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JUN 16 1940
DANA COMPANY, NEW
COPYRIQHTEO IN 1940 Or WILLIAM B.
YORK.
ENTERED AS
SECOND-CLASS MATTER JUNE 23, 1879, ATTHE POST OFFICE AT NEW YORK,
NEW YORK, UNDER THE ACT OF MARCH 3,
\/ni
VUL.
Issued Weekly 40 Oents a Copy—
1 Cfl
IJU.
$18.00 Per Year
NEW
YORK, JUNE 15, 1940
25
Spruce St., New York
.
,
BANK
NATIONAL
COMPANY
OQ1 O
Mvr. OulL
City
CHASE
THE
BROOKLYN TRUST
1879.
Mft
William B. Dana Co., Publishers,
OF THE CITY OF NEW
YORK
Chartered 1866
George V. McLaughlin
Maintaining effective cor¬
President
respondent bank service
BROOKLYN
NEW YORK
is
traditional
a
policy of
the Chase National Bank.
Member Federal Deposit Insurance
Corporation
Broaden your customer
service with
Chase
cor¬
respondent facilities.
Hallgarten & Go.
Member Federal
Established 1850
NEW
Chicago
Deposit Insurance
'
Corporation
STATE
AND
YORK
London
*
MUNICIPAL
City of
BONDS
Philadelphia
PUBLIC UTILITY
Bonds
The
INDUSTRIAL
FIRST BOSTON
RAILROAD
CORPORATION
MUNICIPAL
BOSTON
NEW YORK
:>
BONDS
Moncnre Biddle & Co.
CHICAGO
AND OTHER
PHILADELPHIA
SAN FRANCISCO
PHILADELPHIA
PRINCIPAL CITIES
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INCORPORATED
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CHICAGO
Boston
Philadelphia
Milwaukee
Omaha
New York
Detroit
t-jri
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The
SECURITIES
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Company
Capital Funds
.
$37,500,000
(DnunhdW, Ehrlichmau
(Eompamj
Seattle
Exchange Bldg.
OTIS & CO.
(Incorporated)
IOO
Established 1899
New York
CLEVELAND
BROADWAY
Chicago
$50,000
City of Philadelphia 4%s.
Due November
MADISON AVENUE
R. h. Johnson &
'■
Co.
AND 40TH STREET
On
To the
a
2, 1975.
Optional 1945
2.70% Basis
Optional period and 4.25%
thereafter
Members
New York Stock
Exchange
Yarivall & Co.
New York Curb Exchange
St.
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ONE EAST
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The Commercial & Financial Chronicle
n
This is not
an
June IS, 1940
offering prospectus. The offer is made only by means of the Prospectus.
REPUBLIC OF
CHILE
An offer to holders of the
following bonds is being made, by means of a Prospectus dated August 10, 1939,
supplemented by notice dated January 15, 1940, pursuant to Law No. 5580 of January 31, 1935 of the
Republic of Chile and Decrees issued pursuant thereto:
as
CHILEAN
CONSOLIDATED MUNICIPAL LOAN Thirty-one Year 7%
Sinking Fund Bonds, Series A, 1929 (dated September 1, 1929)
CITY
OF
External
SANTIAGO, CHILE, Twenty-one Year 7% External Sinking Fund Bonds
(dated January 2, 1928)
CITY OF SANTIAGO 7% External Sinking Fund Bonds of 1930 (dated May 1, 1930)
As set forth in the
Prospectus
supplemented, the holders of the above bonds with all matured and
exchange therefor an equal principal amount of bonds, stamped
which the Government of Chile will be sole debtor, together with
stamped coupons against which subsequent payments in respect of interest will be made under said Law
and Decrees, and, if the exchange is made on or before August 10, 1940, $54.81 in cash
per $1000 bond,
being the aggregate of payments in respect of interest heretofore announced in the years 1936, 1937, 1938,
as
unpaid
coupons are entitled to receive in
under the aforesaid Law and Decrees, on
1939 and 1940.
Copies of the Prospectus and letter of transmittal may be obtained from the Correspondent of the under¬
signed in New York City, Schroder Trust Company, 46 William Street, New York, N. Y.
Caja Autonoma
de Amortizacion de la Deuda Publica
(Autonomous Institute for the Amortization of the Public Debt)
>
Alfonso
Dated, June 12, 1940.
Fernandez,
Manager
Valentin
Magallanes,
President
Dividends
To Holders of
Boston and Maine Railroad
Unassented Bonds
Since
our
letter dated May 23,1940 and advertisement dated May
24, 1940 to the holders of such bonds the Railroad's Plan of Exchange
has been declared operative as of June 13, 1940.
Subject to
necessary
approvals by the Interstate Commerce Commission (including
ap¬
proval of the loan to be; mqfle by the Reconstruction Finance Cor¬
poration), and to the satisfaction of conditions imposed by the Re¬
construction Finance
Corporation and compliance with other legal
requirements, it is expected that the Plan will be consummated by
July 28, 1940.
It is essential that the Railroad be certain that holders of bonds
who have not assented to its Plan Have received copies of the Plan
and have had
an
opportunity to decide whether or-not to assent. The
Railroad has made every
of all bondholders
efTort to get copies of its Plan into the hands
prior to
or at
solicitations of assent, which
bondholders who had received
of bondholders is
received
the time of its
were
copies of the Plan and they
as
as
and other
solicitations of
copies. However, the Railroad's list
incomplete. There
the Railroad and to decide
newspaper
intended only
may
are
promptly
be
some
who have not yet
urged to obtain copies from
as
possible whether
New
York
&
Honduras
Rosario
Mining Company
or not
120
to assent to the Plan.
Broadway, New York, N. Y.
June
DIVIDEND
Misunderstanding has arisen
as
to the Railroad's letter of May
23,1940 and advertisement of May 24, 1940. The Railroad had then
and has
bonds
now no
as
intention of
characterizing all holders of unassented
erations which
Board
Company, at
declared
second
of
a
12, 1940.
351.
Directors
of
this
meeting held this day,
interim
an
NO.
dividend
for
the
who have held bonds
of 1940, of Seventy($0.75) a share on the out¬
standing capital stock of this Company,
periods of time have not assented because of consid¬
eayable of record at29, 1940, of business
olders
on June the close to stock-
speculators, realizing fully that
for considerable
The
seem
many
to them proper.
five
on
quarter
cents
June 19, 1940.
WILLIAM
C.
LANGLEY, Treasurer.
BOSTON AND MAINE RAILROAD
By W. S. TROWBRIDGE, Vice-President
JERSEY CENTRAL
June 14, 1940
PREFERRED
The
Board
POWER
Directors
of
&
LIGHT
CO.
STOCK DIVIDENDS
has
declared
the
following regular quarterly dividends:
the 61st
qtly. div. of $1.75 on the 7% Preferred Stock;
the 52nd qtly. div. of $1.50 on the 6% Preferred
Stock; and the 36th qtly. div. of $1.37)4 on the
5)4 % Preferred Stock.
Payable on July 1, 1940,
to stockholders of
June
record at the close of business
10.
L.
H.
For othor dividends
FETTER, Treasurer.
see
pages v.
-JUNE 15, 1940
Vol. 150
No. 3912
CONTENTS
Editorials
The Financial Situation
3703
Argentina.
;
.3717
_ -
.3721
To the Brink
Comment and Review
Gross and Net Earnings
of United States Railroads in
April.
.j.
The Business Man's Bookshelf
Week
the European
on
3722
3725
Stock Exchanges
_
Foreign Political and Economic Situation
3708
.3708
3714 & 3767
..
Foreign Exchange Rates and Comment.
Course of the Bond Market
3724
Indications of Business Activity
.3726
Week
on
the New York Stock Exchange.............3706
Week
on
the New York Curb
Exchange.'
...3765
News
Current Events and Discussions
Bank and Trust
General
3742
3764
Company Items
Corporation and Investment News..
3854
.3855
Dry Goods Trade
State and
..3811
Municipal Department
Stocks and Bonds
3775 & 3777
3767
Foreign Stock Exchange Quotations
Bonds Called and
Sinking Fund Notices
3768
Dividends Declared
Auction Sales.
3767
.
New York Stock
Exchange—Stock Quotations
*New York Stock
3778
Exchange—Bond Quotations.3778 & 3788
Quotations-..
.3794
New York Curb Exchange—Stock
*New York Curb
Exchange—Bond Quotations
Other Exchanges—Stock
and Bond Quotations
3798
3800
Canadian Markets—Stock and Bond Quotations.-.3804
Over-the-Counter Securities—Stock & Bond Quotations .3807
Reports
Foreign Bank Statements
Course of Bank Clearings
_
3742 & 3775
Federal Reserve Bank Statements
General
3713
3765
Corporation and Investment News
3811
Commodities
The Commercial Markets and the
Crops
Breads tuffs
*
on
Attention is
3843
3846
Cotton
......
directed to the
....
new
.3850
column incorporated in our tables
New York Stock Exchange and New York
Curb Exchange bond quota¬
tions pertaining_to bank eligibility and rating.
Published Every
Saturday Morning by the William B. Dana Company, 25 Spruce Street, New
York City, N. Y.
of the Board and Editor; William Dana Seibert, President and Treasurer; William D. Biggs, Business Manager.
Other offices: Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone State 0613).
London—
Edwards & Smith, I Drapers' Gardens, London, E.C.
Copyright 1940 by William B. Dana Company.
Entered as second-class matter
June 23,1879, at the post office at New York, N. Y., under the Act of March 3, 1879.
Subscriptions in United States and Possessions. $18.00
per year, $10.00 for 6 months; in Dominion of Canada, $19.50 per year. $10.75 for 6 months.
South and Central America. Spain, Mexico and
Cuba. $£l.50 per year, $11.75 for 6 months; Great Britain, Continental Europe (except 8pain), Asia, Australia and Africa, $23.00 per year,
$12 50 for 6 months.
Transient display advertising matter, 45 cents per agate line.
Contract and card rates on request. NOTE: On account
of the fluctuations in the rates of exchange, remittances for foreign subscriptions and advertisements must be made in New York funds.
Herbert D. Seibert, Chairman
The Commercial & Financial
Chronicle
June 15, 1940
Life Insurance in Action
Postmen
throughout the nation delivered 230,000 checks
amounting to
more
than $48,000,000 to Massachusetts Mutual
policyholders and beneficiaries during 1939.
More
than
money,
$30,000,000 went to living policyholders.
This
accumulated through thrift and foresight, carried
men
and
The
balance, over $18,000,000, was paid to beneficiaries of
women
safely through periods of financial emergency.
policyholders who had died, and it is impossible to visualize
the
far-reaching effect of these payments in saving widows
and children from want.
Records show that life insurance
proceeds make
up
87% of
estates left at death.
MASSACHUSETTS MUTUAL LIFE
INSURANCE COMPANY
Springfield, Massachusetts
Organized 1851
#
4
Bertrand J.
Assets, December 31, 1939.
Liabilities
Surplus to the Assured
.
,
Perry, President
.
$688,640,431
$661,589,637
$ 20,396,794
(In addition, thereto, Contingency Funds which
are not included in the surplus
•
••*,•$ 6,654,000)
Vri
The Financial Situation
too,
IT the Unitedbe an excellent thing if takepeople of
WOULD States could and would the week's
we
find that
may
policies have created
our
situation in which it is
a
impossible to .work out
vacation, retire to mountain fastnesses where political
peaceful modus vivendi and that whether
diatribes, emotional harangues, and all other
it
realistic thundetings in the
and
index
un¬
give their time for this period to sober, even
prayerful, consideration of the
ing.
We
possibly inevitably, toward
tion and many
enough this time,
much
The Administra¬
those with whom
of international
almost daily, in
this event,
of the most basic
as
everything but
name,
violating
tenets of international
shouting
tions
epithets
with
nominally
manding
of
at
sort
a
we
are
A "War
de¬
peace,
and
action
tions
ministration.
comes
arousing the ani¬
mosities out of which
ested
of
political
aspire
in
in
practically
to
every
case,
case,
to
same
be
to aid in
are
sup¬
Allies,
sideration
to
the
fact that steps
that
I
am
the
not
of
any
of
America,
no
degree to
a
—half in hand and half
ment with which to
second
matter
Administration.
It
a
course
horrible
a
is
now
of
victim of
own
and
plans of action
our
eyes
we
to
now
we
can¬
large and
have hardly
a
ship-load
order—of modern equip¬
raging in Europe.
we
whip
no
upon
In such
we are now
different
us
conclusions.
own
seems
to
course.
What
to be obvious
us
what
and
be
seems
to
undebatable,
no
us
to
that
is
such commitments, no
hazards
influential people
should be
we
as
course
or
appear
such
those involved
we
are
in the
now
course
to be marking
assumed, accepted
or
entered
by the American people until they have given
the whole
subject much
and realistic
given it.
careful, dispassionate
more
thought than they
It is
a
have
appear as yet to
characteristic of
a courageous
and
them, after mature consideration, to be their duty,
we
took in
an
we
m'ay
event,
we
or
much inclined, and
In such
an event,
upon
in their interests.
doing that which
It is
a
appears
leaping before they look with
even
vital, questions
When
to
the
are
American
care
world
are
given
when important,
before them.
people
come
grips with the situation by which
remainder of the
to
characteristic of reck¬
less, ineffective and foolish people that they
to
at that time be jarred into realizing the enormity
seek to pursue a
not, reach their
or
high-minded people that they undertake to do and
troops, and no Allies to whose side
of the task to which
will, whether
agree
war
Allied territory to which to
way.
who must
zeal to the
our
point of taking the irrevocable plunge
effective
out for
persistently insist
possible that before
any
that many
the
upon
such implications, no
"stop Hitler now," de¬
we
on
would, im¬
views
and who
pursuing,
operate that widow's mite in the kind of
1917 there will be left
our
in the
a
a
gravely
course we can
we
American people,
Senator Wheeler has again placed his coun¬
try deeply in his debt.
There is
would
if
even
pose
clear.
state of affairs which
to be
appear
opinion is that such
not,
heads cool
our
we
ism, but of
not in the field
keep
as
lack both wisdom and real¬
smitten
shortcomings,
should reach
we
conclusion
France, a
ruthless and despic¬
a
are,
decision to proceed pre¬
own
a
they
doing at this moment. Our
one
woes
people being
as
consideration of all factors
will question, to take
at this time.
no
quite within
that after the most careful
Yet it is essential that in the drafting of our
own
war.
is
constituted
more
stop him, and not enough trained
men
it
bounds of possibility,
the American
candidate for President
any
States
as we
spite the obvious fact that
may
know
of battle, but in the
management of its indus¬
trial affairs in years past, must need
wring the
hearts of all men.
con¬
growing insistence that
rally in
who is inter¬
every one
to
he would have it end.
and of its
Few
stopped short of
our
than
First, Let Us Look
taking lead by al-
most insensible
send
more
changing the
order
Now
able enemy-—we had almost said conqueror—
obvious
such
United
France
quite warrant-
stopping to give
It is
hostilities,
allies.
our
cisely
The
and
further.
the
such
entirely frankly, favor¬
going
the matter
whose motives
ably suspected of really, if
not be
to
the present time.
The latest tragedy now in
process in France
can make it no easier for this able
Senator,
bringing vic¬
the
to
are now
world
the Ad¬
have
to
at
everything short of actual
are
want
unpleasant for him to
find himself under the necessity of
challeng¬
ing the obviously popular movement toward
policies and practices which are in grave
danger of leading us "down the road to war"
feath¬
unanimously in
I want
party.
in
It must be still
port of the idea of doing
ing
not
involved,
as
leadership in
this country appears to
not
do
probable that the Senator derived little pleas¬
ure from that
struggle, even though it ended
or
every
Political
many
concerned, that
am
in
Roosevelt's
re¬
Washington
be of much the
tory
I
as
of
have much
we
on
Wednesday, June 12.
This, of course, is the same Senator Wheeler
who, when duty called, broke with the Presi¬
dent and played a leading role in the defeat
of the court-packing
scheme eariy in Mr.
place the present Admin¬
istration
war
that
of the Senate
matter of
a
partisanship.
who
all but
far
23
run
finding, at the
conclusion
being made
please, down the road to
did
we
as
ago—and again
the risk of
on,
who he may be, who is going to try to
get us
into this war.—Senator Wheeler on the floor
emerge.
Nor is this
er.
I
going to support
wars
almost in¬
naturally and
appear
much
necessary
war
a
Those
Party"?
the Democratic Party.
But if it be¬
to break with the Democratic
Party, / shall break with it if it is going to be
alto¬
and
war,
gether creating the enmi¬
variably
pro¬
we
oppose
of
ties and
should in all probability
running,
now
I do not want to have to break with
declara¬
bring
In
run
our
interest
I wish to say, as
get
sympathies naturally lie.
propaganda that is going
you
to
us
if the tide of sentiment continues to
that every move is
if
long
in the World ;War—although
war•
which, in ordi¬
inevitably
know
wz
to lead us,
circumstances, would
nary
it is
as
years
We know the
the- miraculous
upon
ceed
na¬
ever more
bordering
law,
at
which
some
It is likewise possible that
position to turn the tide in favor of
a
they make the welkin ring with their condemnation
are
wish
have
than time would be needed—for
more
ourselves into
private citizens, at the same time that
"lawlessness,"
we
the path that we
on
will enable the Allies to halt the German armies
course we are pursu¬
war.
turn of events
some
moving steadily, almost rapidly and
are
must continue
we
marked out for ourselves.
strictly barred.,
are
not
or
a
any
are
faced
realistically
we
and the
several
sobering
Commercial & Financial Chronicle
3704
will at
truths
the
is
obvious.
become
once
these
of
first
fact
that
a
the cry
Of
to stop
had
him
last
course we
Months
then.
not even
now,
when
autumn
"stop
struggle
this
If
we
phrase to
that
mean
grant it the liberty
we
to all
common
slogans, and interpret
must do all that
we
wre can
stop the march of the German legions at the earli-
to
est
possible moment, then the appeal is logically in
direct conflict with that other demand
frequently heard that
enter the
we
for that matter in conflict with
at
war
all too
now
and
once,
preparedness
our own
Anything which tends to hinder or retard
shipment of war materials of all
program.
the manufacture and
sorts to France and
England during the months im-
mediately ahead will by
mediate aid in
a
time when
In
much reduce
so
holding the German
in the hands of the Allies
means
relatively small amount of
a
semi-obsolete equipment owned by the
or
Government of the United
evidently appears to many, we had almost said most,
people in this country as heroic and highly cornmendable. To us it seems most unwise. To Europeans, whatever some of them may be now saying, it
without question appears Quixotic.
We hasten to
add that of course we intend no aspersions upon the
Allies or their statesmen. They doubtless dislike the
absolutism, the brutality, the treachery, of the totali-
tarian dictators of Europe and all the rest.
probably loathe it
fully
as
do
as
States, the most effective
They
They, however,
we.
also have good cause to fear it and to fight it with
might and main. Since these absolutists have not
only been the epitome of a great many things which
the democratic peoples of Europe dislike but have
and aggressive
long been casting envious
eyes upon
the possessions of the democracies, the latter have
had to choose between fighting and
to continue to function.
are
fine, apart from the placing by devious
obsolete,
im-
our
at bay at
army
something of the sort must be done if
the Allied armies
raging and could reach no such position
for many months to come, it would appear plain
they decided to stop him
producing them.
of inexactness
no
that we can best protect our rights in the future not
by rash action now but by careful preparation to face
whatever the future holds.
The entry into a titanic conflict on moral principles
things essential to any such task no matter
actively and how efficiently we go to work at the
task of
in
moon as
for the
nursery
have the
how
now
we are
Europe in the
position to play a deciding role in
much
so
necessarily elapse before
must
Furthermore, since
well in the future.
have nothing with which
a tithe of what the Allies
of the child in the
plaything.
nothing
the
of
the so-called
Hitler now" movement is like unto
as
One
June 15, 1940
surrendering that
which they value highly. Had these despots been
satisfied to confine their nefarious practices within
their
own
borders and shown
their domains by force
inclination to extend
no
in other
or
to work in-
ways
"stop Hitler now" policy would obviously be that of
jury to the democracies, the peoples of England and
remaining strictly neutral, meanwhile deferring
France might well have regarded them with strong
antipathy, but it is not likely that Europe would
our
armament, merely permitting nature to take its
own
France and
course.
their
England have.ample funds at
disposal to purchase equipment here in amounts
vastly larger than they have
buy.
That they
not
were
far been disposed to
so
active months ago in
more
today be immersed in blood.
of their
ing
against
policy.
own
any
any
less
so
That
interests.
since
would
probable attack
our
appear
Naturally,
which
course
very
lives.
or
Neither England nor France have ever shown any
disposition whatever to fight for abstract principles
a
defenseless
us
future involvement of
obviously
deep unfriendliness to
that those who
something
now"
zeal have
The point here is merely
us.
fervently
so
have
cry
out for
thought
not
us
the
to "do
problem
through carefully.
equivocation
must tell ourselves without
we
evasion is this.
or
If
we
should permit
ourselves to be drawn into this conflict without
reason
than
exists
now
history to undertake
the sake of
we
any
more
should be the first in all
such monumental task for
principles, however dearly they
may
be
held, when these principles have not been violated in
such
a
manner
threaten
or
in such
directly and
case
a
be
that
of
involved, and whether
causa
belli
they had
no
that time.
At
we
in
the
injury
a
or
but
talk of
ambitions which will collide with
arriving at final conclusions
our
as
our
In
interests.
to what
our
policy
with regard to all of this should be the American
people would do well to demand chapter and
others,
or
else admit to ourselves that what
considering doing is entering
ing
verse as
danger from attacks by Germany and the
our
war
because
not because
we
feel it
we are
our
likely to be attacked but
duty to attack and if possible
destroy apostles of force and absolutism
nations
are
we
bloody and devastat-
a
regardless of whether
we
are
among
the
in danger of
ourselves becoming victims or not.
Now it may be that the American people, having
of
argued that
sort
upon
a
we
strong
the
fact
were
also
course
they furnished
circumstances
little influence
will presently develop
or
given all such considerations the reflection they de-
different
not
worshippers of brute
are
less immediately the
or
a
sound
actually existing,
the public mind at
No such questions have arisen this time,
best, damage to
now
or
to do
It could be
presented,
%
issues
mean
to
area
precedent in the World War, and
could
remains
an
more
interests of the entrant.
set such
unbelievably aggressive,
force, and have ambitions
to
Another truth that
What they
words to that effect, is simply that their enemies are
unfortunately
question to harbor feelings of
caused them without
pretended that they have.
when they say that they are fighting our battles, or
mistaken
our
political organization, and have really
or
must not do, the
we
to be rapidly strengthening their position and
in
of social
never
dictatorships of the world
since the aggressive
we
Not Fighting for Abstract Principles
matter
not advocat-
we are
leave
are
fighting not merely for their possessions but for their
placing orders, and thus at this time receiving much
larger quantities of the things they need is
At the present moment
events have so shaped themselves that the Allies
interests by those with whom
fighting remains supposititious and
serve,
will reach the conclusion that
our
duty lies in
the directions indicated by existing policies and oft-
repeated proposals—that is, either in entering the
struggle outright
risks
of
or
in practices which involve serious
being drawn into it whatever
intentions may
be.
This is
a
our
present
democracy, and if the
people themselves after due study and deliberation
reach such
be said
or,
on
a
decision then there is
that
score.
for that matter,
Such
mere
a
nothing
decision
more
on our
to
part,
continuation of present
Volume
The Commercial & Financial Chronicle
ISO
attitudes and
policies with
which
afford to
ignore either at present
or
To many
it
unpatriotic
appears
in the future.
to suggest
even
no more
than
conceived
that
patriotic
of
•
the
The fact is,
possibility of defeat of this country.
however, that
tion fell
cannot
we
loyal act could be
or
giving careful thought to
precisely this possibility under existing circumstances.
unpalatable truth is that should we
presently find ourselves engaged in
flict with potent
serious con-
a
should at once be in
we
danger of defeat unless the situation by which
grave
then faced
were
we
enemies
brought sober realization of our
danger, and brought it quickly with the result that
steps essential to a correction of our weakness are
taken without
of
delay.
and
equipment,
We refer
not to our lack
now
soldiers,
of trained
want
our
aviators, and all the rest, but to an entirely different
aspect of the situation. Wars are never won with¬
out sacrifice.
There is no easy road to victory over
able, aggressive, and energetic
an
cial
other magic, no
or
economic
other, is effective
or
No finan¬
enemy.
no
panacea,
quack theory
a
substitute for
as
long, hard toil and carefully coordinated effort any
more
than there is
effective substitute for
an
fully trained and willing
without
question
Modern
ready to obey orders
army
cavil.
or
in
wars are won
large part by precisely the
abundant life in peace times
and the
more
Clever schemes
taking the place of hard
succeeded in
never
possible.
patient work in the business world, and they are not
wasted a
great deal of our national substance in the foolish
supposition that some such magic was available for
the purpose.
This we, could not afford to do even in
normal, or relatively normal times, but means have
likely to do
We have
in the future.
so
been
available for deferring the day of reckoning.
That
day is
should be
making under
and
resources
possible for
us
any war we
insisted
we
upon
handicaps which need never
Fortunately our almost boundless
severe
existed.
have
One result is that
at hand.
now
obliged to enter
our
large population render it still
have been
Have
we
sapped by the
experiences?
our own
an
is:
learned
If
same
we
are
unsaid.
The time has
truths.
canjiot be
down
strong words.
leave
to
to
condoned
the
workmanlike
we
shall
soon
safeguarding
put
our
If not, then we had
at almost any cost.
and get to work.
keep out of a real war
These
like
lesson either
type of folly or from
have,
end to all this loose talk about
"social gains"
best
our
plight of the democracies whose foundations
from the
with the Federal Reserve
They
They
come,
or
realities
manner or
words
we
should
unpalatable
however, when silence
excused.
of the
are
convey
Either
we
shall get
existing situation
in
disaster awaits.
institutions.
Most of the
reflected in
was
deposits and
a
from week to week. In
the weekly period ended June 12, additions to our
monetary gold stocks are reported at no less than
$146,000,000, raising the aggregate to $19,427,000,-
ing statements which appear
000.
This
was
the leading factor in the credit situa¬
tion, for other items
affecting the total of idle credit
legal requirements
further high record of
Nor is there
credit in the United
prospect of a halt
any
States, since Allied needs for war
growing
are
largely in gold.
hand, of
any
ever
greater and are being paid
There is
sign,
no
the other
on
undue expansion of demand for credit
accommodation.
In the
weekly period to June 12 the
reporting member banks in New York found their
business
loans
$12,000,000
up
Loans to brokers and dealers
$1,668,000,000.
to
on
security collateral
stationary at $312,000,000.
were
Open market operations again
were
lacking, ac¬
cording to the condition statement of the 12 Federal
Reserve
banks, combined, for holdings of United
Government
States
000
securities
unchanged
were
at
The Treasury deposited $147,984,-
$2,477,120,000.
gold certificates with the regional institutions,
raising their holdings to $17,201,476,000.
12 banks
of the
also advanced,
Other cash
and total
$167,804,000 to $17,580,364,000.
Reserve
notes in
075,000
to
reserves
Federal
circulation increased $16,-
actual
deposits
Total
$5,081,341,000.
with
regional banks advanced $146,311,000 to $14,-
the
789,645,000, with the account variations consisting
of
gain of member bank reserve deposits by $123,-
a
414,000 to $13,510,111,000; a decline of the Treas¬
ury
an
general account by $42,711,000 to $265,424,000;
increase of
foreign bank deposits by $849,000 to
$455,030,000, and
an
increase of other deposits by
The reserve ratio im¬
Discounts by the
regional institutions fell $365,000 to $2,417,000. In¬
$64,759,000 to $559,080,000.
proved to 88.5% from 88.4%.
dustrial advances
were
$3,000 lower at $9,085,000,
while commitments to make such advances
dropped
$152,000 to $8,676,000.
Government
Crop Report
PRODUCTION of wheat in the United States this
will probably exceed substantially domestic
year
equivalent to more
annual exports, the June 1 crop
requirements, and leave a surplus
than half average
estimates of the
Department of Agriculture indicate.
present prospect is considerably different from
that in view last December when it seemed possible
The
that
production this year might fail, by as
100,000,000 bushels, to reach the
average
much as
level of
There has been such vast
domestic disappearance.
production of
wheat now appears likely to ag¬
gregate 727,858,000 bushels, or only 26,828,000
bushels less than the 10 year (1929-38) average and
improvement since then, that total
spring and winter
bushels
more
than
average
domestic
requirements.
Last December the
GOLD receipts on a tremendous the "official bank¬
principal point of interest in scale remain the
a
steady advance of gold holdings and of idle
materials
for
gold acquisition promptly
excess reserves over
$6,610,000,000.
in the
increase oc¬
an
deposits with these
sharp gain of member bank reserve
$80,000,000 to
42,858,000
Federal Reserve Bank Statement
banks, but
curred in non-member and other
to carry that handicap, provided we
proceed in business like fashion from this point on.
The question
disbursed large amounts from its general account
ury
moved up
factors which make industrial progress
have
a care¬
The Treas¬
$1,000,000 to $7,717,000,000.
moved up
Danger of Defeat
The cold and
Currency in circula¬
largely canceled out.
resources
without deliberation
or
would raise certain other questions
3705
Department of Agriculture was
obliged to report that moisture shortage was so acute
would probably amount to only
that the winter crop
399,000,000 bushels.
anything about the 1940 spring crop, but the
10 year average
amount
was
a
was too
only 183,619,000 bushels, which
taken together
suggested
It
early then to
about
know
with the
winter estimate,
total output of under 600,000,000 bushels.
The Commercial & Financial Chronicle
3706
Whereas last December it
of
appeared that the
carry-
July 1, 1941 might be under the normal level
over on
150,000,000 bushels to 175,000,000 bushels, it
from the
greatly reduced
expected to be
June 1
a
May 1, and 62,643,000 bushels above the
on
The harvest in 1939 yielded 563,-
April 1 forecast.
431,000 bushels and the average for the/10
1929-38
the
10
per
years,
harvested
is estimated at 14.3 bushels, the
year
The
average.
earlier
issued
estimates,
Yield
571,067,000 bushels.
was
this year
acre
as
for
was
of 488,858,000 bushels, 29,167,000 bushels more
crop
the
in
same
of private
average
month
than
the
governments report, was for a crop, in round figures,
of
exactly the
size
same
little
therefore
was
,
officially forecast; there
as
grounds
Government's report
which
T.
for
surprise
the
in
issued June 10.
was
„
Y.
The New York Stoc
288,000,000 bushels
hand July 1 next.
on
I The winter wheat estimate as of
than
especially marked reductions in the New York,
Philadelphia and Kansas City Districts, but the only
substantial increase was in the St. Louis District.
;
likely that at that date the carryover will not
seems
be
now
were
June 15, 1940
t
CHARP improvement in prices occurred this week
^ on ^be New York stock market, notwithstanddevelopments in the European war which can
onlJ be viewed with the Sravest anxiety. The gains
bere affected all classes^ and groups of securities,
and are exceedingly difficult to explain, save on a
f€W general grounds. The most likely explanation
*ba^ *be decline in 'May was so far overdone as
to occasion a natural rally from the extraordinarily
depressed levels then noted. Numerous stocks, it
be reca^ed? were selling late last month at
teve^s under those indicated by quick assets, and the
attractiveness of the market in such circumstmices
fairly clear. During the current week, in any
few million
event, buying orders came into the market on a
bushels of the Government's spring wheat estimate
modest but Insistent basis, and holders showed increasing reluctance to liquidation. The thin mar^ets current under New Deal regulations, arrangements and auspices make possible sharp swings in
bo*b directions, and^the swing was upward. The
Private estimators
of 239,000,000
came
bushels.
A
considerably above the 10
bushels
well
as
the
as
also within
bushels, but June and July
this crop
with
of this size would be
crop
year average
1939
a
of 183,619,000
output of
are
191,540,000
critical months for
and current figures should not be regarded
finality.
Condition of the spring
crop
at June 1
extraordinarily good, being 88% of normal,
was
pared with
com-
for the date of 76% and last
average
year's figure of 71%.
*owt *eveb^
^a*e ^a^ and early June were left
beb^nd? w^b numerous issues up three to five points,
Good industrial reports in the United States doubt^ess a*ded Gie advance, and a sudden and heavy
purchasing program by; the Allies in the United
States also
Business Failures in
proved important.
York Stock
May
Exchange hovered around the 1,000,000-
Trading
on
the New
COMMERCIAL failures in May remained below share mark, sometimes dipping under that level and
the
level
have the other months
the
sometimes exceeding it.
v
'
1939
current year
great
that
the
The advance of the markets was irregular and
average.
However,
largely compensated for by the fact that
drop
spasmodic, but for the first time in more than a
month it seemed to have little relation to the war
was
much
slight
a
more
reduction
marked than in April, when
shown
was
from
a
year
In addition May's failures showed the
previous.
usual seasonal decrease from
records of Dun &
April.
According to the
Bradstreet, 1,238 firms failed last
month for
$13,068,000 in comparison with 1,334, for
$15,897,000 in May, 1939,, and 1,291, for $16,247,000
last
April.
While
of the commercial divisions had
Even these momentous and stirring
dampened market enthusiasm
2
or
most
shown only in the
The
same
were
shown by the construction and
Wholesale insolvencies
sharply reduced, dropping to 120 with
only
In the mid-week sessions the gains
pronounced, and the upswing
in Washington suggested
a
occurrences
momentarily,
were
especially
resumed yesterLegislative programs
was
vast and disconcerting
increase of tax burdens, based in part
upon arma-
ments increases, but two views can be taken of such
developments.
The market apparently centered its
manufacturing firms failed and decreasesattention, for the time being,
commercial service divisions.
were
were
both retail and wholesale.
groups,
number of
only 1
more
May than in the corresponding month of
1939, substantial decreases
of
The reports from Europe were continually
and ever more depressing, with the Italian entry
on Monday followed by the fall of Paris yesterday,
news.
day, despite the fall of Paris.
none
failures in
trading
•
■
as
not
was
the first four month's
as
was
only
of
as
but the percentage reduction
business which the
provide.
States
upon
arms program
the stimulus to
necessarily will
The political situation within the United
was
overshadowed by European affairs, and
liabilities of $1,646,000 from 152 with
$2,048,000 last
gained relatively little notice, although it remains
Retail failures aggregated 739 involving
$5,063,000 liabilities compared with 800 involving
$6,553,000 in May, 1939.
There were 263 manu-
highly unsatisfactory.
One market development
that deserves notice was the sale of a seat on the
year.
New York Stock Exchange, Thursday, at $36,000,
facturing disasters in both last month and May, 1939,
but liabilities
dropped to $4,588,000 from $5,207,000
the lowest price
last year.
lar advance developed during the week as
Construction failures numbered 70 with
$1,201,000 liabilities
$1,194,000
a
year
compared with 71 involving
ago.
Commercial service inas
solvencies last month
numbering 46 with $570,000
liabilities compared with 48
involving $895,000, last
year.
the country was
same
nessed in the equities department.
Government securities moved higher
sort of irregu-
on
sions, possibly because of the absence
quarter-date of
any new money
was
ytyt-
United States
several
on
occa-
the June
borrowing by the
An issue of $353,000,000 called 3%%
preceding the trend of failures
bonds
refinanced by the Treasury through
decidedly
exchange offering of 1% notes due in 3%
Federal Reserve Districts
uneven,
5 of the 12
having increases
over
1939, while the other 7 showed reductions.
record since 1914.
Treasury.
.
As in the 2 months
over
on
In the listed bond market the
was
May,
Best rated corporate bonds
There
sessions and strong in others.
were
an
years.
steady in most
Speculative railroad
Volume
The
ISO
and other bonds
Commercial & Financial Chronicle
in keen demand at times
were
and
Foreign dollar
show sizable advances for the week.
moved
plunged
his country into the war.
Australian and Canadian
issues did better, apparently because the free sterling rate suddenly jumped.
Bonds of Germanoccupied countries held close to former levels,
securities
issues
Italian
irregular.
were
sharply downward when Premier Mussolini
Latin
American
In the
occurred
than
the
for
marked by
were
"free" sterling rate,
modify
Foreign exchange deal-
sharp improvement in the
a
owing to official British efforts
eliminate such trading and effect all
at the official level.
Gold imports were
or
transactions
at
relatively quiet,
were
week, with base metals stronger
agricultural staples.
ings
to
also
issues
commodity markets only small net changes
touched
stocks touched
Curb
one
stock <
new
Exchange three stocks touched new high levels
12 stocks touched
and
Exchange
high level for the year while 143
low levels.
On the New York
new
a
Stock
York
New
the
Call loans
mained
low levels.
Exchange re-
unchanged at 1%.
Saturday
shares;
new
the New York Stock
on
Stock Exchange the
York
the New
On
199,270 shares;
were
sales
on
Monday, 971,540
on
Tuesday, 763,890 shares; on Wednesday,
on
1,359,890 shares;
Thursday, 876,980 shares, °and
on
Friday, 948,410 shares.
on
Curb Exchange the sales on
On the New York
Saturday
shares;
43,715 shares;
were
on
Monday, 175,535
Tuesday, 120,805 shares; on Wednesday,
on
180,625 shares;
on
Thursday, 117,600 shares, and
Friday, 125,090 shares.
on
Sales transactions
on
the New York stock market
Saturday of last week dwindled to within a bare
on
200,000 shares, the smallest for a half-day session
in close
on
to
a
year.
firm and movements
bit
At the opening prices were
narrotv.
Equities perked
up a
midway through the session, but a softening
tendency later on brought irregularly lower changes
Prominent
list.
the
to
stocks
in
the main
were
chiefly affected, while mercantile and other shares
reflected small
gains.
On Monday the market sold
off from the initial gong
right
up
to the afternoon
period, at which point losses approximated close to
five
Following the declaration of war by
points.
Italy equities proceeded to move forward and recovered all of their losses in the process.
became
Thus it
apparent that Premier Mussolini's interven-
tion in the
kers who
struggle came not as a surprise to bro-
by their action seem to have made this
much clear.
Subsequent
*
from the zone of operations,
news
however, revealed the overwhelming power of the
German army
and the inability of the French forces
to stem the tide of their
from then
on
deadly offensive.
Prices
reversed their course, and at the close
ranged from one to three points lower.
were
War stocks
signaled out for the sharpest declines, while
utility and rail issues escaped with more moderate
losses
the
on
the day.
There was a sharp reversal in
price trend on Tuesday as stocks snapped into
action
to
record
gains running from one to four
points at the finish.
War shares were especially
vigorous and lost no time in getting off to a good
start.
steel
From then
the list ruled steady, but was shaded from its
top position of the session. News from the home
front was given primary consideration on Wednesday as reports came to hand indicating a pro-
nounced rise in industrial and business indices of
this country, due directly to our Government's defense program and«Allied war orders.
Stocks
spurted forward one to eight points on a sales vol-
that was almost double that of the previous
session, yet small in view of the broad advances
made. From the outset of trading the market's
progress was steady and consistently upward until
the afternoon, when for a brief span some reaction
occurred. In the closing minutes*the market again
found itself and recovered the greater part of its
ume
Steel shares were conspicuous both for their activity and broad gains,
with motors extending their levels in like fashion
chemical stocks showing more striking adearlier modest recessions.
high levels.
On
obtained one-half hour before closing.
on
3707
Notable improvement
and motor shares in a
was
enjoyed by the
day characterized by
intervals of dulness and easier levels.
Best prices
-
vances. A readjustment of values took place on
Thursday and .was hardly more than could be expected, following on the heels of sweeping gains the
daJ before. The process was an orderly one, and
values were altered by declines of from one to
three points, with aircraft and steel shares mostly
affected. The news from Europe proved rather conflicting, but left little doubt in most minds as to
the imminent fall of Paris. This was strengthened
somewhat by reports that the French had declared
Paris an open city, with the hope that the Germans
would regard it as such and thus spare it from the
ravages of war. The rallying powers of the marbet were invoked on Friday and prices closed from
After a poor start
a forward movement took form and displayed pronounced strength by the second hour. Advances;
ranged from one to five points. The fall of Paris
yesterday ordinarily would have proved most disconcerting to the market, but since it had been more
or less expected the view taken was that France is
still a factor to be reckoned with and its chance of
survival more than a sporting one. Earlier gains
suffered some revision in their levels during the
afternoon, but as trading drew to a close stocks
were firm and higher. Progress was made this week
as may be gleaned from a comparison of closing
prices yesterday with final quotations on Friday a
fractions to three points higher.
week ago.
General Electric closed yesterday at 31% against
29% on Friday of last week; Consolidated Edison
Co. of N. Y. at 24% against 24%; Columbia Gas &
Electric at 5 against 4%; Public Service of N. J. at
32% against 32%; International Harvester at 45%
against 40%; Sears, Roebuck & Co. at 69% against
$>; Montgomery Ward & Co. at 38 against 34%;
Woolworth at 31% against 30%, and American Tel.
& Tel. at 155% ex-div. against 150%.
Western Union closed yesterday at 16% against
15% on Friday of last week; Allied Chemical & Dye
at 149 against 142; E. I. du Pont de Nemours at
160% against 151%; National Cash Register at
11% against 10%; National Dairy Products at 13%
against 12%; National Biscuit at 18% against 17%;
Texas Gulf Sulphur at 29% against 27%; Loft, Inc.,
at 23% against 17%; 'Continental Can at 38 against
35%; Eastman Kodak at 128 against 125; Standard
Brands at 5% against 5%; Westinghouse Elec. &
Mfg. at 92% against 86%; Canada Dry at 14%
The Commercial & Financial Chronicle
3708
June
15,
1940
against 13%; Schenley Distillers at 8% against 8%,
and
and National Distillers at
against 34%c. the close on Friday of last week.
last
rubber
the
In
closed
18% against 17%,
Goodyear Tire & Rubber
group,
yesterday at 14 against 14% on Friday of
week; B. F. Goodrich at 11% against 11%, and
United States Rubber at
17% against 16%.
Railroad shares turned
spot silver in New York closed yesterday at 35c.
the matter of
In
fers
Penn¬
$3.69 against
$3.82% the close on Friday of last week, and cable
transfers
upward this week.
foreign exchanges, cable trans¬
closed yesterday at
London
on
Paris closed yesterday at
on
2.17c. the close on
2.18c. against
Friday of last week.
sylvania RE, closed yesterday at 17% against 16%
Fe at
15% against 14%; New York Central at 11
against 10%; Union Pacific at 74% against 77%;
Southern Pacific at
at
way
7% against 7%; Southern Rail¬
10% against 9, and Northern Pacific at 5%
against 5%.
stocks
Steel
into
lifted
were
higher ground the
United States Steel closed yesterday
present week.
at
European Stock Markets
Friday of last week; Atchison Topeka & Santa
on
53% against 40%
cible Steel at
Friday of last week; Cru¬
on
30% against 28%; Bethlehem Steel at
76% against 70, and Youngstown Sheet & Tube at
33% against 30%.
In the motor group, progress was
Motors
General
40%
closed
not lacking, and
yesterday at 44% against
against 57%; Packard at 3% against 3%, and Hupp
Motors at
% against 9/16.
Among the oil stocks, Standard Oil of N. J. closed
yesterday at 35% against 34%
on
Friday of last
week; Shell Union Oil at 8% against 8%, and At¬
lantic
Among the
copper
stocks, Anaconda Copper closed
on
Friday of last
week; American Smelting & Refining at 38 against
35%, and Phelps Dodge at 29% against 26%.
In
the
aviation
Curtiss-Wright
group,
yesterday at 8% against 8
on
mostly favor¬
any
The Paris Bourse found it nec¬
prevalent last week.
essary
to suspend trading last Monday, after only an
hour's
business, and the quotations then set were
Nor did the French market attempt to
annulled.
operations
resume
and
as
the German forces approached
finally engulfed the capital.
Stock
On the London
Exchange a minimum of business
noted,
was
preoccupied by the stirring events
the French battlefields.
on
Gilt-edged securities varied
only fractionally, throughout the week now ending,
while
changes in industrial stocks were not much
Trading in foreign securities
greater.
suspended in the London market.
and the Italian
war
ington
was
the rapid
as
stimulated
only
almost
of the
The Berlin
encouraging.
slightly, early this week, by
march of German soldiers through North¬
France, but changes
ern
was
course
but statements made in Wash¬
regarded
were
The
entry into the conflict depressed
London somewhat,
were narrow
thereafter and
little business was done.
a
Intergovernmental Debts
1ITTLE attention of the intergovernmental debts
problem has been paid in recent days to
-«
industrial reports were
hardly
done, and prices held close to figures
was
closed
78% against 76.
Trade and
business,
Friday of last week;
Boeing Airplane at 15 against 14%, and Douglas
Aircraft at
far overshadowed the fi-
so
nancial markets of Europe that
Boerse
Refining at 20% against 20%.
yesterday at 22% against 20%
W
with everyone
Friday "of last week; Chrysler at 62%
on
Vy/AR developments
the
left
from the first World
over
War, but June 15
able this week.
Steel operations for the week end¬
nevertheless affords
ing today
estimated by American Iron and
tary cost of such meddling in the affairs of Europe
were
Steel Institute at
84.6% of capacity, against 80.3%
last
a
week, 70.0%
time last year.
Production of electric
week ended June 8
Institute at
kwh.
in
morial
month ago, and 53.1% at this
was
power
reported by Edison Electric
2,452,995,000 kwh., against 2,332,216,000
the
preceding week, which contained Me¬
Day, and 2,256,823,000 kwh( in the similar
week of 1939.
Car
loadings of
the week to June 8 totaled
revenue
702,571
freight for
cars,
to the Association of American Railroads.
a
gain of 63,445
72,511
As
for the
cars over
cars over
according
This
was
the previous week, and of
course
of the commodity mar¬
due
Instalments
today from
countries of
in
Washington
the debt
July
closed yesterday at 61%c.
corn
on
Friday of last week.
July oats at Chicago closed yesterday at 32%c.
against 33%c. the close on Friday of last week.
The spot
price for cotton here in New York closed
yesterday at 11.01c. against 19.56c. the close
day of last week.
of
last
against
week.
In
London
the
yesterday at 23 7/16
close
on
close
copper
on
closed
Friday of last
price of bar silver
number of the smaller
relief grounds,
days
ago
pay
as
was
reported
the only nation
in full.
sums
unilateral
Hungary has
semi-annually, in
ac¬
proposal for discharge of
over a
period of
loaned, without interest.
sum
are
Belgium,
years
All the
great debtors, however, have been in complete default
some
ors,
years,
such
have been
and it should be idle to look for
present emergency.
Belgium, Poland and Czechoslovakia,
as
overrun
by the German Nazi forces in the
During the early
fault
debts
that
on
the
ther
war
the lesson
the value of
adventures
direct
it
was
years
of the de¬
commonly assumed
they afforded would at least have
restraining the United States from fur¬
The Johnson
was a
pay¬
Some of the debt¬
last few months.
in
the
tangled affairs of Europe.
Act, barring loans to the defaulters,
outgrowth of the defaults, and the cash-
and-carry provisions of the neutrality legislation
closed
may
against 233/8
debt
Friday of last week.
tion
pence per ounce
pence per ounce the close on
21.63c. the
Domestic
yesterday at ll%c., the
week.
Fri¬
The spot price for rubber closed
yesterday at 22.25c.
Friday
on
a
a
through repayment
precise
for
against 63%c. the close
on
some
willing and anxious to
cordance with
debts
war
Finland, which incurred its:
lately been paying small
ment in the
of last week.
Europe.
mone¬
determined to de¬
Britain, France, Italy,
obligation entirely
yesterday at 79%c. against 81c. the close
Friday
appears
the so-called
on
Poland, Czechoslovakia and
kets, the July option for wheat in Chicago closed
on
timely reminder of the
this Administration
velop.
of the
the similar week of last year.
indicating the
as
a
well be interpreted in the
instalment
as
dates,
they roll around
same
light.
accordingly,
on
The
war
deserve nota¬
June 15 and Dec. 15.
Volume
3709
The Commercial & Financial Chronicle
150
American
about "fifth columns" in Latin America gained a
Foreign Policy
EVER more deeply intothis week projected the
the affairs of Europe,
President Roosevelt
rebuke from the Brazilian President, Getulio Vargas, who declared on Tuesday that "vigorous peoples
United States, and the
™ *°f life must follow the course of their aspirat»>ns » This apparent endorsement of the European
dictatorships nettled Washington.
asked
question at length is being
everywhere whether the country will be guided
into full
The
participation in the European war.
gravity of the issue cannot be exaggerated.; Entry
into the
his latest
that
of
by Italy provided Mr. Roosevelt with
war
opportunity for taking sides in a manner
hardly be regarded as fitting for the head
can
neutral
a
ments
Black Days
NTOT since the
IN
in Europe began last Septem-
war
of the Anglo-French
ber have the fortunes
Allies reached such
low ebb
a
as
in the last week,
State, however appropriate the com-
The terrible defeat of the Low Countries and im-
Speak-
portant Anglo-French armies in Flanders and Ar-
might be if made by a private citizen.
ing at Charlottesville, Va., late last Monday, the
tois, late last month, seemed for a time to mark the
President denounced the Italian decision in
nadir of Allied endeavors.
remarkable
interpolation in his prepared address,
"On this tenth
liand
that
day of June, 1940," he declared, "the
held
back of its
that for
the
dagger has struck it into the
neighbor."
some
Mr. Roosevelt also revealed
months he had been
tiations with the Italian
United
States, he said,
engaged in
nego-
Government, aimed at the
non-intervention
continued
most
a
by that country.
prepared to seek
was
The
guar-
and
no
ity of the situation. Only
ported well
After
failure
such
of
negotiations,
President
was
day after the fall of Dun-
rapidity
engulfed in the swirling storm
advancing Nazi forces.
specific aspirations
the
not
Late yesterday the Ger-
only had encircled Paris, but were reon
the
way
toward
of the great Maginot line.
a
flanking movement
Paris, the French
invader who
will
pile of tumbled masonry, much like Warsaw.
the
of "extending to the
course
nents of force the material
The
resources
oppo-
of this nation."
au-
thorities decided, would not be defended against an
Roosevelt asserted that the United States henceforth
pursue
store,
valiantly, while giving ground steadily before the
of such
over
in
Battered incessantly, the French fought
of warfare.
Rome.
might be advanced by
a
and extended their Blitzkrieg with such
that Paris itself
mans
as
worse was
kirk, the Germans marched southward of the Somme
antees from Britain and France for the satisfaction
expressing his bitter disappointment
But
attempt is being made to minimize the grav-
Britain
might well make it a shambles and a
attempted to
pour
Great
forces into France for
concept of isolation is outmoded, according to
the defense of that sorely beleaguered country, and
President, who asserted that
the
it is possible that this will have at least a little
naval
"military and
a
victory for the gods of Force and Hate would
bearing
on
the conflict.
But Premier Paul Reynaud
the
made the precarious situation of France crystal
Western World."
clear, late Thursday, in an urgent appeal to the
This address
by Mr. Roosevelt placed the United
United States for "clouds of airplanes" and a stand
the
endanger
States
so
institutions
definitely
Allies that the
of
in
in
the side of the Anglo-French
on
The advance of the German invaders only begins
early full entry of
to tell the story of the reverses suffered this week
country could be counted upon.
was
There
talk
was
Washington of repealing the Johnson Act, which
prohibits credits to
debt defaulters, and of
war
by Washington against the Nazi Reich.
raised in
question immediately
London and Paris whether the
this
democracy
by the Allies.
Italy
on
Monday cast its lot defi-
nitely with Germany, thus providing France with a
rear
line of defense at a most critical moment, and
changing the neutrality legislation for the benefit
England with a number of naval and other prob-
of the Allies.
lems relating to the Mediterranean, the bases at
In order to
Mr. Roosevelt endorsed at
day,
emphasize his partiality
"Stop Hitler" advertisement in American
a
Gibraltar and Alexandria, and extended supply
lines.
The action by Premier Mussolini has been
Meanwhile, airplanes from the mili-
described as that of a jackal, seeking to feast at
newspapers.
a
press
tary stocks of the United States
able
Allies
the
to
in
conference, Tues-
were
made avail-
great numbers, through the
subterfuge of "selling" them to private firms
en-
gaged in the manufacture of other later models for
our
armed forces.
The
don is well illustrated
impression gained in Lon-
by suggestions that
some
old
the kill of a more courageous creature, but such con-
demnations do not alter the military fact that a
has been gained by the
vast accession of strength
Germans.
From Northern Norway the Allies with-
thus abandoning the
Scandinavian country to the
drew their forces last Monday,
last remnant of the
The need of the Allied troops for
destroyers might be purchased by England, if the
German invaders.
United States is
con-
the defense of France prompted the withdrawal, but
program
it appears that grave losses were suffered by Great
Britain and,France even in that action. The British
willing to sell them.
tinued to vote vast
of
the
country, and
which will add
borne
a
program
was
outlined
taxpayers.
to
Efforts
repatriate
were
Americans
German forces captured additional ports on the
The
English Channel, and arrangements probably are
Washington was halted off Portugal, Tuesday,
German submarine which nearly sank the ship,
being made by the Nazis for submarine bases at
various points, from which all communications to
the British Isles might be menaced. Help from Tur¬
key, upon which the Allies counted, seems not to be
forthcoming for the time being, and Russia may be
the answer to this development, which suggests that
the Kremlin favors the cause of the dictators. A
Europe, several vessels arriving
week-end with
large passenger lists.
The German authorities indicated that
in formed until late
on
Washington,
the
and
Tuesday of the
State
they
were not
course
Department
of the
subse-
quently admitted that this "might" have been the
case.
aircraft carrier Glorious and two destroyers were
sunk by German battleships, while a large troop
transport and an oil tanker also went to the bottom,
over
the last
by
in
armaments
enormously to the burdens already
meanwhile,
continued,
for the
tax
a
by long-suffering
stranded
liner
sums
Congress
The
concern
of the United States Government
The Commercial & Financial Chronicle
3710
of Allied fortunes is sorely needed,
turn in the tide
but is not
PERHAPS theisgreatest in Northern the world ever
raging battle that France, where
gained by the Nazis for still greater penetration of
France.
North of the French capital the Germans
has known
remorseless
giving
are
before
way
a
push of the German Nazi land, air and
forces.
mechanized
become known
fate of the French
By common consent this has
the "Battle of
as
France," for the
people well may be involved.
struggle took its current phase
Nazi battalions streamed
across
The
June 5, when
on
the
Somme, only
a
day after the fall of the Channel port of Dunkirk
and the close of the disastrous Flanders-Artois
treat
by Great Britain and France.
small
a
doned
Maxime
of the French
forces
England, General
pow¬
overwhelmed
the
defenders
of
by sheer weight of numbers, airplanes and
mechanized
units, for the dismal story of another
terrible Allied defeat unfolds
Reich
The fighting
unexcelled, but the German
are
apparently
-France
Supported only
Weygand endeavored to stem the Nazi drive
largely with his French fighters.
ers
only 10 days after the
troops began their latest thrust south of the
Somme.
The German sweep
not only is engulfing
endanger the huge fortifications system
which all French
hopes of
a
upon
respite from invasions
have been based in recent years.
not
unexpected,
General
and
would not be
But Ger¬
troops, backed by what appears to be superb
equipment
and
organization,
through the Allied lines, and
a
drove
relentlessly
full execution of the
Schlieffen plan seems to be in progress.
man
The Ger¬
right wing, prodigiously strong, moved forward
along the English Channel and took port after port,
thus
avoiding the German
cost them the
in 1914-18.
war
which possibly
errors
This French decision
attempted.
city
was even more
that the fall of Paris were
tle
developed.
It would
seem,
however, that these
troops landed in the triangle from Paris to Havre
to
Dieppe, which the Germans overwhelmed in turn,
us
retreat by the British and French
orcing
troops caught
in a
No
6,000 British troops
less
London
than
new
pocket north of the Siene.
100,000.
captives in the pocket
The German center and left, moving
southward toward Paris and the
not
captured,
admitted, while the Germans reported the
total of British and French
at
were
hinge of the Magi¬
line, encountered stiff resistance, and all Al¬
lied reports
emphasized
flicted
on
the
superior in numbers
batter at
ever
withdrawals
the terrible casualties in¬
advancing Nazis.
more
were
and
noted
communiques.
But the Germans,
equipment, continued to
weary
French lines, and fresh
daily in the official French
-
The end of the Battle of France is not
yet
for stubborn resistance is
well
the way to a
on
the
reports, yesterday, that
complete envelopment of the
Weary French troops tried to stem
Maginot line.
German
but the Reich forces poured
drive,
steadily into the lines, apparently on some principle
resembling three eight-hour shifts.
were
said to be
backward
French
advance.
But
a
Reich invaders,
in 1915 thus
Reynaud.
The
Seine, in the western
Paris to the sea,
Havre
also
reaches
of
that
eclipsed.
drive
gained momentum day after
day, notwithstanding almost hourly predictions by
the Allied
spokesmen that the peak must soon be
and
defeated
Germans
the
Actually,
French troops more
the
danger of
fense is
river
by their
own
the
the
rapidly than the Germans, and
participation in the conflict.
Churchill
Winston
occasions with Premier
indicated
was
fight bravely
conferred
thorities
on
Prime
several
Reynaud and his associates,
yesterday that France would
in the expectation of effective and
on,
important aid from Great Britain.
British
addressed to the United
aid
may
The French
au-
decided, however, that
apparently have
were
be inadequate,
for appeals
States for unstinted
material assistance.
When
M.
urgent message to President
Reynaud sent
an
Italy entered the war,
Eooseveit, asking for greater shipments of materi
ajg_
This
was
followed, Thursday, by another ap-
peal for «clomls of airplanes" and for an American
declaration
French
are
Nazi'
against
Germany.
"losing this battle"
was
the
That
admitted by the
Premier, but he added that the full force of democ¬
racy
might still
short of
French
an
save
army was
problem
the day.
All American aid
asked by M. Reynaud.
roads and made
on
defense
was
effected
was
lini last
a
yesterday to Bordeaux.
claimed that the entire French
His Partner
poising his country precariously for
months
dreadful
#was
disintegrating.
Mussolini Joins
AFTER
the
Tuesday to Tours, on the Loire, while
further transfer
Fx
over
military movements slow and dan¬
The seat of the French Government
gerous.
moved
The
rendered additionally difficult
was
by great hordes of refugees, who swarmed
from
More serious
overtook
complete collapse of the French de¬
a
of the Italian
Minister
and it
exhaustion
hardly to be discounted, especially in view
Rouen falling into their hands and
becoming undefendable.
over
over
by the
and limits of the German advance
German spokesmen
written,
by Premier Paul
advancing Nazis moved
Crossings
day after day.
were
The German
phase of desperation
has been reached and is admitted
The Germans
relatively fresh, and they drove the
the Marne and Seine Rivers were effected
reported everywhere to
the German
a
and the Germans thus placed
had fallen
Chalons
Some British forces
rushed to the aid of France, as the bat¬
were
abhorrent than
More dismal for the Allies even
occupation.
even
hastily
re¬
Frenchman feels,
for it meant that bombardment and destruction of
the beautiful
exhaustion.
frantically for the drive in the brief period granted
man
that Paris
was
Weygand prepared
by the struggle in Flanders and Artois.
informed
were
Through
William C.
"open town," which meant that defense
an
flects the love of Paris which every
reiched
The German strike southward of the Somme
Germans
the
Bullitt,
would be
Paris, but also threatens to turn the Maginot line
and
Paris to the invaders yesterday.
the offices of United States Ambassador
re¬
degree by British troops, most of whom
withdrawn from Dunkirk to
were
steadily on, and the French Command aban¬
drove
Nazi
to
en¬
suggested, and a foothold was
is
thus
Paris
of
Battle of France
slowly
the German
than the loss of the segment was
croachment south of the Seine, since envelopment
yet clearly discernible.
the Allied forces
June IS, 1940
on
the
some
brink, Premier Benito Musso¬
Monday plunged his native Italy into the
current
of
the
European war, alongside
his partner in the famous
Rome-Berlin axis which
Volume
The Commercial & Financial Chronicle
150
the Italian Premier
this
public address would be made from the balcony of
the Palazzo Venezia in Rome, later that day. The
worst fears quickly were realized, for Signor Mussolini announced that a declaration of war already
had been handed to the British and French Ambassadors. "We take the field," he said, "against
the plutocratic and reactionary democracies who
always have blocked the march and frequently
plotted against the existence of the Italian people."
War could have been avoided, according to the
Italian Premier, if treaties had been adapted to the
changing requirements vital to nations, if the
"stupid policy" of guarantees had never been conceived, or if the peace proposals made last Oct. 6 by
Chancellor Hitler had been accepted. But all that
now belongs to the past, and the conscience of Italy
is absolutely clear, II Duce added. "We are taking
up arms, after having solved the problem of our continental frontiers, to solve our maritime frontiers,"
he continued. "We want to break the territorial
and military chains that confine us in our sea because a country of 45,000,000 is not truly free if it
has not free access to the ocean. This gigantic con-
The importance of
originated.
great
efforts by London spokesmen to minimize the fighting qualities of the Italians.
Coupled with other
events in the conflict, the Italian action provided
the Anglo-French Allies with their blackest day of
the war which began last September.
The Mediterranean, it is now clear, will witness that extension
is
step
notwithstanding
undeniable,
of the conflict which every
Allies in
friend of peace, and the
The
particular, hoped could be avoided.
great Middle Sea, which the Italians in recent years
have
attempted to call their
is of primary im-
own,
portance in the conflict between the Allies and the
German
Reich, arid there is
that Berlin
won
in behalf of the Nazi Reich.
up arms
munications
curtailed
Italian
Allied com-
through the Mediterranean had been
for
time,
some
in
expectation
the
the
halted
sea
the signal to
gave
his fascist and blackshirt forces to engage
fare.
is
a
The loss to the
in war-
Allies, directly and indirectly,
Even
one.
severe
afford to be
and
automatically
entirely when Signor Mussolini
of
Com-
participation at the side of the Reich.
through
merce
disguising the fact
no
major victory when Rome took
a
United
the
States
flict is only
cannot
and trade occasioned
by the Italian entry into the
Anglo-French Allies the Italian decision
phase of the logical development of
our
;
For the
a
revolution. It is the conflict of poor, numerous
people who labor against starvers who ferociously
complacent about the loss to shipping
war.
3711
cling to
a
monopoly of all riches and gold on earth.
It is a conflict of. fruitful, useful peoples against
deringfor weeks against Great Britain and France,
peoples who are in a decline. It is a conflict between two ages, two ideas." Assurances were given
that Italy does not desire to involve neighboring
countries, and specifically named in this connection
were Switzerland, Yugoslavia, Greece, Turkey and
hope persisted
Egypt.
to take up arms
a
blow
in behalf of the German Reich
was
comparable to the Belgian defection and the
complete defeat by Germany of the Low Countries,
Although the controlled Italian
up
press
had been thun-
to the final moment in London
and Paris that II Duce would avoid actual
pation,
and
thus
the
spare
vast
region the horrors of modern warfare.
to the aid of
such
at
In rallying
Berlin, Premier Mussolini disappointed
hopes and raised to
a
high pitch the jubilation
Berlin, where confidence already
because of the German
was
supreme
victory in Flanders and Ar-
tois, and the advance toward Paris.
dictator
partici-
Mediterranean
provided France with
a
The Italian
double battle front
at the moment when French fortunes
were
ing their lowest ebb of this
He threatened
French colonies in Northern
control
over
terranean.
no
approach-
Africa, and the British
important parts of the Eastern Medi-
Egypt
within the scope
is
war.
was
likewise considered to be
of II Duce's
plans, and there
war
minimizing the effect of his action
key, Greece and the Balkan States.
upon
Tur-
Russia has not
yet made clear the attitude of the Kremlin in the
situation
new
confronting
Europe/ and
views, in turn, will exercise
upon
a
Turkey and the Balkans.
Russian
profound influence
For the moment the
picture in Eastern Europe and the Near East is
utterly confused and uncertain.
have
to
decided
course was
Italian
of
them
II
the
toward
a
Duce
personally
gave
were
he would
•
war,
after widely pub-
Mussolini had
Some weeks
assured
Italy that
speak only when the time arrived for
ticipation.
it
handed
the signal that placed
preparations for the conflict.
earlier Premier
seems
participation, since the passports
diplomatic representatives
45,000,000 Italians in the
when
Only Egypt
definite course, and that
by Egyptian officials, Wednesday.
licized
v
upon
par-
Much excitement resulted, accordingly,
became
known
early last Monday that
a
Bitter resentment was caused in England and
Alfred Duff Cooper,
British Minister of Information, accused the
Italians of "cowardice and treachery," of "stabbing
an old friend in the back," and of committing "one
the vilest acts of history." He also spoke somewhat hysterically about alleged Italian incapacity
for war. Premier Paul Reynaud of France spoke
in a more dignified manner and assured his countrymen that France may be ailing, but is not
downed. At a moment when French armies are retreating, M. Reynaud said, Italy chooses to declare
war.
"France has nothing to say; posterity will
he able to judge," the Premier added. The reaction
caused in neutral countries by the action is per¬
haps best illustrated by the unfortunate official
"back-stabbing" comment made by President Roosevelt late on Monday at Charlottesville, Va. Within
the German Reich, of course, the Italian step provoked jubilation. Russia maintained silence, but an
exchange of Ambassadors by Moscow and Rome suggests preliminary arrangements, as does the closeness of Berlin and Moscow. The Balkan countries
found their situation still more precarious, as the
Italians began to march. Some agitation developed
in Hungary for participation in the war alongside
Germany and Italy, but Yugoslavia, Rumania, Bulgaria and Greece endeavored discreetly to avoid provocation and participation. The position of Tur-:
key was recognized as a most difficult one, since
Ankara is obligated to join the Allies in the event
of conflict in the Eastern Mediterranean.
An¬
nouncement was made in Berlin, Thursday, of a
trade agreement with Ankara, based allegedly on
France by the Italian decision.
The Commercial
3712
the
inability of Great Britain and France to supply
Turkey,
closed
that the Mediterranean is virtually
now
as a
commercial route.
will find it necessary
Financial Chronicle v "
miralty, which also admitted heavy naval losses in
the course of the action.
But Turkey possibly
to act in accordance with de¬
June 15, 1940
Urgent need of the Allied troops in other theaters
of warfare
said in London to have occasioned
was
velopments in Egypt, which may soon involve the
the decision for the abandonment of the Northern
British
Norwegian campaign, just after an important vic¬
The
the
protectorate.
and locale of Italian
manner
participation in
great conflict are not yet fully revealed, not¬
withstanding the long preparation by the Italian
British and French naval forces naturally
fascists.
tory was won by the defenders of Norway.
King Haakon and his Government had found it
to depart from the country in order to
necessary
wfere able to ring Italy at once and prevent sup¬
continue their work.
plies from reaching that country by
British
of the
way
sea.
Italy, in turn, may be able to hamper communica¬
tions between France and her North African
colo¬
nies, and between the British home fleet and the
units
engaged in the Eastern Mediterranean.
The
for at least
it into
Italian
tion.
Italy will be able to carry the
Mediterranean
the
on
question,
the
Land action is
seas.
and
the
French
seas
improbability of
a
the
frontal assault
a
upon
Fighting in Tunisia is expected
conflict also
the Libyan-Egyptian
on
probable.
seems
Mussolini
Premier
that
commands
defiles of the Maritime Alps
by military experts, and
border
outside the
similarly difficult to forecast,
narrow
positions.
war
is, of course, out of
Great Britain
since
owing to the
high
will
hurry
It may be
land
a
Both the Norwegians and the
action
the
that
clear
taken
was
year
in the
ore
trade which brought
All the Anglo-French troops and most
being.
of their
ern
That
it
made
jointly, and that Narvik had been rendered useless
Italian colonies in Africa will be cut off from their
bases, with Ethiopia especially vulnerable.
The Nor¬
wegian authorities announced at the same time that
equipment
reaches of
removed from the far north¬
were
Norway, in the course of this
But the Germans claimed the
opera¬
sinking of the
British aircraft carrier
Glorious, of 22,500 tons, in
the
number of other ships.
evacuation, and of
British
a
Admiralty supplied full details
when the loss
The
Monday,
on
admitted not only of the Glori¬
was
but also of the destroyers Acasta and Ardent,
of 1,350 tons, the transport Orama, of 19,840
ous,
each
tons, and the tanker Oil Pioneer, of 5,666 tons.
cording
German
the
to
Scharnhorst
version,
Gneisenau
and
the
Ac¬
battleships
principally
were
en¬
forces
gaged in the action which proved so costly to the
through the Brenner Pass to the assistance of the
British, although these ships previously were re¬
Germans in Northern France.
of
deal
In the
air
good
a
preliminary skirmishing already has been
ported sunk
damaged in the Norwegian
or
reported this week, with the Italians bombing the
Monday and took
British
ace,
base
ports at Malta and Aden, and the French
at
Bizerta, while British
bombers
bases
in
Libya also
ships
on
the high
scuttled
were
the
Mines
laid
ports of their respective enemies, and
concerned.
Nothing
was
Narvik
HP WO months to
a
far
so
Italy
as
permitted to
about the reaction of the Italian
1
extensively by both
slowly began to take shape,
war
was
Some Italian
in Allied ports hastily
were
the
area
around
Narvik
and
people to the
Narvik, which held out long after
forces of the Nazi Reich
ish
country to the
first made known last
was
Sunday in Stockholm and Berlin.
torate of Great
in the
From the Swed¬
to the
a
force.
the
The German
same
British
a
fighting
High 'Command announced at
time that their naval units had
intercepted
ships engaged in the withdrawal of troops
from Narvik and had sunk
craft.
Norwegian
a
number of the Allied
But these reports were at first received with
degree of skepticism, since British, French and
Norwegian troops only
few days previously had
a
managed to occupy Narvik and chase the Germans
.into the
minent
Full
interior, where they
danger of capture
confirmation
supplied
on
of
or
the
were
considered in im¬
internment by Sweden.
evacuation
reports
was
Monday, however, by the British Ad-
'
\
v
■
'
'
,/■ /v:-<
the threat of
no
which leaves
ment of
open
war
and
the
because peace
is
suggests
on
Turkish
the
that
participa¬
reported determined
to
throughout the Balkans, possibly
in that
who rely
Thursday of
The position of the
evidence
Russia
peace
on
plainly is indicative, in this
Kremlin turned thumbs down
Indeed,
reserves
loomed, but the
the problem of Turkish fulfill¬
Government
connection,
may
Germany and Turkey,
pledges to the Allies.
Russian
mans,
choice
military alliance
a
made
was
commercial accord between
maintain
refuge in Tromso had fled to England, after
as
startling announcement
tion.
the
Britain, possibly will have
a
protec¬
as a
Great Britain, France and Turkey.
colors,
reports that King Haakon and the
of
Egypt,
automatically, since
among
Norwegian Government which had
ordering capitulation
questionable
matter, and if Egypt fights then Turkey
came
taken
meas¬
remains
it
hand in the dreadful conflict.
remnants of the
capital
in
but
The Ankara Government called additional
day after the Germans invaded
the entire
week,
"whether the smaller countries will wish to take
exists
Campaign Ends
leave
this
move.
The Allied decision to withdraw from
thus
increased the tension
urably,
be drawn in
populous portion of Central Norway fell into
their hands.
Europe
ITALIAN participation in the great European wrar
Eastern Europe
appear
peaceful Norway they became masters of the
small
Eastern
Italian
by the Italians, while others fell into
British hands.
sides around
bombed.
were
seas or
residence in Buckingham Pal¬
up
at the invitation of King George VI.
attacked
Turin and other Italian industrial towns.
cam¬
King Haakon arrived safely in London last
paign.
upon
area
would best suit the Ger¬
the grain, oil and other
plies from the Danube
sup¬
Whatever the reason¬
area.
ing in Moscow, the fact remains that Russia, as the
next-door
neighbor of the Reich,
placent in the face of
over
the Allies.
with the
war
a
their
quite
com¬
The Swiss
are
in
a
tight position,
surrounding them completely, but they
endeavored to maintain their
have been
seems
threatened German victory
neutrality and
so
far
successful, despite aerial infringement of
sovereignty by both sides in the great conflict.
Spain sent
a
military mission recently
Italy and Germany, and
an
on a
tour of
ominous action
was re¬
ported yesterday when the forces of General Fran-
Volume
The Commercial & Financial Chronicle
ISO
cisco Franco took
national
area
at
the
over
"policing" of the inter¬
on
record, and that its rising^trend is attributable to
the
Tangiers.
advancing German
weeks also
Far East
ALTHOUGH
Nationalist
China
is
continuing
Japanese troops, there
were
several indica¬
tions this week that other countries with important
Far Eastern interests
idea of
are
becoming reconciled to the
Japanese domination of much of China. The
Russian and Japanese Governments were reported
last
Monday to have agreed upon border limitations
along the stretch between Manchukuo and Outer
Mongolia*
This suggests an end to the long struggle
between Moscow and
that
Tokio, but it is well to note
previous agreements of
like nature
a
served
only for limited periods.
was an
intimation at Tokio,
Britain and
troubled
ob¬
were
More important
Wednesday, that Great
Japan had reached agreement
the
on
question of Tientsin, where the invaders
steadily have endeavored to make life unbearable
for the
European residents.
cessions
don to
were
Important British
indicated, owing to the desire of Lon¬
hoard at Tientsin is said to be involved.
United
with
States
the
has
intention
no
ruthless
known in
of
J apanese
of
was
made
Washington, Thursday, when Secretary
State Cordell
Hull
from the Chinese
ing expeditions
denounced
Japanese aerial
ently have made
capital state that Japanese bomb¬
no progress
Discount Rates of
SPHERE have been
in recent weeks.
at
of the foreign central
the
leading centers
Rate in
Effect
Date
vious
June 14
Effective
Rale
Mar.
are
Jan.
5 1940
Aug. 15 1935
Canada
2X
Mar. 11
3H
1935
Country
Effect
Holland...
Date
3
Aug. 29 1939
Hungary...
4
3
Aug. 29 1935
Nov. 28 1935
Italy
4X
May 18 1936
V"'
"
3
Dec. 16 1936
4
Japan.....
July
18 1933
5
Java
3
Jan.
Lithuania..
6
6X
4X
July 151939
May 28 1935
Sept. 22 1939
3
Jan.
11936
3X
Jan.
2 1937
5
Norway
May 22 1940
5X
Poland
Eire
3
June 30 1932
England-..
2
Oct.
Estonia
4X
Finland
4
3.29
Morocco
4
4X
_
__
Greece
*
as
the
only slightly
fiduciary note limit, the Bank
Directly after the start of^the war last September, the
was
raised from £300,000,000 to
£580,000,000, and the Banks gold was transferred
to the
Equalization account.
There
and
was a
reserves
slight gainjof|£90,929 in gold holdings
£40,988,000. The increase in the
rose
fiduciary issue is in effect, equivalent to
of like amount in
holdings.
reserves
increase
an
as|is also the gain in gold
The total of these amounts
the extent of
was offsetjto
£9,103,000 by the rise in circulation
and the balance went to increase
reserves.
Public deposits rose
£21,279,000 and government
banking department decreased
£37,755,000. These two changes evidently reflect,
chiefly the probable operation of transferring about
£50,000,000 of government securities to the issue
department of the Bank, as backing for the in¬
securities
creased
Other
in
fiduciary currency.
deposits fell off
£15,632,491
323,
the
£16,886,814,
of
which
from bankers accounts and £1,254 ,from other accounts.
Other securities rose
was
£1,181,927, representing
result
a
of the
increase of £997,929 in
an
bookkeeping operations
liabilities
rose
to
28.6% from 6.8%
proportion
has
little
conditions.
No
change
Following
we
a
significance
per¬
deposit
week ago. The
under
present
made in the 2% Bank
was
present
June 12,
...
Apr.
7 1936
14 1937
a
comparison of the
3.65
4
7
4X
zx
4X
Dec. 17 1937
Portugal...
4
Aug. 11 1937
4X
3
Rumania
3K
May
Oct.
1 1935
5
South Africa
3X
May 15 1933
Dec.
3 1934
4X
4X
Mar. 29 1939
5
4X
Spain
Jan.
4 1939
2X
Sweden....
Apr.
6 1940
4
Switzerland
3X
IX
May 17 1940 v.3'^
Nov. 26 1936 !. 2/- •
Jan.
4 1937
7
Yugoslavia.
5
Feb.
1 1935
June 10,
1937
June
17,
1936
%
Circulation.
578,365,000 494,951,865 485.737,438 479,781,217 432,020,458
34,891,000 22,078,770 11,550,485
10,013,369 13,950,230
151,518,218 130,690,235 152,308,037 139,411,957 128,356,039
Bankers' accounts- 103,158,032 100,296,915 109,062,197 102,261,391
90,996,501
Other accounts
48,360,180 36,399,320 43,245,840 37,150,566
37,369,538
Govt, securities
123,977,838 116,261,164 114,401,164 101,328,759 98,278,310
Other securities
26,880,665 28,584,102
25,773,844 23,592,139 21,142,600
Dlsc't & advances
3,888,102
5,631,795
5,680,689
3,737,837
4,810,324
Securities
22,992,563 22,952,307 20,093,155 19,854,302 16,332,276
Reserve notes & coin
53,385,000 31,800,925 41,529,319 42,388,736 40,781,316
Coin and bullion
1,749,893 226,752,790 327,200,757 322,169,953 212,801,774
Proportion of reserve
28.6%
... .
Public deposits
Other deposits
.
3X
*4
1938
•
3x
5 1938
June 15,
3X
26 1939
..
June 14.
1939
1940
6
Germany
level
BANK OP ENGLAND'S COMPARATIVE STATEMENT
2
France
a
fiduciary issue
4X
India
4
_
former
the
reached
authorities had little choice but to raise the limit.
2
2X
Colombia..
vakia
below
now
Rate
Chile
Denmark
has
vious
Effective
7
Czechoslo¬
Danzig
the
different items for several years:
Pre¬
June 14
1 1936
2
6
circulation
rate.
Pre¬
Bulgaria...
depository of the countrys gold resources) and
As
changes during the week in
no
rates
Belgium
on
formed this week, the proportion of reserves to
Rate in
Argentina..
The British
legal limit
discounts and advances and £183,998, in securities.
shown in the table which follows:
Country
The previous two
army.
highs established.
of currency which
may;be issued without gold back¬
ing; since the Bank holds only a nominal amount of
gold (the Exchange Equalization Fund is the present
Foreign Central Banks
the discount rates of any
Present
new
fiduciary note issue by an additional £50,000,000, or
to £630,000,000.
The fiduciary issue is the amount
War reports
are increasing, with Chungking the
But the Japanese land forces appar¬
apparent aim.
banks.
That the
compromising
invaders
bombing of helpless Chinese civilians.
1
con¬
gain Japanese friendship, but the full scope
accord is not yet clear.
The Chinese silver
of the
saw
decided this week to increase the
bravely its resistance against the invading
hordes of
3713
6X
Not officially confirmed.
to liabilities
20.0%
Bank rate
2%
Gold val. per fine oz_
Foreign Money Rates
168s.
24.3%
2%
148s.
5d.
28.30%
2%
84s.
11 y3d. 84s.
28.60%
2%
llXd. 84s.
2%
ll^d.
Bank of Germany Statement
IN bills Friday market discount rates for1-32%
LONDON open 1 1-32%, against 1 short
'HE statement of the Bank of the first
quarter of
June showed a decline of 240,623,000 marks in
Friday of last week, and 1 1-32@1 1-16% for
three-months' bills, as against 1 1-32@1 1-16% on
ing to 12,353,559,000 marks, compared with the
Friday of last week.
record
on
were
as
on
Friday
was
Money
on
call at London
on
1%.
Bank of
England Statement
June 12 reveals
000 in note
a
further
expansion of £9,103,circulation bringing the total increase
since
May 22 in
It is
hardly
currency
necessary
circulation aggregating
circulation, which reduced the total outstand¬
high,
12,594,182,000
marks
quarter and 8,191,937,000 marks
•"T^HE statement of the Bank for the week ended
1
note
outstanding to £31,868,000.
to mention that the present
£578,365,000 is the greatest
the
previous
a year ago.
A loss
also appeared in bills
of exchange and checks of 208/
843,000 marks, in other assets of 37,977,000 marks
and
in
907,000
other
daily maturing obligations
marks.
The
Bank's
gold
of
46,-
holdings
rose
276,000 marks and investments, 42,141,000 marks.
Gold holdings now total 77,605,000 marks,
compared
with
of
70,772,000 marks
a year ago.
gold to note circulation
rose
The proportior
slightly to 0.63%,
The Commercial & Financial Chronicle
3714
quarter and
0.93%
Below
a year ago.
different items with
show the
we
comparisons for previous
years:
Changes
for Week
June
June 7,1940
Reich8marks
Reichsmarks
a
Of whicb dep. abr'd.
■■
Res. In for'n currency.
\
*■
1939 June 7, 1938
Reichsmarks
77,605,000
+276.000
Gold and bullion
7,
"
Reichsmarks
70,772,000
10,572,000
5,750,000
70,773,000
20,333,000
5,553,000
—208.843.000 12,359,660,000 7,176,340,000 5,776,731,000
153,197,000
153,323,000
c484,763,000
Bills of exch. & checks.
Silver and other coin..
c22,593,000
Advances,
Investments
+427l4Td66
Other assets
—37,977,000
34,072,000
54,299,000
844,343,000
183,992,000 1,204,361,000
1,387,461,000 1,908,185,000 1,269,577,000
Liabilities—
—240,623.000 12,353,559,000 8,191,937,000 6,145,092,000
—46.907,000 1,432,040,000 1,117,235,000 1,110,387,000
579,063,000
244,678,000
c567,718,000
Notes in circulation—
Oth. dally mat.
oblig-
Other liabilities
for'n
ProDor'n of gold &
a
"Reserves In foreign
coin and bullion."
0.63%
+0.02%!
note clrcul'n
curr. to
currency" and "Deposits abroad" are Included In "Gold
New York Money
W
ITH
reserves
excess
high
ury
STERLING exchange is ruling at
fluctuating widely, than steadier, though
time since
still
soaring into
new
existed
this
in money rates.
The New York
market was dull throughout, save for Treas¬
financing operations.
These consisted of the
$100,009,000 91*day discount bills,
an
average
of 0.118%, and an ex¬
change offering of 1% 3%-year notes to holders of
$353,000,000
3%% bonds.
Bankers' bills
paper remained in extremely poor
called
and commercial
Call loans
supply.
change held to 1% for all transactions, while time
loans
and
again
were
1%% for maturities to 90 days,
These new regulations, which doubtless
the market for free sterling, and Italy's
into the European conflict on June 10 are
(selling).
entrance
outstanding factors in the foreign exchange situa¬
The
for sterling this week has been
range
$3.47% and $3.84 for bankers' sight, com¬
between
pared with a range of between $3.17% and $3.84%
The range for cable transfers has been
last week.
between $3.48 and $3.85,
Official rates
as
compared with
$3.18% and $3.85%
between
week
a range
of
ago.
quoted by the Bank of England are
New York,
follows:
a
$4.02%-$4.03%; exchange
on
France, 176%-176% (2.2883 cents buying); Canada,
4.43-4.47;
Australia, 3.2150-3.2280; New Zealand,
3.2280-3.2442.
Exchange
the New York Stock Ex¬
on
new
will dry up
usual award of
which went at
of the antici¬
British regulations affecting the use of the
pound and decreeing, among other things, that the
foreign trade of the British Empire, exports, imports,
and financial payments of all kinds, must be settled
at the official rate of $4.Q2% (buying) and $4.03
tion.
Market
occasion
any
day in the free market was the result
pated
the
still
little
ground,
week for changes
money
1.24%
0.93%
Figures as of May 23, 1940.
c
Exchange
Thursday of last week, when a variation of 75%
cents was recorded.
This extreme range in a single
REICHSBANK'S COMPARATIVE STATEMENT
Assets—
Course of Sterling
record low, 0.61%, the last
compared with the
June IS, 1940
on
Berlin, Czechoslovakia, Poland, Den¬
mark, Norway, Holland, Belgium, and Italy is not
quoted in London.
The
1%% for four to six months' datings.
plan of the British Treasury to eliminate the
remaining free sterling markets was briefly mentioned
New York
Money Rates
here last week.
DEALING in detailfrom day toloan ates on the
with call day, 1%
Exchange
the
Stock
was
ruling quotation all through the week for both new
loans and renewals.
The market for time money
Rates continued nominal at 1%%
up to 90 days and 1%% for four to six months'
maturities. The ma ket for prime commercial paper
has been quiet this week.
The supply of paper has
been in about the same volume as last week, but the
demand has been comparatively light.
Ruling rates
are % @ 1% for all maturities.
continues quiet.
HPHE market for prime bankers' acceptances has
JL
been very quiet this week.
Few bills have
available
demand
the
and
has
been
light.
reported by the Federal Reserve
Bank of New York for bills up to and including 90
days are %% bid and 7-16% asked; for bills running
for four months 9-16% bid and %% asked; for five
and six months, %% bid and 9-16% asked.
The
bill-buying rate of the New York Reserve Bank is
%% for bills running from 1 to 90 days,
Dealers' rates
as
was
changes this week in the
no
recent advances
on
Government
obligations are shown
The following is the
in the footnote to the table.
schedule of rates
now
in effect for the various classes
of paper at the different Reserve
DISCOUNT RATES
OF FEDERAL
banks:
RESERVE BANKS
Federal Reserve Bank
Effect
on
June 14
Boston....»
1
New York
1
Philadelphia...
IX
IX
Cleveland
Richmond
Atlanta
IX
*1X
Chicago
*1X
St. Louis
...
.....
Minneapolis
IX
Kansas City...
.....
Dallas
...
San Francisco.
^.uvoiiuco
*1X
uu vjuvwruiueui,
*1X
*1X
IX
Vy
,i-J\
Previous
Established
Rate
1, 1939
Aug. 27, 1937
Sept. 4, 1937
May 11, 1935
Aug. 27, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 3, 1937
IX
uuugations Dear a rate oi
»
The
new
and its general effect is to include
Belgium in the partnership established at that time.
The official rate of exchange now fixed between,
sterling and Belgian francs will be the same as the
rate between
sterling and the French franc, that is,
Belgian francs to the pound sterling.
United Kingdom and the
ties
with
and
will
tions
The
French monetary authori¬
provide the Belgian monetary authorities
pounds sterling
or
French francs
required,
as
Belgium will reciprocate by supplying Belgian
francs
Conversa¬
required by the other two partners.
are
under way to
include Holland in the arrange¬
ment, and announcement of its inclusion is
expected.
Undoubtedly the Swiss free market, the last remain¬
ing, will fall in line with the British plans.
must
be
the United States and
paid for either with dollars,
Swiss francs, or sterling
exchange
obtained from the British
control against dollars
change control prices.
No
more
francs at ex¬
licenses will be
or
given for the sale of United Kingdom securities owned
by persons resident outside the sterling-franc areas.
explained:
sterling balances which still remain
in
foreign hands
as
"This
means
that apart
fixed assets, will be the only
remaining form of capital which foreign holders can
realize on outside and removed from the country by
IX
2
2
2
2
2
2
way
y
,
of the free market for sterling.
."As the demand for sterling in the free market will
y
2
have
2
been
2
V,
2
.7;'
1%, enective sept. 1, lyoy,
Chicago; Sept. 16,1939, Atlanta, Kansas City and Dallas; Sept. 21, 1939, St. Louis.
tri¬
from such liquid
y''.y"
.<
Dale
Sept.
a
The Government
i",
Rale in
world price for
of the three nations.
Hereafter British exports to
rediscount rates of the Federal Reserve banks
a
June 8 when
agreement is based upon the Franco-British arrange¬
ment of last year
Switzerland
'HERE have been
on
Kingdom, France, and Belgium to regulate mutual
financial relations
Discount Rates of the Federal Reserve Banks
T
plan to enforce
further announced
partite agreement was concluded between the United
176.5
Bankers' Acceptances
been
sterling
A
and the
greatly reduced by the measures above
supply will be still further curtailed by cut¬
ting off the proceeds from the sale of securities, the
free
The Commercial &
150
Volume
United States for all dollar
be expected to become so narrow
shall be unable to deal in transactions of any
market may
that
we
transactions
also
insurance premiums
as
interest, ordinary
expenses,
trading
and sterling area
area
including such items
commissions, legal
practical
and they will cease to have much
size,
3715
Financial Chronicle
dividends,
exclud¬
approved dividends of subsidiary companies but
importance."
out¬
the same
effect will be achieved by extending the system of
payment agreements and special accounts which will
involving legal obligations,
those
ing all capital movements with possible exceptions of
As
regards transactions with other countries
sterling and Allied areas, broadly
side the
enable settlement to be effected in
the
hardship, &c.
Bank of
England suggest American banks may find it convenient set
aris¬
registered
with Bank of England.
Such sterling can be utilized for all
permissible purposes and Bank willing consider question of
swaps for
purpose
of establishing such special sterling
up
special official sterling accounts to cover operations
ing United States existence of these accounts to be
sterling through
The regula¬
channels at official rates.
official
Bank
accounts.
jute, rubber,
tin, whisky, furs, and diamonds to certain countries
(including Belgium, the Belgian Congo, Netherlands
and Netherlands Empire, and countries in Central
and South America) to be made in certain specified
foreign currencies or sterling obtained from the ex¬
change control against those currencies have now
been revoked in the case of exports to countries other
tions
requiring payment for exports of
transactions.
side dollar
ments
sterling
area.
tive in their
reactions and suggestions.
itself to the dollar, so
dollar
legally
.
,
'
.
Treasury statement said that
will
It
trade.
our
the
<
moreover
insure that full value is
which
are urgently required for payment for materials, food
stuffs, and munitions essential for the prosecution
in the form of currencies
,
,
,
;
sterling ex¬
the British authori¬
by London financial interests.
These interests
The
plan to have only one rate for
change has long been urged upon
ties
have also been
urging that the spread between the
and selling rate is too wide.
11 the Bank of England authorities sought
official buying
On June
the active
ing
a
cooperation of American banks in establish¬
fixed sterling rate in New York.
Bank of
Representa¬
United States banks in London met with
tives of five
England officials to work out plans to accom¬
A cablegram outlining the pro¬
received by R. F. Loree of the Foreign
Committee in New York.
The text
plish this purpose.
posals
was
Exchange
can
:'nf7
follows:
'■
■
June
It
11, 1940.
is
held at Bank of England this morning attended
by undersigned cooperation American banks was requested
establishing official rate of exchange in New York.
It
for
was
intimated that purpose is make such rate
effective in
based on the Bank of
the
free sterling market
will persist for an indefinite
market pounds as become avail¬
for gifts, emigrant remittances, and
open
including travel.
sharply.
,
Since foreigners can
.
believed that the
United States Treasury
Department will make every endeavor to
work in
of the British Treasury. The
Post Office Department on June 11
harmony with the plans
United States
orders at $4.10 to the
of $3.30. By rais¬
ing its price for sterling money orders to $4.10, the
Post Office was obviously calculating sterling at the
official Bank of England selling rate of $4,033^. The
Post Office Department buys sterling requirements
began to quote sterling money
pound, against the previous rate
ahead.
England note circulation continues to in¬
Bank of
The Bank's statement for the
cir¬
culation of £9,103,000.
This follows upon an in¬
crease last week of £12,938,000 and brings the total
to an all-time high record of £578,365,000, which
crease
at
a
rapid pace.
week ended June
12 shows another increase in
the holiday season
Dec. 27 of £554,615,983. It is expected
that circulation will continue to increase owing to
war conditions and can hardly be affected by holiday
compares
with the peak reached in
last year on
kind such as influenced circula¬
Both Britain and France have
had to cope with a vast refugee problem, both actual
and threatened.
Besides this, if a householder is
threatened with loss of his home and under the
necessity of caring for his family when normal ways
of life are interrupted, large cash holdings on the
requirements of any
tion in
person
normal times.
are
an
elemental precaution.
themselves have had to
till money
At meeting
willing to parti¬
replenish such balances by selling British securi¬
diminish
.
new
ex¬
ties, it is recognized that the supply of pounds other
than those furnished by the Bank of England will
exports either in the form of imports
into this country or
of the war."
be used
not
the new
sterling
regulations "will insure the benefit of a stable rate
both to ourselves and to the countries with whom we
received for
Such
able
that for all practical purposes
sterling-franc area.
of
dual market for pounds
period.
prohibited the sale of securities in the
United Kingdom by persons residing outside the
countries where sterling and French francs are used.
Both the United States and Canada are outside
A British
detailed
weeks, banks here are certain that a
within three
mentary order
the
elimination
the
effect
one
rate.
cross
more
ing in volume of business in outside pounds. Despite
the assertion that the London authorities intend to
rate of exchange, the sterlingThe British Treasury in a supple¬
only
now
.
England's sale of pounds, involving a further dwindl¬
regulations have the effect of linking
there is
Cable
v' "
The committee made it
cipate in settting up a system
other purposes
area are
a
clear that the New York banks are
make the London plan effec¬
sterling
requesting
planation of the proposals.
All countries in the
have taken or will
by mutual agreement allied to sterling,
London
cabled London
has
'
/
Foreign Exchange Committee in New York
The
areas.
While all countries in the
or
spread between buying and selling rates.
retain the
British Commonwealth of Nations
take immediate steps to
Purpose of foregoiing
with Sweden.
as
explained by bank is to have free sterling market disappear
within three weeks.
American banks will be permitted to
plan to conclude payment
its debts inside the
gradually disappear as similar arrange¬
will
area
being made
as
arrangements
with every country with which they have any im¬
portant commercial relationships. In each case these
agreements will include payment at the official cur¬
rent sterling-dollar
cross rate.
If£ such payment
agreements cannot be reached, the British intend to
take steps to see that any sterling due the recalcitrant
country is not used for any purpose other than to pay
The British
are
England will be willing to take the
of
American banks for all future exchange
Free sterling transactions with countries out¬
of
counterpart
Switzerland.
than the United States and
cases
The banks
increase the amount of their
far above ordinary figures in
anticipation
possible demands. All these requirements involve
increased note circulation, but the increase cannot at
of
this
juncture be
considered as in the least inflationary.
The Commercial & Financial Chronicle
3716
The demand for cash at this time is further
sized
was
(bank notes backed by Government bonds
only) by
£50,000,000 to £630,000,000.
The London money
no
change from
steady and unchanged,
are
1
Continental
Black
probably in the Bank of Eng-
the issuance of the
1-32%, 3- and 4-montljs bills at
On
dian and French Governments for close control
all
12 or more
the Mediterranean and the
Algeria, Bulgaria,
including Albania,
seas,
Syria, Turkey, Tunisia, and Yougoslavia.
The total exports of the United States to these
agreement was reached between the Cana-
an
on
Call money against bills
Bill rates are unchanged, with
the free market declines in importance.
as
June 8
bordering
Egypt, Greece, Hungary, Italy, Palestine, Rumania,
1.1-16%, and 6-months bills at 1}4%.
Canadian exchange has moved less irregularly this
week
and
area
loan,
new war
hourly.
supply at %%.
2-months bills at 1
Mediteranean
foreign exchange operations with
an(j
and interest rates and
which is expected
war
thereby has effectively disrupted international trade
countries
is in
exchanges
the
entrance into
although the market expects a reduction in discount
land rate following
development relating to the
is of course
Italy's
on June 10.
This action has
HT"HE most significant
resulted in the closing of the
market shows
Rates
weeks.
recent
Continental and Other Foreign Exchange
empha-
by the fact that this week the Bank of England
authorized to increase its fiduciary note issue
June IS, 1940
It is
a
broad payments
amounted
$50,361,000, while United States imports from
them fn the same period totaled $23,907,000.
Thus
the lira continues to be quoted in New York at
the Rome
over
foreign exchange similar to that in effect between
Canada and Great Britain.
countries in the first three months of 1940
to
It
pegged rate of 5.05 cents,
that
understood
fs
between
$40,000,000 and
$50,000,000 which is owed by the Italian Government
to the Bank of
Italy and which has been deposited in
agreement relating to control of foreign exchange
London since the last
involved in exports
the Allies.
hands
into the
"and imports and puts
of the
funds ruled between
The
a
discount of
22% and
dis-
a
18)4%.
taken from the
are
United States
Gold
and exports which
weekly statements of the
Department of Commerce and
cover
the end of
end
the
$3,549,323
r££^Re,imd Bumonni Coin Wpmeu-
3,928,264
Kingdom
,
3,567,477
Indies
......
Un*r"v,°f.So«U,t«h7
n""hi"",;70"o"7";V/T""1°
♦Chiefly $167,238 Canadian, $359,877 Mexico, $180,302 Peru,
"v:::
$195,005
'
.
,
,
.
,
Owing to the German advance on Paris traders
-n
exchange
on
business in French francs,
,
•
Pans.
Consequently
many
banks
both here and in London began quoting francs for
...
toc~"d
...
,
delivery
.
$1,268,953,000 gold was held under earmark for foreign account as of
m
.
On June 10 it
.
.
Vichy rather than
was
in
Pans.
reported in the New York market
that the Dutch Government had recently taken steps
,
.
,,
.
.
,
,
,
.
,
.
,
,
to insure that no foreign assets belonging to residents
May 31.
Referring to day-to-day rates sterling exchange
Saturday last
was
on
irregular but steadier than during
previous week in limited trading.
$3.65@$3.78; cable
transfers
Bankers' sight
were
$3.65H@
On Monday the free rate fluctuated widely on
$3.80.
slight transactions.
The
range was
S3.48%@S3.743^
for bankers'
sight and $3.49@$3.75 for cable transTuesday sterling fluctuated more widely,
On
Bankers'
sight
S3.48@S3.85.
steadier, but
was
$3.47H@$3.84; cable transfers
On Wednesday the market became
was
still limited.
The range was $3.73
@$3,803^ for bankers' sight and $3.72J^@$3.81 for
cable transfers.
On Thursday trading continued
limited.
sight
The statement was expected to show
%
.
.
on
ment for May 30 had already reached a record high.
or
lat^t monthly report of the Department of Commerce showed that
fers.
usual.
found difficulty in doing
Venezuela, $147,681 Saudi Arabia, $1,712,431 Philippine Islands.
ba"k8
linked with the pound
further sharp rise in circulation which, in the state-
3,545,467
281,870
during tt't^feirdTjune s
course
6, which should
141,603
Hongkong
its
upon
June 13, did not
a
35,339
.
of
published in New York
x.
483,186,141
indlallIIIIIIIIIIZIIIZIIZIIII"IIZIIIII
Italy embarked
have been
21,762,565
Canada
was
before
1934
statement for the week ended June
appear as
^
Switzerland
the
Latest
considerably.
It is especially noteworthy that the Bank of France
3,545,467
-$532,477,333
Netherlands
available to the Italian
Anglo-French agreement.
*$S2,390
...529,494,943
coin.-...
Total
ceylon
be confiscated by
December, 1938 and with $518,000,000 at
of
French exchange is
:.
ore and base bullion.
Brnisn
are
declined
have
now
Ethiopian campaign.
gold exports and imports, may 30 to june 5, inclusive
United
which
will
figures available are as of Dec. 31,1939 and stand at
the week ended June 5, 1940.
Refined bullion and
reserves
authorities
war
$144,000,000 which compares with $193,000,000 at
of gold imports
amounts
follow
foreign exchange control at
In the free market in New York Canadian
Ottawa.
count of
new power
The range was
and
$3.70@$3.78% for bankers'
S3.70J^@$3.79
for
Friday the market presented
cable
transfers.On
features.
within the occupied areas of Holland would fall into
the hands of the eneimy. By virtue of a royal decree
issued in London, where the Holland Government is
temporarily domiciled, the Government has taken
into its custody all such assets which might conceivably be confiscated. It is intended that these
assets shall be returned to their owners three months
after the termination of the war. The Dutch authorities also made it known that at present at least
there is no intention of mobilizing securities, bank
balances, &c., with the
purpose
of liquidating them
chest. The Dutch
made in this country
whereby Dutch balances were frozen by Presidential
in order to obtain funds for
action
supplements
a war
moves
proclamation.
The
Some New York banks have lately received cables
$3.6334@$3.713^ for bankers' sight and
S3.63%@S3.72 for cable transfers.
Closing quota-
from correspondent banks in Oslo and Copenhagen
tions
S3.683^2 for demand and S3.69
been blocked, that drafts upon such banks have been
for cable transfers.
Commercial sight bills finished
S3.66H, 60-day bills at S3.653^, 90-day bills not
received, and that they are being held for covering
at
remittances of kroner at the rate prevailing before the
range
no new
was
on
Friday
were
quoted and documents for payment (60 days) at
S3.653^.
Cotton and grain for payment closed at
S3.663^.
informing them that their balances there have
German invasion of Norway and Denmark.
there
are
many
who
hold
moderate
never
Since
amounts
of
Norwegian and Danish kroner here, banks find it
Volume
The
150
Commercial & Financial Chronicle
Gold Bullion in European Banks
possible to buy such exchange somewhat below the
old rate
and to
the
use
funds
to
obligations
meet
previously considered frozen.
The London check rate
at
on
ished
In New York
2.18
at
sight bills
transfers
on
on
on
Friday
Friday of
France fin¬
2.18, against
at
Italian lire closed at 5.05 for bank¬
2.16% and 2.17.
ers'
cable
and
sight bills and at 5.05 for cable transfers, against
5.05 and 5.05.
York,
Berlin marks
is exchange
nor
are
not
quoted in New
Holland,
Denmark,
(nominal).
Checks
Belgium.
and
closed
Sweden
on
British
statutory rate, 84s. ll%d. per fine ounce)
the
in
principal European banks
dates of most recent statements,
special
cable yesterday
shown for the
23.87
at
(nominal) and cable transfers at 23.87, against 23.86
23.86
Swiss francs closed at 22.42
(nominal).
for checks and at 22.42 for cable transfers,
and
22.41
22.41.
Spanish pesetas
against
nominally
are
Banks
1940
of-
by
us
comparisons
£
England
are
1937
£
:
£
1936
£
*884,921
Germany
*129,800,100
327,266,757
242,451,946
France
311,709,194
3,010,000
63,667,000
23,400,000
100,750,000
90,029,000
293,726,175
2,522,000
63,667,000
322,169,953
347,630,739
2,473,300
87,323,000
212,801,774
326,497,049
25,232,000
25,232,000
42,575,000
49,874.000
104.071,000
49,303,000
23,983,000
6,553,000
6,604,000
b3,379,800
•
Spain
c63.667.000
al7,440,000
e97,714,000
Italy
Netherlands
34,111,000
29,102,000
102,627,000
83,595,000
25,769,000
6,505,000
6,555,000
6,540,000
6,548,000
6,667,000
Sweden
.
94,171,000
76,703,000
74,332,000
8,222,000
7,442,000
6,602,000
el32.857.000
86,730,000
Switzerland
Denmark
123,398,000
98,858,000
41,994,000
Nat. Belg__
_
Norway
700,290,667
Prev. week.
692,777,784
*
1938
1939
£
2,334,500
88,097,000
870,111,294 1,029,930,932 1,104,140,992 1,022,693,233
861,744,802 1,030,136,112 1,104,061,502 1,033,683,086
Pursuant to the Currency and Bank Notes
statements lor March
Act, 1939, the Bank of England
1, 1939 and since have carried the gold holdings of the Bank
at the market value current as of the statement date, Instead of the statutory price
which
On the market price basis (168s. per fine
formerly the basis of value.
was
the Bank reported holdings of £1,749,893; equivalent, however, to only
£884,921 at the statutory rate (84s. 11 Hid. per fine ounce), according to
calculations.
In order to make the current figure com parable with former periods
ounce)
about
our
quoted at 9.25, against 9.25.
(Friday);
corresponding dates in the previous
Total week.
and
of respective
as
reported to
four years:
Poland, Czechoslovakia,
on
Ex¬
change on Finland closed at 2.04 (nominal), against
2.04 (nominal).
Exchange on Bucharest closed at
0.50
(nominal), against 0.50 (nominal).
Greek
exchanged closed at 0.70 (nominal), against 0.71
Norway,
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
;
France closed
176.50-176.75, against 176.50-176.75
last week.
3717
as
well
with the figures for other countries in the tabulation, we show English
as
holdings in the above in statutory pounds.
a
EXCHANGEsteady South the officially pegged
on the far
American countries
continues
so
rates
has
concerned.
are
been inclined to weakness
weeks.
In
declined
sharply to 21.50 in irregular trading, but
same
the previous close...
much
The
during the past few
Wednesday's market the Argentine peso
recovered the
as
as
However, free market exchange
as
100
day to 22.05, off 25 points from
During the week the
of the Bank as of March 7,
In accordance with the decree of Feb. 29, 1940, at the
prior to the latest revalorization
rate of 23.34 mg. gold 0.9 fine equals one franc;
the value of the Bank's gold holdings was calculated, In accordance with the decree
of Nov. 13, 1938, at 27.5 mg. gold 0.9 fine per franc; previously and subsequent
23, 1937, gold in the Bank
to July
was
valued at 43 mg. gold 0.9 fine per franc;
49 mg. to the franc; prior to Sept.
before then and after Sept. 26, 1936, there were
1936, 65.5 mg. gold 0.9 fine equaled one franc.
Taking the pound sterling
at the English statutory rate (7.9881 gr. gold ll-12th fine equals £1 sterling), the
sterling eauivalent of 349 francs gold in the Bank of France is now Just about £1;
26,
at 27.6 mg. gold to the franc the rate was about
were
296 francs to the £1; when there
43 mg. gold to the franc the rate was about 190 francs to the £1; when 49 mg.
165 francs
about
per
£1, when 65.5 mg., about 12
francs equaled £1.
Argentina
Brazilian mil-
Chilean
ex¬
change is nominally quoted at 5.17, against 5.17.
Peru is
1939, latest figures available,
b Gold holdings of the
and "reserves in foreign cur¬
"deposits held abroad"
As of April 30, 1938, latest figure available,
e Prior to Invasion.
The value of gold held by the Bank of France was reval«sd with the statement
c
free market peso closed at
or
quoted at 5.15, against 5.15.
are
varied
Bank of Germany include
rencies."
points.
Argentine official
22.00@22.20, against 22.50@22.60.
reis
range
Amount held Dec. 31,
nominally quoted at 15%, against 15%.
The "Economist" of London referred to
in 1936
solid
hint
as
"the youngest great
Argentina
nation"—a tribute to
achievement, and, at the same time, a useful
as
to the sound
approach for
any
review of that
—♦—
Argentina
country.
EXCHANGEpresent mixed Eastern countries con¬
on the Far trends. The Japanese
United States
as
it
has
was
in the
tinues to
yen
is steady
it is linked to the dollar at the rate
as
of 23.46 cents per yen.
inclined
and
British
pound.
to
The Indian
firmness
in
is
is steady
with
the
This wreek the rate for the rupee has
hardly varied from 30.31
dollar
rupee
sympathy
inclined
to
Wednesday's market 48 points
a
having
moved in
on
the day.
The
tendency toward firmness
early in the week but declined in Wednesday's trad¬
ing in New York 40 points to 6.40, which however
above last
was
The
Friday's close.
outstanding feature of the Far Eastern situa¬
tion is the
conclusion of
an
agreement on June 12
between Great Britain and Japan
settling the Tientsin
dispute which has disturbed Anglo-Japanese rela¬
tions for more than a year.
The agreement covers
the maintenance of law and order and the silver and
may
not be very helpful as the differ¬
ences,
not only in population but also in numerous
other
respects, are many.
Americans may
their
Hongkong
cents.
weakness,
Shanghai dollar showed
The
comparison
years
country
own
questions.
About one-third of the Chinese
Government's silver reserve, now in the foreign con¬
cessions
at
Tientsin, is to be appropriated for the
relief of the Chinese
be
populace and the remainder is to
placed in joint British and Japanese custody
pending a final settlement.
Closing quotations for yen checks yesterday were
23.45, against 23.46 on Friday of last week.
Hong¬
kong closed at 23.10, against 23%; Shanghai at 6%,
against 5%; Manila at 49.85, against 49.85; Singa¬
pore
at 47%, against 47%; Bombay at 30.30, against
30.30; and Calcutta at 30.30, against 30.30.
In making it, however,
be humored, for they realize that
declared
its
independence
of
40
before Argentina did, and the comparison rec¬
ognizes the principal real similarity in the
the
histories
nations—namely, that each has made
two
great progress since its start
in practically virgin
territory.
Perhaps a more fruitful comparison is that which
brings out Argentina's leading economic
its
it
position in
sphere—South America. Some years ago
said that the Argentines did almost half the
own
was
business of the South
American continent, though
possessing only about one-eighth of the total popu¬
lation.
While Brazil is much richer in the raw ma¬
terials essential to
currency
compared to the
eighteen nineties. The
been
moderate industry, and is awak¬
of its potential wealth,
relative ad¬
in the economic development of her posses¬
ening to the importance
Argentina appears to be retaining her
vantage
sions.
While Argentine
territory covers only about
America, the figures given out last
year show that the railway system of the country
equals 42.6% of the entire South American railway
mileage, and occupies the sixth place in the worl<L
15% of South
Her merchant
of all South
50% of the
marine constitutes some 26% of that
America, and she is said to
automobiles.
the value of
own over
It has been estimated that
her exports equals that of the combined
The Commercial & Financial Chronicle
3718
Chile, Ecuador, Paraguay,
exports of Brazil, Bolivia,
With less cattle than Brazil,
Peru, and Venezuela.
Argentina is not only the world's largest hide and
exporter, but consumes at home about 73% of
meat
product, the Argentine people being per capita
world's largest meat eaters (299 lbs as con-
the
the
trasted with the
corresponding figure for the United
gtates—125 lbs.).
Argentina claims proudly that she has never defaulted
on
domestic
of her economic obligations—either
any
or
foreign—and has fulfilled them without
curtailing either the amount of the capital she had
obtained or the interest agreed upon.
The
population of Argentina, according to the
12,958,217, and is composed
1939 official estimates is
almost
entirely of Europeans and their descendants,
indigenous Indian races, mainly in the northern
The
border territories
ber of
total, perhaps, 50,000.
The
Negroes in Argentina is negligible.
of course,
num-
Settled,
originally by the Spaniards, the tide of
immigration which began in the fifties of the last
century was 47% Italian, 33% Spanish, 4% French,
3% Russian (including many Russians of German
descent), 2% German, and 11% of 60 other peoples.
Spaniards, Italians and Poles have
Of recent years
June 15, 1940
Spain, the
has always
manifested great respect and sympathy for the cultural and scientific attainments of France. So much
so that Mr. Philip Guedalla, the English historian,
stated in his book "Argentine Tango"^ published in
While culturally greatly indebted to
Argentine intellectual and social elite
1933—mainly about his then recent visit to Argentina—that he had noted only a few English scientific works in the library of the
Faculty of Medicine
it may be said that
in Buenos Aires. Incidentally,
Mr. Cyrus Townsend Brady Jr.
in a pamphlet pub-
lished in 1938 by the Instituto Cultural ArgentinoNorte Americano reports that the Faculty now has
a
large collection of such works in the English lanbut by American authors, ordered through
guage,
He $lso indicates an increasing inlife and ideas,
inspired rather curiously by Hollywood movies, and
increased through knowledge of the English language, by reading our books and periodicals.
The
cultural influence between Argentina and its foreign residents has been limited both ways by the
latter's tendency to live in "colonies."
Great Britain, through placement of capital, and
due to no little extent to the confidence she has inthe Institute.
terest and familiarity with American
the immigrants. Immi-
spired because of her advice and cooperation in the
gration figures do not, however, give more than a
fields of finance, practical economics and international politics, has exerted a very considerable influence in Argentina. Since the Ottawa Conference,
and Great Britain's consequent greater commitments to buy from the dominions, that influence has
sensibly decreased.
The Conservatives, still in
power in the Federal Government owing to a coalition with Bight Wing Radicals of whom President
Ortiz is an adherent, are said to be, as much as ever,
favorably disposed to the British. The Radicals—
the largest single party returned to the Lower House
in the recent elections—are less so.
The outstanding fact which must be emphasized
if Argentina is to be understood at all, is that wholly
apart from racial origins and outside influences the
nation is making great progress in developing a cultural life solidly her own. She confidently believes
in her destiny to be among the great regional
leaders, free from all condescending tutelage or limitations which outsiders may attempt to impose. In
been most numerous among
general idea of the make up of Argentina's
very
pop-
ulation, for a large number of the immigrants went
home, either because they came only for a seasonal
temporary sojourn, or for other reasons.
or
The
predominant race is Spanish.
According to the figpublished in the New York "Times" of last Sun-
ures
day, and said to be reliable estimates by Italians
and Germans
living in Argentina, there
Italians and 250,000
are
3,000,000
Germans living there : this how-
ever,
includes those of the respective stocks up to
three
generations. There has long been a tendency for
the
of
men
the
the
among
older
arrivals to
newer
Creole lineage,
the latter to marry women
families.
are
not easy
in 1937 that the native
was
more
than
recently entered
more
Therefore, exact figures
tributions
scent
of
marry women
and for the men of
to reach.
as
It
to ethnic dis-
estimated
was
population of European de-
10
millions, and the foreign
population, almost exclusively European, 2,500,000.
Of the net increase of
from births and
cent
of
200,000 in 1937, 85%
15% from immigration.
came
More
re-
percentage figures place the native population
European descent at 77.4%; those with traces of
native Indian blood at
3.1%, and the foreigners at
19.5%.
In
were
in the last
war,
throughout which Argentina
remained neutral, but in fact is said to have been
more
useful to the Allies in some respects, through
the supply of material, than was the United States
spite of increasing effort to counteract it the
drift to the cities is
life.
the present crisis the sympathies of the great ma-
jority of the people have been with the Allies, as they
a
A recent survey
marked feature of
Argentine
by the Argentine Industrial
before she entered that war.
Buenos
Aires,
except
one,
All newspapers of
have
been
pro-Ally,
Nevertheless, the belief that too great commitments
Union reports that practically all of the increase of
to
the
ments with outside nations must be avoided in the
population during the 25
amounting
absorbed
to
approximately
by industry, and
population is virtually the
of
a
ending in 1938,
years
5,000,600 has
commerce.
same as
it
been
The rural
was a
quarter
century ago, that is to say about 3,000,000. The
city of Buenos Aires and its suburbs have
gate population of 3,592,000.
one
side
or
the other, or that too close entangle-
paramount interests of Argentina is widespread. In
common
with many other South American countries
she fears that
we may
present European
attempt to involve her in the
war.
Argentina has been greatly improving her educa-
an aggre-
area
tional system, both quantitatively and qualitatively,
great municipality, some 5,065,000 Argentines
In 1937 nearly 1,900,000 children were enrolled in
(nearly 39% of the total) live in eight cities, only
12,568 primary schools—about 90% of those of ele-
as one
one
of which has
The old
a
Including that
population of less than 100,000.
Spanish Creole element still exercises sub-
stantial control
over
the
politics and
economy
of the
nation, and dominates the trend of its social life,
mentary school
5
or
age
(6 to 13 years).
An additional
6% attended private schools, which also in-
eluded
secondary training.
schools, known
as
The state secondary
"colegios nacionales" in 1938
num-
Volume
The
150
3719
Commercial & Financial Chronicle
Argentina has six
Cordoba
farms were worked by their owners; 55% were oper¬
ated under share cropping arrangements. In the
These instischools—have
of late years increasingly fulfilled the mission of a
more
general advancement of learning and explora-
principal pampa provinces of Buenos Aires, Santa
Fe, and Cordoba, owners with more than 2,500 acres
represented, in 1924, respectively 68%, 67% and 52%
of the total area. In the 18 years preceding 1924
the decrease of the proportion of these proprietors
in the Buenos Aires province was only 1%.
Sporadically in the more remote past, and, more
recently with greater continuity of effort, legislation and other Governmental action, supplemented
by the cooperation of private and semi-private organizations, have concentrated on this problem of
securing a stake in the soil for larger numbers and
the important related one of the tenant farmer.
While recognizing the sincerity of the effort, on the
whole foreign sources appear to believe that it has
bered 190 with
34,000 students.
The University of
ational Universities.
founded 22 years
was
before Harvard.
tutions—long primarily professional
tion of the
possibilities of science.
international conferences, not only in the
In many
field
of
relating to
diplomacy, but also in those
science, law, and education the Argentine represenimpressive intellectual quali-
tatives have revealed
ties,
and
of the subject matter under
grasp
characteristics of
social and conversational graces
the
;
discussion,
well as
ready facility of expository speech, as
highest type of Latin culture.
Argentina is 1,078,278 square miles in extent, or
The number of the inhabitants per
United States.
States.
However, as we have seen
tine
three per square
over
of the vast
even
and known
of
the
as
Argentine Pampas, which is the
,
.
.,
.
,
,
accurately defined its area is subject to
The figure is somewhere be-
The Pam-
200,000 and 300,000 square miles.
Within its
contain the bulk of the farm lands.
along its borders, are located most of
or
large cities of the country, including Buenos
The eastern areas of the
Pampas
are
largely given
agriculture, the western to cattle raising, but the
line is not
sharply drawn nor are the activities mu-
For instance, approximately half
tually exclusive.
of the
exported wheat production has been inciden-
tal to cattle
In the north the native cattle
raising.
breeds, immune to malarial attacks, feed on the wild
Elsewhere in the pampas the fine imported
grass.
cross-bred stocks require the
or
alfalfa.
The
richer sustenance of
system ordinarily employed in break-
ing up and preparing the ground for alfalfa, is to
raise three
the alfalfa
when
four crops
or
of wheat, and then to
sow
seed, repeating the process in later years
soil
the
is
growing
appears
usually
to require it.
done
by
This wheat
migratory
tenant
farmers—frequently Italians—operating under cropsharing contracts stipulating often rather unfavorable terms for the active agent.
After fulfilling his
contracts in the course of from three to five years
the tenant moves on in search of similar
opportuni-
The characteristic feature of the
Argentine
large ranches.
and
15%
by absentee
forms of production.
b/thelr
owners,
ownerS(
45% by renters
share croppers and other
Of the producers 60% were Argentines
an<i 46% foreigners.
Agriculture, stockbreeding, and the industries
dealing with their products are the main economic
eco-
south
in
Patagonia,
where
great
ranches
breed
The large estates—sqpie of them small
em-
pires—are owned mainly by the old Creole element,
though some of the largest represent foreign investIn
1924
Argentina had only 120,000 small
If they were
in proportion to the similar
holdings in the United States they would amount to
2,000,000.
cows,
43.7 million sheep, 3.9 million pigs, 4.8 million
goats and over 8 million horses. 28.7% of the land
is especially adaptable for cereal and flax (linseed)
crops; 39.1% is suitable for pastoral, and, to a certain extent, also for agricultural purposes; 17.9% is
forest area and 14.3% will probably always be unproductive. These figures showing the distribution
according to potential development, when compared
with the distribution of the land according to actual
development, indicate that there is in prospect for
Argentina a long continued increase in her importance as an agricultural country. For while 44.4%
of the land is employed in pastoral uses, only 10.8%
is under cultivation. It is to be noted that even the
present acreage is so large as to place the country in
the front rank after the cultivated areas of China,
According to the 1937 figures, Argentina is the
logic, in the much less fertile lands of the
farmers.
hitherto exploited. Corn, wheat, oats, fodder, barley, and, of course, meat are all produced on a large
scale. According to the 1937 census the country had
33 million head of cattle, including 2.8 million dairy
world's largest producer of linseed ((49.3% of the
total) and quebracho extract (tanin) of which she
produces 81.6% of the world supply. She is the seeond largest producer of corn, wool, casein and yerba
mate. She ranks third in producing beef and horses,
fourth as a producer of sheep, and fifth with respect
to mutton output.
Argentina's foreign trade has played a vitally important part in her economic development. 1937
witnessed special activity in that respect. In 1938 a
recession occurred as with us. In 1939 the balance
of payments improved and the figures for the first
nomic
ment.
carried out in 439,874 separate undertakings, of which
of
This is true
only in the Pampas but also with greater
sheep.
were
Iloarly 40% were operated
they
use
rural lands has been the extent to which
have been divided into
not
substantial breaking up of large
India, United States and Soviet Russia.
ties elsewhere.
its
a
activities and source of wealth of Argentina as
Aires.
to
in the last two decades
siderably. In 1936 agricultural and stock breeding activities
,
,
confines,
the
the diffi-
Since its northern and western limits
a
varying estimates..
tween
This is
treeless, grassy, fertile prairie
adequatifto
culty and size of the problem involved, especially in
the direction of affording new peoples substantial
opportunity to settle in the rural areas. However,
Argentine data indicates that, at least, a real start
has been made. A pamphlet entitled "The Argen¬
tine Republic," published in 1937, says:
estates has taken place and farm ownership has risen con-
,
cannot be
pas
The great rural
not yet reached proportions
proportion of the wealth of the
large
so
Argentines.
,
who thus average
mile.
consequently sparsely settled.
are,
source
rural population,
the
compose
areas
United
only 3,390,000
mile is 11.8, compared with 43.8 in the
square
little
continental
of
size
the
one-third
approximately
Only
a
third of the Argentine small
four months of
1940 indicates so far the highest ex¬
if 1937, is excepted. 96% of
Argentina's exports consisted, in 1937, of corn,
wheat, oats, linseed, cotton, meats, wool, hides and
other pastoral and agricultural products.
From
nearly 1/3 to % of her production of these various
supplies were exported. Her imports have consisted
ports for ten years,
semi-manufactured articles,
and
manufactured
of
chiefly capital goods, but including a great variety
of other
imports.
Argentina's great dependence for her prosperity
upon the products/direct and indirect, of her agri¬
cultural and livestock
activities, as well
of domestic industries
capable of supplying her with
as
her lack
during the last war, when her old sources of such
though temporarily, not
supplies were suddenly,
An effort was then made to profit by the
available.
lesson of the
lesson was
In the bustling 1920s the
experience.
The world depression
partly forgotten.
beginning in 1929 drove the lesson home again with
Since then sustained endeavor to
renewed force.
place the country's prosperity on a broader, securer
foundation has occurred and has been intensified by
The aim has been to
the recession of 1938.
the nation's economic activities
establishment of
ing the
far
as
encourag¬
manufacturing and,
possible, mining industries, as well
as
as
by
a
systematic and diverse utilization of the great
more
agricultural
sired
to
are
domestic
the
new
chiefly, by
diversify
resources
of the country.
create new
The ends de¬
employment, increase the
consumption and avoid the fluctuations in
ence on
The difficulties to be
result
be obtained
can
lacks coal and
small.
not
are
Argentina
iron, the materials at the basis of
industrial
modern
before the desired
overcome
endeavor.
There
is
some
coal,
especially in the western territory of Neuquen. The
latter
deposits have long been known to exist but
owing
transportation
to
nothing had been done
other
and
on a
difficulties,
commercial scale.
Re¬
Argentine Industrial Union announced that fig¬
ures for the critical years 1932 to 1938 inclusive in¬
Argentina's purchases abroad—notwith¬
dicate that
development—have risen to
In 1932 her
imports amounted to 832 million pesos and they
gradually increased by 75% until they reached the
figure of 1,461 million pesos in 1938. During the
standing her industrial
greater degree than her exports.
far
a
period her exports increased only 9% from
same
1,288 million pesos in 1932 to 1,400 million pesos in
1938.
This is to be taken as a signal for renewed
report, however, shows that of 5,560,000
The same
persons
employed in Argentina in 1938, 2,600,000
engaged in industry; that is to say more than
were
two and a
half times the 1,050,000 employed in agri¬
materials
It is expected that
deliveries of
ture
Government
tiated.
to
trary
one
trainload
experiments indicate that,
expectation
the
quality to Cardiff coal.
iron
and
seems
at
copper
daily will be ini¬
is
product
There
are
deposits in the
likely, however, that for
a
con¬
superior in
said to be rich
same
region.
It
considerable period,
least, these minerals will not figure largely in
any
also indicates that while the
The country also possesses
to
petroleum.
According
figures published in the New York "Tribune" last
agricultural output of
was
ucts
1,040 million pesos, the values added to the raw
1,570 million pesos and the livestock prod¬
materials
by industrialization amounted to 2,570
million pesos.
of
Thus it is evident that the industries
Argentina play an important role in the economic
activities of that
during the 30
It
country.
be added that
may
preceding 1937 the total national
years
consumption more than doubled, while the
tage thereof supplied by national
creased from 60 %
The program
to 73 %.
of protecting, developing and plan¬
ning the national economy has been studied and
able
a
with
on
increasing intensity by the Govern¬
under the
ment
man
leadership of President Ortiz,
who served the
key cabinet position and who,
mind the
some
believe, has in
resumption of relations with his old party
—the main
body of Radicals.
established in 1931.
Exchange control
Foreign trade and
new as
old industries
are
as
possible,
to promote internal economic self-
so as
In
correlated and
some cases
or government
directed,
minimum prices
subsidies
of domestic
will
soon
consumption, at least
meet the needs
as
dustrial activities of the
country are
the
present scale.
industrial
as
the in¬
maintained
on
Another great source of modern
power—water in movement—exists but
and
are pre¬
In
support a high degree of economic nationalism
sound
on as
The
1938
a
basis
as
may
be.
Argentine trade with the United States in
and
1939 has
1938, 140,707,500
Exports:
been:
United States
1939, $61,920,000.
;
Imports:
United States
1938, $86,772,000; 1939, $71,067,000.
According to Argentine figures her imports from
the United States
58,792,718
1939.
during the first four months of
pesos
110,225,558
pesos
During that period the United States
was
against
for the corresponding period of
was
The
the
pro¬
26.8% compared with 14.9% for the
first four months of 1939.
The
States
Argentines prefer to think
as
complementing
with their
economy.
will
will
spite of the effort to promote local industries,
this
far
short the aim is to attain with Government action
yet been developed to any important extent.
has not
In
long
as
granted.
are
portion
It is expected that the pro¬
was
well
as
500,0-00 gallons
source
an
previous administration in
principal supplier of Argentine imports.
a year.
percen¬
production in¬
Sunday, the oil wells of Patagonia produce 660,duction from this
raw
The report
1938
1940 amounted in value to
great scale industrial development.
Of course, these
dependent for their
agriculture and livestock.
on
sufficiency.
deposits has revived.
breeding.
those
include
industries
scribed,
shortly exploitation will begin and in the near fu¬
livestock
and
culture
cently, because of high coal prices and the difficulty
these
situation.
effort to correct the
of
securing deliveries from abroad, the interest in
1940
In April
imports is still largely as great as ever.
carried
foreign trade.
15,
the
country's prosperity experienced by it in the
past, owing, as it believes, to its excessive depend¬
June
to be that the country's dependence
the fact seems
on
much needed goods, led to a difficult situation
many
Chronicle
The Commercial & Financial
3720
of the United
rather than
competing
It is to be hoped that this view
always be accurate, and that the same principle
apply in the field of international politics in
hemisphere.
3721
Commercial A Financial Chronicle
The
ISO
to send them into battle would be
To the Brink
o.
xu
iTv
.
r
St.
the
From
are now revealed to
-.am
,,
t
.
"Post-Dispatch," June 11, 1940
Louis
all but declared war
yester-
day.
fortunately,
only
Congress of the United States, the elected rep-
He did
not
this is still
the
all the way because,
go
democracy and, under our system,
a
resentatives of the
But the
people,
Europe, the United States is actually unprepared to
softly and carry
opened his speech with the words:
country is still at least technically at
going to take advantage of it and ask the
are
we
President
questions.
some
But, first of all,
brief
airplanes and armored tanks—we haven't got either
should like to draw a very
we
Roosevelt
Franklin
between
contrast
to sell or to give?
and
Has the President read the recently issued report
Woodrow Wilson. Wilson led the United States into
in 1917 after
war
long period in which he did his
a
of the Senate Naval Committee, which says that for
He led us into
the United States to go to war would mean a tragic
sacrifice of the nation's liberties and assets? Does
he know that the committee, after carefully interviewing high-ranking officers of our armed forces,
says that the United States is not prepared to give
agonizing best to keep
us
out of it.
only after a long series of overt acts by Ger-
war
against the United States—the sinking of our
many
ships and the killing of
This
time
there
our
are
no
against the United States.
sunk.
Our
people
are
citizens.
acts
overt
Our ships
by Germany
the Allies concrete help by intervening now, and will,
not being
are
only jeopardize its own welfare by doing so?
Roosevelt,
not being killed.
The Naval Committee's report . . . should be required reading for the President. It asks a question,
however, is doing his agonizing best to get us into
the
of
And he is
war.
we can now measure
All the
States
without the approval
so
It asks: "Why not face the basic military and
economic fact that it is not within our power or
means to create military or naval establishments of
sufficient strength to police the world, but that it is
within our power and means to prevent others from
transporting their wars to this hemisphere?"
Mr. Roosevelt talks about the European shambles
in terms of words like justice, freedom, liberty.
too.
public opinion accurately,
polls show that the people of the United
overwhelmingly opposed to going to
are
Is this
or
doing
In contrast with the situation in
public opinion.
1917,
a
democracy or isn't it ?
their elected
war.
Are the people
representatives to be consulted
on a
question of the utmost gravity—a question that involves the blood of American
men—or
Is it not true that Roosevelt has
the very
not?
fever without permitting the Italian
express
so
that, for
a year or more,
with
obsessed
i
Roosevelt
foreign policy as to
ne-
glect domestic issues and, worse, as to neglect the
economic and military preparation of
our
country for the trying times that may be ahead?
Mr.
Roosevelt, of course, sincerely believes that
the defeat of the Allies would endanger the United
States, and this sentiment is shared by millions of
his
countrymen, including this newspaper, but what
is the sensible
thing to do under the circumstances?
Is it to enter the
we
assume,
in
war
defenses in
our own
If
a
Europe
rational
or
is it to build up
way?
European
Will it
for the sake of discussion, that this
war,
with what will the country fight?
fight with
an army
which is microscopic
compared to the great legions of Germany, Italy and
France?
Will it
fight with its
Pacific bare to the
it
navy
and leave the
marauding ships of Japan?
fight with its handful of anti-aircraft
sufficient in number to
sized
city?
guard
even one
Will
guns, not
moderately
Will it fight with its 300 B-18 bombers,
of which General
Arnold, chief of
our
concerned about many
principles?
Is it not true that the war started in September of
last year when Hitler invaded Poland and the declared reason for the entrance of France and Britain
was to protect Poland.
Was Poland a democracy?
Ask the poor peasants of Poland, crushed under the
heels of the Polish landlords, about that. Ask the
Jews of Poland, who suffered the Polish brand of
pogrom long before the Hitler brand was invented,
Justice, freedom, liberty, yes!' These were the
things we went to war for in 1917 and what hap-
Instead of making the world safe for deushered in the era of dictatorships, the
age of the monstrous Hitler, the ghoulish Mussolini,
Is it not true that we are witnessing in Europe
a, tremendous convulsion of forces, of rival imperialisms, of have-not nations versus have nations, of
age-old hatreds, of age-old quarrels? Is it not a
radical oversimplification of a vast historical upheaval to describe it in the terms used by Mr. Roosepened?
mocracy, we
country is ready and willing to follow Roosevelt into
a
things, but is it not true that the war
peo-
their true convictions?
Is it not true
has been
proper
precious
in Europe is
other things besides abstract
Those are precious words and those are
proceeded along
lines that Mussolini did, namely, to work
up a war
pie to
by this? By what authority does
It is of a piece with the remainder of the President's speech—one of the most reckless speeches ever
made by an American statesman. Is it not a fact
that both Britain and France have billions of dollars
earmarked for purchases in this country, and is it
not also a fact that the things they need—modern
questions to ask the world."
while the Bill of Rights is still functioning,
peace,
mean
he make such a statement?
'Every generation of young men and women in
While the
This Roosevelt speaks
sources
What does he
America has
big stick."
The President said yesterday that the material reof the nation would be offered to the Allies.'
This is what Roosevelt
has done.
The President
a
loudly and has nothing to back it up.
President, with his immense power, can
lead the Nation to the brink.
have three vital defects?
defend its own shores. And why, since this is the
undeniable fact, does Roosevelt all but declare war
on the dictators?
His fifth cousin said: "Speak
declare war.
can
Will it
Far from being able to fight in
Obviously not.
President Roosevelt
suicide?
fight with its few so-called flying fortresses, which
;
air force, said
velt?
Mr. Roosevelt did his best to keep the war from
happening. He failed. Now his job is to be President of the United States of America.
The Commercial & Financial Chronicle
3722
Gross and Net
all intents and
To
1940
Earnings of United States Railroads for the Month of April
railroad operations in
purposes,
the
this year,
were
vastly
Gains in both
same
month of 1939.
and net
were
sharp, when the two periods
1929
1932
1938
profit¬
more
able than in the
1939
1940
April
United States during April,
Freight Traffic:
Car loadings, all (cara).e *2,494,369 *2,225,188 *2,126,471 *2,229,173 *3,989,142
gross
Cotton
earnings
June 15,
South¬
receipts,
226,040
59,146
166,138
348,872
230,269
6,192
ports (bales) _f—
ern
are con¬
5,705
2,657
6,316
2,420
17,546
7,673
1,753
1,692
11,282
4,785
3,60a
Livestock receipts: g
But
trasted.
to
large degree the improvement
a
merely
Chicago (cars)
Kansas City (care)
Omaha (care)
Western flour and grain
2,012
—
the
from
results
revenues
artificially
depressed
occasioned in April, 1939, by
Middle Western
which it is
the two
now
the strike which laid
hampered operations for
a
possible to record, in
a
It is
the other hand, that there is still
Iron
real progress
of
of
some
disabilities.
their
such
a
World War
other
general advance of American business
degree by the European
was
stimulated to
and Steel
days make the future obscure and uncertain.
note that gross
we
to
All
last year, a gain of $39,250,678 or
totaled
13.94%.
some
of $21,204,832
or
case
Pocahontas
1940,
as
creased
region moved
up
more
gross
than
month of
than 10 times.
earnings.
parison which
Month of
It is not, therefore,
we now
earnings in the
1940
1939
Inc.
(+)
upon
the
on
to the
net. *
of
a
receipts and
revenue
loadings for the
car
month of
April, 1940, as compared with the same month of
1939, 1938, 1932 and 1929. On examination it will readily be
seen that, with the
exception of the building industry and
anthracite coal production, the
output of all the industries
covered was, in greater or less
degree,
very
much larger than
in the
corresponding month of 1939. A substantial increase,
too, as might be expected, is shown in the number of cars
revenue
freight.
southern outports also
were
able to show increases in
are
of $100,000, and
excess
Receipts of cotton at the
were on a
greatly increased scale,
as
the
receipts at the western primary markets (taking
them collectively) of the various farm
products. The live¬
stock
receipts, however, at the leading cattle markets (taking
them as a whole) fell below those of a
year ago.
roads are
seven
of
Outstanding
more
and net, with increases of $6,222,714 and
the
respectively;
gross
reporting
1940
1939
1938
1932
1929
a
gain of $3,555,997 in gross and of
a
gain of $4,121,410 in
(These figures
cover
and of $1,159,246 in
gross
the operations of the New York
the result is
an
gross
Pittsburgh &
increase in
trucks, &c.)_a._
decrease in gross and
Line, showing
a
and net earnings,
find the
we
$565,384 in
In the
$315,224 in net, and the Atlantic Coast
decrease of $104,224 in gross and of $538,565
following table
we
show all changes for the
separate roads and systems for amounts in excess of $100,000,
whether increases
or
decreases, and in both
CHANGES
PRINCIPAL
IN
GROSS
'
<
'
'•>
gross
EARNINGS
and net:
FOR
Increase
Increase
$6,222,714 Minn. St.P. & S.S.Marie
5,128,098 Seaboard Air Line
New York Central
a4,121,410 Dul. Miss. & Iron Range
Norfolk & Western
3,555,997 Western Pacific
Baltimore & Ohio
2,497,625 Wabash..
Louisville & Nashville
1,915,525 Yazoo & Miss. Valley
Atchison Top. & Santa Fe
1,718,443 Chic. Burl. & Quincy...
Southern Pacific (2 rds.).
1,530,215 Elgin Joliet & Eastern
Virginian.
1,389,508 Montour
$253,246
217,981
Chesapeake & Ohio
Pennsylvania
Great Northern
Northern Pacific
Chic.Milw.St. P.&Pac.
337,375
219,110
148,326
822,106
750,086
714,425
196,388
179,364
177,255
177,157
■
Det. & Toledo 8hore Line
139,635
120,868
Central of
120,849
Georgia
112,220
Denv. & Rio Gr. Western
Pittsburgh & Lake Erie
Southern
587,797
Reading
576,372
558,661
544,906
107,407
643,516 Pittsburgh & West Va
612,379 Cambria & Indiana
Pere Marquette
N. Y. Chic. & 8t. Louis.
Western Maryland
Grand Trunk Western
104.494
$39,355,451
Total (42 roads)
Decrease
$344,503
477,588 Lehigh Valley
Chicago & No. Western.
Wheeling & Lake Erie
474,628
445,581
Illinois Central
Bessemer & Lake Erie
350,946
Del. Lack. & Western
Monongahela
300,231
247.124
208,525
156.146
N.Y. & N. H. & Hartford
343,035 N.Y. Ont. & Western
315,418 Long Island
Missouri Pacific
Chic. Rock Isl. & Pac...
Union Pacific
Clinchfield
298,631
297,172
269,096
145,357
104,224
Atlantic Coast Line
$1,506,110
Total (7 roads)
Cincinnati Northern, and Evansville Indianapolis & Terre Haute.
$300,504
$330,030
$222,016
$121,705
$642,061
CHANGES
IN
MONTH
Goal
Bituminous, c
NET
EARNINGS
FOR
and the
Central,
Includ¬
^
THE
OF APRIL
*
(net tons):
Pa. anthracite.d
146,611
140,098
621,910
Building ($000):
Constr. contr. awarded b
THE
OF APRIL
MONTH
PRINCIPAL
432,746
of
gross
Among the roads
ing Pittsburgh & Lake Erie, the result is an increase of $4,733,789.
Automobiles (units):
Production (passenger
care,
with
RR.,
Pennsylvania
and $2,661,077 in net; the Norfolk &
These figures cover the operations of the New York Central
leased lines—Cleveland Cincinnatti Chicago & St. Louis, Michigan
,
the
the Chesapeake & Ohio, which heads the
are
a
April
than
among
able to show gains in both gross and net
during the month under
freight
attention
our
net; the New York New Haven & Hartford, with $300,231
simplified
we have brought together in the subjoined table the
figures indicative of activity in the more important in¬
dustries, together with those pertaining to grain, cotton and
with
Turning
with the results shown in the general
showing decreases in both
(—)
activity in relation to its bearing
the railroads
(number of
applies exclusively to the
whole.
$4,733,789 and of $1,394,214 in net.)
review,
loaded
said above
Lake Erie is included,
$54,422,823 + $21,204,832 +38.96%
In order to indicate in
of trade
measure
revenues
livestock
1 American Iron
k "Iron Age."
Four weeks.
Central and its leased lines; when, however, the
com¬
general business position and its effects
carrier earnings.
form the
x
and $1,625,262 in net, and the New York Central,
in net.
now
g Reported by major stock yard companies
April, 1940, 42 roads
earnings in
reporting
232,924
—623
233,547
—0.27%
$320,764,087 $281,513,409 +$39,250,678 + 13.94%
245,136.432 227,090,586
+ 18,045,846
+7.95%
to earnings..
(76.42)
(80.67)
$75,627,655
f Com¬
Association of American Railroads,
of the net earnings, 34 roads report gains
gross
region,
or Dec.
Commission,
Coal
Bituminous
Illinois Central, with $247,124 loss in gross and
Net earnings
We turn
e
(figures for 37
b F. W. Dodge Corp.
National
$2,452,611 in net; the Baltimore & Ohio, with $2,497,625 in
Mileage of 132 roads
Gross earnings
Operating expenses
Ratio of expenses
c
National Lumber Manufacturers' Association
consonance
In
Western,
111% in April,
unfavorable
Mountains),
separate roads and systems, we find the ex¬
$4,524,446,
present in statistical form:
^
April
an
*668,608
m
$5,128,098 in
productive fields just west of the Alleghanies
located, extraordinary advances also were recorded in
are
*730,583
*901.805
h New York Produce Exchange,
earnings alike
where the great
carrier
*832,117
*868,897
*916.823
list in both gross
The degree
In the Central Eastern
*472,963 *1,635,789
*554,510 *1,686,481
*506,510 *1,653.561
*707,857
*877,408
roads and systems
against that month of 1939, while net earnings in¬
more
955,244
1,410,784
$100,000, and nine roads decreases.
to which the coal strike in 1939 affected the carrier financial
picture is best indicated by the fact that
1,541,277
2,149,327
obliged to report decreases above that amount, and in the
Net earnings
38.96%.
2,302,918
*893,913
Rocky
the
to
gross
$75,627,655 in April, against $54,422,523 in that
month of 1939, a gain
4,102,140
5,530,588
*15,566
3,352,774
3,137,019
3,974,706
that has been
totals.
Meanwhile,
same
*817
—
Institute,
hibits in
a
earnings of the carriers in April amounted
$320,764,087, against $281,513,409 in the
*2,788
*405
railroads of the country as a
but the stirring events of recent
war,
*8,848
*2,067
*484
reporting mills varies in the different years).
now
It is apparent that
*4,850
*4,329
*914
piled from private telegraphic reports,
indefinitely.
earnings profoundly.
*4,243
*5,313
...
of
east
In each city,
developments naturally tend to influence the
trend of railroad
x4,324
*5,909
*1,498
d United States Bureau of Mines,
legislation long has been
measure
*3,998
United States Bureau of the Census,
States
ments, apparently designed to influence the labor vote, will
permitted to halt the
*15,792
Note—Figures In above table Issued by:
recognized and it is to be hoped that obstructionist amend¬
not be
*12,642
*9,279
V
Steel
Shlpments.m
Commission,
special competitive and
The need for
&
Product Ion.m
effecting other adjustments which would relieve the
railroads
*1,700
xJ0,316
*27,427
—
Orders received .m
aimed at bringing water carriers
within the control of the Interstate Commerce
*1,448
*12,090
Lumber (000 feet):
necessary
with the so-called omnibus railroad legislation,
the Wheeler-Lea bill,
*1,516
*10,868
(net tons)
Pig Iron production-k_.
Steel Ingot production.!.
indication of
no
*1,770
*15,819
Rye (000 bushels)
comparison between
7,719
*1,596
Barley (000 bushels)..
months, is the general advance of business within the
to note, on
and
Oats (000 bushels)
,
*26,446
Corn (000 bushels)
time in the
i
1,712
receipts: h
Flour (000 barrels).._
Wheat (000 bushels)..
Also contributing to the betterment
areas.
United States which occurred late last year.
or
railroad
industry in the Appalachian
low the bituminous coal mining
fields and which also
of
levels
32,962,000
3,747,000
9,627,000 21,671,000 20,300,000 44,057,000
5,296,000 3,138,000 5,629,000 6,205,000
Increase
Increase
Louisville & Nashville—
Chesapeake & Ohio
Pennsylvania
$4,524,446
Norfolk & Western
2,452,611 Atchison Top. & SanteKe
1,625,262 Chic. Mil. St. P. & Pac..
al,159,246 Great Northern
1, 83,960 Southern Pacific (2 rds.)
Baltimore & Ohio
New York Central
Virginian...
2,661,077
Northern
Pacific
_
$1,068.408
647,168
569.063
471.243
466,573
466,541
Volume
The Commercial
150
Increase.
Increase.
Chic. Rock Isl. & Pac
428,551 Western Pacific
380,610
Grand Trunk Western
Total (34
337,270
332,424
Wheeling & Lake Erie
301,398 Illinois Central
301,291 Atlantic Coast Line
292,991 Lehigh Valley
257,205 N. Y. N. H. & Hartford.
Monongahela
Pittsburgh & Lake Erie.
234,968
Southern
Bessemer & Lake Erie
Minn. St.P. & S.S.Marie
Clinchfield
Dul. Miss. & Iron Range
Denv. & Rio Gr. Western
a
These figures cover
538,565
319,958
315,224
192,277
164,642
163,192
129,149
104,124
Central ofN.J
Erie.
•——«
St. Louis Southwestern..
N. Y. Ont. & Western...
153,422
Total. (9
145,933
$2,492,515
roads)
the operations of the New York
west of a line from
of the Northwestern Region
Chicago to Peoria and thence to St. Louis, and north of a line
and by the Mexican boundary
to the Pacific.
$565,384
Del. Lack. & Western—
220,668
217,704
192,403
192,102
_
and by the Columbia River to the Pacific.
from St. Louis to Kansas City and thence to El Paso
Decrease
309,702
Union Pacific
adjoining Canada lying west of the
Omaha and thence to Portland,
Northwestern Region—Comprises the section
Great Lakes Region, north of a line from Chicago to
Central Western Region—Comprises the section south
$22,771,756
roads)
Reading..
Western Maryland
N. Y. Chic. & St. Louis.
Missouri Pacific
WESTERN DISTRICT
,
$142,621
127,832
103,265
$455,078 Chic. Burl. & Quincy
448,720 Elgin Joliet & Eastern—
J
Pere Marquette
Chic. & North Western..
3723
& Financial Chronicle
Central and the
Michigan Central,
Cincinnati Northern, and Evansville Indianapolis & Terre Haute. Includ¬
ing Pittsburgh & Lake Erie the result is an increase of $1,394,214.
leased lines—Cleveland Cincinnati Chicago & St. Louis,
v
+
.
y':.
■'
,
,
Southwestern Region—Comprises the section
lying between the Mississippi River
City and thence to El Paso,
south of St. Louis and a line from St. Louis to Kansas
and by the Rio Grande to the Gulf of Mexico.
The
grain traffic
over
lectively) in April the present
scale
of
v
and oats, all the
corn
different cereals in greater or less
Altogether, the receipts
degree contributed to the increase.
at the western
primary markets of the five staples, wheat,
oats, barley and rye, in the four
corn,
greatly increased
year was on a
compared with April, 1939. And, with the exception
as
,
(taking them col¬
western roads
weeks ended April 27,
1940, aggregated 48,719,000 bushels as against only
When,
is
as
our
their location, the
wittL the figures for the
according
divisions,
geographical
the roads in groups or
custom, we arrange
to
returns, it is seen, are in consonance
All the three great districts—the Eastern,
separate roads.
the Southern and the
Western—together with all the various
regions comprising these districts, show increases
in both
in the
same
1929 totaled 43,811,000
we
of the regions is very
(in the Southern District)
(It is proper to state, however,
and 1,122.34% in the net.
that last
minous
gross
the Pocahontas region, owing to the bitu¬
year
coal
less than 111.27 % in the gross
no
strike, suffered
WESTERN FLOUR AND GRAIN RECEIPTS
net in the northwestern
sharp contraction of both
a
region (Western District) is 68.05%
the
and in the Great Lakes and central eastern regions (in
27
Four Weeks Ended April
Flour
Wheat
Corn
Oats
(Bbls.)
(Bush.)
(Bush.)
(Bush.)
862
(000 Omitted)
Year
Chicago.................J
1940
768
1939
831
1,360
1,664
81
770
605
947
892
2,489
931
764
522
2,416
by
we
group
groups
is
as
As previously explained,
below.
the roads to conform with the classification of the
The boundaries of the
Interstate Commerce Commission.
various groups and regions are
67
339
880
185
149
705
2
362
57
15
1,582
14
283
900
54
1939
120
1,758
1940
57
10
15
1940
548
295
139
18
1939
265
227
285
12
2
1940
Toledo.
953
489
57
mmmm
3
1,134
1,493
1,925
622
10
2
1940
502
491
1,030
456
38
237
1939
——
512
730
562
218
7
178
1940
Kansas
174
92
1,374
360
45
1939
204
158
1,622
206
106
1940
Peoria.. ...........
98
4,963
973
42
104
3,666
840
200
City...
St. Joseph
1939
Wichita
............
Total all
1939
1940
District and Region
$
Eastern District—
:.>
Inc. (+) or Dec.
$
13,185,759
13,224,197
60,282,220
53.333,150
65,357,433
(10 roads)
Great Lakes region (23 roads)
Total
55,741,558
+38,438
+6,949,070 + 13.03
+9,615,875 + 17.25
mmmm
Southern region (27 roads)
Pocahontas region (4 roads)
21,163,582
65,224,582
50,759,345 + 14,465,237 + 28.50
30,770,175
34,267,729
58.237,875
24,170,051
(15 roads)
54,217,677
+3,497,554 + 11.37
+ 7.41
+4,020,198
23,505,745
+ 664,306
+8,182,058
12,090
Year
(000 Omitted)
Corn
Oats
(Bush.)
(Bush.)
(Bush.)
4,928
7,705
254
5,244
3,546
3,532
2,224
1,770
Total all districts (132 roads)
Toledo
2,674
19,678
3,571
3,795
33,903
16,340
11,116
16,950
1,517
624
3,773
3,054
1,573
864
991
141
642
1,248
6,982
92
100
6,073
2,211
2,676
2,365
4,092
63
28
64
13
1,112
*257
306
*19
3,268
3
4,549
1940
2,095
2,166
1939
Louis......—...
2,194
3,273
1939
+
%
Inc. ( + ) or Dec.
(—)
—137,743
—4.22
+2,353,942
+22.40
17,607,460
+5,503,774
+45.47
33,596,388
25,876,415
+7,719,973
+29.83
3,126,027
Great Lakes region
26,219
12,862.901
Cent. East, region.
24,517
24,593
57,382
57,580
Total
all.......——|
Diet
+ 5.94
+596,997
+8,004,003 +1122.34
6,063
6,057
8,717,155
10,043,386
713,152
44,350
44,472
19,357,538
10,756,538
+8,601,000
+79.96
Northwest'n region
45,682
45,810
Southwest* n region
29,144
56,326
29,359
5,001,397
4,631,984
+2,455,722
+2,058,724
+369,413
10,640,383
2,980
802
9,549,315
+21.56
+7.98
131,192 131,495
22,673,729
17,789,870
+4,883,859
+27.45
232,924 233,547
75,627,655
54,422,823 +21,204,832
+38.96
the classification of the Interstate
Commerce Commission, and the following indicates the confines of the different
groups and regions:
NOTE—Our grouping of the roads conforms to
EASTERN
338
669
689
541
823
673
742
4,089
9
19
1
1940
1
1939
outports.
II
1
90
lit til l1<JI I
•
2
453
1
•
1
t
**92
379
996
190
4^» »H-4
Qi O
236
72,893
52,398
49,910
19,423
22,724
6,849
4,307
24,998
23,601
«
i
1
429
....
•
1
1940
7,054
1939
8,352
50,765
southern roads was also very
both as regards the
receipts at the southern
overland totaled 102,129 bales as
bales in April, 1939, but comparing
bales in 1938. Eleven years ago (1929) gross
Gross shipments
against only 59,346
overland shipments
and
of cotton totaled only 47,514 bales,
April, 1932 dropped to 27,869 bales. Details of the port
movement of the staple for the last three years are set out
in
in the table which
RECEIPTS OF
follows:
COTTON AT
SOUTHERN PORTS FOR THE MONTH OF
APRIL AND
DISTRICT
SINCE JAN. 1
Since Jan. 1
Month of April
Ports
Region—Comprises the New England States.
1940
1938
1939
1940
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.
4,008
I
I
of cotton and the
overland shipments
with 129,579
Diet.—
New England
816
13,470
213
than in April a year ago,
+ 68.05
56,366
6,064,293
11,608,039
3.608,571
Cent. West, region
Total.
1,033
322
The cotton movement over
much larger
776
241
12,122
1940
|
8
114
246
463
383
1940
$
3,263,770
10,508,959
12,103,686
6,768
137
931
738
844
1940
City
173
797
1939
Sioux
950
103
1939
Joseph
397
1,762
1,096
1,260
2,974
6,205
6,705
3,376
1939
1940
1939
.
1940
Earnings
6,722
26,143
1,977
2,162
1,441
7,845
9,391
3,612
1940
1939
Western
52
2,232
1,473
1939
St.
2,791
3,623
12
1940
Wichita
region
4,098
3,996
11,039
10,414
3,562
1940
Milwaukee....—.—.—
St.
Net
Total.
Rye
(Bush.) (Bush.)
1940
Kansas City—
Pocahontas
Barley
Wheat
(Bbls.)
1940
320,764,087 281,513,409 +39,250,678 + 13.94
38,415
5,313
1940
--
.
Minneapolis
Peoria..—.———
Mileage
914"
1939
Chlnago
+ 7.54
(20 roads)
38,287
5,909
15,819
+2.83
116,675,655 108,493,597
Southern
1,498
1,770
Indianapolis and Omaha...
Total (50 roads)...............
Southern region...
34
3,998
4,324
Months Ended April 27
1939
Central Western region (15 roads)..
Total.
13
12
1939
..{
40,742,000
Western District—
1940
7
48
10,868
1939
Total (31 roads)................
District-
21
109
178
26,446
1939
+8.15
+3,319,000
10,017,345 + 11,146,237 +111.27
Eastern
....
158
'
1,596
Duluth ..................
44,061,000
New Engl, region
....
mm*~
mmmm
mm
Flour
%
+0.29
Southern District—
District & Region
mm
mmmm
.
(—)
138,863,850 122,260,467 + 16,603,383 + 13.58
Southwestern region
■
.......
mmrnm
1939
(18 roads)...
(51 roads)
Northwestern region
mmrnm
1940
Four
Central Eastern region
mmmm
2
65
1940
1939
New England region
72
122
GROUPS—MONTH OF APRIL
Gross Earnings
:
1,139
mmmm
307
mmmm
mm
2
1
1,085
1939
mm
186
134
mmm m
1940
373
....
129
322
1940
.
Sioux City
SUMMARY BY
:
1
1939
Indianapolis and Omaha..
St. Louis
indicated in the footnote to
the table *
127
4,099
1939
1939
Our
District), 22.40% and 45.47%, respectively.
Eastern
summary
1,079
4,319
4,513
5,488
1940
Milwaukee
81
1,268
59
1939
Duluth
Barley
(Bush.)
Rye
(Bush.)
12,871
1940
Minneapolis
The percentage of increase of the
and net revenues.)
In the table which follows
bushels.
form:
of the net, it will be noted, of several
high, reaching in the Pocahontas region
period of 1932 the
same
give the details of the western grain traffic in our usual
and net earnings alike, with the single exception that
in the case of the net earnings, the New England region in the
Eastern District records a decrease. The percentage of gains,
case
In the
month of 1938.
grain movement reached only 29,243,000 bushels and back in
gross
particularly in the
38,-
460,000 bushels in April last year, and 46,799,000 bushels
1939
1938
Great Lakes
section south of the Great Lakes Region
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.,
and a line thence to the southwestern corner of Maryland and by the Potomac
Central Eastern Region—Comprises the
River to its mouth.
Galveston
Houston.
—
Ac
Corpus Christ!
Brownsville
Beaumont
New
..........
Wilmington
Pocahontas
Region—Comprises the section north of the southern boundary
thence by the Potomac
River to Its mouth.
of
north to Parkersburg, W. Va.,
southwestern corner of Maryland and
Norfolk
590
3,443
99,923
129,296
16,023
365,596
357,153
12,854
4,176
529,457
41,924
1,991
9,980
20,309
4,639
17,366
14,688
151
124
575
""255
"
2*312
13,736
28,659
5,324
86,310
882,649
161,029
9,030
80,594
23 174
469
20,297
17,178
1,034
7,215
471
1,329
525
2,040
8
154
4,219
677
492
19
36
86
1,057
289
639
562
1,056
2,660
613
1,390
2,864
9,213
6
120
..
13
20
226,040
Jacksonville..
Total
28,866
455,786
549,802
4,560
Lake Charles
eastern boundary of
Virginia, east of Kentucky and the Ohio River
15,596
1,762
29
—
Charleston
of the Ohio River to a point near Kenova,
and south of a line from Parkersburg to the
32,076
9,912
Savannah
the section east of the Mississippi River and south
W. Va., and a line thence following the
Kentucky and the southern boundary of Virginia to the Atlantic.
54
97,465
Orleans
Mobile
Pensacola
SOUTHERN DISTRICT
Southern Region—Comprises
48,387
63,370
5,424
59,146
166,138 2,038,348
445,105 1,378,393
The Commercial & Financial Chronicle
3724
1199062435
the
In
subjoined table we give
of the April
a summary
1119992232683405
387
Bond prices
Of
11992430408376
19
Year
Preceding
Inc.
Year
Preced'g
+ 12.52
197.024.777
+ 28,831,397
+ 14.63
—7,514,070
+ 4,538,251
+24,188,770
—8,517,270
—3,394,464
+ 50,941,052
+ 37,819,634
+ 50,134,914
+ 17.986,895
+ 12,117,424
+ 3i;075,286
—15,866,410
+ 105,578,442
—48,242,116
—1,696,103
+25,818,489
—1,464,574
—24,437,149
+ 38,291,124
—63,195,964
—3.32
245,170,143
236,531,600
237,696,378
220,981,373
245,048,870
241,090,842
237,512,648
288,740,653
1918
369,409,895
319,274,981
1919.....
388,697,894
370,710,999
389,487,271
402,281,913
432,106,647
416,808,970
522,336,874
474,287,768
401,604,695
433,357,199
416,240,237
521,387,412
474,094,758
472,591,665
498.448.309
497,212,491
1920.....
1927-....
472,629,820
498,677,065
473,428,231
513,076,026
450,537,217
497,865,380
474,784,902
369.106.310
450,567,319
369,123,100
267,480,682
224,565,926
265,037,296
274,144,735
312.822.778
350,792,144
267,686,764
281,513,409
267,473,938
1933.....
227,300,543
1934..—+
265,022,239
274,185,053
312,908,137
350,958,792
1935
1930.....
267,741,177
281,513,409
320,764,087
513,733,181
—1.41
224,625
228,973
236,693
236.722
240,740
243,513
247,701
+ 21.45
246,615
+2.10
+ 10.95
—3.48
of the called
years.
236,515
241,547
+25.39
—9.24
235,963
235,665
—0.36
236,664
236,518
238,183
236,045
236,526
+ 3.11
+ 7.72
—3.67
+ 5.46
—0.29
—4.91
231,755
233,251
220,918
234,338
+ 8.07
—12.30
242,375
242,632
242,574
—40,180,139
+ 40,456,313
—15.02
241,976
241,680
242,160
+ 9,147,757
+ 18.02
+ 3.45
+ 38,763,402
+ 14.14
+ 38,136,014
+ 12.19
-83,050,967
—23.68
+ 13,827,645
+ 5.17
+ 39,250,678
+ 13.94
the
that
sustained in recent
236,389
234,739
With but
233,547
Year
Year
Given
Preceding
$62,380,527
$50,787,440
+ $11,593,087
+ 22.83
62,409,630
+ 4,316,266
—1,941,639
—2.91
63,888,490
68,082,336
60,024,235
69,266,322
67,396,538
93,257,886
91,678,695
89,943,898
44,716,664
1,862,451
57,474,860
80,386,815
59,398,711
67,515,544
93,092,395
93,318,041
89,982,415
44,850,096
def2,875,447
57,658,213
80,614,943
118,627,158
101,680,719
102,861,475
114,685,151
113,643,766
1916-......
...
1923.
1926...
1927.
...
Texas
Cent
of
in
+ 38.13
+ 3.51
6s
—50.14
+ 2995.82
+ 23,040,083
+40.09
+ 38,240,343
—21,294,242
+ 5,389,790
—17.32
+ 11,764,296
+ 11.43
—774,126
■—0.68
—2.56
65,214,202
—2,910,862
+ 25,937,085
—34,815,878
—23,885,970
—22,922,356
—3,676,793
+ 13,612,958
+ 53,730
+ 13,112,171
78.326.822
89,532.796
48,717,237
+ 11,202,672
+ 14.30
—40,818,983
+ 5,705,586
—45.59
54.422.823
+ 21,204,832
con v.
company
a
obli¬
4s, 1952 gained 2\i at 109.
4^s-63^s, 1944 gained 53^ points at 76.
The high-grade tobacco issues,
gaining 3 points at 96.
Liggett and Lorillard, have been strong.
+ 0.06
+ 55,795,762
1959, which gained better than
Papers have been steady to higher, with the International
—1.04
—r-1,696,280
—45,093,802
—47,592,111
Steels have been up fractions to just
Among machinery and machine tool
while the R. Hoe
+ 13.92
+ 60,155
+ 38.96
51,640,515
65,252,005
some
movement
The
and oils gained fractionally, excepting the
gations, the Allis Chalmers
+ 6.92
+25,695,857
79,185.676
56,261,840
weeks.
few exceptions, the entire industrial list ad¬
a
Corporation 3s,
point.
—9.28
—6,927,619
+ 2,039,869
—625,524
+ 8,249,222
122,974,961
97,471,685
102,920,855
114,417,892
113,818,315
110,884,575
141,939,648
103,030,623
110,907,453
136,821,660
107,123,770
79,144,653
56,263,320
52,585,047
65,253,473
65,305,735
78,326,373
89,520,494
48,713,813
54,422,823
75,627,655
...
Per
(+) or
(—)
Decrease
66,709,729
Defaulted rail
Lower grades showed pronounced strength.
materially.
234,372
233,555
232,924
of
66,725,896
64,768,090
67,960,871
60,122,205
was
phone & Telegraph 3^8, 1966, Consumers Power 3^s,
1967, New York Edison 3 J^s, 1966, and others have advanced
238,208
April
1912.......
An¬
Plan
high grades has been quite vigorous and American Tele¬
241,113
239,129
short of 2 points
1911.......
Bond
241,992
239,109
237,995
237,028
236,093
233,928
Net Earnings
1910.......
Maine
Utility bonds of all descriptions have recovered
the losses
Month
1909
&
participated in gains.
vanced this week.
Increase
Boston
prices of which showed losses.
the week,
bonds
238,904
240,816
242,181
—27.54
1% note issue due in 3^
operative caused active trading in the road's issues during
237,187
—18.08
a
.
nouncement
235,839
—81,461,009
-101,649,162
The Treasury completed its refunding
Z%% bonds with
Virginia 4Hs, 1960, gained \}/i points at 46^.
West
219,743
239,852
240.956
Wednesday
ister
245,773
248,120
248.723
in mid-week.
on
High-grade railroad bonds have moved forward to reg¬
small gains.
An improved tone also has prevailed
among medium-grade and speculative rail issues.
Pennsyl¬
vania 3 Ms, 1970, advanced % point to 84; Pittsburgh &
245,170
233,884
232,708
221,725
220,340
234.955
234,970
+4.85
time.
been marking
221,755
+ 13.10
power
Governments
S.
erately over a two-week period, while governments have
223,794
233,082
233,057
+ 15.70
in U.
high-grade corporates, the latter having advanced mod¬
Year
Given
226,002,657
216,140,214
225,856,174
218,488,587
220,678,465
1917—.—
1.85
—
Among foreign bonds Argentine issues continued to decline
—93.57
but showed
American
+ 47.57
guayan
+ 5.53
list
late resistance.
some
The balance of the South
department continued under
and Uru¬
pressure
bonds suffered losses of several points. The European
been
has
depressed with French 7s losing another 7
points; Danish and Norwegian issues have been soft and
Italians sold off several points upon the country's entrance
+ 23.39
—24.53
into the
—23 18
—28.95
war.
issues and
—6.54
+ 26.36
There has been
some
late strength in Belgian
Germany's Dawes and Young loans rallied after
Canadian issues have been in better de¬
earlier set-backs.
+ 0.08
and Australians registered gains.
mand
+ 20.11
Japanese closed
higher.
Moody's computed bond prices and bond yield
are given in the following tables:
,
+ 11.71
MOODY'S BOND PRICES t
MOODY'S BOND YIELD AVERAGES
(Based on Average Yields)
averages
f
(Based on Individual Closing Prices)
'
U.
S.
1940
Govt.
Daily
Bonds
Averages
All
120
120 Domestic Corporate *
120 Domestic
bg Ratings
Corporate by Groups *
Domes¬
All
1940
tic
Corp.*
Aa
Baa
RR.
105.04
121.27
117.50
105.41
82.66
90.44
13— 113.93
104.85
120.59
117.29
105.22
82.53
12—
113.82
104.48
120.14
116.86
104.85
82.40
li--
113.12
103.74
119.92
116.21
104.48
P.
U.
Indus.
112.45
114.72
90.29
112.25
114.30
89.99
111.84
113.89
81.35
89.25
111.43
113.27
11
103.74
119.69
116.21
104.48
81.35
89-25
111.43
119.69
116.64
104.67
81.74
89.55
111.64
103.93
119.47
116.43
104.48
81.87
89.40
111.43
103.74
119.25
116.21
104.30
81.61
89.25
111.43
Corp.
113.07
2.93
3.73
3.75
mm
m
—
-
8
81.61
89.25
111.23
113.07
81.61
89.25
111.23
113.07
4
104.11
81.48
89.25
111.03
112.66
1-.
113.13
103.56
118.60
116.21
104.11
81.48
89.25
111.03
112.66.
Weekly—
May 31— 113.14
103.56
118.60
116.21
13.093
81.61
89.25
111.
