Total.....
chase of treasury stock in the amount of $996,407.—V. 152, p. 3508.
National Transit
Calendar
Co.—-Earnings—
Years—
1
1940
Rev. from pipelines, &c.
Divs., int. & misc. inc..
Total
Net income
Dividends paid..
1939
1938
1937
$1,698,796
161,128
$1,541,487
94,055
$1,549,761
89,800
$1,861,105
201,371
$1,859,924
1,314,221
$1,635,541
1,171,917
$1,639,561
1,191,911
$2,062,475
1,457,491
$545,703
506,000
$463,624
432,650
$447,650
381,750
$604,985
$39,703
$1.08
$30,974
$0.91
$65,900
$0.88
$95,985
.
Balance, surplus
Earns, per sh. cap. stock
(now retired).
Company, it is understood, is (Uscussing with the Securities and Exchange
Commission a plan for exchanging its holdings of common stock of the
Houston Lighting & Power Co. for its
outstanding preferred shares.
t
Accounts payable.
380,631
2,277,460
a After reserve for bad debts of $67,686 in 1940 and $66,918 in 1939.
b After reserve of $2,923 in 1940 and $2,857 in 1939.
c After reserve for
depreciation of $8,206,727 in 1940 and $8,154,554 in 1939. d Represented
by 660,000 no par shares,
e Includes restricted surplus by reason of pur¬
509,000
$1.19
Balance Sheet Dec. 31
1940
National Power &
32,460
S
?
50,786
Res. for self insur.
purch'd
Goodwill.........
c
:
Notes payable
store lease cancl)
from company..
1939
1940
Liabilities-
$
1,677,405
Oper.exp.,depr,,tax,&c.
a Of which 32,604 shares are to be
issued to stockholders and (or) under¬
writers, the proceeds for which will be allocated $130,416 to capital stock
and $782,496 to paid-in surplus.
,
1,636,058
b Notes receivable
159,395
25,000
"
Notes
*
,
Real est. assess'ts.
Deferred
76,608
207,500
Nil
Federal
Div. payable.....
in real estate
90,456
for executive
3\4% debs
4% conv.debs
2,375
4,034
b700,000
Nil
1939
%
.........I—
Due from employ's
45,282
83,191
...
profits tax
13,449
27,782
Securities
Inv.
1,565
•
with sinking
receivables.
Cash.
fk
Mtgs. receivable..
Income tax.....
Res.
for
excess
28,583
10,850
fund trustee....
Misc.
503,488
2,572
Accruals.
Incentive
officers
$179,779
credit
rec.,
Notes pay. to bks.
Res.
and employees..
1939
$221,136
.......
balances
455,227
2,971,442
32,283
......
Inventories
Market,
1940
x$982,313 x$l,527.366
622,650
628,250
Nil
Consolidated Balance Sheet Dec. 31
Inventories
Liabilities—
Vouchers payable.
Letters
of
credit
x$369.080
622,650
-
$0.43
Additional provision for Federal income tax assessment for year 1933.
or deficit.
■
Assets—
a
1940
Assets—
Cash
j
—
1940
$2.28
Note—Depreciation amounting to $118,789 included in above figures for
1940.
x$982,313 x$l ,365,280
67,848
94,237
Loss
159.117
$3.92
$267,682
622,650
(no par)
$401,871
350.662
Earnings per common shares..
x$369,080
Common dividends
Earns. per sh. on com
64,750
2,216
a7,634
$346,391
78,709
Preferred dividends
x
Dividends
7,000
V
Assets—
Inv.
in
1939
1940
Liabilities—
$
plant and
equipment
9,373,005
Other investments
77,185
Invest, in wholly
9,409,588
1939
%
$
Capital stock
6,362,500
Self. ins. & annuity
6,362,500
a
408,503
583,283
Surplus..
945,605
940,838
owned subs....
2,544,750
2,544,750
Current liabilities.
165,396
115,099
Deferred debits...
Cash....
3,384
4,576
Deferred credit...
410
23,681
364,005
354,516
Res'ves for deprec.;
bl69,020
124,555
Reinv. in plant.
3,048,005
Funded
2,528,055
Accts receivable.
Depreciation
_
2,564,250
fund
2,528,055
Empl. annuity fd.
414,387
586",286
Inventories......
86,034
66,482
15,559,825
reserves
15,655,002
Total....
.....
Distributed....
7,629,602
2,138,851
Treasury stock... cDr37,500
Natural Gas Pipeline Co. of
15,559,825 15,655,002
Total
a Par $12.50.
b Includes interest receivable,
stock.—V. 150. p. 1001.
c
3,000 shares of capital
America—Financing—
Company is reported considering the sale of $22,500,000 of bonds to
group of insurance companies and $7,500,000 of notes to banks.
would be used for expansion of present capacity and extension
a
Proceeds
of lines.
Balance of funds not required for construction w^uld be applied toward
pro rata retirement of obligations owned by Cities Service Co., Columbian
Carbon Co., Consolidated Oil Corp., Peoples Gas Light & Coke Co.,
Standard Oil Co. (New Jersey), and Texas Corp.
No large scale refunding
operation is under discussion now.—V. 152, p. 1436.
Volume
The Commercial & Financial Chronicle
152
Natomas Co. (&
Subs.)
Rock operations
Land fentals
Water system
Miscell.
relating to the capital stock changes and the settlement of
dividend arrearages have been approved by the Federal Power Commission
by order dated June 3. 1941 (see also V. 152, p. 3191).—V. 152, p. 3661.
Earnings—
1940
-
1939
1938
1937
SI ,761,657
16,042
85,082
17,521
Calendar Years—
Gold dredging.
3819
The matters
$1,737,547
12,892
138,220
16,904
6,747
$1,639,510
14,690
24,868
11,932
3,512
$1,084,297
8,352
revenues..
16.965
170,638
8,757
5,209
(J. J.) Newberry Co.—Sales—
Period End. May 31—
1941—Month—1940
1941—5 Mos.—1940
$5,165,750
$4,340,889 $21,538,759 $18,594,617
Sales.
Calendar Years
Consolidated Income Account for
$1 285,865
83.345
16,632
84,000
91,895
1,205
82,741
1,199
75,979
1,199
72,643
33,897'
30,537
40.618
$1,838,654
79,939
23,678
107,749
Taxes—Property
$1,912,311
Corporate and other
(except income)....
Depreciation
Reclamation dist.
104.091
$1,694,512
79,593
18,488
v
90,938
51,344
Gross income
Salaries & gen. exps
Insurance
81.555
23,423
ments for interest
$988,626
128,866
$1,397,778
99,868
$1,585,404
86,314
—
$1,681,144
65.668
Federal income tax
a272,761
$1,671,718
41,224
197,599
$1,117,492
40,076
$1,497,646
V
47,477
166,224
inc.
before
Net
$1,432,887
984,354
4,324
$2,749,987
b6l,973
1,018,247
$2*421,566
Total surplus....
Cost of shares purchased
Dividend declared (net)*
Earned surplus.
$1,400,595
$959,791
476,854
$1,866,579
$1,342,715
,.
1,400,595
6,677
...
$2,984,787
638,309
pref. cap. stock
of J. J. Newberry R'lty
on
on
42,521
978,450
$1,436,645
67,557
786,722
882,225
$582,366
b Cost of 7,400 shares of own stock
Includes $9,561 excess
Interest
5% pref. stock series A.
s
Gold
'-V
510,168
637,558
bullion
132,607
£00,277
78,554
$808,893
380,446
$4.53
Inventories
50~637
81,150
Liab.
323,180
96,249
288,971
802,624
Properties
..10 ,153,213 10,512.867
Deferred charges..
447,459
382,151
217,669
34,369
32,781
on
district
b
6,254,744
6K% pref. stk. of
3,169,531
2,934,446
3,360,825
Newberry
R'lty
998,600
76,611
54,454
Accrued
7,659,039
.
998,600
61,000
v.;>.•
berry Realty Co,
Inventories .......' 8,752,346
;
:
61,000
Co
6% pref. stk. New¬
and
notes
5,208,572
divs.
•
on
Realty Co. cap.
11,428
190,253
11,428
stock
and investment.
21,375
26; 366
Res've for self Ins.
221,993
464,199
401,328
Acc'ts payable, &c.
Federal tax
2,646,712
2,043,499
522,643
686,746
...
Mtge. pay. on real
1,918
surplus...
19,288
578,089
1,669,767
Capital surplus...
8,962,380
19,288
578,089
Paid-in surplus...
1,861
8,962,380
...
2,824,822
2,741,223
2,490,000
3% serial notes... 2,180,000
9,699,034
Surplus..........10,504,553
c Treasury stock.. l)r302,962
Dr302,902
estate......
1,189,924
1,157,224
bonds..
Capital stock
Earned
Miscell.
5,098,600
5,208,572
6,585,809
reclam.
credits*,
Deferred
stock.
Common
a
2,840,365
....
$
S
8,154,286
5,000
benefits
Lirbil.
Liabilities—•
5% pref.stock.... 5,098,600
Im¬
&
1939
1940
$
Deferred charges..
Res. for life insur.
,092,454
380,446
$5.27
l
$4.04
1939
$
buildings,
Empl. notes receiv.
reclam.
on
$738,875
380,446
249,930
913,070
Consolidated Balance Sheet Dec. 31
accounts rec...
dist. bonds curr.
1 ,393,079
a
$1,309,586
380,446
$5.44
1940
A ssets—•
Cash
other taxes.....
___...
Secure. & invest'ts
_
Includes $162,303 for surtax on undistributed profits.
a
Alterations
Accr'd Fed. inc. &
3,716
rec.
Accrued Interest-.
!,255,454
Balance, surplus
com. out. (no par).
provements
liabilities
262,963
transit.' .i'.wi.U-:.:
Notes & accts.
S
payrolls,
current
982
$1,792,742
254,930
798,937
Shs.
Furn. & fixtures..
1939
S
vouchers & other
in
5,405
$2,325,408
254,930
760,892
8,146,230
Liabilities—
Audited
236",860
4,624
Earns, per sh. on com...
b Land,
1940
v\ $
,
$1,976,893
254,930
913,070
Common dividends.
$984,354
1939
1940
■
68,571
68,571
140,257
234,122
68,571
242,068
8,988
charges..
Consolidated Balance Sheet Dec. 31
Assets-—.
Cash.
J
;
disposal of assets
Miscellaneous
\
68,571
84,814
211,576
Co.
3,157,161
a595,293
$2,620,164
379,068
$3,125,015
479,981
:.
268
profits tax.
repurchased during the year and retired.
a
469
117,624
$1,283,945
582,366
$1,669,767
income
Surplus credit
1997
476
taxes
and interest.......
Federal income taxes...
Net income
Previous balance
1938
479
$55,879,580 $52,272,953 $49,040,697 $50,315,454
52,062,069
48,374,255
45,690,763
46,481,382
Deprec. & amortization.
832,724
773,683
729,770
676,910
Loss
Total income.,
Other expenses......
1939
486
Sales..
Divs.
Net income—opera'ns $1,532,842
Other income.
148,302
;
Cost and expenses......
Net
assess¬
1940
^
Number of stores
1,400,595
....30,056,465 28,845,489
Total
..30,056,465 28,845,489
Total
Represented by 395,314 no-par shares (incl. shares held in treasury),
c Represented by 14,868 shares of
common stock.—V. 152, p. 3032.
;
:
a
13,035,185 12,503,835
Total
Total
.....
13,035,185 12,503,835
After depreciation of $1,310,080 in 1940 and $1,157,894 in 1939.
Represented by 968,350 (975,750 in 1939) no par shares,
c Account
receivable only.—V. 152, p. 3032.
:
:
a
b After depreciation and amortization,
b
New
England
Gas
Output—
Nebraska Power
Period End.
Operating
April 30—
Co.—Earnings1941—12 Afos.—1940
1941—Month—1940
$722,434
$678,434
$8,783,377
$8,425,615
317,273
136,170
56,700
312,511
105,240
52,500
3,807,761
1,535,029
646,700
3,716,446
1,301,556
630,000
800
revenues
direct taxes.
Direct taxes
Prop, retire, res. approp.
Amortiz. of limited-term
1,800
9,600
22,760
investments
$211,491
;
54
.
Gross income...
Int.
on
mortgage bonds.
Int.
on
debenture bonds.
Other int. & deductions.
$206,383
$2,784,287
59
3,422
$211,545
61,875
17,500
10,289
Net operating revs
Other income
$206,442
61,875
$2,787,709
742,500
210,000
113,786
3,935
315
Int. chgd. to construc.Cr
17,500
10,442
i
253
•
$2,754,853
2,031
$2,756,884
742,500
210,000
111,755
Dr630
Association—System
Electric
r
May 31, New England Gas & Electric Association
For the month ended
Op rating expenses, excl.
&
,
reports electric output of 45,485,190 kwh.
This is an increase of 10,216,071
kwh., or 28.97% above production of 35,269,119 kwh. for the corresponding
month
a year
Gas output
ago.
is reported as 419,800,000 cu. ft., an increase of 26,329,000
ft., or 6.69% above production of 393,471,000 cu. ft. in the correspond¬
ing montha year ago.
For the week ended June 6, New England Gas & Electric Association
cu.
reports electric output of 10,405,504 kwh.
This is an
684 kwh., or 27.80% above production of 7,462,886 kwh.
increase of 2,263,for the correspond¬
ing week a year ago.
Gas output
is reported at 92,276,000 cu, ft,
increase of 6,223,000
an
cu. ft., or 7.23% above production of 86,318,000 cu.
ing week a year ago.—V. 152, p. 3661.
New
ft. in the correspond¬
; ;
England Power Association—Dividends—•
Directors have declared a dividend of $1 per
share
on
the 6% preferred
$2 preferred shares, both pay¬
July 1 to holders of record June 16 leaving arrears of $6.50 and $2.16 2-3
per share respectively.
President Carl S. Hermann, in announcing the action of directors regard¬
shares and of 33 1-3 cents per share on the
able
$1,691,999
$116,878
$1,725,358
Divs. applicable to preferred stocks for the period.
499,100
499,100
$1,226,258
$1,192,899
$122,196
Net income-
Balance.....
—
Notes—(1) Provision for Federal income taxes, subsequent to April 1,
1941, is being made at a rate which will result in the accumulation of such
30% for the full year 1941.
ing preferred dividends, also stated that the resignation of former
Chairman. Frank D. Comerford, was accepted by the directors,
regret.
He stated that Henry I.
would for the present function as
taxes at the rate of
(2)
No provision has bean made for Federal excess profits tax since present
are that no such tax will be payable.—V. 152, p. 3032.
indications
Neisner
—V.
1941—Month—1940
$2,309,171
152,
p.
3032.
,
■
$1,866,122
New
1941—5 Mos.—1940
$7,940,838
$8,754,065
'•
'v
XS"'v
Nevada-California Electric Corp.—To Vole on
Capital Structure and Change in Name—
.../
''i;v
Changing
•
•
15
England Telephone & Telegraph Co.—Earnings—
Period End. Apr. 30—
1941—Month—1940
Operating revenues
$7,108,357 $6,530,021
16,800
12,146
Uncollectible oper. rev,.
1941—4 Months—1940
$27,760,187 $25,871,744
50,638
59,539
Operating revenues.,.
Operating expenses
$7,096,211
4,757,712
$6,513,221 $27,709,549 $25,812,205
4,523,125 18,832,562 18,148,624
Net oper. revenues._.
$2,338,499
$1,990,096
Operating taxes-.-..—
903,350
757,043
operating income. $1,435,149
$1,233,053
835,034
.
stockholders' meeting will be held in Denver, June 20, 1941,
amendments which
company's charter.
The first amendment proposed is to change the name of the company to
"California Electric Power Co."—a name which has received more favor¬
able acceptance than any other name suggested.
The amendment to Article III is designed principally to broaden the
corporate powers of the company, and, particularly, to clarify its right
to conduct the ice business of the Imperial Ice & Development Co., a
subsidiary now in the process of liquidation and whose properties will soon
be directly owned and operated by the company.
Upon the amentment to Article IV becoming effective, each existing
share of preferred stock (par $100) will be automatically converted and
reclassified into four-fifths of a share of $3 preferred stock (par $50 per
share) and 6 shares of common stock (par $10 per share.)
The amount of authorized common stock will be increased to 1,200,000
shares.
There are now outstanding approximately 85,000 shares of common
stock.
Giving effect to the issuance of approximately 630,000 additional
shares of common stock required to effect the preferred stock reclassification
the total outstanding common stock will be approximately 715,000 shares,
of which the 85,000 shares now held by the existing common stockholders
will represent approximately 12% and the 630 additional shares issued
upon the reclassification will represent approximately 88%.
To provide a vehicle for senior preferred stock financing, the charter
amendment authorizes 200.000 shares of a new class of cumulative prior
prior preferred stock (par $50).
The shares of prior preferred stock may
be issued from time to time in series.
As part of the proposed refinancing of the company's funded debt, it is
contemplated that 60,000 shares ($3,000,000 par) of prior preferred stock
will be issued.
Although it is presently contemplated that the dividend
rate on the prior preferred stock will be 5% per annum, the final deter¬
mination of such dividend rate will necessarily depend on market conditions
at the time of sale.
It is also contemplated that each of these 60,000
shares will be made convertible, at the option of the holder, into five
shares of common stock (with appropriate provisions protecting the con¬
version privilege against dilution).
•
So long as prior preferred dividends are not in arrears on such arrears
are not
equal to four quarterly dividends, each share of prior preferred
stock, $3 preferred stock and common stoctf will be entitled to one vote per
share, but in the event of the non-payment of four or more quarterly divi¬
dends, the holders of prior preferred stock, as a class, will be entitled to
elect one-fifth (but not less than two) and, upon the non-payment of
12 or more quarterly dividends, a majority, of the board.
A special
for the purpose of considering and acting upon certain
the board of directors deems advisable to be made to the
.'v-v
r'-'.
Chairman, resigned on June 2 after serving
Comerford,
D.
years.—V. 152. p. 3508.
Brothers, Inc.—Sales—
Period End. May 31—
Sales.
acting Chairman.
Chairman Resigns—
Frank
board
with
Harriman, Vice-Chairman of the board,
Net
1,018,730
Net income
$8,876,987
3,478,923
$7,663,581
$5,398,064
$4,699,067
3.681,213
3,068,015
2,964.514
3661.
—V. 152, P.
Co.—Sells $2,000,000 Bonds Privately
Light & Traction Co.
New Mexico Power
—See Federal
Preferred Stock Colled—
All of the
on
Aug.
;
.
'I:'
for redemption
Payment will be made at the
York City.—V. 123, p. 711.
outstanding $7 cum. pref. stock has been called
15 at $105 and accrued
Irving Trust Co., New
Newmont Mining
dividends.
Corp.-—Earnings1939
1938
1937
$2,537,802
$2,313,915
$3,188,708
92,487
83,531
37,232
89,056
23,615
91,420
......
180,750
777,928
27,099
1,200,715
$2,828,173
469,213
$2,894,569
512,107
$3,245,231
619,993
$4,504,457
1940
Income—Dividends.... $2,718,422
Interest
28,494
Fees for services.....
81,258
Prof, realized on sales
Calendar Years—
of capital assets.
Other income
.
Expenses and
losses
realized on sales,
of capital assets
Prov. for Fed. inc. tax..
1,529,919
Losses
474,040
15.100
for year.. $1,869,820
earned surplus. 36,719,567
2,049
refund
4
Dividend refund
Net income
.
Previous
.
Fed. inc. tax
203433
106,696
$2,422,105
35,509,680
$2,867,841
14
35,792,794
—
$38,591,439 $38,580,324 $37,931,785
a7,443,044
1,860,758
1,594,938
$38,660,635
b 3.150,955
Dec. 31
..$31,148,395 $36,719,567 $36,336,847
capital fitock
1,063 292
531.646
531.646
share.. —.
$1.76
$4.22
$4.55
Of which $5,316,460 was paid in stock and $2,126,584 in
$35,509,680
Dividend distributions.
Balance,
Shares
Earnings per
a
139~,666
$2,243,462
36,336,847
—
531.646
$5.39
cash.
The Commercial & Financial Chronicle
3820
b Cash dividend of S3 per share paid in 1937,
$1,594,938; 52,704 shares
of Phelps Dodge Corp. stock distributed at the rate of one-tenth of a share
of Phelps Dodge Corp. stock for each share of Newmont Mining Corp.
held, $1,544,214; and cash distributed in lieu of Phelps Dodge Corp. frac¬
tional shares to stockholders in an amount equal to the value of such frac¬
tions, or equivalent to 460.6 shares of Phelps Dodge Corp. stock valued at
highest market price ($25,625) on Nov. 30, 1937, $11,803.
June 14, 1941
for the payment of principal and interest in United
States currency, for redemption at the option of the railroad on terms
stated in the agreement, and for waiver of tax-free provisions also as set
forth in the agreement.
Holders desiring to accept this offer which will remain open until the
close of business on Aug. 28, 1941, are advised to deliver their bonds to the
office of Smith, Barney & Co., 14 Wall St., New York.—V. 152, p. 3662.
rate of
5%
per annum,
Balance Sheet Dec. 31
1940
A goy/p
r
t
nm
1940
1939
SE
i.
S
Cash......
2,543,677
Notes receivable,.
a397,860
Liabilities—
to)
for
50,047
66,372
Federal
income tax
15,100
139,000
Common stock.. 10,632,920
5,316,460
Capital surplus... 4,321,757
4,321,757
Earned surplus...31,148,395 36,719,567
a
corp.,
9,574,964 10,693,084
12,221
90,363
Ac...
Other assets
Unrealized apprec.
on
Total
46,409,751 52,629,641
Total.
owned
secur.
241,532
Operating expenses.
Operating rentals....
•Earnings1941—12 Mos.- •1940
1941—Month—1939
$1,642,413 $20,443,694 $19,969,338
Operating revenues
$1,778,185
Oper. exp., excl. direct
taxes
$749,074
Direct taxes
387,716
199,188
Prop, retire, res. approp.
^
$721,704
$9,068,455
4,100,646
2,370,665
299,559
196,519
.....—
$8,945,834
3,509,893
2,428,378
$442,207
$424,631
Other income (net)
228
225
$4,903,928
2,683
$5,085,233
1,173
Gross income...
$442,435
171,074
22,061
$424,856
184,018
19,543
$4,906,611
2,152,572
272,984
$5,086,406
2,247,825
252,530
Net oper. revenues—
Int. on mortgage bonds.
Other int. & deductions.
— .—
......
operations
Non-operating income
—
.....
..
...
Excess of
operating
revenues over
—
7 Mos.
$9,888,601 $66,020,222
8,014,085
50,992,103
22,190
157,339
$1,852,326 $14,870,780
31,452
222,354
$1,883,777 $15,493,134
expenses
—V. 152, P. 2864.
New York New Haven & Hartford
New Orleans Public Service Inc.
Period End. April 30—
J.*
Income from
6,066,486
46,409,751 52,629,641
Month
Total operating revenues
$10 par.—V. 152, p. 1925.
a
System—Earnings—
[Includes BMT, IRT and IND Divisions]
$
Period Ended Jan. 31. 1941
accrued taxes...
Prov.
Listed securities..33,881,028 39,201,642
Miscell. stks. ol (&
loans
New York City Transit
1939
$
Accts. payable and
2,594,552
50,000
RR.—Financing—
The road has applied to the Interstate Commerce Commission for author¬
ity to issue $2,890,000 of equipment trust certificates of 1941,
The cer¬
tificates will be issued under an agreement between the New England Car
Co. and the road with the National Shawmut Bank of Boston, as trustee.
They will be dated July 1. 1941. and mature in equal annual instalments of
$289,000 each, beginning on July 1, 1942. and ending on July 1, 1951.
They will be sold at competitive bidding.
The proceeds will be used to pay 80% of equipment costing $3,710,000.
It will include ten 100-ton Diesel electric switching locomotives from the
American Locomotive Co. costing $60,000 each, 1,000 50-ton steel box
cars from the Pressed Steel Car Co., costing $2,798, and six 44-ton Diesel
electric switching locomotives from the General Electric Co. costing $36,700
The company has invited
certificates.
Tenders, which
bids
on
the $2,890,000 of equipment trust
at
Net income..
$249,300
$221,295
Divs. applic. to preferred stock for the period
$2,481,055
544,586
$1,936,469
Balance
$2,586,051
544,586
1940
1939
1938
$4,573,330
$3,617,842
$5,456,746
4,036,373
3,833,604
$699,880
256,205
41,013
expenses
$739,725
233,105
34,308
(net).
Charges for equipment
dismantled
3,377,607 :
Profit-
1940
1939
1938
1937
$43,299,850 $25,717,850 $11,068,047 $13,016,823
37,491,052
23,858,560
9,646,270
13,626,060
Admin. & gen. expense..
$5,808,798
1,317,311
$1,859,290
799,865
$4,491,487
113,701
$1,059,424
81,231
$738,537 x$l,263,469
42,870
75,592
$4,605,188
130,840
$1,140,655
135,837
$781,407 x$l,187,877
148,514
159,427
14,931
9,802
—
Total income
3,526,420
11,538
$240,235
217,324
60,500
6.209
•
$1,930,326
196,210
17,838
Cr337
8,486
226,950
a257,641
expenses.
Prov. for Fed. inc. tax..
80,721
99,015
Int. on funded debt
$1,421,777
683,240
tax
distributed profits
Propor. oper. loss of af¬
21,314
b33,521
filiates
Net profit before other
income
$385,382
23,929
$292,109
19,121
Miscell. other income
Net profit
detj>47,184
$1,154,069
cl,038,694
65
1,554
income
2,100,000
75,000
$2,334,261
468,562
325,000
175,000
$4.34
$928,264
(estimated)
Net profit for year...
Dividends—Pref. stock.
Participating stock
Founders stock
...
Earnings per share
100,000
$532,894 x$l,372,038
$1.61
Balance Sheet Dec. 31
1940
*\SSCtS
V
;;
"
:
'
1939
Plant & property 5,388,712
Goodwill & patents
1
a
5,365,529
b
Cash
Market, securities.
307,200
Accts. receivable..
1,062,462
126,969
Accounts payable.
Contracts
Comparative Balance Sheet Dec. 31
Assets—
1940
Cash
1939
Trade
73,572
Subsidiary cos.
5,000
222,925
5,000
41,970
Deferred debits—
18,042
27,970
37,960
Agent's balances..
Customer's depos.
53,092
2,741,520
b Miscell. llablls..
other cur¬
Patents and trade¬
marks
Total...
a
After
Long-term liabils.
5,000
Cap. stk. (par $1).
621,359
of
'
in
3,801,723
64,335
and
subordinated
900 shares at cost.—-V. 152,
$2,340,162 in 1939.
notes
to be purchased
3353.
p.
1941—Month—1940
$
Railway
Railway
oper. revenues.
oper.
expenses.
1941- -4 Mos.—1940
$
31,714,084
24,304,848
shares and $1
on
from ry. oper.
Railway tax accruals
rev.
Eq. & jt, facli. rents
Net ry. oper. incomeOther
income
Total income....
Misc. dedac. from inc..
Total fixed charges
Net inc.aft.fixed chgs.
Note—Company not
p.
3509.
27,944,405 133,770,806 115,956,481
22,597,752
90,249,061
97,875,860
participating
on
each issue was
a
dividend of $1
per
share
on the
participating
the founders shares, both payable June 20 to holders of
Like amounts paid on Dec. 20, last, and previous
payment
a quarterly dividend of 10 cents a share on Jan.
2, 1935.—
New York State Electric & Gas
Corp.—SEC Paves Way
Bonds and Stocks of Corporation—$35,393,000 in Liens Offered—120,000 Preferred Shares Also Pro¬
posed to Refund or Retire Old Debts—
for Open Bidding
on
Competitive bidding became effective on May 7 under Rule U-50 of the
Holding Company Act of 1935.
Bidding invitations prepared by the company provide that inderwriters
may bid for all of the bonds and all of the stock; or all of the bonds; or all of
No bidder may submit or participate in more than one proposal
25,707,420
11,372,151
4,743,965
3,078,251
1,463,672
1,593,059
1,570,179
17,408,282
5,788,701
9,591,304
5,324,250
issuer is marketing more than one type of securities in a single
transaction," the opinion states, "experience may indicate that some other
form of bidding may be better calculated to obtain a more favorable result,
but in the absence of such experience, the Commission is inclined to accept
as promising the best results the method of
permitting only several bids as
4,541,923
124,164
3,977,063
3,163.238
134,653
3,960,643
23,196,983
14,915,554
590,946
15,784,282
The corporation proposes to use the proceeds from the sale of the bonds
and preferred stock as follows: to retire $3,490,000 4H% bonds, due 1960;
retire $17,094,000 of 4H% bonds, due 1980; and retire $14,808,000 of 4%
440,696
def932,058
on
each of the three bases.
"Where
an
here proposed."
subject
to
Federal
excess
533,209
15,839,422
6,824,352defl,459,674
profits
tax.—V.
152,
$3,625,000 Lake Erie & Western RR. second mortgage
5% bonds due July 1, 1941, are being notified by Smith,
Barney & Co. that
100% of
interest, if presented before July 1, 1941.
Thereafter during the life of the offer
Smith, Barney & Co. will purchase any
of the bonds at the principal
amount, the July 1,1941 coupon being payable
at the office of Guaranty Trust Co. of New York
in the usual manner.
Smith, Barney & Co. has entered into an
arragement with New York
Chicago & St. Louis RR., of which Lake Erie and Western is a constituent
company, to purchase these bonds and upon such
acquisition will enter into
extension agreements
with the railroad effecting the extension of the bonds
for a term of 10 years from July 1,1941.
Such extension has been authorized
by the Interstate Commerce Commission.
Each bond so purchased by
Smith, Barney & Co. will have affixed to it
par
35,894,946
13,571,661
4,915,003
Chicago & St. Louis RR.—Smith, Barney &
Offers to Purchase $3,625,000 Lake Erie & Western Bonds—•
extension agreement
b Represented by 325,000 $1
5,346,653
2,588,401
1,165,193
this firm will purchase for its
own account any of these bonds at
the principal amount and accrued
an
12,559,064
7,409,236
3,053,924
1,277,061
New York
Co.
119,908
16,617,051
V. 152, p. 1926.
the stock.
Net
Total
The Securities and Exchange Commission on June 9 granted the applica¬
tion of the corporation to issue and sell $35,393,000 of 1st mtge. bonds, and
120,000 shares of cum. pref. stock, thereby paving the way for the first offer
to underwriters by competitive bidding of securities of a utility company.
RR.—Earnings—
(Including all Leased Lines)
Period End. Apr. 30—
depreciation,
record June 10.
Dr8,251
.$6,309,094 $5,671,212
1940
After
Directors have declared
91,164
*•"
621,359
Surplus (paid-in). 3,830.617
Earned surplus...
172,041
c Treasury stock..
$2,516,328
amount
•* *
16,617,051 12,559,064
Dividends—
675.675
1,009,000
4,594
Total
Total
a
3,447
New York Central
4,883,308
shares and 175,000 $1 par founders' shares.
Reserve for taxes.
c
175,000
606,110
—
24,000
Miscell. reserves..
maximum
one year,
2,180,848
993,415
Capital surplus... 4,929,452
Earned surplus.
1,260,969
•
74,378
$6,309,094 $5,671,2121
b Estimated
within
530,790
inc.
(est.)
interest, &c
'
152,279
of
for Fed.
taxes
'
3,402
55,958
depreciation
costs
Res.
Accrued payroll,
12,000
.
136,850
....
Deferred charges..
Other assets
50,681
1,288,867
against future
Other assets—...
60,348
Compensa. awards
Contract collect'ns
197,771
2,619,400
82,500
12,000
500,000
500,000
2,612,900
1,806,134
2,272,986
2,011,805
69,614
137,000
stock.
debt
285,427
150,000
Federal inc. taxes.
founders'
Funded
5,772,475
1939
Accrued liabilities.
519,712
979,877
rent assets
41,967
Land, bldgs. and
3,251,451
machinery
in
process
$232,091
Purch. mon. obligs
465,250
982,491
Sundry
1940
$247,012
Notes payable
less
accts.,
reserve..
Inventories
a
Liabilities—
Accounts payable.
81,371,679 $1,160,891
%
V
3,554,806
1,785,000
Participating and
Inventories-
dends paid on subordinated
5% notes ($744,425) and cash ($34,596), total
$779,020.
d Includes results of operations of General Naval Stores Co.,
Inc., wholly-owned sales subsidiary dissolved in 1937, the net assets and
business of which were taken over by Newport Industries, Inc.
$
Preferred stock...
b Company's proportion of operating
profits taxes,
excess
1939
$
loss of Armstrong-Newport Co. (50% interest).
Armstrong-Newport Co.
was sold to Armstrong Cork Co., effective June 30, 1938.
c Includes divi¬
SPa Includes
:
1940
Liabilities—
*'
1
4,474,850
307,200
Dividends...
Nil
$0.86
a On 500,000 shares of combined participating and founders' stock out¬
standing ($1 par),
b Loss on capital assets sold or scrapped,
x Loss.
Note—Provision of $345,555 in 1940, $342,405 in 1939, $295,115 in 1938
and $300,005 in 1937 for depreciation included in overhead costs.
def$70,774 d$l,138,994
23,590
15,075
$409,311
$311,230
186,408
b62,894
Fed.
for
Prov.
x$609,238
654,231
......
b26~,895
Miscell. deductions
a
un¬
on
Cost of billings
Prem. on bonds retired..
Interest
for surtax
Shipbuilding Corp.—Earnings—
Gross billings
Other interest
Net profit before depre
Provision for deprec'n..
Prov.
New York
Years Ended Dec. 31—
1937
$4,736,253
Cost of sales, selling and
Miscellaneous
3662.
Net operating profit..
Other income.
Newport Industries, Inc.—Earnings—
general
p.
$2,041,465
Notes—(1) Provision for Federal income taxes, subsequent to April 1,
1941, is being made at a rate which will result in the accumulation of such
taxes at the rate of 30% for the full year 1941.
(2) No provision has been made for Federal profits tax since present
indications are that no such tax will be payable.—V. 152, p. 3033.
Calendar Years—
Sales (net)
will be considered by the road on June 24
New Haven, are to name the rate of dividend and the price.—V. 152,
providing for the continuance of the present interest
bonds, due 1965.
Also, to redeem 60,000 shares of 5K% preferred stock at $105 a share;
special fund of $6,000,000 for construction and expansion of
facilities; to meet expenses, estimated at $373,000.
The company is undertaking this combined financing and refunding
program in order to take advantage of favorable money market conditions,
and to meet an urgent need of $6,000,000 of additional cash for its proposed
to provide a
construction
program.
Although the proposed financing and new construction will raise the debt
56%, or somewhat above the maximum ration of
50%, which the SEC in the El Paso Electric Co. has found to be desirable,
the Commission has placed no restrictions, inasmuch as the New York
State P. S. Commission has already done so.
This adverse ratio will be corrected in the next five or six years, according
ratio to plant to about
to
the Commission's opinion.
Calls for Sealed Bids on Bonds and Senior Shares—
-
The corporation has set June 23 for the first test of the SEC's ruling that
utlity holding companies and their subsidiaries must employ competitive
bidding is issuing new securities.
The company, principal operating property in the Associated Gas &
Electric System, proposes to sell $35,393,000 of 1st mtge. bonds, dated
April 1, 1941, and maturing 1971, and 120,000 shares ($100 par) preferred
I
Volume
The Commercial & Financial Chronicle
152
of these securities will
It has prepared copies
of a registration statement filed with the SEC for prospective bidders to
examine concerning the proposed new bonds and preferred shares.
In its invitation for proposals for purchase of the new securities the com¬
pany stipulates that bids must be made for buying either all of the new
bonds or for all the new preferred shares, and that no offers are to be con¬
ditioned upon acceptance of any particular proposal.
Each bid must be submitted sealed at the company's office at 61 Broad¬
way, N, Y. City, for opening at noon, June 23, and must be accompanied by
a check for
5% of the principal amount of the issue the bidder proposes to
purchase.
Prior to the opening of the bids, however, every prospective
bidder must provide the company with information required to be filed
with the 8EO under the Securities Act of 1933 and the Trust Indenture Act.
stock
the bidders whose proposal for purchase
provide it with money at the lowest annual costs.
to
A questionnaire has been prepared for bidders to fill out by
11 a. m., June 20.
Company intends to accept the successful bids by 2 p. m. on the day the
proposals are received, subject to approval of the New York P. S. Com¬
mission and SEC authorization, but has reserved the right to reject all such
offers.1
\
■
In case the company receives two or more proposals resulting in lowest
annual cost of money for either the bonds or the stock, the utility will give
such bidders the chance to increase their bids, and if no increase is received
Issuance of $2,000,000 Bonds Approved by
The Securities and Exchange Commission on June 5 issued an order
granting the application of the company pursuant to Section 6 (b) of the
Public Utility Holding Company Act of 1935, concerning the following:
(a) Issuance of $2,000,000 1st mtge. bonds, 3%% series, due 1964, in
exchange for a like principal amount of its 1st mtge. bonds, 4% series due
1965, now held as follows: $1,881,000 by the United States of America
(Rural Electrification Administration) as collateral security for the pay¬
ment of five certain serial notes issued by the company to the United
States of America; and $119,000 by Continental Bank & Trust Co. of
New York, trustee under the indenture securing said bonds.
Said $2,000,000 of 1st mtge. bonds, 4% series due 1965, are Treasury bonds; and upon
their return to the company's treasury, the same will be cancelled.—V. 152,
P. 3353, 3509.
Calendar Years
bl939
bl938
bl937
$6,149,021
2,195,342
$3,535,848
1,740,999
$2,890,127
1,424,031
$3,747,014
1,599,232
$3,953,679
80,093
$1,794,849
169,382
$1,466,096
43,662
$2,147,782
71,261
$4,033,772
451,998
$1,964,231
274,523
$1,509,758
280,349
$2,219,043
215,473
a1940
Gross
income.
Selling &
gen.
...
expenses.
Operating profit..'—
Other income
Total income
Depreciation
Addib.
res.
for in¬
prov.
ventory shrinkage
Write-off
of
worthless
100,000
investments..
Closed plant expenses-.
...
152,448
183,3 i§
289,594
185", 197
218",890
'~1~495
710,964
41,953
...
583
"7",996
undist. profits
673",280
profits taxes
Devel. charges & exps..
Moving costs & expenseMiscelf. deductions
excess
profit..
Dividends paid
per
120,871
64,840
1,576
24,302
"9,620
"5",932
$1,627,519
489.569
...
144,821
501,044
$837,726
176,654
$844,007
346,050
$1,290,884
c778,613
$1,137,950
Net
Surplus
Earnings
83,744
5,035
51,368
Federal income tax
on
7,270
53,035
236,367
Adjust, of taxes prior yrs.
Discount on sales......
Interest
18,557
10,223
_
Loss sale of fixed assets.
Fed.
SEC—
Co.—Earnings—
Income Account for
Surtax
will acept such proposals at its discretion.
3821
Niles-Bement-Pond
$661,072
$497,957
$512,271
$4.71
$4.88
$7.46
...
share on
(no par)
•"Un¬
common stock
$9.14
a
c Includes
companies.
Company
only.
b Including
subsidiary
aid in stock of Shepard-Niles Crane
$346,050 paid in cash and $432,563
& Hoist Corp. 17,302>3 shares at $25.
Balance Sheet Dec. 31
New York
1
Company reported
pared with
1940
Telephone Co.—Gain in Phones—
on
June 3 a gain of 15,147 telephones in May, com¬
units in May 1940.
For the first five
increase of 16,203
an
months of this year the company had a gain of 61,072 instruments, against
an increase of 56,987 in the
corresponding period of 1940.—V. 152, p. 3662
New
York
Title
&
Co.—Interest Distribution— t
Mtge.
The trustees of series B-K first mortgage certificates announce a distribu¬
tion on June 30, 1941, to certificate holders registered at the end of June
14, 1941, of 2% interest.
The total distribution for interest amounts to
$249,963.19.
Series B-K is a $13,000,000 issue which originally covered
Assets—
Property accounta
Costs to date of
Accts. & notes
Accounts
and
305,250
2,073,902
2,092,046
Deferred charges..
61,496
Prov.
and Bronx.
distribution, the total distributions made by the trustees since
appointment in March, 1936, will amount to $2,649,595, interest and
$657,798 principal.
Bayard U. Livingston Jr., trustee, will make an income distribution at
(& Subs.)—Earnings—
Consolidated Income Account for Calendar
1940
Adm.,
gen.
Net operating
Other income-..
$1,206,686
390,229
profit..~ $995^803
53,013
$1,116,355
73,839
$715,979
36,002
$816,457
41,773
$1,048,817
232,511
$1,190,194
264,163
$751,981
282,813
$858,230
290,978
'
loss
in invest.
7,847
19,251
24,954
7,699
11,508
6,502
—
CY249
GY1.046
loss$91,048
77,336
$33,840
77,305
103
minority stockholders.
Net income
Dividends
Dividends
a
on
preferred.
on common..
40,562
408,934
5,010
56,196
5,644
'
;-V
84,028
10,221
80,329
Other deductions
Prov. for Fed. inc. tax._
Prov. for Fed. surtax
Portion
applicable
to
^
39,105
422,568
34,036
23,901
8,201
33,442
548,337
41,425
25,460
169,138
.
in sub. corp
'
,
27,555
450,993
25,317
32,171
1,424
Prov. for deprec. & depl.
Prov. for doubtful accts.
Prov.for Fed.& State tax
Loss on property retired.
for
1937
$1,160,371
444,391
Interest charges...
Prov. for add'l pay'ts to
holders
of
stamped
bonds and debentures.
Prov.
Years
1938
1939
$1,531,085
414,730
Gross income
a$104,267
77,336
44,973
Equivalent to 15 cents
share in 1939.
a$81,129
77,336
44,973
share of
per
Total
common
?
..
stock in 1940 and to two
cents per
$787,267
634,961
1,999
245,319
Inventories
Consolidated
19,334
50,000
7,470
gl5,056
312,071
50,000
Trade notes receivable, not due within one year
Accounts receivable (officer)
....
...
...
13,856
Inventory of re pair parts and supplies
........
Amount deposited with State insurance fund under
353,114
workmen's compensation insurance.
Other insurance deposits under current contracts._
Unpaid instalment on sale of investment-
49,482
11,233
8,834
281
1,121,155
2,134
a57,339
-
Cash in sinking funds
Company's bonds and debentures
Miscellaneous investments
Investment
Securities deposited with Industrial Commissioner,
N. Y. State Dept. of labor
1
36,742
12,245,058
103,351
1940
$185,588
Federal and State taxes...
90,000
139,760
__
Dividend payable on preferred stock
real estate
Estimated liability for workmen's compensation
insurance claims
arising during corporation's
...
terms as self-insurer
...
1941—4 Mos.- -1940
1941—Month—1940
2,190
2,190
2,190
2,190
Operating Revenues—
$7,443,438 $31,681,701 $31,276,372
$3,847,804
Freight
466,480
279,599
1,798,284
1,166,832
Pass., mail & express..
Other transportation
28,154
143,618
117,719
39,785
Incidental & joint, facil.
60,655
242,581
246,680
81,835
—
for additional payments to
stamped bonds and debentures
Notes payable (non-current)
Trade accounts payable (non-current)
Funded debt.
holders
General
b Common stock
......
19,334
12,000
Railway tax accruals
381 in 1939.
8,952 shares,
e
110 shares,
no
136,778
210,000
4,565,000
49,482
2,000,000
5,875,925
2,971,898
Dr819,894
4,731,000
88,357
2,000,000
5,875,925
2,941,213
Dr819,894
Dr850
shares,
reserve
f After reserve
b Represented by 180,000 no
of $138,189 in 1940 and $142,for depreciation and depletion,
h Balance of deposits with State Insurance Fund was
1940, by the receipt of a dividend of $38,874 which
corresponding reduction in the reserve.—V. 152, p. 3662.
Includes notes,
reduced in
a
par
d After
January,
62,350
$3,097,372 $13,376,161 $14,082,723
1,107,232
6,148,416
4,734,372
Ry. oper. income.__.loss$746,179
Equipment rents (net)
371,070
Joint facility rents (net).
Crl7,265
$1,991,139
299,816
Crl5,154
$7,227,746
Netry. oper. income_loss$392,373
17,877
$2,275,801
53,930
$8,418,175 $10,435,355
49,263
132,434
funded debt
loss$374,496
176,955
$2,329,732
177,601
$8,467,438 $10,567,789
708,315
710,602
income.
loss$551,452
$2,152,130
$7,759,124
_
.
Other inc. items (bal.)_.
Gross
Int.
on
Net
Income...
Plan to
.
'
Gas
American
1,248,109
Cr57,680
• -
&
$9,348,351
1,137,650
050,646
$9,857,187
•
,
Electric
Co.—SEC
Will
.
g
Sift
Simplify Utility—Hearing Scheduled for July 7—
An application by the company and two of its subsidiaries, the Wash¬
ington Gas & Electric Co. (which see) and the Southern Utah Power Co.,
for approval of a voluntary plan of simplification under Section 11 (e) of
the Holding Company Act was consolidated June 6 for hearing purposes by
the Securities and Exchange Commission with its own proceeding instituted
also June 6, to enforce compliance with the "death sentence" of the same
section.
Hearing on the consolidated proceedings was set for July 7 at
Washington.—V. 152, p. 127.
;
North American Rayon
Corp,—Directorate Reduced—
See American Bemberg Corp. above.—V.
North Central Texas Oil
152, p. 3034.
Co.—12l4~Cent Dividend—
Directors have declared a dividend of 12 XA cents per share on the common
stock, par $5, payable July 1 to holders of record
15 cents paid on Dec. 16, last; 10 cents paid on July
June 16. Dividend of
1, 1940, and on Dec. 15
Dec. 15, 1937.—V.
July 1, 1939, and a dividend of 20 cents was paid on
152, p. 3353.
Northwest Engineering
The common stock
Co.—Stricken from List—
(no par) has been removed from listing and registra¬
Curb Exchange.—V. 152, p. 128.
tion on the New York
(& Subs.)—Earnings—
Consolidated Income Account for the
Year Ended Dec. 31
1940
Sales of airplanes, parts,
1939
1938
$36,862,514 $27,608,651 $10,062,346
25,757,024
17,862,269
7,437,857
&c
Cost of sales
$11,105,490
663,999
$9,746,382
636,861
$2,624,489
Profit from manufacturing opers.$10,441,491
$9,109,521
178,481
$2,319,688
cl87,039
$9,288,002
$2,506,727
29,549
b2,992,000
675,000
23,910
1,501,000
407,029
$7,090,336
4,293,791
$7,088,092
4,809,046
$1,904,086
1,374,013
EaS£;£".!."! r.3:4.35:033.s2.o6
S2.c6
so.55
Gross
$15,362,425 $15,608,777
c
7,163
loss$107,865
638,315
Net ry. oper. revs
571,823
7,306,521
72,707
753,187
'
Dr850
Total
"a Represented by 20,000
;
North American Aviation Inc.
1939
129,255
120,000
56,261
.
Profit and loss surplus
c Preferred treasury stock at cost
e Common stock in treasury at cost
146,799
1,739,986
17,598
192,139
17,959
193,013
_i
Transp'n for invest.—Cr.
3,298,357
6,784,634
3,691,730
7,878,787
581,846
7,516,241
72,788
778,535
29,904
931,938
1,703,974
profit from sales
General admin, and selling expenses.
of
Reserves
Preferred stock
$7,811,846 $33,866,186 $32,807,603
Ry. oper. revenues... $4,435,905
Operating Expenses—
Mafnt. of way & structs.
889,076
Maint. of equipment
1,760,689
Traffic..
147,894
1,542,603
Transportation rail line.
Miscell. operations
17,656
$241,131
90,000
80,584
3,200
...
iability
Ry.—Earnings-
and
...$15,362,425 $15,608,777
Liabilities—
Accounts and accrued liabilities.^
Notes payable (currently). —
effected
?
14,953
17,292
281
694,651
10,672
130,099
Total
g
h88,357
26,244
11,869,106
f Property, plant and equipment
Deferred debit items
par shares,
,
Norfolk & Western
North
$798,142
896,732
1,999
296,615
Cash deposit with agent for payment of dividend
on preferred stock
;*■.
Timedeposit not current
a
Acquired under emergency plant facilities contract with the United
Government,
b Represented by 178,025 shares no par value,
figures.—V. 152, p. 3192.
a
c
1939
1940
-V:
on
4,369,334
15,782,393 12,336.512
Total
15,782,393 12,336,512
—V. 152, p. 2865.
Cash...
d Notes and accounts receivable.-i,
Marketable securities (at cost)
Mortgage
3,208,526
on
States
Comparative Consolidated Balance Sheet Dec. 31
Assets—
152,448
364,360
2,252,465
Adv.
1,384,245
tax—--..
Miles of road operated.
$1,342,159
346,356
& sell. exp..
200,000
in¬
sales contr 1,519,522
come
Period End. Apr. 30
New York Trap Rock Corp.
Cross operating profit..
for Fed.
1,398,211
1,200,000
;
Earned surplus...
1,811,257
66,864
170 mortgages and properties located in Brooklyn, Manhattan
the rate of 2% of the principal amount of series N-30 for the period covering
Jan. 1 to June 30.
It will be payable to certificate holders of record of
June 13.—V. 152, p. 3553.
1,696,326
800,000
200,000
accruals...
Capital surplus--. 2,252,466
With this
their
S
3,560,500
payable
—
1,167,710
rec_
Cash
A
Long-term debtNotes pay. (curr.)
191,425
3,963,451
6,073,017
$
3,560,500
Common stock.
32,705
invest
Inventories....__
b
fU
.
facilities-.-....
Miscell.
Liabilities—
$
./
5,135,803
5,143,976
C1939
1940
1939
$
a
377,807
Other income..
..$10,819,298
Prov. for payments under Incentive
Compensation Plan
707,412
Gross income.
__
Idle plant expenses, &c_
Provision for Federal income tax
Net income
Dividends paid....
-
304,801
167,000
28,612
providing $151,928 in 1940, $104,068 in 1939, and $95,953 in
1938 for depreciation,
b Includes $511,000 excess profits taxes, c Profit
of Eastern Air Lines Division (Jan. 1 to March 31, 1938, date of sale)
before provision for Federal income tax, $118,855; interest, discount,
scrap sales, &c.,
$68,184.
:
a
After
,
1940
Cash
-
1940
$
1,298,154
2,047,695
(short-terra)
3 ,887,369
1,033,477
865,348
401,774
32 ,678,331
3 ,075,692
9,033,583
Deposits
contracts
1,131,667
3,535,638
(current)
114,712
37,552
d Investments
1,177,428
601,286
240,744
18,717,772
1,686,595
Ac.
Inventories..
b Capital stock
3, 435,033
Capital surplus... 3 ,109,938
Earned surplus... 5 821,620
3,435,033
Act regarding the
3,109,938
Newport Water Corp. $39 a share. Newport Water Corp. has outstanding
10,000 shares of preferred stocic (no par), and 10,000 shares of common
stock, (no par).
Ogden Corp. presently owns 8,218 shares of the preferred
stock and all of the common stock.
The application states that the assets of Newport Water Corp. consist
solely of cash.—V. 152, p. 3354.
994,380
20,660
3,025,075
36,231
Ac......
Experimental
a
Ohio Associated
54,017,638 22,601,448
Total...
b Repre¬
sented by shares of $1 par value,
c Includes $2,782,016 deposited in escrow
in connection with sales contracts,
d Includes Government and municipal
bonds deposited as surety for performance of obligations $36,550 in 1940
and $112,967 in 1939.—V. 152, p. 2865.
After reserves of $664,451
North Star Oil,
accumulations on
$68,951
$290,372
160
692
628
Operating revenues—
Operating expenses
$74,578
45,497
$68,791
45,441
$289,680
180,927
$268,384
175,989
Net operating revs—
$29,081
10,278
$23,350
8,086
$108,753
37,239
$92,395
32,196
$18,803
$15,264
$71,514
$60,199
Operating taxes
1
Net operating income.
—V.
8% cents per share on account of
the 7% preferred stock, par $5, payable July 2 to holders
Operating revenues...$4,480,987
Operating expenses
2,551,938
share.—V. 152, p. 1600.
(Del.)—Weekly Output—
$1,667,885
604,661
$7,307,640
2,920,238
$6,154,407
2,298,458
$1,176,197
1,162,833
Operating taxes--.
$1,063,224
$4,387,402
4,392,599
$3,855,949
3,804,692
1941, totaled 31,690,670 kilowatt-hours, as compared with
28,693,469 kilowatt-hours for the corresponding week last year, an increase
of 10.4%.—V. 152, p. 3663..
taxes
1941—12 Mos.—J940
1941—Month—1940
30—
Operating revenues
Oper. exps. excl. direct
$350,098
211,623
70,326
25,000
—..
Direct taxes
Prop, retire, res. approp.
$4,578,il8
$4,775,574
204,280
62,895
25,000
2,518,544
787,483
325,000
2,616,523
24
$368,894
Net oper. income---.
income
Net
Company added 7,100 stations in May to bring stations in service to a
high of 870,300 or 20.6% above the 1930 peak as a basis for reports.
gain of 43,100 stations has been made since Jan. 1 as compared with
27,704 in the same 1940 period.
Long distance calls averaged 78,500 daily in May against 75,195 in
new
24
■>
763,575
300,000
A
April and 66,887 in May, 1940.—V. 152, p. 3034.
limited-term
investments—
-
$57,923
$947,367
$1,095,452
287
155
$947,522
268,000
122,938
67,083
Drl4
Other int. & deductions.
$61,931
22,333
9,975
3,474
(Cr.)
161
....
mtgo. bonds
Interest on debentures._
on
Int. chgd. to constr.
Net income..
'
942
$490,443
334,199
6
$26,310
Divs. applic. to pref. stocks for the period
$551,928
334,193
$217,735
;
$6,057
....
$1,100,139
343,692
64,750
139,949
180
$156,244
Gross income
Balance....
Notes—Provision for Federal income taxes, subsequent to April 1, 1941, is
being made at a rate which will result in the accumulation of such taxes
at the rate of 30% for the full year 1941.
No provision has been made for Federal excess profits tax since present
Indications are that no such tax will be payable.—V, 152, p. 2714.
Northwestern Public Service
Co.—Earnings—
1941—3 Mos.—1940
Period End. Mar. 31—
Ohio Forge & Machine
Directors have declared
1941—12 Mos.—1940.
Operating revenues
Oper. expenses & taxes..
$780,233
604,022
$743,499
545,976
$2,890,391
2,154,163
$2,962,822
Net operating income.
Other income
$176,211
$197,523
$736,228
19,885
$756,113
362,725
$841,603
427,563
$393,388
276,530
was
16,324
$213,848
108,057
Int. & other deductions.
81,211
Net income
Balance
$105,790
70,061
$95,605
69,132
Pref. stock dividends.
•:
$26,472
income
tax
has
Norwich Pharmacal Co.
accrued
at
Old Colony RR .—Protective Committee—
has been organized which will seek authorizations
For the present, deposit of bonds will
not be sought.
The committee has applied to the Interstate Commerce
A protective committee
Commission for permission to solicit authorizations.
The members of the committee are: Arthur S. Dewing, Chairman, former
professor of finance at Harvard Business School, Robert F. Nutting. Presi¬
dent of Cambridgeport Savings Bank, Hermon Holt, Jr., trustee of Massa¬
chusetts Savings Bank, Arthur W. Newell, Providence, President of Hazard
Cotton Co., William D. Blwell of Whitney & Elwell; and Paul W. Bittinger,
is Secretary, and Joseph B.
Sublisher of the Old Colony MemorialEly Plymouth. John 152,Walker of
of is attorney.—V. E. p. 1444;
ioston
2,155,090
V. 151, p. 1730; V. 150, p. 3059;
Oliver Farm
17,304,426
657,721
17,737,789
652,990
17,987,804
637,141
22,715,773
580,103
Net profit from oper._
$1,144,998
169,446
$720,893
139,257
$152,634
135,671
$2,911,035
146,137
$1,314,444
$860,150
133,000
315,000
238,111
al91,771
$288,305
212,555
15,000
$3,057,172
494,408
380,000
$866,444
$2.56
$430,267
$1.26
$60,750
$0.18
$2,182,763
$6.44
Other income
Total income.
^
Int. & other charges
Net profit
Earns per sh. on cap.stk.
$4,559,587
1.755,091
$4,470,255
1,731,120
$4,179,458
1,633,555
Shipping, advertising, selling, admin.
and general expense......
1,708,875
1,686,749
1,584.345
...
.
...
Total income
.......
49,892
—$1,040,091
17,211
$992,955
23,238
$911,664
26,557
$1,057,302
45,029
$1,016,194
47,020
$938,222
43,605
15,751
27,018
41,901
Prov. for U.S. and Canadian taxes
Consolidated Balance Sheet Dec. 31
Assets—
.
1940
1939
-V.Y
Fixed assets
Liabilities—
6,775,836
6,837,803
Pat'ts, g'dwill, Ac.
1
Cash--—,.
2,942,314
1
a
59,430
.
Includes $40,771 applicable to prior years.
1940
55,531
Discounts allowed, less discts. taken
Net loss on securities sold, bad debts,
&c_
a
*
Prov. for additional comp. to execu¬
tives under profit sharing plan....
Operating profit
$26,206,911
general expenses, &c__
Depreciation
1938
Gross sales, less returns & allowances
Cost of products sold
Other income
1937
1938
1939
1940
(& Subs,)—Earnings—
1939
3567,
Cost of sales, selling and
rates
1940
P-
$19,107,145 $19,111,672 $18,777,579
sales-
Prov. for Fed. inc. taxes
„
V. 149.
Equipment Co. (& Subs.)—Earnings■—
Consolidated Income Account for Calendar Years
Net
Consolidated Income Account for Calendar Years
,
Commission on May 26 issued a certificate
tu act for bondholders of the road.
$35,729
been
Dividend of $1.50
Dec. 16, last.—V. 151, p. 997.
on
permitting abandoment by the company of a portion of a branch line of
railroad, extending from a point near Frey northerly to the end of the line
near Oilton, approximately 4.2 miles, in Creek: County, Okla, and abandon¬
ment of operation thereof by the Atchison Topeka & Santa Fe Ry., lessee.
—V. 138, p. 3612.
/
$116,858
$133,792
provided in the
Second Revenue Act of 1910, and 1940 figures previously published have
been adjusted for purposes of comparison.—V. 152, p. 2564.
....
Note—federal
paid
Oil Fields & Santa Fe Ry .—A bandonment—
$414,039
280,247
605
$176,816
.....
Co.—50-Cent Dividend—
dividend of 50 cents per share on the common
The Interstate Commerce
$807,732
33,869
Gross income
a
stock, payable June 20 to holders of record June 10.
4,687
$58,210
30,292
10,500
11,367
$61,945
Net oper. revenues...
Other income (net).
1,033,465
Gain in Phones—
Northwestern Electric Co.—EarningsPeriod End. Apr.
-
$3,978,105 $17,174,660 $15,458,497
2,310,220
9,867,020
9,304,090
$1,929,049
752,852
Net oper. revenues
Electric output of the Northern States Power Co. system for the week
ended June 7,
of
Operating revenues
Arrears after current
Similar amounts were paid in preceding quarters.
Northern States Power Co.
Co.—Earnings—
1941—Month—1940
1941—4 Mas.—1940
$4,490,459 $3,985,332 $17,210,147 $15,490,331
9,472 •
7,227
35,487
31,834
Period End. Apr. 30—
Uncollectible oper. rev--
of record June 13.
$269,012
152, p. 2867.
Ohio Bell Telephone
Ltd.—Accumulated Dividend—
payment will amount to 35 cents per
1941—4 Mos—1940
1941—Month—1940
179
1940 and $510,732 in 1939.
ih
Telephone Co.—Earnings—»
$74,757
Directors have declared a dividend of
„
^
Operating revenues—
Uncollectible oper. rev..
54,017,638 22,601,4481
Total.....
Int.
preferred stuck of
proposed purchase of 1,782 shares of
Period End. April 30—
1,744,592
112,261
2,712,934
Deferred charges..
233,078
mach. A equip..
Amort,
Company
application (File 70-329) under the Holding
.
pro¬
jects in progress
Land, buildings,
a
ration has filed an
of en¬
pur.
gines,
Commission announced June 6 that corpo¬
The Securities and Exchange
Dep. on contracts
for
Stock—
Ogden Corp.—To Purchase Newport Water
717,250
265,820
29,100
5,359,085
(less reserve).__
shares.
to $3,332,968 and current
265,820
Sundry accts, rec,,
accr'd, int.,
$0.58
—
of common stock, excluding 5,946 treasury
As of April 30, 1941. current assets amounted
liabilities were $1,196,032 —V. 152, P. 273.
con¬
tingencies
1,167,008
Trade accts. rec'le
On 169,320 shares
a
878,487
for
Reserve
Plant
Earnings per share
a
Com¬
pensation Plan.
from
rec.
Corporation....
1,579,498
under
liab.
Incentive
86,707
Office for serv's
Defense
Est. Fed. taxes
Est.
Due fr. U. 8, Post
Ended April 30, 1941
Federal income taxes, &c__
...»
$133,638
Net income after charges,
sales
on
(Including Wholly-Owned Subsidiary)
.
Consolidated Earnings for the Six Months
Accounts payable.
Accrued liabilities.
.22,440,534 cl 1093,273
Due fr, U.S. Govt.
account
$
Liabilities—
securities
depts.
1939
%
1939
$
June 14, 1941
Nunn-Bush Shoe Co.—Earnings—
Consolidated Balance Sheet Dec. 31
;
Assets—
Market,
Chronicle
The Commercial & Financial
3822
b
Receivables
Inventories
1,762,921
Notes pay,
4,549,882
4,462,202
Accrued
10,265,585
10,020,415
taxes,
506,089
538,190
Unused property
Deferred charges._
c
442,375
450,624
149,119
125,860
238,639
•
156,603
$
375,000
(curr.)
payrolls,
946,755
Ac
2,625,000
678,530
168,896
Notes pay. to bks.
2,400,666
Sub. co.'s stk. held
Total——25,631,201 24,198,016
4,000
4,000
3,134.362
3.077,951
Earhed surplus
138,987
2,269
V
1939
Paid-in surplus..
on
income, estimated.
Adjust, for translation of net assets of
Canadian subsidiaries
.,
Dividend payable-
Acc'ts with foreign
distributor
.
S
stock..13,743,555 13,799,966
892,155
Accounts payable.
819,839
d Common
3,813,794
3,345,414
1.25,631,201
24,198,016
by others
Total—..
—
After deducting reserves for depreciation,
b After reserve for losses
$808,029 in 1940 and $899,300 in 1939.
c Not used in
operations;
after reserve for depreciation and reserve for reduction to estimated liquidat¬
ing values,
d Represented by 337,786 (339,196 in 1939) no-par shares.
—V. 152, p. 1928.
a
Net profit.
$757,883
797,878
a$0.94
Cash dividends paid
Earnings
a
per
share.......
—
On 797,887 shares par $2.50.
$783,282
798,135
b$0.98
$713,728
800,000
c$1.96
b On 797,632 shs. par $2.50 each,
of
.
c
On
400,000 shs. par $5 each.
Oppenheim Collins & Co., Inc.—Sales—
Consolidated Balance Sheets Dec. 31
Assets—
1940
Cash
Market,
1939
1940
1939
$500,343
$265,763
Accounts payable.
Accrued salaries,
$139,210
$110,216
495,663
taxes, Ac
U. S. A Can. taxes
133,677
151,729
760,282
767,574
772,981
997,600
860,642
income (est.)
238,582
156,464
2,000,000
20,744
1,314,814
2,000,000
20,744
Cap.stk. intreas. Dr36,727
Dr41,190
securities
(net)
Receivables,
trade
Inventories
Invest.
Ac.
Prop.,
plant
equipment
assets
35,879
39,229
870,193
888,566
and
(net)
Ac.
on
Capital stock.
Capital surplus
Goodwill, formulae
Earned surplus
a
150,339
Total...
Pacific Gas & Electric Co.—Ruling
1,342,699
145,905
$3,810,300 $3,740,6631
Total.........$3,810,300 $3,740,663
2,113 shares in 1940 and 2,368 shares in 1939, at cost.—V. 152, p. 3353.
Company reports total stores net sales for three months ended April 30,
1941, were $2,312,043, comparing with $1,973,948 in like period of 1940,
increase Of 17.1%.—V. 152, p. 2248.
an
Reversed by FPC—
The Federal Power Commission has restored to this company
its permit
to build
1
....
Deferred charges..
a
Liabilities—
on
148,000 kilowatts of new generating capacity at Pulga and Cresta,
Feather River in California, on condition that company first obtain Com¬
mission assent to any other construction,
lease or purchase of new capacity
aggregating more than 5,000 kwh. in any one case, or 20,000 in more than
one.
Company was again criticized by the Commission, vrhich charged
that original permits were granted before it was formally advised of 82,000
kw. other capacity company is planning and on basis of which it opposed the
Antioch steam plant of the Central Valley project .
Congress cut appro¬
priation for start of that plant out of current appropriation for Central
Valley.
Pulga and Cresta plants have been strongly opposed by Califor¬
nia State administration interest in Shasta Dam power.—V 152, p. 3194.
The Commercial & Financial Chronicle
Volume 152
Outlet
Co.—Earnings—
Years End. Jan. 31—
1941
Gross sales, less discount $7,605,228
Cost of goods sold
4,906,948
such
1940
1938
1939
$7,231,625
4.794.238
$7,832,790
$2,698,280
218,203
$2,621,631
187,716
$2,437,387
217,325
$2,650,733
$2,916,482
Expenses
2,000,744
Deprec. & amortization.
93,948
$2,809,347
2,030,194
91,210
$2,654,712
2,082,533
86,175
5,928
22,000
$2,889,388
Gross profit on sales,.
Gross profit
Other
deductions-.....
Federal income taxes.._
Federal excess profits tax
Surtax on undist. profits
Flood loss, estimated
121",006
187,000
33,000
5,182,057
238,655
2,158,813
105,158
9,907
91,000
:
,
,*"7,166
•
354,121
Netprofit.
$601,790
23,142
8,250
372,825
.
_
Surplus..
$566,944
31,892
9,750
372,825
$103,954
32,272
11,250
248,550
$517,410
$197,573
1st preferred dividends.
2d preferred dividends.
Common dividends
$152,477 def$188,118
$5.28
$0.61
$73,944
$4.74
Earns, per sh.on com.stk
.
$5.74
33,036
12,750
397,680
.
Balance Sheet Jan. 31
'
Assets—
1941
Cash
342,838
1,412,332
1,158,036
30,404
$6,170,728
$6,163,979
Other assets
Deferred charges..
Total.
a
.
_
_
125,000
1,888,980
321,433
Accrued accounts.
27,100
Reserve for taxes.
220,000
55,080 Insurance reserve.
24,380
Capital surplus..
1*102,021
Earned surplus... 2,256,214
373,162
1,413,566
1,168,476
34,364
54,629
Inventories
_
Represented
99,420
by
$455,600
150,000
$205,600
7% 1st pref, stock.
fixtures, &c.__.$3,126,531 $3,165,290 6% 2d pref. stock,
Acc'ts receivable..
1940
1941
Liabilities—
1940
b Land, buildings
a
Common stock.
Accounts
Total.....
26,000
121,000
22,768
1,102,021
2,097,392
$6,170,728 $6,163,979
b After
shares,
no-par
1,888,980
300,219
_
payable.
depreciation
and
amortization.—V. 152, p. 2405.
Pacific Mills—New
At
Pacific Telephone &
1935 requested under the Anti-Trust Law an injunction against
situation, and divestiture of ownership by Columbia Oil of Panhandle
The three applicants in the present case rely on the
operation of this anti-trust decree for their claim that the current of control
was short-circuited.
The Commission declares, however, that "we do not think that the
changes required by the decree had the effect of 'freezing' Columbia Oil
from the control or controlling influence of Columbia Gas within the mean¬
ing of Section 2 (a)
(8) of the Act.
We do not mean to intimate any
opinion as to whether the decree has or has not had the effect of enforcing
compliance with the anti-trust laws; that question is not in issue before us.
The Commission finds, too, that Columbia Oil's preferred stock is
not only entitled to elect the largest
minority of directors and to have
equal voting rights with the common on all other matters, but has impor¬
tant veto powers in the affairs of Columbia Oil.
By reason of its ownership
of that stock, Columbia Gas may prevent the authorization or issuance of
any shares of stock other than common, or any merger, consolidation, sale,
lease or other transfer of all or the greater part of the assets of Columbia
Oil.
Taken together with other factors, the existence of this power Is
declared by the Commission to be significant in indicating the existence of
a
controlling influence.
As to the claim that the interposition of Gano Dunn as trustee under the
anti-trust decree to hold all the voting securities of Panhandle Eastern
owned by Columbia Oil insulated Panhandle Eastern from Columbia Oil
control, the Commission points out that he must vote the stock of Panhandle
Eastern as Columbia Oil directs, "except when such directions are incon¬
sistent with the purpose of this decree,
and that Mr. Dunn has expressly
stated that he has never declined to follow any instructions given him by
Columbia Oil regarding the voting of this stock.
In the stipulation made by Columbia Oil to end the anti-trust suit, an
offer of settlement was made to the Missouri-Kansas Pipeline Co., which
had claimed damages on grounds similar to those alleged by the Govern¬
between them
ment..
Under this settlement the Missouri-Kansas company was to .be per¬
mitted to acquire half of Panhandle Eastern's common stock.
But the
Commission finds that to date it "has not been able to exercise any con¬
trolling influence in the affairs of Panhandle Eastern."—V. 152,
p.
2869.
Pantepec Oil Co. of Venezuela, C. A.—Borrows $1,000,000 from Bank—
The company has closed negotiations for a bank loan of $1,000,000 and
Directors—Special Meeting—
:
meeting of the board of Pacific Mills held May 27, Samuel Cabot
and Charles G. Bancroft were elected directors to replace Henry G. Simonds
and Henry G. Nichols, who have resigned.
A special meeting of stockholders has been called for June 26 to consider
matters involved in disposal of real estate not needed for manufacturing
purposes, including Lawrence, Mass., plants, after finishing operations
have been terminated there.—V. 152, p. 2869.
a
Period End.
a
Eastern securities.
$7,485,903
4,864,271
Other income..—
3823
ernment in
will utilize half to repay an existing loan of $500,000 which matures this
month.
■
■<*;,
The lending institution, moreover, has agreed to extend another $1,000,-
000 credit the latter part of this year.
The proceeds of the loan will be used for corporate purposes,
to
principally
defray its share of drilling expenses incurred in developing properties in
affiliate of Stand¬
Venezuela jointly with Standard Oil Co. of Venezuela, an
ard Oil Co. (N. J.).—V. 152, p. 273.
Pantex Pressing Machine, Inc.—Accumulated Dividend
Telegraph Co.—Earnings—
Directors have declared
a
dividend
of $1.50 per share on account of
stock, payable June 5 to holders of
Uncollectible oper. rev..
1941—Month—1940
1941—4 Afos.—1940
$6,806,672
$6,186,915 $26,475,762 $24,299,508
21,900
18,750
83,100
77,150
Operating revenues.
Operating expenses.
$6,784,772
4,783,160
$6,168,165 $26,392,662 $24,222,358
4,318,922
18,309,870
17,299,115
Net oper. revenues.
$2,001,612
962,404
$1,849,243
858,720
$8,082,792
3,870,184
$6,923,243
3,350,919
$1,039,208
1,668,583
$990,523
1,650,100
$4,212,608
$3,572,324
6,141,872
The Securities and Exchange Commission reported June 10 that Judge
Ben C. Dawkins of the U. S. District Court at Sbreveport, La., had issued
(& Subs.)—Earnings—
officers from violating the registration and fraud provisions of the Securities
Act of 1933.
The defendants named were The Parker Methods, Inc., Joseph E. Parker,
Operating
Apr. 30—
revenues.
—.
_.
accumulations
on
the $6 cum. pref.
record May 28.
Dividend of like amount was paid on Dec. 28, Oct. 1
and Aug. 1, 1940; Dec. 28, Nov. 1 and July 28, 1939, and on Dec. 27,
1938, this last being the first payment made since Dec. 20, 1937, when a
regular quarterly dividend of $1.50 per share was distributed.—V. 151,
p. 3898.