3
112.66
May 31
1
113.06
103.56
118.81
115.57
104.11
81.87
89.69
111.03
112.25
4.60
3.35
5.16
4.62
3.37
3.27
3.79
2.99
3.16
3.75
5.24
4.67
3.39
3.30
3.79
3.00
3.16
3.75
5.24
4.67
3.39
3.31
3.23
3.25
3.00
3.14
3.74
5.21
4.65
3.38
3.01
3.15
3.75
5.20
4.66
3.39
3.30
3.02
3.16
3.76
5.22
4.67
3.39
3.31
3.02
3.15
3.80
3.03
3.16
3.77
5.22
4.67
3.40
3.31
3.81
3.05
3.17
3.77
5.23
4.67
3.41
3.33
3.80
3.05
3.16
3.77
5.23
4.67
3.41
3.33
3.80
3.05
3.16
3.78
5.22
4.67
3.41
3.33
3.04
3.19
3.77
5.20
4.64
3.41
3.35
3.68
2.97
3.09
3.68
4.97
4.47
3.33
3.23
2.84
3.02
3.57
4.73
4.30
3.23
3.50
2.82
2.97
3.53
4.69
4.28
3.19
3.04
3.52
2.82
2.98
3.56
4.72
4.31
3.22
3.04
mm
113.73
105.79
120.37
117.72
105.79
84.96
92.28
112.66
114.72
17
mm
24
17-
10
115.51
108.46
123.33
119.25
107.88
88.36
94.97
114.72
117.72
3— 116.36
109.24
123.79
120.37
108.66
88.95
95.29
115.57
118.81
120.14
108.08
88.51
94.81
114.93
118.81
-
3.
m
Apr. 26—1?—
19-. 115.94
108.46
123.56
119.92
107.30
88.07
94.33
114.51
12.. 116.38
118.38
19
108.27
123.56
119.69
107.11
87.93
94.33
114.30
118.38
5— 117.10
124.25
119.92
107.30
88.51
94.81
114.51
118.81
5
87.49
93.85
m
mm
12
108.66
Mar.29.. 116.87
107.88
123.56
119.25
106.92
21.. 116.36
107.69
113.89
118.38
3.77
5.22
4.67
3.40
3.29
3.31
119.03
106.36
87.49
93.85
113.68
117.94
21
107.49
123.33
118.81
107.17
87.35
93.69
113.68
117.50
15
107.49
123.10
106.17
87.21
93.69
113.07
117.72
8
105.79
87.07
93.53
112.86
117.07
3.09
1
2.83
2.99
3.60
4.75
'4.34
3.24
3.06
3.55
mm
— mm
Mar. 29
123.56
116.74
8.. 116.03
118.38
5.15
3.73
Weekly*—'
24..
122.63
3.71
3.13
3.79
3——
107.11
3.11
2.98
3.78
5
104.11
116.00
115.42
2.96
3.54
104.11
116.21
—
Indus.
3.80
116.43
119.03
118.60
1
U.
3.34
3.79
119.25
103.38
118.38
P.
4.59
rn'm
103.74
103.56
15..
RR.
5.14
3.77
113.05
123.79
Baa
3.70
mm
3..
108.85
A
Aa
3.10
■mm
7
6
■
4— 113.12
Apr. 26-. 116.18
Aaa
3.72
5__ 113.05
10-
Corporate by Groups
12——
113.27
113.06
6—
120 Domestic
by Ratings
13—
113.48
7— 113.15
Averages
June 14.
113.07
104.11
120 Domestic Corporate
WC, [M.
10
113.02
8— 113.12
10..
120
Domes-
Daily
Aaa
114.73
June 14-.
4
Per
Cent
$196,993,104 $175,071,604 +$21,921,500
-
288,453,700
326,560,287
1199432608475
(+) or
(—)
Dec.
1940
tended to restore the former spread between Governments
Mileage
and
Year
Given
t.
:■
April
revealed definite rallying
substantial rise
A
Month
,
15,
The Course of the Bond Market
comparisons of the gross and net earnings of the railroads
of the country for each year back to and including 1909:
Gross Earnings
June
2.83
3.00
3.61
4.76
4.34
3.25
3.06
3.53
2.80
2.99
3.60
4.72
4.31
3.24
3.04
3.54
3.57
mm
mm
mm
2.83
3.02
3.62
4.79
3.27
3.08
3.58
2.83
3.03
3.65
4.79
4.37
3.28
3.08
3.59
2.84
3.04
3.66
4.80
4.38
3.28
3.10
3.59
2.85
3.06
3.66
4.81
4.38
3.31
3.09
3.61
2.87
3.06
3.68
4.82
4.39
3.32
3.12
3.60'
mm
2.85
3.05
3.68
4.83
4.37
3.33
4.37
Feb.23.. 115.32
107.30
123.10
118.60
105.79
86.92
93.85
112.66
117.07
16.. 115.48
Feb. 23
107.49
123.33
118.81
105.98
87.07
94.01
112.86
117.50
115.44
3.59
2.84
3.04
3.67
4.82
4.36
3.32
107 30
16
3.10
122.86
118.81
105.98
86.92
94.01
112.66
2.. 115.43
117.29
9
3 60
2.86
3.04
3.67
4.83
4.36
3.33
3.11
106.92
122.63
118.60
105.41
86.78
93.69
112.45
116.86
115.54
2
2.87
3.05
3.70
4.84
'4.38
3.34
106.92
3.62
122.63
118.38
105.41
86.64
93.69
112.25
20- 115.65
116.86
3.62
2.87
3.06
3.70
4.85
4.38
3.35
3.13
106.54
122.40
117.94
105.41
86.21
93.21
112.25
116.43
3.64
2.88
3.08
3.70
4.88
4.41
3.35
3.15
3.63
2.88
3.07
3.69
4.80
4.39
3.35
3.14
3 62
2.86
3.09
3.69
4.82
4.37
3.34
3.14
3.81
3.05
3.19
3.78
5.24
4.68
3.42
3.49
2.80
2.96
3.51
4.67
4.26
3.17
3.02
4.00
3.34
3.55
4.10
5.26
4 76
3.76
3.04
3.62
2.88
3.05
3.71
4.77
4.34
3.30
3.15
3.70
2.92
3.13
3.87
4.89
4.46
3.43
3.22
4.43
3.24
3.69
4.43
6.37
5.84
3.91
3.55
9..
Jan.
27..
13.. 115.96
Jan.
27
20
106.73
122.40
118.16
105.60
86.50
93.53
112.25
116.64
116.03
106.92
122.86
117.72
105.60
87.07
93.85
High 1940 117.18
112.45
116.64
109.44
124.25
120.59
109.05
89.25
95.62
116.00
119.25
mm
High 1940
6._
Low
13
6
1940 113.02
103.38
118.60
115.57
103.93
81.35
89.10
High 1939 117.72
110.83
112.05
106.92
Low 1940
122.40
118.60
105.22
87.78
94.33
Low
112.05
116 43
100.00
High 1939
98.28
81.09
87.93
104.30
106.54
Low 1939
mm
June 14, 1939.
1
1939 108.77
112.45
108.27
Yr. Ago
Junel4'39 117.10
105.41
92.90
116.86
102.30
86.07
92.43
110.63
114.93
114.51
105.60
92.90
68.47
74.10
101.58
108.27
1«V*I
+
ftver^^ thf
^ ?
I
mm
3.36
2 Years Ago—
June 14, 1938.
"
"veiuse yieias on me Dasis oi one "typical" Dond (4% coupon, maturing In 30 years), and do not purport to snow eitner tne average
p,rlce Quotations. They merely serve to Illustrate In a more comprehensive way the relative levels and the relative movement of
vield
lanpp
yield averages, the latter being the truer picture of
the bond market.
t ihe latest complete list of bonds used In
mm
3.13
1 Year Ago—
121.49
2 Yrs.Ago
Junel4'38 112.02
-•
-
3.12
computing these indexes
was
published in the Issue of Jan. 13, 1940, page 179,
v*
How to
he
Pay for the War
Keynes.
88
$1.00
Maynard
John
By
one
It is
of the
able to foresee the turn of
great economists, had been
in the
events
1940.
that if the author, world-known as
say
and
act in defiance of what
doubt should be studied by anyone
Some
ulation.
of
engaged in stock spec¬
aspects might well be considered by
its
those who, spurning
speculation, prefer to be investors.
W. C. B.
differeht
he would have given a
next four months,
"rules,"
big as some of the more spectacular ones which are part
of Mr. Livermore's sensational career.
This book without
a
safe to
the
saying and doing around him, he may score hits
are
as
pages.
preface to this book is dated February
follow
can
others
Harcourt, Brace.
The
3725
The Commercial & Financial Chronicle
Volume
V.;
♦
The mag¬
discussed in February has been
vastly aggravated since then.
If the course of events, poli¬
tical and military, could have followed the channels in
complexion to most of the pages of this book.
nitude
of
which
been
the
were
highly
The discussions of last February,
ably conducted then, seems poignantly futile today.
existence not only
Somehow, with the whole scheme of
Europe but throughout the world, at this moment of
writing, perilously poised and likely to undergo changes of
in
climactic
Harland H. Allen.
196
Harper.
$2.00
By
earlier expected to flow, it would have
stimulating to follow the author along the
they
paths which he treads.
so
Whither Interest Rates?
problem
in
gravity, there would seem to be no purpose
whether,
instead, there is room for a "plan for deferred pay, fam¬
ily allowances and a cheap ration."
For the time being,
and perhaps for a very long time, Mr. Keynes* excellently
written
pamphlet possesses only an academic interest.
Those who try to look ahead will be preparing for the con¬
asking whether the rich "can pay for the war," or
sideration of much sterner and graver issues than
the ones
here considered.
W. C.
B.
trend toward low
The
been
and
pages.
still lower interest rates has
forcefully brought to the attention of all those who
are in the money market, whether as lenders or borrowers,
that none will fail to understand the implications of the
so
this book.
When the
rate which will cover
the overhead cost; when the depositor asks why he can no
longer get interest on his deposit, and in fact may be
charged for the handling of his account; when life insur¬
ance companies
realize that the net income derived from
their portfolios grows ever nearer to the basic rate upon
which their premium tables are based; when business men
generally are asking whether low interest rates are bene¬
ficial or not, an analysis of the situation by a writer of
question
which
the
forms
of
title
banker cannot invest his surplus at a
practical experience should prove of wide interest and value.
Mr. Allen seeks to find a solution to the problem, in many
directions, but confining his investigation almost entirely
to
And, as he himself admits, he has
better part of valor," so that
his -hesitancy to speak with definiteness tends to emphasize
the existence of the problem without contributing much
By
L.
Jesse
Duell, Sloan &
(incl. 16 charts).
$2.50
Livermore.
133 pages
Pierce.
solace to those who seek its solution.
of the outstanding authorities on
speculation, to read the advice and study the methods which
he has made his own, is likely to be welcome.
The sug¬
gestion that his audacious revelations smack of smart pub¬
licity will be set aside by all who know that the spotlight
for many years fell on Mr. Livermore whenever he made a
public appearance in his role of speculator and market
An invitation, by
analyst.
All
one
.'i.
■
"are the big gamblers.
They make a bet, stay with it, and if it goes wrong they
lose it all.
The speculator might buy at the same time.
But if he is an intelligent speculator, he will recognize—if
"Investors,"
vestment.
The author brings to our
he
says,
which he reaches definite decisions.
He tells of the actions
which he has taken, and the outcome thereof.
Keeping the
records needed would seem to be an easy matter for anyone
having access to market prices.
Acting on them, too, is a
patience, plus the "explanatory rules" which
be followed to secure the best results.
Assuming that
matter of
mere
must
Mr. Livermore is right, little skill is required to determine
the advent of a "natural rally," or its counterpart a "nat¬
reaction."
ural
Natural
the
The
"rules"
For instance
and follow.
themselves
are
easy
to
grasp
(page 100) : "When recording in
if the rally ends a short dis¬
tance below the last Pivotal Point in the Upward Trend
column
three
Rally column,
reacts
points from that price, it is a danger signal,
more
would
which
red lines underneath), and the stock
(with
or
the
indicate
Upward Trend in that stock is
over."
From March,
action
the
to
1938 to Feb. 16,1940, these rules
of
U.
S.
Steel
and
Bethlehem
are
applied
Steel.
The
author's annotations interpret the many actions of the mar¬
ket
these
in
( page
two
stocks,
in
the
following typical
manner
104): "On June 2nd, Bethlehem became a buy at 43.
explanatory rule 10-C and D.
On the same day
several bearings on
situation, then guardedly leaves us to conclude for our¬
the
selves whether
not this
or
"if," or that "perhaps," deserves
which needs to be watched.
to be the one factor above others,
admits
He
study
that it "is not the purpose of this
(page 134)
to try to make a short-run forecast of interest
even
trend, nor to be too certain or precise about long-run trends."
he
not
can
point to
any
lessons derivable from the
past, and if present-day conditions introduce complications
in
appraisal which did not formerly exist, the reader must
with the opportunity to check off his percep¬
rest satisfied
tion of
to
probable causes of low interest with those submitted
by the author.
At least, he will discover that he
him
he
keeps records—the danger signal warning him all is not
well."
And he will act accordingly.
This book is largely devoted to explaining just what rec¬
ords should be kept.
Mr. Livermore presents from his own
tabulations, practical examples of the indications upon
attention many factors which
affect the interest rate, indicates their
If
all, he believes that speculation is safer than in¬
in
present-day conditions.
"tried to let prudence be the
How to Trade in Stocks
has,
has not, taken into account all suggested causes.
or
Realists, says the author, "will want to know if the facts
and forces that were principally responsible for the latest
important?"
have spemt their force 6v have ceased
Such realists it might be said, should
first identify these
"facts and forces," before asking whether
down-trend
be
to
.
.
.
tbey "have ceased to be important."
The author looks at certain charts "of the long declining
criteria" and affirms that it
finality" that the situation is
trend in certain money market
be
cannot
said
"with
any
about ready "to turn a
is
as
corner."
In that respect, our author
hundreds who have looked at graphic equivalents
many
of statistics,
and made mental projections of the curve from
its halting place:
either upward, or downward, the possible
projection wpuld not look "irrational." One is left baffled.
Despite his natural hesitancy, the author concludes that
"the balance of factors will continue to lie on the side of
low
lower
or
able"
capital yields," and he outlines three "prob¬
which impress him sufficiently to let him
influences
conclusion.
venture to submit his
the
effect which
ments
may
have
continuance
a
A final chapter discusses
on invest¬
of low returns
various institutions, from life insur¬
on
ance
companies to endowed universities.
rain
grows
no
Even tljough the
lets up, no harm will come
the umbrellas.
worse,
from looking over
or
even
W. C. B.
Refer to
U.
S.
Steel
became
a
buy at 42%.
Refer to Explanatory
Rule 10-F."
The assurance is given
the
rules
does
upon,
how
is
essential
...
"once
missed
a
million
patience and careless timing."
as
to which he had
was
>
in
for
move
Mexico's Experience
of it.
But careful
impatience costly."
Where¬
with some embarrassment, Mr.
he
real
You simply cannot be out
occur.
timing
Inflation and Revolution
that by following the advice and
"you cannot help but be in when the
a
"formed
big rise
.
.
a
.
dollar
Livermore tells
you
profit through
im¬
It all happened in Cotton,
definite opinion that Cotton
(The)
initial play
was
for
20,000 bales, purchased at the market."
And in due course,
he "did something that experience had taught" him was
namely, he gave "an order at a specified price be¬
opened." It was a "case of human instinct
overcoming innate judgment."
wrong;
fore the market
Obviously, the human side of the speculator's make-up
interfere with the action which the "rules" should
make infallible.
If the speculator can so steel himself that
may
of 1912-1917
By Edwin Walter Kemmerer.
Princeton
University Press, Princeton, N. J. 172 pp.
$2.50.
Incident
to the
that nearly every
issuance of
this book it is pointed out
country has experimented during its life
number of different monetary standards,
crowd into the* dozen years ending
in 1916—-and especially into the tumultuous period follow¬
ing 1912—an epitome of almost the whole monetary experi¬
ence of civilized
man.
The country, it is noted, became
a veritable laboratory for monetary experimentation.
The
notice regarding the book further says:
history
with a
but Mexico managed to
Silver
standard,
symetallism,
gold
standard,
fiduciary coin
gold-exchange
standard,
bimetallism,
standard, bank-note standard, and countless
The Commercial & Financial
3726
standards
these
same
money—all
paper
of
back and forth, currencies
bewildering rapidity.
Cer¬
.
acceptable at
were
worthless.
were
currency
with
nullified
and
denominations
the
inconvertible
private
As revolutionary armies swept
used.
established
were
tain
and
Government
of
were
.
.
"Counterfeit"
.
sud¬
money
valuable,
.
.
.
and in one amazing period Gresham's
Law appeared to be nullified as gold and silver coins drove depreciated
paper money out of circulation.
V
denly
remarkable
The
of
story
those
years
in
Mexico's
economic
history
is
forth for the first time, in concise and intelligible
fashion, by one of the world's most renowned students of money.
Mr.
Kemmerer has combined with a
long career in academic research an
extensive experience in advising foreign governments regarding their cur¬
set
banking problems—the list including Mexico, Guatemala, Co¬
South Africa, Chile, Poland, Ecuador, Bolivia, Peru, China and
Turkey.
He is a past President of the American Economic Association,
and
rency
lombia,
and
been
has
1912
since
Princeton
Walker
Professor
of
International
Finance
at
should
be
The authors continue:
check,
Government can
The
that
It
unreasonable.
are
it did during the last war, price rises
as
exorbitant
prevent
can
war
profits,
and
especially rises in the prices of goods used by everyday consumers.
But
once we made the
decision to supply war materials abroad, and to build
"the
armaments,
own
our
up
in
ning
.
.
there
little that could be done to avoid
was
of pure inflation."
dangers
This
.
danger
.
.
.
emphasizes
the need
again
for
plan¬
detail, and in cooperation with industry, our action when the
over;
for
.
.
the biggest danger of inflation is the defla¬
war
is
tion
that
.
usually follows it.
There is
spending?"
no
,
longer much point to asking "Should
there be Government
The real question is "How can it be done well?"
As time
we shall probably see Government and business working together
closely in finding new types of desirable spending.
We may even see
National* Investment Board in which business men, bankers and the
goes
University.
Attention
ends.
in the armament industries when the demand for their
up
products falls off.
became
comprehensively
war
given especially to the use of the men and machinery tied
.
while other denominations of
par,
.
June 15, 1940
the
when
motion
in
set
Chronicle
on
more
His
should
book
new
prove
absorbing
bankers, historians, international business
economists,
to
men, and
all who
concerned with the relation between currencies and the
are
social and material well-being of a
a
Government jointly
and
not
from
measures
a
the
are
post-war depression
severe
present
war
and
are
on
"guns" but on
Works" is the forty-fifth in a series of fac¬
Survey of Corporate Securities
unless
Such is the warning
contained
Issued by the
structure
Canada).
in a survey of America's monetary and credit
by economists Arthur D. Gayer and W. W. Itostow, "IIow Money Works," published June 1 by the Public
Affairs
Committee, 30 Rockefeller Plaza, New York.
dangers are listed
increase
A
1.
in
serious
as
likely
to
develop from
Three
the current
business:
war
depression
when
reported not to bo seeking
war
the
war
ends.
orders for this
Many business
men
are
reason.
2.
Selling armaments abroad and rearming at home mean that the ship¬
building, airplane and armament industries in general are going to be
expanded in
be
a
way
This will
over.
that will presumably not be required after the
mean
that
'^
distorted.
There is danger of "pure inflation."
3.
there
and
is
the
wages
In the
possibility that the demand will
will be forced up
is
even
'
increase
though there
are
.
industries especially
war
relief rolls.
fast
so
still
that prices
millions
on
the
"
\
These dangers can
war
industrial structure, as in the last war, will
our
a program
Maclean
The
256
"Financial Post" (Toronto,
pages.
Publishing
1940 issue
Published by the
Co., Ltd.
of this manual
Price, $2.
of Canadian corporation
securities is the 14th annual edition
of the publication, and
provides pertinent data relating to about 1,500 Canadian
corporations, having securities in the hands of the public.
The different companies are grouped according to indus¬
tries and are all easily located through the general index.
balance sheets cover¬
company; in addi¬
tion particulars are given concerning bonded indebtedness
and capitalization as well as a summary of operations, etc.
There is a separate tabulation of prices of Canadian cor¬
porate securities showing the yearly range for the past
Comparative earning statements and
ing three years are furnished for each
eight years.
be minimized, the authors point out,
only if Government and industry plan now
the Public Af¬
York City.
likely to
boom
armament
taken to prevent them.
Such cooperation, which we saw in this
World War, might help create a prosperity based
"butter."
tual, popular, 10c. pamphlets published by
fairs Committee, 30 Rockefeller Plaza, New
Explained in Pamphlet Issued by Public
Affairs Committee, Inc.
Inflation and
plan enterprises that make for steady economic progress
high level of employment.
"How Money
Dangers in War Spending
result
a
country during the last
people.
to be
The volume offers
terested in Canadian
a
handy reference to all who are in¬
corporate investments.
Indications of Business Activity
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
Friday Night, June 14, 1940.
Business activity stepped up its pace considerably the past
week.
Steel operations and merchandise loadings were at
record highs for the current year, while electric output and
automotive activity also increased, the latter industry showing the first upturn since early April. The automotive outlook was improved by the
reported placing of a French order
for 10,000 trucks with the General Motors and Chrysler,
However, a strike is looming at the General Motors plant,
the C.I.O.
demanding an increase in wages of 10 per cent.
The deadlock has become
have been
so
serious that Government agents
dispatched to the
scene with the hope of warding
strike, which at this time would be an extremely grave
development in view of the major part General Motors is
expected to play in the nation's defense plans.
The war
news continues most
depressing. While the war is the all
lmportant factor, and one which can bring about sudden
drastic changes, the
weight of evidence favors a quickened
off
a
trade pace.
s
Tiie rapid acceleration of industrial activity in
response
to
increased Allied
buying and the participation of the domestic
national defense
program, indicates that business activity
this summer should
approach the high level of last fall,
authoritative
sources state.
The Federal Reserve Board's
adjusted index of industrial production reached an all-time
peak of 128 last December.
It is pointed out that most
major industries
will expand operations contraseasonally
oyer the next two
or three months, according to present
Automobiles will provide the notable exception due
change-over period.
Italy s entrance into the war has immediately shut off exports not only to that country but to all Mediterranean
countries, "The Iron Age" points out in its current summary,
When war was declared a number of boats were
being loaded
with steel scrap for
Italy at eastern ports. This material is
now being diverted to
domestic consumers.
In the fir3t four
months of 1940
Italy took from the United States 14,250 tons
of iron and steel and
204,045 tons of scrap. In 1939, Italy
bought $770,880 Worth of metal working machinery in this
The review estimates steel
production at midweek
at 85.5% of
capacity, up 5 points from a week ago. "While
some of the
bulge in steel production this month is due to
heavy specifications for sheets and strip against low priced
commitments, there have been gains in orders for nearly all
products," the magazine states. "While there has not yet
plans.
to the
been time for steel orders in appreciable volume to result
from our national defense program, the moves that are being
made in Washington insure a flow of orders from that source
within the near future.
In addition to the munitions orders
to be placed by the United States Government and the
Allies, new steel business in the near future will include substantial purchases by the automobile industry for 1941
models, and there are indications that the railroads may soon
be forced into equipment building and repair programs."
Production by the electric light and power industry of the
United States for the week ended June 8th, amounting to
2,452,995,000 kilowatt hours, jumped to the highest total
since the week ended March 16th, when output totaled
2,460,317,000 hours.
Electric production during the latest
reporting week, according to figures released by the Edison
Electric Institute, was 120,779,000 hours above the preceding
week's total of 2,332,216,000.
Compared with the comparable 1939 week, output for the latest week was 196,172,000, or 8.7% higher.
Loading of revenue freight for the week ended June 8th
totaled 702,571 cars, the highest since last November,
according to reports filed by the railroads with the Association of American Railroads and made public today.
This
was an increase of 63,445 cars from the preceding week this
year, 72,511 more than the corresponding week in 1939 and
148,717 above the same period two years ago.
This total
was 106.27% of average loading for the corresponding week
of the 10 preceding years.
Private engineering construction awards for the week increased sharply, topping last week by 103%, and the corresponding 1939 week by 173%, according to Engineering
News-Record.
Despite the private gains, total awards for
the week, $56,641,000, are 13% lower than a week ago, due
to a 45% drop in public construction volume.
The total,
however, is 2% greater than in the 1939 week, in spite of a
38% decrease in public awards.
The week's volume brings
1940 construction to $1,258,461,000, a level 15% under the
$1,474,781,000 reported for the 24-week period last year,
Private awards, $435,364,000, are 20% higher than in the
period a year ago, but public construction, $823,097,000, is
26% lower,
Ward's automotive reports today estimated the current
week's output of passenger automobiles and trucks at 93,635.
Last week's total was 95,560 vehicles. The survey said production continues to make a bright showing in contrast to
last year's figure, which for this week came to 78,305 units.
Volume
The Commercial & Financial Chronicle
ISO
Despite less favorable weather conditions for movement
of seasonal merchandise, retail trade this week held close to
last week's improved level, Dun & Bradstreet, Inc. reported
today.
Retailers' replacement buying was stimulated, but
purchasing for fall remained on a cautious basis. Buying of
seasonal apparel, delayed during a cold, wet May, again was
a significant factor in retail volume.
Although some stores
reported that last week's brisk turnover
the
that the
concensus was
was
was
success
following tables show (1) index numbers for the main groups of com¬
modities for the past three
weeks, for May 11, 1940, and June 10, 1939.
and the percentage
changes from a week ago, a month ago and a year ago;
and
(2) important percentage changes in subgroup indexes from June 1 to
June 8, 1940.
''
'
#
Percentage Changes to
June 8, 1940 from—
1
June
Commodity Groups
June
8,
of
sufficient to offset any let-down in regular
'■
(1926=100)
not maintained,
heavily advertised sales
lines.
Compared with a year ago, total retail volume was estimated
7 to 10% greater.
For the fourth consecutive week the
Middle-West showed the largest year to year improvement
in the country, the estimated
change this week being between
8 to 16.%.
.
There were no outstanding developments in the weather
the past week.
The week was characterized by widespread
rains east of the
Rocky Mountains, abnormally warm
weather from the Mississippi Valley eastward, and decidedly
low temperatures in the Northwest
according to Govern¬
ment advices. On the other hand, unseasonably cold weather
prevailed in the northern Great Plains and northern Rocky
Mountain sections, with frosts or freezing temperatures
frequent in the latter area about the 10th. West of the Rocky
Mountains nearly normal warmth prevailed in most places.
Maximum
temperatures during the week exceeded 90
degrees throughout the Mississippi Valley from Iowa south¬
ward, and also rathejr generally from the Ohio Valley east¬
ward and southward! While temperatures in the Northwest
were too low for good
growth of warm weather crops and
some local damage resulted from
frost, the general warmth
and mostly abundant precipitation in
practically all other
sections east of the Rocky Mountains were decidedly favor¬
able and crops in general made
good growth. In the New
York City area the weather during the week was generally
clear with warm temperatures prevailing.
Today was fair and cool and temperatures ranged from
66 degrees to 78 degrees.
Continued cool tonight changing
to partly cloudy and slightly warmer weather on Saturday.
Local showers are predicted for Saturday night or Sunday.
Lowest thermometer reading tonight both for the city and
suburbs is placed at 65 degrees.
Overnight at Boston it was 60 to 90 degrees; Baltimore,
69 to 96; Pittsburgh, 63 to 83; Portland, Me., 53 to 89;
Chicago, 51 to 74; Cincinnati, 68 to 89; Cleveland, 60 to 81;
Detroit, 50 to 80; Milwaukee, 43 to 73; Charleston, 76 to 84;
Savannah, 72 to 89; Dallas, 64 to 82; Kansas City, Mo.,
65 to 83; Springfield, 111., 64 to 83; Oklahoma City, 58 to 81;
Salt Lake City, 57 to 98 and Seattle, 49 to 70.
events
3727
The
May
25,
l,
June
May
11,
June 1
10,
1940
1940
1940
1940
1939
All commodities
77.4
77.8
77.8
78.4
76.6
—0.5
—1.3
Farm products
66.7
67.8
66.8
69.2
62.7
—1.6
—3.6
70.8
70.7
70.5
71.6
67.3
—0.4
—1.5
+4.8
99.6 100.5 101.4 102.2
92.8
—0.9
—2.5
+7.3
71.9
72.2
72.4
72.3
66.9
—0.4
—0.6
+7.5
Fuel &
lighting materials..
72.2
72.3
72.4
72.4
73.9
—0.1
—0.3
—2.3
Metals <fc metal products
Building materials.
94.8
94.7
94.7
94.5
93.5
+0.1
92.5
92.6
92.0
89.8
—0.4
+0.3
+0.1
+ 1.4
92.1
Chemicals & allied produots.
76.4
76.6
76.6
76.8
—0.3
—0.5
Housefurnlshing goods
89.9
89.9
89.9
89.9
86.9
0.0
0.0
+3.5
Miscellaneous commodities.
77.0
76.9
77.4
76.8
73.6
+0.1
+0.3
+4.6
—2.5
a
Statistics'
Index of
Wholesale
Com¬
Raw materials
70.7
71.4
71.0
72.5
67.9
—1.0
77.7
78.0
78.1
78.2
74.2
—0.4
—0.6
80.9
81.1
81.3
81.5
79.8
—0.2
—0.7
+4.1
+4.7
+ 1.4
79.8
80.0
80.2
80.4
78.4
—0.3
—0.7
+ 1.8
82.4
82.5
82.7
82.5
80.6
—0.1
—0.1
+2.2
All
commodities other than
farm
All
products
commodities other than
farm
No
a
products and foods..
comparable data.
IMPORTANT
PERCENTAGE
FROM
CHANGES
JUNE
1
IN
SUBGROUP
TO JUNE
8.
Increases
by
Decreases
Crude rubber
6.2
1.4
Hides and skins
0.6
Livestock and poultry.
Other building materials....
0.4
Silk......
Other textile products
0.3
Grains
2
Iron and steel.
0.1
Lumber
2
Paper and pulp
0.1
Fertilizer materials
1
Leather
1
Cereal products.
1
Cattle feed
4
3
....
.
In addition to the decrease in the farm products group, foods, hides and
leather
products,
textile
products,
fuel
and
lighting
and chemicals and allied products
materials,
materials,
also declined.
metal products and miscellaneous commodities rose
0
Petroleum products
0
Other foods
0
Other farm products
0
Paint and paint materials
0
Shoes
0
Furniture
0
Oils and fats..
Moody's
0
Agricultural Implements
Dairy products
Woolen and worsted goods
0
0
Commodity
raw
there
were
Index Higher
declines in wheat and hogs.
The movement of the Index
follows:
was as
June
7
154.0
Two weeks ago,
8...
152.8
Month ago, May 14.
Year ago, June 14
June
June 10
Tues
June 11
Wed.
June 12
because of weakening
hides, skins, raw silk, and tankage.
prices for agricultural
commodities,
Average prices for semi-manufactured
and manufactured commodities also fell to 1940 lows.
Minor declines
were
dustrial commodities.
"Annalist"
"all commodities
modities other than farm
Labor
The
Quotations
in the farm products
were
group
lower for barley, corn, oats, rye, wheat, calves,
steers, hogs, live poultry, cotton, eggs,
apples, hay, and flaxseed.
Higher
prices were reported for cows, sheep, lemons, oranges, onions, and sweet
The index for foods dropped 0.4%, principally because of weaken¬
potatoes.
ing prices for cereal products, and meats.
raw
Prices
were
lower for oatmeal,
meal, flour, crackers, fresh pork, bacon, veal, dressed poultry, lard,
sugar,
were
edible tallow, vinegar, and most vegetable oils.
.
Wholesale
Commodity
Prices
in Week Ended June 8
about fur¬
for
and six-tenths of a point below the previous
the year
It also states
Nazis invaded Hol¬
land and Belgium—the index has lost 2 y2 points, a rather
severe decline.
Current prices are less than three points
above a year ago."
The "Annalist" continued:
week, the publication announced on June 10.
that
"since May 11—one day after the
Grains
and
again under fire, with wheat losing 2c. a
were
barley nearly 3c.
Livestock
choice hogs
bushel, rye lc.,
Corn was an important exception, with a fractional
markets were lower, with an average of good and
falling below $5 per hundredweight.
Steers were weak. Among
low for the year, silk
a pound, and rubber
speculative items, hides dropped to a new
declined about lie. a pound, coooa fell below 5c.
the
more
Short
while
fractionally.
trade buying pushed cotton prices slightly
followed in its wake.
covering and
cottonseed oil
"ANNALIST" WEEKLY INDEX OF
higher,
y
,
WHOLESALE COMMODITY PRICES
June
8, 1940
June
1, 1940
73.6
Farm products
74.5
June 10,1939
70.1
68.2
69.0
64.7
65.6
66.2
60.7
86.0
86.0
83.1
97.5
97.4
95.4
71.8
72.9
71.1
86.7
86.7
85.4
Miscellaneous..
80.2
81.0
68.9
All commodities—
79.2
79.8
76.5
Food productsTextile products-
-
Fuels
-
Building materials
Chemicals
..
Higher prices
reported for fruits, vegetable lamb, mutton, cured pork, cocoa beans,
and olive oil.
Revenue Freight
The index for hides
since
151.9
(1926=100)
for livestock and poultry and 2.2% for grains
were
142.3
172.8
138.4
166.8
Low—Aug. 15
1940 High—May 13
Low—May 23
selling in wholesale commodities last week, and the
"Annalist" index closed at 79.2 on June 8, a new low
products and foods" dropped to 82.4.
mainly responsible for the decline of 1.6%
153.0
—162.1
1939 High—Sept. 22
The continued success of German arms brought
Department's announcement also reported:
Decreases of 2-8%
index.
"all com¬
of
Further
May 31
ther
declined
The index for the former group,
Index
Declines
recorded in the indexes for nonagricultural and in¬
other than farm products" fell to 79 8 and that for the latter,
corn
154.4
156.6
157.4
155.3
156.4
June 14
advance.
:
materials group index dropped 1% to the low point of the
largely
year,
0
Moody's Daily Commodity Index closed at 156.4 this
Friday, as compared with 154.0 a week ago. The principal
gains were in rubber, steel scrap, and cotton prices, while
Metals and
fractionally, and house-
furnishing goods remained unchanged.
jj^The
building
1
1
Cotton goods..
livestock, caused the Bureau of Labor Statistics' index to
added:
.....
Meats
Fri.
drop 0.5% during the week ended June 8, it was announced
on June 13 by Commissioner Lubin.
"The all-commodity
index fell to 77.4% of the 1926 average," Mr. Lubin said,
"the lowest point reached since early in September.
Not¬
withstanding the decline commodity prices at wholesale are
substantially higher than a year ago."
The Commissioner
2
2
..... ....
Hosiery and underwear.....:
Thurs. June 13
a
INDEXES
1940
Fruits and vegetables
Non-ferrous metals.........
modity Prices Declined 0.5% During Week Ended
widespread decline in wholesale commodity prices led
sharp break in farm products, particularly grains and
a
Manufactured commodities.
June 8
A
+ 2.6
Semi-manufactured articles.
Sat.
Labor
+6.4
Foods
Mon.
of
+ 2.4
Hides <fe leather products
Textile products
Fri.
Bureau
May 11 June 10
1940
1939
1940
and leather products dropped to the lowest point
Car Loadings in Week Ended June 8
Total 702,571 Cars
V
September because of falling prices for shoes, hides, skins, and leather.
Textile product
cotton
prices continued to decline.
Quotations
were
The decrease in the fuel and lighting materials group index resulted from
California gasoline.
lower prices for
ferrous metals such as
Higher prices for
scrap
group
tung oil, rosin,
steel and
non-
quicksilver, solder, pig tin, and pig zinc caused the
metals and metal products group index to advance 0.1%.
materials
The building
index declined because of lower prices for pine lumber,
turpentine, and sand.
Mlllwork and
sewer pipe advanced.
Weakening prices for silver nitrate, fertilizer materials, and palm kernel
oil caused the chemicals and allied products group index to decline slightly.
Wholesale prices for
cattle feed declined 4.5% during the week.
rubber advanced 6.2% and paper and pulp increased 0.1</o.
totaled
702,571
announced
Burlap and hemp advanced.
woolen yarns.
Crude
freight for the week ended June 8
the Association of American Railroads
Loading of revenue
lower for
yard goods, cotton yarns, silk hosiery, raw silk, silk yarns, and
on
cars,
June 13.
This
was an
increase of 72,511
cars,
11.5% above the corresponding week in 1939, and an
increase of 148,717 cars, or 26.9% above the same week in
1938.
Loading of revenue freight for the week of June 8
was an increase of 63,445 cars, or 9.9% above the preceding
week, which included a holiday.
The Association further
reported:
or
Miscellaneous
cars
above the
freight loading totaled 287,072 cars, an Increase of 29,897
preceding week and an increase of 28,675 cars above the
corresponding week in
1939.
The Commercial & Financial
3728
less than carload lot freight totaled 148,260
above the preceding week, but a decrease of
corresponding week in 1939.
Coal loading amounted to 118,244 cars, an increase of 5,255 cars above
the preceding week and an increase of 22,553 cars above the corresponding
Loading of merchandise
Increase of 17,821 cars
cars, an
4,829 cars below the
on
their
June 15, 1940
Cpromcle
lines, compared with 288,347 cars in the preced¬
own
ing week and 288,899 cars in.the seven days ended June 10,
1939.
A comparative table folllows:
LOADED AND RECEIVED FROM CONNECTIONS
REVENUE FREIGHT
(Number of Cars)
week in 1939.
and
Grain
918
cars
grain products loading totaled 28,161 cars, an increase of
preceding week but a decrease of 6,125
above the
Loaded
below the
cars
In the Western districts alone grain and grain
products loading for the week of June 8 totaled 16,145 cars, an increase of
280 cars above the preceding week but a decrease of 6,347 cars below the
corresponding week in 1939.
Live stock loading amounted to 10,658 cars, an increase of 125 cars
above the preceding week and an increase of 898 cars above the correspond¬
Received from Connections
Weeks Ended—
Own Lines
on
Weeks Ended—
corresponding week in 1939.
In the Western districts alone loading of live stock for
week of June 8 totaled 7,475 cars, a decrease of 144 cars below the pre¬
ing week in 1939.
the
596 cars above the corresponding week in
ceding week but an increase of
1939.
Forest
products loading totaled 34,338 cars, an increase of 2,075 cars
and an increase of 4,389 cars above the
above the preceding week
corre¬
Ore loading
amounted to 66,078 cars, an increase of 6,415 cars above the
1939.
Coke loading amounted to
9,760 cars, an increase of 939
above the
cars
preceding week and an increase of 4,376 cars above the corresponding week
in
1939.
June 10
June 8
June 1
June 10
1940
1939
1940
1940
1939
19,419
17,646
21,269
Baltimore & Ohio RR...
31,939
29,120
26,620
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
24,848
24,557
22,057
13,608
19,154
14,294
2,625
1,691
3,808
12,165
11,523
16,538
13,672
4,897
17,431
10,783
6,831
18,121
12,005
13,573
2,055
3,379
10,908
41,092
35,774
5,487
19,226
5,104
Ry.
Atchison Topeka & Santa Fe
Chicago MIlw. St. Paul & Pac.Ry.
Chicago & North Western Ry
Gulf Coast Lines
—
International Great Northern RR
RR
4,669
15,476
15,995
10,926
9,588
6,866
6,179
6,768
6,761
6,748
9,174
8,925
8,519
1,712
1,233
1,647
1,171
1,678
3,874
2,228
1,442
2,522
2,383
7,888
1,232
1,594
2,548
7,481
33,006
8,577
4,403
39,567
Ry
Pittsburgh <fe Lake Erie RR.__.._
Southern Pacific Lines
Wabash Ry
19,549
58,092
55,014
47,319
4,754
5,018
4,780
4,682
4,298
6,136
4,991
7,031
6,490
5,436
25,294
26,280
4,782
Pennsylvania RR
8,034
37,543
9,395
4,177
43,094
28,484
Norfolk & Western Ry
11,319
34,520
5,528
16,530
6,594
—
Louis Ry...
Pere Marquette
4,298
4,746
7,911
8,151
7,489
7,350
son
Total
4,943
65,422
5,609
Missouri Pacific RR
New York Central Lines
N. Y. Chicago & St.
preceding week and an increase of 22,574 cars above the corresponding week
June 1
1940
Missouri-Kansas-Texas
sponding week in 1939.
in
June 8
947
988
547
988
8QO
38,878
9,924
4,263
1Q7
189
494
7,727
7,832
17C
59n
.
increases compared with the corresponding week in
All districts reported
1939 except the Centralwest,
and all districts reported
increases
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
1938
over
(Number of Cars)
v.
except the Southwest.
Weeks Ended—
.
1940
1939
.
1938
June 8, 1940
June
1, 1940
June 10, 1939
2,555,415
2,288,730
2,256,717
2,480,863
2,282.866
2,155,536
Chicago Rock Island & Pacific Ry.
23,434
21,036
22,493
5 weeks of March....
3,122,556
Illinois Central System...
2,126,471
St. Louis-San Francisco Ry
28,134
11,598
27,143
11,113
26,400
2,494,369
2,976,655
2,225,188
2,363,099
2,746,428
4 weeks of April.
63,166
59,292
61,191
4 weeks of January.......
...
4 weeks of February.
— ....
2.712,628
639,126
702,571
4 weeks of May
Week of June 1.
Week of June 8-
2,185,822
502,617
563,309
630,060
12,527,445
-
In the
14,713,528
Total..;
The first 18 major
railroads to report for the week ended
total of 320,247 cars of revenue freight
June 8, 1940 loaded a
REVENUE FREIGHT LOADED AND
RECEIVED FROM
Ann
530
Arbor
1,626
6,487
1939
1938
1940
>
512
1,105
975
Mobile & Ohio
205
202
Nashville Chattanooga & St. L.
9,299
2,192
8,854
1,589
42
1,341
11
15
55
Delaware & Hudson
1,147
4,309
7,679
1,046
3,917
7,864
1,003
5,020
Delaware Lackawanna & West-
260
415
395
1,645
992
1,270
.....
Central Vermont
Detroit Toledo & Ironton
Detroit & Toledo Shore Line...
....
Grand Trunk Western
262
245
156
10,592
4,016
Detroit & Mackinac
9,301
3,678
9,465
2,017
6,854
6,476
V
H2
1,219
2,580
10,352
9,570
3,025
177
169
1,644
2,238
3,375
2,048
29,368
7,841
2,123
7,784
1,987
2,656
385
Pittsburgh & Lake Erie
6.297
4,628
3", 148
Pere Marquette
4,754
4,489
3,766
261
243
1,877
68
Maine Central
Monongahela..
Montour
New York Central Lines
N. Y.N. H.& Hartford
New York Ontario & Western..
N. Y. Chicago & St. Louis
N. Y. Susquehanna & Western.
Pittsburgh & Shawmut
6,760
1,095
4,711
5,295
1,506
1,161
5,541
2,172
214
219
786
39
22
25,635
37,543
10,870
31,199
10,594
1,429
8,143
1,266
4,578
6,985
1,388
3,565
1,898
9,395
1,415
4,044
46
251
298
239
187
564
668
511
463
4.298
4,325
4,285
3,213
3,967
2,262
1,908
1,031
7,350
2,817
1,046
561
129,128
Pittsburgh & West Virginia
331
1,005
Pittsburgh Shawmut & North..
Wabash
Wheeling & Lake Erie
Total..
114,580
106,710
146,272
125,421
344
385
359
780
712
29,120
5,631
23,327
19,952
2,077
15,995
2,705
12,839
909
.
Bessemer & Lake Erie
2,167
4,444
1,509
330
Gauley
Cambria & Indiana
....
Central RR. of New Jersey
Cornwall..
2,047
2,268
812
353
1,018
873
244
5,449
4,492
4,904
415
Winston-Salem
153
95,285
Southbound...
-
7,891
17,675
315
7,164
15,526
<
3,400
12,120
14,068
287
584
479
132
127
661
601
85,360
81,119
65,955
56,860
8,925
2,386
6,179
2,852
6,365
2,742
!
,
1
Total
Northwestern
District—
15,852
2,126
14,494
2,232
11,897
2.002
Chicago MIlw. St. P. & Pacific.
Chicago St. P. Minn. & Omaha.
16.053
15,430
3,229
Duluth MIssabe & Iron Range
17,809
3,154
13,276
14,369
3.003
8,490
Chicago & North Western
Chicago Great Western
-
8,109
2,207
Elgin Joliet & Eastern
160
159
843
956
329
474
392
7,611
Duluth South Shore & Atlantic-
5,589
3,617
4,559
3,765
456
380
163
130
13,722
10,652
3,066
2,291
410
Green Bay & Western
Lake Superior <fc Ishpeming
448
18,389
Ft. Dodge Des Moines & South.
Great Northern
447
482
529
462
2,258
1,582
5,090
8,021
367
64
61
1,396
3,624
7,129
1.672
1,487
2.201
1,984
3,078
Minneapolis & St. Louis
3,308
1,463
Minn. St. Paul &S.S.M
5,345
Northern
8,634
Pacific
3,467
201
172
224
274
222
1,649
1,675
1,328
1.476
1,161
103,370
88,554
69,289
38,447
34,615
17,646
2,365
18,325
18,208
4,943
2,483
2,329
1,805
4,827
1,780
Bingham & Garfield
Chicago Burlington & Quincy..
Chicago <fc Illinois Midland
Chicago Rock Island & Pacific-
538
313
274
72
70
11,523
1,972
9,726
2,005
11,779
10,897
1,362
9,447
1,808
6,866
6,105
1,190
9,801
1,710
714
561
7,646
561
518
2,276
1,304
7,020
2,163
528
1,808
1,631
1,693
2,575
274
179
243
24
Spokane
International
Spokane Portland & Seattle
215
172
1,103
5,700
1,014
5,514
787
9
12
5,644
10,569
9,554
4
4
Total
Central Western District—
Chicago & Eastern Illinois
Colorado & Southern
600
33
39
Denver & Rio Grande Western.
180
104
45
26
Denver & Salt Lake
Ligonier Valley
Long Island
88
67
29
23
22
483
Fort Worth & Denver City
532
538
2.692
2,379
1,248
43,094
14,956
5,218
6,035
1,087
35,119
14,269
Penn-Readlng Seashore Lines..
Pennsylvania System
Reading Co
Union (Pittsburgh)
Maryland
940
851
771
58,092
12,351
16,594
3,137
48,152
10,325
9,460
2,710
41,577
10,797
3,831
2,190
3,893
4,633
Total
134,692
107,737
89,438
103,406
86,097
Pocahontas District—
24,557
Norfolk & Western
19,549
3,789
Virginian
20,855
15,775
3,841
16,030
10,926
14,072
4,177
8,741
3,815
3,411
869
47,895
40,471
1,184
775
1,570
1,450
1,617
1,063
407
244
967
1,195
392
1,494
715
1,209
96
106
586
748
579
408
403
Peoria & Pekin Union.
32
13
31
-y 0
0
21,098
20,266
18,234
4,122
3,811
281
313
342
11,176
11,345
9,500
1,182
7,113
1,016
6,495
Nevada
Northern
Southern Pacific
:
(Pacific)
Union Pacific System
Utah
168
80
90
12
5
1,247
1,361
1,500
2,033
> 1,791
87,808
86,599
81,290
45,990
41,812
848
33,513
15,972
13,404
Total
District—
150
Burlington-Rock Island
151
2",677
2,135
2,011
277
164
217
221
124
692
644
748
1,322
1,109
Atlanta Birmingham & Coast..
Atlantic Coast Line
571
514
730
752
715
9,029
3,718
9,297
3,515
8,529
3,708
3,495
4,712
3,219
489
Columbus & Greenville
233
610
668
1,712
1,431
1,446
1,089
725
2,744
1,134
1,629
3C4
207
238
268
Missouri-Kansas Texas Lines.
431
327
Missouri Pacific
494
Quanah Acme & Pacific
123
92
76
96
82
68
St. Louis-San Francisco
6,008
1,938
5,853
3,835
5,719
1,956
5,709
3,732
5,693
2,464
3,832
St. Louis
5,980
4,175
2,591
3,478
3,701
2,218
2,461
3,298
199
161
197
56
52
19
55
15
14
34
40,948
40,008
41,258
30,705
29,420
137
933
471
432
978
29
28
26
78
974
711
796
1,617
V
1,408
290
238
258
421
1,384
16,101
17,813
1,377
16,467
16,189
1,025
10,041
5,202
8,763
4,580
131
96
121
703
752
226
258
Litchfield & Madison
279
193
225
745
Midland Valley..
Missouri «fe Arkansas
434
370
444
214
165
181
85
251
176
3,379
10,934
3,507
3,533
10,402
2,383
2,204
7,852
.
Southwestern
369
1,458
17,834
22,558
Macon Dublin & Savannah
153
1,689
1,639
1,333
2,056
,132
Gulf Mobile & Northern
1,678
377
1,653
1,719
962
150
Illinois Central System
Louisville & Nashville
1,746
186
1,943
1,833
Kansas City Southern
406
Florida East Coast
Georgia & Florida
_
Kansas Oklahoma & Gulf
501
Durham & Southern.
Midland
International-Great Northern.
1,191
Charleston 4 Western Carolina,
minchflpid
Georgia
217
1,278
1,757
81
Gulf Coast Lines
Alabama Tennessee & Northern
Atl. & W. P.—W. RR. of Ala-
263
Cm
110
2,228
1,442
Fort Smith & Western_x
Southern District—
Central of Georgia
885
1,021
North Western Pacific
Missouri-Illinois
Southwestern
Total
18
J.
986
Western Pacific..
Chesapeake & Ohio
1.146
2,303
1,388
Toledo Peoria & Western
839
346
8,656
19,279
Southern System
561
year s
1,898
2,371
2,300
435
Tennessee Central
187
Note—Previous
1,758
2,144
393
592
Mississippi Central
1,665
2,537
1,122
288
Northern....
Richmond Fred. & Potomac
Cumberland & Pennsylvania
Galnsville
1939
6,887
Allegheny District—
Akron Canton & Youngstown..
Baltimore & Ohio
Western
1940
Atch. Top. & Santa Fe System.
Alton
Rutland..
Buffalo Creek &
from Connections
1938
9,227
6,329
4,682
656
Valley
1,577
2,611
"
Piedmont
Total Loads Received
764
1,548
1,148
6,383
2,118
324
103
1939
984
Southern
1,795
6,058
5,524
6,811
161
1,525
6,697
2,399
3,926
1,983
35,774
8,162
1,050
5,104
Lehigh & Hudson River
Lehigh & New England..
Norfolk
1
District—(Concl.)
460
14
Lehigh
1940
1,318
6,148
1,229
Central Indiana
year.
Freight Loaded
1939
1,440
5,790
1,156
Chicago Indianapolis & Louisv.
week last
Total Revenue
Southern
Bangor & Aroostook
Boston & Maine
same
Railroads
District—
Erie..
compared with the
from Connections
1940
Eastern
undertake to show also the loadings
we
Total Loads Received
Freight Loaded
'
following
for separate roads and systems for the week ended June 1,
1940.
During this period 86 roads showed increases when
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED JUNE
Total Revenue
Railroads
12,298
553,854
13,329,907
Total
116
figures revised.
138
* Previous
119
figures,
x
906
Discontinued
Texas & Pacific.
...
Wichita Falls & Southern
Weatherford M. W. & N. W...
.
-I.
..
Total
Jan. 24, 1939.
10,010
•
8,034
2,146
162
■
1
Volume
Retail
The Commercial & Financial Chronicle
150
Price
Index
Second
child
May Remained Unchanged for
Month, According to Fair-
in
Consecutive
Publications
Retail
prices have remained unchanged for the second
consecutive month, according to the Fairchild Publications
Retail Price Index.
This is the first time since July 1,1939,
that prices have shown no change for two consecutive months,
says the announcement, which adds that "as a matter of
fact, retail prices remained unchanged from Feb. 1 through
July 1, 1939.
Quotations, however, show an increase of
4.2% above June 1, 1939."
The announcement, issued
June 13 by Fairchild Publications, New York, further states:
While prices show an increase of 4.2%
they still show
year ago,
a
Advancing
women's
a
These
same
!
Latest
Each Group
Bears to the
25.3
prices.
expected to exert
A. W.
a
the
70.6
72.2
67.8
45.9
46.1
51.5
49.3
56.9
57.3
64.3
62.6
59.8
61.5
Cottonseed oil
Farm products
23.0
Aao
Ago
11, June 10,
May
1940
1939
Decreases
large
59.4
56.2
57.5
53.6
63.3
66.2
76.6
Livestock
57.6
59.2
61.6
59.7
82.3
82.3
83.7
77.6
87.4
87.8
88.6
77.8
compared with
10.8
Miscellaneous commodities
8.2
_
_
58.0
Textiles
69.5
69.9
70.6
63.2
7.1
Metals
92.4
92.2
91.2
87.8
6.1
Building materials.
85.4
85.9
85.9
un¬
1.3
95.0
95.0
91.9
0.3
Chemicals and drugs
Fertilizer materials
95.0
furs,
recorded by men's
69.8
72.2
72.9
71.3
0.3
Fertilizers
77.4
77.4
78.1
77.2
0.3
Farm machinery
95.0
95.0
95.0
94.9
75.1
75.6
77.2
71.6
remained
were
100.0
immediate effect
All groups combined
84.9
is
States defense program
United
65.1
55.7
Grains
These
and comfortables,
blankets
by
and china.
However,
70.7
Fats and oils
Fuels
The widening of the war front is not expected to have an
retail
1940
Foods
underwear, furniture, musical instruments and luggage.
on
Year
Week
June 1,
1940
17.3
Most of the individual commodities included in the index
men's hats, floor coverings
Month
Preced'g
Week
Home furnishings,
furnishings items.
recorded
(1926-28=100)
June 8,
Group
Total Index
items also showed the greatest declines below the
were
an
-
,
Compiled by the National Fertilizer Association.
*
Increases
in
Cotton
high.
changed.
resulted
COMMODITY PRICE INDEX
Percent
They also show a gain of
and piece goods showed the greatest gains as
wear
year ago.
1937
and home
wear,
zinc
and
copper,
scrap,
WEEKLY WHOLESALE
However,
Only two subdivisions showed fractional changes, during May.
women's
steel
advances.
33.8% above the May 1, 1933, level.
include
for
in the metal index, which is now higher than at any time since
January.
Forty-three price series included in the index declined during the week
and 16
advanced; in the preceding week there were 32 declines and 19
advances; in the second preceding week there were 40 declines and 14
upturn
last
above the corresponding period a
decrease of 3.9% below the 1937 high.
they continue 5.6% above the July 1, 1936, low.
quotations
3729
constructive influence later in the year, according to
Zelomek, economist under whose supervision the Index is compiled.
THE FAIRCHILD PUBLICATIONS
Bank Debits for Week Ended June
Year
a
RETAIL PRICE INDEX
JANUARY 3, 1931=100
5, 1940 14.2% Below
Ago
Debits to deposit accounts
Copyright 1940, Fairchild News Service.
(except interbank accounts),
reported by banks in leading cities for the week ended
June 5, aggreated $7,473,000,000.
Total debits during the
13 weeks ended June 5 amounted to $111,263,000,000, or 7%
above the total reported for the corresponding period a year
as
May 1,
June
1933
Mar.
1,
Apr. 1,
1,
1940
1939
1940
June
May 1,
1940
1,
1940
92.8
69.4
89.1
92.6
92.8
92.8
Piece goods
65.1
84.1
85.9
86.0
86.0
86.0
Men's apparel
70.7
88.4
88.8
88.9
88.9
88.9
Women's apparel
71.8
88.8
91.8
91.9
91.7
91.8
Infants'
76.4
95.9
96.6
96.6
96.9
96.9
70.2
90.5
94.1
94.4
94.3
94.6
Composite index, v*—-
-
wear_._
Home furnishings
Piece goods:
;'Cv:':')■<-v':''
ago.
These
figures
reported
as
June 10, 1940, by the
on
SUMMARY BY FEDERAL RESERVE DISTRICTS
,V
■y.
are
Board of Governors of the Federal Reserve System:
Silks
57.4
63.7
67.5
67.9
67.9
67.9
Woolens
69.2
84.6
86.9
87.0
87.0
Cotton wash goods
68.6
104.0
103.5
103.2
103.2
103.2
Sheets.
65.0
91.2
94.0
94.1
93.6
93.6
Blankets & comfortables
72.9
102.5
109.8
110.8
111.2
112.0
59.2
73.8
77.0
76.5
75.5
75.5
(In Millions of Dollars)
87.0
,
13 Weeks Ended
Week Ended
Domestics:
Federal Reserve District
June
June 5,
June 5,
June 7,
1940
7,
1939
1939
1940
Women's apparel:
Hosiery
Aprons & house dresses.
Corsets and brassiers
75.5
105.4
106.0
105.8
105.7
105.7
83.6
92.5
93.0
93.0
93.0
93.0
Furs
---
66.8
89.8
09.3
99.5
99.7
100.0
Underwear............
69.2
84.4
87.3
87.6
87.6
87.6
Shoes
76.5
86.9
88.6
88.8
88.8
88.8
64.9
87.6
87.6
87.6
87.6
87.6
.
.
.
.
_
.
.
.
.
.
__
Men's apparel:
Hosiery
91.3
92.0
92.0
92.0
91.8
74.3
86.2
86.4
86.4
86.4
86.4
69.7
82.5
82.5
82.5
82.5
82.8
Clothing incl. overalls..
70.1
89.5
01.0
91.3
91.5
91.5
Shoes
76.3
93.1
93.6
93.6
93.6
93.6
74.0
100.4
101.4
102.0
102.0
102.0
69.6
Underwear
Shirts and neckwear
Hats and caps...
...
Infants' wear
»'■'
Socks
'
'
95.0
95.0
74.3
93.9
80.9
93.5
93.5
93.6
93.8
93.8
69.4
94.9
100.8
101.0
101.0
100.8
Floor coverings
79.9
114.0
123.0
124.0
124.0
125.4
Musical instruments.^....
50.6
55.4
54.8
54.7
54.5
60.1
73.9
76.1
76.1
76.1
81.0
82.0
82.0
82.0
82.0
81.5
94.1
94.0
94.0
94.0
New York
$443
2,960
4,037
Philadelphia
410
$5,537
46,763
5,572
6,177
3,522
85,977
48,400
5,688
583
Cleveland.^.
620
510
7,088
Richmond
296
295
3,976
Atlanta
234
234
3,341
2,955
1,137
1,140
16,377
14,655
289
246
3,355
3,022
Chicago...
St. Louis
159
160
2,281
254
258
3,419
1,930
3,219
Dallas
195
193
2,727
2,456
San Francisco.
603
611
8,634
7,974
$7,473
2,681
$8,709
3,744
$111,263
$103,784
44,441
4,127
4,286
57,793
43,149
52,447
664
680
9,029
8,188
Minneapolis.
Kansas
.
....
City....
Total, 274 reporting centers....
New York City *
140 Other leading centers •_...
...
70.0
72.5
China
$417
....
54.2
Luggage—
Elec. household appliances
Boston
Underwear.
Shoes
Furniture
...
...
95.0
95.0
;
94.1
133 Other centers
*
Centers for which bank debit figures are available back to 1919.
arithmetic averages
Index is a weighted
ol subgroups.
Major
aggregate,
group
indexes
are
of
Sales Showed Less Than Usua
April to May, Reports Board
Store
Department
Seasonal
Note—Composite
from
Rise
Governors
of
Federal
Reserve
The Board of Governors of the
Chain Store Sales Continue Improvement
May continued to show
substantial improvement, according to the current review
by "Chain Store Age."
Total volume, as measured in
relation to the 1929-31 average for the month, reached a
new high level.
The "Chain Store Age" index of May sales advanced to
117.0 from 115.0 in April.
During the corresponding two
months of last year the index remained unchanged at 110.
Based on the index figures, the indicated sales increase
in May this year over 1939 was 6.3%, as compared with 4.5%
in April.
The index
figures by commodity
groups
for May
June
announced
Sales in the chain store field in
were as
follows:
7
that
less than the usual
seasonal rise from April,
index declined two points to 87.
below for the last three months and
the Board's adjusted
and
The
for
store sales declined
For the month as a whole
department
sharply in the last week of May.
sales showed
System
Federal Reserve System
is
index
shown
May, 1939:
INDEX OF DEPARTMENT STORE
SALES
a
1923-25 Average=100
May,
April,
March,
May,
1940
1940
1940
1939
Adjusted for seasonal variation
87
89
89
85
Without seasonal adjustment
89
86
86
87
a
Monthly indexes refer to dally average sales In
calendar months; May, 1940,
figures estimated from weekly data.
Sales in the four weeks ending June
Shoe
Apparel
138
130
123
140
133
122
132
128
119
Grocery
Variety
Drug
May, 1940
111
121
April, 1940
May, 1939
108
119
101
115
1
were
1% larger
corresponding period last year, and the total for
the first 22 weeks was 2% above a year ago, the Board
than in the
said, presenting the following compilation:
Change from Corresponding Period a Year ago (Percent) b
Wholesale
Commodity Prices in Week Ended June 8
Touched Lowest Point Since September Last Year,
Wholesale commodity prices last
reached
week were at the lowest
September, according to the index
since last
preceding week, 77.2
based
month ago, and 71.6 a year
the 1926-28 average as 100.
The index has
on
a
declined for six consecutive weeks.
the
with
most
now
The announcement by
14
important decline last week was
commodities
included
in
registering the only advance.
balanced,
The
ago,
Association, dated June 10, continued:
The
with
average
the
group
Changes
result
being
a
the farm product
declining and
in food prices
slight rise in
for ail commodities other than farm
somewhat
lower
October.
The
materials,
net
the
in
and
last
group
week,
indexes
fertilizer
declining
representing
materials
to
all
the
egg
were
the
point
low
points
reached
for
—17
—1
+2
—5
—2
+1
—6
—I
—16
—2
+2
0
—4
—1
0
—3
+1
Philadelphia—
—14
+2
+4
+1
+1
+1
+1
+1
UIPVPIRTIO
—3
+3
+ 11
+8
+8
+4
+3
+ 1
+7
+4
Richmond.
—9
—4
+ 10
+ 10
+2
+ 1
+4
+5
+4
Atlanta..
—2
+ 1
+ 12
+ 24
+9
+4
+ 10
+ 11
+7
—11
+0
+ 11
+ 11
+4
+5
—1
+7
+4
St. Louis
—2
—10
+1
Minneapolis—
Kansas City—
+2
—5
+3
—13
Uhjnftgn
,
San Francisco
index.
was
since
building
the
year.
Total
+2
+ 14
+4
+5
+9
+4
+4
0
—2
+8
+3
—15
—1
+1
+1
+5
+1
+ 16
+7
—1
+ 1
+6
+7
+3
+2
+6
0
—5
+4
0
—1
+5
+7
+1
+1
+1
+3
+2
*
1
—0
—9
0
■
..
—3
*
♦
quotations
about evenly
group
the prices of textiles,
reached
group,
products and foods
lowest
Fed.Res.Disls.
Boston
New York.....
Dallas
compiled by the National Fertilizer Association. This index
in the week ended June 8 was 75.1 compared with 75.6 in
the
Year
to
According to National Fertilizer Association
level
Four Weeks Ended
One Week Ended
June 1 May25 May 18 May 11 June 1 Apr.27 Afar30 Mar. 2 June I
-•
+ 1
separately but Included in United States totals,
b During March and April changes from a year ago reflect In part the fact that
Easter was on March 24 this year, while in 1939 It was on April 9.
On this account
it Is estimated that In comparisons with last year allowance should be made for
an increase in March of about 4% and for a corresponding reduction for the month
of April as a whole.
*
Not shown
The Commercial & Financial
3730
Electric
Output for Week Ended June 8,
Above a Year Ago
1940,
Chronicle
June 15, 1940
Imports of Merchandise
8.7%
for
Consumption
(Corrected to May 31, 1940)
(Value In Thousands of Dollars—000 Omitted)
Electric Institute, in its current weekly re¬
port, estimated that production of electricity by the electric
The
Edison
Manuf'c
the like week
over
Week Ended
Regions
June 8, 1940
Crude
Total
Materi¬
Food¬
Country
Imports
als
stuffs
Week Ended
Week Ended
1, 1940
Week
May 25, 1940
28,63f
111,905
13,532
11,192
6,936
51,460
37,929
90.62J
13.68C
28,249
31,699
13,930
7.8
2,131
58,382
38,726
12,671
5,086
21,768
1,067
179,923
24,410
54,209
33,707
8,673
6,986
86
1,012
338
250
34,231
21,008
6,257
443
5,970
554
834,112
322,145
99,319
93,794
185,603
133,250
33,649
28,658
389
2,709
5,915
Oceania
4,879
16
502
304
213
17,973
30,986
1,927
10,239
98
89
10,269
5,590
—
Total
-
Argentina....
Australia
Brazil.
•'
18,853
736
982
176
6.7
7.3
7.2
British
India.......
40,167
17,855
3,631
227
2,410
16,044
14.5
16.2
British
Malaya
83,270
55,271
28
79
27,865
Burma
8.1
7.0
............
540
6.0
5.2
6.2
6.9
8.2
12.2
13.3
Canada
Rocky Mountain
14.1
16.1
13.5
13.7
Ceylon
342
-
'
"
Total United States.
5.7
RECENT
8.4
2
6+33
37,837
40,628
4
131
90
341
220
13,706
47
660
901
11,086
4,185
24
130
mmm
mmm.
11.1
17,445
3,132
25,853
9,021
Colombia
11.6
17,406
812
(THOUSANDS
OF
KILOWATT-HOURS)
38,421
5,239
1,969
Week Ended
1940
1939
30,308
242
662
737
185
30
173
139
210
46
947
688
49
45
1,311
146
915
7
76
168
2,405
2,690
2,293
7
28
18
60
15
1,863
.754
19,748
2,349
655
2,915
5,165
8,663
3,869
4,341
1,198
4
66
1,334
1,267"
732
5,134
3,274
3,603
198
1~032
517
114
951
214
697
13
4
23
570
Republic.
Ecuador
1940
1937
1932
1929
Egypt
—
from.
Finland
1939
France
Germany b._
Mar.
2
2,479,036
2,244,014
+ 10.5
2,199.976
Mar.
9
2,463,999
2,237,936
+ 10.1
2.212,897
Mar. 16
2,460,317
2,424,350
2,225,486
+ 10.6
2,211,052
Mar. 23
May
4
May
11
May
«r
2,176,368
2,173,223
2,188,124
2,193,779
2,176,363
2,194,620
2,198,646
2,206,718
2,131.092
2,214,166
mm
2,170,671
+ 11.4
2,199,002
+ 10.1
2,182,727
+ 9.8
2,386,210
2.387.566
18
2,163,538
+ 10.3
2,170,750
+ 10.0
2,422,212
+ 11.6
2,448,865
mm
8
2,170,496
mm
1
June
2,146,959
+ 9.6
2,417,994
mm
mm
mm
May 25
June
2,200,143
+ 9.6
2,173,510
2,421,576
2,397,626
mm.
m
2.198,681
2,209,971
+ 10.3
2,422,287
2,381,456
Mar. 30
2,332,216
2,204,858
2,113,887
2,256,823
+ 10.3
+ 8.7
2,452,995
mmm
+ 11.1
1,519,679
1,538,462
1,637,747
1,614,553
1,480,208
1,465,076
1,480,738
1,469,810
1,454,505
1,429,032
1,436,928
1.435,731
1,425,151
1,381,462
1,435,471
1,706,719
1,702,670
1,687,229
1,683,262
1,679,589
1,663,291
1,696,643
1,709,331
1.699,822
1,688,434
1,698,492
1,704,426
1,705,460
1,615,085
1,689,925
Gold Coast....
Greece
—
Haiti
Honduras.
Hong
Iran
7,479
1,775
Denmark
Dominican
Change
mt.
16,440
Cuba
WEEKS
■''mMm,
mm
13,262
Chile
5.8
10.3
I
8.7
27
196
11,165
3,290
mm
109,326
10,994
China
6.2
Pacific Coast
»
228
15.8
10.4
--
1,665
5.4
West Central
Apr.
6
Apr. 13......
Apr. 20
Apr. 27
3,065
125,02?-
Southern States
FOR
52,291
42,315
12.3
New England
Middle Atlantic
Central Industrial
DATA
24,205
304,92C
America.
Asia
Belgium
4.2
Manu¬
factures
158,731
South
Ended
May 18,1940
Finished
Manu-
factures
Bev¬
erages
Europe
Africa
June
tfe
Northern North Amer
V
PREVIOUS YEAR
Semi-
Foodstuff
Southern North Amer
a year ago.
PERCENTAGE INCREASE FROM
Major Geographic
Crude
and
Geographic Division
light and power industry of the United States for the week
ended June 8, 1940, was 2,452,995,000 kwh.
The current
week's output is 8.7 % above the output of the corresponding
week of 1939, when the production totaled 2,256,823,000
kwh.
The output for the week ended June 1, 1940, was
estimated to be 2,332,216,000 kwh., an increase of 10.3%
2,575
83
132
29
301
349
mm mm mm
mm
mm
271
65
98
30
4,721
123
*
32,600 vX
48,456
llO
986
192
mm
2,824
343
85*
2
'
13,360
Italy
Jamaica
O
"
15
671
.
_
44
939 :
2,642
Ireland
•••■;
1,326
2,676
....
.
Kong.
(Persia)
A;V-
59
4,013
1,531
12
:3-;v
44
8,035
944
4,202
2,675
254
3
11
61
179
22,434
43,316
7,290
8,531
378
5,087
Netherlands Indies...
33,001
4,082
8,886
46
3,387
16
2,010
Netherlands W. Indies
1
8,440
384
Netherlands
6,224
1,414
168
511
2,232
1,899
87
1,686
Japan
Kwantung
Mexico
1,148
835
Newfoundland and
Labrador
Imports and Exports of United States for Four Months
Ended April, 1940—Geographical Distribution of
Various
Classes
of
2,381
78
27
New Zealand
2,329
1,732
31
Norway
5,387
494
1
288 ■v'v
June
Switzerland
by the Division of Foreign Trade Statistics of the
of
Foreign and Domestic
presented in the tabulation below:
VALUE
OF
UNITED
DIVISIONS
AND
STATES
FOREIGN
LEADING
Commerce.
are
BY
WITH
68
:mmmmmmm.mrn
218
"
.mm
mm
mm
22
"492
2J96
18
63
15,471
3,855
3,158
2,377
3,709
14,966
890
9
521
883
75
519
367
2,296
379
1,148
1
128
10,979
81
877
1,320
Spain
Sweden
...
148
2,711
r
6,395
6,334
4,986
99
300
929
20
14,160
11,387
127
32
2,522
91
.....
Union of South Africa
CLASSES,
5,840
42,748
5,856
10,308
4,925
5,036
1940.
Venezuela
mm
mm mm
140
604
148
8,490
9,952
19,227
763
43
2
2,085
'mm
mm
mm
'
6,267
1,760
^
15
;
194
b Statistics Include trade with the German-occupied areas
Exports Negligible,
a
States Merchandise
57
155
4,891
United Kingdom
Uruguay
(Corrected to May 31, 1940)
Exports of United
1
1,638
Union of Soviet Social¬
GEOGRAPHIC
ECONOMIC
28
6,264
Portugal...........
Turkey
28
406
1
1
1,201
4,964
ist Republics
TRADE
COUNTRIES
FOUR MONTHS ENDED APRIL,
They
29
3,390
'
28,810
.4
Figures of the foreign trade of the United States for the
four months ended April, 1940, divided into several economic
classes and according to source and destination, were issued
10
510
'
8,672
Peru__
Philippine Islands
Bureau
6
1,237
Panama, Republic of.
Panama Canal Zone..
Merchandise
503
1,096
*
in Czechoslovakia and Poland.
(Value iu Thousands of Dollars—000 Omitted)
Manuf'd
Geographic Division
Crude
Crude
and
Total
Materi¬
Food¬
Country
Exports
als
stuffs
Foodstuffs
&
620,980
137,321
19,273
178,599
Southern North Amer
108,849
32,797
2,713
7,851
1,774
South
America
Finished
43,010
6,277
12,632
138,932
28,286
36,176
52,301
18,868
282,445
103,389
72,862
106,180
152,798
214,803
35,246
....
Africa...
Total
5,273
254
48,288
1,054
4,915
7,562
3,263
48
944
4,667
26,324
47,677
Asia
1,287
96
1,161
8,190
36,942
105,598
1,358,953
230,942
30,349
76,501
287,420
733,740
Argentina
38,286
21
93
13,489
Australia
11
722
3,815
Belgium
29,862
21,903
1,978
•2,582
5,246
1,718
968
3,790
Brazil
39,842
1,621
13
299
9,743
22,705
22,731
10,191
28,166
21,746
4,145
12
218
5,305
12,066
4,976
12
28
332
1,688
2,916
1,407
101,750
British
India
British
Malaya
Burma
1,744
1
2
16
317
175,880
32,652
7,755
6.646
28,076
597
27
Chile
13,975
71
China
30,278
13,548
Canada
Ceylon
15
197
357
50
-
4,329
8,822
8,554
14,293
16,261
1,541
1,548
368
820
6,989
Colombia..
18,719
585
50
Cuba
28,852
1,365
519
1,288
6,677
4,030
204
1,079
Denmark
2,502
5,940
2,041
1,130
1,985
20
16
217
240
Ecuador..
2,695
9
1
342
329
Egypt
7,914
296
68
263
1,723
5,564
Finland
9,785
294
491
1,216
727
7,057
161,889
31,914
455
573
20,672
108,276
133
220
425
Dominican
Re public-
France
Germany
2,015
a
84
Gold Coast
951
173
5,118
1,491
575
99
1,607
849
1,987
16
8
254
134
1,081
Greece
Haiti
Honduras
Hong
Iran
Kong
(Persia)
14
69
2,209
8
46
167
582
with
Department of Commerce, in making available on
statistics of United States foreign trade
by countries, pointed out that although exports to Europe
showed a decline from the March total, imports from that
570
83
558
1,195
3,355
2
1
1
273
continent remained
ing
the first four
from
Europe
approximately at the March level. Dur¬
of this year, however, imports
months
have
declined
$36,000,000 in total
value as
compared with the first four months of 1939, this decrease
being very largely due to decrease of shipments from Ger¬
Czechoslovakia and Poland. Imports from the United
Kingdom, Sweden, Spain, Switzerland and Italy have shown
many,
increases
a
over
year ago.
Imports in April from Canada
March totals,
and Asia increased over
but declines were recorded for imports from
other continents.
Increased shipments of
rubber from Asia
newsprint and wood pulp from Canada were largely
and of
responsible for the advances.
showed
America
declined
in
April
substantial
from
Although imports from South
gain over a year ago, they
March.
Imports from Asia
have
$112,000,000 over the four months' period a year
from Latin America $50,000,000, from Canada and other
increased
ago,
northern North
The
America, $17,000,000, and from Africa
$12,-
The Department's announcement also said:
in total United States exports of $27,000,000 in April
000,000.
decline
as
2,793
u.
Japan
Kwantung
202
200
958
37
354
13,201
4,682
1,666
166
27
142
297
1,035
markets
27,447
1
54
26,204
2,971
Jamaica
1,166
17,532
principally a result of curtailed shipments to
Europe, the value of exports decreasing $19,000,000 in April to a total
of $140,000,000.
As a result of the spread of the war, the Scandinavian
76,887
Ireland
267
35,806
.....
Italy
257
628
23,181
2,085
21,434
Mexico
29,759
639
""378
"""822
6,486
Netherlands Indies
16,190
334
16
378
3,537
Netherlands W. Indies
1,513
11,926
8,846
22
167
598
1,820
6,240
32,572
Netherlands
6,427
3,099
4,491
7,694
10,860
Newfoundland and
Labrador
2,684
5,127
209
1,612
680
31
203
823
Norway.
!
Panama, Republic of.
14,528
1,218
1,141
1,842
4,048
3,390
6,280
6,379
13
77
545
519
5,224
Panama
12,216
73
354
1,427
1,991
8,370
7,671
34,919
33
5
249
,1,548
244
491
4,013
3,740
5,836
26,431
5,142
13,718
1,302
1
28
1,896
1,916
5,630
6
3,360
8,087
4,722
12,169
New Zealand
Canal
Zone.
Peru
Philippine Islands
Portugal
Spain
...
Sweden
Switzerland
...
Turkey
Union of South Africa
145
95
25,794
13,690
3,029
""862
623
1,138
483
1.647
1,367
4,952
225
8
264
781
4,079
3,684
26,364
84
1
412
4,121
21,746
228,495
60,393
5,366
28,321
87,260
3,260
55
1
36
47,155
1,762
24,408
41
145
2,333
1,879
20,011
6,623
Union of Soviet Social
1st
States
June 6 the April
1.405
5,760
1,791
...
Foreign
Trade During April
Geographic Divisions and Countries
United
Manu¬
factures
The
Europe
Northern North Amer.
Oceania
Semi-
Manu-
factures
Bev¬
erages
Republics
Uruguay
Venezuela
1.406
compared with
March
was
closed to practically
were
all of our merchandise during the greater
(particularly the Nether¬
declined appreciably.
to Europe were $51,000,000 higher, with larger shipments to the United Kingdom, France,
Italy, Spain, Switzerland, and the U. S. S. R. mainly accounting for the
advance.
Principal commodities exported to these latter markets in larger
quantity than in April, 1939, included aircraft (principally to France
and
the United Kingdom), metal-working machinery,
copper, iron and
steel, lubricating oil, raw cotton and wheat (the latter to the U. S. S. R.).
Exports to Canada advanced from slightly less than $49,000,000 in
March to over $54,000,000 in April, the highest total in many months.
part of April, and shipments to
the Low Countries
lands) and to the Union of Soviet Socialist Republics
As
compared
In
comparison
imports
from
$30,000,000
total
in
with
with
Canada
April,
in
April,
April,
1939,
however,
exports
1939, this figure was 57% higher.
Our
increased from $26,000,000 in March to nearly
the latter representing a gain of 16% over the
April,
1939.
America dropped off to approximately
$71,000,000 in March; however, the April
total
represented a gain of 29% over April, 1939.
A^ reduction in
shipments to Mexico and Argentina (to the lowest level since last fall)*
United
States
$61,000,000
in
exports
April
to
from
Latin
Volume
was
The Commercial & Financial Chronicle
ISO
largely responsible
although
shipments
for the
other
to
decline
in
countries,
the
total
export
including
Chile,
Central America, were also smaller in value in April
for
the area,
and
Venezuela
than in March.
Imports fiom Latin America declined in April—from nearly $62,000,000
March to $55,000,000.
Shipments from Argentina declined from some¬
what over $10,000,000 in March to about $5,000,000 in
April (principally
"a. Panic, causing
private investors to defer
building projects.
result
a
Brazil,
with
in
of
smaller
Colombia
April,
and
1939,
receipts
Major changes in
in
marked
a
March
while those
flaxseed),
and
showed
reductions.
Latin
In
from
our
than
trade with other
in
exports
':
of the world during April
areas
nearly
$8,000,000
(chiefly owing to smaller shipments of
$4,000,000
tobacco,
lubricating oil, automobiles and aircraft), and an increase from
$5,000,000 to nearly $8,000,000 in exports to British South Africa (prin¬
cipally in cotton cloth,
Following
of April:
are
clothing and iron and steel).
rayon
order
the complete tabulations covering the month
.
Thousands of Dollars (000 Omitted)
"No
Month of
and
Country
Month of
April
"With
1939
1940
13,944
$40,883
30,475
25,993
29,048
74,670
3,213
7,958
$230,974
$324,008
$186,296
$212,240
$4,068
5,456
Northern North America
Southern North America
South America
Asia
Oceania
Africa
Total
$8,326
3,882
4,228
10,360
4,147
1,329
$4,357
1,750
5.199
7,867
5,640
7,892
$5,084
2,262
3,886
$140,240
55,136
25,249
36,219
Argentina
Australia
Belgium
5,186
BrazU———.^—
47,743
5,477
6,007
2,214
British India
557
British Malaya
7,079
6,814
23,303
320
524
79
private
building market.
As for rising building' costs,
there seems to be little danger of trouble at
any early date.
Both Government and private
industry are acutely conscious
of the dangers of price
inflation, as they were last autumn
after the beginning of the war.
Since then and up to the
present moment, self-control by industry and labor without
governmental action has been adequate to hold material
prices and wages at fairly steady levels.
54,373
29,778
11,810
133
139
1,478
3,066
4,655
4,500
5,681
4,956
25,696
2,008
3,813
4,470
3,042
5,888
Ceylon..
—
Chile
China
-
Colombia
participation,
struction during
could, of course,
The
national
2,605
135
a
506
320
226
sefve
654
2,054
570
1,119
1,138
754
12,481
6,540
45,990
4,220
1,090
—
405
35
1,482
5,411
15,762
140
217
847
816
520
1,428
614
1,048
Haiti
364
373
279
Honduras
581
550
555
768
2,073
1,589
232
251
Finland.............—...
France
Germany.a
Gold Coast
—
Hongkong
Iran (Persia)
577 +
678
:•••-
363
168
775
247
498
514
129
231
4,118
9,240
3,289
4,953
440
373
66
75
16,147
10,607
4,442
4,800
1,367
2,673
6,320
2,877
3,408
5,903
1,768
4,682
490
756
487
1,549
1,164
1,559
537
1,974
2,706
1,823
8,392
393
29
+ ■'
54
743
1,100
7,440
9,442
813
401
554
698
3,745
1,513
3,058
1,482
937
6,410
3,602
34,319
Switzerland
931
2,670
2,087
591
Sweden
7,566
6,081
53,339
4,328
1,276
2,591
2,533
2,378
2,339
2,595
12,748
Turkey
Union of South Africa
U. S. S. R. (Russia)
United Kingdom
247
2,151
11,578
•
753
5,640
5,405
Uruguay
Venezuela
For purposes of statistical comparability, trade
the tabulation issued by the Bank:
DEPARTMENT
STORE TRADE
720
1940
a
Year Ago
Stock
Locality
Hand
on
to
May
End of
to
May
May
Month
+0.2
—1.2
—0.7
Buffalo
+ 6.1
+ 3.3
Rochester.
+ 5.3
+ 3.4
+2.4
+ 13.7
+ 7.3
+ 5.7
+3.7
+ 1.2
New York and Brooklyn
Syracuse
Northern New Jersey
+ 1.7
+ 5.5
—0.2
♦
Central New York State....
Hudson River Valley District
...
+ 3.6
+ 11.6
+6.4
+ 10.0
+ 1.6 -
m
+ 4.9
mm mm
—3.6
Southern New York State
+2.7
+ 3.8
+ 18.4
Northern New York State
+ 4.8
+ 3.0
+ 0.7
—•
—0.6
2,994
*
V";
:'m
mm „
mm
mm
+ 3.0
+4.0
Westchester and Stamford
886
2.042
with Austria, Czechoslovakia,
<*■■■
mm
+ 13.6
Niagara Falls
mm
mm'
+ 0.8
+0.4
+ 1.4
—5.4
All department
—3.7
—5.7
stores
Apparel stores
Subject to possible revision.
DEPARTMENT
OF
STORE
SALES
FEDERAL RESERVE
Review of May
Corp.
MAY,
Net Sales
INDEXES
Dodge
IN
Percentage Change from
*
W.
0.8% Above Year Ago
was an
below last year.
The following is
and Poland and Danzig has been combined with Germany for both years.
F.
and
navy
increase of 0.4% above the same
Stocks of merchandise on hand in de¬
partment stores at the end of April were 1.4% above the
end of April, 1939.'
The apparel stores in the New York Reserve District re¬
ported a 5.4% loss in net sales in May as compared with
a year ago.
Stock on hand at the end of April was 5.7%
*
a
Advanced
844
256
1,120
6,629
1,073
Portugal
Spain
and
army
930
1,395
1,261
7,625
Philippine Islands
District
February to May
period last year.
697
1,888
2,087
1,031
Newfoundland and Labrador
Peru
to
it was announced June 15 by the Federal ReBank of New York.
The change in net sales from
14,848
1,792
1,384
Mexico
15,271
1,031
6,624
4,136
...
addition
6,652
1,212
...
in
very short order.
being formulated will
now
110
Kwantung
Panama Canal Zone..
program
year ago,
8,760
180
Jamaica
Panama, Republic of
remainder
change the picture in
include,
Reserve
392
Norway
the
us up to this present
upswing of private con¬
of this year; new facts
Net sales of department stores in the Second (New
York)
Federal Reserve District during May advanced 0.8% above
Ecuador...
New Zealand..
war
eight
continued
a
7,012
3,907
3,725
548
Netherlands
our
1917,
♦
307
Netherlands Indies
December,
May Sales of Department Stores in New York Federal
9,103
Netherlands West Indies
until
come
housing."
110
Japan
not
defense
undoubtedly
558
Italy
restrictions
industrial construction, a considerable amount of
emergency
6,913
Ireland
and
$25,000 to those essential to
over
did
to indicate
seem
482
Greece
controls
"Consequently, the facts known to
date
1,670
-
Egypt
Government
months after the United States declared
war, and grew out
of necessities not present in the current situation.
Dominican Republic
Cuba.
Denmark
of
prospect
226
34,535
Burma
Canada—
things has happened yet.
to the first one, the May records show
there has not been the slightest sign of
panic in the
that
private projects
1940
1939
$57,079
26,188
19,406
23,319
48,638
3,094
8,571
*88,816
35,055
23,462
24,277
41,810
7,453
10,101
of these three
regard
private building activity seems equally remote.
At the
time of the first World War the
priority order, restricting
April
^
Europe
preparedness program.
one
"The
Geographic Division
and restrictions,
priority to construction essential to the
give
on
IMPORTS
EXPORTS
to
national
continued higher
America
Australia—from
to
in
comparison
..ir';s:y
drop
less
to
wool
also
however, imports from
April of this year.
include
of
Uruguay
abandon
or
"b. A rapid rise in
building costs.
"c. Imposition of Government controls
in
as
3731
Construction
I
AND
STOCKS,
SECOND
DISTRICT
(1923-25 Average=100)
Contracts
Recent
intensification
any
the
The May total of construction contracts awarded in
Corp.
37
May,
European war has not yet
change in the upward trend of
the United States, according to F. W. Dodge
Eastern
States
amounted
to
$328,914,000,
largest
monthly total recorded thus far in 1940, being 9% over the
April figure and nearly 7% over the total for May of last
year.
•
•>.<"<:V
:
for
residential
building,
$145,912,000,
largest
the German invasion of the Low
Countries.
possible significance for residential building in coming
.months are recent mortgage-insurance records of the Fed¬
Housing Administration.
June 1
creased
20%
the
over
corresponding
five
weeks
of
last
and their total value increased 18%; the number of
year,
mortgages accepted
value
increased
records
war
During the five weeks ended
the number of mortgages selected for appraisal in¬
no
5%.
for insurance increased 4%, and their
There has as yet been in the FHA
indication
of
a
falling off due to the critical
suitation.
Commenting
President
research, stated:
"Three possible factors might change the current
upward
trend of private building:
March,
1939
*; '
April,
May,
1940
1940
$ 1940
84r
82
83
85
88
89
90
88
78
80
80
79
Stocks, seasonally adjusted
-
76
79
78
77
7
seasonally adjusted
Revised.
(Corporate) Profits During First Quarter of
of 437 Companies 68% Larger than
1940—Profits
Year Ago,
In
its
June
Reports New York Federal Reserve Bank
1
Review,"
"Monthly
the
Federal
Reserve
states that
"reflecting the decline in
production and trade since last December, this Bank's sea¬
sonally adjusted index of the net profits of 168 industrial and
mercantile corporations showed some recessions in the first
quarter of 1940, but profits remained at a fairly high level.
Bank
of
New
York
The decline in the index from the 10-year peak reached in
the fourth quarter
recession
seasonal
which
were
of 1939 was due primarily to a more than
in the net profits of steel companies,
comparatively large in the last quarter of 1939.
The effect of this decline, and of smaller declines in profits
of some other groups, was partly counterbalanced by a rise
in
seasonally
(Actual
the
situation, Thomas S. Holden, Viceof F. W. Dodge Corp., in charge of statistics and
on
*•;'
'" *
-
resi¬
August, 1929, and 9% over the residential
Gains in contract volume were con¬
tinuous through the month, showing no diminution after
1
Stocks, unadjusted
Business
figure for May, 1938.
eral
j.J
•
Sales (average daily),
dential total since
Of
*
Sales (average dally), unadjusted
Most significant in last month's record was the contract
figure
'
>'
important
construction in
the
of
,
effected
about
at
instead
on
the level
of
profits
of
the
automotive
reached in the
fourth
showing a seasonal decline.)"
to say:
First quarter
cantile
adjusted
profits of automobile companies
were
group.
maintained
quarter
of
1939,
The Bank
goes
.
data extending back to 1937, for 437 industrial and
companies, are summarized in the
following table.
In
mer¬
the aggre-
gate, profits of
rise
than a year previous and only 5% less than in the first quarter
of
1937, which was the period of highest first quarter earnings since
1929.
Of the 437 individual companies, less than 10% operated at a loss
larger
There
in crude forms, in anticipation of national defense re¬
Railway freight traffic appears to have increased somewhat
May, and automobile production and the generation
of electric power were well maintained.
On the other hand, mill sales of
cotton goods were reported considerably below the current rate of pro¬
inventories of steel
compared with 22%% in the first quarter of 1939.
All of the groups of companies shown in the table, with the exception
of the bakery group, reported larger profits than in the first quarter of
1939, the largest precentage increases being those of the railroad equip¬
ment, paper and paper products, steel, petroleum, machinery and tools,
copper, and textile groups.
A number of groups also reported larger
profits -than in the high first quarter of 1937; prominent among these
were the aviation,
cigar, coal mining, automobile, paper and paper prod¬
ucts, and copper mining groups of companies.
Class I railroads as a group reported a deficit, after fixed charges, for
the first quarter of 1940 amounting to $13,000,000, or considerably lees
than
the $43,000,000 deficit in
the corresponding period a year ago.
In the first quarter of 1937 Class I railroads earned $15,000,000 of net
with
but
income,
Net operating income of
first three months of 1939
Net income of 50 other
increase of 14% over 1939 and also over 1937.
Profits In Millions of Dollars)
vX
public utilities showed an
(Net
First Quarter
No.
2.3
2.1
3.0
60.7
4.5
64.3
83.7
41
21.1
—2.2
12.7
22.3
(ex
accessories
parts and
3.8
13
Automobiles
eluding tires)
9
0.6
1.3
3.8
5.9
24
11.2
2.6
4.1
7.9
28
38.5
17.4
26.0
40.0
Aviation.....
'
Building materials and supplies
Chemicals
..
1.7
1.0
7
5.3
4.3
20.5
9.8
11.5
4.6
4
Drugs and cosmetics
Electrical equipment..
5.6
19.4
,
4.1
3.8
4.6
9
9.0
8.2
9.0
9.5
4.4
4.1
5.0
5.4
12
15.7
13.9
12.8
14.4
—1.3
Beverages
Confectionery
Other food products
2.8
14.6
5.7
4.2
12
1.3
—1.4
—0.3
tion
,
13.1
6.0
6.8
appeared 'between various lines
the series included in the producers' goods group,
and textile mill activity declined further in April,
while
non-residential construction work increased and some industries
stimulated by Government and war orders continued at high levels.
Among
consumers' goods industries, shoe manufacturing and operations at meat
Among
ingot pioduction
somewhat lower after seasonal adjustments; on the
construction contracts increased, and activity in a
plants were
packing
hand, residential
other
held relatively steady.
request that the country's
number of other lines
aircraft producing
provide 50,000 war planes annually, and measures
being adopted to enlarge production, point to a further rapid expansion
in this relatively new industry.
...
As reflected by labor "input,"
activity of airplane plants has doubled since a year ago, and has reached a
level nearly eight times the 1933 average.
It is estimated that approxi¬
mately 10*0,000 workers are now employed in the manufacture of air¬
planes, airplane engines, and accessories.
recent
President's
The
capacity be increased to
15.0
Copper
_
;
10.2
(Adjusted for seasonal variations,
for estimated long-term
for
price changes)
9
6.7
4.5
3.9
3.9
April,
Feb.,
Mar.,
April,
6.6
2.9
2.8
5.4
1939
1940
1940
1940
7
equipment
6.6
4.3
4.4
5.6
17
6.0
2.4
1.8
7.7
............
Paper and paper products
25
38.9
28.3
11.7
30.1
Railroad equipment...
13
11.8
0.6
1.7
9.9
Steel...
30
69.5
—5.6
11.3
Stores
6.1
1.2
5.0
6.2
10
4.7
0.8
1.8
3.8
...
.....
Textiles..
£.
-
^
-
.
5
0.6
0.5
0.6
21.5
7.4
13.6
18.2
437
407.1
128.0
231.5
388.0
137
15.4
—105.7
—42.8
—12.6
Telephone companies, net oper. income
94
60.3
50.0
56.6
62.5
public utilities, net income.
50
50.8
44.8
50.7
57.9
(cigars)
.........
Miscellaneous
Total, 28 groups.
Income
Class I railroads, net
....
in
the
Districts of
Boston, New York, Philadelphia, Cleveland, Richmond, At¬
lanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas
"Monthly Review" of the Federal Reserve
San Francisco.
and
Bituminous coal.^ .. „
Crude petroleum.
......
general business activity in New England
which prevailed
during March, after allowances had been made for cus¬
tomary seasonal changes, thereby continuing the downward
trend which has been prevalent since the first of the year,
in its "Monthly
"Review" also said:
states the Federal Reserve Bank of Boston
3.1%
were
New
last
less
England
4.5%
the
freight
year
corresponding period a year ago.
the
in
May 18
Sales of
and apparel shops during April were
and during the first four months of
0.5% larger than during the corresponding period
department
were
mated
of
boots
have been
to
1939,
and
shoes
in
New
.
.
.
consumed by mills in New
England was 72,525 bales, an amount 6.0% larger than in March and
6.8% more than in April last year.
%
.
.
The amount of raw wool
consumed by mills in this district during April, on a daily average basis,
April
was
less
than
of
the amount
in
March
or
in
raw
April
cotton
last
year.
.
.
.
manufacturing estab¬
lishments in Massachusetts during April was 2.2% less than the number
employed in these same establishments during March, according to the
Massachusetts
Department of Labor and Industries.
Aggregate weekly
payrolls declined 4.0%.
There has usually been a decrease in employment
and payrolls in Massachusetts between March and
April, but this year the
declines were larger than usual.
During April the number of wage earners
employed in manufacturing establishments in Massachusetts was 1.6%
higher than during April a year ago and the amount paid in wages
The
was
total
5.2%
number
of
wage
earners
employed
Federal
Reserve
Bank
its monthly indexes in its
that
York, in presenting
1 states
recession in
"Monthly Review" of June
"preliminary evidence indicates that the
production and trade was checked, and in some cases re¬
during May."
The "Review" goes on to say:
Steel mill activity turned upwards early in the month, and by the final
compared with
60% at the end of April.
In addition to increased orders for steel from
the Allied Powers, following the development of intensive warfare on the
Western Front, steel producers reported numerous inquiries from neutral
countries whose steel requirements formerly were served in whole or in
operations were averaging about 77%
101/7
95
93p
94
97 p
97
106
101
94
105
89
103
of capacity, as
96/7
98
102
lOOf
71/7
89/7
95 p
101
103
94
89
88
86-
95
93
92/7
80
88
87
86/7
Residential building contracts
38
42
42
Nonresidential building & engineering contracts.
74
57
46
77
84
80
79
84
United States
United States.
Employee hours, manufacturing,
Construction—
Primary Distribution—
Car loadings, merchandise
Car loadings, other.r
and miscellaneous.r.
:X,.':,45V>.
56
60
80
79
81
Exports..—
107
101
99p
77
69
70
69/7
85
85
84
86
78r
74
77
78
95
99
97
96/7
99
94
98
96
95
93
92
86
89
88/7
59
58
59
57
31
25
26
27
82
83
83 p
83/7
111
113
113 p
113/7
States
Department store sales, Second District
Chain grocery sales
Other chain store sales
—
Mail order house sales.r
68
registrations
New passenger car
92
Velocity of Deposits*—
Velocity of demand deposits,
outside New York
City (1919-25 average=100)
Velocity
New York City
deposits,
demand
of
(1919-25 average=100)
Cost of Living and Wages*—
Cost of living (1926 average=100)_r
,
Wage rates (1926 average=100)
p
Preliminary,
r
(from
* Not adjusted for trend,
Revised.
Index of Production and Trade
request
Third
ness
Back figures, for the
available upon
(Philadelphia) District
Federal Reserve Bank of
The
x
and Its subordinate group Indexes are
1919 monthly).
Philadelphia, in its "Busi¬
Review" of June 1, reports that
"productive activity in
District in April continued about
same as in March at a level well above that of last year,
below the 2^-year peak reached in December."
The
the Third Federal Reserve
the
but
Bank further said:
In
the
past month
wide variety of basic industrial
the markets for a
considerably, owing principally to the widespread
the sources of supply occasioned by war devel¬
opments.
The principal gains in the past several weeks have appeared
in armament and other heavy industries.
Little change is as yet in evi¬
dence in the case of consumers' goods where markets are unsettled and
forward ordering generally restricted.
Manufacturing activity in April declined somewhat less than usual, and
products have improved
shifts
the
in
demand
and
in
production of oil and electric power expanded.
The output of
at about the level of March.
Construction activity
further.
District
of New
versed
week
86 r
85
maintained
higher.
Second (New York)
The
in
71
80
96
89
87
during April is esti¬
13.4% under that of March
6.3% less than the total produced in April a year ago.
During
73 r
85
England
11,436,000 pairs, a total
92p
85r
91
Employment—
stores
in April,
82 p
92 p
96r
year.
Production
and
than
smaller than
current
loadings during the six-week period ending
car
82 p
92
Distribution to Consumer—
during April declined somewhat below that
Revenue
84
89
Department store sales, United
In part, the
94 p
................
...... .......... ........
.
Imports
Review" of June 1.
95/7
30r
Tobacco products..
First (Boston) District
The volume of
95
74 p
68
Automobiles
Employment, manufacturing.
various Federal Reserve
Districts is indicated in the following extracts taken from
business
of
68 p
61
Meatpacking...........—................
trend
91 p
Tip
Industrial Production—
Shoes
The
92 p
75
90
Wool consumption
Federal Reserve
93
75
Electric power
Districts
77 p
91
Cotton consumption
Summary of Business Conditions in
83
60
Steel
(—) indicates deficit.
Minus
87 V
80
Primary distribution
Distribution to consumer..
89
67
producers' goods
Non-durable producers' goods
Durable consumers' goods
Non-durable consumers' goods
Durable
0.9
38
Tobacco
86 p
81
Index of production and trade .a"
Production of:
46.0
15
Petroleum
the
trend, and where necessary
:!/S'X
X'
14
Gold and silver
Other
Other
selective and marked divergences
was
activity.
of
1.9
5
Machinery and tools
Mining—Coal
.Xt'"'
'
of business activity declined only slightly further
between March and April, according to this bank's comprehensive index
of production and trade.
The index for April is placed at 86% of esti¬
mated long-term trend, as compared with 87% in March, a peak of 95%
last December, and 81% a year ago.
Reflecting a well-maintained volume
of railway freight traffic, the index of primary distribution was unchanged
between March and April, and retail trade continued at the general level
prevailing since February.
Department store sales advanced slightly
during April and sales of new passenger cars were well sustained, although
declines
occurred in some other types of retail trade after seasonal
adjustments.
As in the first quarter of the year, the decline in produc¬
general
The
0.8
7
39
Heating and plumbing
Office
0.8
9
products—Bakery.....
Food and food
•
1.2
5.5
22
glass)..
Containers (metal and
.
1940
1939
6
publishing...
Advertising, printing and
Automobile
1938
1937
:
level
May increase.
steel
Cos.
failed to show its usual
bituminous coal output apparently
and
duction,
since 1931.
Corporation Group
usual in
than
more
^xeeption the earnings of the railroads this year
that
best for any first quarter
the
quirements.
telephone companies increased 10% over the
and was the highest first quarter since 1931.
94
was specifications against orders for
strip placed during the short period of reduced prices in April.
were
also reports that steel producers were tending to expand
sheets and
this year, as
were
1940
A further important factor in the
by Belgium and Luxemburg.
in* steel-making during May
part
first quarter of 1940 were 68%
these companies during the
June 15,
Financial Chronicle
The Commercial &
3732
..
General
somewhat
industrial
from
employment
were
while
tries.
of
a
increases
Both
year
Retail
.
v.
employment and payrolls
and at factories
March to April,
appear
reported
to have
Reductions in April
and distribution,
and service indus¬
substantially above the levels
occurred in early May.
employment and
payrolls were
.
Sales
commodity
well maintained in
March to April, but pre¬
improvement in May. Sales by wholesale estab¬
Distributors' inventories were reduced in April.
prices advanced slightly in April and were fairly
declined
liminary reports indicate
lishments have increased.
Wholesale
in Pennsylvania declined
further small declines in
in the case of manufacturing, mining,
occurred in the construction, quarrying
earlier.
trade
coal was
increased
somewhat from
the first half of
May.
Quotations on staple industrial
volume
have been
materials
of
The Commercial & Financial Chronicle
150
generally firm since the middle of April, while prices
goods have declined.
•
agricultural
^'V-''v '/ .'",v
Department
.
in
Fourth (Cleveland) District
In
its
"Monthly Business Review," the Federal
of Cleveland reports that '"operating rates in
able
The Bank,
Reversal
in part, also said:
the
of
attributable in
in
downward
v-
trend
in
large part to developments in the European
and
urogram,
major
had
factors
been
in
concern
causing
liquidated
future
over
sale
was
companies
many
inventories
rebuild
to
during the first qrfarter of the year.
were
demand for machinery and tools also occurred as plants began to
placed in readiness for production of additional aircraft and munitions.
.
.
Steel ingot production in the Fourth District
late
in
April to 70%
pickup
in
the fourth
in the national rate
caused
by the
when
it
be
would
fact
that
withdrawn
60%
deliveries
announced
was
from
week
that
in
In
large orders
reductions
May 1, had to
placed
increased
be completed by
expansion
in
retail
trade -in
under
the
District continued
above the level
in
a
comparison
but
year ago,
with
May
according to the
Federal Reserve Bank
in
larger expenditures than
3%
were
Easter
sales
:
in
month
31
For
highest for
In
the
almost
complete
tions in
April at about the
of
April
yarn
than
more
of all
year
last
the
in
of
1939
month,
in
seasonal
and
last month,
District
mills
mines
the
about
work
provided
about
was
the
for
same
as
in
in
The
Atlanta
opera¬
in the
Sixth
April
contrast
declined
less
the
in
it
usually
in
were
Flour
awards
of
than in
less
April,
'
as
whole increased instead
a
Reserve
The
decline.
increased after declining
Many of our indicators
the highest
were
district were at the
the
than
larger
was
smaller
somewhat
were
and
Slaughterings
increased
lumber
the
two
and
March,
in
were
of
of
April
In
textile
steel
operations
mill
again
half
increased
than
more
25%
substantially above
were
and
was
larger
year
one
than
sales
was
sales
were
and
increased
electric
construction
larger than in April,
half
was
again
as
Mine production of
1939.
large
as
year
a
were
utilized in March declined from the February level but was
power
the
indicate
production.
pig iron
risen
Since
the
a
middle
and most of the available series of figures
tion of
of
in
war
Seventh
been
business
,^i
of coal
coke); new
and
passenger
paper and
heating supplies,
car
electrical
tobacco.
Kansas
of
Bank
Reserve
City,
in
its
Review" of May 29, had the following to say
regarding business and agricultural conditions in April:
Good
that "sudden intensifica¬
and
the exception
Federal
The
.
Europe has profoundly affected
District
r
"Monthly
The Chicago Federal Reserve Bank, in its "Business Con¬
ditions" report of May 28, states
.
indicators that were as high or higher in April
Tenth (Kansas City) District
considerably higher level of industrial activity.
District
(with
plumbing and
goods,
employ¬
earlier were net telephone installations in the Twin City area;
year
sales; life insurance sales, and wholesales of groceries, hardware,
4%, and for the months of March and April together total
8% greater than in those months last year.
Wholesale trade
year,
a
loadings
car
somewhat.
the adjusted index of department store
Seventh (Chicago)
business activity
Other
up
11% above April last
was
and
1939,
earlier.
April in
in
Lumber manufacturers' shipments also
ago.
Iron ore
the largest for the month since 1929, with the
exception of 1937, when steel plants were operating at near-capacity and
ore
stocks at furnaces were unusually low.
The daily average amount of
April
activity has
comparison with April,
a
Shipments of
as large as
usual, hog
result slaughter¬
April.
in
than
more
cattle
sharply,
preceding years.
were
whereas
than
in
in
^
the highest
were
slaughterings declined less than usual, and as a
of
of
in April and
declines
further
'
•
.
largest March volume in our 20-year records.
The Minnesota
ment index rose from 102 in March to 103 in April.
increased
1939.
for the
than
this season, and was slightly larger than in April,
cut
copper
than
Total
'
two points
of all classes of livestock
increased
while wholesale
does.
1.6%
during
6.8% greater
were
by 23%, residential awards were up
34%, and building permits were 19% larger.
Coal output increased
slightly in April, contrary to seasonal tendency, but there were 6mall
contracts
-
pro¬
in this district showed a strong spring upturn
increased
shipments during April
more
year
April in the Minneapolis district
production
shipments
1939.
and sheep
business
declined
doubled
than
Country lumber sales increased
the highest for April since 1930.
Both of our
The
earlier,
sales
excess
since 1937.
products
April,
either
District
eame
the district
of
more
were
than
more
post-Easter
indexes advanced
Flour
1939.
issued and contracts
month
a
the
18.4% in
was
"
ings
Sixth
the movement
to
than
the period
at 47% of
sales by department stores in
year,
during April
1
usual
and
April.
linseed
[Atlanta] District during April:
department store sales
seasonally, in
trade
«
during
and
Department store sales throughout
month
during
out
regarding
February
4.8%
1940
year.
decline is customary at
more
March.
reports the following
production
year
of
this
were
of
The volume of production
.
"Monthly Review" of the Federal Reserve
May 31
of
months
the
usual
than
the
for
Sixth (Atlanta) District
Bank
district
sales
during the first .quarter.
years.
loadings
car
this
permits
date
the
volume increased
10
in
April
district
the
highest April level since the early 1930's.
the corresponding month last year.
or
Construction
awarded
of
The volume of business in this district in April
were
turned
this
ahead
Easter
of
last
showing
in
the
preceding month
the
V :
Ninth (Minneapolis) District
somewhat
same
20%
many
agriculture.
in
rains
the
and
April
first
three
stock
of May have greatly
There is an abundance of
raised, and the soil is in
weeks
physical conditions in this district.
water; wheat crop estimates have been
improved
phases
There
good condition for spring planted crops.
has
The
drastic
recent
serious
in
turn
the war
situation
has convulsed many com¬
reappraisal of values, most notable reper¬
cussions being felt in the grain and security markets.
Avail¬
able May data indicate that district industrial activity has
Wheat, at one time, had lost nearly all of its war
gains, and corn prices are lower.
Hog prices have suffered more severely
than those of other livestock, more than half of the recent gains having
advanced, particularly in the heavy industries such
£k26I1
a
Automobile
and
production
has since
commodities
consumer
to
declined
has
as
modity
steel.
Reflecting
increased
May.
in
Since
affect this
to
district
spread
for steel
district
of
steel
as
Steel
as
firms in
this
area
expect
term
developments in the European conflict to dominate trends
steel
and
malleable
types
of
ments
at
at
castings
castings
stove
district
by this
was
and
higher than last year.
During April there
awarded
for
were
building
show
that
firms increased
well
furnace
furniture
contracts
Bank
over
new
sharply
year-earlier
plants also
manufacturers
rose
business
in
of
April;
levels.
output
Orders
steady
steel
both
and
and
output
was
...
was
a
further
construction;
higher than the
1939
sharp
for
seasonal
the
level.
first
advance
time
this
in
contracts
year
retail trade is
lower.
are
total
for
agricultural
the
and
livestock
out¬
industries in the
In its "Monthly Business
in part:
say,
Distribution of
near-
ship¬
New business
substantially.
remained
of
and
Review," dated June 1, the Bank also has the following to
in domestic
district
construction
April and the first half of May.
steel
the rate of
but
of
collected
ago,
According to the Dallas Federal Reserve Bank, the
business.
Data
year
written
Eleventh District was improved by widespread rains during
operations
finished
appreciably above a
Eleventh (Dallas) District
have
but such orders
most
is
insurance
residential
and
belligerents
country,
only indirectly,
export is fabricated in the East.
mill
warfare,
this
in
Life
on
look
demand,
the
augmented their orders
expected
are
for
generally
sharply
greatly
trade
in April made a sharp gain.
Livestock
slaughter and zinc and lead shipments are larger, but crude oil production
Industry
rose
lost#
higher.
The Bank also had the following
-',"i
expenditures.
markets.
Wholesale
spring peak in April
Retail distribution of
moderately.
in part:
say,
its
held at fairly high levels; apparently
situation abroad has had little effect
the changed
yet
reached
:
Bank's "Monthly Review" also had the following to say:
contrast
in
at
manufacturers
either
of
of
and approximately 19%
produced
tobacco
in
and
Textile mills continued
in March,
yarn
than
April
32%
^
Production of oil in fields
ago.
.
.
plants
and retail trade for the month
than
in
>
13%
sales
According to the Minneapolis Federal Reserve Bank, busi¬
more
.
level
Fifth
in
labor dispute.
Rayon
automobiles
passenger
registrations by
same rate as
year.
products
at
was
more
steel
well
the
four
first
interval
ness
wholesale
and
14%
year
*
Retail furni¬
sales,
1939,
lines averaged
new
1939,
occurrence
wearing apparel.
many
shutdown
time last year because of, a
ahead
in
though the
even
month in exactly three years.
any
industry, coal mining
with
1939,
with
"Business Conditions," the Fed-
lour months
a
However,
the
same
Department store sales in April
ago.
28% above April,
were
representative firms
year ago.
Registrations
in April exceeded April,
district
the
lust
205
a
year
District whole-
ago.
trends,
steady and at mid-May operations were
45% a month earlier and 39% on
continued
the earlier
to
March.
itself
show
continued to
power
April last year swelled sales of
by
sales
a
larger than sales in April,
sales
ture
purchasing
consumer
year
was
with
principal cities
"Most
relatively high
a
March
March of last year.
For the first quarter this
118.3% greater than for the same period of 1939.
was
Due
Rich¬
of
unfavorable
during
the
developments during the past month were
seasonal in character, and of about normal proportions,"
says the "Review," which also states:
A
period
March
Federal Re¬
substantially
March,"
"Monthly Review' of the
mond.
like
during
striking changes occurred
110
,
year.
For the first
the
duction
[Richmond]
»;.
April, but sales of furniture and
Inventories continued" up and buying as a whole
Production of bituminous coal at mines of the district during
16.7% less than in March, but 24.9% greater than in April,
output
level of activity
on a
last
heavier than
The survey also stated:
and
remained
last
was
1939.
of
District
"Business in April in the Fifth
from
There
iron
compared
date
April
In the first half of May, however, a gain of approximately seasonal
proportions was reported.
/ 'V
serve
22%
were
year.
at
review
light.
was
August.
Fifth (Richmond)
than
the
capacity,
evident during the first quarter of the year continued in April, and
adjusted index of department store sales fell to about the level of last
vas
•
lower
recovered
Production
which
district
of ?./
during the first full week of intensified
'
ahead of last year."
June
this
distribution
;
were
furnishings
business
report
less-than-seasonal
weeks
activity in the Eighth Federal Reserve District
latter part of April and early May indicated
improvement in some lines.
Business generally was still
delayed
The
three
first
industrial
also due to
and
on
retail
......
during
30, but it
heavier export demand following invasion of the Lowlands
purchases by domestic consumers lest future deliveries be
was
the
oral Reserve Bank of St. Louis states that "commercial and
a
products
steel
certain
on
for
stores
■'
4% heavier than
were
Eighth (St. Louis) DUtrictr
the gain was
late in April,
part,
district
111 its May 31 review of
:
.
of capacity
This compares with
75%.
to
on
price
from 56%
rose
May.
larger
2% in April and
practically no change in retail inven¬
tories over the month, and
department store stocks were only 1% heavier
than on April 30, 1939.
Whilesale inventories declined in April, but were
8% heavier than a year ago.
'
'
'
which
Some increase
be
in
in
higher than last
for a rise
war,
delivery of needed materials,
trends
household
export demand, anticipation of needs for the proposed domestic rearma¬
ment
from
Retail shoe sales
' iV
,
December
last
since
progress
Data
,,
' )>''iv
Merchandising
store sales increased
warfare.
important Fourth District [Cleveland] factories rose
May following a period of relative stability during April."
many
in
1939.
May showed even more favorable gains over last year.
There is no
indication, from department store sales at least, of any markedly unfavor¬
May 31
Reserve Bank
3733
n
construction
year
ago
increased
April,
commodities to
consumers
declined considerably in April,
industrial activity continued at
contracts
a high level.
The value
awarded increased sharply, exceeding that of a
by 15%.
Daily average production of crude oil, Which had
substantially in March, was maintained at the advanced rate in
but
declined about 2%
in the first half of May.
Operations at
petroleum refineries in Texas during April were near the peak rate estab¬
lished in July, 1939.
Cotton mill activity in Texas expanded moderately
to a level 17% greater than a year ago.
Following a sharp increase in
March,
and
department
sales
were
store trade
showed
moderately smaller than
declined seasonally,
but
was
a noticeable contraction in
in April, 1939.
Wholesale
9% higher than in April last
year.
April
trade
,
;
Twelfth (San Francisco) District
in
its
monthly survey, "Business Conditions," dated May 27, states
that "considered as a whole industrial production in the
Twelfth District was
well maintained in April after receding
moderately in the two
preceding months."
The Bank goes
and payrolls likewise were unchanged, a small in¬
California offsetting declines in the Pacific Northwest, which
Factory employment
in
crease
tool and engine manufacturers again increased to new highs
Aircraft firms employed nearly twice as many workers as last
craft, machine
in
April.
year
more
and makers of machine tools and of engines both reported a gain of
than 50% from 1939.
Shipyards had about one-third more workers
with the highest level of employment since 1921. Manu¬
April of last year.
also substantial seasonal employment gains in
the fertilizer, canning, ice cream, brick and cement industries.
Employment on Class I steam railroads, according to preliminary reports
of the Interstate Commerce Commission, was reduced by 2,200 from
March to April, and anthracite and bituminous coal mines reported a
combined decrease of more than 18,000 workers.
The principal gains in employment were in private building construction,
where contractors reported a seasonal gain of 11.3%, and in Federal public
than a year ago,
facturers of
to say:
on
the lack of full seasonal expansion in lumber¬
were
again attributable to
ing.
New residential building increased sharply in
advanced to the highest level in the past
April, and the adjusted
Employment in air¬
absorb additional employees.
continued to
orders
1940
15,
June
stimulated directly or indirectly by Government or war-time
Factories
Francisco,
San
of
Bank
Reserve
Federal
The
Chronicle
The Commercial & Financial
3734
explosives showed a gain of 35% over
During April there were
decade, except for two
public housing projects were
awarded.
Preliminary figures for May indicate that while the index
will
decline in
that month it will remain well above the levels of
February and March.
Sales of new automobiles increased about as usual
in April.
While furniture store sales advanced slightly, they were no
larger on a seasonally adjusted basis than the average of the preceding
six months.
Retail trade in non-durable goods declined; however, follow¬
ing the moderate gains of the preceding two months.
Activity at district aircraft plants continued the marked expansion
which has characterized tha industry during the past year.
The pulp and the plywood industries also continued to operate at or
about
Public utilities added approximately
5,000 workers to their pay rolls and some seasonal gains were reported in
the hotel, dyeing and cleaning, laundry and quarrying industries.
Metal
about capacity.
of 42,000.
index
In
April
in
for the third successive month, after allowance for
At 79% of the 1923-25 average, the index was down
19% from the January peak and was lower than
June
in any month since 1939.
Holiday Week Ended
Lumber Movement,
of
Report
lumber
these highly
influences.
seasonal
active and expanding industries,
with
contrast
production
when large contracts for
winter,
last
months
1, 1940
during the holiday week ended June 1,
1940, was 13% less than in the previous week; shipments
were 3% greater;
new business, 6% less, according to re¬
ports to the National Lumber Manufacturers Association
from regional associations covering the operations of repre¬
sentative hardwood and softwood mills.
Shipments were
10% above production; new orders, 0.1% above production.
Compared with the corresponding week of 1939, production
was 4% greater; shipments 11% greater, and new business
2% less. The industry stood at 70% of the seasonal weekly
average of 1929 iiroduction and 74% of average 1929 ship¬
The Association further reported:
ments.
Year-to-Date
.
unfilled orders to gross stocks
ratio of
year ago;
gross
Easter
was
of April, 1939. Principal reductions were in
and apparel stores, which had shown unusually marked
employment gains in March.
Some seasonal increases were reported in
other retail lines, especially by building supply, farm implement, and
automotive dealers.
>+
/v.';;
'.:;v-'v/-'
Wholesale firms reported a slightly greater-than-seasonal decline of 1.6%,
department, variety,
In addition to expected seasonal recessions in wholesale
24,000 workers.
or
20%
on
June 1, 1940,
petroleum and chemicals also reduced their staffs.
the
following:
Factory Employment in April
mid-April and weekly factory pay rolls fell by 1.8%, or
from mid-March to
of
The seasonally expected changes for April are decreases
$3,400,000.
about
0.1% for employment (8,000 workers) and 0.8% for pay
99.9% of the 1923-25 average,
was
of
Lumber
the
group
month but showed 13.2% more workers on their rolls than in
month
same
month but were
in
April,
week
ended June 1, 1940, by 405
1% above the production of
or
Shipments as reported for the same week were 229,343,000
hardwood
106
below production.
feet,
the
Production was 208,451,000 feet, Reports
give new business at 9,206,000 feet, or 10%
mills
The
NON-DURABLE GOODS
Dec.
during week ended June 1, 1940, of
205,629,000 feet, and a year ago it was
was
No. of
Wage
De-
Wage
crease
Earners
Industry—
crease
Men's clothing
7.6
Earners
15,300
Industry—
Steel
2.8
Automobiles
2.2
12,600
10,100
1.6
2,500
-
and
identical softwood
222,797,000 feet and 200,364,000 feet, and
received, 208,011,000 feet and 210,701,000 feet.
In the case of hard¬
ments
respectively,
were,
orders
87 identical
woods,
mills
and a year ago
this year
reported production
8,437,000 feet and 6,851,000 feet; shipments, 8,249,000 feet and 8,355,000
feet,
and
orders,
7,076,000
feet
and
9,289,000
feet.
Women's
6.1
Cotton
2,400
1.4
8,600
5,700
3.8
5,100
goods 6.8
goods
Slaughtering and meat
Brass, bronze and copper
products
4.2
Woolen and worsted
road cars
14,200
8,700
6.1
clothing
Boots and shoes
rail¬
steam
packing.
2,100
2.5
......
.
which were seasonal,
the following:
Among the more important employment increases,
except for shipbuilding and aircraft, were
Per¬
No. of
Wage
crease
Incr. in
Per-
Incr. in
Earners
Industry—
392
in
centage
De-
In¬
198,665,000 feet; ship¬
Dec.
No. of
centage
Comparisons
Per-
in
centage
centage
Industry—
No. of
In-
-■
'vv?
-
Wage
Earners
-a
crease
>
Canning and preserving.. 18.4
13,400
Fertilizers
..15.0
4,200
Beverages
2.4
1,800
6.7
1,100
7.7
Brick, tile and terra cotta
Cement......—.— 14.3
4,300
3,200
Shipbuilding
2.3
Aircraft
2.3
1,900
1,300
Ice
.
Production
mills
seasonal.
GOODS
Production was 10,189,000 feet.
Identical Mill
mid-April as com¬
respectively, than
decreases in employment are listed
important March-April
more
Shipments as reported for the same week were 10,700,000
5% above production.
or
For the non-durable goods
22.3% higher than last year.
1939.
Furniture
for
Pay rolls for this group fell 0.3% during the
a year ago.
employment and pay rolls fell 1.4% and 3.4% in
Electric
209,697,000 feet,
The durable goods
compared with
from March to April.
of industries as a whole reduced their forces by 0.4% as
the preceding
1, 1940,
10% above production.
or
from
reported
totaled
mills.
same
feet,
orders
mills
softwood
industries surveyed 60 showed decreases in em¬
Per-
orders, 232,339,000 feet.
feet;
6.2% above the level of a year ago, and
payroll index, at 96.4 was 12.7% higher.
ployment and 50 in pay rolls
the
rolls ($1,500,000)
Statistics' general factory employment index for April
The Bureau of Labor
„
495 mills produced 218,640,000
softwoods and hardwoods combined;
shipped 240,043,000 feet;
orders of 218,903,000 feet.
Revised figures for the preceding week
Mills, 516; production, 251,681,000 feet; shipments, 233,944,000
were:
showed a decline of 0.9%, or 75,000 wage earner
Factory employment
DURABLE
feet
of the Department of Labor, from
Perkin's remarks are taken, also reported
announcement
The
which Secretary
below and are for the most part larger than
stocks were 3% less.
Softwoods and Hardwoods
booked
products, firms handling dry goods and apparel,
dealing with farm
pared with mid-March but were 0.5% and 3.7% higher,
Unfilled orders were 11% heavier than a
During the week ended June
retail trade was ap¬
At this level, however, employment in
proximately 2% above that
group,
Supply and Demand Comparisons
The
rather unusual reduction in employment in retail stores,
numbers of temporary workers engaged in March to handle
trade and early spring business, were released, with a net decline
Of the 90 manufacturing
above production.
compared with 18% a year ago.
a
was
where large
the
for the 22 weeks of 1940 to date was 9% above
corresponding weeks of 1939; shipments were 7% above the shipments, and
new orders were 7% above the orders of the 1939 period.
For the 22 weeks
of 1940 to date, new business was 5% above production, and shipments
5%
There
Comparisons
Reported production
were
than in March.
enlarged their forces in April.
mines also
lines
Lumber production
State road construction, which together were using
building and
45,000 more men
cream
Non-Manufacturing Employment
Retail stores released
April 15
as
of their employees between March 15 and
1.2%
sales slackened following the Easter trade, while pay rolls in¬
creased slightly by 0.4%.
Employment and pay rolls remained above the
April, 1939 level by 1.7% and 3.4%, respectively, the employment index
Little
Change
Noted
April Non-Agricultural Em¬
ployment, Reports Secretary of Labor Perkins—
Usually There Is Substantial Gain in This Period
—WPA Employment Declined Sharply
in
standing at 90%
of the 1929 average, and the pay-roll index at 82.3%.
Employment decreases during the month in individual lines of retail
were
as
''W:
follows:
factory employment
resulting from the earlier
Easter season this year, there was little change in nonagricultural employment in April, Secretary of Labor Frances
Perkins repor/ted on May 22.
"Ordinarily, there is a sub¬
stantial gain at this time of year," she said.
Miss Perkins
the
decline
in retail
trade
continued:
Seasonal employment gains in public
and metal mining, and in the
war-supply and food manufacturing industries,
were
in other
on
factory employment, in coal mines and
Employment in private industry and in
to
be higher than a year ago
300,000 fewer coal miners
a
were at
at
offset by reductions
railroads.
services
Last April nearly
this time.
work, pending the signing
year
of
new
wage
in coal mines,
comparison of non-agricultural employment in April of this year with 1939
shows
a
gain of about three-quarters of
In manufacturing,
there
affecting 75,000 workers.
Lay-offs
were
was
a
a
of 0.9%
in employment,
the
industries,
—5.3
Department
—2.2
order houses
Among retail dealers reporting a seasonal employment pickup in April
were
furniture
stores
(+0.6%),
automobile
supplies
( + 1.7%
reduced by
In
dealers
and
which
laid
cotton textiles
off
29,500
yards
lumber
at the
employment fell by
1.6%
between mid-March and
accompanied by a smaller pay-roll loss of 0-9%.
exception of April,
was
fuel and ice firms employment was
In
and 2.2%).
9.4%.
wholesale trade
highest April level since 1930; while the pay-roll index, 77.2, was
higher than the April index in any year since 1931.
was
(12,600 workers),
(14,300 workers),
workers
as
activity
With the
1937 the employment index, 89% of the 1929 average,
Seasonal curtailment
pronounced among dealers in farm products (39.3%) and agents and
brokers also reduced their employees seasonally
were'as
by 11.1%.
Smaller per¬
employment in other wholesale lines since March
follows:
■+,.''•+':
•
V'Vf.1-
15
■
% Change
% Change
Over the
Over the
Month
;+\"
+1.1
Petroleum
Automotive
+
Chemicals, drugs and allied
Food products
+
.4
Machinery, equip. & supplies
Electrical.,
+
+
.4
.2
.9
.
-
'
....
products
Month
—0.1
—
.1
Paper and paper products
—
.2
Furniture and house furnishings.
—
.4
Dry goods and apparel
—2.0
products
slackened seasonally.
4.3
mail-
and
stores
Lumber & building materials
(10,100 workers), woolen and
clothing
—5.0
Women's ready-to-wear...
..
Usually, there is little change at this time of year.
The reductions in employment included iron and steel
automobiles
Variety stores
Men's and boys' clothing.
Family clothing
—7.5
..
reported in two-thirds of the 90 industries reporting to the
Bureau of Labor Statistics.
and
—13.3
Shoe stores
centage changes in
million.
net reduction
Month :
Month
mid-April,
regular Government
Allowing for this unusual situation last
agreements.
Over the
Over the
(+2.9%), and hardware and farm implement stores and dealers in farmers'
and private construction and the
construction material industries, in quarrying
continues
y
.
% Change
% Change
Because of the further reduction in
and
trade
of extra employees hired to handle the Easter trade
affected by the release
I
Volume 150
The Commercial & Financial Chronicle
Employment in anthracite
mines declined 1.8% and
pay rolls fell off 5.6%
Work Projects
between March 15 and April 15.
The April employment index, 51.6% of
the 1929 average, was
slightly under the level of April, 1939, while pay rolls
were
16.5% below the same month last year.
Bituminous-coal mines
local governments.
or
Indexes of employment
and payrolls for
April, 1940 for all manufacturing
combined, Class I steam-railroads, and selected
non-manu¬
facturing industries, where available, and
percentage changes from March,
1940 and April,
1939, are shown below.
The 3-year average 1923-25 is used
as a base in
computing the indexes for the
manufacturing industries and
Class I
steam-railroads, and the 12-month average for 1929 is
used as a
base in
computing the index numbers of the
non-manufacturing industries.
Information for the
non-manufacturing industries for years prior to 1929 is
not available from
the Bureau's records.
These indexes are not
adjusted
for seasonai variation/
'
industries
low level pending the signing
very
the Public Works
Administration, and the
Reconstruction Finance
Corporation, Or by regular appropriations of the
Federal, State,
decreased employment by
4.1%, materially less than the average April
decline.
A holiday during the week
ended April 6 which curtailed produc¬
tion, contributed to the pay-roll decrease between
March and April of 8.8%.
As operations in
April, 1939 were at a
of the wage
agreements, employment this year was very much
higher than
last
3735
Administration,
April.
Spring resumption of operations in some metal mines contributed to an
employment pick-up of 2.1%. and pay rolls remained
virtually unchanged.
Employment was 10% and payrolls 20% above April, 1939.
An average
April employment increase of 9-1% was
reported in quarries, and pay rolls
12.7% over the month.
In the utilities there were
slight increases
in employment.
*
+2/
rolls rose
In year-round
hotels, seasonal increases of 0.6%
in pay rolls were
also took
decline
Employment
Industry
in employment and 1.4%
Index
workers.
Brokerage houses showed
a
but
a
slight increase
over
April, 1939•
Index
Change from
%
April
1940
slight employment
March,
*
April
1939
1940
both the month and the
year, while insurance firms reported
over
little change since March
Payrolls
Change from
April
reported, and laundries and dyeing and cleaning plants
on more
%
1940
March
April
1940
*
1939
(1923-25=100)
•
Manufacturing
Private Building Construction
'
Employment in private building construction showed an increase of 11.3
%
and weekly
pay rolls 13.0% from March to April, according to reports from
b99.9
—0.9
+ 6.2
b90.4
55.1
—0.4
+3.6
d
89.0
Class I steam railroads_.c_.
—1.8
+ 12.7
d
d
(1929=100)
Trade—Wholesale
—1.6
+2.0
77.2
e90.0
—1.2
Food---—
+ 1.7
e82.3
+0.4
—0.4
+3.4
reported
103.4
General
+ 1.9
94.2
—0.2
e93.0
—3.5
England
and the West North Central States.
In the nine geographic divisions, the
percentages of change in employment and pay rolls over the month were as
follows:
Apparel
+0.3
e84.9
—1.2
86.9
+2.6
+ 1.7
—6.2
Furniture & furnishings
—0.5
77.8
—1.9
77.1
+0.7
Automotive
+0.8
67.3
+ 1.5
84.9
+ 1.1
+2.9
+ 6.5
82.7
+6.0
72.4
+ 11.9
+2.8
+2.7
68.0
+3.5
+4.9
e76.5
+0.8
+ 1.8
e99.3
+ 1.3
e90.3
+ 1.1
+ 5.6
+3.0
el03.7
e68.5
13,500
contractors
employment
employing
127,161
workers.
slightly greater than April last
was
throughout the country, with the
The
year.
Retail
April
Gains
Employment
.
New England States
Middle Atlantic States.East North Central States.
+ 18.5
West South Central States.
States
Employment in April
+ 9.5
INDEX NUMBERS
+ 5.5
e69.3
—0.3
+ 1.3
—2.6
36.3
*-5.6
—16.5
—4.1
+232.7
—8.8
07.0
+304.5
+2.1
+9.1
+ 10.0
63.1
—0.1
44.8
+4.2
38.5
+ 12.7
63.2
+«
—4.0
68.6
+0.4
+ 19.8
+7.3
—3.0
1.4
+1.3
Hotels
(year-round)—„—
Laundries————,
71.4
92.0
97.3
+0.6
—0.7
h83.0
+ 1.1
+4.0
85.7
+ 1.9
+7.2
104.8
+ 5.3
+2.6
80.1
Brokerage......
+ 10.1
+ 9.3
d
—0.4
—2.5
Insurance............
d
+0.1
+ 11.3
d £
+ 1.8
•—0.6
+ 1.2
—1.3
+ 13.0
0.0
Dyeing and cleaning
+ 7.8
+ 18.8
+ 9.0
Building construction
v
d
+ 1.1
:■
+" d
+
+ 1.7
*
Preliminary,
b Revised series; adjusted to 1937 Census of
Manufactures,
Source: Interstate Commerce Commission,
d Not available,
e Revised
series;
retail trade Indexes adjusted to 1935
Census, public utility Indexes to 1937 Census,
f Covers street
railways and trolley and motor bus operations of
subsidiary, affiliated
and successor companies,
g Less than one-tenth of 1%.
h Cash payments
c
General contractors enlarged their
working forces in April faster
(+15.4%) than special trades contractors (+8.3%).
The reports on which
not
+ 1.4
+0.3
—1.8
—0.1
51.6
86.0
Services:
level.
the figures are based do
—0.6
Crude petroleum produc'n
1.3% below April, 1939, and weekly pay rolls
was
same
+3.2
Bituminous coal
+ 11.1
+ 12.0
+6.6
Pacific States
Street rys. & buses.f...„
M ining—Anthracite
+ 20.3
+9.7
+7.2
+0.4
power..
—0.9
Quarrying & non-metallic.
+ 12.3
—.
...
Electric light and
+ 14.5
+ 17.6
West North Central States
Lumber & bldg. mat'ls—
Public utilities:
Telephone and telegraph..
+ 14.4
+ 10.3
merchandising.
Metalliferous...
March, 1940
+ 12.0
...
South Atlantic States.........
East South Central States
about the
Pay Rolls
Percent Change from Percent Change from
March, 1940
were at
were
in
most substantial increases in New
Area
Mountain
increase
cover
construction projects financed
OF EMPLOYMENT
AND
by the
only;
value of board, room and
tips cannot be computed.
PAYROLLS IN MANUFACTURING INDUSTRIES- -ADJUSTED
TO
1937
CENSUS OF MANUFACTURES
(Three-Year Average 1923-25=100.0)
Employment
Payrolls
Manufacturing Industries
Employment
Mar.
Apr.
+Apr.
Mar.
1940
1940
1939
1940
1940
Durable Goods
■■
Apr.
*Apr.
Mar.
1939
Apr,
*Apr.
Mar.
1940
Apr.
1940
1939
1940
1940
1939
99.9
102.9
101.8
82.0
89.4
89.6
90.6
90.6
75.7
78.4
75.0
79.6
80.1
77.9
68.0
07.4
62.7
90.8
92.1
86.7
80.7
82.8
73.3
■
■■
Non-durable Goods
Iron and steel and their products,
not
including machinery.
furnaces, steel works and
rolling mills...
Bolts, nuts, washers and rivets-
Textiles and their products
101.7
103.4
91.3
94.9
96<4
82.0
108.4
111.5
95.7
98.7
101.8
85.2
Blast
108.7
.
and steel
-
,
Plumbers* supplies
111.5
95.1
114.0
117.3
90.5
74.6
75.1
72.6
61.9
59.8
62.2
103.8
102.9
91.8
90.6
78.7
68.4
65.2
75.3
77.4
56.7
Knitted
98.8
85.0
104.4
104.7
79.3
81.8
74.4
72.0
70.8
64.4
Knitted Underwear———
Knit cloth—
160.8
148.0
162.7
163.6
146.9
Silk and rayon goods——
Woolen and worsted goods.-
75.6
75.0
59.8
Wearing apparel
Clothing, men's——————
Clothing, women's—
81.8
Stamped and enameled
Steam
and
hot
ware...
water
160.1
93.5
84.6
85.0
74.6
90.8
89.5
85.8
82.4
79,0
75.6
69.9
70.3
06.3
61.2
59.5
........
94.2
93.1
92.7
100.0
98.4
94.6
84.2
91.0
92.0
79.6
150.6
174.7
179.9
148.1
121.4
92.8
107.9
144.5
161.4
........
162.5
......
"
<
113.1
75.5
73.3
104.7
108.7
106.3
86.8
38.7
68.6
54.8
140.7
139.9
154,5
144.8
144.6
158.4
59.4
05.3
67.3
46.9
53.0
77.1
78.6
73.2
68.2
71.7
63.8
128.2
13S.8
133.3
98.1
106.6
101.0
64.4
66.2
74.4
50.3
52.2
_———
outerwear
Corsets and allied garments—
Men's furnishings
121.4
141.4
143.6
129.4
166.1
128.9
128.2
101.7
86.8
112.8
113.8
134.5
95.7
180.9
173.4
127.8
133.9
133.9
97.2
82.0
95.3
95.6
73.5
211.0
138.7
285.4
281.0
152.2
121.7
104.5
115.7
109.5
85.8
74.1
80.1
81.9
115.2
129.2
112.2
111.4
123.0
124.4
94.2
111.9
106.4
71.9
88.3
76.6
170.0
181.1
177.9
120.4
141.2
121.3
115.0
115.8
112.4
119.3
119.0
119.3
108.0
117.7
124.5
131.6
99.6
116.3
87.0
96.8
91.0
73.8
103.2
71.1
125.8
122.3
111.0
113.0
98.2
99,0
100.2
71.0
80.3
79.8
93.6
97.7
99.6
66.9
78.2
phonographs
Textile machinery and parts—
Typewriters and parts
Transportation equipment
115.
Cars, electric & steam railroad.
Loco motives
1096.4
2060.1
2010.7
1054.4
114.4
101.8
121.4
123.1
99.5
,
„
57.
61.1
36.0
51.9
Nonferrous metals and their prod.
Brass, bronze and copper prods.
and
watches
29.7
28.4
18.4
26.1
26.0
16.3
150.7
116.2
172.6
169.3
84.0
85.8
78.7
80.4
81.4
118.7
117.6
117.7
117.2
112.1
143.1
142.7
134.4
134.4
129.1
261.4
265.0
311.4
299.9
303.1
90.0
91.9
80.2
77.5
77.3
87.3
108.2
83.1
76.0
87.5
81.9
75.7
73.8
77.4
67.9
79.5
76.1
73.7
75.9
69.9
75.0
70.3
74.1
63.0
59.8
61.8
103.4
107.4
96.7
93.3
109.2
111.5
44.2
39.6
46.4
48.1
45.3
94.0
95.7
101.5
77.0
78.9
88.2
63.8
devices
and
Sugar, beet
Sugar refining,
and snuff
cane
............
63.6
63.1
58.7
58.0
55.0
107.1
92.9
102.9
104.8
83.2
171.3
144.3
199.3
196.3
128.7
103.9
132.4
137.2
99.9
90.9
83.7
90.9
94.8
80.6
petroleum
products
62.3
64.5
67.2
63.7
63.9
63.1
57.9
56.8
53.8
114.4
111.1
109.7
110.0
104.5
112.9
114.2
109.2
120.6
121.6
115.7
112.0
112.0
106.3
115.4
115.1
104.7
99.7
99.8
98.9
87.5
88.2
85.1
117.0
115.0
110.9
110.9
107.6
116.5
Chemical,
60.5
64.3
Boxes, paper............—Paper and pulp———Printing and publishing:
Book and job——..
156.3
125.
58.5
49.1
113.9
Cigars and cigarettes
Paper and printing
120.7
105.
171.
Aluminum manufactures
recording
58.3
28.
154.
—„.
Shipbuilding
Clocks
2096.2
111.
Automobiles..
117.0
2143.
Aircraft
77.3
83.0
78.1
132.4
96.1
103.5
69.4
114.4
90.5
76.8
88.7
84.9
55.6
105.6
103.4
......——.
111.9
97.2
57.2
89.1
142.4
Ice cream.
128.2
53.2
267.7
........—
89.2
216.0
73.1
122.8
93.5
Baking
Beverages
Confectionery
Radios and
71.4
126.5
119.6
.......—
Food and kindred products
120.8
Foundry & machine shop prods.
Machine tolls
54.3
66.6
119.0
94.7
Butter
101.8
51.7
125.2
.....
Shirts and collars
Leather and its manufactures
Leather.....
95.0
139.9
and windmills
73.3
125.6
86.5
Boots and shoes———————
113.6
Agricultural
implements, incl.
tractors).....
Cash registers, adding mach's
and calculating machines.
Electrical machinery, apparatus
and supplies———i
Engines, turbines, water wheels
81.6
128.1
65.5
Millinery....
Machinery, not incl. transporta¬
tion equipment
81.1
125.0
wares
Hosiery
95.4
93.5
79.0
Dyeing and finishing textiles.
57.7
Structural & ornamental metalwork..
Tin cans and other tinware....
Tools (not incl. edge tools, ma¬
chine tools, files and saws)..
Wirework.
Cotton small
81.9
Hats,fur+elt————.j——
heating
apparatus & steam fittings._
Stoves
,
-
98.0
-
,
——...
Carpets andrugs——
Cotton goods -—i——.——
—
Cutlery
Forgings, iron
Hardware—.
Fabrics
67.1
Cast-iron pipe.
(not inch silver and
plated cutlery) & edge tools.
Payrolls
Manufacturing Industries
*Apr.
and
.
89
122.6
116.6
133.5
132.5
119.5
121.1
121.3
117.2
137.1
135.8
128.6
123.7
time-
123.2
122.9
116.4
132.4
131.5
116.7
Chemicals.
135.1
135.6
117.0
159.5
159.3
130.2
Druggists' preparations.
Petroleum refining.
Jewelry
Lighting equipment
90.
92.3
87.1
72.2
75.2
67.9
77.4
86,
85.6
86.0
84.5
78.0
69.5
74.6
80.3
74 2
66.9
Silverware and plated ware
57.3
118.7
70.
118.7
70.2
108.9
68.6
130.5
63.0
131.2
70.3
119.1
58.4
114.0
107.8
84.3
133.1
128.8
93.8
174.5
151.8
176.6
136.2
Smelting and refining—copper,
lead and zinc...
Lumber and allied products
85,
Fertilizers
86.7
77.5
84.4
Mill work-
Sawmills
Stone, clay and glass products—
Brick, tile and terra cotta
123.5
122.5
131.8
61.0
61.0
130.5
65.4
125.6
305.6
309.0
302.4
310.9
74.5
316.0
77.7
278.6
67.0
81.7
82.7
78.7
99.0
99.5
94.9
60.7
56.5
47.4
47.1
42.9
59.5
58.0
54.7
53.3
-
-—-
80
77.7
78.5
72.6
54.4
57.6
45.6
41.5
59.4
66.9
85.8
88.4
81.0
53.5
55.6
56.8
69.5
72.3
66.7
77.5
79.3
71.7
66.4
•
82.1
58.7
49.9
68.3
58,
67,
87.3
56.3
139.4
144.2
134.2
132.1
137.5
124.4
99.9
100.8
94.1
96.4
98.2
85.5
96.0
96.4
84.8
97.2
97.5
79.5
103.5
105.0
103.0
95.6
99.0
92.2
63.7
54.1
60.7
106.2
97.8
114.3
112.8
93.8
43.0
53.2
35.2
29.6
Pottery...
93.
42.3
93.1
87.7
85.4
85.3
79.0
-—•
Glass
....
*
April, 1940, indexes
Employment
Employment
in April.
on
are
on
.
.
was
—•
Summary
,
All industries
Durable goods
Non-durable goods..
preliminary; subject to revision.
Federal and Other Public Programs
work relief projects of the WPA declined
The decline
Rubber products
Rubber boots and shoes
43.0
46.
-
Soap
56.2
105.
-
Paint and varnishes.
84.5
Marble, granite, slate and other
products....—...
;■
135.7
124.3
63.9
82.4
Lumber:
''--Cement-
112.7
71.6
66.8
88.7
59.
—
.
84.8
66.
87,
60,
Furniture
the seasonal peak and in part to curtailment necessary to bring the relief
considerably
due in part to the
lessening of relief needs after
program
within the limits of available funds.
persons at
work on these projects was 2,011,000,
In
April the
number
of
a decrease of 201,000 from.
The Commercial &
3736
Youth Administration was
Work Program, however,
month.
11,000 more than in March.
number of employees in camps of
in April,
The
the Civilian Conservation Corps
314,000 in April, an increase of 8,000. Pay
$14,021,000.
Contractors on construction projects financed by the PWA placed orders
for materials valued at $18,079,000.
The value of material orders placed
amounted to $45,896,000 on construction projects financed by regular
Federal appropriations, and on Federal agency projects under the WPA
the total was $622,000.
Contractors on low-rent projects of the U. S.
Housing Authority placed orders for materials valued at $5,503,000,
rose
from
306,000 in March to
month amounted to
rolls for the
(Figures in Thousands)
Buffalo--•- >
—
-
'7
1940
Mar.
1940
1939
a
1940
1939
$
S
$
by regular
27,249 +4,290 + 8,099
+ 481 + 2,687
3,376
+ 53
+ 24
244
+ 279 -10,548
9,593
under
projects
Agency
99
2,011
Projects oper. by the
NY A Projects—
WPA.d
—201
+ 11
—14
+ 94
_d._.
322
Civilian Conservation Corps_e.—
314
+8
138
+ 11
+ 56
—331
+S24
,
+ 1,615
5,933
—148
+ 307
14,021
11,039 + 1,310 + 1,873
0
State roads.f_
+ 16
Out-of-school work program
—4,485 -30,247
3,330
+ 98
+ 959
+ 345
4,699
—618 116,200
484
program-d
work
—21
+5
WPA.b
Student
Employment figures are maximum number for the months
ending March 15 and April 15.
c Employment figures, except for Federal-aid road
projects, are maximum number for the months ending March 15 and April 15.
Employment and payrolls on Federal-aid roads for the calendar month ending April
30 are estimated,
d Figures are for the calendar months ending March 31 and
April 30.
e Figures on employment are for the last day of the month; payrolls for
the entire month,
f Employment and payrolls for the month ending April 30 are
b
Preliminary,
a
—2.2
—1.4
—1.9
+7.0
+ 9.1
+0.4
+8.1
+ 13.4
0.05%.
Paperboard Industry
Weekly Statistics of
give herewith latest figures received by us from the
National Paperboard Association, Chicago,,111., in relation
to activity in the paperboard industry.
The members of this Association represent 93% of
the
total industry, and its program includes a statement each
week from each member of the orders and production, and
We
also
a
figure which indicates
the activity of the mill based
operated.
These figures are advanced to equal
100%, so that they represent the total industry.
STATISTICAL REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY
the time
on
Percent of Activity
Unfilled
Received
Production
Orders
Tons
Tons
Tons
Current
105,945
65
Cumulative
110,169
120.791
74
69
13...
196,174
187,002
111,332
115,419
183,699
70
20..
72
Jan.
111,954
121,596
115,988
176,308
71
27
75
Jan.
167,240
72
71
114,463
159,216
71
115,189
145,706
> 70
142,554
69
113,710
137,631
69
71
138,446
132,455
69
71
70
71
130,871
70
87,746
6
Jan.
—
106,954
106,292
3..+....;..
Feb.
Feb.
10.—
Feb.
17
Feb.
24
71
71
Mar.
+ 33
+6
39
Program—
WPA
Federal
+ 5.3
—0.3
—2.3
Jan.
—148
+3
101
PWA.b.—_—■
Federal ap¬
propriations -C
U. S. Housing Authorlty.b
—
tbe
April
April
Construction Projects—
Financed
+29.6
Orders
Mar,
1940
Financed by
+ 13.6
+21.0
v\ ♦
AprU
April
a
+ 18.9
+ 10.3
-
-
♦Gain ot less than
Week Ended
'
+ 14.7
+2.2
—2.8
New York City
Change from
Change from
+ 2.6
—0.3
Binghamton-Endicott-Johnson City
Payrolls
Employment
+21.5
+0.7
Syracuse
Utica
+29.3
+ 5.4
—0.3
-
Rochester
Payrolls
+2.7
Albany-Schenectady-Troy
'■
Employm't
Payrolls
Employm't
employed on the Out-of-School Work Program of
14,000 less in April than in March.
The Student
added 11,000 students to its rolls
in the same
> ■: /
V
Seasonal influences were largely responsible for an employment increase
of 24,000 in the month ended April 15 on construction projects financed
from regular Federal appropriations.
Contractors on construction projects
financed by the PWA added 3,000 workers to their pay rolls during the
month ended April 15, and increased activity on the U. S. Housing Author¬
ity program resulted in an employment gain of 6,000 on low-rent housing
projects.
State-financed road projects employed approximately 138,000
men
Percent Change
Percent Change
City
projects.
The number of youths
the National
May 1939 to May 1940
April to May, 1940,
1939 there were 618,000
compared with April,
As
$4,485,000 less than in March.
fewer persons on WPA
of .$116,200,000 were
Pay rolls
March.
June IS, 1940
Financial Chronicle
2
101,097
108,784
104,466
Mar.
9
111,714
Mar. 16
107,024
112,855
114,958
Mar. 23
108,134
113,555
Mar. 30
102,462
107,853
129,4'»6
67
111,431
123,255
68
70
6
105,140
70
Apr.
Apr.
•
129,869
—
105,929
147,254
117,388
122,194
175,162
193,411
204,612
210,488
70
77
74
May
May 24————
125,823
122,868
123,579
129,536
121,378
124,679
136.203
130,202
157,023
143,505
4—
May 11
May 18
70
:V
75
139,841
27.--
71
66
146,057
13-ir
Apr. 20-.
Apr.
114,156
5.-';
June
1
115,557
June
8
137,283
estimated.
70
•*
71
71
242,787
76
71
254,638
79
72
75
247,644
1
257,836
72
77
:■+.
72
and Shipments During
June 1, 1940
Lumber Production
70
72
Five Weeks
Ended
New York State
in
Drop
than
Less
cording to the statement
dropped
0.3% higher, ac¬
issued June 11 by Industrial Com¬
in New York State
This month marked the
S. Miller.
Frieda
that the net changes
the usual seasonal changes to be
this
year
statement added:
Miss Miller's
rolls.
in forces this month, the industrial picture was
brighter than it has been thus far this year.
Seven of the eleven
industrial groups reported gains in both employment and payrolls.
For
the first time in 1940 the producers' goods industries showed 6igns of
recovering from the slump that followed the peak activity of the last
few months of 1939.
Metals and machinery, chemicals, paper and paper
much
producing
electricity
and
goods
reported
plants
contra-seasonal gains
materials and food
These net gains in forces
were
in each case accompanied by much larger percentage increases in
payrolls.
The large seasonal losses at apparel plants, however, were more
than sufficient to obliterate all the gains in employment but not those
Manufacturers
May.
reported
products
in
this
forces
in
usual
their
good
of
construction
gains.
payrolls in the total figures for the State.
New York State Department of Labor's
<
'
index of factory
Statistics and Information,
of which Dr. E. B. Patton
Payrolls Increase at Five Up-State
The
areas
York
New
were
the
City
only
and
two
of
is the director.
•
in
payrolls
this
much
industries
form
Rochester
Industrial Districts
Binghamton-Endicott-Johnson City industrial
the seven industrial districts that reported
month.
industrial districts.
mental
larger
men^ levels
The good
in
Buffalo and
factories
laid
gains at these plants were
Albany-Schenectady-Troy.
schedule for
payrolls.
These opposite changes
loss of
were
mainly
instru¬
and the employ-
In
Rochester,
normal
of 12.5% in
responsible for the small
7.4% of their workers, but a
the remainder produced a net gain
off
operating
net
In
proportion
raising the payroll levels in all three districts
in
clothing
a
0.3% in forces and good net gain of 2.2% in
more
payrolls for the
districts, net losses
in forces were accompanied by small payroll gains.
In both these dis¬
tricts metals and machinery plants declined and were mainly responsible
for the net losses in forces.
Textile plants in Utica and men's clothing
total
Rochester
and shoe firms
figures.
In
the
Syracuse and
Utica
in Syracuse operated with fewer employees on
much higher
payrolls, and these payroll gains were sufficient to offset the wage
at
the
other industries
in the total payroll figures.
1939
Orders
1940
1939
1,102,325 1,073,544
Softwoods——— 1,123,009 1,085,537 1,158,993 1,048,203
43,997
42,452
42,655
44,748
34,820
40,794
Hardwoods
1,144,777 1,117,541
1,163,803 1,120,357 1,203,741 1,090,858
Total lumber
during the five weeks
these mills, was 4%
ended June 1, 1940, as
above that of corresponding
reported by
Softwood
weeks of 1939.
above that of the same weeks of 1939 and
comparable mills during the same period of 1938.
production of the 1939 period.
Shipments during the five weeks ended June 1, 1940, were 10% above
those of corresponding weeks of 1939, softwoods showing a gain of 11%
production in 1940 was 3%
30% above the record of
Hardwood output was 17% above
and hardwoods, gain of 5%.
Orders
above
were
received during
1, 1940, were 2%
Softwood orders in 1940
the five weeks ended June
of corresponding
those
weeks of "1939.
period of 1939 and 29% above the same
Hardwood orders showed a loss of 4% as compared with
3% above those of similar
weeks of 1938.
corresponding weeks of 1939.
June
1940, gross stocks as
1,
reported by 401 softwood mills were
days' average production (three-
3,442,229,000 feet, the equivalent of 101
year average
1937-38-39), as compared
1939, the equivalent of 103
On
June
1,
1940,
with 3,552,229,000 feet on June
3,
days* average production.
unfilled orders as
reported by 399 softwood mills.
of 21 days' average production, compared
June 3, 1939, the equivalent of 19 days* average
705,128,000 feet, the equivalent
with 637,425,000
feet on
production.
Automobile Financing in
April
financing for April, 1940, for
the 400 organizations amounted to $165,304,448, an increase
of 15.2% as compared with March, 1940; an increase of
35.6% as compared with April, 1939; and an increase of
76.2% as compared with April, 1938.
The volume of whole¬
sale financing for April, 1940, amounted to $216,817,519,
an increase of 2.1% compared with March, 1940; an increase
of 39.2% as compared with April, 1939; and an increase of
126.2% as compared with April, 1938.
► The volume of retail automobile receivables outstanding at
The dollar volume of retail
these two districts the apparel
of total industry than in the
State as a whole, and the large seasonal reductions at these plants were
mainly responsible for the net losses in both employment and payrolls.
The main centers of the railroad equipment and repair industry in New
"iork
State
are
located
in
the
Albany-Sclienectady-Troy, Buffalo, and
losses
net
1940
1939
1940
1, 1940:
Shipments
Un 1,000 Feel)
On
employ¬
ment was 88.6% of the 1925-27 average.
The corresponding payroll index
was
85.3% of the average for those three years.
Per capita weekly earn¬
ings rose to $27.82 in May from the April figure of $27.42.
Compared
with the same period of last year, there were about 10% more workers
employed this May and total weekly wages were approximately 15%
higher.
These statements are based on returns from 2,375 representative
factories located in various parts of the State.
These factories employed
during the middle week of May 434,462 workers and paid out $12,086,859 in wages.
These firms report each month to the Division of
The
the five weeks ended June
Production
Production
net loss
Despite the
Trade Barometer" for
first
reported were better
than
expected on the basis
of the average month-to-month percentage changes.
From
April to May, over the last 25 years, the average changes
have been losses of 1.3% in forces and of 0.9% in pay¬
time
herewith data on identical mills for five weeks
1, 1940, as reported by the National Lumber
Manufacturers Association on June 11:
An average of 474 mills reported as follows to the "National Lumber
We give
ended June
April to May, payrolls were
from
missioner
Factory Employment
May—Payrolls Rise
in
factory employment
While
0.8%
Usual
losses
1940, as reported by the 214 organizations,
$971,940,670.
These 214 organizations ac¬
counted for 94.9% of the total volume of retail financing,
$165,304,448, reported for that month by the 400 organiza¬
tions.
' ■
'7
The following tabulations on automobile financing for 400
organizations, and on retail automobile receivables for 214
organizations for April, 1940, are as reported by tbe Bureau
of Census, Department of Commerce.
Figures for January,
February and March, 1940, and for months of 1939 and 1938
are included for comparative purposes.
the end of April,
amounted
to
^
Volume
The Commercial
150
& Financial Chronicle
Figures of automobile financing for the month of March,
were published in the May 25, 1940, issue of the'
"Chronicle," page 3276.
1940,
Average of Farm Product Prices Unchanged in May
Reports Agricultural Marketing Service—Cotton
and
The
AUTOMOBILE FINANCING
level,.
Retail Financing
Used and
Financ¬
Total
ing
in
Unclassified
New Cars
Cars
Volume
Month
•
■
Number
Thousand
Number
in
Dollars
of
Thou¬
Can
Volume
Volume
Volume
in
Number
in
of
Thou¬
of
Thou¬
sand
Can
■
■
.
..
Cars
sand
sand
Dollars
Dollars
Dollars
Prices
and
246,240
264,028
poultry products.
cottonseed
group,
at 83,
mid-May last
1910-14
March
337,337
April........
216,817 b388,381
Total 4
59,160
156,927
60,395
172,004
46,116
49,975
127,667
148,884
83,053
209,670
239,497
60,429
prices, partly seasonal,
69,032
products;
but these
a
206,239
81,751
67,312
February
138,899
128,377
209,512
39,757
March
158.512
67,200
193,545
53,706
interest
155,736
299,439
300,365
105,894
April
81,914
120,906
121,918
higher
109,664
69,086
190,701
52,832
581,524 1,015,555
406,492
349,234 221,017
war
42,573
42,157
66,364
39,178
138,927
143,148
also
were
than
the
and
Cotton
666,321 185,474
the
1938—
May,
taxes,
unchanged.
was
the
1939,
remained
than two-tenths
34,141
121,470
34,528
35,368
73,135
180,953
69,592
34,224
127,237
March
91,230
75,712
46,999
180,867
decline,
Higher
93,820
78,379
4.9,372
162,078
853,281
328,464
level
year.
15.1c.
Though
same
as
level.
at
The
of
May 15,
the April
a
cent
Corn
15
prices,
higher than
1939,
index
128.
exchange value of
it was 5 points
of
paid,
prices
including
V".; "■'^'■>5'
9.79c.
per
pound
on
May 15—
1.3c. above
bushel, were
but were 17.7c. higher than in May
advanced 4.8c. to 63.4c. per bushel—
below the
average,
unit
earlier,
April average, but
Wheat prices, at
however,
a, year
the
month
a
80.7c.
per
ago.
44,448
341,305
below the
49,383
95,868
256,579
240,457
96,381
April.........
on
below
last
53,816
53,716
68,669
,175,292
seasonal
averaged 106.
fruit, remained
prices at local markets averaged
average
8.2c.
81,069
points
usual
15
May
on
except for
mos.
January.
12
the
reported for fruits, meat animals, and poultry
were
groups,
products, at 80,
more
4
ended April
showing
points from mid-April, and
average,
farm
January
declined
crops
Average prices of commodities bought by farmers, at 123% of the pre¬
778,098 225,533
524,435
457,888 298,881
1939—
Total
4
year
805,798 1,235.986
,
but 11 points
to 133% of
points lower for the month
Truck
products,
earlier.
96,272
off
were
mos.
ended April
2
was
Dairy
92,024
165,304
on
The announcement further said:
year.
level.
89,313
105.276
110,371
143,482
quoted
was
of
189,184
prices
98% of the 1910-14
The grain price index, at 92, was 4 points • under1 the April level, but
remained well above the 72 noted in
May last year.
The cotton and
the
187,466
212,330
Lower
farm commodity
unchanged from April 15 to May 15, tlie Agri¬
Marketing Service reported on May 30.
Declines
in grains, cotton and cottonseed, dairy products, and truck
crops were offset by higher prices for fruit, meat animals
above
"1940—>
January..
February
of
cultural
Wholesale
and
Wheat
general level
lccal markets throughout the country, at
Summary for 400 Identical Organizations
Year
3737
February
Total
4
Petroleum and Its Products—Cole Committee Reported
mos.
ended April
b Of this number
38.3%
were new cars,
261,623 164,736
61.3%
were
Considering
War
Moves
Affecting
Industry—
Secretary Ickes' Department Surveys Supply-andDemand
Picture—Mexico-England
Settlement
591,658 103,727
used cars, and 0.4% un¬
classified.
RETAIL AUTOMOBILE RECEIVABLES OUTSTANDING END OF MONTH
AS
BY
REPORTED
IDENTICAL
214
ORGANIZATIONS *
1939
$
s
January
876,699,079
887,096,773
918,645,709
971,940,670
691,191,242
709,667,390
739,798,724
779,381,455
817,788,623
March
April
May.......
........
June
*
Of
the
224
organizations
10 have been taken
The
s
696,959,647 July
February...
Department of the Interior and the Cole Subcommittee
840,491,007
854,629,839
of the House Interstate and
September..
848;528,973
are
October
849,831,661
August
November
December
859,989,858
875,078,033
__
_
_
formerly included in retail
automobile receivables,
by reporting companies prior to January, 1940.
over
Rumored—Daily Average Crude Output Climbs—
April World Output of Crude Off
*
1939
1940
$
1940
taking action to line
up
Foreign Commerce Committee
the petroleum industry under
States becomes involved in
Federal control if the United
actual
war
becomes
a
or
the European war takes a trend
whereby it
positive threat to this country, dispatches from
Washington this week indicated.
Car-Makers Group Estimates May Sales at 401,700 Units
There
in
was
May
as
a
decrease of
compared
11% in motor vehicle shipments
with April, according
the
to
pre¬
liminary estimate of the industry's operations contained in
the June,
1940, issue of "Automobile Facts," publication
of the Automobile Manufacturers Association.
ciation
The Asso¬
the
estimated
industry's May volume at 404,700
units.
On the basis of this estimate the industry's opera¬
tions in May were 29% higher than the corresponding month
of last year.
Sales for the first five months of 1940 were
25% above the comparable period of a year ago, with
factory sales of automobiles and trucks totaling 2,168,178
in the first five months of this year.
The following figures
(number of units) of output are taken from the Association's
report:
May, 1940, 404,700; April, 1940, 452,433; March,
1940, 440,232; May, 1939, 313,248; five months, 1940,
2,168,178; five months, 1939, 1,721,999.
Ickes
Department's Petroleum
Conservation Division was making a survey of prospective
petroleum needs and existing supplies relative for national
defense.
The statement stated that the survey sought to
determine whether there is enough oil to supply the United
States in an emergency and whether this can be distributed
where it is most needed.
The survey will cover all phases
of the industry, including sub-marginal oil lands.
First indication
came
from Secretary of the Interior
who disclosed last weekend that the
The cooperation of the domestic petroleum; industry is
to fill the defense needs of the United States,
essential
Secretary Ickes said, adding that he would consult repre¬
industry from time to time as developments
made such conferences necessary.
Up to the present he said*
there has been no group pledge of cooperation although indi¬
viduals in the industry had pledged their aid.
sentatives of the
"We will take whatever steps may seem necessary
Committee also is considering the part power
May Flour Production Represents Small Change from
Previous Month or May, 1939
Flour production during
gain
over
time
represented
that
a
slight
reporting list,
Mills
which
on
"The Northwestern
account for 64%
HJJ1-
of the total
national
output, produced 5,488,827 barrels during May,
against 5,361,809 barrels in April and 5,631,832 barrels in
May, 1939.
Two
stood
at
during the month.
back about
West
It
was
Production on the Pacific Coast slipped
35,83.1 barrels, while mills in the Eastern Central
registered
34,510-barrel gain.
a
TOTAL
MONTHLY FLOUR
requested to hold itself available during the summer
legislation placing the industry
under complete control of the Government could be enacted
with the least possible delay should this country become
involved in the hostilities which at present are still spreading
been
and fall in order that Federal
in
Europe and the Far East.
Although Chairman Cole has made no announcement of
the Subcommittee's plans, it is understood that he will keep
the group intact until the first of next year.
Under the
resolutions creating the Subcommittee no final report is
due until that date.
Under normal routine, however, a
before the adjournment of
Cole has announced that
the Subcommittee will merely make a preliminary report
of its findings before adjournment, setting forth its findings
but making no recommendations..
For the time being, at least, no further Administration
action on the proposed bill to give the Federal Government
final report would be submitted
the
Congress.
Representative
control
PRODUCTION
(Output reported to the "Northwestern Miller," in barrels, by mills representing
64% of the total flour production of the United States.)
backed
of
oil production
is scheduled.
This measure,
by Secretary Ickes and introduced by Representative
Cole last year at
met with
May, 1940 Apr., 1940 May, 1939 May, 1938 May 1937
Northwest.
1,230,625
1,952,061
Buffalo
818,352
Central West—Eastern div.
513,992
Western division
251,889
Southeast
120,410
Totals
.....
1,215,919
601,498
263,592
143,350
637,329
141,287
757,965
5,488,827
5,316,809
5,631,832
5,015,79°
..
.
1,170,255
1,955,957
1,121,914
1,894,772
767,364
286,614
266,910
290,021
388,197
....
Southwest
Pacific Coast
reported that the special oil Subcommittee of the
Foreign Commerce Committee had
House Interstate and
.
three
and
years ago, respectively, monthly produc¬
5,015,792 and 5,066,017 barrels.
Major pro¬
ducing sections, with the exception of the Southwest, re¬
ported increases over their total figures for April.
The
northwestern gain was 60,370 barrels.
Buffalo mills regis¬
tered an even larger Increase, 106,500 barrels.
The south¬
western decrease was hardly considerable.
Minor production centers, with the exception of mills in
Ohio, Indiana and Michigan, comprising the eastern part of
the
Central West, experienced decreases in production
tion
must play in
meetings with industry
leaders on a national inter-connected grid system.
"A great
deal of work has been accomplished, mostly in the East,
Middle West and South," he added.
Nation defense and is still holding
and at the same
small decline from the corresponding
a
monthly figure last year.
ler's"
May, 1940, showed only
of the preceding month,
when the
survey is completed," he said.
The head of the Department
of the Interior also disclosed that the National Power Policy
711,845
479,481
1,931,218
847,392
473,975
264,076
1,032,939
1,970,818
5,» (6,017
806,378
276,783
246,527
301,737
430,835
a wave
the direct request of President Roosevelt,
of opposition during the hearings this spring
petroleum industry and also from the oilproducing States throughout the country.
However, should
war envelop the United States or dangerously threaten, the
Administration is prepared to seek instantaneous control
over the industry to safeguard army and navy needs, accord¬
ing to Washington gossip.
American oil men were greatly interested in reports origi¬
nating in Mexico City Government and banking circles that
from the entire
The Commercial & Financial Chronicle
3738
Mexico and Great Britain had reached the final stages of a
settlement of the oil controversy rising out of the expro¬
priation of some half-billion dollars of American and British
oil properties in Mexico some two years or so back.
The
Sinclair interests, who were among the American companies
affected, recently reached a settlement with the Cardenas
Administration.
?
z
New York
z
further
no
z
demands
for
the
of
return
war
demands
on
ment of the settlement was
likely in the
near
future.
An increase of 165,000 barrels in the nation's
"
daily
Mines
of the United
demand estimates
States Bureau
average
flow there rising 127,100 barrels to 1,393,950
A gain of 42,800 barrels sent
California's output
spinning up to a daily average of 636,400 barrels. Oklahoma
was up 14,900 barrels to a
daily average of 437,250 barrels
while Illinois' rise of 7,600 barrels, carried its total to 457,200
barrels.
Losses of 16,600 barrels for Louisiana and of 7,900
barrels for Kansas pared the respective
daily average totals
to 291,450 barrels and 150,950 barrels.
World crude oil production during April was almost 6%
above the corresponding period last year but was off 3%
from March because of the one-day difference in monthlengths.
The total was 181,213,472 barrels, according to
"World Petroleum," which compares with the record of
187,376,827 in the previous month and 173,073,016 a year
earlier.
America accounted for nearly 63% of the world
total, April output of 114,274,500 barrels being off 5,851,000
were no
crude oil price
changes.
(All gravities where A. P. I. degrees
$2.75
1.02
Illinois
__
.95-1.05
Western Kentucky.
.90
Mid-Cont't, Okla., 40 and above.. 1.03
Rodessa, Ark., 40 and above
Smackover. Ark., 24 and over
REFINED
TIONS
BULK
GAS
MARKET
are not
shown)
11.03
Diesel..
27
Michigan crude
FUEL
over...
INVENTORIES
CURTAILED
OF
REFINERY
INDIANA
CUTS
1.15
1.38
Institute
Petroleum
at
estimates
that
The daily
3,784,750 barrels.
average
the
output for the
week ended June 10, 1939, totaled 3,376,950 barrels.
ther details, as
Fur¬
reported by the Institute, follow:
Imports of petroleum for domestic use and receipts in bond at principal
United States ports, for the week ended June 8, totaled 1,350,000 barrels,
a
daily average of 192,857 barrels, compared with a daily average of 277.000
1, and 213,643 barrels daily for the four
barrels for the week ended June
These figures include all oil imported, whether bonded
weeks ended June 8.
impossible to make the separation in weekly
for domestic use, but it is
or
statistics.
'/.■"'
.V-V
-
Receipts of California oil at Atlantic Coast ports during the week ended
amounted to 150,000 barrels, a daily average of 21,429 barrels,
June 8,
all of which
gasoline received at the port of Philadelphia.
was
estimated
daily potential
of the United States,
refining capacity
companies had in storage at refineries, bulk terminals,
in transit and in
of the end of the week, 99,471,000 barrels of finished and un¬
as
The total amount of gasoline produced by all companies
gasoline.
to have
is estimated
CRUDE
RUNS TO
11,627,000 barrels during the week
been
OF GASOLINE, WEEK
STILLS AND PRODUCTION
ENDED
JUNE 8,
1940
(Figures in Thousands of Barrels of 42 Gallons Each)
.
PRICES-
Daily Refining
Crude Runs to
Capacity
Stills
showed
a
contra-seasonal
low as 5% cents.
Price changes follow:
,
June 13—Standard of Indiana
announced
a
Percent
Potential
Rate
Refineries
Percent
Inc. Natural
Operated
Daily
Average
Reporting
Blended
East Coast
643
100.0
577
89.7
Appalachian
Indiana, Illinois, Kentucky.
Oklahoma, Kansas, Missouri
156
91.0
119
83.8
430
693
89.5
551
88.9
2,196
420
76.9
287
88.9
zl,008
1,411
280
59.6
121
72.5
545
1,071
85.3
851
93.1
2,658
Louisiana Gulf
164
97.6
111
69.4
303
North Louisiana & Arkansas
101
51.5
46
88.5
Rocky Mountain
119
55.5
56
84.8
193
California
836
87.3
500
68.5
1,306
85.1
3,219
84.3
10,174
1,453
Inland Texas
Texas Gulf
Reported
.y-^c
*
-
4,483
4,483
Estimated unreported
^
June 8, 1940
—
June 1, 1940
*
124
381
Estimated total U. S.:
11,627
11,793
3,650
*3,490
U. 8. B. of M.June 8,1939
*
r
3,600
Estimated Bureau of Mines' basis,
x
June,
yl 1,497
1939, daily average,
y
This Is a
of Mines June, 1939, daily average,
12% reporting capacity did not report gasoline production.
week's production based on the U. S. Bureau
z
STOCKS
FINISHED
OF
AND
FUEL OIL,
UNFINISHED
GASOLINE AND
WEEK ENDED JUNE
8, 1940
GAS AND
'
(Figures in Thousands of Barrels of 42 Gallons Each)
on
Thurs¬
;
price reduction of 1 cent a
Stocks of Gas Oil
and Distillates
Stocks of
Finished &
Unfinished Gasoline
Stocks of Residual
Fuel Oil
At Terms,
At Terms,
Total
District
Total
Finished
At
in Transit
At
Finished
and
Refineries
and in
Refineries
East Coast
4,358
3,950
23,588
3,812
3,678
3,245
236
99
Ind., 111., Ky
Okla., Kan., Mo...
Inland Texas
and in
17,166
348
3,215
7,337
7,848
2,871
1,100
41
5,003
633
16,424
2,010
22,702
Appalachian
in Transit
Pipe Lines
Pipe Lines
Unfin'd
•
""60
1,501
285
1,645
Louisiana Gulf
No. La. & Arkansas
1,993
13,065
Texas Gulf
14,870
2,764
4,099
"445
5,076
183
2,406
1,020
22
786
257
532
559
241
17
471
627
Mountain..
California
1,491
1,578
147
16,691
18,238
8,064
2", 103
55,125
23",554
Reported...
85,538
92,416
21,741
7,433
73,394
29,057
6,955
7,055
855
580
2,005
210
92,493
99,471
100,353
22,596
8,013
75,399
29,267
93,426
21,514
8,019
75,448
29,320
77,289
83,157
21,253
7,643
82,269
29,334
Rocky
Est. unreported
♦Est. total U. 8.:
June 8,1940
June 1,1940
U.
S.
B.
of
Mines
*
Sept. 1.
Gasoline
Production
at
District
according to the figures of
Although gasoline consumption in the New York-New
England area and along the Atlantic Seaboard in general
has gained
during recent weeks, the top-heavy supply situa¬
tion has brought some
pressure to bear on the general price
structure.
While the going price is still 6% cents a gallon
for 72 octane
gasoline, tank car lots, refinery, in the metro¬
politan New York area, some factors are reported offering
American
The
OFF-
developing in the metropolitan New York
sub-market
circulation.
on
$.02Jf-.03
OPERA¬
bulk gasoline market at week-end and
reports of
offerings appearing in greater quantities gained
line in Minnesota
Tulsa
i
I
$.053
28.30 D
EASES
Officials of Standard Oil of Indiana announced
gas
I
daily average gross crude production for the week ended
June 8, 1940, was 3,816,950 barrels.
This was a gain of
165,600 barrels from the output of the previous week, and
the current week's figures were above the 3,620,300 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various
oil-producing States during May.
Daily average produc¬
tion for the four weeks ended June 8, 1940, is estimated
day that the company will reduce its motor gasoline prices
to dealers and consumers
in Minnesota X cent a gallon
Sept. 1.
The reduction means that the company is passing
onto consumers in
entirety the benefit of the removal of the
State's
emergency gasoline tax of 1 cent, authority for which
will expire on
Aug. 1.
on
1.50
Terminal
.90
Kettleman Hills. 39 and over
barrels.
Stocks of all fuel oils
contraction of 3,620,000
barrels,
the trade group.
gallon
or
Daily Average Crude Oil Production for Week Ended
June 8, 1940, Rises 165,600 Barrels
finished
.76-1.03
barrels, off 882,000 barrels.
A spell of
consistently good weather, in sharp contrast to
the wet spring that hit almost the entire
Nation, and cur¬
tailed refinery
operations, were the two main factors in lower¬
ing stocks of motor fuel.
Refinery operations were off 1.5
points to 84.3% of capacity, with daily average runs of crude
oil to stills off
50,000 barrels to 3,600,000 barrels.
Refinery
operations, however, are still far above normal. '
Stocks of finisJtied gasoline were off
933,000 barrels but this
was offset in
part by a gain of 51,000 barrels in holdings of
unfinished
motor
fuel.
Gasoline
production, including
estimated unreported, was off
166,000 barrels to 11,627,000
Aug. 31.
Refinery
I Chicago—
plus.——$.04
$1.00
I
Gas Oil- F.O.B
pipe lines
season started and the first time that stocks have been
under the 100,000,000-barrel level in months.
The Ameri¬
can Petroleum Institute
report placed the total at 99,471,000
as
$1.50
2.10-2.201
Bunker C
1.03
tion
was
I New Orleans C
$1.00-1.25 Phila., Bunker C
I California 24 plus D
Y. (Harbor)—
N
1.10
over
Darst Creek
Inventories of finished and unfinished
gasoline were off
approximately 900,000 barrels during the initial week of
June, the sharpest cut in holdings since the heavy consump¬
Weakness
(New Orleans.$.05J*-.05H
I Tulsa
.04 -.04Ji
Fuel Oil, F.O.B. Refinery or Terminal
basis, 3,600,000 barrels of crude oil daily during the week, and that all
-
73
WEATHER,
$.04
...
I Los Angeles— .03 >$-.05
indicate that the industry as a whole ran to stills, on a Bureau of Mines'
Sunburst, Mont
Huntington, Calif., 30 and
1.25
AID—STANDARD
-.05H
.06H-.07
.05JS
0VA-.05H
White, Tank Car, F.O.B. Refinery
.North Texas.
$.06
$.05
Orleans.
Gulf ports...
Tulsa
Kerosene, 41-43 Water
(Bayonne)—
barrel
Eldorado. Ark., 40
Rusk, Texas, 40 and
PRODUCTS—MOTOR
FAVORABLE
S.07K-.08
.08K-.08J*
Shell East'n .07 >*-.08
Reports received from refining companies owning 85.1% of the 4,483,000
Prices of Typical Crude per Barrel at Wells
Bradford, Pa
Corning, Pa
New
New York—
barrels from the March total.
There
Chicago
Gulf
of
of 3,620,300
barrels.
Texas
N. Y. (Bayonne)—
barrels daily.
A readjustment in the
June 1 production figures by the Institute set them at 3,651,500 barrels against the 3,749,050 barrels originally reported.
Texas, as usual, showed the sharpest gain in production,
daily
Other Cities—
New York—
.08H--O8H
RlchOil(Cal) .08K--08X
Warner-Qu. .07H-08
average
production of crude oil during the initial week of June lifted
the total to 3,816,950 barrels, according to statistics made
public in mid-week by the American Petroleum Institute.
This figure is approximately 200,000 barrels above the June
market
(Above 65 Octane), Tank Car Lots, F.O.B. Refinery
T. Wat. Oil
close to the
official announce¬
an
$.17
.17
.185 Chicago
Boston
Std.OUN.J.$.06H-.07
sources
Cardenas Administration insisted that
...——$.106 Buffalo—.—
Newark
.17
-
U. S. Gasoline
the
British consular officials
favorable terms.
City denied the reports but
1940
2% city sales tax.
Socony-Vac. .06 >$-.07
properties involved. In return, the Cardenas Administration
is to recompense the Royal Dutch group for the value of their
lost properties and also agree to supply oil to meet Allied
in Mexico
-
Not Including
New York
,
official
$.17
Brooklyn
According to the reports, the settlement would be on the
basis that England recognize the legality of the seizures and
make
June IS,
Gasoline, Service Station, Tax Included
June 8, 1939...
*
Estimated Bureau of Mines basis.
The 1 cent State tax expires
The Commercial <ft Financial Chronicle
Vtlmmt ISO
DAILY AVERAGE
CRUDE OIL PRODUCTION
yield
(Figures In Barrels)
3739
0.8% but at 43-0%
rose
1.8% below
was
the distillate yield declined
only 0.5% to
Furthermore,
a year ago.
14.3%, whereas last April it
was
13.4%.
a
B. of M.
Calcu¬
The domestic demand for motor fuel in April reached
expectations but
Four
Week
Week
Change
Weeks
lated
Slate
Ended
from
Ended
Ended
Require¬
Allow¬
June 8,
Previous
June 8,
June 10,
ments
ables
1940
Week
1940
1939
(June)
exports continued far below estimates.
47,683,000 barrels,
or
Oklahoma.
408,600
159,000
408.100
159,000
b437,250
bl50,950
+ 14,900
421,350
439,250
—7,900
158,900
151,600
b250
Kansas.-.,
+ 150
150
Panhandle Texas
67,450
111,600
34,000
North Texas
West Central Texas
Southwest Texas
236,950
Coastal Texas.......
71,600
81,400
29,800
206,100
90,450
372,550
218,400
210,700
69,900
109,700
+ 7,050
East Texas
33,750
250,150
84,300
372,150
237,750
238,450
228,250
+ 17,600
73,600
69,200
—900
222,250
Louisiana
dent
2,075,000 barrels,
was
made in the top-
usually the first month of the seasonal
fact, finished gasoline stocks increased in April;
natural-gasoline stocks.
Finished
15,000,000 barrels higher than
gasoline
stocks
of
-15,700
231,050
194,200
291,450
-16,600
301,000
weather; furthermore, the increases
materially
over
on
274,700
280,166
66,700
70,515
Arkansas
—400
71,600
bl0,900
+ 1,550
457,200
+ 7,600
9,500
444,450
5l.9in April, 1939.
8,000
bl2,850
+ 950
The crude-oil
50.4, compared with 50.4 in March, 1940, and
was
'
and 80%
>
.
capacity represented by the data in this report
was
was
92,800
—6,100
.
1
Michigan
Wyoming
Montana. .........
59,700
71,550
66,950
17,650
3,300
15,350
107,000
110,800
62,000
Colorado
58,900
—250
73,000
18,300
4,000
106,700
New Mexico
74,200
+2,000
17,800
3,200
—100
106,700
Total east of Calif. 3,026,600
California
593,700
d592,000
Total United States 3,620,300
These
'
,
(Thousands of Barrels)
,
April, 1940
—100
107,350
62,700
Total
Arkansas—Rodessa
123
270
585
2,042
2,114
1,413
68.1
66.1
1,403
8,077
70.5
68.5
47.1
47.4
1,526
1,593
8,347
5,856
5,696
6,281
6,764
Long Beach
1,346
44.8
Wilmington
2,507
83.6
82.6
13,137
437.9
428.0
18,403
613.4
602.3
California—Kettleman Hills
Rest of State—.;
....
Total California..
Colorado
7
a. m. June
c
5.
This is the net basic allowable
It will increase
It includes
a
as
of the first of June.
new wells are
completed and if any upward revisions are made.
figure of approximately 368,533 barrels for East Texas after deduc¬
as
net
d Recommendation of
r
East
Texas
Central
Committee of California Oil
figures for week ended June
1
revised.
April,
1940
according to a report prepared by the Bureau of Mines for
Harold L. Ickes, Secretary of the Interior.
The daily aver¬
age in April was 6,180,000 gallons compared with 6,082,000
in March, and 5,925,000 in April, 1939.
The chief gains in
April occurred in the Texas Gulf, East Texas, and Louisiana
districts.
than
than the total
on
179.6
5,221
20,782
19,891
14.9
14.0
418
1,686
5,816
25,889
2,519
5,752
34,160
7,672
1,755
22,723
226.2
213.8
20.7
20.2
847
48.0
47.8
1,423
8,847
1,819
294.9
281.8
8,086
60.6
62.4
1,811
;
772
7.7
7.6
17.7
17.4
479
2,119
1,749
3,282
109.4
114.6
3,142
13,657
1,770
12,225
New Mexi co.......... ......
444
■
'
-
«,
U*
14.8
14.1
406
9.1
7.9
105.7
255
961
1,017
104.7
3,229
117.2
112.0
12,717
14,407
25,479
52,603
13,344
14,686
6,512
217.1
212.3
13,169
1,582
439.0
440.0
.
52.7
49.4
..
11,298
376.6
388.2
3,878
6,962
14,069
1,406
10,443
262.3
262.3
6,602
418.6
407.0
13,407
....
7,869
12,558
2,320
77.3
78.7
2,177
...
627
20.9
21.0
872
2,697
Rest of State..............
9,911
330.4
330.4
9,231
37,576
44,583 1,486.1
1,487.6
42,732
173,528
Rest of State
Total Oklahoma
West Texas
.
.
...............
East Texas
-
Panhandle.....:
Rodessa............
Total Texas.............
10.0
300
vVest Virginia
Wyoming—Salt Creek-.
Rest of State..............
9.2
288
6,139
44,358
29,888
49,614
9,395
1,120
1,731
1,589
28,032
56,062
5,439
40,952
25,750
48,683
7,928
3,548
34,884
161,745
1,161
434
14.5
14.1
425
1,430
1,864
47.6
51.2
6,009
1,814
4,373
62.1
65.3
1,237
1,662
7,740
6,187
:V;7
0.2
0.2
6
28
23
116,045 3,868.2 3,873.4 105,510
Total Wyoming ...
Others ..............
457,928
408,243
...
Total United States
a
'
274
Oklahoma—Oklahoma City
Seminole
;
■'
3,140
3,517
New York
Includes Missouri, Nebraska, Tennessee and
Utah.
SUPPLY AND DEMAND OF ALL OILS
(Thousands of Barrels)
PRODUCTION AND STOCKS OP NATURAL GASOLINE
(In Thousands of Gallons)
Jan. to
April,
Mar. 31,
March,
April,
April,
1940
Stocks
Apr. 30, 1940
5,470
530
26,376,000 gallons
hand April 30, 1939.
Production
3,400
31,593
6,728
231
the first of the month and
on
235
160.5
,
Montana
Stocks continued to increase and the total on hand at the
end of the month was 256,704,000 gallons, 30,198,000 gallons
more
1,060
Mississippi
The production of natural gasoline continued to increase,
more
60
622
Michigan
Actually shutdown four
During
10.6
1,440
Texas-—Gulf coast.......
Gasoline
399
19,783
10.1
..
Pennsylvania, i..............
Natural
388
49,718
Rest of State
Note—''The figures Indicated above do not include any estimate of
any oil which
might have been surreptitiously produced.
of
124
5,415
446
Rodessa................
days Instead of three days.
Production
2.8
438.1
Ohio....
Producers,
73,678
4.1
430.4
4,814
Total Louisiana
tions for 14 shutdown days, namely, June 1, 2, 5, 8, 9, 12, 15, 16, 19,
22, 23, 26, 29
and 30.
For all other areas a shutdown was ordered for June 1 only,
5,879
10,213
51,525
74,381
6,785
Kansas
Past experience Indicates
5,452
10,031
52,339
303
__
Indiana
•-
1,457
2,635
12,719
18,404
12,911
Kentucky
Louisiana—Gulf coast
estimated requirements to determine the amount of new crude to be
produced.
b Oklahoma, Kansas, Nebraska,
Mississippi, Indiana figures are for week ended
44.3
122
contemplated withdrawals from crude oil inventories must be deducted from the
Bureau's
1939
2.4
Illinois
production,
1940
Average Average
2.4
Total Arkansas
3,180,550 r+122800 3,170,200 2,773,850
636,400
+42,800
614,550
603,100
3,816,950 r+165600 3,784,750 3,376,950
1939
72
Rest of State
3,800
are
April,
Daily
Daily
Bureau of Mines' calculations of the requirements of domestic crude
oil based upon certain premises outlined in its detailed forecast for the month of
June.
As requirements may be supplied either from
stocks, or from new
a
January-April
Mar.,
1940
95,500
_
AND
PRINCIPAL FIELDS
95,850
Eastern (not including
Illinois & Indiana).
4,367,000
82%, compared with 81% in March
in April, 1939.
12,050
98,400
Indiana..
about
April, 1939 of 11% of kerosene,
;
222*,200
71,500
barrels
were
were comparatively modest.
According to the Bureau of Labor Statistics, the price index for petroleum
products in April, 1940
56,900
7,000
395,600
Mississippi
Illinois...
gain in
the approach of warmer
PRODUCTION OF CRUDE PETROLEUM BY STATES
Total Louisiana...
a
12% for distillate fuel, and 8% for residual fuel
267,800
69,950
by
96,615,000
a year ago.
The demand for the fuel oils fell off
barrels, hence the operating ratio
North Louisiana
a
stocks of unifinished gasoline
declined, but this was outweighed
Total Texas....... 1,344,600 cl335,530 1,393,950 r+127,100 1,396,150 1,281,000
Coastal
matter of
a
Not much of
in April,
(including 3,872,000 barrels of aviation gasoline) for April 30
+ 1,450
237,900
+ 1,150
81,100
+2,050
396,700 r+97,800
West Texas.........
East Central Texas..
As
The domestic demand in April was
a year ago; exports were
43% below those of last April.
heavy gasoline inventories
withdrawal.
Nebraska..
8% above
or
1940
1939
1940
New Supply—
1940
Domestic production:
120,075
Jan.'
Jan.-
At
Crude petroleum.—...........
116,045
Apr.
Mar.
Apr.
Apr.
At
Plants
At
Plants
3,873
1940
1940
1939
Refin¬
& Ter¬
Refin¬
& Ter¬
Dally average................
Natural gasoline
3,868
1940
4,414
4,489
eries
minals
eries
minals
Benzol
At
6.510
6*756
Appalachian
HI., Mich., Ky
2,252
Oklahoma
Kansas
33,435
5,226
Texas.
72,826
7*.874
3,276
27,288
546
10*433
2,139
8,649
4,824
33,883 130,406 148,3.59
5,401
22,283
20,235
72,541 273,992 219,532
4,452
4,116
640
2,436
228
126
1,703
3,822
126
14,658
97,587
8,610
336
1,358
21,003
1,256
93,347
1,193
420
9*291
Crude petroleum:
In bond
8,071
7,932
34,013
27,473
Arkansas
2,864
6,953
2,925
7,090
9,038
8,666
588
260
462
968
3,663
476,249
3,936
284
414
2,895
2,648
9,043
128
3,041
For domestic use
Refined products:
28,380
48,753 191,333 207,193
1,596
1,450
1,134
74,172
1,394
cl,0S9
1,688
1,475
d 1,948
3,410
132,794
366
9,410
126,893
114,677
4,230
4,284
3,823
501,787
4,147
11,590
10,797
4,580
30,663
115,303
121,997
110,097
471,124
Daily average..................
3,843
3,935
3,670
3,894
4,262
4,046
15,837
27,589
317
27,310
Rocky Mountain
California.
Daily
162
109,904
4,026
Total demand...............——
Louisiana
Total
237
124,801
4,023
Dally average
Imports b:
626
27,719
31,802
457,928
3,785
17,353
120,687
a...
Total production
East coast
105,510
3,517
4,232
47,005
79,758
2,868
185,388 188,538 728,826 691,950 112,686 144,018
6,082
aver.
6,180
6,023
6,766
588
In bond
For domestic use...
Total
Daily average
3,033
95,046 131,460
.....
supply, all oils
new
—
Increase in stocks, all oils.
5,771
Demand—
Total (thousands
of barrels)
Daily
4,414
4,489
17,353
16,475
147
145
143
137
aver.
2,683
3,429
2,263
3,130
Exports d:
e7,515
Crude Petroleum and Petroleum
Products, April, 1940
Crude-oil production in April receded
record level of fylareh, according to the
United States Department of the Interior.
in April was 3,868,200 barrels, or 5,200
slightly from the
Bureau of Mines,
The daily average
petroleum .
Refined products.
Domestic demand:
Motor fuel....—.—..——
:X
Gas oil
The outstanding change in the State figures of production was the decline
in Illinois from the peak of 438,100 barrels
Residual fuel oils
daily in March to 430,400 barrels
Production in Texas and Oklahoma showed slight declines, but
gains in California and Louisiana about compeasated losses in Kansas and
represented
The output of 226,200 barrels
a new
Although daily
Lubricants....—...
on
170,217
30,881
5,042
10,856
24,472
25,799
69,421
116,371
1,883
1,770
7,597
106
69
52
434
599
394
2,351
Asphalt--.——
Road oil.........
—
1,661
1,398
1,840
4,668
190
111
267
501
Still gas.......—————
5,943
6,083
5,386
22,940
156
123
181
554
858
1,847
395
6,918
103,526
110,368
3,560
94,632
427,698
3,45i
3,154
3,535
258,066
251,120
13,516
6,112
13,485
5,3513
258,066
13,516
6,112
Refined products
277,739
273,845
278,565
15,198
5,484
268,565
555,433
543,843
567.812
555,433
145
138
155
143
Wax...—....—————
M iscehaneous.—
Losses ....... ...... .—- »—
record.
average
crude
runs to
fell off slightly, imports
stills picked up somewhat and crudewere
higher and the rate of
accumu¬
Nearly 7,000,000 barrels
April 30.
Refined Products
-
Evidence that refiners
Total domestic demand
Daily average...—,—
361
Stocks—
added to refinable stocks in April, bringing the total to
258,066,000
barrels
43,977
6,273
16,494
12,210
26,526
2,138
daily for coastal Louisiana
lation of crude-oil stocks showed little change.
were
--
44,607
Coke.......———
:
in April.
oil production
fuels..
47,683
Total all oils
barrels below the
average in March but 351,200 barrels above the average of
April, 1939. The Bureau in its current report further stated:
New Mexico.
and'distfllate
7,583
6,222
9,243
5,621
Crude
are
trying to maintain
gasoline and heating-oil yields
was
Cnide petroleum:
Refinable in United States
Heavy in California.
. -
.
.........
Natural gasoline.
Days' supply
a
better balance between
again indicated in April.
The gasoline
Coal Economics Division,
277,739
b Imports of crude as reported to Bureau of
Mines: all other imports aud exports from Bureau of Foreign and Domestic Coma
From
The Commercial & Financial Chronicle
3740
merce.
c
June IS,
1940
Exclusive of 64,000 barrels imported into non-contiguous territories from
d Exclusive of 43,000 barrels into territories, e Exclusive
exported from non-contiguous territories but Inclusive of 965,000
United States to territories.
outside the United States,
of 10,000 barrels
Number
Avge. ver
for
of
Month
Working
Total
-';v:
C'al.
Year
to End
(Net Tons)
Days
Working
Day
(Net Tons)
35,468,000
3,955,000
106,200
26.4
1,343,000
26.0
27.0
152,100
3,933
32,962,000
25.1
1,313,000
3,746,000
102,400
25.0
149,800
...—
17,927,000
26.3
682,000
—
6,073,000
26.0
195,100
23,040,666
24,800
27.0
919
261,600
barrels shipped from
May, 1940 (Preliminary)—
Bituminous coal.a
Weekly Coal Production Statistics
weekly coal report of the Bituminous Coal
Division, U. S. Department of the Interior, disclosed that
the total production of soft coal in the week ended June 1 is
estimated at 7,570,000 net tons.
The decrease from the
The current
preceding week—390,000 tons, or 4.9%—was due to the
partial holiday observance of Decoration Day, May 30.
Figures of carloadings indicate increased activity on the
other days of the week.
'
The U. S. Bureau of Mines reported that the estimated
output of Pennsylvania anthracite in the week of June 1 was
825,000 which was 19,000 tons less than the production in
the week prior to that, or about 2 %.
It was a gain of 68,000
tons over that of the corresponding week in 1939.
.
STATES
UNITED
ESTIMATED
PRODUCTION
OF
SOFT
COAL
WITH
,
(In Thousands of Net Tons)
Week Ended
Calendar Year to Date d
1 Mat/ 25 June
1940
1940
3
1939
1940
1939
1929
7,570
Daily
7,960
1,327
5,778 188,563 135,729 221,878
cl,407
1,046
1,702
6,005
average.
~
Anthracite.b..
Beehive coke.
6,144
5,701 132,180 119,913
737,300
m
3,938 *
m
•
-
m
-
•
May, 1939 (Revised)—
Bituminous coal.a
Anthracite, b.
Beehive coke...
a
r
Includes for purposes of
historical comparison and statistical convenience the
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.
Note—All current estimates will later be adjusted to agree with the results of the
complete canvass of production made at the end of the calendar year.
May Anthracite Shipments Reach 3,426,004 Net Tons
Shipments of anthracite for the month of May, 1940, as
reported to the Anthracite Institute, amounted to 3,426,004
net tons.
This is an increase, as compared with shipments
during the preceding month of April, of 281,877 tons, and
when compared with May, 1939, shows a decrease of 779,560
Shipments by originating carriers (in net tons) were re¬
ported as follows:
93,561
1,070
26.0
20,642,000
tons.
Bituminous Coal a—
Total, including mine fuel
April, 1940 (Revised)—
Bituminous coal.a.—.
.
COMPARABLE DATA ON PRODUCTION OF CRUDE PETROLEUM
June
Anthracite-b
Beehive coke
of
May
(Net Tons)
1,456
Crude Petroleum b—
Coal equivalent of
weekly output.
Includes for purposes of historical comparison and statistical convenience the
a
production
lignite,
of
b Total
produced during the week converted
barrels
to
equivalent coal assuming 6,000,000 B. t. u. per barrel of oil and 13,100 B. t. u. per
pound of coal.
Note that most of the supply of petroleum products is not directly
competitive with coal.
(Minerals Yearbook 1938, page 702.)
c May 30 weighted
as 0.4 of a normal working day.
d Sum of 22 full weeks ended June 1, 1940, and
corresponding 22 weeks of 1939 and 1929.
ESTIMATED
PRODUCTION
•V-T/V"
PENNSYLVANIA
v.V.;
.
Week Ended
June
1940
ANTHRACITE
AND
:
1 May 25 June 3
1940
1939
...
340,339
301,089
254,794
76,982
169,019
3,426,004
N. Y. Ontario & Western Ry
1940
1939
c
466,590
348,377
427,670
82,307
159,983
3,144,127
4,205,564
4,841,771
11,300
1,833
American
Zinc
741,400
SLAB ZINC STATISTICS
June
on
6
Shipped
Stock at
During
During
End of
Period
Year 1929..,.
Period
Period
•
Retorts
Operat¬
Retorts
Orders
for
Export
ing End
of Period
During
End of
Period
68,491
18,585
47,769
23,099
26,651
28,887
631,601
602,601
504,463
436.275
75,430
143,618
6,352
1930
Year
1931
300,738
213,531
314,514
129,842
41
-h—
State
May
1939
1940
1929
1938
170
105,560
239
352,663
119,830
148
32,944
1935....
431,499
465.746
83.758
1936
523,166
561,969
44,955
1937
589,619
569,241
456,990
395,554
65,333
126,769
Year
1932....
Year
1933....
196
Average
Period
1923
2
3
3
3
296
304
128
166
334
Arkansas and Oklahoma
19
19
7
13
48
Colorado
74
78
42
I
1
1
-
Alabama
18,560
Georgia and North Carolina.
....
398
.
66
109
f
59
38,329
0
42,965
37,915
0
48,812
45,383
78,626
48.339
20
38,793
34,583
40,829
0
39,500
39,459
38,251
38,763
36,331
*31,381
36,291
*31,067
35,491
*30,468
39,365
39,191
39,379
38,617
38,041
*32,131
34,179
36,331
35.874
34,443
35,416
*30,350
44,773
33,655
*30,751
93,116
43,109
41,366
■;A:
32,341
1939
168
44,277
42,639
128,407
February
March.......
39,613
39,828
128,192
0
45,084
45,291
0
April
43,036
40,641
127,985
130,380
0
May
42,302
39,607
133,075
0
June.........
39,450
37,284
135,241
0
July
39,669
43,128
131,782
0
August
40,960
49,928
122,814
0
September
42,225
69,424
95,615
0
October
60,117
73,327
72,405
0
*37,877
*36,169
November
53,524
64,407
61,522
0
46,867
45,428
57,941
53,468
65,995
0
*41,614
48,159
*40,175
December
*43,657
*41,980
:
f
Ulinois
673
702
410
508
887
1,292
Indiana
263
248
158
194
309
394
45
37
24
52
58
89
Iowa
Kansas and Missouri
72
36
77
106
131
772
648
557
844
679
107
102
59
102
210
183
24
Western
78
767
Kentucky—Eastern
24
35
21
45
47
Maryland
Michigan
2
4
39
35
3
40
Mexico
19
North and South Dakota...,
23
15
17
42
40
57
21
18
11
16
11
14
408
334
275
405
1,957
1,590
1,179
2,743
3,578
114
112
85
82
95
121
15
15
16
16
19
Utah
28
Northern. b..._
34
26
29
63
74
286
Washington
West Virginia—Southern.a.....
29,987
38,447
29,314
29,250
*31,107
35,865
49,379
*30,746
79,539
22
Texas
Virginia
37,729
860
2,112
bituminous
Tennessee
*29,376
12
48
401
Ohio...
Pennsylvania
'
14
39
6
Montana
New
8,478
15,978
30,783
51,186
*32,825
e
f
f
61
*
18,273
23,653
January
Alaska
Unfilled
A eye.
May 25 May 18 May 27 May 28 May 25
1940
124,856
344,001
Year 1938
w*tek Ende i
-
218.517
324,705
366,933
Year
(In Thousands of Net Tons)
57,999
31,240
19,875
21,023
27,190
Year
ments and are subject to revision on receipt of monthly tonnage reports from dis¬
trict and State sources or of final annual returns from the operators.)
.
(a)
Shipped
Year
BY STATES
the
(ALL GRADES)—1929-1940
Year 1934
WEEKLY PRODUCTION OF COAL,
(The current weekly estimates are based on railroad carloadings and river ship¬
released
(Tons of 2,000 Pounds)
2,753,100
20,857
267,200
2,024
5,617
Institute
following tabulation of slab zinc statistics:
Adjusted to make comparable the number
■■
181,556
276,519
c
Year
ESTIMATED
468,665
501,403
380,083
159,354
303,315
May Production and Shipments of Slab Zinc
1929
c
Includes washery and dredge coal, and coal shipped by truck from authorized
operations,
b Excludes colliery fuel,
of working days in the three years.
700,448
Pennsylvania RR.
Produced
a
461,889
Delaware & Hudson RR. Corp—
Beehive Coke—
Daily average
974,939
622,471
424,834
321,937
313,975
Total.
825,000 844,000 757,000 20,685,000 23,413,000 31,012,000
165,000 140,700 151,400
161,000
241,300
Daily average
182,200
Comm'l production.b.. 784,000 802,000 719,000 19,663,000 22,242,000 28,779.000
25,200
4,200
763,349
527,910
319,629
475,884
347,912
:.w;
1939
368,001
629,760
334,672
Erie RR
April,
848,682
Del. Lackawanna & Western RR.
7
a
24,200
4,033
May, 1939
794,024
Lehigh Valley RR
Central RR. of New Jersey
The
United States total.,
1940
738,758
Calendar Year to Date
Penn. Anthracite—
Totl., incl. colliery fuel
April,
750,347
-—
Lehigh & New England RR
beehive coke
; (In Net Tons)
I'M'-
.
OF
May, 1940
Reading Co
276
253
202
242
250
25
23
23
23
38
44
1,896
1,765
1,589
1,238
1,868
1,380
369
711
862
76
83
110
2
5
10,878
12,810
586
520
568
Total for year.
538,198
44,850
49,914
53,751
47,340
598,972
Monthly avge.
66,197
39,333
1940
Other Western States.c..
80
65
*
*
*
57,158
57,551
65,602
of
47,287
47,863
53,048
67,086
I *43,674
of 47,188
*43.614
54,532
*43,633
*43,732
March
57,620
51,095
73,611
Of
48,080
47,849
April
73
*
...
February.....
1
Wyoming
54,601
46,978
81,234
386 f
49,805
*43,479
49,524
145,326
1
*44,936
*44,665
/
3,908/
48,989
49,197
*44,387
155,417
January
'
1
•
'
Total bituminous coal
844
831
825
1,332
9,332
1,485
8,804
8,501
6,949
6,656
10,817
7,960
Pennsylvania anthracite.d
Total, all coal
7,670
6,124
5,324
1,932
Includes operations on the N. & W.; C. & O.; Virginian; K. & M.; B. C. & G.;
and on the B. & O. in Kanawha,
Mason, and Clay counties, b Rest of State, in¬
a
cluding the Panhandle District and Grant, Mineral and Tucker counties, c Includes
Arizona, California,
Idaho, Nevada and Oregon,
d Data for Pennsylvania
anthracite from published reoords of the Bureau of Mines, e Average weekly rate
for entire month,
f Alaska, Georgia, North Carolina, and South Dakota included
with "other Western States."
\ *43,554
May
52,979
59,177
75,036
I
*
Equivalent retorts computed
In total shipments.
r
on
24-hour basis.
136,808
147,496
134,580
Export shipments are included
.■."".V
■
* Less than 1.000 tons.
Call
for
Non-Ferrous
Metals
Prices Advanced
Preliminary Estimates of Production
of
May, 1940
of Coal for Month
,
According to preliminary estimates made by the Bureau
of Mines and the Bituminous Coal Division of the United
States Departmeut of the
Interior, bituminous coal output
during the month of May, 1940, amounted to 35,468,000
net tons, compared with 17,927,000 net tons in the corre¬
sponding month of last year and 32,962,000 tons in April,
1940.
Anthracite production during
May, 1940, totaled
3,955,000 net tons, as against 5,073,000 tons a year ago and
3,746,000 tons in April, 1940.
The consolidated statement
of the two aforementioned organizations follows:
a
*44,179
47,287
Continues
Active—Tin
Sharply
"Metal and Mineral Markets" in its issue of June 13
ported
that
re¬
Italy's entrance into the European war on
June 10 caused buyers of major non-ferrous metals to contract
for even larger tonnages than in recent weeks.
Consumers,
under prevailing conditions, decided to increase their in¬
ventories.
The undertone ip copper (domestic), lead, and
zinc was firm.
Tin advanced sharply under good buying
and moderate offerings of near-by metal.
Quicksilver was
slightly higher.
Arsenic was advanced to 3Mc. a pound on
June 12, a gain of 34c., the first advance in many years, made
possible because of lessened foreign competition.
The
publication further reported:
United States Steel
v'''''
,'V
Copper
3741
Commercial & Financial Chronicle
The
ISO
Volume
Corp. Shipments 19.4% Above
April
conditions, the volume of business placed in copper during
the last week would have been sufficient to bring about a higher quotation.
Shipments of finished steel products by subsidiary com¬
panies of the United States Steel Corp. for the month of
probably kept the
May, 1940, totaled 1,084,057 net tons.
The May shipments
compare
with 907,904 net tons in the preceding month
(April), an increase of 176,153 net tons, and with 795,689
net tons in the corresponding month in 1939 (May), an in¬
crease of
288,368 net tons.
For the year 1940 to date, shipments were 5,078,714 net
Under ordinary
Italy's action, which further restricts the export outlets,
price
on
However, the undertone
Valley basis, traders believe.
the 11 He.
Domestic business
booked last week totaled 59,064 tons, making the total so far this month
76,034 tons.
The advance in brass products inspired much of the buying.
on
domestic metal
quite firm as the week ended.
was
Offerings of prompt metal were limited to a few sellers.
Statistics for the month of May
showed that stocks of
mine group
The duty-free copper
yy
—
■
y yyv yy-y-y
82,607
86,029
b84,366
80,964
Refined
69,467
68,665
2,974
Domestic
.i ii
Export
7,018
71,639
.
76,485
169,120
Totals
Stocks, refined.a
178,664
brass products
on June 11, correcting the schedules to meet higher costs resulting from the
recent advance in zinc.
Brass containing 20% or more of zinc moved up
He.
a
He.
placed during the week at prices ranging from
pound and alloy containing less than 20%
Export
11.350c.
business
to
was
11.650c.,
Japan and the United
United States ports.
f.a.s.
870,866
570,264
1.268.403
464,524
February
1,009,256
1,252,845
931,906
907,904
1,084,057
747.427
845,108
522,395
March
627,047
771,752
550,551
1,563,113
1.485,231
449,418
422,117
429,965
795,689
609,811
524,994
484.611
April
May....
607,562
745,364
885,636
1,086,683
1,345,855
1,406.205
1.443,969
June
July
September
posted higher prices on brass and
The American Brass Co.
1938
1,145,592
1940
October
November
December.
Tot. by m oa-
11,752,116
11,707,251
Total
369,882
1,443,477
1,405,078
355,575
294,764
1,315,353
1,225,907
1,161,113
730,312
749,328
765,868
316.417
340,610
336,726
299,076
250,008
875,972
648,727
539,553
1,364.801
1,388.407
1,605,510
1,617,302
1,701,874
1,529,241
1,480,008
1.500,281
1,262,874
1,333,385
1,110,050
931,744
♦87,106
4,329,082 16,825,477
♦12,827
♦5,237
7,315,506 14,097,666
4,323.845 16,812,650
7,286,347 14,184,772
29,159
♦44,865
adjust.
Yearly
615,521
635,645
1929
1932
1937
1939
January
August
b Corrected.
End of month,
periods since January, 1929:
May
April
'-y y;-'.y y;
Crude
Deliveries to customers; refined:
increase of 1,047,872 net tons.
below we list the figures by months for vari¬
an
In the table
ous
■
y:y
for April and May
statistics of Copper Institute
net tons in the comparable
tons, compared with 4,030,842
period of 1939,
;
■
a
the
accounted for 71,504 tons.
follow, in short tons:
Production:
refined increased
of which quantity
Production of blister was 82,607 tons,
9,544 tons.
Kingdom were the principal buyers.
♦Decrease.
'Ly'Syi':.
"
ordinary brands
the price be¬
cause of continued uncertainty
over the status of foreign metal.
The
feeling prevails in some directions that a higher domestic price would open
the door for large importations.
Domestic consumption has been holding
19,631
totaling
Producers refrained from advancing
tons.
at 45,000 tons a
month
Prices held at 5c.,
higher,
or
good showing.
a
New York, which was the contract settling
American Smelting & Refining
yyy\
Lead
the last week was active, sales of
Demand for lead during
■;
basis of the
Co., and at 4.85c., St. Louis.
Steel
Jumps 5 Points to
as Buying Gains
Production
85%%—Scrap
Rises
Age" stated that with war
The June 13.issue of the "Iron
developments hastening the placing of additional large ton¬
nages of steel in the United States by the Allies and with our
own
national defense program
taking form, the steel industry
into higher operations, accompanied by sharp price
rises in iron and steel scrap.
The "Iron Age" further stated:
moves
"
■^-yy'
zinc
Sales of the common grades of zinc for
yy-?
the week ended June 8 totaled
The market was
strong, but the price on Prime Western remained unchanged at 6He., St.
Louis, throughout the week.
Late in the week some producers restricted
offerings to sales made on an average price basis.
Unfilled orders in com¬
week.
12,420 tons, against 6.678 tons in the preceding
zinc are now up to
mon
indicated for steel production this week,
Three districts—Buffalo, Detroit and
Wheeling-Weirton—are at practical capacity, the Chicago district is at
A gain
the
of five points to 85H % is
highest
since early January.
92% and gains are recorded in
While
some
against recent low-priced commitments,
If steel shortages
occur they will probably be experienced first in semi-finished steel, especi¬
ally forging billets, hot rolled bars, and alloy steels of all types.
Expension of electric furnace capacity to take care of increasing demand for high
there have been gains in
Tin
The expected uplift in
announced
last
war
on
freight rates from Singapore to New York was
higher rate, amounting to about 20%, will
The
week.
become effective Aug.
Prices ruled firm.
1.
June 10 was followed
tin remained light on
situation;.
Entrance of Italy into the
Offerings of near-by
by some active buying.
continued apprehension in reference to the shipping
above 57c. per pound,
Straits tin sold during the last week
prompt delivery.
•
,
Though European consumption has
been greatly curbed by the war, buy¬
shipping uncertainties,
ing of tin for account of American consumers, plus
served to support
Tinplate operations in the United
values.
States in¬
capacity.
quoted on during the week, in cents,
creased this week to 76% of estimated
Straits tin for future arrival was
as
follows:
""'yt
-
Y
•
.
•;
yyyyyy:' 'YyVY'
Consumers of steel
June
6...
-------
that
_______
June 10
June 11.
June 12..
Chinese
tin,
99%,
spot,
one
June 7, 53.625c.; June 8,
52,000
51,750
52,500
52,250
53,125
54,250
55,250
52,875
52,750
doubtedly brought about by
53,625
53,375
coke capacity
55,000
54,750
German lines in
56,000
55,750
55,500
53.750c.; June 10, 54.250c.; June 11, 56.500c.;
("E. A M. J." QUOTATIONS)
Straits
Electrolytic Copper
Zinc
Lead
Tin
New York
New York
St. Louis
St. Louis
June
6
11.275
11.375
53.750
5.00
4.85
6.25
June
7
11.275
11.425
54.375
5.00
4.85
June
8
11.275
11.425
54.500
5.00
4.85
June 10
11.275
11.350
55.000
5.00
4.85
June 11
11.275
11.425
56.500
5.00
4.85
6.25
June 12
11.275
11.425
57.000
5.00
4.85
6.25
11.275
11.404
55.188
5.00
4.85
6.25
Dom.,Refy- Exp., Refy.
6.25
Y
6.25
6.25
ended June 8 are: Domestic copper f.o.b. re¬
Average prices for calendar week
finery, 11.275c.; export copper, f.o.b. refinery, 11.404c.; Straits tin, 54.438c.; New
lead,
5.000c.; St.
Louis lead,
4.850c.; St. Louis zinc, 6.229c.; and sliver,
34.850c.
markets,
quotations are "M. A M. M.'s" appraisal
based on sales
reported
to the basis of cash, New York or St.
of the major United States
material
for both prompt and future
quoted on a delivered basis; that Is, de¬
As delivery charges vary with the destination, the
In the trade, domestic copper prices are
livered at consumers' plants.
figures shown above are net prices at refineries on
prices in New England average 0.225c. per pound
the Atlantic seaboard.
Delivered
above the refinery basis.
Export quotations for copper are reduced to net at
board.
refineries on the Atlantic sea¬
On foreign business, owing to the European war.
offerings to f.ajB. transactions, dollar
this change In
method of doing business.
basis.
Quotations, for the present, reflect
A total of .05o. Is deducted from f.ajs. basis
(lighterage, <fcc.) to arrive at the fx>.b. refinery
Due to the European war
most sellers are restricting
quotation.
the usual table of daily London
prices is not available.
Prices on standard tin, the only
prices given, however, are as follows: June 6, spot, £274%,
three months, £272%; June 7, spot, £277, three months,
£27534; June 10, spot, £278%, three months, £277%;
June 11, spot, £284%, three months, £284%; and June 12,
spot, £286, three months,
£285%.
being loaded with scrap at
ready for export.
Full power to
Louis, as noted. All prices are In cents per pound.
delivery only.
shut off exports not only
countries. When war was de¬
Eastern ports, but work was
stopped at once and the scrap is being diverted to domestic consumers.
In
the first four months of this year Italy took from the United States 14,250
tons of iron and steel and 204,045 tons of scrap, while in 1939 it bought
$770,880 worth of metal-working machinery here.
While there has not yet been time for steel orders in appreciable volume
to result from our national defense program, the moves that are being made
in Washington assure a flow of orders from that source within the near
future.
Without waiting for final action on the Vinson naval bill by the
Senate, the Government is arranging for a hugh expansion of naval ship¬
building which will utilize all existing Government and private yards and
provide for new facilities.
Under their contracts with machine tool build¬
ers, the Army and Navy already commandered some machine tools which
ment
Copper, lead and zinc quotations are based on sales
'•
the war has immediately
but to all Mediterranean
clared boats were
by producers and agencies. They are reduced
deliveries; tin quotations are for prompt
Britain or the United States. Canada's
depend now on obtaining engines from Ameri¬
makers.
that country
were
The above
effort in Canada will also bring additional steel orders to
Canada will build 300 tanks, for which armor plate
supplied either by Great
Italy's entrance into
to
York
Northern France.
States.
United
must be
can
DAILY PRICES OF METALS
..
and about a
A greater war
the
finished steel, a condition un¬
the fact that roughly half of French coal and
quarter of iron and steel capacity is behind the
orders for a good deal of
France is placing
airplane program also must
June 12, 56.000c.
Average
with American manufacturers, including, for example
month for 75mm. guns.
continue to take a large quantity of semi-finished steel,
for 2,500,000 per
53,000
nominally as follows: June 6, 53.000c.*
was
inven¬
reasonable protection
afford
will
52,500
53,250
53,750
53,875
54,750
56,250
56,.500
..
...
7
8
under way.
swayed between the desire to build up
are
against delayed deliveries,
Government priorities and higher prices and the caution engendered by
the unpredictable outcome of the war.
Most of them are pursuing a mid¬
dle course and hence inventories are not being unduly enlarged.
Following the arrival here a week or so ago of a delegation of steel men
representing the Allies and the transfer of steel purchasing from London to
the Anglo-French Purchasing Board in New York, heavy steel orders,
amounting to 600,000 tons or more have been placed by the Allies.
A con¬
siderable part of this is shell steel for the French who are also trying to
tories
While Britain may
June
orders for nearly all products.
quality alloy steels will soon be
place shell contracts
September
August
July
June
June
nearly all other areas.
production this month is due to heavy
of the bulge in steel
specifications for sheets and strip
62,289 tons.
or
embargo or curtail
necessary
export shipments of "any military equip¬
tools or
component parts thereof, or machinery,
for the manufacture or servicing thereof" is
munitions or
given to
May-Sheppard bill, which has passed the House.
In addition to the munitions orders to be placed by the U, 8. Government
and the Allies, new steel business in the near future will include substantial
purchases by the automobile industry for 1941 models and there are indi¬
cations that the railroads may soon be forced into equipment building and
the President in
the
repair programs.
and the fear of shortages have brought
and prices, but
The past week's advances have
carried the "Iron Age" scrap composite price up 59c. to $19.17.
From
the low point in April, the composite has regained nearly half of the loss
Rapidly
forth
advancing scrap prices
suggestions for
the time may not
from the
Government control of procurement
be ripe for this step.
high of $22.50
THE
Y
June 11,
last October.
"IRON AGE" COMPOSITE PRICES
Finished Steel
1940, 2.261c. a Lb.
2.261c.
One week ago
One month ago.,
2.261c.
J-
2.236c.
One year ago-.
J Based on steel bars, beams, tank plates,
•
wire, rails, black pipe, sheets, and hot
These products represent
85% of the United States output.
rolled strips.
The Commercial & Financial Chronicle
3742
High
1940
Low
$18.67, highest since the last week of November.
2.261c.
Jan.
2
2.211c.
Apr.
1939
...2.286c.
Jan.
3
2.236c.
May 16
1938
....2.612c.
May 17
2.211c.
Oct.
8
1937
2.512c,
Mar.
9
2.249c.
Mar.
2
Dec. 28
2.016c.
Mar. 16
-
1936
2.249c,
-
16
posite increased 4 cents, because of
One year ago
Based
Philadelphia,
20.61
High
$22.61
1939
'
Subsidiaries
Low
.;
2
$22.61
Sept. 19
20.61
Jan.
22.61
1938
tor basic iron at Valley
foundry iron at Chicago,
Buffalo,
Valley,
and
Southern iron at Cincinnati.
A■'''
1940..
23.26
in
Jan.
2
Steel
19.61
July
6
9
20.25
Feb.
16
Nov. 24
18.73
Aug. 11
The
on
No.
1
heavy melting steel
quotations at Pittsburgh, Philadelphia,
Chicago.
\
,'>
$19.17
11
$16.04
3
14.08
1938
15.00
Nov. 22
11.00
June
21.92
Mar. 30
12.91
Dec. 21
12.67
June
Steel Institute
June
on
10
7
an¬
1
47.8%
8
47.0%
45.4%
48.5%
1939—
Aug. 14
May
Aug. 28
May 22
May 29.....52.2%
June
5
54.2%
Sept. 4
Sept. 11
Sept. 18
June
12
63.1%
Sept. 25
June
19
55.0% Oct.
54.3% Oct.
38.5% Oct.
49.7% Oct.
56.4% Oct.
60.6% Nov.
59.3% Nov.
60.1% Nov.
June 26
July
3
July
July
July
July
Aug.
10
17
24
31
7
2
9
16
23
30
6
13
20
Dec.
18
Dec. 25
1940—
Jan.
Jan.
Apr.
1
85.7%
86.1%
84.8%
82.2%
77.3%
71.7%
68.8%
67.1%
65.9%
8
Jan.
15
Jan.
22
Jan.
29
Feb.
5
Feb.
12
Feb.
19
Feb.
4'Steel," of Cleveland, in its
markets, on June 10, stated:
26
summary
64.6%
64.7%
62.4%
60.7%
61.7%
61.3%
60.9%
60.0%
61.8%
65.8%
70.0%
73.0%
76.9%
80.3%
84.6%
8
Apr. 15
Apr. 22
Apr. 29.
May
6
May 13
May 20
May 27
June
3
June 10
of the iron and steel
Faced with probable increased steel demand from the
Allies and certain
large requirements for domestic preparedness the steel
industry believes it
is on the threshold of
practically capacity production.
/
Except for a sudden termination of the European war much steel will be
required from the United States, directly to Great Britain and France
and
indirectly through Canadian manufacturers, now
buying largely in this
country.
Added to this probability is the
certainty that the program for
enlarging protective policies by the Washington government will call for
heavy supplies of steel in practically all forms, over an extended
period.
Operations responded to increased demand last
week, advancing 3 points
to 81 H%,
continuing the upward curve which started at the
beginning
of May.
In
are
effort to protect against
shortage for ordinary uses steel
beginning to buy more freely for future
an
delivery,
livery
some
consumers
seeking contracts
Producers are not yet willing to assume commitments
though prices be specified as those prevailing at de¬
Pig iron buying is on the increase as it appears no
change will be
.
even
made in price for third
quarter.
Current negotiations by the French
Commission
200,000 tons
or
more,
mainly shell rounds.
are
estimated to involve
British purchases are expected
to be much smaller than those
of France for some time.
Placing of 200,000
Pullman-Standard Car Mfg. Co., for
its
Butler, Pa., plant, will require about 10,000 tons of steel.
Great increase in
buying by the Allies seems imminent and changes
under
in
way
Practically all
methods
of
purchase and
character
of
products
Steel and iron
exports in April fell
March, but
aggregate
tons,
excluding
same
scrap,
are
period last year.
compared
with
was
virtually
March total
457,052
in
was
March.
ore movement
vigor, 7,244,549
May
in
gross tons
the
being shipped in May, practically double the
corresponding month
last
year,
3,601,453
tons.
The
movement has been
cars,
having less effect
eight districts, only
rose
one
showing
9 points to 67%;
points
seasonal
in¬
than usual.
Continued rise in the
operating rate
a
;
Steel
subsidiaries.
At
Pitts¬
circles it is expected
some
Steel
u. s.
+3
S4y
54
-hiy
+
y
1937
76
+i
70 H
39
+i
82
88
1936
Independents
+ 1
46
65
1935
27
—l
+5
60 y
—iy
+4
+
2 6y
^
—i y
35H
+2
74 y
y
+
66
+
•
+iy
y
41
—i
69
—i
1934
60
1933
4714
1931
37X
—iy
39
—i
37
-iy
68
—3
72
—3
64 y
—3
1929
49
96
+i
38
+ 1H
+
y
55
100
—
+2
94
y
-
1928
73
—3
76
—3
70 y
-iy
1927
71
—3
74
—4
68
—3
1932 not available.
United
States
Steel Buys
Army Equipinent
$37,600,000 and Resells It to Allies
Worth
The United States Steel
Corp. announced on June 11 that
Export Co., a subsidiary, is reselling
immediately to the Anglo-French Purchasing Board at no
profit the surplus munitions equipment and ordinance sup¬
plies purchased by the company from the War Department.
The purchase price of the articles is estimated
by the War
Department to be approximately $37,600,000, the statement
said.
A statement in the matter
explained that part or all
of the purchase price which the
export company is to pay
the Government will be met
through delivery of new muni¬
tions and ordnance
supplies to the War Department for
the United States Steel
national defense.
The statement follows in full:
The
United
nouncement
States
Steel
Corp. tonight confirmed the preliminary
recently made from Washington
as to
an¬
the conclusion of negotia¬
tions with the United States Government for the
purchase
States Steel Export Co., a
by the United
subsidiary of the United States Steel Corp., of
various surplus munitions equipment and ordinance
supplies now held by
the United States War Department.
The
negotiations for this purchase
were
initiated
few days ago by the
a
United
States War Department.
The purchase price of the articles so
purchased is $37,600,000, representing the present value thereof as deter¬
mined by the United States War Department.
These articles
are
being resold forthwith by United States Steel Export
Co. to the Anglo-French
Purchasing Board at the exact
cost thereof to the
United States Steel Export Co.
It is contemplated that a
part or all of the purchase price to be paid by
the United States Steel Export Co. to the United States
Government will
be paid
through the subsequent delivery to the United States War Depart¬
ment of new munitions and ordinance
defense program and
to
supplies of
a
character needed for the
be specified by the United States War
Department.
Copper
the composite of
Supply
War-Time
United
of
Needs for
One
States
Enough to Meet
Year, Says C. D. Dallas
The statement that there is enough copper metal in this
to meet the war-time needs of the United States
country
Army, Navy and Air Forces for one year was made on
May 28 by C. Donald Dallas, President of Revere Copper &
Brass, Inc., and Treasurer of the Copper and Brass Re¬
search Association.
Mr. Dallas, regarded as a metal
keting expert, added that this was not to be taken to
mar¬
mean
that plants and equipment for manufacturing such essential
military parts
as shell cases, detonator caps, rotating bands,
time fuses and aviation accessories were ready now to turn
in
the
copper field was limited to stocks of
"It will be at least another year before we
Pittsburgh,
1 point to 80;
Buffalo, 14
cents last
week, to
raw
can
have the plants and machinery essential for our Army and
Air Force needs alone," said Mr. Dallas, who
recently pre¬
dicted that shortage of copper might cost
Germany the
war.
"Any plans for the immediate future which overlook
this
be regarded
may
the result of increased activity
steelmaking grades advanced 29
needs
istic, thinking."
was
decline and three holding steadily.
to 84; Detroit, 1
point to 75; eastern
Pennsylvania, 2 points to 73;
Chicago, 3 points to 86; New
England, 10 points to 66, and Cincinnati, 9
points to 70.
St. Louis dropped 1
point to 56%.
Birmingham at 85%,
Wheeling at 79, and Cleveland at 82 were
unchanged.
Although consumers are buying little
scrap, prices continue to strengthen
and
S.
materials.
exceeded only twice, in
May, 1929, and May, 1937.
Automobile output last week
increased from the low point of the
preceding
95,560 units being produced.
This was only slightly under the
average for May and indicates
continued demand for
Youngstown
U.
the
from Lake Superior mines is
starting the season with
week,
fluences
behind
these out in such quantities as would be required.
He
repeated that the country's preparedness for vital defense
was 1,681,455 gross tons, against
585,547
Scrap exports increased somewhat, principal
takers being the United
Kingdom, Italy, Japan and Canada.
in four
months,
movement
beginning to
1939.
Total for four months this
year
Iron
are
desired.
14% short of the high level reached
tonnage exported in four months
three times that
shipped in the
tons
are
war steel
Personnel of the Commission is
being greatly enlarged and it is
believed steel purchases will be
handled directly through this
agency.
In
the past most steel has been in
the form of bars, semi-finished and shell
steel.
Indications are that future
buying will tend more to finished products
or those
requiring only minor finishing operations on the
European side.
Steel ingot output in
May, 4,841,403 net tons, was 20% larger than i
April and 47% greater than in
May, last year.
The operating rate rose t
72% of capacity in May, from
61.05% in April.
gross
be somewhat
26^
steel.
391,754
to
_.
national
buying in tie past has been by government agencies
in Great Britain and
France, the Anglo-French Purchasing Commission in
New York
devoting most energies to equipment and materials other than
in
compilation
83
1939
Interruption of
shipments from Belgium, a large producer of bolts and
nuts, has diverted much inquiry for these
products to the United States,
particularly on the part of Great Britain.
six-inch finished shell
forgings with
the
1938
into fourth quarter.
that far ahead,
83££%
75*4%
1930
94.4% Mar. 4
92.8% Mar. 11
91.2% Mar. 18
90.0% Mar. 25
1
73.7% Apr.
4
Dec. 11
Dec.
against
These companies did much better beginning
Industry
1940—
Nov. 27
62.1%
62.2%
63.0%
58.6%
70.2%
.79.3%
83.8%
87.5%
88.6%
90.3%
90.2%
91.0%
92.5%
93.5%
93.9%
Aug. 21
independents used in
1940
This represents an increase of 4.3 points, or
5.4%, from the estimate for the week ended June 3, 1940.
Weekly indicated rates of steel operations since May 1,
1939, follow:
May
84J^%,
Leading independents
approximate changes, in points, from the week immediately preceding:
ago.
May 15
at
ago.
The following table gives a comparison of the
percentage of production
with the nearest corresponding week of previous
years, together with the
telegraphic reports which it had received indi¬
cated that operating rate of steel companies
having 97%
of the steel capacity of the
industry will be 84.6% of ca¬
pacity for the week beginning June 10, compared with
80.3% one week ago, 70.0% one month ago, and 53.1% one
1939—
weeks
V
indicated rate.
9
nounced that
1939—
estimated
are
two
that the actual output for U. S. Steel in that district will be better than the
Nov. 10
17.75
year
Steel
77%
burgh the schedule is somewhat lower, but in
9
Apr.
May 16
Oct.
1937...
and
8.
and
The best gain for the latter is looked for in the Middle West.
1936...
Iron
so-called
they still promise
Low
June
22.50
The American
U.
expansion of their activities in the period from Friday to Monday night.
For the current week these units have scheduled further gains, but
and
High
1940
of
before
late last week, and the good increase in their rate is due
primarily to the
14.79
1939....
week
catch up in their operations.
Based
$18.58
One month ago......... .......... 17.58
One year ago.....
the
two weeks ago.
Scrap
June 11, 1940, $19.17 a Gross Ton
One week ago
June 21
Mar.
19.73
-
/
.
credited with 82%, compared with 77% in the preceding week, and
Sept. 12
23.25
1937....
1936.......
com¬
ingot production for the week ended June 10 is
placed at approximately 83% of capacity, according to the
"Wall Street Journal" of June 13.
This compares with
about 80% in the previous week and 76% two weeks ago.
The "Journal" further reported:
on average
furnace and
The iron and steel
advances.
scrap
Steel
Pig Iron
June 11, 1940, $22.61 a Gross Ton
One week ago
$22 61
One month ago..........
22.61
in
June 15, 1940
Our
a
Mr. Dallas continued, in part:
for
additional
approximately 840,000 tons
under existing conditions, about 160,000 tons
and
army
navy
preparations
for national
defense.
Americans appalled by the lessons brought home to us by the events
the last few months,
ness
of copper is now
We have, therefore,
year.
As
motivated by wistful, rather than real¬
domestic consumption
available
of
as
is
more
materials
action.
than
and
warehouses
I
ought to realize more than
matter
prefabricated
may
feel
a
we
be
of
certain
less
that
of
the
possession of vast
stocks.
use
Ten
than
labor,
a
like
million
single
ever
reserves
tons
of
anti-aircraft
industry,
is
that prepared¬
of such
iron
gun
willing to
ingots
raw
in
ready for
cooperate
Volume
fully in
that
this
more
that
means
at
be
our
this
it
made available
critical
industrial
time.
defense
is
to
Today,
plans
of
the
industries
in
the
greatest importance
supplying national
States,
United
have
must
cooperation
the
this
of
it
is
is
It
difficult
not
if
will
arouse.
bound to
The
be raised.
cry
some
of
the objections
which this sugges¬
of setting back the clock of labor
The hard
fact remains that
is
legislation
progress
under present
to
speak
be
cannot
37432
of
done
operating industry
under
the
keep the 40-hour week, but
can
do
we
There
foresee
to
useless
simply
and hour legislation.
wage
tion
Furthermore,
emergency.
man-power
needs
defense
The Commercial & Financial Chronicle
ISO
so.
is
.
national
our
.
only
we
to
way
40-hour
It
We
week.
must not expect maximum production
strength
the
to
by exerting
industry is
help this country prepare itself
and
ourselves,
prepare
utmost.
to
that is
the
Today
eventuality.
any
the
capacity.
maximum
of
.
one
prepared to exert itself to the utmost
for
at
conditions
copper
'
,
Current Events and Discussions
Commercial industrial, and agricultural loans increased $6,000,000 in the
The Week with the Federal Reserve Banks
During the week ended June 12 member bank reserve bal¬
ances increased $123,000,000.
Additions to member bank re¬
serves arose from decreases of $43,000,000 in Treasury de¬
posits with Federal Reserve banks and $5,000,000 in Treas¬
ury cash and an increase of $146,000,000 in gold stock, offset
in part by a decrease of $7,000,000 in Reserve bank credit
and an increase of $66,000,000 in non-member deposits and
other Federal Reserve accounts.
Excess reserves of member
banks
on
000,000,
June 12
an
were
estimated to be approximately $6,610,-
increase of $80,000,000 for the week.
3776 and 3777.
Changes in member bank reserve balances and related
items during the week and the year ended June 12, 1940:
on
pages
Increase (+) or Decrease
June 12, 1940
direct
and guaranteed
Industrial
(not
advances
Including
Total Reserve bank credit
Gold stock....
Treasury currency...
3,009,000,000
...
—3,000,000
9,000,000
34,000,000
2,523,000,000
19,427,000,000
bank credit
reserve
—87,000,000
2,477,000,000
$9,000,000 commitments—June 12)
Other
—1,000,000
—1,000,000
—.
U. S. Government securities,
Member bank reserve balances...._13,510,000,000
7,717,000,000
Treasury cash
2,200,000,000
Treasury deposits with F.R. banks..
265,000,000
Money in circulation
City and $71,000,000 at all reporting member banks.
United
States
Government
bonds increased
+ 9,000,000
—82,000,000
+ 3,400,000,000
+1,000,000
+141,000,000
+123,000,000 + 3,409,000,000
—1,000,000
+ 781,000,000
—5,000,000
—370,000,000
—43,000,000
—663,000,000
Demand
deposits-adjusted increased $54,000,000 in the St. Louis dis¬
trict, $21,000,000 in the Boston district and $22,000,000 in New York City,
Chicago district and $13,000,000 in the Kansas City district.
increase at all reporting
Deposits credited to domestic banks increased $17,000,000 in the Chicago
$11,000,000
in
the
Atlanta
reporting member banks
A summary of the principal assets and liabilities of report¬
ing member banks, together with changes for the week and
the year ended June 5, 1940, follows:
Increase
June 5,
.
System for the New York City member
banks and also for the Chicago member banks for the cur¬
rent week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday:
(In Millions of Dollars)
New York
June 12
1940
June 5
1940
June 12
June 14
1939
June 5
June 14
1940
1940
1939
4,368,000,000
+1,000,000
+ 535,000,000
313,000,000
—4,000,000
\
+ 9,000,000
437,000,000
—41,000,000
—262 000,000
475,000,000
—6,000,000
—65,000,000
1,195,000,000
+ 6,000,000
—8,000,000
+12,000,000
+ 40,000,000
—14,000,000
+76,000,000
+ 303,000,000
Commercial, Industrial and agri¬
cultural loans
Loans to
brokers and dealers In
for
loans
purchasing
or
.......
38,000,000
1,604,000,000
Treasury notes
698,000,000
1,928,000,000
United States bonds
6,537,000,000
+ 71,000,000
+ 2,000,000
+ 9,000,000
2,401,000,000
3,528,000,000
11,308,000,000
483,000,000
3,243,000,000
+ 2,000,000
—41,000,000
+105,000,000
—5,000,000
—42,000,000
Treasury bills
2,054
2,760
2,175
589
1,656
104
1,374
123
413
18
417
19
355
17
312
524
28
25
34
9,307
9,228
8,090
Loans—total
2,777
2,760
1,668
103
312
Commercial,
Industrial
agricultural loans
States Government
Loans to brokers and dealers..
Other securities
Reserve with Fed. Res. banks
Balances with domestic banks
Liabilities—
+ >v -V
+.
20,306,000,000
5,318,000,000
United States Government deposits
584,000,000
Xut62V*'l3£llll£ dCpOSlt/St
Domestic banks.'.
8,488,000,000
Borrowings..............
65
113
41
384
17
17
48
46
49
398
365
971
2,559
969
2,560
167
816
250
158
222
159
185
229
2,150
715
713
628
1,279
1,279
1,054
134
134
138
355
1,202
40
358
1,174
337
876
30
256
48
293
48
228
51
Other loans
K
Treasury bills
Treasury notes
United States bonds
by
....
the
United States Government...
83
6,470
81
80
343
86
390
1,143
4,870
63
77
396
9,518
670
43
9,415
672
44
7,624
620
60
1,912
504
84
1,909
504
84
1,654
485
60
3,689
2,836
528
969
954
748
635
3,682
642
7
8
12
303
296
340
16
16
1,500
1,504
1,488
254
254
265
1,323
1,295
Reserve with Fed. Res. banks..
6,545
Cash in vault
Balances with domestic banks..
Other assets—net...
39
UabUUtes—
Demand deposits—adjusted
Time deposits
United States Govt, deposits
Italy's entry into the European conflict on the
Germany
was
in Rome
on
June
Foreign banks
Borrowings
Capital account
From
R+.R r+R + '+
Associate Press accounts from Rome JiTfte
quote:
Soon
R+;
.;
Mussolini
after
had spoken,
forces had marched into
6.30 p. m.
(12.30
Federal
System for the Preceding Week
a. m.
explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be 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 that week ended with the close
of business June 5:
The
leading
condition
of
weekly
reporting
member
banks
cities shows the following principal changes for the week
June 5:
ties
statement
and
in
101
ended
Decreases of $41,000,000 in loans to brokers and dealers in securi¬
$41,000,000 in
$105,000,000
holdings of "other securities,"
in reserve balances with Federal
000,000 in deposits credited to domestic banks.
Berlin
announced jubilantly
and increases of
Reserve banks and $57,-
that
French territory through the Riviera at
New York time).
made after weeks—even months—of hesitation to
ends of the long existent axis between Berlin
and Rome.
It came as
Adolph Hitler's forces were closing in on France
imperiling Paris itself.
As
10 we
.
weld into actual hostilities the
of the
war
the oceans."
The fateful step was
of Member Banks
declaration of
the Ambassadors of Great Britain
Italian
Other liabilities
a
has been handed
and France."
The Italian Premier said that his country was taking up
arms to solve its maritime frontiers "because a country of
45,000,000 souls is not truly free if it has not free access to
to
TntPP-hoTilr donosifu*
banks.'.
side of
speech by Premier Mussolini
10, his pronouncement being made in a
announced in
statement therein that "a
15
Other securities
Solve
Italy's Maritime Frontiers
64
121
32
376
Reserve
...
France Says Action is Taken to
and
Britain
201
35
378
carrying securities........
Returns
R
+19,000,000 +3,249,000,000
+ 6,000,000
+ 89,000,000
+ 3,000,000
+32,000,000
"'.Vj'1 '"V
\1
+ 57,000,000 +1,797,000,000
—7,000,000
+ 77,000,000
Italy Enters European Conflict on Side of Germany—
Premier Mussolini in Declaring War Against Great
13
159
122
Loans to banks......
Complete
700,000,000
1,000,000
....
69
159
Real estate loans
Domestic
+:
<■
+ 2,891,000,000
+ 27,000,000
+ 573,000,000
537
Other loans for purchasing or
guaranteed
+ 694,000,000
+ 309,000,000
+ 259,000,000
and
Open market paper
Obligations
—152,000,000
Obligations guaranteed by United
Foreign banks
2,200
588
Loans and Investments—total..
$
+1,732,000,000
+ 319,000,000
Demand deposits—adjusted
$$$$$$
Assets—
(—)
June 7, 1939
$
Time deposits
Chicago
City
or
Decrease
Since
+ 3,000,000
—40,000,000
8,435,000,000
Cash In vault
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
(+)
May 29, 1940
$
Assets—
Loans—total
Other loans
Reserve
1940
Loans and Investments—total...-23,527,000,000
Loans to banks
Below is the statement of the Board of Governors of the
The total increase at
Deposits credited to foreign
$57,000,000.
was
Real estate loans
Chicago—Brokers' Loans
Federal
Richmond districts and
and decreased $14,000,000 in New
district,
banks decreased $5,000,000 in New York City.
carrying securities
New York City and
in the
The total
member banks was $19,000,000.
district, $12,000,000 each in the Cleveland and
Other
Member Banks in
of
$41,000,000 at all
reporting member banks.
securities
Returns
Louis
Holdings of "other
securities" decreased $27,000,000 in New York City and
Open market paper
+ 300,000,000
+ 66,000,000
1,267,000,000
Holdings of
$10,000,000 in the St.
district and $9,000,000 at all reporting member banks.
—7,000,000
—7,000,000
+146,000,000
Nonmember deposits and other Fed¬
eral Reserve accounts
Holdings of United States Treasury bills increased $78,000,000 in New
York
all
$
—1,000,000
2,000,000
Bills discounted
Bills bought-.-
$41,000,000 at all reporting member banks.
York City and $12,000,000 in the St. Louis district.
June 14, 1939
June 5, 1940
%
I
(—)
Since
v
Loans to
York City
and
and decreased $35,000,000 in the Philadelphia district, $20,000,000
The statement in full for the week ended June 12 will be
found
Chicago district and $1,000,000 at all reporting member banks.
brokers and dealers in securities decreased $38,000,000 in New
Before making
his definite announcement of war,
"combatants on land, sea
of the legion, men
and gravely
+
Mussolini called on
and in the air, Blackshirts of the revolution and
and women of Italy, of the Empire and the Kingdom of
Albania" to listen.
the
The neutrality
declare," he said, "that Italy does not wish to drag into
"I wish to
conflict other
people—neighboring and friendly
of these nations
will be severely
people.
respected."
concluded bis address by stating that
in order, finally, to give a new world of
Premier Mussolini
"we
will conquer
peace with justice to Italy, to Europe and to the universe."
The text of Premier Mussolini's announcement follows,
according to Associated Press Rome advices of June 10:
Fighters of
legions, men
land, sea and air, Blackshirts of the revolution and of the
and women of Italy, of the empire and of the Kingdom of
Albania, listen!
The hour
destined by fate is sounding for us.
decision has come.
The hour of irrevocable
A declaration of war already has been handed to
Ambassadors of Great
Britain and France.
the
The Commercial & Financial Chronicle
3744
We take the field against
who
plutocratic and reactionary
the
A
existence of the Italian people.
decades of recent history
Several
be summarized in these words:
may
Phrases, promises, threats of blackmail, and finally, crowning that ignoble
edifice, the League of Nations of 52 nations.
Our conscience is absolutely clear.
With you, the entire world is
witness that the Italy of fascism has done
everything humanly possible to avoid the tempest that envelops Europe,
butallin vain.
vital
nations
to
and
adapt them
consider
not
them
to
changing
untouchable
for
British-Rumanian trade and financial
new
countries.
tween the two
of June 10,
Associated Press London advices
from which this is learned, also said:
British importers must pay
for Rumanian goods through Bank of England
Rumanian buyers must pay for British goods
intermediate accounts and
through an English-Rumanian clearing house.
eternity.
itwould have sufficed not to begin the stupid policy of guarantees, which
agreement
signed in London on June 6.
While no details con¬
cerning the nature of the accord were announced at that time,
it was reported on June 10 that the pact provides Govern¬
ment control of all import-export exchange payments be¬
was
';;
revise treaties to
have sufficed to
It should
requirements
.'V
:V
15, 1940
Great Britain Signs Trade Accord with Rumania
democracies
have blocked the march and frequently plotted against the
always
June
The Government thus is
given complete control of exchange and credits.
proved particularly deadly for those who accepted them.
It would have sufficed not to reject the proposal the Fuehrer made last
Siam
Signs Non-Aggression Pacts with Japan, France
Oct. 6 after the campaign in Poland ended.
and Britain
Now all that belongs to the past.
If today we
have decided to take the risks and sacrifipes of war, it is
the honor, interests and future firmly impose it since a great
because
people is truly such if it considers its obligations sacred and does not avoid
the supreme
We
trials that determine the course of history.
taking up arms, after having solved the problem of
are
tinental frontiers, to solve our maritime frontiers.
our
con¬
This
the
access to
ocean.
June 12:
The
our
It is the conflict of poor, numerous peoples who labor against
ferociously cling to
monopoly of all riches and all gold
a
after ratification, stipulates
years
other's territory and reaffirmation of friendly
exchange of information and
re¬
consultation regarding matters of
mutual interest, and a guaranty that neither Japan nor Thailand shall assist
third country
a
starvers who
which is to run for five
pact,
mutual respect for each
lations,
gigantic conflict is only a phase of the logical development of
revolution.
(Siam) has signed separate non-aggression pacts'
with Japan, France and Great Britain, it was reported on
June 12.
The following regarding the treaty of friendship
with Japan is learned from Associated Press Tokio advices
We want to break the
territorial and military chains that confine us in our sea because a country of
45,000,000 souls is not truly free if it has not free
Thailand
on
should it attack either of them.
earth.
It is
conflict of fruitful, useful peoples against peoples who are in a
a
decline.
Now the die it cast and
I
our
solemnly declare that
bordering
her by
on
will has burned
Italy does
our
intend to drag
not
land into the conflict.
sea or
Italians, in
to the end.
a
memorable
This
other
peoples
Switzerland, Yugoslavia,
It depends
meeting in Berlin, I said that according
mass
friend
one
marches with him
have done and will continue to do with Germany, her
we
people and her victorious armed forces.
On this
His
eve
of
event of import
an
Majesty, the King
and
for centuries,
Emperor,
we turn our
who always has
thoughts to
understood
salute the
we
Fuehrer, the chief of great allied Germany.
new
There is only one order.
And
over
It is categorical and obligatory for
every one.
and enflames hearts from the Alps to the Indian Ocean:
arms
and
show
tenacity,
your
your
courage,
valor.
your
-
months ago.
Declares
Mussolini
and
experts
were
Against Italy After Premier
Conflict Against Great Britain
Enters
against Italy was adopted on Jnne
war
Mackenzie King had read to the House of Commons
a com¬
munication regarding the war declaration by Premier Mus¬
and
had
denounced
latter's
the
Premier
conduct.
Mussolini, in a speech at Rome on June 10, announced
Italy's declaration of war against France and Great Britain.
With regard to Canada's declaration of war against Italy,
Ottowa dispatch of June 10 to the New York "Times"
an
signing of the mutual aid pact between Britain, France
Turkey was reported in these columns of Oct. 21, 1939,
page 2437.
Russia
Prime
brief
a
British
speech,
Minister W.
L.
Mackenzie King read to the House
denounced
the
latter's
Hitler.
.
callousness
a
.
tive
he
declaration
a
Recalling
leader,
and
by their present
only
equaled
by
years
course
had
moved
a
of
against Italy,
war
seconded
resolution
it
their
T.
L.
Church of
no
need for Canada to make
approval,
it
Toronto,
and
was
a
adopted
the
of
with
the
one
two
of
Sign Pact Settling
Boundary ■
Japan
It
reported in Moscow Associated Press advices June
Japan have signed an agreement
defining the boundary between Manchoukuo and Outer
Mongolia. The advices said:
was
The announcement of the
dissenting
war,
Parliament
groups
voice,
as
she
British and French amabssadors for Moscow.
The location of the frontiers,
that
mission
was
of
part
resolution was passed quickly through the Senate and forwarded
King George VI, who/will act on it in his role as King of Canada.
Appropriate measures are being taken tonight to deal with the problems
cieated by Italian
belligerency.
British-French-Belgian Monetary Pact Signed
The
British Treasury announced on June 9 that a tri¬
partite agreement ha^ been signed to regulate monetary and
financial relations among Great Britain, France and Belgium,
it is learned from a United Press London
dispatch of June 9,
which added:
the
over
September by
was
disclosed
Manchoukuo-Outer
armistice, and
an
frontier
Mongolian
joint
a
was
Russo-Japanese com¬
The commission disbanded;
appointed to settle the boundaries.
January 31.
on
The
ending of hostilities between the two countries
reported in our issue of Sept. 23, 1939, page 1833.
was
Exports from Britain to United States and Switzerland
Must Be Paid for at Official Sterling Rate or in
Dollars
The
an official rate of
exchange on the Belgian currency
effect brought Belgium into the fiscal
partnership established be¬
tween France and
England last December.
Treasury officials also announced "that similar action is under
way
to
Full agreement in principle
already has been reached with the Netherlands, it was stated.
The Belgian franc rate will be fixed at
the same level as the French franc
176H francs to the pound sterling. Before the German invasion last
rate of
pound.
British-French monetary pact was referred to in these
columns Dec. 16, page 3797, while the
joining of the Nether¬
lands with Britain and France in a
monetary agreement was
mentioned in our May 25, issue, page 3279.
Francs
or
"free" sterling in payment of British exports
United States and Switzerland was banned by the
of
use
the
to
Government of Great Britain
announced
was
side
the
on
June 7.
At the
of securities
that sales
same
time
by residents out¬
no longer be authorized.
Such
required special license from the British
Treasury since May 13, as noted in our issue of May 18,
page 3130.
The prohibition on sales of securities by for¬
eigners, it is said, eliminates the chief source of "free"
sterling funds.
Future American and Swiss purchases of
British goods must be paid for in sterling at the official
sterling area will
transactions have
rates
in
or
dollars
stricted the
or
Last
francs.
of "free" sterling
use
certain
exports,
official
pounds
and
rubber
notably
other
members
taking
are
re¬
tin,
be
to
made
in
"Times"
or
of
British
the
commonwealth
steps:
A wireless to
London, July 7, reported
similar
from
announcement
as
of
policy
a
the
the
of
nations
New York
Treasury's
follows:
Important steps have been taken by His
tinuation
and
March the British
by requiring payment for
foreign currencies.
This was noted in
issue of March 23, page 1852.
According to the British,
our
The agreement fixed
and in
fighting
was
however,
it
to the
,
.
which Japanese and Russian troops
Office statement in which the settlement
was
The
month the Belgian unit was quoted at 119
over
fought several bloody battles last year, was not indicated in the brief Foreign
had
to
include Holland in the financial "combine."
signing of the agreement coincided with the re¬
sumption of normal diplomatic relations with Italy and the departure of
new
Hanson, Conserva¬
radical
Manchoukuo
Adolf
V-
imperialist, who held that there
separate declaration of
he
British Empire.
The
V'
of action,
Chancellor
approval
and after R. B.
leaders
die-hard
a
asking
part
ago,
v-'
given
of the
brutality
the
.
Thereafter,
for
conduct.
help had played in gaining freedom for Italy eighty
said that the present rulers of Italy
were,
displaying
;
10 that Soviet Russia and
ended last
of Commons a message from Lord
Caldeeote, the British Secretary for the
Dominions, informing him of Premier Benito Mussolini's decision and then,
in
and
Actual
afternoon
few
The
said:
This
a
War
10 by the Canadian Parliament, after Prime Minister W. L.
solini,
Scores of German
sent home from Turkish navy yards
and
France
A declaration of
.
Hundreds of German business men have packed up and gone
♦
Canada
.
home.
Justice to Italy, to Europe and to the universe.
to
.
Turkey allied herself with France and Britain.
technicians and
rush
for the National Railways.
are
Turkish trade with Germany has been at a standstill for several months
since
.
people,
said, do not object to Turkish tobacco going to
Most of the parts
elsewhere.
The officials said the products were ready to be shipped and probably would
It
will conquer in order, finally, to give a new world of peace with
we
Italian
The Allies, officials here
be entirely moved within the next two weeks.
compact as never before.
Conquer I
Treaty—Former
Germany, nor to Turkey getting machines and parts from Germany which
she cannot get
Proletarian, Fascist Italy has arisen for the third time, strong, proud,
already wings
Trade
Turkey signed a new trade pact with Germany on June 13
providing for the exchange of tobacco for spare machinery
parts, according to Associated Press accounts from Ankara,
Turkey. On the same day (June 13) the Turkish Govern¬
ment reaffirmed her mutual assistance pact
with Great
Britain and France but it is said will await developments
before making any move toward entering the war.
Concern¬
ing the trade pact the advices quoted said:
the
thought of the country.
lastly,
Sign
us.
them and only on them if these words are rigorously confirmed or not.
to the rules of Fascist morals when one has a
Germany
Reaffirms Mutual Aid Pact with Allies
ships behind
Greece, Turkey and Egypt, take note of these words of mine.
on
and
Turkey
It is a conflict between two ages, two ideas.
basing
foreign
trade
Majesty's Government in
on
the
official
rate
con¬
exchange
limiting the volume of transactions in the free market for sterling.
the time being no licenses will be given for the sale in the United
For
Kingdom
franc
of
All exports
land
securities
owned
by
resident
persons
outside
the
sterling-
areas.
will
Control
at
from the United Kingdom to the United States and Switzer¬
have
the
to
be
official
paid
for
rates
or
in
sterling
else
in
obtained
United
from
States
the
dollars
Exchange
or
Swiss
of the
residents
to
current
and
commercial
normally be provided in their own
Switzerland with respect
financial payments (including interest and
United States and
due them.
dividends)
the sterling and
by extending the
system of payments, agreements and special accounts which enable settle¬
ment to be effected in sterling through official channels at official rates.
Regulations requiring the payment for exports of jute, rubber, tin,
whiskey, fur and, diamonds to certain countries (including Belgium, Belgian
Congo, the Netherlands, Netherlands Empire and countries of South and
Central America) will be obtained in certain specified foreign currencies
(or in sterling obtained from the Exchange Control against those currencies)
now
have been revoked in the case of exports to these countries, the
As
regards
Allied
areas
transactions with other countries outside
broadly, the same effect will be achieved
United States and
Switzerland.
have been or will be made
Similar arrangements
3745
Commercial A Financial Chronicle
Exchange will
respectively.
francs,
currencies
to
The
150
Volume
by other countries in
Municipal Loan, and two City of Santiago loans that
for stamping under the plan
of debt readjustment on or before Aug. 10, 1940, they will
lose the right to receive the interest payments under the
plan aggregating $39.58% in cash per $1,000 bond declared
in 1936, 1937, 1938, and 1939.
The announcement in the
dated
unless they present their bonds
;
matter continued:
.
and on or
before Dec. 31, 1940 shall only be entitled to $15.22% per $1,000 bond
and subsequent payments.
Bondholders assenting after Dec. 31, 1940 shall
only have the right to receive those annual interest payments declared by
the Institute with respect to the year in which assent is given and sub¬
sequent years.
Such later assenters will be required to deliver, in order
to receive payment, the coupons called for payment in the year in which
assent is given and also, and without additional compensation, the earlier
The plan provides that holders
assenting after Aug. 10, 1940
called for payment.
the sterling area.
coupons
will further reduce the volume of sterling that can
be dealt in on the foreign markets and will enable our foreign trade to
be conducted on the basis of sterling at the official rate.
This will insure
the benefit of a stable rate both to ourselves and to countries with whom
we trade.
It will, moreover, insure the full value received for our exports
either in the form of imports into this country or form currencies which
are urgently required for payment of materials,
foodstuffs and munitions
reports that as of Dec. 81, 1939, $9,544,500 or more than
70% of the total of $13,431,500 of these issues outstanding had been
assented to the plan.
Less than two months remain in which holders of
the remaining $3,887,000 bonds will have the opportunity to obtain pay¬
The above measures
essential
of the "war.
the prosecution
*o
,
Kingdom's trade within the sterling
(excluding Canada, Newfoundland and
Hongkong) plus Egypt, Anglo-Egyptian Sudan and Iran is of course
conducted in sterling and no question of exchange arises.
With Canada
an agreement having an effect on payments already is in operation.
that the United
It should be added
Empire
British
the
viz.,
area,
The Institute
ments
now
available to them.
To avail themselves of the
Britain's Foreign Trade
April—Exports as Well as
Above a Year Ago
Foreign trade of the
Expands Further in
Imports Considerably
United Kingdom expanded in both
and export categories in April. The increases
compared with decreases in the same months of
1939 and 1938,.
Imports have been running substantially
ahead of a year ago for several months but April is the first
the import
in both cases
the European war that exports
hold at the level of a year previous;
in most months they were considerably less than the year
before.
The April export total of £52,734,113 and import
total of £109,986,119 left an import excess of £57,252,006.
In March there was an import balance of £63,489,843 and
in April, 1939, £30,356,225.
Following we present a tabulation of the monthly figures
since January, 1938:
month since the beginning of
have done better than
TOTAL
SUMMARY TABLE SHOWING THE VALUE OF IMPORTS AND
EXPORTS FOR EACH MONTH IN THE YEARS 1939 AND 1938. AND
THE COMPLETED MONTHS OF THE CURRENT YEAR, EXCLUSIVE
OF BULLION AND SPECIE
Trust
Schroder
Member
Trading
on
1939
£
Jan...
75,793,898
March.
84,853,649
73,707,229
75,398,794
76,540,222
73,897,551
74,112,624
74,991,477
79,078,903
77,973,618
74,132,368
April..
May
June
..
..
July
Aug...
Sept
Oct
..
—
Nov...
Dec
£
£
£
75,571,817 104,961,147
65,515,512 95,638,991
77,976,374 108,543,354
70,084,789 109,986,119
78,541,325
82,174,759
78,279.673
81,096,706
49,924,267
61,841,464
83,988,000
86,582,440
84,879,549
Feb...
1940
£
1938
1939
1938
New York Stock and New York
During Week Ended May 25
The Securities and Exchange Commission made public
yesterday (June 14) figures showing the volume of total
round-lot stock sales on the New York Stock Exchange and
the New York Curb Exchange for the account of all members
of these exchanges in the week ended May 25, continuing
a series
of current figures being published weekly by the
Commission.
Short sales are shown separately from other
sales in these figures.
Trading on the Stock Exchange for the account of members
during the week ended May 25 (in round-lot transactions)
totaled 2,300,670 shares, which amount was 19.90% of total
transactions on the Exchange of 11,252,370 shares.
This
with member trading during the previous week
3,817,063 shares, or 19.57% of total trad¬
ing of 18,911,730 shares.
On the New York Curb Exchange
member trading during the week ended May 25 amounted
to 356,750 shares, or 20.07% of the total volume on that
Exchange of 1,770,770 shares; during the preceding week
trading for the account of Curb members of 604,790 shares
was 20.61% of total trading of 2,877,520 shares.
The Commission made available the following data for
compares
ended May 18 of
the week ended May 25:
Exports x
Imports
ii-
'
1940
c£^
the New York Curb Exchange by
These reports are
members.
42,824,539 39,835,044
46,557,865 45,053,511
39,728,564 52,734,113
47,285,713
44,203,023
44,080,278
41,565,345
25,457,923
26,620,986
40,105,404
42,670,205
classified as follows:
Stock
x
produce and manufactures and
Includes United Kingdom
Corrected total for year,
y
Imported merchandise,
Uncorrected figures.
full Information as to dutiable Imports Is
made in the total for each year on the completion of
z
totals are revised when
The monthly
available, and corrections are
the "Annual Statement
floor
Exchange
Stabilization Agreement
Entered into
showing no transactions
Canada have entered into a
existing
one
of
vices
June
7
they are registered and the round-lot transactions
odd-lot transactions are not segregated from the
resulting from such
trades. On the New York Stock Exchange, on the
other hand, all but a fraction of the odd-lot transactions are effected by dealers
engaged solely in the odd-lot business.
As a result, the round-lot transactions of
specialists in stocks in which they are registered are not directly comparable on the
monetary agree¬
the stabiliza¬
be similar to
between Canada and Great Britain.
Ad¬
from Ottawa to the New York "Times"
entries in more than one
TOTAL
ROUND-LOT STOCK SALES
CHANGE AND
payment for war
now held
in France.
The agreement is for an
terminable by either side on three
Week Ended May 25,
Total round-lot
A.
sales:
B.
indefinite period, but
months' notice.
made in francs, these must be obtained
177,870/
Othersales.b—1,084,900
Total sales
Short sales
Other
Plan
The
Public
holders
for
Before Aug./10
Institute for the Amortization of the
Republic of Chile on June 12 advised
of unstamped dollar bonds of the Chilean Consoli¬
.
sales.b
——
—....
—
.............
-
Total—Total purchases
-
purchases
.
Other sales
61,400
625,080
..
t
:
5.73
39,000
312,420
2,179,080
.
,
368,090
351,420
-
10.97
604,080
686,480
-
-
transactions Initiated off the floor-Total
Short sales.
—
——j————
.
Total sales
4.
purchases
———
—
sales.b
Shortsales—
Consolidated Municipal Loan and
of Santiago Loans Advised to Present
Stamping Under Debt Readjustment
1,262,770
Total sales
3. Other
„
—
transactions initiated on the floor—Total
Other
City
1,206,910
Short sales---—————.——————
2. Other
7
Bonds
11,252,370
//registered—Total purchases.-
"j
Two
10,883,480
Round-lot transactions for account of members, except for
the odd-lot accounts of odd-lot dealers and specialists:
1. Transactions of specialists In stocks in which they are
/
and cannot be acquired
official rate for French
francs, which it expects to acquire as the result of payments by Frenchmen
tc Canadians, since these will no longer be able to pass through a, third
country.
The rate will be guaranteed against depreciation and a similar
guarantee will be given against the depreciation of Canadian dollars.
It is also provided that the Foreign Exchange Control Board shall
authorize procedure for the orderly liquidation in Canada of Canadian
securities now held in France.
'" ' - '
Per
Centa
v
Total sales
through Canada's Foreign Exchange Control Board
in a third country.
The Control Board will set an
Holders oF Chilean
1940
...................................
—————
Other sales, b
Specifically, its three provisions are that payments by Canadian resi¬
to residents of France may be made only in Canadian dollars or
Where payments are
FOR ACCOUNT
Total for
Week
dents
French francs.
ON THE NEW YORK STOCK EX¬
ROUND-LOT STOCK TRANSACTIONS
MEMBERS* (SHARES)
OF
provides for the accumulation
ties
•
of reports received
Shortsales-
of French francs by Canada, to be used
purcliases and for the repatriation of Canadian securi¬
various classifications may total more
because a single report may carry
classification,
number of reports In the
than the number
agreement, affected by an exchange of notes with the new French
Minister, M. Ristelhueber, is in force from the date of its signatured
is
580
in the stocks In which
of specialists
The
in
432
odd-lot transactions are handled solely
specialists' other round-lot
■said:
It
—
York Curb Exchange,
Note— On the New
120
initiated off the
.
4. Reports
68
319
showing other transactions
floor
ment, it was announced in Ottawa, June 7, for
tion of foreign exchange.
The pact is said to
the
837
110
319
-
-
3. Reports
The
France and
Exchange
Totalnumber of reports received—-—--—.1,064
1. Reports showing transactions as specialists
204
2. Reports showing other transactions initiated on the
two exchanges.
of Trade."
Franco-Canadian
New York
Curl)
Exchange
New York
by specialists
x532279966 z484.731.554
Total y 919,508,933 *885,943,767
weekly reports filed with the New
their respective
published are based upon
The data
York Stock Exchange and
44,075,551 44,730,987
45,984,546
43,086,428
47,623,642
42,276,828
45,341,989
41,880,695
42,025,182
41,375,526
43,846,909
48,005,979
48,037,135
43,877,133
bonds should
Aug. 10, 1940 at the office
Co., correspondent of the Institute, 46 William Street,
New York, N. Y., accompanied by appropriate letters of transmittal.
Such
letters of transmittal may be obtained from said correspondent.
of
Curb Exchanges
Great
payments, holders of unstamped
present their bonds for stamping on or before
3.20
/
278,270
2,022,400
Autonomous
Debt of the
Total sales.b
2,300,670
19.90
The Commercial & Financial Chronicle
3746
ROUND-LOT
TOTAL
CHANGE
BERS ♦
AND
STOCK
STOCK
SALES
ON
THE
TRANSACTIONS
NEW
FOR
YORK
CURB
ACCOUNT OF
EX¬
Changes in Amount of Their Own Stock Reacquired
by Companies Listed on New York Stock Exchange
MEM¬
(SHARES)
Week Ended May 25, 1940
Total for
The New York Stock Exchange issued on June 14 its
monthly compilation of companies listed on the Exchange
reporting changes in the reacquired holdings of their own
stock.
A previous list appeared in our issue of May 18,
page 3131.
The following is the list made available by the
Exchange on June 14:
Per
Week
Cent
a
A. Total round-lot sales:
Short sales........
19,240
1,751,530
Total sales..
B.
............
June IS, 1940
1,770,770
Round-lot transactions for the account of members:
1. Transactions of specialists In stocks in which they are
registered—Total purchases
•
Company and. Class of Stock
Total sales............
.....
Air Reduction Co., capital
241,975
...
2. Other transactions Initiated on the floor-Total purchases
Total sales...—...............
3. Other transactions initiated off the floor-Total purchases
Total sales
2.74
4. Total—Total purchases.
356,750
.........
5,800
6,000
9,982
10,175
Includes
all
Corn Products Refining Co., common
transactions Includes
both
b Round-lot short sales which are
are
Exchange members, their firms and
the
purchases and sales, while the Exchange
exempted from restriction by the Commission
Included with "other sales."
^c„Sales marked "short exempt" are Included with "other sales."
Odd-Lot Trading on New York Stock
Week Ended June 8
Exchange During
The Securities and
Exchange Commission made public on
for the week ended June 8 of complete
figures showing the volume of stock transactions for the
June 14
a
summary
odd-lot account
of
all
handled odd lots
on
the New York Stock
odd-lot dealers and special:sts^ who
Exchange, continu¬
ing a series of current figures being published by the Com¬
mission.
Figures for the previous weeks ended May 25 and
June 1 were reported in our issue of June 8,
page 3584.
The figures are based upon reports filed with the Commission
by the odd-lot dealers and specialists.
STOCK
TRANSACTIONS
FOR
THE
ODD-LOT
DEALERS AND SPECIALISTS ON THE NEW
ACCOUNT
YORK
OF
ODD-LOT
STOCK EXCHANGE
Week Ended June 8, 1940
■"
Total
v.'V
for Week
Odd-lot sales by dealers (customers' purchases):
-.Number of
4H%
cum. pref
orders..............................................
4,693
569,101
4,000
5,334
30,500
<
—
18,491
General Shoe Corp., common
General Theatres Equipment Corp., capital
452,984
Dollar value
38,200
1,353
1,203
5,000
4,936
6,036
10,470
Greyhound Corp., 5M% conv. pref
Corp. of America, 6)4% preferred
Hecker Products Corp., common..
Insuranshares Certificates, Inc., common
International Mining Corp., common
International Silver Co., 7% preferred
u
Interstate Dept. Stores, Inc., 7% preferred
Kaufmann Department Stores, Inc., 5% cum. pref..
Keith-Albee-Orpheum Corp., 7% cum. conv. pref
15,970
10
.
3,283
'
Hat
891
;
'
1,036
33,100
20,600
2,200
5,360
3,050
3,058
62,500
30,700
25,400
6,275
3,320
3,258
None
e505
5,304
Lehman Corp., common
9,504
Maytag Co., $6 cum. 1st preferred
Mission Corp., common..
280
960
900
Mohawk Carpet Mills, Inc., capital——...
National Dept. Stores Corp., 6% preferred
2,700
4,000
6,500
36,715
40,015
....
Natomas Co., common
None
7,400
268,354
cNone
None
Newmont Mining Corp., capital
2,000
Newport Industries, Inc., common capital
Outboard, Marine & Mfg. Co., common
1,262
3,561
11,767
44,812
Pacific Finance, common...
Plymouth Oil Co., common.
Raybestos-Manhattan, Inc., common...
Reliable Stores Corp., common
—
1,264
5,361
29,334
47,812
18,616
15,216
Del., capital
None
e600
2,481
Sheaffer (W. A.) Pen Co., common
2,331
53,800
Shattuck (Frank G.) Co., common-.—-...--—-.-.
Swift & Co., capital
48,000
Tide Water Associated Oil Co., common—
Tim ken-Detroit Axle Co., common
11,276
2,021
79,139
...
Transmaerica Corp., capital
79,101
11,277
4,021
517,950
555,701
1,700
a23,924
7,200
Twentieth Century-Fox Film Corp., $1.50 pref.
United Fruit Co., common
3,400
United States Leather Co., prior preferred
United States Rubber Co., common—
None
1,600
Vick Chemical Co., capital
Warner Bros. Pictures, Inc., $3.85 cum. pref
2,300
5,300
5,700
10,900
3,490
3,090
Wheeling Steel Corp., 6% preferred
Number of shares.
cNone
cNone
"
None
Gimbel Brothers, Inc., $6 cum. preferred
Glidden Co., common
Seaboard Oil Co. of
7,000
312,983
1,000
a3,522
d334,605
100
common
Preferred-.-------
1,100
2,286
54,299
312,948
General Realty & Utilities Corp., $6 preferred
110,945
volume Includes only sales.
rules
Signal Co.,
a4,513
66,959
al77,527
4,750
1,658
53,699
5,800
—
General Motors Corp., common
General Railway
46,883
520,843
100
Detroit Edison Co., common
Eureka Vacuum Cleaner Co., common—_
Federated Department Stores, Inc.,
1,110
47,083
520,806
11,791
69,899
191,545
3,350
Gannett Co., Inc., $6 cum. conv. pref
a Shares In members' transactions as per cent of twice total
round-lot volume.
In calculating these percentages, the total of members' transactions Is
compared
with twice the total round-lot volume on the Exchange for the reason that the total
members'
3,796
None
Florsheim Shoe Co., common
partners, Including special partners.
of
None
3,396
prior pref..
5% cumulative convertible preferred
20.07
100,348
.....
"members"
term
cum.
cum. conv. pref
Consolidated Oil Corp., common
■
•The
5%
357
Davega Stores Corp., common
100,378
Total sales.......
17,619
bll,291
Brown Shoe Co., Inc., common
Preferred
7 30
Total purchases
587,750
619
53,291
Firestone Tire & Rubber Co., common.
...
Customers' other sales.c
505,843
....
Aviation Corp., capital
Curtis Publishing Co., common
C. Odd-lot transactions for the account of specialists:
Customers' short sales
1,800
aNone
Commercial Investment Trust Corp., common....
2.98
17,290
339,460
Total sales.
6
1,100
4.000
Collins & Alkman Corp.,
353,830
Short sales.
fl,947
5,500
2
-
,
V,
Bucyrus-Erie Co., 7% preferred
Century Ribbon Mills, Inc
Chicago Pneumatic Tool Co., $2.50
60,655
....
5,100
6% preferred
2,400
58,255
Other sales, b.
25,264
2,947
Atlas Corp., common
44,920
Short sales...
22,864
........
5% preferred
American Stove Co., common
54,120
.......
Report
American Chicle Co., common
1,300
52,820
Other sales, b.
per Latest
Alpha Portland Cement Co., common
American Agri. Chemical Co., common............
Allied Stores Corp.,
14.35
42,880
—
Shares
1
Previously
Reported
13,590
228,385
Other sales, b.
Short sales
Shares
266,060
Short sales—
131
241
7,809
7,813
1,542
Wilson & Co., Inc., common.
$6 cumulative preferred
1,543
14,110,025
Adjustment of record,
b Shares delivered to Barkley-Grow Aircraft Corp. as
of consideration for assets of said company,
c Shares canceled,
d Giving
234,498 under employees bonus plan.
e Initial report,
f Giving
effect to acquisition of 1,700 shares and cancellation of 2,700 shares.
a
Odd-lot purchases by dealers (customers' sales):
part
Number of orders:
effect to issuance of
Customers' short sales....
Customers' other sales.a..
328
12,052
Customers' total sales.
12,380
Short Interest of Stocks
Customers'short sales...
8,901
316,812
............
Customers' other sales.a
New York Curb
Exchange
The total short position
of stocks dealt in on the New York
May, 1940, reported as of
May 31, amounted to 12,473 shares, compared with 26,810
shares on April 30, the Curb Exchange announced on June 8.
Curb Exchange for the month of
Customers' total Bales.
325,713
Dollar value
10,184,656
Four issues showed
Round-lot sales by dealers:
Number of shares:
8hort sales
on
Declined in May
Number of shares:
They
210
.....
Other sales, b
43,330
a
short interest of 500 shares
or
more.
were:
Cities Service Co. $6 preferred, with a short interest of 729 shares, com¬
pared with 90 shares in April; Electric Bond & Share $6 preferred, 620 shares
Total sales.
43,540
against 100 in April; Phoenix Securities Corp.
6525 shares in April,
Round-lot purchases by dealers:
Number of shares
166.050
Sales marked "short exempt" are
reported with "other sales."
b Sales to offset customers' odd-lot
orders, and sales to
common,
1,775 shares against
and Pennsylvania-Central Airlines Corp., 528 shares
against 139 shares in April.
a
liquidate a long position
which Is less than
a
round lot are reported with "other sales."
Short Interest
on
New York Stock
in
$716,300
of
Republic
Bonds
to
of
Be
Cuba
Paid
External
on
5^%
Gold
July 15
Republic of Cuba, through Pablo Suarez, Consul General
Cuba, has notified holders of its external loan 30-year
sinking fund 5%% gold bonds issued under loan contract
dated Jan. 26, 1923, that
$716,300 principal amount of the
of
bonds have
been drawn
by lot for redemption on July 15,
1940, out of moneys in the sinking fund, at 100% of their
par value and accrued interest to the redemption date, by
J.
P.
Morgan & Co. Inc., fiscal agents.
The bonds drawn
for redemption will be paid at the office of the fiscal
agents
on or after July
15, 1940, after which date interest on the
drawn bonds will
cease.
On June 6, 1940, $104,400 principal amount of these bonds
previously drawn for redemption had not been presented for
payment.
Exchange Decreased
May
The short interest
existing as of the close of business on
May 31 settlement date, as compiled from information
by the New York Stock Exchange from its members
and member firms, was 428,132 shares compared with 530,594
shares on April 30, both totals excluding short positions
the
obtained
carried in the odd-lot accounts of all odd-lot dealers, the Ex¬
As of the May 31 settlement
date, the total short interest in all odd-lot dealers' accounts
change announced June 11.
was
The
125,475 shares, compared with 62,201 shares on April 30.
Exchange further stated:
Of the 1,234 individual stock issues listed on the Exchange on May 31,
there
were
existed,
or
39 issues in which
in which
a
a
short interest of
more
change in the short position of
more
than
5,000 shares
than 2,000 shares
occurred during the month.
The number of issues in which a short interest
exclusive
on
of odd-lot
April 30.
dealers*
short
position,
was
was
reported
384
as
of May 31,
compared with
445
The Commercial & Financial Chronicle
Volume ISO
In the following tabulation is shown the short interest
existing at the close of the last business day for each month
since Feb. 28, 1938
1,141,482 Dec. 30_—_
1939—
31
1,097,868
29
.1,384,113 Jan. 31
31
1,343,673 Feb. 28
30
...1,050,164 Mar. 31
29........ 833,663 Apr. 28
31
729,480 May 31
500,961
Mar.
Apr.
May
June
"
mmmm
mmmm
—
"
July
Aug.
—
mmmm
rnmmm
Sept. 30
Oct. 28——
688,345
June 30
669,530
July
31
mmmm
Nov. 29——.
587,314
Aug. 31
mmmm
...
*
31
home-building which has taken place during the first four months,
reported by the United States Department of Labor at $360,700,000, and
523,226
mmmm
—
Nov. 30-.
29
Dec.
—
and
1940—
454,922
485,862
488,815
31..
Jan.
the
counting public
479,344
381,689
Sept. 29..
Oct.
447,543
536,377
529,559
*662,313
667,804
651,906
mmmm
Bodfish, Executive Vice-President of the League, said that
today's loan activity is at about the pace of savings and loan financing
during the period of 1923-30 except for the two peak years, 1927-28.
Of
570,516
1939—
1938—
1938—
Feb. 28—
3747
Morton
Feb. 29—
Mar. 29..
481.599
Apr.
30..
May 31..
428,132
of
well
as
April
for
and
loans
made follows:
about
the
*
Has
$155,000,000
Spent
Homes
Property Owners
•
—
as
Improvement of
Private
on
$33,764,000
6,097,000
37,821,000
20,859,000
9.460,000
19.3
*Made by all associations in the United States.
of Amer¬
Assets of All Banks in United States
attractive for rental and
more
resale.
It has super¬
The
homes
spending of about $85,000,000 more for
the
considers
HOLO
invested
dollax
every
the
in
improvement
of
well spent.
Such improvements add to the soundness of
the security hack of both the mortgages the Corporation holds and its sales
contracts.
Moreover, the money the Corporation has spent on its own
initiative has improved neighborhood values and induced private owners
as
money
modernize their
to
own
homes.
♦
Loan Associations Lent $108,001,000 in April—Largest Volume Since Depression
Savings, Building and
The savings,
building and loan associations had in April
loan activity since the de¬
$108,001,000, according to
an announcement issued June 8 by the United States Sav¬
ings and Loan League, which further said:
their first $100,000,000-month in
lending
pression,
an
estimated
According to the mortgage loan index of the Federal Borne Loan Bank
the associations did 32.5% of all April home financing, as com¬
Board
pared with 39.2% last year.
The
volume
total
struction,
$33,704,000,
included
and
record
for
sums
loaned
for
A
new
home
con¬
$37,821,000.
disbursed in any
assistance in home buying,
Repair and modernization loans, the largest amount so
month since
June, 1937, totaled $6,097,000.
over March lending activity for
registered, while the increase over April, 1939, was even
more
spectacular, 29.4%.
In one State alone, California, the associations made more than. $5,000,000
Of new construction loans.
Similar financing in Ohio was $4,213,000 for
all
larger than seasonal rise of 19.5%
purposes
the
month,
got
more
Above
announced June 8.
its bor¬
rowers, to make their homes more livable and to insure good
mortgage security.
In commenting on these figures, Charles
A. Jones, General Manager of the Corporation, said:
vised
8.8
$108,001,000
A survey, it is stated,
completed May 1 shows that the HOLC has invested some
$68,000,000 to improve properties it has acquired and make
them
5.6
35.1
date has directed
spending of $155,000,000 on the improvement
the
Total
31.2
Other purposes
Spending by
Sound Investment
Urges
The Home Owners' Loan Corporation to
ican homes, it was
Percent of
Estimated Loans
Construction
Refinancing
American
purpose
-
,
Purpose
Repair and modernization..
Home purchase
Revised.
HOLC
financing, savings, building
30%, he said."
for which they were
private
as
have accounted
the
530.594
435,273
housing
loan advances
Analysis
was
while New York, Illinois, North Carolina and Florida each
than $1,000,000 of new homes started by savings and loan
financing of April.
Six
Months
and
Year
on
Dec.
30, 1939,
Ago—Comptroller of
the
Currency Reports Latest Total at $77,575,257,000—Deposits at $68,566,043,000—Detailed Data
In
compilation issued May 20 Preston Delano, Comp¬
Currency, lists the assets and liabilities of all
possessions on Dec. 30,
1939, and compares such figures with those on June 30,
1939, Dee. 31, 1938, and June 30, 1933.
Assets of the 15,096 active banks on Dec. 30 last, the
Comptroller reported, amounted to $77,575,257,000, as
against $73,601,320,000 (15,146 banks) June 30, 1939
$70,833,599,000 (15,265 banks) Dee. 31, 1938, and $51,293,9121)00 (14,624 banks) June 30, 1933.
Of the total
resources for Dec. 30, 1939, $35,319,257,000 represented the
assets of 5,193 National banks, while 9,290 State (com¬
mercial) banks had $29,540,041,000; 551 mutual savings
banks $11,851,856,000, and 62 private banks $864,103,000.
The 15,096 banks held deposits on Dec. 30 last of $68,566,043,000 (in comparison with $64,576,694,000, $61,907,761,000, and $41,533,470,000, respectively, six months ago,
a year ago and on June 30, 1933); the Dec. 30, 1939, total
comprises $31,612,992,000 held by National banks, $25,678,305,000 by State banks, $10,523,252,000 by mutual
savings banks, and $751,494,000 by private banks.
The principal assets of all banks on the latest date were:
Loans on real estate, $9,101,693,000; other loans, including
overdrafts, $13,273,007,000; United States Government se¬
curities (direct and guaranteed obligations), $19,447,464,000;
State and political subdivisions' obligations, $4,008,397,000;
other bonds, notes, and debentures, $4,618,289,000, and
balances
with other banks, including reserve balances,
$22,197,935,000.
Aside from deposits, principal liabilities
included:
Surplus, $3,451,294,000; common stock, $2,602,581,000; preferred stock, $381,195,000, and undivided
profits, $1,147,549,000.
The tabulations follow:
a
troller of the
active banks in the United States and
COMPARISON OF ASSETS AND LIABILITIES OF ALL BANKS IN THE UNITED STATES AND POSSESSIONS, DEC. 30 AND JUNE 30,
DEC.
31,
1938, AND JUNE 30,
1939,
1933
Dec. 30,
1939
June
30, 1939
Dec. 31, 1938
June
30, 1933
15,096
15,146
15,265
al4,624
$9,101,693,000
13,273,007,000
$8,914,452,006
12,601,827,000
$8,816,692,000
12,718,714,000
$9,627,534,000
12,760,284,000
$22,374,700,000
$21,516,279,000
$21,535,406,000
$22,387,818,000
$15,445,858,000
4,001,606,000
4,008,397,000
4,618,289,000
721,475,000
$15,223,316,000
3,567,515,000
3,902,702,000
4,970,207,000
722,028,000
$15,070,400,000
2,931,642,000
3,810,494,000
5,076,094,000
777,667,000
$7,795,999,000
$28,795,625,000
$28,385,768,000
$27,666,297,000
$17,930,603,000
$1,196,539,000
22,197,935,000
1,251,798,000
1,056,262,000
160,087,000
130,960,000
150,166,000
261,185,000
$1,042,408,000
19,584,188,000
1,271,978,000
1,112,556,000
167,851,000
124,319,000
158,159,000
237,814,000
\$18,373,644,000
$672,556,000
7,092,229,000
1,382,831,000
637,646,000
169,004,000
449,357,000
424,264,000
c765,905,000
$77,575,257,000
Number of banks.
$73,601,320,000
$70,833,599,000
C$51,293,912,000
$28,211,568,000
25,406,261,000
909,728,000
3,512,348,000
9,901,874,000
$25,688,845,000
25,137,529,000
866,950,000
3,784,243,000
8,242,487,000
856,640,000
$24,460,659,000
24,731,208,000
969,804,000
3,645,351,000
7,479,886,000
620,853,000
$14,001,839,000
20,245,615,000
1,637,913,000
1,603,576,000
3,364,885,000
679,642,000
$64,576,694,000
26,724,000
143,807,000
$61,907,761,000
36,012,000
189,148,000
$41,533,470,000
530,682,000
445,187,000
730,435,000
76,300,000
ASSETS
Loans on real estate
Other loans,
including overdrafts.
Total loans.
United States Government securities—Direct obligations.-.
Guaranteed obligations
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, Including stock of Federal Reserve banks.
Total investments.
Currency and coin
including reserve balances
owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank premises
Customers' liability on acceptances outstanding
Balances with other banks,
Bank premises
or other real estate.
Interest, commissions, rent, and other Income earned or accrued but not collected
Other assets
Total assets.
3,001,466,000
6,354,474,000
778,724,000
1,293,782,000
1,185,750,000
160,359,000
b
LIABILITIES
Deposits of Individuals, partnerships, and corporations—Demand.
Time
—
United States Government and postal savings deposits
Deposits of States and political
Deposits of banks
Other deposits
subdivisions
——-—
(certified and cashiers' checks, Ac.)
624,264,000
deposits—
—
Bills payable, rediscounts and other liabilities for borrowed money.
Acceptances executed by or for account of reporting banks
National bank circulation
—
$68,566,043,000
accrued and unpaid
and other income collected but not earned.
88,102,000
72,839,000
377,711,000
Total
Interest, taxes, and other expenses
Interest, discount, rent,
Preferred stock
Common stock
Surplus
Undivided profits
Reserves and retirement account for preferred stock and capital notes and debentures
Total capital accounts.-^-.--.-------—---.--————
Total liabilities and capital accounts
a
Licensed banks: i.e., those
$65,307,112,000
$62,624,671,000
$150,474,000
420,058,000
2,588,964,000
3,551,706,000
988,582,000
593,824,000
$102,856,000
430,110,000
2,593,527,000
3,648,631,000
799,242,000
568,562,000
!
cd592,550,000
$43,908,624,000
381,195,000
2,602,581,000
3,451,294,000
1,147,549,000
570,804,000
$2,899,541,000
3,371,321,000
646,246,000
468,180,000
$8,295,171,000
$8,294,208,000
$8,208,928,000
$7,385,288,000
$77,575,257,000
$73,601,320,000
$70,833,599,000
C$51,293,912,000
operating on an unrestricted basis.
b Not called for separately prior to Dec. 31, 1938; previously Included with loans and Investments*
hanks and bills of exchange or drafts sold with endorsement, now reported as contingent liabilities,
d Includes amounts set
capital stock and for accrued interest on capital notes and debentures which, since Dec. 31, 1938, are Included with "Reserves."
Revised to exclude acceptances of other
aside for undeclared dividends on
491,150,000
1
CAPITAL ACCOUNTS
Capital stock and debentures
c
V
$141,748,000
Total liabilities
.
"96,710^600
67,294,000
395,883,000
$69,280,086,000
Other liabilities
;
25,551,000
149,840,000
The Commercial & Financial Chronicle
3748
June 15,
STATEMENT OF A88ET8 AND LIABILITIES OF ALL ACTIVE BANKS DEC.
PRELIMINARY
30,
1940
1939
Banks Other Than National
Total AU
National
Banks
Banks
All Banks Other
Than
National
Mutual
State
(Commercial)*
,
Private
Savings
15,096
5,193
9,903
9,290
551
62
$5,987,160,000
1,144,296,000
510,635,000
836,876,000
$3,489,751,000
620,703,000
284,938,000
314,002,000
$2,497,409,000
523,593,000
$2,462,094,000
$515,000
74,000
$34,800,000
503,000
522,874,000
523,016,000
223,813,000
512,226,000
80,000
1,884,000
10,568,000
815,784,000
582,108,000
415,327,000
232,126,000
1,215,490,000
394,546,000
336,923,000
1,453,437,000
562,988,000
31,098,000
1,831,155,000
8,016,000
2,104,000
12,738,000
4,774,359,000
48,717,000
3,807,000
321,000
1,808,000
198,000
"85,9411666
"l2_,020,000
Number of bankw.
...
ASSETS
•
overdrafts):
Loans and discounts (lncl. rediscounts and
Commercial and Industrial loans
Agricultural loans
Open-market paper
Loans to brokers and dealers In securities..
purchasing or carrying
stocks, bonds, and other securities..
225,697, (XX)
Other loans for the purpose of
7,445,094,000
1,074,491,000
57,622,000
3,906,497.000
1,977,381.000
14,137,000
4,802,000
400,457,000
349,982,000
6,229,604,000
611,903,000
31,098,000
1,929,116,000
9,335,000
$22,374,700,000
$9,043,632,000
$13,331,068,000
$8,339,312,000
$4,924,528,000
$67,228,000
$15,445,858,000
$7,117,420,000
$8,328,438,000
$5,305,109,000
$2,612,309,000
$411,020,000
989,860,000
1,940,567,000
579,670,000
491,509,040
439,630,COO
432,581,000
240,594,000
550,230,000
952,259,000
291,687,000
250,915,000
689,334,000
219,940.000
158,445,000
103,452,000
247,816,000
70,768,000
68.125.00C
14,197.000
15,109,000
979,000
24,345,000
$19,447,464,000
$9,073,935,000
$10,373,529,000
$6,805,409,000
$3,102,470,000
$465,650,000
$4,008,397,000
$1,784,899,000
$2,223,498,000
$1,557,270,000
$619,792,000
$46,436,000
125,974,000
159,262,000
143,395,000
77,478,000
86,526,000
93,662,000
1,672,645,000
1,285,911,000
731,978,000
215,662,000
283,462,000
515,454,000
410,463,000
374,542,000
47,180,000
126,532,000
48,496,000
72.736.0C0
49,733,000
1,157,191,000
875,448,000
357,436,000
168,482,000
156,930,000
38,776,000
71,116,000
44,950,000
423,172,000
375,940,000
285,953,000
91,751,000
96,505,000
8,952,000
1,168,000
4,268,000
728,445,000
492,377,000
66,859,000
73,692,000
59,994,000
768,000
452,000
515,000
5,574,000
7,131,000
4,624,000
3,039,000
431,000
$8,626,686,000
$3,516,736,000
$5,109,950,000
$2,985,433,000
$2,055,547,000
$68,970,000
$487,495,000
13,075,000
$343,020,000
7,731,000
$135,859,000
847,000
5,000
$8,616,000
5,339,000
$28,795,625,000
$12,811,576,000
$15,984,049,000
$10,141,593,000
$5,293,881,000
$548,575,000
$1,196,539,000
$615,698,000
$580,841,000
$513,747,000
$62,149,000
$4,945,000
22,197,935,000
1,251,798,000
1,056,262,000
11,887,915,000
9,346,290,000
600,296,000
131,691,000
10,310,020,000
651,502,000
924,571,000
751,453,000
125,801,000
602,449,000
212,277,000
2,078,000
1,237,000
160,087,000
130,960,000
-65,551,000
55,845,000
94,536,000
75,115,000
82,242,000
62,327,000
8,616,000
3,678,000
12,788,000
150,166,000
58,033,000
92,133,000
51,046,000
40,038,000
1.049,000
Real estate loans—On farm land
On residential
properties—
On other properties
Loans to banks
All other loans
..
Overdrafts
Total loans and discounts.
Investments—U. S. Government direct obligations
462,588,000
26,524,000
J
1,319,000
Obligations guaranteed by U. S. Government:
^
Reconstruction Finance Corporation—.—
Home Owners' Loan Corporation.
Federal Farm Mortgage Corporation
Other Government corporations and agencies
Total United States Government
(in¬
States and political subdivisions
of
287,983,000
obligations,
direct and guaranteed
Obligations
988,308,000
cluding warrants)
Other bonds, notes, and debentures:
U. 8. Government corporations
not
and agencies,
guaranteed by United States:
Federal Land banks
Federal Intermediate Credit banks..
and agencies.
Other Government corporations
Other domestic
corporations—Railroads
Public utilities--.—-
Industrials
,
All other.
-
Foreign—public and private
Total other bonds, notes,
and debentures
Stocks of Federal Reserve banks and other domestic
corporations......
„ .—
-
$707,553,000
13,922,000
——
Stocks of foreign corporations...
Total investments.
Currency and coin
—
Balances with other banks, including reserve balances and
cash Items in process of collection
Bank premises
owned, furniture and fixtures
premises
Real estate owned other than bank
$220,058,000
523,623,000
320,885,000
Investments and other assets indirectly representing bank
premises
other real estate outstanding
or
Customers' liability on acceptances outstanding..
Interest, commissions, rent, and other Income earned or
...
accrued but not collected
—
Other assets (Including securities
borrowed,
Insurance and
in process
other expenses prepaid, and cash items not
of collection)
Total assets
261,185,000
49,020,000
212,165,000
158,976,000
42,941,000
10,248,000
$35,319,257,000
$42,256,000,000
$29,540,041,000
$11,851,856,000
864,103,000
$28,211,568,000
839,778,000
$14,940,600,000
543,960,000
$2,485,000
1,000
411,000
$554,801,000
8,770,399,000
853,756,000
1,737,388,000
5,433,548,000
356,840,000
$13,270,968,000
295,818,000
1,225,363,000
3,336,851,000
$12,713,682,000
2,962,751,000
$23,012,336,000
$23,425,784,000
1,211,564,000
...
$77,575,257,000
$41,638,252,000
—
—
$6,910,303,000
531,400,000
LIABILITIES
Demand deposits:
Deposits of Individuals partnerships, and corporations.
Deposits of United States Government
Deposits of States and political subdivisions
Deposits of banks In the United States
....—
Deposits of banks in foreign countries
Total demand deposits.
295,817,000
"7,238,666
496,916,000
1,223,714,000
3,248,923,000
412,580,000
$18,625,916,000
$17,894,716,000
$2,999,000
$728,201,000
$16,515,481,000
680,164,000
$6,005,985,000
676,099,000
$10,501,894,000
424,000
$7,602,000
3,641,000
53,992,000
17,962,000
102,000
87.826,000
84,336,000
Time deposits (Including postal savings):
Deposits of Individuals, partnerships, and corporations:
Savings deposits
Certificates of deposit
Deposits
accumulated
loans
for
payment
of
personal
V-
-
i, •';•'••
•
85,127,000
57,337,000
31,049,000
16,424,000
626,449,000
69,950,000
•549,597,000
267,930,000
9,789,000
228,232,000
45,230,000
343,604,000
103,939,000
5,458,000
205,993,000
$26,303,527,000
$8,215,639,000
*
Christmas savings and similar accounts
Open accounts
-
Postal savings deposits..
Deposits of States and political subdivisions
Deposits In banks In the United States
Deposits in banks In foreign countries
...
Total time deposits.
Other deposits, a
84,000
2,000
16,569,000
393,740,000
24,720,000
382,000
6,382,000
4,095,000
205,175,000
163,454,000
4,081,000
663,000
:*"l55,6r»6
120,000
4x7,000
4,331,000
$18,087,888,000
$7,545,208,000
$10,520,136,000
$22,544,000
54,078,000
40,91^,000
398,217,000
24,720,000
163,991,000
250,000
$624,264,000
$385,017,000
$239,247,000
$238,381,000
$117,000
$749,000
$68,566,043,000
Total deposits
Bills
1
■;
$31,612,992,000
$36,953,051,000
$25,678,305,000
$10,523,252,000
$751,494,000
2,000
payable, rediscounts, and other liabilities for borrowed
money
22,551,000
Interest,
not
rent,
and
other
Income
unpaid...
CAPITAL
.......
Preferred stock
Common stock.....
...
Surplus
Undivided profits..
Reserves and retirement account
for
35,130,000
47,071,000
34,742,000
38,628,000
88.102,000
Total capital accounts..
155,350,000
222,361,000
209,453,000
10,673,000
2,235,000
$31,914,139,000
$37,365,947,000
$26,052,823,000
$10,542,543,000
$770,581,000
$141,748,000
169,462,000
1,281,411,000
2,235,072,000
445,403,000
702,146,000
$133,107,000
169,462,000
1,244,409,000
1,335,427,000
379,120,000
$8,641,000
1,321,170,000
1,216,222,000
866,136.000
322,618.000
210,590,000
360,214,000
225,693,000
111,918,000
...
.....
....
Includes trust companies and stock savings banks.
and amounts due to
Morgan
$141,748,000
381,195,000
2,602,581,000
3,451,294,000
1,147,549,000
reserve
Sells
211,733,000
570,804,000
agents
New
$3,405,118,000
$4,890,053,000
$3,487,218,000
$1,309,313,000
$93,522,000
$35,319,257,000
$42,256,000,000
$29,540,041,000
$11,851,856,000
$864,103,000
a
Includes certified and cashiers' checks (including
York
Stock
Exchange
Committee
on
Admissions.
The
purchaser was
Schwamm, who will form the firm of Schwamm Bros.
had been held by partners in J. P.
was
dividend checks), letters of credit and travelers' checks
(transit account).
Morgan of J. P. Morgan & Co., Inc., sold his
membership in the New York Stock Exchange on June 10
for $40,000, it was announced June 13,
by the Exchange's
1861,
408,000
22,603,000
$8,295,171,000
Junius S.
since
37,002,000
33,509,000
$77,575,257,000
Membership
Co.
78,000
137,000
377,711,000
....
Total liabilities and canital accounts...
seat which
310,000
8,306,000
preferred stock and
capital notes and debentures
S.
37,709,000
41,031,000
1,745,000
14,892,000
ACCOUNTS
Capital stock—Capital notes and debentures
Junius
70,733,000
$69,280,086,000
Total liabilities.
*
20,922,000
85,665,000
collected but
expenses accrued and
Other liabilities (including securities borrowed and dividends
declared but not payable)
sold for cash,
22,669,000
64,175,000
72,839,000
discount,
earned
Interest, taxes, and other
2,882,000
149,840,000
...
Acceptances executed by or for account of reporting bank
and outstanding
Saul
The
Morgan &
acquired by Mr. Morgan in 1922 by
transfer from another partner.
Mr. Morgan has not used his
membership for trading purposes for the benefit of the
company since April 1, 1940, when the old private banking
firm became incorporated as a State bank. Under Exchange
rules the membership could only be held as a private invest¬
ment.
The transfer of the firm's other Stock
ship, which
was
held by J. P. Morgan,
issue of March 16, page 1687.
Exchange member¬
reported in our
was
Volume
The Commercial
ISO
& Financial Chronic]e
Acceptances Outstanding Decreased $9,620,During May—Total May 31 Reported at $213,-
Bankers'
000
686,000—$32,890,000 Below Year Ago
.
outstanding on
May 31 from April 30 was due to losses in credits drawn for
imports, domestic warehouse credits and dollar exchange,
while in the year-to-year comparison all branches of credit
except domestic shipments and domestic warehouse credits
The decrease in the volume of acceptances
31
as
issued by the
,
May 31,1940
Apr. 30, 1940
$21,876,000
.
The
the greatest
President
rivers
possible
has
and
statement:
New York
3
Philadelphia
4
154,000,000
.
9,199,000
1,487,000
Cleveland
STATES
;
9
$28,091,000
184,320,000
8,185,000
1,986,000
2,432,000
498,000
610,000
374,000
1,482,000
1,419,000
4,612,000
441,000
902,000
318,000
Minneapolis
10 KansasCity.......—
Dallas......................
5,956,000
284,000
1,077,000
7 Chicago....................
8 St. Louis
1,216,000
*
"
"154*000
12 San Francisco...............
$246,575,000
Exports
Domestic warehouse credits
Dollar exchange
Based
on
May 31,1939
$85,527,000
$81,994,000
45,212,000
7,975,000
38,151,000
50,785,000
7,193,000
28,447,000
13,368,000
19,414,000
33,302,000
12,288,000
_
relief needs.
Moreover, of the projects financed by the Treasury,
undoubtedly are being carried out at this time partly for the purpose
making work, and are as readily postponable as the rivers and harbors
expenditures.
If they are added to, they will increase the demands upon
and management and possibly accentuate bottlenecks.
We believe
public opinion will support curtailment of work of that kind, as well as
elsewhere.
68,742,000
33,072,000
34,315,000
direction,
should
tionary trends,
of
lead
the fear of
or
of
examination
an
them, may be
the
to
Farm
other
in
ways
Act
of
which
infla¬
The provisions
counteracted.
Relief
1933,
under which
the
Treasury is empowered to bring pressure upon the Federal Reserve
System to finance the deficit by purchases of Government securities, and to
issue up to $3,000,000,000 of greenbacks, are still in the law.
They are
not being used and not likely to be, but they keep people uneasy, and if
they could be repealed the effect upon public sentiment would be reassur¬
The requirement for the purchase of foreign silver is likewise infla¬
ing.
tionary in nature, superfluous and disturbing.
There
could
than
be
no
appropriate
more
is
equally superfluous and
periodic unsettlement of confidence.
general
which
truth
needs
equally
to
spending presents problems of monetary
that
and
to
these
repeal
unnecessary
greater debate, that the President's power to devalue the dollar
cause
The
time
nor could any other action now
possible have a like
might be added, though the proposal to repeal it would doubt¬
It
now,
the
monetary
policy
The problem is
thought.
is
be
as
entitled
of
cause
a
recognized
is
uneasiness
the
that
and
defense
well as industrial management,
to
equally
sober
and
careful
only to use the productive capacity and
extent, and to pay for the spending as much as
possible by work and saving, but to insure that the borrowing is tarried
with
out
to
the
not
fullest
the least
possible inflationary implications.
$113,178,000
.....
57,820,000
Own bills
—
$170,998,000
7,288,000
Total.......
Decrease for month
increase in the debt, which is inflationary in
an
to
Thomas Amendment
the
BILLS HELD BY ACCEPTING BANKS
Bills of others..
\
j
Repeal of Inflationary Powers
resources
goods stored In or shipped
between foreign countries
-
.
of
less
Apr. 30, 1940
$78,489,000
47,315,000
7,976,000
—
...........
Domestic shipments
with
reduce
further
Imports.......................
other expendi¬
vetoing the
the following
message
21,
taken.
No one suggests that the people who have no means of living
except Government relief be deprived of it, but it may be hoped that the
stimulating effect of armament work upon business and employment will
effect.
ACCORDING TO NATURE OF CREDIT
May 31,1940
his
If this principle is
applied to all expenditures, and the same careful
scrutiny made of every appropriation proposed, the first step toward carry¬
ing out the defense program without financial disturbance will have been
powers
Decrease for year, $32,890,000.
$9,620,000.
Decrease lor month,
15,958,000
$223,305,000
$213,685,000
Grand total
287*000
18,169,000
136,000
18,436,000
11
,
in
economy
in
May
"Regardless of every other consideration, It seems to me that the non-military
the War Department should give way at this time to the need for
military preparedness.
This Is a need, not so apparent at the time the bill was
under consideration by the
Congress, that must now be recognized by all as a
matter demanding priority of attention.
economy
1,416,000
5,242,000
5 Richmond
6 Atlanta...,.................
on
activities of
May 31, 1939
$21,827,000
161,633,000
9,542,000
Boston
lead
the
bill
Second, the prospect of
1
2
offsetting
given
horbors
labor
,
DOLLAR. ACCEPTANCES OUTSTANDING—UNITED
—BY FEDERAL RESERVE DISTRICTS
Federal Reserve District
exercising
$110,000,000
many
were
BANKERS
It may be suggested that there are two effective
to allay these apprehensions.
One is to keep the borrowing down
ways
tures.
During May the total volume of bankers' acceptances
decreased $9,620,000 to $213,685,000 from $223,305,000 on
April 30, according to the monthly report of the Acceptance
Analysis Unit of the Federal Reserve Bank of New York,
issued June 11.
As compared with a year ago, the May 31
total is $32,890,000 below that of May 31, 1939, when the
acceptances outstanding amounted to $246,575,000.
;
J
below May 31,1939.
The following is the report for May
New York Federal Reserve Bank:
the bond market.
upon
by
3749
a......
...—--——
Tenders of $244,680,000 Received to
Offering of $100,000,000 of
91-Day Treasury
Bills—$100,004,000
Accepted at Average Rate of 0.118%
CURRENT MARKET RATES ON PRIME BANKERS ACCEPTANCES
A total of $244,680,000 was tendered to the offering last
of $100,000,000 or thereabouts of 91-day Treasury
JUNE 11, 1940
week
30
Days—
7-16
..
Dealers'
Dealers'
Dealers'
Dealers'
Buying Rates Selling Rates
Days—
Buying Rates Selling Rales
120
9-16
60
Yi
7-16
150
H
7-16
180.
9-16
*A
90......
H
V*
9-16
table, compiled by us, furnishes a
outstanding at
each month since Dec. 31, 1937:
The following
the volume of bankers' acceptances
of
1937—
343,065,947 Oct. 31
269,561,958 Aug. 31..... 235,034,177
Nov. 30
Dec. 31.....
273.327,135 Sept. 30..... 215,881.724
221,115,945
269.605,451 Oct. 31
1938—
Feb. 28
Apr. 30
May 31
June 30
Autf.
Nov. 30
1939—
255,402,175
292,742,835 Jan. 31
278,707,940 Feb. 28
268,098,573 Mar. 31
264,222,590 Apr. 29
264,748.032 May 31
258.31y.612 June 30
261,430,941 July 31
Mar. 31
July
31
Dec.
325,804,395
307,115,312
31
Jan.
the close
1939—
$
1938—
$
record of
30
31
Sept. 30
248,095,184
245,016,075
237,831,575
246.574.727
244,530.440
236,010,050
222,599,000
Dec.
232,644,000
30
1940—
Jan. 31..... 229,230.000
Feb. 29
233,015.000
Mar, 30..... 229,705,000
223,305,000
Apr. 30
bills dated June 12 and
maturing Sept. 11, 1940,'Secretary
Morgenthau announced June 10.
Of this amount $100,004,000 was accepted at an average rate of 0.118%.
The tenders to the offering were received at the Federal
Reserve banks and the branches thereof up to 2 p. m. (EST)
June 10.
Reference to the offering appeared in our issue of
June 8, page 3587. The following regarding the accepted bids
to the offering is from the Secretary's announcement:
Total applied for,
Total accepted, $100,004,000.
,
100.001
High
99.965 equivalent rate approximately 0.138%.
Low
99.970 equivalent rate approximately 0.118%.
(33% of the amount bid for at the low price was accepted.)
Average price
Offering of $100,000,000 or Thereabouts, of 91Day Treasury Bills—To Be Dated June 19,1940
New
213,685,000
May 31
$244,680,000.
Range of accepted bids:
Secretary of the Treasury Morgenthau announced June 14
are invited to a new offering of 91-day Treas¬
that tenders
National City Bank of New York Asks Broader Taxation
Base as Means of Financing Defense Program—
Letter"
"Monthly
tration's
also
Urges Repeal of Adminis¬
Powers
Inflationary
than by increasing tax
City Bank of New York said in its
"Monthly Bank Letter" for June, published June 3. Observ¬
ing that "with the debt so large, it is plainly desirable that
some part of the defense expenditures should be covered by
taxation."
The bauk goes on to say that "the taxes pro¬
rates,
the National
posed represent emergency increases in existing schedules,
and may be considered subject
to revision."
The bank
makes the statement that "the taxes should be placed where
they can be counted on to yield the estimated revenues with¬
out drying up the sources, and they should not weaken
further the incentive to investment and productive enter-
It adds:
prise."
From
sider
either viewpoint it is an
the
many
appropriate tiirfe for the Congress to con¬
proposals made in recent years for broadening the income
is ample evidence that corporate taxes and surtaxes on
There
tax
base.
the
higher individual income brackets have reached a point where further
in rates are likely to be unproductive; and students of taxation,
increases
liberal
from
the individual
of
and
income tax.
exemptions which,
the
income tax
from
he
paying group
those already
spreading the tax load.
revenue the more stable the
proportion
After
rises
the
of
reduction
of
exemptions
estimated, would add 1,400,000 persons to
and at the same time increase the tax yields
are
uneasiness, as
in favor of taxing smaller incomes or other¬
One is that the broader the base of Federal
will be.
The second is that a vastly
revenue
people
the
efficient
the taxes
urged
paying.
wise
greater
long
Senator LaFollette sponsors a lower scale
once
There are two arguments
economical and
have
conservative,
both
would
have a direct interest
to
in
the
conduct of government.
levied borrowing will still
the inflationary
will
be
received
at
the
Federal
Reserve
banks
and
the
(EST) June 17, but will not
be received at the Treasury Department, Washington.
The
Treasury bills will be dated June 19, 1940 and will mature
on Sept. 18,1940, and on the maturity date the face amount
of the bills will be payable without interest.
There is a5
maturity of a similar issue of Treasury bills on June 19, in
amount
of $100,469,000.
In his announcement of the
branches thereof up to 2 p.m.
defense funds should be raised
Part of the needed national
by broadening the tax base, rather
ury bills to the amount of $100,000,000, or thereabouts, to
be sold on a discount basis to the highest bidders.
Tenders
be necessary.
From this
dangers and the possible effects
offering Secretary Morgenthau also
They (the bills) will be
denominations
of $1,000,
said:
issued in bearer form only, and in amounts or
$10,000, $100,000, $500,000, and $1,000,000
(maturity value).
No
tender for
tender must be in
on
an
amount less than $1,000 will be considered.
the basis of 100,
with not more
Fractions must not be
Tenders will be
and
trust
vestment
Each
The price offered must be expressed
than three decimal places, e. g., 99-125.
multiples of $1,000.
used.
accepted without cash deposit from incorporated banks
responsible and recognized dealers in in¬
Tenders from others must be accompanied by a de¬
companies and from
securities.
face amount of Treasury bills applied for, unless the
accompanied by an express guaranty of payment by an in¬
posit of 10% of the
tenders are
corporated bank or trust company.
closing hour for receipt of tenders on June 17,
received at the Federal Resrve Banks or branches thereof
up to the closing hour will be opened and public announcement of the ac¬
ceptable prices will follow as soon as possible thereafter, probably on the
following morning.
The Secretary of the Treasury expressly reserves the
right to reject any or all tenders or parts of tenders, and to allot less than
the amount applied for, and his action in any such respect shall be final.
Immediately after the
1940, all tenders
Those
submitting tenders
thereof.
will be advised .of the
acceptance or rejection
the price offered for Treasury bills allotted must be
Federal Reserve Banks in cash or other immediately available
Payment at
made at the
funds on June
19,
1940.
The Commercial & Financial Chronicle
3750
The Treasury bills will
be exempt, as to principal and interest, and
any
gain from the sale or other disposition thereof will also be exempt, from all
taxation,
and inheritance taxes.
estate
except
(Attention is
invited
circular will be limited to the amount of Treasury Bonds of 1940-43 tendered
and
II. Description of Notes
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
No loss from the sale or other disposition of the Treasury bills
gift tax.)
possessions.
Department Circular No. 418,
Treasury
accepted.
to
shall be allowed as a deduction, or otherwise recognized, for the purposes
of any tax now or hereafter imposed by the United States or
any of its
The notes will be dated June 15,1940, and will bear interest from that
1.
date at the rate of 1% per annum, payable on a semi-annual basis on Sept.
15, 1940, and thereafter on March 15 and Sept. 15 in each
principal amount becomes payable.
amended,
as
and
this
notice
The notes shall be exempt,
2.
of their
from all taxation
issue.
year
until the
They will mature Sept. 15, 1943, and
subject to call for redemption prior to maturity.
will not be
prescribe the terms of the Treasury bills and govern the conditions
June IS, 194Q
both as to principal and interest, from
(except estate or inheritance taxes, or gift taxes)
now or
hereafter imposed by the United States, any State, or any of the possessions
of the United States, or by any local taxing authority.
Exempts from Examination Securities Im¬
ported from Britain, France, Canada and Others
Treasury
Secretary of the Treasury Morgenthau announced on
June 7 that, until further notice, securities coming into the
United States from Great Britain, France, Canada, New¬
foundland
or
Bermuda need not be forwarded to
of the
regulations
5.
Bearer
with
notes
issued
notes will not
Ruling No. 5,
relating to examination of securities
brought into the United States. The text of this order was
given in these columns June 8, "page 3587.
Secretary
of
the
Treasury
Morgenthau
announced
Treasury bonds of 1940-43 amounting to $353,000,000, called
redemption on June 15, 1940.
The subscription books
offering were opened on June 11 and closed at the
close of business on June 12.
Exchanges will be made par
for par as of June 15, 1940, and the amount of the new notes
for
for this
to be issued will be limited to the amount of
Treasury bonds
called for redemption on June 15 tendered and
accepted in
exchange therefor.
Cash subscriptions will not be received.
Incident to the offering, which calls for no "new money"
undertaking at tins time advices June 10 from Washington
tojthe New York "Times" said:
Representatives
of
Federal
the
Reserve
Board
and
Jesse
H
Federal Loan Administrator, had conferred with the
Secretary in the fore¬
and again at 2:30 p. m. regarding the manner in which to handle
maturing bonds.
It
nob
was
until
about
2:45
p.
m.
that
the final
decision was made, the Secretary said.
To Pay $20,
quoted
time
Treasury
on
as
June 15
first but
The
back.
came
Se
we
beautifuUy [following Premier Mus¬
Government
bonds went down
The
announcement
that
will mature Sept.
date
15,
the rate
at
on
of
1%
per
annum,
not
be subject
payable
on
The
to call for
re¬
They will be issued only in bearer form with
in the denominations
of
$100,
$500,
$1,000,
will
as
are
Treasury notes wiU be accorded the
same
exemptions from taxation
of Treasury notes now
outstanding.
These
specificaUy set forth in the official circular governing the
are
offering.
2.
Subscriptions will be received
at the Federal Reserve banks and
branches,
Department, Washington, and should be accompanied
like face amount of 3 H% Treasury bonds of 1940-43, called for re¬
demption on June 15, 1940.
If coupon bonds are tendered for exchange,
coupons due June 15, 1940, should be detached for collection in
regular
a
course, and all
surrendered.
subsequent coupons should be attached to the bonds when
If registered
bonds
are
tendered
for
exchange, they must
The right is reserved to close the books
1940-43
of
$352,993,440.
as
to any or all
are now
an
outstanding in the amount
opportunity to exchange them for other interest-
bearing obligations of the United States.
Any called bonds
following their presentation
on
not
so
ex¬
and
after
15,
1943.
June 15. 1940.
The text of the official circular follows:
UNITED
Dated
and
STATES
TREASURY
OF
NOTES
OF
AMERICA
SERIES
C-1943
bearing interest from June
15, 1940.
Due
Interest payable March 15 and
Sept. 15
1940
TREASURY
Department Circular No. 635
Sept.
DEPARTMENT,
Office of the Secretary,
Washington, June 11, 1940.
Public Debt Service
I.
1.
The
Reserve
Offering of Notes
Secretary of the Treasury,
pursuant
to
the
authority
of the
Sept. 24, 1917, as amended, invites
from the people of the United States for
1% notes
of the United States, designated
Treasury Notes of Series C-1943, in pay¬
ment of which only Treasury Bonds of
1940-43, caUed for redemption on
june 15, 1940, may be tendered.
The amount of the offering under this
par,
and
are author¬
•
as to any or
scriptions at any time without notice: and any action he
respects shall be final.
be
banks
Banking insti¬
account of customers, but
scription, in whole or in part, and to close the books
allotted
Allotment
full.
in
may
all sub¬
take in these
Subject to these reservations, all subscriptions will
notices
will
be
sent
out
promptly
upon
allotment.
IV.
1.
Payment
'
Payment at par for notes allotted hereunder
pleted on
before June 15, 1940,
or
or on
must be made or com¬
later allotment, and may be made
only in Treasury bonds of 1940-43, called for redemption
which
will be
accepted at
par,
on
June 15, 1940,
and should accompany the subscription^
Payment of final interest due June 15, 1940,
bonds exchanged hereunder
on
will be effected, in the case of coupon bonds, by payment of June
15, 1940,
coupons,
which should be detached by holders before presentation of,the
bonds for exchange, and in the case of registered bonds,
by checks drawn in
accordance with the assignments on the bonds surrendered.
V.
•
1. Coupon
Surrender of Called Bonds
Bonds—Treasury bonds of 1940-43 in
coupon form tendered
in payment for notes offered hereunder should be presented and surrendered
of the United
States, Washington, D. C.
or
branch
or
to the Treas¬
Coupons dated
Dec.
15,
bearing subsequent dates, should be attached to such
bonds when surrendered, and if any such coupons are
missing, the sub¬
scription must be accompanied by cash payment equal to the face amount
coupons
of the missing coupons.
risk of the holder.
The bonds must be delivered
at the expense
and
Facilities for transportation of bonds by registered mail
insured may be arranged between incorporated banks and trust
companies
and the Federal Reserve banks, and holders may take
advantage of such
arrangements when available,
companies
2.
utilizing such incorporated banks and trust
their agents.
as
Registered Bonds—Treasury bonds of 1940-43 in registered form ten¬
registered
payees or assignees thereof to "the
in
accordance
with
the
general regulations
governing assignments for transfer
or
branch
or to
the
Washington, D. C.
by the
Secretary of the Treasury for
to
,"
of the Treasury Department
exchange, and thereafter should be
or
presented and surrendered with the subscription to
a
Federal Reserve bank
Treasury Department, Division of Loans and Currency,
The bonds must be delivered at the expense and risk
of the holder.
VI.
1.
As
fiscal
agents
of the
General Provisions
United
authorized and requested to receive
States,
Federal
Reserve
banks
are
subscriptions, to make allotments
the basis and up to the amounts indicated by the
Secretary of the
notices, to receive payment for notes allotted, to make delivery of notes
2.
oh
Treasury
Reserve banks of the respective districts, to issue allotment
full-paid subscriptions allotted, and they
delivery of the definitive notes.
may
on
issue interim receipts pending
The Secretary of the Treasury may at any time, or from time to
time,
prescribe
supplemental
or
amendatory
rules
and
regulations
governing
the offering, which will be communicated promptly to the Federal Reserve
banks.
r''
.
HENRY
MORGENTHAU
JR.,
Secretary of the Treasury.
Treasury Explains Outstanding Debt Subject to Debt
Limitation of $45,000,000,000
The
Treasury Department recently made public its
monthly report showing that the face amount of public debt
obligations issued under the Second Liberty Bond Act (as
amended) outstanding on April 30, 1940, totaled $42,885,078,775, thus leaving the face amount of obligations which
may be issued subject to the $45,000,000,000 statutory debt
limitation at $2,114,921,225.
In another table in the report
the Treasury indicates that from the total face amount of
outstanding public debt obligations ($42,885,078,775) should
be deducted $829,863,429 (the unearned discount on
savings
bonds), reducing the total to $42,055,215,346, and to this
figure should be added $602,556,191, the other public debt
obligations outstanding, which, however, are not subject to
the debt limitation.
Thus the total gross public debt out¬
standing on April 30 u shown as $42,657,771,537.
The following is the Treasury's report as of
April 30:
Second Liberty Bond Act, approved
subscriptions, at
Federal
subscriptions at
The present offering of Treasury notes affords the holders
changed will be paid in cash
1%
The
assignments, following acceptance of the bonds.
any time without notice, and subject to the reservations set
forth in the
official circular, all subscriptions will be allotted in
full.
The 3'H % Treasury bonds of
of the called bonds
the
at
official agencies.
as
be assigned to the Secretary of the
Treasury for exchange as provided in the
offering circular, and final interest due June 15 on such bonds will be
paid
in accordance with the
de¬
in
The Secretary of the Treasury reserves the right to reject any sub¬
to the Federal
and at the Treasury
by
received
only the Federal Reserve banks and the Treasury Department
ized to act
$5,000,
accorded other issues
provisions
be
Treasury Department, Washington.
generally may submit subscriptions for
$10,000 and $100,000.
The
issued
dered in payment for notes offered hereunder should be
assigned
regarding the
March 15 and Sept. 15 in each year.
1943, and will
demption before that date.
attached,
be
»■';
exchange for Treasury notes of series C-1943 to be delivered
Sept. 15,1940, and thereafter
coupons
tutions
little at
Treasury notes of series C-1943 will be dated June 15, 1940, and will
bear interest from
notes
a
decided to go ahead with the
refunding.
Treasury Department's
issue said:
new
was
saying:
solini's speech declaring warj.
will
III- Subscription and Allotment
Subscriptions
1940, and all
(June 10) Secretary Morgenthau
We found that the market behaved
1.
branches and at the
urer
will pay off in cash about $20,000,000 of 1 y2 % notes caUed in March whose
owners did not take advantage of the exchange
offering of that date.
There
were about $738,000,000 of the notes
outstanding.
same
attached
coupons
with the subscription to a Federal Reserve bank
00,000 Notes
In addition to the refunding of the 3% % bonds, the
At the
interest
$500, $1,000, $5,000, $10,000 and $100,000.
Jones,
noon
the
■
„
6. The notes will be subject to the general regulations of the Treasury
Department, now or hereafter prescribed, governing United States notes.
on
June 10 the offering, through the Federal Reserve
banks, of
1% Treasury notes of series C-1943, in exchange for 3%%
approved by the Secretary
or
-
be issued in registered form.
:u.^
Treasury Offers 334-Year 1% Notes in Exchange for
$353,000,000 of 3%% Bonds Maturing June 16—
Subscription
Books
Closed—No
"New
Money"
Sought in Quarterly Financing
*
will not bear the circulation privilege.
nominations of $100,
June 6, 1940,
:
The notes will be acceptable to secure deposits of public moneys, but
4.
Reserve bank for examination under General
on
shall be prescribed
as
Treasury in payment of income and profits taxes payable at the
maturity of the notes.
Federal
a
The notes will be accepted at par during such time and under such
3.
rules and
Statutory Debt Limitation
Section 21
as
of April 30, 1940
of the Second Liberty Bond Act, as amended, provides that
the face amount of bonds, certificates of
indebtedness. Treasury bills and
Treasury notes issued under authority of that Act "shall
aggregate
$45,000,000,000 outstanding at
any
one
not exceed in the
time."
Volume
The Commercial
150
following table shows the face amount of obligations
'The
and the face amount which can still be issued under this
as of
k
Treasury
notes
Certificates
But every now and
of question
/
of indebtedness
Treasury bills (maturity value)
'
'
There
which interest has ceased:
vC
'C
'
There
Notes.
$42,750,315,875
bills
'';-s
;v
had
of obligations
beginning of our history as a nation.
Young
time
a
again in the seemingly endless years of the war
Young
men
and young women on both sides of the
themselves, not what trades
or
^:'V
time again
a
this
1
■'
Again today the young men and the
today.
with earnestness and with deep
young women of America ask themselves
concern
professions they would enter,
they would make, but what was to become of the country they
There is such
question: "What is to become of the country we know."
same
Now they ask it with even greater anxiety
42,885,078,775
amount
time at the
a
known.
.
134,762,900
Face
kind
generation, but about the future of the country,
United States.
such
was
asked
what lives
38,639,850
3,921,200
73,683,000
Certificates of indebtedness
Treasury
new
between the States.
$18,518,850
Bonds
such
was
but for the
Face amount of matured obligations
on
a
asks, not about the future of
people asked themselves in those days what lay ahead, not for themselves,
line
I
of
or even
find, ambitions to satisfy.
again in the history of the Republic a different
the future of the American people.
*3,647,813,400
766,810,775
$31,322,419,075
$8,469,721,800
1,651,800,000
'
1,306,375,000
11,427,896,800
-
and women in America has questions to
presents itself—a question that
individual
an
$26,907,794,900
Savings (maturity value)
Adjusted Service
i
young men
world.^ Most of the time they are the simple but nevertheless
difficult questions of work to do, opportunities to
April 30, 1940:
Interest-bearing—Bonds—
Treasury
i
the
ask
$45,000,000,000
Treasury bills which may be outstanding at any one time
Outstanding
Every generation of
outstanding
limitation:
certificates of indebtedness, and
Total lace amount of bonds, notes,
3751
& Financial Chronicle
then before.
They ask, not
only what the future holds for this Republic, but what the future holds for
all peoples and all nations that have been living under democratic forms
which may be Issued under above
$2,114,921,225
authority
of government,—under the free institutions
It is understandable to ail of us, I think,
of a free people.
that they should ask this ques¬
*
Approximate maturity value.
Principal amount (current redemption value)
outstanding, according to preliminary public debt statement, $2,817,949,971.
Statement of the Public Debt
Reconcilement with Preliminary
tion.
individual liberty,
justice is
April 30, 1940
Total
public
debt obligations issued
Bond Act, as amended
amount
outstanding
of
.
in
decadent ideal.
a
force—force directed
829,863,429
is
$42,055,215,346
' '
Add other public debt obligations outstanding but
"
page
the
younger
issue of April 13,
machine
But, in this
States—Denounces
United
Assistance
Material Aid"
Entry of Italy into
Strong National Defense and Quick
to
Allies in Speech at University of
Virginia
a
single one of the democratic sanctions that
dons with deliberate contempt all of
young country
were pledged
of force" by President Roose¬
velt, who addressed the graduating class of the University
of Virginia a few hours after Premier Mussolini of Italy had
declared war against the Allies.
The President said that
"at the same time, we will harness and speed up the use of
those resources in order that we ourselves in the Americas
of the United States
resources
have equipment and training equal to the task of any
and every defense."
The President detailed his
efforts during recent months toward seeking to persuade
Italy to refrain from entering the war, and in deploring this
week's action he said: "The people and Government of the
United States have seen with the utmost regret and with
grave
disquiet the decision of the Italian Government to en¬
gage in the hostilities now raging in
As to his overtures to Italy, the
Europe."
President said: "I pro¬
posed that if Italy would refrain from entering the war I
would be willing to ask assurances from the other powers
concerned that they would faithfully execute any agreement
so reached, and that Italy's voice in any future peace con¬
ference would have the same authority as if Italy had ac¬
tually taken part in the war as a belligerent."
"I likewise," said the President, "felt it necessary in my
communications to Signor Mussolino to express the concern
of the Government of the United States because of the fact
extension of the war in the region of the Mediter¬
inevitably result in great prejudice to the ways
of life and government and to the trade and commerce of
all the American republics."
The President continued:
that any
ranean
would
The Government of Italy has now
"freedom of action"
In so doing it has manifested disregard for the rights and security
many.
nations,
of other
disregard for the lives of the peoples of those nations
which are directly threatened by
its
chosen to preserve what it terms its
and to fulfill what it states are its promises to Ger¬
the spread of this war;
unwillingness to find the means
and has evidenced
through pacific negotiations for the
satisfaction of what it believes are its legitimate aspirations.
In the earlier
We perceive the
come so narrow
portion of his address the President said:
peril in this world-wide arena—an arena that may be¬
that only the Americas will retain the ancient faiths.
Some indeed still hold to
of the United States can
the now somewhat obvious delusion that we
safely permit the United States to become a lone
island, a lone island in a world dominated by the
Such
an
philosophy of force.
island may be the dream of those who still talk and vote as
isolationists.
Such
an
island represents to m% and to the overwhelming
majority of Americans today a helpless nightmare, the helpess nightmare
of
a
people without freedom.
The text of the President's address, which was broadcast
only throughout the Nation, but throughout the world
by the major networks, as officially made public at Wash¬
ington, follows:
r:
not
President Newcomb, my friends
I notice by the program
I avail
myself of that privilege, but I also take this very apt occasio l to
speak to many other classes.
years,
of the University of Virginia;
that I am asked to address the classes of 1940.
Classes that have graduated through all the
classes that are still in the period of study, classes not alone of the
Nation, but classes that have come up through
schools of learning of the
the great
you
schools of experience.
In other words, a cross section, just as
who graduate today are a cross section of the Nation as a whole.
Such mastery aban¬
the moral values to which even this
for more than 300 years has been accustomed and dedicated.
conception of the way of life or the way of thought of a
nation whose origins go back to Jamestown and
Plymouth Rock.
neither those who spring from that ancient stock nor
those who have come hither in later years can be indifferent to the
the
tion of freedom in their ancestral lands across
destruc¬
sea.
Perception of danger—danger to our institutions—may come slowly or
it may come
with
rush and a shock as it has to the people of the United
a
States in the past
few months.
This perception of danger—danger in a
perceive
world-wide area—has come to us clearly and overwhelmingly; we
the peril in a
world-wide arena, an arena that may become so narrowed
only the Americas will retain the ancient faiths.
that
Some, indeed, still
may
emergency
becomes the master;
too.
Surely the new philosophy proves from month to month that it could
have no possible
And conversely,
June 11 to "the opponents
was
have known.
we
'
The material
For mankind
It is in the control of infinitely small groups of
individuals who rule without
The machine in hands of irresponsible conquerors
War—Urges
on
age.
of force, the mastery of the machine is not in
new system
mankind is not only the servant, it is the victim
of
should
We see today, for example, in stark reality some
then the master; and the machine was the servant.
2342.
President Roosevelt Promises Allies "All
generation
philosophy of force to all the world
whole, untold benefits have accrued to mankind.
a
the hands of mankind,
our
belief
Where control of machines has been retained in the hands of mankind
as
602,556,191
figures appeared in
that
first ask itself what the extension of the
.$42,657,771,537
April 30, 1940
a
after nation where free institutions and
of the consequences of what we call the
$196,281,260
15,568,390
390,706,541
Interest-bearing (pre-war, &c.)
that
They have seen the ascendancy of
maintained.
understandable
would lead to ultimately.
not subject to the statutory debt limitation:
Matured, on which interest has ceased.
Bearing no Interest
were once
and
natural
say
by self-chosen leaders—is the new and vigorous
this philosophy of force in nation
individual liberties
It
The March 31
telling them that the ideal of
the ideal of free franchise, the ideal of peace through
system which will overrun the earth.
$42,885,078,775
(above).
Deduct, unearned discount on Savings Bonds (difference between
current redemption value and maturity value)
Total gross public debt outstanding as of
are
They read the word and hear the boast of those who
authority of the Second Liberty
face
under
They read the words of those who
hold
to the now
of the United States can safely
island in
Such
a
an
somewhat obvious delusion that we
permit the United States to become a lone
world dominated by the philosophy or force.
island may be the dream
of those who still talk and vote as iso¬
Such an island represents to me
lationists.
and to the overwhelming
ma¬
of
of a people lodged in prison,
handcuffed, hungry and fed through the bars from day to day by the con¬
temptuous, unpitying masters of other continents.
•
1
jority of Americans today a helpless nightmare, the helpless nightmare
a
people without freedom; yes, the nightmare
It is also natural that we
the building
Let
us
should ask ourselves how now we can prevent
of that prison and the placing
not
of ourselves in the midst of it.
hesitate—all of us—to proclaim certain truths.
Overwhelm¬
this applies to all the other American nations,
military and naval victory for the gods of force and hate
ingly we, as a nation, and
are
convinced that
would endanger the
institutions of democracy in the Western World, and
of our sympathies lie with those nations
blood in combat against these forces.
The people and the Government, of the United States have seen with the
utmost regret and with grave disquiet the decision of the Italian Govern¬
ment to engage in the hostilities now raging in Europe.
More than three months ago the chief of the Italian Government sent
that
equally, therefore, the whole
that
are
giving their life
word that because of the
me
determination of Italy to limit, so far as niight
conflict, more than 200,000,000 of
Mediterranean had been enabled to escape the
suffering and the devastation of war.
I informed the chief of the Italian Government that this desire on the
be possible,
the spread of the European
people in the region of the
part of Italy to prevent
the war from spreading met with full sympathy
and
and the people of the United States,
and I expressed the earnest hope of this Government and of this people
that this policy on the part of Italy might be continued.
I made it clear
that in the opinion of the Government of the United States any extension of
hostilities in the region of the Mediterranean might result in a still greater
enlargement of the scene of the conflict, the conflict in the Near East and
in Africa, and that if this came to pass no one could foretell how much
greater the theater of the war eventually might become.
Again on a subsequent occasion, not so long ago, recognizing that certain
aspirations of Italy might form the basis of discussions between the powers
most specifically concerned, I offered, in a message addressed to the chief
of the Italian Government, to send to the Governments of France and of
Great Britain such specific indications of the desires of Italy to obtain
readjustments with regard to her position as the chief of the Italian Govern¬
ment might desire to transmit through me.
While making it clear that the
Government of the United States in such an event could not and would not
assume responsibility for the nature of the proposals submitted nor for
agreements which might thereafter be reached, I proposed that if Italy
would refrain from entering the war I would be willing to ask assurances
from the other powers concerned that they would faithfully execute any
agreement so reached and that Italy's voice in any future peace conference
would have the same authority as if Italy had actually taken part in the war
response on
as
a
the part of the Government
belligerent.
Unfortunately, to the
the chief of the
suggested.
regret of all of us, and to the regret of humanity,
Italian Government was unwilling to accept the procedure
And he has made no counter proposals.
directed its efforts to doing what it could to work for
This Government
the
the Mediterranean area, and it likewise expressed
endeavor to cooperate with the Government of Italy when
preservation of peace in
its willingness to
The Commercial & Financial Chronicle
3752
the appropriate occasion arose
for the creation of
a more
stable world order,
through the reduction of armaments, and through the construction of
materials
raw
I
economic
which
system
would"
all
to
assure
equal terms.
on
of course, felt it necessary in
have likewise,
communications
my
to
Signor Mussolini to express the concern of the Government of the United
States because of the fact that any extension of the war in the region of the
inevitably result in great prejudice to the
Mediterranean would
life and government
ways
of
and to the trade and commerce of all the American
Republics.
The Government of Italy has now chosen to preserve what it terms its
"freedom of action" and to fulfill what it states are its promises to Germany.
In
doing it has manifested disregard for the rights and security of other
so
disregard for
Nations,
the lives of the
peoples
directly threatened by the spread of this
are
of those
and
war;
Nations
which
has evidenced its
unwillingness to find the means through pacific negotiations for the satis¬
faction of what it believes are its legitimate aspirations.
On this 10th day of June, 1940, the hand that held the dagger has struck
it into the back of its neighbor.
On this 10th day of June,
1940, in this
university founded by the first great American teacher of democracy,
send forth
our
and
prayers
hopes to those beyond the
our
who
seas
we
are
maintaining with magnificent valor their battle for freedom.
In
Roosevelt
Asks
Congress to Appropriate
$50,000,000 to Aid Civilians of War-Torn Europe—
Fund to Be Added to Relief Bill to Be Used byRed Cross Mainly for Food
President
a
equality of opportunity in the world's markets and in the securing
powers
of
international
liberal
more
unity, in our American unity, we will
our
taneous
.
of those
resources
in order that
ourselves in the Americas may
we
The Senate is now considering a $1,073,584,916 relief bill
approval by the Senate appropriations committee was noted
in these columns June 8, page 3588.