-7;7 /7
■ y
-;./;y- y ■ 7
-y.
y V. -y -7 ■: *; y
.
Operating taxes
Net operating income.
Net income.
6,687,659
—V. 152, p. 3034.
bl938
1939
1940
Calendar Years—
bl937
Oper. rev. from sales of
1,400,204
$2,045,163
1,025,267
Operating income$1,791,559
Non-operating income-.
8,559
$1,019,896
18,132
$565,782 a$l,515,378
21,323
20,634
$1,800,118
$1,038,028
$587,105
$1,536,012
57,271
330,556
73,766
145,695
83,842
59,519
78,387
172,116
1,421
54,275
1,754
4,732
4,961
concentrates.
—.
$3,191,764
Operating costs—
Total income-
Gen.
—
&
admin.
$1,162,925
$2,445,015
929,638
597,144
corpo¬
rate expenses
United States taxes
State franchise & sundry
taxes——.............
Exchange adjustments.*
Donations by subs,
to
Fed.
Malay
States
war
fund
"
Sundry expenses-.
Depreciation—
Depletion
a
$979,960
II
"
2*950
85,561
46,759
153", 873
$527,283
11,552
$302,898
70,073
$1,053,612
229,137
$515,730
$232,825
year
applicable to Pacific
Tin Consol. Corp..
>
$988,406
8,446
242", 458
.
Net income for year..
Min. int. in inc. of subs.
for
113,928
4,505
5,076
167,940
102,745
—
... —
"""842
9~263
—
Loss on sale of property
and equipment
income
-
Unsold tin concentrates are carried at cost at
73,052
:
prior year, net income applicable to Pacific Tin Corp. for 1937 would be
increased by approximately $117,000. b Figures of Pacific Tin Corp.
1939
.$1,741,284 $1,040,181
199,785
receivable..
209,903
Accts.
...
at cost
&
—
24,561
8,911
_
547,936
16,756
388,475
investm'ts
52,680
52,680
—at cost
...
...
a
Construction
19,968
32,619
41,691
1,221,176
c
80,265
1,086,737
4,589,256
485,753
stock.
89,815
1,086,737
4,414,325
Min. int. in subs.
Conscl'd'd
$79,555
147,634
81,499
157,724
capital
surplus
Consolld'd
earned
1,433.074
867,226
Deferred charges..
979,112
2,052,691
surplus........
&
equip.—at cost,
b Mining
props.
(leaseholds)
1,877,760
Other assets......
commerce.
be extracted by the machine with
heretofore unknown to the mining industry, and that metals were
being recovered in commercial quantities at Ophir Beach, Oregon.
The
Commission alleged that these representations were false.
tests bad shown that tbe metals could
economy
Payne Furnace & Supply Co.—Accumulated Dividend—
Directors have declared a dividend of 10 cents per share on account
$6,576,252 $6,232,219
l/2-Cent Dividend—
Directors have declared a semi-annual dividend of 12
on
the common stock,
Total
$6,576,252 $6,232,219
Pipe Line
Co.—Truce Reached in
Pipe Line Fight—Company to Become Free Agent—Columbia
Oil & Gasoline and Mohan Companies to Sell Holdings—See
Columbia Gas & Electric Co. above.
r
Control Decided by SEC-—Columbia Oil and Pan¬
handle Eastern Fail of Divorcement from Columbia Gas—One
Exception Made—; y y yy:'--■ ;■
V-y y ;;
Pipeline
denied the applica¬
Panhandle Eastern
Pipeline Co. for orders declaring them not to be subsidiaries of the Columbia
Gas & Electric Corp. and denied the application of Panhandle for an order
declaring it not to be a subsidiary of Columbia Oil & Gasoline but granted,
for the time being, the application of Panhandle for an order declaring it
not to be a subsidiary of the Missouri-Kansas Pipeline Co.
Alleging domination of Panhandle Eastern by Columbia Gas and by
Columbia Oil to prevent its competing with Columbia Gas, the U. S. Gov¬
The Securities and Exchange Commission on May 28
tion of the Columbia Oil & Gasoline Corp. and the
Divi¬
January and one of 10 cents was paid in
July, 1940.—v. 150, p. 3524.
,
777; ••
vy y,;.-7y yyy.y 7:7,.y
(J. C.) Penney Co.—Sales-—
v
■,
Sales of the company for the month of May, 1941, were $29,383,174 as
compared with $23,600,960 for May, 1940.
This is an increase of $5,782,213 or 24.50%.
Total sales from Jan. 1 to May 31, 1941, inclusive, were $118,326,430 as
compared with $100,567,602 for the same period in 1940.
This is an in¬
crease of $17,758,827 or 17.66%.—V. 152, p. 3511,
Pennsylvania Electric Co. (& Subs.)—Earnings—
a After
depreciation,
b After depletion,
c Minority interest in sub¬
sidiaries—par value of stock held by minority stockholders, less deficit
d Par $1.—-V. 152, p. 3035.
Eastern
H cents per share
payable July 25 to holders of record July 10.
dend of 15 cents was paid last
1941
12 Months Ended March 31
allocable thereto,
Panhandle
of
accumulations on the convertible preferred class A and B shares, payable
June 13 to holders of record June 2.
Dividends of 30 cents paid on April 15
and Jan. 15 last, and dividends of 15 cents were paid Oct. 15, July 15,
March 28 and Jan. 15, 1940.—V. 152, p. 1445.
operating revenues
—
Operating expenses
Electricity and gas purchased for resale..;
Gross
Total
of their
efendants also represented, according to tbe other precious Government
Quantities, of black sand containing gold and complaint, thatmetals. The
1939
$79,998
,326,158
103,016
Prov.for taxes accr
d Common
supplies
Tin ship'ts at cost.
Sundry
Accounts payable.
Reserve for repairs
Tin concentrates—
Mat'Is
interstate
Penn Traffic Co.—12
1940
Liabilities—
1940
V '
and certain
In tbe sale of the stock of Colorado River Magnetic Black Sand Co., the
complaint alleged, the registration provisions of the Act were violated in
that a registration statement was not in effect with the Securities and
Exchange Commission.
The complaint further alleged that in the sale of the capital stock of
all the corporations the defendants were obtaining money and property by
means of untrue statements.
For the purpose of promoting and exploiting
a magnetic mining machine purportedly invented by defendant Joseph E.
Parker, the defendants according to the complaint, told prospective pur¬
chasers that the operation of the machine had proven successful and would
bring tremendous returns, and that it was capable of recovering great
:
Consolidated Balance Sheet Dec. 31
Assets—
enjoining six companies
Malcom H. Sneed, and Mrs. Hugh M. Sneed; Magnetic Gold Mining Co.,
and Hugh M. Sneed; Parker Patents Corp., N. C. Watts, and Mrs. Lenora
Wilkerson Watts; Western Black Sand Co.. Inc.; Western Patent Brokerage
Corp., and Colorado River Magnetic Black Sand Co., and Carrell C.Walters.
All of the defendants except Parker Patents Corp., N. C. Watts and
Mrs. Lenora Wilkerson Watts consented to the entry of the preliminary
injunction.
The complaint alleged that for over a period of about a year and a half
prior to the filing of the action the defendants have been selling the capital
stock of the various corporate defendants by the use of tbe mails and in
$824,475
Dec. 31, 1937 whereas
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
at
Cash
preliminary injunction
,
11,805
—
Interest
Net
Methods, Inc.—SEC Gets Injunction Against Sale
of Stocks by Six Companies—
a
Pacific Tin Consolidated Corp.
tin
Parket
Maintenance-----------
.
-
—
Provision for retirement-——
1,262,027
—-
Provision for taxes:
Fed. income & declared vaiae excess profits taxes
Other taxes-----
f.yV;
Operating income.-(net)
Other income
:::::::::::::
Gross income-----------------------------Interest on long-term
debt—
— _ —— — _
Amortization of debt discount and expense.-Amortization of premium on debt (Cr)
- — -
interest.
—
Interest on debt to associated companies- -------Other interest charges—
Interest charged to construction (Cr)—— — .
Miscellaneous income deductions---- —
.....
_
Net income
-
Note—No provision has been made for excess
the Excess Profits
398,121
894,254
*4'u!:ti ?4'146&°
$4,121,584
1,809,105
120,726
51,805
Taxes assumed on
,
1,033,153
.
725,197
—------—860,510
—
1940
$12,233,513 $11,688,104
3,660,462
3,756,202
821,577
812,282
785,307
647,453
31,360
110,662
53,899
4,714
12,930
$4,147,523
1,811,305
120,823
51,805
33,494
110,672
61,912
23,103
9,006
$2,039,420 $2,075,218
profits tax for 1040 under
Tax Act of 1940.—V. 152, p. 1929.
■
3824
The Commercial & Financial Chronicle
Pennsylvania Central Brewing Co.—Distribution—
The Court of Common Pleas No. 4 of
Philadelphia County has entered
Its decree dated May 27,
1941, confirming the final account of FidelityPhiladelphia Trust Co. as trustee under indenture of mortgage dated
Oct. 25, 1897, from Pennsylvania Central
Brewing Co.
The decree allows compensation to the trustee and
counsel fees as re¬
quested in the petition for distribution, and directs that the
balance re¬
maining in the hands of the trustee after payment of these items and of
the
of accounting be distributed to the holders of
bonds in proportion to
their holdings, upon presentation of
the bonds to the trustee for notation
thereon of the amount paid on each
bond.
Holders of first mortgage 6%
bonds are requested to present their bonds without
delay to
cost
on each bond.
This dividend will be
slightly In excess of 7% of the principal amount of
each bond.
The exact amount distributable is
$74,593 per $1,000 bond.
—V. 145, p. 3827.
Pennsylvania Power & Light Co.—Earnings—
Period End. April 30—
Operating
Oper.
revenues
excl.
exp.,
1941—Month—1940
direct
taxes
Direct
taxes.
Prop, retire,
1,673,283
490,961
237,500
—-
res. approp.
Amortiz. of limited-term
investments
Net oper. revenues-.
Other income (net)
Gross income.
Int. on mortgage bonds.
Interest
1,643,550
276,393
237,500
20,271,213
4,263,091
2,850,000
19,534,068
1,167
.
14,731
13,539
$1,050,144
1,827
$1,051,971
277,083
debentures—
106,875
95,335
Int. chgd. to construe.Cr
1,306
$1,225,407 $14,208,410 $15,285,237
8,067
68,512
97,428
$1,233,474 $14,276,922 $15,382,665
277,083
3,325,000
4,019,306
106,875
1,282,500
1,092,917
97,007
1,231,918
1,121,953
1,949
62,891
14,505
Net income
$573,984
$754,458
Divs. applic. to preferred stocks for the
period
—
2,077,409
2,783,333
—
—
Balance--
$8,500,39.5
$9,162,994
3,846,532
3,846,532
$4,653,863
$5,316,462
Provision for Federal income taxes, subsequent to
April 1, 1941, is being
made at
a rate which will result in
the accumulation of such taxes at the
30% for the full year 1941.
No provision has been made for Federal excess
profits tax since present
Indications are that no such tax will be
payable.—V. 152, p. 3194.
rate of
Peoples Drug Stores, Inc.—Sales—
Period End. May 31—
1941— Month—1940
Sales...
$10,628,469
$9,319,246
—V. 152, p. 3355.
1941—5 Mos.—1940
$2,241,009
$1,875,125
Peoples Light & Power Co. (& Subs.)—Earnings—
(Texas Public Farm Co. Excluded)
12 Months Ended March 31—
Operating
1941
Operation.
Gross income
interest on bonds—public
-
------
Parent company.-
$1,185,829
6,886
$1,082,708
290,209
a Gross income.
Retirement reserve accruals
1,986,311
119,061
53,759
258,627
$1,067,791
14,917
_
Other income (net)
$1,192,715
301,924
$792,499
269,337
42,510
3,621
$890,791
210,999
24,098
Interest on advances from parent
company
Other income charges
-
Balance applicable to parent
company..
Income from subsidiary
companies deducted above:
Interest—Bonds
Other...
130,503
13,465
26,871
$452,933
$508,952
42,510
1,504
130,503
13,465
10,128
$500,569
195,932
$663,048
311,225
3,621
Otherincome
Total....
Exps., taxes & other deductions from income
Net income
$304,636
....
a
$3,603,587
121,704
154,237
264,011
taxes
Utility operating income.
a
1940
$3,584,072
1,976,329
revenues
Maintenance
Federal and State income taxes
Other
Before retirement
reserve
p.
"
$351,823
1942 to July 1, 1951, inclusive. All proposals will be opened by the
company at the address of the com¬
pany, 435 6th Ave., Pittsburgh, at 11 a. m. Eastern
Daylight Saving Time,
on June 2v, 1941 (or on such later
day
1,898,570
applied for.
Under date of April 28,
1941, a majority of the directors of Loft Inc.
and a majority of the directors of
Pepsi-Cola Co. (Del.) entered into an
agreement of merger providing for the
merger of Pepsi-Cola Co. into
Loft Inc., such
merger to become effective upon compliance with all
the
requirements of the general corporation law of the
State of
Delaware,
including, among other things, the adoption of the
agreement of merger
by the holders of two thirds of the
outstanding stock of the respective
corporations and the execution,
filing and recording of the agreement of
merger as required by Delaware law.
On May 29, 1941, the
agreement
of merger was
duly adopted by the stockholders of Loft Inc. and
by
the stockholders of
Pepsi-Cola Co.
Loft Inc. has an authorized
capital stock consisting of 3,000,000 shares
of which 1,473,259 shares are issued and
outstanding and the
have not been issued.
Of the
remainder
1,473,259 shares outstanding,
by the public and 11,700 shares are owned
by PepsiCola Co.
Pepsi-Cola Co. has an authorized capital stock
consisting of
300,000 shares (par $5) of which 259,277 shares are
issued and
outstanding
and 40.723 shares have been
reacquired and are held in
treasury.
Of the
259,277 shares outstanding, 207,437
shares, or about 80.0059%, are owned
by Loft Inc. and 51,840 shares, or about
19.9941%, are owned by others.
Upon and by the merger, (a) Loft's certificate of
incorporation will be
amended so as (1) to
change the name of the company to Pepsi-Cola
Co.,
(2) change the statement of the
objects and purposes of tne
company,
(3) reduce the authorized capital stock from
3,000,000 shares to 2,500,000
shares (par $1).
(b) Each of the 1,461,559
publicly-held shares of the stock of Loft will
held
be and become
one
upon the merger;
share of the stock of the
company to be outstanding
(c) Each or the 51,840 shares of stock of
Pepsi-Cola Co. held by its
several stockholders other than Loft
will be converted into 8.43 shares
the
stock
of the
of
be outstanding upon the
merger.
Of the
437,011 shares of stock of Loft into which
the 51,840 shares of stock of
Pepsi-Cola Co. are to be converted upon the
merger, 59,010 shares will be
subject to restriction against sale before
July 1, 1941, and 84,831 shares
will be subject to the
restrictions and options in favor of the
company
The H.700 shares of stock of
Loft owned by Pepsi-Cola
Co., the
207,437 shares of stock of Pepsi-Cola Co.
owned by Loft, and the
40,723
shares of stock of
Pepsi-Cola Co. held by Pepsi-Cola Co. in its
treasury,
will be canceled.
company
to
Accordingly, upon the merger, the authorized capital stock will
consist
of 2,500,000 shares
(par $1), of which there will be
outstanding 1,898,570.2
shares.—V. 152, p. 3663.
Pere
The
Marquette Ry.—Equipment Trust Certificates—
Interstate
Commerce Commission
pany to assume obligation and
2 Yi% serial equipment-trust
on
June 6
authorized the
com¬
liability in respect of not exceeding $2,775,000
certificates, to be issued by the National
Bank of Detroit, as
trustee, and sold at 100.233 and accrued dividends
in
connection with the procurement of
certain equipment.
The report of the Commission
states in part:
The applicant invited 102 firms to
oid for the purchase of the
certificates,
the bidder to name a rate of
dividends to be borne by the certificates in
multiples of % of 1%.
In response thereto four bids were received.
The
be fixed by the company).
Day <fc Zimmerman, Inc., and Wright,
Gordon, Zachry, Parlin & Cahill will be available at the office of the com¬
Pittsburgh, Pa., Room No. 706, on June 17, 1941,
D. S. T., to meet with prospective bidders for the
purpose of reviewing with them the information with
respect to the com¬
pany and its subsidiaries contained in the registration statement
and
pany, 435 Sixth Ave.,
at 2 o'clock p. m., E.
6rospectus notescompany's invitation Ai. prospective bidders
onds and and
for proposals for the purchase of the
referred to above.
invited to
be present at such meeting.
SEC Approves
The Securities and
Financing of $60,000,000—
Exchange Commission
on
and sale by the company of the
bonds due on July 1, 1961;
413,794 shares of
June 11 approved the issue
$48,000,000 collateral trust sinking fund
$12,000,000 of collateral trust serial notes and
common
stock.
Since the bonds and notes will be offered for
separate tenders under the
Commission's
new
competitive bidding rule, the SEC reserves jurisdiction
as to the price to the
issuers, the spread and distribution and redemption
price.
On these angles further findings will be made.
The application was made by
company and its parent concern, Standard
Gas & Electric Co., both of whom
is
a
are holding companies.
Standard Gas
subsidiary of the Standard Power & Light Corp., which also is a
holding
company.
The Commission declares, incidentally, that "the
corporate
structure of Standard Gas and of Standard Power
are unbalanced, and, due
to the
extreme
"scatteration" of their
subsidiaries,
some
far-reaching
plan is required to solve the system's problems from an
ordinary business
point of view, as well as to meet the requirements of sections 11
(b) (1) and
11 (b) (2) of the Holding Company Act."
Philadelphia Co. has investments in electric, gas and traction
companies,
including the Duquesne Light Co., Pittsburgh & West Virginia Gas
Co.,
Equitable Gas Co., Kentucky West Virginia Gas Co. and the
Pittsburgh
Railways.
The
Commission
observes
that
it
is
possible
that
it
ultimately
require the Philadelphia Co. to divest itself of a large proportion of its
investments, but Standard Gas, although it knows this, has taken the
position that it wishes to dispose of aJ its interests for the sake
of geo¬
graphical integration, except the Philadelphia Co.
may
Of the new issue the Commission further
observes that inasmuch as
the bonds and notes are for the most
part issued against common stocks,
the proposed transactions are not without their
difficulties.
In relation
to the book values of the
properties of the
system, with adjustment for
write-ups and deficiencies of depreciation reserves, as well as unrealized
depreciation in the railways, "the debt initially is higher than we should
like to
see
it."
However, the Commission notes, even on a consolidated basis the
earnings
for the proposed securities is quite safe.
Subsidiary debt and
preferred stock and interest on the presently
outstanding 5% bonds being
coverage
earned 1.8 times in 1940.
"We also observe that
although the debt is high, the debt retirement
program is quite drastic; as we have stated, precise
computations as to
the effect of the sinking fund are not
possible, but there are indications that
considerably more than half of the indebtedness of Philadelphia Co. will be
retired before the maturity of the bonds in 1962.—V.
152, p. 3511.
Philadelphia Transportation Co.—Equipment Issue
Placed Privately—The company has
placed privately with
seven banks and insurance
companies $1,360,000 equipment
trust certificates series
C, due 1942,1946.
Proceeds are for
purchase of equipment costing $2,183,000.—V. 152, p. 3195.
Pittsburgh & Lake Erie RR.—Earni?\(/s—
Period End. April 30—
Railway
Railway
oper. revenuesoper.
expenses
rev.
1941—Month—1940
$1,727,981
$1,491,536
1,606,086
1,466,665
from ry. oper.
Railway tax accruals.
Equip, and joint facility
„
making the
are
as may
The company advises prospective bidders that officers
and representatives
of the company, counsel for the
company, and representatives of Haskins
& Sells, Ralph E. Davis
Inc.,
Net
New York Stock
Exchange has authorized the listing of 437,011
additional shares of capital stock of Loft Inc. which
are to be issued
pur¬
suant to the agreement of
merger between Loft Inc. and Pepsi-Cola
Co..
total
shares
(par $1)
152,
Philadelphia Co.—Public Invitation for Proposals for the
Purchase of $48,000,000 Collateral Trust
Sinking Fund Bonds
and $12,000,000 Collateral Trust Serial Notes—
accruals.—V. 152, p. 1139.
Pepsi-Cola Co.—Listing of Capital Stock, &c—
The
1,461,559
proceeds to the applicant will be approximately
2.09%.—V.
3511.
are
1,278
Other int. & deductions.
on
1941—12 Mos.—1940
$3,384,017 $41,607,445 $39,693,586
$3,453,166
of the
The company is inviting proposals for the
purchase from it of $48,000,000
collateral trust sinking fund bonds, due
July 1, 1961, and $12,000,000
collateral trust serial notes, due in equal annual instalments
from July 1,
Fidelity-Phila¬
delphia Trust Co., trustee, 135 South Broad St.,
Philadelphia, Pa., cor¬
porate trust department, to receive the final dividend and have the same
noted
June 14, 1941
highest bid, 100.233 and accrued dividends, based on a rate of
2lA%, was
made by Lazard Freres & Co. and Kidder.
Peabody & Co., and has been
accepted, subject to our approval.
On this basis the average annual cost
rents
$121,895
213,173
Cr385,933
-
Net ry. oper. income.
1941—4 Mos.—1940
$8,161,864
$6,629,423
6,503,296
6,045,954
$24,871
150,955
$1,658,568
1,138,905
Cr250,256 Crl ,332,651
'
$583,469
672,114
Cr979,390
Otherincome
$294,655
38,849
$124,172
22,959
$1,852,314
90,187
$890,745
83,043
Total income
Miscell. deduct, from inc
Total fixed charges
$333,504
63,993
3,387
$147,131
16,688
3,371
$1,942,501
425,304
13,560
$973,788
125,382
13,700
$266,124
$127,072
$1,503,637
$834,706
Net income after fixed
charges
__
Note—Company
not
subject to
Federal Excess
Profits
p. 3195.
Portland Gas & Coke
Period End. April 30—
Operating
Oper.
revenues
exp.,
excl.
Tax.—V.
Co.—Earnings—
1941—Month—1940
$294,683
$288,449
1941—12 Afox.7-1940
$3,493,248
$3,459,139
1,963,801
435,477
275,000
1,999,098
447,400
275,000
direct
taxes.
Direct taxes
Prop, retire, res. approp.
Amortiz. of limited-term
investments
Net operating revs...
161,483
46,708
22,917
177,127
42,744
22,917
10
83
1,303
$63,575
$45,651
$736,338
$735,960
487,250
40,457
Otherincome (net)._Dr.
321
120
$818,887
3,376
Gross income
Int. on mortgage bonds.
Other int. & deductionsInt. chgd. to contruc.Cr.
$63,254
38,550
$45,531
40,604
1,770
$815,511
472,836
34,747
Net income.-.
152,
2,366
179
$22,338
$3,336
Divs. applic. to preferred stocks for the period
378
749
'
698
$308,677
430,167
$208,951
430,167
Balance (deficit)
$121,490
$221,216
Notes—(1) Provision for Federal income taxes, subsequent to April
1,
1941, is being made at a rate which will result in the accumulation
of such
taxes at the rate of
30% for the full year 1941.
(2) No provision has been made for Federal excess
profits tax sinca
present indications are that no such tax will be
payable.—V. 152, p. 2716.
Plymouth
(Mich.)
Cooperage
Corp.—Promoters
Sen¬
tenced—
The Securities and
Exchange Commission and the Department of Justice
reported June 11 that J. Kenneth Edlin of
Chicago was sentenced by Judge
Ernest A. O'Brien in the U. S. District Court at
Detroit to four years
imprisonment and five years probation after the
completion of the prison
sentence upon bis conviction of
violating the fraud section of the Securities
Act of 1933 and Sections 88 and 215 of the
Criminal Code in
the sale of stock of
connection with
Plymouth Cooperage Corp.
At the same time, Judge
O'Brien sentenced H. Armin Weil of Los
Angeles, who had pleaded guilty
prior to the trial, to imprisonment for 15 months.
The 12-count indictment
charged that Weil, president and director of
the corporation, and Edlin, a
broker, put out circulars, news stories, and
Volume
The Commercial & Financial Chronicle
152
letters representing that the company was
manufacturing whiskey and beer
barrels at a profit of $1 a barrel, when in fact, the barrels were being manu¬
factured at a large loss.
It also charged that the defendants reported that
the company was operating at
capacity and that it was operating plants at
Cleveland and Plymouth, when in fact, there were no operations at the
3825
Radiomarine Corp. of
Period End. Apr. 30—
Cleveland plant and in Plymouth the company did not operate more than
50% of the time.
Net oper.
America—Earnings-—
1941—Month—1940
$75,790
$79,481
73,250
65,154
Total oper. revenues....
Total oper. deductions..
revenues
to the indictment, the defendants represented that the corpora¬
numerous large orders from leading distilleries which
would result in substantial profits to the company.
To the contrary, the
indictment charged, the facts showed that the company was not equipped
to manufacture barrels in sufficient
quantities to fill such orders, and if
had
they
$2,540
11,797
Gross ordinary income
Deducts, from ord. inc_.
Extraord- inc.—charges
$54,708
be at
Postal Telegraph,
Period End. Apr. 30—
Total revenues.
a
loss.
v
,
$306,270
251,346
$18,190
$54,924
Ordinary inc.—non-com¬
munication
received
were filled, it would
$292,123
273,933
$14,327
52,168
Deducts, from net inc..
According
tion
1941—4 Mos.—1940
126.650
47,005
$26,124
v
154
2,500
4,422
$144,840
1,250
$101,929
22",397
48,188
8,500
17,688
$31,999
.
$19,048
$95,402
$75,119
312
.
Inc.—Earnings—
'
622
Net inc. transferred to
1941—Month—1940
$2,054,730
$1,765,784
1941—4 Mos.—1940
$7,700,760
$6,852,085
earned surplus
—V. 152, p. 3037.
Income before deprecia'n
and
int.
charges
Prov. for depreciation..
Interest charges
16,084
199,273
1,528
151,381
802,787
43,386
lossl55,994
757,678
5,928
$149,204
—
63,594
200,697
12,101
$184,717
$694,792
$919,599
—
Net loss
-V. 152, p. 3036.
Railway Express Agency Inc.—Earnings—
Period End. Mar. 31—
Co.—Preferred Dividend—
per
March 15. last; extra of 25 cents was paid
on June 1, 1940.—V. 152, p. 1291.
on
Dec. 2, last, and one
a—Earnings—
$1,654,824
Z>r27,894
$1,653,120
Dr67,600
Gross income
$1,626,930
Int. & other deductions.
836,555
funded
88.847
83,761
266,541
251,283
24 ,505
12,601
39,566
x
Rail transp. revenue
30,634
$5,822,650
$5,442,936
Payments
to
rail
and
$4,509,742
Drl44,652
$1,585,521
818,216
$4,365,091
2,511,908
$4,374,740
2,703,420
$1,853,183
$1,671,320
Note—The provisions for Federal income taxes for the periods prior to
Jan. 1, 1941, include taxes applicable to taxable income had the company
not had the benefit for income tax purposes of deductions for discount,
sulted in the Income tax savings.
Provision for Federal income taxes
subsequent to Jan. 1, 1940, is based upon rates as provided in the Second
Revenue Act of 1940.—V. 152, p. 3195.
Public Service Co. of
Oklahoma—Earnings—
1941—3 Mos.—1940
Operating revenues
$1,800,088
Oper. expenses & taxes..
1,148,961
Rand's, Pittsburgh—Sales—
$7,149,296
4,572,612
.
.
~
Rand's operates
a
.
chain of retail drug stores in Pennsylvania, Ohio, West
a majority of stores located in the Pittsburgh
Virginia and Maryland, with
area.—V. 152, p. 3037.
R. C. A.
Period End.
Communications, Inc.—Earnings—
Apr. 30—
1941—Month—1940
$628,859
Total oper. revenues....
Total oper. deductions..
$812,466
489,389
$323,077
444,816
1941—4 Mos.—1940
$3,196,023
$2,439,002
1,891,289
1,775,214
3,834
Operating income....
Ordinary
income—non-
$184,043
4,655
$1,304,734
13,754
$663,788
7,718
$326,911
Other communica. inc..
$188,698
$1,318,488
$671,506
,
;
communication
.
9,554
9,082
5,565
11,576
Gross ordinary inc..
Deduc. from ord. inc..
$336,465
35,861
$197,780
9,477
$1,324,053
142,561
$683,082
Net ordinary income.
Extraord. inc.—Credits.
$300,604
$188,303
$1,181,492
$644,085
17
2,539
107
539
1941—12 Mos.—1940
$1,751,912
1,119,143
152*
''
Extraord. inc.—Charges
premium and expense incident to the refinancing of long-term debt.
Such
amounts were applied in reduction of the unamortized debt discount and
expense account, inasmuch as this account includes the charges which re¬
Period End. Mar. 31—
privileges.—V.
Sales amounted to $177,593 in May, a
gain of 34% over $132,581 in
May of last year, the company reported on June 5.
May, 1941, sales
were the largest for that month in the
company's history.
In the first five months of 1941 sales totaled
$861,516, a gain of 36.2%
over $632,688 in the
comparative 1940 months, and a new record for the
period.
■■/'. ■
/ ■
.v..
V v/;V'r
$4,599,920
Dr225,179
$767,304
$790,375
carriers—express
....
Net oper. revenues
Net income
other
$13,493,458 $12,563,979
.
1941—4 Mos.—1940
1941—12 Mos.—1940
Operating revenues
$6,034,732
$5,726,238 $17,225,104 $16,627,600
Oper.exps. and taxes...
4,379,908
4,073,118
12,715,361
12,027,679
Net operating income.
on
deductions
,.
Period Ended Apr.30—
Other income.
disc t
^ebty-J"
Other
x
of 10 cents
Public Service Co. of Indian
&
expenses
P. 3663,
Directors have declared an extra dividend of 10 cents per share in addition
to the regular quarterly dividend of 20 cents per share on the common
stock, both payable June 14 to holders of record June 4.
Like amounts
on
Int.
share respectively.—V. 152, p. 3357.
Progress Laundry Co.—Extra Dividend—
paid
&
revs.
income.$16,394,293 $15,054,349 $44,134,387 $40,663,804
9,790,945
8,909,131
28,393,433
26,040.107
Express taxes...
667,346
605,920
1,941,389
1,777,801
Directors have declared a dividend of 50 cents per share on the first
preferred stock, and a dividend of $2.o0 per share on the second preferred
stock, both payable June 25 to holders of record June 10.
Last, previous
distributions on these issues
were
made in
Dec., 1937 and amounted to
6M cents and 62341 cents
1941—3 Mos.—1940
.
Total
Operating
Pressed Steel Car
1941—Month—1940
Charges for transport'n_$16,170,115 $14,844,366 $43,497,820 $40,068,172
Other revs. & income...
224,178
209.983
636,567
595,632
$6,911,585
4,288,484
Net
income
17
38,997
38
$300,082
143,700
Deduc. from net inc
$188,303
31,200
$1,178,970
512,700
$644,154
123,100
$156,382
...
$157,103
,270
$521,054
Net income transferred
Net operating income
Other income (net)
$651,127
$632,769
36,117
23,866
Gross income
$674,993
191,999
$482,994
105,145
21,889
$355,960
Int. & other deductions.
Net income
Prior lien stock divs
Preferred stock divs
Balance...
$668,885
$2,576,685
188.184
$2,623,102
106,083
$2,764,868
795,079
$2,729,184
$464,217
133,395
$1,969,789
505,331
21,889
$1,902,058
533,610
$330,821
$1,442,569
$1,368,449
204,669
827,125
Note—Federal income tax has been accrued at rates provided in the
Second Revenue Act of 1940, and 1940 figures previously released have
been adjusted for purposes of comparison.—V. 152, p. 2718.
Puget Sound Power & Light Co. (& Subs.)—Earnings
Period End. April 30—
1941—Month—1940
1941—12 Mos.—1940
$1,404,909
$1,316,840 $17,048,475 $16,440,830
501,643
550,909
6,374,713
5,854,915
Maintenance
93,030
86,044
1,058,354
982,721
121,998
Depreciation
129,011
1,486,564
1,396,984
a Federal income taxes..
45,427
22,637
386,444
242,749
Other taxes.
181,303
198,214
2,298,869
2,126,529
Operating
Operation
Net oper. revenues...
$388,318
1,095
Balance...
$392,077
279,018
$5,348,554
3,357,975
$5,682,421
3,578,420
$110,392
$113,059
$1,990,579
550,000
$2,104,002
550,000
$1,440,579
1,583,970
$1,554,002
1,583,970
$143,391
.....
$5,836,932
Drl54,511
279,021
...
$5,443,531
Dr95,977
$389,413
Balance...
Interest & amortization.
$403,214
Drll,137
$29,968
Prior pref. dividend requirements.
Balance
.....
..........
Preferred dividend requirements...
Balance (deficit)..
Companies do not consider that they have
any liability under the Excess
Tax Act of 1940 as amended March, 1941.
Beginning with the
month of March, 1941 the accrual for Federal income tax is based on an
estimated rate of 30% against the original estimate of 27%, spreading the
Profits
under-accrual for January and February over the remaining 10 months of
the year.
The rate under the present law is 24%.—-V. 152, p. 3195.
Pullman
Period End.
Total
Co.—Earnings—
Apr. 30—
revenues
Total expenses.
Net
1941—Month—1940
1941—4 Mos.—1940
$5,047,313
$4,590,584 $21,742,684 $20,296,480
4,651,746
4,477,297
18,872,524
17,799,136
$395,567
revenue
$113,287
$2,870,159
$2,497,344
190,013
153,260
169,278
141,447
826,399
630,340
769,276
599,424
$36,753
$27,831
$196,059
$169,852
$432,320
336,588
$141,118
268,667
$3,066,218
1,645,439
$2,667,196
1,474,990
$95,732 Joss$127,548
$1,420,778
$1,192,205
Auxiliary Operations—
Total revenues
Total expenses
Net revenue
...
.
Taxes accrued
Operating income
—V. 152, p. 3357.
& Engines,
Inc.—Stock Offered—
Co., Colyer, Beekley&Co., Inc., New
York, and Chapman & Co., San Francisco, Calif., are offer¬
ing 120,000 shares of common stock (par $1) at $2.50 per
share.
The stock is offered as a speculation.
The
company has registered with the Securities and Exchange Com¬
220,000 shares of common stock consisting of the following:
(1) 5,000 shares now outstanding and held as follows:
F. L. Rossmann
& Co., 1,667 shares; Colyer, Beckley & Co., Inc., 1,667 shares, and Chap¬
man & Co., 1,666 shares.
Under the terms of the Underwriting Agreement
the company has agreed to repurchase these shares under certain conditions.
(2) 115,000 shares to be issued and sold by the company to the under¬
mission
writers.
(3)
Apr. 5, '41
..........
Depreciation and income taxes
a
Provision for dividends
—......—
...
....
in
$1,265,933
548,813
73,194
Mar. 30 '40
$1,148,402
538,864
74,450
$643,926
$0.16
$535,088
$0.12
Accrued during the period on preferred stock of a subsidiary company,
hands
of public.
For the 52 weeks ended April 5,
after all charges.—V. 152, p. .3357.
upon
the exercise of warrants.
Authorized
Common stock (par
are
$1)
—
500,000 shs.
Outstanding
al30,625 shs.
The 5,000 outstanding shares owned by the underwriters now offered
included, which 5,000 shares may be repurchased in whole or in part,
by the company subject to certain conditions.
Purpose—The estimated cash proceeds to the company from the sale of
115,000 shares as to which there is no firm commitment to purchase (but
including proceeds from the exercise of the warrants or from the sale
of the 5,000 outstanding shares owned by the underwriters) will be $230,000,
and, after deducting estimated expenses of $7,500, will be $222,500.
In
the event the entire 115,000 shares are sold, the net proceeds, estimated
as above stated, will be used approximately as follows:
(1)
1941, there
was a net
loss of $879,353
For sales promotion, including demonstrator airplanes and
traveling factory representatives
(2)
Net profit after all charges
Earns. per share of common stock
a
100,000 shares reserved for issuance
History and Business—Company was incorp. on May 17, 1939 in Kansas,
all of the assets belonging to two partnerships composed of R. A.
Rearwin, Kenneth R. Rearwin and Royce S. Rearwin, co-partners, doing
business as Rearwin Airplanes and of the same co-partners doing business
as the Ken-Royce Aircraft Engine Co.
The history of the Rearwin airplane dates from 1928 when R. A. Rearwin
commenced the design and construction of a three place, open biplane,
powered with a 170 h. p. engine.
This airplane was completed and test
flown in the spring of 1929.
The business was then transferred in 1929 to
Fairfax Airport in Kansas City, Kan., where the manufacture and distri¬
bution of airplanes was commenced.
On Dec. 21. 1937, the Engine com¬
pany purchased all of the assets of the LeBlond Aircraft Engine Corp. of
Cincinnati, Ohio, which had been engaged in the manufacture and sale of
radial, air cooled aircraft engines.
Company is now engaged in the manufacture and sale of 11 airplane
models and 3 basic models of radial, air cooled aircraft engines. Company is
equipped now to manufacture approximately 50 to 75 aircraft engines
monthly.
Airplanes manufactured by the company and its predecessors
are in use throughout the United States, the territories of Alaska, Porto
Rico and the Phillipine Islands, and in 17 foreign countries.
Company sells its airplanes to private and commercial owners.
Company is now working on an instrument training airplane in con¬
junction with Pan-American Airways, Inc. and the company expects to
begin making deliveries shortly.
Pan-American Airways, Inc., have
placed an initial order for these trainers.
Company expects to offer this
model to airlines, private schools, the military services of the United States
and certain other countries.
I
Company's plant is located at Fairfax Airport, Kansas City, Kan.
The
total floor area is 35,000 square feet, including an engine test house.
Fair¬
fax Airport is immediately adjacent to the plant and is available for use by
the company without cost under the terms of its lease.
Company antici¬
pates no difficulty in securing an extension of this lease upon its expiration
June 30, 1942, in view of its past experience.
Capitalization—As of May 27, 1941 before giving effect to the issuance of
220,000 shares of common stock, company's capitalization is as follows:
to acquire
not
Radio-Keith-Orpheum Corp. (& Subs.)—Earnings—
13 Weeks Ended—
Profit from operations
Aircraft
F. L. Rossmann &
a
Total net revenue
surplus
Rearwin
revenues
Other income (net).....
a
to earned
—V. 152, p. 3195.
For working capital
$15,000
and to improve current position of
company
(3) For the purchase of additional plant equipment
(4) For the design, development and construction of a four place,
single engine airplane
„•
(5) For the development of present engine models to increase
power in proportion to weight
—
152,500
15,000
30,000
10,00
The Commercial & Financial
3826
Rear win,
R. A.
and
when, as and
make an offering of such warrants,
of $.50 per warrant.
Each of the following
Sales..
F.
—V.
Royal Typewriter Co., Inc. (&
,
.
,
Net
of services rendered
stock are to be issued upon
when, as and if issued,
are issuable during the life of the warrants at $2.50 per share.
.
,
The warrants in effect provide that the bearers thereof shall be entitled
to purchase, during the life of the warrants, the number of shares specified
therein of common stock at $2.50 per share; that the bearers thereof may
split up their warrants for other warrants of smaller denominations and
may purchase any number of shares less than all the shares called for thereby ,
in which case the bearer shall be entitled to receive a new warrant or warrants
issued in part consideration
These warrants are to be
the company.
The 100,000 shares of common
the exercise of the common stock purchase warrants,
Rutland RR—Earnings—
Railway oper, revenues.
Railway oper. expenses.
for Period Dec. 1,
$44,299
16,043
$21,987
$31,342
def$4,091
82
333
141
$60,342
2,429
$21,905
33,517
$31,009
def$4,232
33,667
134,068
$57,913
134,673
$11,612
$2,658
$138,300
$76,760
inc.
charges..
Total fixed charges.
fixed
Net deficit after
charges.x
outstanding bonds but unpaid.
subject to Federal excess profits tax.—V.
Includes interest accrued on
Note—Company not
3512.
'
v::]%
'
152,-p.
' '
St. Joseph's Hospital, San Francisco, Calif.—Bonds
Offered—Dempsey-Tegeler & Co., St. Louis, are offering
$500,000 first mortgage real estate bonds.
Bonds maturing
June 1, 1942, and June 1, 1943, bear int. at rate of 2% per
annum.
Bonds maturing June 1, 1944, 1945 and 1946 bear
int. at rate of 23^% per annum.
Bonds maturing June 1,
1947, to and incl. June 1, 1953, bear int. at rate of 3% per
annum.
;■
v•
^ >= W!.
$13,483
8,411
.
principal payable annually, June 1, 1942-1953 and
& D. 1, at office of Mercantile-Commerce Bank & Trust
Bonds in coupon form—$500 and
$1,000 denom. Any or all bonds may be prepaid and red. on any int. date
on 30 days'
notice to the corporate trustee at par and accrued interest.
J. F. Tegeler, St. Louis, Mo., individual trustee.
These bonds are the direct obligation of the St. Joseph's Hospital, a
corporation of San Francisco, Calif., formerly known as St. Joseph's Home
and Hospital, and are secured by a first deed of trust on land and buildings
Dated June 1, 1941;
interest payable J.
Net profit from
Other income
Total income_
def$l8,911
14,820
f
Income avail, for fixed
x
$109,416
95,933
Gross profit from sales
—
Selling, general and administrative——----
$27,511
3.831
-----
Total income
1940 to Feb. 28, 1941
commissions, returns and allowances
sold-....
$18,172
3,815
V
income.
Misc. deducts, from
Transfer Agent and Registrar—The Transfer Agent for the common stock
is K. It. Rearwin, Fairfax Airport, Kansas City, Kan., and
the Commerce Trust Co., Kansas City, Mo,
Statement of Account
$32,659
15,840
Crl,353
$127,179
81,393
1,487
—
Net ry. oper.
Other income.
of the company
the Registrar is
Gross sales, less discounts,
971,999
$52,819
74,292
Cr2,562
Net rev. from ry. oper.
be issued.
Cost of goods
1,086,917
$45,539
17,797
—V.;
231
Railway tax accruals...
:
Equip. & joint facil.rents
of the shares purchased.
The warrants further provide that the company shall not be obligated
to issue fractional shares upon the exercise of any warrant, but may pay
therefor in cash, or issue therefor non-dividend bearing and non-voting
scrip certificates, upon the terms and conditions set forth in the warrants.
The warrants provide that they shall be transferable by delivery in the
same manner as negotiable instruments payable to bearer.
In the event that the underwriters purchase from the company 115.000
shares of common stock, in addition to the 5,000 shares now outstanding
and held by the underwriters within the period specified (or any extensions
which may be granted) the holders of the warrants will be entitled to pur¬
chase the shares of common stock specified above for a period of three
years from and after the effective date of the registration statement.
In
the event that the underwriters purchase from the company 60,000 shares
of common stock or more but less than 115,000 shares, in addition to the
5,000 shares now outstanding within the period of time specified, the
holders of the warrants will be entitled to purchase the shares of common
stock specified above for a period of two years from and after the effective
date of the registration statement.
If less than 60,000 shares of common
stock are purchased by the underwriters from the company no warrants
1941—4 Mos.—1940
$1,139,736
$1,099,178
1941—Month—1940
$296,586
$280,891
263,927
235,352
30—
Period End. Apr.
for shares called for excess
will
Subs.)—Earnings—
PeriodEnd.Apr. 30—
al941—3 Mos—1940
al941—9 Max.—1940
profit after deprec.
$1,741,398
$707,638
$572,667
$1,884,010
and Federal taxes.
Earns, persh. on 268,618
$5.75
$6.31
$1.89
shs. com. stk. (no par)
$2.38
-V. 152, p. 1450,
a Excluding foreign subsidiaries.-
Rossmann
50,000 shares.
for
110
113
:._v":.O""...,-
.
„
may
L.
$596,808
—
operation.
152, p. 3196.
Stores in
if received, at the price
1941—5 Mos —1940
$2,455,537 $1,971,065
1941—Month—1940
$446,785
—A-
Period End. May 31—
has been allotted more than 10% of the warrants
be issued and outstanding:
& Co., warrants calling for 16,667 shares; Colyer,
Becidey & Co., Inc., warrants calling for 16,667 shares; Chapman & Co.,
warrants calling for 16,666 shares; and R. A. Rearwin, warrants calling
which
25-Cent Stores—Sales—
Rose's 5, 10 &
the exercise of the common stock
issuable during the Jife of the warrants at $2.50 per
& Co.; Colyer, BecKley & Co., Inc.; Chapman & Co.
have each advised the companv that they propose to
Warrants—The shares to be issued upon
purchase warrants are
share. F. L. Kossmann
June 14, 1941
Chronicle
operations.
.
— ... — -
.
_
.
_
-
_
Income deductions
-
-
-
_
928
— - ------ - —
$5,999
910
A
— _ .—
_
L._
$5,089
provision for income taxes
Net profit for period before
—v.. 152, p. 1604...
Co., St. Louis, Mo., corporate trustee.
;
valued at $1,518,000.
Hospital is owned and operated by the Order of Women
Catholic Church known as "An Association of the Franciscan
Heart," whose Motherhouse is located at Joliet, 111.
The order is incorporated in Illinois.
It was founded in Germany in 1866
and was removed to this country in 1876.
The Sisters established them¬
selves in the Diocese of Fort Wayne, and soon their work of ministering to
the sick and needy spread to the neighboring Dioceses.
Starting in 1876
with but a few Sisters, the Order now has 592 members.
The Sisters own
and operate 11 hospitals in addition to other property, and are also engaged
in teaching and caring for orphans and the aged.
The purpose of the issue is to refund balance of an original mortgage
indebtedness of $665,000 at a lower rate of interest.—V. 126, p. 262.
The St. Joseph's
(R. J.) Reynolds Tobacco Co.—Stock Sold—Reynolds &
Co. announced June 7 that they sold a block of 7,500 shares
of class B
stock (par $10) after
common
the close of the mar¬
at 29 net, no
ket June 5, through their own organization,
discount to dealers.—V. 152, p. 3196.
Ritter Dental
Mfg. Co.—25-Cent Common
Directors have declared a dividend of 25 cents per
Dividend—
share on the common
stock, payable July 1 to holders of record June 17.
This will be the first
common dividend paid since Dec. 24, 1937, when 25 cents per share was
also distributed.—V. 152, p. 3037.
^
have declared a dividend of 37 H
Sisters of the Sacred
St. Louis Southwestern Ry.—Hearing June 27-—
Davis at St. Louis has set for hearing on June 27
application of the trustee for authority to pay an instalment of interest
due Julv 1, 1936 on the 4% second mortgage gold income bond certificates.
—V. 152. p. 3513.
A
" :f:
Federal Judge Chas. B.
the
Robbing & Myers, Inc.—Preferred Dividend—
"Directors
of the Roman
cents per share on
account
preferred stock, payable June 16
Last previous payment was made on Aug. 25,
1937 and amounted to 50 cents per share.—V. 151, p. 3575.
of accumulations on the $1.50 cumulative
to holders of record
May 29.
Markets, Inc.—Extra Dividend—
Roberts Public
in
the common stock,
Like amounts were
paid on April 1, last, Dec. 16, Oct. 1, June 25 and April 1, 1940.—V. 152,
P. 3358.
-i-v
Directors
have
declared
dividend
extra
an
of five cents per share
addition to regular quarterly dividend of 10 cents on
both payable June 25 to holders of record June 14.
Rochester Button
-
Standard gross
profit
Operating variances
-
-
Actual gross
_.
-
_
_.
.
_
—
-
I
...
—
;—-
„
—
_
Operating profit.__
_
-
-
_
_
.
.
_
„
_
...
-
.
_
...
_,
...
.
_
-
_
_
—
...
.
.
Dividends
Dividend
on
;
_
...
.
$247,848
$135,937
7.5,807
.
_
.
_
.
$150,488
-
-
.
853
...
__
$60,130
1,180
$151,341
$61,310
3,063
.....
_
.
_
_
.
...
_
56,750
....
preferred stock
stock........
......
;
9,600
$90,330
$48,646
3,675
32,756
3,479
32,756
.
on common
April 30, 1941
$143,415; dividends payable on preferred stock, $3,486; preferred stock, $185,940; common stock ($1 par), $131,025; capital surplus,
$686,325; earned surplus, $462,349; total, $1,708,823.—V. 152, p. 1294.
tingencies,
Uncollectible oper. rev—
Operating revenues
Operating expenses
£
Net operating
Operating taxes
revs...
Net operating income.
Net income
Corp.—Earnings—
1941—4 Mas —1940
$1,921,340
$1,838,704
4,288
4 059
$486,994
$462,314
314.161
$1,917,052
1,255,320
$1,834,645
1.253,788
69,811
$148,153
61,552
$661,732
279,474
$580,857
247,629
$96,244
69,622
$86,601
59,759
$382,258
274,588
$333,228
225,181
$166,055
-
-
_,
202,315
$2,840,538
$2,129,732
20
A.
-
— -
AO 1
1,176.055
...
2,191
$2,840,558
582,222
59,195
21,354
Crl 9,820
9,233
$2,131,923
620,000
61,954
8,042
Crl9,952
8,348
—
-—-— -—.—- -
- ,
-
construction.
deductions
...
—
—
— —
$2,188,374
$1,453,530
259,214
151,338
440,475
802,600
Notes—In its Federal income and State franchise tax returns for 1940 the
company will claim as a deduction the unamortized discount and expense
and redemption premium on bonds called during 1940.
The provision
made for such taxes during the calendar year 1940, accordingly, is approxi¬
mately $410,000 less than otherwise would have been, and the net income
is correspondingly greater.
No provision for excess
852.762
profits tax under the Second Revenue Act of
1940 as it was estimated no such tax
152, p. 3664.
made for the calendar year
was
has
issue of
2056.
company
sold privately to W. C. Pitfield & Co., Ltd., an
$100,000 4V2% bonds maturing in 1951.—V. 151, p.
Co.—Earnings-
Savannah Electric & Power
Period End. Apr. 30—
Operating
Operation
revenues
Maintenance
-
-
1941—Month- -1940
$194,798
$233,480
74,721
84,622
12,113
12,554
1941—12 Mos. —1940
26 825
$2,584,644
959,564
173,624
334,728
$2 ,370,839
873,153
144,565
335,805
56,749
259,101
Federal income taxes.
31,394
12.357
Other taxes.
23,317
4,513
21,204
99,898
271,741
$69,235
$55,412
1,618
513
$745,088
10,852
$70,853
31,201
$55,925
31,191
$755,941
374,831
$708,375
3/4,808
$39,652
$24,733
$381,110
149,115
$333,567
149,115
$231,995
$184,452
Depreciation..
a
Other
oper. revenues..
income,
net
Balance
Interest
and amortiz
Balance
Debenture dividend requirements
Balance..
Preferred dividend requirements...
Balance for common stock and
surplus
_
—
$701,467
6,908
60,000
60,000
$171,995
$124,452
that it has any liability under the Ex~
March, 1941.
Beginning with the
Federal income tax is based on an
estimated rate of 30% against the original estimate of 27%, spreading the
und er-accrual for January and February over the remaining 10 months of
the year.
The rate under the present law is 24%.—V. 152, p. 3197.
cess
Paper Co., Ltd.—Sells Bonds—The
4.58
294,980
7% cumulative preferred stock dividends
Cumulative preferred stock 5% series dividends-Common stock dividends-.
—'
(a)
—V. 152, p. 2872.
Rolland
-
1,412,699
...
funded debt
Miscellaneous
Net
1941—Month—1940
$488,095
$463,346
1,101
1,032
320,939
on
$8,698,514
3,084,613
725,518
1,379,851
653,423
—
Amortization of debt discount and expense.__.
Assets—Cash, $298,831; trade notes and accounts receivable, $314,885,
$525,336; land,
$75,356;
buildings and equipment
(net),
Rochester Telephone
—
Gross income
Other interest
1940
$9,840,432
3,501,110
would be due for that year.—V.
$487,668; unexpired insurance and prepaid taxes, $5,246; suspense account;
$1,500; total, $1,708,823.
Liabilities—Accounts
payable,
$59,528;
accrued
payrolls,
$31,668;
Federal and State payroll taxes, $5,088: reserve for Federal taxes and con¬
Period End. April 30—
Operating revenues-...
income.
Other income
1940
Balance Sheet
-- -
1,137,224
Net income
..
-
-
Interest charged to
97.360
Other expense
„;
Provision for Federalineome tax
Net profit
$151,947
Drl6,010
-
Provision for Federal income taxes--——
223,326
$233,787
Cr 14,061
1941
;
$375,272
4,261
I
v...
Total income...
...
...
Other income. -;
.
_
Interest
—
profit.
Selling, administrative and general.....
_
$644,214
410.427
...
_
Cost of sales at Standard-
Taxes
Net operating
1940
1941
Gas & Electric Co.- -Earnings— H
_
Co.—Earnings—
3 Months Ended April 30—
N et sales
San Diego
Years Ended March 31—
Operating revenues
; „ --iA
Operation
------- _ -—... .:—- - - _ _ Maintenance and repairs.. —---------Depreciation
. . Amortization of limited-term investments.
The
company
does not consider
Profits Tax Act of 1940 as amended
month of March,
1941 the accrual for
Volume
The Commercial & Financial Chronicle
152
surrendered;
Safeway Stores, Inc.—Chairman Resigns—
Directors
on June 6 accepted the resignation of M. B. Skaggs as a director
Chairman of the Board of Directors.
W. L. Harrison was elected
a director to fill the vacancy in the board created by the resignation of
Mr. Skaggs.
No successor to Mr. Skaggs as Chairman of the Board of
and
as
Directors
was
elected, the office being left unfilled.—V. 152, p.
3664, 3358.
Seagrave Corp.—May Change Par Value—
Stockholders will hold a special meeting on June 27 to consider changing
the common stock from no par value to $5 par value, and the indemnifica¬
tion of directors and officers.—V.
Schiff
Sales for the month
the
period last
same
152, p. 3358.
Co.—Sales—
with
1941, were $1,756,752, as compared
of $1,563,416.
This was a gain of 12.37%.
of May,
year
Sales for the five-month period this year were $5,779,288, as compared
with last year of $5,177,024.
This was a gain of 11.63%.—V. 152, p. 3197.
Scudder, Stevens & Clark Fund, Inc.—75-Cent Div.—
Directors have declared
a
dividend of 75 cents per share on the common
stock, payable June 20 to holders of record June 5.
This
53d consecutive quarterly dividend.—V. 152, p. 2407.
will be the
Endy. May 31—
Sales.
—V.
1941—Month-
152,
Silver wood
p.
$
3037.
p.
152,
14.—V.
996.
,
last week's
Lloyd Church reserved decision May 28 after
argument on motions by the defendants to dismiss two suits brought to
compel the company to pay dividends out of allegedly excessive accumula¬
tions of surplus and undivided profits.
See also V. 152, p. 3359.
Justice
Sisters of the Holy Family of Nazareth (Immaculate
Conception Province), Torresdale, Philadelphia, Pa.—Bonds Offered—O. H. Wibbing & Co., St. Louis, Mo., are
offering $125,000 3%-3^% serial bonds dated April 15,
1941, and due serially Oct. 15, 1941 through 1951.
Principal and interest (at rate of 3% for five years and 3 H % thereafter
maturity) payable at Mutual Bank & Trust Co., Sc. Louis, Mo., trustee
paying agent.
Coupon bonds in $500 and $1,000 denoms.
Callable
at $100 and int. on any int. date on 30 days' notice to trustee.
These serial bonds are the obligation of Sisters of the Holy Family of
Nazareth,
Torresdale, Philadelphia, Pa., a corporation organized in
Pennsylvania, holding property for the Immaculate Conception Province.
The Province has 510 professed sisters, 14 novices, 22 postulants and
aspirants, conducting 1 Academy, 2 high schools, 30 grammar schools,
2 orphanages, 1 house of study, 1 rest house and 1 hospital.
The Province
is represented in the Archdioceses of Baltimore, Boston, and Philadelphia,
to
and
and in the Dioceses of
Brooklyn
Hartford, Patterson, Newark, Scranton,
Syracuse and Springfield.
The construction cost of the hospital was $490,500; equipment cost was
$125,000, and the land $9,500, a total of $625,000.
Funds received from sale of these bonds will be used to refund a loan of
$104,000 and to further reduce the mortgage loan, which bears a higher
rate of interest.
"
Company has called for redemption all of its outstanding 1st mtge. 4)4%
sinking fund bonds due 1951 and 1952 and all of its adjustment mtge. bonds,
due 1960.
The 1st mtge. issues have been called for redemption on July ll, 1941
Holders of the 1st mtge. bonds may, at their
election, surrender their bonds to the Central Hanover Bank & Trust Co.
for payment, with all unmatured couopns, at any prior time to July 11 and
"will receive full interest up to that date.
The adjust, mtge. bonds, due 1960, have been called for redemption on
Oct. 1, 1941, at face value plus accrued and unpaid interest, bub if sur¬
rendered to the Chase National Bank for payment at any time prior to that
Operating income._
Non-operating income.
„
.
_
.
1940
$844,728
273,806
$703,017
268,550
$1,345,122
Company has begun
$570,922
8,367
$434,467
7,960
$579,289
165,833
$442,427
132,272
3,797
_
...........
.
$1,348,919
Federal and State income taxes.
409.585
Estimated Federal
155,473
excess
profits tax.
■
;
$7,000,000 expansion program which President
45,000,000 cu. ft.
a
C. P. Rather said would raise its gas delivery capacity by
day.
port, La.,
Atlanta.
line is being laid to connect six new gas wells in Logansto the company's present line running from Monroe, La., to
Other expansion work, undertaken "largely" because of national defense
production includes construction of more than 120 miles of pipeline to
the present line and numerous smaller lines, including two new
lines under the Mississippi River some 30 miles above Vicksburg.—V. 152,
p. 3664.
' ^v :
-"M'-r:'
parallel
.
Southern New
England Telephone Co.—Earnings—
Period End. Apr. 30—
Operating
revenues
Uncollectible oper. rev--
Operating
revenues—
Operating expenses
------
■>.
1941— Month—1940
$1,862,430
$1,646,556
5,000
2,000
$1,857,430
1,213,003
-
$7,196,174
4,674,020
$1,644,
1,141
$6,475,339
4,535.161
$1,940,178
569,596
.
$2,522,154
806,337
$3.58,894
365,317
Net oper. income
income
Net
$502,700
143,806
$438,986
-.
—V. 152, p. 3199.
1941—4 Mos.—1940
$7,215,174
$6,485,839
19,000
10,500
$644,427
205,441
Net oper. revenues-.
Operating taxes
285,682
$1,715,817
1,422,077
$1,370,582
1,077,198
"V1-".''
,
Southern Ry.—Earnings—
—First
Week of June—
$3,188,424
Net operating
Net income.
—
June 7—•
1940
Co.—Earnings—
1941—Month—1940
1941—4 Mos.—1940
$8,906,673
$8,130,736 $34,690,618 $32,121,502
33,423
31,329
134,127
125,416
$8,099,407 $34,556,491 $31,996,086
21,312,244
19,987,968
5,050,266
$3,396,594
1,358,583
$3,049,141
1,109,911
income. $2,038,011
1,797,305
$1.939,230
1,691,221
-
to
■
Operating revenues— $8,873,250
Operating expenses.---5,476,656
Net oper. revenues—
1
$2,376,328 $72,514,354 $58,161,731
Southwestern Bell Telephone
Uncollectible oper. rev__
Jan.
1941
1940
1941
Gross earnings (est.)-—v. 152, p. 3665.
Operating taxes
Total income.
1.
Starts Expansion Program—
Operating revenues
1939
1941
$1,629,626
284,504
__
i
.
"Chronicle," for offering of $13,000,000 3\i% bonds.
Period End. April 30—
(A. O.) Smith Corp. (& Subs.)—Earnings—
3 Months Ended April 30—
Operating income
Depreciation....
■
A 120-mile pipe
Singer Mfg. Co.—Decision Reserved on Suits—
Court
.
,
Bonds Called—'
a
Supreme
stock.
The warrants will expire at 3 p. m. Eastern Daylight Saving Time, on
Sept. 15, 1941, and will be void and of no value after that date.
Federal Water Service Corp., 90 Broad Street, New York, has agreed to
purchase at the offering price the 123,066 shares of the stock offered, to
which it is entitled to subscribe as the holder of 615,332 shares of stock of
the company now outstanding, and has also agreed to purchase at the same
price, within 10 days after the expiration of the warrants referred to above,
a number of shares of additional stock of the
company equivalent to the
number which shall not have been subscribed for and purchased pursuant
to the warrants issued to the other stockholders of the company.
See also
Initial dividend of 20 cents per share on the
payable June 30 to holders of record June
stock,
for
Dairies, Ltd.—Initial Common Dividend—•
an
The
may be exercised upon payment in cash or by certified check to
Central Hanover Bank & Trust Co., 70 Broadway, New York, which, as
Agent for the company, will accept subscriptions and issue certificates
date will receive interest accrued to Oct.
s
Directors have declared
common
1941—4 Mos.—1940
-1940
65,978,370 276,930,379 214,085,119
84.839,135
_
made for fractional shares.
warrants
at 105 and accrued interest.
Sears, Roebuck & Co.—SalesPeriod
3827
subscriptions may be
no
•--
$13,244,247 $12,008,118
5,317,716
4,472,258
$7,926,531
6,933,041
$7,535,860
6,528,876
—V. 152, p. 3199.
$783,861
Net income
Earnings
per
share of capital stock..
Note—Above figures
—V.
$413,456
$310,155
$1.57
$0.83
$0 62
exclude results of controlled or affiliated companies.
152, p. 1931.
rV;
(T. L.) Smith Co.—To Pay 25-Cent Common Dividend—
Directors have declared
a
dividend of 25 cents per share on the common
stock, payable June 10 to holders of record May
common
27.
This will be the first
'
< /£
distribution to be made in some years.—V. 152, p. 1451.
Southwestern Gas & Electric Co.— Earnings—
5,510,229
$7,831,166
4,947,144
$624,667
$2,468,213
$2,884,022
■84
4,041
8,032
$579,447
227,386
$624,750
$2,472,254
233.692
920.660
$2,892,054
938,121
$391,059
$1,953,933
129,035
$1,551,594
375,000
262,024
$1,176,594
$1,361,082
$578,437
Net oper. income
Other income (net)
1,011
— .
Co.—Transfer Agent
Company has notified the New York Stock Exchange of the appointment
Bank of Jersey City and the Corporation Trust Co.
of the First National
Jersey City as co-transfer agent and co-register, respectively, of the
capital stock of the company, effective July 1, 1941.—V. 152, p. 2568.
of
Int. & other deductions
Net income
_
—
Preferred stock divs
Balance
South Carolina Power
Period Ended
Gross
Operating
Taxes
expenses
*
.
Prov. for
:
_
_
_
Co.—Earnings-
Noie—Federal
1941—12 Mos.—1940
1941 —Month—194 0
Apr.30—
$385,050
179,267
67.888
31,250
Gross income
-
Int. & other deductions...
$4,136,064
1,966,629
375,000
$3,756,279
1,722,478
570,399
375,000
$99,547
55,592
$1,095,372
659,225
$1,088,403
673,105
$52,358
14,286
....
_....
depreciation..
$329,671
:
147,384
51.489
31,250
$106,645
54,287
revenue...
$43,955
$436,146
171,438
$415,297
171,438
699,064
on
_
pref. stock
14,286
been accrued at rates provided in the
1940. and 1940 figures previously published have
comparison.—V. 152, p. 3514.
adjusted for purposes of
Southwestern Light & Power
Operating revenues
Oper. expenses & taxes—
_
.
Balance
$264,708
$29,668
$38,071
$243,859
1941—12 Mos.—1940
$2,832,443
1,954,216
$261,095
$239,340
$847,120
$878,226
950
2,584
3.625
$261,638
74,347
$240,290
75,051
$849,704
$881,851
293.600
372,878
„ _
deductions-
152, p. 2876.
Southern Colorado Power Co.—Accumulated Div.—
share on account of ac¬
cumulations on the 7% cum. pref. stock, par $100, payable June 14 to
holders of record May 31.
Similar amount was paid in preceding quarters.
—V. 152. p. 3198.
Directors
have
declared
a
dividend
of $1
per
Southern Indiana Gas & Electric Co.
1941—12 Mos.—1940
$4,488,574
1,829,166
784,818
593,452
$106,537
32,471
$1,243,878
388,677
$1,281,138
389,514
10,848
$74,065
34,358
10,848
$855,201
412,296
130,181
$891,624
412,296
130,181
$32,061
Prov.for deprec.& amort.
$4,777,184
1,827,820
1,083,339
622,147
$77,267
34,358
...
$187,291
$165,239
$556,105
$508,974
have been accrued at rates
Revenue Act of 1940, and 1940 figures previously
published have been adjusted for purposes of comparison.—V. 152, p. 2569.
Net income...-..--,
Note—Federal income and excess profits taxes
provided in the Second
Spencer Shoe
$28,859
$312,724
$349,147
Spiegel, Inc.—Sales—
Period End. May 31—
Sales
Gross income
Int. & other deductions.
Net income._
Divs.
on
—„
—
pref. stock—
Amort, of
pref. stk. exp.
—V.
-------------
*152,
p.
3039
—V. 152, p.
2876.
Southern Natural Gas
The
New York
Stock
Co.—Listing of Additional Stock—
Exchange has authorized the listing of 234,868
additional shares of common stock (par $7.50) on official notice of issuance,
making the total amount of common stock applied for to date 1,409,212 shs.
The above stock is offered by the company for subscription at $12.50
share upon the exercise of transferable subscription warrants to be issued
1941,
pro rata to stockholders of record at the close of business on June 13,
in the ratio of one-fifth of one share for each share held of record.
warrants
will entitle
the holder
or
assignee,
upon
payment, to subscribe for the number of full shares
Such
surrender thereof and
specified in the
warrants
1941—Month—1940
1941—5 Mos.—1940
$4,808,542
$4,386,531 $20,897,918 $21,269,186
.
(E. R.) Squibb & Sons—50-Cent
Dividend—
declared a dividend of 50 cents per share on the common
payable June 10 to holders of record June 2. Dividend of $1 25 was
on Dec.
16, last and dividends of 25 cents per share were paid on
Directors have
stock
naid
Sept. 16 and on
Balance.......
Corp.—Sales—
Corporation reports sales in its retail stores for the four weeks ended
1941 13% above those in the corresponding weeks of 1940, and
for the 26 weeks ended May 31, 1941 14.9% above those of like period of
1940.—V. 152, p. 1143.
May 31
$109,597
32,330
revenues.
Taxes
-Earnings-
1941 —Month—194 0
$409,102
$379,479
153,455
157,057
91,133
66,431
.54,918
49,454
Period Ended Apr.30—
Gross
Operating expenses
per
-Earnings—'
$3,051,905
2,204,784
Other income (net)
Int. & other
Co.-
1941—3 Mos —1940
$832,305
$905,423
592,966
644,329
543
Period End. Mar. 31—
Gross income
-V.
592,851
income tax has
Second Revenue Act of
been
Net oper. income
Net income.
Divs.
•
.
Gross income
South American Gold & Platinum
1941—12 Mos.—1940
$7,978,442
i258,311
Operating revenues
Oper. expenses & taxes.
1941—3 Mos.—1940
$1,952,111
$1,902,642
1.373.675
1,277,976
$352,061
93,750
Period End. Mar. 31—
June 15, 1940.—V. 152, p. 3514.
Standard Fruit & Steamship Corp.—Accumulated Div.
Directors have declared a dividend of 75 cents per share on account of
accumulations on the $3 participating preferred stock, payable July 1 to
holders of record June 21.
Like amount paid on April 1 last; div. of $1.50
naid on Dec. 18. last; 75 cents on Oct. 15 and July 15, 1940, and on Dec. 11,
1939. and one of $1.50 was paid on Oct. 16, 1939.—V. 152, p. 1605.
Standard Gas & Electric Co.—IFeekly Output—
public utility operating companies in the Standard
for the week ended June 7, 1941, totaled 149,536,382 kilowatt-hours, as compared with 125,094,468 kilowatt hours
for the corresponding week last year, an increase of 19.5%.—V. 152, p. 3665.
Electric output of the
Gas & Electric Co. system
Commercial &
3828
,
Spend $12,000,000
Standard Oil Co. of Louisiana—To
The company
announced June 6 it would begin construction immediately
refinery at Baton
a large synthetic rubber and chemical project at its
Itange, La.
The announcement of the project, which is to involve
on
the expenditure of
$12,000,000 to $15,000,000 in the next 15 months, was made by
Rathbone, President, following a conference with Governor Sam
Jones of Louisiana at which details affecting the State and company Jointly
J.
worked out.
were
of plants will produce various solvents and alcohols; another
of plants will produce the recently announced new type of synthetic
laboratories and a third part of the
project calls for more than doubling present capacity of Standard's synthetic
buna rubber plant.
Still another part of the project will produce various
raw materials for the solvents, alcohols and synthetic rubber manufacture.
A $3,000,000 buna rubber plant wasfput in operation recently by the
company at Baton Rouge.
This plant, the announcement says, will be
more than doubled in size, while a newfplant for the manufacture of the
newly developed butyl rubber is also to be built.—V. 151, p. 2208.
One group
group
rubber developed in the Standard |Oil
Standard Oil Co.
(N. J.)—Company18 Business with
Germany Explained—Only 0.6% of Stock Held by Germans—
The company in its monthly publication, "The Lamp," has
the following to say in an article entitled "Our Business with
Germany":
of world events has drawn into the field of public
activities which
Standard Oil Co.
(New Jersey)
Germany before the war, as well as the present status of
this investment.
It is timely, therefore, to set out the facts.
The
trend
recent
business
the
interest
carried
in
on
"""Standard 031 Co. (New Jersey) entered Germany in 1890 when it
acquired something less than a 50% interest in the Deutsch Amerikanische
Petroleum Gesellschaft (known as D. A. P. G.), a company engaged in the
distribution of oil products.
By .1904 we had acquired the remaining stock
interest in the D. A. P. G.
Subsequently D. A. P. G. bought a 25% stock
interest in another large German distributing company, Deutsche Gasolin,
A. G., in order to acquire the right to supply a part of that company's
requireemnts for imported oil and oil products.
administering our German marketing organization we have delegated
authority
to
the
local
managemlent.
The full
directorate of
P. G. has always been composed of German nationals: only rarely
have
Americans or
nationals other than Germans found places in the
In
wide
A.
even as employees.
We have owned the company and have
determined its broad policy, but principally we have functioned as suppliers
its requirements for imported oil and oil products.
organization,
of
Our operations in Germany have never been a large part of our total
business, and they are not more than a modest part of Germany's petroluem
industry, yet with the passage of time the business has grown to consid¬
erable proportions.
Over the years immediately preceding World War II
we
were
exporting to Germany from our producing and refining units in
the Western Hemisphere as much as 11,000,000 barrels annually.
With
the outbreak of the war this movement abruptly ceased.
Meantime, however, we had built up another relationship which linked
our
interests with those of a German business enterprise.
Although Ger¬
many
had long been a large consumer of oil products, she had never
succeeded in developing more than a small production oi. crude oil within
her own boundaries.
As a result, her scientists and research workers were
driven into a persistent attempt to develop substitutes such as svnthetic
oils from brown coal of which the nation had an abundance.
This effort
began as early as 1913 when Bergius, a German chemist working in the
city of Hanover, succeeded in converting coal into oil by subjecting ,lt to
intense pressure of
hydrogen. This work took on renewed significance in
the 1920's when the problem was attacked by a group of chemists in the
employ of the important German chemical company, I. G. Farbenindustrie,
A. G. (commonly referred to as "I. G.").
This group had previously suc¬
ceeded in
producing commercial fertilizers by subjecting hydrogen and
other
raw
materials to extreme pressures in the presence of
suitable
catalysts.
With this experience to guide them they developed the Bergius
process to the point of commercial application.
Tliis
revolutionary accomplishment naturally attracted
the attention
of the oil industry in the United States, including our own research work¬
ers.
At the time the reserves of crude oil in the United States appeared
to be not too adequate and in 1927 we therefore concluded a preliminary
agreement with the I. G. for a cooperative study and development in the
United States.