The text of the President's letter follows:
World events have made it clear to the American people that m the interest
of American defense it is necessary for us to engage in a greatly enlarged
/.
.
i'v-
:
•"
Ail roads leading to the accomplishment of these objectives must be kept
clear of obstructions.
We will not slow down
detour.
or
Yes, it is right that each
recent months the
But in
principal question has been somewhat simplified.
that is
will not, in any way, abandon our continuing effort
we
democracy work within
for
need
vast
improvements in
borders.
our
our
Yes,
social
own
still insist
we
and
economic
the
on
life.
bility and the opportunity of
and her
I
call
In the pending
every man and woman in the land to preserve
effort,
devotion.
Granting
the
love
of
possible.
are
out
gone
but I feel that the Government itself should
being given.
now
relief bill before the Congress
we are
making possible the
And in addition to this, large further
being spent from day to day by States and municipalities in the
are
the needy who cannot be given
In view of these
large
employment
sums spent at
home, I feel that the Congress would
appropriation to the relief
an
are
destitute in other lands.
United States for the purchase and export of food
materials—nearly all of
the Nation
today,
to the war situation in other lands.
These surpluses
We have used and
are
are
these surpluses for distribution to our own needy families.
College
Message
of Greeting
Its 75th Anniversary
on
to
which tends,
a
the
on
seventy-fiftli
anniversary
of
founding,
its
President
Roosevelt on June 9 expressed the feeling of
gratitude which the American people have for the services
which the college so ably renders in the education of women.
Mr.
Roosevelt
said
that
"it
is
of
the
highest significance
that this celebration takes place at this time."
sphere," he said, "is
which
time
President
to
almost the only part of the earth
now
and
that paramount
"This hemi¬
thought and effort
be
can
devoted
pursuit of peace, education."
Roosevelt's message
hospital
letter
a
Henry Noble MacCracken, who is observing his
twenty-fifth anniversary as President of Vassar this year.
other
and
medical
and
and
nursing
and
cots
even
aid,
bandages,
blankets
upon
and
them
My
dear Dr.
I
to
The funds of the Red Cross will be needed and used for these
purposes.
The appropriation I am
The appropriation
suggesting will supplement their efforts.
should,
I
think,
be kept in somewhat
which
of
live
we
the
founding
exact needs or the exact methods of
form
meeting them.
I call attention to the fact that such
burden
which
the American
that the American
necessary
Red
an
Cross
has
no way
lightens
already assumed.
Red Cross continue its splendid
wounded and sick soldiers and civilians.
will
.
appropriation in
It is
serivce for
An appropriation by the Congress
supplement the work of the Red Cross
to
meet
the many additional
homes.
afford
the
of
Vassar
for
reason
College.
action
an
The ominous
which
causes
disappointment.
-
.
But
it
is
nation
is
days
keen
me
,
pitted against nation in
satisfaction to know
a
that
while
the world
is
in
turmoil and
the most terrifying struggle of history,
quiet beauty of the campus at Vassar will be the scene of a celebra¬
tion in recognition of the achievements of
three-quarters of a century in
behalf of the higher education of women.
the
It -is
this
of
the
time.
earth in
highest
In
significance
fact,
this
time
and
which
mount
pursuit
pelled
teachers
agents
of
many
countries
that
hemisphere is
celebration
this
almost
now
thought and effort
the
takes
only
be devoted to
can
place
at
the
of
part
that
para¬
has
com¬
destruction.
In
truth,
Too
when
often
of
and
mads
they
education.
peace,
scholars
they
known,
are
to
leave
not
are
might
allowed
not
Elsewhere,
their
suit
search
to
the
teach
truth
ends.
This
has
not
happened in the New
and
and
College is not simply
sciences
in
the
which have set
position of
United
one
States.
the pace for
they
see
if
they
suggest
an
to
be
mobilized
for
World.
God
It
The
which
now
is
of
one
a
leadership in demonstrating that
were
it,
willing,
it
relatively few colleges
of
women.
women
have
It
has
held
capacities for
thought to be the exclusive
once
men.
spirit
of
tradition
Vassar's
had
program
has
melted
the advancement
the
of
obstacles
until
women
men go forward
in this country side
by side in solving
the many social problems
which confront the democratic
way of life.
While there are
many phases of social progress which are the
contributions
where
men
men
I
l'-aVf
Lrst
am
unique
women,
and
should
while women
fifth
of
be
women
education
work
concerned
glad
to
send
degree of
together.
more
should be concerned
anniversary
75
the largest
with
In
the
feeling
of
years
in
is
but
the
America. '
prelude
to
a
this
team
to
it
of
a
that
living
of life.
this seventy-
American
people
I hope that this
so
Very sincerely
natural
purposes
on
the
ably renders.
long, long life
is
making
express
which
be made only
can
achieving the
and
gratitude
services which the college
progress
problems
with
more
greetings to Vassar
the
President Roosevelt on June 11 vetoed a bill proposing to
repeal all bills that have been pocket vetoed after any adjourn¬
ment of a session of the Congress other than the final ses¬
sion of a Congress.
In his veto message the President said
that such legislation "would have far-reaching implications,
because it would
in
the
service
of
assume
that the President has
that all such bills became law and
authority to exercise a pocket veto
time except after a final adjournment of a Congress."
"The result," Mr. Roosevelt said, "would be to
place a
limitation on the pocket-veto power which, in the light of
long
and continuous usage and the decisions of the Supreme Court,
was not
contemplated by the founding fathers."
The veto
message of the President follows:
no
at any
To the House of Representatives:
I
am
returning herewith,
without my approval,
I
am
of the
Dill may have far-reaching implications in
interpretation
R.
3233)
of the
constitutional
an
approval
that it is based
pocket-veto power
of the
on
an
President,
which is much narrower than that which has been placed upon it by con¬
tinuous usage for over a century, and which has met the express sanction
of the
Supreme Court.
The acceptance of such new construction of the
pocket-veto power would make
tional provision.
a
serious inroad
on
the pertinent constitu¬
In fact, it would render the authority of the President
pocket veto bills almost nugatory.
Article I, section 7, paragraph 2 of the Constitution provides that
every
bill that has passed the House of Representatves and the Senate shall be
presented to the President; that if he approves he shall sign it, but if not
he shall return it
originated.
with his objections to that House in which it shall have
It further provides that if any bill shall not be returned by
the President
within
10 days
(Sundays excepted) after it shall have been
presented to him, the
same shall be a law, in like manner as if he had signed
it, unless the Congress by their adjournment prevent its return, in which
case
it shall not be
a
law.
The failure of the President to act
days before adjournment
from
becoming
a
on a
bill
of the Congress,
presented to him less than 10
thereby precluding such
law, has been denominated
as
a
"pocket veto."
bill
This
authority has been frequently exercised at the end of various sessions of the
sessions.
ROOSEVELT.
(H.
constrained to pursue this course in view of the fact that
Congress, without distinguishing whether
yours,
FRANKLIN D.
the bill
entitled "To repeal certain acts of Congress (pocket vetoed)."
to
educational
put in the way of
and
women
President Roosevelt Vetoes Bill Repealing Certain Acts
of Congress Pocket-Vetoed
for
700 colleges of arts
than
more
the higher education
types of intellectual life which
province of
of the
masters.
as
shall not happen in the New
World..
Vassar
lest the
their
of
become
to
for truth,
designs
the
might make men free.
They are distrusted
interest in truth, for even their minds are
supposed
other
politics
or
calling
great
permitted
not
to
war
truth
all
elastic
because it is clear that at this time it is impossible to forecast either the
MacCracken:
anniversary
personal
a
ambulances,
safeguards against
regret exceedingly that circumstances beyond my control compelled me
fifth
in
sheets;
soon;
seas—
dressings,
crying needs of the civilian populations who have been driven from their
Roosevelt's greeting follows:
withdraw on such short notice
my acceptance of your cordial invitation
participate next Sunday afternoon in the commemoration of the seventy-
to
the
across
surgical
epidemics which could well spread throughout the world.
,
The text of Mr.
part of
large agricultural population.
things which the destitute refugees need
garments
a
But there is still
Further export of these sin-plus food
our very
clothing against the winter which will be
the
embodied in
was
medicines
to
Dr.
are
due principally
using
incidentally, to depreciate the prices which American
their products.
products will help the economics of
of greeting to Vassar College, Poughkeepsie,
message
Y.,
in
farmers receive for
There
In
N.
Sends
Roosevelt
of
work relief projects.
on
help not only Americans but people who
to
an excess
Vassar
sums
care
bill in the sum of at least $50,000,000 as a token of our deep-seated desire
which represent surplus in this country.
And the love of freedom is still fierce, still steady in
President
the civilian
to
Clearly the greater part of the amount appropriated will be spent in the
sacrifice,
courage,
freedom, all of these
has
expenditure of more than $1,000,000,000 for the relief of the needy un¬
heritage in days of peril.
for
in Europe,
greatly add to the assistance that is
receive nation-wide support if it were to add
The program unfolds swiftly and into that program will fit the responsi¬
his
deepest sympathy
Many millions of dollars have been given to the American Red Cross for
But
component part of national defense itself.
a
our
expressed by a concrete example of our inherent and decent generosity.
employed in the United States.
We need not and
to make
time
same
populations of war-torn areas, and I believe that this sympathy should be
Once
^
stake.
the
relief purposes
generation should ask questions.
new
the future of the Nation and the future of the American people is at
more
At
Signs and signals
call for speed—full speed ahead.
of training and armament.
program
have equipment and training equal to the task of any emergency and every
defense.
.
.
who have been driven from their homes."
pursue two obvious and simul¬
of this Nation and, at the same time, we will harness and speed
up the use
President Roosevelt asked Congress on June 11 to add an
appropriation of $50,000,000 to the pending Relief Bill to
help the civilian populations of war-torn areas.
The request was made in a letter to Vice-President Garner
and Speaker Bankhead.
The President said the money
would go to the American Red Cross "as a token of our deepseated desire to help
people who are destitute in
other lands."
Adding that the greater part of the fund will
be spent in the United States for the purchase and export
of food materials, President Roosevelt said the appropria¬
tion "will supplement the work by the Red Cross to meet
the many additional crying needs of the civilian populations
We will extend to the opponents of force the material
courses:
resources
June 15, 1940
It
was
first invoked
over a
or
not such sessions were final
century ago by President Madison, at
the end of the first session of the Twelfth Congress.
Volume
w
I
informed that the total number o lb ilhthat have
am
pocket veto aggregates over 600, of
sine die adjournment
ment of a
bills at
of
session
a
distinguished from a sine die adjourn¬
as
sustained the authority of the President to
case
of any session of the Congress.
the end
indicated that the President may return a bill
House in which
the
encountered a
which almost half occurred following a
A few years ago the Supreme Court in the
Congress.
Pocket Veto
the
decision, however, to
bill originated is
a recess
in
The bill under consideration proposes to
than the final session of a
a
has
while
clearly restricting its
a
veto message
repeal all bills that have
would have
bills become
a
final adjournment of a Congresss.
is given to the
as
United States to intervene to
constitutionality of acts of Congress by the act of Aug. 24, 1937,
751, U. S. Code, title 28, sec. 401). However, the
bid before me does not complement the 1937 act.
It does not provide for
intervention by the States in cases involving the constitutionality of State
statutes
impairing
I find
abridging
or
by
or
no
States
Federal power
asserted or exercised by
On the contrary, it invites the
affecting the public interest.
to intervene as a matter of
right to attack the exercise of any
any
governmental power
of their agencies, officers or employees.
any
justification for such broad
powers
of intervention by the States
particularly since the right of intervention given to the United States is
limited to
in which the constitutionality
cases
of an act of Congress affecting
the public interest is questioned.
The district courts of the United States now have discretion to
intervention by a State in any action in which the State's
has
a
question of law
or
of fact in
common
Procedure, rule 24, following U. S. Code, title 28, sec. 723c).
showing of
interest
final adjournment of the Congress.
adequate.
No evidence has been presented of the inability of any State to
legislation to
place upon the pocket-veto power would be to render that authority prac¬
tically nugatory and to effect by indirection an amendment to the
defend the
constitutionality of
the twentieth amendment, unlike the
under
The result of the
interpretation which it is proposed by this
briefs
their proceedings.
Civil
The various
situation that
previously existed, it is impossible to determine at the time of the adjourn¬
ment of the second regular session of a Congress whether or not it is the
Moreover,
in
permit
claim or defense
with such action (Rules of
administrative tribunals permit intervention by States upon a
contemplated by the founding fathers.
protect
chapter
754, section 1 (50 Stat.
authority to exercise a pocket veto at
The result would be
to place a limitation on the pocket-veto power which, in the light of long
and continuous usage and the decisions of the Supreme Court, was not
time except
the
been
session of the Congress other
Manifestly such legislation
Congress.
of their statutes
the States
session of the Congress.
far-reaching implication, because it would assume that all such
law and that the President has no
so-called
pocket veto
More recently, it
with
recess,
occurring during
pocket vetoed after any adjournment of a
any
3753
The Commercial & Financial Chronicle
ISO
by States
Supreme Court, rule 27,
would, however, subject
in
any
case
where
a
Supreme Court permits the filing
The
amici curiae
as
par.
as a matter
In
9).
my
of right (Revised Rules
opinion,
of its statutes.
any
If the bill under consideration were
number of bills that have been pocket
limited to the comparatively
small
vetoed from time to time while the
originating House was in a shore recess during a session of the
Congress, an
In its present
form, however, the bill has far-reaching
and undesirable
implications which impel me to withhold my approval.
FRANKLIN
The White House, June
authority of State officials for the interests of private litigants should not
be encouraged.
I fear that the judicial determination of the
United States
entirely different question would be presented.
'
D.
ROOSEVELT.
the
Such exploitation of the
ground that such action invades States' rights.
Constitution.
The proposed statute
State's attorney general to pressure to intervene
private litigant is opposing Federal action, on
a
of
of the
those provisions are
broader
is questioned.
in which the constitutionality of State statutes
to cases
am
validity of the powers of the
their exercise would be hampered by the proposed
of intervention by the States—powers of intervention not limited
powers
I
or
therefore compelled to veto the bill.
FRANKLIN
11, 1940.
The White House, Juni 10,
ROOSEVELT.
D.
1940.
President Roosevelt Extends Neutrality Act Provisions
Italy—American Shipping Barred from Mediter¬
by Widening of Combat Zone
President Roosevelt on June 10 extended the provisions
of the United States Neutrality Act to Italy following its
entry into the European war. He issued three proclamations
and an Executive order prescribing the rules and regulations
governing enforcement of American neutrality.
On the
following day (June 11) the President issued another pro¬
clamation extending the combat zone to include the Medi¬
terranean Sea, thus barring American ships from the Medito
Roosevelt Signs $1,492,642,750 Navy Depart¬
Supply Bill—Navy Awards Contracts for 22
Warships Costing $327,000,000
President
ment
ranean
terrean.
Regarding the action taken on June 10, a Washington
dispatch on that day to the New York "Herald Tribune"
said:
The three
1.
A
proclamations were
between Italy on the one
2.
A
powers,
as
follows:
proclamation of the neutrality of the United States in
the war
signed on June 12 the Navy Depart¬
Appropriation Bill for the fiscal year 1941, carrying
$1,308,171,138 in immediate appropriations and contractual
authority of $184,371,612.
Congressional action on this
measure was completed on June 6, as reported in these col¬
umns June 8, page 3588.
Following the President's action the Navy Department
President Roosevelt
ment
announced
June 12 that contracts were awarded to private
on
shipyards and allocations made to Navy Yards for the con¬
struction of two new 45,000-ton battleships and 20 other
warships to cost an estimated $327,000,000.
In making
this announcement Assistant Secretary of the Navy Lewis
Compton said that the Navy had the cooperation of William
Knudsen, member of the National Defense Commission
charge of production, in getting the construction program
quickly under way.
Concerning the ships to jbe constructed, a Washington
dispatch June 12 to the New York "Times" said:
hand and France and Great Britain on the other.
S.
Italy and the Allied
in
proclamation of the state of war between
France and Great Birtain.
submarines of foreign belligerent states to
use the ports or territorial waters of the United States.
The President issued also an Executive order prescribing the regulations
3. A proclamation forbidding
governing American neutrality, which included the
regulation governing
of the neutrality Act; (2) the
regulation forbidding American citizens to travel on Italian vessels, and (3)
regulations forcing persons wishing to make collections or contributions for
use in Italy to get a license from the State Department.
(1) exception to the cash-and-carry provision
units,
combatant
The
are
submarines each to displace about
marine tender and one
June 11:
000,000.
Beginning at the intersection of the
west coast of Morocco with the
due west to Long. 20
W., thence due north to Lat. 37 degrees 05 N., thence due east to
parallel of Lat. 33 degrees 10 minutes N., thence
degrees
the mainland of
Portugal.
It continues then eastward
tar,
on
Spain,
along the coastline of Portugal, Spain, Gibral¬
Italy, Yugoslavia, Albania, and Greece, to a point
Then it continues due east to the mainland of
France,
the east coast of Greece.
Turkey; along the coastline of
Tunisia, Algeria, and Morocco to
Another
zone
Somaliland with the
due north
Turkey, Syria, Palestine, Egypt, Libya,
the point of beginning.
begins at the intersection of the north coast
ot the
mainland of Arabia, then eastward along the coast of
Arabia to the meridian of Long. 51 degrees east,
land
of
Italian
of Italian
meridian of Long. 50 degrees east of Greenwich, then
then due south to the main¬
Somaliland, thence westward along»the coast of Italian
Somabland to the pomt of
each; the cruisers, about
Navy Yards will construct the
include the waters
Finland and coastline of Russia
issue of Aprl 13, page 2343.
was
reported in
President
our
Roosevelt
Vetoes Bill Permitting States to
Proceedings in United States
Intervene in Certain
Courts
vetoed a bill which would
have enabled any State to intervene in certain cases involving
the validity of the exercise of any power by the United States.
The President said that he found "no justification for such
President Roosevelt on June 10
broad powers of intervention by the States
the right of intervention given to the
particularly since
United States is limited
constitutionality of an act of Congress
affecting the public interest is questioned.
In his veto
message, Mr. Roosevelt said that this bill did "not provide
for intervention by the States in cases involving constitution¬
ality of State statutes involving the public interest" but
invited the States "to intervene as a matter of right to attack
the exercise of any Federal power impairing or abridging any
to cases
in which the
governmental power asserted or exercised by the States."
From the President's veto message the following is taken:
It
was
said (H. Rept.
give the States
1760, 76th Cong., 3d sess.) that this bill would
the same right to intervene to protect the constitutionality
battleships, four destroyers, three
auxiliaries at a total estimated cost of
four destroyers and three submarines
while the cruisers,
$262,909,000,
will be the work of
estimated cost of about $100,000,000.
York Navy Yard and
the other to the Philadelphia yard.
This makes two 45,000-ton units under
construction in each.
To the Boston Navy Yard and the Charleston, S. C.,
private yards at an
battleships was allocated to the New
One of the
allocated two destroyers each, while three submarines are
N. H., yard.
The contracts to private yards were for two light cruisers to the New
York Shipbuilding Corp. at Camden, N. J.; two destroyers to the Bath
Iron Works, Bath, Me.; two destroyers to the Federal Shipbuilding Corp.,
Navy Yard were
to be built at
Previous extension of the cotnbat zone to
Scandinavia and
of about $30,$10,000,000 and $12,000,and allocations, bringing the aggregate
$362,000,000.
of all units to about
submarines and aU four
the Portsmouth,
and three submarines to the
don, Conn.
around
$80,000,000 and
$30,000,000 each; the destroyers,
each, and the submarines, an aggregate
000 to the total of the contracts
The
combatant
The four auxiliaries will add between
Kearny, N. J.,
beginning.
of about 12,000, and six
1,450 tons, making a total
In addition, two seaplane tenders, one sub¬
minesweeper were allocated to Navy Yards. . .
completed cost of the battleships will be between
The
about $6,000,000
immediately,
130,000.
tonnage of about
$90,000,000
begin
light cruisers of 10,000 tons
each; eight destroyers of an aggregate tonnage
of June II, which left open
only the west coast of Portugal and Spain, was defined as
follows in a Washington, Associated Press dispatch of
The President's proclamation
construction of which will
battleships, each of 45,000 tons; two
two
-V.
■
.
House Votes
A
series of
Electric Boat Co., New Lon¬
" ;■
v"v-. V'\
♦
Drastic Changes in
Wagner Labor Act
amendments to the National
Labor Relations
abolition of the present three-member Labor
substitution of a new three-man agency,, were
Act, including
and
Board
passed by the House on June 7 by a vote of
Senator Thomas, Chairman of the Senate Labor
258 to 129.
Committee,
"virtually impossible" for
the Senate to act on the amendments to the Labor Act if
Congress adjourned on June 22, as leaders have planned.
With the opening of House consideration of the amendments
to the Act, on June G, Representative Mary T. Norton (Dem.
of N. J.), Chairman of the House Labor Committee, charged
that those opposed to the Act were using the present emer¬
gency "as a camouflage to take away the rights of labor."
United Sress advices from Washington, June 6, reporting
said on June
8 that it would be
this, said:
Her
accusations
featured general debate on two bills to revise the con¬
0n$, sponsored by the pro-Administration Labor Committee,
would make only four changes.
The other, drafted by Mr. Smith's [Repre¬
sentative Smith of Virginia, Chairman of the special committee which in¬
troverted law.
NLRB] group, would effect 17 drastic revisions.
Representative Smith, defending his measure and denying Mrs. Norton's
read a letter from President William Green of the American
vestigated the
charges,
The Commercial & Financial Chronicle
3754
Labor, stating that Mr. Smith's bill would be acceptable to
the A. F. of L. if four of its proposed amendments were abandoned.
Mr.
Federation
Green
of
Mr.
he
that
wrote
the
with
but that
indorse
could not
the
of
some
changes it would be acceptable
remaining principles,
the whole.
on
Green
sought elimination of provisions to change the Wagner Act's
declaration of principles and its definition of "collective bargaining," modi¬
of the section
fication
tion
of
new
contained
a
designed to protect craft union units, and substitu¬
on back pay awards for the six months' limit
the
in
bill.
Smith
Representative
.r
declined
to
'
■
whether
say
"A&
.
he
would
the
accept
suggestion. Heretofore, both the A. F. of L. and the Congress of Industrial
Organizations have opposed the Smith measure.
; /•
The amendments adopted on June 7 were, it is said, virtu¬
ally the
to
we
those approved by a majority of the fiveby Representative Smith, according
same as
committee headed
man
Washington Associated Press advices, June 7, from which
also quote:
Besides
Warren
abolishing the positions
Madden,
Edwin
S.
now
held by
Labor
and
William
M.
Smith
Board
members
functions
that
by establishing the position of
this
procedure
attention
The
by
Leiserson,
the
Smith
amendments
also
Sapoes;
J.
representation
unions
would
leave
Board
free
The full committee worked all
concentrate
its
following:
would
and
cases,
permit
would
economics
court
review
division
of
headed
now
Board
decisions
18 cents to 21
the
But
House amendments
this group
roll-call
on
beaten,
was
of
votes
246
series
a
once
137
to
turn, a
every
to
a
on
and
of
final ballot, 116 Democrats and 142 Republicans voted in favor
Wagner Act revision and 113 Democrats, 13 Republicans and Amer¬
Laborite, one Farmer Laborite and one Progressive voted against it.
The changes successfully sought by Mr. Green were:
the
1.
of
Killing
policy in
of
proposal
a
Wagner
the
Establishment
2.
instead of
lective
4.
of
the
bargaining,"
making
would
back-pay awards
Smith
have
C.
I.
0.
the
100 gallons
of
was
union
to
and
employers
demands.
necessity
of
A.
F.
of
L.
to
as
should
before the final
Just
New
ton,
on
the amendments,
Chairman
mean
that "the workers of this country will be sold down
river."
these columns June
on
the measure
appeared in
The majority report of
8, page 3589.
the Smith Committee
mentioned in
was
A'-v';^:';AAA
A
r,
Previous reference to action
our
2347.
page
Mary T. Nor¬
Jersey Democrat, of the Labor Committee contended that their
adoption would
the
votes
issue of April
13,
House Passes $1,004,000,000 Tax Bill to Aid in
Financing
National Defense—Measure Would Also Increase
$49,000,000,000 Another
Bill
Would Prevent Creation of "War Millionaires"
nition,
on
the
an excess profits tax on arms, ammu¬
materials and implements of war.
Associated
accounts reporting this from Washington June 11
war
further said:
The Committee has announced that it would study excess profits tax pos¬
sibilities this fall with Treasury experts and report to the House in January.
Senator Robert M. La Foliette, Jr., Prog., Wis., expects to offer an amend¬
ment in the
The
Senate, however, for such
House
procedure
passed the bill
used,
a tax.
written
as
amendments
no
were
by the Committee.
possible
except
$1,004,000,000 tax bill, designed to aid
in financing the national defense
program, expedited in the
House during the week and its passage by that
body was
recorded on June 11 by a vote of 396 to 6.
The six members
opposing the bill were the following five Republican Re¬
presentatives: Fred L. Crawford, (Mich.) Lewis D. Thill,
(Wis.) Jesse P. Wolcott, (Mich.) John G. Alexander,
(Minn.) J. Thoikelson, (Mont.); they were joined by Re¬
presentative Vito Marcantonio, American Labor, N. Y.
It was stated on June 11 that Senate
approval is expected
new
Chairman Robert
that swift action
often
hurled
L.
gladly to
on
bill constituted refutation of "the challenge
the tax
democratic
at
nations
that
they
a great
cumbersome
too
are
emergency."
any
of
program,
the
tax
no
how huge,
matter
if
we
convinced that
are
changes would apply only during the five-year debt
Into this latter category would fall the
lowering of personal income tax
exemptions from $2,500 to $2,000 for married persons and from $1,000 to
$800 for
single persons.
These lowered
exemptions
the number of income taxpayers by more than
only
not
would be exempt.
The surtaxes,
or
additional
paid
taxes
medium and large incomes,
on
would be increased for those with net incomes from $6,000 to $100,000.
Corporation income tax levies would be boosted 1%.
increases
This and surtax
written into permanent tax law, too.
were
For five years, the bill would levy a 10%
"supertax"
on
both individual
and corporate income taxes and would increase virtually all excise taxes.
The supertax would work like this: If a man's tax
have to
add
$10 supertax.
same
>■
A- '*
v.
.x
came to
AA'-
$100 he would
jAAAAX. A>
advices stated:
The legislation would permit the Government
to go into
years and dedicated to
000,000 from the taxes would
the
means
Base
to create
unmarried
2,050,000
new
persons
to
$800.
This
and the existing
move
alone
is
$1,000
expected
taxpayers and increase the payments which will be
made by revenue contributors of all
brackets.
of
paying off that debt within five
debt
an
The estimated $1,004,-
years.
than retire the indebtedness
more
addi¬
then provide
and the
could be used for general Treasury purposes.
excess
The permanent plan broadens the income tax base
by lowering the present
The
of increases is 1 to 13%.
range
tional $4,000,000,000 to build up the Army and Navy and
amortizing the $4,000,000,000 debt limit expansion.
would in¬
2,000,000, but would
boost the payments of all income taxpayers because less of their earnings
With its almost unanimous vote, the House sent to the Senate a tax
bill
that embodies two programs, one
permanent and the other effective for five
allowance for
and
'
,
amortization period, but others would be written into permanent tax law.
The
$2,500 exemption for married persons to $2,000
by
Rep. Doughton predicted that "almost every citizen" would "contribute
Advices June 11 to the Baltimore "Sun," said:
Tax
offered
Doughton, Dem., N. C., of the Committee, said
unwidely to successfully function in
next week.
Broadens
Under the
those
the Committee, and it offered none.
crease
Action
to
of the bill on June 11 the House
by Representative Thill to return the
the Ways and Means Committee with instruc¬
passage
motion
a
tions to write into it
Some
to
amount
it is necessary to our defences and the burden is distributed fairly."
,
Federal Debt Limit
before
Just
represent
fifth—by Representative Robert G. Allen, Pennsylvania Democrat—
would relieve employers of the requirement that they bargain with labor
representatives who are not citizens of the United States.
new taxes, this
only for retirement of the public debt in accordance with the)
Liberty Loan Act.
terms of the Second
workers.
The
gallon
a
8 A direction to the Secretary of the Treasury to make quarterly com¬
Press
which
Ju.y 1.
on
revenue.
putations of the added revenue produced by all the
to be used
measure
formula for settling the frequent disputes
a
the
the
of
the floor stock
rectified spirits, leaving the tax at its present level.
months
to redefine the phrase "col¬
only from
wholesalers to go into effect
on
estimated, would yield little
voted down
12
cover
to retailers
proof gallon on spirits.
The beer floor stock tax
new
7 Elimination of the proposed increase from 30 cents to 40 cents
declaration
by the Smith Committee.
relieve
to
writing into law of
the
rephrased
schedule to
a
on
Committee's plan
designed
counter-proposals
The
between
which
Act.
six months, as originally proposed
Deletion
3.
of
plug and twist
on
This is estimated to reduce
6 Elimination of the proposed floor stock tax on playing cards which,
the
On
ican
the
taxes on wine to go into effect on July 1.
The
on
";
were
Would Eliminate Stock Tax
it
-
cents a pound.
5
minority tried in vain to
129.
to
The modifications
by $1,500,000.
4
teller vote of 178 to 111, and,
258
It adopted the
the subcommittee recommended.
exemption
tax of 75 cents a
in
four.
bill.
Increase of the tax on electrical energy from 3 cents to 3 1-3 cents, in¬
2
stead of 3^ as
the Board to acknowledge craft
majority of the members of such unions
Opposing these propositions at
confine
new tax
of the proposed increase of the tax
Elimination
1
tobacco from
require
a
the
J/,
the expected revenue
3 As
the
on
the net effect of which would be to reduce the estimated
yield from $1,006,000,000 to $1,004,000,000.
Sponsors said
to
day
additional recommendations reported by its subcommittee with only slight
modifications,
desired.
so
of
Administrator.
an
new
abolish
would
bargaining agents if
as
the
Studies Are Ordered
Accordingly, we have instructed our technical assistants and the ap¬
propriate Treasury officials to accelerate their work in these two fieldslso
that bills will be prepared for submission not later than the opening of the
next session of Congress which, if passed by the Congress, may become
retroactive and apply to income earned during the calendar year of 1940
or may become upon any other date which
the Congress, in the light of the
information it then possesses, may deem advisiable.
judicial functions.
on
David
A AAy A;''
J.
amendments would separate the Board's present administrative and
judicial
because of the rearmament program.
persons
limit
one-year
15,-1940
June
requiring a complicated and exhaustive legislative project—must be con¬
sidered together.
It is the desire of this committee, which is favorably reporting a bill
which will enable a larger proportion of our citizens to participate in (the
responsibility of providing an adequate national defense than has ever been
the case before, that there shall not be an opportunity for the creation of
war millionaires or the further substantial enrichment of already wealthy
Approval by the House Rules Committee on June 10 of a
on the tax bill, eliminated the
possibility of amendment from the floor.
A Washington
dispatch of June 10 to the New York "Herald Tribune"
rule for six houl*s of debate
in which this
was
noted said:
On
top of the rising permanent taxees there wid be put, for the
amortizng
fi^e year period, a
10% supertax, applying not only to individual incomes
but to corporate
income, which undergoes a one per cent increase in each
bracket.
As
or
to
individuals,
everyone
earning
as
much
as
$800
a year,
if unmarried.,
$2,000, if married, is required, by terms of the
.egislation, to file
The approval of the bill
and
Means
by
a
Committee
June 8, page 3589.
to report
The full
the tax bill and at the
a tax
impose excess profits
"war millionaires."
A
noted
was
in
our
Committee voted
issue
on
of
June 8
taxes
same
to
time
prevent
New York "Times" said:
Surtax
creased
rates
basis by the bill under
a
a
year
are
in¬
schedule which will register
incomes of various sizes.
is to increase the authorized debt limit by $4,000,000,000,
be used for national defense,
tee, gave out that portion of the
report dealing with excess profits taxes
importance.
The paragraphs
which had the approval of
the entire committee,
according to the Chairman, read as follows'
During the executive sessions there have been discussions to
provide
special amortization for national defense industries and to
provide for the
imposition of excess profits taxes.
These two
The
for five
and to rise
years to
more
than $1,000,000,000 of
amortize the borrowings.
Republican minority on the Ways and Means Committee said in
its statement that it is in accord with the purposes of the bill, but it thinks
They
entitled to know "certain facts" in connection with the biU.
are:
That, whereas the so-called supertaxes levied by the bill
1
to a
are
limited
five-year period, the broadening of the income tax base and the read¬
justment of the middle surtax brackets is permanent law.
2
That the so-called supertaxes will
total
3
revenue
bill.
which
specifically earmarked to pay off the $4,000,000,000 of defense bonds
which
4
produce only $650,000,000 of the
of $1,000,000,000 to be raised by the
That these supertaxes are the only taxes levied under the bill
are
authorized.
That the
revenue
to be realized from the
lowering of the income-tax
exemptions and the readjustment of the surtaxes will go into the general
Representative Doughton of North
Carolina, Chairman of the Commit¬
and stressed its
the latest,
to
are
covering incomes from $6,000 to $100,000
on a permanent
on
at
the country is
sub-committee of the House
planned legislation
the creation of
Washington dispatch June 8 to the
to
its effects
of the bill, which is destined to be passed by Wednesday
revenue per year
return whether the
income warrants actual tax payment or not.
Ways
The object
measures
—
each in itself
fund of the
Treasury, and that only
sary to make up
so
much of such
revenues as are neces¬
the deficit in the defense amortization fund will be trans¬
ferred to such fund.
5
That the so-called nuisance taxes, which have already been extended
four times beyond their original expiration date,
wise expire on
years.
June 30, 1941,
are
and which would other¬
extended by the bill for four additional
r.-i
Volume
,'V;
6
.I,!
'
Commercial & Financial Chronicle
The
150
General Fund Gets Taxes
; * '
■ „>
;"•'/; •
>■ ■
That all of the money from these nuisance taxes, with the
of that realized from the socalled super taxes thereon, goes
7
That
effect
the
of the
bill
is
to
increase
the
debt limit,
by
of the transfer of
reason
over
$45,000,000,000
$1,000,000,000 of ordinary
defense expenditures from the regular budget to the special
8
That
as
a
defense fund.
of the foregoing fact, the four billion dollars
consequence
increase in the debt limit provided by the bill, and the taxes
nection therewith, are not
8
government.
of borrowing
amount
which may be made for general purposes within the present
levied in con¬
the
under
bill
will
be paid
for the retirement
certain tax
transferred
last week in "trading in" 50 naval bombing
planes to Curtiss-Wright Co. and sold to the Allies and paving the way for
Efforts
borrowing
power
and it is therefore possible that expenditures may
which
are
strictly for defense
not
That of the
11
$175,000,000
total
will
authorized under the
revenue
come
from
defined,
be made out of the fund
purposes.
to
the
be raised
corporate
by the bill, approximately
income
mately $450,000,000 from excise levies, principally
tax,
approximately
on
consumption goods.
That after the present bill becomes law, the only substantial source
of revenue which will be left for the Fedral Government will be a
sales tax.
13
'
<
general
-
That the present financial
Even without it, the Secretary of the
Treasury has admitted that the Administration would have to ask for an
in¬
in order to meet the ordinary costs of government under
the New Deal, and the present bill does not alter that situation.
House
defeated 59 to 17.
$1,706,000,000 Supplemental
Adopts
roll call vote of 57 to 18.
to limit
A substitute amendment
authority of the
providing that the Secre¬
was
'
rejected.
' '
*
House
Group Reports Measure Setting Up Federal
System of Marine War-Risk Insurance
to
on
report legislation for the establishment of
a
June 7 voted
Government-
underwriting system of marine war-risk insurance and re¬
insurance for American flag vessels.
This bill, which has
the support of the Maritime Commission, would set up in
the Treasury a revolving fund to finance the system, which
would be operated by the Commission.
It was stated in
Associated Press advices from Washington June 13 that:
Under the bill the Maritime Commission would provide marine insurance
against loss
damage by risks of
or
on
war
when adequate insurance could not
the private market.
Under
National
000 for the navy.
The following details of the measure were contained in a
Washington dispatch of June 12 to the New York "Herald
Tribune":
The bill carries $1,031,678,808 for the War Department, of
the measure,
<
insurance
reinsure with the Government and the
reinsure with companies.
On June 13
may
Government
companies writing marine war-risk
may
the House Rules Committee voted
a
special rule for
sideration of the bill and limited debate to
The House on June 12 passed by a vote of 401 to 1, a
supplemental defense appropriation bill carrying over
$1,706,000,000. The bill, which now goes to the Senate, is
about $320,000,000 above the President's request for ad¬
ditional appropriations noted in our issue of June 8, page
3588.
The measure contained $1,031,000,000 in appropri¬
ations and authorizations for the army and about $569,000,-
a
a
Conn.),
cannot engage In manufacture of supplies for the defense
unless private industry is unable to provide the materials in
adequate quantities also
which $321,-
to the air corps.
con¬
hour.
"Clean Politics"
Bill—--Judiciary Group Had Urged Passage
on June 6 reported the Hatch
extending the "Anti-Politics" Act to State employees
paid wholly or in part with Federal funds.
The measure,
which was previously approved by the Senate, was recom¬
mended to the House on June 5 by a majority of its Judiciary
Committee.
This committee recently reversed itself and
approved the legislation on May 29 after having voted
originally to shelve the bill.
The minority of the Judiciary
Committee on June 5 also issued a report criticizing the
proposal as "bureaucratic" and "unconstitutional."
The House Rules Committee
bill
Previous reference to the committee's action on the bill
appeared in
our
issue of May 25, page 3285.
♦
congressional increase in the budget estimate and intended to
add 95,000 enlisted men to the regular army's 55,000 of the line and 40,000
one
House Rules Committee Reports Hatch
Defense Bill
850,808 is
approved on
(Rep.,
tary of War
be obtained at reasonable rates
increase in the debt limit early next year, along with possible further
in taxation,
was
Danaher
crisis in the Treasury is not due to the
emergency defense program alone.
creases
Senator
Government to engage in the manufacture of critical or military materials
was
only
$375,000,000 from the individual income tax, and the balance of approxi¬
12
of
The House Merchant Marine Committee
while the additional
be used only for "the national defense," this term is not
can
,
Presidential amendment, which provides legal authority
similar trade-ins in the future
partially successful.
bill
so-called
action of the President
Our efforts to insure
the security of the fund by offering amendments in committee were
10 That
one-half for overtime.'
The
for
of the proposed
defense bonds, the bill is so drafted that this money may be
back and forth to the general fund of the Treasury.
and
program
entirely for "emergency" defense purposes.
That while the bill purports to set up a fund into which
revenues
exception
into the general
fund of the treasury to be used for ordinary expenditures of
3755
day and 40-hour week limitation of the present law on payment of time
Adjournment of United States Supreme Court Until
Fall Term
The army's share of the funds also would include $329,800,000 for the
3,000 hew
pianes,
for anti-aircraft
their equipment, armament and ammunition; $53,440,000
artillery and ammunition; $99,334,000 for mounted guns,
tanks, armored carriers, ammunition and other equipment; $23,700,000 for
research
and
development in the air corps, signal service and ordnance
department.
In the amount allotted to the navy
68
on
new
is $230,400,000 to begin construction
combat ships as well as to continue work on a fleet which, under
construction with the
new
additions, will number 160 vessels of all types.
In addition to funds for the 68 new combat ships, the navy
funds to recondition 35 destroyers and 36
would get
submarines, which would place in
operation all existing combatant naval tonnage.
It would also get $61,-
437,400 to complete manufacture of 400 new quadruple mounts and 1.1-inch
anti-aircraft guns and
$8,360,000 to increase the anti-aircraft defense of all
battleships, cruisers and aircraft carriers.
for the acquisition
naval
Another $6,000,000
was
included
of three Maritime Commission vessels for conversion to
use.
include three aircraft carriers, 13 cruisers,
22 submarines, and 30 destroyers.
This would mean
a
total of 160 combat
as
an
$25,000,000 contractual authority was included for the navy
emergency
fund for the rental, acquisition and conversion of small
"should conditions
craft
navy
so
develop that it would be necessary for the
to patrol the coast, guard harbor entrances, escort coastal shipping or
sweep
mines."
The bill also carried $60,300,000 for a far-flung system of new naval air
men
$10,721,716 to provide for 2,500 additional
and equip its vessels with
depth charges, new guns, searchlights and
Among the other items Included are $3,358,800 for the Federal Bureau
employ 500 additional agents to deal with espionage;
$1,000,000 for the National
Defense Council and its recently appointed
Advisory Commission, $47,500,000 for the acquirement of strategic materials
and minerals and $32,000,000 for the
funds already made available for
Senate
Passes
Authorizing War Department
Speed National Defense
returned to the House for action
on
amendments.
the President to curtail exportation of materials, equip¬
essential for National defense.
Just before pas¬
this authority was broadened to include the word "operation" so as to
make certain that the President can curb exports necessary
for operation of
important
change
made
in the legislation provided that the
Walsh-Healey Act shall apply to contracts "negotiated" by the War De¬
entered into through competitive bidding. Still
permits the War Department to exceed the eight-hour
partment as well as those
another amendment
Government
to
Federal
sustaining National Labor Board
far-reaching rulings upholding price-fixing by the
aid ailing industries,
clvii liberties.
Virtually all the major decisions in
which the Federal Government was
involved were in its favor.
General Frank Murphy to succeed Justice
Pierce Butler, who died Nov, 16, brought to five the number of Justices
named by President Roosevelt,
This was a majority of the nine-man
The
appointment of Attorney
tribunal.
now
on
the
bench.
frequent dissenter.
regarded by the Administration as "conservative" Is
He is 78-year-old James C. McReynolds, the most
Friends say that he plans to postpone retirement at least
that his successor
November Presidential election m the hope
may.be named by a
non-New Dealer.
Chief Justice Charles Evans
,
< ■
of
expected to stay in harness as long as his
Hughes, also 78, has given no indication
planning to retire. He is generally
health and strength permit.
^
Explosions—Decision
of
District
Court Is
Sustained
A $50,000,000 award to the victims of the Black Tom and
Kingsland munitions dump explosions in 1916 and 1917 was
sustained on June 3 by unanimous opinion of the United
States Court of Appeals for the District of Columbia.
The
case was referred to in these columns July 1, 1939, page 39.
The Court said that settlement should be made by the
executive rather than the judicial branch of the Government.
Officials said that the Treasury had only $26,000,000 with
which to pay the claims.
The Appeals Court decision upheld
one by a District Court.
A Washington dispatch June 3 to
the "Wall Street Journal" said:
This
by the German-American Mixed Cla ms
had been attacked by the Z and F Assets Realiza¬
New York City because it was made in the absence of the
member of the commission.
award,
handed down
Commission a year ago,
machines, such as oil and gasoline.
Another
There also were
tions
to
Passage of the bill by the House was mentioned in our June 1
issue, page 3441. The following concerning the legislation was
contained in a Washington dispatch of June 11
to the
New York "Journal of Commerce":
It also empowers
Federal administrative agencies against "Judicial inter¬
Act and shielding
States Court of Appeals Upholds $50,000,000
Award in Case of Black Tom and Kingsland Muni¬
Bill
ment, machinery and tools
[June 3] a term which pro¬
of the Sherman Anti-Trust
Court will wind up on Monday
United
Legislation authorizing the War Department to take steps
expedite the strengthening of the national defense was
passed by the Senate on June 11 by a vote of 80 to 0. The
sage
Court,
said:
Civil Aeronautics Authority to augment
pilot training.
to
measure was
The Supreme
duced notable decisions clarifying the sweep
until after the
listening devices for detection of submarines.
of Investigation to
Preliminary to the June 3 adjournment of the
Associated Press accounts from Washington, June 1
Only one member
bases and expansion of others.
The Coast Guard would get
upheld the salute of the American
flag by school children where State laws require it, and
another sustaining the Texas Railroad Commission's 1938
order for oil proration, both of which were referred to in our
June 8 issue, page 3590.
orders and defending
vessels under construction.
A special
decisions—one of which
ference."
,
The 68 new ships to be started
Supreme Court concluded on June 3
an 8-month session, adjourning until October.
The Court's
session was ended following the handing down of its several
The United States
tion Corp. of
German
Ten years ago
the commission ruled there was no evidence of complicity
by the Imperial German
Government in the sabotage of the munitions
The
3756
Commercial & Financial Chronicle
dumps that occurred on the eve of America's entrance into the world
war.
evidence that the decision had been obtained by fraud, the
After receiving
commission set aside its ruling in June, 1936.
A meeting was
his absence, the
The
commission made its awards.
for the Canadian Car & Foundry Co.,
Steel Co.
as
the
Ltd., and the Bethlehem
'
farm credit situation is not satisfactory.
The present
of all the farms in the country are mortgaged for a
More than
total of
Jennings Bailey refused to
ground that the Secretary of State had already
of the Treasury and the courts no
upset the finding on the
certified the awards to the Secretary
longer Interfere.
about
25% of the farm mortgage debt of the country is either delinquent
has had overdue payments extended.
or
further,
went
holding that the action of the commission was a political and not
And almost 25% of the Federal
extended.
addition, 60%
In
of all the National farm loan associations have had
impaired that they cannot make
their capital so
new
loans.
Beyond
a
This bill represents an effort to improve both the situation and the sys¬
judicial
,-;
r..
Since the need for improvement is obvious, the critics of this legis¬
tem.
sition to the methods proposed,
New York Court Rules Directors of National
Were Justified in
City Bank
Paying $725,000 in Settlement of
Claims of Harriman National Bank—Dismisses Suit
Brought
by
Three
Minor- Stockholders
Seeking
Refund
The New York
Supreme Court on June 5 dismissed a suit
compel the directors of the National City Bank of New
York to repay $725,000 which the bank paid to the Comp¬
troller of the Currency in 1936 to settle a claim made against
other
of
members
the
Bank
&
Court
Clearing House
liquidation of the Harriman
Co.
Trust
York
The
Association in connection with
New
held
that
even
held invalid in litigation affecting other
were justified in making
The following regarding the case is taken
though the claim
was
banks, the National City's directors
the
payment.
from the New York "Times" of June 6:
:k'
of National City who own a total of 33 shares.
the claim
was
Invalid, the payment represented
a
They contend that since
gift of National City funds
Similar contentions have been
advanced by minority stockholders in several other banks which likewise
chose to pay
National
eve
dle
now
a
made,
was
Justice
suit brought by J. F. T.
reason
Walter observed,
O'Connor,
as
on
oppo¬
integral
an
With 1933, changes in policy began and the
FCA has helped thousands of debt-burdened farmers.
That is all the
more
keep on improving the FCA and the Land Bank system and to
to
put them in a position
to help still more.
.
.
.
refinancing can be undertaken, it [the bill] requires a finding
Before any
that the indebtedness actually exceeds the productive value of the farm,
that the payments
or
also
exceed the normal farm income available for making
The suggestion has been made that it might be desirable to require
them.
a
specific finding that other remedies for adjusting the scale of pay¬
ments hold no reasonable prospect
objection to such
In addition to
a
of rehabilitating the farmer.
I
see
no
requirement.
requiring the
findings mentioned, the bill provides pro¬
cedural safeguards which I believe will further protect the system against
the scaling down of loans in cases where a scale down cannot be justified.
The bill requires that the farmer deed his property to the Federal Farm
of not
more
poration .
period
a
The actual refinancing would be accomplished,
the exercise of the option, through
upon
lease for
a
than five years, with an option to repurchase the property at
the end of the lease period.
a
long-term mortgage to the Cor¬
The purchase price would be based
upon
the value of the
proper¬
ty or the amount of the indebtedness at the time the property was conveyed
the Corporation,
In my
the
Comptroller of
mere
for the farm debt mud¬
is that too many programs and policies in the past have been planned
through banker spectacles.
to
instead of resisting the claims.
City's payment
of the trial of
One
Mortgage Corporation, and in place of his title accept
The plaintiffs in the suit were Angelo Caruso and two other stockholders
for which the directors were accountable.
A sound farm credit policy is
part of a well-rounded farm program.
reason
to
National
ques¬
tion and in the Federal land bank system.
lation should have something more constructive to offer than
and
third
Today
tion there is room for improvement in both the general farm credit situa¬
Miller's opinion, the appelate tribunal
Justice Justin
question.
it
a
7 billion
over
Land Bank mortgage loans are delinquent, or have had overdue payments
In the United States District Court. Justice
In
which
upon
I wish to discuss in particular several suggestions for
there is controversy.
dollars, or 20% of the value of all farm land and farm buildings.
principal beneficiaries were the Lehigh Valley RR., acting
agency
15, 1940
changes which go to the very heart of those questions.
held by the commission June, 1939, to review the newly
The German member absented himself.
Ignoring
evidence.
discovered
June
confine my statement to the broader questions
report, but will
whichever is less.
opinion, farmers would not give
up
title to their land in order to
refinance their farms under this provision, unless they were fully satisfied
the
that
a
debt would be effective.
Currency, against it and other members of the Clearing House to enforce
guarantee allegedly given to prevent closing of the Harriman bank in
1932. ' At
the Court noted,
that time,
defendants would prevails, as they
there
was
eventually did.
.
.
cutting down the burden of excessive debt.
.
"Deposits," Justice Walter commented, "are affected by many factors,
but is certainly was reasonable for the directors to conclude that unfavorable
for dealing with
publicity resulting from the trial of the O'Connor suit, following so quickly
previous unfavorable puolicity, might seriously affect the banks de¬
where it is
upon
posits
well
as
as
cedures.
we
like
seems
large
a
sum to pay
for avoidance of
now
plainly
farmer in
a
bors
well
$1,700,000,000 in April, 1936.
might
cause
in less than
the bank
it had
this bank
a
actually is
$1,023,000,000
worse
in
March,
1933,
to
Loss of less than 10% of its deposits easily
actual money loss of
an
single year, and
a
more
today,
no one, even
off by
specifically
necessary,
confines the remedy
I believe it is
to the so-called distressed areas.
is
deposits ranged from
bill
an
existing
to those
improvement
over
than the amount paid
can say
are
generally.
area
is just
distressed
anything
It does him
a
limited
comparatively prosperous
opinion,
my
no
as
a
good to tell him that his neigh¬
these provisions should be available
well protected against abuse.
are
liquidating losses
farm loans through foreclosure and
on
dispossession in any area is a bad business proposition for the bank, for the
farmer, and for the country.
litigated and had been successful in winning the lawsuit."
Justice Walter noted also that the holdings of directors voting in favor of
A farmer in
seriously handicapped by excessive debt
as
area.
In
off.
They
The process of
that by paying
single dollar than it would have been if
pro¬
cases
have.
agricultural
whose
of their
Some such remedy is necessary
which cannot be handled under
many cases
Since the
unfavorable publicity, but it must be remembered that the bank involved
one
pressure
It has been suggested that this privilege of refinancing should be
affect it in other respects.
"Undoubtedly $725,000
easing the
I believe these provisions would afford a definite statutary remedy for
certainty that the
no
of the other remedies available for
none
be
The refinancing provisions of this bill would
long step in the direction of substituting for foreclosure an orderly
a
payment, with those of their families, amounted to 850,000 shares of the
and less costly procedure to be used in cases where a scale-down is necessary
bank's stock.
as
"The
payment," the decision said,
"was
financial interests of the directors who voted for It.
extent
they
were
voting
a payment out of their own
To
a
very
substantial
a
last resort.
I believe that it is quite safe to rely upon the safeguards and
clearly against the personal
provision such
pockets."
The payment
of this $725,000 by the National City Bank
against it was reported in our issue
of April 25, 1936, page 2751.
in settlement of the claims
the vague limits of present
In conclusion,
ministration Should Share
can
of June 8, page 3509.
Mr. Wallace declared that agricul¬
ture needs permanent relief from "excessive" farm mortgage
debts, and said that the Farm Credit Administration should
share its profits and losses with farmer borrowers, in accord¬
with the terms of the bill.
"The problem we are up
ance
against," said Secretary Wallace, "is in making
down."
This
and strenuous conditions
our
He continued:
is familiar with the principal objectives of the bill.
Broadly speaking, they are (1) to provide a sound permanent and selfsustaining method for extending credit to farmers at low interest rates; and
(2) to provide for the refinancing of excessive farm indebtedness.
are
merely
means toward these two
From Mr. Wallace's statement
I wish to repeat
today
stability, farmers need
my
relief
principal ends.
we
a
also quote:
no
fault of their own—they
basis sounder than the piece-meal method which has been followed in the
I
excessive
dealing with
am
also convinced that this bill provides a sound method
indebtedness,
a
problem
not
adequately dealt
with by present laws.
I already have suggested
would
a
number of changes
improve its workability.
corporated in
a
report
submitted
in the bill which I believe
Most of these suggestions have been in¬
to
the Committee
on May 18, which ana¬
lyzes the provisions of the bill in considerable detail, indicates what we be¬
lieve would
be their probable effect,
opinion, would make the bill
the Committee to review
$500,000,000 in Credit Resources of CCC
by Carl Robbins—Head of Agency Tells
Group Cotton Holdings Are Valuable for
Exchange
House
Testifying in support of legislation to increase the Com¬
modity Credit Corporation's resources by $500,000,000, Carl
Robbins, President of the corporation, told the House Bank¬
ing Committee on June 10 that 1940 cotton surpluses might
be exchanged for strategic
approved the bill
Mr.
Robbins
war
materials.
The committee
June 13.
on
said
the
increases,
which
would
raise
the
corporation's credit resources from $900,000,000 to $1,400,000.000 was needed to meet credit requirements for the next
crop
year.
legislation,
The
Steagall of Alabama,
culture
testified
Wallace
before
on
the
was
sponsored
by
Representative
requested by Secretary of Agri¬
May 20.
Mr. Robbins had previously
Committee
on
June
7
estimating
that
Corporation would own outright or
hold under loan between 10,500,000 and 12,500,000 bales of
unable
past few years.
and to increase farm
of
by July 31, 1941,
to pay.
I am convinced that legislation embodying the princi¬
ples of this bill would help to give relief from excessive interest rates on a
of
soil and water,
the
cotton.
permanent basis from excessive interest
charges, and relief from debts which—through
are
Other
conviction that in the interest of agricultural
on
conserve
Urged
institu¬
without breaking
Committee
features
demands to
the
It can
stabilize agriculture
to
income.
Increase
new
part of this entire farm picture.
Profits with Borrowers
Support for the Farm Credit Bill, which the House passed
on June 3, was voiced on June 7
by Secretary of Agriculture
Wallace, in testifying before the Senate Banking and Cur¬
rency Committee, during consideration of the measure.
The
passage of the bill by the House was referred to in our issue
tions meet
a
be disassociated from the general effort
more
improvised within
authority.
I wish to repeat what I have said many times before—
that the farm debt situation is
no
stated
this is far less likely to have an adverse effect on col¬
as
lection policies than would efforts to work out remedies
than
Secretary Wallace Asks Senate Approval of Farm Credit
Bill—Tells Banking Committee Farm Credit Ad¬
limitations
which the provisions themselves contain, and I believe that a clearly
more
and suggests changes
effective.
in detail all of the
I
which, in our
will not take the time of
suggestions contained in that
Wage-Hour Administratior Orders Pay for Rest Periods
Up to 20 Minutes
Employees subject to the Fair Labor Standards Act must
paid for short rest periods, up to and including 20 minutes,
according to an announcement issued June 9 by Colonel
Philip B. Fleming, Administrator of the Wage and Hour
Division of the Department of Labor. In instructions sent
to all field representatives, Mr. Fleming said that in the
course of such work where regular rest periods are granted,
it will remain up to the regional director to decide whether
the employee should be paid for time
oyer 20 minutes.
The
new rule, it is stated, applies from April 1, 1940.
be
Volume
The Commercial
150
Hour Law not Applicable Says New York
Service Employees in Buildings Where
Tenants Are Engaged in Inter-State Commerce
Wage and
Court
The
to
Appellate Division in
a
unanimous decision on June 7,
and Hour law does not apply to
building service employees who work in buildings whose
tenants are engaged in interstate Commerce.
It is said that
about 50,000 building employees in New York City are
affected by the ruling.
The following regarding the decision
held that the Federal Wage
is taken from the New York "Sun" of June 7:
The decision
made in
was
a test
suit taken directly at
France.
Addressed
the
to
it
was
:■y;
Appellate Division
agreed statement of facts by Charles E.
"Rush" and
of State and marked
Secretary
"Personal for the President"
prefaced by the following
paragraph
Bullitt::i.'■'jYT
from Mr.
1
'
v-
"I have just received from Paul Reynaud, President of the Council of
Ministers, the following message to you.
He telephoned to me and asked
me to transmit it immediately since his own code clerks could not possibly
do the work.
This is the full text of the message referred to in my telegram
earlier today."
;
«
received even the gist of the
Mr. Early said that the President had not
Reynaud appeal before he delivered his address to the graduating
the
University of Virginia.
\
•
class at
>
,
-
added, that started coming in at the
As for the text from Mr. Bullitt, he
Killingbeck, a watchman,
George Riddoch, a carpenter, to recover wages for overtime and
liquidated damages under the wage and hour law from Garment Center
Capitol, Inc., owners and operators of three office and loft buildings,
upon an
3757
& Financial Chronicle
State Department at 10:30 P. M., Eastern
standard time, Monday and its
completed until an hour
transmission from the embassy in Paris was not
later.
,
■■
and
Seventh Avenue,
located at 498, 500 and 512
'
'
'■
that manufacturers
occupying lofts in the three buildings were engaged in Interstate Commerce,
and that since service employees in the buildings transported freight,
The
plaintiffs
including
raw
sought
tion"
recover
on
the grounds
and from the
located, the
to the produc¬
materials and finished garments, in elevators to
floors, sales and display
plaintiffs
to
were
rooms
engaged "in
where the manufacturers are
a process or
occupation necessary
'
by the tenants of goods for Interstate Commerce.
Untermyer, who wrote the courts opinion,
Irwin
also said
that the message had not
been turned over to the Paris
embassy until about 15 minutes before Mr. Roosevelt started to
7:15 P. M., New York time).
■
The "telegram earlier today" to
.
which Bullitt referred was described as
having reached the President prior to the Charlottesville
not
ever
reached him.
plaintiffs' contention that they were engaged in a "process or
'
.
,
merely a
was
The coincidence, he said,
would indicate that the President is entirely
familiar with the French situation.
Premier
to the
Reynaud, in
a
broadcast on June 10, referring
entry of Italy into the war,- declared
"immediate total war" against
Premier Benito Mussolini, but will attempt to spare
Appeal by French Premier to United States for Mora*
and Material Aid-—M» Reynaud Asked President
Roosevelt for All Help Short of Troops—-Premier
Raynaud in Radio Broadcast Declared Allies Are
Strongest in Mediterranean
appealed
that the
aid to
the Allies, short of sending an American expeditionary force
abroad, it was revealed on June 13.
On the night of June 10
United States would render all moral and material
Roosevelt broadcast to the nation
(as reported
elsewhere in this issue), promising the Allies the material
resources of the United States.
It was said at the White
House that although the President's speech was a "complete
answer" of June 10 to M. Reynaud's appeal, its timing was
The French Premier said that, if neces¬
the French would shut themselves up in one of their
provinces or would go to North Africa or even to possessions
in America to carry on the war against Germany.
The following is the text of Premier Reynaud's message to
purely coincidental.
sary,
the President
as
contained in Associated Press accounts
from
Tours, France:
The following message is
published in France and the United States
between Mr.
M. Reynaud,
Mr.
.
the generous aid
and
which you have decided to accord us in aviation
material
armaments.
For six days and six
an
b7
Roosevelt, President of the United States, and
Premier of France:
President, I wish first to express to you my deep gratitude for
agreement
night# our divisions have been fighting
hour of rest against an army
material.
We are struggling in front of
We will shut ourselves up
will go to North
without
and
of crushing superiority in man power
The enemy today is almost at
Paris,
in one of our
the gates of Paris.
We are struggling behind Paris.
provinces and if we are pursued we
Africa, and, if need be, to our possession in America,
Paris.
I myself am going to
Part of the Government has already left
It will be to intensify the struggle
the armies.
command and not to abandon it.
all that yourself to your
with all the forces we
Can I ask you, Mr. President, to explain
people, to all citizens of the United States, telling
them that we are resolved to
sacrifice ourselves in the struggle we are leading
for ail free men?
I speak to you another
the hour
At
A new frontier is menaced.
the back.
dictator has just struck France in
The naval war is going to open.
the appeal I sent you some days ago
Today, June 10. it is my duty to make a new and
You have generously replied to
across
the Atlantic.
larger
demand.
At the same time you state this situation to the men
publicly that the United
all means
dispatch of an expeditionary corps.
I beseech you to make this
is too late.
I know the gravity of such a gesture.
The gravity
and women of
America I beseech you to declare
States accord to the
save
the
before it
late.
yourself
on
Oct. 5, 1937: "I am
against the mortal danger which menaces us.
I have confidence in the
solidarity of the American people in this vital struggle the Allies are leading
for their own
safety, but also for the safety
of American democracy.
.
JC
be noted that France abandoned Paris to the
Germans yesterday (June 14).
An Associated
Press Washington dispatch of June 13
commented on M. Reynaud's appeal to the United States,
It
as
may
the Italian people as
Aides
Over
Defense Commission Members Add Several
to
Staffs—Secretary
Morgenthau Turns
to
W. S.
Knudsen Task of Coordinating
Machine Tool Industry
Advisory Commission to the Council of National
Defense, which Was appointed by President Roosevelt on
May 28 to coordinate the emergency defense program, has
added several new experts from the field of business.
On
June 6, William S. Knudsen, President of General Motors
Corp., now on leave of absence, who is to supervise industrial
production, added to his staff John D. Biggers, President of
The
Libby-Owens-Ford Glass Co.; H. S. Vance, Chairman of the
Board of the Studebaker Corp., and E. F. Johnson, former
General Motors executive.
Dr. George J. Mead, technical
expert working with Secretary of the Treasury Morgenthau
on aircraft problems, has also been added to Mr. Knudsen's
staff.
Morgenthau disclosed on June 3 that he has turned
Knudsen the task of coordinating the machine
tool industry to gear it to defense requirements.
Edward R. Stettinius Jr. who resigned bis position as
Chairman of the Board of the U. S. Steel Corp. to devote his
entire time to the Commission has also appointed several
to his staff.
Mr. Stettinius, who is in charge of the pro¬
curement of industrial materials, on June 10 announced the
addition to his staff of Charles E. Adams, Chairman of the
Board of Directors of the Air Reduction Co., and Robert T.
Mr.
over
to Mr.
& Co., Inc., and a
Others
previously appointed to Mr. Stettinius' staff include:
Stevens, President of J. P. Stevens
director of the Federal Reserve
Bank of New York.
of the
Col. James H.
Byrnes, Executive Officer to the Assistant Secretary of War; Gano Dunn,
President of the J. G. White Engineering Corp.; J. D. East, of the United
States Steel Corp.; W. L. Finger, Assistant to the General Manager of the
Rubber Manufacturers' Corp.; Clarence Francis, President of Genera) Foods
Corp.; Charles K. Leith, geologist of the University of Wisconsin; T. B.
McCabe, President of the Scott Paper Co. and Chairman of the Board of
Directors of the Federal Reserve Bank of Philadelphia; Allen W. Morton,
Vice-President of the Koppers Co.'s American hammered piston ring divi¬
sion, Baltimore; Capfc. A. B. Reed, formerly Assistant to Admiral Emory S.
Land, Chairman of the U. S. Maritime Commission, and T. O. Yntema,
Economist and Statistician of the University of Chicago.
W. L. Batt,
Council for the Department of Commerce;
The following
Stettinius
Industries, Inc., and Chairman
President of S. K. F.
Business Advisory
on
six men were added to
the staff of Mr.
June 13:
Vice-President, New York
Central Railroad; Marion
Kodak Co.; Blackwell Smith, member of
the law firm of Wright, Gordon. Zachry and Parlin; W. Averill Harriman,
Chairman of the Board of Union Pacific Railroad; Walter S. Tower, Presi¬
dent of the American Iron and Steel Institute, and Edward R. Weidlein,
B.
Folsom, Treasurer, Eastman
Director of the Mellon
Institute, Pittsburgh.
Washington legal counsel of Columbia Broadeasting Co. and formerly associated with the Department of
Agriculture, has been appointed Executive Assistant to
Chester C. Davis, member for agriculture on the Defense
Paul Porter,
Commission.
The
.
,
Commission conferred with
^
,
.
President Roosevelt in
Washington on June 6 mainly about organization questions.
Previous reference to the group appeared in our Juhe 1,
issue, page 3439.
follows:
The White House
said today that President Roosevelt's
address of last
SEC Establishes
promising the Allies the material resources of the United
States, served as a "complete answer" to the request of Premier Paul Rey¬
naud of France for all assistance except an expeditionary force.
Monday, [June 10,]
Presidential Secretary, said that Mr. Reynaud's appeal
had been delivered to the State Department after Mr. Roosevelt returned
from Charlottesville, Va., where he made the address.
Thus it was only a
Stephen Early,
the address was so completely to the
"coincidence," Mr. Early said, that
point.
The text of M. Reynaud's
appeal as transmitted by Mr. Bullitt was made
public at the White House
today, a few hours after being given out in
I
A:::\ -"VViV
possible, an authorized French spokesman said tonight.
William C. Bower,
forced, and we are forced, to
look things in the face.
The peace, liberty and security of 90% of the
population of the world are put in peril by the 10% of the others who are
threatening the breakdown of all international law and order.
Certainly
the 90% who wish to live in peace under the reign of law in conformity
with moral principles which have been universally accepted through the
centuries can and must find a way to make their will prevail."
The hour now comes for these 90% of the citizens of the world to unite
You said
as
Advisory
Allies their moral and material support in
itself demands that it must not intervene too
that the Allies
stronger in the Mediterranean than anywhere else.
Under date of June 10 United Press advices from Paris said:
are
much
President
speech—it It
'
tell them that the earlier telegram,
"notification Bullitt would transmit a message from Reynaud;"
Later Mr. Early called in reporters to
Great Britain and France will launch an
possible,'concerning the validity of the law."
Premier Paul Reynaud of France on June 10
to President Roosevelt for a public declaration
speak (at
,
said that the
occupation
necessary to the production of the tenants' businesses cannot be sustained
without subjecting to the provisions of the act, industry which is plainly
intrastate in character and without engendering doubts to be avoided, if
Justice
He
to
Under
Experimental Unit in San Francisco
Be
Prospective Security Issuers—To
Supervision of E. Forrest Tancer
Assist
and Exchange Commission announced on
establishment of an experimental unit in its San
Regional Office to assist prospective issuers of
The Securities
June 12 the
Francisco
advise them and their representatives on
problems arising in connection with their registration
statements.
The new unit, the Commission said, will give
securities, ana to
any
jv:;
The Commercial & Financial Chronicle
3758
both legal and accounting assistance to those registering se¬
curities or filing supplemental material under the Securities
Act of 1933 or the Securities Exchange Act of 1934.
As¬
sistance also will be available to brokers and dealers who have
questions in connection with compliance with these laws.
The SEC further explained:
This experimental
registration unit will be under the direct supervision
of E. Forrest Tancer.
Mr. Tancer had several years of experience in the
Registration Division in Washington before becoming
a
regular member of
the San Francisco legal staff about a year ago.
Bishop,
He will be assisted by F. K.
member of the examining staff of the Registration Division in
a
Washington, who has been assigned to the San Francisco office
during the
duration of the experiment.
on the Pacific Coast who consult the San Francisco
registra¬
will, nevertheless, be required to file registration statements in
as heretofore.
Such filing can, of course, be done by mail.
Registrants
tion unit
Washington
The new San Francisco registration
advisory service is, in part,
growth of a unit established more than two years
ago
in connection with registration statements.
particularly useful in the
case
The San Francisco unit is
to
an out¬
in the Commission's
Washington office to assist representatives of registrants
on
This assistance
found to be
was
of small enterprises.
designed to furnish the
same
Report of Operations of RFC Feb. 2, 1932, to April 30,
1940—Loans of $13,553,944,409 Authorized—$2,314,568,824
Canceled—$7,811,532,515
Disbursed
for
assistance locally
Of course, any registrant who wishes to
who wishes to come to
Washington to
discuss his problem will be at liberty to do so.
This
with Washington
or
legal service will be rendered
exactly the
on
basis
same
as
is, while the advice given will be based
it will in
itself.
no
.'.vV-.
on
sense
Authorizations
the Commission
:
Finance
k'
•.
material
filed
in
Washington.
The Washington office
of the
Commission, in turn, will forward to the San Francisco office
copies of all
deficiency letters sent to the registrant.
Thus, it will be possible for a
Pacific Coast registrant to discuss with the San Francisco
office problems
which have been raised
by the Commission in Washington.
Extension of this special advisory service to other field
offices will depend
upon the success of the experiment.
Most of the other regional offices of
the Commission are, of course,
presently equipped to give a certain
measure
of legal assistance on registration
problems.
The region covered by the San Francisco
office
and
tions
and
commitments
California,
Nevada and Arizona.
■
■
the
amounted
to
Reconstruction
during April
$40,510,067,
through April 30,
making
1940, and tentative
commitments outstanding at the end of the month
553,944,409,
it
indicated
was
recently
by
Emil
of $13.-
Sehram,
Chairman of the RFC, in his
monthly report of operations.
This latter amount includes
total of
a
$1,076,314,331 author¬
ized for other governmental agencies and
relief from organization
includes
of
recovery program
$19,208,838, rescissions of previous authoriza¬
authorizations
total
commitments
Corporation in the
amounted to
complete, registrants may, if they
wish, provide the San Francisco office with copies of registration statements
other
Repaid—
Railroads Itemized
That
In order to make this regional service
and
Investments—$5,896,482,654
RFC Transactions with
the experience of the staff with
be binding on
and
Loans
the ad¬
visory services are rendered by the various divisions in Washington.
registration problems,
1940
problems arising
registrants in the far West.
deal directly
June 15,
Cyril J. C. Quinn, Vice-President of the Tri-Continental
Corp.; Raymond D. McGrath, Executive Vice-President
of General American Investors Co., Inc.; Ranald Macdonald
of National Bond and Share Corp.: Paul C. Cabot, of State
Street Investment Corp.; M. E. Traylor of Massachusetts
Distributors, Inc.; and Tudor Gardiner of Incorporated
Investors; are also reported as having endorsed the bill,
which was approved by the Senate Banking and Currency
Committee on June 6, as was noted in our issue of June 8,
page 3588.
Robert E. Healy, member of the SEC, also testified before
the Committee on June 13 declaring that the bill "would
safeguard the public from unscrupulous firms."
Such
concerns, he said, were in the minority.
Mr. Healy re¬
viewed the background of the legislation and told the group
that in the last 15 years the public has invested $7,000,000,000 in firms whose assets now total $4,000,000,000.
tions
$1,800,000,000 for
through April 30, 1940.
aggregating $43,887,2*26
canceled
were
Authoriza¬
withdrawn
or
during April, Mr. Schram said, making total cancellations
Representatives of Investment Trusts Approve Bill To
Regulate Their Industry—Testify Before House
Committee—Cooperation Between Government
and
and withdrawals
remains
Industry in Working Out Legislation Praised by
spirit
new
of
cooperation
between
and
government
industry is evidenced by the agreement worked
out between
investment trust industry and the Securities and
change
Commission
on
the
investment
company
Ex¬
bill
to
regulate the industry, Arthur H. Bunker, Executive Vice-
During
banks in the pur¬
April
$21,523,272
disbursed
was
for
loans
and
$26,837,619 was repaid, making total dis¬
bursements through April 30, 1940, of $7,811,532,515 and
repayments of $5,896,482,654 (approximately 75.5%).
The
Chairman's report
During April
of
amount
and
President of the Lehman Corp., told the House
Interstate
We feel that it is
a
together and do
i
opened
healthy sign that government and industry can
constructive job of this kind.
I think that it is a
very
a
achievment, which both
we
and the SEC can feel
proud of, that
we have
been able to cooperate so
effectively and work in such close harmony in the
development of these proposals for legislation.
The revised bill, which the Committee is
worked out jointly
considering,
by the SEC and representatives of both
Mr. Bunker,
speaking for the closed-end trusts, and Merrill Griswold,
Chairman of Massachusetts Investors
Trust, and Hugh
Bullock, of Calvin Bullock, speaking for the open-end trusts,
closed-end
assured
and open-end investment trusts.
the
Committee
that the
present measure has the
almost unanimous
approval of the whole investment trust
industry.
In reviewing the manner in which the
investment trust
industry opposed the bill in its original form, Mr. Griswold
said:
The
.
:
,
industry has
not been opposed to Federal
latter
Only
from
to
regulation
as
such.
Quite
one
1940,
capital
notes
Urging the adoption of the bill
Bunker, who is Chairman
Mr.
of
an
informal
preferred
stock,
companies
and
which
Congress,
cooperated with the SEC in working out a set of
principles for legislation which would be satisfactory to both
the industry and the
SEC, stated:
We trust that the
present national
emergency should not be a deterrent to
the enactment of this
legislation but should
rather
serve as an
added reason
for the
passage of the bill.
Since the
years ago
investigation
the industry has
the threat of
of investment
of
was
commenced four
been living under the cloud of
investigation and
legislation whose character could not be known. With this
bill
passed, we will know where
we
stand and we
will be able to make
our
plans
to
769,618;
higher levels.
has
made
was
made
of
tion
the
for
6,790
been
to
the
trust
disbursed.
Of
purchase
this
preferred
Through
stock
April
purchase of preferred
banks
and
trust
30,
stock,
companies
aggre¬
to
$171,050,107
authorized
was
April
depositors
$335,078,928
of
of
the
to
6,865
this
banks
been
has
banks
when
and
trust
withdrawn
conditions
of
of
30,
of
distribution
but
loans
1940,
closed
amount
to
cancellations
disbursed
2,776
this
for
$298,034;
was
withdrawals
repayments amounted
have
been
banks
has
depositors of
and
been
authorized
withdrawn
and
$13,-
available
to
the
borrowers;
$994,981,285
has
$949,971,357, approximately 95.5%, has been repaid.
were
irrigation
authorizations
increased
were
to
finance
$250,000,
withdrawn, and $49,300
have
been
districts
withdrawn;
authorized
disbursed.
refinance
$145,499,727,
aggregating
$23,991,940
authorizations
was
to
drainage,
of
available
remains
649
levee
in
the
to
for
$1,343,-
aggregating
remains
the
of
met.
$903
;
debentures
and
available
amount
Through
districts
been
notes
loan
one
in
During April
and
been
irriga¬
amount
of
Through April 30,
drainage, levee and
$32,126,786 has
which
to
the
borrowers,
and
$89,381,001 has been disbursed.
Under the provisions of
Section
5
(d), which
was
added
to
the
Recon¬
struction
Finance Corporation Act, June 19, 1934, and amended April 13,
1938, 74 loans to industry, aggregating $6,549,210 were authorized during
April.
Authorizations in the amount of $41,171,727 were canceled or
withdrawn
during April.
Through April 30, 1940, including loans to
fishing industry, to banks and to mortgage loan companies to assist
and industry in cooperation with the National
Recovery Admin¬
business
istration program,
the Corporation has authorized 7,190 loans for the
benefit of industry aggregating $372,297,323.
Of this amount $93,489,680
In
We recognize that abuses
have existed in the
industry and we feel that
legislation is necessary to prevent their
continuance and to help the better
elements in the
industry to raise the standards of the
industry to increasingly
been
been
$288,362
$1,319,875.
has
the legislation had the considered
approval
of a very substantial
portion of the investment company
industly and that there was no opposition to it that he knew
of, Mr. Bunker said:
have
remains
have
bank
amounted
accordingly.
Declaring that
and
approximately 95.1%, has been repaid.
banks? and that includes $6,813,417
aggregate amount of $3,300,000.
capital
During April
closed
a
companies wiU,
With legislation the confidence
of the public in investment
we believe, be
restored, and these compahies will be able to
serve not only the
investor but also the
imoprtant function of supplying new
capital to those industries vital to the
national defense.
to
Through
banks
open
$1,441,025,189;
authorizations
the
companies
$2,029,691,161
by
debentures
$62,140,500
1940,' loans
committee
7,540
the
banks
amounted
repaid.
was
to
in
to
gating $1,387,697,434 and 1,123 loans were authorized in the amount
ol $53,327,755 to be secured
by preferred stock, a total authorization for
$75,350
at this session of
the
and
709,406
strangling legitimate
loans
liquidation)
$2,328,748
authorized
authorization
an
in
disbursed and
business enterprise in the
investment trust field.
and
owing
authorizations
SEC,
vestors
is
April
bank
one
we welcome
We think that the bill in its
present form will give in¬
complete protection against abuses without
in
of
mortgage and trust company.
During
work with the
best proof of this.
in I liquidation
bank
a
withdrawals
those
and
been
have
$1,930,761,353,
$7,592,516
distribution
regulation of a sound type.
Our willingness to
have, to produce sound workable legislation is the
loans
borrowers,
amount
the contrary,
as we
(including
disbursed
was
1340,
to
and
companies (including those in receivership) aggregating $2,556,123,431. Of
this
amount
$512,562,464 has been withdrawn,
$13,860,806
remains
available
of
was
$903
30,
authorized
was
Cancellations
companies
$339,362;
April
Foreign Commerce Committee on June 13 as*
its hearings on the measure. Mr. Bunker stated:
continued:
loan
one
$298,034.
trust
and
come
A total of $648,943,740
borrowers and to
investments and
A
real
$2,314,568,824.
to
chase of preferred stock, capital notes and debentures.
A. H. Bunker
the
of
available
been
withdrawn
addition,
the
and
$74,613,748
Corporation agreed
to $1,762,809 in loans
to
remains available to
to
42 businesses
the
borrowers.
purchase participations
amounting
during April, and similar authoriza¬
tions
the
aggregating $1,411,646 were withdrawn.
Through April 30, 1940,
Corporation has authorized or has agreed to the purchase of participa¬
aggregating $116,042,324 of 1,755 businesses, $38,614,381 of which
tions
has
been withdrawn and $58,425,605 remains available.
During April eight loans in the amount of $1,401,000
to
public
to
$2,434,500
30,
agencies
1940,
339
and
for
self-liquidating
repayments
loans
have
projects.
amounted
been
to
authorized
were
Disbursements
$10,585,509.
authorized
amounted
Through
April
self-liquidating projects
$625,079,190; $44,388,332 of this amount has been with¬
drawn and $150,990,575 remains available to the
borrowers; $429,700,283
has been disbursed and
$364,162,218 has been repaid.
aggregating
on
j
The
150
Volume
3759
Commercial & Financial Chronicle
1
Works Admin¬
par value of
premium
of
$18,964.
securities
having par value of $300,558.
Through April 30, 1940, the Corporation
has purchased from the PWA, Federal Works Agency (formerly Federal
Emergency Administration of Public Works) 4,165 blocks (3,103 issues)
of securities having par value of $660,999,749.
Of this amount, securi¬
ties having par value of $492,951,221 were sold at a premium of $13,910,314.
Securities having a par value of $137,615,215 are; still held.
In addition, the Corporation has agreed to purchase, to be held and
<
During April the Corporation purchased from the Public
two blocks
(two issues) of securities having a
istration
securities having par value of $1,259,300 at a
The Corporation also collected maturing PWA
$30,000 and sold
collected
sold
or
at
a
later
date, such
gate par value of $10,336,000 as the
part of securities having an
Administration is in a
aggre¬
position to
deliver from time to time.
The
follows disbursements and repay¬
report listed as
ments for all purposes
from Feb. 2, 1932, to April
Disbursements
30, 1940:
Repayments
$
S
1,982,706,099.01 1,886,950,400.45
696,974,461.06 *225,227,712.86
582,732,069.63
420,011,019.20
Federal Land banks
387,236,000.00
387,236,000.00
Regional Agricultural Credit corporations
173,243,640.72
173,243,640.72
Building and loan associations (incl. receivers)
121,131,650.31
117,494,342.65
Insurance companies
90,693,209.81
87,207,062.25
Loans under Section 5:
companies (Incl. receivers)
Railroads (Including receivers)
Mortgage loan companies
-
Banks and trust
Authorizations
,
v'v
Aberdeen & Rockfish RR. Co.—
Ala. Tenn.& Northern RR. Corp.
Alton RR. Co
i> 2,500,000
634,757
400,000
Co. (note) 94,358,000
549,000
Carolina Clinchfield & Ohio Ry.
(Atlantic Coast Line and Louisville &
23,871,297.73
-
13,064,631.18
12,971,598.69
...
Livestock Credit corporations
Federal Intermediate Credit banks
9,250,000.00
Agricultural Credit corporations
5,643,618.22
719,675.00
Fishing Industry
—
600,095.79
Credit unions
20,595,350.77
13,064,631.18
12,971,598.69
9,250,000.00
5,599,703.83
628,609.97
585,1X7.21
14,718.06
14,718.06
Charles City Western Ry. Co
140,000
Chicago & Eastern m. RR. Co—
5,916,500
Chicago & North Western RR. Co 46,589,133
Chicago Great Western RR. Co—
1,289,000
22,579,500.00
standing indebtedness—i .—_ ...
Loans to aid in financing self-liquidating construc¬
_
12,003,055.32
Denver & Rio Grande W.RR.Co.
(trustees)—
4,847,107.30
47,298,877.12
47,251,981.13
81,793,745.56
43,810,952.13
2,411,087.65
Erie RR. Co. (trustees)
Eureka Nevada Ry. Co
216,660,061.81
46,985,062.15
5,600,743.40
of closed banks-
—
767,716,962.21
19,644,491.78
146,500,000.00
-
Loans to Rural Electrification Administration.
„
767,716,962.21
18,831,536.12
2,425.46
8,300,000
8,300,000
53,600
60,000
29,450,800
1,561,308
——
Ry, Co. (receivers)
Ft.Smith & W.Ry.Co.(receivers)
Ft. Worth & Den. City Ry. Co—
53,500
—
53,500
4,506,000
219,000
8,081,000
500,000
1,800,000
1,800,000
71,300
582,000
10,000,000
3,000,000
1,067,075
227,434
8,176,000
627,075
3,000
90,000
—
15,000
-----
105,422,400
13,915
Illinois Central RR. Co
—
Co——
Louisiana & Arkansas Ry. Co—
Louisiana & Arkansas Ry. Co
pref.stock_5,908,222,803.52 4,722,174,344.96
and
Purchase of preferred stock, capital notes
debentures of banks and trust companies
(in¬
disbursed and $12,594,secured by pref. stock).. 1,207,834,581.56
Purchase of stock of the RFC Mortgage Co....
25,000,000.00
Purchase of stock of the Fed. Nat. Mtge. Assn..
11,000,000.00
cluding
$18,063,730
557.91 repaid on loans
preferred stock of Insurance
$100,000 disbursed for
the purchase of preferred stock)
653,657,222.32
Loans secured by
companies
Total-.-.
Public
Works
8,404,982.78
——1,278,309,581.56
Works
662,062,205.10
625,000,129.49
———————
34,475,000.00
512,246,104.35
Federal
Administration,
Agency, security transactions
13,915
13,915
520,000
385,000
——
9,278,000
800,000
8,517,500
800,000
—-
------
1,000,000
Allocations to Governmental agencies under pro¬
existing statutes:
Secretary of the Treasury to purchase:
Capital stock of Home Owners' Loan Corp—
Capital stock of Federal Home Loan banks. _
Farm Loan (now Land Bank) Commissioner
for loans to:
Farmers
——
197,000
744,252
985,000
—
_
Co.
—
Joint Stock Land banks——
—-
—
Federal Farm Mtge. Corp. for loans to
farmers.
-
Sec. of Agricul. for crop loans to farmers (net) _ _
Governor of the Farm Credit Administration for
Stock—Commodity Credit Corporation
Stock—Disaster Loan Corporation.;
2,805t175
18.6^,25ftr.
65,000
1,235,000
26,000
oaa'aaa
^aon'nnrt
States
on
Under
a
Appropriation Act—1935—
Relief Appropriation Act,
—
-
---
al7,159,232.30
Interest on notes issued for
Total allocations and relief
—
33,177,419.82
Rpnresents
.
the sale of
Does not include
$4,800,000 represented by notes of the
17,159,232.30
Canadian Pacific Ry.
due on loan made to tbe
>
authorizations canceled or with¬
drawn for each railroad, together with the amount dis¬
bursed to and repaid by each, are shown in the following
table (as of April 30, 1940), contained in the report:
The loans authorized and
Marie Ry. Co (The Soo Line)
■?..
guaranteeing the payment
Since sale, $64,000 of the $320,000
the Corporation's liability under
'
above loans
authorized the Corporation
approved, in principle, loans in the amount of $126,*
515,875 upon the performance of specified conditions.
has
———.
17,159,232.30
relief under the Emergency
Relief and Construction Act of 1932, the Corporation's notes have been canceled
in the amount of $2,720,255,177.07 on account of amounts disbursed for alloca¬
tions to other governmental agencies and for relief by direction of Congress and
the interest paid thereon, pursuant to provisions of an Act (Public No. 432)
approved Feb. 24, 1938.
106,966,756 696,974,461 230,027,713
Corporation also guaranteed the pay¬
and Interest of such securities.
re paid by the railroad, thus reducing
New
Tax
Bill Supported
Treasury
Federal
*
Co., which were accepted in payment of the balance
Minneapolis St. Paul & Sault Ste. Marie Ry. Co.
a In addition to the repayments of funds disbursed for
So'SSk
22,525
'
securities, the Corporation
principal
h aabee n
10590065,913.65 5,913,641,886.71
Grand total
£?'!$?
22,525
39,000
the Canadian
the guaranty.
2,778,533,399.08
1,091,800.
1.403,000
3.6O0.OOO
7£9'699
22,525
in addition the
sn'nnn
23,223,383
4,306,000
13,502,922
——
39,000
guaranteed by the Canadian
of both
funds for allocations
and relief advances—
vein Finn
secured by its bonds, the interest on which was
Co and when the "Soo Line" went into bankruptcy,
payment of interest.
the
C
..——1,799,984,064.72
J92'299
147,700
---rrr
_
^o'nnn
Minneapolis St. Paul & Sault Ste.
The loan to
5,332,700
Qo'nnn
6.000
8,200
22,231,583
4,366,000
13,502,922
816,740,217
-
W'SgMffi 22
.
In addition to the
Total for relief—
—-
c320,000
24.200,000
-—-nJm
45,000
600,000,000.00
—
108,740
_
RR. Co-
(receivers)
Co
-
5,200,000
44,000,000
we sold the balance
Pacific, receiving $602,245.50 in cash and Canadian
Pacific Ry. Co.'s notes for $5,500,000, matur'ng over a period of 10 years, $700,000
of which matured and has been paid.
b Includes a $5,000,000 guarantee; in addition the Corporation also guaranteed
Emergency
1935-—
Co
------
200,000
400,000
.
RR. Co—
Co
due on the loan to
499,999,065.72
500,000,000.00
Administrator...
600-000
5,332,700
193.740
2'°35.099
30,000
300-999
Pacific Rv
945,371,914.54
299,984,999.00
1,200.000
—
Represents a guarantee;
was
126,871.85
governmental agencies..
-
5,200,000
45,200,000
51«405,000
------
Co—III——
Totals—'.
116,186,58
relief-——
directly by Corporation
certification of Federal Relief
Under Emergency
162-990
Wrightsville & Tennllle RR
44,500,000.00
3,108,278.64
14,133,502.92
.
7,995,175
•
wSfrn Pacific RRCo..II-I-
*
For relief—To States
To
.
ment of interest.
Expenses—Prior to May 27,1933
Total allocations to
-
Co. (trustees).
Wichita Falls & Southern RR.Co.
Since May 20, 1933
Administrative.-
-
7^995,175
WabShRy
24,000,000.00
919,360
607,000
3,500,000
18,672,250
200,000
Tuckerton RR
—40,500,000.00
97,000,000.00
2/,499,000
18,200,000
Co ^18,790,000117,750
Salt Lake & Utah RR. (receivers)
200,000
Salt Eakp <*r TTtah RR
CorD
400,000
Co
Rv
lidiiifl-Rjin Frfl,n
Western Pac. RR.
Regional Agricultural Credit corporations for:
Purchase of capital stock (Incl. $39,500,000
held in revolving fund
Administrative expense—1932
—
St. Xxjuifl-Southwestern Ry.
Texas & Pacific Ry.
revolving fund to provide capital for pro¬
duction credit corporations---———
-
222
34,699,000
18.200 000
7,099,778
------
99,200
785,000
1,070,599
^
28,900,000
3,000,000
Texas Okla. & Eastern
10,000,000.00
69,546,074.55
115,000,000.00
fund—
For other purposes
1,070,599
-
2,309,760
28.900,000
3,000.000
nil'222
4,975,207
300,000
Texas Southern-Eastern
To create mutual mortgage insurance
......
a6,843,082
190,000
600,000
SouthCTn Pacific Co
Federal Housing Administrator:
^®®»200
785,000
—
29,500,000
Pere Marquette Ry. Co..
3,000,000
Pioneer & Fayette RR
17,000
Pittsburgh & W. Va. RR. Co.—
4,975,207
Puget Sound & Cascade Ry. Co—
.
390>W)0
Sumpter Valley Ry. CoTennessee Central Ry. Co
145,000,000.00
2,600,000.00
55,000,000.00
6,843,082
100,000
5,124,000
23,134,800
—
Pe^ylvan^RR Co..:::.:.:-
Southern Ry
-
60,000
3,000
Mississippi Export RR. Co
Sand Springs Ry. Co----------Seaboard Air L Ry Co. (rec'rs).
200,000,000.00
124,741,000.00
------
2,550,000
200,000
Savannah & Atlanta Ry. Co..--
visions of
———,
1,500,000
2,550,000
6,843,082
100,000
5,124.000
Missouri Pacific RR. Co
23,134,800
Missouri Southern RR. Co-——
99,200
Mobile & Ohio RR. Co.785,000
Mobile & Ohio RR. Co.(receivers)
1,070,599
Murfreesboro-Nashville Ry. Co..
25,000
New York Central RR. Co
b41,499,000
N. Y. Chic. & St. L. RR. Co
18.200,000
N. Y. N. H. & Hartford RR. Co.
7,700,000
Norf. South. RR. Co. (receivers)
607,000
Northern Pacific RR. Co
5,000,000
Minn. St. P.& S.S.Marie Ry.
fit
———7,811,532,514.57 5,896,482,654.41
Total.
6,000,000
520,000
41,790,000
-
(including
——«
6,000,000
1,729,252
(trustee)--!
1,161,000
22,667
Missouri-Kansas-Texas RR. Co.
Total loans,excl.of loans secured by
------
540,000
354,721
—
2,550,000
Maine Central RR. Co
10,000
3,183,000
520,000
43,112,667
10,278,000
800,000
*350,000
1,500,000
~
------
78,000
-----
99,422,400
10,000
-----
10,539
10,539
3,183,000
CO—546,000
&Fla.RR.Co. (receivers)
354,721
Great Northern Ry. Co.
*
———
Galveston Terminal Ry.
Litchfield & Madison Ry.
-
3,182,150
16,582,000
Fredericksburg & North. Ry.Co.
Gainsville Midland RR. Co.78,000
Co
•
10,000,000
3,000
1,957,075
227,434
8,795,500
15,000
Maryland & Penna. RR. Co---Meridian & Bigbee River Ry. Co.
market¬
ing of agricultural commodities and livestock:
Commodity Credit Corporation
i
Loans to finance the carrying and orderly
2,680,000
2,098,925
1,800,000
..
Lehigh Valley RR. Co
agricultural
-
7,904,000 Y, 3,840,000
1,150,000
13,718,700
2,680,000
-
3,182,150
16,582.000
———-
Gulf Mobile & Northern RR. Co.
surpluses in foreign markets--—-
Other
46,000
155.632
4,338,000
838
150,000
537
,
Denver & Salt Lake West.RR.Co.
Green County RR.
Loans to business enterprises
Loans to mining businesses
364,162,218.09
of property
tornado, flood
—
Loans on and purchases of assets
22,308,000.00
429,700,283.33
Loans to aid in financing the sale of
140,000
5,916,500
46,588,133
v
1,289,000
----150,000
500,000
11,500,000
_ —— -
—
8,300,000
Denver & Rio Grande W.RR.Co.
Georgia
tion projects...—
Loans for repair and reconstruction
earthquake, fire,
464,299
1,000
13,718,700
2,680,000
Cincinnati Union Terminal Co— 10,398,925
Colorado & Southern Ry. Co
30,123,900
Columbus & Greenville Ry. Co—
60,000
Copper Range RR. Co—
53,500
Del. Lackawanna & Western Ry.
5,100,000
Gains ville Mldl'd Ry. (receivers)
Galv. Houston &Hend. RR. Co.
public school authorities for payment
salaries and for refinancing out¬
teachers'
by
220,692
464,299
8,920,000
1,150,000
(trustee)
Loans
—
...
and other catastrophes
.
Chic. Gt. West. RR. Co. (trustee)
150,000
Chic. Milw. St.P. & Pac. RR. Co. 12,000,000
Chic. Milw. St.P. & Pac. RR. Co.
Fla. E. Coast
damaged
14,150,000
3,124,319
35,701
500,000
4 100,852,765.21 3,360,079,907.84
purchase
3,300,000.00
cotton
3,300,000.00
Loans for "refinancing drainage, levee and Irriga¬
5,658,421.57
89,381,001.19
tion <listricts.:«,-.
Total loans under Section 5
to Secretary of Agriculture to
Loans
to
\
3,124,319
Erie RR. Co
distributors for payment of pro-
cessing tax
of
<
14,150,000
Central of Georgia Ry. Co
Central RR. Co. of N. J
Chicago R. I. & Pac. Ry. Co_—
Chic.R.I.& Pac.Ry.Co. (trustees)
State funds for Insurance of deposits of public
or
'
Nashville, lessees)
i
53,960
13,200
53,960
Carlton & Coast RR. Co
139,909
634,757
400,000
95,343,400
14,600
11,069,437
Buffalo Union-Carolina RR
_
Processors
-
41,300
Boston & Maine RR
127,000
90,000
1,011,365
634,757
400,000
12,205,194
41,300
132,307
535,800
—
(receivers)..
Chic. No. Shore & Milw. RR. Co.
-
moneys
41,300
11,069,437
275,000
127,000
275,000
2,500,000
,—
Birmingham & So'easternRR.Co.
$
$
127,000
Ashley Drew & Northern Ry. Co.
Baltimore & Ohio RR.
Repaid
Disbursed
$
.•
—
Ann Arbor RR. Co.
or
Withdrawn
$
— — —
Joint Stock Land banks
Canceled
/1 y1'"V.Authorized
,,
be
by Secretary Morgenthau—
Head Also Urges Cut in Non-Defense
Expenditures—Proposed Defense Bonds to
Subject to Tax
■Vv:
Treasury Morgenthau, testifying on the
so-called Defense Tax Bill (or Revenue Bill of 1940) before
the Senate Finance Committee June 12, strongly endorsed
the measure, and recommended that additional taxes and an
increase in the Federal debt limit be joined with a decrease
in non-defense Federal expenditures.
The bill, providing an
increase in the national debt limit from $45,000,000,000 to
$49,000,000,000, and establishing additional taxes to raise
annual revenue of $1,004,000,000, was passed by the House
Secretary of the
The Commercial & Financial Chronicle
3760
June
15,
1940
'
June 11
vote of 396 to 6, and reference to the House
action appears elsewhere in these columns
today.
by
a
or
Ronald
The
ex¬
He
revenues so
in
the
balance
is
small—at
current
The maintenance of
year.
rates
to
these.
revenue
ministrative services.
About
enlarged
with which to help finance
to
placing
a
strengthen
changes
It
impairment of essential ad¬
~
our
cost of
rest of the
people of this country they will make
tax contribution in accordance with
their
ability to
pay.
The
an
a
year
and
a
half
want
commercial banks
and economic
Let
state-chartered
either
the
in
mentioned
was
•
on
v
YO'-k Stat^ *3 inks"?
Vsie-'vioti i'r^lrl
the subject of bonl mrtfoMo*.
The
con¬
successful that the
were so
meanwhile,
other states
meetings—all of them for the study
banks.
are
^
other important
points of contact
to
try to
answer
the
And
general way these other points
question:
modify their basic operations
changes of the past 10 years?
In
so as to
.
.
what
should
way
reflect the monetary
.
discuss the monetary changes of the
past 10 years.
I have
table which shows the changes which have taken
place in various
monetary and economic factors during the 10 A years from the middle of
a
1929 to the end of 1939.
I do not need to discuss either these
changes or
the factors in detail, but, in
general, it can be said that the most important
increased
new taxes will
monetary developments
to do
are:
A phenomenal rise in most of the items having
with the
amount, quantity, or supply of credit and potential credit;
pronounced decline in items having to do with the use,
requirement, or
hours of work without
pay.
I strongly favor the
passage of legislation to raise emergency re venue, for
purposes of National preparedness in the
amounts
a
well
in
provided in this bill
Ne
me
prepared
our
as to other individuals.
Many Government em¬
already making extra contributions in the form of added
the provisions of the bill
June 3
on
very
I
ployees, too,
as
to
"result
upon our individual commercial banks.
apply equally to them
are
ago
happens, however, that there
of contact.
National defense program upon Federal
employees by reducing their salaries.
Along with the
them
would
between commercial bank operations and recent
monetary changes.
in this talk today I want to cover in a
defenses.
disproportionate part of the
bill
possibly, the most important manifestation of the impact of recent
monetary
are
.
National effort
extend
the
As I see it, the reason why the
country has suffered from, or I think
I should say enjoyed, this epidemic of bond
conferences is not because bond
preparedness
also opposed to
of
portfolios present tfcutonly bank problem that has arisen
during the last
decade; it is because bond portfolios constitute the most obvious,
and,
purpose of mo¬
a great
am
provisions
of bond portfolio problems of commercial
program will increase employment but its
There will inevitably be a
lag of some months.
To force men off work relief rolls before
the preparedness program has its
effect on employment would
hamper rather than help our
I
that
and groups of States have had similar
effect will not be immediate.
bilizing
than
Association instituted another series in 1940
and.
,
The
contended
to hold a series of conferences
relief, retardation
or
rather
ferences which took place in the
spring of 1939
expenditures wherever feasible.
However, I disapprove of random reductions in
appropriations which
likely to enforce premature curtailment of expenditures for
of the necessary execution of
public works
asserted that ordinary
savings banks did not
He expressed the opinion it would be better to
during the last decade on the
responsibilities of commercial banks.
He advocated in¬
creased lending at lower interest rates and increased in¬
vestments by banks.
Mr. Foster said, in part:
only
a
to cut
Ransom
exemptions
address before the annual convention of the New York State
Mr. Foster discussed the;
the
fiscal year 1941 and
approximately $1 billion yearly thereafter.
The public is willing and
ready to accept the additional burdens necessary
to support adequate National defense.
preparedness program, but also
existing
Bankers Association at Syracuse.
influence of monetary changes
The
It is important not only to increase
section which would extend to state institutions
present
Federal taxation granted to Federal savings and loan
large proportion of excess hank reserves should be in¬
vested, Stephen M. Foster, Economist of the City Bank
Farmers Trust Co. of New York City, said on June 10 in an
It
financing of the increase of Federal expenditures for National
pre¬
paredness requires provision for additional taxes, or a decrease
in other ex¬
penditures, or an increase in the National debt beyond the present
statutory
limit.
In my judgment all three
steps are required.
This bill provides for raising additional
revenue of $729 million for
our
It would, the Board's
Use of Excess Reserves
substantial balance is distinctly
and financial strength because it gives to the
Treasury the flexibility in the timing of the issue of securities
desirable at all
as
House approval.
A
in the interests of
economy
times and particularly needed in times such
Federal
by Senator Robert F. Wagner, Democrat, of New
measure won
Passage of the bill by the House
our issue of June 8,
page 3589.
low
Reduction
amounts
the
Lending and Investment by Banks is Advocated
by Stephen M. Foster—Economist Urges Increased
Treasury bills issued
it
of
Greater
saving in interest cost.
When
viewed from the standpoint of the insurance and
financial security which a
a
Board
or a mortality
among the institutions
competing with the favored Federal and other savings and loan associations."
'y,:V;
January, 1941, and the working balance of the Treasury will be too
for safety.
Such a situation calls for prompt action by this
Congress.
The Treasury working balance is now
approximately $1,200,000,000.
maintain
the
growth of unsound banking practices
pending in Congress, expendi¬
cost of the
of
institutions.
light of the proposed additional expenditures for National
preparedness, it is
anticipated that, unless the Congress acts to relieve the
situation, the
Treasury's authority to borrow will be completely exhausted
by the end of
$130,000
a
Mr.
associations,
repeal
remaining under the existing debt limit was, on
May 31, 1940, $1,950,000,000, and it is estimated that
by June 30, 1940,
the unused borrowing power will have shrunk to
$1,700,000,000.
In the
to
similar
a
Referring to
power
large Treasury balance affords, the interest
members
said to have submitted this assertion
the unanimous opinion of the Reserve Board.
The following concerning the bill is from
Washington
exemptions from
the basis of appropriation bills
would be undesirable to permit it to fall much below
this level.
of the balance would
yield no significant
Ex¬
Loan
"strengthen and increase competitive advantages of the Home Loan Bank
which are not enjoyed by others.
included in
1941 will exceed by $4,350,000,000 the
•'V
\ 7
Bill
Home
are
receive these exemptions.
•
borrowing
Federal
group
•1
far provided.
of
said, "permit the operations of the Home Loan Bank
system to
expanded far beyond the scope of its original purposes" and would
be
ex¬
Events since that time have made it
urgently necessary to increase
are now
this
commodities.
System Oppose
Powers
in
statement
receipts by $2,"
which have passed and those which
System,
The bill was offered
Morgenthau stated:
on
Reserve
studies
seven
they become available,
as
Associated Press advices of June 13:
He anticipated that recovery of excess
capital funds from
Government corporations would yield
$700,000,000, and he recommended
that $460,000,000 additional taxes be
imposed to cover emergency defense
expenditures.
This left an estimated deficit of
$1,716,000,000 to be fi¬
tures for the fiscal year
Ranson,
as
876,000,000.
It is estimated that,
Federal
of
first
other groups of
on
Reserve
York, after
The President in his Budget Message of Jan.
3, 1940, estimated that
penditures for the fiscal year 1941 would exceed normal
the 1941 Budget.
studies
the
will issue,
a Senate Banking Subcommittee
hearing on legislation
expand the lending powers of the Federal Home Loan
Bank System, two officials of the Board of Governors of the
Federal Reserve System opposed the bill on June
13, con¬
tending that it would facilitate development of a "full-fledged
banking system competing upon favored terms" with other
financial institutions.
Marriner S. Eccles, Chairman, and
in the salaries of Federal workers.
amounts
request
upon
At
■
penditures for National preparedness far beyond the
obtained
Commission, Washington,
Office, Custom House, New
to
Byrd asserted that the defense program, standing
at $5,000,000,000 for this year,
might reach $20,000,000,000
eventually.
Morgenthau said that if outlays should reach
the latter figure "we will have to have taxes far
beyond
anything contemplated in this bill."
Mr. Byrd urged that all non-defense
expenditures of the
Government be reduced by 10%, and Mr.
Morgenthau said
he would favor reducing some non-defense
outlays provided
they did not curtail the relief program or make heavy cuts
In his prepared statement Mr.
be
may
Tariff
issued
and
panding Lending
Bank System
•
Senator
by borrowing.
April,
Members
exemptions be removed from all future issues of Federal, State and local
nanced
in
similar
Mr. Morgenthau advised the Senate Finance Committee
that he would
utilize existing authority to apply Federal taxes to
income from these
securities even if Congress failed to heed his recommendation
that present
-■•V.."'-"
States
the Tariff Commission
Commission
The
series
'
•'
United
the
York City.
security issue be sold and retired over a five-year period
from proceeds from the new taxes.
At the hearing before the Senate Finance Committee on
June 12 Secretary Morgenthau
disclosed that those who
buy the proposed new Federal defense bonds would have
to pay taxes on them.
Associated,Press advices from Wash¬
ington June 12 reporting this also said in part:
bonds.
of these reports
Copies
from
D.
Besides raising new taxes, and increasing the Federal debt
limit the bill provides that a special $4,000,000,000 defense
demand for credit.
Thus, to be
as
raising the limit of the public debt.
a little more specific, gold coming into our
monetary system
huge quantities has greatly expanded the monetary base, has caused
balances to increase, has created huge excess
reserves, and has been
reserve
A similar statement
by Secretary Morgenthau was made
Ways and Means Committee on May 31
referred to in our June 1 issue,
page 3442.
Assistant Secretary of the
Treasury John L. Sullivan ex¬
instrumental
before the House
in getting banks to purchase bonds.
And the purchase of
bonds by banks, coupled with the increase in reserve
balances has tended
and
to increase the
was
plained
the provisions of the various sections of the
before the Senate Finance
Committee on June 13.
bill
t
supply of commercial bank deposits
decline in the public's borrowing operations.
In the old
States
Tariff
Industries
The
United
and
Commission
Reports on Various
Reciprocal Trade Agreements
States Tariff
Commission
issued
on
June
7
the second group of a series of
reports on industries affected
by the trade agreements program.
The reports summarize
for each industry the various
tariff concessions granted by
the United States, and the
concessions obtained from for¬
eign countries on the United States
exports of products of
the industry.
The reports are:
Cement and concrete
products,
grain
and
beverages,
grain
products,
leather,
leather
fishery products, fruit
vegetable
footwear.
and
vegetable
in the face of
even
.
net
a
.
.
depreciation.
days this responsibility involved mostly
loan portfolios; for other than loans
United
.
The final part of this discussion is-the
impact of monetary changes of the
last 10 years on our
responsibility to protect our total asset value from
a
we
funds.
Therefore, in the old days,
a
a
strict watch of
our
used to have very little except cash,
few fixed assets, and a bond account of
only about
good bank
1A times
was
a
bank
our
capital
that
knew
its credits.
Now,
Loans
however,
are scarce,
to
and
a
considerable
as a
large percentage of their
$5 million.
serves
about
Let's
of about
a
situation
is
changed.
upon to lend their
wide range of choice as to what to do with
Let's take
assets.
assume
%lA
that
extent,
result, most banks, not called
funds, find themselves with
that
a
a
bank with total assets of.
say,
it has loans
of
million and bank premises
$1H million, required
and other fixed
assets
re¬
of
$}4 million.
and fruit products,
That bank, then, has left about %2% million over the
disposition of which
it has absolute discretion—of course within
legal limits.
It can
products,
of various descriptions
alcoholic
buy bonds
loans, it
can
and maturities, it
hold cash, it
can
pick
can
perhaps drum
up mortgages.
up
additional
The question is. however.
Volume
The Commercial & Financial Chronicle
ISO
what is the purpose of this $2,750,000?
most rigorous economic and legal scrutiny ought to be in hand and at all
times available to an industry before it indulges in any price raises in this
What part does it play in our re-
sponsibilities?
Well,
discussed is
first responsibility already
our
local credit.
to extend
Therefore this $2,750,000 must be considered as sort of a reserve
expansion of
The
occur*;;->,i!-/.^
,
: '■
VVV."
• .V
Materials and standards for answering these questions may be discc-rned by those who take the trouble to study and comprehend the viewpoint of the present Anti-Trust Division, and to this subject those who
industries.
■
responsibility is to
next
hold
and
be
For that
funds.
active
clear
of the $2,750,000 must always
responsibility part
What are, and what are not, economic and legal factual data which
will be convincing to the Anti-Trust Division are questions which the
Division has recently stated must be answered differently in different
against an
expansion of loans, and can be reinvested if the ex-
an
panslon does not
emergency.
Part of it must always be available or coming
loans.
our
available to meet
available to meet
reasonable withdrawals.
third responsibility is
Our
hold and
to
that
we can pass
who are
of it along to
some
hoarding large amounts of capital, but those who are building up
■
Our fourth and fifth responsibilities are to our employees
holders.
$2,750,000
is compatible with
as
comes
We banks
chances.
six
our
other responsibilities.
our
responsibility,
protect
to
here is that banks
The point
preciation.
our
in
not
are
a
That being the case, if we are going to
or more.
the
assets
"Elimination
be
to
acquired
with
One is cash,
Practically speaking
.;■■■■'_
'■
it does not full ill
the requirement
for
Hence we
are
what
should acquire with our $2,750,000.
we
However,
of this
part
$2,750,000 must always be available for reasonable expansion in our loan
and*for
account
reasonable withdrawals of deposits.
For that reason a
portion of this bond account must be coming due regularly and inexorably
each year.
That In turn suggests
bond portfolio of maturities evenly
a
spaced over a moderate period of time whose maximum length of maturity
is
dependent upon
a
bank do
One
with
variety of factors having to do with the individual bank.
a
thing,
more
question that
a
should it invest it?
or
discussion should
we
keep
frequently is, what should
large amount of excess cash
a
How much, for example, of the $2,750,000 under
keep
we
comes up very
Should it
its cash:
of cash, and how much should
as an excess reserve
allocate to the staggered bond account ?
There is in this country far more cash now than there was in the
Reserve balances, for example,
And
$13 billion.
in the country as a
20's.
have gone from about $2 billion to about
banks have thought that the existence of more cash
many
whole justified them individually in holding more excess
cash than they would previously have even contemplated holding.
Personally I do not
consider the
has been the inflow of gold.
Because, if the
but the principal factor
course,
The question is then, I should think: Would a
answer
is yes, then you would be justified in carrying
large excess reserve of cash.
a
excessive cash position of the
up the
of the force that built up the country's cash cause a drain on your
reversal
cash?
I think we should
with this point of view.
agree
things which have built
Many factors contributed to it, of
country.
If, however, the
is no—and this
answer
would apply to many of you—then I should think you would be
in not
justified
holding much more excess cash than you would have held 10 years
investing the balance of the $2,750,000 and trusting in the regular
ago,
maturing of your highest grade bonds (governments or the like) to provide
with funds to meet expanding loans
you
deposit withdrawals.
or
specification of being the
very
shortest maturities are themselves almost the
Such a
the central control authorities it would
to
itself too far out of line
get
Incidentally in
such
a
a
with other
cash,
bank
maturity of the list.
This
you,
but it is nevertheless a fact,
policy of holding staggered maturities is maintained year after year
you are
always reinvesting
your
funds in the longest maturity and, there-
staggered list with
be reinvesting your maturing issues at around 2%
a
siderably
higher
than
.
this figure
because
obligations wouid, during the last io
would be con-
purchases of 10 year
average
years,
have ranged between around
IA and 3%.
Other addresses
Convention
the
at
referred to else-
are
where in this issue.
♦
.
>
_
0
Courts Seen
Regarded
"Price
Anti-Trust
by
;
,w
.
Policies Heretofore
H. Montague Cites
of
Division
price
have'
lia\e
differentials
"PTiPrallv
&encraiiy
hprpfoforp
neretoiore
today
sharply cuallenged by
Attorney
price
rpzarrtefl
jf these changes are
as
recent
decisions
various Circuit
and
fair
it-p
Courts
will undoubtedly
Sherman Act" in
Ample
for
Industrial
Ex-
Pope—President y°m First
of
ruan,;n 1
not made the investment principle is unsound for
public or private funds.
Our people do not
foundation.
the ItobinOf the
^
f
If these temporary changes in a small part
of one or tw0 acts overthrow, as has been indicated, the entire scheme of
recent social legislation then that social legislation is resting on a very shaky
structures
re^aiueu as iair are
interpretations of
Act laid down in
Trade Commission
bPPn
Decn
and
Even though
that can temporarily be made that will make investment of
private funds in this expansion a sound investment."
Mr.
p0pe added:
,
either
whioh
\Ymen
eral
Price
..
Office
policies,
SOll-Patman
„
.
Fair—Gilbert
as
Campaign
.
„
.
Challenging
as
General's
&
'
?
unlawful activity.
Boston Corporation Urges Changes in Law Warns
Against Unsound Defense financing
Allail M. Pope, President of The First Boston Corporatjon speaking On June 7 before the West Virginia Bankers
Association at White Sulphur Springs, said that "there are
ampie private funds to finance any contemplated
industrial expansion for defense needs, and any one familiar
with banking and business can prove it."
He further asserted that "there are simple changes in one or two laws
better and the
or
an
pansion, Says Allan M.
£
'
'
•
maximum maturity of only 10 years, you would
on a
now
actual yield that you would be deriving from your portfolio
throughout our history as ostensible
Any combination which tampers
...
Funds
Investment
private
"If1',631,r,a,th,0r than V the akv"af' ?nld ava"ableoperating
for
you had, for 10 years, been
If, for example,
particular portfolio.
.
particular cases after "scrutiny and approval" by some specially appointed
administrative agency, or some specially empowered executive official, or
seme other "designated public representative."
♦
be obtained considering the average
can
surprise
may
"
Coming from the Supreme Court, this endorsement
inspire legislative proposals for lifting "the ban of the
And finally, from the
uneasiness.
cause no
staggered maturity list gives the maximum yield,
that, under present conditions,
a
excess
on
legal
This seems to be sensed by the Supreme Court, for last month in two
decisions the court coupled its rejection of judicial flexibility under the
- "rule
of reason"- with its endorsement of administrative flexibility under
statute's in which Congress has provided for lifting "the ban of the
Sherman Act" after "scrutiny and approval of designated public represcntatives."
of very heavy deposit withdrawals the discounts of
case
portfolio of bonds would
point of view of income,
for if
~
probably be well for any bank not
as regards
less comparable size and position.
or
more
Further-
in view of the possibility of control devices being put into effect by
more,
or under*
prices,
justification,"
agreement
economy.
highest grade so that the
equivalent of cash.
no
"may have known of those programs and winked at them or tacitly
approved them, no immunity would have thereby been obtained.
.
.
.
Otherwise national policy on such grave and important issues as this
would be determined not by Congress nor by those to whom Congress had
delegated authority but by virtual volunteers."
Almost any cooperative effort among business men may to some extent
and in some degree have the purpose and effect of "raising, depressing,
fixing, pegging or stabilizing the price of a commodity," and therefore
some interesting questions are here presented.
Can business men safely cooperate with one another in trade association activities, industrial self-regulations and business practice codes,
7 which
heretofore have heen assumed to be within the "rule of reason,"
when such activities, regulations and codes to some extent and in some
degree may have the puxmose and effect of "raising, depressing, fixing,
pegging or stabilizing the price of a commodity" ?
.
.
.
Can business men, in advance of obtaining express immunity from Congress, safely qpoperate with one another in programs for price reduction
or stabilization which are now being urged by the Attorney General's
Anti-Trust Division, when such cooperation to some extent and in some
degree may have the purpose and effect of "raising, depressing, fixing,
pegging or stabilizing the price of a commodity"?
Business men and Government officials have for years depended upon
the "rule of reason" for the functioning of innumerable essential business
and governmental relationships, but this is now curtailed by the Spureme
Court's ruling that "Congress has hot left with us any such choice."
Without the "rule of reason" or some other form of flexibility, the
Sherman Act as now interpreted by the Supreme Court spells economic
chaos for many industries which are essential today in the American
procedure can, of course, be adopted only if the bonds in the portfolio
conform to the
no
would be directly interfering with the free play of market forces."
"Though employees of the Government," the Supreme Court continued,
forced to the conclusion that the very highest grade dollar obligations
are
is
the members of the price-fixing group were in no position to control the
market, to the extent that they raised, lowered, or stabilized prices they
quite obviously, how-
modest income.
a
appear
with price structures is engaged in
■
Cash fulfills perfectly some of our requirements;
evils
•
of price-cutting and the like
justifications for price-fixing.
the other is marketable bonds of the very highest
grade.
competitive
"Fairer competitive prices, it is claimed, resulted," continued the
Supreme Court.
"But such defense is typical of the protestations usually
made in price-fixing cases.
Ruinous competition, financial disaster, evils
be conservative when we
$2,750,000.
our
so-called
of
said the Supreme Court.
40% margin
on a
destructive industrial condition, and comprised
standing about prices but left everybody free to compete
only two types of assets which filled the requirements for con-
are
servatism:
ever,
or
11% margin, then we must be ultra-conservative in our selection
on a
there
de-
from
assets
position to take
Now the security market
marginal institutions.
are
industry is considered highly specualtive though it works
of
depressing, fixing, pegging or stabilizing the price of a commodity," even
though such concerted action had been acquiesced in and informally urged
by various Government officials, and was undertaken to remove a harmful
and to our stock-
For these responsibilities also we want to get as large a return on
Finally
work
responsible for directing the course of American business should
devote their best attention throughout the present emergency,
Last month the Supreme Court condemned as "price-fixing" and therefore outside the "rule of reason" and unlawful every form of concerted
action among business men having the purpose and effect of "raising,
savings depositors—not those
our real
*
are
$2,750,000 so
small savings.
our
For
savings funds.
encourage
that responsibility we need to get some slight return on the
3761
discredit the use of
Fed-
industry
of Ap-
sense
are
on
believe it is.
Arguments to discourage or
private funds to build up our temporary expansion of
such shaky foundations that it only takes the common
knock them down, and so soon as they can learn the
of our people to
peals," said Gilbert H. Montague, an attorney of New York
City, in an address on June 10 before the Plumbing and
Heating Wholesalers of New England, at York, Me.
Since
facts they will.
last
sion in manufacturing plants beyond any
distress when after the emergency only a
September, he said, "the first line shock troops in the
Government's attack
on
sudden raises in prices have been
continueu.
This
turns,
has
Division
continued
in
have
a
quadrupled
while
that
where there
been
number
price
its
staff
have
raises
since
1937,
and
occurred
in
certain
investigations and prosecutions,
no
of
industries
where
there have
recently
it
Because we
nal
an
investigations
of
prosecutions,
it
must
take
care
that
in
the
present
emergency
its
priee raises do not go beyond the justification afforded by its factual data.
Factual
data
savings
that
are
complete,
up-to-date and capable of meeting
the
peace-time,
banks,
and private
industry wants to invite grand jury investigations and crimi-
problem under our present tax laws to
face it, we are now confronted with the inability
insurance companies, commercial banks, corporations
investors whose billions have long awaited sound investment
this great contemplated expansion of industry.
This to¬
vestment is now prevented in part from becoming sound because new income tax laws prevent our industry from paying enough out of current
earnings to pay for this very expansion, thereby leaving in some future
to
,
employed will be commensurate with the business
have not faced this
the extent that we now
and prosecutions.
Unless
the capital then
activity of such
industries
low prices have
been
from experience that a sudden expanexpected use in peace-time brings
part of such expanded plants can
tZl
Mr. Montague
tile Attorney General's Anti-Trust Division."
announced
Mr. Pope also said:
In part
Manufacturers and bankers know
safely invest in
The Commercial & Financial Chronicle
3762
the present investor owning
peace time
enormous
facturing plants for which there is then
additions to present
no use.
As
manu¬
to
destroy free enterprise and
our
American form of democratic
government funds rather than the funds of
in the very manner
people,
and by appropriate
lead to much
and saved
can
bring this country to whatever manufacturing standard
There will be
money.
question of
a
Hanes Advocates
sixth column.
Return to Gold Standard
system and in our Government," Robert M. Hanes, Presi¬
dent of the American Bankers Association, declared on
June 4 in
interview at
an
annual convention of
Boston, where he
the
American
attending the
of Banking.
was appointed
was
Institute
William A. Irwin of New York on June 5
National Educational Director of the Institute.
dress he advised young bankers to become
In
an
ad¬
specialists, and
banking is becoming keener each
said that competition in
year.
Referring to the interview with Mr. Hanes, Associated
Press Boston advices June 4 said:
He
declared
further,
in
an
interview,
that
the
furnish "every material aid possible" to the Allies.
man
United
States
should
In the event of
victory, be said, this country would "face the loss of all of its
a
Ger¬
June 4 that Germany
on
could be used in loans for post
war, re¬
President of the Manufacturers Trust Co., New York City,
was elected Vice President for the same term of office.
New members elected to the A.I.B. executive council for
Elected President—W. A. Irwin named Educational
Director
The United States should finance its national defense
pro¬
"pay-as-you-go'' policy, and should return to the
gold standard "to reestablish confidence in our monetary
capital markets."
J. Leroy Dart, Vice President of the Florida National
Bank, Jacksonville, Fla., was elected president of the
Institute for the year 1940-41.
George T. Newell, Vice
Financing of Defense Program Through Taxes
—Head of American Bankers Association Addresses
American
Institute
of
Banking—J.
L.
Dart
gram on a
supporting
be necessary
financing, would
could force tnis country into using the barter system of in¬
ternational trade, and suggested that this Nation's tremen¬
vast an expenditure of public
no
added cost and
new
President of the Institute of Banking'
as
Harry R. Smith, expressed doubt
may
so
stable money markets and
more
dous gold reserve
construction.
Robert M.
and
no
avoiding
losses."
Treasury policies with respect to
In his remarks
of private funds which our people have earned
be necessary in this emergency,
that
existing idle funds
of their large volume of
some
the part of the Federal Reserve authorities as may
measures on
same
With few changes which merely express the flexibility of our law, cus¬
sums
suggested
"Bank policies of this sort," he said, "accompanied by such
people.
todians of these vast
for
uses
without sacrificing safeguards against actual capital
invested
that is unsafe for the private investment of those
profitable
more
govern¬
our
thus forcing the funds of the people into government securities,
T
Mr. Thomas
than short-time considerations should make it possible for them to obtain
It may result in forcing this great expansion of our industries to be
ment.
remedy, in part, for the situation,
"the adoption by banks of investment policies based upon long-time rather
♦
This may result in a sixth column—a force within the country working
undertaken with
a
June 15, 1940
three-year term ending in 1943
a
C. Edgar Johnson,
Chicago, 111.;
Erwin
Manager, American Trust Co., San
Ansqlmo, Cal.; William C. Way, Assistant Trust Officer,
Central National Bank of Cleveland, Cleveland, Ohio, and
William C. Pitner, American Trust & Banking Co., Chat¬
tanooga, Tenn.
Assistant
Cashier,
V. Holton,
First
are:
National
Bank,
Mr. Larson has been Assistant Secretary of the American
Institute of Banking since Nov., 1937, coming ^o the Na¬
tional office from Minneapolis Chapter of which he was ex¬
ecutive secretary for several years.
In becoming secretary
of the Institute he takes over the office filled by Richard W.
Hill for 24 years.
Mr. Hill was promoted to the post of
secretary of the American Bankers Association three years
He will now devote his full time to this office and to
The Graduate School of Banking of which he is registrar.
ago.
foreign
trade."
Mr. Hanes earlier had told bankers attending the 38th convention of the
American Institute of Banking that private business and
independent bank¬
were "now as capable of executing the Government's
program for de¬
Governors
Conference
at
Duluth, Minn., Pledges
-'Agricultural, Military and Industrial" Resources
ing
fense
as
they
were
in 1917 and 1-918 for its program of offense."
He told newspaper men there
or
was
some
degree
a
drop in the demand for manpower here
for munitions making.
conquered territory and
"I
work
toward
thoroughly agree," Mr. Hanes said in his address
at the
convention,
We should spare no pains nor
money to the end that our country
be
im¬
The banking system of the Nation is prepared to help in
every
way to finance any
defense
program which the
Congress
may
initiate."
Mr. Hanes, who also is President of the Wachovia Bank and Trust
Co.,
Winston-Salem, N. C., said it did
not
seem
likely "that this Nation will
become militarily involved" in the war, nor, he
added, "is there any reason
to fear the
in
ability of the free enterprise order
emergency."
any
National
Barriers
Defense
Program
—
Opposed
for
the Federal defense program was pledged on
by 19 Governors attending the National Governors'
Conference
diately
fense
at
Duluth,
to serve the
hysteria under which the surrender of
to be on
country's needs
more
guard against
powers
over
3
June
on
that
honest
administration
dictatorship in the interest of national efficiency."
Referring to the statement adopted by the conference,
Associated Press advices of June 3 from Duluth said:
The
statement,
duced
the life of the
industrial and military, to that
H. Vanderbilt of Rhode Island
William
the conference
it,
war-scare
It
said
the
Vermont's
"an
expresses
ignored
President
people to the Federal Government may be undertaken."
agricultural,
Governor
by governmental officials which would result in public re¬
spect is "the best answer to the current trend to absolute
;
"But," he continued, "it is important
The conference approved a
to provide adequately and effectively for the de¬
these United States, and each State pledges her
resources,
end."
told
Minn.
"all necessary steps should be taken imme¬
of
self-sufficiency.
"that this country should be prepared to defend itself
against any attack.
pregnable.
Aid
June 3
statement that
On the other hand, he said that if the Germans
won, they probably would
refuse to buy anything they could produce in their
would
Aid
to
Trade
or
quent demands for products from this country for rehabilitation of Europe
would counteract to
States
Interstate
enterprise for its defense program
He suggested that if the Allies won, subse¬
other emergency."
any
of
"no need of Government taking over
authority from private individuals
any
Roosevelt
Governor,
honest opinion"
controversial
in
question
his
bid
George
for
D.
and avoids
whether
the
authority
Aiken,
"a
little
Governors
to
mobilize
who
hot
intro¬
water."
should
the
back
National
Guard.
Fred I. Kent, a director of the Bankers Trust Co. of New
York, addressing the convention on June 7, said that "re¬
sumption of industry with elimination of unemployment and
return to
balanced budget ' 'would do far
a
more to provide
effective national security than the mere allotment of
huge
sums
for panic defense." Associated Press advices from
Boston also reported him
as
saying:
"The United States
as a going
country reasonably protected against war,
industries functioning throughout the
length and breadth of the
land, with its people fully employed, with a balanced budget and the will
to attain spiritual
understanding, would not be subject to the attack of
with its
any
nation."
Mr. Kent said the Nation must
keep in mind the problem of finding ways
to
From the
Dr. Irvin
of New
same
advices
we
quote:
Bussing, Director of Research of the Savings Bank Trust Co.,
a plea for adoption of a
split dividend rate which would
depositor who leaves his money in the bank and give a smaller
return to the transient
funds.
The most practical
plan,
in the opinion of Dr. Bussing,
dinner,
System, declared
June 6, according to Boston advices
to the New York "Times," which likewise reported
on
that day
him as follows:
At the
System
same
time he disclosed that member banks of the Federal Reserve
now have
nearly $6,500,000,000 of
amount which he said "could
reserves
included
the
interferes
Nation
is
is
never
with
the
a
to
State
on
Vanderbilt
standards
of
dodge the spread
of
a
highlight of the
administrative
and
Rhode Island,
at the
public business must be
of
dictatorships.
popular institution,"
very
lives
papers
H.
Mr.
Vanderbilt said.
of
citizens, it regulates and restricts their
privileges and puts them in jail, suspends their various licenses and, worst
of all, it takes some of their hard-earned
money away from them in taxes.
"If you try the patience of the American citizen too
long with stupid,
inefficient, wasteful, selfish government, he is going to make up his mind
that the system is wrong.
Then, with others, he is going to discuss ways
and means of substituting something else for it.
He is then at the state
where
he is ripe for any quick
philosophy that may come along."
During the afternoon's consideration of relief problems, Governor E. D.
of
Georgia advised those who regard the public-air program as
Rivers
temporary to remember that "the
According
poor
Associated
to
have always with you."
you
Press
advices .from
Duluth,
5, problems of utilization of public lands, and the
dangers of a totalitarian government in the United States
in
provide the basis for
excess
an
were
of requirements,
expansion of
discussed
on
June 5 by Governors George D. Aiken of
Vermont, Raymond E. Baldwin of Connecticut and M. Clif¬
Townsend
of
Indiana.
In part,
one
Responsibility for more active use of idle funds rests with
the banks of the
country, Woodlief Thomas, Assistant Di¬
rector of the Division of Research and
Statistics of the
Board of Governors of the Federal Reserve
the convention
if
"Government
"It
which
Governor William
warned other Governors that
improved
ford
would be
under which 2% would be
paid on five-year minimum balances and 1% on
the remainder.
at
activities,
problems.
June
York, made
reward the
day's
relief
re-establish
employment after the war.
"Otherwise," he added, "the close of the war—regardless of the toll in
life and property that
may be taken—will merely be the beginning of the
building up of a new war that will follow as certainly as night follows day."
an
The discussion of the national defense statement was
first
mem¬
Mr.
Aiken
ownership
advised
the Governors
take
to
halt what he regarded
acquisition of land.
and
as
a
these advices added:
steps to promote private land
trend toward increased public
Governor
and
Townsend suggested that improved legislation to
permit local
county governments to set up land-zoning regulations would promote
use of much land, particularly in the cut-over areas of the lake
improved
States.
Mr.
Baldwin
warned
the
Governors
that
Federal
aid
systems were
cutting into the State's relationship when its cities, raising local taxes to
any State tax relations, and leaving the State helpless to interfere.
Nebraska's Governor, Robert L. Cochran, touched off the examination
offset
of
interstate
laws
and
trade
barriers
by
declaring
there
are
regulations hindering free trade between
presently some 1,400
States, and suggesting
that the trend should be toward unhampered intercourse between the States.
ber-bank deposits to
nearly double their present exceptionally high level."
"Much of the increase in
deposits and most of the decline in rate of turn¬
over has taken place at banks in
New York
Mr. Cochran
banks in other financial
centers,
government."
City and to
represent funds
that
are
outlets."
a
smaller extent at
indicating that a large portion of the deposits
awaiting the finding of satisfactory investment
"Many of the existing trade barriers
sion,
the results
Governor
called
to
of
State
were
an
Legislatures seeking
outgrowth of the depres¬
new
said, but they "are also the product of
Lloyd C.
Washington
fee and tax
our
sources,"
Federal system of
Stark, Chairman of the Conference, said he has been
to confer
with
President Roosevelt.
Volume
The Commercial
150
Governor
who was unahle to be
of New York,
Lehman
& Financial Chronicle
Governor Stark
request
that Congress grant to the President the authority he asked
"to call into active service such portion of the National
Guard as may be deemed necessary for the national de¬
present at the Conference, sent a telegram to
indicating his endorsement of President Roosevelt's
fense."
Randolph Burgess Elected President of New York
State Bankers Association at Annual Convention
Cooperation with Govern¬
Program—Remarks of Retiring
President Hughes, Superintendent White, Harold
Stonier, &c.
—Resolution
Pledges
Defense
in
ment
cooperation of banking with industry, labor, agricul¬
complete fulfillment "of an adequate
program for the proper defense of the United States" was
pledged by the New York State Bankers Association at its
annual convention at Syracuse, N. Y., on June 11.
The
pledge was embodied in the following resolution adopted:
The
ture and Government to
The
Europe has brought home to our
in
war
threat of dictatorship to those
of life and the greatest respect
democratic institutions which have given
widest freedom
Bankers Association
complete
full weight of their influence toward the
agriculture and Government
in the supreme effort to complete the rapid fulfillment of an adequate pro¬
gram for the proper defense of the United States and the preservation of
those principles under which this nation was founded.
We reaffirm our
faith in the courage and capacity of our people to meet this challenge with¬
out sacrifice of that domocratic heritage we seek to preserve."
cooperation of banking with industry, labor,
attended the
convention, which was held from June 10 to 13.
William
R. White, New York State Superintendent of Banks, speak¬
ing at a luncheon on June 10 said that "recent developments
clearly indicate our determination to give England and
France every possible assistance, short of sending an army
to Europe."
"We are mobilizing not men this time," he
said, "but material resources."
He went on to say:
More than 600 bankers of New York State
How
can
What shall we sell to the Allies;
speeded?
this program be
sell and on what terms ?
These are questions deserving of the
immediate consideration of bankers.
Such issues may seem remote from
when shall
we
for business
However,
while
we
practical
as
bond investments.
But
Nevertheless, they are far
directly upon our ability to maintain the kind
in which private banking is
Of
thing
one
that bankers have taken
keen interest in studies and other efforts carried on for the
discovering ways to make banking more useful to
and more attractive to the capital invested in it.
He continued:
not ask ourselves
the question of where our efforts are now most
in preserving the kind of civilization
part to play?
...
needed; where will they count for most
which private banking
has a
religious and
educational leaders have come statements in recent weeks which signify
an unusual unanimity of opinion upon the question of help to the Allies.
From prominent men
as
in industry and labor, and from our
Hughes (also President of the Washington Irving Trust
of Tarry town, N. Y.), declared that "our immediate
job is the strengthening of the condition and management of
our banks for greater service to the National needs.
It is
our duty to work hand in hand with Government, business
and industry in planning and coordinating American re¬
sources so that we may enter the world of tomorrow wisely,
soundly and well prepared."
He continued:
As bankers we have a great
interest
number of problems to work out.
the immediate problem may be,
excessive
rates,
legislative control,
inevitably brings forth the query
But no
whether it is concerned with
or
burdensome taxation,
it
which is never far from the forefront of our
What does the future hold for our
thoughts—where is banking heading?
profession?
During the past decade, your
directed much of your
tions to these new laws
officers and committees have necessarily
Association work along the lines of research—the
discussion of new legislation,
is drawing to a
methods and means of adopting our institu¬
and regulations.
It now appears that this period
close—that we are conversant with the mistakes of the past
and the social changes
of the present.
During these years information has
today we look forward to the next
decade.
As our convention slogan we have adopted "Banking in the
Forties."
Inasmuch as 1940 marks the beginning of another decade, your
committees believe that they should give their attention to what we may
been
gathered, plans have been laid and
expect of the
be
They do not claim to
They have tried within the limits of their
the practical work of the banks and in the Association, not
banking world in the 10 years ahead.
prophets or crystal gazers.
abilities, both in
conditions, but also to observe what they think to be
fundamental character in the banking world.
.
.
.
only to study present
trends of a
The liquidity
we
boomerang, and today, as we
a
or
private individuals:
attendant
upon
never
worthy of the
"bank."
a
name
portion of
our
funds in these fields.
He further said:
risks, it
There
always
If it
loses.
never
When
is
an
element
of risk
dynamic banking institution.
any
never
r
the
If
a
risks, it is not
chartered banking institution suffers
a
loss, it does not ask the taxpayers to pay that loss.
Dr. Stonier cited the financial experience
of one Govern¬
banking institution which he said has made 80,000 loans
on residences in one State aggregating $411,000,000 in the
past six years; continuing he said:
ment
In that
over
period of time this Government banking agency has had to take
It had to resell the property, and it lost, on an
32% of the mortgages.
$2,800 apiece
average,
If this loss ratio is maintained, this
these loans.
on
Government bank will lose $72,000,000.
will be paid for in taxation.
Who will pay for that loss?
It
Those people who have kept their homes and
who have jobs will have their taxes increased because this is a socialized loss.
One
day the "honeymoon" is going to be over in this governmental bank¬
Losses will occur along many of the 30 different fronts in which they
ing.
have been operating, and when the losses
roll up into hundreds of millions of
dollars, the American people will have a chance to determine whether or
they want to continue to mix politics with banking.
not
Associated Press accounts from Syracuse, June
At the same session, Adrian M. Massie, Vice-President
Massie
11, said:
of the New York
American banks were about to be "called upon to
successfully the financing of our National defense program."
cooperation
of the
urging that
said,
"collossal program."
"Banking is
one
banking structure is
essential
to the plan,"
banks prepare carefully for the
:
.
strain of the
.
of the most important keystones in the capitalistic
It must not
"The capitalistic system is on trial.
system," he declared,
fail and it will not fail if every banker does a
sound job."
Burgess at the closing
President of the
Auburn Trust Co. of Auburn, N. Y., was chosen VicePresident.
Other officers elected were: Treasurer, F. F.
session of the convention, E. C. Donovan,
Fiske, President of the Farmers National Bank of Malone,
N.
Secretary, W. Gordon Brown of the Association's
Y.;
executive staff.
<
Stephen M. Foster of the City Bank
Farmers Trust Co. of New York is referred to in another
of
address
The
/
item in this issue.
Chamber of
State
Commerce
Elects 22 New Members
of the Chamber of Commerce of
State of New York, held June 6, 22 candidates for mem¬
At the monthly meeting
the
bership were approved. Included in the number are leading
executives of the textile, petroleum, chemical, distilling, in¬
shipping, banking and other industries.
surance,
new
The list of
members follows:
Scott Andrews, Vice-President W. & A. Gilbey, Ltd.
Walter
II.
Alexander
A
Barth, President Bear Mill Manufacturing Co.
Bedford, President Colonial Beacon Oil Co.
Clarke
Sidney Beir, President William Beir & Co.
Empire Trust Co.
Vice-President Chemical Bank & Trust Co.
Henry C. Brunie, President
LeRoy W. Campbell,
Cox Jr., Vice-President Appleton & Cox.
Charles A. Fowler, President Fowler & Kavanagh.
D.
Farley
Handel, President Cincinnati Chemical Works.
Helm, Vice-President Chemical Bank & Trust Co.
Harold
H.
Arthur
Iselin,
William Iselin & Co.
Corp.
Lesser, President International Freighting Corp.
Chairman of the Board, Auburn Automobile Co.
Harry J.
K.
Chairman of Finance Committee,
Kavanagh, President Aeolian-American
C.
Gardner
John
President Hewitt Realty Co.
Hewitt Green,
Norvin
George F.
McGowan,
P. Maguire & Co.
Dillon, Read & Co.
Joseph Meseck, President Meseck Towing & Transportation Co.
Maguire, President John
John
P.
Dean
Mathey, Vice-President
Wandell
Edwin
M.
H.
Vincent
Francis
S.
Mooney, Vice-President
Chemical Bank & Trust Co.
Mosler, President Mosler Safe
Mulford,
Co.
retired.
Tilden Nichols,
bulances to
decade, Government-managed monetary
urged to borrow.
the 40's, an era of reconstruc¬
tion may set in and domestic economy in American may be brought into
balance.
Once peace has been re-established, there will undoubtedly be
an exodus of our excess goxd supply to the countries where it belongs, and
A few years
use a
be
must
New York Cocoa
We are faced with the largest excess reserves in our
Government budget which has been continuously unbalanced for
have to be
should
which
brought about
financial institutions are suffering from indigestion
control, ownership of
65% of the world's gold, a world war, prospects of higher taxes and in¬
creased spending for armaments.
Interest rates have been depressed to
the lowest point in the history of our country; we have one of the easiest
money markets we have ever known.
But, in spite of these facts, people
nearly
It would be folly to use our present
certain about banking, whether it is done by
are
hurled itself
enter the 40's, our banks
by too much liquidity.
history, a
even
philanthropist.
which we sought so frantically in the 30's has
back upon us like a
and other
are,
President of the Association, Dr. Joseph
Co.
matter what
sit with folded
In addition to the election of W. R.
in Europe, we realize that we
have been engaged in perfecting a banking process designed to serve a kind
of society which in other countries is being destroyed by a ruthless political
and military machine.
In the face of these fast moving world events,
Today, however, as we view developments
E.
we
Government
"The
able to live.
Mr. White observed in his address
In his address
they
portfolios with long-term, low interest
must result in times of business strain.
Trust Co., warned that
in
as
we
Stonier, Executive Manager of the American
Bankers Association, told the convention on June 11 that
when economic stress brings about a test of the business
principles upon which Government and semi-Government
lending agencies are operating, the American people will
have an opportunity to determine whether or not they want
to continue to mix politics with banking.
He declared that
there are 30 different types of banking activities in which
the Government is engaged, and that these agencies will
some day be called
upon to face the reality of losses which
manage
we
If
Dr. Harold
vital because they bear
should
things
must deal with
as an excuse to overload our
immediate problems of bank operation.
purpose of
the public
we
hands and wait, our banks will suffer.
more
a
men
hope and work for betterment in the future.
your
of an economy
things are brought
If these
enterprise.
loans will be made, interest rates will climb upward, and some
banking institution
for the individual."
"Therefore, Be It Resolved that the New York State
and its members pledge the
of profit
more
semblance of normal conditions will probably prevail.
people the long developing
highest standard of living in the world, the
this country the
about,
Business men may become more
bearing bonds, whether they be termed commercial loans, mortgages, or
♦
W.
confident
liquidity
;
V ■
3763
the international money market balanced.
from now, while we are still in
Ten
and Coffee Exchanges Plan to Give Am¬
Allies—Commodity Exchange Donates
■
Cocoa Exchange announced on June 7 a
its members for the purpose of donating
one or more fully equipped ambulances for the use of the
Allies in the present war.
No solicitation will be made ol
The New York
drive for funds from
foreign members.
The cost of each ambulance, its main¬
tenance for a year and shipment to France, is tentatively
estimated by the Committee at $2,000.
The objective is tc
secure
enough contributions from members to provide as
many
ambulances as possible.
The Commercial & Financial Chronicle
3764
On June 12 the New York Coffee and Sugar
Exchange also
campaign for ambulance funds and within a few
hours it is said sufficient funds were raised to buy and
started
a
maintain
one
ambulance for
a year.
Yesterday (June 14) Charles Slaughter, President of Com¬
modity Exchange, Inc., presented to the joint Allied Com¬
mittees, a check to finance the purchase of 10 fully equipped
field ambulances, which will be sent directly to the British
and French lied Cross organizations.
1
^
,
Members of New York Stock
Exchange Asked to Help
Wilhelmina Fund Seeks
Dutch
to
Refugees—Queen
Raise $3,000,000
Robert P.
Boylan, Vice Chairman of the Board of Gover¬
Exchange, who has undertaken
the Chairmanship of the Stock Exchange Division of the
Queen Wilhelmina Fund Inc., on June 12 appealed in a letter
to all members of the Exchange for their financial assistance
in relieving "some of the appalling misery of the countless
thousands of Dutch refugees."
The Queen-Wilhelmina
Fund is seeking to raise $3,000,000 throughout the
country.
Mr. Boylan requested each firm to delegate someone in its
organization to serve as a representative of his Committee in
facilitating the collection of contributions for the Fund at
the earliest possible moment.
Mr. Boylan stated:
of the New York Stock
nors
We in America should do all
to prevent one of the most
we can
civilized peoples in the world from perishing.
added, that
And let
not
us
highly
forget, he
prompt help in lifting the relief burden from France and
our
England strengthens their continuing resistance.
,
C. Y. Freeman Made Advisor to Board of Governors of
Chicago
Stock
Exchange—Three
Others
Miss
June
Wuchter, librarian,
Sue
Continental
Illinois
IS,
National
1940
Bank
and
Trust Co. of Chicago and Miss Mary McLean, librarian, American Bankers
Association, New York, will be in charge of editing and publishing financial
studies made from time to time by members of the group.
Miss Dorothea
Blender, librarian, Commerce Clearing House, Chicago, Miss Elsie Rackstraw,
librarian, Federal
Reserve Bureau, Washington,
Lillian Scardefield, librarian,
the publication
D. C., and Miss
Lehman Corporation, New York, will assist
Miss Marie C. Friedline of the Joseph Schaffner
committee.
Library of Commerce, Northwestern University, Chicago, will have charge
of
publicity for the coming year.
ABOUT
ITEMS
BANKS,
TRUST
COMPANIES,
&c.
Arrangements were completed June 11 for the sale of a
membership in The Chicago Stock Exchange at $1,500, un¬
changed from the last previous sale.
J
,
were made June 13 for the transfer of a New
Exchange membership at $36,000.
The pre¬
Arrangements
York Stock
vious transaction
was at
$40,000
on
June 10th.
Guaranty Trust Company of New York announces the
appointment of John J. Moran as an Assistant Secretary.
—-«
President
announced
Harry
on
E. Ward of Irving Trust Company
June 7, the promotion of Joseph S. Moss, Jr.
from Assistant Vice-President to Vice-President.
Mr. Moss
joined the staff of Irving Trust Company in 1930 and for
several years past has been assigned to the division
handling
its southern business. A Texan by birth, he was graduated
from the University of Texas in 1920 and before
coming to
New York had considerable banking and business
experience
in the south, it is stated.
Reap¬
pointed
Charles Y. Freeman, Chairman of the Board of the Com¬
Edison Co., on June 12 accepted appointment
as advisor to the Board of Governors of the
Chicago Stock
monwealth
Exchange, it was announced by Arthur M. Betts, Chairman
of the Exchange's Board of Governors.
Sewell L. Avery,
Chairman and President of Montgomery Ward &
Co.,
Sheldon Clark, Vice-President of the Consolidated Oil
Co.,
and Herman Waldeck, President of the
Chicago Clearing
House, accepted reappointment as advisors, Mr. Betts also
announced.
Mr.
Freeman
succeeds
Newton
P.
Frye,
President of the Central Republic Co., who has served
during
the last year.
The appointments were confirmed by the
Board of Governors at its annual
organization meeting held
June 12.
The Board of Trustees of the Bronx Savings Bank, New
York, have elected T. Arthur Nosworthy as Executive VicePresident.
Since 1922 Mr. Nosworthy has been a
partner
in the firm of Green, Ellis & Anderson.
He has been a
trustee of the bank since
1913.
Executive Vice-President
as
He
will
assume
his duties
July 1.
The Eleventh annual spring flower show of the Bank for
Savings in the City of New York, was on display June 10
and 11 in the main banking room, with roses and
peonies
predominating. The 225 entries were all grown by members
of the Bank's staff.
The
New
York
^
State
Banking Department on June 3
increase in the capital stock of the Huguenot
Rochelle, New Rochelle, N. Y.,from$250,000, consisting of 25,000 shares of the par value of $10 each,
to $329,200, made
up as follows:
approved
an
Trust Co. of New
San Francisco Stock
Exchange Institute Elects Officers
At the first meeting of the newly elected Board of Directors
the San Francisco Stock Exchange
Institute, Roy H.
Hinz associated with Sutro & Co. was elected to the Presi¬
of
dency of the Institute for the
of
Davies
Co.
&
Kapelsky,
S.
F.
directors recently
borg & Co., Jack
Stack, Henry F.
current year.
Harry Gardner,
Vice-President, Miss Ruth
Stock Exchange, Secretary.
The new
elected are: Edward Austin, Irving LundFord, F. B. Keyston & Co., Miss Marion
Swift & Co., and August Schaefer, Sutro
was
elected
& Co.
(1)
$79,200 par value of preferred stock,
(2)
the
$250,000 par value of
value
par
of $10
common
stock, divided into 25,000 shares of
each.
Subsequently (June 6) the State Banking Department
proved
a
in perpetuity.
following changes
were
made recently in the
tive personnel of the Tradesmens
to
American Minister
as
the hope that an
understanding similar to American-Canadian
friendship "will come to mark the relations of all freedomloving people." Associated Press reporting this from Ottawa
added that he conveyed to the Canadian administration
President Roosevelt's "cordial
greetings and an expression
earnest
hope for the happiness of Canada and the
Canadian people."
Appointment of Mr. Moffat
umns
was
Philadelphia, Pa.:
mentioned in these col¬
June 1, page 3452.
Assistant Vice-Presidents.
to
It is learned from "Money & Commerce" of June 8 that
George W. Brown Jr., formerly President of the defunct
Integrity Trust Co. of Philadelphia, Pa., has been elected
an
/
Assistant
assume
Confirms
Nomination
E.
of
C.
Eicher
President Roosevelt sent the nomination to the Senate
mentioned
in
these
his
Lives &
new
of the Pennsylvania Co. for
Granting Annuities, and will shortly
duties.
The
The Senate on June 10 confirmed the
reappointment of
Edward C. Eicher as a member of the Securities and
Ex¬
change Commission for the term expiring June 5, 1945.
was
Vice-President
on
as
Member of SEC
May 29, as
page 3452.
L. H. Sanford,
a Vice-President
charge of the Germantown
Office, succeeding M. Vaughn Mitchell, a former Assistant
Cashier, who resigned effective June 1; effective June 7,
John H. Quail,
formerly an Assistant Vice-President, was
promoted to a Vice-President, and Harold S. O'Brian and
James M. Large, formerly Assistant
Cashiers, were advanced
Insurances
Senate
execu¬
National Bank & Trust
of the bank, has been placed in
Canada
J. Pierrepont Moffat, new American Minister to
Canada,
presented his credentials in Ottawa on June 13 and expressed
of his
Co. of
ap¬
certificate of extension of the corporate existence
of the trust company
'r The
J. P. Moffat Presents Credentials
divided into 52,800 shares of
the par value of $1.50 each; and
columns
of June
on
1,
Keystone National Bank in Pittsburgh, Pittsburgh,
of June 10, opeaed in its new banking quarters at
building,
Duquesne National
Bank, has been completely remodeled and redecorated,
counters and fixtures being, it is said, of the
latest, modern
Pa.,
as
333 Fourth Avenue that cRy.
The interior of the
which was formerly owned by the defunct
type.
♦
Officers
The Mellon National
Elected
of
Financial
Libraries Association
Section
of
the
Special
at
Indianapolis
address by Frederick Roe of Stein & Roe,
Counselors, Chicago, on "The Financial Cost of
War" at the annual
meeting of the Financial Section of the
Special Libraries Association, assembled for the 32d annual
Following
an
Investment
convention of the association at
the following officers were
Indianapolis, Ind.
elected to
the year 1940-41:
The announcement further
said:
serve
-
on
f
Chairman, Mrs. Betty Beach,
librarian, Household Finance Corporation,
Chicago; Vice-Chairman, Miss Marion E.
Wells, librarian, First National
Bank of Chicago; Secretary, Miss Ruth
Miller, librarian, Central Hanover
Bank and Trust Co., New York.
where he has
We
June 6,
the Section for
Bank
of
Pittsburgh, Pa., has
an¬
nounced the appointment of Gregg Frazier as an Assistant
Cashier of the institution.
Mr. Frazier has been associated
with the bank for 29 years, starting in 1911 as a
messenger.
He is well known
among bankers of Ohio and West Virginia
at
the
are
represented the Mellon Bank for
many years.
advised
last
that the following officers were elected
meeting of the Wichita Falls Clearing House
Association, Wichita Falls, Texas: Jack Jeffus (Vice-Presi¬
City National Bank of Wichita Falls), President;
dent of the
Kline McGee fAssistant Cashier of the First National Bank
Wichita Falls), Vice-President, and R. A.
of
Vineyard
(Cashier of the City National Bank), Secretary-Treasurer.
Volume
The Commercial & Financial Chronicle
150
Announcement
was
made
June
on
11
the
that
Bank of
America National Trust &
Savings Association (head office
Francisco) has sold all of the $30,000,000 additional
stock recently authorized by the shareholders. Unsubscribed
shares, it is stated, were taken up by the Transamerica
Corporation which, in turn, issued a 10-year installment
note to the Reconstruction Finance Corp.
The text of the
announcement (as printed in the New York, "Journal of
Commerce" of June 12) follows:
1
San
Bank
crease
of America announced that
the
entire
$30,000,000 of capital in¬
recently' authorized by stockholders has been added to its capital
structure, increasing the capital and surplus accounts from
of Dec.
with
31,
1939,
to
$124,000,000,
a
net
$94,000,000 as
increase of $30,000,000, which
approximately $26,000,000 of undivided profits and reserves brings
the total capital funds to
approximately $150,000,000.
Under the alternative plan made effective because of war developments,
Transamerica Corp. in addition to its
own
subscribed shares, securing the
necessary
subscription purchased all un¬
funds through a 10-year install¬
ment loan from the RFC.
Transamerica Corp. has
on
condition
that
against 180,835
Wednesday.
on
of the session and
most
as
Prices
mixed during
were
the market closed the declines
slightly exceeded the advances.
within
The aluminum issues moved
wide range, Aluminum
158 at its top for the
a
Co. of Amer. climbing up to
day and closing at 154%, down 10%
points from the preceding close, followed by Aluminium,
Ltd. with a loss of 7
points at 58.
Aircraft shares were
generally lower and the paper and cardboard stocks moved
within
a
channel.
narrow
There
were
some
strong spots
scattered through the list but most of these
were
among
the slow
moving shares.
Outstanding among the declines
were North
American Light & Power pref. 3% points to
67, Ohio Public Service 6 pref. 6% points to 96, United
Gas pref. 2 points to
92%, Creole Petroleum 1% points to
15%, Pittsburgh & Lake Erie 3% points to 53, Jones &
Laughlin Steel 1% points to 21 and Bell Aircraft 1% points
to 16%.
Curb stocks moved briskly upward in
harmony with the
<
an
3765
optional arrangement with the RFC whereby,
non-subscribing stockholders of the bank be given the
movements
the
on
Friday. There
on
right to purchase from Transamerica Corp. unsold shares, the entire amount
the
of the loan may be paid off any time within the first
year by
"big board" during most of the session
occasional soft spots scattered through
gains greatly outnumbered the recessions
were
as
delivery to the
list but
the
RFC of the preferred stock held by it as security for the loan.
the market closed. Aircraft shares were active and Beech
Bell and Brewster closed
fractionally higher. Public utility
Our last reference to the $30,000,000 increase in capital
funds by the Bank of America appeared in our June 1 issue,
page 3452.
-'
num
preferred issues
THE
Stocks declined
CURB
MAR CET
during the early part of the week following
Premier Mussolini's announcement that Italy was on the
march.
As the week advanced the market turned upward
and registered a broad advance in which practically all active
groups participated and a number of substantial gains were
registered among the market1 favorites.
The aluminum
shares were particularly strong and there was considerable
activity in. the industrial specialties and public utility pre¬
ferred stocks.
Aircraft shares strengthened on Tuesday
and there was renewed attention directed toward the
ship¬
building issues.
Mixed price movements with a tendency toward lower
levels were the dominating features of the two-hour session
on
Saturday.
The transfers totaled approximately 44,000
shares with 158 issues traded in.
Of these 51 declined, 46
advanced and 61 were unchanged.
Aircraft shares were
active but met profit-taking and
declined.
Industrial
specialties attracted considerable speculative attention and
a number of
trading favorites registered gains up to 2 or more
points. These included, among others, Pepperell Mfg.
Co., 2 points to 57; Mead Johnson, 2 points to 130; SherwinWilliams pref., 2% points to 110%; and Northern Indiana
Public Service 6% pref., 2% points to 100.
New Jersey
Zinc moved up 5% points to 55%, and Aluminium, Ltd.,
advanced
a
point. Shipbuilding issues were irregular;
Bath Iron Works holding unchanged at 12, while N. Y.
Shipbuilding (founders shares) were 1 point higher at 15%.
Declining prices followed the Italian war declaration and
the unfavorable war news from France on Monday and most
stocks dropped to lower levels.
The aluminum shares were
especially weak, Aluminum Co. of America closing down 8
points to 143, and Aluminium, Ltd., followed with a 3 point
drop to 53. Public utility preferred issues were lower and
the industrial specialties were off from 1 to 3 or more
points.
Aircraft stocks moved downward up to 2
points and the
shipbuilding group was off on the day. Prominent among
the recessions were Colt's Patent Fire Arms, 2 points to 73;
Heyden Chemical, 4% points to 62; New Jersey Zinc, 3
points to 52%; North American Light & Power pref., 6
points to 64; Pittsburgh Plate Glass, 5 points to 65; and
Pepperell Mfg. Co., 1 point to 56.
The trend turned upward on Tuesday and a broad advance
was staged in the day's transactions.
Industrials were the
strong stocks but there was also some active buying in the
public utilities, paper and cardboard shares and ship¬
building stocks. Aircraft issues, as a group, were higher,
,
and the aluminum shares
The transfers were
down to 121,905 as compared with 175,990 on Monday but
the recovery was steady throughout the session.
Note¬
worthy among the advances were Aluminum Co. of America,
12 points to 155; Aluminium, Ltd., 7 points to 60; Colt's
Patent Fire Arms, 4% points to 77%; Montgomery Ward A,
4% points to 1,50; Niles-Bement-Pond, 4 points to 65;
Pittsburgh Plate Glass, 2 points to 67; and Pepperell Mfg.
Co., 2 points to 58.
Following a strong close on the preceding day, the market
continued its brisk advance on Wednesday.
The upward
movement extended to all parts of the list and the volume of
transfers climbed up to 180,835 shares against 121,905 on
Tuesday.
The Aluminum group led the upward swing,
Aluminum Co. of America forging ahead 10 points to 165,
while Aluminium, Ltd., surged forward 5 points to 65.
Shipbuilding issues were higher following the awarding of
the new contracts at Washington and the paper and card¬
board stocks were stronger and mining and metal issues
registered substantial gains. Public utilities were higher
all along the line and the gains in the industrial specialties
ranged from 4 to 6 or more points.
Tne market quieted down on Thursday and as the
trading
pace
were
strong.
slackened the volume of sales dropped to 118,350 shares
were strong and several of the trading fav¬
Alumi¬
CoV of America again moved forward and closed at
160 with a gain of 5%
points. Heyden Chemical was another
strong stock and moved ahead 6 points to 73.
Paper and
cardboard issues were stronger and there was a good demand
orites in the group registered substantial advances.
for
the industrials at higher
prices.
As compared with
Friday of last week prices were higher Aluminum Co. of
America closing last night at 160 against 151 on Friday a
week ago, Aluminium Ltd. at 58 % against 55, American Gas
& Electric at 30% against 26%, Creole Petroleum at 15
%
against 15, Fairchild Aviation at 10 against 9%, Gulf Oil
Corp. at 28% against 25%, Humble Oil (New) at 53%
against 50%, Scoville Mfg. Co. at 29 against 26%, and
United Shoe Machinery at 61% against 60.
DAILY TRANSACTIONS
AT
THE
NEW
YORK
Stocks
CURB
EXCHANGE
Bonds (Par Value)
(.Number
Week Ended
of
Shares)
June 14, 1940
Saturday
Monday-
Foreign
Domestic
Foreign
Government
Corporate
Total
43,715
175,535
5327,000
947,000
$1,000
5,000
Tuesday
120,805
665,000
5,000
Wednesday
180,625
117,600
967,000
2,000
10,000
742,000
687,000
1,000
2,000
37,000
29,000
780,000
125,090
763,370
$4,335,000
$16,000
$272,000
$4,623,000
Thursday
Friday
Total.
Mies
Week Ended June 14
at
$14,000
$342,000
1,057,000
747,000
979,000
105,000
77,000
718,000
Jan. 1 to June 14
New York Curb
1940
Exchange
Stocks—No. of shares.
1939
1940
+
1939
763,370
484,965
25,752,360
18,460,691
$4,335,000
$8,221,000
$164,312,000
$216,781,000
Bonds
Domestic.
-
Foreign government...
16.0(H)
83,000
1,041,OCX)
2,378,000
272,000
112,000
3,517,000
2,903,000
$4,623,000
$8,416,000
$168,870,000
$222,062,000
Foreign corporate.
Total.-.
------
COURSE OF BANK
CLEARINGS
Bank clearings this week show a decrease 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 15)
clearings from all cities of the United States for which it is
possible to obtain weekly clearings will be 14.7% below those
for the corresponding week last year.
Our preliminary
total stands at $5,054,066,146, against $5,923,519,072 for
a
the
same
week in 1939.
At this center there is
the week ended
mary
Friday of 24.1%.
for the week follows:
Clearings—Returns by Telegraph
Week Ending June 14
New York
Chicago
Philadelphia-.—--.
Boston
—
a
loss for
Our comparative
sum¬
Per
1940
1939
$2,077,392,317
278,679,806
256,000,000
179,634,361
$2,735,935,743
Cent
—24.1
280,840,171
■0.8
311,000,000
181,669,901
—17.7
—1.1
74,955,125
St. Louis
78,533,266
—4.6
80,700,000
Kansas City
81,900,000
118,042,000
+ 16.0
136,882,000
87,117,075
San Francisco
Pittsburgh
—1.5
90,362,996
—3.6
+ 11.1
+6.8
Detroit
88,448,388
79,646,721
Cleveland
92,476,434
64,104,597
86,576,638
64,142,010
——0.1
$3,416,390,103
$4,108,649,446
-16.8
Baltimore
-
Eleven cities, five days-
795,331,685
802,091,860
—0.8
Total all cities, five days.
All cities, one day
$4,211,721,788
842,344,358
$4,910,741,306
-14.2
1,012,777,766
-16.8
Total all cities for week
#5 0^4 os«.14«
510,079
-14.7
Other cities, five days
Complete and exact details for the week covered by tl
foregoing will appear in our issue of next week.
We canm
furnish them today, inasmuch as the week ends tods
(Saturday) and the Saturday figures will not be availab
until noon today.
Accordingly, in the above the last ds
of the week in all cases has to be estimated.
In
the
elaborate detailed statement,
however, which
*v
present further below, we are able to give final and comple
results for the week previous—the week ended June
For that week
tjiere was a decrease of 4.1%, the aggrega
for the whole country having amounted
$5,372,145,638, against $5,601,950,192 in the same week
of
clearings
The Commercial & Financial Chronicle
3766
Outside of this city there was an increase of 11.3%,
clearings at this center having recorded a loss of
1939.
the
We
group
Inc. or
1940
that in the New York Reserve Distjict (including
this city) the totals show a loss of 13.0%, but in the Boston
Reserve District the totals show a gain of 13.8% and in the
Philadelphia Reserve District of 1.0%.
In the Cleveland
Reserve District the totals are larger by 19.5% and in the
Richmond Reserve District by 12.8%, but in the Atlanta
Reserve District the totals are smaller by 0.01%.
In the
Chicago Reserve District the totals record an improvement
of 17.8%, in the St. Louis Reserve District of 10.9%, and
in the Minneapolis Reserve District of 5.2%.
In the Dallas
Reserve District the totals show a decrease of 6.2%, but in
the Kansas City Reserve District the totals show an increase
of 12.7% and in the San Francisco Reserve District of 18.4%.
In the following we furnish a summary by Federal Reserve
•
/:''
'.:•••■'
'
SUMMARY
OF
/,'
\
.
BANK
1937
1938
Dec.
1939
appears
districts:
1940
Clearings at—
the cities according to the Federal Re¬
districts in which they are located, and from this it
serve
15,
Week Ended June 8
bank
15.5%.
June
%
Seventh Feder al Reserve D istrlct
443,755
Mich,-Ann Arbor
Detroit
Grand
103,777,088
...
Rapids
3,242,572
1,786,413
.
Lansing.
Wayne
1,879,442
20,135,000
Ind.—Ft.
Indianapolis...
South Bend—
—
Chi cago
375,815
78,217,503
+ 18.1
307,875
550,604
+ 32.7
68,605,623
3,676,034
—11.8
2,206,332
936,488
99,064,641
2,937,429
1,388,933
1,216,577
19,889,000
1,819,389
1,311,199
1,033,293
+36.2
+ 81.9
889,377
17,851,000
+ 12.8
16,130,000
+26.3
+4.3
1,167,105
5,574,328
1,840,262
5,340,758
4,083,107
5,240,009
Wis.—Milwaukee
21,848,705
20,674,816
+5.7
17,823,625
la.—Ced. Rapids
1,330,981
11,596,405
1,275,890
+4.3
1,272,807
20,805,604
1,262,151
7,865,730
3,057,357
Terre Haute—
2,323,338
+
+9.8
7,959,910
+ 15.4
+31.7
3,070,336
440,453
+ 15.1
307,312,285
312,415,695
+ 11.2
951,712
949,192
+ 54.1
3,737,261
4,576,322
Rockford
1,695,726
10,559,310
3,357,603
431,968
295,324,562
1,030,593
3,151,161
1,281,835
+ 32.3
1,105,494
1,641,634
Springfield
1,874,184
1,427,038
+31.3
1,917,934
1,703,017
527,732,499
448,166,640
+ 17.8
439,917,724
487,007.232
93,800,000
37,905,128
18,323,980
Moines...
Des
Sioux City
111.—Bloomlngton
Chicago
Decatur.—..
Peoria.
3,875,447
568,795
339,777,668
1,146,413
4,856,239
623,948
'■
•
Total (18 cities)
CLEARINGS
Inc.or
Week End.
June 8,
1940
1940
1939
$
$
Dec.
1938
Eighth Federa 1 Reserve Dls trict—St. Lo
99,600,000
85,500,000
34,903,679
35,554,098
19,438,661
18,920,516
1937
S
$
uis—
Mo.—St. Louis..
Reserve
Federal
1st
Dists.
Boston
12 cities
13
%
224,869,937 +13.8
255,916,987
219,595,966
+ 16.5
72,900,000
+ 1.9
31,213,089
246,927,565
Ky.—Louisville..
Tenn,—Memphis
+2.7
16,293,984
111.—Jacksonville
2d
New York
M
2,840,899,406
3,323,012,542
—13.0
4,379,850,076
3,501,096.082
3d
PhlladelphlalO
"
405,630,268
401,419,198
375,935,236
Cleveland*.
7
"
308,643,693
258,385,859
+1.0
+19.5
331,194,485
4th
234,640,721
6th
Richmond.. 0
"
153,424,341
136,051,498
+12.8
123,813,278
141,349,431
0th
Atlanta....10
"
160,430,094
160,480.890
—0.1
139,523,178
157.333,681
7th
Chicago
18
448,166,640
+17.8
439,917,724
487,007,232
St. Louis...
"
"
627,732,499
8th
155,167,759
+ 10.9
+5.2
108,985,566
121,182,353 +12.7
121,042,073
x
307,825,972
150,900,108
4
Minneapolis 7
'
139,937,195
x
x
x
575,000
613,000
—6.2
635,000
871,000
155,167,759
139,937,195
+ 10.9
121,042,073
150,900,108
Quincy
Total (4 cities).
Reserve Dis trict—Minne apolis-
M
114,625,376
95,733,338
107,564,799
Ninth Federal
City 10
"
136,613,911
117,142,619
135.052,594
Minn.—Duluth..
5,264.378
7,044,347
—25.3
5,655,785
5,746,604
0
"
67,645,332
72,132,098
-6.2
61,491,799
68,122,158
Minneapolis...
73,675,186
"
245,415,972
207,326,416
+18.4
203,456,519
239,459,031
St.
28,452,492
69,861,805
25,185,778
2,301,071
+5.5
12thSan Fran..*10
+ 13.0
60,285,700
23,705,086
+ 10.5
2,267,309
71,200,536
24,816,575
2,000,325
9th
10th Kansas
11th Dallas
Paul
N. D.—Fargo.
113 cities
Total...
5,601,950,192
—4.1
6,517,401,776
5,918,573,889
+11.3
2,248,054,135
2,545,528,711
32 cities
add
now
our
+ 17.4
608,553
725,937
+ 17.4
3,136,932
—5.0
739,652
2,471,253
664,874
551,361
2,584,524
114,625,376
108,985,566
+ 5.2
95,733,338
107,564,799
103,103
119,950
Mont.—Billings-
415,753,909
+4.1
399,239,593
294,007,891
...
290,947,450
Total (7 cities).
We
729,696
852,505
2,981,383
S. D.—Aberdeen.
2,377,209,301
Helena
Canada
2,542,864
856,568
..
5,372,145,638
2,646,946,838
Outside N. Y. City
detailed statement
showing last week's
figures for each city separately for the four years:
Tenth Federal
Reserve Dis trict—Kans
Colo.—Col.Spgs.
Pueblo—-v*w.
693,098
951,080
—27.1
799,484
668,214
+ 19.6
576,121
Total (10 cities)
136,613,911
121,182,353
+ 12.7
117,142,619
135.052,594
1,532,933
49,962,594
9,744,720
1,723,000
912,101
-
1940
1939
Lincoln..
or
Dec.
1938
Omaha
1937
Federal
Reserve Dlst rlct
Me.—Bangor
Boston
Wichita
$
_%
730,647
531,043
+37.6
584.561
724,892
1,819,435
213,784,323
1,811,654
193,169,993
+0.4
2,063,725
2,140,311
+ 10.7
Fall River
678,151
600,931
+ 11.7
679,207
503,784
+ 9.4
407,349
New Bedford..
726,434
3,402,110
2,174,375
14,523,013
460,452
521,505
2,952,938
1,764,075
+39.3
462,785
664,582
+ 10.2
145,571
+6.8
2,710,086
27,605,618
2,200,384
2,913,402
80,436,369
3,443,390
+26.4
3,001,476
Mo.—Kan. City.
St. Joseph
92,443,338
3,435,820
2,781,768
26,233,278
+ 9.9
+0.3
2,015,818
+3.0
2,888,514
+ 14.9
78,824,222
—0.2
2,956,380
643,465
•
752,026
Lowell.......*
108,239
2,208,012
Kan.—Topeka..
First
City
95,641
120,276
2,698,752
29,990,415
1,987,949
3,018,602
92,683,466
2,972,447
814,026
671,020
Hastings
Inc.
as
119,292
*155,500
3,425,910
30,331,981
Neb.—Fremont
Week Ended June 8
Clearings at—
Portland
Mass.—Boston.
.
Springfield
Worcester
Conn.—Hartford
New Haven
N.H.—Manches'r
Total (12 cities)
255,916,987
8,948,732
4,165,139
9,440,000
+26.2
490,875
+28.0
003,845
2,265,075
1,639,556
8,421,511
3,507,546
9,058,800
486,566
224,869,937
+ 13.8
219,595,966
5,025,479
11,920,900
628,336
R.I.—Providence
189,918,225
+ 15.2
+ 23.3
+ 62.3
+ 20.7
209,004,197
3,461,373
2,153,715
10,989,507
4,486,059
11,544,100
Eleventh Fede ral
Texas—Austin
Reserve
2,907,795
Dallas....
51,339,610
7,106,125
Fort Worth
District—Da Has—
2,268,416
55,505,737
+28.2
1,663,287
—7.5
—6.0
44,800,895
8,223,986
Wichita Falls..
2,176,000
1,049,228
7,560,696
2,297,000
1,012,895
+3.6
1,073,582
La.—Sbreveport.
544,018
3,066,574
3,487,354
—12.1
3,684,049
4,246,810
Total (6 cities).
67,645,332
72,132,098
—6.2
61,491,799
68,122,158
Galveston
Second
Feder al Reserve D istrlct—New
N. Y.—Albany..
Blnghamton
Buffalo...
10,567,987
1,235,673
7,582,609
1,349,446
26,500,000
35,000,000
618,797
Elmira
Jamestown....
529,343
701,034
858,012
New York
2,725,198,800 3,224,740,891
Rochester
9,107,510
7,832,715
Syracuse......
4,727,087
3,754,350
Westchester Co
4,895,329
4,329,086
Conn.—Stamford
5,051,273
5,897,750
N. J.—Montclalr
496,546
447,780
Newark
18,021,429
17,857,404
Northern N. J.
25,120,363
21,490,134
246,927,565
2,046,000
York-
15,946,294
8,641,405
—8.4
1,010,143
+32.1
24,300,000
1,259,166
35,900,000
+39.4
+ 16.9
+22.4
'
594,266
631,755
694,078
839,400
—15.5 4,269,347,641 3,373,045,178
+ 16.3
7,337,584
7,979,822
+25.9
3,697,683
3,441,077
4,933,987
5,782,293
+ 13.1
—14.4
4,640,085
3,034,040
+ 10.9
+0.9
405,597
399,224
15,769,039
+ 16.9
32,372,687
18,001,858
40,941,856
Twelfth Feder al Reserve D istrict—San
Wash.—Seattle..
Yakima...
Ore.—Portland
_.
Total (13 cities)
2,840,899,406 3,323,012,542
—13.0
Third Federal
Reserve Dlst rlct—Phllad
38,700,989
1,275,243
33,578,334
Utah—S. L. City
14,840,848
Calif.—L'g Beach
4,325,466
Pasadena
San
Francisco
.
San Jose
Santa BarbaraStockton
3,044,461
143,160,454
2,456,251
1,446,481
2,587,445
Franci
SCO—
31,500,838
+22.9
33,145,068
40,594,186
911,593
+39.9
825,974
26,744,723
13,731,718
3,968,776
3,596,431
120,338,000
2,472,268
+25.6
26,088,609
1,019,996
31,651,000
+8.1
12,140,292
3,726,055
15,488,614
+9.0
—15.3
3,431,622
+ 19.0
118,148,000
4,418,241
135,316,000
4,296,169
—0.6
2,331,753
1,782,211 —18.8
+ 13.5
2,279,858
2,305,913
2,650,592
1,672,476
2,351,757
+ 18.4
203,456,519
239,459,031
1,313,233
elphla
4,379,850,076 3,501,096,082
Total (10 cities)
Pa.—Altoona....
Bethlehem
512,704
364,631
733,012
362,783
+ 40.6
1,178,281
390,000,000
1,419,007
+ 9.5
676,582
Chester
435,344
Lancaster
1,289,751
Philadelphia
393,000,000
Reading
1,361,316
Scran ton
2,445,443
Wllkes-Barre..
York
Total (10 cities)
Fourth
—7.7
+ 20.0
+0.8
—4.1
—1.2
317,729
457,720
352,969
1,248,505
367,000,000
1,251,124
560,117
831,527
394,912
1,254,723
364,000,000
2,290,671
923,479
—21.4
3,783,000
1,525,641
2,563,600
+47.6
6,602,800
1,863,348
2,329,000
405,630,268
401,419,198
+ 1.0
381,194,485
375,935,236
+ 16.5
2,809,127
60,427,445
Cincinnati
Cleveland
Columbus
13,103,700
1,776,248
Mansfield
Youngstown...
Pa.—Pittsburgh
_
cities).
Fifth Federal
W.Va.—Hunt'ton
Va.—Norfolk
Richmond.
...
S. C.—Charleston
Md.—Baltimore.
D.C.—Washing'n
Total (0 cities).
Sixth Federal
Tenn.—Knoxville
Nashville
308,643,693
Augusta
...
Fla.—Jacks'nvllle
Ala.—Blrm'ham.
Mobile
Vlcksburg
Total (10 cities)
1,993,393
61,120,577
75,985,400
90,808,143
+2.0
11,968,100
+ 8.1
10,348,800
1,275,624
+ 30.6
2,367,909
+21.0
93,544,027
258,385,859
+ 19.5
1,987,286
3,089,280
136,859,193
307,825,972
-Richm ond-
365,932
+ 68.4
3,110,000
41,702,091
1,319,973
67,388,636
22,164,866
+ 3.8
298,127
2,583,000
—4.7
34,572,851
+ 14.0
1,167,301
62,411,860
22,780,139
460,715
3,055,000
37,250,726
1,483,824
71,248,083
27,851,083
136,051,498
4,268,434
3,863,386
20,125,166
57,300,000
1,244,859
1,036,400
16,861,000
20,661,881
2,132,207
850,886
16,618,000
19,822,586
2,303,742
x
160,430,094
Week Ended June 6
Clearings at—
Inc. or
1940
Dec.
1938
S
Canada—
1939
$
%
S
1937
S
+ 1.5
97,733,373
96,892,334
—14.1
94,974,779
84,343,770
+22.5
136,919,163
113,416,141
46,406,737
20,372,043
43,896,518
Winnipeg
Vancouver
Ottawa
134,843,652
132,105,426
37,882,215
19,819,889
27,154,573
5,705,087
3,149,846
5,708,571
4,634,346
2,010,378
1,936,766
2,639,266
3,742,035
3,438,941
348,392
+ 18.7
2,413,799
307,147
455,121
+9.2
354,195
347,299
1,245,075
568,304
+34.7
1,236,759
Quebec...
6,553,662
Halifax.
Hamilton
3,965,935
6,319,561
Calgary
4,920,197
2,288,649
Victoria
2,150,072
3,277,709
4,497,856
...
Regina.........
Moose Jaw
4,302,924
413,381
497,212
1,676,636
623,124
Brantford
Brandon
Lethbridge
Saskatoon
+2.8
23,628,043
13,791,488
31,439,252
15,358,075
+ 61.7
23,924,175
23,693,207
+ 14.9
4,503,716
2,489,678
4,258,067
4,787,336
+ 13.8
4,372,776
4,131,480
1,563,470
+ 11.0
1,563,027
+ 24.2
2,992,189
3,525,575
+25.9
+ 10.7
+6.2
+20.2
+25.1
2,366,901
3,945,210
1,475,612
1,527,318
2,266,594
3,294,427
2,873,755
236,043
+ 12.8
123,813,278
141,349,431
+ 10.5
3,672,607
3,887,390
x
+0.3
17,179,642
18,066,166
+ 1.9
47,100,000
1,089,725
51,400,000
1,205,495
—17.9
964,486
—1.4
15,388,000
—4.1
18,966,388
+ 8.0
1,628,946
1,121,742
17,306,000
22,971,324
1,847,619
—1.5
x
173,812
37,082,179
+ 7.7
137,573
—1.4
33,395,811
141,725
39,386,220
160,480,890
—0.0
13^,523,178
1,022,024
840,861
+21.5
941,812
764,005
+ 23.3
743,767
'675,410
New Westminster
705,198
755,815
552,387
565,469
Medicine Hat
+31.5
1,015,828
416,467
831,241
Fort William
+ 17.5
Reserve Dlst rlct—Atlant
187,188
36,570,642
—4.1 6,517,401,776 5,918,573,889
+ 11.3 2,248,054,135 2,545,528,711
Edmonton
616,115
3,229,000
39,731,231
1,504,744
79,188,553
29,154,698
153,424,341
5,372,145,638 5,601,950,192
cities)
London.
234,640,721
207,326,416
Outside New York 2,646,946,838 2,377,209,301
St. John
Reserve Dlst rlct
Miss.—Jackson..
La.—New Orleans
1,935,940
49,183,021
+ 27.1
1,642,452
245,415,972
(113
Montreal.
+ 10
—4.9
total
Toronto
2,074,254
99,573,054
2,709,781
120,528,854
20,182,806
58,400,000
1,225,810
Ga.—Atlanta
Macon
2,952,429
54,894,945
84,400,625
12,848,100
107,288,538
Grand
1,487,459
1,911,207
748,389
1,304,042
927,502
Feder al Reserve D istrlct—Clev eland-
Ohio—Canton
Total (7
2,475,981
796,262
1*198,626
N.J.—Trenton..
i
—5.3
255,115
249,903
+2.1
169,791
Peterborough
722,138
693,961
+ 4.1
496,456
578,2.50
Sherbrooke
990,370
827,163
+ 19.7
654,925
630,825
1,003,428
—6.7
,
548,094
798,177
190,931
1,326,764
3,137,872
+32.2
884,985
906,692
2,927,989
+7.2
2,371,378
Prince Albert
378,873
295,179
+28.4
Kitchener
Windsor
Moncton
878,034
745,295
+ 17.8
2,484,708
255,997
755,305
Kingston
726,893
690,021
+ 5.3
560,378
624,084
Chatham
561,816
604,853
—7.1
472,031
472,578
Sarnla
574,403
578,988
—0.6
494,955
1,036,077
874,249
+ 18.5
621,950
822,765
415,753,909
399,239,593
+4.1
294,007,891
290,947,450
Sudbury
157,333,681
o
+9.6
Tota
*
(32 cities)
Estimated,
x
No figures available.
V
344,072
716,032
688,544
(
Volume
FOREIGN EXCHANGE RATES
The
cable transfers in the different countries of the world*
FOREIGN
RATES
CERTIFIED
shows
the
BANK TO TREASURY UNDER TARIFF ACT OF
holdings
money
We
June, 1939:
FEDERAL
BY
statements,
;
from the daily Gov¬
up
of
the
Treasury at the beginning of business on the first day of
April, May and June, 1940; also on the first day of
record for the week just passed:
EXCHANGE
3767
HOLDINGS
following compilation, made
ernment
daily to the Secretary of the Treasury the buying rate for
a
v"''
TREASURY MONEY
Pursuant to the requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
give below
;n,ii'v
v
The Commercial & Financial Chronicle
ISO
11
1
RESERVE
Holdings in U. s, Treasury
1930
June
1, 1940
May 1, 1940
Apr. 1,1940
June 1,
1939
JUNE 8, 1940, TO JUNE 14, 1940, INCLUSIVE
S
Net gold coin and bullion.
Unit
JuneS
June 10
June 11
$
EuropeBelgium, belga
(if\
a
a
a
a
a
Czechoslov'ia, koruna
a
a
a
a
Denmark, krone
Engl'd, pound sterl'g
a
a
a
a
Bulgaria,
June 14
June 13
June 12
-
lev
Minor coin,
■■$
.
474.708,196
489,014,100
656,183,378
757,635,155
*
687,293,229
2,644,768 XJ; 2,376,446
634,041,962
3,214,907
999,109
772,494
996,262
12,663,952
12,250,135
570,986
Net Fed. Res. bank notes
Net subsidiary silver
a
"
a
a
347,324,989
Net silver coin and bullion
669,253,587
Net United States notes.. (
1,485,408
Net National bank notes.
353,706
Net Federal Reserve notes
Noon Buying Rale for Cable Transfers in New York
i
Value in United States Money
Country and Monetary
$
13,016,643
334,815
6,680,410
170,242
8,768,645
380,897
7,276,263
18,932,649
19,624,359
f-
5,794,347
20,288,544
20,548,734
3,930,457
(,:((; :av;f(((
a
Total cash In
a
!(;}((;a(((('( ■(••(
Treasury.
*1057 321,702 1,174,763,362
Less gold reserve fund
a
Official
4.035000
4.035000
4.035000
4.036000
4.035000
4.035000;
Free
3.711250
3.660416
3.795714
3.776250
3.739687
3.688125
156,039,431
Cash balance In Treas..
Finland, markka
.019750
.019750
.020000
.020000
.020000
.020200
.020993
.020706
.021550
.021620
.021600
.021660*
Germany, reichsmark
Greece, drachma
Hungary, pengo
.399500*
.399500*
.399700*
.399375*
.399600*
.399700*
.006642*
.006637*
.006712*
.006750*
.006700*
.006662*
.175930*
.175930*
.175930*
.175930*
.175920*
.175920*
.050275
.050383
.050366
.050466
.050433
.050371*
156,039,431
other bank depositaries-
Italy, lira
156.039,431
901.282.271 1,018.723,931 1,062,812,635 1,272,553,213
Deposit In special deposi¬
France,franc
1218 852,066 1,428,592,644
156,039,431
Netherlands, guilder. C"
a iA
a
Norway, krone..
a
Poland, zloty
.036000*
Portugal, escudo
b
Rumania, leu
a
-
a
•asV.^''
b
813,585,000
463,080,913
814,481,000
791,688,000
733,858,311
970.735,362
To credit Treas. U.S..
To credit disb. officers.
47.026.380
53,778,006
31,532,532
45,014,725
32.779.381
Cash in Philippine Islands
aAp;
Deposits in foreign depts.
1,255,496
135,453
1,261,678
205,624
a
••
a
:
a
.037050*
...
a
:'
813,247,000
437.797.272
V'a::(7;'
(P'\
a
a
■
a
.036825*
.036933
.037100*
•
34,581,174
37,601,286
1,707,005
34,253,525
296,281
211,094
1,870,406
.036775
b
..
tories account of sales of
Government securities.
Dep.in Fed. Res. banks..
Deposited In National and
Net
b
Spain, peseta
Sweden, krona
.091300*
.238112*
.237985*
.237916*
.238000*
.238071*
.237971*
Switzerland, franc...
Yugoslavia, dinar...
3 A»la—
.223935
.223966
.224000
.223985
.223933
.022480*
.022440*
.022440*
.022440*
in
Treasury
.223966
.022440*
cash
.022440*
.091300*
.091300*
.091300*
.091300*
.091300*
i
and in banks
Deduct current liabilities.
2.029,671,449 2,210,227,880 2,513,667,896 2,924,260,044
China—
♦Includes
Chefoo (yuan) dol'r
a
Hankow (yuan) dol
a
a
Shanghai (yuan) dol
a
-
a
.057600*
.062437*
'''.ir ^ a^;(;
a-
a'f'V
a
a
.059216*
Tientsin (yuan) dol.
:
:
.060250*
■.a
a
coin,
as
on
June
1
$641,317,933 silver bullion and $2,844,433 minor, &o.,
indicated in statement "Stock of Money."
a
a
.059600*
.059050*
v/(
a
-
a
; :-'K
Hongkong, dollar.
India (British) rupee.
.231533
.228500
.236866
.232700
.232200
.301000
.301000
.301000
.300800
.301000
Japan, yen
.234330
.234330
.234330
.234330
.234290
.234310
.471156
.471156
.471156
.471156
.471156
.471156
3.228000
3.228000
3.228000
3.228000
3.228000
NATIONAL
.230018
.301000
Straits
Settlem'ts, dol
Australasia--
i
■V'/" yvMv'iV
Australia, pound—
2.233,623,253 2,382,167,684 2,695,771,243 3,105,892,774
203,851,804
171,939,804
182,103,347
181,632,730
The
BANKS
following information regarding National banks is
from the office of the
Comptroller of the Currency, Treasury
Department:
Official,*....*
3.228000
Free
2.956666
2.920208
3.027500
3.007916
2.980416
2.942083
New Zealand, pound. 2.968125
2.932083
3.039583
3.019583
2.992083
2.954166
June 4—-Lake Worth National Bank, Lake Worth, Fla.
Bank in Lake Worth."
3.980000
3.980000
3.980000
3.980000
3.980000
June 5—The Woodside National Bank of New York, New York, N. Y.
.909090
.909090
.909090
.909090
.909090
.909090
.785714
.784218
.783482
.783035
.799687
.811015
.166725*
.166725*
.166725*
.189000*
.190666*
.187666*
Africa—
:
South Africa, pound. 3.980000
North America—
CHANGES OF TITLE
To "First National
To "Standard National Bank of New York."
Canada, dollarOfficial
Free
Mexico, peso
Ncwfoundl'd, dollar.
Official..
.909090
.909090
.909090
.909090
.909090
.909090
Free
.783437
.781873
.780937
.780156
.796875
BRANCH
AUTHORIZED
June 5—The Butler County National Bank & Trust Co. of Butler, Butler,
Pa.
Location of branch: Village of Lyndora, Butler County, Certificate
No. 1468A.
.808437
South America—
.297733*
Argentina, peso
Brazil, mllreis—
Official
.297733*
.297733*
.297733*
VOLUNTARY LIQUIDATION
Amount
.297733*
.060575*
.297733*
June 3—The Forest City National Bank, Forest
City. Iowa
Effective at the close of business May 29, 1940.
Liquidating
R. Cleophas, Forest City, Iowa.
Succeeded by
Forest City Bank & Trust Co., Forest City, Iowa.
agent,
.060425*
.060425*
.060575*
.060575*
.060575*
.050400*
.050550*
.050340*
.050340*
.050340*
.050340*
.051680*
Free
.051680*
.051680*
.051680*
.051680*
.051680*
COMMON
Chile, pesoOfficial
.040000*
.040000*
.040000*
.040000*
.040000*
.571725*
.671725*
.571775*
.571775*
.658300*
.658300*
.658300*
.658300*
a
.381287*
.380416*
.378166*
Amt.
.375000*
of Increase
From $43,250
.658300*
.382812*
Non-controlled
•Nominal rate,
CAPITAL STOCK INCREASED
June 3—The Oakland National Bank, Oakland, 111.
.572025*
.658300*
Controlled
.040000*
.671750*
Export
Colombia, peso
Uruguay, peso-
$50,000
H.
.382187*
No rates available,
b Temporarily
to
$53,000
$9,750
AUCTION SALES
The
omitted.
following securities
were
sold at auction
on
Wednesday
of the current week:
ENGLISH
The
as
FINANCIAL
MARKET—PER
Stores
reported by cable, have been
Sat.,
Mon„
June 8
Sliver, per
Gold,
oz_.
fine oz.
p.
168s.
Wed.,
Tues.,
June 11
June 10
23 .d
Closed
follows the past week:
as
June 12
23d.
23 %d.
168s.
168s.
Thurs.,
Stocks
Post Office
1
$ per Share
Corp. conv. preferred, par $100
Square common, par $50
Champlln Co., Inc., Medford, par $10
650 Wm. H.
168s.
168s.
Closed
£72 X
£72 )i
£72}*
£72%
3
£99
£99
£99 y*
£99%
£98h«
REDEMPTION
CALLS AND
SINKING
FUND
£72
Closed
£110)4
price of silver
the
same
£110)4
per
168s.
£110)4
£110
£109%
(in cents 0 in the United
ounce
days have been
34 %
BarN.Y.(for'n) 34?i
NOTICES
35
71.11
(newly mined) 71.11
35
35
35
71.11
71.11
71.11
71.11
Study of "Canada at War and the American Investor"
Issued by Mills, Spence & Co., Ltd.
Mills, Spence & Co., Ltd., bond dealers, Toronto, have
recently prepared
a
a list of bonds, notes and
preferred
corporation called for redemption, together with
sinking fund notices.
The date indicates the redemption or
stocks of
last date'for making tenders, and the page number gives the
location in which the details
were
given in the "Chronicle":
Company and Issue—
U. S. Treasury
study entitled "Canada at War and the
Date
Alabama Power Co. 1st mtge. 5s
American Bakeries Co. 7% preferred stock
............
...Sept.
Page
1
July 22
American Seating Co. 6% notes
July 31
A. P. W. Paper Co. 3lA% notes
Aug.
1
Beatrice Creamery Co. $5 cum. pref. stock-July
I
Bethlehem Steel Corp. consol. mtges. 4M8___--_
July
1
Brillo Mfg. Co., Inc. class A stock
July
1
Buffalo & Fort Erie Public Bridge Authority 5% bonds ..July
1
Carolina Power & Light Co. 5% bonds
July
5
Chicago & Illinois Western RR. 6% gold bonds
July
1
Commonwealth Electric Corp., Ltd. 6% bonds
July
1
Connecticut Railway & Lighting Co. 4>*% bonds.
July
]
Container Corp. of America 6% bonds...
June 15
Emporium Cap well Co. 4% bonds
July
1
Florida Public Service Co. 1st mtge. 4s
July
1
General Motors Acceptance Corp. 3
debentures.....Aug. 6
2406
3345
3345
2867
3346
2248
3502
3502
3654
3055
3505
3044
3353
«,
—..—
American
tempt
Investor."
The purpose
of the study is to at¬
precise presentation of the liability items added
with a view to assisting investors in the United
a more
by the war
States to make their
The
own
appraisal of their relative weight.
study deals with the problem of exchange,
of the
principles of domestic
war
a
discussion
finance and their application,
of the broader implications of Canada's participa¬
tion in the struggle to defend the democratic way. of life,
and
some
Im
presenting the study the firm
says:
We belie-ve that a statement such as this, which may help to give some
proportion to the problems of the Canadian
to
investors who now
war
time economy
may
be useful
hold Canadian securities and who may be viewing
present price trends with some concern.
Secondly, and in terms which
readers of this memorandum will readily understand, we wish to place on
record
our
%
.
$35 lot
Below will be found
W. L.
on
1
June 14
23 7-16d.
British 3 J* %
British 4%
1960-90
States
k
10 Central States Electric
Frl.,
June 13
23%d.
Closed
Consols, 2H%-
The
By It. L. Day & Co.I Boston:
CABLE
daily closing quotations for securities, &c., at London,
opinion that the present "spread" between the yields available
to American investors
from their
own
gilt edged obligations and from top
grade Canadians is too wide and that Canadian securities in the United
States market are therefore cheap.
"
3357
3508
3661
Georgia-Carolina Power Co. 1st mtge. 5s
July
1
Hartford Times, Inc. 15-year debentures
June 20
Indianapolis Water Works Investment Co. 5% bonds. ..July
1
3360
3360
Inland Steel Co. 1st mtge. 3%s
2729
3513
.
...
2884
June 20
Corp. 1st mtge. 5s
July
Kansas City Gas Co. 1st mtge. bonds
—Aug.
Kansas Power & Light Co. 1st mtge. bonds
July
Liquid Carbonic Corp. 10-year 4% debs
June
Louisville & Nashville RR., unified 50-year 4s
July
Manila Gas Corp. 1st mtge. 6s.
july
Micromatic Hone Co. preferred stock
June
Missisquol Corp. 7% pref. stock. ■
....
July
Montana Coal & Iron Co. 5% bonds
July
National Supply Co 1st mtge. bonds
june
♦Nehi Corp. 1st preferred stock
july
New Jersey Water Co. 1st mtge. 5s
June
New York Shipbuilding Corp. 7% preferred stock.... I" July
Northern Ohio Telephone Co. 7% preferred stock..
July
Northern Oklahoma Gas Co. 1st mtge. bonds
June
Northern Pacific Ry. equipment trust certificates
...July
Outlet Co. 7% Pref. stock
.......Aug.
Oxford Miami Paper Co. 6% gold bonds
jU]fe
Pacific Southern Investors, Inc., 5% gold debs
...July
Panhandle Producing & Refining Co. notes
July
Indiana Telephone
l
1
3663
]
3515
15
2731
i
843
3303
•
1
15
2584
3054
3667
1
2
15
3055
1
18
j
l
15
3033
C
2586
3501
3522
2891
1
321fi
1
306O
22
1
3522
3070
1
3671
The Commercial & Financial Chronicle
3768
Date
Company and Issue—
Pennsylvania RR. 4H% bonds
Phelps Dodge Corp., 3H% debs
..
Philadelphia Transportation Co. 3%-6% bonds
Pittsburgh Steel Co. 6% bonds
Safeway Stores, Inc.. preferred stock
Sierra Pacific Power Co. 1st mtge. bonds
Standard Oil Co. N. J. serial notes
June 29
June 15
July
1
--June 20
July
1
(L. S.) Starrett Co. 6% preferred stock-15-yr. 3 H% debs
1st mtge. bonds
Union Pacific RR. Co.
-
United Cigar-Whelan Stores Corp. 5% bonds
United Merchants & Manufacturers, Inc., 6%
bonds
United States Steel Corp 10-year 3H% debs
Virginia Coal & Iron Co. 5% bonds
July
---July
Announcements
this
3374
Share
Company
Fiscal Fund (bank stock)
4*4c
-
6c
Insurance stock
Co. $7 preferred.—_
Florida Power & Light
$6 preferred
82.19
81.87
--------
7c
Foresight Foundation, Inc., class A (s.-a.)__
15
3221
3531
3682
3532
ween..
DIVIDENDS
first
we
bring
Then
current week.
the
show
follow with
we
second table in which
a
Preferred
dividends
previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
we
The dividends announced this week
—
Hartford Fire Insurance Co.
----- -
(quar.).----
of Company
——
10c
—
433Jc
- - -—
Hilton-Davis Chemical preferred (quar.)
37 He
—
I
When
Holders
Payable of Record
pref. (s.-a.)
—
Aeronautical Securities, Inc
Air Reduction Co., Inc. (quar.)
Extra
;—-
—
-
Shoe & Foundry.(quar.
American Brake,
——
(quar.)
.
-
American Insulator Corp. cum. con v. prior pref.
Amer. Motorists Insurance Co. (Chic., 111.) (qu.)
American Shipbuilding.Preferred
—
---—
Anchor Hocking Glass Corp. $5 pref. (quar.)._
American Postash & Chemical Corp...
114
July
15 June 22
June
15 June
60c
July
SI
.Iff
$2
—
29 June 22
June 29 June 22
1 June 24
July
June 25 June
18
1 June 20
.
17
June 29 June 20
25c
1 June 20
July
1 June 20
July
1 June 20
July
1 July 10
Aug.
1 June 21
July
1 June 20
July
1 June 20
July
1 June 20
July
1 June 20
July
1 June 20
July
July 15 June 20
July 15 July
3
1 June 21
July
July 10 June 24
1 June 11
July
1 June 15
July
1 July 15
Aug.
2 June 19
July
1 June 20
July
1 June 20
July
$3 A
$1*4
SIM
SIM
—_
Birmingham Electric Co. $7 preferred.
oreferrel
.
SIM
—
Boston Insurance Co.
17
June 29 June
75c
(quar.)
Old preferred (quar.)
June 29 June
$4
(quar.)
32 Ac
Brantford Cordage Co.. 1st pref. (quar.)
British Columbia Elec. Ry. Co., 5% prpfd.(s.-a) t'2A%
Broad Street Investing Corp. (quar.)
22c
75c
Brooklyn Borough Gas Co. (quar.)__.__
6% preferred (quar.).
75c
—__
....
ft'al
Buffalo Niagara & Eastern Power pref. (quar.)..
First preferred (quar.)
_—
Building Products, Ltd. (quar.)
Bulova Watch Co. (quar.)
California Water & Telephone,
40c
SIM
17Mc
50c
37 Ac
pref. (quar.)
Canada Cycle & Motor Co. (quar.)
130c
5% cum. 1st preferred (quar.)
JS1M
Canada Southern Railway (s.-a.)_
JSIA
Canadian General Investments, reg. (quar.)
J12Mc
Canadian Industries,• Ltd., class AandB (quar.)
SIM
Preferred (quar.)
SIM
Canadian Wirebound Boxes, Ltd., class A__
*37Mc
....
Capital Administration Co., Ltd.—
$3 cum. preferred series A (quar.)
July
June
SIM
July
July
July
July
50c
(quar.)
—
,
...
__
_
2Mc
__
Telephone, 6% pref. (quar.).
75c
25c
7% pref. (quar.)-
6% preferred (quar.)
$6 preferred (quar.)__
SIM
SIM
%
Chemical Bank & Trust Co. (quar.)
45c
Che3apeake-Camp Corp., 5% pref. (quar.)____
1 June 21
15 June
1
8
June
SIM
$6 preferred (quar.)_..___
Carpel Corp. (quar.)
Carriers & General Corp
15
1 June 29
Aug.
July 15 June 29
July 31 June 29
July 15 June 29
2 June 15
July
75c
Carolina Power & Light, $7 pref. (quar.)
Central Fire Insurance
Central Maine Power Co.
June 29 June
June 29 June 15
50c
50c
Inc
Carnation Co
1 June 20
1 June 22
50c
30c
Bank of New York (quar.)
1
JuneJ 17
June£I7
1 June
15
1 June
15
29 June 12
1 June 21
June 29 June 15
July
June
July
July
July
July
July
28 June 27
1 June
Houston Oil Field Material Co., Inc., pref
Howe Sound Co. (quar.)_____
__
(quar.)__
— ___
Independent Pneumatic Tool
_
Inland Investors. Inc, (Interim)---—
Insurance Co. (N. A.) (s.-a.)
International Paper & Power Co.
30c
June 28 June
June 29 June 22
June
July
Extra
Commonwealth Water & Light Co. $6 pref. (qu.)
■87 preferred (quar.)
Concord Gas, 7% preferred.
Connecticut Fire Insurance (Hartford) (quar.)__
Consolidated Oil Corp. (quar.)__
Continental Assurance Co. (Chic., 111.)
(qu.)__
Continental Baking Co. preferred (quar.)
-
Crown Cork International
July
July
t50c
S5
20c
Aug. 15 July 31
1 June
3
July
Aug. 15 July 15
50c
June
$2
preferred
7Mc
ZZZZ
15c
"
50c
;
ZIZ-I
(quar.)
(s.-a,)
I~
~Z_Z
Emigrant Industrial Savings Bank
ZZZ
Endicott-Johnson Corp.:
ZZZZZZ
(quar.)
Faultless Rubber (quar.)
Extra
Fedders Mfg. Co
-
i
Z.
Z_
ZZZZ
First National Bank (N. Y.)
(quar.)
H.) Co. 5% preferred
$2
20c
Dupian Silk Corp. (s.-a.)
Preferred (quar.)
Z_
"I
East Pennsylvania RR. (s.-a.)
ZZ.ZZZZZZZ
Eaton & Howard Management Fund F
A-l (quar.)
■;
"
Elizabeth Consolidated Gas (quar.)
Fishman (M.
15c
30c
Delta Electric
De Pinna Co
Preferred (quar.)
Diamond Shoe Corp. (quar.)
2d preferred
II
Corp., class A
_Z_ZZZZZZZZZZZ~~ZZZZ
(quar.)
(quar.)"
1
29 June 22
1 June 11
1 June 11
SIM
SIM
Continental Gas & Electric preferred
(quar.)_
Crum & Forster
15 July
18
SIM
30c
50c
July
July
29 June
15
1 June 22*
1 June
15
1 June 18*
July
July 15 July
5
Sept. 30 Sept. 19
June 20 June
July
July
July]
July
10
1 June 24
1 June 24
1 June 20
1 June 20
1 June 20
July
Aug. 15 Aug.
1
1 June
$2
SIM
July
July
16 July
5
10c
June
25 June
12
20c
June 25 June
12
S2M
50c
75c
SIM
25c
25c
15c
25c
SIM
July
July
July
July
July
June
July
July
July
18
1 June 24
1
1 June 21
1 June 21
1 June
15
25 June 15
1 June 24
1 June 15
15 June 29
19
19
19
1 June 22
July
July
July
July
July
July
2 June
15
2 June
15
1 June 24
1 June
11
1 June 18*
June 27 June 20
1 June 17
July
1 June
July
July
July
20
1 June 15
1 June 18
June 29 June 19
June 29 June
June 29 June
19
19
June 30 June 20
July
1 June
19
1 June 20
15 June 29
15 June 29
June 30 June
20
29 June 21
14
35c
June 29 June
June 20 June
15
1 He
50c
July
15 June 29
June 29 June 21
July |15 July
1
July 15 June 29
July 15 June 29
lc
50c
+81
June 29 June
19
June
19
29 June
July
July
July
1 June 15
1 June 15
1 June 15
37 He
June
28 June 21
81H
July
July
July
July
July
July
15 July
1
1 June 20
+81H
+81H
25c
81*4
A
A
~
13c
37Hc
———
1 June 20
1 June 20
1 June 20
29 July 10
June 25 June
—
15
15 May 31
1 June 21
1 June 20
June
July
July
Aug.
Oct.
Sept.14
25c
—
50
62Hc
81H
37Hc
81
Kittanning Telephone Co. (quar.)
Knapp Monarch (quar.)
La Crosse Telephone Corp. 6% pref. (quar.)
Lehigh Portland Cement Co. (quar.).
4% preferred (quar.)
Lion Oil Refining Co. (quar.).
Lynn Gas & Electric Co. (quar.)
Magor Car Corp. (quar.)
July
15 June 29
81H
25c
Extra
1 July
June 26 June
June 26 June
87 H
July
July
July
July
July
July
July
July
Aug.
July
July
July
July
81H
------
81
81H
50c
—
•81 Va
$1H
Massachusetts Plate Glass Insurance
50c
Massawippi Valley RR. (s.-a.)_.
83
15c
Maui Agricultural
class B (quar.)
25c
.
McQuay-Norris Mfg. Co. (interim).
——
__
___
Merchants Bank of N. Y. (quar.)
50c
50c
81H
Extra.
25c
Michigan Public Service 7% preferred
6% preferred—
17
17
June 25
June 25
June 20
June 20
June
20
June
11
June 20
•June 29
July
1
June 21
June 20
June 20
June 21
June 29 June 20
June 29 June 20
tSlH
Aug
1 July
+81H
Aug
1 July
81 %
--
13
June 29 June 24
June 26 June 17
82 H
81H
Preferred (quarA.
loal
Mahoning Coal RR.
Preferred (s.-a.)
Manischewitz (B.) Co
Preferred (quar.)-----—------Mapes Consol. Mfg. (quar.)_____
Marion Water Co. 7% preferred (quar.)
Marlin Rockwell Corp
10
1 June 20
June 29 June 20
July
20c
—
Kaufmann Dept. Stores
Kirsch & Co., preferred (quar.)
June 29 June
+25
75c
_
McKee (A. G.) & Co.
Class B (extra)--
1 June
June 29 June
June
$1
-—
July
July
July
July
15
15
Middle States Telephone Co. of Illinois—
7% preferred (quar.).
-
Minnesota Power & Light 7% pref. (quar.)
6% preferred (quar.)
$6 preferred (quar.)
Mississippi Power & Light $6 preferred
Missouri Edison Co. cum. preferred (quar.)
Missouri Portland Cement
M. J. & M. M. Consolidated Oil
Moneta Porcupine Mines
81H
81H
+82
si%
50c
(s.-a.)
Monongahela Valley Water 7% pref. (quar.)
Montana Dakota Utilities 6% pref. (quar.)
5% preferred (quar.)
—;
Mount Diablo Mining (quar.).
Mount Vernon-Woodberry Mills Inc. (pref.)
.
Mueller Brass Co
.
—
cum.
83 H
_
preferred (quar.)_
50c
81A
15c
—
—
68-He
75c
—
Newberry (J. J.) Realty Co. 6A% pref. A (qu.)_
6% preferred B (quar.).
New England Gas & Electric $5 A preferred.
New England Power, preferred (quar.)
New Hampshire Fire Insurance Co.
New Jersey Water Co. 7% preferred (quar.)
—
NewLoftdonNorthern RR. Co. (qu.)
New Orleans Public Service $7 pref. (quar.)
New York Air Brake Co
New York & Honduras Rosario Mining
$2
81H
81H
50c
81H
40c
81H
SIH
81H
50c
Oceanic Oil
25c
50c
2c
Ogilvie Flour Mills Co. (quar.)
Old Colony Insurance Co. (quar.)
Orange & Rockland Electric Co. 6% pref. (qu.)_
5% Preferred (quar.)
Otter Tail Power, preferred (final)
—
Pacific Can Co
-
Pacific Finance Corp
25c
85
81H
81H
81H
25c
30c
20c
-
16Mc
81H
20c
Pacific Telephone & Telegraph (quar.)
Preferred (quar.)
SI A
81H
81H
Preferred (quar.)
Pennsylvania Co. for Ins. on Lives & Granting
Annuities (quar.)...
Peoria Water Works 7 % pref. (quar.)
Permutit Co
Petroleum Trading, class A
Philadelphia & Trenton RR. (quar.)
Philips Packing Co., preferred (quar.)
-
ri June 20
June 15
'1
June
15
I June
15
1 July 15
1 June 20
July
June 29 June 15
June 28 June 10
Aug.
July
July
15 June 29
15 July
1
July
1
July
Sept.
3 Aug.
June
June
15
1 June
15
15
19 June
11
June 28 June
22
July
Aug.
July
2 June 21
1 July
15
1 June 20
June 29 June 21
1 June 21
July
1 June 21
July
June
10 May 31
1 July 16
Aug
1 July
Aug.
16
July 16 June 25
I June 15
July
1 June 15
July
1 June 11
July
1 June 15
July
1 June 24
July
1 July 12
Aug.
40c
$1*4
25c
37 He
82 H
81.31 A
25c
June 29 June
June 29 June
19
July'
75c
Niagara Falls Smelting & Refining (quar.)
Northland Greyhound Line, Inc. $6 A Pref. (qu.)
No vad el-A gene Corp. (quar.)
8% series A preferred (quar.)
6H% series C preferred (quar.)„
5% preferred (quar.)
Pacific Tin Consolidated
10c
50c
-
National Supply Co. 5A% prior preferred
6% preferred
Newark Telephone
Pierce Governor Co
Mc
+3c
81 %
81H
81H
lc
________
National Steel Corp
25c
Clinton Water Works 7% preferred (quar.)
Coleman Lamp & Stove (quar.)
-
18r
25c
____
-
1 June
June 29 June 20
15
81H
-
National Chemical & Mfg. (quar.)
Extra
;
40c
17
1 June
1 June
81H
—
Murphy (G. C.) Co. 5%
18
1
June 28 June
37 Ac
75c
-
-
10
1 June
17
July
July
81
20c
5% cum. conv. preferred (quar.)
Intertype Corp
—
Investment Foundation Ltd. 6% cum. pref—
6% cum. preferred (quar.)
investors Royalty Co., Inc, (quar.)- -- -- --—
Preferred (quar.)
Iowa Southern Utilities Co. 7% preferred.
6M% preferred
6% preferred
Jarvis (W. B.) Co
-•
Joplin Water Works Co. 6% preferred (quar.)..
Kahn's (E.) Sons (quar.)
Preferred (quar.)
Kansas Power Co. $6 cum. preferred (quar.).
$7 cum. preferred (quar.)
10
July
SIM
1 June
July
—-
10
30c
-
City Auto Stamping
Cleveland Graphite Bronze Co-__
Climax Molybdenum Co__
17
15c
1 June
1 June 20
June 29 June 22
1
1 June
15c
Household Finance Corp. (quar.)_
Preferred (quar
—_
1 June
15c
Cincinnati Union Stockyards (quar.)
Preferred
June
July
July
July
75c
—
B-G Foods, Inc., prior preferred
1st
1 June 25
10c
—
Hydro-Electric Corp. (quar.)...
Preferred
8
$IH
...—
6% preferred (quar.)..
6% convertible preferred (quar.)
Central Electric &
1 June 20
June 22 June 15
July
35c
Refining (quar.).
preferred (quar.).
Preferred
June 29 June 21
June 29 June 21
June 29 June 21
75c
$1*4
Atlantic City Fire Insurance Co. (quar.).—
Auto Finance Co. (Greenwood, S. C.) (quar.)—
Carbon Consolidated,
June 22
July
July 16 June 28
July 15 June 29
July 15 June 29
1 July 10
Aug.
$1H
------------
Ashland Oil &
$6
2.5c
25c
Art Metal Construction.
Ban<or
10c
j—
Apex Electrical Mfg. Co..
Preferred (quar.)
5%
40c
8L31H
:
American Business Credit Corp. class A _■■_->—
American Coach & Body Co
American District Telegraph (N. J.)
Preferred
25c
5flc
Amerex Holding Corp. (s.-a.)
Preferred
$3
10c
25c
•--
—
_
::r;;
15 June
81H
Holmes (D. H.) Co., Ltd. (quar.)
Home Gas & Electric (quar.)__
—
Abercrombie & Pitch,
37 He
E.) & Co. (quar.)
Preferred (quar.)__
Income Foundation Fund (quar.)—-—
Name
50c
Haverty Furniture Cos., preferred (quar.).
Ideal Cement Co.
Per
Share
15 June
1 June 29
Hummell-Ross Fibre
are:
June
June
July
July
July
--
General Shoe
Heller (Walter
Extra
Holders
-----
25c
>
—
grouped in two separate tables.
In the
together all the dividends announced the
are
When
Payable of Record
——
Corp
SI A
(quar.).
20c
Corp. preferred (s.-a.)_
General Tire & Rubber pref. (quar.
81A
87 Ac
Gilbert (A. C.) Co., preferred (quar.).——
}63c
Goodyear Tire & Rubber (Can. (quar.)
Preferred (quar.)
—i
+62 He
Grand Rapids Varnish Corp
10c
Greenwich Water Systems, Inc., 6% pref. (qu.)_
SI A
Greif Bros. Cooperage Corp., class A
80c
25c
Hamilton Mfg. class A (partic.)
Hanover Fire Insurance Co. (quar.)
30c
Harris, Hall & Co. 5% preferred (quar.)
— -81A
3376
3680
3221
-----
—
General Machinery
—_
Dividends
1940
July
July
July
25c
Formica Insulation
3530
1
June 20
July
1
Woodward Iron Co. 1st mtge. 5s
Name of
3530
June 15
Wisconsin Public Service Corp. 1st mtge. bonds
*
3529
June 30
July
1
July
1
--Sept. 1
June 21
Underwriters Building Co. 1st mtge. bonds
Per
3672
2893
3213
3672
2592
3675
June 24
--July
2
Tide Water Associated Oil Co.
June 15,
Page
21
1 June
15
1 June 20
June 20 June 10
July
July
July
July
July
2 June
July
1
17
1 June 20
1 June 25
1 June
25
May 31
June 29 June 21
1 June 21*
July
Aug.
Aug.
Aug.
1
1
1
July
July
July
15
15
15
June 29 June 21
June 29 June 18
June 29 June 18
July
15 June 29
July
July
July
20 July
1 June
1 June
June 21 June
July
July
July
15
11
10
11
10 July
1
1 June 15
10 June 29
Vobime
Share
of Company
Price Bros., 514% preferred
+sim
SIM
S2
5M % preferred (quar.)-_
Providence Building Co. (semi-annual)
Providence Washington Insurance Co
__
25c
Providence & Worcester RR
Procter & Gamble, 8%
Providence Gas (quar.)
sim
$2
preferred (quar.)
15c
Prudential Investors $6 pref. (quar.)
Public Service Co., Colorado, 7% pref.
SIM
58 l-3c
(mo.).
50c
412-3 c
6% preferred (monthly)
5% preferred (monthly)
Putnam (Geo.) Fund._
Railroad Employees Corp. A & B
15c
______- -
20c
20c
(quar.)
Rath Packing Co.
Reed Roller Bit (quar.)
25c
25c
Extra
5c
_■_____
Reliable Fire Insurance Co. (quar.)
Richmond Water Works Corp.
90c
;
July
July
July
July
July
Savannah Sugar Refining (quar.)_____
_
25c
SIM
_
...
SIM
SIM
SIM
....
Jf1
12Mc
82Mc
SIM
S2M
.......
,
_
June
4
June
June
4
American Chicle Co. (quar.)
••••:: Extra, i i.
_kk_-k% . _k:kik;k__wkkkkyi
American Cigarette & Cigar, pref. (quar.)
June
June
June
June
1
June
June
14
July
June 11
24
American Cities Power & Light, S2M cl. A (qu.)
Optional cash or 1-16th sh. of cl. B stock.
25
American
July
July
July
July
Sept.
June
17
June
17
June
12
June
12
25c
June
June
4
$1M
July
July
July
June
14
June
June
May 25
May 25
June
June
June
May 15
July
...
62Mc
37 Mc
SIM
Extra
American Home Products Corp
American Investment Co. (111.) Stock div. of 2
shs. of com. $1 par, for each no-par common
15
15 July
1 June
5
American Investors Co., Inc., pref.
21
1 June
15
American Maize-Products
Preferred (quar.)
_k...._--American Meter Co.. Inc
14
American Oak Leather pref.
2
14
2 June
14
1 July
1 June
15
1 June
15
2 June
15
25 June
14
7% preferred
15
18
June
18
29 June 24
15 June 20
July
July
July
July
June
June
15
_
25
Aug.
Aug.
July
American Sugar Refining, pref. (quar.)
American Sumatra Tobacco Co. (quar.)
18
18
1 June 19
10c
June
SIM
June
29 June 20
29 June 20
$1
Preferred (quar.)
Van Camp Milk preferred
July
July
1 June 24
2 June 20
(quar.)
Viau, Ltd., 5% pref. (quar.)
June
Vulcan
Corp. $3 con v. prior pref. (quar.).iWagner Baking Co
7% preferred (quar.)
—;___
Second preferred (quar.)
Wayne Pump Co
Western Cartridge Co., pref. (quar.)
•_
25c
75c
50c
SIM
75c
Western Electric Co
Western New York & Pennsylvania Ry.
(s.-a.)_
5% preferred (semi-ann.)
_
SIM
30c
West Point Mfg__^__
Wichita Water Co. 7% preferred (quar.)
Winn & Lovett Grocery, class A (quar.)
_
Class B (quar.)
Preferred (quar.)
SIM
.
._ ___
50c
25c
i
SIM
Wolverine Tube Co
15c
•_
(Rudolph), pref. (quar.)
Cement pref
tl'£
Portland
Young (Thomas), Inc
SI
^
30 June 20
June 20
July
1
July
1
July
1
July
1
Aug. 20
June 20
June 20
June 22
July
31
June 29 June 24
June 29
July
June 29
July
July
July
July
July
July
June
July
18
1
June 20
June 20
June 20
June 29 June 21
June 20
July
July
June 20
June 25 June
Per
Share
Name of Company
40c
—
10c
■
Extra.
—......
Preferred (quar.).—...........—.......
Acme Glove, 1st preferred........... ........
Adams Express Co
Aero Supply Mfg. Co., class A (quar.)........,
Aetna Ball Bearing Mfg
>S1 M
t$3 M
15c
37Mc
Payable of Record
June
29 June 12
June 29 June 12
July
July
15 July
1
1 June 18
June 26 June 15
July
1 June
15
1
June
15 June
July
July
July
July
July
1 June
8
2 June
15
June
25 June
30c
SIM
75c
Agricultural Insurance Co. (quar.)
Ahlberg Bearing Co., class A (quar.)
8Mc
12Mc
Air Associates, Inc. (quar—
14*
July
July
July
26 July 15
l'June 15
June
July
July
SIM
SIM
SIM
tSIM
SIM
tS2M
Telegraph (quar.)
ann.)
(quar.)
American Toll Bridge Co
—
American Water Works & Electric Co—
$6 1st preferred (guar.).—_ _ _
Anaconda Copper Mining Co
Appalachian Electric Power $7 preferred (quar.)
Arcade Cotton Mills Co. 6% pref. (s.-a.)
Arkansas-Missouri Power, preferred (s.-a.)
Arkansas Power & Light $7 pref. (quar.)
$6 preferred (quar.)___
—
Armour & Co. (Dela.), 7% preferred (quar.) —
Armstrong Cork Co. pref. (quar.)
Armstrong Rubber Co., Inc
American Telephone &
i/
Alabama Great Southern Railroad ordinary
$3
Preferred.-—^—
Alabama Power Co. $7 preferred (quar.)
...—...
$5 preferred (quar.)
Albany & Susquehanna RR. (s.-a.)
______
Alberta Wood Preserving Co. preferred
1 June
8
1 May
8
1 June '20
14
SIM
S2M
S12M
$1I
SIM
50c
(quar.).
SIM
SIM
SIM
S4M
SIM
25c
Allegheny Ludlum Steel
Alexander & Baldwin, Ltd.
SIM
tSIM
SIM
15c
—
Allied Products (quar.)*..
Class A (quar.)
.......—
Allied Stores Corp. 5% pref. (quar.)
Allis-Chalmers Mfg. Co
Alpha Portland Cement
Aluminum Co. of America, pref. (quar.)—
Aluminum Goods Mfg. Co., cap. stk
Capital stock
—
Aluminum Industries
Amalgamated Sugar (initial)
American Agricultural Chemical Co
1 June
14
1 June
14
July
July
June
July
25c
20c
15
8
June
SIM
1 June
5
15
July
July
July
25c
15 June
1 June
July
75c
SIM
19
15
2 June 26
1 June l7
June 20 June
25c
43 Mc
1 July
1 June
15 May 28
1 June ■: 8
1 June
8
1 June 17
June 29 June
June 25 June
July
July
1
1 June 15
1 June 15*
20c
Oct.
15c
10c
June
30c
June 29 June
July
10*
1 Sept. 14*
15 May 31
1 June 15
15
Preferred
(quar.)
Preferred
(quar.)
_
_
-
Extra.--
Belding
SI
25c
8
12Mc
SIM
SIM
July
July
1 June 15
15 June 29
June
22c
July
July
July
July
15 May 31
1 June 22
SIM
SIM
SIM
1 June
1 June
1 June
20c
June 29 June
1 June
July
50c
July
25c
June
25c
July
Aug.
60c
25c
SIM
f4c
S3M
-
/■
50c
SI
25c
SI
$1!i
SIM
5
10
10
15
12*
1 June 15
15 May 31
1 June 15
1 July 17
7
June 15 June
1 June 15
July
July
25c
- - — - - - - - - - -—--
5
15 May 21
8
July
June 28 June 20
SIM
Bank (Bklyn., N.Y.) (qu.)_
12
14
1 July
f43Mc June 15 June
1 June
25c
July
25c
Corticelli (quar.)
(quar.)
pref. (quar.)____
June
1 June
1 June
37 Mc
—
Extra
July
July
Aug.
19
12MC
—'———---■
Berghoff Brewing Corp.
Bethlehem Steel Co. 7%
15
15
15
1 June
75c
......
(quar.)
preference (quar.)
1 June
June 29 June 15
Preferred (quar.)—
Bell Telephone of Canada (quar.)_
Bell Telep. of Penna. 6M% Pref. (quar.)__4i__
Bellows & Co., class A (quar.)
Belmont Radio Corp. (quar.)
Beneficial Industrial Loan Corp_
—
Prior
15 June 10
15
5
15 June
5
June 25 June
1 June 27
Aug.
(quar.)
Bensonhurst Nat'l
15 May 31
1 June 15
June 29 June 15
-----------
— -
1 June 14
4 k
June 24 June
4
1 June
July
July
June
Ltd. (interim).
pref. (semi-annual)
Beech-Nut Packing Co.
■v
1 May 31
1 June 10
1
15 June
July
Beattie Gold Mines
Beatty Bros., 2nd
Beech Creek RR.
June
1 June 15
1 June 11
1
15 June
June 25 June 10
June 27 June 14
_—-- - — --—— - - - -
-
8
1 June
15 June 17
July
July
July
June
40c
_ _
July
June 30 June
Inc
Bayuk Cigars, Inc. (quar.)
7% 1st preferred (quar.)- — Beatrice Creamery Co. (quar.)
1
15 June
July
July
July
Bastian-BIessing Co
July
July
Aug.
July
15
5*
June
June 30 June
June 29 June
Paper Co., Ltd. A
8
June 29 June
July
2 June
June
Bath Iron Works
June 28 June
11
2
5
1 June 13
1 June 13
1 June 15
June 29 June 24
Co
Basic Dolomite,
1 June 10
June
Corp
Astor Finance, 1st pref. (semi-annual)-----Atchison Topeka & Santa Fe Ry., 5% pref
Atlanta Birmingham & Coast RR. pref. (s.-a.)._
Atlanta Gas Light. 6% pref. (quar.).Atlantic Refining Co., preferred (quar.)
- (Quarterly)
—------Autocar Trucks, $3 cum. part. pref. (quar.)
Automobile Finance Co. 7 % pref.
Automobile Insurance (Hartford) (quar.)
Avery (B. F.) & Sons, preferred (quar.)
Backstay Welt
B aid win Co.. 6% pref. (quar.)
6% preferred A (quar.)
BancOhio Corp. (quar.)__
v.
Bangor & Aroostook RR. pref. (quar.)
Bangor Hydro-Electric 7 % preferred (quar.)
6% preferred (quar.)
Bank of America (quar.)---Bank of the Manhattan Co. (quar.)
H.) Co. (quar.)—......
1 Aug. 27
July
July
July
30c
5% preferred (quar.)
Bathurst Power &
Sept.
July
75c
SIM
-
Barber (W
1 June 15
15 June
5
Aug. 31 Aug.
July 31 July
Art Metal Works, Inc
—
Asbestos Corp. (quar.).
Extra-—
Associated Breweries of Canada (quar.)
Preferred (quar.)
Associates Investment Co. (quar.)
1 May 31
June 28 June
8
July
June
50c
Arnold Constable
Bankers Trust
17
17
15 May 29
1 May 21
June 29 June
25c
American Thread Co. pref. (semi
American Tobacco Co., preferred
..
1 June 20
20c
SIM
------
15
Sept. 16 Sept. 5
Dec. 16 Dec.
5
1 June
July
1 June
t93Mc July
June 20 May 31
SIM
_'
preferred (quar.)
Holders
$1
& Surety (quar.)
(quar.)
Aetna Life Insurance
Agnew-Surpaes Shoe Stores, pref. (quar.)
_._
When
3 he.
.
Algoma Steel, Ltd., 5% pref
Allied Chemical & Dye Corp. (quar.).
Allied Laboratories (quar.).
Allied Mills, Inc
June
Associated Public Utilities
give the dividends announced in previous weeks
$6 preferred (quar.)
American Surety Co
19
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
(quar.)
15
July
14
June 28 June
American Steel Foundries
18
1 July
1 July
June
25c
29 June
2%
(quar.)
Vlchek Tool Co
1st
____
June 28 June
Year-end dividend------
Aetna Casualty
______
June
20
June
25c
(quar.)
_
June
June
SIM
American Power &
_ _ _
June 20
June
June 28 June
.
(quar.)
5
7
June
75c
(quar.)
15
June
26c
June
1 June 21
1 June 20
June
SIM
7% preferred (quar.)
——
Light Co. $6 preferred
$5 preferred__
______
...
....i.
American Public Service 7% pref. (quar.)
American Radiator & Standard Sanitary—
Preferred (quar.)_
American Rolling Mill 4M % preferred—kt—
American Safety Razor (quar.)
American Smelting & Refining
Preferred (quar.)
American Snuff Co. (quar.)____
Preferred (quar.)
—
American States Insurance (quar.)
15
June 29
June
(quar.)
American Optical Co. (quar.)
American Paper Goods Co. 7% pref.
2 June
25c
$2
25c
50c
20C
62 Mc
5% preferred (quar.).
1 June 20
20c
Universal Leaf Tobacco Co., Inc. (quar.)______
Abbott Laboratories
(quar.)
American Hard Rubber, preferred (quar.)_
American Hawaiian Steamship (quar.)
1
Aug. 25
S1.18M July
,
American General Insurance Co.
26 June 18
29 June 15
June
25c
40c
4M% cum. pref. (quar.)
1 June
SI
50c
SIM
t30c
t35c
American Gas & Electric Co. (quar.)
July
June 30 June
12Mc
IIM
10c
American Fork & Hoe Co
1 June 20
1 June 20
July
July
15c
:
$7 preferred
1
1
Aug. 10
June
Export Lines
American Express Co. (quar.)
American Factors, Ltd. (monthly),
American Felt Co. 6% pref. (quar.)
American & Foreign Power Co., Inc., $6 pref
17
2 June
$1M
_.
American
July
July
July
25c
Crystal Sugar-
American Cyanamid Co., class A & B (quar.)__
5% cum. conv. 1st & 2d preferred (quar.)
American Envelope Co., 7% pref. A (quar.)
5
July
;
-
Preferred (quar.)
25
July
July
40c
SIM
...
15
June 29 June 14
July 15 June 28
SIM
SIM
$1
50c
5c
i
United States & Foreign Securities 1st pref. (qu.)
Universal Cyclops Steel
we
15
June
1 June 2T
Aug.
75c
United Milk Products.
Below
June
17
SIM
SIM
50c
_
$3 participating preferred
United Shoe Machinery (quar
Preferred
July
15 June
July
July
July
July
July
July
Aug.
July
July
July
75c
...
(quar,)...
14*
American Capital Corp. $3 preferred
American Chain & Cable
Preferred
June
June
_
United Fruit Co
Preferred
11*
June
5
June
__
Union Twist Drill Co.
14
June
10
25c
_
_........
14
July
JuJy
15 June
43 Mc
68 Mc
_
_
_
25c
June 29
American Bank Note Co., pref. (quar.)
American Can Co., preferred (quar.)
18
July
July
July
15
June 20
July
July
July
July
July
14
June 29 June
June
July
June
Dec.
June
1 June
July
12Mc
SIM
SIM
SIM
SIM
-
_
_
June
10c
15
Sept.15
Dec.
July
8
20 June
June 29 June 20
25c
June
Sept.
14
1 June 15
July
June
June
June
SIM
15
June
1 June 20
29 June
29 June
Dec.
Class A (participating)
7 % preferred (quar.)
1 June 27
July
75c
—
— _
June
25c
______
-
June
15
Sept. 15
June
1 June 30
June 29 June
July
1 June
June
Sept.
Dec.
American Alliance Insurance (quar.)
American Asphalt Roof, preferred (quar.)
American Bakeries Co. class B
Class A (quar.)__
1 June 20
1 June 20
15 June 29
20 June 29
20 June 29
1 June 20
July
50c
k
Scudder, Stevens & Clark Fund (quar.)
'____
Selby Shoe Co
___•
Selected Industries, Inc., $514 prior stk., (quar.)
Seven-Up Bottling Co. (Los Angeles) (quar.)
Shawmut Association (quar.)
Signal Royalties Co. class A (quar.)
Singer Mfg. Co. (quar.)_.
Smith (L. C.) & Corona Typewriters (quar.)___
Preferred (quar.).
South Pittsburgh Water Co. 7% pref. (quar.)
6% preferred (quar.)_
5% preferred (s.-a.)
Southern Natural Gas (quar
Southern New England Telephone
Springfield City Water pref. A & B (quar.)
Preferred G (quar.)^........
..........kStandard Fuel Co. Ltd .,6)4% preferred
Standard Products Co. (year-end)
Stix Baer & Fuller Co. pref. (quar.)..
Sunray Oil Corp. pref. (quar.)
Superheater Co_
Superior Portland Cement, class A.
Superior Water Light & Power, 7% pref. (quar.)
Supersilk Hosiery Mills 5% preferred (s.-a.)
Supertest Petroleum Corp. bearer (s. -a.)
Preferred B (s.-a.)
Ordinary (s.-a.)
..
Telautograph Corp.
Telluride Power Co. 7% preferred (quar.)
Texas Electric Service Co. $6 preferred (quar,)..
Toronto Mortgage
...
Torrington Co. (quar.)
Tri-Continental Corp., $6 cum. pref. (quar.)
Tubize Chatillon Corp., pref. (quar.)
Union Stockyards (Omaha).
_
12
.
July
50c
_
2 June
15 June 25
1 June 15
15 June 29
June 30 June 30
June 30 June 20
25c
Extra
Yosemite
July
July
July
July
July
July
June
Mfg.. Inc. (quar.).
Quarterly
Quarterly
7% preferred (quar.)
(quar.).
7% preferred (quar.).
7% preferred (quar.).
1 June 22
7
14 June
June 28 June 13
SIM
SIM
Sangamo Co., Ltd. (quar.)
_
Aluminum
1 June 22
July
July
June
SIM
Russell Industries Ltd. 7% preferred (quar.)
St. Louis National Stockyards
Wurlitzer
Payable of Record
-
6% preferred (quar.)
3769
Holders
When
Per
Name
Preferred
& Financial Chronicle
The Commercial
ISO
June
July
July
July
June
July
July
July
July
July
July
July
July
1 June 15
15 May 31
15 June 30
1 June 13
1 June 13
17 June
1
2 June 15
1 June 14
June
10
June
10
July
July
15
15
June 22
June
20
25c
June
June
15c
June
June
1
45c
June
June
15
62 Mc
June
June
75c
June
25c
25c
SIM
June
1
15
June 29
June
29
June
June
5
July
June
7
The Commercial & Financial Chronicle
3770
Per
Name of Company
Bird Machine Co.
(quar.)
Birmingham Water Works Co. 6% pref. (qu.)..
Bishop Oil Co
Black & Decker Mfg. Co. (quar.)...
Bliss <fe Laughlin, Inc
Preferred (quar.)
Bloch Bro. Tobacco, pref. (quar.)
Blue Top Brewing, 6% class A (semi-annual)..
25c
—---
$1H
2Hc
25c
25c
3im
—
,.
Bohn Aluminum & Brass.
Bon Ami Co. class A (quar.)
Class B (quar.)
inc. (quar.)
25c
32
81H
...
Boyd-Richardson Co., 8% 1st pref
Brazilian Traction Light & Power, pref. (quar.).
Brewer & Co. (monthly).......
1 June
10
31H
[June
15
July
July
July
15 June 29
15 June 29
2 June
June
+7H
+81H
June
15
June
15 May 31*
1 June 15
1 June 15
15 May 31
20c
50c
50c
(interim)
(quar,).
June
July
July
50c
June
June 29
—
Burgess Battery Co. (quar.)
Burlington Steel, Ltd. (quar.)
Butler Water Co. 7% preferred
(quar.)
Calamba Sugar Estates (quar.)
Preferred (quar.)....——
June
••'i 15c
15c
$1H
(quar.)
(quar.)
50c
81
+81H
tsik
—_
37 He
50c
(quar.)
125c
7% cumul. preferred (quar.)
Canada Packers, Ltd. (quar.)
Extra
1
M%
+75c
131
Canada Wire & Cable, class A
(quar.)
31
$1
81
25c
Class A (quar.).
Class A (quar.)
Class B
6H% preferred (quar.)
Canadian Breweries, Ltd., $3 preferred
Canadian Canners
81H
+75c
1 June
14
iJuly 15
July
July
(quar.)
Preferred (quar.)
Canadian Fire Insurance
(semi-annual)
Canadian Foreign
Investment, pref. (quar.)....
Canadian General Electric
(quar.)
Canadian Malartic Gold
2June
2 June
Mining
Canadian Oil Cos., pref.
(quar.)
Canadian Tube & Steel
Products, 7%
Canadian Wallpaper Mfrs. A & B
(fina
Canadian Westinghouse
(quar.)...—Canfield Oil Co
June
29 June
June
29 June
'fli
+82
482
+2c
15
2 June
2 June
2 June
2 June
2 June
15
15
15
15
15
15
14
14
Aug. 15 I July 31
2 June 14
July
2 June 14
July
2 June 20
July
1 June 15
July
IJuly
1 June
15
iJune 25 June
10
182
181
181
137He
'July
Cannon Mills Co
Capital Transit Co..
Cariboo Gold Quartz
Mining Co. (quar.)
Extra
Carolina Telephone & Telegraph
July
July
12 July
1 June
June
31H
6% preferred (quar.).—.«*•—*——-
June
1 June 20
15 June
8
81
jpref.
-—.
+25c
+5c
J15c
+5c
t5S
15
2'June 15
15 May 31
Sept. 15 Aug. 31
Dec. 15 Nov. 30
June 15 May 31
June 15 May 31
25c
7% participating preferred (quar.)
Canadian Converters
Canadian Cotton, Ltd.
31
31
June
81H
_
Canadian Celanese, Ltd
15
29
June 29
July
July
July
July
July
July
12 He
First preferred (quar.)...
First preferred (partic.)
Convertible preferred (quar.)
Convertible preferred (partic)
14
Sept. 15 Aug.
Oct.
1 Sept.
1 June
July
1 June
July
June 20 May
2 June
July
June 15 May
July 25 June
June
July
July
July
July
29 June 20
23 June 20
50c
25c
-
14c
12c
2
17
1 June
18
1 June
15
2 June
4
2 June
4
(quar.)
82
1 June
July
Carpenter Steel Co., common (final)
$1H
June 20 June
Carreras. Ltd., Amer. dep. rec. A. & B.
(interim) 112-3% June 25 May
Carter (Wm.) Co. pref.
(quar.)...
June 15 June
Cartnage Mills, Inc., class A
June 15 June
Class A (quar.)
1 June
81H
July
Class B
June 15 June
tS1.20
Class B (quar.)
60c
1 [June
July
Case (J. I.) Co., p eferred
(quar.).
1 June
31H
July
Case, Pomeroy & Co
15c
.Tune 20 Tune
Celanese Corp. of America
50c
1
24
......
.
-
July
A div.
in com. stk. at the
rate of one sh
for each 40 shs. of common
held
cum. 1st partic.
cum. prior pref.
pref. (s.-a.)
(quar.)..
Hanover Bank & Trust Co.
(quar.)
Illinois Light pref.
(quar,).
Illinois Public Service
$6 pref
—
Cbamberlin Metal Weather
Strip Co
Champion Paper & Fibre
Preferred (quar.)__
I
Chesebrough Mfg. (Consol.) (quar.)
Extra
Chesapeake
Extra---
Chicago Junction Rys. & Union
Stockyards Co
Chicago Pneumatic Tool 33 pref.
(quar.)
12
5
JulyJuly
14
30 June
14
1 June
14
15 June 29
15 June
5
1 June 17
...
preferred (quar.)
Christiana Securities
cum.
Preferred (quar.)
Cincinnati Gas & Electric preferred
A (quar.)__
_
(Quarterly)
—
Consolidated Film Industries, pref
Consolidated Gas Electric Light & Power Co_.
tip
45c
75c
81H
81H
25c
62 He
25c
25c
+4c
7% partic. preferred (quar.)
Crane Co., 5% cum. conv. pref.
(quar.)
Creameries of America, Inc. (quar.)
Credit Acceptance 81.40 conv. pref.
(quar.)
Creole Petroleum Corp
—
Extra
Crowell-Collier Publishing Co. (quar.)
Crown Cork & Seal Co., Inc., 82H cum.
pref...
Crown Zellerbach
Crum & Forster 8% pref.
(quar.)
Crystal Tissue Co. (quar.)
Cuneo Press, Inc. pref. (quar.)
Curtis Publishing Co.. preferred
Cur ties-Wright Corp. class A..-
81H
$1H
June
20
75c
June
20 June
10
25c
July
25 July
20 June
10
14
June
June
July
81
50c
June
June
May 31
15 May 31
1 June 15
24 May 31
24 May 31
1 June
7*
31
62 He
50c
June
15 May
June
29 June
19
25c
June
29 June
19
82 H
July
July
July
1 June
1
July
7*
11
1
75c
July
1 June
July
1 June 20
June
June
5c
June
20
15 May 25
10
20 June
20 June
June 20 June
10
10
10
15c
June
20 June
833 H
June
"15 May 27
81 H
July
July
IIJune 20
1 June 17
15 June
5
15 June
5
June 15 May 31
1
(June 15 June
June 25 June
5
July
July
1 June
15
1 June
15
Aug.
1 July
1
75c
June 29 June
14
t3l®
50c
25c
June
15
|May 31
Aug.
1 June 28
June
15 May 10
1 June 15
1 June 15
July
July
July
June
June
1 June 15
15 June
1
1
15 June
July
June
90c
82
15
32
Oct.
Sept. 14
2H
1H
1H
July
July
July
July
July
June
20c
31H
June
June
15
7
7
June
_
14
June
10
June 24 June
-x
3
July
July
July
July
I June
II June
1 June
IJune
15 June
29'June
15 May
15 May
15 May
24'June
15 May
11 June
19'June
25 June
15 June
1 May
14
14
31
15
U
June
June
35c
.June
25c
25c
50c
June
56 He
25c
82
June
+81
June
June
July
June
June
June
July
50c
Cutler-Hammer, Inc
Dairymen's League Co operative, pref. (s.-a.)_.
Danahy-Faxon Stores (quar.)
•Daniels & Fisher Stores Co. (quar.)
Davega Stores Corp., pref. (quar.)—.•
David & Frere Ltd., class A
(quar.)
Davidson-Boutell Co., 6% pref. (quar.)
Dayton & Michigan RR. (quar.)
Debenture & Securities Corp. (Canada)—
Preferred (semi-annual)
June 29 June
25c
June
31H
—
July
July
32 H
1 {June 15
2 June 15
July
2 June 21
82 H
1-2-41'Dec.
June 25 June
June 15 June
23
15
1
July
Sept.
1 June 20
3 Aug. 20
75c
Dec.
2 Nov. 26
+81
Aug.
1 July
July 20 July
25c
S1H
15
5
June 20 June 10
July
5 June 20
Jan. 1'41 Dec. 20
June 25 June 15
July
1 June 20
June 15 iMay 31
25c
50c
June
50c
June
31H
Diamond Match Co. (quar.)
3
June 25 June 15
June 29 June 15
32
32
25c
---
1
31 He
+25c
........
....
1
15
50c
50c
2c
(quar.)
14
31*
13
1 June 15
June 29 June 24
June 15 June
5
75c
Quarterly
Derby Oil & Refining preferred
Detroit Gasket & Mfg
Detroit Gray Iron Foundry (semi ann.)
Detroit-Hillsdale & Southwestern (s.-a.)
Semi-annually
j
Detroit Steel Corp
Devoe & Raynolds Co., Inc.,
7% pref. (quar.).
Devonian Oil Co. (quar.)
Dewey & Almy Chemical
1
19
31
31
31
July
81H
(quar.)
15
15
15 June
37 He
15c
Preferred (semi-annual)
Quarterly
June 20 May 31
June
June
75c
75c
12Hc
31 %
—
Preferred
Preferred
1 June 10
1 June 10
Aug. 1J uly 15
7
1 June
July
1 June 15
July
Sept. 2 Aug. 15
81H
81A
12 He
._
15
15 June 29
|July
25c
-
15
15
25c
Preferred (quar.)
Continental Telephone Co. 6H% Pref.
(qu.)__
June 28 June
June 28 June
June
July
July
10c
Continental Oil of Delaware
Continental Steel
Class B
June
10
20
20
20
30c
Consolidated Retail Stores 8% pref. (quar.)
8% preferred (quar.)
Consumers Gas (Toronto) (quar.)
Consumers Power, 85 preferred (quar.)
84 H preferred (quar.)
Continental Bank & Trust (N. Y.) (quar.)
Continental Can Co.. Inc., 84M pref.
(quar.)..
Preferred
15
5 June 15
1 June 29
June 29 June 10
31H
4H% preferred (quar.)
Consolidated Investment Trust (quar.)
Special
20
20
12
1 June 12
July
Aug. 15 July 18
June 30 [June
5
1 June 20
July
1 {June 20
(July
June 29 June 14
81.06H June 29 June
.Aug. 15 July
|Aug. 15 July
Aug. 15 July
...
20
25c
-
.
1 June
81H
81H
-
Commonwealth Edison Co
Commonwealth & Southern Corp., 86 pref..
Commonwealth Utilities Corp., 6% pref. B
(qu.)
15 May
15 May
June
62Hc
Preferred (quar.)
Chiksan Tool Co
Preferred (quar.)
Delaware Fund, Inc
De Long Hook & Eye (quar.)
Dentist's Supply Co. (N. Y.)
11
5 June
31
75c
5% cumulative preferred (quar.)
5% cumulative preference (quar.)
Columbus Foods Corp., preferred A
+87 He
Commercial Alcohols, Ltd., pref. (quar.)
+10c
Commercial Investment Trust Corp. (quar.)
81
84 A, series of 1935, cony, preference (quar.). 81.06K
20
20
July
July
July
25c
Deisel-Wemmer-Gilbert (quar.)
31H
Common (quar.)
June
10c
Chicago Electric Mfg. class A
Chicago Flexible Shaft (quar.)
6%
4c
4c
July
July
25c
& Ohio Ry.
Co., pref. A (quar.)..
82 H preferred
(guar.)
Chicago Rivet & Machine
Chicago Towel Co
81
81H
81H
81H
June
81H
—.—
10
12
[July
25c
Columbia Gas & Elec. Corp., 6% pref. A (quar.)
11
June 14
Aug. 15 June
81K
37 He
12Hc
6% preferred
Central Patricia Gold
Mines, Ltd. (quar.)
Extra
Central & South West Utilities
Co.—
87 prior lien preferred
$6 prior lien preferred
Central Steel & Wire
Co., 6% preferred (quar.)
Chain Belt Co
28
12
1 June
1 June
—
83 H
Aguirre Assoc. (quar.)
Cold Storage Co.
(quar.)
10
1 June
July
|July
50c
Columbia Baking Co
Preferred (quar.)
Columbia Bank & Trust Co. (quar.)
Commercial Credit Co. (quar.)
Consolidated Diversified Standard Securities—
1st preferred (semi-annual)
Consolidated Edison (N. Y.), preferred
(quar.)
1
_
50c
85.80
83
12Hc
81.2514
81H
$1A
Preferred (initial)
Colonial Ice Co. 86 preferred B (quar.)—-—
87 preferred (quar.)
—
Colt's Patent Fire Arms Mfg. Co. (quar.)
10
15 June
15
15
June 25 June 18
June 25 June 14
1 June 20
IJuly
June 15 May 25
75c
31
14
15
12
15
15
June 28 June 13
June 15 June
5
2 June 15
July
20
15
1 [June
1 June
81H
6H % preferred C (quar.)
Compo Shoe Machinery (quar.)
Preferred (quar.)
Compressed Industrial Gases.
Congoleum-Nairn, Inc. (quar.)
Comarum Mines, Ltd
Connecticut Gas & Coke Securities, pref. (quar.
Connecticut Light & Power (quar.)
Connecticut & Passumpsic Rivers RR.—
6% preferred (s.-a.)
Consolidated Aircraft, pref. (quar.)
£
1 June
1 June
June 20 June
62Hc
62 He
Canada Cement Co. 6 H % preferred
Canada Foundries & Forgings class A
Canada Malting Co., Ltd. (quar.)
Canada Northern Power Corp.
(June
June 29 June
IJune 29 [June
July
July
35c
—
California Ink Co
California-Western States Life Insurance
(s.-a.)
Cambria Iron semi-annual.
Canada Bread, Ltd., 5% preferred
July
July
[June
40c
17
15 June
5
1 June 20
15 {May 24
1 June 12
July
$1
25c
25c
50c
May 31 ♦
3
15 June 29
81H
$ia
81H
18
1
2 June
lOd.
50c
—.......
14
15 June
July
July
25c
—
.
Budd Wheel Co. preferred
(quar.)
Preferred (participating div.)
(Corrected)...
Bullard Co
7%
31A
81H
(semi-annual)
almolive-Peet (quar.).
Colgate-Pa.
June 29 June
June 28 June
50c
...
7%
Cluett, Pea body & Co., Inc. (interim)
Preferred (quar.)
Coast Counties Gas & Electric, 1st pref. (qu.)_.
Class A
15
[June 25 June 20
June 15 June
1
British Columbia Power, class A
Brunswick-Balke-Collender Co
Preferred (quar.)
Central
Central
Central
Central
Central
81H
75c
15
29
29
1 June
July
July
July
50c
Clorox Chemical Co. (quar.)
Class A (semi-annual)
75c
.J
20c
—
Coca Cola Co
June 20 June
1 June 27
(June 29 [June
June 17 May
75c
June 17 May
81H
1 June
31H | July
Coca-Cola International
15 June
1 June 27
July
July
c
5c
JOc
Cleveland Electric Illuminating
Preferred (quar.)
June 29 June
15 June
15c
Brillo Mfg. Co. (quar.)
Class A (quar.)
Buckeye Pipe Line Co
Bucyrus-Erie Co. (interim)
Preferred (quar.)
15
50c
50c
Brewing Corp. o/ Amer. (quar.)
Bridgeport Gas Light Co. (quar.).
Briggs Mfg Co.
Briggs & Stratton Corp. (quar.)...
Bright (T. G.) & Co., Ltd. common
British-American Tobacco Co.
31 July
31 July 15
15 June
3
June 15 [May 22
1 June 18
July
June 15 May 29
June 29 May 31
June
10c
(quarj..
14
5% preferred (quar.)
6% preferred (quar.)
City Ice & Fuel Co
Clark Equipment Co
Preferred (quar.)
Clearfield & Mahoning Ry. (s.-a.)__
Clearing Machine Corp. (quar.)
June
32
20c
Bralorne Mines, Ltd. (quar.)
Extra
Bristol Brass Corp
1 June
June 26 June 10
1 June 14
1 [June 19
Oct.
1 Sept. 18
July
IJuly
Citizens Wholesale Supply 7% pref. (quar.)
33
75c
Preferred
-
14
Cincinnati New Orleans & Texas Pacific Ry
Cincinnati & Suburban Bell Telephone (quar.).
Clncinnati Union Terminal, 5% pref. (quar.)_.
50c
Boston Woven Hose & Rubber Co—
-
June 28 June
1
[June 29 June 20
June 29 June 20
June 29 June 25
[June 29 |June 15
{July
25c
:
Bower Roller Bearing Co..
Preferred B
1
June
82 H
Boston Wharf Co
British American Oil
15
15 June
(July
July
July
62Hc
...
Holders
June 28 June
15 June
June
June
40c
Borg-Warner Corp
Borne-Scrymser Co
Boston & Albany RR..
Boston Elevated Railway (quar.)
1940
Payable of Record
62Hc
—
Bondholders Management, class A (s.-a.)
Preferred
30c
25c
31
_
Bond Stores,
When
Share
June 15,
June
50c
15 May 31
15!May 31
15|May 31
Sept.
Aug. 12
(Nov. 12
25c
75c
—
(semi-ann.)
Dec.
—
(semi-ann.)
75c
Sept. 3 Aug. 12
2-10-41
3-1-41
July
1 June 15
Disney (Walt.) Productions6% pref. (quar.)..
Distillers Corp. Seagrams (quar.)
Divco-Twin Truck Co
Dixie-Vortex Co. class A (quar.)
Doctor Pepper Co. (quar.)
Quarterly
Doernbecher Mfg. Co. (quar.)
Dome Mines, Ltd.
Dominguez Oil Fields Co. (monthly)
Dominion Coal Co., Ltd. pref. (quar.)
Preferred (quar.)
Draper Corp. (quar.)
Driver-Harris Co. 7% preferred (quar.)
Duke Power Co..
Preferred (quar.)
Dun & Broadstreet, Inc. 86 pref.
—
(quar.)
Dunean Mills 7% pref. (quar.)
Dunlop Tire & Rubber Goods.pref. (s.-a.)
Du Pont (E. I.) de Nemours
pref. (quar.)
Duquesne Light 5% 1st pref. (quar.)
Eagle-Picher^Lead."preferred
gle-Picher Lead, preferred (guar.)
(<
June
25c
June
62 He
30c
30c
July
Sept.
Dec.
15 June
15 June
1
20 June
5
5
1 June 10
3 Aug. 17
2 Nov. 16
15c
June
50c
.
Dominion Foundries & Steel (interim)
Dominion Glass Co., Ltd.
(quar.)
Preferred (quar.)
Dominion Textile Ltd. (quar.)
37Hc
+55 He
2
20 June 29
June 29 June 17
Julv
2 June 15
June 20
July
25c
38c
—
—
+25c
+81H
+81H
+81H
81H
75c
81H
75c
81H
81H
81H
62 He
31H
81H
81H
July
June 15
June 15
June 15
July
July
July
July
July
July
July
July
July
July
June 29
June
1
June 20
June 15
June
[June 29
July
July
July
15
June 30
June
25 July
15
10
15;June 15
1 June
15
Volume
The Commercial &
ISO
Per
Share
Name of Company
(quar.)
preferred
Eastern Massachusetts State Ry. pref.
Eastman Kodak Co. (quar.)
A
Preferred
(quar.)
Easy Washing Machine class A & B (quar.)
Economy Grocery Stores (quar.)
Ecuadorian Corp., Ltd. (quar
Eddy Paper Corp...
Edison Bros. Stores, Inc. (quar.)—;
5% cumul. preferred (quar.)
———
Egry Register Co. 5M % pref. (quar.)
-
-
; ;■» -
-
-
-
- *
i *- *-
-
—
—
15
25c
June
62 He
June
June
[July
1
10
18
12 May 28
1 June 20
June
July
June 29 June
June 29 June
50c
30c
25c
S2M
$1.60
SI M
SIM
SIM
50c
S3M
S3
1
July
June
8
8
June 20
15 May 15
8
June 22 June
June 29 June 21
July
July
July
July
1
15
15
15
June
June 28
June 28
Tune 30 June
July
20
June 28
15
3
3
15 July
| July 15
July
1
June
75c
$3M
15 June
June
28 June 21
35c
56 He
July
56 He
1 June 21
1 June 22
July
Oct.
56Mc
1 Sept. 21
1- 2-41 Dec, 21
1 June 14
1 June 14
1 June 14
June 15 May 31
SIM
SIM
SIM
July
July
July
62 Mc
60c
15c
July
July
1 June 12
1 June 20
1 June 15
25c
Oct.
1 Sept,15
25c
25c
—
Preferred (quar.)....——
Preferred (quar.)i..——......
—
........—
.........
uarterly.—_■—
auarterly.........—
t25c
37Mc
SIM
SIM
SIM
5c
5c
5c
5c
——
S2M
S2M
S2M
-----—-----
25c
(quar.)
Preferred (s.-a.).—
Federal Insurance of N. J (quar.)—
Federal Light & Traction Co. (quar.)---—-----
75c
35c
25c
SIM
Special
Tuly
1-2-41
4-1-41
July
June
30, June 15
15
Sept. 30 Sept. 16
Dec. 18 Dec. 14
Jan.
June 29 June
June 29 June
July
July
July
Co-...-......-..-
25c
June
25c
June
July
July
15
15
15
19
Class A and B (extra)
5M%
preferred
6Mc
(quar.)
S2
Finance Co. of Pennsylvania (quar.)
Financial Security Fund, Inc. (quar.)
Fireman's Fund Indemnity (quar.):
-
—
2Mc
First National Stores, Inc. (quar.).—----First State Pawners Society (Chicago)
25c
Florsheim Shoe Co. class A
50c
Class
4M% preferred (quar.)- -- -- — — —
Foote Bros. Gear & Machine Corp. 5% pref
Foote-Burt Co__
Ford Motor Co. (Canada)-.—-—-—-——r.
Foreign Light & Power, preferred (quar.)
Fort Wayne & Jackson RR., 5M % pref. (s.-a.)__
Foster & Kleiser, preferred A (quar.)
Fox (Peter) Brewery Co. (quar.)
—
19
May 25
25c
June
July
July
June
Si M
June
June
15
t59c
35c
July
June
15
June
June
5
t25c
June
SIM
July
Sept.
July
S2M
37Mc
17
June
17
June
15
Aug.
June
June
June
Tune
June
June
June
June
June
2 Mc
5c
June
June
June
June
-
2H%
pref. (quar.)
Gardner-Denver Co. (quar.)
Preferred (quar.)
_
;
—
Preferred (quar.) - - - u .a—- Gatineau Power Co. (quar.)
5M% preferred (quar.)
5% preferred (quar.)
Gaylord Container Corp. (quar.)
- - - -
-----
(quar.)
———
General Acceptance Corp. (quar.) ——
Class A (quar.) -*i--i.---—---------General American Investors pref. (quar.)
Preferred
•
$1M
25c
SIM
Co
Ilershey Creamery (semi-ann.)
7% preferred (semi-ann.)
Hewitt Rubber Corp
— Hibbard. Spencer, Bartlett & Co. (mo.)
Hickok Oil Corp. (quar.)
IC Xt'lTSt
1
mm m mm m m m
mm m, m m
15
Hollinger Consol.
75c
June
June
SIM
SIM
June
June
5
July
July
Aug.
June
15
25c
July
July
Juiy
July
July
10
20
June
15
June
15
July
June
June
17 June
June
19 June
15
7
7
25c
July
July
July
13 Mc
SIM
S50
37Mc
1 Mc
:S1M
17Mc
37Mc
June
June
5
June
June
15
20c
July
1 June 13
15 May 31
.July
tSIM
25c
SIM
87Mc
SIM
2C
2c
2c
5c
1
I0c
10 c
SIM
SIM
SIM
SIM
10c
SIM
5
25c
5
20
Huston (Tom) Peanut
Hygrade Sylvania
July
July
Tuly
15c
General Baking Co..
—----$2
Preferred (quar.) - -—.-i—- 2c
General Box Co.* (semi-annual)
25c
General Candy, class A (quar.)
25c
General Cigar■ Co_—-a'aa
35c
General Electric Co.—-——.—--—
10c
General Fire Extinguisher—-——
- —
SIM
General Gas & Electric $5 prior pref. (quar.)___
SIM
General Mills. Inc., 5% cum. pref. (quar.)
SIM
General Motors Corp. pref. (quar.)
66c
General Paint Corp., $2.67 pref. (quar.)
i:
ioc
General Printing Ink Corp
—
SIM
Preferred (quar.)..
—
—
SIM
General Public Utilities, Inc., $5 pref. (quar.) —
SIM
General Railway Signal Co. pref. (quar.)
25c
General Refractories Co-__.--------------25c
General Re-Insurance Corp. (quar.)
15
June
15
June
10
June
June
10
June
May 27
July
June 28
June
15JMay 19
June
15 June
July
Aug.
July
July
July
July
June
7
10*
July
8
June 20
-
Co. 7% pref. (s.-a.)
------- - - ------
Co. (Madison,
—
Chemical Industries—
deposit receipts (finall
(Canada) ord. (Interim)
Motocycle (initial)
3
8
30c
June
62 Mc
July
15 June
1 June
8
5
15
1 Sept. 20
Tune
20
June 25 June
14
| July
July
July
1
1 June 15
1 .Tune 15
1
15 June
June
28 June 18
15 June 10
June
15 June 10
20c
31 Mc
SIM
5c
50c
37 Mc
50c
25c
62Mc
87 Mc
SIM
S3M
62 Mc
I.Tune 20
.Tune 27 June 20
1 June 10
1 June 10
1 June 14
June 17iJune
3
June 17! June
3
June 15 June
5
July
July
July
tune
July
^Uune 20
2 June 15
June 26 June
June
15 June
11
5
liJune 20
Tune 2°|June 22
Tuly
2 June
1
July
July
July
l|June 20
11 June
1
June 29 June
June 29 June
18
July
July
18
1 June 20
1 June 10
1 .Tune
10
June
21 June
11
June
29 June
18
July
tSIM
July
July
,
25c
30c
Preferred (s.-a.)_ —
Service Co. 6% pref.
Line (old)
Reducing par value from $10 to $7 M.
Indianapolis Power & Light
6M% preferred (quar.) — ----6% ^referred (quar.)..
Indianapolis Water Co. 5% cum. pref. A
IJune 27
SI rM
5c
&
American
June
June
Oct.
8
1 June
8
June 21
June
50c
Indiana Pipe
15 June
June 15 June
July
July
5
$2
10
June
1 June 14*
S2
June
25c
July
June
30c
June 20
18
1 June 18
10
15
%2c
July
18
June
18
1 July
June 20 June
June 25 [June
June
July
2M%
37Mc
(quar.)._ _
Indiana Hydro-Electric Power, 7% pref—
Indiana Michigan Electric Co. 6% pref. (qu.)
7% preferred (quar.)
June
Aug.
July
1
Imperial
Indiana General
25
21
25c
Imperial Tobacco
Indian
Oct.
15 June 20
15 June
15c
Preferred (quar.)__
Illinois Commercial Telephone
Wis.) S6 preferred.—
Illuminating Shares, class A
4ug- !
Nov.
1
July
11
15
2 June 15
Tuly 25
June 21 May
June 15 June
SIM
SIM
SIM
SIM
Preferred (quar.) — — —
/
Idaho-Maryland Mines (monthly)
Illinois Bell Telephone
Illinois Central RR. (leased lines) (s.-a.)—
12
15
June 29 June
2 June
June
25c
(s.-a.)
June
12
Dec.
July
July
10c
7% pref. (quar.)
June
June
15 May 31
July
1 June 15
July
1 May 20
Sept. 1 Aug. 15
July 15
Sept.15
June
75c
-
50c
25c
June
15
2 June 15
June 29 May 31
July
June 29 June 24
8
June 20 June
37Mc
...
-
May 31
M&y 31
June
5
June 20 June
July
1 June
40c
50c
5c
June
Tuly
6
June 26 June 20
July
] June 21
SIM
June
SIM
20 July
.July
25c
-
25c
lOc
General American Transportation
15 May 31
June 29 June 19
|June 30 |June 14
25c
—
(quar.)
- - - - - -
1 [June 20
15 June 29
15 June 29
1 June
7
July
July
July
June
-
-----
68 Mc
June
June 28 June 10
1 June 20
July
July
—
Houdaille-Hershey, class B (interim)
Gas
1 June 21
1 June 21
1
1 July
2 June 10
8
20c Mune 15 June
(initial)
Howey Gold Mines, Ltd
Hudson Bav Co. 5% preferred
Humble Oil & Refining (quar.)
Humphryes Mfg
June 20
| July
50c
Hoskins Mfg. Co—
Houston Natural
17
1 June 17
15 jJune 10
15 June 20
2Mc
1M %
Extra.--------------------------------
1
10
SIM
SIM
75c
$3
50c
+75c
Home Fire & Marine Insurance (quar.).,
Homestake Mining Co. (monthly)
1
1
1 |June 21
43 Mc
Gold Mines
1
15
[May 15
15 June
June
Holland Furnace
June
June
15 May
June 15
July
mm r — m mm
July
June
June 29 June 21
June
25c
15c
50c
June
8
15
1 June 29
1 June 10
1 June 10
July
July
July
25c
17
July
July
15
June 29 June
June 29 June
10c
S3M
21
June
15
June
25c
60c
50c
Tune
$1.38
SIM
18
June
$2
35c
Hercules Powder
Class A
June
_
June 20 June
July
1 June
Hercules Motors
Honey Dew, Ltd.
18
June
Harding Carpets, Ltd. (s.-a.) - ExtraHarris & Co., preferred (quar.)_Preferred (quar.)
Harrisburg Gas Co. 7% preferred (quar.)
Harris-Seybold-Potter Co., pref. (quar.)
Harshaw Chemical---.—--—----—
7% preferred (quar.)
Harvey Hubbell, Inc. (quar.)
Hat Corp. of America pref. (quar.).-.
Haverty Furniture Co., Inc. pref. (quar.)
Hawaiian Agricultural (monthly)
Hazel-Atlas Glass Co---.----------------Hazeltine Corp. (quar.)
Heel a Mining Co
Heileman (G.) Brewing (quar.)-..:'Hefn-Werner Motor Parts (quar.)
Helme (Geo. W.) Co —
Preferred (quar.)
Henkel Clauss, pref. (quar.)
Preferred (quar.)
June
75c
18
June
[July
———------
June
5
18
June 20
75c
Common..-.--——
■:
15
June
June
25c
Tune
4
27
lune
June
July
July
July
July
July
July
July
July
50c
————————
July
June
-
July
July
July
(quar.)
62 Mc
1
25c
Common- ----------------—---Hard Rock Gold Mines..—
*
3
;•
3%
25c
5
June
Preferred
Co.
1
Juiy
l July
June 15 |May
Aug.
SIM
(quar.)
Hanely (James) Co. 7% pref. (quar.)
Hanna (M. A.) Co. $5 cum. pref. (quar.)
Hanners Oil Co., common.------------------
1
SIM
SIM
■Extra
General Telephone Co. (quar.)
-------
-
5
General American Transport.
:
15c
——
5% preferred (quar.).—
7% preferred (quar.) Hinde & Dauch Paper Co. —
Preferred (quarj--
25c
Garfinckel (Julius) & Co. (quar.)
Inc
Gulf Oil Corp-_—
—-----—AmAAm
Gulf State Utilities $6 pref. (quar.)
15
------
2c
Guaranty Trust Co. (N.'Y.) (quar.)
15
Fuller
—
5c
(buar.)__....
Preferred
15
15
50c
(Geo. A.), 4% preferred (quar.)
Fyr-Fyter Co. class A
—-----Galland Mercantile Laundry Co. (quar.)
Gamewell Co.---.—-————--- -—- - -—- -
15c
Grisgs Cooper & Co. pref. (quar.)_
G
—
up No. 1 Oil
Gruen Watch Co. pref. C (quar.).
Preferred B--.-----,,—--------------Guarantee Co. (N. A.) (quar.)
------
20
—
Fred Fear & Co. (quar.)
25c
-
-
May 25
June 20
June
$1
----------------—
Gannett Co., Inc., $6
15 May 31
25c
—
Frankford Kentucky Natural Gas Co
Frankenmuth Brewing Co. (quar.)
Preferred..
June
15c
Extra--.----—-xi.'-———■
Preferred (quar.)
—- - _ - —
'
19
25c
B_—---------
Food Machinery Corp
Extra.
14
29 June 19
1 June 15
June 29 June
50c
SIM
-
"
June 15 June
5
1% i.Tune 29 June 22
1
62 Mc July
1 June 17
Fitz Simons & Connell Dredge & Dock—
Class A and B (quar.)-.-...—.——...—
SIM
<
-
10
19
July
June
——-
(quar.)-------i-------.----i--Goodrich (B. F.) Co., preferred (quar.)
Goodyear Tire & Rubber Co
$5 conv. preferred (quar.)
Gorham Mfg. Co..
Gorton Pew Fisheries (quar.)___
Grand Rapids & Indiana Ry. (s.-a.)
Grant (W. T.) Co. (quar.)__
Preferred (quar.)_
:
Great American Indemnity (s.-a.)
—
Great American Insurance (quar.)
Great West Life Assurance (quar.)
Great Western Sugar
7% preferred (quar.)--—_
GreenHDaniel Co. pref. (auar.)
Greene Gananea Copper Co
Greene Railroad (semi-annual)
Greyhound Corp. (quar.)
---- - -
15
50c
First National Bank of J. C. (quar.)
■
June
56 Mc
Preferred
3
29 June
29 June
—
30c
-
8
| June 15
[July
July
40c
—-
June
June 29 June
Telegraph (quar.)
Goldblatt Bros.
5
June
(quar.)
Gold & Stock
2 June 15
25 July
25 Tuly
Finance Co. of America class A and B
15
Goebel Brewing Co. (quar.)
Gold Belt Mines, (initial)
17
July
July
51.18M
15c
10c
8
June
25c
Preferred (quar.)
Goderich Elevator & Transit Co. (s.-a.)
Extra
20 June
15 June
June 26 June
- —
June
$1M
Hammormill Paper pref.
50c
._ —
——
(guar.).-*.--
Hamilton Watch Co.
25c
Fifth Ave. Coach Co
July
July
-
Globe-Wernicke Co. 7% preferred (quar.)
Godchaux Sugars, Inc., class A
17
Fidelity, & Guaranty Fire Corp
Filene's (Wm.) Sons
Preferred (quar.)
Preferred
1 June
1 June
25c
—
19
...
-
Girdler Corp. (quar.)
Glens Falls Insurance Co. (quar.)—
Glidden Co. (interim)--
1 June 20
50c
-
(quar.)
-----
Hamilton Cotton Co., Ltd., $2 conv. pref
Hamilton United Theatres, Ltd., 7% pref
Ferro Enamel Corp
-
-
Haloid
2 June
June 25 June
July
1 June
Extra.
(quar.)
Georgia Railroad & Banking Co.
Gillette Safety Razor
Preferred (quar.)
11
ljJune 10
1 Sept
2 Dec.
19
June
88
15
28
June 15 May 31
Oct,
6
June
75c
-
—
10
16,Nov. 30
Mar. 15!Feb.
[July
S3 preferred (quar.)
Georgia Power Co., $6 pref. (quar.)
$5M preferred (quar.)
Guysboro Mines Ltd. (initial)
Habison-Walker Refractories pref. (quar.)
Hackensack Water Co. pref. A (quar.)
Halifax Insurance (N. S.) (s.-a.)
Hall (C. M.) Lamp
—Hall (W. F.) Printing (quar.)
Sept. 16 Aug. 31
Dec.
June
July
July
July
19
29 June
1. June
Tune
Federal Mogul Corp..—.-,-.^*...-*.1.-——Fernie Brewing Co....—
t60c
J15c
15
3-15-41
Dec.
June
$1M
-
7
Sept. 21 Sept
25c
new 5% pref. (quar.)
preferred (quar.)
preferred (quar.;-.,.———-—---.
preferred (quar.)..—.
Federal Mining & Smelting
10
15 May 31
15 May 31
June 20 June
25c
(quar.)
Fanny Farmer Candy Shops (quar.)
Fansteel Metallurgical Corp., preferred (quar.).
:
18
50c
-
General Water Gas & Electric Co
$5 preferred
Payable .of Record
50c
General Telephone Tri Corp
General Time Instruments
Preferred (quar.)
15
June 29 June
50c
—
Quarterly
Quarterly
5
June 29 June
June 25 June
July
1 June
75c
Inc.,
Federal Bake Shops
1 June
1 June
40c
Evans Wallower Zinc
Farmers & Traders Life Insurance
1
5
15 June
75c
—
.
June
July
July
$1H
Elgin National Watch
Elizabeth Water Co., consol. (s.-a.)
Elmira & Williamsport Railroad, pref. (quar.)—
El Paso Electric 7% preferred (quar.)
-—
6% preferred (quar.)
$6 preferred (quar.)
El Paso Natural Gas (quar.)__'
—
Ely & Walker Dry Goods 1st pref. (s-a)
2d preferred (semi-annual)
Empire Power Corp., $6 cum. pref. (quar.)——
Empire Safe Deposit Co. (quar.)
i-:.— - —
Emporium Capwell 7% pref. (s.-a.)
...—
(Quarterly)
—
4 M% preferred (quar.)
4M% preferred (quar.)..---..—..———
4M % preferred (quar.)
Engineers Public Service Co.—
$6 dividend cumul. preferred (quar.)
$5M dividend cumul. preferred (quar.)
$5 dividend cumul. preferred (quar.)
English Electric Co. (Canada) $3 class A (quar.)
Ex-Cell-O Corp
Farallone Packing Co. (quar.).—
Quarterly
.—
1 June 15
25c
Electrolux Corp
Famous Players Canadian
5
15 June
3c
- -
Electric Boat
Electric Controller & Mfg
Electric Storage Battery Co. (quar.)
Preferred (quar.)
Electrical Products (quar.)---
Eversharp,
New 5%
New 5%
New 5%
July
25c
—_—
E lectr ic Auto-lite. * -
June
SIM
SIM
$1M
SIM
12 Mc
prior
—.—
—
Share
Name of Company
Holders
When
Per
Holders
When
Payable of Record
SIM
East Mahonoy Railroad (semi-annual)
Eastern Gas & Fuel Association, 4M%
3771
Financial Chronicle
SIM
tSIM
SIM
SIM
S2M
Tulv
July
1 June 11
June
June
15
11
Apr. 25
June
June
7
July
July
July
June
5
June
5
June
4
June
May 31
July
July
July
June
June
4
June
28
10 July
4
40c
July
lijune
1
10
SIM
(qu.)
July
SIM
Juiv
1 June
10
SIM
July
1 June
10
The Commercial & Financial Chronicle
3772
Per
Name of
When
Holders
Share
Company
Payable
of Record
Ingersoll-Rahd Co. pref. (semi-ann.)
Insuranshares Certificates
Interlake Steamship Co
International Business Machines
$3
10c
(quar.)
.
_
Harvester
-—- m
(quar.).-,
$14
37Kc
124c
International Mining
1
$1!i
July
July
37.HC
July
International Shoe
37
July
July
.July
International Silver Co., preferred
International Telegraph Co. (Me.) (s.-a.)
Investment Corp.
(Phila.)
25c
$1
25c
75c
10c
(quar.)
Investors Distribution Shares (qUar.)
Iowa Public Service, $7 pref. (quar.)
SI 5*
$6 preferred (quar.)..
$64 preferred (quar.)
Iron Fireman Mfg. common v. fc. c. (quar.)
-
-
-—
Common
v.
t. c.
—
—.———.—
Preferred (quar.)
Jamaica Public Service, Ltd. (quar.)
$14
-
7% cumulative preferred B (quar.)
—
7% preferred A (quar.)
5% preferred C (quar.)
Jamaica Water Supply Co. (quar.)
$5 preferred A (quar.)
Jamieson (C. E.) & Co
Jamestown Telephone Corp., 1st pref. (quar.)—
—
Preferred A (semi-annual)
Jefferson Electric Co
—'—
—
— —
—
—
....
.......
—
—
—
-...--
Preferred (quar.)
i¥i
$14
15c
si^
$24
$114
$14
$1*4
60c
75c
$1*4
$1*4
75c
$14
$14
$1*4
$114
$1*4
$14
20c
14c
2 Nov.
Extra
25c
$14
$1*4
$14
$14
Series D 5% cumul. preferred
(quar.)
Klein (D. Emil) Co. (quar.)
Kieinert (I. B.) Rubber
,
--|
Koppers Co. 6% pref. (quar.)
Kresge Dept. Stores 4% preferred (quar.).
Kroger Grocery & Baking 6% pref. (quar.).
25c
20c
$14
15
15
1 June
14
1 June
14
1
1
Extra
Lackawanna RR.(N. J.) (quar.)
Lake Shore Mines
May~31
1 June
15
15 June
June 28 June
10
1
|
Extra
Co
June 15 June
July
July
July
July
5
1 June 15
15 May 31
10 July
1*
1 June
12
June 15
1 June 15
1 June 20
June 29 June 15
July
July
July
July
July
Aug.
1 June
15 June
15 June
Seot.
25c
25c
(quar.^.
30c
30c
Merck & Co
40c
Preferred (quar.)
Mesta Machine Co
;
$14
50c
Metropolitan Edison, $6 preferred (quar.)
(quar.)-
iltf
Metal & Thermit Corp. pref.
Preferred (quar.)
$1*4
$1*4
$14
Preferred
(quar.)
Michigan Associated Telephone 6% pref. (qu.)
Michigan Silica (quar.)
«
QuarterlyMickelberry's Food Products Co., pref. (cp.)
Mieromatic Hone Corp. pref. (quar.)
Midland Grocery 6% preferred (s.-a.)Midland Oil Corp. 82 preferred
___
—
-
------
60c
—
83
-
-
-——-
_
1
July
July
20
1
10
10
1 June 17
15
15 May 29
15 May 29
June
class B.
June
June
12
24
Tune
12
June 29 June
10
July
1
24 June
24 June
June
...
15
Julv
I20c
10c
*20c
tlOc
+
Extra
Quarterly.
!20c
10c
54% cumulative preferred quar.)
54% vuiuuiitbivn preierreu vQUar.)
u7^-/g cumulative preferred
54% cumulative preferred (quar.)
Modine Mfg. Co.
(quar.)—
Extra— 2
Mohawk Carpet Mills
Molybdenum Corp. of America
—_
——
1*4
X$l*4
X$14
—
50c
25c
...
25c
25c
—-
83
87Hc
50c
$24
"
6c
(quar.)
81
5% preferred (quar.)
Montgomery Ward & Co
-
Class A (quar.)
Montreal Cottons Ltd. (quar.)
Preferred (quar,)——
Moore Corp.
50c
—
June
14
5 June
July
July 15 July
Tulv
Aug.
June 15 May
July
June
June
July
June 15 June
Aug.
July
21
5
15
Libbey-Owens-Ford Glass
Life & Casualty Insurance
Co. (Tenn.)—,
Liggett & Myers Tobacco, pref.
(quar.)Lily Tulip Cup Corp. (quar.)
Lincoin National Life Insurance Co.
(quar.)
1
Quarterly
Lindsay Light & Chemical Co., preferred
(quar.)
—
-
Link-Belt Co. pref. (quar.)
Liquid Carbonic Corp. (quar.)
Nov.
June
July
Little Miami RR. Co.,
original capital (quar.).
Ex^ra.—
Loew's, Inc. (quar.)
Loew's (Marcus) Theatres,
7% preferred
Lone Star Cement
Corp.Longhorn Portland Cement
—
1
—
Oct.
31
14
11
1
26
26
17 June
7
1 June
15
June 14
July
Sept.10 Aug. 24
Dec.
10 Nov. 25
Sept. 10 Aug. 24
Dec.
__
10 Nov. 25
July
15 June 14
June 29 June
19
1 June 21
25 June 15
25 June 15
June 29 June 18
June 29 June 15
July
June
June
-
-
Preferred A & B (quar.)
-
Louisiana Land & Exploration Co
Louisville Gas & Electric Co.
-
June
15 June
5
July
June
18
18
Oct.
Preferred (quar.)
Preferred (quar.)
Lord & Taylor (quar.)
Lorlllard (P.) Co
28 Jui*
Aug.
July
Loose-Wiles Biscuit Co.
(quar.)
June
Sept. 18
uarterlv
Lykens Valley RR. & Coal Co. (s.-a.)
(quar.)
Preferred (quar.)
National Brush Co. (quar.)
National Candy Co
(quar.)
National Cash Register Co
National Casualty Co.
(Det.) (quar.)
National City Lines
National City Lines 83 pref. (quar.)—
81 class A (quar.)
National Container Corp. of Del
National Cylinder Gas Co
National Dairy Products Corp.
(quar.
Class A & B preferred
(quar.)
National Folding Box
(quar.)
National Grocers, Ltd., pref.
(quar.)_
National Lead Co
-
(quar.)_
National Transit Co
Natomas Co. (quar.)----—------—
Navarro Oil Co. (quar.)
Nehi
June
15 June
Preferred (quar.)
Neisner Bros., Inc. (quar.)
Newberry (J. J.) Co. (quar.)..
New England Power Assoc.
6% pref—
82 oreferred
June 25 May 31
25 May 31
July
1 June 15
Corp
—
New England Telep. &
Teleg
15
June 20
June 15
June
1
June 15
June 20
June 20
Sept. 20
Oct.
Jan.
Jan.
Sept. 20
Dec. 20
Dec. 20
June 20
July
[Oct.
Jan.
2.
June 20
June 20
June 15
Sept. 20
Dec. 20
June
10
June
10
1
June
July
1 June 15
June 29 June 20
1 June 15
July
June
Dec.
15 May 28
Nov. 9
June 15
July
July
July
July
July
June 15
June 15
June 14
June 14
814
2'June
5
5
2 June
1 July
Oct.
1 Oct.
1
1-2-41 Dec. 3
July
1 June 14
1 Aug. 23
1 Nov. 22
2 June 15
June 29 June 15
Sept.
Dec.
July
30c
82
25c
June
15 May
15 June
15*
June
June
29 June
13
25c
June
15 June
1
5c
50c
July
July
15 June 29
15 June 29
20c
V
June
75c
8154
55c
40c
25c
$14
50c
8154
25c
25c
25c
75c
15 June
June 25 June
June
July
July
July
June
IJuly
50c
June
20c
[June
20c
[June
July
June
July
June
July
June
July
[June 29 [June
July
Aug.
June 15 May
374c
124c
$14
25c
50c
50c
June
July
10c
July
124c
July
$1,314 July
June
60c
July
814 July
$14
15
_
3
3
24
15
14
19
31
June 28 June 20
June 14
15 June 29
20c
50c
July
July 15
15 May 24
21 June 12
_
July
July
July
25c
10
15 May 31
June 15
25c
50c
14
10
2 June 15
2 June 15
1
15 June
June 12
June 12
15 June 29
Aug.
Aug.
8154
5
15
May 20
15 June
June 21 June
June 21 [June
July
July
1
June 24
July
July
July
15c
15
10
June 20
June
|Oct.
50c
—
14
May 15*
__
15 May 31
8154
—
National-Standard Co. (quar.)
National Steel Car Corp.
(quar.)
National Steel Car, Ltd.
(quar.)
15
June
15
15 May 31
25c
—
1st & 2d preferred
June
1*
14
June
June
June
44c
10c
June
17
|June
July
July
July
81
10c
Muskegon Piston Ring
Muskogee Co
Mutual System, Inc
8% preferred (quar.)
Mutual Telephone (Hawaii)
Myers (F. E.) & Bro
Nashua Gummed & Coated
Paper pref. (quar.)
National Battery Co. 82.20 conv. pref.
(quar.)
Preferred A (quar.)
National Oil Products Co.
(interim)
June 25
June 29
'June 14
June
*Ti
—
Morristown Securities Corp
Motor Finance Corp., pref.
(quar.)_
Mountain Producers Corp. (s.-a.)
Muncie Water Works Co.,
8% pref. (quar.)
July
July
July
(Del.)—
(quar.)
(quar.)
June
11
Dec. 23 Dec. 20
1 June 20
15 June 11
June
X
$14
$14
$14
Morris & Essex RR
Morris Plan Insurance
Society (quar.)
National Biscuit Co
National Bond & Investment
(quar.)_
Preferred (quar
National Breweries, Ltd.
13
40c
SI *4
-
Moore (Wm. R.) Dry Goods Co.
(quar.)
Preferred B
23 Dec.
July
1 June 15
Sept.23 Sept. 20
$1*4
:v
-
(guar.)
—
Lerner Stores (quar.)
Preferred (quar.)
Originai capital (quar.)
Special guaranteed
(quar.)
Special guaranteed (quar.)
Little Schuykill Nav. RR. &
Coal Co. (s.-a.)
Lock Joint Pipe
(monthly)
Preferred (quar.)
Locke Steel Chain
(quar.)
June
12
May 31
8ept. 30 Sept. 20
June 25 June
$1*4
_
16
[June 17
_
June 29 June 20
July
July
July
July
July
July
July
July
w8
Extra
;
1
June 20
June 20
10c
-
Quarterly
Dec.
Dec.
July
.July
July
July
85c
Quarterly
preferred
1
June
$14
$14
Extra———•
6%
1
Sept.
45c
50c
82
----
Mississippi River Power, pref. (quar.)
Mississippi Valley Public Service, 6% pf. (qu.)
Mitchell (J. S.) & Co. pref. (quar.)
Mobile & Birmingham RR. Co. preferred
(s. a.).
Mock, Judson, Voehringer Co., Inc., pf. (quar.)
Modern Containers, Ltd.
(quar.)
„
Dec.
Sept.
$14
8% preferred
Mid vale Co.
Midwest Oil Co. (semi-annual)
Mid-West Refineries, Inc. (quar.)
Mission Oil (interim)
-
1
Dec.
July
July
July
iJuly
July
July
t25c
50c
—— -----
Sept.
July
854c
-
_
15
Sept.
Dec.
5c
5c
Midland Steel Products
82 dividend shares
-
1 June
Corp.—
5% preferred (quar.)
5% preferred
6% preferred (quar
6% preferred (quar.)
_
3 Aug.
1
1
15 June
1 June 15
July
July
;—
-
Mercantile Acceptance
14
July
Sept.16
Class A (quar.)..
Preferred (quar.)
Lava Cap Gold Mining
Leath & Co. preferred (quar.)
Lehigh Portland Cement pref. (quar.)—
Lehman Corp
June
Extra-
1
1 June
15 June
1 June
1 June
15
June 20
June 17
June
(quar.)
McKenzie Red Lake Gold Mines (quar.)
Mead Johnson & Co. (quar.)
Monarch Mills
Dec.
Extra
...
Sept. 3 Aug. 16
July 15 Jure 29
June 28 June 17
Monroe Chemical Co. pref.
(quar.)
Monsanto Chemical Co.
(quar.)
Preferred A & B (semi-ann.)
Montana Dakota Utilities
15
June
(quar.|.
Lane-Wells Co. (quar.).
Langendorf United Bakeries
15 May 31
June 20 June
5
June 29 June F 5
June 29 June 15
May Department Stores (quar.)
McColl Fron*enan Oil pref. (quar.)
McCrory Stores Corp. (quar.)
Mclntyre Porcupine Mines Ouiar.)
12
15
15
June
12
June
1 June
1
15 July
10 June 20
1 June 14
June 21 June 17
June 30 June 15
June 30 June 15
-
————
1
June
5
July
July
July
July
(quar.)
(quar.)
5
15 May 31
June 15 June 10
—
1 June
June 20 June
July
Landis Machine preferred
(quar.).
Preferred
Preferred (quar.,
Aug. 15 Aug.
Nov. 15 Nov.
June
—
—
Master Electric Co__—
3 Aug. 20
2 Nov. 20
1 •Tune 14
July
June 29 May 31
June 29 May 31
1 June 10
July
June 20 June
5
July
June
Lamaque Gold Mines, Ltd. (quar.)
June 15 May 31
15 May 31
—
15
Sept. 21
1 June 15
July
Mathieson Alkali Works (quar.)
Preferred (quar.)
14
June
—
7% preferred (quar.)
Kysor Heater Co. (quar.)—
common
1 June
1 June
1 June
June
_
common
14
1 June 14
2 June 14
1 June 14
2 June 14
1 June 14
July
July
20c
Series B 7% cumul. preferred
(quar.)
Series C6% cumul. preferred
(quar.)
11
June
July
■25c
—
Marine Midland Trust
1 June
July
June
$14
Preferred (quar.)
King-Seeley Corp—
Kings County Lighting Co.—
9
1 June 20
1 June
June 29 June 15
June 29 June 15
June 15 June
1
1 June 15
July
1 June 15
July
June 29 June 15
1 June 10
July
1 June 10
July
1 June 10
July
June 20 June
6
June 24 June 10
1 June 14
July
1 I June 20
July
June 25 June
1
June 15 June
1
June 15 June
1
70c
Kimberly-Clark Corp. (quar.)
1 June 20
1 June 20
July
July
July
July
July
July
July
July
25c
—
Preferred
1 June 20
2 Aug. 10
Dec.
$*4c
15
June 21
1-2-41 Dec. 23
Maryland Fund, Inc.,---—
1 June
Sept.
50c
Preferred (quar.)
Margay Oil Corp.
Marine Midland Corp.
July
June
25c
12
June 15 June
1
June 15 May 31
$14
$1*4
$1*4
+S1 *4
Kennecott Copper
Special
Kerlyn Oil Co., class A (quar.).
Kern County Land Co
Keystone Custodian Fund K-2 (s.-a.)
Keystone Public Service, pref. (quar.).
Keystone Steel & Wire
Keystone Watch Case Corp
1 June
June 29
June
Marshall Field & Co., preferred
2nd preferred (quar.)
124c
SI *4
15
Holders
June 29
June 29
Oct.
Magnln (I.) & Co. preferred (quar.)
Preferred (quar.)
Quarterly
Mahon <R. O.)
Manufacturers Trust Co. (quar.)
1 June 15
June 15 June
1
June 15 May 31
July
July
July
July
July
July
July
50c
Keith-Albee-Orpheum 7% preferred.
1 June
_
35c
$14
$14
Kaufmann Dept. Stores, 5% pref. (quar.)
Kelvinator Corp. (Canada) (interim)
Kemper-Thomas 7% special pref. (quar.).
Special preferred (quar.)
Class A
Class B
1 *4%
$1*4
25c
Jersey Central Power & Light 5lA% pref. (quar.)
6% preferred (quar.)..
7% preferred (quar.)
Jewel Tea Co., Inc. (quar.)
Johns-Manville Corp
Preferred (quar.)..
Joliet & Chicago RR. (quar.)..
Joseph & Feiss Co.
Josiyn Mfg. & Supply
Preferred (quar.)
Kansas City Power & Light, pref. B (quar.)
Kansas Electric Power 7% preferred (quar.)
6% preferred (quar.)
Kansas Gas & Electric 7% pref. (quar.)
$6 preferred (quar.)
Kansas Power & Light 7% preferred
6% preferred..I
Katz Drug Co. (quar.).
-
17c
1 June 29
15 June 29
1 |June 15*
1940
Payable of Record
July
July
July
July
Magma Copper Co
2
Dec.
25c
15c
50c
June
,
30c
—
June 21
15,
When
Share
Company
6% preferred (quar.)
5% preferred (quar.)
Lunkenheimer Co. 54% pref. (quar.)
64% preferred (quar.)
64% preferred (quar.)
Lynchburg & Abingdon Teleg. Co
Macassa Mines Ltd
June 20
June 20
June 20
July
July
July
Sept.
$14
$1*4
30 c
(quar.)
Irving Air Chute Co. (quar.)
Irving Trust Co. (quar.).
Island Creek Coal Co
Lambert
%
81 1-3
Interstate Hosiery Mills
Interstate Natural Gas
Investment Co. of Amer. (quar.)
Aug
Name of
Louisville Gas & Electric (Ky.) 7% pref. (qu.)
12
June 20 May 31
June 29 May 31
Aug.
July
2
50c
$1%
SHc
7% preferred (quar.)-.Payable in U. 8. funds.
International Ocean Telegraph Co. (quar.)——
International Products Corp.. 6% Pref. (s.-a.)_
International Salt Co. (quar.)..
-
June
July 10
1
July
1
July
July 15
40c
10c
—
International Nickel of Canada—-----—-—
Preferred (quar.)
Tulv
Per
1 June
July
6
June 27 June 17
25c
International Cellucotton (quar.)
■.
Extra
International
June
[July
15 June 29
15 May 31
1 June 15
1 June 21
1 June 15
1 June 15
15 May 31
1 June 15
1 June 15
1 June
15
June 29 June
7
The Commercial & Financial Chronicle
Volume ISO
New York City Omnibus (quar.)
New York & Harlem RR. (semi-ann.)
—
$2H
(semi-ann.)
New York Power & Light 7% pref.
(quar.)
(quar.)
York State Electric & Gas pref. (quar.)
Niagara Alkali Co., preferred (quar.)
Niagara Share Corp. (Md.) cl. A pref. (quari)—
$6 preferred
New
Niles-Bement-Pond Co
1900 Corp.. class A (quar.)
75c
$1H
SIH
SIH
SIH
SIH
50c
60c
....
$1
....
S2H
North American Aviation
North American Co. (quar.)...
50c
.
Ohio Brass Co. class A & B
25c
$2
87 He
S1H
S1H
10c
5c
$7 preferred (quar.)
SIH
SI. 80
40c
(quar.)
SIH
SIH
5% prior preference
6% preferred
(monthly)
Oklahoma Natural Gas Co
25c
prior preferred (quar.)
75c
30c
$2
Preferred (quar.)
18Hc
43 He
Oneida, Ltd. (quar.)
7% participating preferred (quar.).
Elevator Co
20c
(quar.)
Ottawa Electric Ry. (quar.)
Quarterly
30c
30c
25c
SI H
Quarterly
Ottawa Light Heat & Power (quar.)
Preferred (quar.)
Otter Tail Power Co. (Minn.) S4H div. ser.
(qu.)
$5H preferred (quar.)
Pacific Indemnity Co. (quar.)
S1H
40c
10c
Extra
Pacific Lighting Corp., preferred
Pacific Public Service (quar.)
S1H
(quar.)
10c
32Hc
Preferred (quar.)
Pacific Southern Investments $3 pref. (qu.)
75c
$3
Pacolet Mfg. Co
7% preferred A & B (s.-a.) _ _.
Page-Hersey Tubes, Ltd. (quar.)
Pa raffin e Cos., Inc
Preferred (quar.)
_
50c
SI
15c
Paramount Pictures-.-
preferred (quar.)
•18
2nd preferred (quar.)
Park & Tilfords 6% preferred
Parke Davis & Co
Peninsular Telephone
June 15
5
June 15 June
July
1 June 17
July
1 June 15
1 June 15
June 15 June 12
6
June 15 June
8
June 24 June
June 15
June 15
July
July
July
July
July
July
July
July
June 15
June
15
June 15
June 10
June 10
June 10
July
June 15 May 31
June 29 June 15
June 29 June
June 29 June
15
15
June 29 June 14
July
1 June 14
June 15 May 20
June 15 May 20
June 20 May 24
SIH. June 20 May 24
30c
July
2 June 15
Preferred
Parker-Wolverine Co
Pathe Film Corp., preferred
Penick & Ford,Ltd.
June 20
June 17
June 29 June 12
June 15 May 31
SIH
Omnibus Corp
Preferred (quar.)
1st
June 20
June 20
1 June 15
June 20 June 10
SIH
SIH
75c
(quar.)
Oct.
1 Sept. 16
Dec. 30 Dec. 16
June
5
July
June
5
July
May 31
May 31
July
July
July
July
July
June 15
June 15
June 30
June 28 June 18
Aug.
July
1 July
15
1 June 15
June 30 June 20
June 30 June 20
July
2 June 17
June 27 June 10
July
July
July
July
15 July
1
June 10
1 June 14
1 June 14
June 20 June
29
1
June 13
40c
June
75c
June 15 June
1
July
1 June 24
June 15 June
3
(quar.)
50c
50c
50c
35c
35c
35c
(quar.)
Quarterly
Preferred A "("quar.) I
Preferred A (quar.)
Preferred A (quar.)
July
Oct.
1 June lo
1 Sept. 14
14
1-1-11 Dec.
Aug. 15 Aug.
5
pref. (qu.)
30c
Nov. 15 Nov. 4
2-15-41
2—4-41
June 15 June
1
10c
July
75c
June 29 June 17
Pennsylvania Edison Co. $5 pref. (quar.)
$2.80 preferred (quar.)
Pennsylvania Glass Sand preferred (quar.)
Pennsylvania Power & Light $7 pref. (quar.) —
$6 preferred (quar.)
?.)
$5 preferred (quar.
Pennsylvania Railroad
Pennsylvania Salt Mfg. Co
-Pennsylvania Telephone Corp. $2H pref. (qu.)_
Pennsylvania Water & Power Co. (quar.)
Preferred (quar.)
Peoples Drug Stores
S1H
July
70c
Tulv
SIH
SIH
SIH
SIM
July
July
July
July
Penn Electric Switch Co.. $1.20 cl. A
Penn Traffic Co. (semi-annual)
Penney (J. C.) Co
Special
—
50c
$3H
62 He
$1
S1H
25c
25c
50c
$2
Peoples Gas Light & Coke.
Peoples Telephone (quar.)
Perfect Circle Co. (quar.)
Perron Gold Mines
50c
4c
lc
Extra
Pet Milk Co.
(quar.)
Peter Paul, Inc
Petroleum Corp. of America
Petroleum Exploration, Inc. (quar.).Extra
—
15c
—
Rubber Co
Philadelphia Co. $6 pref. (quar.)
$5 preferred (quar.)
—
--Philadelphia Dairy Products, 1st pref. (quar.)—
Philadelphia Electric Power, pref. (quar.)
Philippine Long Distance Telep. Co. (mo.)-—
Pharis Tire &
.-
—
Phoenix Insurance (Hartford)
Pictorial Paper
(quar.)_—_ —
(quar.)
$1H
S1H
S1H
50c
42c
50c
Pittsburgh & Lake Erie RR
Pittsburgh Metallurgical Co. (year-end)
Pittsburgh Plate Glass..
tlOc
75c
SI
S1H
10
June 10
June 10
June 15
1 June 15
—
;
July
July
June
June 15 June
60c
-
50c
(quar.)
June 15 June
June 15 June
June 20 June
June
July
3
3
5
1
June
1
June 20
June 10
June 29 June 20
July
July
July
June 15
June 29 June 15
July
2 May 31
SI
July
June 10
July
June 15 May 15
June 15 May 15
21
June
July
July
July
15 May 31
1
June 15 June
June
87 He
SIH
25c
50c
50c
50c
10c
8 He
IS1H
30c
15c
SIH
Remington Rand, Inc. (interim).
Preferred (quar.)-Rensselaer & Saratoga RR. (semi-annual)
Republic Investors Fund, pref. A & B (quar.)--.
Republic Steel 6% prior pref. A (quar.) —
6% preferred
—
June
1 June 15
1 June 15
June 15 May 31
June 15 May 31
June 25 June 15
July
July
June 15 May
June 15 May
1 July
Aug.
1 June
July
31
24
20
1 June
10
1 June
10
SIH
SIH
July
July
25c
SIH
—
$iE
•&
10c
Roberts' Public Markets (quar.)
1 July
1 June
1 June
Extra
July
July
July
July
1 June
1 June
2 June
1 June
1 Sept.
15 Dec.
Oct,
June 25 June
June 25 June
June 15 June
25c
(H. H.)_.
SIH
pref. (quar.)
25c
— —
Rolls-Royce. Ltd., Amer. dep. rec. (final)
Rome Cable Corp
?S
Roper (Geo. D.) Corp. (initial)
30c
30c
Rubinstein (Helena)
Class A (quar.)
25c
Ruberoid Co
25c
-
25c
RuudMfer. Co. quar.)--..
Sabiri Robbins Paper Co. 7% pref (quar.)
Safeway Stores, Inc
5% preferred (quar.)
pref. (final) 6% preferred (final)
—
St. Croix Paper Co., preferred (s.-a.)-.—
St. Joseph Lead Co. (quar.)
St. Louis Bridge Co. 1st preferred (s.-a.)-3% 2nd preferred (s.-a.)
San Carlos Milling Co
Sangamo Electric Co—
- -—--- ---------Savannah Electric & Power, 8% deb. A (quar.)
7H% debenture B (quar.)—
7% debenture C (quar.)-——6H% debenture D (quar.)
--—-
SIH
SIH
7%
Schenley Distillers Corp.,
f
.
S3
25c
S3
SIH
20c
25c
$2
SIH
SIH
preferred (quar.)
25c
Schiff Co. (quar.)-
SIH
5H% preferred (quar.)
(quar.)--
..
40c
— -
M
Dec.
July
July
20
21
12
20
20
5
15
15
4
1 June 20
1 June 10
_
June 21 May
2
1 June 14
July
5
June 15 June
June 28 June 12
Aug.
July
1 July 15
June 15
5
June 15 June
1 June 20
July
1 June 19
July
July
July
July
July
1 June 19
1
1
1 June 22
7
.Time 20 June
1 June 15
July
1 June 15
July
3
June 15 June
1 June 15
July
July
July
July
July
July
1 June 20
1 June 20
1 June 20
1 June 20
1 June 20
June 15 May 31
June 15 May 31
1*
June 15 June
1 July 20*
Aug.
Aug.
July
July
1 July 20*
June 14
25c
75c
June
June
June 10 f
June
8
25c
June
June
25c
July
July
June
25c
SIH
preferred (quar.)
Seeman Bros., Inc——-—
Shattuck (Frank G.) (quar.)-—Shell Union Oil, preferred (quar.)
Sheller Mfg. (quar.)------------
15
12
12
1
June 15 June
1 June 15
July
June 29 June 15
10c
5c
Rochester Telephone Corp.,
Roeser & Pendleton (quar.)
20
1 June 15
10c
10c
Quarterly
Quarterly
6%
July
15c
$4
——
2nd pref. (quar.)
Rich's, Inc., 6H% Preferred (quar.).
Richman Bros, (quar.)-Risdon Mfg. 7% pref. (quar.)
—Riverside Silk Mills, class A (quar.)
1 June
7*
7♦
1 June
15 May 31
June 29 June 15
June 29 June 15
July 11 June 20
July
July
July
July
Aug.
20c
SIH
,
Rice-Stix Dry Goods 1st &
15 May 24
1 June 10
1 June 10
1 June 10
June 15 May 24
1
June 25 June
1
Aug. 31 Aug.
25c
—
1
1
June 29 May 31
June 29 May 31
June 17
June
June 20
July
June 15 June
5
1 June 15
July
SIH
Reliance Electric & Engineering
Reliance Grain Co., Ltd., 6H% preferred
Reliance Insurance Co. (Phila.) (s. a.)
Reliance Mfg. Co
Preferred (quar.)
1 July
1 July
July
July
12%
(quar.)
15 June 14
June 15 May 15
June 15 May 15
$4H cumulative preferred (quar.)
$4 cumulative preferred (quar.)
Scovill Mfg. Co-__ ———
r
Scranton Electric Co., $6 pref. (quar.)--Scranton Lace Co_----------Scudder, Stevens & Clark Fund
Seaboard Oil Co. (Del.). (quar.)--Securities Acceptance Corp. (quar.)
1 June
8
15 June 21
15 June 29
1 June 12
1 Sept. 20
June 15 May 31
June 15 May 31
June 29 May 31
SIH
Class A (quar.)
Robertson
1 June 20
Oct.
6% cumul. preferred (monthly)
$5 pref. (quar.)
6% preferred (monthly).
7% preferred (quar.)
8% preferred (quar.).
Public Service Co. (Oklahoma)—
7 % prior lien stock
(quar.)
6 % prior lien stock (quar.)
Public Service Elec. & Gas $5 pref.
7% preferred (quar.)
Publication Corp. voting & non-voting
Original preferred (quar.)
7% 1st preferred (quar.)
Puget Sound Pulp & Timber Co. pref. (quar.)—
Pullman, Inc
Pure Oil Co. 5% pref.
(quar.)
5 H % preferred (quar.)
6% preferred (quar.)
Pyrene Mfg
Quaker Oats Co
Preferred (quar.)
Quaker State Oil Refining Corp
Quebec Gold Mining Corp
Radio Corp. of America—
S3H cum. conv. 1st pref. (quar.)
B preferred (quar.)
Raybestos Manhattan. Inc
Ray-O-Vac Co. (quar.)
8% preferred (quar.)
a
Reading Co. 2nd pref. (quar.)
Reed Drug Co. (quar.)
Mfg. Co. (quar.)
1
July
.
Rheem
1 June 20
15 May 24
5
15 July
June 15 May 31
-
Co".~(N.~ H.)" S6* pref. (quar.)——
Reeves (Daniel), Inc.
Preferred (quar.)
15 June 29
1 June 15
June 15 June
1
July
1 June 20
Scott Paper Co.
Oct.
Sept. 14
June 15 June
1
July
1 June 10
July
2 June 10
June 15 May 24
June 15 June
6
S1H
1
19
8
June 29 June
July 15 June 29
1 June 15
8
1 June
June 21 June
1
June 21 June
1
July
1 June 10
July
1 June 21
June 28 June 12
July
14
June 15 June
1 June 15
$2
SI
Pittsburgh Bessemer & Lake Erie (s.-a.)—
Pittsburgh Brewing preferred
Pittsburgh Fort Wayne & Chicago Ry. (quar.)Preferred (quar.)
,
--
15c
7 He
Package
Pioneer Gold Mines of B. C.
25c
50c
35c
25c
25 July
June lo
June 15
June 15
June 26 June
1
June 15 May 31
July
July
July
July
July
July
July
July
15
July
June 10
June 10
Juhe 10
15
1 June
2 June
preferred (quar.)
non-cum. preferred (quar.)
Pratt & Lambert
Preferred Accident Insurance
$5 preferred (quar.)
Public Service Corp. (N.J.)
15
7*
June
July
July
-----
cum.
Public Service
June
15 Dec.
July
75c
.
6%
6%
June
Sept. 15 Sept.15
Prosperity Co., 5% preferred (quar.)----Pniaential Personal finance Corp.—
Class A common (semi-ann.)
Public Investing Co. (semi-ann.)
Payable on both orlg. & cashable stock.
Public National Bank & Trust Co. (quar.)
Quarterly
June 15
412-3C
43 He
—
6% preferred (monthly)
5% preferred (monthly)
Ohio Seamless Tube Co. prior pref. (quar.)
Ohio Water Service Co., class A
Oklahoma Gas & Electric 7 % preferred (quar.).
6% preferred (quar.)
Pond Creek Pocahontas Co
Porto Rico Power Ltd. 7% pref. (quar.)
Powdrell & Alexander, Inc
Power Corp. of Canada (interim)--
June
Dec.
7 % preferred (quar.)
Price Bros. Co. 5H% preferred
June 15 May 10
3
June 15 June
July
1 June 15
July
1 June 15
20c
Preferred (quar.)
Ohio Public Service Co., 7% pref.
x,
1
1
1
June 28
June 15
5H% preferred (quar.)
Procter & Gamble Co. 5% preferred (quar.)
7
SIH
581-3C
50c
Ohio Oil Co
„
June 29
15
July
July
July
June 14
June
June 15 May 20
June 19 May 31
June 14
July
July
S2H
—
Payable of Record
June 14
July
20c
$1.65
Ohio Finance Co
June 29
7
June 19 June
5
June 15 June
1
Aug. 15 Aug.
1
Nov. 15 Nov.
June 29 June 17
S1H
71 He
87 He
SIM
$1H
$6 preferred (quar.)
86.60 preferred (quar.)
July
July
July
July
July
July
July
July
10c
75c
50c
Ohio Edison Co., $5 preferred (quar.).
June 14
June 14
June 14
July
July
July
July
July
July
July
30c
6% preferred (quar.)
5H % preferred (quar.)
North American Finance Corp., 7% pref. (quar.)
Cumulative prior preferred (quar.)
Class A (quar.)
;
North Central Texas Oil Co., Inc. (interim)
Northwestern Telegraph (s.-a.)
Northwestern Yeast Co. (quar.)
Norwalk Tire & Rubber Co
preferred (quar.).
Norwich & Worcester RR. Co. 8% preferred
Nova Scotia Light & Power, Ltd. (quar.)
Oahu Railway & Land Co. (monthly)..
Oahu Sugar (monthly)
Otis
S2H
SI H
75c
Noblitt-Sparks Industries (quar.)
Noranda Mines Ltd. (interim)
Norfolk & Western Ry. Co. (quar.)..
conv.
t
50c
Class A fquar.)
S5H
June 28 May 31
July
1 June 15
June 26 June 14
Plough, Inc
-
_ _
New York Lackawanna Sc Western Ry. (quar.).
New York Mutual Telephone (s.-a.)
preferred
June 17 May 31
$75c
pref. (semi-ann.)
Newport Electric Corp. 6% preferred (quar.)
$7.20
Plymouth Oil Co. (quar.)
Pollock Paper & Box 7% preferred (quar.)
7% preferred (quar.)—
———
20c
Newmont Mining Corp
Stock div. of one share of cap. stock for each
share held.
Preferred
June 29 June 14
6
June 15 J7ne
6
June 15 June
50c
Idea, Inc
cum. conv.
Pittsfield & North Adams RR. (s.-a.)
Planters Nut & Chocolate Co. (quar.)--———-
$2
15c
New Mexico Eastern Gas Co
6%
1
June 15 June
1
June 15 June
July
1 June 15
87 He
75c
Holders
When
Per
Share
Name of Company
Payable of Record
SIH
New England Public Service $7 prior lien
$6 prior lien
New Haven Water Co. (semi-annual)
New
Holders
When
Per
Share
Name of Company
3773
—
37*|Cc
10c
SIH
10c
:S3H
Sherwin-Williams Co. (Cam), pref——
50c
Signal Oil & Gas. class A & B (quar.)
10c
Silver King Coalition Mines———
-15c
Simon (H.) & Sons, Ltd. (interim)-------—SIH
7% cumulative preferred (quar.)--40c
Simonds Saw & Steel Co---—
3c
Siscoe Gold Mines, Ltd. (quar.)- — -- —
Skenandoa Rayon conv. & A preferred (quar.)—
SI OSS-Sheffield Steel & Iron-- SIH
Preferred (quar.)----r
—
SIH
Smith Howard Paper Mills, preferred (quar.)—
■./15c
Sonotona Corp., preferred (quar.)
June
4
1
10
June 10
June 15 May 31
1
June 21 June
1 June 14
July
1 June 15
2 June 15
5
June 15 June
July
July
July
1 June
17
June 29 June 15
June 29 June 15
June 15 May 25
1
June 15 June
1 June 14
July
June 21 June 10
June 21 June 10
m
Cum. prior
Sonotone
pref. (quar.)
Corp—-—--- -
South Penn Oil
- - - - -—-----------
Co. $6 1st pref. (quar.)—
(quar.)
—
South Carolina Power
f
15c
5c
SIH
37Hc
July
July
July
15 June 29
1 June 21
1 June 21
June 25 June 10
June 15
July
June 28 June 14
The Commercial & Financial Chronicle
3774
Per
Extra
2%
Preferred (quar.)
South West Penn Pipe Line
Southern California Edison Co.—
50c
37 He
Original preferred (quar.)
5 H % series Cpreferred (quar.)
Southern California Edison Co., Ltd.—
6% preferred B (quar.)..-.Southern Canada Power Co. (quar.)
34Hc
120c
nHi
6% cumul. partic. preferred (quar.)
25c
15c
Southern
Phosphate.Southland Royalty
10c
25c
Southwest Consolidated Corp
Southwestern Gas & Electric, 5% pref. (quar.)Southwestern Light & Power, $6 preferred
J
Southwestern Portland Cement (quar.)
Preferred (quar.)
92
SIX
Sparks-Withlngton 6% preferred (quar.)
Spencer Trask Fund, Inc
Spiegel. Inc., 84Hjpref. (quar.)
Springfield Gas & Electric $7 pref. (quar.)
Square D Co.
15c
July
June
June
25c
91X
81H
91X
91X
}15c
X75c
20c
75c
—
20c
75c
—
25c
$1
13c
_
$3 X
25c
50c
-
lHc
-
Sunshine Mining Co. (quar.)
40c
10c
—
50c
30c
-
30c
Sylvanite Gold Mines (quar.)
Tacony-Palmyra Bridge (quar.)
5c
50c
Extra
25c
(quar.)
50c
25c
Preferred (quar.)
91X
Taggart Corp., preferred (quar.).
Talcott (James) Inc
5H% partic. preference (quar.)
Talon. Inc. (quar.)
—
68Hc
60c
Tamblyn (G.) Ltd. (quar.)
5% preferred (quar.)
Tappan Stove Co.Technicolor, Inc
Teck-Hughes Gold Mines (quar.)
Telephone Bond & Share Co., 7% 1st pref—
$3 1st preferred
Terre Haute Malleable &
Mfg.
Texas Corp
Texas Gulf Producing Corp
Texas Gulf Sulphur
(quar.)
62 He
10c
20c
62Hc
Extra
Texon Oil & Land Co__
10c
$1
91X
50c
SIX
six
-
(quar.).
Tuckett Tobacco Ltd., pref.
(quar.)_
Tunnel Railroad St. Louis
(semi-annual)__—
Twentieth Century Fox Film
Corp., pref. (qu.)_
Twin State Gas & Electric
7% preferred (quar.)Udylite Corp
5% preferred (quar.)
Underwood Elliott Fisher Co.
(quar.)
Union Carbide & Carbon
Corp
-
July
July
July
(quar.)
(quar.)
15
July
1 June
1
June 20 May 31
1 June 14
June 15 June
3
July
July
1 June
1
June 29 May 11
June 29 June 15
June 29 June 15
June 29 June 15
June 29 June 15
Aug.
July
July
July
1 June 17
1 Tune 14
1 June 15
1 June 15
June 15 May 31
July
2 June 14
July
2 June 14
July
1 June 10
June 15 June
1
June 15 June
1
June 20 June 10
July
1 June
7*
June 15 May 17
June 15 June
1
June
June
15 June
15 June
3
June
25 June
June 15 June
July
June
15
June
15
SIX
July
July
15
June
15
5
June 12
June
1
June
5
June
5
June 29
50c
June 29 June
60c
July
15c
June
25c
July
34c
June
SIX
June
July
Oct.
75c
July
30c
(quar.)
Corp. pref. (quar.)_-.-_
5% preferred (s. a.)
United Gas Improvement
(quar.)
Preferred (quar.)
United Gold Equities
(Can.) (standard shs.)
United Light & Railways.
7% pref. (mo.)
6.36% preferred (monthly)
6% preferred (monthly)—
Manufacturers, Inc
June
SIX
July
15c
-
June
IX %
June
SIX
June
June
June
6c
58l-3c
June
50c
July
July
July
25c
June
C5c
Dec.
53c
37 He
SIX
SIX
^
West Texas Utilities 86 preferred (quar.),
West Virginia Pulp & Paper
10c
West Virginia Water Service pref. (quar.)
SIX
2Xc
Western Exploration Co. (quar.)_
Western Grocers Ltd. (quar.)
75c
—
-
SIX
——
—
12*
43 Xc
35c
81
—
15
June
5
15 May 31
15 June 30
15 Sept 30
1 June 15
15 June
5
1 June
7
24 June
1
15 June
1
15 June
1
29 May 31
1
2
25c
20c
t75c
37Hc
81
SIX
SIX
81
SIX
SIX
]5 May 24
15 May 24
3 June 20
June 26 June 18
June
June
15 May 24
1 June 15
1 June 15
14 May 23
8
July
1 June
Aug. 31 Aug. 15
June 29 June
1 June 15
July
July
July
1 June
10
1 June
June 20 June
15
15
15 June
15 June
June 29 June
July 15 June
June 29 June
July
July
20
20
10
29
20
1 June 20
July
June 15 May
Nov.
1 Oct.
June 28 June
July
1 June
1 June
June 20 June
June 15 June
15
15
17
15
July
15
July
10
1
June 24
June 11
June 11
July
July
July
July
July
June
15
June
15
15
17
10
July
June
June
June
15 June
$2
25c
July
July
75c
15
July
1 June 14
June 25 June 10
July 15 June 20
10c
—
June
Oct.
15
15
Sept. 14
50c
Aug.
Aug.
July
July
15
15
SIX
Ltd. (quar.)
Nov.
Oct.
Oct.
15
15
25c
81X
50c
Nov.
June
15 May 31
June
15 May 31
June
15 May 31
25c
——
July
July
June
10c
50c
SIX
June 28 June
17
50c
June 28 June
18
10c
5c
July
July
July
July
Aug.
Sept.
50c
25c
25c
—
25c
25c
15c
•_
Yale & Towne Mfg. Co
Yellow Truck & Coach Mfg.
Co., preferred
Youngs town Steel Door
2 May 22
May 22
June 20
June 20
July 20
Aug. 20
Sept. 20
Oct.
June
SIX
Youngstown Sheet & Tube
July
July
June
25c
-
Preferred (quar.)
31
31
31
1 June 11
1 June 11
15 June
3
June 29 June 15
June 28 June 17
20c
—-
Zion's Co-operative Mercantile Institution
June 20 May
June 20 May
June 20 May
t$3H
-
June
SIX
six
SIX
SIX
SIX
SIX
6H% preferred (quar.)
6% preferred (quar.)
Wiser Oil Co. (quar.)
Monthly
Monthly
29 May 31
15 June
5
1 June 15
15 June
16 Dec.
25c
25c
50c
7% preferred (quar.)
Worcester Salt Co. (quar.)
Wrlght-Hargreaves Mines. Ltd. (quar.)
Extra (both payable in U. S. funds)
Wrigley (Wm.) Jr. (extra)
Monthly
-i
Monthly
June
1 June 15
1 June 15
81X
—
Extra
Wood (Alan) Steel 7% preferred.
Woodley Petroleum Co. (quar.)_
Woodward & Lothrop
1 June 18
22 June 15
June
July
June
20c
—
West Penn Power
—
July
20 May 31
1 June 20
June 20 May 20
June 15 May 15
July
July
5%
SIX
(quar.)
Wellington Fund, Inc.------West Penn Electric, class A (quar.)
20
19 Oct. 10
2 June 22
40c
-----
Stock dividend
Preferred
—
June 22 June 15
3
July
1 June
15c
United-Carr Fastener--United Dyewood
Corp., preferred
25c
--—-
7
1 June
June 15 May 20
June 15 May 20
July
1 June 18
S1H
SIX
81H
Extra
Wisconsin Michigan Power Co. 4H % pref. (qu.)
Wisconsin Power & Light, 7% preferred
6% preferred-Wisconsin Public Service, 7% pref. (quar.)
July
June
1 July
Sept. 20 Sept. 10
July 20 July 10
S1H
Quarterly
1 June 15
1 June 14
June 15 June 14
July
81
Quarterly
July
July
Oct.
25c
Washington Water,& Power preferred (quar.)_(quar.)—
Wayne Knitting Mills, 6% pref. (s.-a.)
Welch Grape Juice Co..
-
June 20 May 31
Aug.
83 H
75c
Waukesha Motor Co.
—
1 June 20
1
15 June
15 June
1
June 25 June 15
June 20 June 10
40c
Wins ted Hosiery Co. (quar.)
Extra
1 .Time 15
June 29 June 15
July
June
six
Ware River Railroad (semi-ann.)
Warren (S. D.) Co. (quar.)
Wilsil
10 Nov. 30
June
50c
(quar.)_-
Preferred (quar.)
Whitman (Wm.) Co., Inc., 7% pref. (quar.)
Wieboldt Stores, 6% preferred (quar.)
Will & Baumer Candle Co., Inc
Preferred (quar.)
June 15
Dec.
3-1-41
3-9-41
June 15 June
1
July
1 June 15
June 29 June 19
50c
15c
—
Western Light & Telephone Co., pref. (quar.)
Western Pipe & Steel 7 % preferred (s.-a.)
Western Tablet & Stationery
15
Sept. 10 Sept. 2
Sept. 10 Aug. 31
81H
81H
SIX
SIX
Wagner Electric Corp
Waldorf System, Inc. (quar.)
Walgreen Co. (quar.)
Preferred (quar.)
Walker (H.) Gooderham & Worts (quar.)
Preferred (quar.)
Preferred (quar.)
June 28 June
62Hc
_
1
June 15
June 15
July
July
July
July
July
SIX
20c
Quarterly
7% preferred (quar.)
7% preferred (quar.)
1
14
37 He
Wheeling & Lake Erie Ry
Wheeling Steel, 85 prior pref. (quar.)
6% preferred (quar.)
Whitaker Paper Co
15
12Hc
Virginia Electric & Power 86 preferred (quar.)Virginian Ry. Co. 6% preferred (quar.)
(Quarterly)
Vulcan Detinning (quar.)
4H% preferred (quar.).
June 15 June
1 June
July
June 29 June 10
June 29 June 10
June 24 June 12
-60c
»1H
Preferred (quar.)
Wabasso Cotton Co. Ltd.
1-1-41 Dec. 30
June 20 June 10*
June 15 May 31
1
July
1 June
1
July
1 June
40c
Westmoreland, Inc. (quar.)
Weston (Geo.), Ltd. (quar.)
Weston Dairies, S3 preferred
We yen berg Shoe Mfg
1
1 June 21
1 June 21
5
1 June
June 15 May 28
July
July
July
5c
10c
30c
June 30 June 20
June 28 June 14
1 June 29
Oct.
1 Sept. 28
July
SIX
Viking Pump Co. (special)
Westminster Paper Co., Ltd. (s.-a.)
Westmoreland Coal Co
10
S3
-----
Preferred (quar.)
Westinghouse Air Brake
15 June
1
June 28 June 10*
1 June 15
SI
SIX
--
June
11
37Hc
—
July
15 June
SI
5c
-—
2 June 15
1 June 15
15 May 25
June 20 June 10
June 15 June
5
June
58 l-3c
50c
41 2-3c
10c
40c
Universal Products
June
15c
United Carbon Co
United Elastic Corp
Unitod Gas & Electric
1 June
!
June 20 June
20c
Preferred (quar.)
Union Pacific RR
Union Premier Food Stores
(quar.)
Preferred (quar.)
United Aircraft Corp..
June 29 June 15
June 30 June 20
June 30 June
7
95c
Extra
Union Investment Co__
Preferred (quar.)
Union Metal Mfg.
Quarterly
14
2 June 20
2 June 20 t
10c
Union Gas Co.
(Can.), Ltd. (quar.)
United Bond & Share. Ltd.
July
July
62Hc
SIX
S1H
Troy & Greenbush
5H% preferred (quar.)!
30c
SI H
Trico Products Corp.
(quar.)RR. Assoc. (quar.)
Truax-Traer Coal Co., 6% pref.
June
June
5
25c
Stock div. of H sb. of com. for each sh. held
Timken-Detroit Axle--Tintlc Standard Mining Co.-Todd Shipyards Corp
Toledo-Edison Co., 7%
preferred (monthly)---
June 15 May 15
June 15 May 15
June 26 June 20
June 15 May 31
June 15 May 15
3
"
Thermoid Co., $3 preferred
Thew Shovel Co., preferred
(quar.)
Thompson Products
Preferred (quar.)
Tide Water Assoc. Oil Co.
pref. (quar.)
Tilo Roofing Co
16
15 June
25c
-
Thatcher Mfg. Co. (quar.)
15%
—
.—.——
Victor-Monaghan Co. 7% pref. (quar.)
1
15'June 15
15 June
10c
50c
6
15 May 27
1 V.
8
15 May 27
July
1 June 20
June 30 June 20
Victor Chemical Works
15 June
23 July
June
5c
50c
15 July
15 May 15
15 May 31
July 15 June 29
June 15 June
5
June 29 June 12
June 30 June 15
June
July
July
June
12c
—
Co
July
June
June
81H
Upper Michigan Power & Light Co. 6% pf. (qu.)
S1H
6% preferred (quar.)-SIX
6% preferred (quar.)
10c
Upson-Walton Co
Utah Oil Refining Co.
10c
(quar.)----Utah Power & Light Co. $7 preferred--t$ 1.16 2-3
t$l
$6 preferred
81
Utility Equities Corp. 85 H dividend priority--82 H
Valley RR. (s.-a.)
Van de Kamp's Holland Dutch Bakers (quar.)-12Hc
Preferred (quar.)
SIX
Van Norman Machine Tool
40c
81
Vanadium-Alloys Steel
50c
Vapor Car Heating, Inc. (quar.)
'
7% pref. (quar.)
SIX
7% preferred (quar.)
SIX
7% preferred (quar.)
SIX
81
Veeder-Root, Inc
Vermont & Boston Telegraph (ann.)
82
20|June 10
50c
10c
-
SIX
32c
4? He
(quar.)-
United States Trust Co. (N. Y.) (quar.)
25c
28c
7
10c
United States Tobacco Co
Preferred
June 15 June
June 21 June
June 15 June
SIX
:.%
preferred (quar.) —
Dec. 31 Dec.
50c
—
—
Sept. 30 Sept. 14
60c
25c
50c
Stecber-Traung LItbograp 6% pref. (quar.)
5% preferred (quar.)
5% preferred (quar.)
Stedman Bros., Ltd. (quar.)
Preference (quar.)
Steel Products Engineering
Sterchi Bros. Stores, 1st pref. (quar.)..Stewart-Warner Corp
Strawbridge & Clothier 7% pref
—
United Stove Co. (quar.)
Extra:
June 20,June 10
Preferred (quar.)
Stand. Wholesale Phosphate & Acid Wks. (qu.)
Starrett (L. S.) Co
Sept. 15 Sept. 5
Dec. 15 Dec.
5
June 20 May 31*
Sept. 20 Aug. 31*
Dec
20 Nov. 30*
July
1 June 15
June 29 June 15
50c
50c
50c
50c
25c
—
—
15
July
1 June 20
July
llJune 10
Sept. 16i8ept. 3
91X
75c
75c
25c
25c
—
Quarterly
15
1 July
1
15 May 31
91X
—
2c
—
2c
Quarterly
1
91H
Standard Oil Co. (Ky.) (quar.)
Standard Oil Co. (N. J.) (s.-a.)_Extra
Standard Oil Co. (Ohio) (quarterly)
Supervised Shares, Inc. (quar.)
5
June
Quarterly
United 8tates Pipe & Foundry Co. (quar.)
6%
1 June 15
1 June 15
15 June
5
July
July
2c
United States Rubber Co., oyo 1B9 UUII-VIUU. jt/jlOA
8% 1st non-cum. pref
United States Steel & Wire, Inc. (quar.)
United States Sugar pref. (quar.)
40c
...
50c
United States Playing Card Co
United States Potash Co
15 May 27
June 15 June
5
1
~i*
United States Petroleum Co. (quar.)
Quarterly
1 June 20
1 June 15
1 June 20
1 June 20
June 15 May 27
1
15 June
June 28 June 18
July
1 June 20
July
1 June 20
June 15 June
1
SIX
(quar.)
July
July
July
July
25c
Standard Chemical Ltd
Standard Fire Insurance (N. J.) (quar.)
Standard Oil Co. (Calif.)
Standard Oil (Indiana) (quar.)
Standard Oil Co. (Kansas)
Sussex Railroad (s.-a.)
Sutherland Paper Co
Swift & Co. (quar.)
7% preferred (s.-a.)
20
31
14
June 29 June 15
June 20 June 10
JO June 20
15 June
82 H
United States Gypsum Co. (quar.)
Preferred
July
June
June
81H
20
31
July
1 June
June 29 June
50c
Squibb (E. K.) & Sons
Staley (A. E.) Mfg. Co
$5 cumul. preferred (quar.).
7% preferred (semi-annual).
Standard Brands, Inc. (quar.)
$4H cum. preferred (quar.)
$4H pref.(quar.)
.
92X dividend preferred
United Pacific Insurance (quar.)
United States Gauge Co
15 June 20
15 June 20
June 15 May
Aug. 15 July
July 15 June
June 15 May
June 29 June
SIX
Sunset Oils
15
82 H
United New Jersey RR. & Canal (quar.)
United Public Utilities Corp.
S3 dividend preferred
1 June
July
July
7
7
7
Holders
Payable of Record
75c
68 He
1 June
1 June
1 June
June 15 June
June 15 June
S1H
Preferred (quar.)
United Mercnants &
Semi-annual
July
July
July
July
When
Share
Company
June
SIX
$6 preferred (quar.)
-----
Name of
United States Graphite Co
37 He
Southern Colorado Power, 7% pref
Southern Natural Gas Co
Sullivan Consolidated Mines.
Sun Life Assurance of Canada (quar.)--*
Sun Oil Co. (quar.).Sundstrand Machine Tool
Per
Holders
Payable of Record
25c
35c
South Porto Rico Sugar Co
Class A
Extra
When
Share
Name of Company
June 15, 1940
June
15 June
25c
SIN
1 June
1 June
June
15 May
50c
50c
Quarterly-.--Quarterly
July
July
,50c
--;
10
14
Dec.
Sept. 15! Sept.
15'Dec.
*
,
Transfer books not closed for this dividend
t On account of accumulated dividends
^
1 Payable in Canadian
,«,id-ntj«
funds, and in the case of
deduction of a tax of 5% of the amount of such dividend wm oe
of
Panada
nomresjdents maae.
of Canada
Volume
The
150
3775
Condition of the Federal Reserve Bank of
The
Weekly Return of the New York City
Clearing House
York
New
The
following shows the condition of the Federal Reserve
business June 12, 1940,
weekly statement issued
Clearing House
Bank of New York at the close of
on
."'i '
week and the corresponding
in comparison with the previous
"■
■
STATEMENT OF MEMBERS
OF
i
June 14,1939
12,1940 June 5,1940
Assets-
$
$
Redemption fund—F. R. notes...
102,598,000
109,051,000
...
reserves ... ....
.
S.
575,000
165,000
990,000
188,000
1,178,000
611,000
2,010,000
2,882,000
39,990,000
173,098,000
20,000,000
90,000,000
10,000,000
Irving Trust Co
50,000,000
Continental Bk & Tr Co.
.
4,384,000
1,137,000
42,008,000
3,348,000
40,950,000
2,197,000
2,949,000
33,826,000
689,829,000
Comm'l Nat Bb & Tr Co
7,000,000
7,000,000
70,999,000
4,430,300
136,486,900 £{2,909,738,000
53,478,000
4,244,300
81,598,600 el,125,576,000
13,622,000
2,471,100
124,675,000
9,411,300
424,773,000
27,984,400
117,232,000
8,570,600
91,311,000
10,066,100
518,887,000
931,357,000 14,482,752,000
4,000,000
Chase National Bank
100,270,000
500,000
25,000,000
Fifth Avenue Bank
V
,
Bankers Trust Co.
„
404,247,000
339,160,000
404,247,000
339,160,000
Bonds............................
Notes
Title Guar & Trust Co..
Marine Midland Tr Co..
256,538,000
331,160,000
Total U. S. Government securities,
direct and guaranteed..........
743,407,000
743,407,000
721,957,000
Total bills and securities............
746,157,000
746,595,000
725,667,000
17,000
1,366,000
154,581,000
9,820,000
18,485,000
61,000
17,000
Due from foreign banks
1,724,000
273,780,000
9,820,000
18,829,000
Federal Reserve notes of other banks...
Uncollected items.
Bank. premises. ......................
Other assets
6,000,000
5,000,000
New York Trust Co
134,259,000
Bills........
719,000
704,628,000
53,240,100
Publio Nat Bk & Tr Co-
',
securities, direct and guar¬
6,711,000
76,810,000
96,660,000
59,832,000
28,421.000
185,154,500 62,186,911,000
679,183,000
40,151,100
73,015,100 Cl,105,895,000
295,827,000
19,663,500
731,353,000
108,555,000
42,117,000
21,000,000
15,000,000
Flrst National Bank
217,000
2,010", 000
Industrial advances
-.
23,269,000
538,136,000
Corn Exch Bank Tr Co.
234,000
Bills bought In open market
,
216,110,000
68,734,200 a2,349,963,000
743,342,000
57,040,300
Cent Hanover Bk&Tr Co
377,000
740,000
Total bills discounted...*........
anteed:
13,924,100
26,615,500
Guaranty Trust Co
obligations
Govt,
6,000,000
20,000,000
Manufacturers Trust Co
direct and guaranteed
Govt,
Average
„
77,500,000
City Bank
Chem Bank & Trust Co.
8,674,696,000 8,547,401,000 6,456,616,000
.....
Other bills discounted
U. S.
Average
National
"
U.
i
Deposits,
Deposits,
Profits
,
Bank of New York.....
Bank of Manhattan Co.
99,233,000
Bills discounted:
by
Undivided
v
Time
Net Demand
Surplus and
Capital
Members
8,564,048,000 8,443,951,000 6,355,910,000
1,473,000
1,597,000
852,000
Other cash t....................
Secured
♦
Clearing House
$
1940
hand and due from
on
United States Treasury.*
Total
CLEARING HOUSE
YORK
THE NEW
*
June
1'
.■
ASSOCIATION AT CLOSE OF BUSINESS THURSDAY, JUNE 13,
date last year:
Gold certificates
City
York
the New
by
Friday afternoon is given in-Vfull 1 below:
''
1
'
12,500,000
Totals
♦
As
1940; State, March 30,
National, March 30,
official reports:
per
2,046,000
51,474,000
1940#
1
trust companies, March 30,1940.
4,099,000
201,581,000
8,959,000
Includes
deposits in foreign branches
6 (May 14), $74,412,000; c
16,493,000
follows:
as
(May 25), $257,958,000;
a
(June 13), $2,778; d (May 31), 367,713,000; e (May 15),
$20,421,000.
Total assets....................... 9,725,023,000 9,478,265,000 7,413,476,000
LONDON STOCK EXCHANGE
THE
Liabilities—
1,346,005,000 1,341,163,000 1,091,572,000
F. R. notes In actual circulation
Deposits—Member bank reserve acc't.. 7,309,315,000 7,229,475,000 5,405,327,000
209,580,000
U. 8. Treasurer—General account
56,935,000
77,328,000
Foreign bank.. .......
Other deposits.......
161,218,000
409,878,000
157,010,000
471,914,000
...... .......
...........
as
Quotations of representative stocks
each
126,569,000
275,627,000
received by
cable
day of the past week:
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
June 8
7,995,174,000 7,877,899,000 6,017,103,000
183,634,000
135,359,000
Deferred availability items
259,787,000
1,965,000
1,470,000
Other liabilities, lncl. accrued dividends.
1,636,000
Total deposits.....*.....
June 10
June 11
June 12
June 13
June 14
82/6
British Amer Tobacco.
35/3
82/6
36/3
83/1%
34/7)4
83/1)4
34/7)4
82/6
34/1)$
Boots Pure Drugs
;*
Cable & W ord
Total liabilities......
£39
£39
£38
£38
Central Min & Invest..
9,602,602,000 9,355,891,000 7,294,274,000
......
£40
£11
£11
£11
£11
£1054
Cons Goldfields of S A.
51,039,000
53,326,000
7,109,000
10,900,000
51,039,000
....
.....
53,326,000
7,109,000
10,947,000
Other capital accounts
30/- '
30/-
26/9
26/6
26/6
£354
52/6
50,844,000
De
52,463,000
Distillers Co
Electric & Musical Ind
8,438,000
Ford Ltd..
...
6/3
16/9
Closed
of
total
to
reserve
deposit
and
to
industrial
make
Metal Box
90.8%
92.7%
92.9%
F. R. note liabilities combined
Commitments
£12%
2,253,000
828,000
828,000
t "Other cash" does not Include Federal reserve notes or a
63/9
Rolls Royce
£23
Royal Dutch Co
bank's own Federal
55 /7 A
Shell Transport
Reserve bank notes.
6/3
20/10 A
12/6
Swedish Match B
United States Treasury for the gold taken
over from the Reserve banks when the dollar was, on Jan. 31,1934, devalued from
100 cents to 59.00 cents, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
These are certificates given by the
United Molasses
...
Vickers..............
West
£3)4
54/6
6116/9
£3%
56/6/16/9
18/6
88/1)4
6/3
16/9
18/6
87/6
19/4)4
87/6
£12 )g
£13
£13%
65/-
65/-
67/6
£7)4
£10%
61/10)4
£23
£7%
£10)4
Rio Tinto
26/6
£10%
61/10%
67/6
.......
Rand Mines
ad¬
vances.*.....*..1......*.........*.
x
SH/VA
Imp Tob of G B & I—
London Mid Ry......
.