After thorough investigation, our own scientists concluded
that
the
Germans had really
invented methods of producing synthetic
gasoline from coal at a cost of about 15c. a gallon, and we became con¬
vinced that the new processes were indispensable as a safeguard to our
own
company and to the oil
industry in general against possible future
shortages of crude oil reserves.
The hydrogenation process also appeared
to have great
potential importance in petroleum refinery practice, par¬
ticularly for the manufacture of the highest grade products.
By 1929 the Germans not only had plans for producing oil from coal
for their own market but were in receipt of various proposals for intro¬
ducing the new process into other countries.
It appeared possible that
the unfortunate effect of the new process might be to shut out petroleum
products from many countries by artificially stimulating unsound and
uneconomic
high
tariff
policies
on
petroleum
and
products.
It
was
accordingly decided to work out an agreement whereby Standard Oil Oo.
(New Jersey) was to have world-wide participation in the development of
the new process, insuring employment of the D. A. P. G. marketing facili¬
ties in Germany and an opportunity to work out the economic problems
involved in the possible production of oil from coal in other countries
the soundest possible basis.
With this in mind an agreement was
eventually reached under which the following situation was created
In Germany the D. A. P. G. was to act as distributor for a fair quota
of the new synthetic products, thus insuring use of their marketing facili¬
ties and preventing unnecessary duplication in that respect.
To the extent
that the I. G. required imports of petroleum these would be supplied by
D. A. P. G.
The I. G. was to remain in complete control of the new
synthetic processes within Germany.
Outside, rights to the processes were
to be held by us.
It
was
impossible to arrive at
an
accurate
evaluation
of
the new
processes, so the problem of payment to the German interests was met by a
combination of expedients.
We were credited first with the contributions
we
had made to the development of the process and the rights we had
under the preliminary agreement.
Next we granted I. G. a minor con¬
ditional participation in any revenues which we might collect from licensing
the process throughout the world.
But the principal compensation was a
block of stock in our company, on the theory that the value of these
shares would reflect the effect of the new process on the business.
The
stock transfer amounted to 2.2% of our stock then outstanding.
In the
years which have intervened some of these holdings have been sold and
at present only 0.6% of our outstanding shares is held by interests now or
formerly identified with I. G.
Up to this time the I. G. had confined itself entirely to the chemical
on
business
and
had
shown
our
companv
desire to become active in petroleum.
On the
had limited its activities to oil and had no
ambitions touching upon the strictly chemical field.
When the agreement
was
made both parties realized the possibilitv of overlapping in the field
of producing chemical products from oil and gas.
This is particularly a
other
zone
hand,
which
in
the
no
technique was applicable.
It
understanding which would permit
new^ catalytic
advisable to find broad lines of
seemed
coopera¬
tion
on
the hydrogenation work, while preventing conflict in the field of
producing chemical products from oil or gas.
Two jointly owned companies were organized in the United States to
handle the processes covered by the hydrogenation agreements.
One. the
Standard-IG Co.. was owned 80% by us and 20% by I. G.
This companv
took over the hydrogenation patent
rights of both'owners for the world
outside of Germany, as well as certain incidental oil refining processes
originating with the I. G.
One of these incidental processes we have since developed for the pro¬
duction
The
and
of toluol.
second
was
problems
Jasco. Inc., was owned equally bv I. G. and us
be the vehicle through which we would work oat any
arise in producing chemical products from oil or
company,
intended to
which
might
14,
1941
The most important processes coining under the Jasco arrangement
for the production of synthetic rubber.
Standard Oil Co. (N. J.) now owns all of the stock of both these com¬
are
I. G. interest having been eliminated).
The I. G. is still
to
a
share of royalties collected under some of the licenses
by the Standard-I. G. relating to oil refining.
However. I. G.
receives nothing on account of any licenses granted by Jasco for the pro¬
duction of chemical products suc-n as synthetic rubber.
The I. G. stock
interest in both companies was acquired soon after the outbreak of war,
for a small cash consideration and an agreement was arrived at at the
same time giving I. G. exclusive rights to the Jasco processes for obtaining
chemical products from oil and gas in the world outside of the United
States, and the French and British Empires and giving Jasco the exclusive
rights for these countries.
This was assumed to be an equitable division
of the patent rights replacing the original arrangement under which the
parties would have been required to cooperate and share the proceeds in
all countries.
All exchange of technical information with the I. G. was
suspended upon the outbreak of the war.
It
is necessary to
differentiate between the Standard-I. G. and the
American I. G. Chemical Corp.
The latter was organized by the Swiss
I. G. interests to take over chemical companies they owned in the United
States.
Standard Oil Co.
(N.
J.) has never had any interest in the
American-I. G. Chemical Corp or any of its subsidiaries.
Through the depression and up to the outbreak of war we received
payment for our products imported into Germany but were unable to take
out of Germany more than a small proportion of our earnings made in that
country.
Any profits accumulated were used first for the maintenance
and improvement of the distributing organization
in Germany.
Sizable
investments of our blocked funds were made in securities of industrial
companies.
For a number of years D. A. P. G. had owned and operated
a small
refinery in Hamburg for producing asphalt from imported crude
and in addition to the securities investments, various plans were made for
using our blocked credits for expanding these refining activities to produce
lubricating oils and gasoline.
Other than an interest in the Hvdrierwerke
Poelitz, A. G., which was organized primarily to produce gasoline from
imported low-grade petroleum tars and fuel oils which we were to supply
in part, the program to be undertaken had not been definitely settled up
to the beginning of the war, and we have had no knowledge at all of
actual developments or changes in our German properties since then.
Within the United States control of the hydrogenation process was turned
over
in 1930 to Hydro Patents Co., an American corporation whose stock
is held by 18 American oil refiners.
Six hydrogenation plants have gone
up in this country, two of them erected by Jersey interests and four bv
others.
The principal use of the process here is in the production of high
quality aviation gasoline, and blending stocks for use in making it.
The
name of Standard-I. G. Co.
has been changed to Standard Catalytic Co.
It
still holds some patents originating with the I. G., several of which bear
on
the newly developed processes of hydroforming and catalytic refining.
This company no longer controls any of the hydrogenation patent rights,
(the
panies
entitled
granted
from
M.
June
»
gas.
Synthetic Rubber and Chemical Project—
on
D.
financial Chronicle
these
having passed to International Hydrogenation
Patents Co. for use
for the United States.
of Holland International
Hydrogenation
us jointly with the Royal Dutch Shell Co.,
moved its seat from Holland to the Dutch West Indies colony of Curacao.
The German authorities have refused to recognize this transfer, however,
and maintain that the IHP is still seated in The Hague, where a German
commissar is now administering its affairs.
The possession of patent
rights secured by us from I. G. for StandardI. G. Co. (now Standard Catalytic Oo.) covering hydrogenation and related
fields for the production of synthetic oils from coal, oil and gas has con¬
tributed greatly to the industrial efficiency of the
United States, and
of the British Empire.
In the United States high quality aviation fuels
are produced from oil by hydrogenation itself and
by the related processes
of
hydroforming and catalytic refining.
In England the governmentsupported large-scale hydrogenation of coal and coal tar by Imperial
Chemical Industries has provided a minimum assured supply of internally
produced gasoline.
More important to our defense economy in the United States, perhaps,
has been our development from one of the processes originally secured
from I. G. for Jasco of production of synthetic rubber from oil and gas.
Germany has depended on synthetic rubber made by this process from coal
throughout the war, and if our imports of crude rubber were cut off
synthetic rubber made by our variation of this process might become
equally important to us.
Toluol, essential at this time for defense purposes, has now become
available from oil through our development of one of the incidental oil
refining processes acquired from I. G.
This process will be utilized in the
Ordnance Department's toluol plant now being erected in Texas.
The progressive deterioration of international relations over the last few
years has made our business contacts with Germany, Japan and other coun¬
tries of interest to our State Department.
We have made it a practice
voluntarily to inform the Department of all new developments whicn might
have a bearing on the national interest.
Especially since the beginning of
war there has been an almost continuous grist of such questions concerning
our
German and other foreign investments and the development of new
processes.
Among these questions have been various feelers made to us
for the purchase of our German and Hungarian properties.
For the past year and a half we have had virtually no control over the
handling of European properties and, in fact, have received only the most
fragmentary information as to developments affecting the investments.—
outside the United
States and to Hydro Patents Co.
Shortly before the invasion
Patents Co., which belonged to
V.
152,
p.
3665.
(L. S.) Starrett Co.—$1.50 Dividend—
Directors have declared a dividend of $1.50 per share on the no par com
stock, payable June 28 to holders of record June 16.
This compares with
$1 paid in each of the three preceding quarters, 75 cents paid on June 29,
1940; 50 cents paid on March 30, 1940, and on Dec. 30,1939; and previously
regular quarterly dividends of 25 cents per share were distributed.—V. 151,
P.3577.
Sterchi Bros. Stores, Inc.—Sales—
1941 were $844,771 and
Net sales for the month of May,
$661,694 for May, 1940,
increase of $183,077
compare
with
27.67%.
1941 were $3,101,213 as
compared with $2,405,020 for the same five months of 1940, and reflect an
increase of $696,193 or 28.95% over the 1940 figure.—V. 152, p. 3199.
an
or
Net sales for the five months ended May 31,
Sterling Aluminum Products, Inc.—Earnings—
3 Months Ended March 31—
Net profit after all charges and
1941
deprec.
Earns, per sh. on 246,500 shs. cap. stk
—V. 152, p. 1933.
1940
$132,119
$0.54
1939
$71,828
$0.29
$94,210
$0.38
Superior Water Light & Power Co.—Earnings—
Period End. Apr. 30—
Operating revenues
Oper. exp8., excl. direct
1941—Month—1940
$92,186
$87,663
1941—12 Mos.—1940
$1,105,546
$1,096,705
59,258
12,146
3,573
4,000
704,970
158,301
46,244
683,276
14.385
Net oper. revenues
Other income
$13,472
$12,259
$196,031
$204,458
18
129
Gross income
Int. on mtge. bonds
$13,472
454
$12,259
454
6,861
>$196,049
5,450
83.818
$204,587
taxes
60,756
Direct taxes
Prop.retire.res. approp.
Other int. & deductions.
Int. chgd. to constr. (Cr.)
Net income
.
6,891
48,000
5,450
83,892
114
$6,127
Divs. applicable to pref. stocks for the
Balance
160,971
85
$106,895
$4,944
$115,330
35,000
period
.
35.000
$71,895
$80,330
Notes—(1) Provision for Federal income taxes, subsequent to April 1,
1941, is being made at a rate which will result in the accumulation of such
30% for the full year 1941.
(2) Includes provision of $150 and $600 for Federal excess profits tax in
the month of April, 1941, and in the 12 months ended April 30, 1941, re¬
spectively, but includes no provision for such tax applicable prior to Jan. 1,
1941, since no excess profits were indicated before that date.—V. 152, p.
3039.
taxes at the rate of
Volume
The Commercial & Financial Chronicle
152
Studebaker Corp.
(& Subs.)—Earnings—
ZMos.End.Mar.Zl-1941
Net sales, dom, & for'n_$21,418,558
a Net profit from sales. „
b599,646
Deprec. on prop,
and equipment
plant
Net profit..........
Shs.com.stock (par $1).
$56,914 x$1,072,352
2,215,792
2,199,395
$0.02
Nil
$511,503
2,174,792
$0.23.
$180,459
2,223,123
$0.08
per share...._
211,276
101,439
29,313
226,720
97,361
28,134
233,692
97,361
28,134
101,000
256,250
87,618
25,319
50,000
...
in>1940, and $3,578 in 1939 interest income less other interest expense,
c After
deducting interest income, less other interest expense of $719,
X\LosS.
v.'.-V
-r
Consolidated Balance Sheet
Mar. 31,'41 Dec. 31/40
Mar. 31,'41 Dec. 31,'40
Assets
Cash
>
hand &
on
I
:
Liabilities—
$
;
a
773,308
Gov't
Other
S.
U.
rec.
assets.
810,931
194,531
568,983
200,921
439,712
5,841,200
5,841,200
deps.
on
debentures
Accrued int.,
397,752
defd.
invents,
and receiv.,
696,556
sales contracts..
547,317
7,972,122 Other curr. liablls.
10-year conv. 6%
282,549
314,321
-
curr.
Non-curr.
2,248,497
income taxes...
Dealer's
receivable, trade
by
i
pay.
provi¬
493,369
sions of indent..
less
reserve for losses
479,393
Com. stk. (par $1) 2,223,123
Subscribed
but
468,563
Property, plant &
493,369
2,223,123
unissued
50,000
50,000
687,055 Capital surplus...17,226,742 17,226,742
Earned surplus
4,489,909
4,309,449
equipment..... 15,878,460 16,667,303
Deferred charges..
Dep.
as
with
589,728
trustee
sinking fund.
16
424,941
Trade name, good¬
will A patent rts.
Total
a
39,666,158 38,538,366
Total
reserve.
Sales—
Retail sales of Studebaker passenger cars and trucks in May were the
largest of any month since June, 1923, the corporation reported on June 9.
A total of 14,920 units were delivered at retail by Studebaker dealers last
month, an 18-year record for the period and an increase of 44.5% over the
10,328 unit sales of May, 1940.
For the first five months of 1941, retail sales amounted to 56,318 units as
compared with 42,835 for the corresponding period of 1940.
Factory sales to dealers in May totaled 13,948 units against 9,995 in
the same month last year, the best May sales since 1925.
For the first
five months of the year, factory sales were 56,923 compared with 50,260
in the same period last year,—-V. 152, p 3039.
388,026
184,787
13.165
reserve
Maintenance
Federal income &
$422,577
166,986
26,135
61,713
40,286
...
1941—\2'Mos.—1940
$5,322,757
$4,819,596
2,060,851
1,902,184
272,791
290,995
1941- -Month—1940
$476,840
172,302
23,854
revenues
Operation
Interest on bonds
Other income charges
Net income
Before retirement
reserve
Balance Sheet March 31, 1941
Assets—Utility plant, $6,522,403; investment in associated company
(Texas P. S. Farm Oo.)—1st mtge. 6% notes due Jan. 1, 1961, $224,883;
accrued interest receivable (contra), $53,601; other investments, $201;
cash, $284,031; special deposits, $34,455; notes and warrants receivable,
$46,543; accounts receivable, $209,946; receivables from associated com¬
pany,
$723; materials and supplies, $107,034; prepayments, $21,079;
deferred debits, $119; total, $7,505,019.
Liabilities—Capital stock (12,500 shares, no par), $1,250,000; 1st mtge.
bonds, 5% series, due 1961, $3,695,750; accounts payable, $105,608,
customers' deposits, $104,518; taxes accrued, $116,574; interest accrued;:
$49,657; other current and accrued liabilities, $16,738; customers' advances
for construction, $106,518; other deferred credits, $131; retirement reserve,
$1,303,168; uncollectible accounts reserve, $29,766; injuries and damages
reserve,
$9,540; accrued interest receivable (contra), $53,601; capital
surplus, $436,061; earned surplus, $227,389; total, $7,505,019.—V. 151,
Directors have declared a dividend of 20 cents per share on the common
stock, payable June 26 to holders of record June 16. This will be the first
dividend paid on the common stock since May, 1930, when 50 cents per
share was distributed.—V. 152, p. 3360.
Truax-Traer Coal Co.
25,085
34,167
oper.
income.
585,744
452,790
x
273
Gross income
res.
Interest.
$170,205
$178,686
Other income (net)
Retirement
Net
265,328
439,033
$1,950,581
2,283
$1,922,056
265
:
3,255
accruals
35,833
$170,470
35,833
$1,952,865
430,000
$1,925,311
430,000
...
767
635
11,241
Net
sales
....
>$142,3591— $134,002
retirement"reserve"accrualsVT"152,
Texas Electric Service
Period End.
April 30—
Operating revenues
Operating expenses, excl.
$5,953,895
4,875,633
$5,525,871
4,714,225
$5,179,904
4,549.376
$5,005,792
4,213,982
Operating profit
$1,078,262
$811,646
251,070
$630,528
252,645
$791,809
316,824
$1,062,716
51,102
565,230
128,164
56,654
$883,173
48,628
606,722
143,371
10,165
$1,108,633
47,195
547,100
165,579
45,037
$432,776
b$261,566
20,325
dividends110,213
36,335
110,213
$74,287
30,732
200,569
Other income
Total income
Interest
-
109,017
Depletion
Fed. & State inc. taxes.
3360.
for Fed.
268,529
94,478
83,333
1941—12 Mos.—1946
$9,058,330
$8,718,003
3,455,349
1,655,619
1,000,000
3,326,962
1,144,531
1,000,000
$260,591
911
$236,915
140,542
2,789
$261,502
140,542
2,711
$2,960,800
1,686,500
33,594
$3,258,805
1,686,500
31,999
$118,249
$1,240,706
375,678
$1,540,306
375,678
Net income
Balance.
Notes—-Provision for Federal income taxes, subsequent to April 1, 1941,
is being made at a rate which will result in the accumulation of such taxes
at the rate of 30% for the full year 1941.
Includes provision of $16,667 and $271,667 for Federal excess profits tax
in the month of April, 1941, and in the 12 months ended April 30, 1941
respectively.—V. 152, p. 3039.
X
.--v
Texas Power & Light
Period End. Apr. 30—
Operating revenues
Oper. exps. excl. direct
taxes..
Direct taxes
res. approp.
Co.—Earnings-
1941—Month—1940
$916,257
389,026
119,868
100,000
1941—12 Mos. —1940
$847,096 $11,309,713 $11 ,354,262
361,896
90,622
90,376
4,499,625
1,434,603
1,112,691
,533,921
,210,512
,087,272
Amortiz. of limited-term
386
386
4,647
4,016
Net oper. revenues
Other income (net)
$306,977
$303,816
$4 ,518,541
693
849
$4,258,147
19,508
Gross income
Int. on mtge. bonds
$307,670
$304,665
170,417
10,000
$4,277,655
2,045,000
120,000
....
14,903
6,886
91,466
$4,533,444
2,088,750
120,000
113,273
$115,673
$117,362
Divs. applicable to pref. stocks for the period
$2,021,189
865,050
$2,211,421
865,050
Int.
on
170,417
debenture bonds
Other int. & deductions.
10,000
11,580
Net income...
Balance........
$1,156,139
$1,346,371
r
Notes—(1) Provision for Federal income taxes, subsequent to April 1,
1941, is being made at a rate which will result in the accumulation of such
taxes at the rate of 30% for the full year 1941.
►
(2) Includes in the 12 months ended April 30, 1941, provision of $61,000
for Federal excess profits tax applicable prior to Jan. 1, 1941, but includes
no subsequent provision for such tax since no excess profits are Indicated.
—V. 152. P. 3039.
.
r
$354,933
32,201
234,145
b Before deducting
a No
provision required for excess profits tax.
special charges to prior years net $85,258.
Note—The 1941 earnings are equivalent to 92 cents per share of common
stock and the 1940 earnings are equivalent to 52 cents per share of common
Stock.
,?«•'
i
*
-
'
'i'"''
r ''
.w
*•* C\.
Consolidated Balance Sheet April 30
(net)
$988,778
664,659
399,998
Cash....
Coal
1940
1941
1940
$150,000
117,308
$250,000
......
chase contracts.
and
773,042
734,790
Accounts payable.
Accrued expense..
5,715,360 Prov.
equipment (net) 6,036,123
Prepaid expenses &
412,532
deferred charges
names,
1941
d$468,985 Bank loans (curr.)
741,707 Dividends payable
500,480 Land & equip, pur¬
properties &
Goodwill,
Liabilities—
for
110,354
132,155
223,230
122,383
185,438
Federal
Income taxes...
145,235
el58,719
710,313
393,192 Non-current llabil. 1,265,982
6% conv. pref. ser.
55,000
5)4% conv. pref..
454,700
c Common stock.. 3,846,944
Capital surplus... 1,338,088
Earned surplus... 1,595,500
a Treas. com. stk.
Z>r22,388
trade¬
&c
65,000
479,000
3,846,944
1,338,088
1,293,262
Dr21,604
$1,164,628
...
Dividends applic. to preferred stocks for the period
investments
Cr51,211
I-
Net profit
Preferred dividends
$2,947,362
$3,246,510
13,438,
12,295
$236,257
$865,028
mtge bonds.
Prop, retire,
al 20,000
income taxes
advances——
$93,584
Gross income
Other interest
*
.
in prior years
Total receiv.
658
...
Other income (net)
on
$1,278,831
50,347
566,691
Adjust, of overprovision
Investments
144,628
83,333
res. approp.
Net operating revs
p.
$1,488,202
Co.—Earnings—^
287,463
_
Interest
—
Inventories...—
$1,511,624
1941—-Month—1940
$751,681
$706,931
direct taxes
Direct taxes
Prop, retire,
1938
1939
Costs and expenses
7,109
$178,959
income
Mk * Before
1940
1941
Assets—
W
(& Subs.)—Earnings—
Consolidated Income Account for Years Ended April 30
Common
Utility
accruals.
excess
profits taxes
Other taxes
x
$225,414
accruals
Gross income
Depreciation
Tampa Electric Co.- -EarningsPeriod End. Apr. 30—
Operating
423,527
184,787
13,326
Gross income
a
Retirement
,
**
$540,267
116,740
Utility operating income
a
Other income, net
55,046
24,994
85,684
Thermoid Co.—20-Cent Common Dividend—
39,666,158 38,538,366
After
$550,375
2>rl0,108
$511,159
123,132
taxes
$1,705,717
989,617
$190,073
Federal income
Other taxes
1940
$1,754,427
1,002,542
59,517
95,151
91,882
$505,335
5,824
I
.*
4,748,586
2,194,331
Reserve for Federal
Accts. and notes
Inventories, at cost 8,608,573
Accts.
5,633,250
Accrued expenses.
deposit
...10,790,579 10,634,621
U. 8. Gov't secur.
300,000
Sight drafts outstg. 1,224,305
1,263,616
1941
Operation.
Maintenance
a
Accts. pay., trade.
on
Co.-—Earnings—
12 Months Ended March 31—
,
a After
deducting manufacturing cost, including amortization of special
tools, dies, &c.t and selling and general expenses, but before depreciation
and interest and discount on debentures,
b Includes $358, in 1941, $4,057
i
Texas Public Service
_
Int. on debs
Amort, of disc, on debs,.
Prov. for Fed. inc. tax..
Earnings
1940
1939
1938
$20,497,466 $15,095,249
$8,705,512
b971,689
b409,129 closs730,324
3829
and June 30, 1939.
On March 31, 1939, an extra of 25 cents in addition
to a quarterly dividend of $1 per share was distributed.—V. 152,
p. 1772.
.
V:-V\
Time, Inc.—Common Dividend—
r
Directors have declared a dividend of $2 per share on the common stock,
payable June 10 to holders of record June 5.
This compares with $2.25
paid on March 12, last, and on Dec. 10, last; $2 paid on Sept. 10 and
June 10, 1940; $1.75 paid on March 11, 1940; an extra dividend of $1.25
per share in addition to a dividend of $1.50 per share paid on Dec. 20, 1939,
and extras of 50 cents in addition to regular dividends of $1 paid on Sept. 30
89,236,882
Total....
$8,592,7671
Total—
$9,236,882 $8,592,767
Represented by 427, shares of common stock in 1941 and 1940 and 233
(230 in 1940) shares of 5)4% pref. stock, and 20 shares of 6% pref. stock
in 1941.
c Represented by 441,278 no-par shares,
d Includes $110,213
cash on deposit for payment of dividend on common stock,
e Includes
$102,065 Federal and State income taxes for prior years.—V. 152, p. 2253.
a
Tucson Gas Electric
000 Bonds
Light & Power Co.—Sells $3,500,-
Privately—See Federal Light & Traction Co.
Union Trusteed Funds, Inc.—Offering—
Trusteed Funds, Inc.,—the first investment company to file
Exchange Commission under the Investment Com¬
pany Act of 1940,—is offering two new classes of its shares, to bring the
total number of classes to seven.
One of the new classes represents a fund
comprised of Government and prime corporate obligations; the other, a
fund of distinctly speculative bonds with emphasis on rails.
The offering
is being inside by Lord, Abbett & Co., Inc., and a nationwide group or
dealers.
Lord, Abbett & Co. is sponsor of Union Trusteed Funds, Inc.
and other companies of the investment trust type.
•
A feature pertaining to the fund of prime obligations, named Union
Fund Special, is the provision enabling any holder of one of the other
Union series to convert his shares into Union Fund Special, without charge.
Such conversion may be made in any amount by a stockholder in Union,
but sales to the public, which will be at asset value, will be confined to
minimum purchases of $25,000.
The other new fund—named Union Bond Fund "C"—will emphasize
rail issues although other classifications will be included.
Bonds selected
for this fund are selling at an average of 50% of par, and are currently
yielding in excess of S%.—-V. 152, p. 3361.
Union
with the Securities and
_
United Biscuit Co. of America (& Subs.)—Earnings—
1940
operations——$1,977,201
1939
$2,140,243
544,474
543,208
511,755
$1,432,727
—31,260
$1,597,035
59,729
$1,567,198
43,068
$1,463,987
284,333
241,148
6,829
$1,656,764
295,153
262,308
5,339
$1,610,266
297,263
275,709
7,049
$931,677
53,791
27,083
459,054
$1,093,964
76,636
$1,030,245
76,986
459,054
527,912
$391,749
$558,274
$425,347
$1.85
$2.21
$2.07
Calendar Years—
Profits from
Depreciation.
—
- - -
Operating profit
Other income
———
.
Total income-------Interest and amortization
Federal income tax, &c -—- —
Other deductions
Net profit -
7%
5%
----- - - -- -- - -
preferred dividends
preferred dividends
Common
dividends--
Surplus -----Earnings per share on common.
1938
$2,078,953
The Commercial & Financial Chronicle
3830
Consolidated Balance Sheet Dec. 31
Year Ended Dec. 31, 1940
Consolidated. Statements of Surplus
__
_
$1,467,765
.
a
25,000 shares 5%
436,110
c
9,798 shares 7%
97,980
Balance at Dec. 31, 1940
$1,419,785
-
275,417
Minority
951,056
Bank acceptances.
1,347,213
2,146,670
Letters of credit..
Inv. in French sub.
2,939,825
86,717
548",661
592,262
2,457,754
20,692
51,052
sub.
accts.
.
Net profit for 1940
-
- —
J
$4,875,822
931,678
Total...
Balance Sheet Dec.
&c—___
mand
U.
and
Govt,
8.
25,233
1,951,458
Invests. <fc advs...
......
183,816
ferred charges..
of
In¬
life
4,400,000
226,596
policies.
Notes & accts. receiv.
due
9,947
Excluding French subsidiary.
After allowances for depreciation,
b After allowances for doubtful
c Represented by $10 par shares,
d Represented by 830shs.
in 1940 and 15,830 shs. in 1939e Represented by 183 shs. at par.—V. 151,
1913.
p.
United Cigar-Whelan Stores Corp.
16,503
$50,036,735 $50,144,843 $50,273,470
38,267,775
37,993,065
38,060,258
sales taxes.
Cost of sales.
$11,768,960 $12,151,778 $12,213,211
Display adver., comms. from public
telep., vending machines, &c
1,501,565
1,554,130
1,500,687
$13,270,526 $13,705,908
depot & agency oper. & gen.
(before deprec.A amort.)
12,716,585
13,475,487
Gross prof. & oth, store oper. inc
Store,
common
Profit from store &
Prof, from real est. opers., before de-
21,665
71,632
47,385
44,520
119,872
29,545
$647,238
47,096
deprec. & amort
Profit
$322,327
loss$27,947
62,342
373,938
121,425
66,351
427,497
164,736
y
Represented by 29.266
Prov. for Federal income taxes
10,000
-—
$
Assets—
1,041,703
$234,607
$231,868
1,000
Net earnings
476
receivable (net).
753,831
654,335
$235,607
142,255
$232,344
14L929
Mdse. inventories.
6,256,784
0,620,512
48,583
Inv. and advs
51,493
a Fixed assets.
3,885,567
Deferred charges—
404,671
51,333
income
income
-
Interest and other deductions
Notes
$93,352
Net income
$90,415
Consolidated Income Account for Calendar Years
1940
1939
1938
Net sales & commission.
Cost & oper. expense—
$7,341,203
5,671,556
Operating profit
$1,669,647
Other deductions (net)._
125,292
Depreciation
218,544
Profs, applic. to min. int. /
Incometaxes
b529,600
Prov.for inventory reval.
50,000
$4,707,714
3,982,765
$6,811,991
5,460,073
$724,949
76,353
282,560
9,261
87,040
$1,351,918
261,844
279,214
10,758
265,115
$534,987
$269,734
610,384
305,192
stk. outstand'g
Earns, per sh. on
stock (no par)
166,788
69,112
—
83,453
41,068
Federal
income taxes
Agents' depos., &c
477,180
Funded and mtge.
91,047
97,706
3,393,500
4,774,275
Com.stk. (par 10c)
570,986
570,992
Capital surplus
317,413
317,413
Earned surplus
122,141
1,195
debt
1397
$746,211
Net profit
dividends
for
Total
a
and
—
—
12,563,413
.
12,443,3061
.12,563,413 12,443,306
Total
reserve for depreciation and amortization of $2,593,426 in 1940
$2,758,762 in 1939.—V. 152, p. 2880.
After
United Drug
Co. (& Subs.)—Earnings—
Consolidated Income Account for Years Ended Dec. 31
366,230
305,192
183,113
305,192
$1,064,447
1,891
598,935
304,192
$1.75
$0.88
1940
*
1938
1939
1937
$3.50
Preferred
Common dividends.
Prov.
386,188
40,367
208,813
Accrued interest-
2,602,613
376,058
Accrued taxes
70,351
3,527,892
$7,072,010
5,323,968
$1,748,042
128,626
289,616
23,761
a241,590
8,114
2,602*625
3,390,800
Cum. $5 pref. stk. 4,774,050
—
United-C^rr Fastener Corp. (& Subs.)—Earnings—
$
$
payable
Other accr. liabs
Mtge. rec. on real
estate——
—V. 152. p. 2571.
Notes
Accounts payable.
accounts
&
Liabilities—
S
1,162,483
1939
1940
1939
1940
$521,641
289,772
$519,479
284,872
$235,378 def$686,533
Consolidated Balance Sheet Dec. 31
1940
1941
$120,946
Profit from operations
Cash——————
Includes
347,771
121,425
Depreciation and amortization
Int. on 5% sinking fund bonds
(& Subs.)—Earnings—
Operating revenues
Operating expenses and taxes
a
13,891,263
$230,421 loss$177,364
$553,941
agency opers—
stock at cost.—V. 152, p. 3040.
Union Water Service Co.
com.
$13,713,898
exps.
Other charges
Years Ended March 31—
Shs.
1938
1939
1940
...23,590,546 21,272,63
Total..
488,320 shares (no par),
Represented by
Gross
(& Subs.)—Earns.
Years Ended Dec. 31
Store and agency operations:
Net sales after deducting stamp &
8,068
18,013
23,590,546 21,272,630
Total
Other
1,830
Total _________$6,849,651 $7,886,837
Other income
employees
x
$7,886,837'
from
Misc. other assets.
shares
1,583,000
(Dr)
a
59,692
59,398
979,800
7% pref.stock....
5% pref. stock
2,500,000
7,899", 243
x Commonstock..
7,899,243
1,467,765
1,419,785
210,197 Paid-in surplus
4,875,822
Earned surplus— 4,795,866
204,663 y Com.stk.ln treas Dr921,954 Dr921,954
7,683,071
8,802,156
Prepd. exps. & de¬
surance
7,000,000
Reserves
(at
cost)
7 ,506,226
Intangible assets.. 8 ,802,156
83.000
1,830
(Dr)
Common
Consolidated Income Statement
9,797
1,200,000
not consolidated
Bank loans
27,347 3^% debs
126,929 5% debentures
25,823
67,473
1,952,761
accounts,
616,830
571,589
commissions, &c
2 ,046,162
assets
Total _________$6,849,651
Accts. pay. to sub.
dec...._..
Value
...—
988,142
Racks, containers,
Fixed
d Pref.
$
400,000
268,488
17,147
266,618
25,233
Inventories..
67,473
1,952,437
*
,<£7,083
459,054
payrolls,
1 ,081,874
(net)..
rec.
270,169
51,048
Earned surplus
53,791
.
pref.
Dlv. pay. on
Accruals,
municipal sees..
Accts.
1,228,864
17,520
ib~864
Capital surplus...
1939
payable.
Accounts
3 ,664,700
590,086
65,798
Treasury stock—
118,237
$
Liabilities—
Bank loans (curr.)
In
deps.
banks
180,783
to
co
Reserves
e
1940
$
payable
allied
31
1939
1940
A ssets—
82,111
136,690
Dividends payable
Prepaid insurance,
353,468
$4,795,866
Balance at Dec. 31, 1940
Cash on hand & de¬
an
$5,807,500
-
Charges relative to red. on May 13, 1940, of 5% deb. bonds
due April 1,1950..
-— -Underwriting commissions, Federal stamp tax and expenses in
connection with the sale of 25,000 snares 5% cumulative
preferred stock
— Divs. on 7% cumulative conv. pref. stock ($5.49 per share)_____
Divs. on 5% cum. pref. stock ($1.25 per sh., less $4,166 refunded
by underwriters)
—
Dividends on common stock—$1 per share
2,257
29",515
Notes <t accts. pay.
Accts.
51,048
110,359
299,363
172,070
Bonuses & comm's
agent..
Goodwill, pats.,&c
taxes,
1,200
62,510
cos
Taxes
Cash with dlv. dis¬
bursing
(b) Earned Surplus—
in
int.
196,078
&
Notes
receivable
Invest. & advs
Balance at Dec. 31,1939
Common stock.-
345,372
Securities
b
paid on retirement of
cumulative convertible preferred stock
1,391,830
$969,069
509,060
Inventories
50,000
$1,517,765
Total
Premium of $10 per share
$4,500,000
1,391,830
$812,432
—
Cash
1939
Preferred stock...$3,000,000
__
Plant property
*1940
Liabilities—
1939
*1940
Assets—
(a) Paid-in Surplus—
1939
Premium of $2 per share received on sale of
cumulative preferred stock
Balance at Dec. 31,
June 14, 1941
BeIbs
x
capital
$2.45
Federal surtax of $21,100.
b Includes U.
S.
and Canadian
profit taxes of $199,663.
Note—Cinch Mfg. Corp. and United-Carr Fastener Co. of Canada, Ltd.,
are the subsidiaries included in 1940, the statements of the English and
excess
Australian subsidiaries having been excluded owing to war
conditions.
callow*-"
less returns
ances
&
discounts..—$90,298,133 $89,356,381
Cost of goods, sell.,gen.
and admin, expenses._
86,633,945
85,775,983
84,985,996
89,497,962
$3,664,187
$3,580,398
33.942
49,398
Net profit
Income from investm'ts.
Int.
17,086
41,466
$2,881,233
18,045
51,135
$3,860,296
30,523
50,205
12,069
27,434
26,860
26,932
63,500
29,099
121,901
$3,787,031
1,707,357
426,138
$3,692,741
1,731,936
318,500
$3,013,912
1,753,294
221,499
$4,092,025
1,783,534
y400,062
z50,000
31,360
468,230
283,389
31,299
&c
on notes rec.,
$87,867,228 $93,358,258
Adj. of prior yr's provs.
for Fed. income taxes.
Miscellaneous income
Condensed Consolidated Balance Sheet
Assets—
Liabilities—
Accounts
Accts., notes & ac¬
Inc. & excess profs.
1,643,779
938,128
1,487,812
Cash surrender val.
23,666
58,933
23,442
40,784
life insurance
Sund. notes, accts.
rec., invest., <fec.
1,869,164
20,040
Miscellaneous
50,000
50,000
Prov. for miscell. invest.
1,220,768
Capitfl surplus... 1,096,864
Earned surplus
2,184,491
1,220,768
1,096,863
1,962,776
b Common
stock.
4
b Represented by 305,192 no
(& Subs.)—Earnings-
al940
Depreciation
Sell., gen., &c., expenses
1938
1937
$5,379,643
$4,128,753
2,284,569
63,743
3,796,921
70,686
1,152,980
2,996,966
$5,200,617
3,314,939
717,552
69.139
67,964
1,005,155
1,363.718
$359,056
43,385
153.642
$57,493
156.613
$453,997
188,267
$280,678
Total income
$512,698
$214,106
$642,264
foreign
in¬
176,199
189,881
95,963
197,447
7% pref. dividends
Surplus
a
86
13,773
16,360
$
Liabilities—
1939
$
$
8,722,474
7,585,152
Inc., capital stk Z>r529,452
Prepaid accounts.
Total
y
611,645
720,132
Z>r529,439
56,966,408 56,106,455
z
Earned surplus..
United Drug,
Total
56,966,408 56,106,455
Cost of 48,974 shares of capital stock acquired and held by subsidiary
to the parent company,
$309,042
$101,782
204,190
204,190
$416,185
206,500
208,500
$104,852 def$102,408
$0.75
Nil
$1,185
$1.51
earnings
152, p. 3361.
including $775,811 expressed in U, S. dollars of
of Canadian subsidiaries,
x After depreciation.
28,632
$104,393
102,095
$2,298
Nil
Excluding earnings of French subsidiary.
1940
1939
$
Land, bldgF.,ma-
—V.
Common dividends
Earns, per sh. on com.__
$0.94
Capital stock
7,002,800
7,002,800
33,247,000 33,976,000
chin'y & equip. .15,180,383 15,023,862 Funded debt
Cash
8,357,442
8,934,885 Accts. payable &
accr'd expenses. 6,422,832
Misc. market, sec.
6,085,252
443,742
467,582
484,852
495,573
Notes & accts. rec. 4,771,143
4,815,773 Accr. int. on fd. dt.
469,919
325,057
Inventories
20,188,370 18,342,158 Prov. for inc. taxes
Inv. & adv., &c__ 1,113,682
1,502,065 Reserve for contin¬
gencies, &c__
557,663
577,741
Goodwill,
trade¬
588,319
588,319
marks, &c
6.300,000
6,300,000 Capital surplus
x
United Gas
Net income
$1,312,314
$0.37
1940
A ssets—
undistributed
Portion of net income of
subsidiaries applicablei
to minori ty interest
$518,432
$0.76
company for corporate purposes,
z Representing principally, net earnings
of subsidiary companies since Sept. 1, 1933, w hich have not been distributed
normal
& div.taxes
$1,063,249
$0.79
-
y
$237,292
Operating profit.
Other income
&
1939
$3,303,158
come
-
.15,887,075 $5,370,703
Consolidated Income Account for Calendar Years
8.
$1,103,945
capital
on
Consolidated Balance Sheet Dec. 31
Total
shares.—V. 152, p. 2880.
U.
sh.
53,367
United Dyewood Corp.
6,002
70,273
391,334
x
Including depreciation of $1,277,754 in 1940, $1,204,421 in 1939,
$1,170,452 in 1938 and $1,077,587 in 1937.
y After deducting $28,000,
portion applicable to discount on purchase of bonds of United Drug Co.,
charged to surplus,
z Provision for contingencies.
4
66,419
464.367
8,141
78,041
434,504
_
Net profit.
per
128,506
——
—
charges.
Loss from guar, leases
Earns,
1,815,906
$5,887,075 $5,370,703
income
tributed profits
529,469
22,150
expenses,
for
funded debt
b718,808
taxes
See note under income account above,
Prov.
on
Fed. & foreign inc. taxes
Federal surtax on undis¬
Deferred income..
patents,
Total
par
Int.
stock (par $5)
supplies, &c_.._'
a
expenses.
$342,951
147,834
and
goodwill, &c
Prepaid
$330,342
263,653
41,243
60,027
Invest, in sub. cos.
Licenses,
payable.
Res. for inventory.
1,004,533
cepts, rec. (net).
Inventories
Prop., plant
equipment.
Accrued
Total income
Mar. 31/41 aDec.31,'40
aAfar.31,'41 aDec.31,'40
$1,052,648
$934,439
Govt, obligations.
126,050
17,428
Cash
Corp.—SEC Sets Hearing—
.
Exchange Commission on June 3 set June 16 for a
application by the United Gas Corp., the United
Gas Pipe Line Co., the Houston Gulf Gas Co., and the Electric Bond
& Share Co. for the issue by United Gas of $75,000,000 of 1st mtge. &
coll. trust bonds to redeem debentures, to extinguish a $25,925,000 demand
note made by United Gas to Electric Bond & Share, to repay $25,000,000
advanced in 1938 by Electric Bond & Share, to buy from the United Gas
The Securities and
hearing to rule
on
an
Volume
The Commercial
152
Pipe Line Co. $6,000,000 worth of its 1st mtge. & coll. trust bonds, and
pref. stock of United Gas.
Among questions to be considered at the hearing is whether United
Gas is "a company which is not a holding company" or a "company whqse
principal business is that of a public utility company" within the meaning
of the corporate simplification clause of the Holding Company Act, and
if so what steps shall be required to be taken by Electric Bond & Share,
Electric Power & Light Corp. or United Gas to insure that the corporate
structure and continued existence of United Gas does not unduly or unnec¬
U. S. Freight Co. (&
to meet dividend arrears on the $7
the structure or unfairly and inequitably distribute
voting power among security holders of the holding company system of
Electric Bond & Share, Electric Power & Light, or United Gas.—V. 152,
p. 3361. f
„
1940
Calendar Years—
Gross profit from manufacturing
...
_
_
Provision for doubtful accounts
__
__
Profit
_
$5,399,226
207,234
...
Total income
Federal
$5,606,460
148,000
1,290,000
;«
Provision for State income tax...
Federal income tax
;
__
profits tax___.
excess
329,274
51,393
137,000
899,221
20,000
17,888
20,568
__
_____
Other income
1937
$8,806,301
143,552
$8,075,428
122,231
$9,245,069
76,827
8,705,247
$8,949,853
8,586,975
$8,197,659
8,208,555
$9,321,896
9,341,256
133,056
195.096
229,360
273,379
Balance....
$9,038,752
Miscellaneous revenue__
145,444
Total net
revenue
Expenses.
Depreciation.
$3,995,607
...
Miscellaneous income deductions.
1938
_
______
$9,184,195
_
_
_
$345,892
166,203
$2,540,833
Total
profit.
Decline in
$344,954 loss$126,124
loss$68,716
5,408
84,542
value of
conv.
Cndn sub. accounts,.
559
RR. retire, tax conting._
89,704
Income charges, Federal
Net profit,
Dividends.
_
_
_
_
_
_
_
_
.
$342,652
299,566
$43,086
_
___________
$297,903 loss!131.532 loss$153,258
149,783
$148,120 def$131,532 def$153,258
$3,724,460
4,770,650
15,567
_____
Balance, beginning of year
_
Realized appreciation of fixed assets
Cancellation of contingencies and cupola relining
and furnace rebuilding reserves
Davy and United Engineering Co. Ltd. stock re¬
ceived (2,500 shares)....
Adjustment of miscellaneous reserve
—
192,495
$2,733,328
104,000
480,000
Balance, surplus.
Earns, persh. on 299,566
shares stock
Consolidated Balance Sheet Dec. 31
$2,149,328
5,156,370
7,470
Assets—
Accts. receivable
_
_
1,706,083
Accrued
expenses.
947,476
996,344
Mtge. pay. on real
3,140,000
estate-—
60,478
4,450
Res. for RR. retire¬
ment tax.
1,674,952
$8,558,019
$7,325,586
,449,082
7,487,838
1,449,082
620,913
478,294
57,754
2,051,865
57,124
3,282,984
445,085
233
190,741
conditions)
8,650
pref. capital stocj purchased
Write-down of patterns and drawings
paid
Total ______-.-11,693,748
11,249,900
on
Cash
goodwill
_______
12,585
18,872
16,485
11,693,748
11,249,900
Represented by 299,566 no par shares,
y After reserve for
1940 and $1,404,721 in 1939.—Y. 152, p. 3361.
x
:
Playing Card Co. (& Subs.)—Earnings—
1939
$
S
■
1,048,352
522,185
2,720,339
1,297,082
818,181
7% cum. pref. stk.
807,400
824,700
2,689,452
(net) .10,041,068
2,075,698
Com. stk. (par $5)
4,103,730
Sell., gen. & admin, exps
8,213,523
237,349
Capital surplus.__ 1,452,236
Earned surplus._. 4,718,522
4,103,730
1,467,803
Inventories
4,770,650
Gross profit
Other income
Other assets.30,002
5,357,698
I
Deferred charges..
168,810
4,912,144
Total .........15,597,579
747,000
Reserves
37,002
13,804,330
Fixed assets
Cost of goods sold
______
$8,348,668
5,686,154
$1,228,848
15,597,579 13,804,330
Total
130.504
Income charges________
Prov. for Fed.& Canad'n
$1,359,352
31,910
U# S« Distributing
Retire Scrip—
964,008
Corp. (& Subs.) —Earnings—
$
•;
1,885,386
securities
4,635,813
4,039,684
Accrued payrolls.
Acer. int. receiv__
19,188
20,989
544,703
638,743
...
Market.
$943,795
73,686
$990,523
75,328
$1,070,365
112,931
$1,195,563
Total
ceivable
(net)—
1,702,768
2,319,551
Inventories
Fixed assets._____
$1,017,481
497,681
,065,851
570,153
$1,183,296
Z564,153
Cr7,577
177,933
86,667
53,369
y31,774
$159,291
$299,009
Includes $8,336 provision for Federal surtax on undistributed profits.
including depreciation on buildings of a subsidiary corporation of
Not
1,499,398
2,374,055
Earned surplus.
$
$
Liabilities—
__ _•_
_
_
.
_
_
_■
426,565
_
627,196
of 15 cents per share on the com¬
stock, payable June 27 to holders of record June 17.
This compares
with 10 cents paid on March 17, last, and on Oct. 20, 1939.—V. 152, p.
'
1454.;
-
;V
/
•
7,825
28,656
on
paid
$624,699
622,017
__________
sale of investm'ts
Federal taxes.
__—
Net income.
Preferred dividends
__
717.713
.
1,346,513
288,428
340,567
______
Real estate mtges.
138,393
160,725
313,977
1,025,979
.1,781,611
8,585
55,923
863,309
investments
Other assets
;
793,987
929,980
for
53,362
__
50,179
claims, <fcc
Prov.
1
for
.
Inv. In Tob.
Invl
145,597
135,000
a
9,000
9,000
par
415,660
624,100
;--V
Prod.
5,548,582
Total
185,100
322,627
.-..16,815,191 17,072,22
reserves for depreciation and depletion of $3,174,559 in
1940
$3,842,441 in 1939.
y After reserve of $60,920 in 1940 and $65,149
in 1939.
z Represented by 401,876>£ shares, par $5.—Y. 152, p. 3041.
After
See
under
—V. 152, p.
"Indications
5.548,582
4,521,099
Business
Activity"
2,392,375
4,579,895
252,034
2,392,375
4,579,895
252,073
300,000
100,000
demand
16,503
Unclaimed dlvs___
2,103
14,149
2,633
32,900
123,000
2,916,271
248,672
2,847,392
240,342
Reserve for taxes.
&
Capital surplus.
—
_
__
10.640.753 10,751,859
on
Total -.-_.-_._10,540,753 10,751,859
Represented by 95,695 no par shares,
b Represented by 915,979 no
shares, c Represented by 504,067^ no par shares.-—V. 152. p. 3412.
Subs.)—Earnings
a
preceeding
May 3,'41
Vacuum Concrete
Corp.—Initial Dividend—
Directors have declared an
page.
-26 Weeks-
April 27 '40 May 3,'41 April27, 40
a Net profit
$1,056,000 * $920,370 b$l,759,334 $1,381,002
a After ordinary taxes, depreciation, &c., but before Federal income taxes
and special amortization reserves,
b Earnings after provision for Federal
income taxes of $390,000 amounted to $1,369,334.—V. 152, p. 3361.
Period Ended—
Corp.—May Shipments—
of
3203.
$
16
Common stock._
-13 Weeks-
and
United States Steel
c
Universal Pictures Co., Inc. (&
148,676
124,198
....
surplus
Total
conv.
on
condemnation of
17,072.225)
Cum.
pref. stock
b Class A stock.
Earned surplus.__
Equit. notes (non-
16,815,191
a
Accounts payable.
4,521,099
furniture
1939
Bank loan pay. on
McLellan
fixtures
properties
current)
1
1
361,918
123,835
loss
in
Office
86,836
def.
$138,763
1940
McCrory
in
Inv.
375,803
Prov. for insurance
$98,898
Liabilities—
58,075
Capital and earned
x
437 v377
of investments.
$
55,409
_________—
Accts. receivable._
Stores Co
Federal
Unearned income.
Total
$747,733
608,970
$536,275
1939
$
Assets—
Stores Corp. stk.
taxes & Ins. cl'ms
122,576
111,064
_
74,227
11,450
5,354
818,179
1
________
3,292
29",685
Comparative Balance Sheet Dec. 31
1940
of Del. stock.__
payable
Security taxes
Prov.
to leased prop__
Deferred charges.
928,682
1,895,064
Notes payable
Accounts
298,977
Leaseholds & impt.
Accr'd Int. recelv.
127,151
4,142
2,419
13.500
$2,681
$10,266
Includes $201,118 profit from sale
Cash
and accrued
able securities..
x
$
Provision for Social
market¬
&
x$907,861
$659,694
103,357
16,506
$727,979
Exps.,franch. taxes, &c_
Interest
$758,729
111,446
6,083
$857,763
93,959
—
1937
1938
1939
1940
Calendar Years—
'
Earnings-
United Stores Corp.
2,009,383
ins. funds,
Goodwill
Corp.—15-Cent Common Dividend—
United States Sugar
9,991,550
2,009,383
fund bonds
1,555,422
counts reeeiv
Inventories
$
9,991,550
Common stock..
z
First mtge. sinking
Notes, trade ac¬
ceptances & ac¬
Other
Total
Directors on June 5 declared a dividend
1939
Preferred stock.__
equipment..-__13,19l,917 13,427,184
cash
48,006
44,808
..10,751,243 10,506,262
Surplus
1940
1939
Prep., plant and
Comp.
__
mon
Consolidated Balance Sheet Dec. 31
y
10,506,262
Paid-in surplus...
~
1940
_
1,054,221
5,095,466
192,802
3,856,030
1,054,221
5,030,216
1__
$46,500 in 1937.
A ssets—
221,779
368,380
192,802
3,856,030
10,751,243
Dlv. pay. Jan.
Cap. stk. (par $10)
152, P. 3361.
—V.
Loss
$257,151
82,085
and
assets
Total
022,019
223,712
112,682
101,880
37,101
_
Fed.,
taxes,
._
Total income,______
$394,855
Net profit
goodwill.
69,129
97,122
87,223
Can., State, &c_
& notes re¬
Accts.
Profit on sale &
030,751
154,418
Acer,
">$
?
Liabilities—
$
- •
1,484,409
__
1939
1940
1939
'•••<•"'
Accts. pay., trade _
_
deferred charges
$1,148,301
47,262
Deprec., depletion, &c._
485,737
demoli¬
tion of property, &c._
Crl9,050
Int. paid (less received).
155,868
Prov. for Fed. and State
Social Security taxes._
95,098
Federal taxes, Sec _^83,055
780,068 ;
788,766
1940 amounted to
;A-■ ;V
against operations for
:y-v
1937
revenue...$13,766,490 $13,324,703 $16,607,494 $20,426,188
of sales, &c_
11,884,048
11,684,485
14,867,376
18,502,035
& admin, expenses.
734,141
696,423
749,595
853,788
Net profitfrom oper__
Other income (net)_____
,
Consolidated Balance Sheet Dec. 31
1940
and
Sales &oper.
Cash
$830,614
925,447
Note—Depreciation charges
$170,939; 1939. $199,401.
Other
1938
1939
1940
x
112,996
$927,808
169,197
$975,640
Cash
Consolidated Income Account for Calendar Years
approx.
148,342
318,756
Pats., trade marks
y
$995,449
51,838
$1,008,687
Assets
The Securities and Exchange Commission on June 10 issued an order
permitting a declaration filed pursuant to the Public Utility Holding Com¬
pany Act of 1935, particularly Section 12 (c) thereof and Rule U-42 there¬
under to become effective regarding the proposed acquisition and retire¬
ment by United of not exceeding $125,000 principal amount of 10-year
interest scrip, due Jan. 1, 1945.—V. 152, p. 3203.
x
159,289
$1,078,375
$1,186,373
2,224
41,536V
Divs. paid or declared..
Co.—Weekly Output—
output for the
United Public Utilities Corp.—To
Gen.
122,701
Net income...______
closed and the figures for
Cost
1,379,628
.
UGI system companies for the week just
the same week last year are as follows:
Week
ended June 7, 1941, 102,418,097 kwb.; same week last year, 86,618,485
kwh.. an increase of 15.799,612 kwh. or 18.2%.—V. 152, p. 3666.
electric
$836,160
$1,043,648
142,725
'
Total income
141,315
United Gas Improvement
The
$955,673
1,353,415
income taxes
-Y. 152, p.1453.. "
$7,670,302
5,361,142
1,353,486
$7,796,193
5,399,130
1,433.666
300,000
& drawings.
1937
$7,529,887
5,314,098
Gross sales, less discts.,
returns & aliowances__
1938
1939
1940
payable.
Accrued liabilities.
Accounts
(less reserve)
Dec. 31
Consolidated Income Statement Years Ended
'3: >
5,499,367
Notes & accts. rec.
depreciation
of $1,472,188 in
5,476,839
84,399
Marketable securs.
Pats.
843,910
5,262
life Ins, policies.
U. S.
1940
s
843,910
—
Cash sur. value of
31
Liabilities—
hand and
on
banks.
in
$2.55
1939
friu
$
Assets—
1,217,681
113,271
Cartage contracts,
Total
$4,770,600
$4.47
Balance Sheet Dec
115,969
1,217,681
_
299,999
$4,718,522
Balance, surplus end of year
Earned per share on common
1940
x
of
securs.
Bals. in closed bks.
Reserve for investments (due to prevailing foreign
Premium
book value
Earned surplus
,487,838
Capital stock.__
Capital surplus-..
of
Cost
Deferred charges.
Dividends, preferred
Dividends, common
89,704
_
subs, in excess of
Deduct—
1,491,714
338,522
,779,341
366,870
Accounts payable.
3,140,000
Other investment.
60,302
Mtge. notes
1,500,000
Fixed assets....
Debenture notes._
8,219
4,200
$
$
Liabilities—
$
1,468,112
1,883,644
1,960,631
1939
1940
1939
$
Cash
y
47,342
Total
Nil
Nil
$0.99
$1.14
;____
1940
Net profit..
47.050
79,180
incometax, &c_______
444,000
______
$167,783 loss$240,256 loss$292,738
177,171
114.132
224,022
$512,093
1939
$6,982,618
320,988
28,193
181,937
1,031,707
________
__
Depreciation
_______
Loss on disposal of fixed assets
Prov. for Fed. & State cap. stk. & franchise taxes.
Selling and administrative expenses. *
Years
1939
1940
.
Freight and cartage
$39,878,016 $38,785,641 $34,240,101 $39,575,979
Cost of freight & cartage 30,839,265
29,979.340
26,164,674 30,330,910
Net operating profit..
Other income.
Co.—Earnings—
Subs.)—Earnings-
Consolidated Income Account for Calendar
essarily complicate
United Engineering & Foundry
3831
& Financial Chronicle
common
p.
3355.
initial dividend of two cents per share on
stock, payable May 23 to holders of
the
record May 19.—V. 144,
The Commercial & Financial Chronicle
3832
each 2
Universal-Cyclop® Steel Corp.—Earnings—
1940
1939'
1938
Years Ended Dec. 31—
Sales, less cash discounts,
returns and allowancesSll ,041,988
xCostof sales
7,606,082
$7,230,657
5,308,068
1937
$3,663,833
1,085,611
777,860
$2,350,294
11,261
$1,144,729
2,696
$157,189
4,172
783,878
.«
.....
$1,227,196
7,170
$2,361,555
Provision for conting
Life Ins. premiums (net)
5,000
...
11,037
$1,147,425
5,000
3,439
$161,361
$1,234,366
20,000
3,881
20,000
1,463,020
2.070,746
Notes pay.
1,431,137
30,291
1,244,656
11,745
10-year 5% s. f.
gold debentures.
245,446
3Yi%
104,561
222,599
3,316,646
54,453
1
1
3,548
16,167
19,767
Cash
Sundry debts
Other assets
i.
...
4,266,243
Prepaid expenses..
Patents...
208~,666
29",200
Net profit for the year
Cash dividends
61,000
47",000
"7",800
$1,088,671
$864,219
500,000
$2.18
$1.73
$0.20
$1.82
500,000
and defense taxes.
1939
1940
Assets-—
Cash
$634,283
754,919
$1,138,793
963,876
1,886,875
1,512
3,315,456
28,533
Notes & accts. rec.
Inventories
Investments, &c._
Fixed assets......
Deferred charges.
Life insur.
_
1,696,391
y
Liabilities—
$310,322
$277,040
liabilities...
292,927
240,419
1,102,306
317,517
79,017
500,000
3,503,538
1,176,285
Acer,
for
Res.
Fed.
and
2,590
State Inc. taxes.
Res. for conting..
84,017
25,012
Cap.stk. (par $1).
Capital surplus...
500,000
161,026
3,503.539
1,714,956
Earned surplus...
Total .........$7,508,065 $6,093,816
—V. 152, p.
1939
1940
Accts. pay., trade.
2,919,597
173,021
policies.
Vick Chemical Co. (&
.....$7,508,065 $6,093,816
Total
3 Mos. End. Mar. 31—
Vadsco Sales Corp.
(& Subs.)—Earnings—
Consolidated Income Account for Calendar Years
1940
1939
1938
1937
$1,849,239
952,109
$1,732,967
851,916
$1,663,950
872,931
$1,955,048
$897,130
8,021
$881,052
$791,019
18,075
$976,073
21,111
$905,151
801,838
17,625
$900,934
802,249
16,784
$809,094
953,096
$997 ,184
959 ,895
9 .689
1,915
1,797
568
Miscell. earnings
Total income........
Sell., gen. & adm. exps__
Prov. for bad debts..
19,882
978,975
12.332
Taxes paid on non-oper¬
ating properties.
on bank loan...
„
_
Other deductions
"14530
~
5,000
xl52,628
700
510
$71,505 loss$313,921
$22,723
Including $104,628 provision for obsolete and slow moving merchandise
on commitments, and $48,000 for provision for disputed excise
taxes.
'
Note—No provision has been made in the above statement for loss of
Vadsco Realty Corp. in the amount of $66,130 in 1939, $65,743 in 1938,
$51,668 in 1937.
Depreciation provided on capital assets amounted to
$9,879 in 1940. $10,080 in 1939, $10,244 in 1938 and $14,217 in 1937.
1939
1940
Goodwill,
Liabilities—
b
Land, bldgs., ma-
$240,104
1,000,000
221,568
c
Common stock..
Notes payable
Inventories
387,171
389,499
6,649
3,677
881,990
28,727
22,369
for
Deficit
4.12,158,808 $6,180,666
21,825
24,270
10,082
_.
4,960
4,507,427
1,991,376
$2,158,808
Total
4,960
489,179
1,784,068
$6,180,666
After depreciation of $615,826 in 1939 and $617,415 in 1940.
b Repre¬
by shares of $100 par.
c Represented by 1,015,914 no par shares,
including stock to be issued for stocks of predecessor companies not pre¬
exchange, amounting to 18,823 (18,981 in 1939) shares.—V. 152,
•
1940
Net sales
(& Subs.)—-Earnings—
$3,966,664
2,876,808
$6,417,651
4,908,553
$2,334,507
39,299
$1,817,116
93,723
$1,089,856
46,484
$1,509,097
b332,750
$2,373,806
Deprec. and depletion
622,423
131,769
24.956
98,977
25,850
1,145,000
$1,072,885
Dividends paid
13,653
6,353
105,873
17",491
: $1,224,450
$231,315
565.701
$2.84
share
$836,658
"S3"25
'$0.61
proceeds from the sale to be used to liquidate the above
paid off, in full,
on
that date.
sold were issued under
to
152,
approval of the application providing the
p. 3666.
(& Subs.)—Earnings—
1939
1938
1937
$5,230,537
12,383
$4,468,623
3,071
$4,511,099
4,905
$4,966,141
$4,471,694
$4,516,004
$4,977,929
5,125,329
4,297,731
4,558,322
4,921,107
$117,590
16,228
accrued
Cost of sales, construc¬
tion & gen. adm. exps.
Other credits.
Total
an
income
Exp. of parent and
$173,963
51,511
c$42,318
179,032
$56,822
273,593
$133,818
$225,474
$136,714
$330,414
145,402
18,556
172,555
8,273
296,249
30,768
301,237
156,366
037,313
1,939
02,110
11,471
Dr46,028
12,500
Drl44,348
11,788
.
non-
oper. units
b Interest charges, &c._
Proportinate share of net
profits
of
controlled
licensee companies.
__
Prov, for Fed. inc. taxes
ordinary charges
Charges applicable to
organization.
Except
$5,234
$35,286 loss$248,831 loss$271,537
re¬
191,412
359,381
401,285
$186,177
Deficit
a
indenture dated as of Jan. 1,
1941 to Guaranty Trust- Co. of New York, as trustee. Indenture provides an
initial conversion price of $42.55 per share of capital stock to increase $2.50
for
$5,242,920
Interest
$2". 2 2
mentioned bank indebtedness, the remainder to be used for
plant better¬
ments.
This sale was effected on Jan. 18, 1941, and the outstanding bank
so
RR.,
"
,
were
Pennsylvania
Consolidated Income Account for Calendar Years
16,517
299,237
depreciation and depletion in the following amounts: depreciation of build¬
ings and equipment, 1940, $266,709; 1939, $268,912, and depletion of ore
lands and mineral rights, 1940, $461,486:1939, $450,671.
b Includes $249,187 discount on settlement of notes
payable.
Notes and Debentures—Corporation during 1940 borrowed from bankers
a total amount of $2,500,000, such loan
being evidenced by serial notes.
There was outstanding as of Dec. 31, 1940, a balance on
these notes of
$2,374,999.
As of Nov. 26, 1940, corporation entered into an
agreement with Air
Reduction Co., Inc., under which it agreed to sell to that
company for
$3,000,000 28,571 shares of the authorized but unissued capital stock,
together with $2,000,000 of 2H% convertible debentures due Jan. 1, 1951;
The debentures
met.—V.
Gross income
a Production costs
(affecting both cost of goods sold and inventories)
and appropriate expense classifications for the year Include
provision for
loans
were
Warren Brothers Co.
a
sufficient of the
the
1940
"7",290
Other charges
Prov. for Fed. inc. taxes.
per
behalf of
Counsel for the New York Central and f<v the receivers of the Wabash
expressed their agreement
pay.
of mtge. bond receiv..
Loss property retired
Earnings
in
voting cpower in the said shares of stock in independent trustees free
participation,, control or suggestion by the Pennsylvania RR., the
Pennsylvania Co., or the Wabash RR,, such trusts to continue pending the
sale, disposition or elimination of such stock or other order of the ICC.
r*
"The Pennsylvania RR. owns 217,900 shares, constituting 10.57%, of
the outstanding capital stock of the New York New Haven & Hartford.
The Pennsylvania Co. owns no shares of stock of the New Haven.
The
Pennsylvania RR. has agreed with the New York Central and the Pittsburgh
& Lake Erie that it will place these shares of stock of the New Haven under
a trust agreement with an independent trustee.
"The willingness of the Pennsylvania RR. to place the shares of stock
of the New Haven under such a trust agreement is due to a desire to make it
clear that the Pennsylvania does not seek to have influence in or control
over the New Haven.
As a matter of fact, in 1940 the Pennsylvania owned
319,925 shares, or 15.52% of the outstanding capital stock of the New
Haven, but prior to the close of the year 102,025 of these shares were sold,
leaving only the 217,900 shares which are now held. These shares are held
for investment purposes only."
With regard to the Lehigh Valley, Mr. Dickinson said that the Pennsyl¬
vania Co. owns 364,039 shares, or 30.07% of the outstanding capital stock
of that carrier, and that the Wabash owned 258,929 shares, or 21.39%.
516,259
139,935
15,750
50,000
12,596
15,707
466,000
a23,805
Commission
an
$1,
121,087
21,000
__
10-year 5% debs.
&c
notes pay.,
on
$1,910,840
because, it claimed, the Pennsylvania owned 30.17% and
21.40% of the Lehigh Valley, and the Wabash owned 99.44%
Solicitor, John Dickinson said the interested railroads
agreement "under the terms of which the New York Central
and the Pittsburgh & Lake Erie would not oppose the application if the trust
agreement conditions were agreed upon."
t
"The purpose of these trust agreements," he said, "would be to place
conditions
Total income
Discount allowed
1937
$8,762,136
6,945,019
Net earns, from oper.
Other income..^
on
1938
$10,800,901
8,466,393
Cost, expenses, &c
on
Calendar Years
1939
concerned
the Wabash
from any
263,000
60,901
a
Int.
was
of the voting stock of the Ann Arbor RR. It further alleged that the Pennsyl¬
vania held substantial interest in the New York New Haven & Hartford, the
the
disputed
...i
Consolidated Income Account for
agreement.
Addressing the
sented
Vanadium Corp. of America
a trust
had reached
able & accrued..
commitments
Mln. Int. In subs..
Capital surplus..
Int.
under
Boston & Maine and other Eastern carriers.
interest
3362.
...
which he is General
excise taxes, plus
p.
,
35,405
expenses
Res.
sented for
agreeable to the Pennsylvania, were met. These conditions were:
(1) That shares of stock of the New York New Haven & Hartford RR.
owned by the Pennsylvania RR., or the Pennsylvania Co. are placed under
a trust agreement.
-O
4
(2) That shares of stock of the Lehigh Valley RR. owned by the Pennsyl¬
vania RR., or the Pennsylvania Co. are placed under a trust agreement.
(3) That shares of stock of the Lehigh Valley RR. owned by the Wabash
Ry. Co., which will become part of assets of the Wabash RR. upon con¬
summation of the plan of reorganization of the Wabash Ry., are placed
65,814
Res. for purchased
co
Total
Pittsburgh & Lake Erie informed the Commission at a hearing that they
would not object to the proposed acquisition of stock if certain conditions,
108,155
Sundry taxes pay¬
y
approval by the Interstate Commerce
Pennsylvania RR.'s application to acquire control of
39,876
432,810
Inv. In sub.
Ry.—Trusteeship for Stocks Agreed—Pennsyl¬
May Acquire Control—New York Central Withdraws
Opposition—
76,117
Notes & accts. rec.
Miscell. securities.
d$1.12
Wabash
100,000
Accounts payable.
4,000,000
208,452
428,216
Deferred charges..
1938
$326,650
d$0.46
1939
$787,615
vania RR.
Accrued payrolls &
brands,
trade marks, <&c.
1939
1940
7% pref. stock..$2,126,000 $2,133,800
1,021,573
1,021,573
$88,242
Cash
1940
$595,655
c$0.86
The hearing was set originally for May 10 but was postponed to June 4
when the New York Central was authorized to intervene.
The intervenor
Consolidated Balance Sheet Dec .31
Assets—
b$0.92
The way was paved June 12 for the
6,500
$77,814
chln'y|& equip..
1,955,628
16,502,006 15,970,020
Total
Commission of the
and for loss
a
521,690
6,151,100
1,538,651
Capital surplus._ 6,151,041
the Wabash RR., when counsel for the New York Central and its affiliated
...
Profit for year
x
98,657
1,291,210
39,303
716,049
846
.
Prov. for normal inc. tax
Provision for surtax.
130,986
296
...
.
28,819
575,165
a After taxes,
depreciation and other charges,
b On 682,380 shares of
capital stock,
c On 694,580 shares of capital stock,
d On 700,280 shares
of capital stock (par $5).
Earnings for the nine months ended March 31,1941, net profit of $2,576,887 after depreciation, Federal income taxes and other charges, equal to
$3.78 a share on 682,380 shares of capital stock.
This compares with
$2,546,685 or $3.66 a share on 694,580 shares for the nine months ended
March 31, 1940.—V. 152, p. 3041.
3,818
959
Operating profit
95,304
107,865
Subs.)—Earnings—
1941
$625,066
Net profit
Earnings per share.
[Including Subsidiaries, but Excluding Vadsco Realty Corp.]
Int.
(curr.)
payroll..
99,322
250,000
123,461
a After reserve for depreciation and depletion of $5,945,581 on 1940 and
$5,828,390 in 1939. b Represented by 337,137 shares (no par) in 1940 and
377,140 in 1939, c Includes $17,303 representing capital stock in treasury,
d Under date of Jan. 18, 1941, all outstanding loans from banks were paid
from the proceeds of the sale of $2,000,000 2J£% convertible debentures,
due Jan. 1,1951, and 28,571 shares of capital stock (no par). The indenture,
under which the 2%% convertible debentures were issued, provides (a)
that the corporation pay to the trustee for the purposes of a sinking fund,
the sum of $50,000 on Nov. 10 of each year; (b) that of the authorized
capital stock, 47,004 shares are to be reserved for the conversion of the
2*A% convertible debentures issued thereunder; and (c) that no dividends
shall be distributed reducing earned surplus below $1,000,000.
Note—As of Feb. 1,1939 options at a price of $30 a share were granted to
certain officers and employees of the corporation to purchase 1,730 shares
of the capital stock held in treasury. The options expire on Jan. 17, 1942.
—V. 152, p. 2725.
a
Prov. for sub. taxes.
Insurance
Earned surplus...
..16,502,006 15,970,0201
Total
3361.
Net sales.
Cost of goods sold
com p.
e
$910,938
550,000
$99,325
187,500
in 1938 and $146,781 in 1937.
'.<■
Balance Sheet Dec. 31
$155,712
600,000
Res. lor workmen's
Res. for Fed. taxes
for depreciation of $185,551 In 1940, $170,166 in
y Includes excess profits
Includes provision
x
1939,
■
......
Accrued interest..
69,752
46,804
......
Earns, persh. on 500,000
shs. cap. stock (par $1)
2,330,000
......
Accrued taxes
170",894
Fed. surtax on undistrib.
profits
Pennsylvania income tax
3,771,400
conv. notes,
1941
Notes pay.
12,097
1
3,771,374
to bks_d2,124,999
Accounts payable.
1,488
204,680
y975,(
Annuity plan^,
Federal normal tax
$
b Capital stock...
Accrued
Loss on disposal of capi¬
tal assets.....
1939
$
9,049,173
Inventories
Together.....
1940
Liabilities—
Plant, prop., &c. 8,961,309
Accts. receivable..
Balance.....
Other Income....,
1939
$
a
!.
'475,245
expenses
Consolidated Balance Sheet Dec. 31
1940
$7,350,826
5,339,752
3,031,398
Selling, general & admin.
June 14, 1941
after Jan. 1,1941 and contains provisions designed to protect
the conversion privilege from dilution.
years
$324,095
$650,116
$271,537
applicable to parent and non-operating companies,
on funded debt of parent,
c Loss.
i
Note—The company is operating under Section 77B of the Bankruptcy
Act since Feb. 1, 1937.
expenses
b Other than interest
Volume
The Commercial & Financial Chronicle
152
Condensed Consolidated Balance Sheet Dec. 31
1940
Assets—
1939
$
Cash.
Accts. & notes
Construction, Ac.
Govt. obligations,
tax liens, Ac.— 9,785,753 12,457,662
fixed assets
a
1,317,248
1,516,274
Misc. derd exps.Pats. .license agree¬
341,353
254,460
2,700
6,473,006
32,967
6,473,006
Feb. 1,1937—
Reserves
2,724,721
stock——
ments A goodwill
SI.16
2-3
—
273,700
273.700
cum.
78,200
2,045,350
7,564,519
2,388,165
2d pref. stock..