18/9
87/6
£12%
67 /6
£7H
18/9
Hudsons Bay Co
Ratio
56/6/3
16/9
55/6
7,457,000
Total liabilities and capital accounts.. 9,725,023,000 9,478,265,000 7,413,476,000
£4
£4
Beers
29/9
26/-
29/4)4
30/-
Courtaulds S & Co
Capital Accounts—
Capital paid in
Surplus (Section 7)
Surplus (Section 13~b)___
£22)4
£7
£7
,
£10
£10%
;
61/10)4
54/4)4
6/3
20/6
12/4)4
£2 A
52/6
6/3
19/-
12/7)4
6/3
20/1)4
£2%
£2)4
*
£22)4
53/9
6/3
19/9
12/6
12/4)4
Witwatersrand
Areas.........—.—
60/-1
£22)4
54/4)4
£2"it
£2)4
:
the Federal Reserve System
Weekly Return of the Member Banks of
principal
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the
resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
items of
These figures are always a
the Federal Reserve
System
comments of the Board of Governors of
of "Current Events and Discussions,*'
also give the figures of New York and Chicago reporting member banks for a week later.
week behind those for the Reserve hanks themselves.
The
the figures for the latest week appear in our department
upon
mmediately preceding which we
breakdown of loans as reported in this statement, which were
1937, as follows:
The changes in the report form are confined to the classification of loans and discounts.
This classification has been changed primarily to show the
amounts of (1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities located In New York City and those located
outside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
cial paper bought in open market" under the revised caption "open market paper," Instead of in "all other loans," as formerly.
Subsequent to the above announcement, it was made known that the new items "commercial, industrial and agricultural loans" and "other loans,"
would each be segregated as "on securities" and "otherwise secured and unsecured."
A more detailed explanation of the revisions was published in the May 29,1937, Issue of the "Chronicle," page 3590.
Commencing with the statement of
described in an announcement of the
ASSETS AND LIABILITIES OF
May 19, 1937, various changes were made in the
Federal Reserve Bank of New York of April 20,
WEEKLY REPORTING MEMBER BANKS IN 101 LEADING
CITIES BY DISTRICTS ON JUNE 5, 1940 (In Millions of Dollars)
A v.A; ..AAAAA'"'1-1
and
Investments—total
joans—total
Commercial, Indus, and
$
A
■■
Rher loans...............*......*
$
699
626
3,293
718
395
692
523
2,232
705
271
306
949
325
187
300
266
954
272 A
123
155
579
183
94
177
173
332
.4
39
9
4
21
2
15
5
29
4
1
14
11
75
13
7
43
32
118
53
78
99
T09
61
1,770
212
66
110
31
437
15
317
24
20
19
211
k"-k'k./k33
24
.
AA'V AAA/VFO
3
»
176
81
197
38
'1
AAA-;V32
1
1,604
468
103
205
■
1
133
1,195
.
:k
1,892
454
318
..—....—
leal estate loans. ..... ...
yoans to banks......*..•
San Fran.
Dallas
Kan. CU\
St. Louis Minneap
Chicago
1,183
475
agrlcul. loans
Atlanta
$
%
$
%
$
purchasing or carrying
Rher loans for
Phila.
10,084
3,105
1,190
23,527
613
8,435
4,368 A':AA 298
)pen market paper.*..-—
x)ans to brokers and dealers in securs.
securities.
;
$
ASSETS
x>ans
New York
Boston
Total
Federal Reserve Districts-
Cleveland Richmond
50
4
10
11
29
**70
**59
45
383
22
•V 1
2
"
11
13
51
"""168
16
367
17
27
698
1,005
*32
157
143
289
32
**29
41
38
68
1,928
35
Treasury notes
113
1,036
92
83
703
2,804
1,354 WW-
164
113
6,537
611
154
Jnited States bonds
322
53
65
266
68
22
69
48
195
133
1,449
284 A A
286
68
105
530
109
44
146
58
316
568
489
664
206
151
1,513
234
102
187
141
6,626
427
100
20
22
13
71
12
7
15
10
46
23
342
248
242
611
178
125
289
294
314
39
51
82
22
16
24
30
252
Treasury bills...
—-
)bligations guar, by U. S. Govt
2,401 AVAS
3,528
Rher securities
teserve with
Federal Reserve Bank..
11,308
144
■E':.
218
——....
170
1,326
72
LIABILITIES
>emand deposits—adjusted... ......
20,306
1.251
10,120
235 -A
5,318
Time deposits
deposits.,
•i
557
AA ■'/?
Jnited States Government
48
3,243
domestic banks
Rher assets—net
-
483
Cash in vault...
Jalances with
342
/A
: 14
584
1,045
71
91
700
AA
\
Rher liabilities
Capital accounts—...—
——
'r
-'AA>
263
54
3,776
427
21
643
5
J
735
20
""303
14
3,755
247
1,627
217
223
30
y 5
r
59
528
427
2,785
450
292
517
471
1,079
747
202
192
967
191
116
145
137
1,078
47
AAA 34
43
135
17
7
24
31
107
318
AC-" 470
/AAA 1 "AA-*;---
314
1,258
406
163
412
266
323
1
8
35
11
"~20
4
4
"293
97
95
397
105
88
349
1,380
1,006
-
122
99
82
355
8,488
Domestic banks,....—
Foreign banks..*_..—.———*-
;
wk
212
nter-bank deposits:
Jorrowlngs
2
11
■
.
18
380 A>A:
1
19
....
59
The Commercial & Financial Chronicle
3776
June 15, 1940
Weekly Returns df the Board of Governors of the Federal Reserve System
The
following
was
issued by the Board of Governors of
the Federal Reserve System on
showing the condition of the 12 Reserve banks at the close of business
for the System as a
Wednesday.
on
Thursday afternoon, June 13,
The first table presents the results
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
resources and liabilities separately for each of the 12 banks. The Federa*
(third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve agents and the Federal Reserve banks. The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of "Current Events and Discussions
week last year.
The second table shows the
Reserve note statement
COMBINED
RESOURCES
AND
LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF
Ciphers (000) OmUted
Three
June
12,
1940
June
;
$
on
May 29,
May 22,
May 15,
May 8,
May 1,
1940
5,
1940
1940
1940
1940
1940
J
hand and due from U. S. Treas.x.
%
$
$
'
assets
Gold ctfs.
BUSINESS JUNE 12, 1940
17,201,476
11,190
367,698
17,053,492
16,935,473
10,490
348,578
17,580,364
1,101
$
Apr. 24,
'
9,021
359,026
9,089
378,611
9,087
366,076
17,412,560
17,303,520
17,224,087
17,079,675
16,872,140
1,450
1,332
1,760
1,093
680
742
621
1,303
1,234
2,142
2,053
2,047
2,782
3,063
2,327
2,822
2,795
2,668
"M88
"9",161
"9,232
"9,292
"V,296
1,346,995
1,346,995
1,130,125
1,346,995
1,130,125
1,346,995
1,130,125
1,344,845
1,129,225
1,337,495
1,130,125
2,477,120
2,477,120
2,477,120
2,477,120
2,488,622
Total reserves
16,442,978
"~9,085
-
16,496,977
2,417
Other cash *
16,691,975
2,488,990
2,489,344
2,488,679
June 14,
1939
Avr. 17,
1940
%
%
16,841,976
7,737
374,374
1,316
Redemption fund (Federal Reserve notes)
1940
$
%
16.288,976
9,275
387,927
13,420,719
9,640
379,962
16,378,477
9,140
389,625
16,832,580
16,777,242
16,686,178
13,806,060
443
632
1,447
1,929
1,831
1,690
2,372
2,463
3,137
"9",333
"91918
"V, 852
12,469
1,337,495
1,129.225
1,337,495
1,129,225
1,129,225
1,337,495
1,129,225
2,474,070
2,466,720
2,466,720
2,466,720
2,466,720
2,564,015
2,486,184
2,478,811
2,478,721
2,479,010
2,479,035
2,580,182
9,467
375,874
Bills discounted:
Secured
8. Government obligations,
by U.
direct and fully guaranteed
Other bills discounted
_
Total bills discounted
Bills bought in open market
561
Industrial advances
United States Government securities, direct and
guaranteed:
Bonds..
•.Notes.
y
-
—
Bil
Total
8.
U.
Govt,
guaranteed
securities,
Foreign loans
on
1,176,109
476,816
direct and
...
Other securities..
911,090
•
...
gold
.....
Total bills and securities
-
Gold held abroad
47
47
47
"""47 I;'-'. """"47
47
47
47
47
20,149
819,868
41,532
68,863
18,871
673,347
41,511
64,396
19,262
637,292
41,555
63,561
21,377
664,147
41,595
62,465
21,255
788,124
41,553
61,760
22,197
599,213
41,536
60,293
21,751
688,329
41,533
59,524
22,113
638,721
41,621
59,145
19,461
763,669
41,625
58,082
21,019,445
20,699,722
20,554,581
20,502,397
20,478,598
20,074,237
20,122,485
20,017,899
20.048,097
Due from foreign banks
Federa jReserve notes of other banks...
Uncollected items
Bank premises
Other assets
Total assets
162
21,684
762,610
42,452
61,182
17,274,332
liabilities
Federal Reserve notes in actual circulation
5,081,314
5,065,239
5,038,386
4,984,611
4,968,735
4,954,783
4,945,500
4,918,503
4,931,115
4,437,703
account...
13,510,111
13,222,502
13,093,674
12,877,017
12,869,916
377,749
454,181
494,321
440,086
370,008
449,854
484,761
424,634
400,930
476,886
512,185
360,819
441,280
357,212
435,912
12,883,034
469,974
376,402
396,295
12,757,391
512,521
384,229
377,569
10,100,929
265,424
455,030
559,080
13,386,697
308,135
13,215,148
Unlted States Treasurer—General account--
14,789,645
785,528
9,297
14,643,334
632,339
14,542,447
5,277
14,031,710
728,857
3,902
11,743,391
737,472
10,334
20,665,784
16,928,900
Deposits—Member banks'
reserve
Foreign banks
Other deposits..
Total deposits
Deferred availability Items
Other liabilities, incl. accrued dividends
....
Total liabilities
capital
509,464
14,396,124
5,181
14,527,125
632,653
4,728
20,346,189
20,201,203
136,151
151,720
26,839
490,106
14,153,146
4,500
14,191,301
570,750
4,484
667,041
4,064
14,125,705
616,461
4,566
20,149,117
20,125,564
19,721,318
19,769,751
19,665,235
19,695,584
136,108
151,720
136,125
151,720
26,839
38,062
151,720
26,839
38,367
136,117
151,720
26,839
38,243
136,113
38,668
136,127
151,720
26,839
38,594
26,839
37,980
136,132
151,720
26,839
37,822
615,189
756,205
927,989
351,029
363,444
accounts
Capital paid in
Surplus (Section 7).
8urplus (Section 13-b)
136,159
Commitments to make industrial advances...
26,839
38,809
21,019,445
20,699,722
20,554,581
20,502,397
20,478,598
20,074,237
20,122,485
20,017,899
20,048,097
17,274,332
88.5%
8,676
88.4%
88.4%
88.1%
8,965
88.1%
9,225
88.1%
88.0%
85.3%
8,852
88.3%
8,883
88.2%
8,828
8,725
8,805
11,388
1,451
Total liabilities and capital accounts..
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined.
151,720
26,839
38,943
Other capital accounts
136,165
151,720
1,814
858
2,052
8,933
134,969
149,152
27,264
34,047
Maturity Distribution of Bills and
Short-Term Securities—
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
Total bills
1-15 days
1,386
149
206
167
196
208
196
128
61-90 days bills discounted
Over 90 days bills discounted
2,081
87
256
132
136
171
1,801
969
927
707
250
1,137
1,059
51
105
190
197
190
224
1,198
1,139
244
212
:■
190
189
161
142
150
495
discounted."...........
......
491
432
407
362
309
2,417
2,782
3,063
2,327
2,822
2,795
bills bought in open market
16-30 days bills bought in open
269
255
219
501
2,668
-
2,372
2.463
3,137
"96
market
31-60 days bills bought in open market.
31-90 days bills bought In open market
Over 90 days bills bought In
443
...
28
......
'
open market
1
mrnmmmm.
Total bills bought in open market
"
"
561
"
~i~621
"l",623
"1,561
1,609
1,572
l",590
"l",437
1,447
1,426
604
588
145
142
79
86
77
84
61
621
902
1-15 days industrial advances.
16-30 days industrial advances
31-60 days industrial advances.
61-90 days industrial advances
893
1,032
1,352
634
622
742
737
244
286
271
102
85
875
897
916
916
646
629
689
198
Over 90 days industrial advances
5,856
5,899
6,946
5,962
5,983
5,967
6,929
7,472
7,405
9,266
Total industrial advances
U. 8. Govt,
securities, direct and guaranteed:
1-15 days
9,085
9,088
9,161
9,232
9,292
9,296
9,333
9,918
9,852
»
12,469
80,428
16-30 days
31-60 days
54,413
155,360
61-90 days
Over 90 days
161,415
_
2,477,120
2,477,120
2,477.120
2,477",120
2,474^070
2,466,720
2,466" 720
2,466,720
2,466,720
2,112,399
2,477,120
2,477,120
2,477,120
2,477,120
2,474,070
2,466,720
2,466,720
2,466,720
2,466,720
2,564,015
5,398,209
5,367,189
5,349.723
327,276
301,484
5,245,738
327,235
5,239,294
311,337
5,275,419
320,636
5,246,984
301,950
5,318.607
333,996
5,296,011
316,895
308.179
4,727,517
289,814
5,081,314
5,065,239
5,038,386
4,984,611
4,968,735
4,954,783
4,945,500
4,918,503
4,931,115
4,437,703
5,483,500
1,669
5,455,500
2,028
5,455,500
2,307
5,430,500
5,420,500
5,375,500
5,375,500
4,865,500
1,171
1,170
6,374,500
1,059
5.375,500
1,657
719
794
3,064
5,485,169
5,457,528
5,457,8071
5.437.157
5.421.671
5,376,670
5.375.559
5.376,219
5,376,294
4,868,564
Total U. S. Government securities, direct
and guaranteed
Total other securities
Federal Reserve Notes—
Issued to Federal Reserve Bank
by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
Collateral
Held by Agent as
Notes Issued to Batik—
Gold ctfs.
on
By eligible
Security for
■'#
hand and due from U. 8. Treas.
paper..
United States Government securitiesTotal collateral
*
"Other cash"
does
not
include
Federal
Reserve
notes.
x These are certificates
given by the United States Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 59.06
ents on Jan. 31, 1934, these certificates
being worth less to the extent of the difference, the difference Itself having been appropriated as profit by the Treasury under
provisions of the Gold Reserve Act of 1934.
Volume
The Commercial & Financial Chronicle
ISO
3777
Weekly Returns of the Board of Governors of the Federal Reserve System (Concluded)
OF THE 12 FEDERAL RESERVE
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH
Three
Ciphers
certificates
hand
on
and
New York
$
>,:*
due
from United States Treasury
$
f
Dallas
San Fran.
$
Minneap. Kan. City
St. Louis
Chicago
$
$
$
.
519
778
424,201
1,187
26,421
24,867
23,489
320,608 2,737,809
331
1,344
19,729
48,269
920,526 1,100,381
448,877
340,668 2,787,422
40
24
54
30
131
23
39
70
95
10
130
73
297
292
204
320
331
93
102
474
668
62,096
52,098
51,835
110,197
43,490
92,455
95,325
202,652
96,130
203,413
1,597
109,051
2,117
31,002
367,698
Total reserves
Atlanta
979,024 8,674.696
11,190
Other cash *
%
893,586 1,074,736
945,905 8,564,048
17,201,476
Redemption fund—Fed. Res. notes..
Cleveland Richmond
Phlla.
$
Boston
Total
ASSETS
Gold
BANKS AT CLOSE OF BUSINESS JUNE 12, 1940
(000) Omitted
Federal Reserve Agent at—
17,580,364
402,440
495
539
210
16,777
5,891
19,914
235,660 1,002,227
705
1,368
13,554
28,734
419,712
259,717
367,093
249,919 1,032,329
.
253,287
346,969
Bills discounted:
Secured by U. S. Govt, obligations,
direct and guaranteed
Other bills discounted
1,101
80
575
59
23
1,316
23
165
65
26
Total bills discounted
2,417
103
740
124
49
no
119
64
160
9,085
1,160
2,010
2,580
345
911
259
329
60
Bonds
1,346,995
98.199
404,247
106,604
137,752
68,663
56,851
147,369
61,672
40,510
Notes
1,130,125
82,387
339,160
90,279
115,574
57,610
47,699
123,644
51,742
33,987
Industrial advances
fv::*
23
70
U.S. Govt, securities, direct & guar.:
Total
U.
S.
Govt,
securities,
2,477,120
180,586
743,407
197,883
253,326
126,273
104,550
271,013
113,414
74,497
114,194
2,488,622
direct and guaranteed
Total bills and securities
Due from foreign
181,849
746,157
200,587
253,720
127,294
104,928
271,406
113,634
64,888
114,616
5
3
18
538
1,724
937
819,868
Uncollected items
66,059
50,620
1
4 ':-■;
■ 2
1,465 ■;:r 2,391
94,868
62,496
5,486
2,513
8,986
41,532
2,866
273,780
9,820
68,863
premises
Other
I
47
20,149
banks
Fed. Res. notes of other banks
Bank
;
4,444
18,828
;
4,520
V
2
6
I
a
v::
2,154
2,756
98,873
2,029
793
31,992
3,362
2,343
19,613
1,384
1,759
29,760
3,165
1,146
6,729
2,832
1,999
2,895
2,783
27,703
2,016
See
V
1
7,213
3,763
21,019,445 1,234,783 9,725.023 1,186,181 1,463,137
647,336
480,156 3,170,554
572,543
358,394
v
519,289
assets
Total assets.
'
2,685
1
4
663
2,940
38,837
2,911
5,706
25,267
375,909 1,286,140
<15
LIABILITIES
5,081,314
416,473 1,346,005
354,861
463,890
223,652
164,099 1,106,616
193,529
141,735
185,404
79,086
406,024
13,510,111
265,424
668,056
804,266
305,531
13,257
22,185
18,133
19,874
265,871
16,534
13,403
227,177
17,321
42,983
296,597
19,258
13,866
158,214
45,294
240,537 1,825,582
13,172
32,949
16,176
55,462
559,080
681,773 7,309,315
56,935
7,084
157,010
33,137
471,914
6,752
19,645
7,710
2,559
14,789,645
F. R. notes in actual circulation
728,746 7,995,174
746,252
877,144
346,097
47,877
4,355
88,249
62,037
27,737
597
199
210
Deposits:
Member bank
account
reserve
U. S. Treasurer—General account.
455,030
Foreign banks
Other
deposits..
Total deposits
Deferred availability items
Other liabilities, incl. accrued divs...
785,528
64,565
259,787
9,297
508
1,636
4,540
6.308
433
2,613
727,192
32,245
33,791
25,875
275,238 1,918,533
336.029
190,111
296,241
260,977
819,103
99,759
31,829
17,172
26,907
24,361
35,248
617
165
181
276
199
354
5,353
16,351
10,168
5,378
v
;
13,866
J
Total liabilities
CAPITAL
20,665,784 1,210,292 9,602,602 1,153,285 1,429,880
631,985
51,039
53,326
11,917
14,006
5,277
4,634
13,656
14,198
14,323
5,247
5,725
22,824
508,828
4,137
4,709
7,109
4,393
1,007
3,246
713
1,429
538
10,947
2,388
3,921
1,581
1,800
21,019,445 1,234,783 9,725,023 1,186,181 1,463,137
828
322
1,138
8,676
1,181
647,336
136,159
9,332
151,720
10,405
26,839
38,943
2,874
1,880
accounts
Commitments to make Indus, advs
*
349,199
561,552
364,623 1,260,729
ACCOUNTS
Capital paid in
Surplus (Section 7)
Surplus (Section 13-b)
Other capital
467,284 3,125,525
"Other cash" does not include Federal Reserve notes,
2,956
4,379
3,613
4,121
3,974
1,142
1,266
10,705
10,224
2,121
2,361
7,120
1,607
3,152
1,001
2,086
480,156 3,170,554
572,543
358,394
519,289
375,909 1,286,140
18
175
56
167
3.590
686
515
1,327
1,925
Less than $500.
a
FEDERAL RESERVE NOTE
STATEMENT
Three Ciphers (000) Omitted
$
Federal Reserve notes:
held
by
S
•
Cleveland Richmond
S'W''
;
Atlanta
$
J ■ 1? '
San Fran.
$
$
$
.
Dallas
Minneap. Kan. City
St. Louis
Chicago
S
$
205,553
12,024
147,578
5,843
195,535
10,131
86,929
7,843
461,658
42,189
223,652
164,099 1,106,616
193,529
141,735
185,404
79,086
406,024
250,000
185,000 1,160,000
209,000
148,500
200,000
90,000
474,000
105
203
3G0
209,105
148,703
200,320
90,000
474,000
435,108 1,441,022
95,017
18,635
372,108
485,143
239,431
17,307
21,253
-15,779
5,081,314
416,473 1,346,005
354,801
463,890
5,483,500
circulation
In actual
$
PMla.
New York
5,398,209
316,895
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
Collateral
Boston
Total
Federal Reserve Bank of—
440,000 1,465,000
375,000
487,000
740
89
440,102 1,465,740
375,089
179,339 1,148,805
15,240
55,634
Agent as security
for notes issued to banks:
Gold certificates
hand and due
on
from United States Treasury
Total collateral
5,485,169
United States
Rates
102
1,669
Eligible paper
quoted
are
110
487,000
185,000 1,160,000
250,110
Quotations of representative stocks as received by cable
Bid
Ashed
Bid
BOURSE
PARIS
THE
Treasury Bills—Friday, June 14
for discount at purchase.
Ashed
each day
of the past week:
Fri.,
June
19 1940.
June 26 1940
July
3 1940
July
10 1940
July
17 1940
July
24 1940.
July
Aug.
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
31 1940
Aug. 15 1940.
Aug. 21 1940.
Aug. 28 1940
4 1940.
Sept. 11 1940
Sept.
-
Bank de Paris et Des Pays Bas.
Banque de 1'Union Parisienne..
Canal de Suez cap
Cie Distr d'Electricite
—
-
Cle General d'Electricite
Quotations for United States Treasury Notes—Friday,
June 14
i
Citroen B
Comptolr Natlonale d'Escompte
Figures after decimal point represent one
more
or
32ds of
point.
a
Cle Generale Transatlantic! ue
CotySA
Courrieres
-
Credit Commercial de France
Credit Lyonnais
Bid
Rate
Maturity
Energie Electrique du Littoral..
Int.
Int.
M aturily
Asked
Bid
Rate
Asked
15 1940.
Mar. 15 1941...
June
15 1941...
Dec.
15 1941...
Mar. 15 1942...
Sept. 15 1942...
Dec.
15 1942...
101.9
101.11
15 1943
June
101.14
IH%
i y*%
m%
l M%
m%
Dec.
101.30
102.31
June
104.2
104.4
103.24
Orleans Ry.
100.31
Pechlney.
Rentes, Perpetual 3%
100.21
100.28
99.22
99.24
Mar. 15 1945...
15 1943...
15 1944...
:
H%
100.29
99.31
100.1
Below
are
the
daily closing
as
on
of representative
averages
compiled by Dow, Jones & Co.:
10
46
605
638
260
1,458
552
....
Closed
160
500
1,430
,
----
—-
81.15
--
Union d'Electricite
Wagon-Li ts
-
-—
80.05
106.60
Societe Lyonnaise
107.30
1.940
1.500
52
1,950
—-
53
1,1 J j
401
1-105
402
80
31
suspended today after an hour of heavy trading at
The quotations set, however, were annulled.
Trading in the Bourse was
10
30
20
15
Total
10
First
Second
10
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
trials
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
BERLIN STOCK EXCHANGE
Total
Rail¬
.»
THE
40.58
105.95
84.89
8
40.89
106.05
84.92
86.79
38.41
105.58
83.74
Allegemeine
88.58
40.86
24.47
19.23
39.82
105.06
87.98
25.20
19.30
40.42
104.90
87.86
23.73
18.62
38.54
104.20
June 13.
119.91
June 12.
121.46
June 11.
115.97
Elektrizitaets Gesellschaft(6%)150
Licht (8%).
186
(8%)_.
—-J£0
(6%)-Deutsche Reichsbahn (German Rys, 7%)..127
Dresdner Bank 16%) — --———119
Farbenindustrie I. G. (8%)—
192
Reichsbank (new shares)—
—
113
Siemens & Halske (8%)-—---245
Verelnigte Stahlwerke (6%)
—.—123
111.84
22.79
18.03
37.15
104.09
86.76
37.36
105.76
83.49
Berliner Kraft u.
8.
115.36
23.79
18.57
38.40
104.41
87.32
37.86
105.90
83.87
Commerz Bank
Deutsche Bank
States
York Stock
Government
Securities
Exchange—See following
Transactions
,at
the
New
York
the
New
page.
Stock
Daily, Weekly and Yearly—See page 3793.
on
Exchange.
June
10
as
received by cable
June
11
■Per Cent
June 10.
United
representative stocks
June
105.35
24.86
of the past week:
85.32
40.61
122.27
Closing prices of
each day
106.51
19.74
June 14.
June
Closed
1,290
Bond»
Indus¬
Date
Closed
390
13,100
1,750
70.25
5%, 1920
lower prices.
Stocks
Closed
815
860
404
12,950
615
1,330
48
601
162
512
Thurs.
7,500
7,385
1,808
70.40
-
-
4U%
*
Francs
1,360
Societe Generale Fonciere
the New York Stock Exchange
June 13
Francs
620
(6%)
Schneider & Cie
stocks and bonds listed
June 12
Francs
1.359
830
710
24
-
Saint Gobaln C & C
Stock and Bond Averages
June 11
Francs
*Mon.,
—
Pathe Capital
100.29
1%
Sept. 15 1944...
103.22
100.31
101.15
101.13
1%
H%
Mar. 15 1944...
102.29
NordRy
101.13
Sept. 15 1943 wi
101.16
101.28
2%
1H%
101.16
101.14
101.15
Vs%
1%
1
...
Wed.,
June 10
France
—
Kuhlmann
L'Air Liqutde
Dec.
Tues.,
June 8
Francs
Banque de France
Sat.,
June 7
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
7 1940.
June
12
June
13
June
13
of Par-——
151
152
152
150
188
189
189
188
120
120
121
121
128
128
129
129
129
128
128
128
128
128
119
119
120
120
119
194
194
194
193
148
121
191
113
113
113
113
112
246
246
246
245
245
124
125
124
123
123
V;;K?\-:
y
3778
Stock and Bond Sales
■■■••
'
V
-
New York Stock
June IS, 1940
Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded In the day's range, unless
computing the range for the year.
they
the only transactions of the day.
are
No
account is taken of such sales in
United States Government Securities
Below
furnish
the New York Stock Exchange
on
daily record of
the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
we
a
June 10 June 11 June 12 June 13 June 14
Highl
Treasury
4^8, 1947-52
117.2
117.9
117.11
118.6
J
117.2
117.9
117.11
118.6
118.11
117.2
117.9
117.11
118.6
Daily Record of U. S. Bond Prices June
118.11
118.11
Low.
Close
Total sales in $1,000 units...
1
14
(High
111.18
111.19
'mmmm
112.1
111.18
111.19
m
mm m
112.1
111.18
111.19
mmmm
112.1
Close
Total sales in $1,000 units...
3
1
[High
111.21
'mmmm
Low.
111.16
Close
111.16
3Ms, 1946-50
Total sales in $1,000 units...
3^8, 1940-43
mmrnrn
mm
3Mb, 1941-43
100.18
100.20
Low.
102.25
[Close
-
■
2Mb, 1943-47
:
MMM.m
[Close
107.16 './'f
m mm m
'-'mmmrn
;
107.26
m
mm
m m
:y
m
Mm
mm'mm
6
mmmm
m
mmmm
m'm
m
mmmm
103.5
103.24
104.10
104.28
^
103.2
103.4
103.24
104.8
104.26
mmmm
103.4
103.24
104.8
104.26
^
103.5
mmmm
103.9
103.15
Low.
■':Mmmm
103.9
103.10
m'mrnm
103.9
3
20
20
.
-
28
13
:'-'~m'mmm
—
104.25
104.15
■■mmMm
103.15
1
104.25
"
—
—
■;'
Mm
m'm
..■
m
m
3
3
;
101.16
10142
102.5
Low.
101.16
101.8
101.16
101.16
101.12
101.16
102.5
Total sales in $1,000 units...
5
2
1
103.20
mm mm
mmmm
103.24
....
103.24
1
103.24
102.22
102.5
Close
m+mm
mm
101.16
2MB, 1951-53
mrnmm
mm
103.10
102.18
102.28
102.18
103.10
5
56
22
'
High
107*12
107.12
107*! 18
107.26
107.12
107.18
107.25
108.2
[Close
107,16
107.12
107.12
107.18
107.26
108.3
Total sales in $1,000 units...
2
■mz
2
1
5
(High
108,1
108
108.3
108.6
108.1
107.30
108.2
108.6
108.1
107.30
108.3
108.6
Jmm'm
102.28
^
103
■'
;
28, 1948-50.......
108.11
104
m
104
'
mrnmm
M
mmmm
:MmMm
102.11
V
25
102.21
102.29
102.11
102.11
102.28
102.11
102.21
102.28
6
6
;
m
mmmm
104
■.mrnmm
'mmmm
"
1
■mmmm
mm'MM
.Mm
■'
'
"
Close
4
M
^
m
102.28
5
High
Low.
;v:: 'vVv
mm m
mm
■■-.
—
^
V
m
;■:■
^ m''m
m
M
[mm
mm
■■
■'■mmmm
Mmmm
mmmm
;
mm
108.11
(Close
■
108.11
Low.
102.28
103
Close
Total sales in $1,000 units...
108.3
107.12
103
Low.
28, 1947
1
107,16
107.16
33*s, 1944-46....
mmmm
mm
High
Low.
.
■mmmm
103.5
107.26
(High
•
mm
Close
6
Total sales in $1,000 units...
mmmm
Total sales in $1,000 units...
5
,
103.20
33*8, 1943-45
mm
105.30
'
Mm mm
103
mmmm
O
103.20
mmmm
mmmm
m'm
Mmmm
2MB. 1950-52
103
'mMMm
Low.
•
mm
Low.
103"""
m m m
mmmm
(High
1
mM
107.26
107.16
Total sales in $1,000 units...
3j*s, 1941
m
107.16
Low
107.14
'mmmm
■
mmmm
105.30
mmmm
High
mrnmm
mmmm
,
:-mmmm
mrnmm
\
Close
■
■'
103.3
V
,
(High
107.14
"
105.30
Total sales in $1,000 units...
'
103.3
102.26
Total sales in $1,000 units...
Total sales in $1,000 units...
2Mb. 1949-53
*85
mm*
107.14
mmmm
6
■
mmmm
V
mmmm
/ High
103.3
m
1
12
'■■■mmmm
mmmm
106.18
mmmm
'mmmm
-Mmmm
29
mm mm
106.18
'
Mmmm
Close
1
/
mmmm
100.21
18
mm mm
:
mmmm
mrnmm
'
Low.
112.10
100.21
''mmmm
102.26
■
High
33
106.18
mmmm
mmmm
mmmrn
Total sales in $1,000 units...
2MB, 1948
233
10
''Mm'mm
\A
Clo3e
31
mrnmm
1
mmmmi
[Close
105.18
Low.
100.21
(High
105
105.1
112.16
'
•■'mmrnm
100.20
Total sales in $1,000 units...
105
104.30
'
8
■
104.25
103.20
High
2MB. 1945...
112.10
112.4
mm
105.18
103.16
103.19
112.10
2
mm
112.4
-
105.1
103.15
103.20
Total sales in $1,000 units...
6
112.4
mmmm
(High
1 Low.
....
_
mm
*2
104.30
103.20
103.20
Close
112,16
2
■;
103.19
Low.
2KB, 1960-65
112.16
Low
4s, 1944-54
8 June 10 June 11 June 12 June 13 June 14
103.20
High
Treasury
■
Total sales in $1,000 units...
1
3
5
(High
33*8, 1946-49
1
Total sales in $1,000 units
Federal Farm Mortgage
....
110
Low.
105.22
Close
Total sales in $1,000 units...
no's"
mmmm
'
m*mm
•
105.22
[High
3MB, 1944-64..
2
mmmm
....
Low
2
105.22
':■■;■■":
mmmm
'mrnmm
mmmm.
'
Mmmm
'
■
Mm m
1
m
mmrnM
mmmm
Mmmm
Mmmm
i'r'l
mrnmm'
■
mm'*
mm
'
CIO86
Total sales in $1,000 units...
3}*s, 1949-52.'
«.
....
105.24
105.24
106.11
....
105.23
105.24
106.11
105.24
108.8
(High
105.24
106.11
111.10
mm
'm'mmm
Total sales in $1,000 units...
2
)
1
109.8
109.7
109.19
109.7
3s, 1942-47
M
<3
'y.
109.19
mrnmm
.
...
*1
1
....
....
....
mmmm
m
mm
107.22
(High
....
107.28
24
'mrnmm
■
m
108.20
Low.
107.20
107.28
107.22
107.28
108.20
Total sales in $1,000 units...
3
8
m
108.20
Close
1
'•
m
m
m
''
-'A
mmmm
105.6
106.7
106". 17
105
105.17
106
106.7
106.16
4
:
mm.*
•
■
107.4
106.20
107
mmmm
Low.
7
106.27
106.27
107.4
m+i
m
16
(High
How.
105.28
(High
■
2
mm
104.30
104.30
104.30
Total sales in $1,000 units...
1
105.12
105.6
105.15
1
103.24
mm
106.17
106
106.17
4
14
Close
Total sales in $1,000 units...
103.1
High
100.9
100.7
Low.
100.9
100.7
m
100.7
mmmm
-
1MB, 1945-47
7
•
;
m
I'-
„mMm
mmmm
^Mmm
mmmm
m
5
4r'm
106.17
106
m
mmmm
3
Close
107.8
m
m
mm m
''■'■'■mmmm
....
m
M'mm
100.9
mmmm
Total sales in $1,000 units...
103.24
103.24
103.24
105
1
9
1
-m'Mrnm
103.24
16
104.12
2
m
105.17
mrnmm
105.17
2
mmmm
105.17
4
'm 'mm
•
■
Odd lot sales,
5
t Deferred delivery sale.
:
....
,
'''.■mmmm
mrnmm
~
''m M
....
■■
....
m'm"
'mmm*
'
mm
Mmmm
m
m-Mm'm
....
*20
—
{Cash sale.
Note—The above table includes only
bonds.
Transactions in registered bonds
106.10
106.20
33
103.16
106.20
+ m
104.30
103.24
mm
•
5
mmmm
105.4
103.28
3
5
Treas.43*s, 1947-52..117
Treas.33*s, 1943-45..107.11
Treas. 33*8,1944-46..107.29
to 117
ojL
sales
coupon
were:
3
Treas. 23*8, 1945-47..106.24 to 107.20
4 Treas. 23*s, 1958-63..103.14 to 104.25
3 Treas. 2s, 1948-50
101.17 to 101.17
to 107.11
to 108
Treas. 23*s, 1955-60.. 104.28 to 107
'
mmmm
105.8
103.14
103.17
104.12
mmmm
105.8
(Close
103.14i
103.24
104.12
mmmm
Tot a Isales in $1,000 units...
105.8
2101
36
—i
8
m
....
107.8
:
.
103.28
Low.
mmm
m
106
"
mrnmm
mmmm
mrnmm
mrnmm
Low.
(High
105.15
107.30
'mm
mrnmm
■■
103.28
■
105.6
105.10
103.1
mmmm
'
(High
23*s, 1958-63
105.6
105.10
103.1
mmmm
2
fnjS1,000 units...
6
mmmm
'■M
M
'
mrnmm
104.29
Total sales
105.10
Low.
•
Low.
107.8
mrnmm
m
104.29
103.25
mm
m
High
mmmm
■
m
104.29
■
m
4--.
•
....
High
2 MB, 1942-44.
107.15
.•\vV
'■
mmmm
Low.
23*8, 1956-59
104.2
mm
■
[Close
23*s, 1951-54..
Loan
6
107.30
■'mrnmm
105.28
I close
Total sales in $1,000 units.
48
mm m
m
3
105.28
•4
....
$1,000 units...
3s, series A, 1944-52
'
'■'mmmm
7
m
'-':1m:-*
f '-'^Mm
....
Total sales in $1,000 units...
106.20
mmm'm
104.2
104.2
....
....
Low.
•
106.14
105.6
....
Close
106.20
104.30
Total sales in $1,000 units...
2 J*s, 1948-51..
Home Owners
50
104.31
(High
2
Mmmm
109.2
105.1
104.31
107.2
mmmm
V
____
....
Close
Tota isales in
109.2
mrnmm
105.1
Total sales in $1,000 units..
2Mb, 1945-47
2MB, 1942-47...
109.2
mmmm
■
Low.
105.1
m
......
sales in $1,000 units...
High
4
High
Close
106.22
m
mmmm
Close
Tola
'
Total sales in $1,000 units...
•
m
m
mmm
"
23*8, 1955-60
m
m„M
■
Low.
-
109.19
mrnmm
....
108.8
3s, 1951-55
107.2~
■'
-
____
....
High
111.10
'mmmm
mrnmm
mrnmm
mm**
Close
'
2
mmmm
108.8
Low.
'.mm
Low.
111.10
mmm*
109.21
«
38, 1944-49
3
■
'■Mmmm
109.21
—— -
:
•
Mmmm
High
110.8
mrnmm
■
Total sales in $1,000 units...
3s, 1946-48
mrnmm
■
109.21
'V
Low.
■
....
....
----
,
(High
51
mmmm
United States
Treasury Bills—See previous page.
United States
Treasury Notes, &c.—See
previous
20
page.
New York Stock Record
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Sales
STOCKS
for
Range Since Jan. 1
NEW YORK STOCK
Saturday
Monday
Tuesday
June 8
Wednesday
Thursday
Friday
the
June 10
June 11
June 12
June 13
June 14
Week
On Basis of
Range for Previous
100--S7wro Lots
Lowest
$ per share
*53
*115
*30i8
*3734
5
*163S
*1314
38
54i2
141
$ per share
53
x52
141
*115
3018
30 I8
40
40
5
5
I6I4
3658
I6I4
1312
38
58
58
434
17
1638
1314
36i2
1334
5
63
*50
*13
13l4
38
]8
4U
12
63
*50
534
434
*7
458
412
»1«
578
*53
7
140
*9
19i8
...
7
14012
11
1038
5i«
1038
*5512
5Gi4
2478
255g
*11
*114
*9
*4012
*1414
52
*6*4
*37
*
5i8
12
1*2
10
42l4
15i2
5314
634
39
54
*115
4738
3712
478
1638
634
i2
612
5i8
*5i8
8
'
*1834
141
*30l8
5
~
38
S per share
52
37
*438
*h
*6i2
*5i4
*714
per share
5234
*115
4738
40
*lo
*50
$
17i2
19
*52
*634
7
135l2 139l2
*9
10
478
*55l2
2234
11
H4
*9
4034
1414
49'4
6
z39
11
103g
5
57
2434
11
1J4
8I4
*30i8
41
538
63
17
13l2
38
412
*115
4738
534
17
13l2
4078
#514
17
17
43
534
'
17
17
*1234
1312
4114
*9l«
7g
40
41i2
7)
*58
4738
42i2
55g
534
Shares
*M%
20
Adams Express
No' par
4i4May 28
500
Adams-Mlllils
300
Addresa-Multgr Corp
8,400
300
*5934
43g
458
414
45s
"3^906
9l#
J2
9i#
*5934
7l2
8
7
734
534
6
6
6
1,800
.
712
9i8
23i2
712
9
9
21
a61
7i2
9i2
2212
x20%
61
27,200
7i2
10
*7i8
7i2
149
800
144
146
145
*9
10
*9
11
*9
11
10l2
514
11
11
1H4
578
11
Ills
"Teoo
534
61
5,900
Ids
478
10l8
5i8
5758
*56
24
25l2
27
29
12
12
12
114
11*
12
4034
41l2
4212
1414
51l2
6'8
15
15
15
5034
6i2
54
54l2
^
6
5712
H2
538
145
147i2
4,700
58
58
53g
*5634
2778
29
2734
29l8
10,000
12
1138
*li4
1138
138
400
*9
13
*11
li2
H2
100
1,300
*10
14
*43
45
*41
43i2
42
42
~1~200
1512
5678
678
z1412
145s
5614
*1414
15
2,000
5534
7U
57
9,000
3834
*36i2
678
*38
Bid and asked prices; no sales on
this day.
*9
54i2
7
13
714
38'4
*36
% m receivership,
a
714
1,500
3834
10
Def. delivery,
No par
Air Reduction Ino
Alt Way El
10
No par
.No par
Lowest
70U Feb 14
147
Feb
8
461* Apr
521* Apr
9
33i2 Apr
311* Mar
Jan
61* Aug
5
27i2 Apr
19
May 16
36i2June 10
19ij Jan
157g Sept
45U Apr
16i8June
13
58*8 Jan
Highest
$ per store $ per share
63
Apr
71i2 Sept
120
Apr
149i2 Sept
Sept
4912 No«
56i2 Oct
Ui2 Sept
25
Mar
2712
Jan
Sept
1U Sept
68
Appliance.
Alabama & VIcksburg Ry.100
60
May 21
77
Alaska Juneau Gold
Mln...lO
4
7
Jan
8
No par
May 21
3gJune 4
Jan
pi A with $30 war. 100
534June 10
li«
145s
Jan
8
3
12i* Jan
4
4i2 Sept
18
1714 Apr
8
8
June
26t2May 10
73i2Mar21
1234 Apr 16
182
Apr 9
14
Apr
231* Sept
28U Jan
52
May
Allegheny Corp
54* %
■,
900
2314
*56
May 22
30
3,800
678
....
May 21
110
25
778
9
50
100
No par
conv pre!
Abraham <fe Straus
May 22
3478May 25
6
21
$ per store
No par
Acme Steel Co
7
*58i2
$ per store
P(XT
Abbott Laboratories
Highest
600
12
4h
\
1,700
141
*30i8
14
39
55
7,500
7,700
*9
5358
43
*56
*38
141
*41
9i#
634
534
8i4
20L
6i2
3834
*115
$ per share
54i8
*3018
11
1'4
5358
41
*9
*11
$ per share
4738
*5934
11
39
141
*l2
412
h
19I4
*58i2
634
7
140l2 14H4
55
Year 1939
EXCHANGE
£4*% pf A without
$2.50 prior
conv
war. 100
pref.lYo par
Alghny Lud 8t' Corp..No par
Allege West Ry 6% gtd._100
Allen Industries
Ino
Allied Chemical &
Dye. No
Allied Kid Co..
...
Allied Mills Co Ido
Allied Stores
New stock,
r
Feb 19
634June 11
135i2June 10
5
.No par
150
Cash sale,
72
l
Amerada Corp
No par
Am Agrlc Chem
iDel)..No par
Am Airlines
Inc
10
American Bank Note._I."l0
n
4i4May 21
7 May 21
15i2May 21
par
Corp.....No par
5%preJrrred
100
Allls-Chalmers Mfg
No par
Alpha Portland Cem_.No par
Amalgam Leather Co Ino.._l
6% conv preferred
50
6% preferred
i8 June 10
z
87gMay 15
10
June
5
78 Mar 11
14
Mar 26
Jan 25
1634 Apr 23
»4
68
Jan
Feb
68
6I4 Dec
h July
10
Jan
2
Sept
6»4
20i2 Sept
6»4
Aug
Apr
15li2 Apr
10
Jan
2
7378May
8
541*
417S
Jan
28
11
16
Jan
4
9
Apr
Apr
Apr
Apr
1234
Apr
June 10
HsMay 15
9i2May 28
38i2May 28
12i8May 22
«4134 Jan 12
6
39
93g
9
Apr 22
23g Jan
18
12-
Aug
581* Apr
5
4
50
18
Apr
Jan
Apr 15
29
June
1234 Apr
9
50
3
y
Ha June
21
June 10
Ex-div.
6
75
June
3
9if
Apr
4i2May 21
55 May 28
2134May 22
Ex-right.
Jan
Apr
934 Sept
46 if
Deo
69
Feb
Sept
Sept
117g Oct
2001* Sept
I47g Sept
I5ig Sept
118s jan
71
488$
197g
Aug
Jan
Jan
33* Sept
21
Sept
741* Sept
241* Sept
47
Dec
1784
Jan
60
Jan
T Called for redemption.
==*=ya
"BBS
Volume
Saturday
Monday
Tuesday
Wednesday
Thursday
June 8
June 10
June 11
June 12
Friday
June 13
6%
90
90
87
88
90
166
167
167
167
167
90%
23%
23'8
2234
22
*39
41
36
38
38
39%
16
16
145g
1578
16
16%
2218
*100
100
108%
113
113
115
115
*112
*5
13
*4
13
*4
6
6
6
458
4%
4%
5
9
914
9
9%
11
*76
76%
1%
*112
116
*112
*4
13
*4
115l2
13
6*2
434
9%
618
6%
5
*534
4i2
958
7612
*76
*lt2
1%
134
1%
3%
3^8
*3%
3%
*3
3%
1%
*1214
1%
1
lh
*1
1%
*3%
1114
*234
3
*2%
234
10%
11
1134
11%V
24
26
26
2634
12
27
3%
28
*27%
26i4
3%
33s
28
314
*2334
11
£10
76%
1%
76%
1%
3%
*74%
1%
*3%
1%
14%
3
*238
234
12
2%
*11%
12%
2634
90
£26
4%
30
52%
*27%
£50%
2
334
2
4%
31
50%
3%
33s
33s
*134
28
48%
2U
*1914
*3%
23
3%
*35
40
*35
40
*35
40
*37
40
*37
*45
48
*45
49
*45
47%
*47
47%
12
4034
1012
11%
*42%
1234
44
1234
44
2%
14
*2%
14%
3
3%
11%
1134
1012
4U2
4034
10%
*2
1034
2%
*14
1434
*2
14
2278 i.v 2U4
*2114
2%
2%
*41%
43l2
38%
34%
34l2
3H2
53s
478
5
1038
58
*7i8
6%
2334
35U
23%
34%
20%
2234
105s
1058
13
*11
1378
77%
*12
13l2
150% 151
*71
7134
*13%
*727a
43%
36
36%
1,200
1,700
5%
17,200
56%
57
60
61%
7i2
7
23%
35%
7
7%
6%
23%
7%
7%
7
7%
7%
2434
36%
35
21%
22
35
19%
4%
*21
2214
13i2
108
1234
*103
12
*2
9%
*2
2I8
*23
*23%
*96%
2434
*97l2 100
4
4i8
4%
35
*37
40
*24%
25l4
23%
*6i2
7%
*6%
95
4l2
*334
102
*75
*
5
35
*334
15
*13
159
72%
72%
7334
74%
139%
138
3%
634
*75%
784
34%
534
37
37
2458
7%
4
102
*
95
*__—
*634
7%
7*4
33
6%
5%
37
*35
85
4
102
5
*60
*30
33
*30
82%
15
83
85
15
17
147g
47
47
47
*45%
11%
10%
68%
*60
6434
*52
*30
33
*30
33
*30
8414
14i8
13%
83%
1334
*42%
1034
48
42
44
*75
5%
68%
6434
5
4%
1 33
82%
133s
*43
95
5%
*52
£82%
102
*7
*4
478
5%
*60
10
934
1078
*8%
10%
♦113U 115
578
*412
57
113
*218
*13is
63s
*
2i4
4%
2%
14%
13%
5%
14i2
5
1414
3i8
3%
4i8
*35g
7%
*714
40
*35l2
12%
3
3%
*7
36
58
114
4%
2%
13%
5%
14%
3%
3%
734
36
93s
9%
9%
4%
938
*4
4
4
*21
28
28
*21
83s
•
83g
25
25
*111% 112%
*22
22%
*92
112
*90
110
*10
115
734
26%
734
*49%
26%
18%
50%
*25
25%
18%
8
64
112% 112%
113
*90
112
*90
110
31
5
5
*13%
15
534
14
15%
3%
1534
3%
3%
334
7%
35%
9%
4%
4
4%
8
8
*35
40
28
*21
*4%
2%
5%
14
3
3%
7%
35
9%
*4%
*21
534
10%
4%
8%
8%
7%
18%
8%
110
*95
*23
*95
31
112
18%
50%
2334
50%
24%
68%
7134
*
31
108% 108% *105
108%
734
734
*7%
734
28
*49
18%
29%
28%
1834
£18%
5534
*49
28%
18%
16,100
2,400
20
28
29%
1734
18
4"500
300
400
"4^266
2,800
400
200
6,200
"MOO
600
500
160
136
No par
$6 1st preferred
American Woolen
No par
100
Preferred
147
12.50
No par
20
5
AnchorHock Glass Corp.
$5 dlv pref
Mining
100
Armstrong Cork Co
No par
5
No par
Arnold Constable Corp
Artloom Corp..
7% preferred
Associated Dry Goods
100
1
100
100
4
2
May 16
June
5
9 7%June
6
May 21
35
May 21
58% Jan 4
21
22
22
12
22
1
22
June 14
800
70
600
10,900
2,400
10
2,200
200
1,500
20,900
2,100
100
18
17%
18%
£17%
18
*17
*11
14
*11
14
*11
14
*55
60
*50
60
*50
60
17
17
a
2,300
5,400
600
Def. delivery,
100
No par
No par
No par
$5 prior A
7
5
Aug
July
Jan
Feb 23
75% Mar
Mar 13
preferred——..—50
6
No par
1st preferred—.——100
Beatrice Creamery---.
25
$5 preferred w w
No par
Preferred x-warrents.No par
Beech Creek RR
50
Beech-Nut Paoking Co
20
Beidlng-Hemlnway
No par
Belgian Nat Rys part pref—Bendlx Aviation
5
Beneflclai Indus Loan.-No par
Pr pfd«2.50d v ser'38No par
Beet A Co
---No par
Bethlehem Steel (Del).No par
Bayuk Cigars Ino
100
7% preferred
Blgelow-Sanf Corp Ino-N* par
Mfg CoN) par
Blaw-Knox Co
No par
Bliss A Laughlin Ino
-—o
Bloomlngdale Brothers-No par
Blumenthal A Co pref
100
Black A Decker
r
Cash sale,
Apr
14% July
Apr
18%
Apr
34
15%
Oct
Sept
97% Sept
Jan
Dec
Dec
18%
148
Apr
171%
73
Apr
87%
Jan
89%
Jan
3
132
May
13%
75%
Oct
Sept
4% Sept
153% May
8% Jan
Jan
Apr
14%
Apr
96
Apr
15% S
28%
Apr
64% Sept
4
Aug
12
24
Apr
8%
78
3%
Aug
t
20%
Apr
8
8
2
15% Apr 12
4% Apr 10
35% Feb 27
110% Apr 30
7% Apr 22
64% Apr 22
35
Apr
13%
Apr
Sept
48
Sept
40
Sept
64% Jan
27% Aug
8%
Apr
21
1%
Apr 20
68
Apr
9% Jan
106
60
Mar
65
31% Sept
7% Sept
5% Apr
4
Sept
May
3% Aug
33% Apr
4
Deo
37
97
4
11
4
Apr
50
4334 Apr
58
Jan
13
Mar
73
101% Apr 18
9
Sept
Apr
21
Jan
Sept
Jan
Oct
10%
Dec
100
Apr
5%
Jan 11
Dec
8% Sept
10%
Jan
Oct
Jan
78%
85
Jan 16
41
Apr
81
Oct
45
Mar 26
30
Apr
38
June
90
Jan
100
June
21
Sept
80
May
70
8
8
3
57% Apr 24
23% Jan 3
£49% Deo
22% Apr 20
22% Apr 20
5% Aug
9% Aug
18% Sept
104% Apr
27%May
7
Jan 25
110
9% Mar 19
Feb 14
51
15
Apr
7
Apr
43% Apr
42%
Jan
Mar
71
30%
Jan
26% Sept
26
Sept
Oct
24%
110% June
9% July
48% Aug
Sept
50
Aug
71
112%June 11
4
May 21
124% Jan 10
116
June
127
Jan
4%
Apr
8
Sept
2
Apr
3%
Jan
16
Nov
30%
Jan
.
1% Feb
10
7
May 21
12%May 23
234May 15
3% May 15
7%June11
34 May 21
8%May 21
4 May 15
20 May 21
7%June 10
Barnsdali OU Co
8%
9
80%May 13
ot Del (The>.3
100
Nov
144
May 23
Works vt o—13
4% preferred
100
Bangor A Aroostook
-50
Conv 5% preferred...—100
Barber Asphalt Corp
—10
Barker Brothers
N« par
stock,
May
57
4%May 15
Baltimore A Ohio..
n New
June 24
43%June
5
No par
5% conv preferred
bVi %
7
60
6% preferred
Atlas Powder
Baldwin Loco
6,300
3,200
9%May 22
8%June 6
9%June 5
18%May 21
102
Jan
20
46% Sept
63
Sept
41
41% Apr
22% Mar
112%May
May 21
22% May
6%May
3%May
96% Jan
4% May
7434 Apr
49%May
80% Sept
15% Mar
20% Aug
151
May 21
4
Sept
18
8
23
Jan
Jan
175% Mar 12
89% Apr 15
91% Apr 9
May 21
June
Jan
22%
93
l2%May 21
107
Nov
18%
3
14% Apr 12
17% Jan 5
23% Feb 23
152%May
33% Jan
4%May 22
June 10
18
25
A... 100
Atlas Corp
Aviation Corp.
115
14
49
162
69
8% Apr 10
45% Apr 22
32
Apr 9
100
5% preferred
Atlantic Refining
57,900
*16
16
Feb
153
Feb
62% Apr 23
1
AtlGA WISS Lines
31,200
115
7%
Jan
7
58% Nov
Oct
70
4
June
April
Apr 15
5% Apr 8
12% Jan 4
101% Apr 15
12
Apr 23
1
Amer Zlno Lead A Smelt
Austin Nichols.
230
11534
7
£26
Apr
9
2%May 21
5%May 21
83% June 11
6
May 21
25%May 21
Am Water Wks A Elec. No par
400
51
62%
100
25
25
100
10
6% preferred
Am Type Founders Ino
Atlas Tack Corp
2734
t In receivership,
.
Common class B
300
71% 7734 113,700
11434 115
1,300
18
200
*16%
1734
1734
1,700
thlB day,
Co
American Tobacco
4% conv pref series
*27
*11
on
Amer Telep A Teleg
6% 1st preferred
7% 2d preferred
*49
*50
sale
Am Sumatra Tobacco. .No par
7% preferred
"
31
14
Bid and asked prices: no
100
$6 conv prior pref ...No par
110
1057g 105%
734
734
62%
•
Refining.. 100
Preferred
1,700
75
16%
American Sugar
22*266
51
18
No par
ArmourACo(Del)pf7% gtdlOO
Armour A Co of Illinois
5
80
*45
16
No par
900
27%
734
17
American Stores
American Stove Co
Co Inc
Archer Daniels Mldl'd.No par
72
7
100
Amer Steel Foundrles_.No par
A P W Paper
27
7%
51%May 22
139 May 25
19%May 21
9%May 22
11 May 18
l234May 28
74%June 13
ll%May 21
145 May 28
69
May 22
70 May 21
300
7538
7%
25
Andes Copper
27
17
7%
Jan
54
Smelting A Refg.No par
100
Preferred.
American Snuff
100
21
8%
*11
17%
17
6%
5
30%May 21
122
May 28
20
97g
4%
14
15%
*16%
15%
Amer
Anaconda W A Cable..No par
2,200
*95
Jan
Jan
Jan
5% Sept
40% Jan
124% Mar
15%
140
25% Jan
15%
634
50
May 21
3%
4%
9
30%
79%
8% Sept
Sept
11%June
13
62%
16%
634
28
Jan
Mar
39%May 21
*11
18
*15%
Amer Ship
200
72%
*17.
32
70
48% May 21
Dec
3% Aug
Apr
Apr
Apr
17% Jan
June 12
35
112
*
3%
10% Jan
163
9%May 15
$5 prior conv pref
25
Anaconda Copper Mining..50
300
26
115
114
114
54
Oct
2H2 Sept
Mar
6% preferrred
..100
Atlantic Coast Line RR—100
*55
*16
23%
65%
63% Jan
Apr
22% Dec
112
5% Jan
83%
50%
24%
70%
114
114%
16
16%
15%
15%
634
6%
16
*14%
70%
*114% 116
69%
26
100% Mar
*102
110
110
31
26%
9%
4%
*20%
8%
834
Mar 19
May 23
38
38
21
*101
112
*95
18%
*50
4%
112
27%
18%
26%
4%
3;%
4%
8%
2%
Mar 20
77,000
600
934
834
12,400
11,600
4%
21
3,400
1,000
5,300
16
1034
28
100
13,400
2,500
47
8%
40
10%
*95
*--_.
400
1458
8%
*35%
3.% Jan
25
121
82
26%
25% 26%!
26
27%
*111% 112% *111% 112% *111% 112%
£24
2334
25
24%
24%
2434
110%
110% *105
7%
7%
7%
7%
2,100
46
3%
4%
Apr
Co. No par
2534
*95
100
83%
3%
4%
Aug
Aug
11
5% preferred
100
Atch Topeka A Santa Fe—100
*112% 113
*112% 115
5%
*434
5%
*478
5%
*2%
2%
2%
2%
2%
*13
16
*13
16
14%
6
5%
57g
5%
534
16%
I47g
16%
15%
16%
Sept
13
Assoc Investments
62
9
1
46%
62
3% Sept
6
140
84%
16
67
Aug
41
200
113
*103
25
*60
64
25
25
23%
24%
111% 111% *111% 112
21
21%
23
22%
33
*105
7%
62%
*57
25
3
200
.
67
*58
Jan
3
4
14% Jan
30
1034
1034
11%
12
1134(
11% 1134
10%
11
11
934
934 *10%
13
934
12
12
*11
15
*10
10%
10% j *12
10%
15
*10i8
20%
21%'
20%
2034
19%
20%'
20% 21%
2034
1934
20
203s
*101
*102
105
105%
103% *101
104
*101
103% *101
1035s *101
*7
7
7
7%
7%
7%
7%
7
7
7
7
7
45
45%
4334
44
44%
44%
*43
43%
44
*43
43% *43
1034
*8%
1%
Apr 24
63
30
30
60
Apr 26
Apr 27
2234 Jan
28%May 21
434May 21
43% Sept
Apr
Jan
9
6434
33
6% Jan
6
Apr
14%
3
1
Mar 29
35
Jan
Sept
Sept
8
2% Mar
25%
41%
Apr 22
66% Apr
3% Apr
9%
,
25% Aug
35% Apr
127% Sept
59% Apr
68%
*52
50%May 3
6% Apr 23
33
37% Apr 15
102
*75
5%
68%
6434
27
7%
4%
25% Nov
Apr
May 15
1,100
43
2534
25%
7%
4%
Apr
23
6,200
6
*35
Apr
Apr 20
135
Apr
5
57
..25
6% Sept
3% Jan
30% Nov
Dec
'
3434May 21
...100
6% preferred
<
53g
6
43
1%
12%
Building Co-No par
13,800
34
Preferred
American Rolling Mill
Feb
2% Sept
4% May
20% June 11
2
May 15
....No par
No par
15 preferred
61
Feb
8%
11% Sept
18% Sept
86% Sept
5% Jan
Apr
10% Dec
100
8
8%
35
$6 preferred
6%
12
38
l34Mayl5
Am Rad A Stand San'y.No par
17% Sept
10
45
116
100
Aug
8
24% Jan
l234May 28
Amer Metal Co Ltd...No par
Dec
5
6% Sept
6% Apr 16
2% Jan 8
28% Jan 8
7% Jan 4
May 23
No par
_
9
4
5
15% Apr 18
91% Mar 25
3% Mar 8
Aug
132
Apr
12% Mar
11% Feb 23
17~706
85
*76
95
25%
£7%
4%
734
4
*52
*83%
1334
*
26%
*75
*60
82%
8%
4
4%
68%
6434
4%
*74
37%
102
*3%
*75
*52
*60
7%
95
24%
24%
7%
23%
478
68l2
6434
*458
4
89
20%
*52
*60
*733g
75
75
*13
14%
14% *13%
£155
15638
157% 159
72%
73
72%
73%
74% 7534
74%
75
139%
139% 139% 139
334
4%
3%
6%
7%
6%
7%
14
154
Amer Mach A Metals.
109%
Oct
115% Mar
May
May 21
2,060
14,900
74%
2034 22%
21%
22%
22
21% 22%
*22
24%
24%
24% *23% 24% *22% 24%
24%
14
14
14
14
14%
14%
14
13% *13%
109% *103
109%
109% *103
109% *103
109% *103
*9
*9
12
12%
11% *10
*10%
12%
9%
*2
2
2%
*134
2%
2%
2%
2%
2%
*24
27
24
25
25
25
24%
24%
24
*97
102
*97
100
*97
102
*96% 100
100
4
438
434
4%
4%
43g
434
4%
4%
40
40%
38% 42
39% 40%
40
35% *36%
2034
5 95
*75
148%
148% *140
24
22%
25%
10%
10%
*10% 1134
13%
11%
11% *1134
14
14
1434
14%
75
Co-No par
Oct
100
25%
June
300
13%
100
Preferred
Amer Mach & Fdj
Oct
64
5
600
75
American Locomotive..No par
July
40%
30% Aug
13% Apr
9% Apr
8% Jan
41%May 31
10 May 22
38 May 25
10 May 18
..50
116% Sept
7
54
14
pref
conv
179
Aug
16% Aug
American Seating Co. .No par
125
148% *140
£23
23%
25
June
3
30
5%
Apr
8ept
83%
150
4 H% conv pref
100
American Safety Razor..18.50
53
10%
100
pre!
non cum
Amer Internat Corp...No par
140
900
800
125
534
434
*30
27%
36%
6%
No par
Apr
1,100
53
13
7%
32
29
38%
6%
125
75
1234
152
73
74%
137%
3%
6%
83%
734
33
3%
6%
83%
7%
31%
27%
36%
60%
8
6%
29
40
60%
*7%
53
13
89
7%
7%
21,200
125
23%
*11%
149%
*71%
60
7%
7%
1238
52
*72%
12%
12%
147% 150
*58
39
z52
148% *140
7334
*934
3 684
12%
11%
2834
52%l
52%
137%
108
25
11
*123% 125
125
*122
12%
20
135
135
137
*135
135
11%
71
22%
13%
135
American Ice....
Amer Power A Light...No par
43
145
American Home Products... 1
American News Co....No par
534
*135
50
3,400
3634
5%
American Hide & Leather... 1
Jan
8
57% Sept
Apr
125
Feb 23
13
9%May 28
23
May 21
3
May 28
23 May 24
45%May 21
l%May 21
18 May 23
No par
Amer Hawaiian SS Co
10
"""350
45
13
75
5
22
2%
2%
No par
6% conv preferred
5%
1234
*72%
21
700
1,800
3634
10%
40
600
1,700
112
*20%
2%
2%
234
*11%
5
22
13,800
12
- 2%
16
43
7234
205s
112
21
"""166
48.
*80
No par
$7 preferred
May
Amer Invest Co of 111..No par
534
11
*35
*80
700
2,800
37%
13
6%
29%
11%
2%
16
400
44
*10
7%
33i2
'1,300
52
52
Amer & For'n Power
6% conv preferred
5%
72
7*4
3234
4%
30%
334
3634
*11
89
27
27
*27%
44
5%
69%
*75
$8 preferred
35
10%
*75
J7 2d preferred A...No par
1,000
4,100
4,600
43
5
2%
13
74
: 200
34
*136l2 139% *136% 138
3
3%
3i8
3i8
6
6%
74
3
11%
*2%
15%
2184
..100
13
*11
48
112
*11
10
6% 1st preferred
2,100
1,400
20%
*13912 148% *139% 148% *140
22%
American Crystal Sugar....10
1%
14%
46%
11%
2%
1534
No par
1,300
*41
53
American Chicle
*1%
14%
*2%
*44
2%
16%
21
112
May 23
9
May 23
5%May 18
4% May 18
8
May 21
75%May 27
l%May 22
3% June 8
1
May 15
l0%May 21
2%May 21
100
100
Amer European Sees...No par
47%
14
3%
preferred
conv
900
2034
2%
2%
123
5%
Apr
share
per
3% Aug
31%
23% Jan 3
112% Apr 22
140%May 9
13% May 28
American Encaustic Tiling... 1
*46%
1234
11%
53
54
Am Chain A Cable Inc.Ne par
133
share $
per
2
80
47%
14%
10%
3534
124% *122
*53
Jan
200
£47%
12%
56
.
5134
45
1078
55%
8
7l8
2334
*7%
*7
*122
145
978
10%
*56%
,
*135
145
*135
May 21
100
1,800
*37
20%
3%
1134
*80
112
34
Preferred..
1*4
45
2%
19%
334
2%
14%
14%
33%May
American Colortype Co
10
Am Comm'l Alcohol Corp„_20
2%
22
3%
11%
•; 2%
20%
21%
214
39
33
5ig
2U
11
*80
112
*80
112
*80
11
May 28
3%
2%
*20%
33s
20
3%
18
*3%
13%
20
19%
3%
American Car & Fdy__No par
100
*1%
46%
2
2%
19%
3%
18%
18i2
49
49
*1%
214
*134
41%
*10%
4734
47
46
176% Jan
1~806
79
*13
116% Jan
May 27
28
Am Coal Co of Allegh Co NJ25
"
6%
6%
*4%
11
♦235s
*4714
*2334
13
13
5%
10%
15
3
*25%
*4
11434
5
3%
1%
1%
15
14%
*12%
1212
500
5
1%
11
11
115
5
1312
*2i2
114
6%
1%
May 21
164
100
6%
76%
76%
1%
76%
May 24
87
100
5H % conv pref
Preferred
9%May
45'4 Jan
5% Jan 13
May 21
1
American Can
500
108
6%
11%
76%
128
___25
100
21,100
2,500
3,000
t
share
per
3
3
3
29
16
10
American Bosch Corn
Am Brake Shoe <fe Fdy.No par
1,700
$
Highest
Lowest
Highest
Lowm
*101
108
*101
108
*100
100
*98
100
35%
133%
133% *130
97
94% 95
*167
20%
•
36
of 100-Share Lots
S per share
Par
2,700
2,900
6%
*534
36
133% *130
*93
93
*169
171
170
173% £170
23
26
23
2434
23% 25%
40
42
40
40
4034 41%
16%
17%
17
17%
16%
17%
91
166
34%
On Basis
Week
$ per share
Range Since Jan. 1
Shares
6%
*130
130
130
135
*130
135
*130
32
33
31
34
33
6
36
35
Range for Previous
Year 1939
EXCHANGE
June 14
$ per share
6%
6%
6%
33%
534
534
5%
6 >8
$ per share
$ per share
$ per share
$ -per share
STOCKS
NEW YORK STOCK
the
NOT PER CENT
SHARE,
SALE PRICES—PER
HIGH
AND
Sales
for
LOW
3779
New York Stock Record—Continued—Page 2
150
20%May 21
111% June 10
18%May 21
4
4
4
8% Apr 15
19%May 10
6% Jan 2
8% Mar
6% Mar
32% Mar
4% Sept
11% Dec
30%
52% Jan
49
Dec
87%
16% Apr
8% Jan
10% Aug
6
Apr
21%
13
Jan
29% Mar
24%
Apr
33
Feb
13% Jan
11 >8
Aug
19%
Jan
15%
109%
Apr
26% Nov
Oct
1J5% Nov
17
Apr
98
Apr
36% Apr 17
115% Mar 12
May 28
35% Apr 16
112% Apr 22
May 27
105
29%May 14
May 22
11
27
28
22
49%June 5
22%May 21
63%May 23
109%May 22
14 May 21
15 May 15
534May 15
l3%May 21
11
May 14
55% Jan
x Ex-dlv.
4
8% Jan
11% Sept
Jan
8
103
7% June
6334 Feb
24%May
l7%May
9% Nov
21% Sept
14% Jan
105
102
3% Aug
9% Aug
3% Aug
32
7
Apr 11
27% Sept
127
Jan 24
104% Sept
28
Jan
Jan
Jan
July
107% Nov
May
9%
67%
36%
22%
Apr
9
2
9
7%
32
Nov
128% Aug
Apr
9%
Nov
Oot
Apr
73%
33%
Jan
16%
Mar 13
17%
Apr
22%
Deo
Jan 18
Jan
3
48%
Apr
Sept
66
Dec
100
Apr
Apr
56%
39
62
32
34% Jan
6
50% June
99% Apr
15% Apr
22% Apr
11% jan
23% Jan
4
14
16
Apr
80
Mar
89%May 10
125%May 10
y Ex-righta.
4
8%
57% Mar
Sept
120% Sept
32% Oot
Oct
Apr
24%
Apr
Dec
17% Jan
36% Oct
23% Mar
Apr
67
22
Dec
3
13%
2
35
3
oet
Called for redemption.
Dec
New York Stock Record—Continued—Page 3
3780
HIGH
AND
LOW
SALE PRICES—PER
SHARE,
NOT PER
CENT
Sales
Tuesday
Wednesday
|
June 8
Monday
June 10
June 11
June 12
$ per share
S per share
s per
S ver share
14
*100
99
102
*57
14*4
60
14
21*4
127g
20*2
14*8
22*4
22I4
share
21*2 21*2
99*2 102
100*2
15
wt>w
*52*2
58*2
*55
*18*4
*20
157g
23*4
55
*21
June 13
June 14
$ per share
vflRK 0 X vvA
X v/ivXv. HTOCKT
Shares
14*2
14
15*2
15%
23%
23*4
24%
*100*8 105
*100*8 105
57*2
57*2
56*2
5612
21
22
21
Lowest
Par
200
5
1934May 22
99 May 23
No par
No par
Bon Ami class A
Class B
60
18
17
17*2
17*8
17%
17*4
18*4
18
1834
18
18%
11,200
Borden Co
15*4
15g
14*8
147«
14*4
15*4
15*2
1678
16*4
11,700
Borg-Warner Corp—-
1*2
1*4
26*8
1*4
27*4
2734
*1*4
2734
15*2 :'167«
*1*8
1%
27*4
29*2
15*2
*1%
30*2
5
.
27*4
1%
1%
32
31*8
4*4
4*4
5*4
8%
87g
1034
9*2
10*4
934
10%
15*2
9*8
15*2
9%
14*4
16
16*2
1734
16%
17*4
16*2
17%
8,900
11,500
28*8
29
29
*28
30
30
30«4
*31
33
31
31
800
*39*2
42
39
39
*38
42
*38
42
*40*8
42
4212
42*2
600
4*4
2*2
2*2
25g
*175s
18*2
*177g
17*2
18*8
18*8
2*4
*2*2
19
*177«
t
5
*
187g
185g
2*8
5
5*8
58*4
14*4
*277g
*277g
*17
17*4
7/Jg
7*8
30
165s
30
17
234
234
278
3
27g
187g
*99% 104
3*4
19*8
18*2
19
18*2
3-'%
25*2
27
26*4
25*2
3*2
21*4
205s
*13
77g
2*8
*6*4
*45s
*17*2
14
12*4
13
*277g
17*2
*277g
17*2
17*2
7%
100
104
*
3%
267«
4
4%
4*4
28*2
2214
*28*2
221Z
29*4
28
2834
23*2
23%
14
14*4
14
32
««
3,900
120
7% preferred
7
7*2
8
8
11
1
10
10
16
16*2
1
1*8
5
11*2
1378l
13%
"27«
297g
45
45
24
*5*8
2
*42
4
I884
1834
2
107
*105
2*2
4%
4*4
434
*3
3*4
95
*93*4
26*4
'«■
3*4
3*4
17
17
19
*15*4
95
5%
57S
4,700
**4
7*4
*6*4
**8
*16
**8
*4
100
102
20
28
30
5,500
■' *4
4%
2,900
18
18*2
37g
17*2
18*2
19
19
19
*13
19
102*4
*95
102%
*95
100*2 100*2
20
21*2
1212
3*8
22
13
13
12*2
3*2
*20*2
3%
32*2
33
84*4
*82*2
1
1
.
*13
4
333.4
34*4
34%
200
*7g
1
334
3334
800
tChesapeake Corp
3534
7*4
7*4
12,600
**8
316
*8
**8
*4
*8
*8
3ie
*8
*8 V
**16
97g
%
W
7*4
400
**8
316
316
*8
3lfl
*16
*16
*316
31«
.
**2
%
%
10
14
$5 preferred..
*26
32
*26
32
*41
48
*41
48
*42
48
*42
48
*41
48
*41
Preferred
*i8
*4
**8
*2
*716
>4
%
*716
*4
*2
*'4
*8
**4
*8
**4
57*4
10
**s
*4
*4
u
7ie
716
*%
*2
%
*'4
38
%
%
8*4
8*4
8*4
10
*10*2
*23*2
30
3*8
*23*2
29*2
57
55*4
58
58
9,78
3
3*8
10*8
10*4
89*4
92
90
*10*4
90
*45*2
*
2*4
conv preferred...No par
Pr pf ($2.50) cum div No par
tChic Rock Isl & Pacific—100
"2*4
24
63
2514
*_--_
*108*2 111
*2*8
63
25*2
*
10*2
32
30
30
80
*74*4
80
32
*
11*4
90*2
"3"
*2*4
28
108%
32
75
29*2
*
"2%
7% preferred
200
6% preferred
100
8%
1,200
10
10*4
3
3*4
*23*2
5934
62*2
10
1,300
Chile Copper Co
*'1
62 34
51,800
10*4
10*i
90*2
80
278
300
28%
3034
2,900
10*4
"
63
*-<.__
"27"
27*2
30
30
135
60
*107g
28*2
29
28*4
11*4
lii"
111
120
32
800
63
*32
33*2
*70
74
32
*--__
32
80
31
*
*55
94
2*4
3
17
4*8
*91*4
18
17*4
104
103
103*2
57*2
*55
*55
57
*55
11*2
11
*91*4
18*2
19
1934
17
*17*2
16*2
16*8
16*2
1634
4*8
458
4*2
434
70
*73
75
74
*57*2
71*4
65
*59
65
*58
7134
72
73
*3%
4
*4
4*4
*15
16*4
71*4
*70*4
71*2
4*2
378
37g
16*8
*14
16*8
70
*14
29
27*8
*95
98*2 .*95
35
32
98*s
•
33*4
*957g 107*2
8
7g
8*4
»u
44*8
46
2578
27
2734
*95
3378
16*4
28*4
98*8
34
17
4%
"16
28*2
*95
34%
*957g 107*2
8*4
8%
44%
26*8
7g
June 14
18
May 22
li2May 15
106 June 12
2i2Mayl8
4 May 21
11*4
94
20*4i
11*4
*93
94
197g
47
27%
17*2
17*2
17%
1,900
17
17
17*2
17%
434
5
74*4
65
7234
7234
4
4
*14*2
16*4
*17
19,500
75
75
500
*58
72
73
4*4
4*4
16*4
28*2
98*8
30
28*2
29%
*147g
28%
98*s
95
95
*95
35*4
34
35*2
*9578 107*2
34
35
600
4,50C>
100
5^00
*9578 107*2
9
978
9
978
7S
4534
27%
»16
7g
48*4
27'8
"16
78
4834
477g
50*4
2,200
2834
28
2834
22,100
4734
28%
.
$ In receivership,
10
9
a
28,100
1
35,900
Del. delivery.
Apr
58
334 June
_
3%
3%
Mar
May
Jan
8
108
6
May 21
Sept
4
Sept
94i2 Mar
122i4 Mar
64i2
30i4
10»78
19*8
72i2
Sept
Dec
Aug
Jan
Mar
3034 Sept
5i4 Jan
H3i2 Aug
12i4 Sept
1434 Sept
678
Oct
jan
Jan
Apr
Aug
Apr
Oct
1% Sept
H4 Aug
Sept
22i2 Sept
105
Dec
30
Jan
21i2 Oct
29i2 Sept
47i4 Sept
95i2 June
4
Sept
438 Sept
14
9%
Apr
%
Apr
7g Sept
34 Jan
% June
158 Sept
138 Sept
35g Sept
%
% Jan
*2 Aug
*2 Aug
11% Mar 28
7%
10
1618 Apr 16
6% Mar 26
33% Apr 3
9l5g Apr 8
14% Jan 26
Jan
39i2 Sept
50*4 Nov
78 Sept
178
Jan
158 Sept
958 Mar
15i4 Sept
13*8
Jan
Apr
41
Apr
Apr
94% Oct
1478 May
97% June
9
79
2%
Jan
58
Sept
Mar
43g
34i2
68
Feb
69
Feb
1067g Sept
114i2 Jan 10
43% Mar 8
Apr
Apr
Oct
15
6
115
Feb
20 ig
26
May 21
74
May 16
80
Mar 28
69
Apr
Sept
46%May 16
25%May 22
25*2May21
48
Mar 26
42
Jan
1
45l2 Apr
20'4
25
4612 Sept
4i8 Apr 26
40l4 Apr 18
41i2 Apr
Oct
5358
6
65
Apr
Apr
4% Dec
"
Jan 30
Mar
Aug
% June
5g Jan
Feb
Apr
305g Aug
44
*4 Apr
98
Dec
10
Mar
z60
Dec
68
3g Jan
%May 20
8
10i8May 21
89i4June 10
May 18
2
May 15
33
% Jan
*i«May
45
Sept
85i2 July
Jan
85*4
3
Jan 24
12i8 Jan 4
50
2i2May21
24*2May 14
53i2May 28
i43
13
Sept
Sept
£3% Dec
27
Apr
1*8 Jan
1434 Jan
3578 Jan
i4May 21
778May 21
9 May 21
Sept
47*2
6%
Jan 16
i4May21
8i8May 15
23i4May 21
May 22
Jan
8
5278
June
5ig Aug
3
Jan
614
41i2 Sept
96
22
Mar 23
Apr
Jan
Jan
June
32
8% Feb 15
36*8 Feb 15
21%May
Apr
Apr
47
85% June
Apr 16
4H2 Jan 10
106
Oct
18% Apr
2% Apr
103% Sept
3'4 Sept
4
345g June
21%
Oct
39
Oct
78
Mar
45i4 May
60i8 Jan
Apr
38
Dec
Sept
Sept
135
Mar
Mar 30
105
63
Feb 27
58
Jan
62i2 Dec
10*8May2l
20
Feb 21
11*2
Apr
18
94
June 10
20%
Apr
37*2
11H2
2478
8i2
9*4
8i8
25Sg
25i4
5%
conv
par
No par
No par
preferred
100
Colo Fuel A Iron Corp. No par
Colorado A Southern...
4% 1st preferred.
131
94
June 10
16*2May21
108
May 23
12*2May 21
35i2 Apr
8
100
112i2 Feb 10
24
100
2
534 Apr
5
4
Columb Br'd Sys Inc cl A.2.50
16
May 21
16
May 21
Apr
2*4 Aug
4
4
2
ClassB
2.50
Columbia Gas A Elec_.No par
6% preferred series A
100
134May 15
May 17
May 22
4i4May 22
67i2May 28
3
100
59
June
Columbian Carbon vtcNo par
Columbia Pict v t c
No par
$2.75 conv preferred.No par
71
May 29
Commercial Credit
10
4)4% conv preferred
100
Comm'l Invest Trust..No par
$4.25 conv pf ser '35.No par
Commercial Solvents-.No par
Commonw'lth A Sou..No par
$6 preferred series...No par
(Commonwealth Edison Co..25
n
New stock,
r
Cash sale,
x
3*2May 21
434 Apr
Apr
378 Sept
3% Aug
14
Apr
26*8 Mar 12
26% Mar 12
7l2 Apr 8
9312 Apr 8
14
Apr
5% Apr
74% Jan
62i2 Jan
73
Apr
Jan 26
79
Apr
11*8
May 10
100
100
5% preferred
1,200
Apr
Apr
778 Aug
26% Apr 22
338 Jan
114i4Mar
57g Apr
1134May 10
July
131
65
434
1358
1
May
Apr
Jan
Sept
53
99i2May21
56
May 24
4% 2d preferred
5
38%
I77g
30
125
900
5
72
Apr
84
29%
47g
423g
97%
2i2
2i8
34May 28
6i2May21
ig Feb 28
i8 Feb 28
lgMay 13
6U Sept
l63g Nov
8478 Nov
Feb 14
$4.25 pref.
100
17*2
110
11884 Jan
56% Jan
35% Apr 29
119
Apr 8
12t2 Feb 15
l078June 10
6
9'8 Jan
2334 Mar
142
3
18*4
Jan
18
7gMay 15
Jan
Sept
May 22
100
Collins A Aikman
3,200
*1%
75
17
Mar
10 r
3
'
98
30*2May 28
20
Colgate-Palmolive-Peet No
10,300
*1%
May
TO
Apr
3234May
3i8 Jan
8
x8434June
Dec
7*4 Sept
Coca-Cola Co (The)...No par
Class A
...No par
1,300
57
11
Apr
9
65
Preferred
12
3034 Apr 18
3>4May 22
2038
1834
Feb
Apr
36i2 Dec
3ig Sept
29i2 Sept
4i2 May
35
July
77
Apr
I37g Apr
2% July
63i2 Aug
17*2May 22
June 10
34i4 Mar
105$ Sept
5g
100
100
Jan
Jan
1784
203g
93*2 Jan 31
22i2May 24
3*2May22
15*8May 21
15 May 28
Ap*
30
9ig
6
May 21
50
7
Jan
6i4 Nov
47g Aug
May 21
3
24
20
3
*95% 107*2
Bid and asked prices; no sales on this day.
5
'
"
•
*93
17
*37g
27*4
20*4
16s8
*71*2
267g~
97
10%
16*8
65
*45*4
11*2
*1*2
*57*8
78
46*4
57
3
65
78
6,500
103
99
100
100
Climax Molybdenum..No par
Cluett Peabody & Co..No par
5,500
31*2
105*2 105*2
*1
76
35*4
*9578 107*2
8*2
8*4
31*2
132
3
*70
49
No par
780
*2
4*4
29
3034
29*4
3,700
76
287g
33
21*8
*71*4
*57*2
*15
31*2
132
31*2
135
108*4 108*4 *108
109*2 *108
109*2 *108
109*2
109*2 *108
13*2
18
17
14*4
15*4
16*2
16*2
17*2
16*4
*1634
*1*4
2*2
*1*4
2*2
2*2
2*2
*134
2*2
*17g
*134
2*4
2*4
2*4
2*4
2*2
2%
234
*234
3*4
234
17
*16*4
94
18
2*2
17
11*4
32
31
105
11
30
135
£103
57*2
2934
*132
No par
Specialgtd 4% stock
£30
135
5
Clev Graph Bronze Co (The).l
Clev & Pitts RR Co 7 % gtd.50
80
*132
*132
*55*4
10*4
19
*18*8
*108*4 109*4
*14*2
15*4
*2
29*2
2834
135
1017g 102
*102*4 106
*56
27"
28*8
*132
May 21
CCC & St Louis Ry 5% pf.100
Clev El Ilium $4.50 pf.No par
63
109% 109*8 *110*4 115
25
Chrysler Corp
City Ice & Fuel
6)4% preferred
City Investing Co
City Stores
Clark Equipment
700
*88*2
*45*2
*2*4
29%
■:
No par
Chickasha Cotton Oil10
Chllds Co
No par
700
3*8
30
Chicago Yellow Cab
*44*2
*132
20
100
*4
¥*2
29
*
*8
90
2*2
31
100
200
h
30
90
*45*2
*45*2
63
108"
108*2 108*2
63
*4
%6
**8
*
834
10*4
3*8
*23*2
60%
£10*4
3*4
*8834
10*2
90
*45*2
2*4
26
*8
11*2
3
30
54*8
10*2
*90
*8
;
*23*2
57*2
*10*4
**8
8
9*4
42i2May 15
105*2May 22
5
May 21
Jan
45
May 24
June 10
67S Apr
I87g Apr
2i2 June
Jan
Apr
6
22i8May21
100
June
Apr
612 Mar
Apr 22
41
100
par
$3
-
•
*716
par
100
Chicago Pneumat Tool.No
48
'ta'J'*.
5
JChicago & North West'n.100
200
3,600
32
100
Chicago Mall Order Co
tChtc Mil St P & Pac-.No
1,300
%
103,4
**2
10
1034
*28
3
25
Preferred series A
2,200
*8
32
10*4
3*2
par
JChlc & East 111 Ry 6% pf.100
tChic Great West 4% pf„100
200
*26
30
No
Chesapeake & Ohio Ry
-
7*4
3U
11%
-
300
3I6
3S
«
1%
*1
316
1034
10
m
300
su
»i«
*8
*8
9*2
m
7*4
1
*7
84*4
*7g
31
*3*8
100
334
*23
*97g
6 % prior preferred
Chain Belt Co
700
31
*23*2
Preferred
100
Cerro de Pasco Copper.No par
Certain-teed Products
1
No par
Cham Pap & Fib Co 6 % pf. 100
Common
No par
Checker Cab Mfg
5
1*8
1*8
1
v:;
1
*82
84*4
*78
1
3ie
'
*82
84*4
v
7*4
8
par
500
40
1134May 21
June 11
2
7
19i2 Apr 18
23i2 Apr 3
40
Apr 17
658 Mar
40% Jan
35
'
*81
**8
8*4
Century Ribbon Mills.No
22
*23
*8
Central Vloleta Sugar Co
147g
21*2
*3%
par
No par
100
5% preferred
1,530
4%
19*2
*6*4
*8
1,400
*92
7*4
**8
57g
31
4*2
Celotex Corp
par
100
JCentralRR of New Jersey 100
334
*3
334
7% prior preferred
130
95
78
9
*3
534
Caterpillar Tractor
No
Celanese Corp of Amer.No
500
95
7g
*16
5*2
100
Central Agulrre Assoc .No par
Central Foundry Co
1
Central 111 Lt 4H% pref..100
29
3*2
f- 1
*6*4
5%
May 21
39i4May 23
Apr
1512 Aug
178 Feb 21
8ig Feb 21
May 21
2%May22
100
8
55i2
3
25% Apr
11% Aug
13% Apr
48% Mar
4%May 21
11
29i2May28
3i2May 23
38i4June 12
75i2June 3
1
Case (J I) Co
Preferred
110
1,200
2,000
95
11*2
31*8
49
29
11*2
32*8
84*4
49
4
21
1*8
6%
.334
*15*2
102*4
3*2
52
19
18
378
19
*19
11
1
*2
6
*48
1
2
25
$3 preferred A
10
Carolina Clinch & Ohio Ry 100
Carpenter Steel Co
5
Carriers & General Corp
1
170
27
17*2
*97
*82
9%
9,700
17,300
11034 111
*9334
21
*7g
**8
*3
2634
101*2
1
**8
5«4
334
26
*7g
*7S
9*8
10678
*2*8
30*8
33*8
50
19*2
19%
19%
2
2
2
17g
106
107
107
1067g *105*2 107
2*2
3
2*2
2% ■::* 3
2%
2
2*2
I
3*2
84*4
900
2
1078
3&S
26*4
109*4
57g
46
100*4 100*4
47*4
50%
23*4
2534
48
47%
£23%
£109
1834
1*4
*19
12
100*4
6%
*18*8
100
21*2
33
534
134
16*8
*15*4
*101*2 102*4
*82
5*8
183.4
3*8
17*2
19
*3*2
267g
50
25
*107g
47%
25*2
*111*4 115
50
*93*4
*19
600
46
20
300
Jan
No par
Capital Admin class A..
41
*2
47*2
*2*8
100
Cannon Mills
2*4
2*4
46
par
Canada Dry Ginger Ale.....5
Canada Sou Ry Co
Canadian Pacific Ry
100
4,200
*98
1
800
79
50
*3
27
*3*8
17*4
5*2
10,300
3034
457g
25
3
30*2
4*2
78
*42
4*8
*93*4 102
10
30
*93*2 100*4
46
*110% 113
5*8
"*2*8
3*8
*15*4
44*2
23*8
24
7,700
30*4
50
*
6
26*4
45*2
110
14*4
36*2
8234
1«4
2*8
3*8
*96*4 100*4
Campbell W & C Fdy..No
29
2*4
106i2 Aug
Apr
Sept
2678 Feb
52i2 Mar 13
May 21
Callahan Zinc Lead
*79
49
Apr
4
291* Apr
1334 Jan
81% Jan
15i2 Jan
May 21
Calumet & Hecla Cons Cop..6
*35*2
2*8
9
14
Mar
13i2
75g
23i4
4%
May 22
51
7,700
31
47
25i4 Nov
13*8 Jan
94*4
May
33% Apr 29
eisMay 22
39
par
6,400
41
18*2
106*8 106*8
*5*8
101*8
V
2%
45
..No
5% preferred
4,100
1%
6*4
85
2934
5
50
California Packing
+L
*
38*4
38*4
*77
80
2934
*2
41
*42
178
*218
30*2
*4%
*25*2
39
2,300
'.m'+j*
13
234
4%
29
5*8
19
178
3*8
30%
*4
*77.
22*8
50
*18*4
3
30
4*4
*38*4
110
5*2
*49
3*8
30*8
80
44
24*4
114
*34
27g
41
*101*8 103
14*4
4*4
29
100
'4
534
1178
13%
36*2
300
17*2
53
30*8
39
2
1
1%
13*2
13
1634
6*8
*34
36*2
*11
*48
4'%
28
43*2
110
27g
2
2
1,800
13
10
Byers Co (A M)
No par
Participating preferred.. 100
Byron Jackson Co
No par
7*8
45%
1*4
..30
Butte Copper & Zinc...
7*8
5%
5% conv preferred
200
45*8
17%
7%pf.l00
3,600
77g
53
12*2
14%
1334
2,600
Bush Term Bldg dep
Butler Bros
3
3034
2*4
*75
*41*4
167g
6%
*34
5*8
187g
3
*4
412
*38*4
297g
10*2
1%
5
150
i
45*8
10*2
V
*48
1334
87g
*18
*29
27«
30
80
*76
1*8
634
13%
7*4
11
^13
35
*3*4
39
*38*4
13*8
35
2*8
4*2
1*8
5*8
5
3
45*8
53
*7
1878
3
17*4
167g
12l2
137g
30
31*4
*3*4
1
8
?'■■■
45
*45
5*2
36*2
12*4
3
31*4
16*2
*634
734
7
44%
11
10*2
53
11*4
12
*
36*2
16*%
*45
1*8
5*4
5%
1214|
*
*10*4
16*2
53
*45
53
■V
41
1
7
7*2
Jan
Apr
5% Apr 22
Jan 19
Dec
Apr
11
778
*18
50
7
21% Apr
lll2 Apr
-.1
.6
13'4 Dec
1518 Dec
507g Dec
30i8 Aug
3
Burlington Mills Corp
20
Jan
31%
95g
6% Jan
4434 Jan
6i4 Feb 17
3i4May 22
Jan
Apr
12i2 Jan
Bush Terminal
44
Nov
I35g
33
4,400
*6*8
Apr
39
215s jan 10
27S
43
27
1758May 21
234
7*4
Apr
12i4May 22
7%May22
2 May 21
5i2May21
4i2May 21
l7i2May 28
2i4May 24
234
48
Jan
Nov
78g
1
2%
7*4
2
1*8 Apr
11
No par
27g
*43*2
Aug
2334
2*2
7*2
53
Bullard Co
2*2
3*8
Apr
4,600
2*4
18
41*4
30%
2*4
434
5
28
2*8
3
Aug
No par
No par
par
18
41
Budd Wheel
Burroughs Add Mach..No
27g
Apr
4,400
May 21
Bulova Watch
4*2
31
10i8 Feb
May 23
21
1,700
1,800
18
157g
3l7g
1
4*4
3
100
3,600
2*4
Sept
Aug
4*4
414
No par
7% preferred
7%
27g
47g Sept
3434 Oct
734 Feb
Apr
500
14%
2*4
Jan
Apr
I6i4 Apr
37i2 Apr 30
29i2 Apr
111
Dec
Aug
32
3,900
24%
45
5*8
*2*4
-.100
24
22
334
Budd (E G) Mfg
Jan
Dec
Jar.
28%
7%
4*2
May 21
63*2
Jan
3%
13*4
17*2
27
Jan
121% Dec
Apr
2634
27
23%
,
3
6i4May 23
97 May 28
77g
*6*4
Jan 15
13i4May 21
1434May21
5
14*2
4*8 % 4*2
17*2 *17*4
Jan
48
Bruna-Balke-Collender.No par
7%
2*4
12*4
*1*2
No par
49
Jan
12%
I6i2
18*4
1%
1912
5ig
7*4
334 Apr 11
19% Apr 8
24% Apr 6
107*4May 6
6318 Apr 8
25i2 Jan 4
1^2 Jan 5
12*4 Jan 30
1312 Jan 30
Bucyrus-Erie Co..
778
4.78
16*8
~27*8
5334 Apr
7*8
18
*10
*30
May 23
77g
.•
*45
*
38
7%
*6%
25*4
395s Feb
Brown Shoe Co
"¥,100
51
4
May 22
Sept
100% Sept
3
27
7*8
14
28i2
1334 Apr 29
2334 Apr 8
7%
*13
34*4
16
37i4May 8
7 Maris
May 21
thare
per
16*4 Aug
1
3
20
25
27
4%May 23
8
Highest
thare I
per
15
13i4May 22
2*8
45
*2*8
May 22
778
*2 58
*45*2
May 18
26
Transit..No par
16 preferred series A .No par
Ctfs of deposit
No par
Brooklyn Union Gas...No par
'
18*2
1
5
Bklyn-Manh
.»
-
-.100
Bristol-Myers Co
5
Brooklyn & Queens Tr.No par
$6 pref ctfs of dep
No par
1,300
7*8
7*4
*98*2 104
100*8
334
378
27%
4
21*2
3*2
34%
7*8
19
.«»
15*4
June 10
127gMay 21
$
3
Bridgeport Brass Co ...No par
6,700
110
1434
1778May 28
17
thare
28% Apr
29%May
12312 Jan
70*4Mar
29t4 Apr
24i4 Mar
2578 Jan
234 Jan
5134May 22
Brewing Corp of America
700
27«
19
5
per
Lowest
Briggs Manufacturing.IVo par
Briggs & Stratton
No par
'
15*2
27
3*4
21
734
*90
110
26
27
*21
7%
*100
*99*8 104
25
37g
32*4
7*8
25*4
3*4
24
*27%
1734
17%
3%
26
*3*4
17*8
£7%
99*2
3%
99*2
3*4
3*4
25*4
33
*27-%
7*4
7
*5
18
18*2
110
*104
10978 *105
10978 *100
*105*2 110
58
577g
58*4
57*2
577g
'
!
15
14*8
14*2
14*2
15*2
14*4
14*8
15*2
*100
*110
9*8
15
Boston <fe Maine RR
800
9
16
1
(The)
Bower Roller Bearing Co
1,500
87g
I55g
a28%
;
Bond Stores Inc
100
31*8
5
5
*5
100
S
1278June 10
21
*1*8
thare
5
147g
*l'g
per
Bohn Aluminum & Brass
2,000
175g
*267g
*434
$
Highest
Boeing Airplane Co
41,300
21
Year 1939
EXCHANGE
*19'2
*20*2
Range for Previous
On Basis of 100-Share Lot$
Week
£23
55
22
the
$ per share
105
58*2
20
Friday
1
15
102
n Ht Yr
Thursday
22*2
Range Since Jan. 1
STOCKS
fnr
JOT
,
Saturday
98*4 Apr 4
8i2 Mar 15
6 >g
Dec
15*2 Dec
1434May 24
27%June 10
23i2 Jan 29
3
38*4
Apr
95
June 13
10812 Feb 21
9812
Oct
32
June 10
97
June
4
48
Jan
56
Apr
113
Mar
May 21
165s Apr
34May 22
42
May 21
li2 Apr
73% Jan
2578June 10
33
8
Ex-dlv.
y
42
Ex-rights,
Apr
8
-
Apr
l03*4 Sept
85g Aug
1*8 Dec
4534 Jan
x255g Apr
133
Jan
Dec
Oct
Dec
sept
Sept
Sept
Sept
Dec
Dec
9
Feb
91
Mar
83
Feb
96
Oct
155s
Jan
30i2 Mar
57
Jan
I095g Aug
60
Jan
110*2 June
16
2ig
Sept
Feb
72*2 Aug
32*8 Dec
T Called for redemption.
Volume
LOW
AND
New York Stock
ISO
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Record—Continued—Page
Sales
CENT
STOCKS ;,:
Range Since Jan. 1
for
June 10
June 11
June 12
June 13
8 per share
$ per share
$ per share
3 per share
Monday
June 8
$ per share
•3
312
Tuesday
*3
Wednesday
10
10%
15%
15
3%
15%
978
15
*3
1434
15
1012
10%
10%
rlO
Thursday
3%
16
*234
15%
10
15%
11
10
*6%
10
20%
20%
*8%
*65
834
80
*76
80
*6%
17%
77g
10
6%
20
20%
838
8%
•
634
80
*70
80
*71%
*76%
5%
23%
80
77
82
*78 %
1%
*%
6
*5%
2%
6%
2%
6%
*1%
2%
;■
134
*1%
*234
3
24%
102
*4
6%
2»4
6%
1%
3%
13%
*11
13%
*12
*93
96
*9234
94%
11%!
7%
h
80
*71
i
10%
7%
10%
7%
34
%
78
*70
35%'
34% 35
*109% 112% *10934 112%
35
6
6
31
31
534
3034
3%
3%
278
17%
17%
21%
16%
20
534
31%
3%
17%
20%
17%
21%
17%
50
50
16%
48%
4934
41%
42
41
41%
46
46
447b
45%
*164
168
47s
H
*165
17
7%
*34
14
*83%
5
5
*34
13%
14%
20
*23
7% Jan 29
63
May 29
16
Apr
8
15% Aug
5% Apr
32% Nov
No par
92
Apr
9
73
Apr
85
Feb
75
95
Apr
Apr
91
Aug
11
Sept
35
Mar
10%
9%
6%
20,600
24% 25%
102
102
26,500
1,000
84
400
Consol Film Industries
200
$2 parti c pref
No par
Consol Laundries Corp
5
Consol Oil Corp
No par
Consol RR of Cuba 6% pf.100
Consol Coal Co (Del) v 10..25
90
5%
*%
7
3
1,200
6%
25,500
33s
2
3%
500
3,100
13%
13%
400
*1%
134
3%
14
100
100
*93
12%
3,500
7%
7%
78
12%
8%
%
2,300
4%
168
5%
5%
5%
jai«
I3i#
%
1458
15%
14%
15
14%
81%
78
78
75
24
24
*24%
434
19
4%
18%
39
*29%
*27%
32
20
4%
20%
39
22%
21
82
900
23
400
38
21%
38
484
23%
*27
*2778
12%
13
1334
30%
1334
30%
12%
1434
137$
14%'
14
33
14%
84
79
80
79
79
79
81
80
81
t
81
81
27%
25
27%
27
28%
29%
31%
29
30%'
28
7378
27%
*71
70
70
74
74
77
80
79%
80
'
*80
3
*134
*4%
62%
3
*178
*1%
4%
37„
4%
4%
*64%
3
*2
3
*1«4
438
5%
4%
*3184
33
2%'
4%
60
75
70
75
11
*934
11
10%
10%
11
11
*10%
20
19%
20
*19%
20%
21
21
2%
2%
33
*2%
33%
*20%
2%
11
22
v 2%
33
8%
33%
8%
33
8%
2534
25%
26%
2%
2%
32
32
8%
32
7%
7%
23
2478
24%
2%
*2%
32
32
7%
24
24%
70
2%
31%
7%
x2434
71%
600
500
22
1,200
2%
800
32
8% 101,300
19.400
25%
7%
24%
*75
90
75
75
*70
90
*70
90
*70
90
*70
90
20
*50
70
*50
70
50
50
*45
65
*45
65
*45
65
10
16%
16%
17%
16%
1534
16%
*3%
*3%
4%
15
*21%
21%;
14
3%
3%
*3%
4%
*14%
*4%
15%
*14%
16%
4%
4%
4%
4%
108%
108% *105
107% 107% *105
15
16%
14%
15%
1334
14%
*107% 108%
15
4%
15%
4%
15
,
19%
*14%
4%
15
*4%
17%
14
21%
*21
21%
21%
21%
15
21
13%
*13%
1534
15
15
11%
21%
22%; *21%
2:15
15
10
11
14%
10%
10
2%
%
98%
14
3
3
3%
%
*%
%
*%
99
101% *101% 102
14
14
14
15
27%
28
%
*%
*»4
98%
99
13%
28%
36
*35%
*5%
*1334
*1038
31%
*16
17
76
*35
35%
5%
3
*%
103
450
1,700
28
27%
27%
36%
35%
35%
36
36
0
5%
28
*35
36
28
634
14%
61
13%
13%
5%
13%
13%
14%
60
61
61
61
11
6
638
6%
14%
62%
14%
14%
*62
74
*10
11
*10
11
*10
10%
31%
30%
30%
31
32
*32
33%
*32
34
14%
1134
72%
15%
12%
75%
15%
17%
18%
17
18
16%
12
17%
12%
12%
12%
12%
12%
73
75
76
81
76%
80
*10
10%
6%
27%
3%
117
155
12
1134
11%
*%
26%
*16
11
28%
12%
%
3%
*20%
»!«
*17%
19
26%
1
4,700
Dome Mines Ltd
No par
74%
79%
15,800
1,900
Douglas Aircraft
No par
3%
70
*67
72
*73
85
*73
85
*73
*1%
1
*34
3
5%
534
■:
2:30
30
H
7s
1%
1
3
5%
31%
%6
he
1
*38
7
38
1%
1%
*%
1%
1
::mp.
6
6%
33
31%
ivs*%
*3
84
6
6;
31%
"16
1834
3%
32%
18%
32%
19%
15%
15%
15%
15% y 16
9434
85
85
*82
85
*82
85
*84
85
85
85
18
17
1734
2%
*17%
18%
2%
*i«
18%
,3
%•
19
*18%
19
19
i984
3
16
17
*16%
3
*3%
2%
*%
*16
1634
*15%
4
%
%
*15%
16
*2%
*7u
*15%
*78
3%
16
%
*4
*%
5
*4
32%
3434
34
35
4,700
Fairbanks Morse A Co. No par
21
21
20
20%
16%
15%
16%
£13%
13%
2,400
2,200
Fajardo Sug Co of Pr Rico. .20
Federal Light A Traction...15
$0 preferred
*
Federal Min A Smelt Co.
2
4%
3
3
he
*79
he
3
84%
:
*79
84
103s
10%
29%
*10%
*11
11%
11
2934
30%
31
32%
32
2434
*10
24 34
*10
24%
*10
32%
24%
16%
*79
11
29
*10
Bid and asked prices; no
sales on this day.
*
11%
31%
*10
$ In receivership,
a
140
20
1,000
1,000
%
900
16%
300
%
17
2434
10%
3
ht
*16%
30%
8134
Exchange Buffet Corp-No par
Fairbanks Co 8% pref.... 100
21
10%
*78
3
Ex-Cell-O Corp
34%
3%
5
200
Evans
Cleaner—5
Products Co.....
6
19%
30%
82
%
700
33
82%
11%
*
2,300
18,900
32%
31%
*85
*10
Eureka Vacuum
6%
*6
%
100
900
18
19%
16%
**16
preferred
No par
Equitable Office Bldg. .No par
1
30
5
31%
34
No par
$534 preferred
fErle Railroad
...100
4% 1st preferred.—.—100
4% 2d preferred
...100
1%
30%
33
3
50
3%
*%
*3
3%
"""700
1,300
"16
31%
•*78
%
*1%
1%
84
3%
Corp
$6
1
1
1%
preferred
preferred
El Paso Natural Gas
100
Truck..No par
Federal Water 8erv A. No par
Federated Dept Stores.No par
Federal Motor
84
...100
434% preferred
11%
"""eoo
32%
2,900
24%
Def. delivery,
Ferro Enamel oorp
1
Y.12.50
Co-No par
Fidel Phen Fire Ins N
Filene's (Wm) Sons
n
New stock,
r
Aug
93
9
Aug
26
Dec
3% Sept
38
Apr
4% Aug
19%
73%
45
32% Nov
Apr
91
Jan
55% June
13% Apr
3% Aug
14% Sept
4%
103
57s Jan
Apr
Sept
Cash sale.
84
Mar
6
22
21
22
22
%
Apr
Sept
Apr 10
Feb 3
28
Apr
Jan
8
36% Sept
5% Aug
13% Sept
8534 Apr
145g Apr
5
00
90
Feb 21
20
9
Sept
9% May
June
Apr
20% Sept
34
9478May 10
55
8734 Nov
Aug
£ Ex-dlv.
35%'
22%
101%
Apr
Apr 24
0
Mar
Mar 30
6
Dec
19%
13% Jan 18
10
Apr
14
Jan 17
108
Apr
Jan
17%
10
Jan
July
144%
30
171
Apr
120
189% Apr
9
8
120%
Apr
138%
Apr
Apr
1
Jan
Apr 16
Apr 20
1% Jan
4
8% Jan
36% Jan
3134 Jan
8
8
8
33%May
2
Aug
22%
Apr
8% Apr
1% Sept
6% Apr
20% Apr
18% Apr
23% Apr
1% Jan JO
417g Jan 3
Apr 13
46
112
Sept
111% Sept
12% Apr
3% July
Mar 19
%
28
Apr
Jan
32% Aug
£103% Mar
7
Apr
8
7» Jan
1% Jan
3% Jan
4
5
3
1
1% Apr
4
5
1
1% Apr
3% Sept
11I0M01, on
13% Nov
Mar
10
18
10 May 21
27%May 21
Nov
Mar
July
30
Jan
5
July
Feb 29
38
Jan
%«May 22
May 28
Jan
July
24% Apr 23
2378 Jan 10
89
15
79
Oct
3238
34%
4478
10%
20%
97
May 27
2% May 15
Jan
125%
18
4
17
Oct
878 Sept
103
8
June 10
28
Jan
Jan 10
83
85
Oct
1%
31
31
May 23
June
Deo
8
11
7
17% Mar
10% Sept
11234 Dec
27% July
18% Deo
12% Jan
%May 15
278May 25
5
May 21
20% Jan 15
%June13
3% June 10
29%June 5
17%May 21
Sept
25%
Apr
21
%May 15
%May 15
l%May 14
Nov
25
15% Apr
% Jan
114
?2478June
58May
26
May
35 May
102
May
5%May
63
May
66
May
Sept
19% Sept
28% Deo
7% Sept
63% Sept
13% Nov
Apr
15% Sept
5% preferred
100
Engineers Public Service
1
$5 conv preferred
No par
200
48
11% Apr
12% Aug
3% Sept
23% Jan
125%
23%
36%
43%
10%
Jan
8% Sept
Sept
13
23
28%May
19% Apr
3
Deo
96
Apr
Jan
110
5,500
27S Aug
3
17%
1%
4134
18%
Endlcott-Johnson
85
*%
*1834
*2%
*07
£64%
6%
64%
34
*%
*4%
'
66
6%
3,000
52% Sept
June
10% May 28
% Mar 28
25
May 21
10%May 21
%May 22
3
May 15
18%May 21
15% May 21
100
85
%
%
1%
5%
33%
43
66
3
29%
32%
*40
104% 104%
6%
6%
*62%
65%,
*68% 72 *
„
%6
1%
*34
534
1
1
32%
*37%
40
103
103
*70
3
31
2:32
94
Apr
24%
62
15%
Elk Horn Coal Corp..-No par
1
1
1
37% Mar
17% Deo
Apr
155% Sept
400
"i«
Apr
Jan
1,100
33
28
32
2934
38
38
*35% 38
103% 103% *102% 103%
6%
6%
6%
534
63
63
*60
63%
Apr
9
Apr
No par
No par
Elec Storage Battery.-No par
27
28
75
;
37
Electric Power A Light-No par
26%
Feb
178
2,400
26%
*%
Jan
40%
May 22
3,500
26%
41%
June 10
Eltingon Schild
$6
Apr
Sept
22
6,900
*25%
-
Edison Bros Stores Ino
$7
8% Apr
113% Apr 12
2378 Apr
32% Aug
13
Apr
33
20%
155
21
27
3%
Jan
078 Aug
4
3%
2334
20%
1
1
1,500
II,600
110
Jan
2
Co
19%
26%
22
19%
263s
29
'
Jan
Apr
100
6% cum preferred
Eaton Manufacturing
3%
22%
21
1
534
*16
*%
100
6,000
Elec A Mus Ind Am shares...
20%
64%
5,800
Rolling Mills
5
Eastman Kodak (N J).No par
Eastern
300
23%
85
2,800
38
112
23,000
20
*70
24,100
Deo
2% July
Sept
126
Mar 4
May 22
112%May 22 ,118% Jan 19
2534June 10
44%May 8
3
:> 0% Jan
May 15
117
June 10
166% Jan
$4.60 preferred.....No par
Duquesne Light 5% 1st pf.100
Eastern Airlines Inc
1
®i®
23
*60
30
3234
13%
3%
1
1,200
*%
19
69
18",600
30%
12%
22%
67
preferred
...100
Du P de Nem (E I) A Co...20
3%
»i«
3%
18
"l«
No par
Duplan Silk
32
14%
20%
28
1
*%
3%
26%
28
Mfg Co..
30%
13%
3%
85
1%
No par
.....No par
Casting Co No par
%
3%
17%
*67
■
Co
Class A
33%
13%
%
*70
1%
*s4
Dixie-Vortex
220
No par
Electric Auto-Lite (The)
5
Electric Boat
3
13%
*66
*3
5% pref with warrants.. 100
Distil Corp-Seagr's Ltd.No par
700
»16
|
%»
25
6% partic preferred
Diamond T Motor Car Co. ..2
s16
20
*%
1
No par
*%
13%
67
*%
*»%•
Match
#i#
29%
June 10
12%May 21
2578May 22
32
May 21
434May 15
12%May 21
56% May 24
9%May 15
30%May 22
14
May 21
ll%May 22
71%May 21
137
May 28
14% Jan 12
5
May 21
9%June 10
114 May 15
146%May 28
*%
*%
3%
21
98%May 22
*16
11%
~
l338May 22
100
%«
28%
35
35%
*35% 38
*103% 109% *103% 109%
6
*0
534
6%
*60
Detroit Edison
%
12%
June
7
Apr 27
17
Devoe A Raynolds A..No par
1134
%
■
107
6% Mar
May
% Apr
100
12%
124% 128
125% 128
*156% 165
158% 160
27
26%
29%
28%
11% 11%
11%
11%
3
Delaware Lack A Western..50
Delaware A Hudson
29%
12%
*25%
28%
160
22% Apr 30
ll78May 22
8%May 21
2%May 21
27%
11%
27%
28
3%
19%
16%
*2534
126
160
26%
11%
*%
3%
2134
121
160
*155
26%
%
120%
119
122%
155
25
28%
20
No par
26%
*"i«
Preferred
Dlesel-Wemmer-Gllbert ....10
No par
2534
33s
28%
28%
3%
3%
125% 125%
*145% 160
12%
5
Doehler Die
120
120% 120%
11834 11834
118% 1187s1 119
*114% 119
*114% 118
115% 115% *115% 118
28
29%
28%
28% 29%
28% 3034
26%
4
4
4%
4%
4%
4%
3%
3%
32% Mar 14
Mar 29
Dow Chemical Co
115
8
May 10
Dunhlli International
119
4
4
60
Dresser
115
May
11% Mar
92
5,300
119
115%
43%May 10
Apr 25
4% Jan 6
878May 10
91% Feb 24
17
Apr 22
June
Diamond
Aug
5
3
95
4% Jan
61% Sept
07% Sept
Sept
_
June
Davega Stores Corp
5% Nov
31% Jan
32% Sept
177
Feb 26
51
Jan
26%
75
1458May
May
10% Jan
407s Deo
93
60
preferred
Apr
116
Sept
Jan
No par
Cutler-Hammer Inc...No par
400
300
105
7% pref.. 100
$8
2,700
*115
*11%
%
28%
1
2,600
142
*11834 119%
26%
Class A
17
Apr
10
24
10
21
1
Cushman's Sons
5
29%
% Sept
2
May
31%May
7%June
21%May
30
Curtiss-Wright
■'
Jan
Mar
51% Sept I
3
Curtis Pub Co (The)...No par
Preferred
No par
Packing Co
Cuneo Press Ino
Deo
100
1% Apr
24% Jan
2938 Feb 24
Preferred..
Cudahy
17%
22% Mar
£87% Sept
32% Apr
£106
Sept
5478 Apr
6
10
Sept
Deo
2
49
19%June
Sugar
Sept
150
5
6% pref erred ...100
9
10178
May
61% Jan
65% Jan
179 May
7% Apr
9
5
1734
6%
*9%
70
4
4
100
5% Sept
34
25%May
95%May
Preferred
2% Jan
12% Mar
778 Mar
97„ Sept
Apr
10%
43% Apr
21%May
16%
140
147
*17%
9
108% Aug
Dec
Jan
30%June 12
12
May 22
75
May 21
25
May 21
64
May 21
184 May 24
3%May 21
60 May 21
9%May 23
5
$5 conv preferred...No par
Crucible Steel of America.. 100
18%
1234
151
151
150%
151% 154
14.3% 144% 146
18
19%
19%
16%
1634
17%
19%
17%
18%
0
6
6
6
6%
6%
5%
6%
*5%
10
*10
*10
10%
10%
10% *10
9%
1012
9%
9%
*114
117% *114
11734 *114
11734
11734 *114
11734 *114
11734 *114
158
1 154% 160%
159 • 156
151% 152
146% 150% 148% 151% 154
*142
Jan
Oct
1
Apr
45
Crown Zellerbach Corp
Cuban-American
9% June
Jan
11%
33
3878 Apr
No par
Apr
25
37
No par
pref w w..No par
Pref ex-warrants
2,000
2,200
100
9
26
9
6
2
July
1%
Apr
1% Apr
197s Aug
7% Jan
500
6%
62
"Moo
Jan
Apr
Mar
Feb
3%May 22
l838June 11
Crown Cork A Seal
conv
1
8% Aug
88
Sept
Feb
8
'
3% Dec
6% Aug
Apr
Apr
Apr
101% Jan
s4 Deo
7h Sept
7
4
Jan 10
8%
30% Jan
978 Deo
Apr
7% Nov
27
82>4 Feb
5
JDenv A R G West 6% pf.100
14%
1%
97%
49%
116%
9%
4078
4%
June 14
No par
$2.25
79%
19% Apr 24
15% Jan 10
June 13
Crosley Corp (The)
1,200
14%
Feb
23
Dayton Pow & Lt 4H % pf. 100
%
102
104
75
Deere A Co..........No par
10,800
10% Apr 4
4% Apr 4
8% Apr 9
2% Jan 3
4% Apr 29
18% Mar 2
100
40
600
110% Mar 25
1% Jan 5
(The).2
5% conv preferred
Cream of Wheat Corp
4'4
5
978 Feb 21
S278 Apr 5
June
8,000
4,000
10%
*30%
1234
76%
12%
26%
60
66%
11%
*30%
27
5%
13%
5%
14
*60
*13
3
2%
22%
1434|
11%
100
6% Jan
13
3%May
10
12%
2634
35%
44%May 21
165 May 25
4 May 21
34June 1
l334May
2%
99
Crane
May 28
Conv 5% preferred......25
9
%
1
41
Davison Chemical Co (The).l
2%
15
1
27%May 25
2
May 15
l6%June 10
18%May 21
15% Mar 16
47
May 21
200
9
99
Coty Inc
Coty Internat Corp
5
May 21
106%May 31
458May 21
1,000
2%
*%
100
June
*3%
4%
*3%
4%
15%
15%
*14%
16%
4%
434
4%
4%
107 " 107 "1*107
108%
15% 10 1
15% 15%
834
99
2%May 21
4,000
I984
278
*13%
28%
?
2% May 23
5%May 22
1 June 6
18%
18%
9%
9%
278
18
1
Preferred
510
11
11
97%May 21
%May 17
5% May 22
70
conv. prer. 5% Beries
50
Corn Excb Bank Trust Co.20
Corn Products Refining
25
Cuba RR
12",500
4%May 21
May 21
33
5
Continental Steel Corp. No par
Copperweld Steel Co
6
700
5
*20%
*2%
3134
8%
2534
18,800
3
68
62%
20
10,200
May 29
23
20
Continental Oil of Del
100
260
85
*2
434
5%
*10
60%
70
*31%
1,100
4,700
31% Apr 15
100
Continental Motors
20
38
33
13%
13%
*80
900
5,200
4%
preferred
14.50 preferred
No par
Continental Diamond Fibre. 5
Continental Insurance
$2.50
23
22%
39
*38
15
No par
"MOO
4,700
Sept
978May 21
7%May 21
34May 16
Class B
8%
*76%
77
24%
434
434
4%
538
%
5%
%
5
Container Corp of America. 20
Continental Bak Co ci A No par
100
170
*168
170
*168
13% Feb 29
ll38June 13
9% Apr 4
834May 22
93% May 22
Continental Can Ino
3,100
Apr
5% Jan 13
1
~~5~ 300
530
Apr
5% preferred v t c
100
Consumers P Cof 4.50 ptNo par
I,900
2,200
32,400
10,200
1,600
6,600
1,300
5
19
l7%June 10
Consol Edison of N Y..N® par
$5 preferred
No par
79%
*6%
8%
Aircraft Corp
Consolidated Cigar
3
243g Feb 17
2%May 22
May 18
7% preferred
100
614% prior pref..
100
Consol Coppermlnes Corp...5
79%
*2%
12%
90
82
*78
6%
24
1878
33
June 12
2%
5%
%
%
14%
*2978
39
*30
10
1
1,400
12,200
3,000
638
168
5%
79
24
4%
20%
*30
85
24
5
Ctfs of deposit
10
tConn Ry A Ltg 4^ % preflOO
Consol
11%
10
22%
2%
%
168
13i«
*80
85%
2434
*24%
*4%
Jan 15
'
*165
13
8
2%
77s
per share
3,000
6%
6%
1%
*134
3%
3%
13%
14
*9234 100
7%
%
Highest
11
%
7%
12
share
per
14
%
*6%
12
$
Congoleum-Nalrn Inc. _N« par
Congress CIgar...*<.*<.JVre par
*6%
2%
11
share
per
Conde Nast Pub Inc__.No
par
11%
*6%
25%
*93
$
200
20
102
1%
3%
Lowest
Highest
share
11
22%
10%
80
82
638
14
Lowest
$ per
2,200
3%
%
7
Shares
15
*3
.
,
13%
5%
24%
102
On Basis of 100-Share Lots
*14%
4%
16
11%
1138
10
13
8%
7g
*72
*75
80
81
*75
78
80%
*74%
36
36%
38
35%
37%
35%'
36%
36%
*110% 116% *112% 116% *112% 116% *112% 116%
6
6
6
5%
*6%
6%
5%
6%
*33
33%
32%
33%
30% 32
3334
33%
3%
3%
3%
3%
3%
3%
3%
33s
18
17%
18%
18%
17%
18%
17.%
183s
20
£24
25
22%
24%
24%
24%
24%
20
18
18
19%
17%
18%
18% 19%
54
54
53
54
50% 50%
*54% 57
43
43
46
45
45
47%
43% 44
45
4434
4684 47%
45% 47%
46%
47%
10%
168
47s
%
478
25%
102
Range for Previous
Year 1939
EXCHANGE
Week
*%
*9234 100
*7%
%
6%
6%
6%
24%
100% 100%
1378
11
9%
*65
*11
J
9
8%
76
57s
3
*234
*6%
20%
79
534
*214
2%
6%
*1%
11
10
23
9%
76
57g ■;:$6
5%
534
24%
24%
23% 24
100
100
*99% 101
%
*%
*4
*2%
10
*6%
21%
i
*65
yv
*6
7
21
NEW YORK STOCK
the
Friday
June 14
$ per share
3V3
Saturday
3781
4
Jan
Feb
11% Apr 25
3434May 10
1
Jan
3
8% Mar 11
49% Apr 8
31% Apr 18
1878 Apr 3
102
Mar 27
28% Jan
3
478 Jan
1
Jan
25
Jan
95
Apr
20
Jan
40% Feb 14
22% Jan 5
y Ex-rights.
62% Apr
65% Apr
69
Apr
% Aug
Aug
178 Sept
0
Apr
14% Apr
% Dec
2% Apr
24
Apr
20
Apr
11
Apr
81
Jan
Deo
Dec
Jan
June
110% Nov
188% Sept
124%
118%
3178
8%
180%
183%
3078
1978
33g
Aug
Feb
Deo
Sept
Jan
Feb
Oct
July
Jan
40% Oct
18% Nov
3% Mar
1238
Jan
41%
Jan
38
Feb
35
Sept
3% Sept
4284 Nov
55
Sept
111
Jan
1378 Aug
80% June
89
Aug
95
Aug
178 Sept
Sept
6
Sept
3% Sept
53a Mar
3
13
Jan
25% Nov
2% Jan
878 Sept
4378 Jan
38% Sept
18% Aug
98
Deo
29
Dec
31% Dec
2%
34
I884
82'4
17%
27»4
Aug
038 NOV
May
1%
Jan
Apr
27%
89»4
Oct
Feb
Sept
Nov
Apr
16% Sept
23% Nov
40% Dec
21% Dec
5 Called for redemption.
New York Stock Record—Continued—Page 5
3782
LOW
AND
SALE PRICES—PER
HIGH
SHARE,
NOT PER
CENT
June 15, 1940
Sales
STOCKS
Range Since Jan. 1
JOT
f/yr>
NEW YORK STOCK
On Batit of 100-Share Lot*
the
EXCHANGE
Monday
Tuesday
1
Wednesday
Thursday
Friday
June 8
June 10
June 11
j
June 12
June 13
June 14
Week
$ per share
$ per share
$ per share
% per share
$ per share
$ per share
Shares
Saturday
1
13% .13%
89i8
*3412 3478
*86
*17i2
*1%
1912
*100
35
*35%
10%
37
1134
12
25%
26
*25%
27
26
26%
20%
20%
19%
19%
1%
*19%
134
1934
20%
34%
10%
1034
2434
2()34
*17
*22
2734
♦100
10%
1034
3
27
*22
27
27
1%
158
3
*1%
2%
2%
•2%
*1012
13
11
1634
15
2%
11
*1534
15%
*95
*4
8%
*4512
*334
*95
104
65
*931* 101
*40
41%
4
*8%
*45%
55
*45%
3%
*93%
38%
5%
414
*95
9%
*7
878
14%
334
334
4%
♦11
104
3%
*334
97%
*93%
40
37%
12%
*36
40
2
1%
*20
*55
♦60
3%
*3%
*22
28
2
27
*22
28
25%
31
30
*1%
2
2%
2%
2%
12%
15%
12%
12%
16
16
*98
*1%
2,900
Firestone Tire & Rubber-..-10
6% preferred series A—100
36
37
900
First National Stores—No par
12
6,300
May 21
32%May 22
lO%May 22
2434June 10
19 May 20
l%May 15
18%June 10
102 June 5
9%May21
61 May 22
234May 22
20 May 24
2434May 28
l%May 14
27%
20%
'*19%
2
700
100
2
2,200
1,000
104
104
4
4%
9
4%
9
46
46
4%
4%
97%
97%
43%
5%
*8
*45%
*4
4%
4434
41%
3%
*3%
*22
31
29%
2
1%
*234
2%
*10%
12%
*14%
15%
*96% 104
4%
10
55
62
97%
:
"4",200
4M % conv pref
Foster-Wheeler
100
10
;
300
:
$7 conv preferred.—No par
No par
F'k'nSimon&Co Inc 7% pf.100
26%
-----
32%
"V, 600
2
3
X Follansbee Brothers..No par
Machinery Corp
10
Food
100
4 '
500
3
*11%
*1434
13%
■7
1,800
600
16
Francisco Sugar
Co
Freeport Sulphur Co
10
Gabriel Co (The) cl A._No par
Galr Co Inc (Robert)
$3
1
12
"2*300
Gar Wood Industries Inc
8
8
900
Gaylord Container Corp
45%
200
4%
4-%
45%
4%
97%
97%
44
44
45%
900
200
3
5
% conv preferred
50
Gen Amer Investors—No par
$6
preferred
No par
1,600
Gen Am Transportation
5
5%
1,200
General
5
130
130
zl24
130
*124
*124
124
*124
130
124i8 *124
*2
2
2
2%
2
*134
1*4
*1%
2%
*1%
*184
2%
4%
4%
5%
4%
4%
478
4%
5%
4%
4%
47g
5%
13
14%
14%
*12
14
1234 *11%
14%
14%
13%
*11%
133g
50
52
49
55
50%
*50
50%
*42%
*50%
57% *51
57%
14
*14
15% ♦13
15%
1512 ♦13
*14% 15
14%
*133S
14%
*103
106
104
106
104
106
105% 104
*103% 105
104% 105
30
30
31%
2934
28%
28*4
31%
30%
30%
30%
2958
31%
38
38%
38%
40%
38%
393g
3934
37% 39
40%
38%
39%
113
113
*112% 115% *112% 114% *113% 118
*113i8 115
*113% 118
»i«
%d
*%a
5id
*%»
%
%
%
*%d
7id
**ld
%
*25
40
*25
40
*25
*25
40
40
40
*25
40
♦25
30
*55s
6
534
5%
5%
6
z5%
534
534
124
81
*120
^0
40%
121
121
*35
40
35g
*81
39%
120
*3%
3%
3%
3%
122
*34
41%
120%
40
4
24%
11%
1738
*14
15i2
23%
*1138
17%
18%
*1712
*8i2
11%
17
11
*98
10%
37
•33
102
36
11%
35
11
*3578
*458
*42%
11%
*8%
1634
15%
15%
*98
20%
*17
8%
8%
18
103
1134
1734
17
26
1134
35
35%
1034
4%
44%
11%
44%
4
4%
4%
4%
*42%
4%
47
11
11%
4%
11%
36
*33
*33
17%
884
1634
102
*98
10%
12
4%
35%
39
4%
5
5
102
*98
11%
1134
4%
39%
5%
44%
46
11%
*33%
30
434
46
11%
4%
*39
36
1234
45
v
1134
218
2%
2
2%
2
2%
2%
2%
*33%
2%
2
2
2
2
2%
2%
2%
2%
2%
*76
80
*76
80
11
♦46
1312
*70
*17g
*30
11%
10%
48
45%
*76
10%
10%
46
14%
13
70
*45%
13%
1334
7134
70
2
2
2%
1%
30
30
34
69
*76
80
"id
%
"id
*%•
53S
5%
5%
5%
9%
5%
2%
2%
*30
34
5%
30%
29i4
*225S
23
23
23
*22%
13%
185S
1234
12%
13
16%
18
23%
13%
19%
21
20%
18%
20%
20%
21
60
10%
*
126
*120
60
*30
*30"
126
*9
60
*30
9%
*934
1634
*1%
2
1314
13%
*2l2
234
*2%
234
11
30%
12
12
12%
*8%
30%
*32%
12%
14
14
*13%
15
*13%
*101
*101
*96%
20%
*126
*5%
*85
234
*87%
98" "
20%
132
6
88
234
91
8
8
*88
92
*15012 160
14
14
*96%
19%
_
-
*96%
20%
2034
234
13
12%
2234
15
*100
106
*100
106
*100
*10
16
*10
16
*11
14%
*2134
23
21
2134
*21
24
5
*934
10%
*96i4 108
3734
38
*2858
30
10
10
*4%
9%
*80
35%
*28%
9
3%
30
4
*3
312
13%
3%
®16
*638
%
6%
1234
*33
35
*318
♦
4
*%
234
11
13
15
30
934
3%
30
934
37
10
101
23
97
23%
150
6%
88
234
3
92
*90
30
57%
102
3%
31
22
150
*5%
*85%
2%
92
12,200
300
Hercules Powder
No par
6% cum preferred
Hersfiey Chocolate
100
127%May31
No par
50
No par
10
9478May 21
86
400
25
90
55
500
400
100% 100%
101
10134
*10
14%
*10
14%
23
*22
25
*21
24
700
Hlnde & Dauch Paper Co
Holland Furnace (Del)
5
5
5
5
200
Hollander & Sons (A)
10%
4%
31
%
13%
3%
3
1034
108
38%
*28%
10%
57%
39%
*3
*57
58
*91
101%
4%
3234
1
%
6%
12%
14
31
33%
4
*3%
Bid and asked prices: no sales on this day,
10%
13%
4
4
34
*%
1034
1038
4,300
Class B
200
5%
5,300
No par
Houston Oil of Texas
36
900
300
v
34
7%
*13%
*13%
32
33
32
t in receivership,
1,900
2,000
Hudson Motor Car
34
4,500
Hupp Motor Car Corp
1
6,000
Illinois Central RR Co
100
"id
7
14
3%
200
13%
334
1,200
32%
3%
a
14
5%
90
Def. delivery,
100
N
par
6% preferred series A—100
Leased lines 4%
100
240
3%
preferred
Hud Bay Mln & Sm LtdNo par
RR Sec ctfs series A
n
New stock,
r Cash sale.
1000
Mar
18
Apr
35
Jan
Apr
75
Jan
16
Dec
25%
Jan
Jan
2
106
Oct
31
Apr
Jan
365s
10734 Sept
i2 Dec
39
Jan
8
Jan 10
Jan
3
Jan 11
3U2May 10
2434Mar 7
133s Jan
4
Jan
72i2 Jan
125i2 Dec
363s Apr
112
Sept
28
7
Mar
Apr
84 June
Aug
65i2 July
99
July
12834 Dec
5634
Oct
126% June
38
678
Feb
Jan
I07g J an
11U2 Nov
ia4 Sept
28
Jan
92i2
Apr
158
20U
Jan
1918 Apr
12i2 Aug
41
Jan
151$
Oct
16
Apr
15
Apr
4334 Sept
20i2 Nov
12ij Sept
85i2 Aug
i2 June
14
Sept
15i2
818 Sept
Jan
Jan
I0i2 Aug
18
99i2
4
153s Apr
634 Mar 6
6178Mar 14
27% Mar
83g Jan
May
1
2338 Jan
Jan
3
58i8 Apr
19»4 Jan
2
534 Apr
435s Oct
6% Aug
43
Sept
4
14
Sept
445s Mar 26
4i8 Apr 22
34
2%
May
Jan
1%
Apr
9
3% Apr 11
88
Jan
8
70
2034 Apr
69i2Mar
24% Apr
4
7
13i2 Apr
53
4
2U8
97% Feb 21
87
4ig Feb
71i2 Jan
67
8
9
li4 Jan 30
9i2 Apr 10
1478 Jan
4
1038May
1634 Apr
3f>34 Apr
3
8
8
243s Feb 21
183s Jan 8
28% Apr 24
29% Jan 2
142
55
Feb
12
6
Jan 29
35% Apr
1784 Jan
Jan
Jan
Apr
Apr
Nov
54
137g
Dec
47
86
Apr
Jan
35
2278 Jan
12i2 Apr
16U Apr
235s Aug
129l2 Sept
25
42
May
5
24U
Jan
4
3
14i2
Apr
10
Apr
Jan
Mar
Jan
Nov
53g Sept
80
10
984 Dec
Mar
2484 Jan
74i2 Mar
383g Jan
IO984 Jan
2434
1438 Dec
Feb
3«4 Mar
27g
U2
107g
1518
10*8
22i2
12 Aug
45g Apr
Nov
66i2 Mar
24i2 Jan
27S June
Mar
Nov
Sept
Dec
Dec
14U2
Sept
Aug
Aug
Sept
Sept
Sept
July
63i2
Dec
22l2
33'4
3714
35i2 July
2134 Mar
12i2 June
253g Apr 29
358 Apr 18
30i2 Apr 18
4
Jan
4
i2
9
Apr
Apr
1!
18
Apr 8
34U Apr 22
29
37
32
Jan
9
Apr
Apr
May
6
Sept
Sept
684 Sept
223g Sept
32i4 May
36
Jan
38
8
Apr
1834
8
15
Apr
18
Oct
106i2 Jan 12
99
Apr
105
Oct
105i2Mar 30
96
May
20i4 Feb 19
17
Jan
4
17
Apr
Apr 12
9% Apr 5
123
Sept
28i4 Jan
138
104
478
Nov
Dec
1033s Nov
Feb
33% Sept
May
10% Oct
92
144
9
71
Jan
4i2 Apr 16
113% Jan 29
2
Apr
434 Nov
93
Apr
1214 Dec
13% May
Apr
115s Apr
8
85S
Apr
Nov
8
100
Sept
117
Mar
Mar 20
148
Oct
167
June
2U2 Apr 22
100% Apr 9
133i2 Jan 30
10
Apr
Apr
128% Apr
18% Nov
101% Sept
135% Mar
67i4 Apr 16
115% Jan 9
54
Jan
100
Sept
110
166
1834
Jan
Jan
4
35% Apr 4
778 Mar 4
1612 Apr 20
63
1484
19
Jan
51
Jan
60% Jan 12
27
Mar 30
13
15
25
13
3
503s Feb 21
I5g Feb 20
7i2 Feb 20
Apr
16% Apr
7U2 Apr
llli4May
67S Jan
.
Apr
834
Apr
60% Oct
102
Sept
Apr
58
278 Sept
2134 Sept
438 July
Jan
2
133s Jan
Jan
3
3
43% Apr
6ij Jan
6
3
1
24i8
Ex-rlghts.
110
84 Aug
Oct
66% May
36% Mar
17% Jan
73% July
11034 Aug
938 Sept
Sept
134 Jan
57
Dec
5
Jan
113s Mar
21% Sept
4i2 Sept
40
6i2 Feb 17
27
65% Aug
July
115
Apr
38
v
4778
1185s July
li4 Jan
8% Sept
110
xEx-dlv.
130i2 Mar
4458 Jan
Apr
105
Jan
97i2 Nov
23i2 Apr 27
106
May 21
28
July
5% Sept
9
May 22
834May 21
35
29i2June 6
84 jan 3
2%May 22
12 May 24
3 May 15
%May 14
5%May 21
12 May 21
31 June 12
3 May 18
7%
334
Mar
May 13
May 21
8
103
"^SSsMay 22
3%
13%
Sept
11
29% Sept
5% Nov
8% Aug
95
May
4734 Sept
5
100
65
149
1784
153s
1434May 14
19 May 21
4%May 15
t c—25
Hudson & Manhattan
*3
June 11
54%May 22
105 May 17
Howe Sound Co
1
June 11
Jan 12
100
preferred
*%
"id
par
No par
Household Finance
WW
35%
3%
3%
Houdaille-Hershey cl A .No
1
3%
10
No par
100
12.50
preferred
Mining
36
13%
634
Holly Sugar Corp
58
3%
7%
31%
10%
155
5
Homestake
7%
40
*91% 101%
4
4%
3%
13%
"id
334
39%
*28%
*57
438
1,200
7,700
10%
108
*90
39%
30%
11%
%
334
11
108
57%
31
3%
13%
1034
*90
38%
*28%
10%
102
4%
3234
*%
*434
$4 conv preferred
86
100
Preferred
*52
55
Helme(GW)
14%
*11
6%
12%
31%
50
2%
2,300
%
*3
93
8538
6%
12%
4
900
103i2 Mar
Dec
Sept
2i2 Apr
lis Jan 11
1914 Jan 4
29%June 5
30 May 20
9%May 21
lO%May 22
6% preferred
100 xlOO%May 16
Hanna (M A) Co $5 pf.No par
96 May 21
Harbison-Walk Refrac.No par
16%May 23
6% preferred
.100
130 May 27
Hat Corp of Amer class A
1
5%May 21
5)4% preferred
100
85 June 5
Hayes Mfg Corp
2
2%May 21
Hazel-Atlas Glass Co
25
8978June 5
Hecker Products Corp
1
7% June 10
6,200
88
10
128
99i2 Feb 21
"u Apr 2
18i2 Apr 5
3384 Jan 4
Hamilton Watch Co—No par
150
6
25
128%
6%
*3
3
25
84
3%
3334
200
120
*5%
*85%
100
Water
Hall Printing Co
2,100
96%
22%
2%
*91%
88
x92
12%
40
*126
6%
preferred
Hackensack
7% preferred class A
100% 100%
23
*126
6%
100
15
96%
2134
-.100
128% *127
13%
*30%
12%
*13
preferred
l2%May 23
76*4May 23
3%
%
*30
8%
Gulf Mobile & Northern.—100
-
No par
12%
1234
m-m
Jan
Apr
40
43
7% Apr
153sJune 10
ls8May 28
11 May 21
2 May 18
8 May 21
Motors
3%
%
6%
*8%
•
Jan
Apr 24
10
93sMay 22
9 May 29
Hercules
1234
*12
234
1
No par
96
7%
Jan
110
Mar 21
2,600
*91
%
3
160
17
*2%
Aircraft Corp
3
_
18%May 22
3,200
*90
10%
*53%
900
Mar 20
563s Apr
127i8 Mar 23
683sMay 4
May 22
Greyhound Corp (The)-No par
5)4 % preferred
—10
718
Apr
Jan
44
H3sMay22
15%May 21
June 13
I85g Oct
151$ Sept
10414 Dec
Jan
101
Apr
1301s Jan
134May 15
May 22
%May 14
43sMay 22
9i8June 7
Online 10
10 May 18
26 May 21
21%May 29
50
July
Apr
3«4
^8 Jan
June 11
23
9
94
Jan
Sept
314 Sept
578 Sept
9
4
493s Apr 15
1185$ Jan 6
May 21
1
55
36
Jan
41
May 21
May 29
100
Green (H L) Co Inc
5
108
37
*28%
Green Bay & West RR
1,000
11,300
23
103
*90
1
4
50%'
934
*15
234
1234
13%
13%
*100% 102
97
*96%
105
9%
2%
15%
12%
*100
57
31%
%
*2%
55
100
%
16
x85
57
*1134
Guantanamo Sugar
*127
*90
*3
Grumman
1,600
60
57
*13
8,100
2%
87
101
334
18%
2%
128
*90
358
10
17%
86
*55
*30
*9%
60
Apr
Sept
18U Apr
U2 Apr
2
July
71$ Aug
1978 Apr 16
117% Mar 29
25
100 x123
18
128
37%
20
Preferred
10
1634
2%
15%
*2%
*8%
*52
108
20
2%
16%
50
*4%
preferred
GtNor Iron Ore Prop-.No par
18%
80%
81%
82%
*125
128
127
5
10
27
I884
117s Jan
3
*8
*8
734
8%
8%
8%
92
92
94
91
91
*87%
*150% 160
*150% 160
*150% 160
16
15%
1438
15%
14%
14%
8
86
82
5%
5%
No par
Great Northern pref.—No par
Great Western Sugar..No par
10
92
59
50%
200
5,000
21,700
1,600
2
*85
2%
128
*4%
1,500
Without dlv ctfs——No par
Granite City Steel
Grant (W T) Co
11%
6 ■'
*81
50%
31
Grand Union w dlv ctfs.No par
100
10%
*126
*50
80%
*30%
5
11
96%
*127
*127
31%
22%
14%
1
26%
101
97
85
*14
600
31
100
Granby Consol M SAP
200
7%
No par
Preferred
Graham-Paige Motors
36
*150% 160
14
12
11%
30-%
91
*7%
11%
*32
85
86
*7
*29
91
734
*9%
7%
1134
36
85
88
Gotham Silk Hose
Aug
29i2 Apr
May 21
l2%May 22
69
20
preferred
80
10
li2
87
4i8May21
May 22
May 21
30 May 21
2 May 22
Co 100
No par
14
66l2 Aug
52
3% Jan
43
11
2
I03i2 Apr
Oct
5
Sept
37i2 Sept
10812 Jan
2984 Jan
9034 Jan
97g Sept
45l2 Aug
5i2 May
3
145
33%May 21
1
Apr
Jan
25
!
July
z9% Sept
May
5714 Jan
814 Jan
45
10
10%
934
50
1
9
104
934June 10
86% Jan 15
3gMay 15
15 May 22
20 May 21
ll%May23
14 May 21
l634May 28
734May 23
1378May 28
98
Feb 9
l0i8May 22
No par
3,700
3,200
6%
10%
*30
par
30
18
25
15
784 Apr
3%June 10
600
2%
%
6
5%
par
li2 Apr
Aug
38
14i2 Apr 24
5%May 21
100 June 1
3gjUne 6
Goodyear Tire & Rubb.No par
$5 conv preferred
No par
34
%
11%
30%
15
No par
—No
No
21
Jan
3U2
61
5%May
118 May
l'4May
4% May
June
May
5% Apr 24
Apr 30
18% Mar 6
105% Mar 27
6% Apr 22
94 June 5
3534May 25
4
Apr
20
8 June 14
45i2June 14
3%May 21
700
*32
85
7%
2%
*30
34
6%
800
9,100
*634
*11%
23
No par
Gold & Stock Telegraph
'm
73
*29
2%
*87%
88
13%
36
6
*150% 160
47%
'■
30%
132
2%
$6 preferred
GUdden Co (The)
2,300
11%
4734
14%
*32%
12%
*13%
6
91
4,700
36
*29
*126
2%
$5 conv preferred
Glmbel Brothers
26%
*9
11
6
5%
Gillette Safety Razor.-No par
500
12%
100
preferred
General Tire & Rubber Co—5
2,000
12,600
300
36
132
*126
Gen Time Instru Corp .No par
6%
4%
303g
101
101
-
98
♦
15%
36
200
1734
17%
1%
*8%
1,300
General Telephone Corp
20
Gen Theatre Eq Corp..No par
10%
10
15-%
1%
12%
1634
1%
*29
Gen Steel Cast $6 pref.-No par
1,700
10
934
17%
134
*32%
11%
1,400
26
10%
934
11
General Refractories—No par
General Shoe Corp
1
60
10
30%
1,600
3,700
*25
10%
9%
36
900
*30
9%
*3212
No par
60
26
*29
No par
6% preferred
-100
Gen Realty <fc Utilities
1
$6 preferred
No par
Goodrich Co (B F)
*71
par
Gen Railway Signal
26%
11%
24%
*2%
31
10
1
No
preferred
Gen Public Service
10
23
22%
*22%
14
14%
13%
14%
21
19
21%
21%
19%
21%
22%
22%
21%
*21%
21%
zl23
125
*122% 125
124% *121
24%
*13
7%
12
14
24%
12%
10
$6
700
47
80
113s
2%
6
Common————.No par
General Printing Ink
8,800
*76
11%
34
h
10
4,600
19%
2384
I6I4
*812
6%
*6%
*11%
30%
*22%
29
*2
preferred
4H % conv preferred
Gobel (Adolf)
49%
*30
34
534
9%
7%
*30
2%
36
»4
$5
Goebel Brewing Co
15
*48
General Motors Corp
1,900
80
11%
100
1,200
71
11%
26
*33%
preferred
2%
1334
9%
*6%
126
12%
5%
2%
70
*10%
20
$6 conv pref series A-No par
No par
General Mills—,
2%
15
6%
600
preferred
Gen Gas <fe Electric A..No par
*2%
70
10%
29%
500
No par
No par
2%
46%
6%
—
$4.50
Electric Co.—No par
2%
70
10%
*2412
1038
12%
46%
14%
7%
*30~
434
*43%
36
69
10%
*
5%
100
preferred
General Foods Corp
100
4%
38
45
7%
No par
General
500
11%
4
46%
1334
10
1312
18l2
20l2
11%
38
100
General Cigar Inc
10,100
102
1134
4%
11%
*9is
*658
29
*98
40
10%
10i8
*834
*76
80
102
11
34
*28
"id
160
preferred
44,600
■■
15%
24
17%
17
9
*16
•98
*14
15%
25%
11%
22%
100
Cable Corp—-No par
No par
A
cum
51
Sept
17
share
25i2 Sept
I05i2 June
Apr
15
2% Jan
32i2June 10
7%
5
Jan
3818
83% Apr
6*2 Apr
32% Jan
3834 Apr
May 22
3«4May 28
.....No par
Class
par
Apr
25
10734 Apr
21% Apr 29
May 21
Gen Outdoor Adv A...No par
General
400
300
3%
3%
*3%
3%
334
7
7
7
634
*634
6%
103% 103% *104
109% *104
109%
%
38
%
h
*%
%
12
11
11%
11%
11%
11%
*90
05
95
95
*90%
*90%
7id
7id
7id
%
%
%
15%
*14%
*14%
15% *14%
15%
27
26
26
26
2734
24%
12
12
12
11%
*11%
12%
21
20%
22%
20%
22%
2134
18
17%
17%
1634
♦17% 18
9
9
8%
9%
9%
9%
*15%
17% *15%
*16% 19
18%
7
7
7
7
*6%
109%
10978 *102% 109% *103
%
%
%
%
%
*3g
11%
934
10%
10%
*1012
11%
95
95
90%
90% *90
*9038
%c
7id
%
*%
*38
7
*102
*14i2
3,400
82
82
*83
87
"760
8234
83%
123
125
122% 122%
123% 124
570
41%
45
44%
42%
44%
42%
103,200
124
121% 122 ,*120% 122% *123
1,000
*37% 39 ' *37
40
4134
600
36%
85
122
79% 80
120% 120%
38% 40
120
120%
32% 35
81
122'2
300
No
18 preferred
General Bronze Corp
175s
99U
35
22
27
15
15
1134May 24
48% Feb 6
1234May 23
102 May 21
26%May 21
36 May 22
lll%May22
i4May 17
35 May 13
7734May 21
118 May 28
37%May28
116 May 22
Baking
Jan
Highest
$ per share $ per
25% Apr
3% Jan
98
9%
50%
4%
46
lO%May 21
par
No
1
Jan 24
21*8 Apr
38% Mar 26
2%June 11
—10
preferred.———
Gamewell Co (The)
Gannet Co conv 16 pref No par
160
;
*96% 101%
*4%
4%
*97% 101
44
......
65
No var
No par
Florshelm Shoe class k.No par
Fllntkote Co (The)
Florence Stove Co
21*4 Jan
106
84
Year 1939
Lowest
$ per share
12%May 21
100
1134
26%
share
14
,*26%
6434
3%
per
86
22
6434
$
1334
2
21
Par
Highest
86
21% 21%
*101
107
*100% 107
*100% 107
12%
11%
1134
12%
11%
12%
3%
3
26
l\
11
*87
11%
6434
*22
2734
107
89%
37
*55
6484
*234
27
*1%
107
9%
*55
312
*234
19
*86
11%
rl%
19
*100
11
6534
12%
*18
1%
1%
18%
105
13%
89%
39%
88%
2434
*1034
13%
*86
2634
2034
15a
19i2
*55
1334
13%
88%
11
11
*2534
13%
13%
13
•85
Lowest
Range for Previous
5% Jan
3534 Sept
8% Jan
Jan
9
Aug
2i8
2034
16%
Apr
35
Jan
38*8 Sept
49
Mar
434 Sept
1U2
T Called for redemption
Jan
Jan
New York Stock
Volume 150
LOW AND HIGH SALE PRICES—PER
Record—Continued—Page
June 10
*478
June 11
June 12
3 per share
I
S per share
Tuesday
S per share
$ per share
5
53s
5
*18
19i2
173s
*9014
93
87
156
*137
156
73
69
*5
72
*137
:
73
85s
85s
*4%
4"g
23s
23s
8
238
22
*21
95
91
3
22%
93
734
7
778
13s
1%
*19
*ii4
*18i2
23
*142
144
778
1%
22
18%
17%
57g
18
17%
93
93
91
91
*140
156
*140
9%
4%
2%
3
2334
2%
8%
1%
74%
78%
9%
10%
9
4%
2%
5%
*5
2%
24
24
*92
95
92
384
3%
8%
*1%
8%
1%
20%
1%
*20
24
137
137
*3
139
9%
•
142
9%
33,800
1%
500
*87
95
23«
*87
238
25g
512
6
*534
5%
2312
23%
*122
75
125
*9%
*37%
45%
2334
*1205s
*9
914
39
3658
45l2
44
124% 124%
*51%
12312
50
55l2
95
2%
2%
2%
2%
4%
74%
478
74%
534
4"s
80
*85
2%
2%
23g
258
*5%
*75
95
2%
*1112
*9
11%
*82
*82
98is
8
*712
*98
10%
512
12
*98
9
lOU
*82
,98%
7%
9%
♦87U
27
25i2
Ills
*31%
ll's
33
*2l2
178
20%
20%
3%
24
24
4
4%
3l2
24
*934
1178
98%
7%
*87%
10%
5%
95
*82
234
600
2,400
10%
534
;
11
11
34
35%
1%
1%
*20%
21
20%
22
*2%
3%
23%
27%
2834
1%
2134
*2%
22
1078
3,800
6%
2,900
11%
12
*35
36
*1%
2
300
24
50
26%
634
2734
*4%
29
634
6'%
*4%
*8%
1434
*8%
14%
*9%
10%
*9%
127g
12%
*1234
13%
13%
13%
14
14
*33s
78
78
212
2i2
3134
3214
30
53s
53s
3334
5
100% 100%
*88
*1%
%
91
92
171
*16
17
88i2
2»4
1734
18
10%
10%
20
30%
32%
5%
584
8834
57g
*88
8834
*166% 171
*16
17
*1712
18
3034
123s
1238
12
12
29
29i8
235s
25%
28
27
2158
22%
23
*87
98
4
1%
1%
7g
■l»i«
4%
800
1,000
*16%
1678
100% 100%
800
7S
234
1834
%
234
19%
10%
10%
20
19
33%
32
6
*35%
3434
19%
500
32%
32%
5,700
578
3434
5%
578
35%
1,500
90
91
1,000
91%
93
94
2,800
170% 170% *170
170%
170% 170%
16%
17%
17%
18%
19%
17%
17%
2978
2978
30%
31%
3034
3084
*38
10
10%
10
10%
10
13
12
28%
12%
28%
30%
28
29%
27%
24
24%
25
24
2478
233s
*85
97i8
1734
18
16
31
31
a;2934
9%
934
*12
98
12%
*94
2:12%
97%
17%
17%
18%
1834
207g
973g
1934
30
30
30
30
31
31%
173«
13
.
300
•
-
-
19
1934
2134
2134
*87g
*131
914
''mm
em
mi
19%
1,700
30%
500
2,200
2,400
Liquid Carbonic Corp..No
W
24%
55,700
6,000
97%
97
97
20%
24
2412
24l2
♦218
*4%
2%
2
5i2
*28
30
*4%
*28%
*28
30
*26
m
mm
159,700
2,300
*131
*131
33%
22%
2234
22%
*834
22%
3,200
9%
21%
*834
22%
*834
9%
200
25%
26%
27
Macy (R H) Co Inc
No par
Madison Sq Garden
No par
Magma Copper
...10
Manati Sugar Co......——1
26%
2634
2%
2%
2%
5%
*4%
5%
30
*26
30
*26
2934
*16%
1634
1634
*16%
16%
1634
13%
*12
1334
10%
*12
1
16%
13%
*12
1
1
378
4
1
*7S
4
4
378
*314
3%
3%
9%
29%
9%
9
9%
9%
31
32%
32%
8
978
22%
23%
23%
21%
22
23
24%
160
160
16%
*1
34%
22%
*4%
1034
31%
*314
8 j,
2234
*2134
*150
*39
378
978
32
■■■■7
8
23
2134
2212
21
162
*150
40l2
38%
-
*2%
12
113s
*95
10134
19
19
*5's
6
2934
2934
6U
0l4
•
*150
39
38%
39
934
;
12
12
11%
1134
19
*95
19
*0%
30
19
6
*28%
6
6
Bid and asked price
,
10978
19
*5%
»■
v
6
28%
28%
6%
6%
; no
*96%
*96
20
*5%
29
684
10978
20
7
29
7%
sales on this day.
.....
"16
May 24
20%May 21
878Juno 5
21i2May 22
2
May 21
1634
3U4 May
4084 Sept
19
Apr
33
Oct
102i8 Apr
484 jan
84
Jan
107
Deo
37g Sept
8%
28
4
121
Jan
76
9
18
Jan
Jan
3284 sept
125
Mar
13
Sept
18
Oct
Sept
105
Jan
122
Aug
133
June
35
Apr
83
Sept
13
Apr
117i2
Jan
5i8
Mar 15
4
15i2 Jan
8
Apr
Apr
24
Apr
I684 Nov
11
83s
Feb 23
90
15i2 Jan
8
Apr 18
Sept
12ig
Apr
I9i2
I2I84
lli2
9978
18
Apr
85
173s Apr 23
1978
10358
387g
14%
403s
284
I0s4
Feb
June
59
4
Jan 15
5
97
1434
87
Jan
Mar 27
Jan
109
Apr
Il9i2 Sept
3
Jan
Sept
714 Nov
Mar 13
7% Apr
20
Sept
778 Aug
Apr 10
127i4May 14
17
9%
978
'
478 Jan
10% Jan
90
7% Apr
Jan
jan
Jan
Sept
Jan
July
100<4 Dec
1484 Mar
Apr 23
5
Aug
Apr 16
79
June
Jan
28
Apr
46i2 Sept
Apr
1678 Sept
Apr
38
Dec
4
Sept
Feb
Apr 18
Jan 24
884
20
I84
127g
Apr
20
Feb 16
20
4
Feb 26
10% Mar
99
Apr
3I84 Apr 8
2334 sept
20% Apr
9i2 Jan
7
1884 Jan
163s Jan 11
Apr
12i2 Sept
12
Jam
6I4 Apr
3534 Jan
25
Jan
23% Jan 10
17
Apr
112
Dec
3ig
438 jan
2484 Apr
20
14
Feb 19
29
Jan 11
533s Jan
Apr
2i2 Sept
% May
H4 Apr
988
Sept
Apr
23
Apr
36i2 Apr
4i8 Apr
3
914 Apr 20
45
Apr 16
109
Apr 16
109i2 Apr 5
180i8May
Sept
3012 Oct
263s Aug
6% Jan
2934 July
29% Oct
13% Jan
23% Jan
18is Mar
Apr
384 Dec
29i2 Jan
34i2 Apr
5% July
37% Oct
26
Mar
118
Mar
v.v
638 sept
314 Sept
834 Sept
2734 Jan
13% Nov
3234 Mar
56 34 Mar
10
Sept
33
Sept
43i2 Aug
95
Sept
*08% Aug
9514 Sept
*0934 Aug
180
May
152
Sept
15
23i2 Apr
29i2 Jan
Apr
19
Nov
20»4 Aug
31i2 Apr
40% Sept
1438 Apr 27
183s Mar 27
10
I8ia Sept
4178 Apr 15
375s Mar 15
2934
41
Apr
10912 Apr
39% Apr
8
101% Sept
6
Jan
2
3
2
105
3
138
H2 Jan
4
l»%
Jan
Apr
Sept
1584
Jan 25
Jan
Aug
I6I4 Sept
May
35
Mar
38i2 Sept
162
60
Dec
30% Sept
109i2May
25i8 Apr
2
Aug
13% June
8
2
414 Apr 10
I884 Jan 11
46 i2
jan
47
19
Mar
Jan
3234 Dec
54i2
Jan
10914 July
2134 July
62
Jan
6ia Sept
2214 Mar
110
243s
June
Feb
159% June
20% Mar
67
36%
Apr
3
28
Apr
35
Aug
136i2May 10
124
Feb
135
Nov
18
Aug
3334
Oct
26l4 Sept
lli8 Sept
25% Apr
43i2
Feb
28 34
Jan
3
31
Apr 15
1284 jan 4
38
Mar
8
45s Apr 18
"l'ioo
16%
107g
167g
14,600
13%
■mm'mmmm-
1%
400
*12
1%
*1
4
4
4
Apr
V
Modified 5% guar
Ctfs of deposit
Manhattan Shirt
34May31
..100
25
•
Maracalbo Oil Exploration..1
Marine Midland Corp...
5
Martin (Glenn L)
9%
23%
23%
107S
2334
53,400
24
Martin-Parry Corp
No par
Masonite Corp
No par
Mathieson Alkali Wks.No par
160
*12
12%
*95
20
*5%
29
634
103.1
24%
160
;
.
9%
2334
24%
*_.
24%
Market 6t Ry 6% pr pref.100
1,800
2,100
1,800
27g
*21
25
96%
*12
96%
12%
Xl2%
13
*95
100
400
30
300
4,800
10978
"l,20b
21
20%
20%
7
*578
28%
7
29%
28%
"""966
7%
678
7%
4,800
X In receivership,
a
li2May
5i8 Jan
8% Mar
1538 Feb
4734 Apr
1434 Apr
4078 Jan
9
3%May 22
278May 21
834May21
29%June 10
Marshall Field & Co...No par
43
.,*2%
98%
12%
12%
109'g
100
4,500
80
*42"
3
24
6,500
163
41%
11
24
26,500
3%
778 Mar
35U Feb
32i2 Apr
17i8May
17i8May
I6I4 Jan
24
10%
334
May 21
May 21
May 22
l4%May 21
13i2May 21
ll%May23
X Manhattan Ry 7% guar. 100
Ctfs of deposit—
16%
16%
4
No par
Mandel Bros
30
33
*96%
98%
*1134
11
5%
28
3%
10%
98%
12%
12%
*96%
11%
21
*4%
28
*28%
31%
41%
97%
109%
160
5%
10%
*2%
*20%
11%
*95
1,500
2,300
33%
27g
21%
10%
11
2%
No par
378
*3%
10%
3134
3%
10%
v
41%
24
2%
1%
4%
*2%
*20
2%
2%
13%
40
3
20%
97%
98l2
*11
*11%
162
3%
*2%
22
*97i2
8%
22%
21%
3%
20%
278
*20i4
*78
378
3%
2%
17
Sept
Jan
Jan
28
19i2
40
Sept
Jan
Sept
63s Sept
"
*78
•
27%
2%
9%
27%
2934
16%
*958
10
100
preferred
22%
9%
*29
16%
3134
6%
Mack Trucks Inc
*28%
16%
MacAndrews & Forbes
2"l«4 "4"500
17
16%
Louisville Gas & El A ..No par
Louisville & Nashville....100
20%
30
*12%
...—10
100
20%
2934
1634
700
,100
100
preferred
7% preferred
19%
*26
13l2
:
15
10
23
17
31
21
38
May 18
2534May 22
130 May 31
25
22%
30
16i2
5%
Lorillard (P) Co
3
June
2
May
13i2June
105%May
l834May
138i2May
15%May
par
21-,
2934
*163s
Loose-Wiles Biscuit
20
500
May 22
l538May 21
29
Long Bell Lumber A...No
30
1,800
97
No pur
Lone Star Cement Corp No par
*131
2%
*4%
*28%
*163s
300
1,100
16.50 preferred
15
Loft Inc....v.—-1
21%
20%
21%
2%
5%
*13
Lockheed Aircraft Corp.
1
Loews Inc
.No par
200
21%
33%
May
May
May
May
May
May
9
May 15
lO%May 21
25%June 10
20%May 21
par
*834
21%
8%
24%
878
*23
m
__
Lion Oil Refining Co...No par
12%
June 10
28
22
87
22
170
22
16
22
13i4May 21
27 May 21
Lima Locomotive Wks.No par
Link Belt Co. ...... ..No par
10
3
33
87
par
24
20%
21%
*131
5
173s
2%
2%
2%
2%
2%
*2%
*2%
2%
*2%
2%
14
14
14-%
13%
14%
14%
*14%
14%
*14%
1478
106
*100
106
109% *106
109% *106
109%, *106
109%
20
1934
19%
19%
1934
19%
a:19%
19%
19% 19%
144
*139
140
140
2:142
142
*139l.i 144
*139% 144
*140% 142
17
17
*1534
1658
16%
1534
*1558
1534
16%
17%
17%
17%
43
43
*46
48
45
45
41%
45
41%
44% 44%
4234
27%
*2512 27
*25% 27
*26%
*26%
27%
*25% 27
26%
26%
•
30
..100
Lily Tulip Cup Corp..No
258
*2l4
15
*1478
*105% 106
1978
*1912
*131
Preferred
17
*16%
29%
38
138 Jan
Life Savers Corp
5
Liggett & Myers Tobacco..25
Series B
26
500
91
17
60i2 June
Jan
Jan
7
May
Jan
Jan
par
6%
3912
4
Llbbey Owens Ford Gl.No
LIbby McNeil & Llbby
1484 Jan
5738 Dec
Aug
29
115
Lehn & Fink Prod Corp
6
Lerner Stores Corp
No par
138
Jan
Apr 12
138May 23
Lehman Corp (The)
700
Apr
25% Aug
3% Jan
6
50
l5i4May 21
9^May 18
l8i8May 21
4,800
11
3%
03s
Jan 24
Feb
3%May 28
1
1,300
20
91
*10%
53s
56U
37%
36%
l63sMay 21
15'8May 22
l00%June 10
34 Apr 17
2
May 17
*90
17
73
5
No par
60
91
*16
Dec
No par
1,800
1834
35
"May 21
8%May 23
May 15
8%
Sept
4
12
No par
tLehigh Valley RR
*10%
19%
151*
10
160
32%
•
23%May 22
...100
Lehigh Portland Cement
26
4% conv preferred
..100
19%
5%
1
Lehigh Valley Coal
6% conv preferred
3
l7i2May20
19i2May 23
2 May 21
233s June 11
10
Lane Bryant
Lee Rubber & Tire
2
Jan
1,000
178
78
90
8884
1
5% preferred
Lambert Co (The)
600
18%
178
278
187g
10%
:
No par
No par
No par
Kroger Grocery «fe Bak.No par
Laclede Gas Lt Co St Louis 100
7,800
4%
1%
434May 22
Kress (S H) & Co
......
18%
18%
*29%
9i2
934
■*9338
32%
33%
*88
17
*19%
91
33%
91
88%
278
*34
*297s
934
*23
"l«
234
*19
4
18
14
*1338
17
167s
101
101% zlOl
1%
»16
*10
31%
*166l2 171
*16
178
4
18%
29
28%
8i2May 21
;jl
-v
24i8May 21
10 May 21
2734May 21
ll2May 22
Kresge (S S) Co.
Kreege Dept Stores
5,000
25
*
17%
17%
34
*167
101
*3%
5
*33
3334
*17
*16
*18l2
*89i2
16%
16%
17i8
IOI4
1914
*90
*3%
*1778
17
1001.4 lOOU
1%
134
34
34
2%
23g
17i8
17%
978
10%
18%
18%
2
*1%
4
3%
1634
16
1634
*100U 104
*4
17
3%
16i2
17i2
29
28%
'
9
Jan
90
$5 prior preferred
1434
5
.1..-/-r:
Kimberly-Clark
Kinney (GR)Co
"IOO
634
1434
'
95
jan
May
35
123
62
Kennecott Copper
No par
Keystone Steel & W Co .No par
39^800
3%
*24
5
5584
4
3
Apr 29
77% Jan
Kendall Co $6 pt pf A..No par
2178
*2%
*8%
4
171g
lOU
ClflSiS 13
400
*21%
21%
100
Kelth-Albee-Orpheum pf
100
Kelsey Hayes Wh'l conv cl A.l
1,400
35%
13U
*17l.i
*16i2
5% conv preferred...
Kayser (J) & Co....
Sept
Jan 11
1175gMay28
318 May 21
11 May 23
9
May 23
92 May 21
7i2May 21
80
10
387S Jan
21i4May
Kan City P & L pf ser B No par
""766
8%
1738 Sept
6»s
3
4
98
Sept
Jan
133
Oct
Oct
334 Apr
2is Aug
9
par
378
41
19584 Mar
71% Sept
16634 Aug
4578 Sept
Jan 23
Apr
98%
*414
25U
634
142
1678 Sept
1% Apr
53g Jan 5
14i2 Apr 20
Apr
98
534
24%
171
16
10%
2178
3%
Sept
69
29%
2134
*2%
25
l91i2Mar 12
6284 Jan 4
132
12
*7%
24%
3%
*24
Apr
7% Aug
5
978June 10
City Southern.No
57s Sept
145
9
May 21
3434May 22
June 10
109% Dec
10
7
Oct
Apr
3
44
1
No par
4% preferred
.....100
Kaufmann Dept Stores
1
.
Jan 13
46 %
Apr
214 Apr
4
Jan
Sept
578 Dec
9% Mar
3% Dec
Dec
1278 Jan
23s Apr
122%May 22
48i2May 15
2738
*11%
2
123
1
Kansas
*82
25
l34May 15
l78May 15
438May 21
74i2Junell
5% May 21
20i8May 23
90
38
Kalamazoo Stove & Furn_._10
95
*1%
21
2678May 28
25 May 23
l3i2May 21
97i2 Jan 15
.....1
Jarvls (W B) Co
Jewel Tea Co. Inc
June 10
21
Apr
6
100
*87%
*21%
134
21
37
No par
Island Creek Coal
$6 preferred
3
9884 Sept
Apr
Jan
1,200
28%
11%
Intertype Corp
5
June
8
Jan
Apr
914
414
234
234
17i2
Mar 28
Johns-Manville
No par
Preferred...... 2 .......100
Jones & Laughlln St'l pref. 100
3,600
80
95
*33
19%June
lOisMay 21
40i2May 21
l34May 18
100
.