$3 cumul. conv.
pref. stock
—
14,237,453 17,043,604
—
Total
—
—
14,237,453 17,043,604
—
After reserve for depreciation of $1,999,727 in 1940 and $2,393,310 in
1939.
b Date of filing petition under Section 77B.
c Represented by
16,422 shares of no par value,
d Represented by 4,692 no par shares,
Represented by 40,907
e
no
no par
^°^5LP0-' and all the capital stock of Arizona Electric
western Public Service Co..
s*™PMfication of the capital structure and reorganization to effect a more
equitable distribution of voting rights of the successor
pose to be effected
stock or the successor
shares,
#
ou^andtog 1st iien & gen. mtge. bonds and preferred stock on the basis
shares of common stock for each $1,000 bond and one share of common
on
principal and unpaid interest coupons on the 6% debentures and
the 5% % gold notes has not been accrued
by the company: sinking fund
requirements on the 6% debentures to Dec. 31, 1940 of $1,750,000 has not
been met.—Y. 152, p. 3516.
^
of
principal, interest,
This distribution is to be in satis¬
accumulated dividends and other claims.
capital structure will consist of $6,740,800 of 1st mtge. bonds
.?
and 100,000 shares of common
To bring about the
physical
stock, no par value.
integration of the properties of the successor
proposes to sell its properties situated in
Washington and the assets of Oregon Gas & Electric Co., a
subsidiary, and to liquidate that company.—V. 152, p. 3517. ( .
?2rp2rationilS? its subsdiaries, it
the State of
f Represented by 472,923 shares
—Interest amounting to $1,589,602 from Feb. 1, 1937 to Dec. 31,
company are pro¬
through the surrender by the parent of all common
company and the redistribution of this stock to holders
stock for each share of
preferred stock.
faction
Washington Oil Co.—Earnings— f
par value.
,
1940
After the completion of this interim
step, it is proposed that the successor
company acquire the. properties and assets of Arizona Power Corp. and
°J
-
a
of
stockholders in
share for share basis.
78,200
2,045,350
f Common stock._ 7,564,519
Deficit-2,574,343
e
Total
corresponding to the shares of capital stock of the Washington company
now
outstanding.
The Washington company will distribute these securities
exchange for corresponding shares of its stock, on a
to its
subsidiary of South¬
c$l cum. 1st pref.
d
and the issuance of capital stock
Power Co., Flagstaff Electric
Light Co., Holbrook Light & Power Co. and
Southwestern Ice Co., each of which is a wholly-owned
Co. at
ren Bros.
3833
debts, obligations and liabilities
15,813
b Liabils. of War¬
1,735,083
1,282,755
191,005
217,034.
■
2,000
income taxes
Investments & ad¬
vances, Ac
S
Notes payable
Accts. payable and
accrd. exps., Ac.
557,498
193,826 Reserve for Federal
600,218
293,574
102,002
1939
$
Liabilities—
625,772
rec.
(less reserves)..
Inventories
1940
$
405.349
of all
Calendar Years—
Gross income for year—
1940
V
1938
1939
$148,109
1937
$183,295
$154,014
$132,965
122,378
121,841
127,815
160,271
$25,731
47,372
$32,173
29,607
$5,150
35,529
$23,025
$21,641
sur$2,564
$30,379
Shs.cap.stk.out. (par$25)
23,686
23,686
23,686
Earned per share.
$1.08
$1.36
$0.21
Condensed Balance Sheet Dec. 31
$24,347
23,686
$0.97
Oper.
expenses,
taxes,
depreciation & deplet-
,
Net income
Warner
Co.—Earnings—
Dividends paid—
Consolidated Income Account (Including George A. Sinn,
Years Ended Dec. 31—
_
——
Gross profit from operations-—.
Expenses and charges
Net income...
—
1939
1938
$4,946,318
3,647,679
$3,772,197
2,959,016
$1,434,846
541,251
$1,298,639
535,082
$813,180
513,359
$893,594
40,897
Net ordinary income.
Interest on first mortgage bonds, &c.
Amortiz. of bond discount and exp_.
Provision for depletion..
Provision for depreciation
Prov. for income &c. taxes
Net income.-—...
Includes $38,746 in
securities of controlled
$763,557
41,148
$299,821
38,850
$934,492
338,287
34,549
39,631
248,066
24,047
————
x
-
$5,641,154
4,206,308
Income from securities.—
x
Inc.)
1940
Net sales
Cost of products sold
$804,705
349,561
34,883
32,071
301,063
$338,671
356,460
35,570
26,702
335,427
$87,127 loss$415,488
Consolidated Balance Sheet Dec. 31
Assets—
1939
1940
Liabilities—
$
$
Cash.
854,982
493,952
Acer. int. receiv..
21,455
Inventories
554,274
Investments
1,518,036
Sink. & ins. funds,
36,000
880,563
430,106
27,616
472,662
Accts. A notes rec.
a
$
$
Accounts payable.
212,037
220,7l0
Accrd. int., def—
925,640
153,520
177,772
971,764
33,000
27,500
121,726
1st mtge. 6% bds. 5,075,000
Other obligation-.
678,436
Deferred credit-..
75,766
8,317,829
353,715
179.424
Bond discount and
co. pay.cur
66,479
5,349,000
551,300
31,176
110,809
147.915
workmen's
Materials,
152,149
b 1st pref. stock-.
1,367,050
c 2d pref. stock—
1,337,500
d Common stock..
181,780
Capital surplus... 2,357,207
196,745
1,367,050
11,869,173
558,854
833,737
11,869,173
After depletion and depreciation of $4,007,824 in 1940 and $4,320,083
in 1939.
b 7% pref. capital stock, cum. $50 par.
c 7% 2d pref. capital
stock—cumulative $25 par.
d Common capital stock, par $1 each.—
151,
p.
865.
Warren
Consolidated Income Account for Calendar Years
Net
sales.
—
General expenses, &c—
1939
1938
1937
$3,873,544
3,038.537
$3,302,622
2,676,511
$2,509,591
2,113,685
$658,341
$681,009
59,336
42,694
2,202
1,068
$658,341
$681,009
Total
Wayne Knitting Mills—50-Cent Dividend—
Directors have declared
dividend of 50 cents per
a
share on the common
stock, payable July 15 to holders of record July 1.
Dividend of $1.25 was
paid on Dec. 24, last and on Dec. 23, 1939: one of $1 was paid on Dec. 24,
1938, and an initial dividend of $1 was paid on Dec. 24, 1937.—V. 151,
P. 3413.
Webster Eisenlohr,
Inc.—Earnings—
Consolidated Income Account for Calendar Years
Net sales
Cost of sales.
—
Gross profit
Sell., adm. & gen.
exp_.
1
Net profit—
2,934,454/
$1,054,008
770,632
89,830
$816,891
854,947
63,129
50,601
$813,358
708,400
92,801
a
a
—
1938
1937
Not Reported
1939
$3,747,8121
.$4,335,671
3,281,663
Prov. for Fed. inc. taxes.
$958,529
1,022,771
72,590
52,931
33,868
$12,156 loss$151,786 loss$189,763
$159,678
—
a Depreciation of
$18,739 charged for 1940 compares with $38,087 charged
for 1939 and $50,601 for the year 1938.
The decreases is largely due to the
discontinuance in 1939 of depreciation on certain plant assets then sold
and deemed to have been fully depreciated.
■
■
Consolidated Balance Sheet Dec. 31
1940
Assets—
Cash
...
Accts. receivable..
1939
Land, bldgs., Ac.
468,711
1
Goodwill
1939
$40,626
600,000
64,917
14.586
$43,527
,
2,620,938
11,798
10,900
Other
1940
•
$544,140 >r. Liabilities—
567,565 Accts. pay. A sun¬
dry accruals—
1,626,968
14,248 Notes pay., bank.
12,150 Fed. A St. tax pay.
467,564 Min.int.insub. co.
$247,643
663,064
investments
Prepaid expenses..
a
1940
29,524
63,056
-
Inventories
Foundry & Pipe Corp. (& Subs.)—Earnings—
28,497
37,694
payable
Surplus
—V. 150, p. 3682.
a
V.
-
—
Bills A accts. rec..
1,337,500
181,780
2,285,824
Total —.—.12,179,148
Earned deficit-...
12,179,148
39,450
50,654
$592,150
mdse.,
oil stocks, Ac.
Depreciation
com¬
pensation A misc
58,484
6,608
68,000
$592,150
y..
Bills and accounts
sta'ns,
real est. A bldgs.
Other equip., Ac..
Invest, secur., Ac. i
Miscell. charges (net)—.
Res. for fire insur.,
expense
54,041
9,918
60,720
1939
1940
Liabilities—
Capital stock.,
$451,108
1940
adv. fds. to con¬
Prepaid insurance,
1939
$441,357
33,000
debt (current)..
Instal. on contr. to
trol.
eouipment, Ac.. 8,235,924
1940
property
Compress,
Instal.of long-term
1,385,558
eral dep., bldgs.,
Total
1939
Accrued accounts.
Pron., land, min¬
license, taxes, Ac
Assets—
Prod. A non-prod.
Cash
47,372
-----
Total
$249,912
—
Deficit
1940, $39,346 in 1939 and $37,080 in 1938 from
companies.
1940
-
1
c
$3,234,080
2,591,691
Preferred stock.
b Common
.
stock-
Capital surplus—
28" 029
14,097
531,600
409,313
627,200
409,313
664,840
658,575
Surplus approp, for
Net oper. income
Miscellaneous income—
Total income.—
Deprec. & depletion.—_
$835,007
80,611
$626,111
57,980
$395,906
49,637
$915,618
133,926
$684,091
117,271
$445,544
120,441
$717,965
110,454
Provision for Federal and
X132.000
Net profit
-
Dividends
Sbs. outst'g (no par val.)
Earnings per share.
x
Federal
excess
— —
65,000
44.050
39,600
$649,692
State taxes
$501,820
428,453
$281,053
257,072
175,000
$1.61
175,000
$2.87
1939
$1,946,593 $1,962,193
1,161,474
ties (at cost)
Treasury
977,971
-
Prov. for Fed. and
490,430
738,226
-
.
Inventories
19,500
38,687
151,700
99,385
104,045
shares of no
par
21,225
66,285
28,593
Defd charges, Ac.
$29,292
Investments
—
Div. unclaimed—
Social secur. taxes.
74
797
.
------
Accts. receivable
..$4,427,519 $4,345,782
|
Total
—
$4,427,519 $4,345,782
Washington Gas & Electric Co.—Integration and Cor¬
porate Simplification Plan Filed with SEC—
Commission May 29 announced the filing
application (File 70-326) under the Holding Company Act for approval
plan of integration and corporate simplification of Washington Gas &
Electric Co., a subsidiary of North American Gas & Electric Co., under
Section 11 (e) of the act.
The proposals are made in order to make use of
the proceeds received as a result or the condemnation of the public utility
properties of Washington Gas & Electric Co. at Longview, Wash.
A hearing has been set for July 7 at the SEC's Washington office on the
application.
According to the application, it is proposed to transfer the legal domicile
of Washington Gas & Electric Co. from the State of Delaware to the State
of Arizona.
This is to be accomplished by organizing a successor corpo¬
ration under the laws of Arizona with corporate powers and an authorized
capital structure identical, so far as legally permissible, with the present
powers and capital structure of the Washington company.
Ail of the assets
and properties of Washington Gas & Electric Co. are to be transferred to the
successor corporation in consideration of the assumption by the successor
The Securities and Exchange
an
of
distribu'n
checks unpaid..
;
21,000
8,237
..
Deferred charges-
88
a
74
v
67
■
Capital
2,450
52,248
2,450
6,863
9,573
1,520
Other accts. pay--
Invest, in stock of
22,372
36,431
12,395
$239,674
$239,674
549
5,000
U. S. Govt, securs.
1939
Liabilities—
17,613
26,737
2,860
12,614
24,829
9,573
Reserve for claims,
suits A oth.items
Due to sub. co
Proceeds of Amer.
6,443
Ry. Exp. Co.stk.
Total
After reserve for depletion and
of
Dec. 31—
Deficit..
depreciation of $2,099,871 in 1940 and
$1,969,550 in 1939.
y Represented by 168,000 no par shares in 1940 and
175,000 shares in 1939.—V. 151, p. 1443 , 2667.
x
b Rep¬
value $100 per share.
Capital stock— —
Cash
x
Total
Par
1940
$29,292
Eaulpment, furn.
Real estate mtges.
A sundry rets.
c
1939
1,845,216
514,659
State taxes
Reserves—
$4,023,055 $3,232,636
Total
value,
Comparative Balance Sheet Dec. 31
1940
Assets—
sub., at cost
Capital surplus.1,775,537
Earned surplus..590,508
33,483
66,650
319,349
898,625
32,608
stock—
Accts. receivable
1939
2,468,400
920,906
depreciation of $252,876 in 1940 and $238,924 in 1939.
and fixtures
1940
Liabilities—
Capital stock—$1,680,000 $1,750,000
Accounts payable,
Ac__
130,389
103,268
y
Marketable securi¬
..$4,023,055 $3,232,636
After
Wells Fargo & Co.—-Balance Sheet
x
Consolidated Balance Sheet Dec. SI
equipment
a
Real property—.
profits tax not assessable.
Plant, prop'ty A
Cash—
Total
resented by 409,313
—V. 152, P. 3362.
$567,911
478,044
171,400
$3.31
507,549
168,000
$3.86
1940
Assets—
x
pref. stock red.. 2,472,800
Deficit.——
761,228
$642,489
75,476
---------
After
reserve
$103,517
$145,793
Total
-
——
for depreciation of $778 in 1940 and
150, p. 3531.
v
166,987
154,984
$145,793
$103,517
$667 in 1939.
Vc;,.;T^
V.
;/ <
West Penn Traction Co.—Tenders—
Chase National Bank is inviting tenders for the
sale to it of first mortgage
5% gold bonds due June 1,1960, at prices not in excess of 110% and accrued
interest, sufficient to exhaust the sum of $33,000.
Proposals will be re¬
ceived at the principal trust office of the trustee, 11 Broad St., New York,
up to noon on June 26, 1941.—V. 152, p. 1939.
Western Union Telegraph
Period End. Apr.
Gross income——
30—
Co.—Earnings-
1941—Month—1940
1941—4 Mos.—1940
$7,935,381 S34.864.859 $31,314,719
725,459
3,978,695
2,316,552
245,006
2,134,540
455,478
Note—No deduction is made for excess profits tax imposed by the Revenue
Act of 1940; no liability for such tax is indicated.—V. 152, p. 3363.
$9,414,656
1,323,167
Net inc. (after charges).
845,988
Net after taxes
Weyenberg Shoe Mfg. Co.—Dividends—
of37K cents per share on the common
20 to holders of record June 5. Like amount
paid on Dec. 20 and June 15, 1940, and compares with 50 cents paid on
Dec. 20, 1939, and 25 cents paid on July 6. 1939, and on Dec. 31, 1938,
this last being tbe first payment made since Dec. 28,1937, when a quarterly
dividend of 25 cents per share was distributed.—V. 151, p. 3413.
Directors have declared a dividend
stock, par $1, payable June
was
The Commercial &
3834
June 14, 1941
Financial Chronicle
Consolidated Balance Sheet Dec. 31
Weston
Subs.)—Earns.
Electrical Instrument Corp. (&
deducting returns
Cost of goods sold, selling, administrative and
general expenses
----Provision for amortization of special plant facilities
in excess of normal depreciation
Net sales after
x
1,084
Operating profit -
— — -—
—
25,888
Other income—
a
114.268
$1,520,225
$660,963
785,383
—
—-
$737,732
76,770
133,761
$734,842
Other deductions-.-.-———
Profit before
Federal taxes on income
Federal taxes on
income—estimated- -
.
—-
- -----
Net
profit for year
surplus,-------Reducing provision for depreciation (prior
/
-------
137,402
years)-,
14,697
Previous earned
$936,941
Total surplus
-----
A'dividendS----^--*^^---»i-^-->---*--^«-
.Class
dividends--—
Redemption of class A stock
Common
321,166
—
-----
—-----—.**'■,
3,382,112
Deferred income—
104,597
Reserves (est.)—
52,658
Other assets——
&
26,720
13,296
leaseholds,
583,765
—
611,321
43,648
100,000
contingencies...
6,000,000
6,000.000
2,284,523
Cap. stk. ($20 par)
2,120,518
AA1--
■•:•••
2,254,943
2,211,324
chlnery & equip.
106,731
Res'ves for foreign
Surplus
ma-
200,000
Patents and trade-
1
•ACAAAi
84,130
74,256
A:A'"
rnarks
Deferred debits—
Total ..——$9,358,899 $9,187,355
$9,358,899 $9,187,355
Total
1940 and $146,788
doubtful accounts of $150,702 in
After reserve for
After reserve for depreciation of $3,648,442 in 1940 and $3,598,z For such Federal and State income taxes as may have to
be paid upon accrued profits as they are realized on instalment contract
notes receivable outstanding.—V. 152, p. 2726.
;;
in 1939.
y
351 in 1939.
Gross sales, less
1938
1937
$1,058,560
$1,183,433
349.318
405,384
$1,434,942
451,880
$778,049
16,664
$983,062
38,388
discount
$924,980
& allowances.
returns
1939
1940
Calendar Years—
Earned
-Earnings—
Mineral Springs Co.
White Rock
surplus—Dec. 31,1940—
$015,775
$187,402
Earnings per share on common---------------$4.57
c$3.28
a
Including provision of $40,817 for revaluation of investment in 1940
(1939, $35,000) and $25,000 for contingencies in 1940 (1939, $21,747).
b Provision of $170,812 for depreciation in 1940 (1939,
was
charged to manufacturing and other expenses,
c On same number of
shares had class A stuck then outstanding been eliminated from capital.
18,307
23,317
Land, buildings,
x
$1,415,603
41,018
160,583
1,026,600
z
Miscell. accts. rec.
y
accrued charges.
Notes payable
employees-..-.
$527,201
888,401
$1,634,493
—
-
Total.
Reserve for taxes.
3,211,627
Accounts & notes
Loans to officers
V
$706,279
31,454
107,886
2,471,770
$508,571
$584,188
100,000
232,933
Inventories
$1,608,605
1939
1940
and
Accounts pay.
16,820
Brazil. Govt, notes
3,643,147
4,479,778
$504,993
receivable..*— 2,534,537
$4,349,425
b
$523,013
Cash—*——
Liabilities—
1939
1940
Assets—
1939
1940
and allowances— $6,089,467
Years Ended Dec. 31—
332,957
Cost of goods sold
$172,006$
Gross inc. from oper__
$592,022
$709,242
Depreciation.
(other than Fed¬
eral income tax)
Sell., gen. & adm. exps..
16,446
16,591
26,351
417,469
35,776
447,446
476,957
50.690
491,816
$131,757
$209,430
$246,039
$424,336
36,449
34,085
4,626
39,663
14.625
67,586
Dr625
$168,206
$248,140
38,746
$300,327
$491,298
69,731
16,219
Taxes
(Incl. Sub.)
Comparative Balance Sheet
Assets—
Cash
Marketable
a
Mar. 31'41
—$499,802
securs.
145,736
$338,901
pay.—pur¬
chases, royalties,
2,127,438
Inventories
884,394
1,796,977
$409,490
400,000
Notes pay. to
116,758
bank
Fed. income
Wes¬
ton, Ltd. (Eng.)
of Sangamo
25,000
82,164
Other assets.
plant
equipment.— 1,664.169
2
goodwill
49,957
Deferred charges—
81,513
1,496,564
c
d
.*__
.
_
_
(before Fed¬
Net inc.
eral income tax)
31,029
Prov. for Fed. inc. tax—
415,400
193,464
780,000
192,345
Other
Capital stock
2,050,000
Capital surplus.
450,000
2,050,000
450,000
791,872
615,775
44,800
26,307
Non-recurring charges-
Res.forcontlng.,&c
2
37,434
Pats, and
10,000
.
69,826
yrs.'
Federal taxes.--
Property,
&
Res. for curr.
Net Inc. from oper.
Other income.
Profit on sale of secur
taxes
for prior years..
25,000
200,000
accts.—pay¬
Acer,
rolls & expenses,
Invest, in cap. stk.
$445,904
595,000
&c
taxes,
927,726
ceivable—trade.
b
Accts.
153,067
Notes & accts. re¬
Mar. 31'41 Dec. 31 *40
Liabilities—
Dec. 31 '40
Earned surplus..-
38,316 A'A-A.'v--*--/■
charges. **.*».. .
1.785,323
Previous surplus.
1,767.818
85
Miscell. charges tosurp.
Total
———$5,421,984 $4,813,850
$5,421,984 $4,813,850
Total
doubtful accounts of $40,773 in 1941 and $40,494 in
1940.
b After reserve for depreciation of $1,428,317 in 1941 and $1,386,098
in 1940.
c Represented by 160,583 no par shares after deducting 3,417
shares reacquired and held in treasury,
d Arising from reduction of capital.
a
After reserve for
—V.
152,
p.
Income
(& Subs.)—Earns,
Account
Dec. 28, '40 Dec. 30, '39 Dec. 31, '38 Jan. 1. '3?
-$12,232,094 $10,802,534 $9,321,862 $8,592,081
Cost of sales
8,022,623
7,297,037
6,513,921
6,089,808
Selling & admin, exps—592,999
536,445
431,906
305,960
(net)
Other income
Balance
89,040
Res. for ins. &tax_
$2,427,509
$2,244,043
870,190
a.322,465
266,645
1,045,694
0378,250
511,298
314,884
.
$803,675
288,000
$784,744
2 lb,000
762,028
627,819
339,362
339,362
$266,419
$264,245
$176,313
$229,382
353,132
-
339,362
339,362
339,362
a$2.96
$2.91
$1.52
$1.46
269,483 on 59,885 shs. of $4.50 cum.
outstanding.
Dec. 28 '40
Dec. 30 *39
$
Liabilities—
$
Accounts
1,655,648
1,298.698
261,866
900,670
Accruals & reserves
280,816
Dividend payable_
47,700
las'ce claims....
1,414,445
_.
Investments
Fixed assets
$
;
193,955
964,778
190,967
392,879
72,000
Res. for compensa.
49,979
Inventories
Dec. 30 '39
369,448
payable-
1,918,547
mutual
Deferred charges
6,789,492
1,084,136
Min. int. In subs—
3,919
87,131
179,339
9,003,591
2,729
136,453
95,073
8,977,267
b Common stock.
13,500
24,826
14,208
45,095
4,342,710
_
3,920,674
5,760,000
5% pref. stock
;
$4.50 pref. stock—d5,988,500
b Earned surplus.. 2,333,405
2,771~,064
•
,
—
14,217,515 13,180,493
Total
(S. S.) White Dental Mfg. Co.
Gross sales
Cost of sales.
operations
&c.
Foreign exch. losses..
Profit from
Interest, dividends.
Total income
Interest
paid
Depreciation-...
45,451
(& Subs.)—Earnings—
Loss
capital
scrapped, &c
on
7,821
9,444
55.000
Net profit
Divs.
on
Earnings per share
x
104,432
8,998
$569,043
$10,584
3,607
189,461
$701,751
Inventories
210,457
.
1,775,420
346,313
1,743,040
Current liabilities-
952",281
598,462
177,341
819,750
Reserves
334,700
Capital surplus
Earned surplus—
690,334
1
714,737
564,675
311,697
690,334
217,753
563,371
'A1/'.
i
1,597,145
61,758
341,456
207,500
debt
1
2 182,673
Deferred charges.
Common stock—
1
Pats. & goodwill..
Cash to pay. divs.
c
$295,504
Funded
36,593
Instalment accts..
1,229
183,867
Total
15,000
$5,072,052 $4,371,9601
$5,072,052 $4,371,960
Total
a Represented by 11,229 (12,848 in 1939) shares of no par
depreciation of $2,589,310 in 1940 and $2,471,029 in 1939.
value, b After
c Par $1.
Canadian subsidiary company
above balance sheet.—V. 152, p. 3364.
Note—The accounts of the wholly-owned
are
96,528
26,746
$257,688 def$209,230
177,489
267,790
295,050
297,010
$0.87
Nil
consolidated in the
xll3.745
$387,909
359,369
298,371
$1.30
undistributed profits.
Wisconsin Investment Co.—Five-Cent
Dividend—
Directors have declared a dividend of five cents per
share on the common
stock, payable July 1 to holders of record June 10.
This compares with
cents paid on Dec. 16, last, and on Dec. 15. 1939.—V. 152, p. 2883.
Wolverine Tube Co .—To Pay
March 31
1940
1939
1938
$127,636
$63,372
$39,898
$10,315
b Earnings per share
$0.43
$0.21
$0.13
$0.03
a After
interest, depreciation, foreign exchange losses, Federal, State
and foreign income taxes, and reserve for foreign contingencies in 1941.
b On 294,230 shares of capital stock,
c French subsidiary excluded.
89,523
$258,267
stock
9
Misc. other assets.
Cash—
pref.
1939
1940
Preferred stock.
(par $20)
ins.
fund, &c
728,325
4,372
a
Prior
Cash In workmen's
Can. Govt, bonds.
cl941
Net profit
$299,136
Liabilities—
1939
acct...$l ,210,061 $1,265,567
Accts. receivable-
71,042
86,308
Consolidated Earnings for the Quarter Ended
a
$250,245
Consolidated Balance Sheet Dec. 31
1940
Assets—
b Property
$584,309
Includes $6,450 for surtax on
5,895
92.500
$502,967
$674,862
177,476
prior pref. stk-
$743,826
77,646
67,895
Shares capital stock
129,000
2,452
68,500
4,245
350,000
$689,381
90,519
78,150
176,579
294,120
$1.19
49,094
assets
def$39,409
72,418
22,424
$340,583
1,394
144,381
2,290,724
for fluctuation in
foreign exchange
$3,310,721
2,621,340
against foreign
exchange fluctuation.
income.----.
$647,400
41,415
1,143
140,885
38,015
Prov. for contingencies.
$2,694,960
2,734,369
Inv. in & adv. to French
Net
$504,640
2,415,782
19,624
Depreciation
compensa'n
Years
Reserve
Dividends
$2,938,124
1,863
132,729
debentures
interest
$3,062,118
2,477.809
212,247
1937
$5,512,463
2,612,354
$2,655,706
2.151,067
$804,895
26,732
1,051
135,701
Profit
$3,219,920
2,476.094
foreign income taxes..
1938
$5,321,541
2,689,527
$2,900,109
$1,191,145
Sell., adm. & gen.
b After depreciation.—
$3,220,677
1937
subsidiary
Prov. for Fed., State and
Dr49,414
(& Subs.)—Earnings—-
$3,902,302
exps„
2,711.158
1938
200,746
3,951,575
$3,186,899
$2,632,014
33,778.
23,692
$3,856,851
1939
-
—
shares,
1939
$6,678,358
3,491,459
1940
$821,472
Sell., adm.&devel. exps.
1,785,323
...$8,025,920 $8,091,772
Total
par
$8,072,008
—4,215,157
1940
profit on sales
50,000
1,000,000
•
Gross income.--
Prov.
3,204
_
. — —
Consolidated Income Account for Calendar
Gross
no
White Sewing Machine Corp.
Calendar Years—
on
4,16l
21,686
247,500
by
Represented
Other
....
First pref. stock.
$8,025,920 $8,091,772«
Total
Prov. for Fed. inc. taxes
14,217,515 13.180,493
a
After deducting reserve for depreciation of $8,015,535 in 1940 and
$7,174,204 in 1939.
b Represented by 353,132 shs. (no par) in 1940 and
339,362 shares in 1939.
c Includes notes receivable,
d Represented by
59,885 shares, no par.—V. 152, p. 3363.
...:rAA
Total
41,000
14,754
charges
V. 152. p.3517,277.
Interest
credit
and
exp.
Gross profit^—
$
Other curr. assets.
Property, good¬
will, &c
Other income
Comparative Consolidated Balance Sheet
Assets—
b
a
stock
for dividends of
2,577
26,004
deferred
$1,252,064
360,000
220,583
67,371
ketable securs..
Investments (sees.)
Prepaid
38,479
1,951
Wisconsin dlv. tax
rec.,
balances
Unclaimed divs
$3,022,747
944,501
Dec. 28 '40
a
316
Accts.
'
and employees..
40,000
Earnings per share-,--,
with
282
officers
from
Due
103,660
outstanding (no par).
Insurance cos
1,230,800
81,315
Mortgage receiv—
$1,316,401
Marketable securs.
1,230,800
2d pref. stock
50,000
1,000,000
3,014 a Common stock
29,002 Earned surplus... 1,807,271
Capital surplus... 3,951,575
Drl40,067
6,799,338 Treasury stock
625
201,301
78,419
Value of lifeins'ce.
-
Net income..
Accts. receivable
26,897
525
172,114
Inventories
47,730
5% pref. stock dividends
Divs. on $4.50 pref. stk,
Common dividends.-—
-
24,456
Other accr. accts..
Notes receivable..
$2,196,313
Proportion of loss of sub-
—
2,998
Accrued taxes*
Accts. receivable.-
51,474
964,792
Other deductions
r'\;.
2,597
4,246
599,070
Accr'd int. on mar¬
After providing
$14,790
69,485
574,827
Accounts payable-
$226,065
cost)
$2,376,035
922,129
392,380
309,326
1939
$39,174
53,685
2,182
$223,466
53,695
—
Shares of common
438,991
.1940
Liabilities—
1939
1940
*
$2,969,052
Provision for taxes.
Dep.
Assets—
Cash—---------
50,185
Depreciation, &c
c
$1,767,818
$3,616,473
..
Total income
Cash
$1,785,185
$3,666,658
Operating profit.—
now
$1,785,323
—
-
stock
$1,996,953
211,768
$2,206,809
209,256
$1,807,271
Mkt. sec. (at
Years Ended—
a
$1,994,579
76,913
cash..
Comparative Balance Sheet Dec. 31
Chlorine Products Corp.
Consolidated
Sales
$1,884,184
Surplus..
Dividends paid in
3363.
Westvaco
$421,567
1.787,254
2,012
$229,220
$209,394
1,785,185
$98,860
Inc. transf. to surplus-
10
15-Cent Common Div.—
Directors have declared a dividend of 15 cents per
share on the common
stock, payable June 30 to holders of record June 18.
This compares with
10 cents paid in the three preceding quarters; 15 cents paid on June 29,
1940; 10 cents on April 1, 1940; 20 cents on Dec. 26, 1939; and 10 cents on
Oct. 2 and July 1, 1939. this latter being the first dividend paid in the
common shares since June 30,
1937, when 20 cents per share was distri¬
buted.—V.
152, p. 3666.
Volume
The Commei%,ial & Financial Chronicle
152
(Wm.) Wrigley Jr. Co. (& Subs .)—Earnings—
Virginia Electric & Power Co.—Earnings—
Depreciation
a
$1,935,842
685,408
142,863
210,167
199,700
164,489
revenues
Maintenance
.
__
Federal income taxes
Other
1941—12 Mos.—1940
$1,673,112 $21,886,757 $19,840,206
7,645,009
8,009,077
614,023
1,523,439
1,689,587
128.219
2,304,909
2,394,891
195,000
832,355
1,738,345
75,456
1,850,956
2,004,166
148,213
1941—Month—1940
Period End. Apr. 30—
Operating
Operation
taxes
b212
$512,199
3,437
$6,050,690
b40,886
$5,683,539
b8,971
$533,003
145,477
$508,763
147,525
$6,009,804
1,759.336
$5,674,568
1,758,428
$387,525
Net oper. revenues—
Other income (net loss).
$361,237
$4,250,468
1,171,602
$3,916,139
1,171,596
$3,078,866
$2,744,543
$533,215
Calendar Years—
1940
1939
1 938
1 937
Net profit from oper__.c$24,184,675 C$22898,525 C$21702,760 $21,098,003
Sell., gen & adm. exps. 10,929.964
11,545,289
11,848,530
10,287,700
Depreciation
-
Balance...,.
Preferred dividend requirements
Balance for
common
stock and surplus
a The company does not consider that it has any liability under the Excess
Profits Tax Act of 1940 as amended Mar. 1941.
Beginning with month of
March, 1941, the accrual for Federal income tax is based on an estimated
rate of 30%, against the original estimate of 27%, spreading the underaccrual for Jan. and Feb. over the remaining 10 months of the year.
The
rate under the present law is 24%.
b Includes credits resulting from capitalization of interest on funds used
for construction purposes.
Held Gas
•0;;,
Utility—
v'v",\v\ :';;-
Virginia Electric & Power Co. and Gulf States Utilities Co., En¬
gineers Public Service Co. subsidiaries, were declared by the Securities and
Exchange Commission June 4 to be gas utility companies, thereby affecting
integration proceedings pending against Engineers since the agency has
ruled gas and electricity utilities cannot be joined in a single system.
Company attorneys had urged the Commission to classify the two
subsidiaries as "incidental" to one of Engineers' tentative single integrated
The
small amount of gas they distribute compared with
other companies and the small areas served.
The Commission held that, while the Holding Company Act does grant
this plea to gas properties of utilities when found to be "small," the matter
is determined not by size but by the quantum of gas distributed.
The annual rate of retail gas sales of both applicants are in such volume
—amounting to more than $1,000,000 in the case of Virginia and $600,000
in the case of Gulf—indicate the gas utilities "are not at all insignificant."
The Commission recalled the two companies, frankly stated in their
applications, asking not to be declared gas utilities of Engineers, that their
object was to obtain an "advantageous position" in the integration matter
in order that they could be retained as "incidental" to the "primary
business."—V. 152, p. 3203.
652,930
2,049,332
611,889
1,588,561
604,639
al ,462,074
-c$8,226,648
7,855,856
$8,650,976
y8,327,722
$7,653,780
7,347,990
$8,743,591
8,327,722
Extraordinary charges..
Net income.
Common dividends
*
$4.11
Co.—Change in Personnel—
$305,790
$323,254
$4.32
$415,869
$4.37
$3.82
No provision necessary for surtax on undistributed profits,
other income 1940, $333,642; 1939, $539,922; 1938, $649,658.
b Includes
♦
c
Includes
profits and Foreign war profits taxes.
excess
Figures
2,000,000 shs. (incl. stock reserved for sale to employees).
Note—Net profits of foreign subsidiaries included in 1940 amounted to
$1,817,381.
Consolidated Balance Sheet Dec. 31
:
'
on
>;■ $
-J
^
Invest,
in
b Common stock
.
Federal taxes...
Other Investments 1,992,560
4,268,502
2,817,173
Paid-in surplus...
1,840,424
2,263,544
Earned surplus...36,715,013 36,907,051
1,714,506
1,822,604
Inventories —....12,090,179 11,396.060
Stocks and bonds.13,477,623 13,970,263
1,664,631
not
current
827,625
Deferred charges..
a
.
Res. for general &
ownstock—
Total
$
19,200,000 19,200,000
Accounts payable.
874,233
594,194
Dividends payable
490,991
489,866
co.'s
Notes receiv.,
1939
Liabilities—
$
Real est., bldgs.,
mach. & equip._
9,294,855
9,633,125
G'dwill, pats., &c_ 6,000,000
6,063,638
Cash
17,037,129 14,624,892
Accts. receivable.. 1,642,735
1,799,052
c
1940
$
1939
1940
Assets—
a
139,575
469,940
63,389,163 62,271,8291
.....
After deducting $10,530,846 for
in
63,389,163 62,271,829
Total
depreciation in 1940 and $10,705,752
c 36,033 (38,333 in 1939)
V"
\
1939.
b 2,000,000 shares of no par value,
shares at cost.—V. 152, p. 3364.
Yazoo & Mississippi Valley RR.-
1938
1939
$1,005,221
$1,072,520
214,863
18,179
303,678
85,641
4,785,661
4,408,241
1,304,558
457,791
1,121,385
326.601
4,467,701
1,230,834
359.225
$1,182,378
302,726
76,808
Net ry. oper. income.*.
372,307
From Jan. 1—
■■■'/•.' vv•:
Gross from railway
Net from railway
5,165,167
1,479,651
724,441
,
Earnings
1940
1941
April—
Gross from railway
$1,481,852
Net from railway.503,521
Net ry. oper. income...
—V. 152, p. 2883.
company's official family was registered on June 8,
principal officers of the company resigned and were replaced
partly at a meeting of the executive committee, of which Faris R. Russell
is Chairman.
Wilbur C. Cole, who became President in 1938 following the
resignation of J. M. Livingston some weeks before, resigned from the com¬
pany last month.
Resignations of the following officers were submitted and accepted at a
meeting of the executive committee: John M. Barber, as Executive VicePresident and director: R. V. Sherwood, as Controller and Assistant Treas¬
urer; Marion Harper, as General Sales Manager; Clyde Mayer, as Assistant
General Sales Manager; A. L. Dougherty, as general cake sales supervisor;
B. D. Frost, as advertising manager; and J. J. Diamond, as maintenance
engineer.
;
^
Appointments made by the committee were as follows: A. M. Grean, Jr:,
Treasurer, became Vice-President and Treasurer; C. Everett Casto became
Vice-President in charge of sales and advertising; E. A. McLaughlin,
manager of the company's Brooidyn plant, became Assistant General Sales
Manager, a position previously held by him, and L. T. Melly was appointed
Controller and Assistant Treasurer.
No successor to Mr. Cook as President was chosen and several other
vacancies remained to be filled.
Officers not affected by the changes were A. E. Tolley, Vice-President,
and G. E. Mullen, Secretary.—V. 152, p. 3516.
>
-J<
$370,792
———
Earned per share
a
systems because of the
Ward Baking
681,941
4,034,972
311,150
Federal taxes,.
Surplus
Balance
Int. & amortization
3835
~
V."
Another shaice-up in
when
Yellow Truck & Coach Mfg.
6even
Consolidated Income Account for
Net sales..
a
Commission on June 3 issued exemption
orders under Section 9 (B) of the Investment Company Act of 1940 affecting
the Wellington Foundation, Inc., and Foundation Plan, Inc., William H.
Ward, Mary H. Dodner, and John H. Crockett.
The SEC filed a bill of complaint against Wellington Foundation in
January, 1939, the bill alleged that Wellington Foundation had engaged
in various acts and practices in violation of the provisions of Section 17 (A)
of the Securities Act of 1933.
The defendant denied that it had violated
or intended
to violate the 1933 Act.
However, Wellington Foundation
consented to the entry of an injunction and on Jan. 10, 1939, a decree was
entered by the Federal Court for the Southwestern District of New York.
At the time the decree was entered, Alvin J. Wilkins was President
and Harvey S. Grave II was Secretary of the company.
The present
officers and directors are William S. Gallagher, President and director;
Sara Shearer, Secretary, Treasurer, and director, and C. Bradford Fraley,
Securities and Exchange
Profit
......
no
evidence to indicate that the present
Western Pacific RR.
Co.—Asks Loan—
Wheeling & Lake Erie Ry.—Equipment Trust
Pulp & Paper Co. (& Subs.)—Earnings—
1941
1940
1939
Condensed Consolidated Balance Sheet Dec. 31
U. S. Treas.
Sight
bonds
75,572
Notes rec. (less res.)
490,928
Accts.rec.(less res.) 9,789,221
Int. & amort, of debt exp
Prov. for Fed. inc. taxes-
$1,696,690
156,404
$4,833,083
1,789,139
137,815
699,700
$3,368,170
1,531,649
178,177
291,500
$2,290,831
1,416,999
237,676
73,146
$1,853,094
1,281,890
233,821
37,154
Equivalent to $1.92 per share of common
per share in 1940.—Y. 152, p. 3666.
a
" $563,010
$300,228
stock in 1941 and to 99 cents
—V.
-
1941—Month—1940
1941—5 Mos.—1940
$29,777,737 $26,067,165 $131382,225 $120,014890
152. P. 3666.
c
623,183
141,306
1,600,000
150,000
1,600,000
136,491
87,905
Miscellaneous
7,145,989
pf.Btock 14,398,000 14,398,000
2,199,985 2,199,985
Com. stk. (par f 1)
800,000
800,000
81,739 Paid-in surplus...21,645,488 21,645,488
1 Earned surplus...
888,963
1,365,690
7%
1,365,189
1,675,730
149,292
defd charges...
1
Goodwill, pats.,Ac.
—
a..,7 ;V7
572,939
Gen. contlng's..
equipment. 7,979,042
..
V-:
■/
■
Loss, under re-
Defd income.._
11,556,337 11,621,112
Prod.eng. Adevel.,
Total
895,829
purch. agreem.
—
cum.
CI. B stk. (par SI)
Total .—61,170,090 48,957,902
.61,170,090 48,957,902
depreciation of $11,319,057 in 1940 and $10,398,158
in 1939.
b Including $5,751,540 in 1940 and $1,088,278 in 1939 to affi¬
liated companies,
c With Yellow Manufacturing Acceptance Corp. and
subsidiary.—V. 152, p. 3042.
r
After reserve for
a
Zenith Radio Corp.
(& Subs.)—Earnings—
Consolidated Income Account for Years
Manufacturing profits $4,859,281
2,979,259
82,803
Selling & admin, exps...
Depreciation
Fed. inc. & cap.
Prior year
1939
1938
$3,621,180
$4,264,324
1,808,394
2,144,046
111,743
3,192,189
118,477
12,113
68,082
After
78,332
7
184,100
$701,477
$738,083 $1,075,254
492,464
492,464
492,464
$1.40
$2.51
/
$1.50
$2.15
of royalties and manufacturing expenses, including
.$1,236,438
492,464
deduction
maintenance
278,024
176,803
Crl85,715
adjust, (net).
Netprofit
Cash dividends
Earnings per share
x
;
560,782
stk. tax
Ended April 30
1940
$2,615,897
1941
x
of plant, &C.
Consolidated Balance Sheet April 30
$
1941
1940
Liabilities—
$
$
1940
$
_
654,232
1,275,265
Trade creditors—
1,768,018
1,882,141
U.S.Treas.bills.. 3,000,000
500,000
Sund. accts. pay..
27,913
60,121
1,811,154
1.859.446
2.682.447
liabilities—
1,681,092
Cash
-
Mdse.
Inventories. 2,061,955
16,272
flxt., Ac. 1,443,072
Other assets..
x
Furn.,
Broadcasting eta's
and equipment.
14,551
1,434,327
Deferred income..
8,185
Capital stock...
3,609,910
1,106,741
9,400
3,609,910
3,689,198
2,945,225
Accr.
y
Surplus
1
Pats., licenses, con¬
tracts, tr. mks. &
good will... ....
Defd charges
(F. W.) Woolworth Co.-—Sales—
Period End. May 31—
Sales.
5,088,362
Real est., plants
and
683,906
\
1,674,934
251,965
capital stock
Reserves:;
5,087,190
——
A
sund. accr. items
Total inv. A misc.
assets
4,036,881
pay¬
comin's
Divs. pay. on pref.
Service parts A ac¬
a
taxes,
rolls,
19,007,990 12,676,057
Ac
process,
Other
4,790,469
Materials, work In
1941
a$2,206,428 a$l,366,844
Netprofit
27,889
273,729
4,507,915
inc. A excess
profits taxes
and
drafts
C.O.D. items...
1939
$
$
payable.. 12,823,138
b Accts.
Fed.
31,000
Receivables
Total income
Provs. for deprec. & depl
5,576,825
1940 ';.v
Liabilities—
$
$
5,638,329
—
;>;'l
1939
1940
Assets—
Cash
Assets—
$2,219,513
71,318
$514,983
1,007,860
and outside investments after all expenses
and administrative expenses and provision
b Includes in 1940 provision of $1,850,000 for excess
depreciation,
profits taxes.
*
$3,284,307
83,863
$3,276,474
2,015,720
2,015,720
2,474,983
1,800,000
operations
from
Profit
a
for
1938
$4,677,336
155,746
$146,791
368,192
incident thereto except selling
for deprec.,
deple. & Fed. income
taxes
$3,254,231
22,242
$5,813,976
fore prov.
Other income (net)
$162,016
15,224
43,406
Net income
The Interstate Commerce
West Virginia
905,918
$3,921,275
/
667,043
Divs. paid on 7% cum. pref. stock..
Divs. paid on class B stock
Divs. paid on common stock
pany to assume
6 Mos. End. April 30—
Profits from opers., be-
866,898
$9,801,364
b4.030,794
Special adjustments (net).
Ctfs.—
Commission on May 22 authorized the com¬
obligation and liability in respect of not exceeding $800,000
equipment-trust certificates, series H, to be issued by the Union Trust Co.
of Pittsburgh, as trustee, and sold at 100.112 and accrued dividends in
connection with the procurement of certain equipment.
The certificates were offered for sale through competitive bidding, the
bidders being required to name the rate of dividends to be borne thereby
in multiples of H of 1% per annum.
In response thereto 14 bids were
received.
The best bid, 100.112 and accrued dividends, based on a rate
of 1
Per annum, was made by Harriman Ripley & Co., Inc., and has
been accepted.
On this basis the average annual cost of the proceeds to the
road will be approximately 1.48%.—V. 152, p. 3517.
948,461
...
—...
Prep'dexps.Amlsc.
that its trustees in reorganization,
and Sidney M, Ehrman, San Fran¬
cisco, have filed a petition with the U. S. District Court in San Francisco
in which permission is sought for the purchase of rallying stock to cost
$3,600,000.
The outlay will provide for the acquisition of three Dieselelectric freight locomotives, four reclining-seat passenger cars, 350 steel
box cars, and 300 flat cars.—V. 152, p. 3362.
$3,054,377 loss$743,902
subs,
$5,770,570
Net income..
tools and dies...
The company announced June 11
Thomas M. Schumacher, New York,
6,831,142
1,074,738
7,699,108
913,470
8,397,149
957,648
$8,852,903
Co.'s proportion of net profits of
not
consolidated
cessories
officers and directors
of the applicant were personally involved in the acts and practices com¬
plained of in the injunction proceedings."
Under these circumstances the
Commission exempted the company from the provisions of the Investment
Company Act of 1940.—V. 145, p. 1603; V. 148, p. 450.
"There is
Calendar Years
1940
1939
1938
$97,326,308 $58,862,137 $43,334,283
18,207,699
11,666,954
7,161,977
Selling and administrative expenses..
Provision for depreciation.
Wellington Foundation, Inc.—Exempted by SEC—
The
Co. (& Subs.)—Earnings—
Total
x
1,719,728
77,902
10,784,316
9,613,537
Total
—10,784,316 9,613,537
depreciation of $347,989 in 1941 and $280,816 in
Represented by 500,000 shares of no par.—V. 152, p. 2575.
After reserve for
1940.
y
1,719,728
127,771
The Commercial &
3836
Friday Night, June 13, 1941.
Coffee—On the 9th inst. futures closed 2 to 13
closed 12 to 13 points net
roaster
points net
The Rio No. 7 contracts
Santos coffee, reflecting
higher.
buying of actual coffee, advanced 8 to 16 points.
This is the first time 11c. coffee has
markets
underselling
by
official spot prices on
while hard 4s
were
The actual market
with spot
appeared
the board
other
In
growths.
Brazil
the
soft Santos 4s were 1,200 reis higher,
up
was
1,800 reis and Rio 7s up 200 reis.
higher
}4 to
over
recent sessions,
On the 10th
Santos 4s quoted at about ll^c.
inst. futures closed 3 to 13
points net lower for the Santos
There
contracts, with sales totaling 87 lots.
contracts
on
just before Brazil adopted a policy of recapturing
since 1937,
were
only 12
Sept.
traded in the Rio, and these were in the
delivery, which closed off 3 points.
The easier tone to the
market was in the face of a further advance in official
prices.
Soft Santos 4s were up 700 reis per
16-100c. a pound, while hard 4s were 300
reis higher and type 5 Rio up 700 reis.
In the actual market
buyers and sellers hesitated in view of a report that the
Office of Price Administration and Civilian Supply would
consult with selected American coffee factors in Washing¬
ton tomorrow.
On the 11th inst. futures closed 4 to 13
Brazilian spot
10 kilos, about
points net lower, with sales totaling 94 lots.
Santos coffee
was 2 to 4 points lower in slow trading during the early after¬
noon.
Most interests were waiting for the results of today's
Washington meeting of leading roasters and importers and
the OPACS.
In Brazil official spot prices again advanced.
Hard Santos 4s were up 400 reis per kilos, while type 5
Rios were 100 reis higher.
On the 12th inst. futures closed 3 points off to 13 points
for the Santos contract, with sales totaling 83 lots. In
Rio contract there were only 3 contracts traded, with
prices 13 to 14 points net lower.
The trade gave its atten
tion to a discussion of the meeting between coffee men and
the OPACS in Washington yesterday.
As far as can be
learned, the discussion centered around the general situation
as
it applied to coffee, with the OPACS endeavoring to
ascertain specific position and possible safeguards which
could be taken against any abnormal situation.
The meeting
was
said to have been a cooperative affair, but nothing
up
the
definite has
so
far been announced in connection with the
Today futures closed 10 to 16 points net higher for
the Santos contract with sales totaling 125 lots.
Only three
contracts traded in the Rio contract, and this in the Sept.
delivery, which closed 15 points up. The coffee market was
a thin affair,
easily influenced by orders either way.
In
Brazil the spot price on hard Santos 4s was off 400 reis per
10 kilos.
The "free" market dollar rate improved and stood
at 19.530 milreis to the dollar, against a quotation of 19.580
on Mar. 24.
Because cables on the exchange rate are re¬
ceived only on changes of 50 reis, it is difficult to judge the
overnight improvement in the rate.
talk.
Rio coffee prices
July.
__
September
Santos coffee
closed
as
__._____7.45
7.55
prices closed
follows:
(December.
|
as
September
December...
7.55
follows:
..10.85 trad. [March, 1942
July..
.10.95 trad. May
10-90 trad. |
_
10.90 trad.
11.00
•
Cocoa—On the 9th inst. futures closed 4 to 5 points net
higher.
Sales totaled only 135 lots.
Trading in
cocoa was
quiet and prices were steady at 2 to 4 points net higher
during early afternoon. Only 98'lots had been traded to
that time.
The market appeared to be in a waiting mood.
Open interest continues to decrease. As of this morning it
stood at 6,972 bags, a decrease of 26.
Warehouse stocks
continue to grow.
The increase over the week end was 6,500
bags. It raised the total to 1,401,482 bags compared with
1,043,368 bags a year ago. Arrivals so far this month have
been only 35,028 bags, indicating that the movement has
slowed down.
A year ago 102,880 bags had arrived.
On
the other hand afloats are large, totaling 139,800 bags known
tobeenroute.
Local closing: July, 7.66; Sept., 7.74; Oct.,
7.76; Dec., 7.82; Jan., 7.84. On the 10th inst. futures closed
8 to 10 points net higher, with sales totaling 847 lots.
Trad¬
ing in cocoa futures was enlivened by active buying by both
manufacturers and Wall Street, which advanced
prices 8 to
11 points.
The buying was accompanied by rumors of
U-boat sinkings, inspired possibly by the news that an
American cargo vessel had gone down.
Turnover to midafternoon amounted to 440 lots.
The open interest was one
lot higher at 6,973 lots this morning.
Warehouse stocks
decreased 4,200 bags overnight.
They total 1,397,245 bags
June 14, 1941
compared with 1,043,388 bags
COMMERCIAL EPITOME
higher for the Santos contracts.
Financial Chronicle
a year ago.
Local closing:
July, 7.75; Sept., 7.82; Dec., 7.92; Jan., 7.94; Mar., 8.9O.
On the 11th inst. futures closed 2 to 4 points net lower, with
sales totaling 225 lots.
Trading in cocoa quieted down
materially, sales to mid-afternoon reaching only 120 lots.
At that time prices were unchanged to 2 points lower.
Open
interest decreased sharply yesterday.
It stood at 6.902 lots
this morning, a drop of 71.
Today's trading was purely
Nothing
professional.
more was
heard regarding reported
stocks decreased 6,400 bags.
They total 1,392,834 bags, against 1,049,400 bags a year
ago.
Local closing: July, 7.71; Sept., 7.78; Dec., 7.88;
Jan., 7.92; Mar., 7.97.
On the 12th inst. futures closed 1 point off to 1 point up,
with sales totaling 217 lots. Trading in cocoa was moderately
active but demand and supply were so evenly balanced that
this afternoon the market stood virtually unchanged. Sales
to that time totaled 175 lots.
Neither producing countries
nor
manufacturers took any interest in the proceedings.
Open interest today stood at 6,890 lots, a decrease of 12.
Warehouse stocks decreased 1,600 bags. They total 1,391,206 bags compared with 1,053,914 bags a year ago. Arrivals
continue light this month, the total to date being only 47,858
bags against 189,186 bags a year ago.
For the season to
date arrivals still are far ahead at 2,603,782 bags against
1,680,557 last season. Local closing: July 7.70; Sept. 7.79;
Dec. 7.88; Mar. 7.97; May 8.04.
Today futures closed
unchanged compared with previous finals, with sales totaling
293 lots.
Scattered Wall Street liquidation imparted an
boat
sinkings.
Warehouse
market.
Prices were 4 to 5 points lower
The turnover to that time totaled
160 lots.
Manufacturers and the trade absorbed offerings.
Open interest increased 13 lots yesterday, standing at 6,903
lots today.
Warehouse stocks decreased 700 bags.
They
total 1,390,514 bags against 1,056,805 bags a year ago.
Local closing: July 7.70; Sept. 7.79; Dec. 7.88; Jan. 7.92;
Mar. 7.97; May 8.04.
easier tone to
cocoa
during early afternoon.
Sugar—On the 9th inst. futures closed unchanged to 1
point higher on sales of only 53 lots. Trade houses were on
both sides of
the market.
The firmer
tone
continued
to
reflect the
tightening position in the freight market, which
some believe will have an important bearing on the trend
late this year.
In the world contract sales were 125 lots
and prices were 1 to XYi points lower for the active months.
Bulk of the activity continued to be July liquidation in
advance of first notice day on June 17.
On the 10th inst.
futures closed 1 point up to 1 point off for the domestic
contracts, with sales totaling 328 lots.
The world sugar
contract closed V/i to H point net higher, with sales totaling
124 lots. Domestic sugar futures opened 3 to 5 points lower
on the overnight news
that the sugar section of the AAA
had revised its estimate of consumption for 1941 and had
increased the overall marketing quota by 273,672 tons to
7,125,561 tons. The market rallied later from opening levels
and stood 1 to 3 points lower in early afternoon.
The raw
market was steady despite the increased quotas.
While
most sugars were held at 3.50c. some were available at 3.45c.
and possibly less on a firm bid. The refined situation was
still not composed.
It was expected the quota increase might
deter some buyers from entering new business.
On the 11th
inst. futures closed 4 to 5 points net higher, with sales
totaling 538 lots in the domestic contract. The world sugar
contract closed 1 to 2 points net higher, with sales totaling
566 lots.
Most positions in the domestic sugar market
reached new seasonal highs as the demand for refined sugar
expanded on the threat of a strike affecting cane refiners and
the strength in raw sugar which sold at 3.50c., a new high
for the year.
Gains of 4 to 5 points were registered in futures
up to 1 o'clock with Sept. at 2.57c., up 4 points.
According
to reports, National has refused a CIO request for a 10%
wage increase on contracts expiring June 30.
On the 12th inst. futures closed 1 point off to unchanged
for the domestic contracts, with sales totaling 582 lots. The
world sugar contract closed 34 point off to unchanged, with
sales totaling 293 lots.
Raw sugar was strong and closely
held.
Puerto.Ricos for June and July shipment and Philip¬
pines for July and August arrival were offered at 3.55c.
Refiners were bidding 3.50c. after taking upwards of 50,000
tons at that level yesterday.
Operators were said to have
had bids of 3.52c. refused
tion is fast
on
certain lots.
ironing itself out with
The refined situa¬
demand reported good.
American announced an advance to $5.05 by the close to¬
morrow, meanwhile accepting business for delivery to June 30
at $4.95.
Sucrest offered Sept.-Dee. delivery at $5.15.
Today futures closed 1 to 2 points net higher for the domestic
contract, with sales totaling 104 lots.
The world sugar con¬
tract closed unchanged to 1 point higher, with sales totaling
417 lots.
In the raw market most sugars were held at 3.55c.,
exceptions being 3,000 tons of Philippines, due July 24. New
new
Volume
The Commercial & Financial Chronicle
152
Orleans only, at 3.50c.; a parcel of excess quota Puerto
clearing July 9, at 3.40c.
It
was
Ricos,
believed 5,000 bags of
Puerto Ricos had been sold late yesterday at 3.50c., but no
details were known. Meanwhile National followed American
and announced that booking of business at $4.95 for June
delivery would end tonight and the list price would become
$5.05.
Prices closed
July
September...
as
....
interest
follows:
—
...
....
-2.60
2.561 January ,1942
2.57 j March
.2.59 [May
November
2.63
2-65
Lard—On the 9th inst. futures closed 2 to 5
points net
higher. Reports of heavy domestic consumption of lard and
strength displayed in most commodity markets had their
influence
on
lard values.
At Chicago hog values were
mostly 15c. to 20c. higher. Sales were reported throughout
the session at prices ranging from $9.25 to $9.70.
Western
hog receipts totaled 73,900 head against 83,100 head for the
same
day last year. On the 10th inst. futures closed 2 to 5
points net higher.
The market's firmness today was in¬
fluenced in no small measure by reports that the Surplus
Marketing Administration purchased over 9,000,000 pounds
of lard.
Hog prices at Chicago reached new high levels for
the season last week at 9.60c. and this week further gains
were recorded.
Hog sales today ranged from $9. to $9.65.
Western hog receipts totaled 77,900 head against 85,300
last year.
On the 11th inst. futures closed 12 to 15 points
net higher.
Chicago lard futures displayed a firm under¬
tone throughout the session due to
fairly active buying for
speculative and trade account, influenced mostly by the
strength in surrounding oils and fats. Prices finished slightly
below the peak levels of the session.
In recent weeks hog
farmers have been marketing their hogs while the Govern¬
ment continues to pay high prices for same and receipts
today totaled 73,600 head against 63,000 same day last
year.
Hog prices at Chicago rose to $9.75 which is a new
high for the recent upturn. Sales ranged from $9 to $9.75.
On the 12th inst. futures closed 2 points lower to 2 points
higher.
Lard turned reactionary late in the session under
liquidation influenced by the weakness in grains, and some
selling might have been prompted by the large increase in
United States cold storage holdings recently.
Hog prices
reached new highs for the current upward movement again
yesterday. The new top price was $9.85, an advance of 10c.
over the previous final.
During the day sales ranged from
$9.25 to $9.80.
Western hog marketings today totaled
65,100 head, against 79,000 head for the same day last year.
Today futures closed 7 to 10 points net higher. The firmness
of lard today was attributed largely to the
strength in wheat
and hogs.
An extreme top of $10, highest since July 27th,
1938, was paid for choice 190 to 220 pound hogs on the live¬
stock market today.
DAILY
CLOSING PRICES
Sat.
July-
9.90
September
...10.12
OF
LARD
Man.
9.95
10.15
FUTURES
Tues.
10.00
10.22
10.20
10.25
10.30
10.35
10.45
December
-10.37
January..—..........
10.45
10 47
10.62
October
—
....
....
IN CHICAGO
....
....
10.35
10.42
Fri.
10.22
10.42
10.52
10.65
Wed.
10.12
10.72
Thurs.
10.15
•
....
Pork—(Export), mess, $28.37 % (8-10 pieces to barrel);
family (50-60 pieces to barrel), $20.25 (200 pound barrel).
Beef: (export), steady.
Family (export), $21.50 per barrel
(200 pound barrel).
Cut Meats: Pickled Hams: Picnic,
loose, c.a.f—4 to 6lbs., 16c.; 6 to 8 lbs., 16c; 8 to 10 lbs., 16c.
Skinned, loose, c.a.f.—14 to 16 lbs., 22%c.; 18 to 20 lbs.,
22c. Bellies: Clear, f.o.b. New York—6 to 8 lbs., 19c.; 8 to
10 lbs., 1934c; 12 to 14 lbs., 16%e. Bellies: Clear,
Dry Salted,
Boxed, N. Y.— 16 to 18 lbs., not quoted.
18 to 20 lbs.,
12%c;20 to25lbs., 12 %c; 25to30 lbs., 12 %c. Butter:Firsts
to Higher than Extra and Premium Marks: 33
%c to 35c.
Cheese: State, Held'39, 25c to 26c; Held '40, 23%c
to24%c.
Eggs: Mixed Colors: Checks to Special Packs: 23 %c to 2634c.
Oils—Linseed oil continues hard to quote accurately with
buying interest to test the market. Linseed oil in
tank cars is quoted 10.0 to 10.2.
Quotations: Chinawood:
too little
tanks, spot—3034 nominal offer drums—32 offer. Coconut:
nearby—.06% nominal bid; Aug., forward—
.06% bid, subject/ to freight; bulk—.05 bid, offered at .05%;
Pacific Coast—.05%, nominal bid.
Corn: crude: West,
tanks, nearby—11% bid nominal. Olive: denatured: drums,
spot—$3.00 to $4.00.
Soybean: tanks, old crop—.0934 to
.09%; Oct .-Dec.—.08% to .09. Edible: coconut: 76 degrees
—13% bid; returnable drums—13c.; hydrogenated—14%c.,
all bids.
Cod: crude—not quoted.
Lard: ex. winter prime—
1134 offer; strained—11 offer;
turpentine: 47% to 49%.
Rosins: $2.25 to $3.15. />'{"'..-V-,'
crude: tanks,
Cottonseed Oil sales
contracts.
Crude
S.
^'-vY
11.40®
—11.40(<§
July
August
September
yesterday, including switches, 342
Prices closed as
E., val. 10-10%c.
follows:
--
11.39®;
.11.37# 38
nom
October.-
sale N ovember
nom
11.33® 34
_
—
December
sale January, 1942
-
11.33®
11.33®
sale
nom
sale
.11.34# 11.35
Rubber—On the 9th inst. futures closed 20 points
higher
unchanged, with sales totaling 450 tons, including 60 tons
were
exchanged for physicals.
The continued un¬
certainty of world conditions and the possible action which
might be taken in Washington on the rubber industry, kept
the rubber markets in- a state of inactivity today.
Spot
3837
discontinued by the Commodity Exchange, Inc.
Trading
in England has been restricted
recently.
Local closing:
June, 22.15; Aug., 21.92; Sept., 21.70; Dec., 21.45; Jan.,
21.42; Mar., 21.30.
On the 10th inst. futures closed 5
points up to 16 points net lower, with sales totaling 63 lots.
Early steadiness in Singapore and reports of friction with
Japan over Dutch rubber supplies, caused light buying
to
develop in the rubber market. Prices during
were irregular.
Near months were firm.
Sales to that time totaled 41 lots.
The Singapore market
closed 1-32 to l-16d. higher.
Local closing: Sept., 21.75;
Dec., 21.44; Jan., 21.39; Mar., 21.15.
On the 11th inst.
early afternoon
futures closed 49 to 55 points net
lower, with sales totaling
96 lots.
The market broke on reports, unofficial as yet,
that the Office of Production
Management will ration the
supply and take buying of imported rubber out of private
hands.
The market this afternoon was 45 to 60 points net
lower.
Transactions to early afternoon totaled 53 lots.
Commission houses were reported to have been liquidating.
Open interest in rubber contracts today stood at 1,902 lots,
a
decline of 27.
Singapore closed unchanged to l-32d.
higher.
Local closing: July, 21.55; Sept., 21.25; Dec.,
20.95; Mar., 20.60.
; ,
^
On the 12th inst. futures closed 28 to 7
points net lower,
with sales
with
totaling 131 lots.
The rubber market
was
steady
bearish and
bullish influences counterbalancing each
The trade heard that rubber allotments would be
increased but on the other hand news from the East on
other.
Japanese-Dutch relations
was
afternoon totaled 54 lots.
lower with July at
Prices
Sales to early
unchanged to 11 points
21.55c., unchanged. Singapore observed
a
holiday.
Local closing: July, 21.27; Sept., 21.02; Dec.,
20.75; Mar., 20.53. Today futures closed 22 to 3 points net
lower, with sales totaling 121 lots.
Further liquidation
caused by possible centralization of
buying in the hands of
a Government
agency was responsible for a moderate decline
in the market.
During early afternoon July sold at 21.15, off
12 points.
Sales to that time totaled 48 lots. The Singapore
market closed steady Is. 32d. to 3s. 32d. lower.
Local
closing: July, 21.10; Sept., 20.80; Dec., 20.65; Mar., 20.50.
unfavorable.
were
,
Hides—On the 9th inst. futures closed 3 to 8
points net
higher, with sales totaling only 15 lots.
In the actual
market, except for some calfskins sold last week, no sales
were
reported.
American dealers have also withdrawn
from
the
South
American
market
but
the
British
were
buyers last week. / Sales to the United Kingdom amounted
to about 95,000 hides,
private cables here estimate.
While
the hide trade awaits the official announcement from Wash¬
ington
the hide price ceiling and the various differentials,
virtually at a standstill.
Local closing:
June, 14.55; Sept., 14.70; Dec., 14.80; Mar., 14.83; June,
14.83.
On the 10th inst. futures closed 1
point higher to
5 points lower.
Only 34 lots changed hands, of which 17
were done in the last hour of
trading.
There was one more
transferable notice issued against the July contract
today,
bringing the total issued so far to 104 notices.
The New
England shoe States, Massachusetts, New Hampshire and
Maine, produced 58,153,936 pairs of shoes in* the first four
months this year.
This represents an increase of 15% over
the corresponding period a year ago, the New
England
Shoe and Leather Association stated today. Local
closing for
hide futures: June, 14.56; Sept., 14.70; Dec., 14.75: Mar.,
14.80; June, 14.80.
On the 11th inst. futures closed 6 to 4
points net higher, with sales totaling 50 lots.
The raw hide
market opened 6 points higher.
Additional gains were
recorded during the morning, and by early afternoon prices
were about 10 to
19 points higher.
Transactions totaled
1,080,000 pounds.
Certificated stocks of hides in ware¬
houses licensed by the Exchange decreased by 1,503 hides
to 266,607 hides in store.
Open interest stood at 1,164
lots, a decrease of 7 lots.
Local closing: June, 14.62; Sept.,
14.74; Dec., 14.79.
on
the market remains
On the 12th inst. futures closed 4 to 9 points net higher.
Despite the discouraging news of the suspension in trading
of the June, 1942, contract, the futures market closed
higher. Transactions totaled sixty lots, of which thirty-nine
lots changed hands in the last hour.
Trade sources were
reported as the principal buyers today, while the selling
originated from commission houses. Trading in the actual
market continued at
a
standstill
as
the trade awaited
news
of the ceiling price.
Local closing: June 14.70; Sept. 14.80;
Dec. 14.83; Mar. 14.93.
Today futures closed 5 points net
lower, with sales totaling only 40 lots.
Raw hide futures
opened about unchanged. Steadiness prevailed throughout
the morning.
Transactions totaled 360,000 pounds. There
were 40,000 pounds tendered for delivery against the June
contract.
Open interest today stood at 1,163 lots, an in¬
crease of two lots.
Local closing: Sept. 14.75; Dec. 14.78.
Ocean
Freights—Owing to acute shortage of tonnage,
charterers find it difficult to obtain carriers to fulfill their
commitments and hand to mouth trading continues to fea¬
ture the freight market.
Charters included: wheat: New
to
York, Philadelphia, Baltimore to Lisbon—June reported at
which
$1.15 per
standard No. 1-X ribbed smoked sheets in cases, advanced
to 22%c. per pound.
The London market cable has been
hundred pounds.
$9 to $11 asked per ton.
Time Charter: West Indies trade,
Canadian trade, $9 to $11 asked
North of Hatteras—South African trade, $7.50 to
South America,
United States
Pacific—Far East, $8.25 per ton.
Scrap iron: Havana to
per
ton.
$8 per ton. North of Hatteras—East Coast
$8 to $9; West Coast, $8 to $9 per ton.
.
The Commercial & Financial Chronicle
3838
Baltimore
or
Chester,
Pa.,
June-July, reported at about
Rio de Janeiro, $9
Montevideo about
$10.50 to $10.75 per ton.
Hampton Roads to Buenos Aires,
$11 per ton.
Hampton Roads to Lisbon, $16.
Hampton
$8.50 per ton.
Coal: Hampton Roads to
to $9.50 per ton.
Hampton Roads to
Roads to Buenos Aires or Montevideo, June,
ton.
Flour: Pacific Coast to Cnina,
Africa to Hatteras, $18
N. S., $12.50 per ton.
$28
per
about $12
per
ton. Ore: South
f. i. o. per ton; Brazil to Sydney,
Philippines to Baltimore, $18 bid.
for anthracite good from all
Pennsylvania anthracite emerg¬
ency committee fixed production for the week ending June 14,
at 1,200,000 tons, equal to five days working time.
This is
the first, time mines have operated five days since the week
ended February 15.
Not only are retail yards increasing
their purchases but consumers are going into the market
to get coal at the current lower spring schedule levels.
A
great number of consumers and retailers believe that now is
the right time to buy as the future appears a bit uncertain
over the ability of railroads to meet the needs if the demand
comes in too large a spurt later in the fall and winter.
Princi¬
pal anthracite producers have informed the trade that prices
on the domestic sizes, egg stove, nut and pea will advance
10c. per ton on June 16.
No alteration in price of steam
sizes is contemplated on that date.
Some companies further
Coal—With
the
demand
sections of the country the
state that the next increase
will be
on
July 15.
Wool—On the 9th inst. futures closed 7 to 8
points net
higher for wool tops, with sales totaling 27 lots or 135,000
pounds, which compared with 95,000 officially reported for
Saturday.
There were only seven lots traded in grease wool,
or 42,000 clean equivalent pounds.
The latter market stayed
within a three-pound range and closed the day quiet and
unchanged to 4 points higher.
Spot grease wool was pfc.
higher at 94.0c. nominal, while spot certificated wool tops
were unchanged at 130.0c. nominal.
Local closing: Wool
Tops:
July, 128.6; Oct. 124.8; Dec. 122.0; March 122.0.
Grease Wool: July 93.9; Oct. 94.4; Dec. 94.4.
On the 10th
inst. futures closed 3 points net higher for wool tops,with
sales of about 50 contracts or 250,000 pounds estimated to
have been made.
In grease wool the only trades were in
October at 94.3c. a pound.
Two contracts, or 12,000
pounds clean equivalent, were sold.
The closing in grease
wool was 1 to 2 points off.
Spot grease wool was quoted
at 93.7c.
bid and 94.3c. asked, against 94.0c. nominal
Monday.
Spot certificated tops were quoted unchanged at
130.0c. nominal.
Boston advised the Exchange here" that
more Government business is expected to be placed today.
Local closing: Wool Tops: July 128.9; Oct. 125,1; Dec. 123.5.
Grease Wool: July 93.7; Oct. 94.2; Dec. 94.3.
On the 11th
inst. futures closed unchanged to 3 points higher for wool
tops, with sales estimated at 35 lots or 175,000 pounds, comlost
for trade accounts.
Earingof the 255,000 officially reported for the previous day.
with business
Spot certifi¬
was
cated tops were unchanged at 130.0c. nominal.
Grease wool
sales totaled nine contracts of 54,000 pounds clean equivalent
weight of wool.
The grease wool market closed steady at
1 to 3 points net advance, with all active months trading on
the close.
Spot grease wool was 93.7c. bid, unchanged, and
94.6c. offered, up 1 point.
Boston reported: "Most of the
recent Australian wool allotment is reported contracted for.
Very quiet on Sumner Street.
Asking prices in a few in¬
stances are reported slightly lower."
Local closing:
Wool
Tops:
July 128.9; Oct. 125.4; Dec. 123.6.
Grease Wool:
Oct. 94.5; Dec. 94.4.,'■
On the 12th inst. futures closed 9 to 10 points net lower
for wool tops.
Sales for the day were estimated at 25 lots
or
125,000 pounds.
Spot certificated tops were 5 points
lower at 129.5c. nominal.
In grease wool the closing was
steady and unchanged to 2 points up. Prices varied little
but sales volume improved.
Sales were estimated at about
28 contracts or 168,000 pounds.
Spot grease wool was
93.9c. bid, 2 points lower.
Boston wired that prices there
indicated a steady market, but with a few sales on the low
side of the recent price range.
Very little business was
reported in the Sumner Street market today. Local closing:
Wool Tops: July 128.0; Oct. 124.5; Dec. 122.6.
Grease
Wool: July 94.0; Oct. 94.5; Dec. 94.6. Today futures closed
14 to 10 points net lower for wool tops, and 5
points off for
grease wool.
The wool top market opened unchanged this
morning.
At the highs of the forenoon active positions
showed no change to a decline of 2 points from the closing
levels of the previous day and at the lows they were 2 to 5
points below yesterday's finals. Bid prices at midday were
4 to 5 points lower. Total sales on the New York
Exchange
to noon were estimated in the trade at about
25,000 pounds
of tops. No sales were reported on the
opening of the grease
wool exchange today.