100
6%
5
67
47% Mar 20
3i2May 23
Foreign share ctfs___No par
Interstate Dept Stores.No par
700
,
113
8
5% May 22
par
Preferred
3
June 10
May 25
184May 22
Internatio nal Silver..
50
7% preferred
100
Inter Telep
Teleg...No
14%
1078
57g
*87%
27%
11%
33%
28
500
Sept
May 22
~4~34
8
103
10%
—'4*
"2,600
11
*9%
98%
8
*98
95
*87%
*31
27%
i, '
5i8 Feb 28
38
*4
12
*82
1078
6%
m
21
145
*12
4%
13
*934
103
1,200
'
22
22
11
June 11
International Salt
No par
International Sboe.__.No par
40
800
Aug
20
*10
13
*127g
"9" 400
85
23%
26%
*4%
*4
*83s
300
*118%
*12
98%
8%
8%
*98
*10%
2634
26l2
130
400
Sept
June
109
Jan
131
136
5% conv pref
...100
Internat Rys of Cent Am
*
5% preferred
100
100
6%
6
*75
11
4%
13
11%
*li2
28,000
2%
*2%
534
85
*934
*118%
120
31%
20%
*212
95
120
11
20i2
2%
2%
534
*75
11
*978
31 is
2
300
95
*85
2%
*2%
534
75
2634
21
*2212
5%
26%
21
*H2
*2%
75
13
103
*10%
5%
5%
95
2658
21
95
2%
2%
234
1178
7%
*98
*87%
*20l2
2%
14
*9%
103
434
5%
*12
11%
7i2
103
*85
6
6
6
534
584
*578
5f4
24'
25
27
25%
27%
27% a:26%
2634
2634
125
*120% 125
*120% 125
*118% 125
*118% 125
9,34
10
11
9%
11
12
9%
10%
1034
40
38%
42
*38%
42
*38%
41%
*38%
*3834
44%
50
44% 45
46%
4934
50%
48%
49%
12334 *123% 127%
123% 123% *123
125
*123% 127%
55
*57
51%
63
58
52%
59
60
58
IOI4
978
97g
*934
1034
*11812 120
*118l2 120
*118% 120
4
4
4
*3U
*3%
*3%
14
95
26,300
80
share
9i2 Sept
29i2
157
2%May 15
6i2May 21
1
May 21
18isMay 21
Internat'l Mining Corp
l
Int Nickel of Canada
No par
Preferred
ioo
Inter Paper & Power Co
15
90,600
4
158
2%May 15
par
100
Jan
per
438 Apr
I684 Apr
3
118
Highest
share 9
Apr
ioo
Preferred.
Jan
91
No par
No par
1
29
22
Int. Hydro-Elec Sys class A.25
Int Mercantile Marine.No
23,300
534
5%
75
*934
*11%
*9%
*85
300
2,600
934 Apr
per
147J2 May
3
66i2May
7l2May
4%June
2i8May
No par
Lowest
9
Apr 16
90% Apr 27
1578 Apr 11
6U Feb 14
Jan
par
12,300
__
150
ioo
Interna Agricultural..No
par
Prior preferred
ioo
Int. Business Machines-No
par
Internat'l Harvester
No
2,400
39
40
40*2 4034
42
46
45
39% 42
43%
437® 44
*146
14712 *146
147% *146
147%
147% 147% ♦147
150
150% 150%
2
2i8
2i8
2%
2%
2%
2%
2%
2%
2%
2%
2%
6
63g
514
7
6%
534
7
6%
6%
6%
634
6%
*4
*4
4i2 !'; *378
*4
4%,
*4
4%
4%
4%
4%
4%
20
22%
22
24
2278
22%' 21% 23%
2234
2334
22%
23%
*112% 124
11412 114i2 *113% 116
124
*113% 116
113% 113% *114
1134
1178
1134
10U
11%
12%
12%
137g
12%
13%
1378
12%
41
4434 45
45
47
50
47
45%
49
4678
46%
50%
234
*2%
234
*2i8
234
234
*2%
3%
*2%
3%
*2%
3%
37
37
37
*37% 40
38
38
38
38
*38
40
37%
*27
*27
*27
29i8
29%
*27%
29%
29%
*27%
*27%
29%
29%
*28
2834
*28
28%
29
2834
29
29
*28%
*28%
28%
28%
15
*16
*lol4
15"8
18
*17
15%
18
17
*15%
1678
*15%
No par
Intercont'l Rubber
Interlace Iron
200
144% 146
May 23
1638 May 21
72 May 25
No par
Inspiration Cons Copper,. 20
Insuranshares Ctfs Inc
,_1
t Interboro Rap Transit... 100
Certificates of deposit
Interchemlcal Corp
No par
6% preferred
100
700
21%
*20
145
90
3%
8%
*1%
.1%
20%
900
93
1
9%
22
93
3%
100
24%
*23%
92%
1,700
3
*2%
24%
3%
600
2%
2%
3
15,700
534
Highest
9 per share
5
io
6% preferred
Inland Steel Co..
"3",400
10
*5
2%
*2%
24%
1,200
80%
80%
834
.
97g
534
2%
3
*2%
79
Refining
Industrial Rayon
Ingersoll Rand
156
95
136
Lowest
Indian
Range for PreHotts
Year 1939
100-Share Lots
9 per share
Par
-
1,200
2,400
5%
5%
18
78
Range Since Jan. 1
On Basis of
Week
Shares
93
*18%
1381a 140
June 14
156
2%
7%
1%
'
5%
3783
EXCHANGE
S per share
92
*91
3
*2%
584
18
1
June 13
S per share
*137
73
8%
3
|
\ Friday >
\
90
458
2%
*2%
22%
2%
& 5%
Thursday
156
71-
9%
23s
18
87%
*137
458
*23g
*2%
17%
90%
*4i2
23g
2212
*93
18
534
Wednesday
NEW YORK STOCK
the
SHARE, NOT PER CENT
Monday
June 8
6
STOCKS
for
Saturday
Sales
1
Co(
6%May 21
2l34June 10
21
160
7% preferred...
100
May Department Stores... 10
Maytag Co
-—No par
$3 preferred
No par
$6 1st cum pref
No par
McCall Corp
McCrory Stores Corp
6% conv preferred
June 12
3638May
2i4May
May
96i2June
20
lO%May
No par
—1
100
10
May
93
1
McGraw Elec Co
June 10
May
17%May
McGraw-Hill Pub Co ..No par
5
Mclntyre Porcupine Mines..5
22
22
23
14
22
21
21
21
27
McKeescort Tin Plate
Def. delivery..
n
New stock,
r
6
May 21
5i4May 15
10
Cash sale.
June
*
Ex-div.
y
28
9
Apr
Apr
30
Nov
16
27
Nov
29
Nov
5
9
5
29
21
16
15
8
Mar
2
53% Jan 4
4i8 Feb 23
30i8 Apr 3
105
Mar 29
16% Jan
8
1778 Apr
8
111
29
Feb 24
Apr
3
9% Apr 25
47% Jan
3
1278 Jan
8
Ex-rights.
734
Oct
Apr
I584 Nov
128g
Oct
16
10
Apr
16
1
9
17
3234 Apr 15
170
6
Apr
2%
584
8%
1784
453g
8%
67i2
3738
4% Apr
378 Aug
984
Apr
2612 Aug
•
2
May
30
Sept
2034 Aug
155
4034
Nov
Apr
3i2 Sept
24s4 Dec
93
Jan
I07g Apr
984
88
15%
jan
jan
Apr
5i2 Sept
39
Sept
834
Apr
176
5334
Nov
Oct
Sept
Sept
Mar
Nov
Nov
Dec
Jan
Sept
July
Oct
638 Mar
36% Mar
105
15%
173s
108t2
25%
1034
59%
18%
j.une
Aug
Nov
Dec
Dec
Jan
June
Sept
5 Called for redemption.
New York Stock Record—Continued—Page 7
3784
AND
LOW
SALE PRICES—PER
HIGH
SHARE,
NOT PER
June 15, 1940
*
CENT
Sales
8TOCK8
Range Since Jan. 1
for
NEW YORK STOCK
On Basis of \W-Share Lots
the
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
June 8
June 10
June 11
June 12
June 13
June 14
Week
$ per share
$ per share
3 per share
$ per share
$ per share
$ per share
Shares
4
4%
*1734
*534
414
18*2
*1734
4%
18i2
5%
512
534
♦91
97
*91
18
4%
193s
6%
4%
20%
6%'
94
95
95
*91
99
9i
9
9
3,200
94
*67
9
8%
9%
75
*68
75
*68
*63
70
63
63
*6112
70
27
25
25%
♦25
26%
*25s
3%
14
*61%
26%
*3%
14
70
27
334
16
*61%
*26
*67
75
*67
234
234
14
14
75
1334
234
234
14
13
13
12
12
*12%
30
734
28%
29%
297«
7l2
13
13
12i2
25%
1234
2634
7%
12%
*13
28«4
*27
105
*107% 110
*3712 38
*92% 100
*234
2%
*3012 35
*75«
36
7%
*%
*1%
"
*i«
*%
11
89
89
115% *114
115
115
*115%
34
35
33%
♦333s 37
*333S
2278
233a 23%
10
10
934
13
1234
13%
*114
*234
22
9%
*58
17
3
15%
22
*16%
278
7%
*%
%
10%
8634
%
%
11
37
234
30%
21
234
32
3%
3%
1534
1534
13
8%
7%
8%
1334
31%
13%
ar29%
13%
13%
1334
29%
30
32%
113% *110
113%
114
*110
39
*38
*92%
43
8
8
8
2
2
39
2
96
*92%
3%
3%
I
*3134
97
*92%
*31%
97
3%
39
*8
V
%
%
*878
10
*9
10
10
10
*9
10
59
57%
58
5 8 84
60
61
*42
*40
45
4
4
378
44
*40
4
4
44
*40%
*39%
4334
4%
4%
4%
4%
1234
19%
*10%
1734
1234
17%
*6%
*8«4
634
19
6
*7%
8
11
11
*10%
12%
*11%
17%
6%
9
16%
17
17
18%
18
6%
8%
10%
*10
1734
*146
9
177s
17%
155
*146
6%
8%
*6%
*734
934
10
10%
17%
17%
17%
155
155
6%
6%
*8
9
155
8%
10%
11%
17%
,
18%
*155% 156
*10
1334
*40
8% cum 1st pref
4% conv prefserles B
100
Minn Mollne Power Impt._.l
200
96.50 preferred
700
Mission Corp
Mo-Kan-Texas RR
400
10
Morris <fc Essex
Mueller Brass Co
470
MOO
_
16,400
800
Nashv Chatt & St Louis
60
838
3,900
12,200
15
*10
14
?10
14
*10
14
*10
90
*80
90
*80
90
*80
90
*80
1734
*16%
17
18
10%
9%
12%
*16%
10%
1134
*16%
11%
*8%
18
11%
*16%
10%
9
12%
8%
13%
9
10
10%
8%
125s
108
8%
1234
108
*108
109
*3%
*534
1734
*714
5%
17
18%
*7%
5%
8
5%
*64
73
*64
15%
15
15%
*3%
17%
8
*7%
534
5%
*65
73
*159
*130
15%
534
5434
55
18
*3%
*534
6%
18
18%
8
8
*68%
6%
73
16%
17%
165
5%
165
8
165
*8%
6
*66
*16%
*155
4
6%
18%
9%
6%
72%
17
169
54
~
56
57
58
60
58%
13%
13%
*107% 109
108% 108%
4%
4%
12,800
20
19
6%
1,100
9%
10
*27
30
30
30
32
32
*31
33%
10%
33%
41
*27
41
*29%
40
*32
41
*32
41
5
17%
*70
80
*36
39
*36
39
*98% 105
-100
105
4%
*7%
8%
14
*70
40
42
7
7
35%
35%
10
10%
6%
35%
9%
4%
*7%
434
8%
*14
14%
*70
80
*37%
*100
4%
5
8%
15%
15
80
734
100
80
*40
42
7%
37%
38%
38
40
37
38
934
10
1()%
11%
12%
21
10%
11%
11%
12
21%
7%
42%
7%
10
10
22%
18%
2234
1834
2334
19%
23%
*3%
4%
*3%
4%
4%
*5
4%
6
*70
41
41%
10%
10%
6
*5%
9%<
80
*100% 105
41%
41%
634
37
16%
22%
10
17%
23
*70
*40
41
9%
17%
7
*6%
43
43
7%
7%
19
*24
24
*4
4%
6%
*5%
43
7%
24
4%
7
*100% 105
42
44
7
7%
39%
10%
40%
11%
*104
109
109
15%
*51%
52%
4934
17%
*51
*48%
18%
53%
*51
50
*47%
177g
5%
*103
5%
106
*31%
*2%
35
2%
16%
*
87
17%
*
32
*25
32
*15
15%
*13%
5%
14%
*534
6%
*11%
978
13%
978
11
*95
97
9634
*234
11%
3
1134
127
7%
7i2
Q
234
11%
*122
7
234
11%
129
*21%
23
19
21%
*40% 48
*115% 125
44
*5%
5%
434
5%
2%
*8%
2%
2
2%
*4
9%
4%
*10%
10%
26
26%
*35%
37
884
834
8%
9%
97
97
7%
2534
42
5%
12
Q
*23
44
14%
534
23
44
107
108
17%
16%
5234
51%
5234
50
50=
50
18%
19%
*52%
50%
zl7%
95
*84%
*84
8%
15
*25
32
15
15
6%
6%
12%
13%
9%
9934
9%
9934
97
4
4
10%
26
36
36
*36
9
9
37%
9
*97
103
55
'
16
6%
14
9%
*9734 105
38
10
10%
*10
118% 118%
118
119
*136
147
*135
147
*139
*140
147
3
3
147
3%
334
4
Bid and asked prices; no sales on this day.
*141
3%
147
4%
100
June 12
40
June 10
6%May 24
..No par
30%May 21
No par
9%May 21
*141
No par
10
10% non-cum pref
N Y Lack & West Ry Co..
fNYNHA Hartford
100
% Apr 27
% Apr 12
% Apr 4
13% Jan 15
2,500
Conv preferred
1,300
100
104
50
110
160
45
100
IN Y Ontario & Western..100
N Y Shlpbldg
17,200
Corp part stk__ 1
7% preferred
100
Noblltt-Sparks Indus Inc
5
210
400
Norfolk & Western Ry
200
6% preferred series
300
15.566
"""560
13,200
2,200
North States Pow 95 pf No par
Telegraph.__50
2,500
90
300
3,200
Norwalk Tire «fe Rubber No par
Preferred..
50
Norwich Pharmacal Co_.2.60
No par
Oliver Farm Equip
Omnibus Corp (The)
No par
8% preferred A.
Oppenhelm Collins
No par
Otis Elevator
No par
200
15,500
6% preferred
95.50
conv
No par
1st
pref. .No
4,800
1,070
200
4,600
7
May
21
May
5
19
June 10
'moo
Jan 20
103% Sept
2% Sept
36
Sept
434 Apr 24
Apr 25
48
101
Apr
Apr
884 Aug
1% Jan
1
434
2% Aug
Jan
% Jan
119
%
10%
May
118
Jan
8584
110
121% Jan 30
66
Jan
45
Feb
30% Feb
16
Apr 18
Dec
Apr
Apr
Sept
112
Sept
40% Apr
31% Aug
22% Sept
9% Apr
Feb 28
IP4 Mar 20
30
Apr
9
Sept
50
Apr
Aug
3
21% Apr 30
7
May 31
170% Mar
19
Apr
6
1
99% Apr 17
20% Jan 3
16% Jan
8
19
Jan
Mar
Sept
Dec
Nov
Jan
43% Sept
5% Sept
62
14
26% Nov
1834 Sept
Aug
7% Aug
Dec
9%
7% Sept
21% Sept
147% Oct
10% Apr
87
Sept
Jan
17%
Apr
14%
Dec
Ex-div.
y
15
Nov
28% Mar
175
Jan
17% Nov
95% May
2334 Sept
26% Jan
16
Sept
110
Sept
117%
114
107
Sept
114
Jan
6% Apr
7% Mar 14
26% Apr
15% Jan
12% Jan
96
Jan 31
22% Apr
9
x8% July
12%
Jan
Oct
6%
28%
Feb
4
14%
Apr
684
Apr
July
73«4 Jan
934 Jan
3
4
62
14%May
3
10
4384
43%
8%
10%
3
33% July
4
Apr 2
April
25% Mar 13
91
Apr 29
53% Apr
110
Jan
6
4
75% Mar 9
14% Feb 20
5% Aug
Apr
Deo
41
2% Apr
8% Sept
18% Apr
73% Mar
32
Apr
105% Sept
8%
Apr
Jan
3
27
18% Jan
3
11% Sept
60
21% Jan
4
39
3
Jan
Apr
10%
Apr
18%
Apr
Apr
184 May
33% Mar 9
8% Apr 22
12% Apr 22
30
115% Mar 11
111% Apr 30
106
Feb 20
66
% Jan
Jan
4
4% July
% Jan 11
26% Apr 22
134%June 6
35% Apr 6
226%May 4
113% Mar 27
2334 Jan 3
69
Jan
58
Jan 10
26«4 Jan
8
3
90% Feb 20
9% Jan 3
18%
18%
106
Jan
Jan
Jan
Mar
27% Jan
173% Aug
145
Feb
35% Sept
10
Aug
82
Sept
15%
Jan
20
Jan
59% Jan
50% Apr
5% Oct
11% Feb
29% June
87% Aug
42
July
112%June
1734 Sept
Sept
Sept
Sept
Sept
Feb
62
23%
25%
4534
43%
1034
Sept
15% Sept
Nov
118% Mar'
119
May
120
Mar
47
July
62
Mar
3
2
Jan
Jan
20% Sept
10% Sept
8% Sept
83
Sept
17%June
3
Apr
Aug
Mar
8%
Jan
Apr
18%
Apr
4%
4%
8% Jan
27
%
Dec
1% Dec
% May
8% June
70
Apr
31%
Dec
178 Sept
5% Sept
1*4 Sept
17
Sept
94% Dec
33% Dec
Jan
217
Nov
103% Sept
18% Apr
62% Sept
50% Sept
12% Apr
113
June
168
26% Feb
59% Aug
59
Aug
29% Nov
82
Jan
89
7
14'4
Nov
Jan
113
Mar 25
100
Jung
Sep*
113
Dec
36
Apr 29
29
Sept
40
Oct
3
2«4
Apr
42% Jan 12
32%
Apr
6% Nov
4434 Aug
6
Aug
101% Sept
5% Jan
16%May 29
834May 7
23% Apr
14% Mar
112
4
Mar 28
5% Apr
18% Jan
144
4
4
4
Feb 19
12% Jan
3
j.4% Sept
12
Sept
100% Sept
484 Aug
15% Sept
128
7%
Oct
Apr
33
July
16%
40%
114%
Apr
6
50
10% Apr 26
684 Jan 6
3
Aug
41
Jan 11
3234 Apr
4
Jan 24
June 10
2% June 10
x
122% May
5784 Oct
47
Sept
37% Mat
13% Mar 12
18% Apr 17
116% Jan
154
Cash sale,
May
Oct
Sept
l47%May 21
r
Oct
121
Jan
4
Mar 12
n New stock,
21
11484 Sept
7%
44%
1484
70%
111%
9%
3% Aug
105
139
Def. delivery,
Jan
2% Jan
934 Jan
1% Sept
2% Sept
Jan
Mar 14
434june 10
2 May 22
8 May 22
3%May 22
9%May 21
25%May 22
33 May 22
8 May 21
115 May 25
No par
14%
17%
8% Feb 16
53
Apr 8
7% Feb 15
Pacific Amer Fisheries Inc...5
Pacific Coast Co..
......10
Corp
Jan
Mar
30
111
Jan 17
No par
July
6%
64
Apr
Mar 29
Jan 22
1st preferred
114
Apr
83
55
2d preferred
No par
Pacific Finance Corp (Cal).lO
Pacific Gas A Electric
25
Dec
120% Nov
85% Jan
10
5% Feb 16
22% Jan
16% Sept
Sept
16%
18% Apr
26% Jan
39
Aug
% July
% Jan
120
Paclflo Ltg
4
44% Sept
May 24
47
42
Pacific Mills...
No par
Pacific Telep & Teleg
100
6% preferred
100
Pacific Tin Consol'd Corp
1
147
8
115% May 24
No par
500
70
9
Apr
Preferred...
100
Owens-Illlnols Glass Co_12.50
410
1,120
21
21
23
22
11
11
21
21
par
Outboard Marine & Mfg
Outlet Co
5,400
11%June
l2434June
100
Otis Steel Co
300
1,000
10% May
7%May
95 May
2%May
6
100
900
118
a
May 22
May 25
14%May 21
47%May 22
47%May 22
15 May 14
84%June 5
4%May 15
101 May 24
27 May 22
2%May 15
32 May 20
14%June 11
5%June 10
50
Ohio Oil Co
May 23
105
Northwestern
"2^206
Jan 30
175
5 M % pref series
50
North Amer Aviation
1
Northern Central Ry Co...50
Northern Paclflo Ry
100
38,200
6
June
20
100
10
North American Co
May 21
Apr 27
92
100
Adjust 4% preferred
1,000
100
60
1034
334
434May 22
N Y & Harlem RR Co
38
38
% In receivership,
5 % preferred
20
32
934
38
300
120
6
1034
*116
N Y Air Brake
New York Central
14,500
12%
39
*113% 120
5,200
2,600
49,600
2,900
18
*53
*14
10
1,300
107
16%
15
zlO
10
7
*25
6%
4 H% conv serial pref
100
Newberry Co (J J)
..No par
5% pref series A
...100
Newmont Mining Corp
10
Newport Industries.
1
"""560
8%May 21
32
13%
1
15 May 21
20%May 21
3%May 21
*50%
51
16%
18%
19
*83
88
86%
5%
534
534
106% *103% 106%
*30% 35
35
2%
2%
2%
6%
No par
Nelsner Bros Ino
6% preferred series A... 100
50%
12%
•
100
N Y Chic & St Louis Co... 100
10%
115
•
54
25
N Y C Omnibus Corp..No par
New York Dock
No par
*104
May
54
13%May2l
5%May 22
48 May 21
4%May 24
8 May 23
26%May 24
40% Feb 10
3% Jan 4
7%May 21
14 May 21
75 May 22
36 May 22
1,000
38
115
2%
17
40
Oct
4,900
•
120
3%
15
658
12%
9%
*25
107
Apr
Sept
12
*3
234
3%
234
*2%
3%
2%
2%
12
11%
11%
12%
12%
1234
12%
13%
*122
127
*122
127
12434 12434 *124% 127
8
8
9
7%
8
8%
8%
834
*24
29%
2534 *25
27%
25% 25% *26
*19
21
20
20
*19
19
20
20%
*40% 48
*40%
48
*40%
48
*40%
48
*115% 125
*115% 125
*115% 125
*115% 125
42
43
45
42%
45%
47%
45% 46%
5%
5%
534
6
5%
5%
5%
5%
2%
2%
2%
3
2%
2%
2%
258
*834
10
10
9%
10
9%
10%
4%
5
5
5
4%
434
5%
5%
10
10
*10%
11
*10%
11%
*10%
11
2534 26%
26%
27
27%
27%
26%
27%
*934
25%
8%
32
*115
*278
*104
16%
87
*25
11%
23
*40% 48
*115% 125
16%
5
434
5
5%
5%
6
5%
103% 103% *103
106% *103% 106% *103%
*32
35
*31%
35
*31%
35
*30%
2%
2%
2%
2%
2%
2%
258
*25
127
109
15%
1734
95
*107
15%
50
*84
109
15
1578
18
18%
152
24
108
Apr
Apr
132
2134
*103% 108 1*103% 108 I 108
108%
108
*104
108% *104
*100
117% *100
117% *100
117% *100
117% *100
117% *100
117%
*45
*45
50
*45
50
*45
47
47
55% *45
55%
;r 50
*3,
*316
*3i#
%
18
16
*3t6
%
%
%
*%
"16
*%
Ul#
%
»i.
%
%
*%
34
*13
%
%
%
*%
*%
%
*%
*%
%
%
18
19
16%
18
18
19
18%
20%
19% 21%
19% 20%
*134i%2l3434 *134i%2134% 134i%2i34"82 *1341%2134% 13411J21341%2 134i3321341382
24
25
24
24
*23
25
*22%
26
*22%
26
*22%
2334
*193
195
184
195
195
200
206
*195
202
202
192%
206%
*104
6%
11%
173% Jan 31
18%
4%
Apr
Dec
6% Jan
28% Jan
21% Sept
39% Jan
8%May 28
11
4
11% Sept
25
122
16% Apr 15
24% Jan 24
24
*4
Aug
148% Jan 29
Natomas Co
300
W:
3
14
May 29
5K % prior preferred
1,100
16
8%
7
28%May
32% Apr 8
12% Apr 10
17%May 9
40% Apr 8
Nov
Nov
133%June 14
6 % prior preferred
100
National Tea Co......No par
"MOO
*15
80
100
5%
15%
5%
Feb 21
73
63
30%
Dec
July
100 *160
National Steel Corp
500
8%
5%
8%
*5
*8%
July
28%
100
National Supply (The) Pa.. 10
92 conv preferred
...40
41
*32
*14%
8%
15
*70
39
105
5%
6
56
10% Oct
101% Nov
14% Sept
39% Aug
Nat Mall & St'l Cast Co No par
National Pow & Lt
N# par
4,600
10%
37
534
9%
....10
Aug
7% preferred A
2,600
59%
6%
5934
534
57%
6
9%
6% Jan
26
May 31
7%June 6
5%May 21
71 June 6
l4%May 22
1
preferred.No par
Jan
6
6% preferred B
5,700
5,700
9
conv
National Lead Co
200
6%
534
5
94.50
6%
No par
Nat Gypsum Co
"MOO
*18
preferred
Nat Enam & Stamping No par
200
7,700
133% 133%
9
*7%
*14%
6%
No par
10
Nat Distillers Prod
73
1634
1634
*156% 169
5%
*27
6,200
6%
6
100
100
Nat Dept Stores..
100
93«
*8%
*66
100
7% pref class A
7% pref class B
600
6%
18
9
5
60
5
5
June 10
16%June 6
155 June 11
16
Jan 4
91 May 18
l6%May21
934May 22
6 May 21
11%June 5
107%June 13
107 May 23
3 May 28
5%May 23
17 June 10
Register
No par
National Cylinder Gas Co
1
Nat Dairy Products...No par
200
18%
*5%
5%
*27
*3%
*5%
*534
108%
6
2
9
6
10
Nat Bond & Share Corp No par
600
May
8
10
Nat Cash
2,200
9%
*8
5%
9
*9%
17%
*22%
108
conv pref
6% prefserles A
11%
30
5%
*8
42
107% 108
*130
134
134% 134% *130
134
15%
16%
1734
19%
16%
18%
6
534
5%
6%
6%
6%
15%
5%
52
1634
6
6
13
13%
109
534
72%
16
135
16%
6%
17%
*159
165
135
*108
*107% 108
3%
3%
4%
15
15%
165
*130
9%
108
*534
18
*159
109
108
109
*107% 108
*3%
3%
3i
534
534
6%
107% 108
9%
12%
6%June 10
7 % cum pref
100
Nat Bond & Invest Co. No par
17%
10
*16%
10%
*8%
12%
18
10
*8%
12%
100
90
*16%
13% Jan 13
6%
14
*80
June 10
1
Nat Aviation Corp
National Biscuit Co
May
82
34% Mar
19% Jan
11
.100
National Acme Co
85
6% Aug
88
3
11
Nat Automotive Fibres Inc-.l
100
1034
10% 10%
18
1734
1834
*155% 156
*155% 156
...No par
No par
No par
5% preferred..
....100
Murray Corp of America. 10
Myers (F & E) Bros..-No par
Nash-Kelvlnator Corp...
5
"
10%
1
97 preferred
Munslngwear Inc
Murphy Co (G C)
400
1,600
*17%
1
Mulllns Mfg Co class B
2,700
2,500
6%
50
Motor Products Corp ..No par
Motor Wheel Corp
6
3,700
2,200
1234
19
No par
Montg Ward & Co. Ino.No par
Morrell (J) <fc Co
No par
""960
Apr 15
14%May
7%May 21
3gMay 18
l%May 22
3u Jan 26
»i«May 14
86-% June 10
110 May 23
113%May 27
3134May21
33%May 21
2l34June 3
8%May 22
12 May 21
15 May 21
2%May 14
20 May 21
8%May 22
56 May 28
97%May22
4 May 21
42%May 21
334May 21
No par
Preferred series B
50
28,300
107
110
100
20
94.50 preferred
6%
9478
7%May 28
64
Feb 5
53% Feb 6
24% May 24
2%May 22
ll%May 22
12 May 21
24 May 22
6%May 21
ll%May 21
23%May 21
103 May 24
33%May 21
Highest
9 per share S per share
1
1
4
9% Jan
9%May21
Monsanto Chemical Co
18%
♦11
834 Apr
32% Apr
No par
5,200
l",500
Year 1939
Lowest
9 per share
May 15
10
800
"
share
l7%May 28
5 May 21
90 May 31
100
100
"moo
*80
4
Range for Previous
Highest
96 June 7
2%May 15
26 May 21
No par
7% preferred series A
J Missouri Pacific RR
6% conv preferred
Mohawk Carpet Mills
4%
*8
100
"2^666
43%
4%
No par
Minn-Honeywell Regu.No par
10
12
6%
12%
*11
44
4%
Midland Steel Prod
160
61
*9
5
Mld-Contlnent Petroleum,. 10
2,000
*61% 63
*105% 106% *105% 106% *105% 106% *105% 106% *105% 106%
*105% 107
4%
5%
4%
4%
4%
4%
4%
434
434
5 I
434
5
Copper
1,300
* 16
3ie
3l#
3i«
*%
3i«
*%
31«
*%
31«
%
%
%
%
%
%
316
«u
11
11
11
10%
10%
10%
*1034
11%
11%
87
88
90
90
87%
87%
90
90%
91%
115% *114
115% *114% 115% *114% 115% *114% 115%
115% 11634 *115m 11684 *115% 11634 *115% 11634
117
33%
35%
36%
3534 39
36%
38%
36%
38%
*33% 37
37
*33% 37
*33%
38
*33% 38
23
24
25
25%
23%
*23%
24
23% 2334
10%
10%
934
10%
11%
11%
11%
10%
11%
13
14
14
16
13%
1334
14%
13%
1334
18
16%
18
16
18%
19%
18%
18% 19
3
3
3
234
3%
3%
3%
*3
3%
21
*22
2234
22%
2334
2234
23%
22% 23
1
60
(The)
6% conv 1st pref
Miami
2,800
2,300
2%
»u
2
2%
1
Merch & M'n Trans Co.No par
Mesta Machine Co
6
300
9
3%
.
2,300
..,7,900
38
3%
37
57
9%
60
30
38
8
%
178
*12%
*29%
Co
Mengel
500
30
*33
l7g
*%
96 preferred series A .No par
95.50 pref ser Bww.JVo par
390
7%
100
Melville Shoe Corp
1,200
3%
13
38%
No par
16%
14
30
96
3
*%
3%
16
8%
109
6% conv preferred
Mead Corp
"""160
70
14
32
*7%
1%
28%
1
S3 series conv pref—No par
75
*61%
*27%
2 734
31
28%
108
*92%
234
30%
178
13%
27%
37
37%
*68
70
MeLellan Stores Co
9 ver
McKesson <fc Robblna, Inc—5
1,100
1,700
6%
75
27
4,500
4%
20%
6%
13%
778
108
109
*92% 100
8
*%
26%
4%
20%
30%
77«
30
6%
15%
14
29%
734
Par
20
9
6
8%
8*8
4%
20%
6%
6
94
*91
97
8
8%
*8%
4%
18%
4%
4%
18
*534
f
Lowest
'
64%
Jan
2334 Feb 13
12% Jan 4
14
Apr 15
34% Apr 15
Jan
3
16% Jan
4
50
7% Jan
Ex-rights.
4
30
Jan
20% Mar
113% May
8% Jan
27% Jan
148% July
16
Sept
55% Sept
26% Dec
Jan
54
Dec
J an
120
Dec
Apr
70
Jan
7% Sept
7% Nov
2% Apr
11% June
25
334 June
934 Apr
27% Apr
15% Sept
1234 Mar
3434 Mar
41
9%
114
Apr
Apr
Apr
128
Sept
6% Dec
62
Nov
Oct
21% Sept
132
June
156% July
7% Dec
1 Called for redemption.
Volume
LOW
AND
New York Stock Record—Continued—Page 8
150
HIGH
SALE PRICES—PER
Sales
for
Saturday
Monday
Tuesday
June 8
June 10
June 11
$ per share
5 per share
$ per share
STOCKS
NEW YORK STOCK
Friday
the
EXCHANGE
June 13
June 14
Week
$ per share
$ per share
6
6
Shares
SHARE,
NOT PER
.
Wednesday
,
Thursday
|
June 12
|
$ per share
5%
5%
534
53,
*534
..5%
6
6
5%
314
13i2
J- 3i2
3
314
3%
314
12
13U
3%
13%
3X2
1334
8%
3ig
12%
13%
14i2
13%
9
9i2
*9
10
10
10
10
8%
*»U
28
*
28
27%
45g
*67%
*6*4
434
4%
65
70i2
7
18
♦15
1%
337g
*15
134
34
*17%
634
1812
$'u.
67g
15g
*»1|
'4
27ig
6%
0
3%
15g
1%
3334
I6I4
ll4
*1
6'g
6lg
*43
46
*42
73
72
13
*1
634
72%
*1%
.
33
33i2
33X2
34
6,100
17I2
" IX4
17
17%
17
17
800
*1
H4
*1
634
74
17g
*1234
1434
*1334
12
*10
11
2
14%
*10
2
2
6%
*10i4
7%
7%
"l",500
'8,400
*45
z76
77
214
300
49
76i4
*2i2
234
*2X4
2%
2%
1434
1434
*1334
*10
11
16
*15i2
*27
*1X2
*6
23l2
1412
*1614
634
*6%
*1
*6
7i2
21l2
13
*16X4
*6i2
7
26i2
1634
*15i4
2612
167g
1534
28i4
3
7i2
2312
15
20
634
2634
*6%
2512
15%
27
16I2
15X4
17
15%
27
27
3
*1
3
6%
13
684 Jan 16
Paramount Pictures Inc..
Tliford Ino
--.-1
Park Utah Consol Mines
1
Park A
Parke Davis A Co
6I2
25
15I2
*16l4
20
a:6i2
26l2
*37%
42
*37i2
76i2
*65
2012
39
*68
7
28i4
42ig
76i2
*37X4
6%'
7
7
28l4
30X2
*39
70
70
25X2
17X2
20 I
6%
6l2
*634
7
8
7X2
Pathe Film Corp
1
Patlno Mines A Enterprises .10
Penlck A Ford
27X2
*40
42%
72%
6'2
6i2
*40
72%; *7112
3
*214
*2i4
3
*2X4
39
*35
39
8%
23
8I4
*22%
8%
2234
40
40
*.._.,
*33
*
135
4
18l2
*17l2
*6
4
*17%
*6
6i2
*22%
*33
18
*65
70
65
65
*170
173
167
135
18X2
684
167
8%
23
40I2
*
4
4
3
39
8l2
4U2
135
4
*35
6%
*0484
*2x4
*35X2
9ig
*22X2
*2i2
*36
23
24
5
5
4i2
19
!
21
Jh
*21
*65
23
*7
7l2
71
7%
17
Deo
May 18
120x2 June
124
Mar
$7
*65
71
conv
pref
ser
No par
A ...No par
Corp
v t c No par
preferred....No par
Pennsylvania RR
50
conv
"""760
800
16,800
"""206
1,200
3,500
"""566
10
10,600
300
50
*514
6%
~i",8o6
23i2
8
1,000
400
100
71
5%
7l2
5%
*714
*20
4%
25
5X4
5%
7l2
7l2
7i2
18
20
*12
14l2
*12
13i2
*21
28
*23
25
*8
8X2
1%
mm
7%
14%
6%
%
15i2
*llig
6ig
h
16
*1134
658
X2
812
8I2
7%
*734
8%
8i2
*26
29
*24
55
55%
*11234 115i2
32
53X4
*107X2 172
*167i2 172
*167% 172
5X2
5%
0
6%
5%
6
5«4
8
7X2
8
8X4
8
8X2
8I4
26
28
*20X2
23%
*20
23i2 *20
2134May
3884 Jan
3012
5% prior preferred.....100
5% preferred
100
No par
Petroleum Corp of Amer
6
Pfelffer Brewing Co...No par
Phelps-Dodge Corp
25
Philadelphia Co 0% pref...50
56 preferred
No par
Phila A
Reading C A I.No
Philip Morris A Co Ltd
100
Plllsbury Flour Mills
25
Pirelli Co of Italy "Am shares
Pitt C C A St L RR Co
100
Pittsburgh Coal of Pa.—.100
0%
preferred
100
Pitts Coke A Iron Corp No par
55 conv preferred
No par
12
612
%
*12
8%
28
8%
*834
*26i2
54
54
9
32
32%
30%
*100I2 101
32
9
*%
16%
16%
14
|
7%>
«ia
*1214
7
%
%
IOI4I
914
IOI4I
*9
2812| *27
56
57%
9x4
*9X2
115X2 115l2
3234
3312'
*112
120
101
101
102
102
100X2 101
*11214 11634 *112X4 117X2 *113I4 118
*127
132
*X26
131
*147
149
*147
148%
9%
♦34
*1614
1214
714
7
10%
10'g
47,600
'
8%
*65
0%
12X4
4i2
*52
54
%
10
10
10
200
*2914
31
100
56'%
5714
5634
57%
115X2
115I2 115i2 *113
32
3214
32%
3314
103
103
*103
1514
95
4X2
131
*129
135
*131
135I2
147
147
147
148
150
150
*146
*934
IH4
414
*65
10
10ig
10
934
1134
*1H4
4i2
4X2
*65
95
53
56
95
12
4%
11%
4I2
51<4
%
16
16
I5I4
15%
16%
16%
18%
"u
*15x2
28%
28i2
28
29
1,600
12
12
1,200
20X2
20i2
10i2
11
12
1034
11%'
12
13
1934
*17i4
1934
20
20
*11x4
*19X2
21
1714
214
18
18
2%
17%
214
1934'
|
21
18
2%
*8ig
6X2
3734
9I2
6%
*534
39i2
3
39
3914'
*5%
6%
*6X4
684
*6X4
734
*6%
7I2
*6%
*8%
*8%
7%
*25
39
53
*37
10
7
7
4334
*38l2
934
7X2
45
51i2
51X2
*50
66
1%
I5I4
1%
16%
6%
*37
1%
1534
1%
1%
HI4
16%
*75
82
74
74
*73
79
*63
67
64%
64%
*64
1%
66%
9
*8l2
18
*2%
37
*8%
10
*48
53
1%
15%
0%
*8ig
3734
*48
|
*6%
*25
684
8
8
9I2
8%
8l2
16%
*77%
69
9i2
3
37
634
7i2
9%
*18
17
3
*33
600
i
700
300
39%
*5h
*6%
9X2
634
10
634
7l2
""600
9X2
100
'
1%
16i2
80i2
68i2
17i2
80l2
68i2
10X2
I6I4
18
78
80
600
67
68
600
10%
914
112
IOI4
3,500
19X2
100
24
*18
23
*70
91
*70
91
*40
48
*40
48
*41
55
*41
55
*41
55
*41
55
|
5.4
•
684
32
33
32
54
*52
6%
5X2
634
*5
*34
634
*52
34
33X2
*52
*4X4
12i2
6%
712
.*6%
6l2
634
5
5
434
334
123s
*34
12X2
1
27ig
*%
2712
'•-:A *'4
ht
26
12%
1
54
684
*3X4
*12%
*34
3634
.
5I4
5
12%
*4
5X2
*4
*38
9812
38i2
98i2
*21%
2134
■;
35l2
*52
7
30X4
*66
3534
36i4
9,200
5334
*52
7%
*5%
6
5%
5
4
4
12X2
*34
28
-
80
"3", 100
5I4
13
13
13
334
13i2
1
*34
*34
2934
2812
a16
71#
*%
*x4
5
5I2
*2i2
5
*2i2
*4
5i2
*4
5I2
28%
29l2
X,
*%
*x4
36%
37i2
39
40
3712
39
3834
40
97X2
98i4
9812
23
99
22
23
9834
22
9834
22X4
98X4
2214
98i2
2ix2
~3~566
5
29i2
l4
sales on thla day.
{ In receivership,
23
4,100
1,190
4,700
a Def. delivery,
Jan
4
76
Jan
% Mar
97igMay
9
74
ig July
Sept
Jan 23
124
Sept
3XgMay 18
Jan>10
30
27%May 22
238May
24
_
36
May 28
7i2May 22
22
May 29
35
May 21
107i2 Feb 10
3i2May 22
16 May 24
5x4May 24
6434May 22
154 May 6
136
784 Apr
40
41*4 Jan
19
1
Remington-Rand
tReo Motors vtc_.
7
21
14
28
13
5i2May 21
i2May 29
May
% Feb
May
1214 Jan
15
6i2May 21
6%May 21
May 21
21
53
June
5
112i2May 22
30%June 10
100 May 21
110%May 22
Jan
6
Aug
3% Sept
45i2 Mar
9% Oct
23
Apr
31i2 Sept
110
7
pref—100
...19
{St Louis-San Francisco—100
6% preferred
-100
{St Louis Southwestern—100
5% preferred—.
100
{Rutland RR 7%
St Joseph Lead
Stores
..No par
preferred......
100
Savage Arms Corp—-No par
Safeway
5%
n New
stock,
r
Cash sa
Sept
12
Sept
27% Jan
4
12
Apr
9% Apr
4
4
Mar
80
32i2 Sept
1414 Sept
60
Apr
95
158
Sept
175
4
Sept
6
4% Aug
8% Jan
Jan
0ig
Apr
Aug
11%
10X2
48i2
25i2
40i2
20%
214
Sept
Sept
34i2 Apr 25
19*4 Apr 8
37 May 10
10i4 Apr 8
IX4 Mar 12
22
22*4 Feb
9
17ig Sept
24
Sept
17
Sept
2x4 Feb 27
0i2 Apr
7i2 Aug
Aug
15
Apr
12X2 Aug
18
June
0
Sept
>g
Jan
12*4 Jan
6
Apr
14% Jan 3
1434 Jan 3
42igMay 9
7134 Apr 16
118X2 Jan 2
®43x2Apr 8
115i2 Jan 11
3Hg Apr
I0lx2 Sept
Aug
0i4 Sept
18
50%
112
Apr
Apr
Mar
Oct
Oct
Sept
Sept
Sept
16% Sept
214 Jan
16x2 Sept
10% Sept
49
Sept
00
Dec
119% Feb
41*4 Aug
114% Aug
128i2 Aug
128
Apr 20
112
June
6
145
Mar 29
129
Apr
143
Aug
May 22
105
Apr
2
147
Sept
166
June
115
May 21
118i
Jan
4
111
Sept
l6%May 21
7
May 21
32>4 Jan
3
lli2May
9
x22ig Aug
6'g Aug
117% Dec
41% Sept
11% Sept
June 12
97i2May
3
70
Sept
90ig Mar
89
May
3
15% Feb
9
63*4 Aug
10*4 Jan
11
Aug
8H2 Jan
18% July
84
73%May 28
June
5
May
4i4May
Apr
48i2May
x2May
23
23
9
11
90
15
21
15
15x2May 22
13i2May 21
24
May 28
6
June
8i2May 21
6
May 22
z3734June 7
50
May 28
1
May 15
14 May 21
70%May 21
60 May 21
7i4May 21
18 May 17
73
May 21
39 May 27
8%May 21
75% Mar 28
6%May 21
June 10
52
Copper Mines.
Ruberold Co (The)—-No par
61
2i2 Apr
Mar 12
143
32
Roan Antelope
3614 Mar
Jan 17
126
10
No par
No par
40i2 Sept
2
11
May 21
3114
36
4i2May 15
5
May 15
May 21
Jan
July
9
Feb
Apr
May
19
Mar
7
35
8
6% Feb
May 10
10
154
Aug
25
5
8ig Mar
47i2 Sept
48% Aug
91
Aug
1% Sept
103i2 Mar
Apr
Apr
2% July
4
154
10
Reynolds (R J) Tob class B.
1
176
l6i4May 22
Jan
Oct
6*4 Sept
19*4 Sept
45
Sept
40
Sept
25
Sept
IOI4 Sept
105gMay 9
28% Apr 26
49x2 Jan 5
00
3
714 Apr 3
Apr 15
69
Apr 8
1% Jan 29
15i2 Feb
May 22
5%May 22
434May 22
384June 10
llx2May 28
l2May 15
26
JuneHO
23
4
Jan
9
34
May 21
96
May 21
May 21
17
zEx-dlv.
10
Nov
8i2 Jan
8514 June
07% Jan
2% Jan
23% Sept
Apr
4
3
6% June
1214 June
IOI4 Apr
28*4 Deo
22% Sept
19
28%
Jan
3
8
20% Sept
10
July
2% Dec
27
4% Feb
Mar
4
23
Dec
Oct
Sept
6I4 Sept
40
Dec
54
Jan 12
7
Apr
1014
Jan
9
012
Apr
10
13% Feb
9
9
Apr
10x2 Jan
67% Apr
3
8
14X2 Sept
17% Jan
50
Deo
69
5
60
Apr
55
Jan
9% Dec
2
% July
12% Apr
Apr
23% Jan
95
Apr
43
Apr
80
42
Apr
Apr
May
9%
14*4 Jan
30x4 Apr
21i2 July
92
63
Apr 17
01i2 Apr 8
15% Feb 20
90i4 Apr 8
lli4May 2
■
Aug
37% July
7'g June
7884 Jan
6'g Apr
Mar
Oct
Nov
75X2 Mar
75
Nov
2*4 Nov
28i2 Sept
95*4 Dec
89% Oct
20X4 Jan
40% Jan
84
Sept
60
Sept
14%
Jan
87
Deo
11%
Jan
8
35
Sept
45
Jan
63%May 14
8% Jan 3
7ij Jan 3
52
July
68
Jan
Apr
IOI4
Jan
0ig May
10
Sept
15% Sept
«4 Apr
2714 Apr
>4 June
% Aug
I84 May
3% May
27% Apr
82x2 Jan
10*4 Apr
9%
Oct
44
May
Feb 27
12
22ig Apr
1% Feb
42
4
Jan
% Jan
% Jan
6
May 10
4*4May 18
63
Mar 14
llll2Mar 28
3114 Apr 26
y Ex-rlghta.
sr
Aug
86X4 June
53x4 Apr.
U4 Dec
I0i4 Apr
37x2May 4
17i2 Apr 8
26% Apr 10
Xg Apr 19
Jan 30
Sept
29%May
x4May 16
2
5
90
8
Reliance Mfg Co.—
2
June 10
167
Apr
6*4 Sept
5% Apr
Mar 25
13
Rltter Dental Mfg
1
85
14 Mar 20
6
300
700
June! 11
70
6%May 21
Preferred
Common
1,500
Apr
100
4% 1st preferred...*
50
4% 2d preferred
.—50
Hosiery....—.6
Real Silk
5%
13X2
30
Rels (Robt) A Co 1st pref—100
Reliable Stores Corp..-No par
50
Company
Richfield Oil Corp
4
Apr
Jan 11
40i2 Jan
Apr
13i2 Sept
8% Apr
9%May 28
1934June 8
17 May 22
l34May 21
24% May 23
Reading
li~506
21
Bid and asked prices; no
.....25
preferred—
5334
712
9834
38
4,800
734
714
1
10%
7l2
7
*4
5X2
7
80
7
5I2
*4
*66
9%
*3x4
1
*19
%
934
7
5
5
%
54
9%
19X2
5i
7
28%
*Ig
*14
*2X2
*2X2
•
34X2
*52
27i2
5
36i2
9714
19%
734
*i«
*212
♦%
*»4
80
714
26i2
*%
*14
*2X2
h
7%
33i2
*484
334
*66
52
—1
Republic Steel Corp..-No par
6% conv preferred
100
6 % conv prior pref ser A. 100
Revere Copper AJBrass
5
r* Class A
—...—..10
7% preferred.———100
bii % preferred.—
100
Reynolds Metals Co..-No par
6)4 % conv preferred—100
Reynolds Spring—.——1
1%
91
80
(The)
No par
6% preferred
——100
5% conv preferred
100
Purity Bakeries
No par
Quaker State Oil Ref Corp. .10
Radio Corp of Amer..-No par
55 preferred B
No par
33,50 conv 1st pref—No par
{Radlo-Kelth-Orpheum No par
Raybestos Manhattan. No par
Rayonler Ino
......1
13,000
140,600
1%
*18
*00
Pure Oil
Preferred with warrants..25
*70
84
No par
Pullman Ino
Rensselaer A Sara RR Co.. 100
92
*60
par
50
22
84
100
100
100
300
"65
*67
par
No
preferred......
preferred
preferred..
Pub Ser El A Gas pf 55.No
4,800
*17
934
55 preferred....
6%
7%
8%
7
22
9
No par
5% pf (ser of Feb 1 *29). 100
Pub Serv Corp of N J..No par
66
92
9X4
Procter A Gamble
43
*65
884
1
6% conv 1st pref......—6
5% conv 2d pref........50
*48
*15
834
Pressed Steel Car Co Ino
*40
7l2
25
8i2
{Porto Rlo-Am Tob cl A No par
66
92
8%
No par
41
*16
834
Poor A Co class B
41
*65
•
700
18i2
*2%
No par
*48
H2
17%
79X2
69
T.700
2,600
12
40X2
25,300
95
9,100
*10%
*634
800
434
412
17%
29
1934
12
*1H2
*65
16%
28
*2I4
700
1,800
1112
18
27
18
500
16%
*25x4
17%
3
39%
17,300
%
27
2II4
"21", 200
54
*16
25%
17%
*214
107g
100
52i2
%
1634
5534
%
I
27%'
*534
200
"loo
17
34
17
434
95
*65
55
6IX4
%
16
10X2
11%
*27
*25
5,800
150
5H2
*13%
40
*115I2 117
131
16
%
5,000
105
*114X2 116
131
50%
%
%
16i2
1514
*16
12
*65
100
9i2
400
30
*126
9%
*1H4
4X4
100
3,300
*111
*11034 114% *11034 114
114X2 *111% 11412 *111% 114X2 *111% 114X2
18
20
19%
1934
21
19X4
18%
1934
1934
2134
21%
2OI4
7
7%
712
7X2
7%
734
8%
7%
734
8X4
7%
8%
*75
*76
84
84
8 534
86
86
86
*84
86i2
86i2 *75
*73
74
74
74
75
75
76
76
*76
78
a75X2 75X2
9%
*11%
4%
70
50
7l2
%
•
%
%
Pittsburgh Steel Co
1
1612
13i2
2812
56
115X2
9%
»ll
*%
163g
*12X2
7%
*x2
9%
9i2
30
115X2. 115I2 *115
3234
9
8%
.100
Pitts Screw A Bolt.—.No par
130
35
*»w
1
16%
16%
12%
12%
6%
7J4
7% guar preferred
800
18%
*23
28ig
47
Jan.23
23
Pond Creek Pocahontas No par
*12
30
17
136
200
15
*26
24
6% conv pref series A... 100
Phillips Jones Corp
No par
7% preferred
100
Phillips Petroleum
.No par
780
15
28
21
May 22
6%May'28
0igMay 18
25X2June110
37i4May 25
'
Hosiery...........5
45
15
10% Feb
Mar
Apr
May
7%
Apr 25
5% Sept
27% Sept
l7i4May'22
llx2May'21
May 21
Pierce Oil 8% conv pref... 100
2
4i2 Jan
Deo
Aug
Sept
Aug
1314 Apr
3984 Apr
2914 Apr
68
3,400
18
28
'
10
084
*15
15
23
par
1%
16X2
12>4
15
28
8
%
I6I4
5,800
15
121
May 18
May 22
li2June113
5i2May 21
7% pref class B
—100
5% pref class A
100
5M % 1st ser conv pr pf. 100
Pittsburgh A West Va
100
Plttston Co (The).....No par
Plymouth Oil Co
5
15
*23I2
8
*l2
16
*19
""""50
172
5
Feb 17
Peoria A Eastern Ry Co...100
Pere Marquette Ry Co
100
Peoples Drug Stores Ino
5
Peoples G L A O C(Chic)..100
Pitts Ft Wayne A C Ry Co. 100
*167"
118i2 Jan
4
15
Preferred
23
5
2484 Jan
Phoenix
1,000
June
5
May 22
Pet Milk Co
135
7i2
*65
July
Mar
33
23X2
514
Sept
Feb
2i2 Aug
17i2 Aug
11% Sept
41
23
*
2%
13%
11*4
69i2
9434
484
5
740
9%
*33
41
*35
*—.
21
3
39
9%
Jan
414 Sept
47
Sept
Jan
3
*2i2
*36
9
23
*33
41
135
3
39
884
9%
*33
*..—
4X4
18i2
634
72
3
39
Jan
16% Jan
790
»1«
«X6
*I«
*%t
*16
5i«
si«
*!•
Sl«
%
70
70
75
73
7134
6912
70
70%
73X2
72i2 7414
*1077g 125
*107% 125
*107% 125
*107% 125
*107% 125
*107% 125
4
*334
4
414
3%
334
*314
4
*3%
3%
384
384
35
*27
""
*27
35
35
*27
35
35
*27
45
*27
45
30 ?
30
28
32
27%
2934
30i4
3234
34
31% 33i2
34X4
*8X4
*22%
Jan
25
600
*i«
71%
*35
Apr
11% Apr
IX4 Aug
684 Apr
*5X4 Deo
48
Apr
74
Apr
% Apr
26
10
100
•
42'g
76
*71
30
Jan
lx2May 22
Ua4May 21
19,100
7
29%
42lg
76
1414 Sept
li2 Apr
Feb
14ig
107ia
13%
Penn-Dixie Cement
300
6i2
*6%
27%
12igMar 4
103gMay 13
6
104
1,500
Penn G1 Sand
7%
29
7% Sept
2% Mar 12
5%May 21
584 Jan 13
Sept
8
3
8%
27
1714
20
7
34May 28
.
Sept
6Xg Sept
72
2% Apr 12
44i2 Apr 9
2214 Apr 10
Feb
Apr
Sept
92
9
*li4
I6I4
%
4% Jan
1%
8%
25X2
18
21
l%May 21
32igMay 28
l3i2May 22
June
35
45x2 Apr 5
10ix2 Jan 25
8% Apr 4
94
Apr 15
10% Apr 6
90i2May
ll2
83g
24X2
15i2
*16l4
612
*16l4
6
2
share
11% Jan
4*4 Jan
19% Dec
884 Sept
2
Sept
0Oi2 Jan
6
900
I6I4
Jan
per
June
1,100
26%
9% Sept
June 12
1
Apr
l%May 22
17X2
20
21
23
21
10
Deo
3
Highest
71
28i2
8%
par
7
7
814 Jan 4
4% Mar 11
2514 Apr 4
share 5
Penney (J C) Co
No par
Penn Coal A Coke Corp....10
2814
*17
2.60
Transporta'n. No
11
per
62i2 Jan
28i2
17%
No par
Parker Rust Proof Co
22
\
May 23
28i2
17
28i4
1
6% 1st preferred
—100
6% 2d preferred—.
10
l2May
26X2June
99i2May
4X4May
64
May
6X4May
15 May
share
5,400
500
18%
16%
18
.100
584June
per
45
12
16%
♦10
3
15I2
14
*16«4
20
6%
18X2
*1
22%
22
22x4
17X4
1534
2734
3
Pan-Amer Petrol & Transp__6
Panhandle Prod A Re!
1
Parafflne Co Ino
No par
37
16%
3 per share
5
2i4May 15
12
May 21
preferred
Year 1939
Lowest
Highest
Pacific Western Oil Corp.—10
Packard Motor Car
No par
Pan Amer Airways
Corp
5
conv
Range for Previous
No par
t
2%
1534
11
*10
Par
Parmelee
6%
6%
2X4
15ig
"3^500
H4
7514
2%'
2
17%
1%
49
*46
2i4
15
'
6%
7%
7
76
12
2
714
7%
73I2
2
214
15ig
*2
*15
600
;
1%
46
*10
200
■'J-Jr.
45
*13
21g
15",400
:
Range Since Jan. 1
On Basis of 100-<Shar« Lois
Lowest
4%
2
2
45
*1%
"""966
28i2
3334
*1714
17g
15,600
1,800
17%
z33
H4
•
14i2
10%
%
*15
1%
17
634
38.000
*9%
*ui»
14%
10l2
28l2
17%
6X2
73
1%
*15
1*4
33ig
*42
1.100
3l2
3%
:-S%
•
17
46
73
*
32%
612
6I4
CENT
28x2 29
*
100
100
*.— 100
4%
4%
4%
484
4i2
434
67
67
*62X2
7334
*65i2
68
7
x7
7
7
*684
7
7
18
%
28X2
28
4%
70
*15
16
67g
100
*6%
18
*%
26X2
4%
*63%
4%
65,
33
H4
:67g
34
26%
*—.
101% *i—; 100
'1
i
'
*%•
34
3785
6%
17% Sept
34
Jan
2% Nov
4912 Sept
% Sept
2
Jan
6
Sept
0i2 Sept
51*4 Nov
109
Aug
23
Sept
^ Called for redemption
New York Stock Record—Continued—Page 9
3786
LOW
AND
SALE PRICES—PER
HIGH
SHARE,
NOT PER
CENT
June IS, 1940
Monday
Tuesday
Wednesday
June 8
June 10
June 11
$ per share
$ per share
$ ;per
share
8I4
83j
8
8
65
*65
7%
65
70
*65
June 12
June 13
June 14
Week
$ per share
$ per share
$ per share
Shares
8%
68
878
8%
v. 68
68
8%
834
65
66
8%
834
*66
.
68
■
*94%
97
4%
14
12%
14
134
*18%
13U
*76%
■
134
21
13U
82
1%
*18
*76%
*11%
12i2
6l2
6I2
16%
14
I84
13
82
15
18%
*15%
1034
39
39%
2434
25
23%
*3
3134
29%
5%
99%
1
1
53s
5%
98
31
5%
98
1
1
10
*127S
18%
2134
3434
13%
18%
12%
17%
18%
22%
21%
2138
35%
32%
347g
*29
30
29
29
*61%
64
*61%
63
212
2%
10%
13
*5%
5%
5%
5%
*4%
57g:
4%
5%
4%
4%
584
5%
6%
534
50
*138
1034
*22
*120
778
14%
1%
1034
6%
1738
5
*4%
*29
18%
17%
5%
438
5.
434
35
234
6
4
4
*9
8%
10
'*39
6%
*3%
334
334
*62%
16%
*49
293g
5%
32
33
5%
99
98
*97%
1
13s
*4
534
6%
7%
14
1%
22
36%
35%
29%
30%
29
12,000
19,400
Standard Oil of Indiana
29
34,900
.1,400
Standard Oil of New Jersey_25
Starrett Co (The) L S—No par
65%
65%
1,300
4,100
64%
6%
5%
6%
6
6
4%
4%
434
484
434
434
500
6
6
6%
6%
6%
6
6%
7,400
7%
36,100
49%
2,500
7%
734
14%
1%
1%
11%
11
*22
7%
634
51
48
49
49
120
*120
128
*120
7%
16
1%
12%
24
7%
14%
1%
1034
22%
7%
15%
1%
5%
*4
5%
4%
4%
*29
534
4%
*4%
32
*30
6%
4%
*4
32
*28%
128
7%
7%
15%
1%
15%
1%
-12%
1134
11%
22%
*22%
24
6%
19
'
*4
6%
17%
6%
6
5
5
33
5
*4
4%
*28%
*3%
4
4%
38%
37%
2%
2 34
234
234
2%
3
2%
2678
*5%
27%
2678
5%
27%
27%
29%
2%
2934
6
6
6
5%
3%
37g
4
4%
4%
*6
8
4%
7%
4%
8%
7%
*9
10
.9
7%
2834
*38
43
*38,
2%
*30
9
9%
*2
2%
32
3%
22
*30
3%
3%
24%
22
*3%
9
3%
4%
*4%
4%
32%
1%
12
9%
1%
12%
14
9%
81
*78
22
21
2278
23
37%
37
37
40
4%
14%
14
438
1434
15%
5
1%
*51
5
1%
76
86
*5%
1%
*52
*82%
4%
6
5%
1%
1%
76
*54
*3%
334
9
6%
*6
5%
17%
7%
534
*15
5%
*15
*1%
*14%
6%
*%
21%
9%
1%
19
6%
5%
*15%
7%
h«
%
22%
10%
*334
*6%
5%
»
17
1%
3%
2434
*3%
1978
4%
234
31
31%
4%
81
4%
41%
30
36
13%
9
1%'
17
*15
1%
16
7%
%
1%
934
*38
6,600
1,500
4%
1,900
*4
7%
*30%
3%
3%
*22
25%
25%
2%
31
3%
25%
3%
4%
4%
20
3,500
130
OH
6%
.1
No par
preferred
—-.100
Sunshine Mining Co.-
10c
Superheater Co (The)..No par
Superior OH Corp.—
1
Superior Steel Corp
—100
Sutherland Paper Co
10
Sweets Co of Amer (The)—60
Swift A Co..
25
1,100
47
Symington-Gould Corp
17
w
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
Texas Pacific Coal A 011
10
Texas Pacific Land Trust
1
Texas A Pacific Ry Co
100
Thatcher Mfg
No par
pref
conv
No par
No par
Thermold
$3 dlv
100
Co
1
conv
preferred
Third Avenue Ry
Thompson (J R)
10
1%
1%
*13%
13%
700
9%
9%
9%
5,000
300
$4.50 conv pref
No par
Tlmken Detroit Axle..
10
*82
16
15
90
21%
40%
4%
*5%
1%
134
*5412
134
76
334
334
7%
*6
15
5,300
684
684
700
1%
134
76
1,800
334
384
"""706
7%
7%
,
5%
6
534
15
*14%
1%
16,700
5,100
*54%
7
*14%
*1%
16,900
15%
4%
434
16
6%
23%
4134
4%
6
3,400
20th Cen Fox Film
CorpNo par
15%
*1%
134
16%
80
7%
610
%
23%
25
25
10%
12
10%
12%
16,900
06%
67%
6584
67%
22,900
109% 110
*109
110
No par
10
$1.50 preferred
200
7%
%
Transcont'l A West Air Inc..6
Transue <fc Williams St'l No par
Tri-Contlnental Corp..No par
.No par
734
734
%
Timken Roller Bearing.No par
Transamerlca Corp..
2
200
Nopar
Twin City Rapid Tran.No par
7% preferred
100
4,700
Twin Coach Co
7,500
180
12%
1234
12%
1234
12%
4,400
73
74
75
76
74
73%
74%
4,500
*74
75%
75
70
74
70
70
71%
71
71%
71
71
2,000
*243s
25%
4234
24%
3934
24%
42%
*24%
4034
1478
1234
14%
13%
70%
25%
43%
14%
1
Union OH of California
Union Pacific RR Co
25
100
44
44
45
45
*46
50%
*43
50
44%
44%
600
United Carbon Co
*11%
13
*11
12
*12
13
*11%
13
13
13
100
1%
29%
1%
1%
11,700
Unlted-Carr Fast Corp .No par
United Corporation
No par
29%
29%
2,600
1%
27%
•Bid and asked Prices:no sales
1%
1%
28%
29%
rrthis day.
1%
29
J In receivership,
a
Def. delivery,
$3
preferred
n New stock,
17% Mar
12% Apr
10% Aug
1% Sept
13
Sept
14
Apr
127
Apr
23%
3% Sept
18% July
35% Sept
143
Dec
Jan
29%
Dec
21%
Jan
23%
Jan
15% Apr
36% Nov
34
4334 Sept
Mar
1% Aug
3%
434
Apr
9% Sept
Sept
60
Jan
2334 April
47
/ Feb 9
14%
36
Apr
Apr
70% Nov
22% Dec
5178 Sept
38*4 Apr
3
11
Apr
34%
Dec
67% Apr
2
42
63
Dec
11% Jan
66% Apr
3
9
40% Apr 10
7% Apr
2
5
3
8% Feb 15
8% Apr
12% Jan
Jan
Jan
Apr
20% Oct
25% Oct
33% Sept
30
Sept
38
Aug
53% Sept
20%
Apr
36
Sept
65
Apr
80
Dec
6% Aug
3%
Apr
5
8%
Apr
6%
12%
Jan
734 Sept
17%
Jan
Apr
10
Oct
4
4534 Sept
66
Jan
Feb 13
118% Sept
10% Jan 20
27%
2%
17%
35%
5%
10%
Apr
2
12% Feb 21
65%May
124
Dec
Apr
24% Sept
22*4 Aug
Apr
Jan
Dec
34%
7% Jan
108
June
13%
34% Apr 11
80*4
Oct
16% Mar
75% Mar
434
10
7% Jan
18% Jan
2234 Jan
26% Jan
46% Jan
18% Apr
5% Dee
94
108% Apr
2% Jan
29
Apr
8% Aug
6734 Dec
5
Jan 3
Apr 4
Feb 28
Jan
7%
Apr
128% June
1134 July
19% Sept
1*4 Aug
10
Apr
38%
22*4 Sept
30% Mar
578 Sept
Jan
3% Sept
22% Jan
10%
7% Mar 25
2478 Apr 22
17
Apr
25% Sept
32% Jan 25
2434 June
37% Sept
3
4% Aug
12% Sept
7%May 3
Apr 11
3-% Aug
478 Aug
48
Feb 16
30
34
14
5
Sept
15% Sept
10% Apr
11% Apr
Mar 21
2
24
9% Jan
6
40
Mar
6% Mar
7
5
6
Mar 21
47% Apr
4% Apr
4
4
Mar
7
7% Apr
8
534 Apr 22
38% Apr 16
2% Jan 4
23
Jan 27
12
May
97
May 10
6
33%
Oct
3% Aug
4
Jan
9% Sept
7% Mar
43% July
6% Mar
Apr
9% Sept
32% Aug
3% Aug
50*4 Sept
5*4 Jan
38% Sept
11% Sept
5*4 Nov
9
Jan
8% Sept
22%
Jan
24
Oct
61
Oct
15% Dec
Dec
3%
Dec
584
Oct
Sept
1%
Oct
Apr
6
Nov
Apr
2%
41
33
Nov
Jan
2*4 Sept
17
Apr
1% July
7%
Apr
9% Aug
3%
Oct
434 Nov
33% Nov
334
Jan
18% Dec
14% Mar
Sept
96
Feb
27% Apr 24
10*4
Apr
25
Dec
3
34%
Apr
54%
5
Sept
52
7
Jan
Mar 14
2178 Apr
4
8% Apr
234 Jan
4
83
6%
5%
Apr
Apr
Jan
8% Sept
1278 Dec
10% Jan
4
2
Mar
7
5% Apr 15
74
Apr
3
Apr
784 Sept
10% Apr 24
13% Jan 4
25% Jan 23
6
Apr
11%
Dec
14% Sept
26% Jan
82% Mar
3% Apr
30
Apr
4
4
13% Mar 14
Feb 19
18*4 Apr 22
88%
Jan
4
116%May
17% Jan
2
8
98
Apr
8
Jan
fkn
19*4 Sept
34%
1% Apr
17% Apr
3«4 Aug
35% Aug
12% Jan
7%
1% Jan 11
45
4% Sept
88
'4
Apr
Dec
34% Sept
6
434
66
Jan
Jan
Aug
13% Dec
65% Apr
108*4 Sept
94% Sept
118
15% Aug
81% Apr
105
Sept
90
July
1934
July
Jan
51
400
138
Sept
Dec
24% Sept
1334
26%
Dec
21
9
31
1334
1%
28
112
Apr
20% Mar
13%
13% *13%
13%
13%
14
*13%
14
111% 111% *110
111% *110
111% *110
111%
1%
5
Jan
11%
53% Apr 16
23*4 Apr 4
18
Apr 17
Un Air Lines Transport
5
United Biscuit Co
No par
Preferred
100
26%
8
Jan
May 14
Oct
Jan
Sept
2978May 11
United Aircraft Corp
29,800
13
29
May
Jan
3% June
28%
29%
3934June 10
12
May 21
l2%May 28
111
May 18
42%May 23
12
May 24
l%May 29
26% June 11
200
14%
43%
15%
30,600
,15%
45
*28%
3
127
8% Sept
3234
2234 Jan 21
2434
42%
14%
20
4
Apr
Apr
10778 Nov
5
2534
44%
2434
42%
15%
111
Jan
Aug
Dec
Oct
78
4434
111
39
64
11*4 Feb
38% Aug
17% Sept
70
101
Apr
Apr
Jan
7% Sept
98%
4*4
17%
2%
16%
15%
Aug
Jan
Sept
89% Feb 10
*44
1%
Jan
Sept
June 10
*11%
1%
June
6% Dec
28
4
70
100
1434
*2434
43
42% Feb 16
534 Mar 8
Jan
Jan
No par
4% preferred
Union Tank Car
43%
26
3% May
53
l%May 22
13%May 22
6%May 23
% Mar 16
21%June 10
9%May 21
59%June 10
105 May 27
12
May 21
71 May 25
{Ulen A Co
No par
Under EUlott Fisher Co No par
Union Bag A Paper
No par
Union Carbide A Carb.No par
Union El- Co of Mo$5 pf No par
2,200
18%
2134
72
Apr
Aug
2534May 28
1
May 18
8 May 21
834May 28
81 May 28
18 May 21
35%May 21
4%May 21
lO%May 21
4%May 22
l%May 22
74 May 20
3%May 21
6%May 22
5
May 21
14 May 22
preferred.No par
preferred
Truax-Traer Corp
Truscon Steel Co
*%•
17
cum
56
73s
16
25
Thompson Prods Inc..No par
Thompson Starrett Co.No par
$3.50
30% May 10
152% Apr 23
30%May 6
15% Jan 3
20% Jan 3
3478 jan 3
7
Apr
Dec
Sept
4
Tide Water Associated OH..10
2,900
Jan 2
2% Mar 11
16% Jan 3
1
61
7
5
Jan
3% Sept
24% Sept
3% Jan
857, Nov
Apr
26
June
1
10%
52% July
117% May
60%
11%
10%
3534 Apr 11
8% Jan 8
6% Jan 4
12% Jan 8
18% Jan 8
234 Feb
100
13%
900
3,400
8
6
5
4
9
12 %
72
Apr
15% Aug
1% June
20
5
Preferred
Sept
May 9
2%June11
30%June 5
3 May 15
60
Tennessee Corp
5
Texas Corp (The).—......25
The Fair
June 10
105
44
1
9
preferred...
May 24
Apr
434May 21
334May 22
4%May 21
28%May 20
3
May 22
4% May 14
33
May 25
2%May 21
26%May 23
512May 22
3%June 3
5
May 22
8 May 21
w.l
Without warrants
Talcott Inc (James)
June 10
118%May 29
7%May 15
12%May 21
l%May 21
9%May 22
20 May 21
3 May 22
srl7%May 29
Swift International Ltd
9%
33
74%
111%
Sun
4%
12
*110
Studebaker Corp (The)
30%
72%
14
No par
4%
77
*13%
Stone A Webster
3134
1%
16%
8%
S16
25%
*25
1
$3.60
""160
*75
42%
1434
Stokely Bros & Co Inc
*4%
84
23
24% 25
10
10%
11%
1238
60
62%
63% 67
108% 108% *109
10934
12%
12%
12%
1234
5
30%
1%
13%
4234
1%
700
41%
*2
334
400
884
*38
3i
10
Stewart-Warner Corp
Telautograph Corp
2,600
8
*8%
25
Sterling Products Inc
634%
6
23%
16
100
2934
82
6%
2,300
2,400-
6
41%
17
5,400
29%
6%
4%
7%
9
2134
3%
7%
"MOO
1,800
86
76
2,300
200
3%
3
41%
2%
334
3,000
14,300
*30%
3%
*2
1,900
1,700
4
4%
39
4%
24%
41%
4%
x2158
59% 62
108% 108%
29
140
33
*3%
434
3734
*3%
No par
36%
30%
29
21
21
28
22
22
23
21
1
May 18
2%May 22
9% May 25
l2%May 21
17%May 22
2034May 28
29%June 1
23 May 21
56
May 21
4%May 15
4%May 20
6
May 21
534May21
No par
prior pref
19
23%
6434
120
preferred
cum
18%
5%
6%
No par
Standard Gas A El Co.No par
$7 cum prior pref
No par
Standard OH of Calif._-No par
64%
7%
98
preferred
14%
538
6%
No par
$4.50
14%
29%
65%
4934
2
Standard Brands
$6
2,400
No par
Square D Co
Jan 29
14%May
May
May
45%May
434May
46
May
26%May
5
May
No par
pref A
24*4 Feb
19
No par
1
$4
23
6%
conv
Conv $4.60 pref
400
39
2%
4,200
$3
1,700
4%
3714
32
410
Splcer Mfg Co
Spiegel Inc
4,300
4%
36%
40%
10
9,400
1%
*3%
V
2,400
Apr
June
33
3
23%May 10
May 21
3*4
44% Sept
9% Aug
Feb 19
May
65
No par
Spencer Kellogg A Sons No par
Sperry Corp (The) vtc
1
3
43g
34%
*2
15,900
12
34%
10
"""466
Jan
120
334June 12
1
-
preferred
13% Jan
25
l3%May 21
33%May 13
l%May 21
No par
Wlthlngton
$5.60
9
Apr 12
Jan 11
66
Apr 5
7% Mar 13
40% Feb 13
114%May
18% Aim11% Jan
8
100
Spear A Co
3
1%
-
preferred
Sparks
*11
*338
4%
33%
*9
100
3%
35%
338
62% 6234
*108% 10834
12%
12%
1%
6%
Ry
Mobile & Ohio stk tr ctfs 100
1,200
4
*6
16,300
19,400
684
6
No par
5%
4%
4%
Southern
35
534
4
21,300
98%
434
z4%
32
No par
5%
98%
22
3%
1078
58
26
Southern Pacific Co
32%
5%
3738
438
*11%
10%
35
99
23
*4%
1%
C.A
1%
3
*10%
*52
5%
5
10%
7%
5%
99
6%
17%
1%
24
51%
Z32%
17%
9%
61«
50
16%
41%
6
17%
4%
*678
2534
50
6%
51%
17%
6
2934
1%
*23
2534
52
5%
17
3%
19
534
16%
40%
25%
17%
4%
*15
35
99%
16%
41%
17%
28%
1%
51
16%
24
*50
4,400
preferred..
Southern Calif Edison
6
Jan 11
Apr
2% Apr 29
7%May 21
l%May 22
10 May 22
l634May 21
128 May 28
23%May 22
634May 21
100
8%
Apr
I63g
15%
69%
6*4
24
May
1778 Mar
76% Aug
Apr
% Aug
108% Feb
6I2 Jan 10
10%May
10
22,500
...
40%
19%
14%
14
3%
5%
17%
6%
4%
20
4%
5%
4%
27%
*138
52
2
*334
*62%
64
334
5%
*14%
"1,700
4%
35%
63
*1
1%
10%
*9%,1 9%
.
2
2
2134
*28
4%
29%
*3%
*6%
-
14%
1834
36%
*3%
4%
*2834
1%
S'eastern Greyhound Llnes.-6
So Porto Rico Sugar.—No par
13
22%
18%
21
6
"2"600
♦12
13
1%
133
19
21
76
3,900
:
par
Aug
Sept
%
1
_
2% Mar 25
88
15
South Am Gold & Platlnum—l
14%
20
21%
23
*1%
34,700
11%
14%
1934
3434
*22
*5%
500
8%
18%
3
*51
1634
1%
6
Jan
5
Typewr.-No par
Snider Packing Corp. „No par
Socony Vacuum Oil Co Inc. 16
19
3
1538
*15%
8%
1%
105
Smith & Cor
*62%
16%
42%
2534
No
$6
500
17
3%
4%
9%
1534
*28%
1%
*334
Sloss Sheffield Steel & Iron. 100
7
8%
•
*11%
21%
24%
7%
15
Skelly Oil Co
7
1834
4
3,800
-.10
Petroleum
300
19
*30
15
14%
—No par
12%
22%
,6%
4%
Simmons Co
12%
*4
*38
86
22%
38%
4%
2%
334
__
1%
1%
2% v 3
11%
11%
2%
11
13%
19
2134
18%
5,300
preferred
Smith (A O) Corp
18%
30%
37%
13%
18%
437g
2%
*79%
2134
Slmonds Saw & Steel-—No par
21
28
13%
*21%
*29
5%
122
6%
*4%
5%
1%
2%
*10
22
v
*50
48%
122
*2
*9%
52
578
48%
934
*4
40%
25%
49
784
2
5%
47%
49
30%
*3
33%
10
4
284
27%
*6%
*28%
10
47g
i
434
35%
6
33%
2
49
13%
1%
17
4
27%
7%
13
18%
32
*33g
*28%
134
22
24
*4
al8%
17%
122
*4678
122
778
*13%
15%
16%
2%
*120
14%
24%
11%
*
10%
3934
2%
6%
8%
24
*10%
49
25%
7%
9%
38%
5%
300
14%
21%
22
*133% 145
25%
2434
25
8%
7%
8
10%
9%
10»4
16%
16%
17%
33%
*28% 33%
*1534
133
7%June
95%June
3%May
12%May
l%May
17%May
12%June
67 May
21
conv
1634
7%
1%
12%
21*4
No par
Slmms
634%
Silver King Coalition Mines. .6
4
1% Jan
5
May 29
preferred-—10
Shell Union Oil
1,300
1234
7%
*12
34
10
61
_
Highest
share I per share
Feb 27
20
'
200
200
June
4*4May 21
par
par
2
14%
8%
145
par
44
*134
21
13%
1%
24%
*15%
52
21
9
par
par
per
% Jan
8%May 21
52%May 20
3
May 21
4%
20
1%
♦11
par
Jan
Jan
109
8% June 10
No
$5 conv preferred
No
Sharpe A Dobme
No
$3.60 conv pref ser A .No
Shattuck (Frank Q)...No
Sheaffer (W A) Pen Co.No
\
115% Jan 11
21
16
1
..No par
Seagrave Corp.
97
20
7%
9%
15%
38
48
2,900
5
Sears Roebuck A Co...No par
95%
4%
13%
4%
90
21%
*62%
1634
50
109
*133
22%
48
5%
134
3»4
*62%
*15%
3534
*48%
*97%
33%
200
2,000
May
%May
%May
11 May
share
7a4 Feb 21
49
18
21
l%May 15
61%May 21
Sharon Steel Corp
*78
834
—No par
June
per
%
2%May 21
May 14
108
Year 1939
Lowest
1434 Mar 27
85% May
May 22
% Apr 22
34
{Seaboard Air Line
No par
4-2% preferred
100
Seaboard Oil Co of Del-No par
2,400
"moo
$
7%May 21
65
Range jot Previous
Highest
share
102
preferred
$4.60
per
No par
N» par
Scott Paper Co
Servel Inc
*105
7%
16%
preferred--—,
8%
$
6
100
1
100
534% preferred
{Schulte Retail Stores
5,000
78
24%
15
1334
*28%
134
100
15,600
109
678
884
1,200
77
*23%
9
22
52
31%
21
145
24%
7%
200
*105
12%
Schenley Distillers Corp
$4 preferred
"3",600
82
*12%
11%
20
*133
634
578
49%
578
49
11%
20
14%
30
Par
2
*134
21
900
Lowest
14%
4%
14%
2
200
109
15%
145
15
97
500
800
*78
16%
8%
1%
8%
*62%
*48%
*10%
*133
*95
2,500
-
'i
*105
81%
*15%
734
1%
*11%
1%
15%
33%
178
4*4
13%
7
734
9
*19
1378
7
15
97
4%
*134
*6
1*8
2414
7*4
14
14
2
21
123s
7%
2418
*7l8
87«
15U
*28%
*134
*3%
4%
634
*11%
7%
20'4
*134
*18%
13%
*76%
*94%
4
12
ISs
11%
145
1278
97
109
7%
*19
4
12
1%
•10%
*133
*94%
*105
109
*6
*15
96%
4%
21
1234
*105
109
109
4
Range Since Jan. 1
On Basis oj 100-Share Lots
EXCHANGE
Friday
•l 6
*16
*8
•u
*%
*»« 1"
%
%
*2%
• 234
*2%
2%
2%
2%
*2%
3
2h
*2%
3
*35%
37
35% 35%
*36% 37
35%
36
3534
3534
35%
35%
♦108U 109% *108% 109% *108% 109% *108% 109% *108% 114
108% 108%
107% *102
107% *102
103
*102
103
*102
10714 *102
*102
103
*it
*Ji«
%
%
%
*i«
>4
%
ai«
%
ht
♦%
%
H
h
*3g
%
♦%
%
*%
' %
13%
12%
12%
14
13%
14
12i2
12%
13%
13%
*1334
14
1%
*1%
2
1%
*1%
2
*1%
2
*1%
2
*1%
2
62%
64%
62%
64
64i2 65
64%
68%
67%
69
68%
70
8%
8%
8%
8%
8%
8i2
8%
9%
9%
9%
9%
9%
9
*934
9*4
9%
10%
10%
11%
10
*9's
1078
11%
11%
•41
♦41
60% *41
60%
60%
*43%
61
*43%
61
*43% 61
3%
3%
3%
3>«
3%
3%
338
3%
3%
3%
3%
3%
*43
*43
44
44
*4334 44
4434
44%
*42
44%
44
44%
5
5
*5
478
5
*5
5%
5%
5%
5
5%
5%
3434
3484
34% 34%
*3434 35%
35% 35%
*35%
35%
35%
35%
8
8
7%
784
778
778
778
8%
8%
8%
8%
8%
*4%
STOCKS
NEW YORK STOCK
the
Thursday
<
*%
*2i4
*94i2
Sales
for
Saturday
No par
No par
r Cash sale,
x
Ex-dlv.
y
119
Feb 23
Apr
Aug
Nov
Apr
16% Dec
14% Sept
112% Mar
I884 July
7%
119% June
69% Oct
65%May
2
52
Apr
19% Apr
6
4
13%
Apr
20
2
Apr
Feb 13
30%
Apr
3*4 Feb
39% Aug
27, Apr
42
Ex-rlghta.
Mar
t Called for redemption.
Volume
New York Stock Record—Concluded—Page 10
ISO
3787
AND
June 8
j
334
3
49
*3%
*28%
62%
1012
334
32
62%
10%
*28%
60%
10i8
7
3%
*3%
3%
*5
*6
*2334
1534
,38s
*83
5
*5
512
1434
15l2
334
378
6334
10%
38s
334
334
63i4
6%
*5
614
533s
5478
167l2 16712
*3%
358
*2334
32
17
*«i«
734
5934
23
*47
23l2
28
28
*27%
29%
15%
70
165S
71i4
*40% 42l2
*58
65%
46% 47%
109% 109%
1612
7U2
3978
*57i8
43I8
40
34
31i2
44%
158
15s
534
44%
15s
534
*13
*48%
55
*43
45
44
13
13
13
*13i2
♦48
53
140
12
I
72
29
30
23
*7ie
*12i2
16%'
*12l2
«
*20%
*2
~
-
111
*6%
*28%
*73%
*120
%
%
6%
*17%
*90
*3%
*19%
*10%
*4%
%
l
,
6%
1734
6%
3
19
12
*103s
4%
7g
14
*2078
*15»4
*2%
*16%
61%
*91%
*100
*90
314
*7g
*13%
2
38
*25
*13,,
23%
22%
22%
207g
14%
*3%
*22%
21%
92
92%
378
*90
33g
33
Kie
5
23%
21%
4%
Universal-Cyclops Steel Corp 1
58
200
Universal Leaf Tob
130
71#
*27
2%
37
*28
15
l5i«
"1#
»i«
*3%
23%
5%
23%
23
4%
22%
*21%
zl5%
*2178
15
16%
17
62
*60
94%
*101
92
90
114
*108
*14
16
15
15
16
*96
105
*96
105
*96
21
*7g
2%
15
94%
2278
234
21
62
94%
102
.
■
17
234
234
5%
434
*516
*15%
19%
1534
195s
14%
18
1934
8 534
81
8334
100
*10%
*78
30
17
*278
3%
17
18
17%
18%
63%
*60
63%
93
93
293
93
102
102
15%
1634
*234
1,000
1,400
200
105
*96
*96
22
24
900
105
25
25
"moo
3
3
1,200
25%
2334
278
278
3%
5
5
*278
*4%
3
5%
%6
*5
5%
300
7i«
*%
100
16
16%
17% ■\ 15%
1634
157s
16%
21
21
217g
20% 21%
20% 2234
89
93%
85%
88%
92
89%
92%
120
120
*118
125
*118
125
*120
13034 *121
1247g *120
13034
27%
28
*28% 30%
28% 30%
3034
327S
30%
31%
30%
3134
*29
31
30
31
30%
28% 28% *29
31%
31%
31% 31%
3034
31%
31% 31%
3234
*315g 32
33%
34%
33%
34%
33%
*50
70
*50
70
*50
70
*50
70
*50
70
*50
90
*85
90
*85
90
*85
90
185
90
*85
20
2034
2034
2178
*9534 105
22
23
3,600
800
18%
*9334 105
*50% 55
*8%
9%
*95% 105
60
*55
*8%
9%
8%
; 85s
*5%
*4
8
*16
4%
4
4
*4558
2%
2%
4%
4%
334
22341
434
334
46
4%
46
14%
4%
24%
105
9334
59
*50%
9%
*8%
9% i 87S
578
578
5
4%
""206
60,400
18,300
5,700
i»
5%
5%j
434
5%
434
5%
4%
4%'
49 <
4%
4%
4%
49%
4%
49%
46%
*105
4734
116
Jan
2
100
*98
107
*80
82
79
80
500
18%
18
13%
600
Yale 4 Towne Mfg
12%
17%
12%
12
12%
1234
1234
zl05
105 \ *101
106 i
101% 102
7%
8%
8%
834
8%
834
31
3278
30%
32%
30%
33%
*71
89
*71
*71
90%
90%
15
16%
15%
16%
16%
16%
9%
10%
10%
10%
10%
10%
2%
2%
2%
2%
*2i4
238
*54
*46
62
*46
58
*46
58
95
75
17%
17%
113s
11
101
101
7%
7%
28%
31%
*71
13%
9
2%
89
14%
9%
2%
Bid and asked prices; no sales on this
7,800
70
75
*
preferred........No par
19%
70
17,200
day.
18%
30
31
31
400
4
40
4
t In receivership,
u
0
160
40,500
4^200
3,800
1,400
1534May 21
May 18
13%May 21
60 May 22
64
May 10
30
29
June
5
39% June 13
91
June 10
73
...—100
May 23
15%May 28
934May 21
98
May 25
Young Spring 4 Wire—No par
Youngstown S 4 T
..No par
5H% preferred ser A—-100
Youngst'n Steel Door—No par
Zenith Radio Corp
No par
6%June 10
26% June 10
80
May 28
12%May 21
8%May 21
Yellow Truck
Co.——25
4 Coach cl B..I
Preferred
40
3,300
37,600
Jan 15
334May 21
7
82
*54
91
2%
3
June
Wisconsin El Pow 6%
"MOO
4
45
103
24%
3134
17%
Jan
14«4May 22
178May 15
1% Jan 5
10
100
23%
31%
16%
70
19
11%
*2%
38
No par
*79
24%
3134
17
*54
78
9
2%
800
....
67
102
1434
36
*18
1534
*105
60
—
78
89
2878May 21
50 May 28
85
May 24
18%May 21
9334June 13
51 May 29
834 Mar 16
7%May 21
4% Mar 23
3%May 22
5
20
23
31%
*95
834
2%i
6% conv preferred
Wilson 4 Co Ino
Jan 20
2734May 21
...20
Wilcox Oil 4 Gas Co
76
16%
24%
31%
17%
39%
13%
600
107
24%
30%
30
*71
234
76
23%
31
16%
40
93s,
49%
...J* 105
32%
15%
26
Willys-Overland Motors..... 1
*37
*9%
14%May 22
15%May 21
May 21
110 May 21
Corp...l
No par
3
*2
34 conv preferred
Prior preferred
June 10
76
White Rock Mln Spr C0N0 par
White Sewing Mach
June 10
234May 15
4%May 18
%May 15
Wheeling 4 L E Ry Co
100
conv preferred
100
Wheeling Steel Corp..-No par
6% preferred
100
35 conv prior pref
No par
White Dental Mfg(The SS).20
White Motor Co
—1
20
2%
3%
*29%
*15
21
30
5% conv preferred.
3
96%May 22
90
_
*16%
18%
*2%
234
41
*71
3,200
100
*98
*
100%
7%
2934
510
484
*15%
31%
6%
26%
""loo
10,300
1,000
2%,
3% I
3
*36%
1*100
6
4%
Western Union Telegraph.
Westinghouse Air BrakeNo par
Westlnghouse El & Mfg
50
1st preferred
50
Weston Elec Instrument 12 50
Westvaco Chlor Prod..No par
1934
•*2%
*28%
7%
9%
Pulp & Pap Co No par
6% preferred...
100
Co.—10
Western Maryland...
100
4% 2d preferred
100
Western Pacific 6% pref.. 100
*16%
42
3034!
89 1
9
884
5%
4%
West Va
June
l08%May 23
11
May 21
lOOTsMay 17
Western Auto Supply
45
29%
101
9
9%
% pf. 100
*35
*34
*7%
2934
9
100
58
preferred
45
31%
*97
*61
91
100
100
preferred
*34
42
1034
*9334 105
59
pref erred ....No par
45
*35
11%
95
10,200
21
16
23
21
21
21
21
l5%May 22
60%May 23
%May
334May
22 May
20 May
13% May
14 May
2%May
1
*36
*29
*17%
2334
58May 16
30
*17%
*-
60
29%
21%
11
110
13% Mar 12
7% Apr 10
7% Jan
97
3
62%
Zonlte Products
Def. delivery,
Apr
Apr
8ept
6% Apr
384 Aug
584 Mar
May 11
75
June
10% Apr 11
1038 Jan 3
5
Mar
Jan 25
89
182%May 14
6% Mar 9
32% Mar 11
28
Apr 25
7% Apr 23
12% Apr 23
5% Aug
65% Sept
14984 Sept
4
Apr
Apr
Apr
23
13%
3% July
n
New stock
Corp..
r
Cash sale.
2
1
*
Mar
Ex-dlv
1
y
Highest
1
per
share
7% Mar
884 Jan
Feb
74
8% Sept
35% Sept
95
Sept
15
Nov
117% June
14
Sept
7% Sept
11
Jan
87% Mar
17% Sept
14
Sept
113
Jan
180
Mar
77s
35%
29%
10%
July
July
Sept
Sept
15% Sept
46
684 Aug
Apr
67
Oct
38% Jan
3284 Sept
49
Mar
39
31%
1%
37% July
74
May
Apr
1% Jan
41% Jan
April
117
65
Jan
4
Oct
Dec
31% Apr
8684 Apr
48
July
70% Jan 11
60
683s jan
41% Aug
98% May
30
Sept
3
124% Apr 23
39% Apr 5
48% Feb 20
2% Apr 24
758 Apr 24
2% Apr 11
61
Apr 12
17 May 10
Jan 15
70
159
Jan 22
112
Mar 27
39
19
Oct
1«4
Dec
49%May 9
59% Feb 28
31% Mar 14
4% Jan 4
Jan
15% Apr
48
June
8284 Sept
1207g Sept
37% June
4684 July
4
Sept
8% Mar
2%
Apr
Oct
46
Apr
64
Deo
9
May
17
60% Sept
Sept
45% Apr
85
Sept
July
163
June
146
78
Feb
Jan
1
Sept
16
Aug
21
Sept
Apr
Apr
40
Sept
40
Nov
%
25
Sept
347s Apr
54% Aug
18% Apr
2% Apr
116% July
44% Deo
56% Aug
29% Dec
684 Sept
8384 Sept
118
July
15
Sept
Jan
35
Jan
100
Mar
135
May
2% Jan
7% Apr
23%May
MarlS
101
63g
Jan
Apr
101
Dec
Mar
131
Mar
84 July
1% July
5% Apr
15% Apr
3
64%
125
138 Jan
3
1% Jan JO
25% Jan 10
4% Feb 19
60
68% Sept
z70
1%
17
Apr
112% Sept
4% July
31% Jan
118
6% Mar
6284 Jan
114% Nov
638 May
84 Apr
6
Feb 29
Jan
85
Jan
4
Apr
Oct
May 15
May 22
4
100
23%
30%
1534
67
*
5%
•
6
Jan
Dec
June 10
pref. 100
Woodward Iron Co—
10
Wool worth (F W) Co
10
Worthingt'n P4M(Del)No par
7% preferred A
100
6% preferred B._
100
Prior pref 4J4% series..100
Prior pf 4^% convserieslOO
Wright Aeronautical—No par
Wrlgley (Wm) Jr (Del)-No par
22%
30%
16
67
60
2%
3%
5%
*105
30
16
234
45
20%
3034
2%
37g
45
2178
*
4%
45
177a
*15
305s
16
5%
4
15
'*105
*
*5
*35%
2%
46
*105
9
45
2
2%
25s
4%
2%
87g
15
1834
2%
5
9%
8%
4
334
*95
*56%
*8%
*30
45
60
*8%
8%
434
534
4%
*33
*52
2178
conv
7%
6%
1,100
90
20
60
:
70
*85
6,200
11,700
12,700
3
15
7
No par
WestPennPowCo 4
100
24
5%
34
190
*96
857g Jan
117% Feb 24
Apr
14%
2
West Penn El class A..No par
100
105
25«4
30>4 Sept
14
No par
Wesson Oil & Snowdrift No par
160
102% 103%
91
91%
91% 92%
110% 110% *110% 112%
16%
17%
*16%
17
54% Deo
3% Apr
3
16% Feb
1
9% Jan 10
5
Wayne Pump Co
100
-
3
Jan
36% Jan 11
4
100
Webster Elsenlohr
3,100
May 22
June
334May 21
Washington Gas Lt Co.No par
Waukesha Motor Co
6
100
93%
3
t Warren Bros Co
No par
33 convertible pref. .No par
Warren Fdy & Pipe
No par
500
103
Jan
63g
35
10
No par
preferred
33.85 conv pref
10
17%
62
*60%
93%
102
7%
Warner Bros Pictures
100
Dec
l8%May 22
Co cl A. .No par
Class B
900
1,600
90
91%
91%
110% *109
112%
17
16
17%
105
Ward Baking
500
17
3
17
..No par
200
1534
*22
5%May 21
l6%May 22
92%May 24
..No par
700
1
5%
23%
23%
*78
*3%
*22%
No par
Co
Walworth Co
7,300
June 10
•%June 8
34May 15
Walk (H) Good 4 W Ltd No par
Preferred
No par
30
1
4%
22%
23
16
120
100
100
System
Walgreen
2,000
1
15
2%
35
........100
Waldorf
'MOO
147g
2%
4% Aug
4%
16
25
4J4 % pref with warrants 100
434'
*4%
65% Mar 14
share
109
400
1,700
10%
Mar 13
6
ver
4378May 10
tWabash Railway Co
5% preferred A..
334
20%
3%
20
I
3978Mar 15
117% Apr 9
400
%
6%
*90
12%May 21
share
7% Apr 11
38May 21
.100
Preferred
100
18%!
92
I
per
May 23
10
34
82%
15%
20
300
8334
15%
1934
84
240
....
1
2%
3
716
*234
*4%
434i
"""600
800
15
3
*60
"""200
1,400
,
_
7% 1st preferred
2%
%
June
Year 1939
Lowest
22%June 10
100 zll3 May 14
Vlck Chemical Co
5
35%May 28
Vicks Shreve & Pao Ry_..100
5634 Jan 6
Victor Chemical Works
5
19
May 24
Va-Carolina Chem....No par
l34May 15
14 May 22
6% preferred
100
Va El & Pow 36 pref...No par
109 May 23
Va Iron Coal & Coke 5% pflOO
5
May 18
Virginia Ry Co
..25
36%June 14
6% preferred
25
28%May 29
Vulcan Detinnlng Co.
71
100
May 23
500
2334
-
59
Vanadium Corp of Am.No par
Van Raalte Co Inc
5
35,100
2%
18%
100
Preferred
16%
16%
112% 113
*6%
15
3634
37
30%
30%
*6%
*3g
234
*434
500
23%
*73%
No par
preferred
Universal Pictures 1st pref. 100
Vadsco Sales
No par
16%
*12%
6%
18
4%
*14
15
2
15%
101
8%
10
718
*%
4%
1
*7g
15
preferred—.No par
100
700
84
92%
334
20
10%
3%
11%
4%
15
16%
36 conv
5
16%
*122
19%
10%
20
15
3
17
90
23%
*90
15
*108
•
18
15
*2%
3
*60
92
114
78
1478
*9184
101
2%
*%
*7g
6%
6%
15%
15%
*2%
15%
61%
93%
1%
16
8334
18%
*10%
4%
31
*73%
18
19
34
*105
23%
3l2
*30%
*122
*%
%
5
22%
2078
101
31
85
—
*6%
34
17%
*30
7g
*3%
67S
14.
40
65s
1734
923s
5
157S
16%
*7
*36%
7g
4%
*26
78
12
39
*6i8
*1714
2%
35
*7
*77
s4
112% 113%
*37%
*122
*l2
7g
1434
2
34
*14%
83
19%!
,
7S
*22
1534
12%
18
2%
*3%
15%
16
5
l%May 22
5%May 28
1 May 18
43
May 22
l2%May 24
45 May 24
l34%June ~
No par
45
2%
*73l2
20
7s
*31
2334
*2%
*122
1%
6%
1634
92%
3%
22
2l4
(70c)
United Stores class A
*40
*40
____
22
3
42%June
*15%
.
2334
10%
38
31
34
*90
4%
16%
23s
*28l2
31
83
*%
*7g
"
2is
31%June
25
Corp
*43
31%
15
*61S
*37i8
120
6%
1634
9234
3%
*1434
2%
*111
37%
120
%
■
12
16%
112% *llll2 112%
15
111
*28%
*73%
83
1,500
May 21
No par
preferred
Conv pref
115
2i8
100
*48
55
*7x#
23%
50
50
U 8 Tobacco Co
7%
15
No par
*133% 143
70
70
1412
70
*12i2
H8
& Mln
May 21
May 21
68%May 22
39%May 23
60 May'22
42
May 21
'21
103%May
100
Corp
Unl ed Stockyards
200
22
6%
30%
16%
612
*6
No par
10
Preferred
1,200
*20"
37%
128
%
*12%
Us
*133i2 143
70
*716
H8
178
178
U 8 Steel
40
,
10
8% iBt preferred
U 8 Smelting Re
Preferred
6
50
21% Juneill
27%June1 14
%May 3
20
USRubbe-Cc
200
45%
*3758
15
111
10%
*48
1,100
3334
*42%
30
3H8
33%
33%
30%
32
25
25
24%
24%
*24
2514
*105% 11234 *102l4 112
*102% 112
40
40
38
38
39% *38i4
39%
*22
*103
2%
14%
39
*37%
%
16i2
*3212
45%
' 1%
634
45
13U
72
*40
*2
16
111
72
111
22
*20
2%
44
*133% 140
70
*40
—
22
*15
53
U8
400
100
6478
179,500
54
112l8
6,000
4914
40
*37
40
*40
29%
26% 30%
22% 22%
*102% 115
*102% 115
*38
70
%
-1
-
16%'
23
52
*133l2 140
72
*•%
*2
*12%
*6
57
*47
13434 13434 *133
70
15s
14'
14
68
♦44
45
45
32
32
*42%
Foundry
U 8 Playing Card Co
fU 8 Realty & Imp
185s J 20,700
78
I
2,200
45
1,500
I
*5978
23
21
15
21
21
May
2%May
26 May
14 May
3%May
Corp. ..5
U 8 Pipe &
4,800
84!
17
64
700
27%
77
5218
11058 1115s
35
13
•43
44%
45%
17s
*6 ,:'i
678
1%
ll8
2714
June 10
Partlc & oonv cl A..No par
Prior preferred
100
1,700
5818
*"I«
"n
4984
15s
*43
I
2,100
25% I
50
165
5J4 % conv preferred
50
U S Industrial Alcohol. No
par
U S Leather Co.......No
par
3~400
7l2
7U
*47
20
100
preferred
U S Hoffman Maoh
"
4%
24i2
44%
*4212
1
19
4%
18U
78%
*60
52%
11012 lllSg
*32
30
17
May 18
5%May 22
par
7%
400
33s
*2334
28
5
80
3U
Jan 15
80
U S Gypsum Co
7,700
3%
32
19
25
No par
U S Dlstrlb Corp cony
pref. 100
U S Freight Co
No
600
634
55
June 10
3
May 21
3% May 25
No par
36 first preferred
f
3%May 28
2%May 22
40 May 22
278May 21
25%May 22
60 Ma: 21
10%May 22
107%June 6
6
Range for Previous
Highest
3 per share
...
US4ForeignSecur
190
170
5234
10
100
35 preferred
..No par
United Mer & Mauu Inc v 101
United Paperboard
10
100
6l2
170
»i«
64
4i8
63s
638
24i2
17%
78%
43
64
1
1%
45
*27
49
1,400
2,100
300
88
*514
75s'
58i8
2378
80
43
4Hs
65%
4878
108
10978
*3114
33
*42l2 4512
*ll2
is4
534
534
118
1%
31%
44l2
15s
7
*47
5g
183s
17%
7312
46
109
*42%
6
1712
72
*57
65i2
4678
108
1578
71
-
40
*32
*1
8%j
58%
58
16%
4%
245s
7%
34
*27
71%
*534
17%
7
22%
2712
384
3%
458
*2334
4%
500
*81
168
3%
19
43s
2134
50
2178
63s
*53%
712
*334
4i8
6%
Z168
4,600
14,900
3%
88
6
712
6%
*47
50
55%
225s
27l2
3%
*334
*81
88
6334
1038
....5
Corp
United Electric Coal Cos
6
United Eng & Fdy
6
United Fruit Co
No par
United Gas Improv't
No par
100
107S
1145s
63
10%
110
Par
Preferred
1,200
*110
65
10%
110
7%
35s
4
358
334
3012
7
63
114
7%
3%
900
45
3i2
*29i2
334
'CUnited Drug Ino
United Dyewood
50
*40
31%
Lowest
5,800
414
3
4i8
*234
3%
334
Sahres
418
40
*29
64t4
10%
IOI4
*81
88
3
32
*109
634
414
40
378
32
*512
6t4
5012 52l2
16712 16712
*3l8
3%
*2334 30
16% 17
334
378
52
7
225s
27%
•*
*314
3%
:
334
5l2
378'
*47 "
«
*63s
4%
3
41
June 14
Week
$ per share
j
$ per share
284
Range Since Jan. 1
On Basis of IOO-jSAot? Lots
EXCHANGE
Friday
.
June 13
$ per share
STOCKS
NEW YORK STOCK
the
CENT
NOT PER
Thursday
June 12
41
113
84
50
1534
*634
6%
16712 167l2
*3i8
35S
*2384 30
3%
30
*3%
10%
*108
5
175
3%
62
10%
3%
6%
53
52%
*165
4
32
45
84
712
212
*35S
SHARE,
Wednesday
4
4
*28%
108
*3l2
334
88
378
2i2
*41
62l2
6
*84
$ per share
3%
32
108
»634
j
45
3%
112
>
June 11
3
*41
*108
|
4
*2%
*41
PRICES—PER
Tuesday
.
$ per share
4
*2%
SALE
June 10
$ per share
4
HIGH
Monday
(
Sales
for
LOW
Saturday
Jan
3
1% Deo
21
3%
36
Deo
Dec
Feb
Sept
3% Sept
8
Oct
238g July
98% July
9% Jan
5034 Jan
20% July
14% Mar
2%
44
6%
68
3%
Jan
Mar
Jan
July
2
Mar 16
1% Nov
9
Mar 16
6%
Apr
31% Jan 5
28% Feb 7
20% Apr 22
19%
Apr
1484
Apr
Sept
Apr
32%
3%
Jan
Oct
July
28%
Jan
79
Jan
24
Jan
4
478 Feb 23
20
17«
29% Apr 16
16
75
55% Aug
Jan
4
Jan
1384 May
3534 Oct
24%
Jan
110% Apr 12
85
Apr
115
Apr
9
95
Apr
107% Deo
112% Dec
108
Jan
8
88
Apr
106
Deo
105% Sept
15% Nov
115
Nov
118% Apr 30
253gMay 3
105
Apr 29
407g Apr 4
20%
36% Nov
Apr
684 Sept
11% Sept
2
Sept
Jan
2%
3%
Apr
%
Deo
16%
Apr
1
Jan
28% Jan
28% Jan
118
138
18%
82%
Jan
Jan
3738May
38% Feb 13
39% Jan 3
67
98
Apr
Apr
126
May
10% Apr
15% Apr
*29
Apr
37
Sept
37% Sept
121
Sept
145
Mar
28% Deo
39% Deo
39%
42
July
76
Oct
74
Apr
Apr
97
Oct
38%
Oct
80
Jan
80
Jan
45
July
78
Oct
15%
8%
Deo
7
Apr
3% Sept
I84
14
Aug
Apr
14
Sept
2% Aug
1
June
23g June
2% Aug
Aug
Mar
6
32
121% Mar
277g Apr
42% Apr
2478May
1
9
5
8
105%
12% Mar
I684 Oct
7
20% Deo
4% Nov
3% Feb
6% Feb
7% 8ept
60% Nov
Apr
Apr
Sept
10% Apr
115
15
Sept
3184 Sept
36
5Q88
Jan
23%
Jan
Jan 25
47% July
74
69
Apr 23
43
69
May
8
54%May 9
129
Apr 9
93
Apr 26
Jan
8
19% Jan
4
25
124
Apr 23
14
Apr 16
48% Jan 3
9378May 10
28% Jan 4
17% Apr 8
4% Apr 22
Ex-rights.
Jan
4% Nov
3484 Nov
71
42
Dec
4
Jan 30
Mar
35% Apr 9
105
Apr 30
71
Apr 5
11% Apr 18
137g Apr 9
11% Apr 10
7%May 3
67%Mar 8
247gMay 2
3% Jan 11
3% Apr 22
634 Apr 13
7% Apr 22
70
Deo
Apr
8% Apr
5
19%
May
23% July
31% Apr
85
Apr
75
Mar
18>4 Sept
11% Apr
98
Apr
9% Aug
30
Apr
74
May
17
12
Apr
Apr
Aug
Oct
Oct
38%
53%
124%
85%
33%
21%
Sept
127
Nov
Sept
Nov
Deo
Mar
Oct
21% Jan
56% Sept
92
Sept
34
8ept
22% Jan
3% Sept
1 Called for rederaoM»1
June IS, 1940
3788
Bond Record—New York Stock Exchange
FRIDAY, WEEKLY AND YEARLY
sales
NOTICE—Prices are "and Interest"—except for income and defaulted bonds.
Cash and deferred delivery
week's range, unless they are the only transactions of the week, and when selling outside of the regular weekly range
In the week in which they occur.
No account is taken of such sales in computing the range for the year•
.
The italic letters in the column headed "Interest Period" indicate in each case the month when the bonds mature.
»•
Range or
Friday's
Sale
jj C
Bid
Price
Week Ended June 14
Low
United States Government
1947-1952
4s.........—.1944-1964
rteasury 4Mb
Treasury
Treasury 3 Kb
118.11 117.2
J
D
112.16 111.18
1946-1966
1 Treasury 3Hs...
1940-1943
1941-1943
1943-1947
1941
Treasury 3 Ma
Treasury 3 He
Treasury 3 Ma
High
O
3^s..--------1943-1946
.....1944-1946
-—1946-1949
Treasury 3 Ms
1949-1962
Treasury 3s
......—1946-1948
Treasury 3s-.......
1961-1966
Treasury 2Ms
1966-1960
Treasury 2Kb
1946-1947
Treasury 2Ks
1948-1961
Treasury 2J4s------—-1961-1964
Treasury 2Kb..-.
1966-1969
Treasury 2Kb
1968-1963
Treasury 2Ma—
....1960-1966
Treasury 2Ms-.....—.1945
Treasury 3
M S
-
D
-
/
—
-
-
m m
-
ft*
1
25
1
112.16
111.16
107.16
J
D
A
103.24 103.20
A
O
108.3
Treasury 3 Ms
A
O
J
D
-V-
-
1
14
1
103.3
107.26
F
Treasury 3Ms_.
1
103
100.21
7
103.24
1
17
1
107.30
108.11
12
1
110.8
3
1
D
J
111.10 109.21
111.10
109.19 108.8
J
109.19
29
109.2
62
D
6
1
—
M S
106.20 104.30
106.20
107.30 106.20
107.30
1948
1949-1963
1960-1952
1961-1953
Treasury 2Ms.....
Treasury 2Mb—
Treasury 2 Ms
Treasury 2s..........
Treasury 2s
111.22
1
85
S
13
M
S
M
105.28
107.8
107.8
1
7
106.20
19
105.27 103.24
105.17
49
M S
103.14
J
D
105.8
J
D
105.8
271
105.18
323
105.18 103.15
D
J
107.14 106.18
107.14
2
S
105.30
105.30
1
6
84
M
D
104.26 103.2
104.28
M S
104.25 103.9
104.25
7
D
103.10 101.8
103.10
1
91
J
J
1947 J
..1948-1960 J
D
-
D
-
-
-
104
107.3
M S
16 1944-1964
3s
May 15 1944-1949 Af N 107.2
8s
Jan
15 1942-1947 J J 104.2
M 8
2Mb
Mar
1 1942-1947
Home Owners' Loan Corp—
Af N 106.17
3s series A
May
1 1944 1952
J
J
1942-1944
1946-1947 J
2Mb aeries O
1Mb series M
D
J
D
J
D
A
O
A
O
♦Costa Rica (Rep of)
7b—.....1951
1944
External 6s of 1914 ser A....1949
14
mm~j.'tm'-m
'
m
105.22
105.22'
107.2
1977
Sinking fund 6 Ms...Jan 16 1953
6
104.2
104.2
—
—1980
3% corp stock (Plan I) w 1—198"
/ D
92 M
88M
88 M
845
904
88M
97 M
96M
Govt.
J
J
A
A
IX
A
1948
28M
♦Gtd sink fund 6b
Eitonla (Republic of) 7b—...1967 J
M
Finland (Republic) ext 6s
1945
40
m
*
■■:
1945 J
J
8M
8M
1946 J
J
8
8
1
♦External at 7b lBt series... 1957 A
A
♦External sec ■ f 7s 2d series. 1957
A
♦External sec 8 f 7s 3d series. 1967
J
1958
mm
O
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8
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—-
O
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D
Wi
7 M
7M
20
16
18 M
2
77
72
82
M N
67 M
61M
72
190
72
144
61M
67 M
156
57
66 H
57
K
F
A
62
57
A
15 M
15M
14M
14M
77
O
62 M
42 M
96 M
95
J
42 M
36
39
91
M
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44
38
44
16
38
90 M
40 M
34
40 M
62
34
84
F
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m'
m
51 %
17
50 M
36
45M
"~7%
5
M S
35
108
14
1968
♦6b part paid
A
Haiti
(Republic) s f 6s ser A
1952
♦Hamburg (State 6s)
1946 A O
J
♦Heidelberg (German) extl 7Msl950 J
Helsingfon (City) extl 6 Mb
1960 A O
Hungarian Cons Municipal Loan
♦7 Ms secured a f g
1945 J
18M
18M
♦7b secured
s
f g
33
1
33
33
3
33
78
Irish Free State extl
42
87 H
Italy (Kingdom of) extl 7s
10 H
3
5
"45""
102
43 M
9
41
43
45
47 M
4%
38 M
65 M
39 M
83M
7
J
35
J
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66
45
35
9M
f 6s_.
10 M
Extl sinking fund 5 Mb
Mb...1954
1965 Af N
♦Jugoslavia (State Mtge Bk) 7a 1957 A O
F A
♦Leipzig (Germany) s f 7b
1947
15
14M
78 M
60
1
Af N
89 M
85 M
91M
86
78
32
101M
83 M 107
72
96 M
69M
68
71
41
61
93 M
78
81 M
44
78
64 %
68 M
15
58
V,
96M
89
65 M
66 M
23
59M
88 M
♦4Mb stamped assented
]
/
J
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.....]
M N
68M
.....3
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3
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7
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♦6s Apr. 1937 coupon on..3
♦Chile (Rep)—Extl 8 f 7s.....]
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m
10
+ rnm-
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*
J
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69
6
7
9M
1
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16 M
15M
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1
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16 M
~~9M
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♦Farm Loan s f 6s...Oct 15 3
...]
J
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♦Cent Agrio Bank (Ger) 7s
3
♦Farm Loan s f 6s... July 15 3
♦68 Jan. 1937 coupon on..3
♦7s assented
72 M
.
15M
10
""
5M
-
-
—
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M N
12M
*10M
M N
♦Mexico (US) extl 6s of 1899 £.
D
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m
♦Assenting 4s of 1904
3
♦Assenting 4s of 1910...
|*Treas 8a of '13 assent
W
-
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A
Minas
Geraes
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♦Montevideo
(City) 7s
♦6s series A.
J
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A
12M
17
10M
J
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*11M
*10M
20
13
11
10 M
20
12M
10 %
14 M
16M
14M
2 A
♦6s assented
♦6b assented
...
...
For footnotes see pave 3793
USE
0
miii
mm.
-
"IOM
15
mmmm
16
11
w
64 M
88 M
85
76
91M
67
191
57
65M
9M
177
____
17 M
7
12M
11M
-
-
—
10M
10M
1
3'ATN
12 M
12M
1
12 M
3|Af N "Iom
10M
10M
1
10 M
——
14
3
58 M
%
1
-'m
23
——'
M
14
4M
*
78
5M
10
36M
39
-
-;—
-a*- — ~
130
A
*
1
22 M
20
21
4M
4M
53 M
12M
12M
40
71M
71M
33 M
90M
44
----
21
22
"25
26
35
89
29
97 M
29 M
1
38
20 M
E
23
1M
1M
1M
1M
23 M
36 H
40
*
6
5M
70
"34"
H
29 M
64 M
------
M
10
h
1
1M
1
H
—1—
mm m
H
1
•
*22
F
82 %
1
»M
*M
O
) /
14M
58
*M
*1
26M
——
7
8M
*7M
58
58
17
m-'m
23
1
•
15M
14M
*11k
m
78 M
197
------
16M
III"
m
72
32 M
"*7M
14 M
...Jan
J
m
92
25
------
M
17
14M
14
10M
10 M
65
63M
36 H
14M
10 M
♦External sinking fund 6s...
9
32 M
34 M
*
39
12M
10 M
*11M
10 M
0
9
5M
83
67
O
10 M
J
2 A
10 M
9M
7
-
20
88M
A
A
♦External sinking fund 6s
-
-
23
A
F
J
I M
-
8
"24 M
MJV
17
F
L M
5M
6
-
11
4M
D
12
Jan
Sept
3
5M
37
A
Feb
♦6s assented
10
75
41M
-
M
F
A
♦Extl sinking fund 6s..Sept
11
7
10
22 M
65
-
Af 8
14M
O
♦6s assented
16M
90
78
10
(State)—
17
F
*11M
7%
___-
-----
25
—
h
11M
-
A
♦6s assented..—
21M
21
3
34 M
—
D
7
-
♦Extl sinking fund 6s—Feb
♦Ry extl s f 68—
~~7X "2OM
----
65
40
—
J"3
1
m
♦External Binklng fund 6s...:
♦68 assented...
;
12
15M
-
1
------
20
Q
12
6
12M
:m
O
"~io"M
'tdi
""7M
12%
9
8
1943 M N
Q J
♦Assenting 6s of 1899.......
A
A
:
6%
7
-
—
"IOM "21M
1
10M
57
*
—
F
....
!
""50
19
Mexican Irrigation—
*9
72 M
"
10 M
81
*7H
*7M
mm --
D
76 M
J
19M
5M
10
*45
D
J
♦Medellln (Colombia) 6 Mb
Mendoza (Prov) 4s read]......1954 J
O
J
1951 J
14
A
A
8M
6
78
D
1
J
145
8
mim
7M
*10M
m
109
15
*15
m
118
106
25
1980 M N
J
Bulgaria (Kingdom of)—
J
10M
—
-
100
mm m
45
8
b
67 M
35
J
41
22
3
J
F
"15 M
*
—
92 M
9
10M
Italian Cred Consortium 7s ser B '47 Af S
J
Italian Public Utility extl 7s—*1962 /
F A
Japanese Govt 30-yr b f 6
47 M
43
]
23
107
105
79
45
]
11M
7M
""l9
Hungary 7Ms ext at 4Mb to—.1979 F A
O
Aug 15 1
13M
9M
—
*
J
8M
M
.
-
—
J
1946 J
8%
43M
25-year 3 Mb—.
'
O
56
39
7-year 2Ms
15
------
1968
36
5%
MAT
♦Stabilization loan 7 Ms—1968 M N
100
*8
9M
38M
80
92
mm
—
A
9M
M
16
53 M
75
----
*100
♦Hungarian Land M Inst 7 Mb. 1961 M N
♦Sinking fund 7 Mb ser B
1961 Af N
43
A
69 H
100
-
¥
18M
Af N
f 7s
1964
12M
*55
M S
19M
*._!__
-
f ser 7b..1964 M N
8M
♦Budapest (City of) 6s.......1962 J D
Buenos Aires (Prov of)
A
36 M 100 M
s
♦7s part paid.
♦Sink fund secured 6s
23 M
33
13 M
9M
40
------
1958 J D
7%
*42
Refunding b f 4M-4MS
14
102M
♦^Cons Agrlc Loan) 6 Ms
8M
A
75
40
*
-
1949
10 M
D
F
unstamped
6
33
M
11M
1
9M
.
♦7b
65
8M
75 M
69
90
------
75M
68
-----
*50
D
..1965 J
♦5 Ms of 1930 stamped
8M
D
9M
0%
*45
------
♦6Ms unstamped
1965
♦5Ms stamp(Canadian Holder)'65
♦German Rep extl 7s stamped. 1949 AO
196
12
65
—
11M
9M
75
69
mm-
75
*7
75M
75
69M
\-M
,70
*
German Govt International—
9M
J
...1961
10
13
7%
10 M
(City) s f 6s......—1957
F
Sinking fund gold 6b..
1958
I 4M-4Ms
35
25
M S
Brisbane
52"" "23
50
m'm
11M
O
J
12M
*
O
A
m'm
"46"
J D
A
6M
—
49
O
J
1941
—
*7
S
J
J
External 30-year s f 7s
9
68
---
-
66
*
1949
♦Greek Government
J
Af N
30-year 3s
*
German Prov & Communal Bks
External g 4Ms of 1928.....
J
7s unstamped
57 H
External 6b of 1927
J
6Ms—.1953
87 H
87 H
57 M
39
30-year 3s
63M
55 M
67 M
------
14M
7%
9M
20
M N
1971
♦Carlsbad (City) 8s
17M
French Republic 7 Ms stamped. 1941 J D
7 Ms unstamped
1941
External 7s stamped....
1949 YD
Argentine (National Government)
10-year 2Mb
73
18M
63
Af N
♦Frankfort (City of) b f
15M
H
7M
7M
5
♦External a f 7s series D
-
66
7M
7M
8M
♦External s f 7s series C
Canada (Dom-of) 30-yr 4s
58
1
20
28
21
S
8
9M m'ii ii
8M .v-> 1
s
66
28 M
18M
J
7
40
"*8M
J
♦Secured
30
26
J
29
13M
26
20 M
O
v
24
J
--
28
O
V
20
J
—
mm~mmm
1961
31
s
13M
-----
*5M
69
27
External
81M
13M
13 M
*5M
mmmmmm
65
♦21
♦6s stamped
104
70
65
♦21
♦Brazil (U 8 of) external 8s
62
98
69
O
S f external 4Mb
52
7
2
S
A
J
-----
61
O
J
102 M
73 H
U
n
21
97 M
98
55
M
A
M 8
13
102M 103M
98
101M
73 H
73 %
f)
A
52 M
98
m
A
1947 F
Antwerp (City) external 5s
m
m
O
♦Gtd sink fund 6s
.1948
^
A
1969
1969
6 Mb 1st series
♦El Salvador 8s ctfs of dep
Agricultural Mtge Bank (Colombia)
Akershus (King of Norway) 4s. 1968
♦Antloqula (Dept) coll 7s A... 1945
♦External s f 7s series B....1946
"54 M
mmmmmm
♦Dresden (City) external 7s...1945 M N
Municipal
&
*
D
1940
1940
1926
Customs Admin 5Mb 2d ser__
6 Ms 2d series
Foreign
13M
mmmmmm
J
S
1st ser 5 Ms of
3% Corporate stock..
1
M
2d series sink fund 6 Ms
92 M
92 M
88 M
7
20
J
New York City
92 M
13M
98M
O
Transit Unification Issue—
85
102 %
98
A
Apr 16 1962
69M
2
70
97 H
A
External g 4Mb
72
102 M
m m.
m
m
m
J
Dominican Rep Cust Ad 5Ms—1942
/ D
F
25
100.9
49
60
S
M
F
103.1
15M
A
M N
34
106.17
103.1
100.7
♦Sinking fund 8fl ser B......1952
16
10
59 H
70
♦Czechoslovakia (Rep of) 8b...1951
—
18
20
*50
J
J
26 M
20 M
17
mm-'mmrnm
A
F
27 M
15M
22
.
16M
20
Af N
5
105.6
D
D
♦Public wks 6 Ms—-June 30 1946 J D
A O
6
*103.18103.25
20 M
34M
34
26 H
22 M
9
14
15H
32
-----
*21
mmmmmm
6M
12M
22
17
*21
A
13
20
17 H
17 M
16M
M N
17 M
9M
----
-----
*21
1949 F A
External loan 4Mb ser C
1
105.23
17M
13 M
3
*7
17 H
/
14
1
J
16
9
2
O
14
12
9M
O
F
9
1
9
15 H
A
13M
16
9M
12
9M
*3M
J
16
12M
15 M
Af S
A
6
9X
mrnmm'**.
D
J
13M
10M
6
15H
S
S
M
2
9M
9
16M
*"/•
SB
9
14 H
*10M
mrn~-'~m
High
10%
2
10 H
9X
9
Af N
Low
1,
9M
9M
*10M
9M
mmmmmm
Af N
M
10M
i OH
mmmmmm
Since
Jan. 1
No.
High
9
»M
J
4Mb external debt
Mar
u
Range
B1no ds'Sold
Asked
it
10M
T»
T
J
Cuba (Republic) 6a of 1904
Federal Farm Mortgage Corp—
3 Ms
Bid
Price
107.2
1
31
102.29
102.28
102.28 102.11
Friday's
Low
(Com.)
Bank 6Mb
1957
♦6 Mb assented
1957
♦Sink fund 6Mb of 1926
1961
♦6Ms assented
-.1961
♦Guar sink fund 68.........1961
♦6s assented
1961
♦Guar sink fund 68——..1962
♦6s assented
....—1962
♦Chilean Cons Munlc 7s—...I960
♦7fl assented
1960
♦Chinese (Hukuang Ry) 6s
1951
♦Cologne (City) Germany 6 Ms. 1950
Colombia (Republic of)—
♦6s of 1928—
....Oct 1961
♦6s of 1927
Jan 1961
♦Colombia Mtge Bank 6 Ms—1947
♦Sinking fund 7a of 1926
1946
♦Sinking fund 7s of 1927
1947
Copenhagen (City) 6s
...1962
26-year gold 4Mb
1953
J*Cordoba (City) 7b stamped—1967
Cordoba (Prov) Argentina 7b..1942
-
1
D '106.20 104.29
J
...
Treasury 2 Ms........
102.30
109.2
S
M
Foreign Govt. & Munlc.
♦Chile Mtge
...
1
108.2
110
m
-
2
107.12
110.8
High
121.6
1
9
102.25
------
37
112.4
100.18
-
-
103
M S
No.
Range or
Sale
Inter st Period
EXCHANGE
Week Ended June 14
Jan. 1
03
118.11
A
N. Y. STOCK
Since
Asked
it
BONDS
Range
Week's
Last
Week's
Last
§
K
«-3
EXCHANGE
N. Y. STOCK
Friday
Friday
to
BONDS
are shown in a footnote
97 M
90
20M
80 M
20
80
23
80
.
Volume
150
New York Bond
3
BONDS
N.
Y.
STOCK
Last
EXCHANGE
Foreign Govt. & Mun.
52%
52
52%
O
20%
99
19%
97%
21%
D
16
13%
54
20
65
49%
8
58
19%
2
60
High
9%
-mm.-
99
*
-mm--
97
75
105%
M
1959
&
1960 J
ser
5
D
A
O
1940 A
O
1961
5
.
1947 A
4%
4
10%
5%
11
29
4%
10%
24
4%
10%
8%
8%
3%
10%
9%
8
12
4
V
74%
5%
*8
4
O
62
5%
*4
O
1968 A
6%
82
2
*5
1958 AO
f7a
♦4 Ms assented
4%
52
1947 M 8
72%
30
5%
4%
4%
52
53%
4%
1963 MN
♦Poland (Rep of) gold 6s
♦4 Ms assented
a
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 14
■
f 6s 2d aer
♦Stabilization loan
59
1963 MN
f 6s 1st
a
17%
57
1953 J
♦Pernambuco (State of) 7a
♦Peru (Rep of) external 7s
s
No. Low
High
*7%
59
1955 A
♦Stamped assented..
♦Ctls of deposit (series A)
♦Nat Loan extl
♦Nat LoaD extl
Jan. 1
Since
1958 MN
Oslo (City) s f 4%s
♦Panama (Rep) extl 5 Ha
♦Extl 8 1 5a ser A
BQ<§
Ask
A
Low
.1952 F A
1953 ME
Range
Friday's
Bid
Price
(ConcT)
♦Nuremburg (City) extl 68
Oriental Devel guar 68Extl deb 5%s
-
'mm
mm
mm
♦Rhlne-Maln-Danube 7s A
1950
♦Rio de Janeiro (City of) 8a
♦Extl sec 6 Ms
Rio Grande do Sul (State of)—
1946 A
1953 F
♦8s extl loan of 1921
♦6s extl
♦February 1937
1959 F
paid...
28
308
7%
3
46%
44%
47
34%
38
rl2
_
5
62
27
S
§♦88 extl loan of 1921
1938 /
2
J
...1950 /
*8
"l"8%
12%
*8
15
9%
♦Berlin Elec El A Undergr 6 Ms '56
Beth Steel 3Ms conv debs.. 1952
z
cccl
9
9
2
x
bbb3
107%
108
162
3
103%
12
10%
5
23
6%
6
13%
4%
6%
11
4%
12%
1968
5%
16
4%
♦Secured
1940 A
O
30
D
20%
16%
11%
37%
1945 J
*7%
12%
8%
8%
♦Silesia (Provof) extl 7a
.......1958 J
F
A
9
'
*6%
D
1955 F
8
A
♦4Mb assented
1958
1947
1971
J
Tokyo City 6s loan of 1912
1952
M
External s f 5 Ma guar
♦Uruguay (Republic) extl 8s
1961
A
O
1946
F
A
'mm
*45
..I960 MN
44
f 6s
♦External
a
5
8%
.....
♦SUesian Landowners Aasn 6s...
a
8%
f 6s
«»
.»
'mm
'
-
15%
14%
5%
9
--mm
5%
15%
48
2
40%
87
53%
S
54
9
50%
63
30
*23%
61
1964 MN
26
17
61
59
_
_
_
—
-
62%
53
65
44
7
44%
41
53
_
63
1979 MN
...1979 MN
...1978 J D
conv
F
1978
3 Ma extl readjustment
A
1984
J
A
MN
1958 F
F
J
D
_
x
aa
4
aa
z
b
z
z
10-year deb 4Mb stamped. 1946 F
1952 A
40%
37
51%
56%
40
56
at 3% to 1946) due
1957 MN
{Burlington Cedar Rapid A Nor
flat A coll 5s
1934 A O
♦Certificates of deposit
28
25
51
Bush Terminal 1st 4s
53
.
m.—
•
11
8
mm
5%
m — m
3
8%
-
64
30
,
55%
69
Range
Since
Price
y
Ask
4s series B
aa
6s with warr assented
b
bbb3
y
bb
Coll A
conv
5s
69
y cc
1998 A
1942 M S
Allegh & West 1st gu 4s
Allegh Val gen guar g 4s
y
1950 A
y
bb
aa
104%
O y bbb2
A
y
bbb2
x
a
1955 M 8 y b
2030 M S y b
♦Alplne-Montan Steel 7s
deb 5s
Amer I G Chem conv 5 Ma
52 M
72
1949 MN
Am Internat Corp conv 5Ms. 1949 /
x
2
19
148
'91%
17
41
31
91
83
75
26%
47%
101%
89%
99%
106% 111
17%
49%
"78
102
75
92
7
17%
46%
68%
100% 105%
91
105%
Amer Telep A Teleg—
20-year sinking fund 5Ma. 1943 M N
3M8 debentures
1981 A O
x
aaa3
106%
x
aaa3
108
3%s debentures
x
aaa3
107%
1966 J
D
Am Type Founders conv deb. 1950 J
Am Wat Wks <fc Elec 6s ser
J y bb 2
A. 1975 M N y bbb2
Anaconda Cop Mln deb 4 M8_ 1950 A
O
x
bbb3
106M
104%
105%
*100
100%
103%
103 %
1062l32
89
1967
{Ann Aroor 1st g 4s
Jan
1995 Q
Ark & Mem Br A Term 5S..1964 M
1955 F
Armour A Co
1st m a
(Del) 4s B
f 4s ser C (Del)
2
y
bb
l
*37
bbb4
*98
100
aa
2
J
x
aa
2
O
x
aa
2
Conv 4s of 1905
95M
95%
1995 MN
x
bbb3
D
x
aa
1955
D
x
1960
D
x
D
x
1965
x
1958
J
x
x
7*96 M
"94"
aa
Cal-Arlz 1st A ret 4Mb A..1962 M S
77%
76%
2
aa
J
79
80
aa
..1948
102
103 %
Conv gold 4s of 1910..
Conv deb 4Mb
Rocky Mtn Dlv 1st 4s
Trans-Con Short L 1st 4s
Atl Knox A Nor 1st g 5s
aa
60
96%
30
103%
200
79
6
80
10
r96%
90%
94
100%
50
103
1
43
99%
95% 104%
95
104%
101% 107%
77%
87%
89
76%
92
93%
90%
97%
t
96%
103"
95
"61
*98%
aa
110
110
a
105%
105%
*99
1946
D
x
aa
J
x
bbb3
100
96
105%
99
100%
Atl A Charl A L 1st 4Ms A.. 1944
'
97%
98%
"l2
3
100%
108
110%
104% 109%
114
114
92
"97""
97
J
x
bbb3
S
x
bbb3
65 M
65%
1964 J D
10-year coll tr 5s..May 1 1945 Af N
y
bb
2
44 M
42
y
bb
2
*60
L A N COll gold 4s...Oct 1952 MN y bb
2
56
1944
General unified 4Mb A
41
66
85
72% 103%
78% 106%
38
77
107%
17
77
107
aa
81%
76%
82%
21
74
x
aa
75
82
41
105%
73% 103%
x
aa
x
aa
J
"79
5s equip trust ctfs
Coll trust gold 5s. .Dec
Collateral trust 4 %s
J
x
D x
75
67
72
91%
89%
92
37
89% 113%
40%
40%
43
141
62
57%
62
24
90
J y bbb2
Can Pac Ry 4% deb stk perpet.. J
2
Coll trust 4 Ms
1946 M S x a
10
aa
54%
a
51
J
x
a
J
z
ccc3
D
x
a
3
1
D y bb
{♦Cent of Ga 1st g 5s...Nov 1945 F A
§*Consol gold 5s
..1945 MN
B..1959 A O
1959 A
♦Chatt Dlv pur mon.g 4s._1951 J
♦Mobile Dlv 1st g 5s
1946 J J
Central Foundry mtge 6s...1941 M S
Gen mortgage 5s.
1941 M S
Cent Hud G & E 1st & ref 3 %s '65 M 8
Cent Illinois Light 3 Ms
1966 A O
{♦Cent New Engl 1st gu 4s..l961
{♦Central of N J gen g 5s.._1987
♦Ref A gen 5%s series
♦Ref A gen 5s series C
1960
5s21942
1941
Certaln-teed Prod 5 Ms A... 1948
105
z
z
c
z
D..1996
E..1996
Ref A lmpt M 3Ms ser F..1963
Craig Valley 1st 6s.-May 1940
26
48
"l7
102
109%
4
90
100%
105
44%
3
40
45%
10
74
90%
14
8%
26%
30%
65
2%
1%
*4%
*2%
*45~
y b
4
2%
1%
2%
8%
7.
1%
6%
4%
95%
70
73
77
106
109
aaa3
*106%
aaa4
18
39
11
z
ccc3
109%
37%
13%
110
b
ccc3
10%
11
x
a
74
68%
73%
59%
36%
«1
66
122
31%
54%
109332
"~i
70
74
54
55
112'«
65
7
62%
109
82%
97%
97%
D
x
aaa2
105%
9
103
aaa2
104%
103
4
104% 106%
102
104%
119
aaa2
119%
8
118
95%
95%
103%
97%
46
94
97%
41
94
105%
62
103
*100
x aaa2
109
114
113%
114
aaa3
x
ccc3
x
aa
2
93
x
aa
2
a
109
aaa2
z
100
100
107%
113% 117%
*100
x
125%
101% 101%
aaa2
aaa3
27
104%
x
x
9
59%
109%2
x
x
54
12
20%
18
10%
105% 110
106%
t
A
J
3
10
37
"31%
"36%
F
J
1946
J
4s...1989
2d consol gold 4s
..1989 J J
Warm Spring V 1st g 58..1941 M 8
♦Chic A Alton RR ref g 3s.. 1949 A O
J
Chic Burl A Q—111 Dlv 3Ms. 1949
J
11'Hois Division 4s
1949
General 4s
1958 Af 8
14%
109% 111%
58%
59%
MN
R A A Dlv 1st con g
108%
105%
3
Potts Creek Br 1st 4s
V*
4
z
14%
7%
3%
93
x
2
19%
90
t
F A ybb 2
A O y bb 2
2
F A y b
3
MN yb
M N x bbb2
3
M 8 y b
45
78
5%
"m
bb
x
79
40
5%
cc
y
18
53%
90%
It :T
cc
z
58
39
*8
c
z
2
69%
57% 89%
89% 108%
54
84%
74
"74"
ccc3
ICC
103
40
3
4
31
90
90%
Champion Paper A Fibre—
8 f deb 4%s (1935 issue)..1950 M 8 xbbb3
8 f deb 4%aJ1938 lssue)—1950 M S x bbb3
Chesapeake A Ohio Ry—
General gold 4%s
1992 M 8 x aaa4
Ref A Imp mtge 3Ms
Ref AlmptM 3%s ser
103%
79
z
1987
♦General 4s
*20
D z ccc2
9
93%
99%
2
96%
86%
66%
20
64%
77
lst&ref4MsserieaB....1977iF A
x
bbb3
75%
45%
18
41
62
.1971 F A
x
bbb3
70
61%
62
55
106
9%
8
"7%
110
16 %
91%
93%
93%
4
96%
30
93% 102%
86
87
25
83
93
72
77%
79%
19
71
84%
7
75
90
90%
98
76
70
^
1st 30-year 5s series B
Atl Coast L 1st cons 4s.July 1952 M
6
24
x
Central RR A Bkg of Ga
Central Steel 1st g a 8s
41
32
42
x
1995 A
1955
28
28%
S
...1995 Nov xbbb3
Conv gold 4s of 1909..
28%
28M
J
A x
1957 J
Atchison Top A Santa Fe—
General 4s
Adjustment gold 4s
Stamped 4s
y cc
68
81
47
61
106%
82
Guaranteed g 6s
♦Anglo-Chilean Nitrate—
8 f Income deb
66
75%
46%
100
83%
Through 8hort L 1st gu 4s. 1954
102
7
29
84
109
96
15
4
49
101
7
6%
69%
77
107%
•*16
2%
66%
32%
77%
Cent Pac let ref gu gold 4s..I949
101
103%
5
66%
35
40%
3
79
Central N Y Power 3%s—-1962
153
"68"
x aa
25%
82
107
204
32%
47
100%
27
4
83%
100
108
»3
*57
34%
83%
106% 109%
104
110%
103% 110%
107%
101%
109% 112%
107% 109
x aa
Oelotex Corp deb 4%s w W..1947
♦Cent Branch U P 1st g 4s_.1948
58
99
~90M
109%
"46 M
101%
48 M
1
87
59
64%
104% 107%
105"
89%
bbb3
J y b
35
61
69
30
V
Carriers A Geo Corp 5s w w.. 1950 MN y b
Cart A Adlr 1st gu gold 4s... 1981 F A y b
60
52%
22
61%
*
108%
80%
68%
72
.
*99M
2
8
57%
50
106%
90 M
3
A Ills-Chalmers Mfg conv 4s_1952 M
115%
98%
107%
x aa
Caro Clinch A Ohio 1st 6s A. 1952
*55
x
Allied Stores Corp deb 4 Ma..1950 A
4Mb debentures
1951 F
84
102
x aa
108%
29%
34%
11 1
104%
111%
O
105
58
b
108% 113%
89%
*3
xbbb3
110
45
49 %
*65M
72
1949 J
♦58 stamped
Am <fc Foreign Pow
5s A
105
*40
2
109%
34%
35
1962
cons gu
109
100
*40
x
56
88% 107%
92
83%
113%
111%
x a
1944 J
1 1954
1960
{♦Carolina Cent 1st guar 4s. 1949
"40
105
y
44%
2
*105
49
y
1966
110M
*34
1948 A
27%
99% 104%
*103%
.1946 A
Alleghany Corp coll trust 58.1944 F
Alb & Susq 1st guar 3 Ma
20
99%
*109M
b
y
48%
Guaranteed gold 5s
1970 F A
Guar gold 4%s..June 15 1955 J D
Guaranteed gold 4%s....l956 F A
Guar gold 4 %s
Sept 1951 M 8
102% 104%
99%
aa
Albany Perfor Wrap Pap 6s__1948 A
38
109%
111:
b
1960
Guaranteed gold 5s...Oct 1969 A
Jan. 1
*100
bb
1943 J
31 %
28%
bb
92%
5
104%
y b
1955
Canadian Nat gold 4%s
1957 J
Guaranteed gold 5s..July 1969 J
Week's
&
Consolidated 6s
Calif-Oregon Power 4s
Canada Sou
7%
Friday's
Bid
.1952
Bush Term Bldgs 5s gu_.
—
3%
Range or
y
1943 J
83
44%
51 %
107%
113%
89%
cc
53
Sale
x
Adriatic Elec Co extl 7s
83%1031732
69
(Interest
33
40
33
60
99%
109%
y bb
modified
6
■-'-■mm
*2%
bb
*102
cc
36
Last
y
44%
51 %
4
Friday
D y bb
5
85%
37%
4
84
1st lien A ref 60 aeries A.. 1947 MN xbbb3
Debenture gold 5s
..1950 J D ybb 3
1st lien A ret 5s series B
1957 MN x bbb3
Canadian Northern deb 6 Ms. 1946 J
Ala Gt Sou 1st cons A 5s
cons
1941
y b
2
1950 F A xbbb3
xbbb3
Certificates of deposit
3
Bklyn Un Gas 1st cona g 5s..1945 MN x a
x
and INDUSTRIAL
..1947 J
103^32
6%
74%
108%
103%
1st 5s stmp ctfs
Bklyn Union El at g 5s
A
COMPANIES
Coll trust 4s of 1907
29
52%
66%
62%
6%
12%
62
80%
105
110%
74
y ccc2
D
*7%
cc
6%
52%
57%
40%
4
107
108%
41%
37%
55
99%
67
{Buffalo Rochester A Pgh Ry—
------
64
51
2
Buffalo Gen Elec 4%s B
1981 F
Buff Nlag Elec 3 Ms series C.1967 J
_
*
;.>v
46
2
55%
See i
^♦Abltibl Pow & Pap 1st 58.1953 / D
Adams Express coll tr g 4s
1948 M S
51
63
Batik
1st
gtd 5s stmp ctfs.._1941
35%
_
41%
36%
16
48
Rating
Week Ended June 14
51
49
35
Elig. A
BONDS
STOCK EXCHANGE
RAILROAD
con
25
_
81
48
1
*
_
55%
49%
45%
58
33
A
1961
Yokohoma (City) extl 6s
A
1958
♦4Mb assented
N. Y.
1st
37
O
1952
♦Warsaw (City) external 78
J
1952
Venetian Prov Mtge Bank 7b
♦Vienna (City of) 6a
88
56
48%
48
-
—.im
97
51%
49
48
39
*
—
-
-mm-
96
"48%
45
106%
Bklyn Queens Co A Sub RR
Stamped
external conversion
3%-4%-4*i»s extl
tBklyn Manhat Transit 4%sl966 MN ybb
Certificates of deposit
ybb
100
109% 109%
* ■
cccl
z
15%
103% 112
*105
49%
16%
9
40
2
O y b
A
35
37
3%-4-4%s ($ bonds of *37)
4-4 M-4 Ms extl readj
A
Stamped
2
48
3%s-4-4%s (* bonds of '37)
external readjustment
1st g 4%s series JJ
103%
16%
15
2
Bklyn City RR 1st 5s ctfs._1941
ybb 2
Bklyn Edison cons M 3%s_.1966 MN X aaa4
48
48
J
Stamped
16
3%
mm
1955 MN y b
MN y b
.1961 A O yb
1st M 5s series II
105%
102%
11%
48%
51%
48%
18
7%
....
a
{♦Boston A N Y Air L 1st 4s. 1955 V
7%
5
Sydney (City) a f 5Ma
Taiwan Elec Pow s f 5Ms
♦External
2
1)
/
9
x
Big Sandy 1st mtge 4s
1944 / D x aaa2
Blaw.Knox 1st mtge 3%s...l950 F A xbbb3
Boston A Maine 1st 5a A C -1967 M S y b ' 2
M S yb
2
Stamped
...
6%
♦Sinking fund g 6 Ma
1946 J D
Serbs Croats A Slovenes (Kingdom)
♦8s secured extl
1962 MN
♦7s series B sec extl
1962 MN
~is% '17""
*105%
*8
S
25
129
1
Cons mtge 3%a ser F....1959
72
117%
127% 135
b
—
r
112
z
J
4%
129
55
113%
.1955
J
22%
72%
112%
127%
♦Debenture 6s
J
24%
46
72%
12%
13%
------
37
1
M
f 7s
£5
1
mm
70
70
aaa3
1958
s
""3
101
40
b
80
58
89
64
b
♦7s extl water loan
♦6s extl dollar loan
♦Saxon State Mtge Inst 7a
aaa3
49%
47%
*35
aaa3
x
32
"~5
15%
59%
"55""
*
bbb4
x
91%
65
2
x
Bell Telep of Pa 5s series B..1948
1st A ref 5s series C
1960
Belvldere Del cons 3%s
1943
*
3
y bb
38
46%
"91""
3
ybb
4s stamped
...1951
Battle Cr A Stur 1st gu 3s._1989
Beech Creek ext 1st g 3 Ms..1951
♦
z
5
15
*13%
2
bbb3
ybb
♦Berlin
San Paulo (State of)—
♦8s external
4
x
z
5
8
5
b
ybb
z
40
x
m
6%
to Jan 1 1947) due...1950
Toledo Cln Dlv ref 4s A—1959
Bangor A Aroostook 1st 5S..1943
Con ref 4s
1951
19
City El Co deb 6%s.1951
♦Deb sinking fund 6Ms...1959
12
62
5
5
12
A
7%
....
5
6%
1957 MN
11%
Feb 1 1960 F
7%
5
60%
1952 MN
13
to Sept 1
61
7%
22
*...
_
.....
21
7%
5%
22
rl2%
12%
*8
J
M
98
10%
8
rl2
_
13%
103
11%
33
z
11%
5%
5%
5
D
Ref A gen ser C(lnt at 11-5%
to Dec 1 1946) due...1995 J
Ref A gen ser D
•8%
4%
27
179
10%
9
5%
39
24%
3
38
II"
61%
cc
5.
5%
30%
....
1964
f
11%
7
57%
24%
z
6
■
*5
A
1953 J
a
5%
O
Santa Fe extl
♦6Ma extl secured
41%
*6%
D
1952 A
Sao Paulo (City of, Brazil)—
♦8a extl secured a f
1
MN
1966
f 4s
41%
5%
O
♦Saarbruecken (City) 6s
8
41%
4%
..1967 J
coupon
59
O
D
♦7s extl loan of 1926
♦7s municipal loan
8
A
61%
Pgh L E & W Va System
Ref g 4s extended to. .1951 MN
ybb
S'west Dlv 1st M (lnt at 3 % %
13
13%
13%
65
15
-.1968 J
Rome (City) extl 6 Ma
♦Roumanta (Kingdom of) 7a
12
*7%
M
....1946 A
f g
s
11%
59
F-
3
ccc4
♦Conv due
7
A
bb
z
11
6%
7
1947 F
z
D
ser
11%
8
*5%
6s
28
O
Ref A gen
to Dec 1
27%
*6
25-year external
69%
15%
1st mtge g (Int at 4% to
Oct 1 1946) due-July 1948 A
15%
J
....
55
62
59
D
13%
70%
56%
24
J
*7%
90
56%
62
19
J
65
82
49
3
24
1961
S
102% 107%
13
ccc4
1966
O
"45
90
z
7%
O
105%
88
31%
7
A
105%
90
bb
15%
7
A
75%
18
4
1941
34%
62%
69%
71
5
1952
41
23%
62
6
1951 M
28
3
*65
O ybb
A (lnt at 1%
1946) due.. 1995 J
High
7
25
24%
*3%
f 6s
No. Low
29
23%
26%
*4
8
High
28
19%
J
♦External
Since
Jan. 1
22%
/
Queensland (State) extl 81 7s
Low
Range
•ga
Adk
23%
1950 J
---
y
A
26
1963 J
*6
Railroad & Indus, Cos.
(Cont.)
Atl A Dan 1st g 4s
J yb
1948 J
Second mortgage 4s
J yb
1948 J
Atl Gulf A W I SS coll tr 5s. .1959 J
J y b
Atlantic Refining deb 3s
1953 M S x a
Austin A N W 1st gu g 5s...1941 J
J
Friday's
Bid
ccc4
♦External sink fund g8s
1952 MN
Price
Range or
Sale
See a
ccc4
9%
....
Last
Rating
z
16%
4
1
Elig. &
nr.-
Baltimore & Ohio RR—
1st mtge gold 4s
July 1948 A
Stamped modified bonds—
Week's
Friday
(lnt at 1%
1946) due..2000 M 8
Ref A gen ser F (lnt at 1%
to Sept 1 1946) due..1996 M 8
12
m
rn
♦4Mb assented
♦Porto Alegre (City of) 8s
♦Extl loan 7 Ms
♦Prague (Greater City) 7 Ma
♦Prussia (Free State) extl 0Ma
3789
2
Batik
.2
Range or
Sale
T* fc
"•ft.
Week Ended June 14
Record-Continued-Page
Week's
Friday
93
1st & ref 5s series A
x
78%
t
For footnotes see page 3793.
Attention Is directed to the
new
column Incorporated In this tabulation
pertaining to bank eligibility and rating of bonds.
See
s.
Friday
Week's
Eliff. &
Last
Rating
Sale
Range or
Friday's
See a
Price
STOCK EXCHANGE
Week Ended June 14
Y.
Bid
2
N.
Since
Ask
A
2*
BONDS
*
Range
-*
0
Y.
STOCK
Jan. 1
Sale
Rating
Price
See A
14
Bid
Fridays
A
Ask
Is
Since
0)I§
Jan. 1
High
No
Low
A
{{♦Chicago A East 111 1st 68-1934
M N
{♦Chic & E 111 Ry gen 58—1951
♦Certificates of deposit...
cccl
11%
UK
21
10
6
88
11
93
bbb2
"22 M
ccc3
43
11J*
10M
11M
cccl
j/N
Chicago A Erie 1st gold 5«—1982
M 8
{♦Chicago Great West 1st 48.1969
J
J
{♦Chic Ind A Loulsv ref 6fl—1947
9
v
94
22 M
20 M
ccc3
*11
15
ccc3
*7
cc
cc
bb
4M
ccc3
18
ccc3
19
19M
55
41
13
16M
27M
42
19M
28 M
18
29?*
20
19
19M
28 M
17
175
1
10
2
IK
1
IK
M N
ccc2
11M
11
11M
2
1987 MAT
M N
♦Stpd 4s n p Fed Inc tax. 1987
♦Gen 4 ?*s stpd Fed Inc tax 1987 M N
♦Gen 68 stpd Fed Inc tax. .1987 M N
♦4 Ms stamped
1987 M N
{♦Secured 0Ms
1938 J/N
♦ 1st ref
g 6s..
May I 2037 J D
♦ 1st A ref
4Msstpd.May 12037 J D
♦1st A ref 4 Ms C-.May 1 2037 J D
♦Conv 45*s series A
1949 MN
{{♦Chicago Railways 1st 69 stpd
Feb 1940 26% part pd-1927
{♦Chic RIA Pac Ry gen 4s.. 1988
ccc2
Ry—
1987
c
ccc2
12
11M
13M
13
ccc2
cc
cc
cc
c
7
6M
7
30
7
•;
2
6
7
22
2
2
bb
"/
1
A
"12 K
cccl
-WwW-W
*8M
1
5
4M
5M
25
4M
3M
4M
54
1
c
1
c
1
1
bbb2
*66
bb
bb
3
b
2
1960
Dec 1 1960
M
S
1944 A
x aa
1963 J
x
4
106H
105M
103
19
106 M
104
102
x
x
a
88
87
88M
1962 M- 8
x
a
88
87
88
39
42
1st A ref M 4J*8
series D..
1943 A
O y b
J/N
{♦Choctaw Ok A Gulf con 6s. 1952
Cincinnati Gas A Elec 3 Mb.. 1966 F A
Vw
icc
*
~
+
108 H
x
aaa4
D
x
aaa4
9
aaal
x
aaa4
x
aaa4
Clearfield A Mah 1st gu 5s.. 1943 J
J y bb
95 M
36 K
59
12M
13?*
12
....
7
105 M
106M
110M
"
104M
107
104M
.1993
D
x
bbb3
General 6s series B
.1993
D
x
bbb3
E.
Cln Wab A M Dlv 1st 4s.
J yb
1977
1991
4s..
St L Dlv 1st coll trg
Spr A Col Dlv 1st g 4s
W W Val Dlv 1st g 4s...
51 M
*
72
„
"38"
44
2
57
44
3
*35
50
50 M
bb
S
1940 J
J y bb
Cleve Elec Ilium 1st M 35*8
1965
Cleve A Pgh gen gu 4Mb B.
J
x
x
''
*99?*
aaa4
1942
O
x
aaa2
Series B 3 Ms guar
1942
0
x
aaa2
1942
J
x
aaa2
Series C 3 Ms guar
1948 MN
x
aaa2
Series D 3 Ms guar
1950 F
A
x
aaa2
Gen 4 Ms series A
1977
A
x
aa
2
Gen A ref 4Mb series B_
1981
J
x
aa
2
Cleve Short Line 1st gu 4Mb .1961
Cleve Union Term gu 6 Ms. 1972
O
x
bbb3
O
X
bbb3
5
1973
O
x
bbb3
4s... .1945
D
x
Coal River Ry 1st gu
A
Colo Fuel A Iron gen s f 6s. .1943
.1970 A
♦6s Income mtge
x
Colo A South 4Mb series A. -1980 J/N y b
6s
J
2»~
106?*
^_
1
66
90 M
72 M
45
64
82 M
65
16
71M i1 70
-
65
:-i
62
*102
102 M
68
73
3
100M
102 Vt
1
102 %
73
65
25
20M
26
24
22?*
101 M
58 M
74?*
106?* 108
109 M
53
101 M
13
16 1961 J
J
x
bbb3
100
98 %
*112
100
59
O
A
x
aaa3
x
aaa4
x
aa
Ir-"
4
±
-
-
'm
•
..
107M
-
-
18
107 M
106 M
75M
34M
99M 105M
99
105M
97M 105 M
113'4 114M
110M HO?*
'
-.
...—
106
109 M
D x
1988
1958
Conn A Pasump Rlv 1st 4s..1943
Conn Ry A L 1st A ref 4 Ms. .1951
Stamped guar 4 Ms
1951
Conn Rlv Pow s f 35*8 A
1961
1st mtge 3 Ms series
I.,
aa
J x a
2
aa
3
109 M
'2
'+22
••
88 M
*.
f-m
*108M
•w
88 M
-
109
—
4
105M
104M
105M
21
103 M 107M
4
107
106
107
50
104 K 108
4
104 M
104
104 M
12
103
107 M
x
aa
4
106 K
106 %
24
105 %
109 M
z
cccl
conv deb 3Ms... 1951 J
{♦Consol Ry non-conv deb 4s 1954 J
♦Debenture 4s
1955 J
D
x
bbb2
103M
104 M
J
z
cccl
J
z
cccl
14
*8M
"35
10
11
13
~
~
M
14 %
102 M 106 %
11
19
14
18M
1st
z
cccl
J
1960 J
f 6a
May 1
mtge 3 Ms
1st
mtge
1st
z
ccc2
1965 J/N
1967 MN
x
35*s.._
1st mtge 35*8
x
"ll
59 M
79 M
76
'100%
107
100 M
100
101
102M
102
QQ
3
161%
99
11
10
11
58 M
59 M
2
25*s..l948 J
aa
bb
2
z
cc
1
4?*
5M
44
4M
w
cc
1
4M
4M
5
3M
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z
c
2
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2m
3
2
2M
*2
zc
J
1M
105
104
J
x
bbb3
A
x
bbb4
1948 J
Crucible Steel 4 Ms debs
1948 F
.1942 J
Cuba Nor Ry 1st 6 Ms
Cuba RR 1st 5s g
1952 J
.
D y b
J y b
2
2
28M
D y ccc2
29M
8s series B extended to 1946
D y ccc2
Dayton P A L 1st mtge 3s__1970 J
J
Del A Hudson 1st A ref 4S..1943 A/N
51
2
106
101
19
26 H
24
-
-
—
5
46
46
101K
aaa3
103 M
42 M
100
99 M 105
24 M
z
cccl
z
cccl
♦12
~27M
x
aaa3
103 %
103 M
103 M
J
y
b
3
67 M
62 M
J
2
A
11
80
9
9
68
1
34 M
26 M
*15
28?*
30
40
*12
29M
103 M 107
73
55?*
.9
15
15
25
18 M
J
D
x
bbb3
Gotham Silk Hos deb 5s w w.1946
J
S y bb
M
5s..1942
Grand R A I ext 1st gu g 4MS1941
Grays Point Term lstgu 5s..1947
Gt Cons El Pow (Japan) 7S..1944
1st A gen s f 6 Ms
1960
Gouv A Oswegatchle 1st
D
J
J
y
102
36
77 M
78
3
4
b
x
101K
l01M
D y bb
F
A y b
J y b
1
J
4
*
97
1
J
Great Northern 4Mb ser A. .1961
x
3
a
77 M
91?*
12
76
96 M
61M
88
81M
88
62 M
64 M
1
105?*
107 J*
63
95
96 M
48
87
78
88 M
79
16
77
78 M
81
12
76
94 M
88
96?*
80
t-
107
General 5 Mb series B
.1952
J xbbb3
96 M
General 5s series C
.1973
J
x
bbb3
88 M
General 4 Ms series D
.1976
J
x
bbb3
.1977
J
x
bbb3
General 4 Ms series E
105 M
104 M 104?*
80
80
*103 M
aaa2
J
22 M
r
"so"
8
104?* 108 K
94
102 M
87
95M
88
88
J
x
bbb3
99
95?*
99
214
J
x
bbb3
91
88 M
91K
115
Gen mtge 3?*s series I.... .1967
Feb
Green Bay A West deb ctfs A
Feb
♦Debentures ctfs B
J
x
bbb3
71
bb
1
*61K
64
68 M
58
y
z
c
2
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6
2M
JWO MN
x
General mtge 4s series G. .1946
.1946
Gen mtge 4s series H
—
Greenbrier Ry 1st gu 4s
Gulf Mob A Nor 1st 5Ms B. . .1950 A
.1950 A
1st mtge 5s series C
Gulf A Ship Island
75
4
65M
68
2
J
.1944 A
*85 M
O y bb
x
a
3
F
A
♦Ad] Income 5s
Feb 1957
Illinois Bell Telp 3 Ms ser B. 1970 A
107 M
107
cccl
J
x
aaa4
116M
O
z
bb
70 M
2
97 M
2
7
b
y
116 M
76
123
70
80
40 M
55 M
2
97?*
23
27?*
27
121
120
10
9?*
16?*
x
aaa4
109
110M
19
108 M
112M
O
90
J
x
J
x
bbb4
O
x
bbb4
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S
x
bbb4
n
18M
1st gold 38 sterling
Collateral trust gold 4s
1952 A
O y bb
2
1955 MN ybb
J ybb
1952 J
2
2
*30
38M
40?*
1953 MN ybb
1955 MN ybb
2
37 M
32
37 M
2
45
45
45
35M
29 M
35 M
1966 F
1950
A y ccc2
x
80
86 M
M
40
65
Aug 1
91
86
*83
1951 A
83
bbb4
1951 J
Purchased lines 3 Ms
K
19
1951 J
Collateral trust gold 4s
50
36M
10 M
z
"39"
1st gold 4s..
109 M
127
72
10
O
3
1st gold 3 Ms
110M
120
39 M
ccc2
b
Extended 1st gold 3 Ms
105
96 M 101
22
37M
36 M
A y
Rllnols Central RR—
104 M
103?*
115
41M
25 M
27 M
96
106 M 111M
21
21M
8
97
bbb2
83?*
90 M
""i
41K.
2
z
8M
87?*
65M
*12
z
68
90 M
107M
97M
bbb3
x
Hudson Coal 1st s f 5a ser A...1962 J D y ccc2
.1949 MN x aaa3
Hudson Co Gas 1st g 5s
Hudson A Manhat 1st 5s A_..1957
75
75
4
O
30
105
100 M 100 M
RR—
.1961
71
69
aaa2
O y bb
J y b
22
100 M
*29
2
11
"36"
34
M
36
*40"
10374 1I0M
102 M 105?*
Litchfield Dlv 1st gold 3s_. 1951
Loulsv Dlv A Term g 3 Ms. 1953
x
bbb3
y
bb
4
Omaha Dlv 1st gold 3s
1951
y
2
St Louis Dlv A Term g 3s.. 1951
1951
Gold 3 Ms
y
bb
bb
4
~45M
y
bb
4
*45
Springfield Dlv 1st g 3Ms. 1951
1951
Western Lines 1st g 4s
x
bb
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*48M
6
50
34?*
"16
34
45
31M
46?*
40
56?*
46 M
73
78?*
65
58
65
59 M
62 M
05 M
191
bbb3
y
2
27
28?*
70
bbb4
104
107?*
99 M 104?*
105M
21M
56
19
31
28 K
20
24
40
32
24
*50
K
50 M
45 K
45" *54"
55 M
56
56
"76"
53
66
46
31
35
29 K
26 M
103
103 M
38
42 K
116
37 M
124 M
100 M 105
102
99 M
99 M
63
44
121
*112 J*
55 M
14 •101
103 K
*21
ybb 2
x
105
105
99?*
101?*
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J
104
*104M
IK
2M
loon„ini
IK
101
cccl
z
55
2M
101
a
x
46 M
*9
104M 110
a
46 M
48
*12
Cairo Bridge gold 4s
a
107
y
z
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aa
103
50 M
104M
cccl
40-year 4Mb
x
66
105M
39 M
*48
4
cccl
111M
x
104 M
104 M
c
106
x
99
z
102M 109 M
A
1
z
12
D
8 I 4 Ms debentures
f 4s
104 M
100
z
25
1950 MN
1951 F
Crown Cork A Seal
102
100
4
/
108?*
35
102
"l
O
106M
107
98
A
106
104?*
104M
105
J
105M
107M
107
108
100
J
107 M
4
60
106
2
*30
j
J
107
2<*mm
aa
x
23
8
13
ccc2
MN y b
105 M
107
aa
x
Crane Co s f deb 3 Ms
s
94
106 M
bbb2
J
..1941
Sugar coll trust 6s. 1956
106M
aa
1970 MN
3 Ms
conv
70
92
4M8-..1952
108M
aa
x
1966 MN
1969 MN
mtge
Continental Oil
53 M
1951 M
Consumers Power Co—
1st, mtge 3 Ms
2
Refunding 4s
J
—.1956 J
s
J
MN
aa
11
57
97
76
1
4
D ybb
O x a
{{♦Housatonlc Ry cons g 5s..1937
.1954 J/N
Houston Oil 4 J*s debs
110
aa
♦Debenture 4s
57'
*92 M
z
Hocking Val 1st cods g 4Ms...1999
aa
11
64
101
♦Harpen MlDlng 6s
89
x
104 K
44
bbb2
M S
1974
Hoe (R) A Co 1st mtge
107
5
bbb2
x
18
18
50
44
55
a
z
108M HO
5
8M
bbb2
A
115M 119
l09M
158
x
J
2
L
2~
■'2
10M
x
M 8
-'«
*108"
»'2
8M
x
Gulf States Utll 3Mb ser D...1969 J/N
J
.1949 J
2*.*.
9M
8
Gulf States Steel sf4Ms
I
8M
8
109 K 130?*
3
276
M
106?* 111M
x
Consolidation Coal
x
10M
M
58
a
25M
"Tm
M S
118
aa
26
18
24 M
100 %
*95
116M
bbb3
14
9M
2
A ybb
109 K
x
.....
F
.1956 J D
111?*
1946 A O
1948 A O
.1956 A O
J
3 Ms debentures
1958 J
•Consolidated Hydro-Elec Works
J
of Upper Wuertemberg 78.1956 J
35*s debentures
7s.1954
108
x
3 5* s debentures
1938
116
x
6
b
109 K
x
CoDsol Oil
bb
z
3
x
26
15
b
y
4
Consol Edison of New York—
3Mb debentures.
z
M 8
1st A ref Term M 5s stpd...1952
Commonwealth Edison Co—
Conv debs 3 Ms
28?*
14
b
83 M
72
101
MN
mmm
15
100M
4s.. 1965
mm
80
101
Columbus Ry Pow A Lt
~*m
63M
17M
13?*
78.1945
Goodrich (B F) 1st 4J*S——1956
'
69
bbb3
Columbus A Tol 1st ext 4s.. 1955 F
m'mrn
77
x
Columbus A H V 1st ext g 4s. 1948 A
mm
69"
80
O
Jan
*2*
44 J*
73
32
cccl
z
18
16
{{♦Ga Caro A Nor 1st ext 6s. 1934
105M 106%
109 M 10'M
Apr 15 1952 A
Debenture 6s
Debenture
*
■
3
Columbia G A E deb 6s.May 1952 J/N xbbb3
:
60
59
13?*
c
♦Good Hope Steel A Ir sec
107 M 108 M
1
-
51
56
{♦Georgia A Ala Ry 5s.Oct 11945
100
*160"
bbb3
O yb
2«
59
20M
*
1fGen Motors Acceptdeb 3J*b1951
Gen Steel Cast 5Ms w w...1949 J
r
aaa2
C
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.....
m
O x.bbb3
1977
lst s f 6sseries B guar...
1st s f 4 Ms series
•
110
50
cccl
z
F
107M 110M
*105
-
z
(Germany) 7s
1945
♦Sinking fund deb 6Ms... 1940 J D
♦20-year s f deb 6s
1948 J/N
100 H
99
-
m.
107 M
*105M
Series A 4 Ms guar
2
^
i 08 M
108M
107 M
108 %
'I'm.
95
149M
104
"43
17M
5s 1949 J D x aaa3
F A y bb 1
Gen Am Investors deb 5s A. 1952
J ybb 3
Gen Cable lstsf 5Ms A
1947 J
67
90 M
47
2
z
79 H
100
2
cc
FraDclsco
61M
107 M
105
141
*99 M
ccc2
z
c
66 M
50
3
bbb3
1940 M
aaa2
z
♦Gen Elec
40
-45 M
1990 MN y bbb2
.( y
x
Gas A El of Berg Co cons g
51M
30 M
*99M
cccl
75
37
2
10
147
106 M
108 M
12
106 M 109 M
95 M
*51M
*
z
75
4
51?*
105 M
106M
2
1953
1953
1953
4s series D
51M
....