At the highs of the morning active
positions were 1 point below yesterday's finals. Bid prices
at midday were 3 to 6 points net lower.
Total transactions
to noon were estimated in trade
Japanese
Selling was fairly well scattered with
sources.
profit taking noted at the higher levels.
There was
another notice against the June delivery bringing the total
issued so far to date to 126 notices.
Futures at Yokohama
over the weekend ranged 30 to 11 yen higher and grade D
advanced 15 yen to 1,610 yen.
Spot sales in both markets
amounted to 510 bales, while futures transactions in Yoko¬
hama only equalled 5,950 bales.
Local closing: June 2.95;
July 2.96; Aug. 2.96 H; Oct. 2.97 H;' Dec. 2.97H*
On the
10th inst. futures closed He. off to He. up, with sales
totaling 26 lots.
Silk futures opened lower in response to
easiness in the Japanese markets but rallied to stand half a
cent net higher during early afternoon on a turnover of 17
lots.
The price of crack double extra silk in the spot market
declined half a ceut to $3.01H a pound. Prices on the Yoko¬
hama Bourse closed 12 to 20 yen lower. The price of Grade D
silk in the outside market was unchanged at 1,610 yen a bale.
Local closing:
No. 1 Contracts:
July 2.96; Sept. 2.97H;
Oct. 2.98; Nov. 2.97H; Jan. 2.98HOn the 11th inst.
futures closed unchanged to 1 H«. net lower.
Sales totaled
some
The silk market extended early gains today under
53 lots.
buying inspired by fears of a crisis in the Far East and
firmness in the Japanese markets.
Prices during early after¬
noon were He. to 2c. higher.
Sales to that time totaled 20
lots.
Open interest stood at 1,371 lots, a decrease of seven
Jots.
In the spot market crack double extra silk stood at
S3.03H & pound, a rise of 2c. Yokohama Bourse prices were
6 yen higher to 5 yen lower on the close.
Grade D silk in
the spot market advanced 10 yen to 1,620 yen a bale.
Local
closing:
Julv 2.96; Aug. 2.96 H Sept. 2.97; Oct. 2.97H;
Dec. 2.97H; Jan. 2.97.
On the 12th inst. futures closed 1 to 2c. net lower, with
sales totaling 101 lots.
Silk was heavy following news from
Washington that the Office of Price Administration was
scanning the market and might exercise some form of price
control.
The list was unchanged to 2He. lower during early
afternoon, with July selling at $2.95, off lc.
Sales to that
time totaled 72 lots, an unusually large volume.
Com¬
mission houses were credited with liquidating.
The price
of crack double extra silk advanced lc. to $3.0434 a pound.
On the Yokohama Bourse prices were 12 to 22 yen higher.
Grade D silk in the spot market gained 5 yen at 1,625 yen
a
bale.
Local closing:
June, 2.93H; July, 2.94; Aug.,
2.94H Sept., 2.95; Oct., 2.9534; Dec., 2.95H; Jan., 2.95HToday futures closed 2 to He. net higher, with sales totaling
49
The
lots.
COTTON
Friday Night, June 13, 1941
The Movement of the
as indicated by our tele¬
from the South tonight, is given below.
For the
week ending this evening the total receipts hav.e reached
73,311 bales, against 93,349 bales last week and 65,092
bales the previous week, making the total receipts since
Aug. 1, 1940, 3,584,697 bales, against 6,969,947 bales for
the same period of 1939-40, showing a decrease since Aug. 1,
1940, of 3,385,250 bales.
Receipts at—
Sat.
4,446
Houston
3,044
6,894
5,545
in
Sales
actual
futures
Buying
silk
totaled^ 1,210 bales.
and
the stronger primary centers, raw silk
sharply in a fairly active session today.
principally from trade and then speculative and
advanced
came
6,019
3,117
2,033
3", 532
3",631
13,999
23,781
5.636
9",494
5" 572
180
34,668
138
~543
543
12,752
73,311
2
2
Savannah
Charleston
Totals this week.
14,384
16,337
13,657
7,648
8,533
following table shows the week's total receipts, the
total since Aug. 1, 1940, and the stocks tonight, compared
The
with last year:
Stock
1939-40
1940-41
Receipts to
Galveston
This
Since Aug
This
Since Aug
Week
June 13
1, 1940
Week
1, 1939
13 ,999
676,567
15,596
Brownsville
Houston.
23 ",781 1,352,024
Corpus Christi
149,225
8,588
34 ",668 1,216,601
10,529
138
33,545
BeaumontNew Orleans-
Gulfport
Mobile
180
Savannah
Panama
7,860 1,756,268
41,153
6",047 2,072,138
179,215
70,404
5",383 2,429,329
"32
761
Pensacola
26
"2
47,394
'543
"478
17,003
161,406
54,593
1,882
64,988
29,147
7,100
20,576
38",565
45.971
107
9,721
22,653
164
21,661
3
New York..
Boston
Baltimore
Totals
1941
930,338
1940
654,344
760
942,099
65,501
104,452
456,078
52,902
55,017
1,946
649", 968
827
1,380
147,255
112.446
30,418
21.351
25", 522
38,933
95,034
602,339
60,574
70,327
*
15
City
Norfolk
2Hc. to 3Hc. net
863
2,867
138
Wilmington
Reflecting better buying
Total
Fri.
Thurs.
Mobile—
Lake Charles
Silk—On the 9th inst. futures closed
higher.
July
999
180
Corpus Christi
New Orleans
Wed.
824
4,000
3,932
Charleston
Wool:
Tues.
Mon.
Galveston
July 126.6; Oct.
93.5; Oct. 94.0.
Grease
Crop,
grams
Jacksonville
121.6.
this afternoon after
silk market rallied
raw
opening unchanged, prices standing 1H to 2c. net higher
with July at $2.96, up 2c.
Sales to early afternoon totaled
11 lots.
Thirty bales were tendered on contract. The rally
did not affect the spot market, which was unchanged at
$3.04H a pound.
On the Yokohama Bourse prices were
unchanged to 9 yen lower.
Grade D silk in the outside
market remained unchanged at 1,625 yen a bale.
Local
closing: June, 2.9534; July, 2.95H; Aug., 2.96; Sept., 2.96H;
Oct., 2.96; Nov., 2.96; Dec., 2.96.
quarters at approximately
18,000 clean equivalent pounds.
Local closing: Wool tops:
123.4; Dec.
June 14, 1941
73,3113,584,697
♦Included in Gulfport.
10,000
25,890
13,641
1.727
4,181
7,487
24,267
500
3,027
1,350
20.074 6,969,94712,860,202 2,351,679
Volume
The Commercial & Financial Chronicle
152
In order that
comparison
took
be made with other years,
may
3839
bales out of the ring during the
than 25,000
early trading.
give below the totals at leading ports for six seasons:
we
more
The opening
16 to 22 points net
range was
higher, which proved the maximum highs of the day.
Orleans.
2.790
737
7,860
6,047
5,383
10,687
5,131
5,511
8,466
5,171
1,387
2,244
10,397
6,627
138
Houston
32
354
890
478
657
342
3,368
1,317
26,138
5,271
864
449
646
1
4
25
Mobile.''
o
Savannah
.543
Charleston.—
Wilmington
3
—
107
""106
38
All others
164
885
850
Total this wk.
20,074
>
897
39,972
15,944
27,019
23,331
for the week ending this evening reach a total
bales, of which 12,690 were to Great Britain,
5,650 to Japan, 580 to China, and 354 to other destinations.
In the corresponding week last year total exports were
30,395 bales.
For the season to date aggregate exports
have been 836,445 bales, against 5,853,698 bales in the same
The exports
of
19,274
Below are the exports for
period of the previous season.
all
Exported to—
■
that the
the
on
question of storing
Ger¬
Great
Exports from—
Britain
France
Italy
many
3",827
12,690
Total
r40C
.V—.
5,650
580
354
19,274
1,997
6,338
700
30,395
5,153
289
4,522
6,091
5,363
■v
....
.
16,838
1940
5",031
.
2,639
6,917
1,234
r
Ger¬
Great
1941
Britain
Exports from—
France
Houston.....
Corpus Chrlsti
600
25,505
56,186
179,022
•
.'
....
:
3,573
.
^
'
-
...
-
-
.
28.461
~
mm
-
3,573
-•
27,295
2,313
:<iv-
Los Angeles..
974
Francisco
3,827
Seattle
*
26,981
314
York
Boston
Han
Jf
....
28,461
Mobile
330,653
1,680
2,280
120.556
Norfolk.
.
69,806
45,011
3,947 145.071
1,145
10,558
__
....
23,225
Orleans.
Total
Other
China
Japan
Italy
many
1,927
21,723
172,077
Galveston
New
27,354
1940 to
13,
New
4,227
Exported to—
From
Aug. 1
June
9,684
180
Angeles....
1939
354
1,823
5,363
New Orleans
Total
Total
Other
China
Japan
7,327
....
Total
2,313
6,948
122,990
15,180
6,221
45,690
137
97,832
~
"m-
,
53,843
20,462
-
61,225
137
-
....
....
74,115 289,468
836,445
....
.
:
374,730
Total......
-;...
Total
1939-40 1951,635 823,844
Total
1938-39
.
:
—
876,104 398,018 1159362 5853,698
33,456 611,279
94,539 639,045 3177,078
856,234
446,191 293,344
455,518 392,207
In addition to above exports, our
give
telegrams tonight also
the following amounts of cotton on shipboard, not
us
new crop
against
bales last
1,770
cleared, at the ports named:
On
Shipboard Not Cleared for—
Leaving
June 13 at—•
Ger¬
Great
France
Britain
Other
Foreign
Stock
Coast¬
many
wise
Total
today
were
On the
year.
prices closed 14 to 12 points net higher.
parties
Total sales of
cotton.
spot cotton in the leading spot markets
bales,
were
Department of Agriculture would hold conferences
this week with warehousemen and other interested
23,798
10th inst.
Reports of wide¬
spread damage to cotton in the Southwest by prolonged and
excessive
rains, caused both trade and Wall Street buying
new
high marks for the
Late this afternoon the market
was 10 to 13 points
The opening range was 1 point higher to 3
points lower compared with previous finals.
During the
first hour the market registered net gains of 5 to 8 points with
both Dec. and Mar. selling at new high prices for the season.
Spot firms sold Oct. and Dec., supposedly liquidation
against acquisition of spot cotton.
A certain amount of
hedge selling came into the market, a normal development.
Trading was active.
In the face of heavy prof it-taking the
market not only maintained its rise, but added to it during
the second hour, with maximum gains of as much as 9 points
registered.
Spot interests were free sellers of Mar. and May
on the advance and succeeded in checking it although de¬
mand continued excellent.
On the 11th inst. prices closed
16 to 19 points net higher.
Urgent buying by mills to cover
net
June 13, 1941
Trade houses
There were reports from Washington
heavy buyers.
season.
Week Ended.
Los
Bombay brokers bought about
nears.
today which advanced prices to
the week.
Houston
was
15,000 bales, mostly Mar. and May.
also
3,361,432 7,024,307 6,209.625 6,638,229
Since Aug. 1__ 3,584,697 6,969,947
light and the market was steady
day, with the distant months showing relatively more
selling in the aggregate
strength than the
1,090
807
73,311
-
However, the hedge
selling by Memphis brokers.
some
871
1.248
""180
Norfolk
Sub¬
sequently the market sold off on heavy profit-taking and
13.999
23,781
34.668
Galveston
New
1935-36
1936-37
1937-38
1938-39
1939-40
1940-41
Receipts at—
higher.
forward
caused
commitments
cotton
futures
to
make
a
trading into new high ground.
Prices during early afternoon were 9 to 17 points net higher.
The opening was at the highest prices since Apr. 9, 1937,
initial gains ranging from 9 to 14 points.
Mill buying in
new
crop months was almost urgent.
It was related to
further activity in the Worth Street goods market yesterday.
Mills sought to protect themselves against further possible
price advances by purchases of contracts.
Some buying
also was attributed to foreign interests, mainly Japanese
and Bombay sources.
Shorts covered nearby positions.
Buyers complained that the supply of contracts was scarce.
Hedge sales and professional selling were the principal
sources of offerings.
Bad weather in the Southwest was the
immediate incentive for buying cotton, but in the back¬
ground was the Government's high loan policy.
fresh
advance
in
active
On the. 12th inst. prices closed 6 to 10 points net lower.
bulls suffered their first setback of the week when
Cotton
after it had
During early
points.
Fol¬
sold at new
high prices for the season during the early trading.
Initial
gains ranged from 1 to 8 points. They soon, were extended
to a range of 5 to 10 points.
Business was quite active
profit-taking turned the market back
up to new high prices for the season.
afternoon prices were up 1 point to down 11
lowing its recent pattern, the cotton market
heavy
3,000
Galveston
Houston
"200
1,885
Orleans
New
3.000
—
2,085
Savannah
500
Charleston
"500
Mobile
Norfolk
Other ports—
-
Total 1941Total
1940
Total
200
1,885
4,087
4,333
1939
—
3",800
1,160
7,444
5",289
9,569
-
•
3,500
2,000
6,422
927,338
942,099
453,993
147,255
29,918
55,017
25,890
273,107
5,585 2,854,617
17,331 2,334,348
26,773 1,767,893
Speculation in cotton for future delivery has been quite
active
this
week,
especially during the early part of the
period, when the market showed substantial gains.
ever,
the
How¬
upward trend was checked temporarily at least
yesterday, due to uncertainties regarding developments on
From Washington there was
price-fixing and loan policy.
word
definite
no
to
as
whether
ceiling
prices would
be
placed on gray goods* but the impression gained ground
when sufficient study had been made
there would be
that
of the gray goods market,
On the 7th inst.
The
closing
since
as
at the best levels of the day.
was
Apr., 1937,
were
to
increased volume of trade buying,
a bale.
A rush of buying in
cotton gray goods market late Friday
Street
caused mills
market
an
gains of 90c. to $1.30
Worth
the
to
place protective purchases in the futures
today against textile sales calling for deliveries in
the third and fourth quarters
The
demand for futures
months, which
tations
were
were
the session.
in
higher.
the
relatively firm.
local
at advancing prices.
At the opening,
quo¬
these offerings had been
the market developed an advancing
As
however,
tendency and
year
liquidation of about 5,000 bales depressing
nearby deliveries.
absorbed,
of the
contracts entered in the forward
3 points lower to 5 points higher, with com¬
mission house
net
Highest prices
established in the local market today,
prices responding to
rose
which has continued to advance.
prices closed 17 to 26 points net higher.
soon
as
the uptrend during the remainder of
On the 9th inst. prices closed 8 to 17 points
was on
New high prices for cotton were established
market
as
Bombay
brokers
and
the
trade
moved
in the
Trade and mill interests were strong
early dealings.
buyers of the near months.
Wall Street commission houses
were
buyers of forward deliveries, while Bombay brokers
were
on
both sides but were noted as active sellers of
March and May contracts.
After the market had hit new
highs selling pressure increased in such volume that prices
fell off rapidly.
prices closed 12 to 15 points net higher.
Today
After
dawdling along all morning the cotton market came to life
short covering developed the fact that
contracts were scarce.
Prices recovered about $1 a bale
this afternoon when
from
early
afternoon.
were
1
lows,
standing 8 to 15 points higher in late
The opening was quiet and steady.
interests
were
First prices
points higher.
Trade and mill
moderate buyers of the near months, while
point lower
to
2
Bombay wanted forward positions.
On the other hand the
South continued to sell hedges and a certain amount of
liquidation
was
continued
to
After the first call
reported.
of the market turned
weigh
definitely downward.
on
the trend
Selling orders
the market all morning, while the
buying was not aggressive.
Around noon the market was
at the lows of the forenoon, Avhen sufficient demand ap¬
peared to admit of a moderate rally.
In the absence of any
better explanation, traders pointed to the possible crisis
between Japan and the Dutch East Indies as a signal to
observe caution.
The official
quotation for middling upland cotton in the
New York market each day for the past week has been:
Sat.
Mon.
Tueg.
Middling upland 15-16 (nom'l). 14.01
14.05
14.21
June 7 to June 13—•
Wed. Thurs.
14.46
14.37
Fri.
14.57
Premiums and Discounts for Grade and Staple—The
following table gives premiums and discounts for grade and
staple in relation to the grade, Basis Middling 15-16 inch,
established for deliveries
and discounts for
on
contract on June 19.
Premiums
grades and staples are the average quota¬
tions of 10 markets, designated by the Secretary of Agri¬
culture, and staple premiums and discounts represent full
discount for
inch and 29-32 inch staple and 75% of the
The Commercial & Financial Chronicle
3840
June 14, 1941
15-16 inch cotton at the 10 markets
average premiums over
on June 12.
'■
Open
June 6
New Vork
June 7
Contracts
June 10 June 11 June 12
June 9
June 12
X
29-32
15-16
31-32
Inch
Inch
Inch
Inch
1 Inch
and
1941—
Up
:
July
9,700
21,300
15,500
White—
on
.61
.49
on
.56
on
.64 oh
.43
on
.49
on
.58
on
January
on
.37
on
.46
on
March
.06
on
.14
on
May
.43 on
.26
on
,37
on
Good Middling..
.20
on
.31
on
Strict Middling.
.08 on
.19
on
.30
Middling.....—
.22 off
.11 off
Middling Fair*
;
Basis
.70
on
on
.71 off
.61 off
.51 off
.45 off
1.36 off
1.31 off
1.27 off
12,600
15,400
19,300
11,800
110,800
33,700
29,200
29,200
34,000
47,600
50,300
40,400
303.800
56,700
2,100
22,600
10,800
2,100
37,800
24,100
200
27,000
2,000
37,100
20,100
1,100
32,500
13,300
25,400
335,000
100,600
461,300
1942—
1.23 off
—
— ...
—
-
23,800
.36 off
1.42 off
Strict Low Middling
Low Middling.........
December
.55
.33 on
Strict Good Middling...
15,600
32,300
31,000
V 100
11,400
7,300
...
October
65,300 114,400 166,700 129,600 155,300 149.400 1,342,900
Total all futures
Extra While—
Good Middling........
.20
on
.31
on
.43
on
.49
on
.58
Strict Middling
.08
on
.19 on
.30
on
.37
on
.46
on
Middling...
.22 off
.11 off
Even
.06 on
.14
on
.71 off
.61 off
.51 off
.45 off
Open
Contracts
on
.36 off
Strict Low Middling
1.36 off
1.31 off
1.27 off
.23 off
1.42 off
Low Middling
.11 off
.05 off
.36 off
t*
Middling..
.23 off
.18 off
.11 off
.84 off
eoo
Strict Middling
on
.72 off
.65 off
500
New York
34,250
107,550
88,700
15,500
9,450
13:700
5,250
82,750
23,400
68,150
55,950
340,05q
3,950
2,150
7,350
9,600
5.350
4,900
200
200
100
March
6:300
4:950
4,850
May
2,200
2,150
600
14,450
4,100
26,550
16,900
20,050
52,800
1942—
Total all futures
Quotations for 32 Years
quotations for middling upland % (nominal) at New
York on June 13 for each of the past 32 years have been
1,550
20,900
14,550
1,150
7,300
December
January
culture establishes a
2,200
18,200
13,650
2,250
25,450
15,400
October
.59 off
tenderable only when and If the Secretary of Agri¬
type for such a grade.
;
Middling spotted shall be
a
June 10
June 9
June 10
July
.03
June 7
June 6
June 5
1941—
1.23 off
Spotted—
Good Middling.
a
June 4
New Orleans
3,400
The
follows:
as
1933
9.25c.
1932.—.. 5.35c.
1931
8.95c.
1930
13.45c.
1929 ..—18.80c.
14.57c.
1941*
1940 -.-.10.86c.
1939-..- 9.97c.
1938
8.39c.
1937
12.51c.
1936
-12.23c.
1935
11 95c.
1934— -11.70c.
*
.....
1928—21.00c.
1927 —16.90c.
1926 —18.20c,
1941 quotation is for
1925
1924
1923
-
—29.75c.
—29.10c.
—
—22.40c.
—
—11.85c.
—39.25c.
—32.75c.
—30.40c.
1918- —25.30c.
1922
1921
1920
1919-
..
—
The Visible
Supply of Cotton—Due to war conditions,
are not permitted to be sent from abroad.
We are therefore obliged to omit our usual table of the
visible supply of cotton and can give only the spot prices
at Liverpool.
1917
—
1916
1915
1914
1913
1912
—12.85c
9.85c.
—13.40c.
---12.35c.
— —
—
—
—
—
1911
—
1910
—
—11.90c.
—15.60c.
—15.15c.
--11.40c.
]5-l6ths.
Market and Sales at New York
•
each day during the
following statement.
the convenience of the reader we also show how the
market for spot
and futures closed
on
the
days:
same
Interior
the
At
1939
1940
7.25d.
1941
June 13—
1938
5.76d.
4.69d.
3.82d.
7.85d.
4.35d.
5.46d.
8.34d.
6.04d.
4.44d.
3.89d
the
movement,
Closed
Middling upland, Liverpool
Egypt, good Giza, Liverpool
Broach, fine, Liverpool.Peruvian Tanguis, g'd fair, L'pool
C. P. Oomra No. 1 staple, super¬
fine, Liverpool
The total sales of cotton on the spot
week at New York are indicated in the
For
statistics
cotton
;
■.
.
15.30d.
8.34d.
11.32d.
10.40d.
Towns,
6.33d.
5.64d.
the
that is,
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
detail below:
Futures
Spot Market
Closed
—
Total
Closed
.
Nominal
Neminal
—
Nominal-
600
Steady
Very steady—
—
Nominal
Week
3,400
119,609
week.
13
800
400
5,478
Ala., Birm'am
Eufaula
■i
2,544
3.400
58,200 177,809
Selma
363
Ark.,BIytbev.
Forest City
56
'
prices at New
33
230
7,690
72
74,515
572
51,567
120,858
562
16,531
66,930
29,170
171,141
32,303
25,324
838
70,396
299
2,246
28,412
41,111
9,288
113,588
926
100
1,392
64
54,414
1,007
Bluff.
1,039
166,069
3,260
65,788
14,981
443
1,227
3,794
36,457
139,411
200
1,040
Jonesboro..
2
Little
Siaturday
Monday
Tuesday
June 7
June 9
June 10
Wednesday
June 11
Thursday
June 12
Friday
Pine
June 13
Walnut Rge
-
1,253
Ga., Albany..
June{ 1941)
Athens
Range..
Atlanta
13.51*
13.43*
Closing.
13.65*
13.84*
13.75*
13.23-13.42 13.48-13.59 13.49-13.63 13.70-13.83 13.71-13.91 13.70-13.90
..
Closing
13.41
.
—
13.49-13.50 13.63
—
13.82-13.83 13.73
_
August—
13.92*
13.85*
13.98*
u
October—
Closing.
NovemberRange..
Closing
13.61*
.
13.72*
13.86*
14.03*
13.96*
J
Closing
13.47-13.67 13.73-13.83 13.77-13.92 13.96-14.10 13,95-14.17 13.96-14.15
13.77-13.78 13.91-13.92 14.10 —
—
14.02-14.03 14.14-14.15
Jan.
13.67
.
(1942)
.
February—
S*. C., Gr'vllle
Tenn., Mem's
Texas, Abilene
Brenham.
Robstown..
13.60*
»
13.81*
13.93*
14.13*
14.05*
14.18*.
13.48-13.69 13.78-13.86 13.83-13,97 14.01-14.17 14.01-14.21 14.01-14.20
13.67-13.69 13.84 —
13.97 —
14.16-14.17 14.06-14.08 14.20
Range..
Closing.
April—
163,312
16,500
38,804
16,726
108,502
165,696
110,828
1,366
334,601
1,094
1,598
44,149
171,026
to •
600
3,978
2,103
200
2,500
500
/
179
681
925
3,984
v
14
254
313
375
1
74
.
Waco......
Total,66 towns
300
1,639 122,646
25,600 3435,161
/'
26,954
7,422
15,730
52,314
76,222
6,518
102
224
1,916
8,840
1,547
17,348
36,251
596
151
54,990
41,102
708
31,023
1,201
51,841
13,268
4
107
210
13,003
13,763
30,971
4,624
584
70,189
589,400
9,450
1,430
1,129
32,189
22,739
5
J- •'
37,210
56,710
46,963 6511,990
27,995
200
4,406
471
29,500
716
22,433
240,748
34,254
7,258
27,929
48,170
8,725
851,253
13,361
256
76
96,242
74,461
1,992
500
1,560
1,813
41,567
27,479
2,409
M «•
San Marcos
Texarkana
458
97,982 7968,032 151,527 2499,999
.
Dallas.....
Paris
Range..
Closing
March—
15 towns *_
Austin
13.48-13.65 13.73-13.83 13.79-13.89 13.98-14.10 14.04-14.11 13.97-14.15
13.79 —
13.65 —
14.10 —
13.89 —
14.04
14.17*
Range..
Closing
2,560
200
38,643
16,475
144,024
153,245
3,778
3,969
202
«.
Mo., St. Louis
N.C., Gr'boro
Oklahoma—
.
December—
Range..
Yazoo City.
14.08*
5,261
27,100
10,788
37,020
103,351
500
199,094
Vicksburg..
13.35-13.50 13.63-13.75 13.67-13.81 13.85-13.98 13.82-14.07 13.86-14.04
13.67 —
13.55 —
13.81 —
13.97-13.98 13.91 —
14.03-14.04
Range..
284,489
33,438
177
15,305
40,188
164,005
9,960
78
13.75*
3,003
262
1,279 459,138
1,889 125,674
50,941 4401,510
395
47,154
20,182
15
10,953
76,041
1,664
5,220
84,654
6,778
18
9,019
192
62,347
506
46,156
Natchez...
13.61*
38,259
62,966
156
100
13,51*
2,163
65,708
'
8,747
500
Jackson....
Closing.
100
'
376,442
5,021
Greenwood.
Range..
13.93*
33,800
1,433
'
56
September -
13.79*
13.87*
200
38,699
141,088
2,471
100
13.69*
545
199
2,435
119
644
r
10
639
Columbus..
13.55*
7
555
33,691
36,165
31,819
24,101
121,979
22,049
13,980
1,932
1,001
13.46*
23,136
114,993
22,753
51,301
29,473
12,555
75
481
i
8,703
Miss., Clarksd
Closing.
148
4,596
981
16,163
197,250
25,600
5,553
20,229
33,093
534,799
20
Rome
La., Shrevep't
Range..
60
151
Macon
13.88-13.89
14
192,673
29,400
38.748
33,901
60,531
47,974
27,866
56,120
12,410
9,433
9,379
23,695
2,840
Columbus..
Range
64
15,255
13,963
Augusta...
July—
14
452
642
15,736
60,047
25,918
141,827
39,909
603
355
Hope.—..
1
51,542
Rock
'■«
June
83
60,337
43,053
13,226
136,132
Helena....
Stocks
Week
Season
46,390
6,503
91,532
48,113
92,564
24,568
4,499
109,705
Newport-
Futures—-The highest, lowest and closing
York for the past week have been as follows: •
Week
500
,mr m
Ship¬
ments
Receipts
June
Week
Season
Stocks
ments
700
Montgom'y
Since Aug. 1
Ship¬
Receipts
400
700
500
800
400
Towns
600
400
Movement to June 14, 1940
Movement to June 13, 1941
Total
Contfct
Spot
Very steady
Steady
Steady
Very steady
Nominal-..-..
Nominal
Saturday.
Monday....
Tuesday.
Wednesday.
Thursday—
Friday
SALES
Market
-
505
1,954
1,138
-
5
47
I)
—.
55
508
12
:
572
'
^
^
1,078
"57
22,595
12,709
23
76,224 2190,925
Range..
Closing
/
13.68*
-
13.84*
*
13.96*
14.15*
14.07*
14.21*
*
13.46-13.68 13.77-13.90 13.81-13.<
13.68
13.84
13.96*
Range..
Closing
n
.
14.01-14.15 14.02-14.21 14.01-14.22
14.15
14.07
14.22
Nominal.
^
;
Range for future prices at New York for the week ended
June 13,1941, and since trading began on each option:
Option for—
Range for Week
Range Since Beginning of Option
1941—
June...—-
13^23 June"_7
July.
August
September
13.91
June 12
Includes the combined totals of 15 towns in Oklahoma.
The
8"59 Aug." ~
7 1940 13.91
June'
12 1941
above
decreased
totals
show
that
during the week
the
interior
stocks
have
bales and are tonight
309,074 bales more than at the same period last year. The
receipts of all the towns have been 51,019 bales more than
in the
same
53,545
week last year.
Overland Movement for the Week and Since
We
give below
Aug. 1—
statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
reports Friday night.
The results for the week and since
a
Aug. 1 in the last two
years are as
follows:
„
October-
I§:3"5 June"7 14.07Junei2 "iYo"oct.'iaTmo iirdf June" "12" 1941
December— 13.47 June
7 14.17
June 12
9:28 Dec. 19 1940
14"l7 June"
12 1941
1940-41—
Since
June 13—
Shipped—
1942—
January— 13.48 June
7 14.15 June 13
9.49 Feb.
17 1941 14.15 June
April. _•—.
May-
—
I3.~46June" ~7
Via Virginia points.
Via other routes, &c
14.22 June 13
i3"l6 May""l9l94i
102
"June" 13Y941
164
331
2,285
10,080
818,817
.27,672
27,672
831,182
5,040
381,837
4,873
712,188.
32,919
1,201,879
ii.'
.
.
718
3,394
Deduct ShipmentsOverland to N.
.
Cotton
1,543,370
488
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.
7,540
.27,341
Via Rock IslandVia Louisville
Volume of Sales for Future Delivery—The Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
Since
Aug. 1
.32,545
.
i3~48June""7 14:21 JuneTi I6.~43 Mar'iV 1941 \l~2i"June" "12*1941
March
1939-40
Week
536,206
268,555
24,028
25,716
160,795
528,070
.13,980
6,425
13 1941
February
Aug. 1
Week
Total to be deducted——
.
♦
Including
movement
by rail to Canada.
8,747
3,625
374,153
257,200
100
22.323
12,410
9,075
173,023
757,855
37,959
1,583.716
3" 164
155
21,683
8.904
4,721
351.250
Volume
The
this)
The Commercial & Financial Chronicle
152
foregoing shows the week's
year
has
the 'week
last
been
4,8*73
bales, against
32,919 bales for
season to
date the
year, and that for the
overland exhibits a decrease from
aggregate net
of 489,691 bales.
In
net overland movement
EXPORTS
a
•
OF
COTTONSEED
PRODUCTS
MONTHS ENDED APRIL
Items
'
■
FOR
30
Sight and Spinners
Takings
1939-40
;7'''
1941
73,311
4,873
-
Aug. 1
3,584,697
712,188
7,842,000
Southern consumption to June 13-190,000
Week
Data for
—
Linters, running bales
6,659
268,403
April
Imports—Oil, crude, pounds*
6,969,947
1,201,879
6,447,000
20,074
32,919
135,000
11,770,038
—
Cake and meal, tons of 2,000
pounds
Aug. 1
not yet
—
Oil, refined, pounds*
,
9,833*834
available
Cake and meal, tons of 2,000
pounds
8,238
47,274
Linters, bales of 500 pounds
Pi"
Total
marketed
268,184 12,138,885
Interior stocks in excess
*53,545
541.422
Excess of Southern mill takings
ik over consumption to June 1
0522,278
187,993
*29,261
Came into sight during week
Total in sight June 6
158,732
13,602,585-
North, spinn's' takings to June 13.
♦Decrease,
a
To May
75,144
2,656,722
Week—
Bales
May 31, 1941, loans outstanding on 1940-41 crop cotton
by the Commodity Credit Corporation and lending
agencies aggregate $60,042,903.74 on 1,241,945 bales.
Cotton loans completed and repayments on loans
by States
years:
Since Aug. 1—
--.-136,185
109,702
134,485
consumption," "withdrawn
or^'entered for warehouse."
held
1,530,818
1.
Movement into sight in previous
1939—June 15
1938—June 17
1937—June 18
—
25,231
was "entered for
CCC Reports on 1940-41 Cotton Loans—The
Depart¬
ment of Agriculture announced on June 6 that
through
15,014,231
—
During May, 1941 no cottonseed oil
from warehouse for
consumption,"
a620,488
214,639
—
14,618,826
*225,083
*
1937
1936-
follow:
Bales
10.301,326
---14,508,200
14,020,136
1938
-
''-77
;
7>
Total Loans
Bales
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
Southern principal cotton markets for each
day of the week:
Repayments
Amount
Bales
Salurday
Monday
Tuesday
Wednesday
123,247
71,092
128,448
Calif...
Ariz
•
15-16
%
15-16
%
15-16
%
15-16
K
15-16
%
In.
In.
In.
In.
In.
In.
In.
In.
In.
6,086,448.20
116,926
386.132
19,239,441.38
150,170
151
7,320.73
25
184,721
8,832,963.03
7,577,800.87
3,546,302.79
118,257
155,280
Miss
In.
77,199
...
Mo
13.06
13.18
Okla
13.63
13.13
S.C....
13.53
13.48
13.30 13.50 13.40 13.60 13.55
13.88
-
Montgomery. 13.05 13.25 13.15
Tenn—.
Texas
13.95
13.35 13.25
13.56 13.81 13.64 13.89 13.68
12.80 13.05 12.90 13.15 13.05
6,205,093.54
734,165.00
85,761
77,983,971.28
920,891
13.65
33,573.35
528
591,757.14
251,826.69
4,651
2,821,017.68
9,893,720.44
29,136
142,751
12,900
$
4,514,417.73
2,175,061.10
28,848
1,380,491.90
24,595
1,149,837.97
11,522
538,289.80
235,962 11.759.746.60
5,548,158.40
7,479,694.78
1,185.37
5,673,936.88
6,676,881.19
126
6,135.36
66,464
3,159,026.15
1,001,919.68
438,677.44
121,395.30
37,700.58
1,427,823.29
3,161,005.18
20,864
8,868
3,107,725.35
470,361.84
214,126.11
1,393,194.39
2,588
822
30,321
67,257
37,075
6,732,715.26
4,276,525.22
622,412.07
44.172,040.67
24,870.72
1,928,568.32
2,230
111,752.93
704,232 33.811.930.61
171
8,702.63
14.18
Memphis
-.
Va
13.75
Augusta
68,331
10,150
699
N. C...
13.61
134,416
12,738
5,473
59,457
210,008
122,836
15,130
1,625,123
N.M...
Norfolk
94,399
46,497
Ga
15-16
In.
Galveston
12.84 13.04 12.92 13.12
New Orleans. 12.88 13.08 13.09 13.29
Mobile
12.91 13.11 12.99 13.19
Savannah
13.26 13.41 13.35 13.50
5,894,909.63
3,324,899.07
La..—.
Friday
June 13
%
Amount
-j—
Ala
Fla
In.
Bales
—.—
on-
Thursday
Loans Outstanding
Amount
8
Ark-__.
Closing Quotations for Middling Cotton
777" U
States
Below
Week Ended
ft)
1940
4,761,300
Oil, refined, pounds.-—
Since
Week
NINE
;
Exports—Oil, crude, pounds
1940—41
Since
at ports to June 13
Net overland to June 13
IMPORTS
;
year ago
"
Receipts
AND
3841
Houston
12.88 13.08 12.96 13.16 13.08
Little Rock— 12.60 12.80 12.70 12.90 12.95
13.57
Dallas
Total. 3,177,734 153,025,211.82 1,935,789 92,982,307.08
1,241,945 60,042,903.74
13.38
New Orleans Contract Market—The
for
leading contracts in the New Orleans
the past week have been
as
It is also
13.40
12.66 12.80 12.74 12.99 12.88
closing quotations
USDA
cotton market for
Cotton
follows:
Saturday
Monday
Tuesday
June 7
June 9
June 10
Wednesday
Thursday
June 12
June 11
1941—
June 13
13.43
13.546-.56a 13.636-.64a 13.82
13.726-.74a 13.876-.89a
October.,- 13.59-13.62 13.73-13.84 13.86
14.03
13.94
14.07-14.08
December. 13.71
13.85-13.86 13.97-13.98 14.15-14.16 14.06
14.18-14.19
July
1942—
--
March
13.71
13.856
13.73
January
13.90-13.91 14.03
13.976
May..-.. 13.70-13.71 13.91
14.156
14.066
14.186
14.21-14.22 14.12
14.27
-—
14.21
14.04
14.28
—
14.12
Tone—
Spot
Steady
Steady
Futures...
Asked
a
b Bid.
Census
June
Steady
Steady
n
Steady
Steady
Very st'dy Very st'dy
Nominal.
Report
Steady
Steady
Very
'
st'dy
:
•
.
/Cottonseed Oil
on
Steady
Production—On
the
12
Bureau of the Census issued the
following
showing cottonseed received, crushed, and on
hand, and cottonseed products manufactured, shipped out,
on hand, and
exported for the ten months ended with May,
statement
1941 and 1940:
Received at Mills *
Crushed
Aug. 1 to May 31
State
Aug. 1 to May 31
1941
1940
1941
May 31
1941
Extends
Products
210,981
80,362
Arkansas
530,362
California
201,428
410,695
—
Georgia
Louisiana
--
Mississippi
Oklahoma
236,430
South Carolina.--
269,753
Tennessee
396,558
Texas--—-
1,077,161
-
All other States
119,520
197,805
88,991
452,223
132,545
488,403
274,360
North Carolina
200,183
80,250
164,448
383,205
219,932
617,491
166,874
153,385
235,493
476,620
179,499
375,442
131,457
464,280
266,608
236,037
264,460
334,808
351,716
903,852 1,057,861
107,902
116,756
209,455
91,615
436,138
161,697
392,698
1939-40 program, excluding car strips and spinnable waste in both cases.
However, the actual exportation of cotton products under the 1941 program
has not kept pace with the increased rate of sale, due to the
scarcity of
shipping space occasioned by war and delays in obtaining deliveries of cotton
goods from manufacturers.
,7
This extension of the final date for exportation will give exporters
greater
opportunity to find shipping space and to obtain deliveries from manu¬
facturers to fill foreign orders.
,
i BSfflWgT*1mt*——
;
••.rag.
replanting is required in the north
r
and northwest.
59,297
20,140
24,998
36,385
7,624
-
-
-
—
-
3
Corpus Christi
901
35,047
2,985
Del Rio
706
45,968
2
*
4,428,558 4,028,787 4,198,791 4,052,685
268,609
96,728
respectively.
Houston
San Antonio
PRODUCTS
MANUFACTURED,
ON
SHIPPED
OUT,
AND
HAND
Produced
.-
Little Rock
Crude oil, lbs-—,
1940-41
1939-40
Refined
1940-41
oil, lbs.
1939-40
Cake
and
1940-41
meal,
1939-40
tons
Hulls, tons.——,
1940-41
1939-40
Linters, running
1940-41
Aug. 1 to
Aug. 1 to
On Hand
May 31
May 31
May 31
*37,351,577 1,356,196,561 1,334,584,037
72,066,763 1,291,722,061 1,308,211,707
0493,658,107 &1219 001,734
560,035,317 1,192,132,389
79,501
1,865,305
1,689,778
119,718
1,836,486
1,827,031
20,914
1,056,312
881,334
77,087
1,029,163
1,060,207
129,340
1,146,951
1,0.50,549
1939-40
Hull
—
—
fiber,
1,046,190
129,173
195,892
1,280,472
245,034
.
1940-41
1,215
33,795
32,817
28,962
50,185
«fcc.f 500-lb.
bales.-
—
i--—
•
12,449
45,306
48,123
47,613
10,142
60,187
18,578
1940-41
;
■
30,642
Includes 15,683,017 and 44,146,773 pounds held by refining and
manufacturing
and 8,340,320 and 18,015,090 pounds in transit to refiners
and
7-:
68
73
76
SO
65
79
67
80
64
77
72
75
76
61
-;
86
89
90
90
93
99
93
91
:
57
61
•v
62
72
66
7.1-:
"
81
80
68
84
62
78
81
0.31
94
1.25
1.15
69
69
70
75
;
72
86
0.53
95
72
3
0.85
100
71
86
2
0.39
68
83
4
97
99
2
...
2
dry
Atlanta
-
Augusta
Raleigh.
--
-
Chattanooga
-—
66
70
83
97
1.49
97
69
2.56
86
95
57
83
72
3
0.84
dry
-
—
84
2.66
0.18
-
-------
-- -
85
;>■'
4
-
—
W il mington
86
2
_
Carolina—CharlestonNorth Carolina—Asheville.—
Tennessee—M emphis
83
4
-
Macon
South
2
.
84
61
83
7; 7
78
75
80
67
93
2
-
0.15
0.21
93
65
79
4
_
Nashville
1.20
94
68
81
64
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:
June 13,1941
Aug. 1, 1940 and May 31, 1941 respectively.
Vieksburg.---
June 14,1940
Feet
'•
oleomargarine, soap, &c., Aug. 1, 1940 and May 31, 1941 respectively.
^Produced from 1,290,141,433 pounds of crude oil.
78
57
90
;
•*,
:• 84
82
58
77
4.02
Tampa.
a Includes
12,623,312 and 4,205,583 pounds held by refiners, brokers, agents
and warehousemen at places other than refineries and manufacturing
establishments
and 4,064,378 and 7,650,222 pounds in transit to manufacturers of
shortening,
7- 77
v
92
2.77
0.49
1.07
establishments
consumers
f
96
101
94
.-
.-
Miami
3,708
1939-40
78
63
2
-
68
64
2
2
-
Birmingham
Montgomery.
2,193
24,931
2 iJ'-V
— ---
Florida—Jacksonville
46,043
225,742
1939-40
500-
lb. bales
479,316
255,028
3
-
-
77
:
92
3.08
0.60
1
3
Mississippi—Meridian.
Vieksburg
*97,102,627
98,842,962
a422,442,586
600,480,352
Grabbots, motes,
*
3
6
—
Louisiana—New Orleans-—
Shipped Out
On Hand
Aug. 1
Season
0.67
6.32
1.75
1.72
4
Oklahoma—Oklahoma CityArkansas-— Fort Smith
Alabama—Mobile
Item
7.78
3.93
2.54
0
.-
81
51
7 72
5
..
Mean
73
90
4
.-
Low
7
75
3
.-
Navasota
v;
92
0.66
4
.—
Shreveport
COTTONSEED
H
dry
Ft. Worth
..
Includes 665 tons seed destroyed at mills in 1941 but not 39,507 and
120,626
on hand Aug.
1 nor 50,731 and 35,224 tons reshipped for 1941 and 1940
tons
85
91
90
97:
89
91
92
El Paso
499
1,561
16,595
17,237
1.58
3.79
3.34
1.15
1.87
2
..
88
-
v.;
Brownsville. J-
21,240
4,555
Thermometer
—
High
2.35
Austin
Waco
United States
Inches
.-
230
5,809
107,874
-
-
4,698
1,342
30,637
11,362
618,044
163,568
153,683
234,832
321,149
941,683
Texas—Galveston
Amariilo---
Rainfall
Days
;t:- 4
4 :7.":
1,643
120
220,249
-m
by Telegraph—Telegraphic advices to us this
evening indicate that in Texas progress of cotton has been
only fair.
There hr~
~ x
*
A
and considerable fur
1940
13,758
1938
Time for Exporting Under 1940-41
Export Program—The Department of
Rain
Alabama
Arizona
the
May 31 totaled 110,408 bales.
Returns
(TONS)
On Hand at Mills
1940
loan repayments in
Sales and deliveries of cotton products under the program, as of May
31,
1941, amounted to the equivalent of about 523,000 bales of lint cotton, an
increase of approximately 30% over the like period of last year under the
.
COTTONSEED RECEIVED, CRUSHED, AND ON HAND
that
Agriculture announced on June* 6 that the final date for
exporting cotton products under the 1940-41 Cotton Products
Export program has been extended from Oct. 31, to Dec. 31,
1941.
The 1940-41 program, to encourage the
export of
cotton products manufactured from cotton
grown in the
United States, was begun by the Surplus Marketing Ad¬
ministration July 1, 1940.
It is pointed out that cotton
products, to be eligible for export payment, must have been
sold for export or delivered for export on or before June
30,
1941.
The Department also states:
Friday
kyy
:•
announced
cotton loan for the week ended
Feet
"
of gauge.
2.0
3.8
-----Above zero of gauge.
11.3
NashviUe.
------Above zero of gauge.
11.8
13.5
11.2
Shreveport.
-
gauge.
20.1
12.0
Above zero of gauge.
4.5
New
Above
Orleans
Memphis
Above
zero
zero
of
Q
Q
1
The Commercial & Financial
3842
Ifm><■*«
nh
11
jft.
m
/•»
I
rust spread,
stimulated buying. Harvesting has
delayed in many areas, with rain-soaked wheat matted
on the ground in some instances.
The fact that the Gov¬
ernment is x>reparing to grant loans on a basis of $1.15 for
deliverable grades also remained a potent market factor in¬
asmuch as this is expected to keep much grain out of trade
at least as long as prices remain below loan levels.
On the
9th inst. prices closed 1 to l%c. net higher.
Buying orders
accumulated over Sunday, and inspired partly by rain that
soaked some sections of the wheat belt where harvesters
should be at work, gave wheat prices here a quick advance
of as much as 2%c. at the opening
today. Thereafter
the market labored within a range below early highs of
*
Receipts from Plantations
Stocks at Interior Towns
Receipts at Ports
Week
U
An
End.
1940
1941
1939
1940
1941
1939
1940
1941
Mar.
67.486
74,870
44,562
87,760
Apr.
32,958
82,552
30,348
14,414
38,925
Nil
7.925
25,073
Nil
Nil
11,165
Nil
20,824
13,145
Nil
25,323
Nil
18.
68,555
46.094
25.
61,959
50,671
12,397 2848,100 2454,769 2795,440
36,091
35,572
41,104
39,262
2802,116 2411,420 2757,237
2751,529 2360,407 2725.840
2697.331 2321,071 2692,155
2651,560 2288,087 2667,074
2611,700 2256,647 2635,929
11,322
Nil
4.
72,250
54,785
62,719
69.025
May
2.
57.306
9.
67,696
16.
75,438
23.
83,347
29.
65,092
93,349
73,311
10,724
15,932
16,953
17,870
27,624
13.
16.498
42,308
30,472
6.
Nil
31.624
11,788 2988.790 2570,714 2907,928
21,385 2920.639 2527,094 2807,759
13,296 2873,968 2480,117 2831,095
11.
1939
32,436 3088.259 2705,278 3012,200
21,973 3063,732 2666,756 2986,570
19,979 3033,684 2617,890 2951,233
63,542 115,052
14.
21.
28.
32,919
Nl!
Nil
Nil
Nil
Nil
37.570
9,324
Nil
25,232
Nil
Nil
35,193
Nil
Nil
19,766
3,658
Nil
June
16,177 2553,544 2220,186 2600,639
23,331 2499,999 2190,925 2570,117
$1.03% for July delivery, $1.05 for Sept. and $1.06% for
Dec., best figures posted here;since May, 1940.
Profittaking, influenced by an 8c. upturn since last month, and
independent weakness of corn, unsettled the market and at
one
stage prices came within %c. of Saturday's close.
Heavy rains in the Southwest and forecast of continued
showers provided traders, who regard a wet harvest as bullish
on prices, with enough incentive to operate on the up-side.
Crop experts said the situation in some areas of the hard
Nil
17,109
21,240
1941
been
indicates the actual movement
—1^. Z
14,
black
the Plantations—The following table
each week from the planta¬
tions.
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
j*/-!4* ^
4-1**
from
Receipts
June
Chronicle
unprecedented for harvest time.
winter wheat belt is
(1) That the total receipts
On
from the
prices closed % to %e. net lower.
A rather
limited demand for wheat coupled with weakness of the
in 1939-40 were
Kansas
shows:
The above statement
the 10th inst.
plantations since Aug. 1, 1940, are 4,145,655 bales;
6,847,665 bales and in 1938-39 were 4,392,943
bales.
(2) That although the receipts at the outports the
past week were 73,311 bales, the actual movement from
plantations was 19,766 bales, the stock at interior towns
having decreased 53,545 bales during the week.
Rallying tendencies at times boosted values about
a half cent from the day's lowest point.
Scattered buying,
particularly from houses with Eastern connections and
some short covering helped to check the downturn.
Ad¬
ditional unwanted rains were reported in many sections of
the hard winter wheat belt, but there were forecasts of clear¬
ing skies which prompted caution on the part of many
traders.
Final quotations were about midway between
the day's highest and lowest levels.
Some crop exerts
said that rains at this stage of the harvest could not ma¬
terially affect the size of the crop, but could result in defi¬
nitely lower grades of wheat which might not be eligible for
Government loans.
Extensive rains and threats of po¬
tential rust damage in Kansas pointed to considerable losses,
and many traders regarded a wet harvest as a bullish price
factor.
On the 11th inst. prices closed lA to lc. net lower.
Selling of wheat based on the Government's optimistic
forecast of United States production this season, caused
cable tonight from
market in both yarns and cloths
Manchester Market—Our report by
Manchester states that the
considered to hold small stocks of
today below and leave those for
previous weeks of this and last year for comparison:
is steady.
Spinners are
cotton.
We give prices
1940
1941
32s Cop
Middl'g
32s Cop
8% Lbs. Shirt¬
ings, Common
Upl'ds
Twist
to Finest
Cotton
814 Lbs. Shirt¬
ings, Common
to Finest
Twist
d.
s.
d.
>,7*7-' a.
d.
d. ,v
d.
s.
Upl-ds
s. d.
d.
Cotton
Middl'g
d.
Mar.
8.90
15.83
12
21..
10.06
12 10%@13
28-.
15.91
12 10%@13
14.20
9.00
1%
1)4
14.31
7';7-
Apr.
0
13
16.90
4..
Not
11..
12
14.18
8.95
@12 13
9
14..
3
3
3
7.75
@12
@12
12
12
;
6
7.84
7.6o
prices to slip a cent or more at times today.
ment's increased estimates of winter as well as
1
Closed
14.40
12
3
Closed
3
@13
available
7.08
@12
@12
@12
14.46
12
3
4X*@12
6
8.12
18..
16,19
13
0
@13
3
Closed
14.75
12
16.19
13
0
@13
3
Closed
14.78
12
4%@12
7%
7%
8.09
25..
2—
3
3
3
3
Closed
14.85
12
14.74
12
4J*@12
4%®12
7%
7)4
8.18
Closed
Closed
14.08
11 10%@12
1)4
Closed
Nominal
May
10.19
13
0
9—
10.19
13
0
16-.
16.19
13
0
@13
@13
@13
23..
16.19
13
0
@13
16.19
13
1
@13
4H
Closed
14.04
11 10K@12
6-
16,19
13
3
0
Closed
J4.04
11 10%@12
13—
16.19
13
3
@13
@13
6
Closed
14.04
11
29—
I
8.14
7.42
Closed
1)4
1)4 Closed
7.25
1)4
June
10)4 @12
>
News—As shown on a previous page, the
United States the past week
The shipments, in detail, as
from mail and telegraphic reports, are as follows:
Shipping
exports of cotton from the
have reached 19,274 bales.
made up
Bales
liales
NEW
HOUSTON—
To Great Britain
To Japan
To China..
344
To Colombia
10
To Panama
LOS
ORLEANS—
To Great Britain.
5,363
..
..
7.327
1,823
180
To Japan
To China
Cotton
3,827
..
19,274
Total
400
Freights—Current rates for cotton from New
longer quoted, as all quotations are open rates.
are no
Foreign Cotton Statistics—Regulations
due to the war
Europe prohibit cotton statistics being sent from abroad.
We are therefore obliged to omit the following tables:
World's Supply and Takings of Cotton.
in
India Cotton Movement from All Ports.
than offset reports of croi) damage
of rust.
On the 12th inst.
prices closed % to lc. net lower.
and Shipments.
Liverpool Imports, Stocks, &c.
and various reports from the
of winter wheat i>roduction
in some localities are being revised downward as a result
of recent rains.
However, wheat closed at or near the
day's low point.
A report from Wichita said most of the
wheat territory is thoroughly soaked and that it will be
some time before heavy machinery can be used in harvest¬
ing.
The county agent was reported to have estimated loss
as a result of rains at least at 20%
in Sedgwick County,
Liverpool market closed at noon
BREADSTUFFS
-
.
,
Kansas.
Friday Night, June 13, 1941.
Flour—Business in the local flour market lias been quiet
the past several days, due largely to the heaviness of the
grain markets.
Meanwhile shipping instructions are taking
care
of consumers'
requirements, and according to the
scoring net overnight gains of more
Part of the ux>turn in wheat
was
associated with grains of more than 3c. in soybeans
following announcement that the Government will support
beans at around $1 a bushel.
Traders said they were
anxious to obtain reports on harvesting in order to deter¬
mine the extent of damage due to excessive rains since the
first of the month.
Quality could be an important market
influence, they said, as an unexpectedly large amount of
wheat ineligible for loans and with poor storage possibilities
might materially enlarge the volume of hedging during the
post harvest movement.
Open interest in wheat tonight,
38,811,000 bushels.
than
lc.
in
DAILY
final
the
hour.
PRICES OF WHEAT IN NEW YORK
CLOSING
Sat.
ered
in
There
the export
were
no
new
developments uncov¬
trade, and the only flour that is being
No. 2 red
DAILY
CLOSING
PRICES
July
ican Red
September
Cross,
so
observers state.
3%c. net
higher.
A wave of buying swept wheat prices upward 3c.
a bushel today to $1.10 V% for July delivery and $1.05 for
Dec. contracts—highest prices quoted on the Chicago Board
since May,
1940.
Prices have risen approximately 7c.
this week.
Reports of crop deterioration in the Southwestern
winter wheat harvesting belt, due to too much rain and
Tues.
Wed.
Thurs.
Fri.
122Vs
122^
121H
119%
121M
WHEAT FUTURES
Sat.
shipped these days is for relief distribution by the Amer¬
Wheat—On the 7th inst. prices closed 2% to
OF
Man.
121^
major mills, the latter deliveries have been running fairly
recently.
After dip¬
to l^c. net higher.
today rallied sharply,
on
liquidated at official value.
,.
Southwest indicating estimates
ping about lc. to the lowest levels in a week, wheat prices
Monday, Mar. 31.
All contracts were transferred to March at existing differ¬
ences
and contracts still open at close of business were
heavy
Wheat
prices slipped lower today, reflecting clearing weather in
the Southwest and prospects of a big new crop, and losses
of as much as lc. were revealed later.
The decline was
Today prices closed 1%
Alexandria Receipts
The
more
cushioned by loan rate levels
ANGELES—
York
The Govern¬
spring wheat
in the far
Southwest due to wet weather, delaying harvest and spread¬
ing rust.
Buying on the recovery was based partly on fore¬
cast of more fight showers in parts of Kansas and Missouri,
but Oklahoma was promised clear skies.
Some purchases
were credited to mills, and traders said the fact that the loan
rate is well above Chicago prices, had a stabilizing effect.
Traders pointed out that the forecast of 697,692,000 bushels
of winter wheat, 45,000,000 more than a month ago, probably
more than offset losses reported to have been inflicted since
the first of the month as the result of wet weather and spread
harvests
8.07
Closed
Nominal
of the time
City market led to lower prices most
today.
December
Season's
July
September
December
DAILY
.
High and
103>6
105
106M
CLOSING
-
July
October..
Mon.
Tues.
IN
Wed.
CHICAGO
Thujs.
Fri.
101^ 102^ 102H 101H 100% 102 .....
4.102% 104
1035-6 10316 10216 103%
104% 105J6 105 H 105
104
10516
When Made
I
Season's Low and When Made
Feb.
17, 1941
7316
June
9, 1941 July.....
Feb.
7316
17, 1941
June
9t 1941 September
December
96 L
May 31 1941
June
9, 1941
PRICES OF WHEAT FUTURES IN WINNIPEG
Sat.
Mon.
Tues.
Wed.
Thurs.
H
w-—----vV.-- O
L
\
.
Fri.
Volume
The Commercial & Financial Chronicle
152
Corn—On the 7th inst. prices closed 3^ to 1 J^c. net higher.
Despite a limited volume of trading, the corn market showed
exceptional strength, of course influenced largely by the
soaring wheat market.
On the 9th inst. prices closed Y%
to l^c. net lower.
Weakness in corn followed announce¬
of
ment
change in the Government's policy for selling
by it through default of loans.
To give
livestock feeders ample supplies, Government corn will be
offered to purchasers who will immediately
place it in con¬
sumption channels at between 69 and 75c., basis Chicago
for No. 2 yellow.
Previously No. 2 yellow at Chicago was
priced 2J^c. over July, which would be 76% at the close
Saturday but only 75% at the close today.
Differentials
applicable to other points now in effect remain approxi¬
mately the same.
In the spot market here corn was steady
to a shade weaker for choice
grades and % to lc. lower for
other grades.
On the 10th inst. prices closed A to %c.
net lower.
The announcement of the Commodity Credit
Corporation yesterday that in order to assure livestock,
dairy and poultry producers ample feed supplies, Govern¬
ment-owned corn would be offered in consumptive channels
at between 69 to 75c. for No. 2 yellow, was construed as
indicating for the present at least, a ceiling over cash corn
prices at around 75c. in Chicago.
On the 11th inst. prices
closed % to Mc. net lower.
Activity in corn futures today
was
relatively light and fluctuations extremely narrow.
little
was
the
in
news
to
serves
as
stimulus
a
to
trading.
On the 12th inst. prices closed % to 34c. net higher.
bullish
weather
and
The
reports had little influence
crop
on
this grain the past several days.
Today prices closed ^4 to
%c. net higher.
Corn receipts continued to run consider¬
ably
smaller,
creased
but
traders
of
movement
attributed
Government
this
largely
stocks.
to
Traders
said
May
May
June
'
-
_
,
July
Sat.
60%
',
^
OF CORN IN NEW YORK
Man.
Tues.
Wed. Thurs.
Sat.
:
No. 2 yellow
Sat.
48%
45%
October.
90%
88%
88%
88%
89
89%
July--.-
74%
September...---.
December
76
—.
—
Season's
High and
July..
74%
September
76%
December
77%
—
77%
—
72%
74%
76%
When Made
May 26, 1941 July
May 26, 1941 September
June
7, 1941 December
72%
74%
76%
72%
73
76%
76%
75
Season's Low and
...
...
73%
75%
77%
When Made
58%
57%
73 %
On
1
12th
the
Closing quotations
closed
unchanged
to %c. up.
Today prices closed
unchanged to 34c. higher.
Oats trading continues dull,
only routine business being in evidence.
There was very little to this market.
CLOSING
DAILY
PRICES
OF
OATS
Sat.
July
FUTURES
Mon.
36%
Tues.
IN
Wed.
Thurs.
grain
Wheat, New York—
No. 2 red, c.i.f., domestic
121 %
Manitoba No. 1, f.o.b. N. Y_ 83 %
37%
—
Season's High and
July
37
September
37%
July (new)-.. 36%
Sept. (new)__ 37%
Dec. (new)... 38%
When
June
May
May
June
May
-
37%
-
--
No. 2 yellow, all rail
89%
37%
H
37%
each of the last three years:
Receipts aty
Flour
Wheat
Corn
Oats
ms 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Chicago
Minneapolis
176,000
215,000
2.095.000
231,000
138,000
234,000
425,000
259,000
216,000
1,069,000
1,721,000
983,000
51,000
54,000
221,000
921,000
134,000
19,000
990,000
31,000
83,000
1,965,000
683,000
101,000
43,000
1,055,000
110,000
25,000
Buffalo
Indianapolis
Louis
St.
37%
37%
34%
38%
...!
124,000
39,000
23,000
--
Umm
217,000
-
Rye—On the 7th inst. prices closed % to l%c. net higher.
was strong in sympathy with the
exceptional
strength of the wheat market.
On the 9th inst. prices
closed %c. off to 34c. up.
Trading was light in rye futures,
with price trend irregular, and this despite the marked
strength in wheat values.
On the 10th inst. prices closed
34 to 34c. net lower.
There was little activity in rye futures,
and despite the bullish weather news the undertone was
heavy during most of the session.
On the 11th inst. prices
closed 34c• lower to %c. higher.
This market held fairly
steady in spite of the depression in the wheat market and the
bearish figures on the new crop.
On the 12th inst. prices closed % to %c. net lower.
Rye
more than
100,000 bushels of bonded Canadian
Fort Williams.
Traders said this increased re¬
ceipts of rye the past few months to well over 1,000,000
bushels, but most of the grain was believed still under bond.
Today prices closed %c. off to 34c. up.
Trading light and
with
from
without feature.
OF
RYE FUTURES IN CHICAGO
Mon.
Tues.
Wed. Thurs. Fri.
Sat.
51%
52%
88,000
«•
•* m
+
m,
-
1,000
97,000
'''mm
"27,066
34,000
12,000
8,000
21,000
24,666
'mm
m
68,000
mm m
17,000
9,000
22,000
44,666
"2*606
"5,606
*2*3*666
387.000
9,882,000
6,637,000
904,000
550,000
Same wk '40
427,000
5,243.000
406,000
6,424,000
807,000
2,016.000
411,000
Same wk '39
4,781,000
7,449,000
2,730,000
1,151,000
439,000
971,000
70,000
...
Tot. wk. '41
1940
1939
18,612.000 309,050,000 251,719,000
19,247,000 340,578,000 208,954,000
1939
20.045.000 313.141.000 248.451.OOOi
67,730,000 15,569,000 92,474,000
86,698,000 27,444,000 105338000
97.203.000 24,441.000 90.417,000
Total receipts of flour and grain at the seaboard ports for
the week ended
Saturday, June 7, 1941, follow:
Flow
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
New York.
106,000
1,123,000
212,000
117,000
*76*666
Baltimore..
20,000
New Orl'ns*
19,000
-/■
Rye
.
Barley
bush 56 lbs bush 48 lbs
144,000
16,000
42,000
Boston—
10,000
8,000
178,000
2,000
60,000
18,000
66,000
1*8*666
"2,660
14,000
8*0*2*666
Galveston..
Can. Atlan¬
3,422,000
tic ports .
203,000
5,854,000
1941
——
346,000
42,000
18,000
12,000
5,602.000
82,931,000
4,840,000
1,149,000
417,000
662,000
295,000
3,575,000
457,000
131,000
47,000
5,657,000
60,066,000
14,286,000
2,328,000
1.603,000
Week 1940.
Slnce Jan. 1
*
on
1,125,000
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
1
.
The exports from the several seaboard ports for the week
ended Saturday, June 7, and since July 1, are shown in
the annexed statement:
New York
52%
51%
56%
-—
57%
Flour
Oats
Barrels
Bushels
.
273,000
—
Baltimore.......
Rye
Barley
Bushels
Bushels
30,700
3,000
3,422,000
Total week 1941.
*
4*0,666
288,000
Can, Atl. ports..
3,983,000
a30,700
40,000
3,000
14*0*666
Since July 1, 1940 154,867,000 22,466,000 5,954,640
Slnce July 1, 1939 142,768,000 26,374,000 3,875,786
a
712*666
999,000
2,000
49,815
189,000
3,257,000
Total week 1940.
4,1*96*666
3,556,000 10,284,000
Complete export date not available from Canadian ports.
visible
The
granary
ports
supply of grain,
comprising the stocks in
at principal points of accumulation at lake and sea¬
Saturday, June 7,
i".,-:
were as
follows:
GRAIN STOCKS
.
V
Wheat
New York
New Orleans.—;
Galveston
—
Fort worth—
—
-
-
—
— —
Joseph
Kansas City
—
—
Louis-
Indianapolis
Peoria.-
Barley
Bushels
Bushels
179,000
20,000
Baltimore
St
Rye
Bushels
-
170,000
1,000
42,000
79,000
154.000
afloat.—
Philadelphia
St
Oats
Bushels
96.000
..
Wichita
Corn
Bushels
United States—
Sioux City.----
50%
—_
Cotn
Bushels
Wheat
Exports from—
Omaha
50%
58%
102,000
*9*4,666
'
4,000
832,000
Joseph.
Wichita
Hutchinson...—
*
148,000
12,000
Sioux City-
followed wheat, being influenced also by receipt of another
PRICES
388,000
1,879,000
Bushels
This market
CLOSING
Barley
2,217,000
...
Milwaukee.
St.
Rye
bush 56 lbs bush 48 lbs
191,000
Duluth.
*7»-jzx
DAILY
69
57-69
-
...
-
July
September.
July (new)
September (new)
December (new)
65%
-
—_
October—————————— 34%
O
"Decemberi--•• • L'• ^ vp-,. w
rye
48%
All the statements below regarding the movement of
grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce
Exchange.
First we give the receipts at Western lake and river
ports
for the week ended Saturday, June 7, and since
Aug. 1 for
1940
----
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat.
Mon. Tues.
Wed. Thurs. Fri.
boat
No. 2 white
Rye, United States, c.i.f
Barley, New York—
40 lbs. feeding
Chicago, cash
.-i-
36%
Season's Low and When Made
Made
4, 1941 July--30%
Oct.
9,1940
30
Feb.
29, 1941 September
17, 1941
15, 1941 July (new)
33%
May
3. 1941
4, 1941 Sept. (new).. 33%
May
3, 1941
29,1941 Dec. (new)-.. 36%
May 26, 1941
July
-
Oats, New York—
Corn New York—
36%
37%
__
Since Jan. 1
Fri.
July (new)- —
36%
36% 36%
September (new;,....i—36%
December (new)-.--.
38%
....
45%
FLOUR
Tot. wk. '41
CHICAGO
36%
......
Thurs. Fri.
48%
49%
follows:
were as
Philadelphia
prices
IN WINNIPEG
Wed.
49%
45%
Standard Mill Quotations
Spring patents———6.25@6.501 Soft winter straights—6.00@6.25
First spring clears
6.00@6.25|Hard winter straights
6.10@6.30
Sept. 23. 1940
Feb. 17,1941
May 23,1941
,
inst.
—
—
Since Aug. 1
Oats—On the 7th inst. prices closed % to %c. net
higher.
Trading was light, with the undertone firm.
On the 9th
inst. prices closed unchanged to
%c. off.
Trading was
light, with prices showing little change.
On the 10th inst.
prices closed unchanged to ^c. higher.
Trading was light,
with very little change in prices.
On the 11th inst. prices
closed %c. off to Ac. up.
Trading light and without
feature.
Thurs. Fri.
59%
L
.
Fri.
Wed.
59%
Tues.
48%
Mm.
H
O
December
Kansas City
Omaha
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
Sat.
Mon.
Tues.
Wed. Thurs. Fri.
1941
1941
1941
1941
1941
WINNIPEG
IN
CLOSING PRICES OF BARLEY FUTURES
,
Peoria
DAILY CLOSING PRICES
Tues.
60
56%
Mm.
II
21.
21,
31,
31,
23,
L
July-
interest in
20,340,000 bushels.
FUTURES
O
Toledo
totaled
RYE
December
,
Feb.
Feb.
May
May
May
—
OF
-
DAILY
When Made
—
October.
pit had diminished sharply since pro¬
mulgation of the Government's new selling policy providing
for a maximum price of 75c, on No. 2 yellow for immediate
consumption and quoting merchandising corn at 2^c. over
July. The latter price today would be around 75 %c. Open
corn
Season's Low and
June
DAILY CLOSING PRICES
de¬
corn
3843
When Made
Nov. 14. 1940 July
43
7,1941 September
44
15,1941 July (new)
54
15,1941 Sept. (new)
54%
9, 1941 Dec. (new)... 56%
September
52%
July (new)
60%
Sept. (new)— 60%
Dec. (new).i 62%
...
activity in the
and
July.,— 52%
a
grain acquired
There
Season's High
293,000
166,000
2,710.000
6,975,000
3,147,000
6,094,000
14,000
2,000
492,000
86,000
31*666
2,000
41,000
5,000
1,000
3,359,000
1,872,000
23,768,000
6,231,000
7,151,000 12,024,000
663,000
1,581,000
4,498,000
1,130.000
477,000
le'ooo
11,000
238,000
1.018,000
1,414,000
274,000
7,000
7,000
3,000
257,000
49,000
31,000
4,000
41,000
1,000
4,000
207,000
4,000
3,000
109,000
47,000
256,000
2,000
6,000
62*666
The Commercial & Financial
3844
Wheat
Chicago-.-.-Milwaukee
"
1,102,000
15,000
1,145.000
168,000
4,000
615,000
-
-
6.427,000
19,448,000
130,000
4,827,000
-
Buffalo
Bushels
24,247,000
Detroit
Rye
Bushels
Oats
Bushels
8,623,000 12,947,000
1,384,000
2,068,000
-
Minneapolis
l>Ulutb
Corn
Bushels
3,267,000
2,000
4,881,000
Barley
Bushels
1,804,000
189,000
20,000
932,000
1,976,000
2,655,000
481,000
2,000
443,000
554,000
160,000
257,000
535,000
afloat
237,000
212,000
20,000
On Canal
On Lakes
—
...
......
......
——
*
5,334,000 4,885,000
Total
5,292,000 4,487,000
Total
9,630,000 7,197,000
Note—Bonded grain not included above:
Oats—Buffalo, 233,000 bushels; total
233,000 bushels, against 527,000 bushels in 1940. Barley—Buffalo, 10,000 bushels;
New York, 2,000; total, 12,000 bushels, against 1,386,000 bushels In 1940. Wheat—
New York, 1,525,000 bushels; New York afloat, 836,000; Boston, 2,349,000; Phila¬
delphia, 452,000; Baltimore, 1,157,000; Portland, 1,144,000; Buffalo, 6,289,000;
Buffalo afloat, 205,000; Duluth, 15,661,000; Erie, 2,315,000; Albany, 2,944,000; on
Canal, 1.187,000; in transit—rail (U. 8.), 3,381,000; total, 39,445,000 bushels,
against 22,663,000 bushels in 1940.
■'
3,641,000
3,924,000
3,748,000
7,1941.-119,915,000 55,627,000
May 31, 1941.-119,453,000 56,390,000
June
8,1940.- 90,562.000 23,009,000
Total June
Wheat
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
Bushels
418,000
1,002,000
2,403,000
188,000
1,057,000
767,000
501,000
983,000
2,772,000
3,823,000
4,101,000
6,711,000
2,012,000
......
1,971,000
4,256,000
4,469,000
6,407,000
119,915,000 56,627,000
—425,225,000
.....-
3.641,000
3,823,000
5,334,000
2,012,000
4,885,000
4,256,000
7,1941.-545,140,000 56,627,000
7,464,000
7,346,000
7,668.000
9,141,000
8,896,000
Canadian—
Lake,bay .river &
Ft. William & Pt.
seab'd- 49,031,000
Arthur 74,699,000
elev-301,495,000
......
......
Other Can. & other
Total June
7, 1941-.425,225,0(H)
Total May
31, 1941.-420,937,000
Total June
8,1940.-252,774,000
—....
2,396,000
Summary—
American
Canadian
Total June
31, 1941.-540,390,000 56,390,000
8,025,000
8, 1940.-343,336,000 23,009,000 10,459,000
Total May
Total June
11.601,000 13,604,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ended June 6 and since July 1, 1940,
shown in the following:
Wheat
and July 1, 1939,
,
are
Corn
_
Week
Since
Since
Week
Since
Since
June 6,
July 1,
July 1,
June 6,
July 1,
July I,
1941
1940
1939
1941
1940
1939
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
Exports
Argentina.
Australia
.
22,305,000
26,622,000
5,496,000
"4/606 31,913/000
111,327,000
2,520,000
43,645,000
40,000
4,989,000 204,642,000 200,834,000
3,992,000 40,372,000
2,26 fb 000 92,363,000 161,780,000
11,293,000
No. Amer.
Black Sea.
Other
Total..
22,376,000
6,200,000
countries
44,000
7,255,000 307,197,000 436,655,000
.
56,738,000 187,090,000
of June 1, 1941.
The
production of winter wheat is now placed at
697,692,000 bushels, which compares with the Department's
estimate of 653,105,000 bushels a month ago and with a
harvest of 589,151,000 bushels last year.
We give below
on
June 10 issued its crop report as
estimated
the report:
correspondents show that on June 1,
Reports from crop
rains, crop conditions
regions.
before
and prospects were considered good to excel¬
from Cleveland, Indianapolis, Oklahoma City and
central Texas westward, but conditions were poor to very poor in areas
centering in Virginia and western South Carolina, and generally unfavorable
in a large surrounding area extending from northern New York to south
Texas.
Combining reports from all States, national crop prospects appeared
about the same as the average on June 1 during the last three years; all
of these proved to be good crop seasons.
Changes have been rapid.
During late May drought conditions began
to appear in most of the States east of the Mississippi River, where spring
rainfall had been light.
From Michigan and Indiana westward dry weather
began to threaten the previously favorable prospects.
In the Southwestern
States, where there was too much rain earlier, the rainy weather con¬
tinued.
Since the first of June crop prospects have improved materially
in the North but have probably declined further in parts of the South.
There have been substantial and mostly beneficial rains in practically all
of the Northern States where rain was needed.
There is now an abundance
of moisture in most of the West.
From Indiana and Kentucky eastward,
where the dry spring reduced the yield of early hay crops, checked the
growth of pastures and some vegetables and was beginning to threaten all
crops,
the drought was effectively broken in early June.
In east Texas
and Oklahoma there have been further damaging rains.
From northern*
Tennessee and central Virginia southward, where there was..only about a
fourth the normal rainfall in May, the showers in early June have been
insufficient to provide adequate relief and there are still extensive areas
where rain is urgently needed for corn, tobacco, cotton, sweet potatoes,
such truck crops as are still growing, fruits and pastures, and to enable
farmers to plant cowpeas and soybeans, which are important crops in this
area.
On the harder soils of the southern portion of the Piedmont section,
where conditions have been worst, only a small part of the cotton
in
many fields had sprouted by J.une 1 and no crops could make satisfactory
growth,
However, in this area the present unfavorable growing conditions
do not necessarily mean poor yields, as there is still
time for the main
rather
lent
pastures were reported as good to excellent in practically the whole area
from Michigan, central Indiana and the lower Mississippi River westward,
except in seme temporarily dry areas which received good rains in early
June.
For the country as a whole, pastures averaged only about fair.
They were better than on June 1 in seven of the last 10 years, but poorer
than in 17 years of the two previous decades when droughts were less
severe. X
.-vo
•/'#:<y '.7.7
v,y^
■> 7■ ,»■ y-; >,
In a few States where pastures showed severe drought conditions, milk
affected, but in most areas the cows were either able to
sufficient grass from pastures or were provided with supplementary
feed, and on June 1 milk production per cow was reported 3% higher than
on the same date last year, and also higher than on June 1 in
any of the
production was
secure
previous 15 years of record
With more milk cows on farms, milk produc¬
tion on June 1 was about 5% greater than at the same season last year.
the
of
generally
difficulties
after
June
1
are
no
barley looked unusually promising
and
1938 and
more
than
average,
may
crops
last
year,
on
an
States
June^l in 15 years or more.
the
drought
an
but
of
of the
loss of acreage in the Tulare Lake basin and Sacramental Valley
heavy rains and seepage.
probable yield of 17.3 bushels per harvested acre is indicated.
This
is 1.0 bushel
larger than the 1940 harvested yield of 16.3 bushels per
acre.
The 10-year average yield is 14.4 bushels.
Indicated yields are
above average in all States except California, Arizona, South Dakota, Iowa.
Missouri, Pennsylvania, Maryland, Virginia and West Virginia.
In the
Southern Plains States present prospective yields are four to seven bushels
heavy
due
to
A
above average.
spring wheat is 87%, which is one point
but 13 points above the 10-vear average.
reported at 86% and 87%
of normal, respectively, is slightly below last year but well above average.
Spring wheat was seeded under generally favorable conditions in the im¬
portant producing areas, but somewhatv later than usual, particularly in
South Dakota.
Although dry soil conditions appeared to be developing in
western Nebraska and parts of South Dakota at the close of the month,
conditions since June 1 have been very favorable and prospects in most of
the spring wheat area appear the best in any recent year.
Growing con¬
ditions in May and early June were also very favorable in the Pacific
Northwest.
June 1 indicated yields per acre are well above average in all
States except Michigan.
June 1 indicated production of all spring wheat
of 213.007.000 bushels is about 6% smaller than the 1940 crop of 227,547,000 bushels, but 20% above the 10-vear average of 178,090,000 bushels.
The
below
June
the
condition
1
condition
a
of
year
all
ago
The condition of Durum and other spring wheat
increase of
good vield per acre, about the same as
about 10% larger.
i
reduced by the dry weather of Mav, and
the East are probable.
About 17 Eastern
second lowest condition of hay crops on
.
From Indiana and Kentucky eastward, where
considerable
oats,
prospects declined rather generally during May in the area east
Mississippi and Ohio Rivers and in Michigan and Wisconsin where hot,
dry weather hastened maturity, causing short
straw growth and some
damage to heads.
Rains during early June have benefited the northern
part of this area.
Prospects also declined in Arizona, where red ruBt has
sharply reduced yields in the important producing sections of the State.
Rust has also caused some damage in California and there has been some
be
was effectively broken in early June, some kinds of hav mav
lecovery. and somewhat more than the exuected aceate
wheat, soybeans. &c., may be cut for hay, but with early clover
short and nearly ready to cut, grasses stunted on the thinner soils, some
fields intended for hay being used for pasture, lespedeza showing a poor
stand and late start, and the planting of cowpeas and soybeans still delayed
by lack of rain in parts of the South, the problem of securing an adequate
supply of hay and roughage has become acute on many Eastern farms.
show
-
period of dry weather, however, to permit maturing and harvesting of the
crop without damage.
Improvement in yields also occurred in Missouri, Illinois and Indiana,
June 1, particularly west
about 10%, and barley
,
wheat
acreage
Hay prospects were sharply
shortages of roughage in
reported the lowest or
local
on
1939.
Growing conditions during May were very favorable for wheat in the
important winter wheat area of the Great Plains and in the Pacific North¬
west and yield prospects were sharply higher than on
May 1.
Most of
these areas had ample rainfall to fill moisture requirements of a generally
heavy growth.
In fact, in some areas, particularly north central Texas and
southwest Oklahoma, frequent rains are interfering with harvest and have
caused some lodging.
If rains continue, some lowering of quality and
loss of production may occur.
Stem rust is present in parts of Texas,
Oklahoma and Kansas, but little damage had occurred to June 1, except
in
local areas.
Hessian
fly has caused considerable loss of acreage in
southeast Nebraska, eastern Kansas and southern Missouri.
However, the
effect of all these factors has been more than offset by generally favorable
conditions otherwise.
Much of the Southern plains area would welcome a
better than average yields are expected.
harvested last year, oat production is now
expected to< show a reduction of
3%.
Rye is expected to show/a
secured
was
total wheat production of 910,699,000 bushels is indicated
conditions on June 1.
This includes 697,692,000 bushels of winter
and 213,007,000 bushels of spring wheat.
The estimated production
of spring wheat is based on an indicated yield per seeded acre, taking into
consideration the June
1 reported condition,
weather factors, and soil
moisture conditions, times the acreage seeded to spring wheat as reported
in the Prespective Plantings
report published in March.
Such a total
wheat production would rank among the larger crops ever harvested and
would
be about
12% larger than the 816,698,000 bushels produced In
1940.
The 10<vear (1930-39) average production is 747.507,000 bushels.
The indicated production of
winter wheat of 697,692,000 bushels is
about 7% or 45.000,000 bushels larger than indicated a month ago and
is 18% larger than the 1940 crop of 589,151,000 bushels.
The 10-year
average production of winter wheat
is 569,417,000 bushels.
The present
prospective crop is the third largest of record, being exceeded only in 1919
and 1931.
Winter wheat crops of about this size were harvested in both
to
Mississippi River
Compared with the large
was
corn
WHEAT—A
exceeded
and
of
wheat
be about 911,000,000 bushels; in only six past years has pro¬
900,000,000.
Most of the increase over last year and
also over average is expected to be in four States—Kansas, Oklahoma, Texas
and Colorado—where drought has reduced yields in many recent years,
Oats
the date.
slightly earlier than usual because there
was less than the average amount of rainfall in the principal
corn growing
States.
Fields generally are clean.
Stands are good except in the area
south of the Ohio and Potomac Rivers, where dry soil hindered germina¬
tion.
Some replanting due to cut worm damage was reported in several of
the
corn
belt
States.
Present prospects for the country as a whole
are
seasonably
good.
Indications
are
that
the percentage of the
total acreage planted to hybrids was increased again this year.
to recover.
Notwithstanding locally adverse conditions, national prospects for major
appear moderately favorable.
In the main corn belt most of the
corn was planted in good season, and in early June it showed mostly satis¬
factory stands, good color and clean cultivation.
Hybrid seed corn was
used for
an
increased percentage of the acreage.
The wheat crop, if
weather
On June 1 production per 100
1% higher than a year ago and a new record for
CORN—Planting
crops
duction
has also continued high.
production
Egg
crops
expected
1941
by
prospects which were beginning to decline rapidly in late May
showed improvement in early June and now again appear rather generally
favorable
for
most
crops,
although there are wide differences between
Crop
recent
June 14,
There will probably be plenty of hay from Michigan, Illinois and the
lower Mississippi River westward, for a dozen of the States in this area
reported the highest, or second highest. June 1 condition of tame hay in
10 years.
The condition of wild or prairie hay, grown mostly in the Great
Plains States, is also the highest for June 1 in 10 years.
With hay crops
hurt bv drought in the East and unusually promising in the West, the
indications are that the national hay crop will be somewhere between the
moderate crops of 1937 and 1939 and the large crops of 1938 and 1940.
Most fruit and nut crops were favored by growing conditions during
May, although in some areas dry weather retarded development of the
large peach crop that is in prospect in the Southern States, citrus fruits
lacked rain in Florida, and cherries and some other fruits were hurt by
late
frosts in
some
Northern and Northwestern areas.
Conditions on
June 1 pointed to larger-than-average crops of peaches, pears, cherries and
California plums and dried prunes.
Production of apricots is indicated to
be below average.
Quantitative estimates of commercial apple production
will not be made until later in the season, but conditions in commercial
areas
on
June 1 indicate about an average-sized crop.
The California
Valencia orange crop now being harvested is smaller than a year ago, but
larger marketings of Florida Valencias during the early summer will
partially offset reduced supplies from California.
The condition of both
the
orange
and grapefruit crops for harvest beginning next fall was
reported somewhat below average, but the effect of this low condition
is expected to be largely offset by the increase in bearing surface.
In most of the important commercial vegetable areas in the Southern.
Eastern
and Midwestern States the month of May was dry.
Maturing
vegetable crops in these areas received a severe setback from lack of
moisture, and some later plantings are showing poor stands because of the
dry condition of the soil.
Of the crops affected., strawberries, snap beans,
beets, cucumbers, cabbage, early potatoes, and green peas received the most
severe
damage.
Texas continued to have too much rain, which resulted
in additional
losses in the early cucumber sections and lowered onion
yields on the later plantings.
The Western States had more favorable
growing weather and soil moisture is ample for immediate needs in most
of these areas.
On a tonnage basis, the total June supplv of all fresh
vegetables is expected to be slightly less than either the 1940 or the 10-year
average supply.
The present outlook indicates fairly abundant supplies of
asparagus, lima beans, celery, lettuce, and green peas for June, but belowaverage supplies of beets, snap beans, cabbage, cantaloupe, onions, peppers,
and
watermelons.
Supplies of carrots, cucumbers, early potatoes, and
tomatoes should be adequate but not excessive.
The condition of Western ranges for June 1 was the highest for the date
since 1926, and recent rains in the range areas give assurance of ample
summer
feed.
Reports on the condition of pastures on June 1 showed
them to be from poor to the lowest on record for the date in an area
that included eastern New York, eastern Pennsylvania and all States from
the Ohio and
Potomac River Valleys southward.
On the other hand,
hens was
Agricultural Department Report on Winter Wheat,
Rye, &c.—The Department of Agriculture at Washington
Chronicle
OATS—The condition of oats
-
or
the
same
condition
as
for
that
June
on
1
is
on
June 1,
June 1 a year ago.
77%.
1941, averaged 82% of normal,
The lOrj-ear (1930-39) average
Volame
The Commercial & Financial Chronicle
152
Over most of
the
and
early June were
prospects in all except the southern part of the area, which was
dryest, and where the crop was largely headed.
In general, stands
good.
With grasshoppers^ a menace only in central South Dakota
ra
insect hazard appears to be
OATS
the
Condition June 1 (Percent)
are
less serious than usual for this State.
continuation during May of the dry weather of the past few months
the States south of the Ohio and Potomac Rivers, together with high
temperatures, lowered earlier prospects for bats in that area, especially on
the spring seeded acreage which is located in the northern part.
Fall
sown oats largely matured ahead of
the adverse conditions and gave good
yields.
Quality also was good.
In the Northeastern States good stands were secured in practically all
sections, and recent rains have relieved the dry conditions which had
developed at the close of the month.
'
YY.
Frequent rains have delayed harvesting of the oats crop in Texas,
Arkansas and Louisiana.
Due to the wet weather in Texas most of the
Average
rather than
and south¬
drastically lowered earlier yield prospects.
In the
Western States present prospects for the 1941 oats crop are above average
on
both irrigated and dry land acreage.
'■■..
On the basis of the prospective acreage reported in March, the June 1
condition indicates a production of about 1,117,419,000 bushels as com¬
pared with the 1940 production of 1,235,628,000 bushels and the 10-year
(1930-39) average of 1,007,141,000 bushels.
is
Arkansas
has
BARLEY—The production of Parley indicated by condition as of June 1
318,054,000 bushels, about 9,000,000 bushels more than produced in
Maine
-
—
.
96
87
87'
89
Massachusetts..
-—-
89
89
_
...
Rhode Island.——
Connecticut
1941
85
85
1,866
89
New Hampshire.
Vermont- L — i
1940
93
76
88
:
-
V
-
1930-39
282
63
210
1,378
26,405
29,966
1,419
31,080
84
85
76
81
83
75
72
77
70
81
76
Indiana—
=.
_
69
84
89
Michigan.
Wisconsin.——
79
■■vf.-87.+ -;;.
86
85
91
90
Minnesota
82
88
86
85
42,814
41*123
115,090
39,026
75,456
133,528
185,271
82
:,;,v 75
Iowa
83
Missouri
73
North Dakota.—..,
South Dakota.
Y
70
74
:
75
69
87
80
77
Nebraska
75
Kansas
69
79
Delaware
1940.
84
83
Maryland
Virginia
84
76
78
82
70
76
79
54
RYE—The
73
63
78
75
4,460
73
71
66
9,238
Georgia-
74
68
72
7,173
Florida
67
79
80
-
115
126
126
Kentucky
70
76
60
1,733
1,400
71
74
61
Alabama
1,760
3,000
1,105
1,456
3,698
4,970
73
73
Mississippi
73
75
..:Y 77
Arkansas
70
71
66
1,003
2,219
1,235
2,784
Louisiana
71
77
77
942
67
72
/: 74
72
'W
78.
"
3,770
3,058
1,984
2,972
2,325
32,269
37,125
9,034
5,106
2,915
33,327
39,803
9,585
■
64
67
88
91
82
88
93
Colorado—
82
83
92
South Dakota and Montana.
26,083
94
Wyoming
V
85
88
injury in Ohio.
998
Tennessee
75
growing conditions enabled the crop to improve during the
Illinois, Iowa. South Dakota, Oklahoma, Texas and the Pacific
In other States rye about held its own in May.
Farm stocks of old rye on June 1, 1941, amounted to 16,534,000 bushels,
or nearly 50%
more than the 11,208,000 bushels on farms a year earlier
and almost double the six-year (1934-39) average June 1 farm stocks of
8,637,000 bushels.
YY
'
-YY
56,000
46,062
39,912
84
74
Idaho
Favorable
45,115
78,785
155,807
183,212
39,690
37,488
1,717
1,387
5,330
10,920
9,671
76
Montana—
month
1,144
25,762
37,342
42,935
126,324
87
West Virginia
.
25,203
1,120
1,932
1,462
5,952
10,890
8,638
South Carolina
Texas
some
43,596
62
196
•
94
North Carolina.
prospective production of rye of 44,828,000 bushels is 10%
larger than the 1940 crop of 40,601,000 bushels and 17% above the 10-year
(1930-39) average production of 38,472,000 bushels.
The indicated yield per acre is above the 10-year average yield in all
rye-producing States except Virginia, West Virginia, Maryland^ Delaware,
New
Jersey, Pennsylvania and New York, where drought reduced yield
prospects this year.
Yields in North Dakota, Texas, California and Wash¬
ington are expected to be far above average,
Shortage of soil moisture caused prospects to decline during May in a
number of States east of the Mississippi River and in Missouri, Minnesota,
A late freeze also caused
48,600
33,432
53,240
35,760
1,325
2,110
1,931
...
.i——
Oklahoma
States.
180,795
206,640
28,342
37,372
42,750
32,525
,82
75
-
44,880
49,950
152,496
60,489
96,793
36,989
89
231
"
60
190
23,817
Ohio...
1,728
238
78
Pennsylvania.......
266
1.760
78
New Jersey..--—..
4,294
280
"<
82
'
1941*
4,520
Y/ 86'.'
81
Illinois-
1940
4,320
YY 92
93
-
90.
New York---.
Indicated
182
94
——
with
Condition on June 1 was reported at 83% of normal, compared
82% in 1940 and the 10-year average of 77%.
Yields above the
10-year average (1930-39) on seeded acreage are in prospect for all States
west from Ohio except Missouri and California.
Along the Atlantic coast
yields lower than average are expected.
Higher yields than in 1940 are
expected in most States from the Missouri River westward, especially in
the
Plains
States.
From
Minnesota, Iowa and Missouri eastward the
exceptionally high yields of a year ago are unlikely to be repeated.
Stocks of barley on farms June 1 totaled 66,103,000 bushels, or 21.4%
of the 1940 production.
The 16,000,000-bushel increase of stocks over last
year is half of the excess of 1940 production above that of 1939.
Most
of the increase of holdings are in Minnesota, Wisconsin and the Plains
Average
1930-39
A
acreage outside the Panhandle has been harvested with binders
with combines.
Rust damage in central and eastern Texas
Production (Thousand Bushels)
State
the
in
western
3845
belt May was a dry month.
Rains in late May
timely enough to result in substantial improvement
corn
New Mexico
71
75
87
88
86
93
Nevada
87
93
Washington
85
91
93
Oregon
84
87
90
California
70
V- 84
77
82
5,907
4,907
2,587
4,292
'
84
Utah
34,980
88
Arizona..
>
4,530
;
5,700
3,174
4,914
508
052
293
297
286
96
1,234
1,073
1,131
87
130
280
245
8,658
7,950
10,000
10,472
78
8,208
8,944
3,192
4,350
3,780
82
1007,141
1235,628
1117,419
,
:
705
in
Northwest.
:''Y ' YY '
•
;Y,YYVY Y-/
*
Based
on
prospective planted acreage reported In March,
YY-Y
Y':Y\'YYY-;Y.,
YY YYy/:-Yt
■YY;: Y
WINTER WHEAT
United States
Yield per Acre
,Y:Y.Y>v\'y'tY>;
RYE
(Bushels)
Production (Thousand Bushels)
State
Yield per Acre
(Bushels)
Production (Thousand Bushels)
1930-39
Indicated
Average
1930-39
1940
1941
1930-39
21.8
New York
26.0
23.0
5,572
7,904
7,015
New Jersey
..
22.2
23.5
21.0
1,232
1,316
1,176
17,328
40,754
31,680
Indicated
1940
19.7
—
.
Indiana.
Illinois
20.5
19.0
19,229
18,594
20.1
21.5
20.5
40,718
42,097
17.6
Pennsylvania
Ohio--..—-—
19.5
20.0
30,321
30,030
39,555
17,002
18.0
22.5
19.0
36,413
„
Wisconsin..
—
33,668
15,781
20.8
23.5
21.5
20.0
18.5
16,651
028
800
796
18.0
24.0
19.0
3,146
4,008
3,534
7,080
31,090
1,100
33,696
123,648
2,873
18,018
1,492
33,060
188.694
1,406
7,566
1,295
6,984
8,463
2,016
6,132
6,925
2,553
1,800
6,655
72
Iowa-
17.9
24.0
17.0
6,944
Missouri..
14.4
18.5
14.0
26,989
South Dakota
11.0
10.0
9.5
1,305
Nebraska
13.6
13.5
14.5
Kansas
11.8
14.0
16.5
41,151
131,460
Delaware.-
17.5
19.0
17.5
Maryland
19.2
19.5
18.0
14.4
15.5
12.5
1,496
8,342
8,643
15.0
14.5
12.5
2,154
North Carolina—
10.9
14.0
12.5
South Carolina
10.0
12.5
11.5
9.2
10.5
10.0
— — —
West Virginia
—
Georgia
Kentucky
14.0
15.0
14.5
4,807
1,364
1,270
5,520
Tennessee
11.3
13.5
12.0
4,403
2,688
1,880
5,625
5,116
Alabama
10.4
12.5
12.0
58
75
Arkansas
1,712
5,888
4,824
9.1
9.5
9.5
557
352
352
11.6
Oklahoma
14.5
16.0
47,682
56,332
71,296
16.5
31,360
10,790
29,355
19,120
16,176
2,090
56,110
21,632
15,750
Texas
10.3
9.6
Montana
14.1
16.0
16.0
Idaho
20.7
24.0
25.0
13,083
1,307
Wyoming-.
10.2
11.0
15.0
Colorado
11.6
12.0
13.5
9.3
7.5
16.0
8,745
2,478
22.4
21.0
16.0
880
21.0
New Mexico-
—
_
—
Arizona
•
9,888
1,410
819
3,360
15,484
496
16.2
Oregon
—
California
...
United States
16.0
25.7
27.0
28.0
68
108
29.0
24,568
45,501
19.6
20.5
24.0
12,431
25,984
12,484
18.2
15.0
16.0
12,005
11.370
12,176
16.3
17.3
569,417
589,151
697,692
ALL SPRING
2,987
2,976
4,110
16,080
WHEAT
Condition June 1 (Percent)
Production (Thousand
Bushels)
State
Average
Average
Indicated
1930-39
1940
1941
93
97
98
80
84
76
80
86
86
Ohio
74
81
73
158
Indiana
76
86
70
169
117
96
Illinois.
78
89
88
1,038
600
468
Maine.
New York
Pennsylvania
...
1930-39
101
1940
1941*
80
134
92
105
202
V
88
195
195
40
37
83
Wisconsin
——
Minnesota
86
85
90
90
1,184
943
738
81
Michigan
87
87
19,565
465
28,061
20,123
79
294
210
210
Iowa.
80
85
79
Missouri
72
80
'<•»«#'
90
17
North Dakota
70
89
89
63,739
1O5~60O
South Dakota
72
80
76
19,682
Nebraska..
75
72
84
2,027
97,054
25,121
1,125
Kansas
64
63
85
122
200
315
Montana
74
90
85
24,483
36,950
8,207
31,225
Idaho
87
90
93
Wyoming
79
89
92
Colorado.—.
78
79
89
10,760
1,327
3,704
;::Y 78
82
93
326
89
94
New Mexico..
Utah-..
Nevada
—
....
Washington
Oregon............
United States
*
Average
1930-39
15.5
Indicated
1940
352
1941
425
17.3
17.0
17.0
403
14.1
14.5
13.6
1,444
Ohio—
14.0
17.0
15.0
963
1,044
1,683
Indiana
11.8
15.0
13.5
12.1
14.5
14.0
326
374
Pennsylvania
272
932
1,335
1,660
18.0
17.0
14.5
18.5
15.0
1,473
1,099
1,838
2,792
6,605
1,262
Missouri
9.4
11.0
8.5
314
407
323
North Dakota
9.2
13.0
14.0
9,776
12,670
South Dakota
10.5
12.0
12.0
7,675
4,758
5,640
7,462
Illinois
12.1
14.0
13.5
Wisconsin
10.9
13.0
12.5
Minnesota
15.0
Iowa
Michigan
...
1,785
820
672
1,200
1,107
1,962
Y 2,609
5,958
5,304
740
8.9
8.0
10.0
3,090
2,008
Kansas
10.5
10.5
11.5
458
672
Delaware
12.4
13.0
12.0
88
130
Maryland
Virginia
West Virginia
13.0
12.5
12.5
249
11.6
12.0
10.5
615
11.7
390
Nebraska
V
•V
9.5
7.5
8.5
8.0
489
8.4
9.0
9.0
80
6.9
'
YY--
06
408
90
108
7.9
0.5
111
143
143
11.5
211
230
242
7.6
218
280
285
400
646
8.5
9.0
14.0
9.4
11.0
10.5
Idaho—
10.7
11.0
213
9.5
10.0
12.0
Texas
63
510
Yv
7.0
Montana
Oklahoma
410
6.5
10.9
Tennessee
96
238
11.5
6.0
Georgia
Kentucky
794
238
576
130
10.6
North Carolina
South Carolina
4,100
YY
:':Y''V
32
■
344
62'
.-.\Yvv63 Y
112
352
368
77
132
6.5
7.0
8.0
155
108
Colorado
7.2
7.5
9.0
300
";Y':V 345
Utah
7.6
8.0
9.5
20
32
8.3
10.5
13.0
173
315
520
Oregon
12.5
14.0
14.0
400
770
798
California
12.6
14.0
13.0
11.2
12.7
12.7
Wyoming
Washington
...
United States
.
208
594
38
90
112
117
38,472
40,001
44,828
YY
140
25.5
14.4
...
Washington
17.0
1,610
24.0
Utah....
Nevada
New York
1941
New Jersey
.17.0
Michigan
Minnesota..
Virginia.
1941
1940
15.8
State
Average
Indicated
Average
84
2,089
441
374
23,310
1,812
1,320
3,672
8,322
1,323
2,990
310
364
1,885
1,950
88
90
319
375
338
89
93
19,815
9,936
80
86
92
6,312
15,824
4,700
74
88
87
178,090
227,547
213,007
87
77
Based on prospective
Yv
planted acreage reported In March.
3,036
Weather Report for the Week Ended June 11—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended June 11, follows:
-Y.\':YY'
During the first part of the week an extensive depression moved from
the central Mississippi Valley eastward, attended by widespread precipi¬
tation, except that the amounts were of a local character in the Southeast;
the extreme Northeast received but little rain.
Following this disturbance,
an extensive "high" moved eastward and southward and became stagnant
over the Southeast, with low pressure to the west and northwest, thus
conforming to a type of pressure distribution that has been so much in
evidence in recent months.
By the close of the week, there was a general
stagnation in air mass movement and heavy rain occurred over a large
interior area.
Abnormally cool weather prevailed over most of the western half of the
country, mostly seasonal temperatures from the Ohio and Potomac Valleys
northward, and considerably warmer than normal in the Southeast where
maximum temperatures were close to 100 degrees the latter part of the
WG6i£
Fairly
;
■/;
.
1
'
heavy tp heavy or excessive rainfall, was widespread, covering
in a large far southwestern area, the Southeast
most of the country, except
and extreme Northeast.
The amounts
were
especially heavy between the
Mississippi River ana Rocky Mountains where some localities received from
6 to 9 inches or more.
In the Southeast and extreme Northeast rainfall
spotty and mostly light.
Rainfall during the last 2 weeks has effectively relieved drought condi¬
over a large area from the central Mississippi Valley eastward to
the Atlantic Ocean, but in the Southeast and the extreme Northeast only
was
tions
local, temporary relief has been afforded.
These latter areas include the
northern portions of New York and New England, and the sections from
southern Virginia and Tennessee southward.
Since the first of June the
Ohio and central Mississippi Valleys have had about twi e to more than
twice the normal rainfall, while from northern Texas northward most areas
have had from two to four times the normal.
However, for the same
period, the amounts in the Southeast have ranged from only 28% of nor¬
mal in Georgia to about three-fourths of normal in North Carolina and
Tennessee.
Crops in the central Mississippi and Ohio Valleys and Middle Atlantic
responding rapidly to the improved moisture conditions, with
States are
The Commercial & Financial Chronicle
3846
truck,
and most spring-seeded small grains showing improvement;
late grass and hay shows some revival.
However, in most sections of the
grass
persistently dry Southeast, crops and other vegetation are showing con¬
tinued deterioration, except where local rains occurred.
Cotton is show¬
ing less effect than other crops.
THE DRY GOODS TRADE
In the southern Great Plains continued heavy rains have become de¬
cidedly detrimental, with washing and soil erosion extremely destructive
some areas,
especially in Oklahoma; small-grain harvest is being fur¬
ther delayed and row crops are
becoming weedy.
West of the Plains con¬
ditions were generally
favorable, although there was some hail damage in
the Rocky Mountain area and more lodging of grain in the Pacific North¬
west because of heavy rainfall.
Pastures, ranges and hay crops are in unusually good condition over
the western half of the country, and truck is showing decided revival in
the Central Valleys,
Timely rains were very favorable for tobacco setting
in the Ohio and Potomic River Valleys but it is much too dry for tobacco
in the Southeast.
Some peaches in Georgia are reported as maturing with
about half their usual size.
In Florida citrus groves are suffering for
in
New York,
1941
,
Friday Night, June 13, 1941
Trading in the markets for dry goods expanded
siderably during the past week, particularly in cotton
goods and related weaves.
Sharp price advances
scored
on
con¬
gray
were
items, including several standard printcloth constructions, and
attempts of sellers to stem the
demand by advancing
prices failed to meet with success as
moisture.
many
buyers appeared to be less interested
Small Grains—The wheat croD continued to make favorable progress
in the central and eastern portions of the belt, but continued rains have
been detrimental in the Southwest.
June 14,
excellent progress; condition
improving.
Potatoes, truck, hay and pastures
deteriorated further in dry areas; improved elsewhere.
in
In the central valleys some local har¬
vest is reported as far north as extreme southern Illinois.
In the south¬
Great Plains there has been entirely too much rain.
In much of Okla¬
homa beating rains, high wind and flooding have been very
destructive,
with many fields completely lost; the crop is ripening fast and will be
obtaining deliveries.
sellers said that
Demand
in
prices than they
were
feverish, and
some
was
they doubted the wisdom
of raising prices
curtailing sales, since buyers were willing
to pay the advances and the
advances merely stimulated
additional buying.
As shortages developed in goods for
ern
for the purpose of
ready for narvest in a few days to the extreme northern border if weather
permits.
In Texas harvest is being delayed and insect and rust hazards are in¬
creasing.
In Kansas wheat is badly lodged in many places which may
affect yields; binder harvest began in southeast and south-central coun¬
nearby deliveries, buyers transferred their operations into
ties,
the deferred
ported in the Pacific northwest.
In the Spring Wheat Belt conditions
fully
.
,
but was stopped by the week end rains.
North and northwest of
Kansas conditions are favorable, but considerable further lodging is re¬
continued favorable and small
grains are generally looking well.
Oats show improvement in the central
valleys, and flax is blooming freely in Iowa.
Corn—In Northwestern States the week
the
was
too
cool
and
chased
It
cloudy for
with
Timely
very helpful.
or
'
Cotton—In the Cotton Belt the weather of the week conformed to the
pattern that has prevailed for some time.
Temperatures were
normal to above in most of the
the west and
belt
mostly scanty in the east.
with rainfall heavy in much of
a whole conditions were again
of
In Texas progress of cotton was only fair; there has been too much
in most sections and considerable further replanting is
required in
the north and northwest.
In most of Oklahoma progress was poor with
many
fields washed out
or covered and early cotton uneven and weedy.
and eastern Louisiana progress was mostly good, but else¬
Louisiana only fair, with fields weedy.
Bast of the Mississippi
the
following
resume
of
central
Piedmont;
condition
South Carolina—Columbia:
severe
drought
still
and
progress fair to good.
Condition
Condition of corn good to excellent.
Scattered
showers
helped
locally,
crops
mostly
unbroken.
Corn, truck, gardens and
in many places.
Progress and condition of
cotton fair, except irregular stands in north account soil too
dry for ger¬
Georgia—Atlanta:
in small
Corn
areas.
and
Continued
of pastures and truck.
bacco unusually poor.
good
poor
first
bloom
in
south.
Wheat
and
or
oat
Sweet potato plants dying in many places; to¬
Peaches maturing small.
Peanuts mostly fair to
to fair; in many
bloom in south.
Florida—Jacksonville: Lack of rain being felt and soil
drying rapidly.
and condition of cotton poor and blooming slowly.
Showers
inadequate.
Corn and sweet potatoes fair to poor.
Tobacco
blooming; plants small.
Groves suffering from drought; considerable
droping of new fruit.
Progress of cotton
and
most
of
south.
very good and condition
good in east; elsewhere progress
and condition only fair and fields weedy; some
squares in northeast.
Con¬
dition of corn rather poor and fields grassy in wet
areas; elsewhere con¬
dition good to excellent.
Planting rice near end; early doing well.
Truck
and gardens generally fair.
Good progress in setting sweet potatoes.
Texas—Houston; Favorable temperatures, but too much
rain, except
in south and southwest where
adequate generally.
Progress and harvest¬
ing of all grains retarded; hazard from rust and insects increased; despite
considerable damaged locally in
Panhandle, prospects of all grains good.
Considerable oats already harvested.
Progress of corn poor generally.
Progress of cotton fair; soil too wet in most sections; too much rain in
north and northwest necessitates further
replanting.
Conditions for har¬
vesting truck favorable in lower valley, but delayed elsewhere.
Prospects
truck and gardens in east lowered
by too much rain.
for
Ranges and
livestock in good condition,
Oklahoma—Oklahoma
City:
Favorable temperatures.
Washing and
flooding rains extremely destructive to crops; soil erosion heavy and
many
row crops
covered.
Progress of wheat fair in extreme northwest, but
deteriorated elsewhere account flooding,
beating rains, and high winds;
damage undeterminable; many fields a complete loss.
Wheat ripening
rapidly and ready to harvest by end of week to extreme north if weather
favorable.
Some oats and barley cut, but excessive
rains caused quite
general damage to these crops.
Progress of cotton good in east, but poor
elsewhere; much washed out, or covered; early stands
weedy and uneven;
condition good in east, but only fair elsewhere.
Progress of corn good,
except some washed out on lowlands; condition mostly
very good.
Plant¬
ing broomcorn and grain sorghums delayed.
Gardens, pastures and live¬
stock in
excellent
condition.
Arkansas—Little
Rock: Temperatures
generally favorable.
Rains of
preceding week and further adequate amounts this week
put soil in good
working condition in most sections.
Cotton late, but progress very good;
crop well worked.
Corn much improved and well cultivated.
Oat and
wheat harvests under
hay improving.
way.
Truck
Tennessee—Nashville:
Favorable for growth of rice.
benefited.
Pastures and
crops
Adequate rains in a few north-central counties
and excessive falls locally, but more needed in most sections and
drought
continues over considerable areas.
Progress of cotton mostly poor, but
good where adequate moisture; condition fairly good and
chopping good
advance.
Progress and condition of corn poor where soil
dry, but good
where rains.
Wheat ripened rapidly; condition good.
Tobacco setting
The
for
In fact, there
was con¬
during the week of the possibility
ceilings being established by the Office of
as
possibility of
the
latter
a
shortage has been
rayon
development.
Prices for print
39-inch 80s, 11c.; 39-inch
72-76s,
10%c.; 39-inch 68-72s, 9^ to 10Mc.; 3834-inch
64-60s,
Sy8 to 9c., and 383^-inch 60-48s, 734c.
cloths
were
as
follows:
Woolen Goods—The
request for bids
on
17,684,000 yards
of uniform cloths by the
Army was the feature of the market
for woolen goods
during the week.
In the meantime, mills
Temperatures generally favorable.
Locally
too inuch rain in extreme south, with
drought continuing elsewhere, es¬
pecially east-central and north, with soil moisture badly depleted there.
Progress of cotton mostly rather poor; squares appearing on early-planted
in south.
Progress of corn mostly poor, except fair locally in south¬
west and extreme south; cultivation
generally good.
Progress of gardens,
pastures and truck mostly poor.
west
buying
goods, particularly for nearby
Buyers also sought to get anticipations of de¬
existing contracts, with little success.
In fact,
met with
difficulty in getting assurance that goods
deliveries.
Mississippi—Vicksburg:
in
levels
responsible
Alabama—Montgomery: Rainfall irregularly distributed; 20% of sta~
tions had over 1 inch and 50% over one-half inch.
Progress of cotton
fair to good; condition mostly fair.
Corn fair to locally poor.
Vegetables,
pastures and hay poor to locally fair.
rain
of
but according to reports, little actual business trans¬
pired owing to the scarcity of spot
supplies and the fact
that, mills virtually discontinued
taking orders for later
Progress
much
wave
rayons,
scattered and
Too
extended
point where either priorities
improvement
ana
buyers found it almost impossible to arrange for
nearby
shipments on many weaves.
A good inquiry was noted for
except
temporarily adequate
deteriorated.
Similar conditions
progress where showers.
Cotton progress poor
north counties not yet up to stands, while
beginning to
Louisiana—New Orleans:
an
so
drought,
progress
a
impede business.
Spot goods were
difficult to finds that
sharp premiums were asked when
thev were located.
Demand for twills showed
pastures very poor condition
mination; squares forming
threshing in north.
reaching
ordered earlier in the season would be
delivered on schedule.
Prices generally continued to maintain a
strong tone, with
advances scored in a number of
directions.
Print cloths
sold in large volume, while
sheetings were also in active
demand and there was increased
requests for drills, osnaburgs and ducks.
In regard to
sheetings, a withdrawal of
a number of mills from
the market and the
general scarcity
of goods continued to
Other crops fair to good condition.
but
on
some even
North Carolina—Raleigh:
Favorable
temperatures.
Adequate
rains
in portions of north Piedmont and parts of west coastal
plain, otherwise
more
rain still needed.
Tobacco transplanting completed
in northern
and
same
liveries
Much truck badly damaged.
and progress of cotton fair to good.
they feared that
as
schedule of
a
delivery..
Virginia—Richmond: Normal temperatures and good showers in most
sections, bilt some counties still dry, particularly in southwest.
Corn im¬
proved.
Practically all flue-cured tobacco set; much fire and sun-cured
being set; burly delayed.
Cotton improved, but poor.
Soy beans and
cow peas good.
Peanuts about all planted.
Early hay poor.
Pastures
short.
keel,
price ceilings would be imposed.
the
River a good rain is needed, but progress of cotton is still fair to
good
in many places, especially where recent rains have occurred.
Some local
bloom is reported as far north as southern South Carolina.
The weather bulletin furnished
conditions in different States:
for legitimate trade
usage and not for speculation.
the desire of most sellers to maintain
the market on
hoping that they would remain around
further advances would
probably make
ceiling action necessary.
Demand for goods in the wholesale
markets was decidedly
active during the past week.
Sales, however, were held in
check by the
scarcity of
Arkansas
where in
care¬
Price Administration and Civilian
Supply on a wide range
of cotton gray goods.
There was also talk to the effect that
the OPACS was satisfied with the
prices that prevailed the
week previous and was
*
rain
In
mills scanned each order
themselves that the goods being pur¬
siderable talk in the trade
As
unfavorable.
assure
would result in prices
general
near
deliveries, and
to
as
were
was
an even
and the soil continues too wet to work in most of the South¬
resultant weedy fields; elsewhere conditions were favorable.
rains in the central and eastern portions of the belt have been
corn crop
west,
so
were
were
reluctant to quote on civilian
business, and indications
that ordinary commercial business would remain
quiet
until the awards of the
#
mills
are
military orders
are
made.
Woolen
said to be better employed
'time in recent years and
both civilian and
are
at present than at any
in possession of large orders for
Army account, including blankets, over¬
coatings and shirting.
With large additional Army business
in the offing, merchants are
generally convinced that the
present rate of production will be maintained if not increased
for the balance of the
year.
Men's
wear
mills continued in
a
tightly sold-up position.
Buyers continued to seek sup¬
plies but found it decidedly difficult to locate them.
Retail
clothing sales during the week were more or less spotty, and
showed a falling in sections of the
country where the weather
conditions were adverse.
On the other hand,
trading in the
market for women's wear showed further
expansion.
Gar¬
ment
manufacturers placed substantial orders for both
woolens and worsteds for
delivery over the next three or
four months.
Wool underwear continued in
a
strong po¬
sition, with mills well sold ahead, while wool hosiery mills
kept busy and were asked to submit bids on a half
were
million pairs of socks for the
Army.
Foreign Dry Goods—Markets for linens were again
active, and although a considerable volume of business was
placed, there were no further increases in prices.
The trade
reported that heavy replacement buying in all lines of linen
goods had been stimulated by the advance in prices the week
previous.
Burlaps developed additional firmness during the
owing to the strong tone at Calcutta, active demand
for goods for nearby
delivery and small offerings.
Do¬
mestically, lightweights were quoted at 9.90c. and heavies
week
at 12.85c.
Volume
The Commercial & Financial Chronicle
152
3847
Full value of taxable real property in the
State, at the rate of assessment,
is reported
in the table as $29,254,201,154.
This represents a loss in
full value of $478,811,905, compared to a year
ago.
Specialists in
Richmond, Va.—Supreme Court Upholds Annexation of
Territory—We quote in part as follows from an article which
appeared in the Richmond "Dispatch" of June 10:
Illinois & Missouri Bonds
Richmond's lower court annexation victory over Henrico
County was
yesterday by a unanimous opinion of the Virginia
Supreme Court of Appeals.
"
The seven justices made only minor changes in the decree reached
by the
three-judge annexation court, which the county had sought to overturn,
and the biggest change favored the city.
They held that the annexation court erred in not awarding Richmond
all of Sanitary District No. 1 and decreed that Richmond should take
sustained and enlarged
Stifel, Nicolaus & Cojnc.
Founded 1890
105 W. Adams St.
314 N. Broadway
DIRECT
CHICAGO
WIRE
over
ST. LOUIS
the 8% of the district omitted by the lower court.
This, in effect, will add to Richmond's lower court annexation gains a
rich chunk of Westhampton property estimated to have a taxable valuation
in the city of about $1,000,000, calculated to yield Richmond about
$24,000
a
News Items
California— State
that
Treasurer
interested
those
in
of State of California
Jndia
Basin bonds giving
a
tion
will
list of the $255,000
bonds called for redemption as of Jan.
be
year,
available
made
2, 1941.
Subsequent
annually between the 1st and 10th
and notices of the bonds called for redemp¬
for
distribution
from
the
Treasurer's
first
Treasurer
has
$12,000,000
also
of
the
prepared
a
$40,000,000
In Henrico property
law
much
even
though the tax rate Ls unchanged.
United
States—Possibility of Our Entry Into European
a year ago, a letter was sent out by
J. Austin White, President of J. A. White & Co. of Cin¬
cinnati, to the firm's clientele, discussing the possibility of
the United States entering the European conflict and point¬
ing out numerous objections to such a mementous step.
In view of the fact that the statements presented by Mr.
White at that time are, if anything, even more valid at the
present time, he has had this letter reprinted and copies
will be forwarded to interested parties upon request.
(The full text of this letter appeared in the "Chronicle" of
June 22, 1940, on page 3904.)
tion
necessary for the preparation of a current statement except in the
case of the sinking fund balances and the amount of registered warrants
outstanding.
These figures may be obtained currently from the office of
War Discussed—Just
the State Treasurer upon request.
Everglades Drainage District, Fla.—Debts Taken Over
by RFC—An Associated Press dispatch from Tallahassee on
June 10 reported as follows on the latest development in the
debt composition plan of the above district:
The Reconstruction Finance Corporation agreed today to assume the
Everglades Drainage District's $5,660,000 refunding bond issue and thus
become the sole creditor of the district.
obligatiions will bear 4% interest and will mature serially
in 3 to 33 years.
Arrangements for the financing through the RFC were made after a
banking syndicate headed by the Ranson-Davidson Co. of Wichita, Kan.,
had obtained a majority of the district's original bonds from a committee
headed by H. C. Rorick of Toledo, Ohio, for about 57 cents on the dollar.
The refunding loan will extinguish the outstanding original bonds,
judgments and other claims, and delinquent taxes of about $20,000,000
against the district's property, it is understood, will be canceled.
Owners
will pay two years of delinquent taxes, under new taxing rates, in settlement
of all delinquencies.
Future annual taxes will be about one-third of current
levies.
that
the annexed territory, and that property owners may have to pay twice as
taxes to Richmond for 1942 as they pay Henrico for 1941.
This,
issuing the bonded debt statement showing the annual maturities of
all issues, the feeling was expressed that the State of California will not
hereafter be called upon to furnish periodical revisions of its bonded in¬
debtedness inasmuch as the reports described above supply all the informa¬
The refunding
has been assessed at about 45% of its market value.
99-plus per cent of market value.
State
property shall be assessed at fair market value.
Which
that Richmond can very legally double present tax assessments in
says
means
authorized.
In
Henrico
In Richmond property is assessed at
showing the sale of the
Highway bonds originally
statement
Third
of
Richmond.
office
immediately thereafter.
The
Three
over about 8.29 square miles and some 15,000 inhabi¬
County at midnight Dec. 31, 1941.
The opinion was
Wytheville, where the court is holding its June term.
Neither city nor county officials would comment immediately on the
final decision of the lengthy, hard-fought annexation
controversy, but
it appeared that property owners in the annexed territory faced prospects
of an actual tax increase—although not an increase in tax
rates—beginning
in 1942 and perhaps another tax boost the following year or so.
This is in spite of the fact that annexation law prohibits any rise in
tax rates in annexed territory until certain conditions have been met by
the city.
It is due to the different assessment ratios of Henrico and
calls of India Basin bonds will be made
day of November of each
added by the Supreme Court? includes the Coun¬
Richmond will take
tants
For convenient reference in determining the outstanding India Basin
bonds, the Treasurer has also made available its Nov. 14, 1940 notice to
India Basin
area
announced at
maturities of the various State of California bond issues.
owners
The
Chop Road and the University of Richmond.
The Supreme Court's only other material change in the lower court
ruling
gave Henrico additional compensation from the city of about $6,000—
or 45.79%
of a $13,324 school debt which the county had claimed the
city should assume but which the annexation judges had not allowed.
Under the Supreme Court ruling, which was written by Justice John W.
Eggleston in 55 pages bristling with citations of statutes and precedents.
Prepares Debt Statement—In
maintaining a current debt
statement of the State of California may easily revise the
bonded indebtedness figures at any time desired, State
Treasurer Chas. G. Johnson has prepared a statement of
bonded debt as of Feb. 1, 1941 in which is shown the annual
order
in taxes.
year
try Club of Virginia and the residential section between the club.
Bond
Proposals and Negotiations
r,-'H,-
district
The
takes
in
about 4,800,000 acres in
Florida.
11
Alabama
counties in southern
;
Municipals
New
York, N. Y.—City's Realty Valuations Cut $330,265,252—The final total assessed valuation of taxable real
estate in New York City for the fiscal year 1941-42 is $16,223,134,726, William Stanley Miller, President of the Tax
Commission, announced on June 11.
This is $330,265,252
lower than the current valuation.
Although the figure will
be used by the City Council in setting the new tax rate
later this month, the rate cannot be computed now, because
Comptroller Joseph D. McGoldrick has not yet released
his final estimates of the 1941-42 revenues of the general
fund.
The existing rate is $2.84 for each $100 of the assessed
'
valuation.
Accompanying Mr.
Steiner, Rouse
Miller's report was a statement by Mayor F. H.
wishes to keep assessed valuations "as low as the
LaGuardia that the city
NEW
BIRMINGHAM, ALA.
YORK
Direct Wire
•
ft
ALABAMA
POLYTECHNIC INSTITUTE (P. O. Auburn), Ala.—
BOND ISSUANCE AUTHORIZED—The Board of Trustees is said to
have voted to issue $200,000 revenue improvement bonds.
ALABAMA
GADSDEN, Ala.—PRICE PAID—The City Clerk states that the
/
re¬
funding bonds aggregating $74,000, sold to a syndicate headed by Watkins,
Morrow & Co. of Birmingham, as 3s, as noted here on March 29, were
purchased at a price of 99.00, a basis of about 3.13%.
PHOENIX
law permits."
Co.
&
Members New York Stock Exchange
CITY,
Ala.-!—BOND CALL— It
is
byE.E. Reese,
stated
pre¬
President of the Board of Commissioners, that 5% semi-ann. series A, B,
pared, considered and adopted.
Together with the additional funds which
the Legislature has permitted us to be applied, we will be able, with prudent
and economical administration, to come through the budget year nicely."
1940-41
C, D, E, G and 7, refunding public improvement bonds are called for
payment on July 1, at the redemption price of 102Vz% of the principal
amount thereof, plus accrued interest thereon to said redemption date.
Dated Jan, 1, 1936.
Due July 1, 1956.
Payment of redemption price
will be made on redemption date on surrender of any of said bonds to the
prevent a jump in
City Clerk and Treasurer or the Phenix-Girard Bank, Phenix City.
"We
had
this in
mind," the Mayor said,
"when the budget
was
Although the total 1941-42 valuation is considerably lower than the
valuation, the 1941-42 budget is lower also.
This will tend to
the tax rate, though it is possible that the rate will rise
slightly.
The final total of assessed valuation includes $14,224,025,514 in ordinary
real estate, $1,362,826/245 in real estate owned by utility companies and
$636,282,967 in special franchises levied on appurtenances extending above
or beneath streets.
The total is $99,162,555 less than the tentative total
of assessed valuation published last February.
Mr. Miller said the assessments on existing property have been reduced
by $325,278,322 in the 1941-42 computation.
New York State—Real Property Assessment Rate at High
Level—The average rate of assessment of taxable real prop¬
has reached its highest point in
it was disclosed on June 12 when the 1941 State
equalization table was made public by Mark Graves, Presi¬
erty in New York State
20 years,
dent of the State Tax Commission.
On
the basis of the new
table,
the average rate of assessment
in
the
higher than a year ago.
Fourteen counties
higher than the average for the State, 48 having
State is 87.4%—8-10 of 1%
have rates of assessment
rates below
the average.
the average rate
.
means that taxable real property in
being assessed at a rate more nearly approaching estimated
full value than at any time since 1921.
.
However, there was a decline in the State's total assessed valuation of
The
the
ARIZONA
GLENDALE, Ariz.—LIST OF BIDS—In connection with the award of
the bonds aggregating $78,000, to Kirby L. Vidrine & Co. of Phoenix, as
noted in our issue of June 7—V. 152, p. 3679—the following statement is
sent to us by M. M. Smith, City Clerk:
Refnes, Ely, Beck & Co., Phoenix, Ariz.—Bonds maturing 1942 to 1951,
incl., 2M%; bonds maturing 1952 to 1961, incl. 2%%. plus premium of
$12.40 on water bonds and $1.00 on sewer bonds.
H. G. Hanchett Bond Investment Co., Phoenix, Ariz.—$16,000 sewer
bonds, 2%% plus $40: $62,000 water bonds, 2%% Plus $200.
Kirbv L. Vidrine et al., Phoenix, Ariz.—For bonds maturing 1942 to 1955,
incl., total $49,000, 23^%; bonds maturing 1956 to 1961, incl., 2%%
plus premium of $10.
First Security Trust Co., Salt Lake City, Utah—For $62,000 sewer im¬
provement and $16,000 water improvement bonds maturing 1942 to
1961, incl., 2Y%% plus $5.60 for each $1,000 bonds.
The bonds were sold to Kirby L. Vidrine & Co., Phoenix, as the bid of
the First Security Trust Co. was irregular and conditional, therefore it
could not be considered.
!
increase in
State is
real property, compared to the previous year.
The total assessed value
in the State according to the 1941 equalization table, which is based on
1940 assessment rolls of the localities, is $25,578,347,297.
This is $173,-
681,967 less than the comparable total a year ago, and registers the first
drop in total assessed valuations in four years.
GLENDALE, Ariz.—BOND SALE DETAILS—The City Clerk states
that the $78,000 water works improvement of 1941, and sewer improvement
bonds sold to Kirby L. Vidrine & Co. of Phoenix, as reported in—V. 152,
p. 3679—were purchased for a premium of $10, equal to 100.012, a net
interest cost of about 2.64%, on the bonds divided as follows: $49,000 as
2Hs, due on July 1, $3,000 in 1942 to 1948, and $4,000 in 1949 to 1955;
the remaining $29,000 as 2%s, due on July 1, $5,000 in 1956 and 1957,
$4,000, 1958, and $5,000 in 1959 to 1961.
The Commercial & Financial Chronicle
3848
June 14. 1941
MARICOPA COUNTY SCHOOL DISTRICT NO. 10 (P. O. Me..),
Ariz.—MATURITY—The Clerk of tbe Board of Supervisors states that
the
$10,000 school bonds sold to Kirby L. Vidrine & Co. of Phoenix,
3s, at 100.307, as noted in V. 152, p. 2118 are due on Aug. 1 as follows:
$1,000 in 1950 to 1954, $2,000 in 1955 and 1950, and $1,000 in 1957. giving
a basis of about 2.97%.
FLORIDA MUNICIPAL BONDS
as
Our long experience In handling
hensive
Florida Issues gives us a compre¬
background of familiarity with these municipal bonds.
We
will be glad to answer any inquiry regarding
them at
no
obligation.
ARKANSAS
ARKANSAS, State of
SNOITCELOCXAT—SET MAY PEAK—In
making special tax collections of $2,035,620, the Arkansas Department of
Revenue set a new record for May, and registered an increase of $407,236
over
R E.Crummer & Company
the same month of last year.
$1,123,593 for credit to the highway fund, compared with $985,992 in
May, 1940.
Other items on the list included cigarette tax at $142,501, against $131,683,
sales tax at $595,738 against $500,742, and income tax at $471,964 against
$333,490.
*
The liquor tax, which in recent months has represented a problem for the
Department, showed another decrease.
The total was $67,238 compared
with $71,769.
,
Appropriations by the Arkansas Legislature approved by the Reconstruc¬
Finance Corporation by terms of its agreement for purchase of the
$136,000,000 refunding issue will permit disbursements of $1,932,526 as
follows: New construction, $1,000,000: refunding expenses, $342,526; debt
service of farm-to-market road districts, $140,000: debt service of bridge
improvement districts, $150,000; turnback one-half to
half to cities and towns, $150,000: and debt service of
districts, $150,000.
The balance of $1,932,526 represents highway fund
service and debt redemptions as authorized bv Act No.
counties and onenmnicipal paving
revenue
for
debt
11 of 1934, which
repealed with passage of Act No. 4 of 1941.
preceding years, the State in qualifying for bureau of public roads
In
grants has been limited to payments by the bureau in return for lifting
tolls
Such
bridges.
highway
on
original costs of such structures.
additional qualifying funds.
payments approximated 50% of the
The $1,000,000 allotment will represent
^
IZARD COUNTY
reported
bonds at
(P. O. Melbourne), Ark.—BONDS VOTED—It is
that the voters approved the issuance of $10,000 court house
election held on May 29.
■
an
MARION, Ark.—BOND SALE PENDING—A $25,000 issue of sew£r
system revenue bonds will be purchased by Cherry, Villareal & Co. of
Little Rock, according to report.
NEWPORT
DISTRICT
LEVEE
(P.
O.
Newport),
Ark.—BONDS
SOLD—The Bank of Newport is said to have purchased on June 2 a $55,000
issue of 3% semi-annual refunding bonds at a price of 101.60, a basis of
about
2.45%.
Due $11,000 in 1942 to 1946, incl.
E
|
COUNTY
IMPERIAL
(P.
O.
EI
Centro),
Calif.—SCHOOL BOND
SALE—The $14,000 Imperial Union School District semi-ann. building and
offered for sale on June 9—V. 152, p. 3679—were
awarded to Thomas Kemp & Co. of Los Angeles, at a price of 100.721,
according to the County Clerk.
Dated Aug. 20, 1938.
Due on Aug. 20
in 1941 to 1944.
M
bonds
LOS ANGELES, Calif.—BOND OFFERING—It is reported that the
city will receive sealed bids untl June 23, for the purchase of a $3,500,000
ssue of airport bonds.
Due in 1942 to 1956.
'
LOS ANGELES COUNTY SANITATION DISTRICT No. 2 (P. O.
Los Angeles), Calif.—BONDS VOTED-—At an election held on May 23
the issuance of $200,000 not to exceed
5% sewer system bonds.
■;
-■ /.
the voters are said to have approved
.
SAN
.
BUENAVENTURA,
Calif.—BOND SALE—'The $95,000 semi¬
bonds offered for sale on June 9—V. 152,
p. 3529—were awarded to Blyth & Co., Inc., of San Francisco as l%s,
paying a premium of $1,101.05. equal to 101 053, a basis of about 1.64%.
Dated June 1, 1941.
Due $5,000 on June 1 in 1942 to 1960, inclusive.
annual fire department of 1941
SAN
MATEO
COUNTY
(P.
O.
Redwood
City),
Calif .—SCHOOL
BONDS VOTED—The County Clerk states that at the election held on
June 6 the voters approved the issuance of the $400,000 San Mateo High
School
District
construction
BROWARD COUNTY (P. O. Fort Lauderdale), Fla.—BOND OFFERING—Sealed bids will be received by E. R. Bennett. Clerk of the Board of
County Commissioners, until 11 a. m.
of the following refunding
bonds.
109,000 3££% general bonds.
Due on May 1 as follows: $17,000 in 1947,
$20,000 in 1948, $22,000 in 1949, $24,000 in 1950 and $26,000
in 1951..
COLORADO SPRINGS, Colo.—BONDS RETIRED—The city retired
$25,000 4% water revenue bonds on June 1, leaving $25,000 of this issue
to be retired in 1942 and a total of $1,807,000 in bonds of which $333,000
is in general obligation issues, $17,000 in special improvement and $1,437,000
in water department revenue bonds.
Another $98,000 is budgeted to be paid off before the end of this year,
including $22,000 worth of sewage disposal plant bonds on July 1, $75,000
of 1H % water revenue bonds on Sept. 1 and an
additional $1,000 on special
improvement bonds.
This will leave $1,709,000 worth of bonds outstand¬
ing December 31.
.
WRAY, Colo.—BONDS SOLD—The Town Clerk states that"$30,00)5
2H% semi-ann. refunding bonds authorized by the Town Council in April,
have been purchased at par by Bosworth, Chanute, Lougbridge & Co. of
Denver.
Denom. $1,000.
Dated April 15, 1941.
Due $2,000 on Oct. 15
in 1942 to 1956 incl.
'
CONNECTICUT
NORWALK, Conn.—BOND SALE—The $200,000
coupon or registered
June 10—V. 152, p. 3376—were awarded to White,
New York, as 1.30s, at a price of 100.086, a basis of about
1.29%.
Dated June 15, 1941 and due $10,000 annually on June 15 from
1942 to 1961 incl.
Reoffered at prices to yield from 0.20 to ] .40%, accord¬
ing to maturity.
Other bids:
Bidder—
Int. Rate
Halsey, Stuart & Co. Inc
Estabrook & Co. and Putnam & Co
First of Michigan Corp., R. D. White & Co., and C. F.
Rate Bid
1.40%
100.657
1.40%
100 609
1.40%
Harris Trust & Savings Bank and Kean, Taylor & Co..
1.40%
R-L-°ay & Co. and Cooley & Co
1.40%
Shields & Co
1.40%
Stranahan, Harris & Co., Inc. and Bond, Judge & Co.. 1.40%
Union Securities Corp. and Equitable Securities
Corp.. IH%
Harriman Ripley & Co., Inc
1H%
100 228
100.179
100.139
100.107
100.103
101.38
100.709
>
validity by the First National Bank of Boston, under advice of Storey,
Thorndike, Palmer & Dodge, of Boston, and all legal papers incident to
be inspected.
may
1,316,000 Z%% highway bonds.
Due May 1 as follows: $94,000 in 1950,
$99,000 in 1951, $104,000 in 1952, $110,000 in 1953, $116,000 in
1954, $94,000 in 1955, $130,000 in 1956, $135,000 in 1957. $140,000
in 1958, $145,000 in 1959 and $149,000 in I960.
The highway refunding bonds are optional for redemption
May 1,1951, at par and accrued interest.
*
on and
Special Road and Bridge District No. 3 bonds.
$15,000 3M%
after
Due
on
May 1 as follows: $7,000 in 1942 and $8,000 in 1943.
62,000 3)^% Special Road and Bridge District No. 3 bonds.
Due on
May 1 as follows: $9,000 in 1944 and 1945, $10,000 in 1946, $11,000
1948 and $12,000 in 1949.
124,000 3 % % Special Road and Bridge District No. 3 bonds.
Due May 1
as follows: $13,000 in 1950 and 1951, $10,000 in 1952 and
1953,
$7,000 in 1954, $8,000 in 1955, $11,000 in 1956, $12,000 in 1957,
$13,000 in 1958 and 1959 and $14,000 in I960. ■,.
The Special Road and Bridge District refunding bonds are optional for
redemption on and after May 1, 1951, at par and accrued interest:
Denom. $1,000.
Dated May 1, 1941.
Prin. and int. (M-N) payable
in lawful money at the Continental-Illinois National Bank & Trust Co.,
Registerable as to principal.
Bidders must' agree to accept
Chicago.
delivery of the bonds at the Marine Midland Trust Co., New York, on
Nov. 1, 1941, and to pay the amount bid plus interest accrued to Nov. 1,
1941, in order that funds shall be available to pay the bonds refunded, which
will be called for payment on said date.
The successful bidder may, how¬
ever, take delivery on or after Aug. 1, 1941, by paying the amount bid
plus accrued interest to Nov. 1, 1941.
All bids must be for all of Broward
County refunding bonds or for all of the Special Road and Bridge District
No. 3, or for all of both, must be unconditional, and must be accompanied
by a certified check for 2% of the par value of the bonds for which the bid
is made, payable to the county.
The county reserves the right to sell the
whole or any part of the bonds, to reject any and all bids, and to conduct an
oral auction thereof for any and all comers after the opening of sealed bids
and otherwise to sell the bonds as is provided by law.
The bonds are to be
accompanied by the unqualified approving legal opinion of Chapman &
Cutler of Chicago.
If at the date of delivery of the bonds the United States
is involved in war, the contract of sale may be canceled at the option of the
purchaser, who shall then be entitled to the return of his good faith deposit.
CRESCENT
CITY,
Fla.—BONDS OFFERED—Sealed bids
were
re¬
ceived until 8 p. m. on June 11, by M. D. Hardy, Town Clerk, for the
purchase of $5,000 4% semi-ann. refunding of 1941, series A bopds.
Dated
July 1,1941.
Due on July 1 as follows: $1,000 in 1957 and $4,000 in 1959.
John Nuveen &
Co. of Chicago, and Fenner & Beane of New York, on
June 6 purchased from the bondholders' protective committee approximately
$8,000,000 of the $9,300,000 bonded debt of the above district.
The pur¬
chase price was 50 cents on the dollar with interest at the rate of 4% on the
50 cents value from Jan. 1, 1938.
This amounts to 57 cents on the dollar,
but actually holders of 6% bonds are realizing about 32 1/7% of the amount
legally due on these bonds, if all accumulated Interest were included to
Jan. 1, 1941.
7
It is understood that tbe Reconstruction Finance Corporation will pur¬
chase the bonds acquired by the syndicate at the syndicate's cost price and
will refinance all additional debt of the district.
district
an
issue of
4% serial bonds, maturing
It will receive from the
over a
period of 40
but
portfolio
years,
callable after 5 years, which will presumably be held in the RFC's
until such time as an opportunity to liquidate presents itself.
The next step in the completion of the refinancing will be the filing of
petition in the Federal Municipal Bankruptcy Court.
SHIP
CANAL
a
NAVIGATION
V. 152, p. 3055—was awarded to the Barnett National Bank of Jackson¬
ville, paying a premium of $10,586.40, equal to 104.01, a basis of about
2.33%, to maturity.
Dated Jan. 1, 1941.
Due $12,000 from Jan. 1, 1942
to 1963, optional on and after Jan. 1, 1943, at 102.50.
FLORIDA,
State
of—LEGISLATION
AFFECTING
ROAD
AND
BRIDGE
BONDS—The following information is taken from the June 1
bulletin of Florida municipal bonds, issued by the Clyde C. Pierce Corp.
of Jacksonville:
r
Last month we outlined for you Senate
Joint Resolution No. 324 which
years from Jan. 1, 1943, two cents per gallon of gasoline and
other motor fuel taxes toward the payment of principal and interest on all
general road and bridge and special road and bridge district bonds and pro¬
vides that the State Board of Administration will be a constitutional body
to administer such funds and act as bond trustee for all issues of road bonds.
This resolution
House and is
recently passed by a large majority of both Senate and
subject to a referendum at the egneral electon in 1942.
was
now
This resolution is the most important of the five gasoline tax bills however.
Senate Bills Nos. 321, 322, 323 and 325 also pertain to the gasoline tax
question and the following comments will be of interest to you as a holder
of Florida road bonds:
Senate
Bill
321
is rewritten
Senate Bill
1217 of the 1939 Session.
It
gives the counties additional credits for all amounts expended by them for
the construction of roads since Jan. 1, 1915, which roads have been desig¬
nated State roads prior to or by the 1941
Legislature, excluding, however,
credits that have already been given the counties by the 1931 act.
Section 9
of this bill was not in Senate Bill 1217.
This section provides that the "paid
out" counties will not have to wait until the new credits are set up to par¬
ticipate in the second
.
SMYRNA, Del.—BOND SALE—The $110,000 refunding bonds offered
une 6 were awarded toILaird, Bissell & Meeds
of Wilmington.
Dated
July 1, 1941, and due July 1, 1966.
Bidders were asked to submit two
proposals, one for bonds with a mandatory redemption of $4,000 annually
for 15
years, and $5,0001 annually for 10 years.
The second proposal
would allow call of not more than $5,000
annually for five years, and all
or any remaining part to be callable after
July 1, 1947
May 1 as follows: $28,000 in 1942
pledges for 50
STAMFORD (City of), Conn.-NOTE OFFERING—John F. Con¬
nolly, Commissioner of Finance, will receive sealed bids until noon
(DST)
on June 18 for the purchase at discount of
$300,000 notes, of which $225,000
will be issued in anticipation of taxes due
Sept. 1, 1941, and $75,000 in
anticipation of taxes due Sept. 1, 1940.
Dated June 19, 1941, and due
March 12, 1942.
Said notes will be authenticated as to genuineness and
DELAWA R E
on
annual
Weld & Co.,
r
Due
75,000 3M % highway bonds.
and $47,000 in 1943.
$29?1956,
1960,
1964,
1968,
DISTRICT (P. O. Jack¬
sonville), Fla.—BOND SALE—The $264,000 issue of 2H% coupon semi¬
right-of-way purchase refunding bonds offered for sale on June 9—
.
park bonds offered
bank, where they
.
439,000 3 Vi% highway bonds.
Due on May 1 as follows: $57,000 in 1944,
$61,000 in 1945, $76,000 in 1946, $73,000 in 1947, $85,000 in 1948
and $87,000 in 1949.
FLORIDA
this issue will be filed with said
■
755,000 4% general bonds.
Due May 1 as follows: $28,000 in 1952,
000 in 1953, $30,000 in 1954, $14,000 in 1955, $33,000 in
$34,000 in 1957. $35,000 in 1958, $37,000 in 1959, $38,000 in
$40,000 in 1961, $41,000 in 1962, $43,000 in 1963, $45,000 in
$46,000 in 1965, $48,000 in 1966, $50,000 in 1967, $52,000 in
$55,000 in 1969 and $57,000 in 1970.
EVERGLADES DRAINAGE DISTRICT (P. O. West Palm Beach),
Fla .—DEBT REFUNDING BEGUN—A syndicate consisting of the RansonDavidson Co. of Wichita, Kan.; B. J. Van Ingen & Co., Inc. of New York;
COLORADO
Childs & Co
(EST) on June 23 for the purchase
of 1941 coupon bonds, aggregating $2,952,000:
$57,000 ZM% general bonds.
Due on May 1 as follows: $10,000 in 1942
and 1943, $8,000 in 1944, $14,000 in 1945 and $15,000 in 1946.
in 1947 and
CALIFORNIA
CALIFORNI A, State of—WARRANTS SOLD—The following registered
warrants aggregating $4,262,403.12, offered for sale on June 10,
were
awarded to Kaiser & Co. of San Frnacisco. at 0.50%, plus a premium of
$1,631.26; $1,525,000 emergency relief and $2,737,403.12 general fund
warrants.
Dated June 13, 1941.
Due on or about Feb. 25, 1942. Legality
approved by Orrick, Dahlquist, Neff & Herrington of San Francisco. -
improvement
FLORIDA
,
tion
was
CHICAGO. ILLINOIS
1ST. NAT. BANKBLDG.
Gasoline tax at $1,000.352 and motor vehicle license at $123,241 produced
gas
tax distribution, but will participate beginning
with the effective date of the act, July 1, 1941.
Senate Bill 322 is rewritten Senate Bill 1216
gives credits to the counties for interest:
1. Paid by the counties or road districts
credited the counties under the 1931 act.
2. To be hereafter paid by the counties in
of the
therein
1939
upon
Session.
It
the amounts
road district therein
upon
the
amounts credited the counties under the 1931 act.
Paid by the counties or road districts therein upon amounts credited
the counties under Senate Bill 321.
3.
Volume
4.
The Ccmmercial & Financial Chronicle
152
To be hereafter paid
by the counties
road districts therein upon the
N
by the counties for State
road construction from Jan.
1, 1915, to April 1, 1941, but upon which there
has been no interest paid nor
required to be paid.
or
amounts credited the counties under
Senate Bill 321.
5. Five per cent. (5%) on moneies
expended
A similar section to Section 9
of Senate Bill 321 is included in this bill.
Senate Bill 323 amends Section 14 of
Chapter 14,486, Acts of 1929, the
creating the Board of Administration, as amended by the Kanner Act
and Senate Bill 1218 of the 1939
Session, it also amends Section 17 of the
Board of Administration Act.
1. This bill redefines
"surplus" to mean that a county does not have to
pay off or fully provide for the retirement of its road bonds
before it can
have a surplus.
Instead, it provides that in any year, if a county's gas tax
allocation when added to
sinking funds on hand is sufficient to
On June
Dated March 1, 1941.
Due $6,000 on March 1 in 1943 and
1944.
Interest payable M-S.
A certified check for $120,
payable to the above Board, must
accompany bid.
On June
20—$37,000 Plant City Special Road and
~
_
Bridge
April 1, 1941.
Due on April 1 as follows:
$6,000, 1946, $4,000, 1947, $9,000, 1948 and
Optional for redemption on and after April
act
meet current
principal and interest maturities
of county road and road district bonds and
also to set aside the amount which
would othrewise have to be raised that
by ad valorem levies for a sinking fund to meet future maturities, a
year
surplus may be declared and split 80-20 to State Road
Department and the
county, respectively, for road purposes within the
county, provided the
county may at its option defeat a surplus remittance on the
80-20 basis by
adopting a resolution requiring all of its gas tax allocation for that year to
be placed in sinking funds to meet its
road requirements.
2.
The bill provides that instead of the
present requirement of Section 14
county's annual participation in the gas tax be
pro-rated among
counties and road district bond issues in the ratio that the
that
the
a
various
principal of the issues of one road district or of the
county itself bears to the
total principal of all the
outstanding bonds of the county and its district,
that it be pro-rated in accordance with
current annual maturities and then
the annual amounts
required for sinking funds be provided.
This is to
allow use of the money when and where
most needed as among the various
bond issues of the
county and the districts therein, to prevent defaults and
heavy ad valorem levies in districts that have
early maturities.
This bill
does not repeal the Kanner Act.
3. The bill authorizes use of the
or
road district to buy matured
sinking funds (not surplus) of one county
maturing bonds of another county or
3%.
Senate Bill 325 amends the 1931 6-cent
gas tax act to provide that from
July 1, 1941, and for the next 18 months, the counties'
participation shall
be limited to the same amount
monthly that was derived from the Three
Cent Second Gas Tax in the
corresponding month of 1938, and the excess
or the 1941 proceeds of the
second gas tax over such 1938
monthly proceeds
shall go to the State
Road Department.
If Senate Joint Resolution
324, the constitutional
amendment, is adopted
at the November General
Election in
1942, the six-cent gas tax shall thereState Road Department and two cents to be used as
provided
in the constitutional amendment from Jan. 1, 1943.
If the
constitutional amendment is lost, the six-cent
gas tax shall be three cents to
the counties, and three cents to the
State Road Department; the counties'
three cents to be distributed as
provided in 1931 act and applied on the new
credits.
alter be four cents
and
to
_
FLORIDA,
State of—BOND AND NOTE TENDERS INVITED—
Pursuant to Chapter 15,891, Laws of Florida
the State Board of Adminis¬
tration, through J. Edwin Larson, State
Treasurer, will receive until
10 a.m. (EST) on June 27 in
Tallahassee, sealed offerings of matured or
unmatured original or
refunding road and bridge or highway bonds, time
warrants, certificates of indebtedness and
(or) negotiable notes of the
counties, and special road and bridge districts
therein, as follows:
Brevard, Charlotte, De Soto (except Districts No. 7 and
Charlotte
Harbor), Glades, Hardee, Hernando, Levy District No.
7, Martin, Monroe,
Palm Beach, Districts Nos.
4, 8, 12, 16, 17 and 18 only, Sarasota and
St. Lucie, including Jensen R. &
B. District.
All offerings submitted must
be firm for 10 days subsequent to the date
of opening,
i.e., through July 7, and must state full
name, description and
serial numbers of
bonds, interest rate, date of issue, date of
maturity,
and price asked.
The offer must
specifically state exactly what coupons
are attached and will be
delivered with the bonds for the
price asked.
Sealed envelopes
containing offerings of bonds pursuant to this notice
shall plainly state on its face that
it is a proposal- for sale of road and
bridge
bonds.
Separate tenders shall be submitted
covering the bonds of each
county, but any number of such sealed
offerings may be enclosed in one
mailing envelope.
,
HILLSBOROUGH COUNTY SPECIAL ROAD AND BRIDGE
DIS¬
(P. O. Tampa), Fla.—BOND OFFERING—Sealed bids
Will be
received until 11 a.m.(EST), on June 16, by Charles H. Pent, Clerk of
the Board of
County Commissioners for the purchase of the
following
refunding of 1941 coupon bonds aggregating $2,228,000:
TRICTS
accrued
interesc.
check for $370, payable
j
is required.
Interest
payable
District. Dated
$5,000 in 1943,
$13,000 in 1949.
1, 1947, at par
A-O.
A certified
to the Board of County Commissioners
Denom. $1,000.
Prin. and int. payable in lawful
money at the Con¬
tinental Illinois National Bank &
Trust Co., Chicago.
Registerable as to
principal.
All bids must be for all of the bonds
offered, and must be un¬
conditional.
Bidders must agree to accept
delivery of the bonds at the
£irst National Bank, Tampa, on July 1, and to pay the amount bid for the
bonds plus accrued interest
to July 1.
If, at the date of delivery of the
bonds the United States
is involved in war, the contract of sale
may be
cancelled at the option of the
purchaser who shall then be entitled to the
return of his good faith
deposit.
The bonds are to be accompanied by the
unqualified approving
legal opinion of Chapman & Cutler of Chicago. The
Board reserves the
right to sell the whole or any part of the bonds, to reject
any and all bids and to conduct an
oral auction thereof for any and all
comers after the
opening of sealed bids and to otherwise sell the bonds as
is
provided by law.
^LEE 9OUNTY <P- °-
Fort Myers). Fla.—BOND SALE—The $330,000
4% semi-ann. road and bridge
refunding bonds offered for sale on June 4
152, p. 3529—were awarded to a
syndicate composed of the Clyde C.
Pierce Corp. of
Jacksonville, the Equitable Securities Corp. of Nashville,
and Leedy, Wheeler &
Co. of Orlando, payaing a price of 104.12, a basis
of about
3.10%. Due on July las follows: $24,000 in 1943: $55,000, 1944
and 1945: $60,000, 1946 to
1948; $6,000 in 1949: and $10,000 in 1952.
—V.
or
road district to prevent defaults and
ad valorem levies in the latter counties
or
districts.
There is $17,000,000 cash and securities in
sinking funds,
Kanner Act, &c., and now frozen with
Board of Administration; use of
about $1,000,000 of this will
materially assist certain counties during 18
months after July 1,
1941, and will not hurt the counties whose sinking
funds are used, since the counties
whose bonds are purchased are assured
by Senate Bill 321 and 322 or by the constitutional
amendment of having
ample participation in second gas tax to return the
invested funds witn
3849
16—$12,000 East Tampa Special Road and Bridge District bonds.
LIVE OAK, Fla.—BOND
ELECTION— The City Council is said to have
an election for June
24 in order to have the voters pass on the issu¬
of $18,760 not to exceed
6% semi-ann. special assessment bonds.
called
ance
POLK
(P.
O.
COUNTY
SPECIAL ROAD AND
BRIDGE
DISTRICTS
Fla.—BOND OFFERING—Sealed bids will be received
(EST), on June 20, by D. H. Sloan Jr., Clerk of the Board
Bartow)
until 11
a.
m.
of
County Commissioners, for the purchase of the following
1941 bonds aggregating $105,500:
$9,000 Special Road and Bridge District No. 2 bonds.
$4,000 in 1949, $3,000, 1950, and $2,000 in 1951.
30,000 Special Road and
Bridge District No. 3 bonds.
$12,000 in 1956, and $18,000 in 1957.
21,000 Special Road and Bridge District No. 10 bonds.
$4,000 in 1949, $9,000, 1950, and $8,000 in 1951.
18,000 Special Road and Bridge District No. 12 bonds.
4% refunding of
Due
on
Jan.
Due
on
Jan.
1;
Due
on
Jan.
1;
1;
Due on Jan. l;
$1,000 in 1947, $9,000, 1948, and $8,000 in 1949.
16,000 Special Road and
Bridge District No. 14 bonds. Due on Jan. 1 as
follows:
$7,000 in 1948, and $9,000 in 1949.
2,000 Special Road and Bridge District No. 15 bonds. Due on Jan.l
,1951.
5,500 Special Road and Bridge District No. 16 bonds. Due on
in 1945, $3,000, 1946, and
$500 in 1947.
4,000 Special Road and Bridge District No. 17 bonds.
Jan.l, $2,000
Due
on
Jan.
lj
Denom. $1,000, one for $500.
Dated Jan. 1, 1941.
Prin. and int. (J-J)
payable in legal tender, at the Irving Trust Co., New York. Bidders must
agree to accept delivery of the bonds on July 1, except the
following bonds,
delivery of which bidders must agree to accept on Oct. 1: Special Road and
Bridge District, No. 10, $8,000, maturing Jan. 1, 1951, and Special Road
Bridge District No. 14, $14,000, maturing $5,000 Jan. 1, 1948, and
$9,000 Jan. 1, 1949, and bidders must agree to pay the amounts bid for the
and
bonds on said dates in order that funds shall be available to
pay the bonds
refunded which have been called for
payment or mature as the case may be
on said dates.
All bids must be not less than par and accrued interest, and
must be unconditional.
The approving opinion of Chapman & Cutler, of
Chicago, will be furnished to the purchaser. Enclose a certified check for
2% of the par value of the bonds, payable to the Board of County Com¬
missioners.
POLK
COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 1
(P. O.
Bartow), Fla.—BONDS SOLD—It is stated by Ray H. Walker, County
Auditor, that $245,000 refunding bonds were purchased on May 8 by John
Nuveen & Co. of Chicago.
Dated June 1, 1941.
The bonds are divided as follows:
$40,000 maturing June 1, $5,000
in 1942, $10,000 in 1947 and
1949, $15,000 in 1950 as 3Ms, and $205,000
maturing June 1, $20,000 in 1952, $25,000 in 1954 and 1955, $40,000 in
1956, $35,000 in 1957, $45,000 in 1958, and $15,000 in 1959 as 4s.
Denom.
Bonds maturing on June 1, 1955, and thereafter callable at par
on any interest payment date on and after June 1,1954.
Principal and interest payable at the La Salle NationaliBank, Chicago.
Legality approved by Chapman & Cutler of Chicago.
$l,0d0.
and accrued interest
$265,000 4%
North Tampa Special Road and Bridge District
bonds.
$5,000 in 1957, $11,000 in 1958, $12,000
1959, $13,000 in 1960 and 1961, $14,000 in 1962,
$15,000 in
1963, $16,000 in 1964, $17,000 in 1965, $18,000 in
1966, $19,000
in
1967, $20,000 in 1968, $21,000 in 1969, $22,000 in
1970,
$24,000 in 1971 and $25,000 in 1972.
6,000 3M% Special Road and Bridge District No. 5 bonds.
Due on
Jnly 1 as follows: $4,000 in 1945 and $2,000 in 1946.
l.OoO.OOO 4% Special Road and Bridge District No. 5 bonds.
Due July 1
as follows:
$2,000 in 1948, $14,000 in 1949, $26,000 in
1950,
$16,000 in 1951, $30,000 in 1952, $1,000 in 1953,
$16,000 in
1954, $37,000 in 1955, $39,000 in 1956, $41,000 in
1957, &13,000
in 1958, $46,000 in
1959, $48,000 in 1960, $50,000 in 1961,
$52,000 in 1962, $54,000 in 1963, $57,000 in
1964, $59,000 in
1965, $61,000 in 1966, $64,000 in 1967, $66,000 in
1968, $69,000
in 1969, $72,000 in 1970, $75,000 in 1971 and $12,000 in 1972.
67o,000 4% Northeast
Tampa Special Road and Bridge District bonds.
Due July 1 as follows: $2,000 in
1956, $32,000 in 1957, $33,000
in 1958, $36,000 in
1959, $37,000 in 1960, $39,000 in 1961,
$40,000 in 1962, $42,000 in 1963. $44,000 in
1964. $46,000 in
1965, $47,000 in 1966, $49,000 in 1967, $51,000 in
1968, $53,000
nln 1969, $55,000 in 1970, $57,000 in 1971 and $12,000 in 1972.
11,000 3M % Lake Fern
Special Road and Bridge District bonds.
Due
IDAHO
Due July 1 as follows:
in
„
„
,
^
CHALLIS,
Idaho—MATURITY—The Village Clerk states that the
$20,000 water system construction semi-annual bonds sold
investors as 4s at par—V. 152, p. 3680—are due on
July 1 as
in 1943 and
on July 1 as follows: $3,000 in 1944 and $4,000 in 1945 and 1946.
221,000 4% Lake Fern Special Road and
Bridge District bonds.
Due
July 1 as follows: $4,000 in 1947, $5,000 in 1948 to
1950, $6,000
n 1951, $4,000 in
1952. $7,000 in 1953, $5,000 in 1954. $9,000
in 1958, $10,000 in 1959 and
1960, $11,000 in 1961, $12,000 in
1962 and 1963, $13,000 in 1964 and
1965, $14,000 in 1966 and
1967, $15,000 in 1968 and 1969 and $16,000 in 1970 and 1971.
Denom. $1,000.
Dated July 1, 1941.
All of the bonds maturing on and
after July 1, 1962, but
prior to July 1, 1967, shall be optional for redemp¬
tion at par and accrued interest on and after
July 1, 1961, and all of the
bonds maturing on and after
at par and accrued interest
July 1, 1967, shall be optional for redemption
on
and after July 1, 1966.
Prin. and int.
payable at the Continental Illinois National Bank & Trust Co.,
Chicago,
in lawful money.
The bonds are registerable as to principal.
Bidders
must agree to accept
delivery of the bonds at said bank on July 1, and to
pay the amount bid for the bonds on said date in order that funds shall be
available to pay the bonds refunded which have been called
for payment
on said date,
except that the bonds of Lake Fern Special Road and
Bridge
District shall be sold for
delivery on Sept. 1, and the purchaser shall pay
for such bonds the price bid
plus accrued interest to date of delivery.
If
at the date of
delivery of the bonds the United States is involved in war,
the contract of sale may be canceled at the
option of the purchaser who
shall then be entitled to the return of his
good faith deposit.
All bids must be unconditional.
The Board reserves the right to sell the
whole or any part of the bonds and to
reject any and all bids and to con¬
duct an oral auction thereof for any and all comers after the
opening of
sealed bids and to otherwise sell the bonds as is
provided by law.
The
bonds are to be accompanied
by the unqualified
approving legal opinion
Chapman & Cutler of Chicago.
Enclose a certified check for 1% of
the par value of the bonds for which the bid is
made, payable to the Board.
of
HILLSBOROUGH
COUNTY
SPECIAL
ROAD
AND
BRIDGE
(P. O. Tampa), Fla.—BOND OFFERING—It is stated by
Pent, Clerk or the Board of County Commissioners, that he
will receive sealed bids at 11 a. m. (EST), for the purchase of the
following
4M% semi-ann. refunding of 1941, coupon bonds aggregating $49,000:
DISTRICTS
Charles
H.
two
local
1959 to 1961.
NORTH IDAHO JUNIOR COLLEGE DISTRICT (P.
O. Coeur
Idaho—BOND ELECTION—The issuance of $125,000 junior
college construction bonds will be submitted to the voters at an election
d'Alene),
scheduled for
PARMA,
June 24,
according to report.
Idaho—BONDS SOLD—The Village Clerk states that $6,000
city hall bonds approved by the voters last August, have been sold
at a price of 100.416.
as
3s,
PTETON CITY, Idaho—BONDS SOLD—The Village'Clerk states that
$8,500 water refunding bonds authorized last December have been sold.
ILLINOIS
,,
nnn
to
follows: $700
1944, $800,1945 and 1946: $900, 1947 to 1949: $1,000, 1950 to
1952; $1,100,1953 and 1954; $1,200,1955 to 1957; $1,300,1958, and $1,400,
ALPHA SCHOOL DISTRICT, III.—BONDS SOLD—The First Galesburg National Bank & Trust Co. has purchased the $35,000 lM%construction bonds that were authorized at an election on May 27.
Dated
June 1, 1941, and due in 10 years.
BENSON, III.—BONDS SOLD—The $50,000 2M% construction bonds
at an election on May 24 have been sold, according to the
authorized
Village Clerk.
Dated June 1, 1941, and due serially in 20 years.
BURLINGTON,
revenue
111.—BONDS
SOLD—The
$15,000
4%
plant
water
bonds authorized by Village Council last December have been sold
locally at par.
CLINTON, III.—BOND SALE DETAILS—The $35,000 3% fire truck,
land purchase and library bonds awarded June 2 to Mullaney, Ross & Co.
of
Chicago—V. 152, p. 3680—were sold at
1.78%.
a
price of 110.932, a basis of
about
COOK
COUNTY
(P.
O.
Chicago),
III.—MAY ISSUE $4,000,000
FUNDING BONDS—The County may appear in the municipal market
with an issue of $4,000,000 judgment funding bonds before long.
This
would mark its first bond sale since 1936.
Currently pending before the State legislature. Senate Bill 230 would
give the county the right to sell such bonds without a referendum.
The
enabling legislation has already passed the State Senate and is on third
reading before the house of representatives.
Prompt action on the part of the legislature and the county may place
the bond issue in shape for marketing about mid-July.
The bonds, bearing maximum permissible interest of 4%, would be issued
,
.
,
judgment held by the city of Chicago.
Through an amendment
to the Municipal Court Act in 1932 Cook County was made responsible
for the court costs on certain State actions herein.
Such amendment was
not enforced for many years but the City of Chicago finally sued Cook
County and obtained the judgment which bears interest at 5%.
The judgment funding bonds would be general obligations of Cook County
111. and payable from unlimited ad valorem taxes.
Although the maturity
of the proposed issue is not set by the legislation, present likelihood is
that the bonds will not run for longer than 10 years.
to fund a
ILLINOIS (State oh—BILL PERMITS $300,000.000 BOND ISSUE FOR
HIGHWAY CONSTRUCTION—The Sprague-McCabe bill to build super¬
highways in the Chicago area and authorizing the issuance of an estimated
$30,000,000 bonds to finance the projects was approved by the House and
forwarded to the State Senate on May 27. according to report.
Motorists
would pay tolls for use
of the projected facilities.
JOLIET, III.—BOND OFFERING—Arthur R. Blackburn, City Clerk,
(DST) on June 16 for the purchase of
Dated June 15,1941. Denom.
$1,000.
Due $5,000 annually on June 15 from 1942 to 1946, incl.
Prin.
and int. (J-D 15) payable at the First National Bank, Joliet.
Bonds and
interest payable solely from revenue derived from the waterworks system
of the city and bonds shall not in any event constitute an indebtedness of
the city within the meaning of any constitutional or statutory limitation.
will receive sealed bids until 2 p.m.
$25,000 l%% coupon water revenue bonds.
KARNAK COMMUNITY HIGH SCHOOL DISTRICT NO. 38, III.—
gymnasium bonds authorized at an election
April 12 have been sold to the H. C. Speer & Sons Co. of Chicago.
BONDS SOLD—The $30,000
on
Chronicle
The Commercial & Financial
3850
LEROY, 111.—BONDS SOLD—The Midland Securities Co. of Chicago
June
14,
1941
Chapman & Cutler of Chicago, and all bids must be so conditioned.
a certified check for 3% of the amount of bonds bid for.
HARRISON COUNTY
(P.
O.
Logan),
County Auditor states that $28,500 funding
Duncan & Wood of Des Moines, as 2s.
Enclose
I owa—BONDS SOLD—The
bonds sold recently to Yieth,
CONSOLIDATED
INDEPENDENT SCHOOL DIS¬
O. Mescrvey), Iowa—BOND SALE—The $35,000 semi-ann.
sale on June 6—V. 152, p. 3681—were awarded at
public auction to the Iowa-Des Moines National Bank & Trust Co. of Des
Moines, as 2s, paying a premium of $500, equal to 101.428, a basis of about
1.86%.
Dated May 1, 1941.
Due on Nov. 1 in 1944 to 1960. The
second highest bid was an offer of $495 premium on 2s, submitted by the
J. J. Kelly Co., Inc., of Des Moines.
y y
-a
"."y
MESERVEY
TRICT (P.
school bonds offered for
ROLAND CONSOLIDATED SCHOOL DISTRICT (P. O. Roland),
Iowa—BOND SALE—The $17,000 school construction and equipment
sale on June 9—V. 152, p. 3681—were purchased by the
Polk-Peterson Corp. of Des Moines as lMs, paying a premium of $316,
bonds offered for
equal
101.858,
to
a
basis
of about
1.52%
.Denom. $1,000.
Dated
Due on Dec. 1 as follows:
$1,000 in 1947 and $4,000 on
1951.
Interest payable J-D.
1941.
purchased the $30,000 water system revenue bonds which were authorized
June 16,
by City Council last November.
Dec. 1 in 1948 to
SCHOOL
COMMUNITY
LEXINGTON
DISTRICT,
111.—BONDS
SOLD—Ballman & Main, of Chicago, have purchased an issue of $55,000
bonds subject to approval of the issue at an election held
construction
Junell.
;
DISTRICT
a
-
r'
y
III.—BONDS SOLD—
$12,000 working fund bonds was sold to M. B. Vick & Co. of
SCHOOL
MOMENCE
An issue of
NO.
42,
Chicago.
SHELDON
election
an
on
DISTRICT (P. O. Sioux City), Iowa—
sealed and open bids will be received by Van W.
until June 16, at 2 p.m., for the purchase
of $22,500 coupon drainage bonds.
Interest rate is not to exceed 4%,
payable J-D.
Dated June 2, 1941.
Due $4,500 on March 1 in 1942 to
1946 incl.
Prin. and int. payable at the County Treasurer's office.
A
certified check for 5% of the bid, payable to the County Treasurer, is
required.
WOLF CREEK DRAINAGE
BOND OFFERING—Both
Hammerstrom, County Treasurer,
SCHOOL
DISTRICT, 111.—BONDS DEFEATED—At
May 3 the voters rejected a proposal to issue $12,000 school
bonds.
KENTUCKY
COUNTY (P. O. Owingsville), Ky.—BONDS OFFERED—
Sealed bids were received until June 14, by the County Clerk, for the
purchase of the following 3% semi-ann. bonds aggregating $167,000:
$72,000 County School Corporation, 1st mtge., and $95,000 County School
BATH
MARION NON-HIGH SCHOOL DISTRICT NO. 300
111.—BONDS
AUTHORIZED—The
resolution authorizing an issue of
claims against the district.
a
WHITE
Board
(P. O. Patoka),
of Education
$212,000 bonds to fund
passed
a
recently
like amount of
Building, revenue bonds.
HALL, 111.—BOND SALE DETAILS—The $4,000 street im¬
provement bonds awarded June 3 to the White Hall National Bank—V. 152,
p.
3680—were sold as 6s, at par.
INDIANA
BOONE COUNTY
(P. O. Lebanon), Ind.—BOND SALE—The City
June 6 an issue of $60,000
10-year serial general obligation nurses' home bonds as Is at par plus a
premium of $55, equal to 100.091, a basis of about 0.98%.
bid of
100.964
for
134s
to the Fletcher Trust Co.
of Indianapolis, as 1 34s, at par plus a premium of
$73, euual to 100.811, a basis of about 1,36%.
Dated June 1, 1941 and
due $900 on Jan. 1 from 1943 to 1952, incl.
Second high bid of 100.665 for
GREENE TOWNSHIP SCHOOL BONDS, Ind.—BONDS APPROVED
AS TO LEGALITY—An issue of $20,000
134% school building bonds has
approved as to legality by Matson, Ross, McCord & Ice of Indianapolis.
April 1,1941.
Dated
JEFFERSON
TOWNSHIP
exceed
SCHOOL TOWNSHIP
(P.
O.
Mexico),
OFFERING—Charles
receive sealed bids until 10 a.
to
LOUISIANA
on
m.
PLAQUEMINE, La.—BOND SALE—The $50,000 semi-ann. town bonds
awarded to the Iberville
1942 to 1949 maturities
as 2 Ms, and 1950 to 1966 maturities as 234»» according to Mayor Wilbert.
offered for sale on June 10—V. 152, p. 3378—were
Trust & Savings Bank of Plaquemine, as follows:
Dated June 1, 1941.
PARISH-WIDE CONSOLIDATED SCHOOL
La.—BONDS OFFERED TO PUBLIC
offering for general investment
at prices to yield from 1.50% to 3.10%, according to maturity.
Dated
Jan
1, 1939.
Denom. $1,000.
Due Dec. 1 as follows: $14,000 in 1941,
$2,000 in 1942, $17,000 in 1944, $18,000 in 1945, $23,000 in 1946, $8,000
in 1947, $5,000 in 1948, $29,000 in 1949. $15,000 in 1950 and $6,000 in
1951.
Prin. and int. payable at the Richland State Bank, Rayville.
These bonds are secured by and payable from unlimited ad valorem taxes
levied against all the taxable property within the Parish.
Legality ap¬
proved by Charles & Trauernicht of St. Louis.
RICHLAND PARISH,
Ks was made by Kenneth S. Johnson, of Indianapolis.
Ind.—BOND
exceeding 4% semi-annual flood control bonds.
Denom.
June 1, 1941.
Due on June 1 as follows: $10,000 in 1942
1962,.$15,000, 1963 to 1970 and $20,000 in 1971.
Second high
Ind.—BOND SALE—The $9,000 coupon
community building bonds offered June 10—V. 152, p. 3530—were awarded
been
to
Ky.—BOND OFFERING—Sealed bids were received by
City Manager, until 3 p. m. on June 13, for the purchase
■
BURLINGTON TOWNSHIP,
1
of
by Raffensperger, Hughes & Co. of
made
was
Indianapolis.
NEWPORT,
B. Morlidge,
$350,000 not
$1 000.
Dated
J
Securities Corp. of Indianapolis was awarded on
'yv':y.-
v..;
COUNTY (P. O. Hickman), Ky.—BOND OFFERING—
Clerk will receive sealed bids until June 20, according to report,
for the purchase of a $258,000 issue of road and bridge refunding bon£».
FULTON
The County
Balsbaugh, Township trustee, will
June 28 for the purchase of $31,000 not
434% interest building bonds of 1941.
Dated June 1, 1941.
Due $1,000 July 1, 1942; $1,500 Jan. 1 and $1,000 July 1
Denom. $500.
Bidder to name a single rate of interest, expressed
Interest J-J.
The bonds are direct obligations
payable out of unlimited ad valorem taxes to be
all taxable property therein.
Legal opinion of
Matson, Ross, McCord & Ice of Indianapolis will be furnished the successful
bidder at the township's expense.
A certiied check for $500, payable to
order of the school township, is required.
DISTRICT NO. 1 (P. O. Rayville),
—Scharff & Jones, Inc. of New Orleans, are
from 1943 to 1954 incl.
in
multiple of 34 of 1%.
a
of the school township,
levied and collected on
KNOX
COUNTY
(P.
O.
Vincennes),
Ind.—BOND
SALE—The
MAINE
BRUNSWICK, Me.—NOTE SALE—The Merchants National Bank of
Boston was awarded on June 11 an issue of $50,000 notes at 0.23 % discount.
Dated June 11, 1941 and due Nov. 17, 1941.
Other bids:
R. L. Day &
Co., 0.24%: National Rockland Bank of Boston, 0.26%; E. H. Rollins &
Sons, Inc., 0.26%, and F. W. Horne & Co., 0.268%,
$100,000 judgment funding bonds offered June 6—V. 152, p. 3377—were
awarded to an account composed of Hemphill. Noyes & Co., Kenneth S.
MARYLAND
Johnson of
Indianapolis, and Knight, Dickinson & Co. of Chicago, as 134s
premium of $77.77, equal to 100.077, a basis of about 1.49%,
15, 1941. and due July 1 as follows:
$6,000 from 1942 to
1946, inclusive, and $7,000 from 1947 to 1956, inclusive.
at par
Dated
plus
a
June
MADISON COUNTY (P. O. Anderson), Ind.—BOND SALE—The
bridge bonds offered June 9—V. 152 p. 3531—were awarded to
Hemphill, Noyes & Co., and Kenneth S. Johnson of Indianapolis, jointly,
as Is, at par plus a premium of $10, equal to 100.11, a basis of about 0.96 %.
Dated June 20, 1941.
Due $1,000 July 1, 1942. and $1,000 Jan. 1 and
July 1 from 1943 to 1946 incl.
Second high bid of 100.06 for Is was made
by Raffensperger, Hughes & Co. of Indianapolis.
$9,000
HAVRE
DE
GRACE,
Md.—BOND
OFFERING—Mayor Robert
$100,000 series B bonds.
Denom. $1,000.
Due July 1, 1961.
Subject
to prior redemption in the order of their consecutive numbers at
any interest date following July 1, 1941, from the proceeds of a
sinking fund to be established for that purpose, pursuant to the
provisions of Chapter 32 of the Acts of the General Assembly of
Maryland, passed at its Extraordinary Session in 1936, as made
applicable to said B bonds by the provisions of Chapter 769 of
the Acts of 1941.
MARION COUNTY (P. O. Indianapolis),
Ind.— WARRANT OFFER¬
ING—Glenn B. Ralston, County Auditor, will receive sealed bids until
10 a. m. (C8T) on June 17 for the purchase of $400,000 not to exceed 5%
interest tax anticipation warrants.
Dated June 30, 1941.
Denom. $5,000.
Due
Dec.
15,
1941.
Prin.
int.
payable at the County Treasurer's
office.
The warrants and interest thereon are payable out of taxes hereto¬
fore levied for the general fund and in course of collection. The opinion as
to the validity of the warrants shall be furnished by the bidder.
A cer¬
tified check for 3% of the warrants bid for, payable to order of the Board of
Commissioners, is required.
and
OWENSVILLE, Ind.—BOND OFFERING—Minnie P. Boren, Town
Clerk-Treasurer, will receive sealed bids until 8 p. m. on June 16 for the
purchase of $40,000 not to exceed 333 % interest water works revenue bonds.
Dated June 16, 1941.
Denom. $1,000.
Due as follows:
$1,000 Jan. 1
from 1943 to 1947 incl.: $1,000 Jan. 1 and July 1 from 1948 to 1963 incl.;
$1,000 Jan. 1 and $2,000 July 1, 1964.
Bidder to name a single rate of
interest, expressed in a multiple of 34 of 1 %.
Interest J-J.
Matson, Ross, McCord & Ice of Indianapolis will be
of
successful bidder at the expense of the town.
Legal opinion
furnished the
A certified check for 2% of
the bid, payable to order of the town, is required.
iowa
AMES, Iowa—BOND OFFERING—Sealed and oral bids will be received
^3?iil™une
at 5 P- m.,at J- W. Prather, City Clerk, for the purchase of
$22,000 sewer bonds.
Dated May 1, 1941.
Due Nov. 1, as follows:
$3,000 in 1942 to $947, and $4,000 in 1948.
Prin. and semi-annual int.
payable at the City Treasurer's office.
Bids should be made on the basis
of not less than par and accrued interest or better, and, all other things
being equal, award will be made upon the most favorable bid or bids specify¬
ing the lowest interest rate. The city will furnish the bonds and the approv¬
ing opinion of Chapman & Cutler of Chicago, and all bids must be so condi¬
tioned.
A certified check for 3% of the principal amount of the bonds bid
for, payable to the city, is required.
BOONE, Iowa—BONDS SOLD—A $10,500 issue of annual street im¬
provement bonds was offered for sale on June 4 and was purchased by the
Boone State Bank & Trust Co., as 2 Ms at par.
Dated Dec, 4, 1940.
Due
on
.
May 1, 1950, redeemable
on
30 days' notice.
CHEROKEE INDEPENDENT SCHOOL DISTRICT (P. O. Chero¬
kee),
Iowa—BONDS OFFERED—Bids were received until June 12, at
Secretary of the Board of Directors, for the pur¬
1 p. m.. by W. Shardlow,
chase of $6,000 building bonds.
FORT
DODGE, Iowa—BOND OFFERING—Both sealed and open bids
R. Sittig, City Clerk, until July 9, at 10 a. m., for
purchase of $150,000 sewer plant bonds.
Denom. $1,000.
Dated
June 1, 1941.
Due Dec. 1, as follows:
$5,000 in 1949, $10,000 in 1950,
and $15,000 in 1951 to 1959.
Bonds maturing in 1957 to 1959 optional for
redemption prior to maturity on any interest payment date.
Bids should
be made on the basis of not less than par and accrued interest or better,
and, all other things being equal, award will be made upon the most favor¬
will be received by H.
the
able bid specifiying the
lowest rate of interest.
Prin. and int. payable at
heCity Treasurer's office.
The city will furnish the approving opinion of
R.
of
bids until noon on June 19 for the purchase
$162,000 not to exceed 3% interest coupon refunding bonds, as follows:
Lawder will receive sealed
15,000 series C
bonds.
■
,
47,000 series C bonds.
Denom. $500.
Due July
from 1942 to 1958 incl. and $4,500 in 1959.
Denom.
$1,000.
1 as follows: $2,500
Due $1,000 on July 1 from
1942 to 1956 incl.
Rate of interest to be ex¬
multiple of 34 of 1%.
Registerable as to principal only.
(J-J) payable at the office of the Treasurer of the Mayor
and City Council.
■
The bonds are authorized by Chapter 769 of the Acts of the General
Assembly of Maryland, passed at its Regular Session in 1941, and by an
ordinance enacted and ordained by the Mayor and City Council on June 2,
1941.
The proceeds of the sale are to be used solely and exclusively for
the purpose of refunding $100,000, Series B. 334%, refunding bonds of
1936, dated July 1, 1936, $47,000. series C, 334%. refunding bonds of
1936, dated July 1, 1936 and certain outstanding notes and other obliga¬
tions of the Mayor and City Council in the par amount of $15,000, con¬
stituting the only floating and unbonded indebtedness of the municipality
and for the purpose of paying all expenses incident to the sale thereof, in¬
cluding the cost of printing or engraving the bonds, the cost of advertising
the same for sale and all proper legal expenses incurred.
The bonds are
exempt from all State, municipal and county taxation in the State.
The
bonds will be awarded to the bidder naming the lowest rate in any legally
acceptable proposal and offering to pay not less than par for the bonds,
and the lowest rate of interest will be determined on the basis of the lowest
interest cost to the city of the bonds so to be issued, from their date of issue
to their date of maturity of any bonds.
As between bidders naming the
same rate of interest, the proposal of the bidder offering to pay the largest
premium will be accepted.
Where the bids of two or more bidders are
the same in all respects, the bonds will be apportioned equally between such
bidders.
The legality of this issue will be approved by Lawrence W. Hecht,
for the Mayor and City Council and by Niles, Barton, Morrow & Yost
of Baltimore, and the approving opinion of these attorneys will be delivered
upon request to the purchaser without charge.
Enclose a certified check
for 5% of the amount bid, payable to the City Treasurer.
All of the bonds will be dated July 1, 1941.
pressed in
Prin.
and
a
int.
^
$6,000,000 coupon
152, p. 3681—were
Baltimore;
New York;
Baker, Watts & Co., Mackubin, Leg g & Co. .Stein Bros. & Boyce, W. W.
Lanahan & Co., Frank B. Cahn & Co., and Robert Garrett & Sons, all of
Baltimore, on a net interest cost of 2.08%.
Group paid a price of 100.1748
MARYLAND
bridge
revenue
(State
of)—BOND SALE— The
refunding bonds offered June 12—V.
syndicate composed of Alex. Brown & Sons,
First Boston Corp. and B. J. Van Ingen & Co., Inc., both of
awarded
to
a
for the bonds to bear interest rates as
follows:
$1,600,000 1 Ms.
Due Dec. 1 as follows:
$150,000 in 1942 and 1943;
$175,000,1944 to 1947, incl.; $200,000 in 1948.1949, and 1950.
2,700,000 234s.
Due Dec. 1 as follows:
$200,000 in 1951; $225,000
from
1952
to
1955, incl.; $250,000, 1956; $300,000, 1957;
$450,000 in 1958. and $600,000 in 1959.
1,700,000 2s.
Due Dec. 1 as follows:
$750,000 in 1960 and $950,000
in 1961.
BONDS PUBLICLY OFFERED—The bonds,
reoffered
as
follows:
134s
to
dated June 1, 1941, were
to 1.70%, according to
yield from 0.40%
maturity; the 2M's to yield from 1.80% to 2.20%,
at 100 and 101 for the respective maturities.
and the 2s were priced
Volume
The Commercial & Financial Chronicle
152
Proceeds from the sale of the bonds, together with other moneys in the
sinking fund, will be used for refunding $6,000,000 bridge revenue 3H%
bonds, series A, due Oct. 1, 1968, which are currently callable at 104%
of their
principal amount, plus accrued interest.
The series A bonds were
The bonds being offered, and
their interest, are
payable solely from the tolls and revenues of two bridges
operated by the Maryland State Roads Commission—the Susquehanna
River Bridge at Havre de Grace,
Md., and the Potomac River Bridge
at Morgantown,
Md., both of which were opened to traffic in the latter
part of 1940.
Combined earnings for the two bridges from their opening
through May, 1941, were $553,749.
The new bonds are redeemable, in whole at
any time or in part by lot
on Dec.
1,1941, or any interest date thereafter in inverse order of maturities,
at the option of the State Roads
Commission, on a 30-day notice, at 105%
of the principal amount if redeemed on or before Dec.
1, 1944; at 104 there¬
after and on or before Dec. 1,
1947; at 103 thereafter and on or before
Dec. 1, 1950; at 102 thereafter and on or before Dec.
1,1953; at 101 there¬
after and on or before Dec. 1, 1956; and without
premium thereafter and
before maturity, plus accrued interest in each case.
The State Roads
of
Commission covenants that it
will
maintain
a
schedule
of tolls
on
OTHER BIDS AT SALE— Second high bid of 100.05 for $4,550,000 2Ks
and
$1,450,000 2Hs, or a net cost of 2.306%, was made by a group com¬
posed of Lazard Freres & Co.; Lehman Bros.; Blair & Co., Inc.; Equitable
Securities Corp.; Eldredge & Co.; Otis & Co.; Field, Richards & Co.;
Paul H. Davis <fc Co.; Harvey Fisk & Sons;
8 before
**.
bond issue of $3,168,000 to provide for acquistion
Boston airport.
development of the East
NORTH
ADAMS,
Mass.—BOND
SALE—The
partmental
equipment bonds offered
Bank of Boston as 0.75s at
June
a
6
$34,000
awarded
were
price of 100.166,
a
coupon
de¬
to the First
basis of about
i-V6 XxR** Dated June 15. 1941. Denom. $1,000. Due June 15 as follows:
$7,000 from 1942 to 1945, incl., and $6,000 in 1946.
Principal and semi¬
interest payable at the Merchants National Bank of Boston.
Legality approved by Storey, Tborndike, Palmer & Dodge of Boston.
annual
Other
bids:
Bidder—
Int. Rate
Tyier&Co
Merchants National Bank
PALMER, Mass.—NOTE
was
Rate Bid
0.75%
0.75%
0.75%
0.75%
1%
of Boston
Chace, Whiteside & Symonds
Second National Bank of Boston
R. L. Day & Co
each
fund of $250,000, and excess moneys for the retirement of bonds.
*
(State of)—FAVOR AIRPORT BOND ISSUE—
the Legislative Ways and Means Committee on June 7,
state officials advocated a
and
issued for the construction of two
bridges.
bridge sufficient to provide for a payment into the sinking fund of not
less than $475,000 annually.
Moneys in the sinking fund will be used for
payment of interest, payment of serial maturities, the creation of a reserve
3851
MASSACHUSETTS
;
SALE—The First
National
100.133
100.09
100.04
100.019
100.39
Bank of Boston
awarded
on June 10 an issue of $150,000 notes at
0.187% discount.
12, 1942,
Other bids:
Merchants National Bank of Boston,
0.19%; R. L. Day & Co., 0.21%; Second National Bank of Boston, 0.229%.
Due Dec.
WINCHENDEN,
Mass.—NOTE
SALE— The
offered June 6 was awarded to the National
issue of $50,000 notes
Shawmut Bank of Boston at
0.22% discount.
Due April 15, 1942.
The Merchants National Bank of
Boston, second high bidder, named a rate of 0.237%.
Schoellkopf, Hutton & Pomeroy,
and Dougherty, Corkran & Co.
An offer of 100.015 for $2,475,000 2^s,
$1,825,000 3s and $1,700,000 2Mb, a cost basis of 2.582%, came from a
syndicate consisting of Kidder, Peabody & Co.; Goldman,
Union Securities Corp.; White, Weld & Co.; Shields &
Sachs & Co.;
Co.; L. F. Rothschild
&
Co.; E. H. Rollins & Sons, Inc.; Hemphill, Noyes & Co.; Graham,
Parsons & Co.; Bacon, Stevenson & Co.; Paine, Webber & Co., and C. T.
Williams & Co.
Final tender of 100.107 for $4,875,000 2^s, $775,000
2Ms, and $350,000 2Ms, a basis of 2.71 %, was made on behalf of an account
embracing the following:
Smith, Barney & Co.; Harrbnan Ripley & Co.,
Inc.; Blyth & Co.; Phelps, Fenn & Co., Inc.; Estabrook & Co.; R. W.
Pressprich & Co.; W. E. Hutton & Co.; Wisconsin Co., Milwaukee; Newton,
Abbe & Co.; Hayden, Miller & Co.; First of Michigan
Corp.; R. S. Dickson
& Co., and Wells-Dickey Co.
MARYLAND (State of)—BOND OFFERING—Hooper C. Miles, State
Treasurer, will receive sealed bids until noon on June 25 for the purchase
of $859,000 certificates of indebtedness known as
general bond issue of
1941, to be issued under authority and pursuant to the provisions of Chapter
845 of Acts of General Assembly of 1941.
Dated July 15, 1941.
Denom.
$1,000.
Due July 15 as follows: $58,000 in 1944; $60,000, 1945; $61,000
1946; $62,000, 1947; $63,003, 1948; $65,000, 1949; $66,000, 1950; $67,000,
1951; $69,000, 1952, $70,000, 1953; $71,000, 1954; $73,000 in 1955 and
$74,000 in 1956.
Bidder to name the rate of interest, expressed in a
multiple of % of 1%.
Principal and interest (J-J15) payable in lawful
money in Baltimore.
The loan and interest payable thereon is exempt
from the Federal income tax and from State, county and municipal taxation
in
Maryland.
Legal opinion of Attorney-General of Maryland and of
Bartlett, Poe & Claggart, Esqs., of Baltimore, will be delivered to the
successful bidder.
A certified check for 5% of the amount bid for, payable
to order of the State Treasurer, is
required.
Bidders may, if they wish,
make the legality and validity of the bonds one of the terms of the bid
by
making the bid "subject to legality" or using any equivalent form of ex¬
pression, but without leaving this question to the decision of the bidders
or their
counsel.
All bids conditioned upon the approval of bidders or
counsel, whether named or unnamed, will be treated as conditional bids
and rejected unless the condition is waived by the bidder to the satisfaction
of the Board before the award has been made.
WASHINGTON COUNTY (P. O. Hagerstown), Md.—BOND OFFER¬
ING—William C. Maugans, President of the Board of County Com¬
missioners, will receive sealed bids until noon on July 8 for the purchase of
$100,000 not to exceed 2}^% interest school building bonds.
Dated July
1, 1941.
Denom. $1,000.
Due $5,000 annually on July 1 from 1942 to
1961, incl.
Bidder to name a single rate of interest.
Prin. and int. (J-J)
payable at the County Commissioner's office.
Bonds are issued upon the
entire faith and credit of the County Commissioners, payable from un¬
limited taxes.
Exempt from all State, county and municipal taxation in
Maryland.
A certified check for $2,000, payable to order of the County
Commissioners, is required.
MASSACHUSETTS
ARLINGTON,
Boston
was
Mass.—NOTE
awarded June 9
Payable Dec.
19, 1941.
an
SALE— The
Second
Battle Creek.
$34,100
on
BAY
The sale consisted of $16,500 notes due May
Bank
of
0.126% discount.
National Shawmut Bank of Boston,
0.17%; Merchants National Bank of Boston, 0.19%.
15, 1942, and
April 1, 1942.
CITY,
Mich.—BOND
OFFERING—O.
A.
Kasemeyer,
City
Comptroller, will receive sealed bids until 7 p. m. (EST) on June 16 for
the purchase of $80,000 not to exceed
3% interest coupon local improvement
bonds.
Dated July 1, 1941.
Denom. $1,000.
Due July 1 as follows:
$18,000 from 1943 to 1945. incl., and $13,000 in 1946 and 1947.
Rate of
interest to be expressed in a multiple of M of 1 %.
Principal and interest
(J-J) payable at the City Treasurer's office.
Bonds are issued in anticipa¬
tion of the collection of special assessments and are general obligations of
the city.
Bids shall be conditioned upon the unqualified opinion of the
City Attorney, and cost of such opinion shaH be paid by the city.
Pur¬
chaser must furnish printed bonds at own expense.
BURTON
Judd
TOWNSHIP
Road, R.
F.
D.
DISTRICT NO. 5 (P. O. 2270
Flint), Mich.—TENDERS WANTED—
will receive sealed tenders of district
SCHOOL
No.
2,
Nels E. Aagensen, District Treasurer,
bonds until 8p.m. (EST) on June 14.
DETROIT, Mich.—TENDERS WANTED—City Controller Charles G.
Oakman
announces that the city will receive sealed offerings until June 25,
(EST), in the amount of approximately $800,000 for the Water
Singing Fund under the following conditions:
Offering shall show the purpose, the rate of interest, date of maturity,
the dollar value and the yield.
Offerings will be accepted on the basis of the highest net yield to the city
as computed from the dollar price.
No bonds maturing beyond 1959 will be accepted.
The city reserves the right on bonds purchased, which are delivered sub¬
sequent to July 2, 1941, to pay accrued interest up to that date only.
The city reserves the right to reject any or all offerings.
at 10 a. m.
Board
HAMTRAMCK, Mich.—BOND OFFERING—Albert J. Zak, City Clerk,
will receive sealed bids until 8 p. m. on June
not to exceed 5% interest refunding bonds.
17 for the purchase of $285,000
Dated June 1, 1941.
Denom.
$1,000.
Due May 1 as follows: $28,000 from 1942 to 1946, incl. and $29,000 from 1947 to 1951, incl.
Issued under the provisions of Public Act No.
13 of the State, extra session of 1932, as amended, to refund 1941 tax
anticipation notes which mature Aug. 31, 1941.
Delivery of the bonds
cannot be guaranteed prior to Aug. 31, 1941.
Interest M-N.
The full
faith and credit of the
city is irrevocably pledged for the payment of the
bonds and interest.
City will furnish at its own expense the approving legal
opinion of Chapman & Cutler of Chicago, and also pay the cost of printing
the bonds.
A certified check for 2% of the amount of the bid, payable to
order of the city, is required.
LIVONIA TOWNSHIP
National
issue of $200,000 notes at
Other bids:
MICHIGAN
BATTLE CREEK SCHOOL DISTRICT, Mich.—NOTE SALE—The
$50,600 tax anticipation notes offered June 9—V. 152, p. 3682—were sold
as 3s to the Central National Bank and the
Security National Bank, both of
FRACTIONAL SCHOOL DISTRICT
NO.
8
(P. O. Plymouth), Mich.—TENDERS U ANTED—G. A. Bakewell,
District Director, will receive sealed tenders of interest refunding notes,
dated May 1, 1937, until 8 p.m. (EST) on June 21.
A sum of $3,364 is
available for retirement of notes.
coupon sewer bonds
MONTROSE, Mich.—BOND OFFERING—Charles M. Madison, Village
offered June 9—V. 152, p. 3682—were awarded to Tyler & Co. of Boston,
as Is, at a price of 100.333, a basis of about
0.94%.
Dated June 1, 1941
and due June 1 as follows:
$7,000 from 1942 to 1949 incl. and $6,000 in
bids until 8 p. m. on June 16, for the purchase
$30,200 not to exceed 3 H% interest general obligation water works
refunding bonds.
Dated June 15, 1941.
Due July 1 as follows:
$1,000
in 1943 and 1944; $1,200 from 1945 to 1950, incl. and $1,500 from 1951 to
1964, incl.
Bonds maturing on or after July 1, 1960 will be redeemable in
inverse numerical order at par and accrued interest on any interest date
on or after July 1, 1945.
Rate or rates of interest to be expressed in multi¬
ples of % of 1%.
Principal and interest (J-J) payable at the Citizens
Commercial & Savings Bank, Flint
.
Issued to refund a like amount of
outstanding water works bonds dated July 1, 1938.
Interest on callable
bonds will be computed to call date.
Cost of printed bonds and legal opinion
of Miller, Canfield, Paddock & Stone of Detroit, will be paid for by the
successful bidder.
A certified check for $600, payable to order of the
BRAINTREE, Mass.—BOND SALE—The $68,000
1950 and
1951.
Other bids:
For 1% Bonus—
E. H. Rollins & Sons....
..100.202
100.155
100.057
______
Newton, Abbe & Co
Second National Bank of Boston
For lh% Bonds—
Graham, Parsons & Co
Perrin, West A Winslow
101.1234
100.909
100.749
F. S.Moseley& Co____
National Shawmut Bank
.........
......
Paine, Webber & Co
—.....
....
100.699
100.616
R. L. Day & Co
H alsey-Stuart &Co
FITCHBURG,
;
...
Harriman Ripley & Co.
_
Mass.—BOND
___.100.368
........
.....
SALE—The
.100.57
100.527
$150,000
municipal
relief
bonds offered June 11—V. 152, p. 3682—were awarded to R. W. Pressprich
& Co. of New York as Is at a price of 100.22, a basis of about 0
96%.
Dated June 1, 1941, and due $15,000 on June 1 from 1942 to 1951 incl.
Other bids:
Clerk, will receive sealed
of
village,
with
Rate Bid
100.171
_—
Symonds
...
1%
1%
—
First National Bank of Boston
Union Securities Corp
100.167
100.135
♦
1%
1^%
Tyler & Co_
100.085
Mich.—NO
BONDS
TO
BE ISSUED—In
connection
the report that the village had authorized an issue of $60,000 power
plant revenue bonds—V. 152, p. 3682—it is stated by the Village Clerk,
that the obligations will not be issued as arrangements have been made for
the purchase of electric power locally,
NORTON TOWNSHIP SCHOOL DISTRICT NO. 3 (P. O. Muskegon),
Mich.—BOND ELECTION SCHEDULED—An election will be held in the
near
Bidder—
iInt. Rate
Estabrook & Co. and Kidder. Peabody & Co.
1 %
Graham, Parsons & Co. and Chace, Whiteside &
is required.
NEWBERRY,
future on the question of issuing
$22,000 construction bonds.
SCHOOL DISTRICT NO. 9 (P. O.
Route 3, Detroit), Mich.—TENDERS \\ ANTED—Mrs. Ollie Kellman,
District Secretary, will receive sealed tenders of 1938 certificates of in¬
debtedness. dated Oct. 1, 1938, until 8 p.m. (EST) on June 21.
A sum
of $1,110.76 is available in the sinking fund for the retirement of certifi¬
cates.
Offerings should be firm for five days and state certificate num¬
bers, their par value and the amount for which they will be sold to the
SOUTHFIELD
TOWNSHIP
1 M%
101.155
101.055
Weeden & Co. and G. M.-P. Murphy & Co.
Harris Trust & Savings Bank
IM%
W\%
1H%
100.90
100.889
100.887
BONDS TENDERED—James L. Truax, Superintendent of
Lyons & Sbafto.
1H%
100.779
that
1H%
IH%
100.669
100.42
of 1937.
Shields & Co. and Bond, Judge & Co
Second National Bank of Boston
Halsey, Stuart & Co., Inc
Newton, Abbe & Co
LYNN,
were
...
Mass.—NOTE SALE—Jackson & Curtis, of Boston, recently
an issue of $500,000 notes at 0.266% discount.
Payable in
April 10 and April 24, 1942.
Other bids:
school district.
WARREN
no
TOWNSHIP
SCHOOL
DISTRICT
NO.
5, Mich.—NO
Schools, reports
tenders were received June 9 of series A and B refunding bonds
MINNESOTA
awarded
instalments of $250,000 each on
Bidder—
Discount
Security Trust Co. of Lynn...
0.27%
0.27%
0.28%
0.287%
0.29%
... —
First Boston Corp..
Day Trust Co
National Shawmut Bank of Boston
First National
...
....
Bank of Boston.....
—
MASSACHISETTS (State of)—NOTE SALE—The issue of $4,000,000
9—V. 152, p. 3682—was awarded to a group composed
notes offered June
of the Bankers Trust Co. of New
fork, National Shawmut Bank, Merchants
National Bank, Day Trust Co. and the Boston Sife Deposit A Trust Co.,
all of Boston, at 0.13% interest, at par.
Dated June 16, 1941 and due
June 12, 1942.
Other bidders:
Second National Bank of Boston
.0.134%
0.145%
.........
First National BankofNew York...:
First Boston Corp...
Jackson & Curtis
;
(plus $45)
...
0.15%
0.179%
.....0.185%
National City Bank of New York..
All bids made on interest payable at maturity, 360rday year basis.
....
COUNTY (P. O. Mankato), Minn.—BOND SALE—
The $50,000 2% semi-annual funding bonds offered on June 10—V. 152, p.
3379_were purchased by local investors, at par, according to the County
Auditor.
Dated July 1, 1941.
Due on July 1, in 1944 to 1950.
BLUE EARTH
BROWNSVILLE (P. O. Brownsville, R. F. D.), Minn.—BOND SALE
$15,000 road and bridge semi-annual bonds offered for sale on
10—V. 152, p. 3378—were awarded jointly to the Wells-Dickey Co.
of Minneapolis and the First National Bank of St. Paul as 1
paying
—The
June
a
premium of $15, equal to 100.10, according to
the Town Clerk.
CALUMET, Minn.—MATURITY—The Village Clerk reports that the
3% semi-annual water system bonds sold at par to the State—
V
i52 p. 3682—are due on July 1 as follows: $10,000 in 1946 and 1947
and $5,000 in 1948.
$25 000
COKATO, Minn.—BOND SALE—The $35,000 semi-ann. sewage dis¬
offered for sale on June 6—V. 152, p. 3682—wer awarded
posal plant bonds
to
the Northwestern National Bank & Trust Co. of Minneapolis,
a premium of $476, equal to 101.36, a basis of about 1.84%.
naving
July 1.1941.
Due on July 1 in 1942 to 1961.
as 2s,
Dated
The Commercial & Financial Chronicle
3852
The firms of J. M. Dain
Sc Co., and the Wells-Dickey Co. both of Min¬
neapolis, combined with the above bank to effect
the purchase at auction,
Attorney.
He states that the Allison-Williams Co. of
Minneapolis, dropped out after bidding $400 premium for 2s.
reports the Village
CROOKED CREEK TOWNSHIP
premium of $220, equal to 101.10, according to
EAST GRAND FORKS,
the Township Clerk.
Minn.—BOND SALE—The $20,000 coupmi
semi-annual public bath bonds offered for sale on June 10—V.
—were awarded at public auction to the First National Bank
152, p. 3532
of Minneap134s, paying a premium of $76, equal to 100.38, a basis of about
Dated June 1, 1941. Due $2,000 from June 1, 1944 to 1953, incl.
polis, as
1.45%.
wilTUe
GLENCOE, Minn.—BOND OFFERING—Sealed and oral bids
by F. X. Eickmann, City Clerk, for the
purchase of $40,000 hospital bonds.
Denom. $1,000.
Dated July 1,
1941.
Due Jan. 1 as follows:
$2,000 in 1944 to 1951 and $4,000 in 1952
to 1957.
Subject to redemption at par and accrued interest on any interest
payment date.
Bidders to name the rate of interest.
Prin. and int.
payable at any suitable bank or trust company designated by the purchaser.
The approving opinion of Fletcher, Dorsey, Barker, Colman & Barber of
Minneapolis will be furnished.
All bids must be unconditional.
Enclose
a certified check for $1,000, payable to the city.
received until June 20 at 8 p. m.
HALLOCK, Minn.—BOND SALE—The $25,000 semi-ann. villageLall
bonds offered for sale on June 5—V. 152, p. 3532—were purchased by the
First National Bank & Trust Co. of Minneapolis, as 22£s, paying par,
according to the Village Clerk.
Due $500 on June 1 and Dec. 1 in 1943
purchase
$160,000 not to exceed 4% semi-ann. building bonds;
(Bids will also
$50,000 of bonds.)
A $5,000 certified check must
accompany the bid.
V
'V.
'•■■/v-"•/>'
•.
of
be received for only
NEBRASKA
(P. O. Freeburg), Minn.—BOND
SALE—The $20,000 road and bridge bonds offered for sale on June 10
152, p. 3379—were awarded jointly to the Wells-Dickey Co. of
Minneapolis and the First National Bank of St. Paul as 1%b, paying a
—V.
June 14, 1941
July 7, by J. F. McBride, District Clerk, for the
7:30 p. m. on
ALLIANCE SCHOOL DISTRICT (P. O. Alliance), Neb .—BONDS
.SOLD—-It is stated by H. R. Partridge, Superintendent or Schools, that the
National Co. of Omaha, has purchased $41,000 234% semi-ann. refunding
bonds
approved recently by the Board of Education.
CHAPPELL,
system revenue
June 24,
Neb.—BOND ELECTION-The issuance of $22,000 gas
bonds will be submitted to the voters at an election on
according to report.
Neb.—BONDS SOLD—The $119,000 storm sewer
May 21—V. 152, p. 3226—were pur¬
& Co., Inc., of Chicago, as 1 Ms, paying a premium
of $75, equal to 100.063.
- 4
'
Denom. $1,000.
Dated June 1, 1941.
Due on June 1, 1951, subject to
redemption at the option of the city at par and accrued interest, on or after
June 1, 1946.
The bonds were sold as 1 He, giving a basis of about 1.24%.
Prin. and int. (J-D) payable at the County Treasurer's office.
Legality
approved by Chapman & Cutler of Chicago.
GRAND
ISLAND,
refunding bonds offered for sale on
chased by Halsey, Stuart
_
SCOTTSBLUFF, Neb.—BOND SALE DETAILS—The City Cle^k
the $50,000 general obligation storm sewer bonds sold to the
Kirkpatrick-Pettis Co. of Omaha, at 100.111, as noted here on May 10,
were purchased as 2 J4s, are dated June 1,
1941, and mature on June 1,
1961; being callable five years after date of issuance, giving a basis of about
2.23%.
•/;' ,■ ■ '
fv-:
states that
1967.
to
TOWNSHIP (P. O. Zumbrota), Minn .—BONDS DE¬
an election held on May 19, the voters are said to have
proposal to issue $50,000 road improvement bonds.
MINNEOLA
FEATED—At
rejected
a
COUNTY
POLK
(P.
O. Crookston),
INDEPENDENT SCHOOL DISTRICT NO. 1
Minn.—BOND OFFERING—It is stated by L. S.
Miller, School Clerk, that he will receive bids until June 24, at 8 p. m., for
the purchase of $75,000 refunding bonds.
Dated July 1, 1941. The bonds
are to be issued to refund bonds maturing June 1,1942, and will be delivered
on or prior to said date, when said bonds are presented for payment.
A
certified check for $2,500 must accompany bid.
:
NEW
NEW
REDWOOD FALLS, Minn.—MATURITY—The City Recorder states
sold to the Allison-Williams
Co. of Minneapolis, as 134s» at a price of 100.349—V. 152, p. 3683—are
due on Dec. 1 as follows:
$2,500 in 1942; $3,000, 1943; $2,500, 1944;
$3,000, 1945; $2,500, 1946r $3,000, 1947; $2,500, 1948; $3,(XX), 1949;
$2,500, 1950, and $3,000 in 1951; callable on and after Dec. 1, 1942, giving
a basis.of about 1.27%-.
'{tr.;-vthat the $27,500 certificates of indebtedness
ROBBINSDALE,
Minn.—BOND OFFERING—Sealed bids wilfTe
by Charles O. Wallace, City Clerk, for the
received until 8 p. m. on June 23
?urchase of is not to permanent improvement, revolving July 1,bonds,
$40,000 exceed 234%, payable J-J. Dated fund 1941.
nterest rate
Denom. $1,000,
Due July 1 as follows:
$4,000 in 1943 to 1947, and
Payable at any suitable bank or trust company
$5,000 in 1948 to 1951.
designated by the purchaser.
The city will furnish the printed bonds and
the legal opinion of Fletcher, Dorsey, Barker. Colman & Barber of Minne¬
apolis.
Delivery on or before July 15 at Minneapolis.
All bids must be
unconditional.
Enclose a certified check for at least $2,000, payable
to the city.
n":;
■
,".y
CENTRE
SAUK
(P.
O.
Sauk
Centre,
R.
F.
C.),
Minn.—BOND
HAMPSHIRE
MANCHESTER, N. H.—NOTE OFFERING—F. D. McLaughlin, City
Treasurer, will receive bids until 2 p. m. (DST) on June 18 for the purchase
at discount of $500,000 notes issued in anticipation of taxes for the year
1941.
Dated June 19, 1941 and payable Dec. 19, 1941 at the First Na¬
tional Bank of Boston, or at the Central Hanover Bank & Trust Co., New
York.
Notes will be authenticated as to genuineness and validity by the
Boston bank, under advice of Ropes, Gray, Best, Collidge & Rugg of Boston.
JERSEY
AVON-BY-THE-SEA, N. 5.—BOND OFFERING—Robert M. Holmes,
Borough Treasurer, will receive sealed bids until 10 a. m. (DST) on June 17
for the purchase of $80,000 not to exceed 6% interest coupon or registered
jetty and bulkhead bonds.
Dated June 15, 1941.
Denom. $1,C00.
Due
June 15 as follows: $6,000 from 1942 to 1945, incl., and $7,000 from 1946
to 1953, incl.
Bidder to name a single rate of interest, expressed in a
multiple of 34 or l-10th of 1%.
Principal and interest (J-D 15) payable
at the First National Bank of Bradley Beach.
A certified check for 2%
of the bonds bid for, payable to order of the Borough Treasurer, is required.
Legal opinion of Caldwell & Raymond of New York City will be furnished
the successful bidder.
CAMDEN
COUNTY
(P.
O.
Camden), N. J.—BOND OFFERING—
Chosen Freeholders, will receive
Albert S. Marvel Jr., Clerk of the Board of
sealed bids until 8 p. m. (DST) on June 25 for the purchase of $42,000 not
to exceed 6%
interest coupon or registered road improvement bonds.
Dated July 1, 1941.
Denom. $1,000.
Due July 1 as follows: $5,000 from
1942 to 1948, incl., and $7,000 in 1949.
Bidder to name a single rate of
interest, expressed in a multiple of 34 or 1-10th of 1%.
Prin. and int.
1948 to 1957.
(J-J) payable at the Chemical Bank & Trust Co., N. Y. City.
Each pro¬
posal must state the amount bid for the bonds, which shall not be less than
$42,000 nor more than $43,000.
A certified check for $840, payable to
order of the county, must accompany each proposal.
Legal opinion of
Hawkins, Delafield & Longfellow of N. Y. City will be furnished the suc¬
of
cessful bidder.
OFFERING—It is stated by Evert Borgmann, Town Clerk, that be will
receive sealed bids until 11 a. m. on June 17 for the purchase of $25,000
coupon road
and bridge construction bonds.
Dated June 1,1941.
Denom.
Due June 1 as follows:
$1,000 in 1943 to 1947, and $2,000 in
Bidder to name the rate of interest payable (J-D) at place
purchaser's choice.
No bids for less than par will be considered, and
all bids must be unconditional, except as to legality, which may be made
conditional upon the legal opinion of Fletcher, Dorsey, Barker, Colman
& Barber of Minneapolis, whose opinion as to legality must be accepted
by the purchaser.
These attorneys have approved all proceedings up to
the sale.
Blank bonds to be furnished and paid for by the town.
Delivery
not later than July 1.
Bidders are requested to use bid forms provided
by the town.
The bonds were authorized at an election held on May 19,
1941. The town is a government township and does not include the portion
thereof which is incorporated in the City of Sauk Centre.
The tax levy
for these bonds, therefore, will apply only on taxable property outside the
corporate limits of the City of Saua Centre.
Enclose a certified check for
$1,000, payable to the Town Treasurer.
(This notice supplements the offering report given here on May 31—
V. 152, p. 3532.)
$1,000.
SLEEPY EYE, Minn.—BOND SALE—The $75,000 semi-annual hospital
bonds offered for sale on June 9—V. 152, p. 3532—were awarded at public
auction to the First National Bank & Trust Co. of Minneapolis, as lUs,
paying a premium of $1,076, equal to 101.434, a basis of about 1.31%.
Dated June 15, 1941.
Due $5,000 from June 15, 1942 to 1956.
STORDEN, Minn.—PRICE PAID—The Village Clerk states that the
$12,000 general obligation semi-ann. bonds sold to Kalman & Co. of St.
Paul, as reported—V. 152, p. 3532—were purchased as 2s, paying a premium
of $56, equal to 100.466, a basis of about 1.92%.
Due $1,200 from June 1,
1943
to
1952 incl.
MISSISSIPPI
CHICKASAW COUNTY
(P. O. Houston), Miss.—BONDS SOLD—
have been
$26,000 issue of 4% semi-ann. refunding bonds is said to
A
asis of about 3.62%.
Surchased on June 2 by Dated & Co. 1, 1941. Due at a June 1of 104.50, a
Cady June of Columbus, on price a& follows:
$4,000 in 1954 to 1959 and $2,000 in 1960.
PASCAGOULA,
Miss.—BOND SALE—The
$16,000 funding bonds
offered for sale on June 19—V. 152, p. 3683—were awarded to the First
National Bank of Memphis, according to the City Clerk.
MONTANA
Dated July 10,1941.
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
divided into several bonds,
as
the said Board of Trustees
may
determine
the time of sale, both principal and interest to be payable in semi¬
annual instalments during a period of 20 years from the date of issue.
If serial bonds are issued and sold they will be in the amount of $2,000.
The sum of $2,000 of the serial bonds will become payable on Dec. 15, 1941,
and the sum of $2,000 will become payable on the same day each year
upon at
thereafter until all of such bonds are paid.
The bonds, whether amortization or serial, will be redeemable in full on
any interest payment date from and after 10 years from the date of issue.
Enclose a certified check for $1,000, payable to the District Clerk.
FALLON COUNTY SCHOOL DISTRICT NO. 12 (P. O. Baker).
Mont.—BOND SALE—The $15,000 semi-annual refunding bonds offered
for sale on June 9—V.
Denver,
to
as
152, p. 3379-—were awarded to Coughlin & Co. of
234s, according to the District Clerk.
Due serially in 1942
1951.
GREAT
department
FALLS, Mont.—BOND SALE—The $54,000 semi-annual fire
bonds offered for sale
awarded to the State Board of Land
the City Clerk.
on
June
11—V.
Commissioners,
152, p. 3379—were
1 %s. according to
as
HELENA, Mont.—BOND SALE—The $120,000 semi-ann. water works
refunding bonds offered for sale on June 9—V. 152, p. 3058—were awarded
composed of the Northwestern National Bank & Trust Co.
of Minneapolis, Kalman & Co. of St. Paul, and the Union Bank & Trust Co,
Helena, at public auction, asl^s, paying a premium of $825, equal to
100.687, according to the City Clerk.
to a syndicate
LEWIS AND CLARK COUNTY SCHOOL DISTRICT NO.
Helena), Mont.—BOND OFFERING—Sealed bids will
of Education until 8 p. m. (DST) on June
$391,000 (Borough) general refunding bonds.
Due July 1
$1,000 in 1945 and 1946; $2,000, 1947; $3,000, 1948;
as
follows:
$4,000, 1949
$3,000, 1951; $4,000, 1952 and 1953; $5,000, 1954;
$8,000, 1955 and 1956; $9,000, 1957; $11,000, 1958; $12,000 in
1959 and I960; $13,000, 1961; $14,000 in 1962 and 1963 $15,000,
1964; $17,000, 1965; $19,000, 1966; $20,000 in 1967 and 1968 ;
$21,000 in 1969 and 1970; $20,000, 1971; $91,000 in 1972 and
$15,000 in 1973.
and
1950;
3,000 (Borough) water refunding
1961 and 1972.
bonds.
Due $1,000 on July 1 in 1959,
of Education) school refunding bonds.
Due July
follows: $1,000 from 1957 to 1962, incl., and $2,000 in 1972.
8,000 (Board
1
as
July 1, 1940.
Denom. $1,000.
Principal
and interest (J-J) payable at the Lodi Trust Co., Lodi.
The bond payable
on July 1, 1945, bears interest from its date until it is paid at the rate of
3 34 % Per annum.
Each of the bonds maturing subsequent to July 1,1945,
and on or before July 1, 1955, bears interest at the rate of Sy2% from its
date until July 1,1945, and thereafter and until it is paid at the rate of 4%.
Each of the bonds maturing subsequent to July 1, 1955, bears interest at
the rate of 334% from its date until July 1, 1945, at the rate of 4% from
July 1, 1945, until July 1, 1955, and thereafter and until it is paid at the
rate of 4>£ % per annum.
The bonds are redeemable at the option of the
issuer thereof on any Jan. 1 or July 1 subsequent to their date and before
maturity, at par and accrued interest, upon notice published one or more
times at least ,30 days before the date fixed for such redemption in a news¬
paper or financial journal published in the Borough of Manhattan, City
All of the bonds will be dated
and State of New York.
A certified check for $8,040, payable to order of the borough, is required.
Legal opinion of Reed, Hoyt, Washburn & Clay of New York City will be
furnished the successful bidder.
MERCHANTVILLE SCHOOL DISTRICT,
N. J .—BOND OFFERING
—Durell Parker, District Clerk, will receive sealed bids until 8 p. m. (DST)
on June 24 for the purchase of $40,000 not to exceed 2%% interest coupon
CASCADE COUNTY SCHOOL DISTRICT NO. 3 (P. O. Cascade),
Mont.—BOND OFFERING—Sealed bids will be received until 7 p. m. on
June 28, by C. W. Baum, District Clerk, for the purchase of a $40,000
issue of building bonds.
Interest rate is not to exceed 6%, payable J-D.
or
LODI, N. J.—BOND OFFERING—Joseph D. Pacella, Borough Clerk,
that sealed bids will be received by the Borough and the Board
20 for the purchase of $402,000
coupon or registered bonds, as follows:
|
4^.^37 <■
«*
1
announces
1
(P. O.
be received until
or registered construction bonds.
Dated July 15, 1941.
Denom. $1,000.
Due July 15 as follows: $3,000 in 1943 and 1944, $4,000 from 1945 to 1952.
incl., and $2,000 in 1953.
Bidder to name a single rate of interest, ex¬
pressed in a multiple of 34 or 1-10th of 1%.
Principal and interest (J-J>
payable at the Merchantville National Bank & Trust Co., Merchantville.
Each proposal must state the amount bid for the bonds, which shall be not
less than $40,000 nor more than $41,000.
A certified check for $800,
payable to order of the Board of Education, is required.
Legal opinion
of Hawkins, Delafield & Longfellow of N. Y. City will be furnished the suc¬
cessful bidder.
MIDDLESEX COUNTY (P. O. New Brunswick),
OFFERING—William A. Allgair, County Treasurer, -mil
bids until 10
N.
3.—BOND
receive sealed
June 19 for the purchase of $237,000 not to
exceed 6 % interest coupon or registered improvement bonds.
Dated July 1,
1941.
Denom. $1,000.
Due July 1 as follows: $15,000 from 1942 to 1953
incl.; $17,000 in 1954 and $20,000 in 1955 and 1956.
Bidder to name a
single rate of interest, expressed in a multiple of % or 1-10 of 1%.
Prin¬
cipal and interest (J-J) payable at the County Treasurer's office.
On
any bonds registered as to principal and interest, the interest will, at the
request of the holder, be remitted by mail in New York exchange.
As between proposals at the same lowest interest rate, bonds will be
sold to the bidder or bidders offering to pay for the issue not less than
the principal amount of $237,000 and accrued interest and not more than
$238,000 and accrued interest, and to accept therefor the least amount of
bonds, the bonds to be accepted to be those first maturing, and if two or
more bidders offer to take the same least amount of bonds at the same
lowest rate of interest then the bonds will be sold to the bidder or bidders
offering to pay therefor the highest additional price, which additional price
shall not be exceeded by more than $1,000 the par value of the bonds
hereby offered for sale.
Bids are desired on forms which will be furnished
oy the County.
In the event that prior to the delivery of the bonds the
income received by private holders from bonds of the same type and char¬
acter shall be taxable by the terms of any Federal income tax law hereafter
enacted, the successful bidder may at his election, be relieved of his obliga¬
tions under the contract to purchase the bonds and in such case the deposit
accompanying his Did will be returned.
Legality will be approved by
Caldwell & Raymond of New York, whose opinion will be furnished to the
a.m.
(DST)
on
Volume
purchaser
on
without
July 1,
check
The Commercial & Financial Chronicle
152
charge.
The
bonds
will
be
delivered
or as soon thereafter as
they can be prepared.
Enclose a certified
2% of the amount of bonds bid for, payable to the County
for
Treasurer.
'
.
June 1
as follows:
$1,500 from 1942 to 1961, incl.
and $2,000 from 1962
1971, incl.
Second high bid of 100.193 for,1.90s was made by R. D.
White & Co. of New York City.
PERT AMBOY, N. J.—BOND SALE—The
$300,000 coupon or registered
refunding bonds offered June 12—were awarded to a syndicate composed
to
of
Colyer, Robinson & Co., Newark, B. J. Van Ingen & Co., Inc., and
Campbell, Phelps & Co., Inc., both of New York, C. A. Preim & Co.,
Newark, Polk-Peterson Corp., Des Moines, and MacBride, Miller & Co.
of Newars:, as 3.10s, at a price of
95.56, a basis of about 3.36%.
Dated
June 1, 1941 and due $100,000 on June 1 from 1965 to 1967 incl.
The $150,000 coupon or registered bonds offered at the same time were
awarded to the First Bank & Trust Co. of Perth
Amboy, as 2Ms, at par.
HILTON, N. Y.—BONDS SOLD—J.
HORNELL, N. Y.—BOND SALE—The $25,000 coupon or registered
bonds offered June 12—V. 152, p. 3534—were awarded to the Marine Trust
Co. of Buffalo as 0.75s, at par.plus a premium of
$12.50, equal to 100.05,
basis of about 0.73%.
Sale consisted of:
..
.:
Due May 1 as follows: $25,000 from 1942 to
1915 incl. and 23,000 in 1916.
:
/
27,000 fire apparatus bonds.
Due May 1 as follows: $5,000 from 1942
to 1945 incl. and $7,000 in 1946.
poor relief bonds.
a
;
100.06.
Y
All of the bonds are dated June 1,1941.
Bidder—
Williams & South gate, N. Y. City..*
Union Securities Corp., N. Y. City
R. D. White & Co., N. Y. City_
N.
MEXICO
on
No
The bonds will be sold
an
additional $500,000 3M% Battery-Brooklyn Tunnel
4% interest State institutions
$600,000 annually
on
June 26
bids
will
be accepted for separate maturities or for less than par
nor unless accompanied by a deposit of money or by a
bank draft upon a solvent bank or trust company of the
value of the bonds
certified check
or
cities of Albany or New York, payable to the order of the "Comptroller
of the State of New York" for at least 2% of the par value of the bonds bid
No interest will be allowed upon the good faith check of the successful
for.
bidder.
'.v-
Approving opinion of Honorable John J. Bennett Jr., Attorney-General
of the State, as to the legality of these bonds and the regularity of their issue
will be furnished the successful bidder upon delivery of the bonds to him.
If the definitive bonds of this issue cannot be prepared and delivered at
the bonds to be made, executed and delivered to such bidder. Enclose
certified checs: for 5% of the amount of the bid, payable to the town.
cause
a time to suit the purchaser, the State reserves the
right to deliver temporary
receipts pending preparation of the definitive bonds, and will endeavor to
have these temporary receipts ready for delivery on or about June 25,1941.
YORK
ALBANY, N. Y.—BOND SALE—The $2,115,000
PEMBROKE, DARIEN, BATAVIA AND ALEXANDER CENTRAL
(P. O. Corfu), N. Y.—BOND SALE—The
registered
syndicate
composed of the Bankers Trust Co., National City Bank, Smith, Barney &
Co., Phelps, Fenn & Co., Inc., Goldman, Sachs & Co., Graham, Parsons
& Co., all of New York, Boatmen's National Bank of St.
Louis, Eldredge
& Co., Gregory & Son, Minsch, Monell & Co., all of New York,
Farwell,
Chapman & Co., Chicago, R. D. White & Co. and Granbery, Marache &
Lord, both of New York, as 1.60s, at a price of 100.667, a basis of about
1.52 %. Sale consisted of:
coupon or
were awarded
SCHOOL DISTRICT NO. 2
to a
$10,000 coupon
registered school bonds offered June 10—V. 152, p. 3684
Corp. of New York, as 1.20s, at
a basis of about 1.19%.
Dated June 1, 1941 and due
Nov. 1 as follows:
$1,000 from 1942 to 1945, incl. and $1,500 from 1946
to 1949, incl.
Other bids:
—were
a
or
awarded to the Union Securities
price of 100.07,
Bidder—
Marine Trust Co. of Buffalo
R. D. White & Co
$626,000 debt equalization bonds, 1941 series.
Due June 1 as follows:
$1,000 in 1945; $55,00: in 1946; $6.>,0oJin 1947 and $85,000 from
Int. Rate
-
PORT
1961 incl.
CHESTER,
N.
100.32
100.11-
100.419
100.33
1M%
1M%
C. F. Childs & Co. and Sherwood & Co—
Due $20,000 annually on June 1 from 1942 to
Rate Bid
1.40%
1.40%
-
George B. Gibbons & Co., Inc.
1948 to i953 incl.
40j,000 refunding bonds.
6.63
None
Bidders may condition their bids upon the award to them of all but no
making the best bid, subject always to the right of the town
reject any and all bids made. None of the bonds will be sold at less than
par and accrued interest to the date of delivery to the purchasre nor will any
discount or commission be allowed or paid on the sale of the bonds.
The
successful bidder will be furnished with the opinion of Pershing, Bosworth,
Dick & Dawson, of Denver, approving the validity of the bonds. The town
will, within 30 days after the acceptance of the bid of the successful bidder,
June 11
38.50
part of the entire $15,000,000 bonds and the highest bidder on the basis
of "all or none" will be the one whose bid figures the lowest interest cost
to the State after deducting the amount of premium bid, if any.
to
on
42.25
from 1942 to 1966 incl.
Bidder to name a single rate of interest, expressed
in a multiple of M of 1%.
Principal and interest (J-D) payable at the
Bank of The Manhattan Co., New York City.
to the bidder
bonds offered at public auction
1.00%
1.00%
1.00%
1.15%
NEW YORK
(State of)—BOND OFFERING—Morris S. Tremaine,
State Comptroller, will receive sealed bids until 1 p.m. (DST) on June 24
Mex.—BOND
NEW
May 6 accepted
for the purchase of $15,000,000 not to exceed
building bonds.
Dated June 26,1941.
Due
OFFERING—Sealed bids trill be
July 15, by J. B. Turner, Town Clerk, for the
purchase of $25,000 coupon airport bonds.
Interest rate is not to exceed
4%, payable F-A. Dated Aug. 1, 1941. Denom. $500. Due Aug. 1, as fol¬
lows: $1,000 in 1942 to 1948, $1,500 in 1949 to 1957, $2,000 in 1958 and
1959,
and $500 in 1960.
Prin. and int. payable in lawful money with New York
exchange at the Town Treasurer's office. The bids submitted shall specify:
(a) the lowest rate of interest and premium, if any, above par at which
such bidder will purchase the bonds, or (b) the lowest rate of interest at
a
$3.25
5.00
26.50
12.50
r
construction bonds, thus increasing to $1,500,000 the total of such bonds
it had acquired as of that date.
The corporation has agreed to purchase
the entire $57,000,000 bonds which are to be issued by the tunnel authority.
received until 7:30 p. m. on
which the bidder will purchase the bonds at par.
Premium
::
0.75%
0.80%
0.90%
0.90%
NEW YORK CITY TUNNEL AUTHORITY, N. Y.—ADDITIONAL
BONDS PURCHASED BYRFC—The Reconstruction Finance Corporation
Treasurer reports that the $1,000,000 2M % semi-ann.
highway debentures
purchased by the State Treasurer—V. 152, p. 3684—were sold at par, and
mature as follows:
$250,000 on Oct. 1
in 1954 and 1955, and on April 1
and Oct. 1, 1956.
CITY,
Int. Rate
....
MEXICO, State of—BOND SALE DETAILS—The Deputy State
P SILVER
.
Other bids:
Manufacturers & Traders Trust Co., Buffalo
Geo. B. Gibbons & Co., Inc., N.Y. City
Blair & Co., Inc., N. Y. City
Tilney & Co., N.Y. City
Steuben Trust Co., Hornell, N. Y
■
NEW
NEW
.
$4,000 home relief bonds.r; Due $1,000 on June 1 from 1942 to 1945, incl.
21,000 public works bonds.
Due June 1 as follows: $4,000 from 1942 to
1945, incl., and $5,000 in 1946.
The above two issues are dated May 1, 1941.
Other bids at the sale were as follows: J. B. Hanauer &
Co., Katz &
O'Brein, and Thomas & Co., $300,000 3.10s, at 95.44; $150,000 2.70s,
at 100.16; E. H. Rollins & Sons, Inc., A. C.;
Allyn & Co., Inc., H. L. Allen
& Co. and Minsch, Monell &
Co., Inc., $300,000 3Ms. at 95.703; $150,000
3s, 100.303; Ira Haupt & Co., C. F. Childs & Co., and Seasongood & Mayer,
$300,000 3Ms, at 95.44; H. L. Schwamm & Co., Bailey, Dwyer & Co.,
Commerce Union Bank, Nashville, Kalman & Co., P. E. Kline, Inc.,
McDougal & Condon, and M. B. Vick & Co., $300,000 3Ms, at 95.14;
$150,000 2.90s, 100.14; Schlater, Noyes & Gardner, Inc., Julius A. Rippel,
Inc. and H. B. Boland & Co., $300,000
3Ms, at 95.53; $150,000 3.10s,
at
Walter Way, Village Cleric, reports
the sale of an issue of $7,000 2M% street
paving bonds.
Dated June 15,
1941.
Denom. $1,000.
Registered.
Due $1,000 annually.
Principal and
interest (J-D) payable at the State Bank of Hilton.
Y
Sale consisted of:
$123,000
3853
ESSEX COUNTY (P. O.
Elizabethtown), N. Y.—BOND SALE—
The $50,000 coupon or registered
highway bonds offered June 10—Y. 152,
p. 3684—were awarded to the Marine Trust Co. of
Buffalo, as 1.90s, at a
price of 100.48, a basis of about 1.86%.
Dated June 1, 1941 and due
York
New
in
Y.—NOTES AND
CERTIFICATES SOLD—
The $154,000 notes and certificates of indebtedness offered June 9—-V. 152,
419,000 refunding bonds. Due June 1 as follows: $25,000 from 1942 to
1944 incl.; $24,000 in 1945 and $20,000 from 1946 to 1961 incl.
200,000 public works bonds.
Due $20,000 annually on June 1 from 1942
to 1951, inclusive.
400,000 water oonds.
Due $10,000 annually on June 1 from 1942 to
1981 incl.
nterest.
Dated June
{). 3685—were awarded10, 1941 First due Dec. Bank of Boston, at 0.24%
to the and National 10, 1941. Other bids:
Bidder—
.
Int. Rate
Leavitt. 0.25%
F. B. Eyre & Co. (plus $1.50 premium)
0.30%
Washington Irving Trust Co
0.45%
-
—
50,000 municipal equipment bonds.
Due $10,000 annually
on
June 1
from 1942 to 1946 incl.
20,000 local improvement bonds.
Due $5,000 annually
on
June 1 from
1942 to 1945 incl.
All of the bonds will be dated June 1, 1941.
Denom. $1,000. Principal
and interest (J-D) payable at the National Commercial Bank & Trust Co.,
Albany.
The bonds are unlimited tax obligations of the city and will be
approved
as to
legality by Sullivan, Donovan & Heenehan, of New York
City.
BONDS
PUBLICLY OFFERED—Members of the successful banking
made public reoffering of the bonds at prices to yield from 0.20%
1.90%, according to maturity. Other bids:
group
to
Bidder—
Int. Rate
Halsey, Stuart & Co., Inc., Stone & Webster and
Blodget, Inc., E. H. Rollins & Sons, Inc., Bacon,
Stevenson & Co., Otis & Co., Equitable Securities
Co. and G. M.-P. Murphy & Co
First National Bank of Boston
National Commercial Bank & Trust Co
State Bank of Albany
■
...—
George B. Gibbons & Co., Inc., R. W. Pressprich &
Co., F. S. Moseley & Co., Kean, Taylor & Co.,
Adams, McEntee & Co., Inc., B. J. Van lngen &
Co., Inc., Schoellkopf, Hutton & Pomeroy, and
A. C. Allyn & Co., Inc
—
;>
Rate Bid
1.60%
100.659
1.60%
1.60%
1.70%
100.34
1.90%
100.65
100.17
100.83
Wright against the Albany Port Commission and others, has sustained the
constitutionality of the Act creating the port district.
The agency is now
with the refinancing of its bonds as authorized by
Chapter 616 of the Laws of 1941.
in position to proceed
ATTICA, N. Y.—BOND OFFERING—Chauncey S. Kibbe, Village
Clerk, will receive sealed bids until 3 p. m. (DST) on June 20, for the
purchase of $70,000 not to exceed 5% interest coupon or registered sewer
Dated July
1,
1941.
Denoms. $1,000 and $500.
Due July 1
as
follows:
$2,000 from 1942 to 1951, incl.; $2,500 from 1952 to 1959, incl.
and $3,000 from 1960 to 1969, incl.
Bidder to name a single rate of interest
expressed in a multiple of M or l-10th of 1%.
Principal and interest
(J-J) payable at the Bank of Attica, with New York Exchange, or at the
Chase National Bank, New York City, at the option of the holder.
A
certified check for $1,400, payable to order of the village, is required.
Legal opinion of Dillon, Vandewater & Moore of New York City will be
furnished the successful bidder.
In the event that prior to the delivery of
the bonds the income received by private holders from bonds of the same
type and character shall be taxable by the terms of any Federal income
tax law, the successful bidder may, at his election, be relieved of his
obliga¬
tions under the contract to purchase the bonds and in such case the deposit
accompanying his bid will be returned.
BREWSTER, N. Y.—BOND SALE—The $19,000
coupon or
registered
fire house bonds offered June
10—V. 152, p. 3684—were awarded to the
First National Bank of Brewster, as 1.20s, at par plus a premium of $62.22*
equal to 100.327, a basis of about 1.14%.
Dated May 1, 1941 and due
May 1
as
follows:
Y-
Int. Rate
Bidder—
Putnam County
Savings Bank, Brewster.1M%
1.40%
C. F. Childs & Co. and Sherwood & Co
1M %
R. D. White & Co
1.60%
George B. Gibbons & Co., Inc..
«.
1.75%
Marine Trust Co. of Buffalo.
—
,
.....
Co., Inc., Hemphill, Noyes & Co., B. J. Van Ingen & Co., Inc.. H. L.
\llen & Co., G. M.-P. Murphy & Co., R. D. White & Co. and Schlater,
Noyes & Gardner, Inc., all of New York, as 2.40s and 2.60s, at a price of
100.018, a net interest cost of about 2.42%,
Bonds were issued as follows:
$120,000 2.40% series I general bonds of 1941, issued to pay city's share of
public Improvement work relief projects.
Due May 1 as follows:
$20,000 from 1942 to 1946, incl., and $10,000 in 1947 and 1948.
425,000 2.60% series II general bonds of 1941, issued to provide funds for
home relief purposes. Due May 1 as follows; $35,000 from 1942 to
1946, incl., and $50,000 from 1947 to 1951 incl.
1,179,000 2.40% series III general bonds of 1941, issued for the purpose of
providing funds to meet a portion of the accumulated operating
deficit of the city and to pay judgments against the city and
interest thereon.
Due May 1 as follows: $50,000 from 1942 to
1950, incl.; $54,000 in 1951; $65,000 from 1952 to 1956, incl., and
$70,000 from 1957 to 1961, incl.
25,000 2.40% series IV general bonds of 1941, issued to pay city's share of
work relief projects.
Due $5,000 on May 1 from 1942 to 1946,
Rate Bid
v
101.00
100.237
100.27
100.163
100.08
100,000 2.40% water bonds of 1941.
to 1961, inclusive.
Due $5,000 on May 1 from 1942
:y.:. .;w?
•
All of the bonds will be dated May 1, 1941 and were re-offered by the
yield from 0.40%
successful bidders at prices to
to 2.50%, according to
maturity.
Other bids
Phelps, Fenn & Co., Inc., Ladenburg, Thalmann & Co., Schoelkopf,
Hutton & Pomeroy, C. F. Childs & Co., Charles Clark & Co., Campbell,
Phelps & Co., Inc. and Thomas & Co., par for $1,279,000 2Ks and $570,000
2 40s, a net cost of about 2.482%: Stranahan, Harris & Co., Inc., Graham,
Parsons & Co., A. G. Becker & Co., Tucker, Anthony & Co., and associates,
100.14 for $1,849,000 2Ms, a basis of about 2.485%; Lehman Bros,, Blair
& Co., Inc., Estabrook & Co., and associates, 100.024 for $1,279,000 2Hs
and $570,000 2.70s, a net cost of 2.534%; Blyth & Co., Inc., Harriman
Ripley & Co., Inc., Kidder, Peabody & Co., Mercantile-Commerce Bank
& Trust Co., and associates, 100.02 for $1,424,000
and $425,000 3s,
a net cost of 2.57%; First National Bank of Boston offered
par for all of
the bonds as 2.60s.
_
NORTH
■
,
„
„
.
„
,
CAROLINA
ALAMANCE COUNTY (P. O. Graham), N. C
—The
semi-annual bonds, aggregating $79,000, offered for sale on June 10
—V
152, p. 3685—were awarded jointly to Crouse & Co. of Detroit, and
Vance, Young & Hardin of Winston-Salem, paying a premium of $233.05,
equal to 100.294, a net interest cost of about 2.44%, divided as follows:
$19 000 school building bonds as 2s.
Due from June 1, 1943 to 1950.
15^000 refunding bonds as 2Hs. Due on June 1 in 1961 to 1963.
45,000 refunding school bonds as 2^s.
Due on June 1 in 1961 to 1963■
coupon
KINSTON, N. C.—NOTE SALE—The following bond anticipation
aggregating $125,000, offered for sale on June 10—V. 152, p. 3685
awarded to R. S. Dickson & Co., Inc. of Charlotte, as 0.75s, paying,
a premium of $2.75: $50,000 sewerage system extensions;
$45,000 water
works system extensions, $25,000 street and sidewalk improvements, and
$5 000 watei)' and sewer service connections.
Dated June 20, 1941.
Due
on'Dec. 20, 1941.
notes
$2,000 from 1942 to 1950, incl. and $1,000 in 1951.
Other bids:
Y
posed of Halsey, Stuart & Co., Inc., E. H. Rollins & Sons, Inc., Stone &
Webster and Blodget, Inc., A. C. Allyn & Co., Inc., George B. Bibbons &
inclusive.
ALBANY PORT DISTRICT (P. O. Albany), N. Y.—CONSTITU¬
TIONALITY UPHELD—'The New York Court of Appeals, in the case of
bonds.
YONKERS, N. Y.—BOND SALE—The $1,849,000 coupon or registered
bonds offered June 12—V. 152, p. 3685—were awarded to a syndicate com¬
y';
—were
_
SAMPSON COUNTY (P. O. Clinton), N. C.—BOND SALE—The
$25,000 coupon semi-annual building addition bonds offered for sale on
■
The Commercial & Financial
3854
10—V. 152, p. 3685—were awarded to Vance, Young & Hardin of
Winston-Salem, paying a premium of $18, equal to 100.072, a net interest
about 2.80%, on the bonds divided as follows:
$9,000 as 3s. due
on June 1, $1,000 in 1944 to 1948, $2,000 in 1949 and 1950; the remaining
Bidder
June
cost of
ORANGE
COUNTY
(P.
O.
N.
Hillsboro),
C.SOND SALE—'The
$35,000 semi-ann. coupon school building bonds offered for sale on June 10
—V. 152, p. 3685—were awarded to the First Securities Corp. of Durham,
paying
a
premium of $20, equal to 100.057, a net interest cost of about
1.79%, on the bonds divided as follows:
$15,000 as 2s, due $3,000 on
June 1 In 1942 to 1946; the remaining $20,000 as l^s, due on June 1, $3,000
In 1947 to 1952, and $2,000 in
.
'-\V;• V'rInt Rate
■
..
--
DAKOTA
M. Dak.—BOND SALE—
$380,000 issue of semi-annual refunding bonds offered for sale on June 5
Bank of North Dakota, of Bismarck,
according to the County Auditor.
Dated June 15, 1941.
Due on June 15
in 1942 to 1961; optional on and after June 15, 1946, at par and accrued
BURLEIGH COUNTY (P. O. BUmarck),
The
—V. 152, p. 3534—was awarded to the
v,:"*
interest.
.
•
SOLD—It is stated by Charles J.
Evanson, City Auditor, that the University of State, School Land Depart¬
has purchased at par, the following 2% semi-annual bonds aggre¬
gating $225,000, approved by the voters recently—V. 152, p. 3685: $175,000
armory-auditorium, and $50,000 airport bonds.
Dated July 1, 1941.
Redeemable after July 1, 1943.
65.85
2H%
2H%
243.00
214%
- —
*91*59
93 .CO
2 J4 %
*,
STEUBENVILLE, Ohio—OTHER BIDS—'The $42,000 street improve¬
ment bonds awarded June 2 to Braun, Bosworth & Co. of Toledo, as lWs*
at a price of 100.007, a basis of about 1.248%, as reported in V. 152, p. 3686,
were also bid for as follows, the bid in each instance being for l^s:
Bidder—
GRAND FORKS, N. Dak.—BONDS
-
-
Ryan, Sutherland & Co
Provident Savings Bank & Trust Co.
Premium
2%
2%
-
-
-
Co.
Weil. Roth & Irving
1953.
NORTH
.
BancOhio Securities Co
Seasongood & Mayer
14, 1941
June
J. A. White & Co
due $2,000 from June 1, 1951 to 1958.
$16,000 as
Chronicle
;
Bid
'
,
BancOhio Securities Co
*—
101.218
Seasongood & Mayer* . w
—*101.102
Ryan, Sutherland & Co.
-----------------------------------100.89
Provident Savings Bank & Trust Co., and VanLahr, Doll & Isphord■V""'.::
ing.-.—:-.----—.--—-100.42
TOLEDO, Ohio—BOND SALE—The $55,800 coupon park improvement
bonds offered May
27—V. 152, p. 3060—were awarded to a group com¬
posed of Stranahan, Harris & Co., Inc.; Ryan, Sutherland & Co., and
Braun, Bosworth & Co., all of Toledo, as l%s, at a price of 100.822, a
basis of about 1.61%.
Dated June 1, 1941 and due June 1 as follows:
$5,800 in 1943; $6,000 from 1944 to 1948 incl. and $5,000 from 1949 to
1952 incl.
,
<
ment,
OAKES SPECIAL SCHOOL DISTRICT (P. O. Oake«), N. Dak.—
BONDS VOTED—At an election held on June 3 the voters are said to have
approved the issuance of $20,000 armory bonds.
COUNTY (P. O. Cando), N. Dak.—BOND SALE— The
152,
3382—were awarded to the Bank of North Dakota, of Bismarck, as
2s, paying a premium of $375, equal to 101.013, a basis of about 1.75%.
Dated June 1, 1941.
Due on Dec. 1 in 1943 to 1949; redeemable on and
after Dec. 1, 1945.
,
TOWNER
$37,000 semi-annual refunding bonds offered for sale on June 6—V.
p.
TOLEDO, Ohio—BOND SALE—The $30,000 coupon street improve¬
offered June 10—V. 152, p. 3382—were awarded to a group
composed of Stranahan, Harris & Co., Inc., Ryan, Sutherland & Co. and
Braun, Bosworth & Co., all of Toledo, as 1 %s, at par plus a premium of
$69.10, equal to 100.23, a basis of about 1.71%. Dated July 1,1941 and due
$3,000 annually on Jan. 1 from 1943 to 1952 incl. Second high bid of 100.125
for 1
was made by Provident Savings Bank & Trust Co., VanLahr, Doll
& Isphording, and Siler, Roose & Co.
ment bonds
Other bids for the
$30,000 issue were as follows:
Rate Bid
Int. Rate
Bidder—
Provident Savings Bank & Trust
Co., VanLahr, Doll
„
•
OHIO
$700,000 3% coupon water works improvement bonds.
Dated June 1,
1941.
Denom. $1,000.
Due $28,000 on Oct. 1 from 1942 to 1966, incl.
Bidder may name a different rate of interest, expressed in a multiple of
M of 1%.
Prin. and int. (A-O) payable at the office of the Director of
Finance.
Issued for the purpose of extending, enlarging, improving,
repairing and securing a more complete enjoyment of the water works of
the city, under authority of, pursuant to and in full compliance with the
Uniform Bond Act of the General Code of Ohio, the City Charter, and by a
vote of 55% of the electors voting in favor of the issuance of the bonds on
Nov. 6, 1928, and in accordance with an ordinance No. 130-1941 of the
city, passed on May 20, 1941.
The bonds are payable from taxes levied
outside the 10-mill limitation of Section 2, Article XLL of the Constitu¬
tion of Ohio, and outside of the 7.5-mills limitation of Section 86a of the
City Charter.
Bonds will be delivered in coupon form to the successful bidder at Akron.
Registerable as to principal only or exchangeable for registered bonds.
No formal bidding blank required, and the bonds will be furnished by the
city.
Bids to be made subject to the bidder's attorney as to the legality
of the issue, said opinion to be paid for by the successful bidder.
A cer¬
tified check for 2% of the amount bid for, payable to order of the Director
of Finance, must accompany each proposal.
BOND SALE DETAILS—Pohl & Co., Seasongood & Mayer and P.
were
E.
associated with Fox, Reusch & Co. of
Cincinnati in the purchase on June 2 of $200,000 delinquent tax bonds as
Roderick, City Auditor,
will receive sealed bids until noon on June 27 for the purchase of $18,350
2% coupon special assessment street improvement bonds.
Dated June 1,
1941.
One bond for $350, others $1,000 each.
Due Oct. 1 as follows:
$1,350 in 1942; $1,500 in 1943 and 1944, and $2,000 from 1945 to 1951. incl.
Bidder may name a different rate of interest, expressed in a multiple of
14 of 1%.
Interest A-O.
A certified check for $300, payable to order of
the city, is required.
Legal opinion of Squire, Sanders & Dempsey of
Cleveland will be furnished the successful bidder without charge.
BUCYRUS,
Ohio—BOND OFFERING—E.
C.
Oppenlander,
City
Auditor, will receive sealed bids until noon on June 21 for the purchase of
$25,000 4% swimming pool bonds.
Dated April 1, 1941.
Denoms.
$1,000 and $500.
Due as follows: $500 April 1 and $1,000 Oct. 1 from
1942 to 1951, incl., and $1,000 April 1 and Oct. 1 from 1952 to 1956, incl.
Bidder may name a different rate of interest, expressed in a multiple of
M of 1 %. Interest (A-O.) The bonds are unlimited tax obligations author¬
ized by vote of the people.
Legal opinion of Squire, Sanders & Dempsey of
be furnished
the successful
bidder.
A
certified check for
$250, payable to order of the City Treasurer, is required.
FRANKLIN, Ohio—BOND SALE DETAILS—The $20,500 bonds
awarded to J. A. White & Co. of Cincinnati, as reported in V. 152, p. 3535,
were sold as follows:
$10,000 special asst. st. improvement bonds as
at 100.09, a basis of
about 1.48%.
Dated April 1, 1941, and due $1,000 on April 1
from 1942 to 1951, incl.
3,000 street improvement bonds as 2s, at price of 100.266, a basis of
about 1.95%,
Dated April 1, 1941, and due $300 on April 1 from
1942 to 1951, incl.
7,500 street improvement bonds as 1 Ks, at a price of 100.506, a basis
of about 1.67%.
Dated May 1, 1941, and due May 1 as follows:
$500 from 1942 to 1946, incl., and $1,000 from 1947 to 1951, incl.
LUCAS COUNTY (P. O. Toledo),
highway improvement bonds offered
June
9—V.
NEW PHILA DFLPHIA SCHOOL
DISTRICT, Ohio—BOND SALE—
building bonds offered June 6—V. 152, p. 3382—were awarded
to Stranahan, Harris & Co., Inc., of Toledo, as 1
at par plus a premium
of $439, equal to 100.439, a basis of about 1.70%.
Due $3,000 on April 1
and $2,000 Oct. 1 from 1942 to 1961, incl.
Second high bid of 100.423 for
l^R was made by Ryan, Sutherland & Co. of Toledo.
The $100,000
NILES, Ohio—BOND OFFERING—Homer Thomas, City Auditor, will
bids until noon on June 20 for the
purchase of $71,625.29
3% coupon special assessment street improvement bonds of 1941.
Dated
receive sealed
1,
1941.
One bond for $625.29, others $1,000 each.
Due Oct. 1
as follows:
$8,625.29 in 1942 and $7,000 from 1943 to 1951, incl.
Bidder
may name a different rate of interest, expressed in a multiple of H of 1%.
Interest A-O.
The amount and number of bonds is subject to reduction by
payment of property owners of their assessments in cash within 30 days from
the passage of Ordinance No. 6279
by the City Council.
Bidders must
agree to accept the amount of bonds to be issued after deducting the amount
of assessments, if any, paid in cash.
No conditional bids will be received.
Legal opinion of Peck. Shaffer, Williams & Gorman of Cincinnati will be
furnished to the successful bidder without cost.
A certified check for $800*
payable to order of the city, is required.
OHIO (State
of)—$3,000,000 SCHOOL REFUNDING NOTES CALLED
of Ohio school refunding notes have been notified
by Don
Ebright, State Treasurer, that $3,000,000 worth will be called for payment
June 16, reducing the public school deficit to $9,205,573.
After the June
payment, the amount of school notes still outstanding will be approximately
—Holders
*$8,825,000, he said.
ROSS TOWNSHIP
RURAL SCHOOL
DISTRICT
(P. O. R. F. D.,
Jamestown), Ohio—BOND SALE—The $18,000 school building bonds
offered June 6—V. 152, p. 3382—were awarded to G. Parr Ayres & Co. of
Columbus, as 2s, at par plus a premium of $95.40. equal to 100.53, a basis
of about 1.95%.
Dated June 1, 1941, and due $500 on May 1 and Nov. 1
from 1942 to 1959, incl.
Other bids:
100.125
101.11
WAUSEON, Ohio—BOND SALE-—The $8,500 coupon improvement
bonds offered June 6—V.
Securities Co. of Columbus.
152, p. 3060—were awarded to the BancOhio
Dated May 1, 1941 and due Nov. 1 as follows:
$1,500 in 1942; $2,000 from 1943 to 1945 incl. and $1.000 in 1946.
OKLAHOMA
CHICKASHA, Ok I a.—BOND SALE DETAILS—'The City Clerk states
that the $85,000 airport bonds sold to the Baum, Bernheimer Co. of Kansas
City, at a net interest cost of 1.57%, for $14,000 as 2^s. and $71,000 as
1 Yis, as reported in V. 152, p. 3535, were purchased for a premium of $2.75
equal to 100.003, and mature on May 15 of each year.
OILTON, Okla.—BONDS AUTHORIZED—'The City Council is said to
the issuance of $37,986.77 street
have passed a resolution authorizing
improvement funding bonds.
OKLAHOMA
CITY,
Okla.—COURT
DISMISSES
WATER
BOND
PETITION—We quote in part as follows from a news story appearing in
the Oklahoma City "Oklahoman" of June 6:
The much-harassed Bluff Creek bonds won
another
round
in
court
Thursday when Judge Lucius Babcock sustained demurrers to a taxpayers
recover damages for allegedly excessive interest rates paid by the
city.
Thursday's decision In District Court does not end legal troubles
for the bonds.
Ross Lillard, attorney for the group of taxpayers who
suit to
brought the suit, gave notice of appeal from the ruling dismissing the
petition.
He has six months in which to file a transcript with the Supreme
■
Halsey, Stuart & Co.,
Inc., Chicago bond brokers, to quash the suit as it pertains to that firm,
on grounds of faulty service.
But Judge Babcock's decision means that, pending a ruling by the Su¬
preme
and C.
Mayor
Court,
Hefner, individual
members of the City Council,
Edgard Honnold, city representative of the brokerage firm, need
$969,342.82 as demanded in the suit.
The city sold the $6,911,000 bond issue to Halsey Stuart through Mr.
Honnold at 2.1148% interest.
Tom F. Foster brought suit, claiming that
the interest rates was excessive and cost the city $484,671.41 more than
not
pay
necessary.
Had the suit been successful, that amount would have been
placed in the city treasury and the same amount divided by the persons
bringing the suit.
•
■
Judge Babcock said that his principal grounds for sustaining the demurrers
were that, regardless of whether it was good business or a wise policy to
advertise and sell the bonds at the time a "chilled" market existed because
of litigation against the bonds, "it was a matter for the discretion of the
City Council, with which the Court has no right to interfere."
Judge Babcock also upheldthe city contention that the Foster suit was
brought on the same issues as those raised by J. Edward Jones in an earlier
taxpayer's suit which was dismissed with prejudice.
YUKON SCHOOL DISTRICT NO. 27 (P. O. Yukon),
SALE—The following bonds
Okla.—BOND
aggregating $24,500, offered for sale on May 22
-—V.
152, p. 3228—were awarded to the First National Bank & Trust Co.
of Oklahoma City, as 2s, paying a premium of $80, equal to 100.326, a
basis of about
1.96%:
$11,500 gymnasium building and equipment bonds.
Due in 1944 to 1955.
7,500 school site repair bonds.
Due in 1944 to 1958.
5,500 vocational school building and furniture bonds.
Due in 1944 to
'
1954.
^
OREGON
LINN
Ohio—BOND SALE— The $5,510
152, p. 3686—were
awarded to Braun, Bosworth & Co. and Ryan, Sutherland & Co., both of
Toledo, jointly, as 1Hs, at par plus a premium of $16, equal to 100.29, a
basis of about 1.38%.
Dated July 1, 1941 and due Nov. 1 as follows:
$1,510 in 1942 and $2,000 in 1943 and 1944.
Second high bid of 100.199
for 1 Hs was made by Stranahan, Harris & Co., Inc., of Toledo.
April
100.586
Still to be heard in District Court is a motion of
BEXLEY, Ohio—BOND OFFERINGS. W.
will
100.70
2%
Court.
2s, at 100.332, a basis of about 1.97%—Y. 152, p. 3686.
Cleveland
2%
;
Seasongood & Mayer
AKRON, Ohio—BOND OFFERING—V. W. Ferguson, Director of
Finance, will receive sealed bids until noon on June 23 for the purchase of
Kline, Inc., all of Cincinnati,
1%%
2%
BancOhio Securities Co
,
,
and Siler, Roose & Co
J. A. White & Co
& Ispherding,
DISTRICT NO. 78 (P. O. Lebanon.
Ore.— WARRANTS OFFERED—Sealed bids were received until
District Clerk, for the purchase of $3,000
bearing warrants.
Dated June 15, 1941.
COUNTY
Route 2),
SCHOOL
June 13, at 8 p. m., by Eli Opel,
not to exceed
5% annual interest
Due $300 from June 15, 1942 to
1951, incl.
PENNSYLVANIA
ALIQUIPPA,
Pa .—BOND OFFERING—Rudolph
Schwartz, Borough
Secretary, will receive sealed bids until 7 p. m. (EST) on June 16 for the
purchase of $250,000 not to exceed 3% interest coupon,
registerable as to
5rincipal only, improvement bonds. Dated 1944: 1, 1941.in Denom. $1,000.
)ue June 1
follows: $5,000 in 1943 and June $5,000
1949 and 1950:
as
$10,000 from 1952 to 1959 incl.; $15,000 from 1960 to 1965 incl. and $10,000
from 1966 to 1971 incl.
Bidder to name a single rate of interest , expressed
in a multiple of
of 1 %.
Principal and interest (J-D) payable at the
Woodlawn
Trust
Co., Aliquippa.
Issued for the purpose of
paying the cost for permanent street improve¬
ments, constructing a water softening plant and improving the water works
system and for fire fighting equipment.
Principal and interest payable
without deduction for any taxes (except gift, succession or inheritance taxes)
levied pursuant to any present or future law of the
bonds will be sold to the highest responsible bidder
Commonwealth.
The
subject to approval of
authorizing proceedings by the Department of Internal Affairs. No bid
for less than par and accrued interest or for less than all of the bonds will be
accepted.
In the event that prior to delivery of bonds income received by
private holders from bonds of the same type and character shall be taxable
bv the terms of any Federal income tax law, the successful bidder may, at
his election, be relieved of obligation under the contract to purchase the
bonds and in such case the deposit accompanying his bid will be returned.
The successful bidder will be furnished without charge, with the opinion of
Burgwin, Scully & Churchill, of Pittsburgh, that the bonds are valid general
obligations of the borough, payable from ad valorem taxes levied upon all
the taxable property therein within the limitations prescribed by law.
Enclose a certified check for $5,000. payable to the borough.
the
CORNPLANTER TOWNSHIP SCHOOL DISTRICT (P. O. Rynd
Farm, R. D. No. 1), Pa.—BOND SALE—The $50,000 coupon school bonds
offered June 5—V. 152, p. 3383—were awarded to Singer,
ner of Pittsburgh, at par plus a premium of $1,137, equal to
June
1, 1941 and due June 1
$4 ,000 in 1960 and 1961.
as
follows:
Deane & Scrib-
102.274. Dated
$3,000 from 1946 to 1959 incl. and
Volume
The Commercial & Financial Chronicle
152
DUNMORE, Pa.—BONDS NOT SOLD—No bids
received for the
$110,000 not to exceed 4\4% interest judgment funding bonds offered for
sale on June 10—V. 152, p. 3686.
were
LAFAYETTE TOWNSHIP (P. O. Guffey, Mt. Jewett, R. F. D.),
Pa.—BOND OFFERING—R. L. Weekley, Secretary of the Board of Super¬
will receive sealed bids at the office of Gallup, Potter & Gallup,
Hooker-Fulton Bldg., Main St., Bradford, until 9 a. m. (EST) on June 21
for the purchase of $25,000 2U% series C coupon bonds.
Dated July 1,
1941.
Denom. $1,000.
Due July 1 as follows: $5,000 in 1942 and $10,000
in 1943 and 1944.
Principal and interest (J-J) payable without deduction
for any tax or taxes, except gift, succession and inheritance taxes, now or
hereafter levied or assessed thereon under any present or future law of the
Commonwealth of Pennslyvania, all of which taxes the school district as¬
sumes and agrees to pay.
Sale of the bonds is conditioned upon the town¬
ship securing the approval of the Department of Internal Affairs to issue
.and sell the same.
A certified check for 5% of the total amount of the
bid is required.
visors,
PHILADELPHIA,
Pa.—BANKING GROUP MAKES EXCHANGE
OFFER TO HOLDERS OF $131,064,000 BONDS—In one of the largest
municipal refinancing operations on record, holders of $131,064,000 city
bonds were offered on June 11 the opportunity to exchange their holdings
for bonds of a new refunding issue.
The offer is being made through a
nation-wide banking group comprising 39 leading investment firms and
banks, headed by Drexel & Co. of Philadelphia and Lehman Brothers of
New York, Which has been designated the agency of the city to effect the
exchange of the bonds.
The formal announcement of the offer will be
found on page iii.
The offer, provided for in a comprehensive refinancing plan adopted by
the city on June 9, is made to holders of certain bonds of the city which
become optional for redemption by the city from 1942 to 1947, inclusive.
There are $164,249,700 principal amount of these bonds outstanding and
eligible for exchange for the new refunding bonds, but the amount to be
exchanged is limited to $131,064,000.
Applications for exchange will be
considered in the order of their receipt and the opportunity to exchange will
continue only so long as the applicable refunding bonds remain available for
exchange, it is stated.
The offer may be terminated or changed without
notice.
,
The interest rates of the various series of new bonds will be the same as
of the old bonds for which they will be exchanged, up to the first
optional redemption date of the old bonds.
Thereafter the various series
SOLD—A $20,000 Issue of 3% semi-annrefunding bonds is said to have been purchased at par by Hamilton & Co. of
Chester. Dated May 15,1941. Due $2,000 from May 15,1942 to 1951 incl.
„
new
bonds will carry lower interest rates but will have later optional
redemption dates than the bonds for which they will be exchanged.
The new bonds will be dated July 1,1941, and will mature at various dates
from Jan. 1, 1949, to Jan. 1, 1973, inclusive.
"With the exception of the
series maturing Jan. 1, 1956, which will be non-callable, the bonds of each
series will be redeemable at the option of the city at par and accrued interest,
in whole or in part, on any interest date on and after the
optional call da,te
designated for the respective series, the earliest optional date being Jan. 1,
1948, and the latest optional date Jan. 1, 1958.
For the convenience of the bondholder and for reasons of marketability,
each refunding bond will bear two sets of coupons, one set (designated "A
Coupons") will be at the rate of interest specified in said schedule for the
period from the first optional redemption date of the outstanding bond
exchanged therefor and will cover the whole life of the refunding bond.
The other set (designated "B Coupons") will cover the period to the first
optional redemption date of the outstanding bond exchanged therefor and
will be at a rate equal to the difference between the rate borne by such out¬
standing bond and the rate of the A Coupons.
Members of the group of investment firms and banks which have been
designated agents of the city to effect the exchange of the new bonds, and
the cities in which their principal offices are located, are as follows: Bankers
Trust Co.. New York: Moncure Biddle &
Co., Philadelphia: Biddle,
Whelen & Co., Philadelphia; Blyth & Co., Inc., New York and San Fran¬
cisco: Alex. Brown & Sons, Baltimore.
The Chase National Bank, New
York; Chemical Bank & Trust Co., New York: Charles Clark & Co,, New
York: E. W. Clark <fe Co., Philadelphia; C. C. Collings & Co., Philadelphia;
Drexel & Co., Philadelphia; Elkins, Morris & Co., Philadelphia; Equitable
Securities Corp., Nashville: The First Boston Corp., Boston and New York;
First of Michigan Corp., Detroit; First National Bank & Trust Co., Min¬
neapolis; Graham, Parsons & Co., Philadelphia: Hannahs, Ballin & Lee,
New York: Ilarriman Ripley & Co., Tnc., New York: Harris, Hall & Co.,
Chicago; Hemphill, Noves & Co., New York; W. E. Hutton & Co., Cin¬
cinnati; Kidder. Peabody & Co., New York, Boston and Philadelphia;
Lazard Freres & Co., New York; Lehman Brothers, New Vork; Mellon
Securities Corp., Pittsburgh: Mercantile-Commerce Bank & Trust Co., St.
Louis; Merrill Lynch, E. A. Pierce & Cassatt, New York; R. H. Moulton &
Co., Los Angeles and San Francisco; W. H. Newbold's Son & Co., Phila¬
delphia: The Northern Trust Co.. Chicago: Phelps, Fenn & Co., New York;
Reynolds & Co., New York: E. H. Rollins & Sons, Tnc., New York: Smith,
Barney & Co., New York: Stern Brothers <fe Co., Kansas City: Stroud &
Co., Tnc., Philadelphia; The Wisconsin Co., Milwaukee; and Yarnall &
Co., Philadelphia.
1941
ELIGIBLE
MATURITIES
TENDERED
FOR
EXCHANGE—
Drexel & Co. and Lehmon Brothers, joint managers of the bond exchange
nto
f)lan,covering the entire 11 that exchange agreements have eligible to be
announced June amount of refunding bonds of 1941 been entered
issued
in exchange for the outstanding 4)4% bonds due Feb. 16, 1952,
optional 1942, and the books therefore have been closed as to the issuance
of
further series A refunding bonds.
Of this outstanding issue there
$9,000,000 bonds in the hands of the public and the amount eligible
sinking fund reserves, was $4,543,000.
anv
were
for exchange, after deducting
PROSPECT
PARK,
Pa .—BOND
bonds offered June 11—V.
Philadelphia,
July 1, 1941.
152.
p.
SALE—The
$10,000
improvement
3383—were awarded to Burr & Co. of
Hs, at a price of 100.57, a basis of about 1.63%.
Dated
Due July 1, 1951, and redeemable at the borough's option,
in whole or in part, at par and accrued interest at any interest payment
date on or after July 1, 1946, in the inverse order of the numbers, by notice
of redemption to be given by one advertisement 30 days prior to such date
of redemption in a newspaper of general circulation published in Delaware
County.
Second high bid for the issue was 100.55 for \
by Blair & Co., Inc.,
Philadelphia.
as 1
WILKINSBURG,
Pa.—-BOND SALE—The $.50,000 coupon school
bonds offered June 9—V. 152, p. 3383—were awarded to the Union Trust
Co. of Pittsburgh, as 14s, at a price of 100.461, a basis of about 1.16%.
Dated July 1,1941 and due $5,000 on July 1 from 1942 to 1951 incl.
Second
high bid of 100.412 for l)4s was made by Singer, Deane & Scribner of
Pittsburgh.
SOUTH
CAROLINA
BARNWELL COUNTY SCHOOL
DISTRICT NO.
45
(P. O. Barn-
well), S. C.—BONDS SOLD—A $30,000 issue of 3% semi-annual building
bonds is reported to have been purchased by Johnson, Lane, Space & Co.
of Savannah.
Dated April 1, 1941.
Due $2,000 from April 1, 1942 to
1956, incl.
Legality approved by Huger Sinkler of Charleston.
BENNETTSVILLE, S. C.—BONDS SOLD—The Marlboro Trust Co. of
Bennettsville, is said to have purchased $17,000 3% semi-annual refunding
Dated Jan. 1, 1491.
Due on Jan. 1 as follows: $1,000 in
1942 to 1946 and $2,000 in 1947 to 1952.
Legality approved by Huger
bonds at par.
Sinker of Charleston.
GREENVILLE COUNTY (P.
ville,
as
1.67%.
152,
p.
O. Greenville) S. C.—BOND SALE—
bridge bonds offered for sale on
33®4—were awarded to W. F. Colev & Co. of Green¬
1 %s, paying a premium of $1,710. equal to 100.57, a basis of about
Dated June 1, 1941.
Due $20,000 from June 1, 1942 to 1956 incl.
Second highest bid was an offer of $664 premium on 1*4s, submitted by
Stranaban, Harris & Co., Inc.
offered $3,465 premium on ?s.
of Toledo.
Shields & Co. of New York,
ADDITIONAL INFORMATION—It was reported subsequently that
the Commerce Union Bank of Nashville; Fox, Reusch & Co. of Cincinnati,
and
McDougal
&
named firm in the
Condon of Chicago, were associated
purchase of the bonds.
with
the above
KERSHAW, S. C —CERTIFICATES SOLD—It is stated that $5,500
4semi-ann. paving assessment certificates have been purchased at par
bv
G.
Feb. 1
H.
as
& Co. of Columbia.
Dated Feb. 1, 1941.
Due
$500 in 1942 to 1948 and $1,000 in 1949 and 1950.
Crawford
follows:
is
(P.
O.
SOLD—A $5,000 issue of semi-ann. sewer
stated to have been awarded on June 5 to Seabrook & Karow of
Charleston, as 2%s, paying a premium of $11.11, equal to 100.222, a basis
2.71%. Dated May 15, 1941. Due $500 from May 15, 1943 to
of about
1952 incl.
PAXVILLE SCHOOL DISTRICT NO. 19 (P. O. Manning) S. C.—
BONDS SOLD—An $8,500 issue of 5% semi-ann. refunding bonds is said
to have been purchased
privately by James Conner & Co. of Charleston,
paying a price of 98.00, a basis of about 5.30%. Dated March 15,1941. Due
on March 15 as follows:
$500 in 1942 to 1954, and $1,000 in 1955 and 1956.
RICHLAND COUNTY (P. O. Columbia) S. C.—BOND OFFERING—
a. m. on June 18, by W. C. Thomas,
Secretary of the Board of County Commissioners, for the purchase of the
following not to exceed 4% semi-ann. coupon general obligation bonds
„
Sealed bids will be received until 11
aggregating $550,000:
$200,000 county hospital bonds.
Due July 1, as follows: $8,000 in 1942
and 1943, $9,000 in 1944 to 1946, $10,000 in 1947 to 1957, $11,000
in 1958 and 1959, $13,000 in 1960, and $12,000 in 1961.
350,000 county library bonds.
Due July 1, as follows: $12,000 in 1942
and 1943, $14,000 in 1944, $15,000 in 1945 to 1947, $17,000 in
1948 to 1950, $18,000 in 1951 to 1953, $19,000 in 1954 and 1955,
$20,000 in 1956 and 1957, and $21,000 in 1958 to 1961.
Dated July 1, 1941. Denom. $1,000. Rate of interest to be in a multiple
of )4 of 1%, and must be the same for bonds of each issue.
Prin. and int.
payable in New York.
Unlimited tax.
The bonds will be awarded to the
bidder offering to take them at the lowest rate of interest at a price of not
less than par and accrued interest.
As between bidders naming the same
rate of
interest, the amount of premium will determine the award.
Pur¬
chasers will be furnished, free of charge, with the unqualified approving
opinions of Frank G. Tompkins Jr., of Columbia, and of Storey, Thorndike, Palmer & Dodge, of Boston.
The county will furnish the bonds.
Enclose a certified check for 2% of the amount of bonds bid for, payable to
the Board.
HOSPITAL BOND SALE POSTPONED—In connection with the above
notice, the following letter was received subsequently from W. C. Thomas,
Secretary of the County Board of Commissioners:
"The sale of $200,000 Richland
County Hospital bonds advertised for
sale June 18 will be deferred for 30 or 60 days on account of possible addi¬
tional plans.
New date of sale will be properly advertised.
"The Library bonds advertised for sale on the same date will be sold as
advertised."
SOUTH
HOWARD,
S.
DAKOTA
Dak.—BOND OFFERING—Bids will be received unti
June 23, at 7:30 p. m., by Leon E. Hanson, City Treasurer, for the purchase
of $5,000 not to exceed 4% semi-ann. water works improvement bonds.
Dated July 1, 1941.
Due $1,000
on
Jan. 1 in 1943 to 1947 incl.
ROSLYN, $>. Dak.—BOND SALE—The $4,000 5%
coupon
semi-annual
system bonds offered for sale on June 9—V. 152, p. 3535—were
purchased by the Farmers & Merchants State Bank of Roslyn, according
to the Town Clerk.
Dated May 1, 1941.
Due $500 from June 2, 1943
to 1950.
water
WESSINGTON
SPRINGS, S. Dak.—PRICE PAID—The City Auditor
states
that the $20,000 coupon semi-annual electric revenue bonds sold
to the Farmers & Merchants Bank of Wessington Springs, as noted here—
—V. 152, p. 3687—were
.
purchased as 3Ms, at par.
Gefke-Dalton & Co.. Inc. of Sioux Falls, bid for 3)4s.
TENNESSEE
(P. O. Maryville) Tenn.- -BOND OFFERINGRoberts, County Judge, that he will receive
p. m. on June 16, for the purchase of $50,000 coupon
refunding bonds. Interest rate is not to exceed 4%, payable J-J. Denom.
$1,000. Dated July 1, 1941. Due $5,000 from July 1, 1945 to 1954. Issued
pursuant to the Constitution and Statutes of the State and a resolution
regularly adopted by the Quarterly County Court. The bonds are general
obligations of the county and an unlimited tax for the payment of principal
and interest is authorized by law.
Prin. and int. payable at the Chase
National Bank, New York. The bonds will not be sold for less than par and
accrued interest. The approving opinion of Chapman & Cutler, of Chicago.
COUNTY
BLOUNT
It is stated
by George D.
sealed bids until
1
MURFREESBORO,
Term.—BOND
ELECTION— The
issuance
of
$200,000 water system improvement bonds will be submitted to the voters
scheduled for Aug; 12, according to report.
at an election
WINCHESTER, Tenn.—BOND OFFERING—It is stated by James W.
Taylor, City Recorder, that he will receive sealed bids until noon on June 19,
purchase of a $75,000 issue of water works revenue bonds.
Dated
June 1, 1941
Denom. $1,000.
Due June 1 as follows: $2,000 in 1944
to 1957, $3,000 in 1958 to 1966 and $4,000 in 1967 to 1971.
Issued for
the purpose of acquiring, improving and extending the water works system
now serving the city and are payable solely from the revenues to be derived
from the operation of said system after the reasonably necessary costs of
operating, maintaining and repairing the system.
The bonds will be
awarded to the responsible bidder whose bid results in the lowest interest
cost to the city.
The successful bidder will be required to pay the cost
of printing bonds and the cost of the approving opinion of Chapman &
Cutler of Chicago.
It is expected that the bonds will be ready for delivery
about June 23.
Enclose a certified check for 2% of the par value of the
•ssue. payable to the city.
for the
TEXAS
BAY CITY INDEPENDENT SCHOOL DISTRICT (P. O. Bay City),
Texas—PURCHASERS—It is now stated that Mahan, Dittmar & Co. of
San
Antonio, and Milton R. Underwood & Co. of Houston, were associated
the purchase of the $150,000 school
17 election, as described in our
with Moroney & Co. of Houston, in
bonds, subject to the outcome of the May
issue of May 17—V. 152, p. 3229.
BELLVILLE, Texas—BONDS SOLD— The City Secretary states that
$78,000 2)4,214 and 3% semi-ann. light and power system revenue bonds
approved by the voters on June 3, have been sold. Dated June 15, 1941.
Due in 1943 to 1961, callable after 10 years.
BONHAM, Texas—BONDS VOTED—The City Clerk states that the
15 the voters approved the issuance of the $60,000
eiection held on May
bonds by a count of 689 to 29.
(These bonds were sola subject to the outcome of the election, as re¬
ported—V. 152, p. 3229.)
3% general obligation airport
BREMOND, Texas—BONDSALE DETAILS—It is now stated that
the
$60,000 water and sewer system revenue bonds sold at par to the RansonDavidson Co. of San Antonio, as noted here on March 1, were purchases
payable semi-annually, are dated Feb. 15,1941, in the denomination
Feb. 15, as follows: $1,000 in 1944 and 1945; $2,000
1947; $3,000 in 1948 to 1953; and $4,000 in 1954 to 1962. Prin.
and int. payable at the American National Bank, Austin.
rheae bonds
constitute a special obligation of the city, and are payable solely from and
secured by a pledge of the net revenues of the city's water works and sewer
system after deduction of reasonable operating and maintenance expense.
Legality approved by the Attorney-General, and Chapman & Cutler of
Chicago,
as
4 Hs,
of $1,000, and mature
in 1946 and
The $300,000 Coupon semi-ann. road and
June 9—V.
NORTH CHARLESTON PUBLIC SERVICE DISTRICT
Charleston) S. C.—BONDS
bonds
that
of the
3855
NEWBERRY, S. C.—BONDS
on
MYRTLE BEACH, S. C.—BONDS SOLD TO RFC—The Reconstruction
CARBON INDEPENDENT SCHOOL DISTRICT (P. O. Carbon),
Texas—BONDS SOLD—1The following 4% semi-ann. bonds aggregating
$35 500, are said to have been purchased by Rauscher, Pierce & Co. of
Dallas: $26,000 building, and $9,500 refunding bonds.
CLUTE ROAD DISTRICT (P. O. Angleton), Texas—BOND SALE
DETAILS—The County Judge states that the $30,000 3H% semi-annual
bonds sold at par, as reported here on Feb. 15, were
purchased by Gregory, Eddleman and Abercrombie, of Houston, are dated
Dec. 20, 1940, and mature on April 10 as follows: $1,000 in 1942 to 1956
and $1,500 in 1957 to 1966.
road improvement
CONTROL AND IMPROVEMENT
Texas—BONDS SOLD—The County
the following revenue bonds aggregating $85,000, have
purchased by the McRoberts-Thomasma Co. of San Antonio: $50,000
CROCKETT COUNTY WATER
DISTRICT NO. 1 (P. O. Ozona),
Finance Corporation is said to have purchased $160,000 4% semi-ann.
water works revenue bonds at par. Dated March 1,1941. Legality approved
Judge states that
by Huger Sinkler of Charleston.
been
The Commercial & Financial
3856
water system
purchase, $25,000 water system
;■ .<
extension, and $10,000 sewer
system bonds.
DISTRICT NO. 1 (P. O. Richmond),
Texas—BOND ELECTION—We are informed that an election will be held
on June 28 in order to have the voters pass on the proposed issuance of
$250,000 road improvement bonds.
If approved, they wili be offered for
Chronicle
the
FORT BEND COUNTY ROAD
sale
July 7, it is stated.
on
GALVESTON, Texas—BOND SALE—The semi-ann. coupon bonds
aggregating $700,000. offered for sale on June 5—V. 152, p. 3536—were
awarded to Goldman, Sachs & Co. of New York, the City National Bank
& Trust Co. of Kansas City, Mullaney, Ross & Co. of Chicago, William
R. Compton & Co., of New York, the Small-Milburn Co. of Wichita, and
R. J. Edwards, Inc. of Oklahoma City, paying par, a net interest cost of
about 1.94%, divided as follows:
$500,000 water works of 1941 bonds, $470,000 maturing June 1, $20,000
In 1942 and 1943, $21,000 in 1944 and 1945, $22,000 in 1946 and
1947, $23,000 in 1948 and 1949, $24,000 in 1950, $25,000 in 1951
and 1952, $26,000 in 1953 and 1954, $27,000 in 1955, $28,000
in 1956 and 1957, $29,000 in 1958, $30,000 in 1959 and 1960, as
2s, and $30,000 maturing June 1, 1961, as l%s.
100,000 paving of 1941 bonds, $58,000 maturing June 1, $4,000 in 1942 to
1944, $5,000 in 1945 to 1952, $6,000 in 1953, as 2s, and $42,000
maturing $6,000 June 1, 1954 to 1960, as l%&.
50,000 sewerage of 1941 bonds, $38,000 maturing June 1, $3,000 in 1942
to 1951, $4,000 in 1952 and 1953, as 2s, and $12,000 maturing
$4,000 June 1, 1954 to 1956, as lMs.
50.000 incinerator of 1941 bonds, $38,000 maturing June 1, $3,000 in
1942 to 1951, $4,000 in 1952 and 1953, as2s, and $12,000 maturing
$4,000 June 1, 1954 to 1956, as l^s.
BONDS
works
FOR INVESTMENT—The successful bidders rebonds for general subscription.
The $500,000 water
1, 1942-1961, are offered at prices to yield
above
bonds, maturing Juno
0.40 to 1.70% for the 1942-1951 maturities, and at prices of $102 to
1952-1961 maturities.
The water works bonds are callable
for the
$94.50
at par
interest payment date, beginning June 1, 1951.
The remainng
$200,000 bonds, issued for general purposes, and maturing June 1,1942-1960,
are priced to yield 0.40 to 2.05%. according to maturity.
on
any
HAWKINS INDEPENDENT SCHOOL
Texas—BOND
DISTRICT (P. O. Hawkins),
OFFERING—This district is calling for sealed bids until
18, for the purchase of $110,000 school bonds.
the rate of interest.
Due serially in 10 years.
June
Bidders are to name
JACKSON COUNTY ROAD DISTRICT NO. 7 (P. O. Edna), Texas—
SALE—The $20,000 semi-ann. road bonds offered for sale on
awarded to Mahan, Dittmar & Co. of San
Antonio, as 3s, paying a premium of $13, equal to 100.065, a basis of about
2.99%.
Due on June 15 in 1942 to 1961; optional on or after June 15,1952.
BOND
JACKSON COUNTY ROAD DISTRICT
Texas—BONDS OFFERED—We are informed
NO.
(P.
10
Edna),
O.
by M. L. Cobb, County
sealed bids were received by the County Commissioners'
Court until 11 a. m. on June 13 for the purchase of $150,000 road bonds.
Due on July 15 as follows:
$4,000 in 1942; $5,000, 1943 to 1945; $6,00j,
1946 to 1948; $7,000, 1949 and 1950; $8,000, 1951 to 1954; $9,000, 1955
to 1957, and $10,000 in 1958 to 1961; optional on and after July 15, 1952.
Interest payable J-J 15.
LA
that
INDEPENDENT
MARQUE
SCHOOL
(P.
DISTRICT
La
O.
Marque), Texas—BONDS VOTED—The issuance of $300,000 construction
bonds is said to have been approved by the voters at an election held on
May 31.
COUNTY (P. O. Centerville), Texas—BOND SALE DETAILS
$475,000 road bonds sold to the J. R. Phillips
here on Nov. 30, were purchased as 3s,
payable semi-annually, are dated Dec. 1, 1940, are in the denom. of $1,000,
and mature on Dec. 1 as follows: $25,000 in 1944 and 1945, $30,000, 1946,
$50,000, 1947, $60,000, 1948 and 1949, $75,000, 1950, $90,000, 1951, and
$60,006 in 1952.
Prin. and int. (J-D), payable at the State Treasurer's
LEON
—It is now stated that the
Investment Co. of Houston, as noted
office.
LULING
INDEPENDENT
SCHOOL
DISTRICT
(P.
Luling),
O.
Texas—BOND SALE—The $5,000 semi-annual construction bonds offered
for sale on June 10—V. 152, p. 3687—were purchased by the First National
Bank of
$500
on
YAKIMA COUNTY SCHOOL DISTRICT NO. 113 (P. O.
Wash.—BOND OFFERING—Sealed bids will be received until
Luling. as 3s, at a price
June 10 in 1942 to 1951.
of 101.00, a basis of about 2.80%.
June 21,
by C.
Due
Texas—BOND ELECTION—
has been
$300,000
bonds.
UTAH
MOUNT
PLEASANT,
D. Stephens, County Treasurer, for
WEST
VIRGINIA
HUNTINGTON, W. Va .—ADDITIONAL INFORMATION—The CityClerk states that the $377,000 3 >3% semi-annual Eastern Section flood
control revenue bonds sold recently, as noted here—V. 152, p. 3536—were
purchased by a syndicate composed of Assel, Goetz & Moerlein, Fox,
Reusch & Co., Charles A. Hinsch & Co., all of Cincinnati, Johnson &
McLean of Pittsburgh, Magnus & Co., Nelson, Browning & Co., and
Walter, Woody & Heimerdinger, all of Cincinnati, paying a premium of
$25, equal to 100.0066, a basis of about 3.499%.
State of—BOND SALE—The $1,000,000 issue of
registered semi-ann. road bonds offered for sale on June 10—
syndicate composed of the Union
Co., L. F. Rothschild & Co., and
G. M.-P. Murphy & Co., all of New York, paying a price of 100.04, a net
interest cost of about 1.439%. on the bonds divided as follows: $480,000
as IKs, due $40,000 on April
1 in 1942 to 1953; $200,000 as l^s, due
$40,000 on April 1 in 1954 to 1958, the remaining $320,000 as l^s, due
$40,000 on April 1 in 1959 to 1966.
""BONDS OFFERED FOR INVESTMENT—The successful bidders reoffered the above bonds for general subscription at prices to yield from
0.20% to 1.60%, according to maturity.
WEST VIRGINIA,
coupon
or
152, p. 3688—was awarded to a
Securities Corp., Hemphill, Noyes &
WISCONSIN
LAFAYETTE COUNTY
(P. O. Darlington), Wis— BOND OFFER¬
until June 23, at 2 p.m.,
ING—Both sealed and oral bids will be received
by Frank D. Goodrich, County Clerk, for the purchase of an $85,000 issue
of highway improvement, non-taxable, series D coupon bonds.
Interest
rate is not to exceed 5%, payable M-N.
Dated May 1, 1941.
Denom.
$5,000.
Due May 1 as follows: $70,000 in 1944 and $15,000 in 1945.
Prin. and int. payable in lawful money at the County Treasurer's office.
Authorized for expenditure entirely on the State trunk highway system
under a program which has been approved by the State Highway Commis¬
sion, and therefore, the principal of the bonds will be eligible to be retired
100% with State highway allotments to the county in accordance with
Section 84.03 (4), Wisconsin Statutes.
The bonds will be sold subject to
the conditions that they shall be certified by the Attorney-General of the
State under the provisions of Sections 67.02 (3) and 14.53 (5a), Wisconsin
Statutes, and also subject to an approving opinion of commercial attorneys
if desired by the successful bidder, the cost of such commercial attorney's
opinion to be paid by such bidder.
The bidder's proposal shall state the
total amount bid for the bonds and the interest rate on which the bid is
based.
In addition to the amount bid, the successful bidder shall also
the interest accrued from the date of the bonds to the date of delivery.
be in the form approved by the State Highway Com¬
All costs of printing the bonds shall be paid by the successful
bidder.
A certified check for $1,700, payable to the county, is required.
If a bidder submitting a sealed bid proposes to bid orally, his certified
check should be filed separately and not sealed with his bid; otherwise an
additional certified check in the same amount must be filed to entitle
such bidder to enter the oral bidding.
pay
NAVARRO COUNTY (P. O. Corsicana),
It is stated by E. D. McCormick, County Judge, that an election
called for June 28 in order to have the voters pass on the issuance of
road improvement
Yakima)
11 a. m.
the purchase of
$40,000 coupon building and equipment bonds. Interest rate is not to exceed
6%, payable J-J. Dated July 1, 1941. Denom. $100, or any multiple there¬
of, but not to exceed $500.
Due July 1, 1943 to 1962. Payable in such
amounts (as nearly as practicable) as will, together with the interest on the
outstanding bonds, be met by an equal annual tax levy for the payment
of the bonds and interest. Prin. and int. payable at the County Treasurer s
office.
Bids must specify:
1. The lowest rate of interest and premium, if
any, above par, at which such bidder will purchase the bonds; or, (2.
The
lowest rate of interest at which the bidder will purchaes the bonds at par.
3. Option, if any, of the district to redeem. Enclose a certified check for 5%.
on
V.
June 9—V. 152, p. 3687—were
Judge,
WASHINGTON
PORT OF KENNEWICK (P. O. Kennewick), Wash.—BOND OF¬
FERING—It is stated by A. I. Smith, Secretary of the Board of Com¬
missioners, that he will receive sealed bids until 8 p. m. on June 30 for
the purchase of $24,000 coupon construction bonds.
Interest rate is not
to exceed 6%, payable J-J.
Dated July 1, 1941.
Denom. $500.
Due
annually for 15 years commencing July 1, 1943.
These are the bonds
authorized at the election held on May 21.
Prin. and int. payable at the
office of the County Treasurer.
These bonds are payable from a limited
ad valorem tax.
Authority 1, Chapter 183, Laws of 1921.
Enclose a
certified check for 5%.
OFFERED
the
offered
June 14, 1941
that the unobligated balance to be carried over on
books at the end of this month will be about $4,500,000.
It has been estimated
Utah—BONDS
SOLD—The
Recorder
City
3^% semi-ann. current expense tax anticipation bonds
approved by the City Council last December, have been sold as follows.
$10,000 to Edward L. Burton & Co. of Salt Lake City, and $10,000 to F. T.
Boise of Salt Lake City.
Dated Jan. 1, 1941.
Due on Jan. 1, 1942.
states that $20,000
The bonds shall
mission.
VERNON
COUNTY
(P. O. Virocua), Wis .—BOND SALE—The
$97,000 issue of 114% semi-annual coupon road improvement bonds offered
for sale on June 10—V. 152, p. 3536—was awarded to the Marine National
Exchange Bank of Milwaukee, paying a premium of $2,100, equal to 102.164,
a basis of about 0.78%.
Dated May 1, 1941.
Due on May 1, 1944.
pt PRICE, Utah—BONDS SOLD—The City Clerk states that $60,000 water
pipe line bonds authorized by the City Council last November, have been
purchased by Snow & Boyce of Salt Lake City.
..._
_
CANADA
(Dominion of)—$600,000,000 WAR BOND ISSUE PUB¬
LICLY OFFERED—-Subscription books were opened June 2 to the govern¬
ments $600,000,000 Victory Loan of 1941, which was offered in two ma¬
turities, the choice of which is optional with the subscriber. Proceeds of the
issue will be used to finance expenditures for war purposes.
The offer con¬
sisted of the following:
3% bonds priced at par, dated June 15, 1941, due
June 15, 1951, payable at maturity at 101, and callable at 101 in or after
1950.
Denoms. $25,000, $5,000, $1,000, $500, $100 and $50.
Yield of
CANADA
VIRGINIA
NEWPORT NEWS, Va.—BOND ELECTION—The issuance of
electric light bonds will be submitted to
for June 24, according to report.
$150,000
the voters at an election scheduled
—
RICHMOND, Va .—BOND OFFERING—We are informed byXMlunce
Miller, City Comptroller, that he will receive sealed bids until 5 p. m.
(EST) on June 19 for the purchase of an issue of $1,486,000 coupon or
registered public improvement bonds.
Interest rate is not to exceed 3%,
payable J-J.
Denom. $1,000.
Dated July 1, 1941.
Due on July 1 as
follows:
$74,000 in 1942 to 1960, and $80,000 in 1961.
Rate of interest
to be in multiples of M of 1%, and must be the same for all of the bonds.
Prin. and int. payable at the City Comptroller's office, or (at the option
of the holder), unless the bonds be registered, at the Bankers Trust Co.,
New York, or other fiscal agent of the city in New York.
Unless all bids
are rejected, the bonds will be awarded to the bidder offering to purchase
the bonds at the lowest interest cost to the city, such cost to be determined
by deducting the total amount of the premium bid from, or by adding the
total amount of the discount bid to, the aggregate amount of interest
bonds until their respective maturities.
Bids may be
but in no case less than 97% of par.
All indebtedness
direct obligation and the full faith and credit of the munici¬
pality is pledged for the payment of all of its obligations.
The purchaser
will be furnished with the opinion of Reed, Hoyt, Washburn & Clay of
New York that the bonds are valid and binding obligations of the city,
and that the city has power to levy taxes on the taxable
real property
therein for the payment of such obligations without limitation of rate or
amount.
The enactment at any time prior to the delivery of the bonds,
of Federal legislation which in terms, by the repeal or omission of exemp¬
tions or otherwise, subjects to a Federal income tax the interest on bonds
of a class or character which includes these bonds, will, at the election of
the purchaser, relieve the purchaser from his obligations under the terms
of the contract of sale and entitle the purchaser to the return of the amount
deposited with the bid.
Bonds will be ready for delivery at the place in
New York City indicated by the purchaser or, at the option of the pur¬
chaser, at the office of the City Comptroller, on July 8, 1941, or as soon
after that date as the bonds can be prepared for delivery.
Enclose a
certified check for 1
of the face amount of the bonds bid for.
upon all of the
made below par,
of the city is a
VIRGINIA,
State
of—TREASURY
CASH
REPORTED
AT
NEW
HIGH—We quote in part from the Richmond "Dispatch" of June 5:
Cash on hand in the State Treasury at the end of May totaled approxi¬
mately $22,500,000, an all-time high for the Commonwealth, it was learned
yesterday.
This is an increase of $6,271,000 over the next highest total,
$16,229,000, at the end of May, 1939, and a jump of $8,242,000 over the
May, 1940, total of $14,258,000.
Fiscal officers, however, were quick to point out that the huge increase,
attributed almost entirely to the National defense boom, does not mean an
unobligated balance of that much in the Treasury on June 30, the end of the
current fiscal year.
Much of it is earmarked for disbursement during the
remainder of the biennium, which ends June 30, 1942.
3.09% to maturity; 2% bonds priced at 99, yielding 2.19% to maturity,
dated June 15, 1941, due Dec. 15, 1946, payable at maturity at par, and
non-callable to maturity.
Denoms. $25,000, $5,000 and $1,000.
Interest
in each instance will be payable J-D 15.
Principal and interest payable
in lawful money of Canada; the principal at any agency of the Bank of
Canada, and the Interest semi-annually without charge, at any branch in
Canada of any chartered bank. Bonds may be registered as to principal or as
to principal and interest
Cash subscriptions for either or both maturities of the loan may be paid
in full at the time of application of the issue price in each case without
accrued interest.
Bearer bonds with coupons will be available for prompt
delivery.
Cash subscriptions may also be made payable by instalments,
plus accrued interest, as follows: 10% on application; 15% on July 15,1941;
15% on Aug. 15, 1941; 20% on Sept. 15, 1941; 20% on Oct. 15, 1941;
20.71% on the 3% bonds or 19.52% on the 2% bonds, on Nov. 15, 1941.
The last payment on Nov. 15, 1941, covers the final payment of principal,
plus 0.71 of 1% in the case of the 3% bonds and 0.52 of 1% in the case of
the 2% bonds representing accrued interest from June 15, 1941, to the dates
dates of the respective instalments.
Conversion Subscriptions—Holders of Dominion of Canada 5% National
Service Loan bonds due Nov. 15, 1941, may, for the period during which
the subscription lists are open, not later than June 21, 1941, tender their
bonds with final coupon attached, in lieu of cash, on subscriptions for a like
or greater par value of bonds of one or both maturities of this loan.
The
surrender value of the 5% bonds will be 102.15% of their par value, inclusive
of accrued interest; the resulting adjustment to be paid in cash.
.
CANADA (Dominion of)—TO PROVIDE $29,414,206 FOR CANADIAN
RAILWAYS—The House of Commons recently gave first
NATIONAL
a bill to provide $29,414,206 to the
capital outlay and debt retirement'.
reading to
for
Canadian National Railways
(Parish of), Que.—BONDS SOLD—The
$201,300 4H% improvement bonds unsuccessfully offered April 21—V
x52, p. 2908—were subsequently sold to Wood, Gundy & Co. of Toronto,
at a price of 97.624, a basis of about 4.72%.
Due serially in 30 years.
ST. COLOMB DE SILLERY
ST. JOHN
(City and County),
N. B.—BOND SALE— A group com¬
posed of Royal Bank of Canada, T. M. Bell & Co. and A. E. Ames & Co.
recently purchased $18,500 3H % bonds at a price of 99.
Purpose of loan
was to provide $5,500 for unemployment costs in Lancaster and Simonds
Parishes during 1940, $10,000 for highways and sewers in Lancaster Parish
$3,000 for additions to the municipal home.
The $5,500 issue, in
$500 denoms., matures serially on April 1 from 1942 to 1948 incl.; $10,000
and
is due
oan
$1~,T)Q0 annually on April 1 from 1942 to 1951 incl.,
$1,000 on April 1 in 1942, 1943 and 1944.
matures
and the $3,000
@FedFRASER