105
2
♦Certificates of deposit
111 M
75
105 M
105
aaa2
MN
i'lOM
107
10
90
*65
-----
"26
106 M
105 M 107 M
1
34
91H
101
1
107M
x
Fort St U D Co 1st g 4 Mb.
107
106
88
107
91
25 M
25
20
22
40 M
40
1
M
*136 M
ybb
{{♦Proof of claim filed by owner
(Amended) 1st cons 2-4s.-1982
MN
{{♦Proof of claim flled by owner
110M
89M
105M
18M
2
z
conv
Fonda Johns A Glov
109 M 111M
....
4
ybb
♦Certificates of deposit
95M
87
*1 ()'<
1UO
2
General g 4s
Ref A lmpt 4 Ms series
bbb3
♦1st A ref 6s series A
Louis Ry—
Cleve Cln Chic A St
x
J
^
Cln Un Term 1st gu 3Ms D— 1971 J/N
1969 F A
1st mtge gu 35*s ser E
87
108 M
*107
x
Cln Leb A Nor 1st con gu 4s.
J
{♦Fla Cent A Pennln 5b
1943
J D
{Florida East Coast 1st 4 Ms-1969
100 M 106 M
33
11
*;
w
1942 MN
1967 J
1st mtge 3 Ms
aa
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109 %
3
109M 111M
108 M 113
"40"
106 H
bbb3
x
J
107?* 110M
21
105M
x
4s—1952
1965
109
110M
106?*
x
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109M
34 H
~89M
2
a
O
1st lien s f 5s stamped
107 M
102
x
A
5a.. 1942
series..1942
1942
1st Hen 6s stamped
1942
30-year deb 6s series B
1954
Firestone Tire A Rub 3Ms—1948
54
104
D y b
3
D z ccc2
J
J/N
Federal Light A Trac 1st
40
*25 M
Minn Nor Dlv 1st 4sl948
1 st 5s ... 1956 MN
Fairbanks Morse deb 4s
51M
63 M
104
♦109M
109M
107M
Ernesto Breda
67
104
108M
110M
3
aaa4
80?*
48
....
3
ccc2
{♦3d mtge 4 Ms
2M
.
47 M
1951 M S
3Ms guaranteed
J
Chic A West Indiana con 4s. 1962 J
Chllds Co deb 6s...
•
67
45
aa
•
50
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1
3
aa
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69
55
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7?*
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61
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1967
A O
♦{Ref A lmpt 5s of 1930...1975
J
♦Erie A Jersey 1st s f 6s-.1955 J
J
J
♦Genessee River lsts f 6s.. 1957
♦N Y A Erie RR ext 1st 4s. 1947 J/N
K
;3M
x
O
J/N
18
4M
70
*61
bbb2
D
J
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1
4K
I'M
4M
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Chic T H A So'eaatern 1st 6s.
5
4M
c
;r
8
A
,
*50
J
♦Series B
49
11
ccc2
J
♦Conv 4s series A...
4
9M
17
1
1962 M~8
E
16
12 J*
9M
z
1965
Erie A Pitts g gu 3 Ms ser B.. 1940
Series C 3 Ms
1940
{♦Erie RR 1st cons g 4s prlorl996
♦1st consol gen lien g 4s... 1996
11M
36M
cc
O
♦Certificates of deposit
1st mtge 35*s series
2222
5
cc
S
5s stamped
11?*
1M
cc
1934
Chicago Union StationGuaranteed 4s
43
♦40 M
-
^
ccc2
♦Conv g 4 Ms
1960 j/N
Ch St L A New Orleans 6S..1951 J D
Gold 3 Ms
Judo 161951 J D
Income guar 6s
32
4
J
♦Gen
♦Certificates of deposit.
{♦Secured 4Mb series A
2
1M
2
-
2
4M
J
Ed El 111 (N
11?*
5M
8
*1K
z
East T Va A Ga Dlv
16
20M
6
4
58.1937
Duquesne Light 1st M 3 Ms—1965
El Paso AS Wist 5s
6
4?*
22 M
18K
19M
12M
4M
c
aa
18M
5
2M
2
ddd2
z
aaa3
10M
.....
3 M
1M
x
11K
7M
1M
1M
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18M
13 M
15
7
7
2
1?*
x
12
14
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ccc2
11 J*
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22
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12
ccc2
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6
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18
10
....
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3s
2
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19
♦Certificates of deposit-..
{♦Refunding gold 4s
6
11
5M
J
East Ry
11
♦105 M
cccl
1951
3 Mb 1962
Dow Chemical deb
7%
2M
3?*
64
{Chicago A North Western
♦General g 3 Ms
♦General 4a
Detroit Term A
30M
4M
3?*
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3
3
cccl
B.Apr 1978
Dul Miss A Ir Range Ry
cc
aa
z
♦Second gold 4s
29M
15M
....
106M 109M
5M
11M
aa
z
1995
Tunnel 4 Ms. 1961
109
108
'
z
{♦Des M A Ft Dodge 4s ctfs.1935
M
{♦Des Plains Val 1st gu 4 Ms. 1947
F
Detroit Edison 4 Ms ser D..1961
A
Gen A ref M 4s ser F—.1965
M
Gen A ref mtge 3 Ms ser G.1966
Detroit A Mac 1st lien g 6s..1995 J
62
15M
18
*17
ccc3
3%
3?*
....
18?*
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ccc3
3
60
17M
17 M
18?*
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10
♦Ref A lmpt 5s ser
107
104
107
x
♦Assented (sub] to plan)
18?*
10 M
10M
12 H
4M
*--.—
———
12M
....
14
4M
4M
4M
4M
2
21
20
High
Low
105
"
104
x
4s..1936
J ♦Consol gold 4 Ms
1936
{♦Denv A R G W gen 6s.Aug 1955
{{♦Den A R G 1st cons g
30?*
19M
12M
18
ccc3
B..1947 J J
J
♦Refunding 4b series C...1947 J
•1st A get 6s series A
1966 J/N
J
♦1st A gen 6s ser B__May 1966 /
J
Chic Ind A Sou 60-year 4s.. 1966 J
{Chic Milwaukee A St Paul—
♦Gen 4a series A
May 1 1989
♦Geng3 Ms ser B.May 1 1989
♦Gen 4 He series C.May 1 1989
♦Gen 4Mb series E.May 1 1989
♦GeD 4series F.May 1 1989
{Chic Milw St Paul A Pac RR—
♦Mtge g 6s series A
1976 F A
♦Conv ad] 6s
Jan 1 2000 A O
♦Refunding g 68 series
*11
4 Ms
'st mortgage
19M
100
107
107
aa
x
1969
1969
'«t A ret 45*0
19?*
10M
69
Del Power A Light
120M
117
Cot. (Cont.)
1st 4 Ms—1971
Railroad & Indus.
Hioh
Low
117 M
117
2
b
O
NO
High
Low
Railroad & Indue. Cot. (Cont.)
Range
Range or
Last
Elig. <fk
15
EXCHANGE
Week Ended June
Week's
Friday
Bank
BONDS
N.
June 15, 1940
New York Bond Record-Continued—Page 3
3790
»
—
-
-
3
*40"
102 M 103 M
37M
63 M
t
For footnotes see page
3793.
Attention la directed to the
new
column incorporated in this tabulation oertaininfi to bank
eligibility and rating of bonds.
.See A.
Volume
New York Bond
150
BONDS
N.
Y.
STOCK
Elig. <fc
EXCHANGE
Railroad
&
Cos.
Indus.
Last
Rating
Price
Ask
A
Low
{Cont.)
Range
Bonds]d
Sol
Friday'3
Bid
No. Low
High
STOCK
1st & ref 4
1963 J
series C
2
2
34
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35
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Last
Elig. &
EXCHANGE
Week Ended June 14
)
1963 J
Week's
Friday
Bank
BONDS
NY.
Since
Jan. 1
Ill Cent and Chic St L & N O—
Joint 1st ref 5s series A
3791
3
Range or
Sale
See i
Week Ended June 14
Record—Continued-Page 4
Week's
Friday
Bank
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146
1246
1246
1246
*1246
14
......
2
A
| ♦Laclede Gas Lt ref A ext 5s 1939
Ref A ext mtge 6s...
1942
55
2
z
.....
*
....
b
Af N
{♦Kreuger A Toll secured 5s—
Uniform ctfs of deposit—1959 M 8
5946
*5546
2046
f Missouri Pacific RR Co—
a
Koppers Co 4s series A
2
46
43
63
85
157
......
146
7
....
cccl
80
3
746
246
47
2
iJ
b>2
a
J ybb
50
88 46
bbb3
x
11
75
bbb3
x
1954 J
4
146
1
46
22 46
2
80
-.v..
346
346
646
6
946
846
346
2
j ybb
j ybb
50
.
.
172
7
346
446
*40
......
/ D ybb
68
_
....
90
*147
346
5
Missouri-Kansas-Texas RR-
J
lj
1
92 46
*8346
*
100
5
....
48
146
2
246
546
346
.
......
1
b
z
2*6
1
4
......
J
)
....
104
J
Certificates of deposit
Kings Co Lighting 1st 5s
1st A ref 6 46a
J
....
.
10046
68
aaa4
F
.
*20
2
A
.
5 46s
1446
4
1
bbb3
x
J
3j
♦25-year
_
Plain
109
1346
25
*
2
146
2
546
cccl
z
146
*_
South Ry Joint Monon 4s. 1952
Atl Knox A Cine Dlv 4s.. 1955 M N
♦Lower Aust Hydro El 646s. 1944 F
A
*101
a
3
78
a
3
a
3
10446
NOANElstrefAlmp
J
46s
101
10446
New Orleans Term 1st gu 4s. 1953 J
78
10146
*10646
75
9446
82 46
11246
t{^N O Tex A Mex d-c Inc 5s
♦Certificates of deposit
78
112
"76"
73 H
83
10446 107
10446
cccl
1546
1546
♦1st 5s series B
1935
A
O x bbb3
D
♦Certificates of deposit
b
1954
A
O
z
z
b
1956
FA
z
ccc2
Attention Is directed to the
new
column I
1954
....
zb
z
z
b
i
1
.
.
.
1
2946
'■
3746
26
*20""
-
"2846
.
.
.
.
-
.
28
40
.
55
7146
21
33
25
30
23
.
...
24
3946
3746
.
.
.
.
30
3796
.
.
.
.
....
w
.
34
30
3746
69
10556
10146 10646
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40
*—
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ccc2
26
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.
1
b
15
11
3446
*--_-.
-....
z
102 <6
10546
10446
58
26"
45
....
.
1
z
tabulation pertaining to bank
52 46
1
ccc2
t
n corpora ted In this
55
*21
ccc2
!
For footnotes see page 3793.
"58" ~
ccc2
z
z
♦Certificates of deposit
AF
♦1st 446s series D
..1956
♦Certificates of deposit
oa
♦1st
546s series A
"l"0446
bbb3
j y bbb2
O
....
♦Certificates of deposit
1st 5s series C—
x
*4346
10446
10246
.
.
.
.
3256
37
23 46
3656
29
3246
27
40
33
3846
1
eligibility and rating of bonds.
See i.
New York Bond Record—Continued—Page 5
3792
Friday
Bank
Railroad & Indu*.
14
»-i
/
i;
45
bb
3
1--.'-
b
3
O
74
45 M
38M
81
45M
226
38
56 M
106
51
45 M
51
49
43
49*
83
2
70M
57
88
32
69
J ,bb
3
bbb2
lllVs
62 M
74
3
85 M
A y
♦_ .5^._
■
62 M
63 M
79 M
85
1
54 M
64M
43
42 M
68 M
95
A
M
A
.—1978
Ref 4 Ms series C
4s collateral trust--
O y bb
F
-1946
3 Ms extended to.1947
3
54 M
50
S y bb 3
A y bbb2
47 M
42 M
77
74
77
x
bbb3
y
aa
48 M
81 %
b
x
1941
3-year 6% notes
54M
81X
25
171
81M
1969
Lt 3 Ms
107%
62
104 M
110M
bbb4
103M
102M
103%
33
100
109 M
x
aaa2
108
108
108
2
108
109 M
x
aaa2
112
111
112
23
x
aa
2
111 M
111%
x
a
3
x
aaa2
O
105M
4
"84"
83 M
117%
"~98%
86
107 M
48
47 M
1947
Y Edison 334s ser D
1965
1st lien A ref 334s ser E—1966
y
ccc2
46 X
46
x
aaa4
107 M
106M
107M
x
aaa4
107M
106 %
108
X
aaa4
121M
121 M
121M
:;':.;:9
120M 126 M
x
aaa4
113M
114M
15
cc
.
108
m
48
13
47
56 M
6
46
57 M
46 M
.
11
105
4 Ms series B
♦N Y L E A W Coal A RR
AfN
1973
Af N
x
2
a
3
3
bbb4
82
80
82%
38
79
91
x
a
3
94%
90 M
94%
24
89 H
99 M
x
a
3
94%
90 M
94%
42
89
99M
—1952
X
bbb4
80
75 Vs
80
69
75%
x
aa
*110%
112%
112M
112
mm'mm
A
O
A
O
Peoples Gas LAC cons 68—1943
Refunding gold 5s
1947 u s
{{♦Peoria A East 1st cons 4sl940
105
a
112%
12
57
59%
2
56
b
58
58
1
58
U
i '«►
-
*40"
-
*75
*58
bb
bb
2
3
z
b
4
*25
^
^
^
Apr
z
x
a
J ybb
J ybb
1956 J
1st 4s series B
1st g 4 Ms series C
1980
J D
Phelps Dodge conv 3 Ms deb-1952
90
*;
Phila Co sec 5s series A
80
Phlla Electric 1st A ref 3 Ms
65
mm
99 X
....
67
71
mm
74
72 M
{♦Phila A Read C A I
♦Conv deb 6s
4
11
20
rnm:mm
16
19 X
11 Vs
cccl
*10 M
11
12M Smm»
cccl
10 M
cccl
14
cccl
109M
11M
119
mm'mrn
114
115
2
106
106
3
106
110M
2
104%
104%
1
104 X 108M
103%
105%
86
100
106 M
108
111M
105%
108 M
110
cccl
9%
2%
AM
10
7
cc
cc
1
aa
~~2%
1
20
20
M
A
O
aaa2
101
.1942 A
O
aaa2
aaa2
*108%
4Mb A—..1940
Series B 4Ms guar
J2M
24 %
19 M
36 M
Series E 3Ms guar
±
~
m.
»
z
z
.1975 A
.1977 J
85
Gen mtge 5s series B
43
52
Gen 4Mb series C
109
107
m
105M
mT'm
102M
20 X
104M
50
101
20 M
11
1
9
109
104M
5M
12
6
*5M
6
8M
cc
bb
aaa4
8M
85
y
bb
2
y
bb
2
*75M
z
c
2
3M
107M
107M
4
1
z
c
2
5M
39 M
6
1C0
a
b
108M
100 M 106 M
m
109
96 M
aaa3
y
110M
105
52 M
107 M
*74
x
107
m'mm
108M
*
108 H
aa
O
aa
aa
m'm.
+
mm
„
m"m'm:.m
115%
2
109
109 M 110
109 M
m
m
109
mm m'm
105
116M
114M 118
99 X 108 M
99 M 107 M
116
115
2
101%
102%
4
2
J
_
rn
114%
102%
2
Pitts Va A Char 1st 4s guar..1943 UN
Pitts A W Va 1st 4Mb ser A..1958 J D
.1959 A O
1st mtge 4Mb series B
.1960 A O
1st mtge 4Mb series C
_
mm:m'm
102
4
92
96
50
92
44%
49%
6
40
53
53
99%
"95"
100 M
aaa2
30
c
z
Dx
*100M
cc
z
4M
IX
.1970 J
m
•:
*109
aaa2
aaa2
,
Gen mtge 6s series A
85
mm
rn'mm-m
A
.1964 MN
Series J cons guar
107 M
bbb3
X
m m
48
F
8«
*105 M
bbb3
4
*105
1X
1M
aa
*103
aaa2
3
*36
x
aaa2
A
5
*75M
x
MN
9
2
aaa4
108
3M
2
x
104M 104M
mmmm
Series G 4s guar—. .1957
O yb
x
mm mm
'm mm'mm
Series H cons guar 4s——. .1960
.1963 F
Series I cons 4 Ms
A
112
109
■'m'mm'mm
72
1955
106 X 108
108 M 108 M
m
*110%
23 M
4 Ms
103
101
107%
"±mmm
*108%
58
Series F 4s guar gold
1
101
101
*104%
12
3M
......
104X "2M
93 H 101
10
aaa2
14
2
60
96
aaa2
111
2
107"
4
aaa2
3M
6M
3M C BH
A
.1953 J
60
2M
4
D
F
gold—..1949
14M
c
4%
*106 M
UN
47
95 M
Pitts C C C A St L
15
9%
2M
2%
105"
96
33
cc
100
10 M
8Vs
i&%2.
♦Certificates of deposit
107
19
z
X
2
bbb3
129
z
b
H948 US
Phillips Petrol conv 3s
Pitts Coke A Iron conv 4 Ms A'52 M 8
15
S
y
10
10
6
109% 110M
*114
aaa4
20 H
D
N Y A Putnam 1st con gu
20 M
11
51
1
62
111M
2
Series C 4Mb guar—w—..1942
Series D 4s guar——— .1945 MN
2M
13 H
3
109%
60
45
/
J
ref 6s -1973
.1949 M 8
J
.1937 J
58
cccl
45
107
37
12
1
7
21
bbb4
12M
11M
17
1967 J D
1967 M 8
19M
cccl
cc
7
11M
11M
11
cccl
46%
50%
109%
19M
30
71
50
♦Certificates of deposit—.
11 M
11M
*10M
51X
46
50%
aa
{{♦Philippine Ry 1st s f 4s..
.—
10
107
aa
D
64
80
mm mm
m
1981 J
General 4Mb series D
65M
3M
106 M
_
16
aa
J
60
,70
107%
46%
109
aaa3
A
General g 4 Ms series C
100
—.
56%
55
a
1943 UN
1974 F
1977 J
General 5s series B
14
60
mm
cccl
b
4s.l993 A O
N Y Queens El Lt A Pow 3 Mb *65 UN
J
N Y Rys prior lien 6s stamp. 1958 J
N Y A RIchm Gas 1st 6s A--1951 AfN
J
N Y Steam Corp 1st 33*8—1963 J
J
{{♦N Y Susq A W 1st ref 5s. 1937 J
F A
{♦2d gold 4 34s
1937
♦General gold 6s
-—-1940 F A
♦Terminal 1st gold 5s
1943 AfN
N YTelep 334s ser B—
1967 J J
N Y Trap Rock 1st 6s
1946 J D
6s stamped..
1946
»«NY West A Bost 1st 4 Ms 1946 y~j
M S
Niagara Falls Power 3M8-—1968
A O
Nlag Lock A O Pow 1st 6s A-1956
AfN
Niagara Share (Mo) deb 5 Ms 1950
{{♦Norf South 1st A ref 68—1961 F A
m-'m
x
110%
*106
117M
111
2
4%
3%
cc
A
Apr 1990
43M
cccl
1942
-
{♦N Y Prov A Boston 4s
■'"i
*60
J
4s—1992
97
52 M
60
*40
y
y
UN
{♦Harlem R A Ft Ch 1st 4s 1964
{♦N Y Ont A West ref g
z
Ms—1974 F
Marquette 1st ser A 5s. 1956 J
87 M
116
110%
b
Peoria A Pekin Un 1st 5
4s
100% 110M
z
♦Certificates of deposit
♦Income
37
105
x
Pere
110M
HH
101 M
3
b
z
13
*8%
*
AfN y bbb2
Af N y bbb2
5 Ms'42 AfN
J
♦NYLEAWDkA Impt 6s 1943 J
M S
N Y A Long Branch gen 48—1941
A O
{{♦N Y A N E (BostTerm) 4s '39
{♦N Y New Hav A Hart RR—
♦Non conv deb 4s
1947 MB
♦Non-conv debenture 3 Ms 1947 MS
♦Non-conv deb 3Ms_,
1954 A O
J
♦Non-conv debenture 4s_. 1955 J
AfN
♦Non-conv debenture 4s-_1956
♦Conv debenture 334s
1956 J J
♦Conv debenture 6s
1948 / J
A O
{♦Collateral trust 6s
1940
♦Debenture 4s
1957 M N
♦
1st A ref 4 Mb ser of 1927.1967 J D
♦General 4s
aa
2
104 M
94 M
x
Phila Bait A Wash 1st g 4s_
{♦N Y A Greenwood Lake 6sl946
N Y A Harlem gold 334s
2000
N Y Lack A West 4s ser A—1973
92
115% 120 M
40
98%
115
81
16
x fl
x
M 8 y bb
Erie RR
J
D
N Y Gas El Lt H A Pow g 68.1948
F A
Purchase money gold 4s—1949
20
<v
1970
1981
1984
104 M 108 M
104M 110
N Y A Erie—See
111
1968
113M 118M
z
yb
Conv 5% notes
N
aa
x
1
85%
116M
95M
101M
110% 115
A—-.1965
86M
87 M
80 M
a
x
Debenture g 4 Ms
73
66
x
A
General 6s series B
Conv deb3Ms
101
A
A
Gen mtge 3 Ms series C
1970
Consol sinking fund 4 Ms—1960
59 M
57
High
F
debentures
1974
AfN
Pennsylvania RR cons g 4s—1943
M N
Consol gold 4s
1948
4s sterl stpd dollar May 1 '48 MN
Gen mtge 4Mb series E
53
103M
102M
*105 M
1
No. Low
High
■
Since
Jan.
9Q<4
F
Pow A
68 X
4%s A--1953
1st guar 6s series B
1953
NY Dock 1st gold 4s
—1951
N Y Connect 1st gu
§2
Friday's
A
Asked
Bid
Low
4 Ms
38M
V. 7
,
72
69
103
Price
Range
Range or
i
Sale
See a
Railroad & Indus. Cos. (Cont.)
Penna
45M
16
Rating
af
»ift.
General 4Mb series
64 v-^.i 62 M
60
65
50
Last
Elig. &
STOCK EXCHANGE
General 4Mb series D
Louis—
Ref 5 Ms series
44 M
Y.
Week Ended June 14
15
3
A y bbb2
N.
High
1 111
m
46
a
V
N Y Chic A St
mm m
b
J
J
^
m
75
-
F
1942
W
50 M
M
bb
Af N
J
*
Since
Jan. 1
No. Low
High
♦106M
~
gold 3 Ms. 1998
Mich Cent coll
1st mtge
W
-
Asked
A
coll gold 3 Ms. 1998
Debenture 4s
Lake Shore
■r
3
O
Conv secured
N Y
bb
O
1946
A--2013
C—.2013
series
3%s
--1952
Cent A Hud River 3 Ms. 1997
aaa2
X
A
1998
10-year 3%s sec s f
Ref A Inapt 4%s series
Ref A Impt 6s
Bid
Low
4%s.l945
A
Price
bonds
Range
ej
«3<l
Friday's
Sale
See a
ft.
Cos. (Cant.)
Newp A C Bdge gen gu
N Y Cent RR 4s series
Range or
Rating
EXCHANGE
Week Ended June
\
Last
Elig. &
bonds
N. Y. STOCK
June IS, 1940
Week's
Friday \
Bank
Week's
.
90 M
-
107M 112
107
27
8
18M
7M
2
8M
109
96 M 104 M
17 M
♦6s
3
44%
46
8
40
43 M
46 M
49
38
40
3
D
*102%
*107
x
aa
3
D
x aa
3
*98%
D
x
3
*98
1960
M
53
106M
102
117
A
J
aa
mmm
m
65%
140
68%
106%
68M
J xbbb2
"85"
110 M 110M
m'm
m
-
106%
S y bbbl
1st 5s extended to
1950 J
{♦Porto Rico Am Tob conv 6s '42 J
♦Certificates of deposit
6
3
b
J
Port Gen Elec 1st 4 Ms
2
b
F
62
6M
3
1962
1974
1977
5s series B
lBt gen 5b series C——
1st 4 Ms series D
90
3M
29
10M
1st gen
78
mm
12
107M
8M
14
62 M
111M
Pitts Y A Ash 1st 4s ser A—1948 J
85M
mm'rn'
m
W
3M
•
106
107 M
b
z
z
104
59
11
SIX
51
58 X
85M
81X
14 K
85
81%
74%
85
85
81%
85
25
17M
16%
17%
35
106 M
cccl
106%
7
85
stamped————1942
♦Certificates of deposit
{{♦Postal Tel A Cable coll 5s 1953 j
Potomac El Pow 1st M 3M8.1966 J
Pressed Steel Car deb 5s
1951 J
J
z
cccl
/
x
aaa4
J y bb
107 M
86
85
25M
106 M 110 M
79
84M
6
80
80
2
81M
65M
1
33
85
85
cccl
75
85
J
'
AfN
ccc2
64
A
x
aaa4
120
F
A
x
a
4
106
F
A x a
4
104M
F
North Amer Co deb 3 Ms
z
O
{{♦Norfolk A South 1st g 58.1941
4s—-1996
1949
Debenture 3 Ms
1954
Debenture 4s
1959
North Cent gen A ref 5s
1974
Gen A ref 4 Ms series A
1974
Nort A W Ry 1st cons g
106
A
x
a
4
M
S
x
aa
2
M
8
x
aa
2
{Northern Ohio Ry—
♦1st gtdg 6s
1945 A O
♦1st mtge g 6s (stamped can¬
cellation of guarantee) .1945 AO
♦Certificates of deposit—
z
x
22
T17M 126M
102 M 107 M
105
11
101
107
21
106 M
102 M 108 M
bbb2
114
114
*104
ccc2
4s—-1997
God Hen ry A Id g 3s Jan—.2047
Ref A impt 4 Ms series A—-2047
Ref A Impt 6s series B
2047
Ref A impt 6s series C
2047
Ref A Impt 6s series D
2047
79
5
106
107
108 M
45
61
40 M
40 M
ccc.2
z
64 M
120
*108
ccc3
Z
Vs
64
61
118M
105M
104 M
105M
North Pacific prior lien
ybb
64
*45
*
49
~59M
62
—„
62 M
40
59 H
70
43 M
49
36 M
2
35
37
72
31M
{♦Providence Sec guar deb 4s 1957 M N z cc 1
3
{♦Providence Term 1st 4s
1956 M 8 zb
Public Service El A Gas 3 M s 1968 J
/ x aaa4
2037; J
2037 J
Pub Serv of Nor 111 3 Ms
1968 A
Purity Bakeries s f deb 5s—.1948 J
{♦Radlo-Kelth-Orph pt pd ctfs .
for deb 6s A com stk(65%pd) J
{♦Debenture gold 6s
1941 J
{♦Deb 6s stamped
1941 J
Reading Co Jersey Cent coll 4s '51 A
Gen A ref 4 Ms series A—.1997 J
Gen A ref 4Mb series B--.1997 V
1st A ref mtge 5s
1st A ref mtge 8s
J
D
O
J
D
D
D
O
J
J
3
*1%
*65
-
aaa4
x
aaa4
x
aa
x
z
140
2
107%
8
99M
101%
20
*30"
"47"
—
z
-
Z'
*43
y
bbb2
x
bbb3
x
57
*50
——
56
bbb3
75M
62 X
75
34
89 X
102
90
100M
47 M
53 M
237
y
bb
46 M
43 M
47
16
40M
54 M
Remington Rand deb 4Ms w w '56
y
bb
47 M
43 M
47 M
13
40
55M
bbb3
90
Northern States Power 3 Ms. 1967
aa
107M
105 M
107M
40
4Mb without warrants
1956
Rensselaer A Saratoga 6s gu.1941 AfN
x
x
x
bbb2
*90
Northwestern Teleg 4 M* ext 1944
xbbb3
95
95
Republic Steel Corp 4 Ms ser B '61
Pur mon 1st M conv 5MS.1954 UN
A
x
bbb3
x
bbb2
1956 MN
4Ms 1956 J J
x
bbb3
x
bbb4
J
z
.1946 13
z
*5
*108
1965 UN
a
1st mtge 4s
1967 MS
—1972 J J
Oklahoma Gas A Elec 3 Ms—1966 J D
a
4
1st mtge 3 Ms
a
4
Ohio Edison 1st mtge 4s
a
4
4
D
A
aa
aa
Oregon RR A Nav cod g 4s.-1946 J D
Ore Short Line 1st cons g 6s. 1946
-
-
aaa2
Ontario Power N F 1st g 5s__1943
Ore-Wash RR A Nav 4s
110
101M 110
107 M
107M
8
107 M
110M
104 M
4
103
107
6
94
94 M
94
♦
V
97
.
108M
30
108
112M
113
10
112M 118M
113M
1961
aaa2
113M
104M
Pacific Coast Co 1st g 5s
Dy b
1946
Pacific Gas A El 4s series G.1964
D
x
106M
3
3
aaa2
aaa2
25
106M
"83
107 M
1st A ref mtge 3 Ms ser I.—1966
D
aaa2
{♦Pac RR of Mo 1st ext g 4s_1938
A
bb
2
3
32
110M
71
b
*60
{♦2d ext gold 58.
J
1938
Pacific Tel A Tel 3 Ms ser B.-1966
Ref mtge 3Ms series C
if g
x
O
109M
1966
D
4 Ms.-1955
J
aa
106M
1
a
104M
104 M
4
1952 M
m
m:
85
74
106 M
*102
aaa4
71
1
"
"4
105M
2
S
Panhandle East Pipe L 4s
12
71
107M
aaa4
77
53
60 M
109M 113M
108
112M
105M 110M
60
112M
D
107 M
68
110M
108M
1st A ref mtge 3 Ms ser H._ 1961
119
104
70
*49
112 M
lllH
113
1
106M
*68
75
103M 110M
104M 112
102 M 102 M
m
"4
1st M s f g 3s loan ctfs
1955 F
3Ms deb '47
Parmelee Trans deb 6s
A yb
M S
1944 A
x
2
bbb3
44
40
44
12
40
76 M
76M
76 M
1
76
51M
90M
36
39M
2
36
47
m
121
126
O y ccc3
Pat A Passaic G A E cons 58.1949 Af S
x
aaa3
♦Paullsta Ry 1st s f 7s
z
b
x
aa
1942 M S
Penn Co gu 3 Ms coll tr ser B.1941 F
A
Guar 3 Ms trust ctfs C
1942 J
D
x
Guar 3 Ms trust ctfs D
1944 J
D
x
aa
Guar 4s ser E trust ctfs
1952 AfN
x
aa
1963 F
x
a
A
4 Ms series B
1981
J
O
x
J
x
a
a
•i
m
4
67 M
mmmim
101 M
m
m
-
-
mi.
-
m
m'm
104"
100M
14
100M
25
90 X
94
3
102
96 M
♦Rhine-Westphalia El Pr 78.1950
77
91%
96%
104%
105%
19
96%
67
92
96%
5
100
98%
*15
*12
4s
s
1952
f conv debentures
»—
z
z
bbb3
104
1955
i
1939
{{♦Rio Gr West 1st g 4s—1939
D
ccc2
*25
36
J
ccc2
20
O
cc
8
D—1977
1967
Gen mtge 3 Ms series I
1967
Gen mtge 3Ms series J
1969
{{♦R I Ark A Louis 1st 4MS.1934
Gen mtge
3Ms series H
♦Ruhr Chemical s f 6s
-1948
{♦Rut-Canadian 4s stmp
{♦Rutland RR 4Ms atmp
1949
1941
M
U
S
8
102
7
107 M
99 M 106 M
105
99
.
88
98
107
103M
14
101
96 M
5
96
97 M
3
10 X
9
m
3
33
40
20
34M
14
A
J
J
*8
2
*5
c
cc
J
2
5
2
*104
a
-
4
6%
'
5M
12M
108M 111
105
110 M
7
'm~:
6
9M
5
21
m mm
mm
21
6
9
mi-
3
5
4
9H
68
*65
aaa2
J
-
107%
5%
cccl
O
111%
107%
107 M
x
a
1996
y
bb
1996
y
b
z
bb
z
bb
St Lawr A Adlr 1st g 5s
2d
gold 6s
*23
2
*
104%
98 M
54M
110M 112
59
St Louis Iron Mtn A Southern-
♦{Riv A G Dlv 1st g 48—1933 MN
♦Certificates of deposit
mm:m:m
70
51%
*51
54%
61%
13
.„-
101M
99
17
49 M
48 M
66
65
15
26 M
2
ccc2
y
b
2
2
35
z
cccl
7
8%
z
cccl
7
8%
z
cccl
8%
z
cccl
7%
61
z
cccl
7
9%
8%
8%
z
cccl
7
St L Rocky Mt A P 5s
J
{♦St L-San Fr pr
J
J
1950 J
J
stpd—1955
lien 4s A—1950
♦Certificates of deposit
♦Prior lien 5s series B
16%
z
/ y b
J
{♦St L Peor A N W 1st gu 5« 1948 J
1959 M S
St L Pub Serv 1st mtge 5s
♦Certificates of deposit
1978
Af *8
59 M
9M
17
55M
66M
33
62 M
7
14 M
35
6M
14M
96
8M
16
15M
140
7M
7
7%
42
6M
56%
10
54 M
25M
13M
67
38
21M
58
35
1
163
{♦St L S W 1st 4s bond ctfs. 1989 MN
y
bb
2
54%
J
z
b
1
30
30
5
{♦1st tferm A unifying 5s__1952 J
J
z
ccc2
*14
21
mm'mm
♦Gen A ref g 5s series A... 1990 J
/
z
cccl
8
♦2d 4s lnc bond ctfs.-Nov 1989 J
I
103 X 105
rn'm-rn
6%
*105%
cc
♦Ctfs of deposit stamped
Attention is directed
17
*107%
aa
Af S
2
aa
M
Saguenay Pow Ltd 1st M 4Ms '66
St Jos A Grand Island 1st 4s. 1947
♦Con M 4 Ms series A
For footnotes see page 3793.
16M
8
5%
aa
17
aa
M 8
♦1st con A coll trust 4s A—1949
Roch Gas A El 4Mb ser
16
103 M 109
20
{{♦Rio Gr June 1st gu 5s
*
15
12X
5
104%
2
J
17M
21
105
103%
105M
aa
♦Rlma Steel 1st s f 7s
m
....
b
J
14
15M
m
....
z
M S
98 X 103 M
.30
26
15
'mm
19%
16
*m'££X:n
A
5s—1952
98 M
92
14 X
'■m'mi^mm
*
Richfield Oil Corp—
Rlchm Term Ry 1st gen
98 M
90 M
109
103
13
-
J Z-
MN Z
1952 AfN
1953 F A
1955 A O
♦Direct mtge 6s
mmmm
105M 106
'
99M
"94"
♦3Ms assented
96"
4
90
100%
'
99M
-
72
101M 102M
mm
*102 M
"100M
Penn-Dlxle Cement 1st 6s A. 1941 M S y b
Penn Glass Sand 1st M 4Mb 1960 J D x bbb2
Pa Ohio A Det 1st A ref 4 Ms A '77 A
123
67M
*101M
*105M
aa
28-year 4s
•112M
*
2
♦Rheinelbe Union s 17s
♦Rhine-Ruhr Water Serv 68.1953 J
92%
89%
92 M
103M 105
Paramount Broadway Corp—
Paramount Pictures
1946 /
♦Cons mtge 6s of 1930
108"
S
Gen mtge 4Ms series C
Revere Cop A Br 1st M
♦Cons mtge 6s of 1928
aaa2
bb
F
100M 105M
m:-'
-
M S x bbb.J
M
108 M
aaa2
1st mtge A 4 Ms.-1962
Paducah A 111 1st
104 M
1946
Guar stpd cons 6s
Otis Steel
13
35
105M
104M
104M
-
4
F
105
"22
105M
103
8«
108 M
109 M
108
107
4
Ontario Transmission 1st 6s. 1945 AfN
-
104M
bbb4
1946 J
4s debentures
3M
6
104M
106 M
.w
60 M
105M 110M
95
95
\
60 M
16
52 M
2
64 M
65
bb
C
65
50
50
-
62%
y
aaa3
50
m
60 M
33M
45
S
-
mm
mm
27
39
J
99U 105
65
44 M
M
106
62%
65
38 M
4s—1943
226
110M
222
-----
107
43
{♦Og A L Cham 1st gu g 4s—1948 J
106M 113
140
150
—
*195
107%
4
bb
Ohio Connecting Ry 1st
63 M
63 X
m
15
y
1
mmm
110
bbb3
6
3H
lim
mm
109%
140
x
110
to the new
column incorporated in this tabulation pertaining to bank
8
8
eligibility and rating of bonds.
12
IX
14 M
13 X
See a.
Volume
New York Bond
ISO
Bank
BONDS
N.
Y.
STOCK
Friday
EHo. &
EXCHANGE
Railroad & Indus. Cos.
Last
Rating
Sale
See a
Price
Week Ended June 14
(Com.)
-
Range or
Friday's
Bid
A
Low
St Paul A Dul 1st
con g 4s__1968
{♦St Paul E Gr Trk 1st 4 Ha. 1947
{♦St P & K C Sh L gu 4Ms— 1941
*
xbbb2
z
a
*2
cccl
x
Ask
High
P
4M
Range
Since
82
6
N.
4M
4M
4M
S A & Ar Pass 1st gu g
x
J
4s....1943
San Antonio Pub Serv 4s
y
1963 A
1946 J
♦Stamped
♦Guar s f 6 Ms series B
♦Stamped.
Scioto V & N E 1st gu 4s
aaa2
98M
97 M
High
82
5M
8
110M 118
59 %
54
68 M
105%
105
108 M
109 M
109 M
109
111 M
*23 M
25
"32"
109 M 111
21
33
59
x
aaa2
z
J
112
cccl
z
A
0
A
0
z
x
cccl
z
98 M
105M
aaa2
1989 M N
.1946
*111M
bb
x
J
J
...
*98
y a
San Diego Consol G & E 4s..1965 M N
Santa Fe Pres & Phen 1st 5s. 1942 M S
{♦Schulco Co guar 6 Ms
2
*35 M
25
"4
33 M
28%
40
115
18M
47
47
114M 123M
t Seaboard Air Line Ry—
1950 A
..1950 A
Oct 1949 F
1959 A
(♦1st g 4s plain.
(♦4s g stamped...
♦Adjustment 5s
(♦Refunding 4s
O
ccc2
*8
O
cccl
7
A
c
0
/A:*1V'S
cccl
♦Certificates of deposit.
2M
cccl
*2
11M
"24
1 %
2%
"6
5
'
♦1st
cons 6s
1945 M S
series A.
cc
3M
4
114
1
3
3
9
cccl
{(♦Atl & Blrm lstgu 4s... 1933 MS
2
cc
♦Certificates of deposit
*6
{♦Seaboard All Fla 6s A ctfs. 1935 F
A
c
A
c
3%
2
1935 F
1
♦6s Series B certificates
J
Shell Union Oil 2 Ms debs.-.1954
x
Shlnyetsu El Pow 1st 6 Ms—1952
♦Siemens A Halske deb 6MS-1951 M
♦Silesia Elec Corp 6 Ms
.1946 F
Sileslan-Am Corp coll tr 7s—1941
S
A
....1950
Skelly Oil 3s debs
x
*
cccl
*11M
95 M
bbb3
aaa4
*
aaa3
M 8
aaa3
F
A
Southern Colo Power 6s A..1947 J
J
D
bbb3
Southern Kraft Corp
4Mb
Southern Natural Gas—
1946
j
v !
3M
93 M
14 M
15M
28 M
12 %
30 M
94
102%
95 M
4
18
99 M 100M
104 M
100
102 M 106 M
119
"29
107 M
107 M
34
109
22
103
100 M
40
2
37
104
109M
101M 105M
105 M 108M
107% 111
101
106
97M 102M
i
1st mtge pipe line 4 Ms
1951 A Ox bbb4
SoPaccoli4s<.CentPaccoll). 1949 J Dybb 2
1st 4 Ms (Oregon Lines) A.1977 M S y bb 2
104 M
105
6
33
30 %
33%
41
42 M
47
104
30 M
107M
48 M
35
53
35 M
37 M
30
43
2
36
105
30
50M
1969 MN y b
2
1981 MN yb
2
1946 J
/ y bb 2
35M
35 M
30
35 M
35 M
145
30
60
46 M
44
46 M
70
37
..1968 M Syb
Gold 4 Ms
4
33 M
104
99 M
100M
1M
55%
103
bbb3
J
1st m tge & ref 4s
8M
7%
15M
3
26
12
108 M
aaa2
1961
1965
Southern Calif Gas 4Mb
2%
1M
5M
25
167"
103 M
107 M
6M
1M
131
102 M
106 M
aaa3
1979
2M
2M
97 M
67
99 M
103 M
104M
a
15M
18M
*21M
South Bell Tel & Tel 3Ma---1962
3s debentures
62
15
6M
1M
11
"15
2M
95 M
61
62
>bbb2
Socony-Vacuum Oil 3s debs. 1964
South & Nor Ala RR gu 5s.. 1963
1M
93 M
95 M
z
y
16M
1M
*1%
z
1952
Simmons Co deb 4s
aa
D y b
Gold 4 Ms
Gold 4Ms
10-year secured 3MS
San Fran Term 1st 4s
1950 A
O
So Pac RR 1st ref guar 4s...1955
x
30
bbb2
Jy bb
2
-.1955
Jx bbb3
53 M
52
139
M
30
50 M
42 M
58
63M
80M
67
52
65 M
"88
54 M
83
91M
J|y bbbl
1st cons g 5s.. 1994
Devel & gen 4s series A... 1956
Devel & gen 6s
...1956
Devel & gen 6 Ms
1956
Mem Div 1st g 5s..
1996
St Louis Dlv 1st g 4s...__1951
So'western Bell Tel 3Ms B..1964
1st & ref 3s series C
1968
1st 4s stamped
Southern Ry
Oybb
2
Oybb
2
y
J y
bb 2
bbb2
"83""
47 M
42 M
47%
163
42
62 M
58
63 M
34
63
66
61M
67
35
M
*60
J y bbb2
*62
79 %
70
63
x
aaa4
109M
108 %
109%
4
x
aaa4
105 M
103 M
105 M
146
{♦Spokane Internat 1st g 5s. 1955
J
z
cccl
1
Staley (A E) Mfg 1st M 4s... 1946
Standard Oil N J deb 3s
1961
x
a
3
103 M
D
x
aaa4
103 M
,.—.1953
J
x
aaa4
104
Studebaker Corp conv deb 6s 1945
J
z
bb
2
1950 KN x aa 4
J x aaa3
Tenn Coal Iron A RR gen 5s. 1951 J
A x aaa4
Term Assn St L 1st cons 5s.. 1944
J x aa 4
Gen refund s f g 4s
.1953
A xbbb3
Texarkana A Ft S gu 5Ms A. 1950
D x aaa3
Texas Corp deb 3 Ms
1951
O x aaa3
3s debentures
1959
J ybb 4
Texas & N O CO a gold 5s
1943
3
D x a
Texas A Pacific 1st gold 5s—2000
O xbbb3
Gen & ref 5s series B
,.1977
Gen & ref 5s series C—
1979
D xbbb3
Gen & ref 5s series D
1980
2
Tex Pac Mo Pac Ter 5 Ms A, 1964 M S x a
2
4s—1960 J J yb
Jan 1960 A O y cccl
(♦Third Ave RR 1st g 5s... 1937 / J ybb 3
J x:afiJ2
Tide Water Asso Oil 3Ms—1952 J
Tokyo Elec Light Co Ltd—
1
1st 6s dollar series.—
1953 / Dy b
Tol & Ohio Cent ref & imp 3 Ms '60 J Dx bbb3
Third Ave Ry 1st ref
♦AdJ Income 5s
1949
Trl-Cont Corp 5s conv deb A. 1953
♦Tyrol Hydro-El Pow 7 Ms.-1955
♦Guar sec • 17...———1952
M 8
X
F
A
z
z
{{♦Union Ele/Ry (Chic) 5s. 1945
Union OH of Calif 6s series A.1942
.......
Union Pac RR—
1st & land grant 4s.
X
77
62
112
4
107
15
11
111
103M
104M
105 M
115
63 M
2
105M
50
63M
104M
53 M
55M
56 M
21
56 M
38
52
11M
15%
♦3Ms assented C
100M
62 M
25 M
100M
105
107M
59
11
65M
66M
83M
64M
10
82M
64M
99
98
*112M
*102 %
99M
124
104
105
108
*7
80
106M
*8M
16
13M
80"
3
12
108
----
IO9U32109i»a2
"6
80
95
2
*5
AO
cc
2
M 8
b
50
110
95 M
95
57
105M
5
58 M
75 M
58 M
78 M
28
*107 M
109 %
104 M
78M
14
1
*12
1
*12
Utah Power A Light 1st 58—1944
x
bbb3
{{♦Utll Pow A Light 5 Ms—1947
♦5 Ms stamped
1947
(♦Debenture 5s
.....1959
♦5s stamped..—....—1959
z
cc
58M
75M
99M
99M
77M
89 M
110M
z
cc
2
z
b
"23 % ~25~'
20
20
93M
85 M
85M
98 M
98 M
95
96 M
77 M
99
1
9M
4M
9M
5
4M
9%
6M
16
4%
9%
102 M
15
cc
x
4%
bbb2
102
2
x
57
58 %
2
78
•
18
20 M
*30 %
J
D
x
D
x
aa
16
3«M
35
37
60
r->
90 M
54
37
79 M
78
70
*
-
65
106M 109M
108 M 1091<
109 %
120M
3
107 M
M S X aaa3
120M
1
107 M
13
J X aaa3
105M
*115M
117
108 M
9
100 M
99
108M
100M
0
x
bbb3
77 M
74
77 M
80
10
O
x
aa
2
107 %
107 %
2
A—1946 M S
z
ccc2
10%
11M
13
.
J xbbb3
♦5s assented
1946 M S z cccl
Western Union Teleg g 4
Ms. 1950 MN ybb 2
25-year gold 5s
1951 J D y b
79
11
White 8ew Machdeb 6s
x
{♦ Wor A Conn East 1st 4 Ms 1943 J
Youngstown Sheet A Tube—
18M
50
67 M
58 M
45
53%
72
54%
59
17
51
70
10M
10M
2
36 M
41 M
35
37
37
z
cc
aa
3
x ft
z
c
11
110M 116M
53
96M 101M
101M103
11 M
a
4
1961 MN
x
bbb4
11
12
%
104
4
97
9M
6
11%
100M 106M
96
102
110
97
112
'
*110%
15M
17 M
23
14
16%
12
13 %
14
4M
5%
5
4M
*4M
8M
25%
20
10M
4M
9
106
107M
46
106
107 M
107M
107M
21
107 M 110M
104
J01M109M
2
x
47
101M
103 M
4
J
52 M
32
111
1
x
35
31
100
*100M
cccl
z
15M
23
99 M
100
......
cccl
z
10 M
110M
'
.
bbb2
.1948 M S
Conv deb 4s..
1st mtge s f 4s ser C
10M
9
57
53%
{(♦Wilkes-Bar A East gu 58.1942 J D z cc 2
Wilson A Co 1st M 4s A
J xbbb3
1955 J
Conv deb 3 Ms
.1947 A O ybb 3
Winston-Salem 8 B 1st 4s...1960 J
J x aaa2
{♦Wis Cent 50-yr 1st gen 4s..1949 J
J z ccc2
Wisconsin Elec Power 3 Ms—1968 AO
Wisconsin Public Service 4s—1961 J D
2
#11 tf-
53 M
10 M
1940 MAT xbbb2
♦Certificates of deposit;
(♦Su A Du div A ter 1st 48.1936 MN
♦Certificates of deposit
92 M
59
J ybb
J y bb
2361 J
1949 M S x aa
Wheeling ALE RR 4s
Wheeling Steel 4 Ms series...1966 F A
86
79
107M 108M
10%
18M
57
2361 J
Registered
98 M 102%
72
58 M
1
30-year 5s..............i960 M S yb
♦Westphalia Un El Power 6s. 1953 J J z b
West Shore 1st 4s
guar
»»•
-
128 M
115M 120
107M 112
16
1943 A
120
104M 110M
6
:
'
70
63M
*106 %
aaa4
J
56
12
21
*
aaa3
9
59
: 79M
79 ;
*65
79
101M106M
9M
15
*3M
104 M
104
102
104M
104M
102 %
36
101
110
14
106M
Cash sales transacted during the current week and not
e
Included in the yearly range:
No.sales.
Cash sale: only transaction during current week,
r
transaction during current week,
Deferred delivery sale;
Odd lot sale, not Included in year's range.
n
a
only
( Negotiability Impaired by maturity,
t The price represented Is the dollar quota¬
per 200-pound unit of bonds.
Accrued Interest payable at exchange rate of
tion
$4.8484.
? The following Is a list ot the New York Stock Exchange bond Issues which have
been called in their entirety:
Treasury 3Ms, 1940-1943, June 15 at 100.
Brooklyn-Manhattan Transit 4%a 1966, Aug. 2 at 103.
General Motors Accept 3Ms 1951, Aug. 6 at 103.
{ Companies reported as being In bankruptcy, receivership, or reorganized
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
*
Friday's bid and asked price.
♦
Bonds selling flat.
v
Deferred
under
No sales transacted during current week.
delivery sales transacted during the current week and not Included In
the yearly range:
No sales.
a Bank Eligibility and Rating Column—x Indicates those bonds which we believe
eligible for bank investment.
Indicates those bonds we believe are not bank eligible due either to rating status
x
provision in the bond tending to make it
Indicates issues In default, In bankruptcy, or
78
speculative,
In process of reorganization.
In this column are based on the ratings assigned to each bond
Fitch, and Poor's.
The letters Indicate
and the numeral immediately following shows the number of agencies so
rating the bonds.
In all cases the symbols will represent the rating given by the majority,
for example, a bond rated An by Moody, At by Standard, AAA by Fitch, and A by
Poor's, would be represented by symbol aa2 Bhowing the majority rating.
Where all
four agencies rate a bond differently, then the highest single rating is shown.
A great
In default.
majority of the Issues bearing symbols ccc or lower are
All Issues
bearing ddd or lower are in default.
Transactions
the
at
York
New
Exchange,
Stock
77
97
100M 115
"79"
77
*110
Stockt,
June 14,
1940
96
100
115M
x aa
Railroad A
United
Total
Number of
Shores
Week Ended
Mis cell.
Municipal
States
Bond
Bonds
For'n Bonds
Bonds
948,410
5,119,980
$22,727,000
1,359,890
876,980
Sales
$1,606,000
959,000
$37,000
518,000
203,000
195,000
573,000
663,000
237,000
5,689,000
4,351,000
6,351,000
4,944,000
5,073,000
$1,434,000
$28,014,000
$368,000
622,000
§1,201,000
4,549,000
3,480.000
5,197,000
4,127,000
4,173,000
199,270
971,540
763,890
Saturday
Monday
Tuesday
Wednesday
Thursday
State
:
668.000
244,000
x aa
1957 MiV
4M
19
4M
4%
1952 A
1977 J
ser
Friday
A
11
5M
4%
5
4
gold 4s.
104
95% 104M
78 M
*110
79
5
4%
cc
a
Maryland 1st 4s
1st A ref 5 Ms series A
West N Y A Pa gen
13M
13
42
Daily, Weekly and Yearly
17
97 M
98 M
39 %
"24M "24M
85 M
1
8
9M
*8M
x
Western
25
85 M
2
zb
12
A X aaa3
J
41
-
D
*12
xbbb3
-
104 M 105 %
18
*15
xbbb2
-
-
1954 J
Paper 3s
"17"
*15
cccl
115
92M
92M
108
*15
....
f
cc
O
1945 F
-
*25
cc
O
1945 F A
«
~
.
the quality
113M
93
1951
♦3MB assented A.
—1947
United Stockyds 4Ms w w—1951
Utah Lt A Trac 1st A ref 58.1944
Vandalla cons g 4s series A.. 1955 F
f 48 series B
cc
J
by the four rating agencies—Moody, Standard,
105M 109
8M
9
110M
92%
z
s
*25
Westchester Ltg 5s stpd gtd.1950
Gen mtge 3 Ms
1967
West Penn Power 1st 5s
E_.1963
.1st mtge 3Ms series I.
1966
West Va Pulp A
The rating symbols
113M
95 M
z
z
Cons
2
Warren RR 1st ref gu g 3
Ms.2000 F A y b
Washington Cent 1st gold 4s. 1948 Q Af yb
y
109M 112M
100M 104M
aaa4
28
61
b
ybb
6s debentures
1955 A O yb
Warner Bros Pict 6s
debs.—11948 M S y b
{♦Warren Bros Co deb 6s
1941 M S z cc
or some
14M
14M
32
3
20
25M
J
Walker (Hiram) G & w—
Convertible deb 4 Ms
1945 J D
Walworth Co 1st M 4s.....1955 A O
125
14M
108
48
10M
89M
67 M
103
8 ybb
zb
97 M
95
404
45
11M
72
72
"83
*55
x a
1947
♦Sink fund deb 6 Ms ser A.
61%
63 M
106
*
O y b
♦3Ms assented A
1951
♦Sec s f 6 Ms series C.....1951
104M 110M
53 M
72 M
83M
aa
z
103 h 108
102
106 M
67
55
101M
aa
X
92
163"
aaa3
M
111M
76 M
3
x
1953
104
58
aaa4
x
United Drug Co (Del) 5s
37
45 M
15M
*99M
105%
81
113M
104M 106 M
122
128 M
111M 115M
i-90%
52
1
3
x
United Clgar-Whelan Sts 5s. 1952 A
85
1
J
U N J RR A Canal gen 4s... 1944 M 8
♦Un Steel Wks Corp 6 Ms A—1951 J D
9
55
54
*75
1
o
34-year 3Ms deb——.....1970
35-year 3Ms debenture... 1971 MN
United Biscuit 3Ms debs...1955 A O
1947
9
104"
cccl
x aa
1959
97
91 M
105 M
122
105M
cccl
UJigawa Elec Power s f 7s_..1945 M syb
J x aa
Union Electric (Mo) 3Ms—1962
3s debentures—
104%
80 M
104
aaa3
J
J y bb
MN z b
30 %
12
28
101M 106 M
100M 106M
_
Trenton G A El 1st g 5s
21
12
109M
103 M 107M
80
106
34
10%
*20
102
23 %
2
129
111M
Tol St Louis & West 1st 4s._ 1950 A O y bb 3
Tol W V & Ohio 4s series C—1942 M 8 X' aaa2
4
1946 J I X a
Toronto Ham A Buff 1st g 4s
16
15M
105M
56 M
31
32M
__
1
J
Hioh
32
b
1976
Wash Term lst gu 3
Ms
1st 40-year guar 4s
No. Low
High
106
104 M
......
2
ccc2
Jan. 1
72
103 M
122
"56 M
b
Since
0
03 6Q
108 M
102 M
105M
aaa2
1
Ask
108 M 112
102
104 %
84 M
104M
107
A
Range
■w
Friday's
78
15M
91M
Range or
Bid
Low
x
gen 5 Ms A '75 M S
F A
79 M
103 M
102 M
Swift & Co 1st M 3Ms
O xbbb3
61 %
Price
1954 /
A Wn 4 Ms series
C—.1978 A
*Eef A gen 5s series D
1980 A
{♦Western Pac 1st 6s
v
Sale
See a
*9h,c Ext 1st 6S
1941
l!.De8M Dlv 1st g 4s
1939
!2DJa?a Div l8t 8 3 Ms—.1941
2 * Chic Div g 48—1941
{♦Wabiwh Ry ref A
Last
;
Rating
S4M
73 M
J
2Mb debenture
♦1st lien g term 4s
Week's
Friday
Elig. A
li
.
"84 M
D
A
3793
,ndu»- Cot.(Conel.)
Ry 3**8 series A—.1966 M S
{Wabash RR Co.—
(♦1st gold 5s
1939 Af N
(♦2d gold 5s
1939 F A
*£ef A gen 5s series B
29M
45
*35 M
114M
....
aaa3
;> 5
BONDS
STOCK EXCHANGE
Y.
Week Ended June 14
St Paul Minn A Man—
tPacific ext gu 4s (large)—1940
St Paul Un Dep 5s guar
1972
6
Bank
Jan. 1
No. Low
V. 75
cccl
z
Record-Concluded—Page
Week's
Total
—
$3,853,000
Vera Cruz & Pacific RR—
z
c
1
(♦4 Ms July coupon off. ... 1934
z
(♦4Mb assented
1934
3Ms ser B...1968 M S x aa 2
Va Iron Coal A Coke 1st g 5s.1949 M 8 y ccc3
J ybbb2
Va A Southwest 1st gu 5s...2003 J
bb 2
1st cons 5s.
.—1958 A O
Sales at
*%
....
Va Elec A Pow
107
107%
*30%
*70 M
*
....
M
107 %
40
M
M
32
107
New York Stock
40
76 M
57%
59
62 M
1940
1939
5,119,980
Government
-
Railroad and industrial
Total
-
—
Attention Is directed to the new column Incorporated In this tabulation pertaining to bank eligibility
2,593,820
119,206,186
103,240,745
$1,434,000
3,853,000
22,727,000
Stocks—No. of shares
Bonds
State and foreign
1939
61M
70
1940
Exchange
111
——
Jan. 1 to June 14
Week Ended June 14
$1,794,000
3,700,000
21,642,000
$24,183,000
112,049,000
655,265,000
$43,800,000
120,292,000
615,898,000
$28,014,000
$27,136,000
$791,497,000
and rating of bonds.
See note A above.
$779,990,00
sJ
New York Curb
3794
Exchange—Weekly and Yearly Record
June 15, 1940
NOTICE—Cash and deferred delivery sales are disregarded In the week's range unless they are the only transactions of the week and when seaing outside
the regular weekly range are shown In a footnote In the week In which they occur.
No account ts taken of such sales In computing the range for the year
of
extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
beginning on Saturday last (June 8, 1940)' and ending the present Fridav (June 14, 1940). It is compiled
entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or
bond, in which any dealings occurred during the week covered.
.
In the following
the week
Last
Sals
Par
STOCKS
$
Low
Week
High
Low
Shares
Par
High
13
May
22%
Jan
21
Class B
1
.6
com—1
5%
Apr
22%
Mar
{Air Investors
Conv
4%
4%
5%
4*
4%
300
2%
common..*
300
2%
May
Jan
1% May
174*
preferred
60%
94 *
93
85
84%
25
60%
95%
85
Alabama Gt
May
6%
Mar
14% May
3*
Apr
30*
Apr
au
Apr
June
78*
108*
Apr
Apr
a-58
110
90%
82
May
May
2
50
Alles & Fisher Inc com..
Feb
% May
Investment
Alliance
Jan
7
% May
4:
Warrants
Southern..50
Alabama Power Co 17 pf_*
$0 preferred
*
Jan
4
10
Alnsworth Mfg common.
Air Associates Inc
5,200
98
Mar
2*
1*
Jan
Feb
Allied Intl Investing—
1"
$3 conv pref
(Mich).. 10
26
Aluminum Co common...*
3% May
Class A conv com
6%
-.100
preferred
Aluminum Goods Mfg—*
18
75
142
169
2,600
111
112%
300
ZlQH Zl6%
600
18
18
160
"lb%
6%
21
16 %
Jan
May
June
5%
May
42% May
96% May
% Mar
37
May
Tsoo
"58 % "U'% "65
American Beverage com_.l
American Book Co—.100
4%
Co com.l
Amer Box Board
11*
June
108
100
preferred
May
May
138%
Aluminum Industries com *
Aluminium Ltd common.*
4
8
18
Allied Products
4
300
4%
May
Mar
11*
49*
7*
Apr
1%
Class A common.... 10c
Jan
2*
Jan
'u
05
26
Class A with warrants.25
26%
26%
23
23
1
X
700
Corp—1
May
20*
65
50
65
$5.60 prior pref
%
13
*
*
preferred
1,100
%
%
10c
June
80
% May
r
Apr
75
25* June
23
200
June
% June
2,300
hi
31
x30
Jan
26
Cyanamld class A. 10
*
35
Jan
Apr
33*
1*
36
Mar
Apr
May
39*
Apr
19*
Apr
Amer Foreign Pow warr—
•u
Jan
Amer Fork <fc Hoe com...*
9%
14*
39*
Apr
com__l
American Gas & Elec—10
33%
11
30%
Amer General Corp com 10c
$2 conv preferred
1
preferred... 1
"13%
20
25
"Vi"
Amer Laundry Mach
Amer Lt & Trac com
25
preferred
Amer Mfg Co common. 100
34%
8%
25%
2%
~25~~
Amer Hard Rubber Co. .60
6%
24
14,800
11%
4,400
4,600
25%
200
2%
22%
26%
200
11
May
200
81%
2%
May
May
May
May
May
13% June
11% May
May
13% May
65
May
% June
25
27%
12%
14
50
27%
25
13%
14%
"lb"
11%
13
1,700
25%
26
200
16
16
50
25
...100
Preferred
""he
Amer Maracalbo Co
Amer Meter Co
1~,366
'"he "'%
29
*
23
200
29
10
5%
Amer Seal-Kap common.. 2
4%
Corp com *
preferred...
*
$6 series preferred
.*
American Thread 5% pf._6
Am Superpower
4%
X
48
1st $6
Anchor Post Fence
5%
8
6%
4%
%
3,100
May
3% May
% Mar
200
200
8
48
900
50
7%
May
5
2,600
4
6
19*
18*
16*
29*
25*
73
"11
*
Apex Elec Mfg Co com...*
Mar
Mar
Apr
Apr
preferred
*
{Arcturus Radio Tube—.1
$7
*
Arkansas P & L $7 pref
1%
6%
6*
he
Apr
May
Jan
17
136
Jan
50
114
Mar
23
Apr
May
May
125
20
;
he
1,500
42%
%
*2
3,000
he
Jan
4,800
6%
100
'
4%
1,000
'36%
5
5
16%
"""50
36%
12%
%
4%
100
17
1
11,300
700
100
4%
Apr
36%
June
14 %
40
4% May
2% May
12*
Apr
Mar
6%
Jan
6
Jan
22% May
1H
Jan
45
Apr
Jan
% May
33* June
3% May
8%
Jan
1% May
2%
Mar
31 %
Mar
28
30
5%
Apr
June
48%
200
4% May
6%
Apr
100
30
5%
May
3% June
% May
3
May
3% May
%
Feb
8%
Feb
1%
8%
7%
Feb
17%
Mar
50
5%
3%
3%
5
4%
10%
9
3%
5%
11%
1,400
2,300
25,300
%
8
May
Apr
36
"
"l% "2%
l",406
1%
29
"2% "2%
22%
22%
"""260
50
1%
%
20
36
May
May
49
Apr
Jan
38
May
1% May
Feb
14%
10* May
May
16% Mar
34
19*
Jan
10
17
Apr
20 %
Feb
May
17 %
10
Apr
Apr
-
Mar
20
June
1%
20%
Am dep rets ord reg—lOs
British Col Power cl A
*
100
19%
18*
20
600
Class A preferred
'
Feb
preferred
1*
*
1
Buckeye Pipe Line
'16"
10
DlstUlery.l
$6
1H
Jan
"""366
IX
300
30
30
20
May
Feb
May
Feb
1% May
2%
May
10
30
38
June
1% Mayj
lVs
1%
1*
6
6
100
6
33
33
50
28
Jan
1,400
16
May
90%
May
4H
May
May
May
50
Feb
36
5%
18 X
6
1,800
Mar
22
May
May
1% May
*
Brown Forman
15
Jan
11%
Jan
43
Feb
22*
Jan!
Buff Niagara & East Pow—
17*
94
200
9*
18
$5 1st preferred
19
92*
25
$1.60 preferred
Bunker H1U & SuUlvan 2.60
11
1,300
9
%
Jan
3%
Feb
Burry Biscuit Corp__12*c
1*
Mar
*
X
500
1
Feb
Apr
Vot trust ctfs
May
108
Jan
14*
Jan
2%
Jan
1%
"
Jan *
% June
1*
%
Cable Elec Prod com...50c
2
15
May
%
Burma Corp Am dep rets
1
May
Apr
Mar
Cables & Wireless Ltd—
..60c
3%
1% May
1% May
6% May
2*
2*
Apr
Apr
Apr
Camden Fire Insur Assn..5
8*
1
1%
1%
1%
700
Apr
3%
Apr
11%
% pref sha £1
Calllte Tungsten Corp
115
May
18*
Feb
May
2%
17*
May
Apr
5*
Apr
17
6%
Canada Cement Co Ltd..*
Apr I
Canadian Car «fc Fdy Ltd
May
May
6*
Mar
4
May
6%
Jan
8%
Feb
Canadian
May
22
Jan
5%
May
11*
Apr
1%
May
2%
Jan
% May
1%
Feb
13
99
Jan
7% partlc preferred...25
Can Colonial Airways
1
"7%
1
Jan
fi»
Jan
Capital City Products
Carlb Syndicate
%
5%
Jan
Carman & Co class A
Apr
Feb
%
Apr
hi
Feb
2%
Apr
Carrier Corp common
Apr
104X May
4%
Apr
Castle (A M) common. .10
Catalln Corp of Amer
1
"%
9
Carter (J W) Co common. 1
Casco Products
*
Jan
2,300
»
Feb
May
1
7%
*
Marconi
%
*
1
May
100
65
May
Atlanta Birmingham &
104 %
1%
12%
Atlantic Coast Line Co..50
Atlantic Rayon Corp
1
3%
Atlas Corp warrants
2
2,000
13
150
5%
he
«i«
2%
Atlas Drop Forge com
5
Atlas Plywood Corp.....*
2%
14%
12
1,100
1,100
300
900
%
4%
Avery (B F) & Sons com.6
6% preferred
w w
x-w
1
he May
2
11%
Class
*
X
8%
I
400
"lb"
"166
9
50
25c
*19"
*
B
6% May
% May
18%
4%
*
27
May
May
May
9*
1*
25
Jan
Jan
Feb
7%
40*
May
Apr
200
4
4
100
15
15
50
common
*
23%
2%
Mar
Purch warrants for com.
6%
4%
6%
22,600
24%
21%
4%
25%
4%
400
1
%
Barium Stainless Steel... 1
%
%
ll16
30
4%
550
Mar
7% Mar
4%
Apr
Apr
May
30%
Apr
1
4%
14%
For footnotes see page 3799
6%
7%
8% May
10*
5
14%
com
preferred
preferred
107
104
Conv preferred
107
350
2% June
20%
69%
13
13%
300
"91
"9 b"
300
13
3%
Co...
Jan
%
Jan
Chicago Rivet <fe Mach...4
11%
7%
16 %
Apr
Chief Consol Mining
Childs Co preferred
May
17*
Feb
Jan
Jan
109
105*
May
10*
May
Apr
Apr
115* May
3%
100
5
5
300
10
10
100
Jan
Jan
8*
Jan
2*
Jan
May
3*
*
*
2*
May
May
2*
Jan
May
4% May '
7* Mar
he May
%
Jan
he May
3
4%
May
Jan
x58
55"
7%
"59"
""650
June
13
Jan
95
Mfg
May
117
Apr
55
June
83
10
8
200
325
13
*
14
Apr 1
May
6
15
1
100
Feb
87*
95%
Corp common
10
Cherry-BurreU common..5
May
Feb
5*
34*
Jan
June
91
300
...6
Apr
May
6%
Char Is
Chesebrough
127
Jan
June
106*
95
Conv pref opt ser '29.100
Chamberlln Metal Weather
%
Jan
May
May
100
Mar
Mar
Apr
98
100
25
Chicago Flexible Shaft Co 6
9% May
1%
25
Apr
3% May
Jan
%
May
500
20
1,600
100
7%
16,400
June
200
2%
2,000
27 %
%
15 '
15%
2
*
May
1,600
Feb
1
4% May
%
12
1
Cent States Elec
3%
8
Basic Dolomite Inc com__l
Bath Iron Works Corp
Cent Ohio Steel Prod
Feb
Jan
Jan
May
15
*
IX
Jan
May
5% May
6
2
Cent Pow & Lt 7% pfd 100
Cent A South West UtU 50c
3
200
5
com
Apr
63
5%
100
*
Mar
4% May
4,200
*
17
Barlow & Seellg Mfg—
com
$7 div. preferred
1st partlc pref
20
May
18
7
6%
Celluloid Corp common. 15
4
19% May
Jan
18 X
6
May
Celanese Corp of America
Strip
Baldwin Rubber Co com.l
Bardstown Distill Inc
Apr
7% 1st partlc pref... 100
Baldwin Locomotive—
preferred
7*
91%
6%
1
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
2% May
4,100
May
Cent Hud G & E
7,800
3%
24%
104*
15*
91%
._..*
Jan
3%
21
May
86
preferred
Jan
Feb
2%
700
109
30
$6
%
100
3%
97% May
Feb
34
3%
50
1%
X
10
Ayrshire Patoka Collieries 1
Babcock & WUcox Co
2%
Jan
400
102
6%
X
Aviation & Trans Corp...1
Axton-Flsher Tobacco—
6
Jan
Jan
14%
% June
Warrants
23%
35
98
*
June
%
16
25
May
May
68
31
Carolina P & L $7 pref
3% May
3% May
400
4%
25
6% preferred
June
3X June
1
5
Automatic Voting Mach..*
May
1% June
12
he
{Austin Silver Mines
Automatic Products
»
Canadian Indus Alcohol—
*11
Atlanta Gas Lt 6% pref 100
Atlantic Coast Fisheries..*
!
Mar
1%
Carnation Co common...*
Assoc Tel & Tel class A
•
Jan
4
Apr
May
Apr
Apr
Apr
3%
30
Calamba Sugar Estate..20
._*
Coast RR Co pref
Feb
May
16% May
£1
Jan
400
1,500
he
British Celanese Ltd—
%
1%
Apr
•i«
Mar
Am dep rets ord bearer £1
Class B non-voting
he
46%
Mar
Am dep rets ord reg
Class A voting...
%
Jan
Amer Tobacco—
British
Bruce (E L) Co common..5
Mar
43%
11
*
6% May
..*
common
Registered
Jan
H
A
June
British Amer OH coupon._•
Brown Rubber Co com
warrants
conv
95
*
4
4%
..1
preferred
$1.20
Apr
Feb
70
98
»
Class A
*
..........1
A
Brlllo Mfg Co common
Feb
May
Assoc Laundries of Amer *
7%
8%
*
Jan
{Associated Gas & Elec—
Class A
Feb
32 %
%
100
{Brown Co 6% pref
*
c
8%
June
May
25
25
*
B
Jan
75
108
"700
1%
Amer deposit rcts—jEl
V t
95..
May
3
115% 116
*
preferred
Apr
Mar
15
100
Brill Corp class A
Jan
5%
15
2*366
Brown Fence & Wire com.l
Associated Elec Industries
$5
Aeronautical...1
87
1
Assoc Breweries of Can
50
6
Ashland OH & Ref Co
,
*
Art Metal Works com
108% 109
"l% "l%
10
preferred
Option
1
Preferred
Class
3%
6
Feb
5,200
2,200
4%
Bridgeport Gas Light Co.*
7%
June
"4%
*
2d preferred
Jan
109* Apr
10* May
June
*x«
Common cl A non-vot..*
Class
15
*
Bowman-Blltmore com
Am dep 5 %
108 %
Arkansas Nat Gas com...*
Common
Bourjols Inc...
Jan
Appalachian Elec Power—
6%
7% 1st preferred
Co
Borne Scrymser
*
100
25
—*
Jan
36
May
2% May
1
May
% May
8% May
Angostura-Wupperman ..1
Jan
Apr
31*
34*
Jan
70
Amer Potash & Chemical.*
Republics
May
%
Amer Pneumatic Service.*
American
Bohack (H C) Co com
Breeze Corp common
May
12.60 conv
*98"
•
Brazilian Tr Lt & Pow...*
8% May
% Mar
10
Class B n-v
Amer Export Lines
Blumenthal (S) & Co
Bridgeport Machine
A
Class B
Amer
1
1
.*
Blue Ridge Corp com
Brewster
May
4
18%
"'I'
4%
*
*
common
Jan
Am Cities Power & Lt—
Class
4%
16%
*
$2.50 preferred
Blrdsboro Steel Foundry
& Machine Co com
Jan
Mar
High
3%
*32
$3 opt conv pref
Apr
Low
12%
Blckfords Inc common—*
Apr
Apr
110* Mar
109* May
1*
Apr
100
Purchase warrants
Bliss (E W) common
Feb
400
4
7% 1st preferred.*.. 100
Common class B
Amer Centrifugal
100
BeU Tel of Pa 6 %% pf. 100
Benson & Hedges com...*
Conv preferred
Berkey <fc Gay Furniture. 1
Bell Tel of Canada
Blauner's
American Capital—
S3
1
com.._l
Bellanca Aircraft com
1
Bell Aircraft Corp
4%
4
20
$1.50 conv pref
Beech Aircraft Corp
Apr
18
Range Since Jan. 1.1940
Shares
4%
Ties Inc— 1
Beaunit Mills Inc com.. 10
Apr
192*
118*
Pries
Baumann—See "Ludwlg"
Beau Brummell
1
A_--
of Prices
Low
High
for
Week
Week's Range
Sale
(Continued)
Supply Mfg—
Class
Last
STOCKS
Range Sines Jan. 1,1940
for
Range
of Prices
common.10
Acme Wire Co
Aero
Pries
Week
Sales
Friday
Bales
Friday
10
Jan
May
29*
Mar j
*
Apr
Mar
New York Curb Exchange—Continued—Page 2
Volume ISO
Friday
for
of Prices
Week
Price
Cities Service common.. 10
434
62
preferred
Low
High
434
6034
Shares
5
4
6234
May
68
May
634
62
May
6
6
700
$6 preferred BB
_♦
Cities Serv P St L *7 pref.*
56 preferred
—*
58
60
20
45
95
95
50
85
May
11534
Mar
75
May
110
Mar
434 May
'2*666
""434 ""534
City Auto Stamping
*
City & Suburban Homes 10
«u
800
Cleveland Tractor
*
36
com... *
4
com_
Colt'
Mar
Jan
4834
7 34
Feb
Feb
Apr
4
May
May
234
2
May
334 May
.;;4
May
6
Feb
May
834
234
434
Jan
"634 "634
"166
14
500
14
34
634
34
334
334
May
Jan
Jan
5
5*200
80
900
67
May
May
May
5134
79
4
73
434
warr.
Patent Fire Arms .25
Jan
34
5
1,400
preferred....£1
Colorado Fuel & Iron
1634
56
200
51
June
7034
Feb
134 May
234
Jan
34
134
Jan
Mar
734 May
,
88
May
Columbia Gas St Elec—
5% preferred-
......
100
Columbia Oil & Gas.
l
134
134
800
134
Commonwealth St Southern
*«
Warrants
1,000
*n
134
Commonw Distribution. .1
*
Community P & L $6 pref *
Community Pub Service 25
Community Water Serv..l
Com po Shoe Mach—
V tcext to 1946..
.1
Jan
Jan
May
3534
2334
"325
2134
'3534
450
2134 June
3834
34
34
200
34 May
34
1234
400
33
""34
31
5034 May
12
1134 May
18
4234 May
1234
45
Apr
Apr
Feb
53 preferred
*
Conn Telep & Elec Corp__l
Consol Biscuit Co
Consol G E L P Bait com.*
4 34% series B
oref—100
Consol Gas Utilities
1
Consol Min St Smelt Ltd. .5
"134
800
400
6934
7234
11234 H234
134
30
134
111
"~2
"134
"234
"'loo
"134 "l34
Cont G & E 7% prior pf 100
8634
434
"lob
334
84
434
8634
2,600
130
Cook Paint St Varnish
'"0"
"734
T660
"634 "734
T260
4
*
$3 prior preference
734
"T
*Tk"
Cornucopia Gold Mluee 6e
Corroon St Reynolds
1
56 preferred A
*
"l"
"l34
'"760
6% conv preferred
Courtaulds Ltd
60
1
60
134
"1734
5*366
50
15J4
Crocker Wheeler Elec
*
334
Croft Brewing Co
"15"
1
334
334
3ie
700
34
"160
"2k ""234
Crown Cork Internat A..*
u
Crown Drug Co com...25c
7% conv preferred
"700
18
Crystal Oil Ref com
56 preferred
Cuban Atlantic Sugar
108
"20
108
3
700
134 May
"ios"
Curtis Mfg Co (Mo)
634
6
5
Darby Petroleum com
234
""366
"9k Ti
1
35
A conv..
24
Decca Records common..1
434
24
260
434
1,100
3
200
14
*16 May
Feb
100
10
Feb
8434
134 May
3634 June
"266
Stores
1
Dennlson Mfg cl A com..5
June
734 May
1534 May
Dejay
100
56 prior pref—.......50
Derby Oil St Ref Corp com*
*
1
A conv preferred
Detroit Gasket & Mfg
6% preferred
1934
2034
100
3634
Detroit Gray Iron Fdy
1
Det Mich Stove Co com._l
Detroit Paper Prod
1
10
Detroit Steel Prod
134
3634
"1634 "1634
20
w w
134
3634
134
1534
134
1334
1534
900
De Vllblss Co common..10
7%
preferred
34 May
Feb
134
34 Mar
400
0
1234 May
134
200
134
Divco-Twin Truck com__l
234
634
"3k "6k
7
434
1,000
I
Dominion Bridge Co Ltd.*
434
Driver Harris Co..
10
5634
21
21
60
5734
21
100
Mar
Mar
5634
June
2034 May
10734
68
68
134
400
6834
134
50
Mar
134
Jan
64
May
234
434% prior pref.
100
6% preferred
...100
1,600
634
600
S3
4%
conv preferred-
28
June
8
1534
166"
"*550
134
500
134 June
10
1054
1,900
1034
75
100
1234
100
854 May
1634 May
1934 May
700
854
9
9
9
*21*
Apr
Apr
May
May
Apr
Apr
Mar
834 May
3634 Mar
12.
Feb
'it
Ap
70
Feb
113
Mar
334
Feb
1734
Mar
Jan
17
May
May
1
Apr
134
Jan
1734 May
Jan
xll34
2034
3234
Apr
Apr
*22*"
"Too
100
13
June
19
Jan
25
12
May
2734
Feb
30
22
May
41
Jan
87
Jan
1
13
1334
15
15
.100
.
834
1034
May
May
134
"95"
*
conv stock
1254
554 May
May
954
Jan
3ie May
5134 May
8434 May
34
Mar
31
May
May
je1634 *1634
134
1
Gamewell Co $6 conv pf..*
Gatlneau Power Co com..*
8634
*86*34 *8634
10
8534
Feb
69
Apr
34 May
5
100
Jan
"*78" "Jan
June
300
,._*
1054
$6
9
400
11
55
55
10
65
"*60
28
40
7ii
65
2634
28
Mar
50
65
55
»
Feb
Warrants
Gen Outdoor Adv 6% pflOO
Gen Pub Serv $6 pref—.*
June
*m
preferred....
34
65
Apr
>«i
Mar
Mar
48
Apr
Apr
1
H May
200
Apr
Apr
Apr
90
May
2534 May
34 May
Gen Rayon Co A stock...*
General Shareholdings Corp
Jan
Mar
41
Feb
*700
""34 """
134
15)4
16)4
May
25
Gen Gas <fc El 0% pref B.*
General Investment com.l
Common...
S3
55
154
.100
Jan
Apr
May
106
May
May
May
May
1054
Apr
41
Mar
1
com
32
92
9134
"5"
88
100
92
"5'
Gladding McBean St Co..*
Glen Alden Coal
654
..»
554
7,100
7
Godohaux Sugars class A.*
Class B
"534
*
07 preferred
"Too
"6*34 "*534
*
1*166
34
34
34
*i»
■
25
60
134
*
11
1934
Jan
32
Feb
•>;
8
Jan
5
Apr
11
100
20
91
200
Feb
Mar
734
49
Apr
May
534
Apr
634
Apr
9)4
May
,3234
1134
Apr
Apr
105
Apr
»u
Jan
Feb
25
Feb
134
Apr
Feb
Apr
17
Apr
2834
June
1954 May
Apr
Great Atl St Pao Tea—
v
11
20
$3 preferred
*
Gorham Mfg common.. 10
19154
8754. Jan
434 May
4054
Jan
454
Jan
634 Apr
534 May
20
May
5
May
93
May
*200
Gilchrist Co
Goldfleld Consol Mines.. 1
Jan
81
160
60
preferred
Goodman Mfg Co
Gorham Inc class A
Feb
5
June
8
*
55
100
54
1
$6 conv preferred
Jan
134
2734
Feb
98
Apr
Feb
.;:V'2T Jan
3734 May
"
Grand Rapids Varnish... 1
4
434
1,400
Gray Mfg Co
6
634
300
Non-vot
com
10
9234
*
stock
7% 1st preferred
100
Gt Northern Paper
25
Greenfield Tap & Die....*
Hall Lamp Co..
134
30
100
40
100
88
Gulf States UtU $5.50 pf.*
$6
preferred
*
Gypsum Lime St Alabast
Jan
Hartman Tobacco Co
Jan
4954
1054
234
June
100
134 May
Mar
34
2634
2954
3*166
2534 June
3934
8
2034
102
June
11134
Jan
Jan
10734 May
11434
Mar
834
300
2334
1,250
534 Feb
2034 May
102
62
1
Jan
Jan
10
10934 10934
2234
Apr
Apr
10
102
*
Harvard Brewing Co
135
12334 May
i: 6 54 May
200
10934
Hartford Elec Light....25
Hartford Rayon v t c
1
Apr
Apr
834
134
102
5
Apr
Apr
Jan
11454
May
36
Apr
1134
434 May
*i»
28541
25
Gulf Oil Corp.
8
June
4
734
134
Hammermlli Paper..—.10
28
300
94
^
1
Guardian Investors
22
Jan
9034
12634 12634
To"
Grocery Sts Prod com..25c
1134 Apr
1734 May
Jan
134
234 Mar
134 Apr
1334
934
734
Jan
Apr
Apr
2534 May
1234
Jan
634 Mar
67
78
3234
110
Mar
Jan
14
"166
34
May
34
Jan
■*ik "i 14
"Too
134
Apr
4034 May
7034
Apr
134
Jan
H Feb
May
"*"k "*34
Jan
2
Mar
Apr
1234
Jan
934
3,600
534 May
634 May
2
234
400
134 May
Jan
39
1734
15
1734
34
14
14
»
15
16
*
*3
*
334
Grooery Stores.*
Elec Bond St Share com..5
"4 34
*
preferred
/
Elec P & L 2d pref A
Option warrants...
Electrographlc Corp
1
Electro! Inv v t
"59"
*
1234
334
4634
5234
9
400
Heyden Chemical...... 10
73
275
1534
1454
1554
Mar
Hires (Chas E) Co
1
Hoe (R) St Co class A...10
Holllnger Consol G M
5
Holophane Co common..*
28
14
28
Apr
354 May
May
600
42
51
1
400
11
100
734
34
1034
34
Too
700
21
334
77
3799
*May
May
May
May
May
May
May
8
614
634
300
934
934
500
Mar
Apr
Jan
Jan
Hubbell (Harvey) Inc
Apr
Apr
Hummel-Ross Fibre Corp
11
Mar
2734
27
Mar
Jan
13
92
May
May
13 34 May
10
12
6
Feb
Jan
Apr
120
Jan
375
26
May
110
2834
2734
14*
5
5334
49 34
2834
Feb
"14"
54
t
1
t
I
6
150
3,600
1334 May
4734 May
454
Feb
534
634
1,900
834
-
Hussmann-Llgonler Co—
834
100
834 June
100
34
Jan
454 May
SHuylers of Del Ino—
Jan
2934
Apr
534 May
Feb
Common..
...
Jan
Jan
1
7% pref stamped
100
7% pref unstamped.. 100
Hydro-Electric Securities *
Apr
May
2234
June
7554 May
934 May
1t 1t1
t
-100
5% preferred
8
60
3
*
Horn St Hardart
Jan
Jan
134
79
Apr
14 34
Humble Oil & Ref..—*
73
334
Apr
3g
2954
*
434
14
1,100
(H)—See Henry
Horder's. Inc.......
1734
834
6434
20
1,100
6
Horn St Hardart Baking..*
2,400
734
14
1234
7
8
Holt
234 May
1234 June
May
Jan
May
4
100
62
Hormel (Geo A) & Co com*
Horn (A O Co common.. 1
50
4
200
754
734
73
Apr
Apr
Apr
May
2134
May
.....
Participating class A—*
Hewitt Rubber common.. 5
Mar
1
see page
2,200
Jan
334 May
Feb
134 May
11
K
2434
1034
134
100
18,900
4
Henry Holt St Co—
600
1
Empire Dist El 6% pf 100
5
25
ex-warr
1234 May
834 May
34 Mar
13
May
434
2234
5
—25
w w
Mar
11
2234
334
50
2
Heller Co common
5534
*
is
4
Class A
100
154
14
29
May
734 May
2334 May
2534 May
—*
734
May
334
1234
59
14
434
734
26
500
4934
14
*
Helena Rube ostein
50
,
154
com..5
6% conv preferred
50
Hecla Mining Co..
25c
25
45
34
Corp
850
43
Eastern States Corp.....*
4
10
Hearn Dept Stories
Preferred
Jan
534
Haseltine
Preferred
Apr
Apr
Haverty Furniture conv pf*
Apr
134
834
434 May
1
B non-vot common
234 Apr
7934 May
834
100
Eastern Malleable Iron. .25
For footnotes
934
Feb
2554
634
Jan
934
x95
1
Feb
.234
534
734
10
Common
Elgin Nat Watch Co
Emerson Elec Mfg
8
»i«
$5 preferred
*
Gilbert (A C) common.__*
Preferred
East Gas & Fuel Assoc—
c com
550
16
Apr
Apr
May
Mar
""A ""34 "Too
Duval Texas Sulphur....*
$5 preferred..
400
'
Jan
Jan
•11
33
Georgia Power $6 pref—*
May
Durham Hosiery cl B com *
Duro-Test Corp common. 1
Eagle Picher Lead
May
June
4
534
100
Dublller Condenser Corp.l
Duke Power Co.......100
534 June
67
534 % preferred.....100
Draper Corp
*
Mar
2534 May
400
Dominion Tar St Chemical*
56
Common...
Fruehauf Trailer Co
Fuller (Geo A) Co com
Feb
*10
4
Dominion Steel St Coal B 25
Economy
10,800
634
Fox (Peter) Brewing Co..5
Froedtert Grain & Malt—
19
Apr
2034 May
134 June
13
Dobeckmun Co common. 1
Easy Washing Mach B
"2",300
554
7
May
May
May
11
Hat Corp of America—
Am dep rets ord reg...£l
57 preferred series A
50 preferred series B
34
1934
234
2334
734
434
654
1734
875
21
Mar
26
Mar
■*"
Ford Motor of France—
Amer dep rets... 100 frcs
0% preferred A
Gen Water G & E
Feb
Distillers Co Ltd—
preferred
654
834
•
Jan
28
zlO
..10
Diamond Shoe Corp com.*
Distilled Llauors Corp
5
7%
Class A non-vot
Class B voting.
Apr
Jan
2634
454
x20
72
834
General Tire & Rubber—
112
Jau
234 May
Jan
1734
*834 May
21
May
434 May
Davenport Hosiery Mills.*
Dayton Rubber Mfg
May
7
dep rets ord ref__.£l
Ford Motor of Canada—
Feb
4
June
*
34% pref .100
Jan
834 Feb
134 Feb
2234 May
34 May
Feb
834
Apr
1034
May
4
434
21
June
2434 May
'
1,100
To" """834 T6k
Am
Apr
134
May
500
634
234
1
Jan
Jan
34
534
Jan
Jan
6
5
Cuban Tobacco com
18
20
1,900
Mar
Mar
Mar
934
Fidello Brewery
Fire Association (Phlia) 100
Florida P & L $7 pref..
*
Ford Motor Co Ltd—
734
Mw May
25
*
10
334
34
2034
334
70
70
7134
56
.....
Flat Amer dep rets.
1334
June
4
High
5734 May
57
May
5534 June
125
61
34
Amer dep rets ord reg.£l
Gen Fire proofing com
*
24)4 May
134 May
Jan
134
20
5834
"Too
Falrchlld Eng St Airplane. 1
Falstaff Brewing
1
Fanny Farmer Candy
1
Fansteel Metallurgical
_*
Fedders Mfg Co..—.—.5
Fed Compress & W'h'se 25
234
1434 June
334 May
1,200
3i#
Crowley, Milner & Co
*
Crown Cent Petrol (Md).5
8% debenture
1
134
7734
Feb
7
6
Low
Gen Electric Co Ltd—
1134 May
30
Apr
634 Feb
Feb
34
May
Jan
134
634 May
1,600
£1
Creole Petroleum
Class
Falrchlld Aviation
Jan
Apr
1034
55
20
134
56
2034
Jan
Jan
34
834 May
May
Range Since Jan. 1. 1940
Shars
High
.....
...
Feb
98
Jan
May
334 May
34 May
1
May
""500
Cuneo Press 6
13 conv preferred..
5% preferred
General Alloys Co
9734
134
634
23
*
Cosden Petroleum com..
Jan
May
634 May
*
Copper Range Co
May
7
com...*
Feb
234
3934
334
134 May
34
Cont Roll & Steel new...l
Apr
120
May
134 May
334 May
84
May
Continental Oil of Mex._. 1
Cooper-Bessemer
Apr
Feb
134
Jan
75
10
Consol Steel Corp com...*
Feb
June
18
100
preferred
Consol Royalty Oil
May
134
1,000
.•
8334
134 May
6734 May
600
:
334
imu. May f-
.....
1
Consol Retail Stores.
8%
7234
2
1
2
34
2
—1
'Low
5834
Esquire Inc.
...1
Eureka Pipe Line com..50
Conv partlo pref
Conn Gas & Coke Secur-
for
Wee
J Prices
Equity Corp common.. 10c
"260
.*
Colon Development ord...
conv
Apr
534
54
0
"ssk "55k ""25
Empire Power part stock.*
Emsco Derrick St Equip..5
"2H ""234
Cobn & Rosenberger Inc.*
6%
Feb
1
Cllnchfleld Coal Corp.. 100
Club Alum Utensil Co
*
Cockshutt Plow Co
May
34 May
334 Mar
30
May
"*150
3634
6% preferred—..100
634% preferred
100
7% preferred
100
8% preferred
100
7
May
12
1
May
Price
Sals
.Week's Range
Empire Gas <& Fuel Co—
734
434 May
Clayton St Lambert Mfg..*
Cleveland Elec Ilium
May
6
Claude Neon Lights Inc..l
Sale
Par
634 May
Jan
49
3,900
1,300
Last
High
Low
60c preferred B——*
Clark Controller Co
STOCKS
(1Continued)
Range Since Jan. 1.1940
Week's Range
Sale
56
Friday
Sales
Last
3795
834
2
Jan
Apr
Apr
Jan
r
Jan
14
:•
Jan
1434
3034
Apr
334
Apr
120
Feb
Jan
3534
Apr
11254 May
1934
Apr
68
Jan
934 May
834 June
34
1034
1034
254
Jan
Feb
Feb
Feb
Friday
Sales
Friday
Last
Week's Range
for
Sale
of Prices
Week
Par
6
Hy grade Food Prod
Price
High
Low
1%
1%
Hygrade Sylvanla Corp..*
3
6% conv preferred....60
Div arrear ctfa..
...
Illinois Zinc Co
•
Illuminating Bhares A
1%
150
33
32
Co—*
Illinois Iowa Power
400
3%
25 %
24
5%
5
5%
1,300
2,000
6
6
5%
Low
Shares
100
26%
100
-
*
2% Mar
21% May
4% Mar
4% May
Jan
6%
Jan
3
Jan
47%
Apr
5%
May
Apr
33%
9% May
7% Mar
63% Mar
7
2,800
5% May
6
6X
4,000
7%
7%
100
5% May
7% June
Line
10
Indiana Service 6% pf.100
7% preferred
100
IndpleP4L6«% pf..l00
Jan
Jan
12%
12%
13%
Jan
Jan
100
19%
6%
Apr
24%
Feb
7%
Mar
Class
A v t c
Class
B
Apr
Middle West Corp com..6
103X 104%
M 40
v
t c
Jan
1
Feb
Feb
Jan
Jan
50% aMy
17%
17%
10
17% June
7%
700
IX
900
~~3%
--*
*
"2% "3%
9%
Coupon shares...
Registered shares
32,000
9%
9%
3%
10%
10%
3%
7,300
200
100
400
Internal Safety Razor B.*
conv
$2
preferred
non cum
May
1% May
9% June
June
3
May
%
Jan
9%
6
*
*
$3 .60 prior pref......—*
%
100
8%
100
%
1
Class B
8%
$1.76 preferred
»
%
16%
AD*
Mid-West Abrasive
Apr
Midwest Oil Co
73%
23%
Apr
Midwest Piping A Sup
Apr
Mining Corp of Canada..*
Minnesota Mln A Mfg
•
Minnesota P A L 7% pf 100
Mississippi River Power-
Jan
16%
2%
12%
Apr
Jan
6% May
Feb
19%
Feb
19%
5% May
May
1%
Apr
9%
Mar
%
Apr
8% June
50
23% May
3%
1,000
6%
7%
2,500
2% May
6% June
9%
3%
9%
3%
100
12%
500
26
26
26
"3%
Interstate Home Equip.. 1
7%
;«3
6%
10
Interstate Power $7 pref.*
12
12
*
15
12
Irving Air Chute
Jeannette Glass Co.
%
25
1,100
Common
May
Mar
5%
%
Jan
17%
Mar
3%
12
May
12
May
%
Apr
Mar
Jan
Apr
*
Mountain City Cop com.6c
Mountain Producers
10
May
2%
Feb
25
80
May
95%
Apr
87
87
60
90
May
102
May
99%
10
97
May
109
Mar
18
23%
5,200
18
June
36
Jan
94
26% May
May
5
107%
#;
June
%
5
4%
Mar
June
Jan
"10
9%
Jan
Jan
6
50
Mar
6
Jan
14
600
12
May
19
225
97
May
Apr
May
103% 110
"ex """6% "ex
""460
4%
1%
Jan
6% May
9% May
% May
50
59
850
43% May
20
59%
107% June
90
£108
£108
May
3%
6
100
6
7%
38%
7,700
%
6%
36
May
Mar
27%
Mar
120
120%
2%
Apr
8%
May
II
Jan
1
Feb
70% May
90
May
117%
5%
Feb
Apr
600
150
1%
U%
16%
100
24
150
22% June
5
4%
5
6%
*
9%
preferred
"4% "4%
""loo
«
Nat Bellas Hess
"77"
"""46
_77%
National City Lines com.l
$3 conv preferred
60
National Container (Del)
National Fuel Gas
11%
4%
11%
3%
"ir
T,io6
Apr
95
Lane Wells Co common.. 1
95
9%
Navarro Oil Co
Apr
100
x 71
Jan
9% June
Jan
100
May
12% May
Nevada Calif Elec
com.
200
300
21
350
7% May
10%
Jan
Class B
1
1%
*u
*
Leonard Oil
Develop...25
Le Tourneau (R Q) Inc..l
23
2%
'xe
23
5,000
May
16%
Feb
6%
Mar
%
Feb
6%
Apr
3
Mar
%
35%
12%
Jan
Jan
8%
Upton (Thos J) class A..1
6% preferred
...25
Lit Brothers common....*
16%
May
22%
Mar
1
8
Apr
Mar
16
8%
Feb
1%
Apr
10
May
Loblaw Groceterias cl A..*
Class B
*
$2
preferred
»
8
350
12
8%
1,300
%
7%
1,100
May
"13%"
Mar
10% May
Long Island Lighting—
•
"9"
"9%
Jersey Zlno
25
New Mex A Ariz Land
1
New Process Co
...1
""766
8
8
300
1%
-
700
5%
97%
3%
Apr
3% May
6%
Feb
preferred-
2,000
4%
"166
5%
5%
300
June
64%
Jan
May
11%
8%
Mar
24
7
18%
25
56
60
150
60
Jan
12%
Apr
May
1%
Feb
% May
%
Jan
May
12%
Jan
117%
Apr
8%
1
8
May
14%
Mar
84%
May
8%
May
6
Jan
4% May
% June
7
Apr
1
Jan
3
Jan
1%
Apr
June
30%
Apr
Apr
55
May
13%
76%
Jan
May
25 %
Jan
May
3% June
136%
1%
18%
115
"4%
3%
10%
52%
4%
600
preferred
24
June
Jan
10%
800
10%
May
15%
Apr
58
650
49
May
67
Apr
Feb
Feb
4
2
18%
18
.
106"
24
25
150
24
May
44%
Jan
Feb
Apr
36
3%
15
Jan
Apr
Apr
Apr
250
15% May
28%
Jan
May
9%
Mar
"
"250
103% May
118%
Jan
109
Jan
£107
98
14%
May
1,500
18
98
18
1%
18%
7
107"
11
May
98
May
99
30
6
6
100
17
5
N Y Water Serv 6%
pf.100
...100
Apr
8% May
33
100
150
1%
48%
Jan
26
Jan
1
"67%
*
24
Feb
18
18%
Shipbuilding Corp—
100
Jan
11
18%
...10
7% pref.. 100
Founders shares
1
New York State El A Gas—
6%%
Jan
Jan
15
N Y & Honduras Rosario 10
Jan
Feb
84% May
9%
4%
Warrants
N Y Pr A Lt
13%
3%
44
31% May
76% June
3,200
8ie
N Y Auction Co com....*
N Y City Omnibus—
N Y Merchandise
Jan
17%
Apr
47%
Apr
14% May
110% May
1%
%
*
New
$6
11%
200
*
New Haven Clock Co
New Idea Inc common
N Y
6
850
8
New Engl
New England Tel A Tel 100
15%
Apr
6% Mar
%
Apr
4% May
1% May
% May
31
8
100
3% cum 4%non-cum_100
Pow Assoc
*
6% preferred
..100
June
31
Jan
5% May
24
Nestle Le Mur Co cl A...*
Langendorf Utd Bakeries*
'""800
9%
Apr
4%
425
79%
"4% ""4%
■y;
Nehi Corp common
1st preferred
...»
Nelson (Herman) Corp...6
Neptune Meter class A
*
May
7% May
10
2%
•
Apr
Apr
Mar
May
June
76%
§ Neb el (Oscar) Co com...*
Nebraska Pow 7 % pref. 100
Mar
20
9%
79 X
Nat Union Radio new__30c
Jan
June
1% May
*
Jan
2% May
35
"33% "36""
Jan
11
100
39
Feb
June
"33%
Jan
12%
1,500
Feb
18
11
900
28%
4% May
2^800
11%
100
£12%
6,400
*
11% May
3%
Apr
10%
National Sugar Refining.*
100
"ir%"
3%
Jan
%
700
18
£12
37%
National Steel Car Ltd
r6%
43%
25%
11%
% May
10%
2%
1%
Mar
Mar
Apr
8% May
9
May
Apr
May
13%
17%
100
10
May
21%
142
10
1QH
National Tea 6 % % pref. 10
National Transit
12.60
Nat Tunnel A Mines
»
40
1
Lftkq} Foundry A Mach._l
Lane Bryant 7% pref..100
:
Jan
Feb
6% May
81%
"l6%
Mar
500
11%
4%
% May
4%
4%
June
1
2
76
Jan
May
*
_
6% May
11% May
10
12%
73%
"90%"May
Jan
30
1,300
10
18
National Breweries com..*
National Candy Co
*
June
Feb
Jan
26
6
50
6
%
1
55
100
13%
10
10
4%
"75" "May
June
1
com
•
4% June
171
75
Nat Rubber Mach
10%
8%
May
127
6
Mar
May
12
10
13%
"li
95
9
400
300
100
*
15
600
%
Apr
2% May
2% May
4% May
13%
12%
National P A L $6 pref
National Refining com
11% June
6,200
129% 129%
9
9%
•
common
Mountain Sts Tel A Tel 100
Jan
100
11%
Jan
152%
3%
112%
7je June
Jan
Apr
139% May
15% May
2%
Jan
2
1
Jan
Apr
Apr
2%
90
3%
Nat Mfg A Stores com
*
National Oil Products...4
1,400
11%
9%
41
7%
May
16%
~24
55
1%
% May
22%
152%
Apr
Mar
Jan
1% May
81% June
100
24%
6
Mar
ill
5
May
5% May
100
%
%
7%
6%
May
3% May
rvLackawanna RR (N J). 100
18
70
5%
Jan
23% Apr
108
May
7%
Apr
Niagara Hudson Power—
Common
»
Loudon Packing
*
Louisiana Land A Explor.l
Louisiana P <fc L $6 pref..*
%
4%
3%
4%
5,300
% May
2%
Mar
6%
Apr
106%
Apr
Mar
2
Apr
Jan
25
Jan
Jan
25
Jan
Apr
1% May
3% May
92
June
Ludwlg Bauman A Co com*
1
Conv 7% 1st pre!
100
Conv 7 % 1st pf v t o. 100
21
20
Lynch Corp common..
5
§Ma)estic Radio & Tel._l
20%
%
%
1%
May
May
May
May
29%
..*
30
May
§9
Mar
Manlscbewitz(The B) Co.*
Mapes Consol Mfg Co
*
10
Jan
10
25
May
29
21
50
21
%
%
10,400
Manatl Sugar opt warr...
Mangel Stores
l
preferred
New York Transit Co
Common
10
*32
Class A opt warrants
Class B opt warrants
Class B
»IS
Jan
Class A preferred
Ai>r
Nlles-Bement-Pond
*
Apr
Jan
Nineteen Hundred Corp B 1
N1 pissing Mines
5
Noma Electric
1
Feb
17
2
June
4%
Apr
Feb
1
2
Jan
2%
Jan
Massey Harris
*
1% May
5
Jan
42
Apr
29
33
400
21%
Jan
Ino—"
•
McCord Rad A MfgB_._»
McWilliams Dredging._.*
Mead Johnson A Co
.*
1% May
5%
140
Memphis Nat Gas com..5
5
128
5%
£140
1,600
120
4
4
100
3%
3%
600
1
3%
Participating preferred.*
For footnotes see page 3799.
3% May
11
com
Merchants A Mfg cl A
4% May
123
May
3%
25
May
Apr
Mar
Jan
1io
250
73
May
92
Mar
68
June
87
Apr
»3J
100
*11
Jan
1
Feb
3%
100
Feb
3%
May
May
5%
99%
50
May
71% May
Feb
Feb
Nor Amer Lt A Power—
1%
*
33
Jan
6%
10
100
1%
Marlon Steam Shovel
Mass Utll Assoc v t c._
1
3% May
29
93%
3%
5
61
66
2%
9%
170%
5%
18%
4
30%
Feb
1
Jan
Apr
May
Apr
Jan
Jan
6%
prior preferred
May
9%
Mar
% May
3% May
1%
Jan
5%
Jan
8%
%
1
preferred
*
North Amer Rayon cl A..*
Class B common
i",706
67
%
%
$6
Master Electrio Co
May
% May
common
Communlca'ns ord reg £1
Margay OH Corp
*
common
3%
76%
68
7,000
17
Niagara Share—
Common
14% May
3%
75%
68
3%
6% 1st preferred
100
5% 2d pref erred.... .100
Marconi lnternat Marine
Mercantile Stores
600
6
*»» May
200
4% conv 1st pref
100
Kress (8 H) special pref. 10
Kreuger Brewing Co
1
May Hosiery Mills
$4 preferred
2% May
2,300
12
Muskegon Piston Ring. 2%
Muskogee Co common
*
3% May
1
Kresge Dept Stores—
7% pref class A
6% pref class B
500
"10
5%
Apr
Apr
9
Mountain States Power—
Jan
»it
1% May
200
115
Koppers Co 6% pref... 100
Lone Star Gas Corp
3%
»i0
1
Murray Ohio Mfg Co
Kobacher Stores Ino
Locke Steel Chain
A
Feb
17%
800
92
Co com..*
Klelnert(I B) Rubber Co. 10
Knott Corp common..
1
5
8% June
Montana Dakota Utll... 10
Moody Investors part pf.*
99%
~22%
Kelln (D Emll)
Line Material Co
1%
4
400
Mtge Bank of Col Am shs._
10%
13%
9
100
%
Klrkl'd Lake G M Co Ltd. 1
Lehigh Coal A Nav
Apr
6%
200
9
5
Monogram Pictures com.l
Nachman-Springfilled
87
6% preferred D
.100
Kingston Products.....
Klrby Petroleum
Lefcourt Realty com
Conv preferred
Jan
% June
8
Mar
4
"5%
1
Jan
1%
*
Class A
108%
May
%
100
%
May
8%
Monarch Machine Tool..*
4% May
37
2
Kimberly-Clark 6% pf.100
Kingsbury Breweries...
Kings Co Ltg 7% pf B.100
l^ake Shore Mines Ltd
Feb
% May
4%
4
«
Montreal Lt Ht A Pow..*
1%
x
Lamp A *
Key Co common
»
$2.50
Molybdenum Corp
Montgomery Ward A
1%
"i
6
Ken-Rad Tube <fc
200
Missouri Pub Serv com..*
Jan
E)7% 1st pf 100
Kennedy's Inc
Jan
3%
1
preferred.......100
Jan
Jersey Central Pow A Lt—
6%% preferred
100
6% preferred.......100
7% preferred
100
Jones A Laughlln Steel. 100
Julian A Kokenge com..*
Kansas G A E 7% pref. 100
%
•
•
*
%
%• Mar
Interstate Hosiery Mills. _*
..1
Italian Superpower A....*
Jacobs (FL) Co
1
i 42%
11,900
§ Moore (Tom) Dist Stmp 1
1
Investors Royalty
1
Iron Fireman Mfg v t c.._*
%
5%
50c
18%
Warrants series of 1940.
Vitamin
1
Tt<
1
»
div shares.
Monroe Loan 80c
International Utility—
Class A
Feb
Mock Jud Voehringer—
*
International Products
5% May
1%
Feb
6
& Pow warr
International PetroleumInternal Paper
Jan
3%
Midland Steel Products—
1
1,000
1%
Jan
June
2
Midland Oil Corp—
57%
5%
II II
>
13%
113
53%
6%
200
Mar,
I
I
.1
102% May
hi
lnternat Metal Indus A..*
Mar
67
%
104
"16
4%
.....
1
Apr
21%
1
lnternat Industries Ino
Mar
%
Feb
Mayi
Middle States Petroleum—
Mar
lnternat Hydro
conv
1
Mid vale Co
Mach *
Eleo—
Pref 13.60 series.....60
4%
36% June
2
..10
Preferred
10%
9
57%
%
800
"i.
2%
._*
30
.---1
International Cigar
$6
preferred
Michigan Bumper Corp__l
Michigan 8teel Tube__2.50
Michigan Sugar Co
•
12X
Class B
Insurance Co of No Am. 10
High
May
Metropolitan Edison—
22
100
50
15
Mar
Industrial Finance—
Keith (Geo
Partlc preferred
$2
preferred
"175
51
%
25c
10
1
Non-voting class A
International
Metal Textile Corp
% May
% May
104 X
50%
1
40
Indian Ter Ilium Oil—
V t c common
Mesabl Iron Co
13
Feb
2
%
6X
12%
5%
Low
100
2%
Warrants
12X
6%
13
2%
6%% A pref erred ...100
Micromatlc Hone Corp
£1
Britain A Ireland
Indiana Pipe
6
Price
15, 1940
Range Since Jan. 1, 1940
of Prices
j Week
Low
High Shares
Merrltt Chapman A Scott *
$6
6X
—
Week's Range
Sale
Hihg
1% May
28% May
60%
regie
£1
Imperial Oil (Can) coup..•
Registered
*
Imperial Tobacco of Can.6
Imperial Tobacco of Great
Sates
for
Last
Par
Imperial Chemical Indue—
Am dep rets
,
STOCKS
(Continued)
Range Since Jan. 1, 1940
STOCKS
(Continued)
7%
June
New York Curb Exchange—Continued—Page 3
3796
%
»H
1,200
%
1,000
May
1%
Jan
%
300
57
May
103%
Mar
17%
17%
100
15
May
26%
Apr
17%
17%
100
15
64
17%
i; 70
26%
Jan
May
62
Feb
%
Mar
2%
No Am Utility Securities. *
Nor Central Texas Oil...6
May
44%
50
May
•10
3%
Jan
Mar
10
95
May
110
120
97
May
117% May
7%
200
6
May
1,300
7
May
14%
9%
15%
250
12
May
Novadel-Agene Corp....*
26%
27%
300
26%
June
Ohio Brass Co cl B com..*
Ohio Edison $6 pref
19
19%
200
Nor Ind Pub Ser 0% pf.100
7% preferred
100
Northern Pipe Line
10
Northern Sts Pow cl A..25
Northwest Engineering..*
100
100
105
105
7
9%
8%
17
May
95
May
9%
15%
May
Apr
Jan
.21
Apr
38% May
24% May
110% Mar
Volume
New York Curb
149
Friday
Last
STOCKS
Sale
{.Continued)
Par
Ohio OU 6% preferred.-100
Ohio Power 6% pref
100
Ohio P 8 7% 1st pref™ 100
Price
$3
Oliver United Filters B_
Omar Inc
for
250
107
42
104"
4 34
4334
2104
2105
4)4
4)4
11634
104
May
11634
25
96
"15*"
11034 May
40
96
June
10834
Apr
St Regis Paper com.—..5
6
"
14"
May
854
1334 May
2134
Apr
Apr
7% preferred
100
Salt Dome Oil Co
—..1
Samson United Corp com. 1
Sanford Mills...:
*
'""300
.1
534
June
250
39
May
50
Mar
125
100
May
117
Mar
5,900
134
Feb
600
May
834
Feb
May
3 34
Feb
28
Feb
May
3434
2634
May
2834
2934
27
100
100
102
275
100
77
30
2,000
1534 May
June
72
May
4
634
$1.30 1st preferred-.—*
20
May
Feb
7534
20
234
334
13,600
734
734
134
1534
134
l?4
5,500
1234
1534
5,800
10534
10534 10534
*159"
159""
"50
60
60
6034
56
6034
100
200
Perfect Circle Co
434i
1
Phdadelphia Co common.*
—
434
434
434
534
"300
600
Phila Elec Co $5 pref—*
Phila Elec Pow 8% pref.25
*
334
334
100
Phoenix Securities—
1
834
534
Conv $3 pref series A. 10
Pierce Governor common.*
3034
24 34
1334
134
10
Pioneer Gold Mines Ltd—1
634
*
134
834
3034
1334
134
33,000
60
634
40
"1034
634
40
834
*73"
1034
5534
10
65
7334
34 Mar
234 May
134 May
1134
Jan
Apr
Mar
May
3
Mar
800
Apr
Jail
Shawinigan Wat A Pow..*
bherwln-Willlams com..25
3834 May
,
4
2
Jan
Feb
May
May
.
May
May
434 June
11434 May
2934 June
334 May
Jan
134 June
6
May
39
May
May
8
310
43
100
9
May
May
3,000
65
June
1634
7234
9034
2834
834
834
120
Mar
Jan
Jan
Apr
100
100
'"9734 "9734
""50
Apr
Jan
Mar
10
Feb
he June
234 May
5k
Jan
834
924
934
Feb
434 May
05
May
210434 May
Apr
10234 May
107
May
20
109
June
11334
$7 prior preferred——*
80
7734
81
275
07
May
$6 preferred
4134
38
4234
325
35
May
10634 May
5924 May
99
June
Mar
Public Service of Indiana—
Public Service of Okla—
10434 June
62
1934
1634
1434
834
97
100
"94"
142
6934
1834
2034
775
850
2,900
10934 Feb
11334 May
58
May
1334 May
1134
Jan
86
Jan
3234
29
Jan
May
834
25
"97"
"220
94
June
125
Feb
160
142
May
154
May
145
734
May
4?4 May
*
834
50
._*
10 54
Apr
734
Mar
34
334
134
334
124
Reed Roller Bit Co
Common
Standard Oil (Ky)
10
Standard Oil (Ohio) com 25
$5 preferred
100
Standard Pow A Lt
Reliance Elec & Eng'g
5
Republic Aviation
1
§ Reynolds Investing
1
Rheem Mfg Co
1
Rice Stlx Dry Goods..—.*
34
Feb
May
34 June
4034
Mar
134
Feb
2 24
Jan
Jan
1034 xll
434
434
ht
200
534
ht
May
34
Jan
34
Feb
10
May
434 May
1334
Mar
21,200
624
34
1954
Apr
Apr
Mar
z534
234
Apr
*i»
Jan
100
*i»
Jan
4
Richmond Radiator—__ 1
134
4
100
4
134
134
100
134 May
May
Jan
Jan
Rio Grande Valley Gas Co-
34
Jan
124
3)4
124
33)4
100
Rochester Tel 0 34 % prflOO
9634
9934
150
May
104
94
May
10534 May
11634
Roeser A Pendleton Inc—*
11
Feb
May
116 34
14
Jan
Feb
Jan
Rolls Royce Ltd—
reg.—£1
Rome Cable Corp com...5
9
20
6
May
12 34
Jan
400
900
134
Jan
134 May
5
100
5
334
334
734
Mar
134
2934
*
*
*
2)4
200
2
5
134
1
134
134
Roosevelt Field Inc....—5
Rustless Iron & Steel
1
$2.50 conv pref
*
42
'3
42
.
3
50
100
*
Ryan Consol Petrol
June
34
1034
934
1054
1,800
42
For f jotnotea see page 3799
"Hi "Ik
"766
June
234 May
May
May
134 May
8
40
""l34
Apr
34
Feb
134
Jan
154
234
Apr
500
3)4 May
134 Mar
5
Apr
100
Standard
Wholesale
May
44
Jan
Jan
35
Feb
5
5
Mar
1534
Jan
Apr
Mar
27
May
3054
Jan
300
24)4 June
80)4
Mar
2
I34 June
Feb
Jan
72
Mar
Apr
17034
Mar
1)4
May
Jan
654
1154 Apr
4)4 May
20
May
734 Apr
234 Mar
8
May
16
4)4 May
754 June
224
500
3
2)4,
14)4
"Hi "lH
"500
Jan
Jan
5)4 May
1
Jan
2)4
May
134
34
Mar
Apr
*!•
Mar
Jan
Jan
.V,. 2
Jan
724
1654
834
1754
900
6)4
May
34
1654
500
15)4
May
24
1
May
934
8
17
1734,
934
50
834
834
May
14
Mar
May
11
Mar
"17"
2754
31
34
"1734 "ijOO
32
ht
Jan
634
Mar
Mar
24
20
734
lx«
6
May
24
2,100
134
100
Jan
4034
134
Feb
21
Feb
800
"734 "734
Jan
£1
5s
*
2
May
Feb
15
Apr
:?■ 454
Feb
Jan
6
May
300
"*50
524
634
1.500
""300
"2"
s
■
534
Jan
38
Jan
134 May
2)4 May
Jan
62
Apr
134
634
■;
Apr
934 May
934
Apr
Jan
2
Feb
334
Jan
454
Jan
34
3i«
May
400
6)4
May
1054
1354
Apr
H
8
8
100
8
May
15
Apr
134 May
3354
Feb
2
4034
Apr
21
May
36
Jan
13
124
Mar
754
7
Jan
154
35
154
35
3,000
100
934
1,900
100
134
26
354
2634
34
2624
5,700
1,800
1034
300
6
May
254 May
25)4 May
34
Apr
34
"234
'*234 ""234
13
"734
734
15
'"460
600
854
400
434
700
Jan
834 May
103
5
—1
134
ht May
10)4 June
234
*
Tobacco Prod Exports.—*
Tobacco Secur Tr—
registered
Jan
*11
33
234
934
Def
Jan
Apr
*11 May
19
May
1.
Jan
300
67
"Hi
Ordinary reg
Jan
2734
1034
Mar
*
Texas P & L 7% pref-100
Texon Oil & Land Co—2
Todd Shipyards Corp
54
34
May
400
Feb
Feb
2034
4154 May
110)4 May
June
34
20
24
134
Swan Finch Oil Corp
15
Taggart Corp com
1
Tampa Electric Co com..*
Tastyeast Inc class A
1
Taylor1 Distilling Co
1
com
34
100
234
1534 May
h#
Stein (A) A Co common. .*
*
Thew Shovel Co
1634 May
26)4 May
102)4 May
50
20
phate A Acid Wks Inc. 20
Starrett (The) Corp v t o.l
Steel Co of Canada—
Ordinary shares
1,800
""*34 ""34 ikioo
20
1
Tllo Roofing Inc
50
4634
May
300
2734
Tishman Realty A Constr *
Tobacco A Allied Stocks..*
Mar
Jan
28
100
Phos¬
Jan
65
234
Jan
2824
1
Feb
Feb
234
Feb
May
600
66
Technicolor Inc common. *
95
0% preferred D
Rossla International
Standard Steel Spring
Standard Tube clB
Class B common
...1
Rochester G&El 0 % pf C100
May
Jan
2 34 May
10554 Mar
54
167
Standard Products Co.—1
6% 1st preferred
60
6% 2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Inc
1
Stetson (J B) Co com
*
Stinnes (Hugo) Corp
5
Stroock (S) Co
*
Sullivan Machinery
*
Sun Ray Drug Co
—1
Sunray Oil
1
534% conv pref
50
Superior Oil Co (Calif)..25
Superior Port Cement
$3.30 A part
*
6
Apr
35
Sterchl Bros Stores
2634
2
Apr
2554
1
Feb
300
May
Mar
28
.*
Preferred
Feb
1224 June
34
100
.1
Feb
434
50c
""60
Apr
134
954
155
22
33)4
$1.60 conv preferred—20
Standard Invest $534 pref
1034
34
14
434
Standard Dredging Corp—
13
Too
Reeves (Daniel) common
Royal Typewriter
Russeks Fifth Ave
10
Feb
24 May
1634 May
34
*
pref
Conv preferred
June
34
Raytheon Mfg com.—.50c
conv
Standard Brewing Co
*
Standard Cap A Seal com. 1
May
624 May
134
Jan
54 June
934 Mar
Spalding (A G) A Bros...1
5% 1st preferred
*
Spanish & Gen Corp—
Am dep rets ord reg—£1
Spencer Shoe Corp
*
Stahl-Meyer Inc
*
34
""25
Apr
25
534
8
"534 ""534
Ry A Light Secur com.—*
Radway & Utll Invest A.l
Raymond Concrete Pile—
Common
...—*
$1.20
Preferred A
Standard Silver Lead
6834
1734
Apr
22)4
34
Common class B—*
6% prior Hen pref... 100
7% prior lien pref...100
Puget Sound P & L—
"1534"
Jan
95
1
2434
134
May
ink"
7% preferred
100
South New Engl Tel—. 100
Southern Phosphate Co. 10
42
Jan
Mar
400
25
Southwest Pa Pipe Line. 10
Southern Calif Edison—
Feb
Jan
2,100
iio"
..1
Apr
Jan
34 May
34
"169"
Boss Mfg com
South Coast Corp com
South Penn Oil
Mar
Feb
1134
Jan
May
Southern Colo Pow cl A.25
15
11454
100
1
834
8134
May
434 May
334
834
103"
6% original preferred.25
0% preferred B
25
634% pref series C...25
11
Apr
May
8
1
Jan
Jan
18 54
100
Mar
19
Southland Royalty Co.—5
Public Service of Colorado
6% 1st preferred——100
7% 1st preferred
100
Feb
1324
6134
1334
Solar Mfg Co......
Sonotone Corp
Jan
"600
Prudential Investors....
$6 preferred
45
Apr
Apr
May
554 May
Singer Mfg Co.
100
Singer Mfg Co Ltd—
Amer dep rets ord reg.£l
Sioux City G & E 7% pf 100
Skinner Organ......
5
Apr
Jan
32
*
Apr
654
Jan
62)4 June
3,600
1534 Mar
4734 Apr
1834 May
Mar
8)4
106
3,400
134
34 May
140
34
134
434
8134
Jan
10
May
L050
454
May
300
72
11034
24
May
May
1,000
34
334
834
110
434
Jan
134
2)4
May
May
...25
34 May
""534 "634
1
Line stamped
2 54
34
»x«
02)4
70
Jan
May
sie
10
Simplicity Pattern com.. 1
Simpson's Ltd B stock...*
Jan
Jan
Jan
1
Sherwin-Williams of Can. *
Shreveport El Dorado Pipe
34
"166
""10k "isk
Royalite Oil Co Ltd
Mar
6)4
3)4
"400
Simmons H'ware A Paint. *
Feb
154
"424
Jan
Jan
11
54 May
2)4 June
100
Jan
Mar
Feb
104
134
Apr
634
834
100
400
Sllex Co common........*
Slmmons-Boardman Pub—
$3 conv pref
*
3134
2
Ik
Southern Pipe Line.....10
Southern Union Ga*
*
1,000
7
*
Root Petroleum Co
1)4
834
Jan
3)4 May
834 May
200
134
6% cum pref ser AAA 100
65
112
5334 May
Amer dep rets reg....£1
Sentry Safety Control
1
Serrick Corp
1
2234
11334
1,400
■'"334 "334
Producers Corp of Nev—20
Am dep rets ord
34
700
'is
Seton Leather common
*
Shattuck Denn Mining—.5
185
924
100
Red Bank Oil Co
Apr
350
354
1
Jan
May
May
500
2,100
34
Premier Gold Mining
1
Prentice-Hall Inc com.—*
Pyrene Manufacturing.. 10
Quaker Oats common
40
Selected Industries Ino—
234
May
Feb
53
5
$5 prior preferred...—*
Apr.
June
35
Apr
13
34
Pratt & Lambert Co
Voting trust ctfa
2,200
1
60
134 May
734 June
Powdrell A Alexander.—6
Reiter-Foster Oil
24
4)4
824
-
Mar
May
May
Power Corp. of Canada. .*
preferred
834
34
'""160
Jan
54
37
2034
10
conv
54
354
♦
Feb
1
100
1,050
25
52
10
55
25c
$3
com...*
*35"
Mar
9)4
»i# May
*
*35"
63
May
900
42
May
7.60
$6 preferred
*
Puget Sound Pulp A Tim *
Pyle-National Co com.—5
454
500
13i«
40
5
Pleasant Vadey Wine Co.l
0% preferred
Quebec Power Co
734
24
Allotment certificates...
Selfridge Prov Stores—
1634 Apr
36 34 May
3234
Apr
34 May
Pltney-Bowes Postage
*
634
1316
Jan
22
Providence Gas
734
*2934~Mar
Jan
Apr
12
Pepperell Mfg Co
Prosperity Co class B
4534
54
24
50
10334
9734
"SO 215834
20
60
Pressed Metals of Am
May
6)4
59)4
64
*
6% 1st preferred
Jan
34
May
37
50
com
14
May
35
May
*
com
2254
100
xll
*
Polaris Mining Co
Potero Sugar common
May
9
3,700
41
400
Penn Water A Power Co. *
Pneumatic Scale
Jan
3
Jan
Pennsylvania Gas A Elec—
Plough Inc
Securities Corp general
Seeman Bros Inc
Jan
1
*23 34 "May
*
....
Jan
35
40
12
com
Forgings
1
A Lake Erie.50
Metallurgical 10
Plate Glass. .25
29)4
.
Warrants
1)4
Mar
Is
11
1
Pitts Bess A L«E RR
29
100
25
11
Pennsylvania Edison Co—
$5 series pref
*
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
25
.*
—25
Scranton Elec $6 pref
*
Scranton Lace common. *
10
May
54 May
10
$5.50 prior stock
May
234
Meter
34
29
5
Common..—
Convertible stock
May
May
Common
200
May
434 May
Jan
May
May
Phillips Packing Co
34
24
48 34
Feb
6
20
41
27
Pharis Tire & Rubber
625
2,300
1034
3534
4934
100
"30
30
com
5,700
634
1234
41
50c
Pennsylvania Sugar
224
5934
5
Selby Shoe Co
41
—-25
preferred
May
234
51
Selberllng Rubber
Jan
May
Peninsular Telephone com*
$6
2
254
59
Feb
434
Jan
1534
Apr
454
Apr
81)4 May
954 May
Jan
Feb
$1.40 preferred
Penn-Mex Fuel
Penn Salt Mfg Co
May
Feb
8
*
Penn Pr A Lt $7 pref.—*
May
534
41
common
High
2
% May
334
Parkersburg Rig A Reel—1
Patchogue-Ply mouthMllls *
Class A
v
334
-
J2.80 series pref
Low
400
234 June
Paramount Motors Corp.l
Parker Pen Co
10
Pennroad Corp com
Penn Cent Airlines
.24
9
Segal Lock A Hardware. .1
334
American shares
Range Since Jan. 1, 1940
Shares
2
Scranton Spring Brook
Water Service $6 pref..*
Sculin Steel Co com
*
Pantepec Oil of Venezuela-
High
34
for
Week
of Prices
pre!..50
Feb
9534
*
Week's Range
Low
conv
Apr
Jan
Feb
Jan
Feb
3134
10834
Price
Corp Ltd...*
Schlff Co common
Scovill Mfg
5
27
Class A $2
Savoy Oil Co
1334
2934
514% 1st preferred.-.25
Pacific Lighting $5 pref--*
Pacific P & L 7% pref—100
St Lawrence
434* June
234
Pacific G A E 6% 1st pf-25
3797
Sales
Ryerson & Haynes com__l
60
,v
94
Overseas Securities
Penn Traffic Co
Sale
Par
Apr
Feb
Mar
Pacific Can Co common—*
Pender (D) Grocery A—
Class B
Last
{Continued)
High
Low
-
Pacific Public Service
STOCKS
Range Since Jan. 1,1940
Shares
95
4
Friday
Week
High
96
15
50
preferred
$534 conv prior pref---*
Oldetyme Distillers
1
of Prices
11234 H334
10654 2104
10634
15
com.
Week's Range
Low
94
6% 1st preferred
100
Ollstocka Ltd common
5
Oklahoma Nat Gas
Exchange—Continued—Page
Sales
May
2
May
1234 May
7)4 June
34
434
Jan
48)4
May
334 May
1034
54
59
60
125
55
Mar
Jan
934
6
Jan
Jan
3654
34
134
1654
114
Jan
Jan
Apr
Feb
Mar
254
2434
15
134
59
Jan
Apr
Apr
Apr
Jan
534 May
1054
54
Apr
May
Apr
76
Jan
Apr
Apr
Jan
J
Last
{Concluded)
SaU
Par
Price
pre! 100
Toledo Edison 0%
102 54
Week's Range
for
of Prices
High
1
10
106
106
1
Trans Lux Corp
Trans western OH
Co
70
95
104
*i«
*16
*1«
"loo
1
254
X
600
Ine—*
Corp.—1
—1
Tung-Sol Lamp Works.—1
80c oonv preferred.—.*
Udyllte Corp
—-1
fUlen & Co ser A pref
*
Series B prpf————*
Unexcelled Mfg Co—...10
"¥'
"T
Tublze ChatlUon
"700
550
ix
200
~~3~X "lX
3~666
IX
X
4X
May
May
May
May
May
May
May
Feb
May
IX
ZX
X
IX
7X
2X
Union Gas of Canada
Union Investment
600
nx
14H
"lOX "l2X
2,000
200
10
10
10
14 X
United Corp warrants
X
x
x
900
*
United Gas Corp oom
1
1st $7 pref. non-voting.*
1
"16
IX
93
8754
9454
Option warrants
United G & E 7% pref. 100
X
•
11,900
1,400
1,400
United Lt A Pow com A—»
Common class B_.
*
X
®16
2,000
X
X
400
*
17 x
21
20X
3,500
20X
50
.*
ZX
Apr
United N J RR & Canal
100
10
65
X
8X
Jan
Feb
IX
Jan
X May
IX
Jan
Apr
89
Jan
May
May
39
20
27
Apr
Feb
74
Mar
x6154
5854
64
~1~,82~5
26
z4054
40
41
230
Preferred
com—.1
Foil Co class B
1
Graphite com...——6
454
U S
U S
300
354
454
2,400
x
S51st pref with warr—
51X
100
U S Lines pref
51X
1
U S Rubber Reclaiming—*
U S Stores common
60o
900
800
"xl5X xilx
Universal Products Co—*
5
Utah Pow A U S7 pref.—*
Utah-Idaho Sugar
IX
IX
53 X
50
700
100
55
Utah Radio Products....1
""x "~x
Utility Equities com...10c
S5.50 priority stock
1
38
IX
25
"loo
27X
"25
~27X
600
X
20
66
x
bbb3
10554
y
b
J Associated Gas A El Co—
♦Conv deb 4548.—.
1948 zdddl
dddl
11
1054
1154
11,000
10
1054
2054
2854
2854
3454
53
75
H
Mar
Feb
6
Apr
Apr
2X Apr
5% May
X
6
Jan
Jan
X
Apr
2X May
Avery A Sons (B F)—
5s with warrants
1947
1947
Be without warrants
.....1950
♦Convertible 6a
Canada—
B........—1957
1900
Bethlehem Steel 6s
1998
1st 5sserle8
5s series
C
...
96
22,000
90
9154
27,000
89
3,000
95
bb
9154
y
bb
99 54
9754
a
68
65
x
a
6354
9954
6854
6354
—1957
y
bb
96
96
3
Jan
IX May
June
X May
72
2X
Apr
20 X
Jan
IX
Jan
29
21
May
X May
30
03
May
84
Feb
May
May
1
May
92
May
IX May
ZX May
Jan
31
May
May
9X May
ZX May
5X
Jan
4
7X May
98
May
2
4X
5
300
ZX May
4X May
1
4X
4X
300
4X
Mar
x
y
b
May
6s series B
Conv deb 5s
Apr
Apr
Conn Lt & Pr 7s A
10
Apr
100
3X
3,100
Apr
May
IX
12
654
5X
IX
IX
Jan
May
Apr
Feb
15X May
4
Jan
2
Jan
102
9554
70
80
6954
6954
7254 240,000
72
45,000
72 54
70
7254
2X
7X
6X
554s
.
1951
x
(Bait) 3548 ser N
1971
x
1969
x
aaa4
93,000
7054
52,000
7554
86 54
19,000
81
9754
127
13554
59 X
t—
454s..—.....1954
x
aaa4
y
b
Gen mtge
1943
6s ser A stamped...
1958 ybb
1944 y b
Cont'l Gas & El 5a
4
4
2
x
a
Apr
1959
x
10754
10,000
9,000
105
11154
10454 109
3,000
12454 12754
12654 12654
Eastern Gas A Fuel 4s
1956 ybb
82 54
86
2
2
-1905
2030
x
y
b
4
x
a
"9654
"7754
aaa4
4
Eleo Power A Light 5s
...1950 xbbb3
17X May
El Paso Eleo 5s A
11X
7X
Apr
Empire Dist El 5s
Feb
Feb
Mar
Erie Lighting 5s
"7554"
17,000
75
8654 135,000
49
2,000
80
94
49
6154
9954
8254
28
2
UX
954
112
Jan
Jan
Mar
A—..—.1953
1967
Federal Wat Serv 5548
1954
6 548 series
y
1954
Apr
Florida Power A Lt 5s
4X
Jan
108
7554
38,000
70
72
10354 104
23
b
y
b
Jan
x
23
10654 10654
9354
4
*38
10354
99
102
bbb3
95
Jan
5s
ex-warr s temped
Gatlneau Power 354s
1953
1950
1948
y
62
59
7X
7X
20
1,000
92
9454
bb
ccc2
1943
y
bb
4
1907
1978
x
a
1
y
b
4
60
62
1953
z
b
1
*11
6554
*70
68
*60
1952
*7.
25
1955
X16X
.1953
*1654
Gobel (Adolf) 454a
Grand Trunk West 4s
1965 ybb 3
1941 y ccc4
1950
x
a
x
a
aa
b
May
29
Feb
Grocery Store Prod 6s
1945
y
28 X
13
Feb
Guantanamo A West 6s
1958
y
15
Jan
"68
2
May
May
10654
2
x
*65
9554
3
Gr Nor Pow 5s stpd
1950
Green Mount Pow 354s... 1963
14 X
23
4754
10654 10954
89
10154
2254
57
9854 10454
105
100
9754 102
56
8754
6,000
38,000
9854 102
4~3~666
83
68
Glen Alden Coal 4s
Feb
106
10054
50
♦General Rayon 6s A
Gen Wat Wks A El 5s
7X June
120
103
12,000
y
Gen Pub UtU 0,54s A
Jan
14
7,000
86,000
62
8454
10154 10554
1,000
3,000
103
z
Feb
Cent Bk of German State A
X7
9,000
*9254 100
b
8554
112
110
10", 000
5054
10354
9954 10054
1944 ybb
A—-1969 x a
107
7454
59,000
Gary Electric A Gas—
7X
5X
6X
Jan
104
21,000
10254 10354
x a
Finland Residential Mtge
Banks 6»-5s stpd
—1901 y cccl
Florida Power 4s ser C
1900 x bbb3
12 X
12
15
2,000
9054
93
*11154 115 54
164"
1952 xbbb2
y
2
ccc2
c
1
52
59
5,000
•2i"66o
*7
70
70
1,000
*7
75
"6554 "7554
106
1,000
91
78
108 X
9954 10554
52
6354
49
3,000
35
53
23
4254
1554
16
40
cccl
101
10354 10754
50
1
1948
1935 zdd
z
52
47,000
75
89
20",000
90
10654 10654
102
*101
2354
Guardian Investors 5s
♦Hamburg El Underground
A St Ry 5548
1938
98
10454 106 54
*40.
70
72
23
♦Hamburg Elec 7s
17
38,000
9554 96 54
10454 105
7954
7554
10854 10954
Eroole Mare 111 Eleo Mfg—
6X
7X
7954
8054
49
bbb4
Apr
Jan
92 54
10454 10554
107
10554
130
Consol Gas UtU Co—
June
22 X
24
24
9254
8354
8354
Consol Gas (Bait City)—
1955
%
,1
7654
7954
aaa4
1st ref mtge 3s ser P
Cudahy Packing 3548
Delaware El Pow 554s
for
t21
60
80
aaa4
Jan
Week
X21
7754
14,000
8454
Cuban Tobacco 5s
Sales
BONDS
7354
60
8254
_
ZX May
5
0554
82 54
Cities Serv P & L 5 54s
Georgia Power ref 5s
♦Prov Banks 6s B..1951
9354
7854
74
1,000
6,000
72
Feb
GOVERNMENT
AND MUNICIPALITIES-
Bogota (see Mtge Bank of)
♦Cauca VaUey 7s
1948
49
77
7854
♦Geefruel 6s
5X
3X
1951
37
1,000
Georgia Pow A Lt 5s
5X
Jan 1947
24,000
77
Consol Gas El Lt A Power—
74
10354 100
44
77
72 X
1952 y b
1949 yb
Community Pr A Lt 5 s—1957 y bb
Apr
5,000
3954
77
73
1958 yb
—1969 yb
Debenture 5s
3,000
7854
..—1950 yb
Debenture 5s...—.
10454
17,000
10,000
10354
05
10054
03
8354
9554 10154
41 X
1955 y bb
1966 y b
...
Cities Service 5a
General Pub 8erv 5s
5s
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
104
Ry 4 54s series A
Apr
*
Wright Hargreaves Ltd..*
9954
9954
Apr
5X May
Wolverine Portl Cement. 10
152
»u
200
7% pf 100
8954 117
55 X
""260
Winnipeg Electric B oom_*
8854 110
138
Mar
154
5X
11,000
June
38
1
Wilson Products Ino—...1
37,000
1956 xbbb3
|*Chlo Rys 5s otfs—
1927 z bb 1
Cincinnati St Ry 5 54s A —1952 y bb
~5x "ix
"166
127,000
92
States"p"A L" 5 54sl—1953
May
X May
50
6
92
140
Chicago A Illinois Midland—
14
100
8954
y
Birmingham Gas 5s...
Broad River Pow 5s
Elmlra Wa Lt A RR 5s—1956
1054
8854
Cent
"4"
554s
93
:
Jan
6
5s
bbb3
92
Feb
~4
♦0 series A
138
x
14054
9554
89
Edison El 111 (Boat) 354s,.
Williams OU-O-Mat Ht_.*
Ext
9154
aa
Apr
Wlohlta River OH Corp..lu
Williams (R C) A Co
»
Danish
aa
IX
Weyenberg Shoe Mfg....1
♦Baden 7s
x
x
Bell Telep of
IX
0
1054
9854
130 J4
X May
12 X
..«
95
9254
41
2
Westmoreland Coal new_20
11854 244,000
11654
83
100
50
105
3
4154
12X
40
9554 105
6454
2
Mar
Western Tablet A Statlon'y
♦20-year 7s
aa
99
100
Baldwin Locom Works—
2554
454
38
10454 10754
10354 HO
2554
12X
100
8,000
13,000
6X
Western Maryland Ry—
FOREIGN
x
2,000
35,000
11,000
*90
J 90
bb
b
5754
106
10554 106
bb
z
11
56
71
X May
X May
»
y
y
11
105
6954
Apr
1,200
11
106
...1977 zdddl
3
A '55 y b
a
2
1955
Atlantlo City Eleo 3548
*04 x aa 3
♦Conv deb 5548
10
70 X
May
4
11
129
18,000
ZX
454
62,000
26,000
100
Western Grocer com....20
34,000
45X
2754
May
3,100
10254 108
3854
6254
10554
3954
2854
May
IX
4X
121
104
11
43 X
3
26
3
30
10654 11154
10354 108
11,000
27
5
93
26,000
12154
2754
7
"160
10554
121
2854
900
Western Air Express.....1
Amer dep rets
12154
Cent States Eleo 68...
1948 y cc
........1954 y cc
300
IX
Woolworth (F W) Ltd—
bbb3
Apr
May
454
IX
com
bbb3
x
23 X
8X
*
Petroleum
a
x
...
454a
10,000
105
x
1948
1st mtge 4a
Debentures
May
IX May
z48X May
IX
Feb
3X
~~{~X i93
'"lX
z93
10754 109
1903
Appalac Power Deb 08 ....2024
Arkansas Pr & Lt 5s..
1950
Associated Eleo 454s
1953
z
Mar
14 X
Class B
Woodley
Appalachian Eleo Pow—
Cent Power 5s ser D
74
1.25
88,000
♦Debenture 5s.....
Mar
7 X
4X
45,000
Mar
500
X
66
Wayne Knitting Mills...5
Wellington Oil Co
1
Wolverine Tube
3
26,000
9954 10054
9554
91
95
Mar
Walker Mining Co.....
Wisconsin P A L
4
Apr
5H
454
Co
10054
bb
13
17
Watt A Bond olass A
Wilson-Jones
10454
bbbl
y
24
"200
Wagner Baking v t o...
7% preferred....
100
Common
bbbl
y
105
10454 10754
10354 10554
99
10054
9854 103 X
90 54 105J4
4,000
30
2
May
May
9
7% pref—100
Vogt Manufacturing.—..*
7% 1st preferred
y
109
4,000
6,000
10654 10754
10554 10554
10354 10454
102 54 10454
10
May
2X May
"loo
38
'"'ix "ix
Petroleum... 1
West Va Coal A Coke
1
1959
1954
Canada Northern Pr Be —1953
Canadian Pac Ry 0a.——1942
*16
Va Pub Serv
West Texas Util S0 pref..*
1
a
11
May
Utility & Ind Corp com..6
Wentworth Mfg
1
a
2,000
30,000
17,000
Jan
4
—.*
a
x
1946
1951
...1956
1st A ref 5s
1968
1st & ref 4 548
1967
Am Pow A Lt deb 6s—...2016
1154
1154
100
3X
10754
x
x
1st A ref 58
1054
1054
X
IX
3X
Range
11
zx
15
Waco Aircraft Co
Jan. 1
High
dddl
200
8
Venezuelan
Since
$
Low
dddl
May
Universal Pictures oom—.1
Van Norman Mach Tool.5
Week
Price
z
1
X
Conv preferred....
7
lUtll Pow A Lt 7% pf.100
Valspar Corp oom.......1
54 oonv preferred
5
for
of Prices
Birmingham Eleo 454s ——1968
3X
Sales
Weeks' Range
z
2,900
4
0....1
Jan
Co—
71
IX June
Mar
Sale
Atlanta Gas Lt 4548..
Apr
Mar
1754
Last
Assoc T & T deb 5548
»i»
Feb
Jan
Friday
Bank
1st A ref 5s........
Feb
Jn
54
Elig, <fc
Rating
1st 5s
June
Class B
Universal Insurance
Alabama Power
Apr
Feb
Jan
14X
.....
Mar
X
1950
1968
IX
Universal Cooler class A.
54
*16
See i
Feb
454
Universal Corp v t
54
Mar
1054
1949
28 X
4,400
54
10 54
Jan
♦Conv deb 454s...
35 X
IX
54
Jan
June
X
♦Conv deb 5s
May
IX
5
Apr
1X May
19X June
2
10
9X
4,000
3,000
2,000
45
26
X
4,000
5
Mar
Apr
Jan
500
X
12
5
BONDS
8
2X
Mar
Feb
1,300
IX
Mar
40 54
IX
zx
IX
1454
Apr
7X
28
2X
June
16
12
RAILROAD and INDUSTRIALS
7X
7X
50
Feb
11
1,000
11
♦554s
Apr
26
28
26
12
Jan
2054
2054
83 X
22
2X
United Stores common.60c
Universal Consol Oil
243 X
Feb
Feb
19 X
1st S7 conv pref
United Wall Paper.
5X
27
254
—
50
Jan
11
1958
0548.1959
♦Russian Govt 6548—1919
May
X May
3
1
—.20
Plywood
51 54 conv pref
U S Radiator com
39X June
ZX May
ZX May
700
Securities..
U S and Int'l
U S
'"ix
454
X
United Specialties
54
Apr
May
26
28
*11
Mar
Feb
»i« June
*21
1931
Bk of Denmark 5s '72
Apr
IX
X May
7X
♦Issue of Oct 1927
♦Mtge Bk of ChUe 6s.
Apr
Jan
100
10% preferred
10
United Shoe Macb com.26
*21
Mtge Bk of Bogota
15
Feb
Ti«
239
United Profit Sharing.-25c
7s. 1947
♦Issue of May 1927—
June
7X June
Feb
64X
Jan
1554 May
1
1,000
8
954
Apr
Jan
Apr
May
Apr
Mar
8
*7
1921
♦Santiago 7s..———1949
May
4X
10 X
13 X
-
1958
♦Medellln 7s stamped. 1951
Jan
United Molasses CoAm dep rets ord reg—
5X May
8
7
*5
1958
♦Maranhao 7s
♦Rio de Janeiro
2X
16 X
Feb
♦Parana (State) 7s
70
21
Milk Products...*
53 partlc pref
12X
Jan
108 X
May
Jan
Peru—
♦03^8 stamped
Apr
Jan
15ii May
79
12
Apr
87 X June
X
20
Lima (City)
ZX
19 X
X May
Jan
Jan
*754
♦Hanover
13 X
654
Jan
8X May
May
X
6 X
Apr
(Prov) 0548.1949
♦Hanover (City)
1
Jan
2,500
11
IX
59 X
*16
Apr
6X
May
64 X
1454
7s—1939
11
Jan
Mtge
High
11
8
Mar
Low
$
.
*6 54
Mar
lis
Jan
20
Price
'»« Apr
IX
Apr
zx
Feb
X June
x 8X
Jan
10 X
Jan
39 X
Feb
ZX
Jan
May
May
X
*
com—*
Union Premier Foods Sta.l
Un Stk Yds of Omaha.. 100
United Aircraft Prod
1
United Chemicals com...*
S3 cum A oart pref
*
Un Clgar-Whelan Sts.. lOo
Week
115
May
6X
354
for
of Prices
Low
High
109
Jan
X
2
800
26 X
22
Class A
50 1st preferred
May
May
Apr
x8X
Trunz Pork Stores
Week's Range
Sale
High
*i«
200
2X
X
2X
54
Tri-Contlnental warrants
United Elastic Corp
Low
10
101X 102 X
7% preferred
100
Tonopah-Belmont Dev. 10c
Tonopah Mining of Nev.l
Last
Range Since Jan. 1, 1940
Shares
Range Since Jan. 1,1940
BONDS
(Continued)
Week
Low
Sales
Friday
Sales
Friday
STOCKS
United
June 15, 1940
New York Curb Exchange—Continued—Page 5
3798
23
1554 May
16
Apr
18
Feb
May
52
Jan
23
20
May
49
Mar
7
6
Mar
7
Jan
7X May
7X May
14
Mar
—.
Danzig Port A Waterways
♦External
054 s
1952
♦German Con Munlo 7s '47
.
♦Secured 6s
1947
For footnotes see page 3799.
X2X
18
10
t8
12
13 X
Apr
Attention is directed to the new column In this tabulation pertaining to bank
eligibility and rating of bonds.
See A.
Volume
New York Curb
149
bank
Friday
Elig. A
Last
BONDS
Rating
Sale
(Continued)
See a
Price
Houston Gulf Gas 6s
1943
convdeb 6 Ms
Houston Lt A Pr 3 Ms
1966
x
bbb3
1943 ybb
x
108
♦Hungarian ital Bk 7Ms.__1963 z c
Hygrade Food 6s A
1949 yb
68 series B
Week's
Range
of Prices
High
Low
103% 104
102 M 102 %
107 % 108 %
3
aa
*65
..1954
x
bbb3
102
1956
x
bbb3
99
97M
99 M
1957 ybb 3
1958 y bbbl
1950 y b
2
95
93
96
106M
aa
1963 xbbb3
C
8 f deb 5 Ms.
May
Indiana Hydro Elec 5s
Indiana Service 5s
1st lien A ref 5s
1952
z
103 M
102 M 103 %
100M 102
25,000
x
101
6,000
67,000
14,000
93
I
80
t
a
f4
105 M
—1955 yb
1957 y b
l
22%
1962 y b
1957 y b
1
95
61
95
79
63 M
59 M
62 M
10,000
12,000
14,000
78
83
96 % 105
87
101 %
100
93
60
105
7s series E—.....
7s series F
Iowa-Neb LAP 5s...
35 M
1957 y bbb4
1961 y bbb4
5e series B
Iowa Pow A Lt 4Ms
Isarco Hydro Elec 7s
1958
1952
x
aa
y
b
Italian Superpower 6s
Jacksonville Gas —
1963
y cc
5s stamped
—1942
Jersey Central Pow A Lt—
*
3
26
24%
52
57
a
4 Ms series C
1961
x
a
Kansas Elec Pow 3 Ms
1966
Kansas Gas A Eec 6s.-...2022
x
aa
x
a
102 %
104%
38M
1966
x
a
1946
z
cccl
Long Island Ltg 6s
1945
X
bbb3
Louisiana Pow A Lt 6s
1957
x
a
109%
4
105 M
105
105M
2
91M
90
93
2
89
87
89 M
a
80
80
z
b
<
1
z
aa
x
aaa2
z
4
4
1951 y b
3,000
22
49%
47%
71%
Shawlnigan WAP 4MB—1967
21,000
29
51
103
1,000
35
107"
2
1947 y b
Sou Carolina Pow 5s
2025 ybb
30 %
2,000
42
39
110,000
53 %
Sou Indiana Ry 4s
15,000
16,000
105%
102% 107%
127%
104% 108
103 %
105 M 105M
40
*12
6,000
"moo
103% 106 "
106 M 107 M
18,000
103 % 108
1
6s stamped
1948 yb
4
Memphis Comml AppealDeb 4 Ms
1952 x bbb2
Mengel Co conv 4Mb
1947 yb
2
Metropolitan Ed 4s E
1971 x aa
4s series G............1965
x
60
100 M
1955
x
bbb3
104 %
1955
x
bbb2
98%
5s.___»_1957
x
bbb3
x
aa
3
.1960 y bb
4
Miss River Pow 1st 5s
1951
102 M
aa
1948
1948
N E Gas A El Assn 5s
1947 y b
4
1948 y b
Conv deb 5s_..........1950 y b
4
55
4
56
x
bbb3
1961
x
"55M
aaa3
1948 ybb
Debenture 5Mb....... .1954 ybb
New Orleans Pub Serv—
5s stamped... ...*.....1942 ybb
♦Income 6s series A
..1949 y bb
3
3
97
5,000
95
109
102
11,000
101
108 % 111%
20
110
103 %
10*000
67%
14,000
2,000
115
51
71%
1,000
105
53
55
-
52%
56
62"
'83
52
91%
51,000
93
95
27,000
102
5,000
15,000
1950
1980
4
y
bbb2
x
a
4
x
a
4
N Y A Westch'r Ltg 4s
Debenture 5s
2004
x
x
aa
Nippon El Pow 8MB
1953 yb
I
1956 yb
3
1947
1948
x
aa
4
Nor Cont'l Utll 5Mb
y
b
3
N'western Pub Serv 5s
1957
x
bbb4
Ogden Gas 1st 5s
1945 ybb
*90
103M
aaa3
1954
97
Okla Nat Gas 3Ms B
1956
Okla Power A Water 5s... 1948
x
x
aa
3
2
4
bbb3
x
bb
x
24,000
58
104
105%
37 '
53
104
106 %
90
105%
108M
105
105
47
47
1,000
40
60
60M
63M
40
74 M
74M
74M
62 M
%
93
105
61M
63M
60M
63M
60 %
63%
43,000
<48
1957
y
b
3
63
60%
63
54,000
48
74 M
1957 y b,
3
1950 z ccc2
63
60 M
63 M
49
74%
17
19M
71,000
23,000
14 %
24 M
27
28
2,000
27
18
18
49 M
48
74M
;
Corp—
..1940
Z
1946
z
....
1953 yb
mmmmmrn
1
I960
X
bbb4
1956
X
a
23%
105 %
2
102
mmm
cons
56,000
4
91
02
59
92
V',r
b
;:59<^
..1950
z
5Mb
1959
x
...1952
x
.7
....
mmm'mmm
114
mmmmrnm
24
2
2
3
12M
118M
45M
24
21
16
17
16
5,000
16
19M
78
13,000
73
89 M
'■■■■mm mrnrn
76M
78%
108M108M
81 %
75
74 M
91
2,000
107
110
63,000
78
95
9,000
87
75
110
119
:
89 4
72 M
1,000
96
100 %
87 M
"2,000
85
101%
100 % 102%
35,000
2,000
99M 103M
103 M
95
*92
96 M
87 M
mmmmrnm
102%
m
3,000
llOHlllk
3
98%
99%
97
4,000
94
6%
30,000
4
10%
107% 107M
1,000
7,000
1,000
12,000
1,000
23,000
107
109M
3
04 M
cc
2
4M
x
aa
4
x
bbb3
1946 yb
i;'
*12
87
bbb3
bb
x
7
114
8,000
43,000
29
69
56
n
75
mmm mm
bbb3
1946 ybb
1950 ybb
2022
' _.V
2,000
114M
108 M
119%
88M 103M
16
m
2
3
104 M
109
36,000
8
46 M
30
:
21%
46
101% 106 M
68,000
26,000
6,000
9,000
105M 106M
112M 112M
3
18
1,000
28
105M
112 M
mmm
2022 y bbb2
1979 ybb
21M
102
103 M
108%
107 M
104 %
36
104 %
36
102 M 103 %
108
108%
105 % 107%
107
108 %
106
105 % 106
aaa2
4
101
.1954
z
1951
2030
Wash Ry A Elec 4s
West Penn Elec 6s...
104M 105
95%
105%
West Penn Traction 5s...1960 x aa
West Newspaper Un 6s... 1944 ybb
2
mmmmm+
44
45
109
106 %
Wheeling Elec Co 6s.
1941
x
aaa2
mmm-mm m
103
103
Wise Pow A Light 48
1966
x
bbb3
mmmmm*
103
103M
{♦York Rys Co 5s
♦Stamped 5s
1937 z bb
1947 ybb
111% 114%
52
65
10,000
60 %
96% 100
36
102 %
104 %
*111% 113M
58
107M
a
x
112%
63 %
♦5s Income debt
103H
81
*91
103% 103%
*104 % 105%
*103
106
No Amer Lt A Power—
Ohio Pow 1st mtge 3Ms-,..1968
Ohio Public Serv 4s
1962
102
106% 110M
106 M 110%
38 M
104
91
......
3
3
97%
95M
% 103
3,000
8,000
1,000
mmmmmm
mm m.mm m.
96
87
101M
Waldorf-Astoria Hotel—
3
Penn A Ohio—
1st mtge 3MS..........1964
*34
104
98 M
64
74,000
21,000
5,000
104 % 104%
72%
64
63M
6s series A
100 % 102%
99% 100
104
104
63
Deb 6s series A
Va Pub Service 5 M A
1st ref 5s series B
Deb s f 6s
88 %
99%
93
100 %
90
2
mmmrnmrn
Deb 6s series A
..1973 yb
2
Utah Power A Light Co—
1st Hen A gen 4Mb
1944 xbbb3
110
102
95
\
71%
71%
51
bbb4
Un Lt A Rys (Del) 5M8...1952 ybb
United Lt A Rys (Me)—
122%
43,000
2,000
33,000
65 %
107% 107%
*91M
103
1st lien A
128%
115% 115%
52%
55%
x
United Light A Pow Co—
Debenture 6s
...1975 yb
Debenture 6Ms
1974 y b
26
120
mmmmrnm
1949 x aaa4
United El Service 7s
1956 y bb 1
♦United Industrial 6Ms—1941 z cccl
♦1st s f 6s
1
1945 z b
112%
107%
"MOO
mmmmmrn
4
17
31
100 M
67
3
Conv 6s 4th stp
United Elec N J 4s
100 %
2,000
3
aa
lUlen A Co—
104%
4,000
106M 107M
106 M 107M
aa
Twin City Rap Tr 5Ms...1952
y
108 % 110%
86
98
3,000
106 M 110M
107M
12
23
mrnm'm
3
Tide Water Power 5s
Tietz (L) see Leonard—
104 %
110M
3
136
b
Texas Power A Lt 5s
6s series A
98% 103%
102% 107
96
104%
16,000
17,000
11,000
13,000
96 %
103
67
aaa2
5s
New Eng Power 3Ms
New Eng Pow Assn 5s
3
98
27,000
24
*17M
109M 110
*112M 124
2
New Amsterdam Gas 5s
x
111
98 M
15
109 M
y
Terni Hydro El 6 Ms
Texas Elec Service 5s
91% 100 %
51% 70
2,000
7,000
88
101
Nelsner Bros Realty 6s
Nevada-Calif Elec 5s.
1956 y bb
100 % 102M
110
110
109 %
108
i7~666
95
aaa2
x
109M
93
91%
52 M
51%
99
98%
100% 101M
104
104M
99
97 %
98
1951 y b
7s 2d 8tamped 4s
7s 2d stamped 4s
101 %
95
86
{♦Nat Pub Serv 5s ctfs.,.1978
x
81
110M 110%
Nassau A Suffolk Ltg 5s... 1945 x bb 2
Nat Pow A Lt 6s A
2026 y bbb2
Deb 6s series B
2030 y bbb2
Nebraska Power 4Mb
1981
6s series A..........*..2022
99
3,000
Stinnes (Hugo)
71%
107
87
M 107
108 %
1978 xbbb3
Mississippi Power 5s
83
*104
aa
Middle States Pet 6Ms~-J945 ybb
1st A ref 5s
60
2,000
*98M 100
87
Midland Valley RR 5s—.1943 ybb
Milw Gas Light 4Mb
1967 x bbb2
Minn PAL 4Mb
61
98%
20%
14 M
Deo 1 1966
Standard Pow A Lt 6s
♦Starrett Corp Inc 5s
60
91
4
4
18 M
44,000
16,000
19,000
(stamped)
Debentures 6s
Debenture 6s
*12
91
yb
1948 y b
6s gold debs
.....1941 zdd
91
x
1989 <b
Standard Gas A Electric—
6s (stamped)
1948
Conv 6s
70
x
2022 y bb
1945
69M
99
107 %
127
7,000
8,000
10,000
13,000
5,000
9,000
78,000
60
67 %
mmm
aa
Spalding (A G) 5s
117
57
66M
mmm
x
1951 ybb 2
1961 x bbb3
S'western Assoc Tel 5s
So'west Pow A Lt 6s
S'west Pub Serv 6s
102% 105
123
May 1 1960
July 1 '60
4Mb
1968
mm
97
80
mmmm*m
28
59
1957 y bbb2
Southeast PAL 6s
Sou Calif Edison Ltd—
30
*25
100M 101
69
2
Ref M 3 Ms
Ref M 3%s B
Sou Counties Gas
127
100
81
21,000
2,000
*7
2
a
1970
83
mmm mmm
U. M mm*.'
2
a
x
Sheridan Wyo Coal 6s
106 % 109%
29
52
22~o6O
104% 108
86
100%
mmmmrnm
101
2
x
1st 4 Ms series D
106%
106%
103 M 103M
105M
127
cccl
cc
41
102 M 103 M
104 M 105
108 M
3
bbb2
51%
*9
*7
108M 109M
....
cccl
x
z
Scull in Steel Inc 3s
103
158
5,000
bb
24
11,000
4,000
15
128
10,000
4
y
91M
14
87
x
21M
McCord Rad-A Mfg—
5Mb series A
x
61
5,000
84 M
Mansfeld Mln A Smelt—
No Boat Ltg Prop 3Mb
141 %
1951
30 %
*117
♦Leonard Tietz 7 Mb
York
137
1943
*102M 110
>£J
Lake Sup Diet Pow 3 Ms
♦Ext 4Mb stamped
N Y State E A G 4Mb
3
Scripp (E W) Co 5 MB
4OH
3
x
New
15
43%
1,000
*106M 106 M
32 M
b
1947
Pub Serv 5s
62
*7
Since
Jan. 1
2
61,000
33 M
36
103
103M
103
103
29
58 series B......
Missouri
62
1
24,000
22 M
23
57
22 M
25
1
4
1952 y ccc2
Debenture 6s
Miss Power A Lt
2
b
♦Schulte Real Est 6s
Interstate Power 5s...
♦7s mtgesf
a
z
Range
%
67,000
26,000
27,000
Corp 6%s
1953
♦Ruhr Housing
6%b
1958
Safe Harbor Water 4
Ms... 1979
San Joaquin L A P 6s
B...1952
♦Saxon Pub Wks 6s
1937
85
3,000
x
y aa
1954
♦Ruhr Gas
73%
73%
80,000
105M 105M
56
Week
High
Queens Boro Gas A Elec—
5%s series A...
...1952
98% 107
International Power Seo—
6 Ms series C__
Corp(Can)4%sB.._1959
'
for
of Prices
Low
Puget Sound PAL 5%S-..1949 ybb
i 1st A ref 5s ser C
1950 ybb
1st A ref 4Mb ser D
1950 ybb
107%
57
Week's Range
Price
Pub Serv of Oklahoma—
4s series A....
...1966
81
Sales
Sale
See a
♦Prussian Electric 6s
Public Service of N J—
103 %
105 % 109 %
2,000
"el""
bb
1968
Indpls Pow A Lt 3*48
106 M 106 M
2
-.1963 y b
♦Indianapolis Gas 5s A
Power
% 105
100
106 % 111%
67
70
1st A ref 5Ms ser B
ser
100
Rating
{Concluded)
65
72
*65
1949 y b
1st A ref. 5s
6,000
1,000
10,000
Last
BONDS
6% perpetual certificates
__.1967
Friday
Elio. &
:h
Since
Jan. 1
$
3799
6
Bank
Range
for
Week
35
Idaho Power 3Ma
111 Pr & Lt 1st 6s ser A
x
Exchange—Concluded—Page
Sales
94
2
1
mmmmmm
107M 107%
mmmmmm
*90
94%
94
104% 108
104 %
43 :
■mmm
60%
105
102 M
107M
92
rn'mrn
98
94
'
92
117
;
103
99
103
3,000
7,000
104
2,000
35
101
107 %
7,000
106%
11,000
94%
49%
15,000
2
111%
9,000
73,000
6,000
101 %
4,000
107M 107M
2,000
100*31 100*32
30,000
106
103% 109%
103% 109%
104% 109
100% 105
Pacific Gas A Elec Co—
1st 6s series B
If Pacific Invest 5s
1941
ser
A
Pacific Ltg A Pow 5s
Pacific Pow A Ltg 5s
1948 y b
1942
x
1
100*32
aaa4
bbbl
1955
y
Park Lexington 3s........1964
Penn Cent LAP 4Mb
1977
z
ccc2
x
bbb2
1979
x
bbb2
1971
x
aa
2
1962
x
aa
2
.......I960 y bb
4
1st 5s
Penn Electric 4s F
5s series H
89
86
89
96 M
*102
23,000
86
40
•
40
"98%
6,000
40
98%
104%
44,000
106% 106%
1,000
105 M 106
102 % 103%
30.000
Penn Ohio Edison—
6s series A
t
97%
43 %
96% 104%
107 %
100
106
104 % 108
♦
No par value,
a Deferred delivery sales not included in year's range,
d ExInterest.
n Under the rule sales not Included In year's range,
r Cash sales not In¬
cluded In year's range,
z Ex-dlvldend.
♦ Friday's bid and asked price.
%
♦
Deb 5Ms series B
.1959
y
bb
4
Penn Pub Serv 6s C
.1947
x
aa
2
1954
x
aa
2
5s series D
.
101
"moo
101 % 103
106%
107% 110%
87% 100%
109% 112
107
107
14,000
104 % 109%
91
98%
100%
f Called for redemption:
108 %
108 %
Pacific Investing 5s 1948, July 1 at 100.
Peoples Gas L A Coke—
1981 xbbb2
1961 x bbb2
4s series B
4s series D
Phila Elec Pow 5Ms.
Phila Rapid Transit 6s
Piedm't Hydro El
1972
x
aa
1962
y
bb
6MS---1960
y
b
25
♦Pomeranian
Elec
6s
1953
b
Stamped
4Mb series F
Potrero Bug 7b stpd
z
1956
x
1947
y
a
ccc2
96
114
94 %
24
8,000
.
95%
27
14,000
19,000
95
92
102 %
24
48%
103
25,000
"i"66o
106%
102%
99
13
14
14
86
78%
75
75
107 % 109%
4,000
107% 110%
50
53%
*47
49
'
„
Under-the-rule sales transacted during the current week and not Included In
weekly or yearly range:
No sales.
v
90
1.000
8,000
108% 108 %
range:
No Sales.'
9
94
107 M 108
108%
yearly
110% 115
75
b
a
1961
113
6,000
*7
*79
♦Portland Gas A Coke 5S..1940 y bb
Potomac Edison 5s E
93%
*103 % 105%
99%
99%
1948 y bb
z
92 %
95%
U3%
95%
Pittsburgh Coal 6s.......1949 ybb
Pittsburgh Steel 6s
Cash sales transacted during the current week and not Included in weekly or
$
93%
No sales being transacted during current week.
flat.
i Reported In receivership.
101% 107%
106
105
4,000
*106% 107%
Bonds being traded
Deferred delivery sales transacted during the current week and not
weekly
or
Included In
yearly range:
No sales.
,
Abbreviations
Used
'
~
Above—'"cod,"
-
*
certificates of
deposit;
"cons,"
consolidated
"cum," cumulative; "conv," convertible; "M." mortgage; "n-v," non-voting stock'
•
v
t c " voting trust
without warrants.
A Bank
certificates; "w 1," when issued; "w w." with warrants: "x-»"
■
■44 4c■
Eligibility and Rating Column—x Indicates those bonds which we
bank Investment.
believe eligible for
y
Indicates those bonds we believe are not bank eligible due either to rating
provision In the bond tending to make lt speculative,
status or some
z
Indicates Issues In default, in bankruptcy, or In process of reorganization.
The
rating symbols In this column are based on the ratings assigned to each
rating agencies—Moody, Standard, Fitch, and Poor's.
The
quality, and the numeral immediately foUowlng shows the number
rating the bond.
In all cases the symbols wUl represent the rating
given by the majority: for example, a bond rated Aa by Moody, A1 by Standard,
AAA by Fitch, and A by Poor's, would be represented by symbol aa2, showing
tne majority rating.
Where all four agencies rate a bond differently, then the
highest single rating Is shown.
A great majority of the Issues bearing symbols ccc or lower are in default.
All
•sues bearing ddd or lower are In default.
bond
by
the four
letters Indicate the
of agencies so
Attention it directed to the
new
column in this
tabulation
pertaining to bank eligibility and rating of bonds.
See note A above.
The Commercial & Financial Chronicle
3800
June 15, 1940
Other Stock Exchanges
Sales
Friday
Baltimore Stock
June 8 to June 14, both Inclusive,
Sales
Last
Par
*
Bait Transit Co com v t c *
1st pref vtc
100
Consol Gas BL4 Pow—*
4%% pref B___
100
Eastrn Sgrs Assn com v t cl
Pref vtc
1
Fidelity de Deposit
20
Fidelity «fc Gur Fire CorplO
Finance Co of Am A com.6
pref......100
Martin (Glenn I/.) Cocoml
Maryland & Pa BR comlOO
Week's Range
for
Sale
Stocks—
of Prices
Week
Price
Low
14%
1.137
35c
35c
35c
402
1.40
1.55
724
69%
70%
206
1.50
111% 113
7
42
i
300
30c
Mar
55c
Jan
2 60
Apr
83%
119%
Apr
Feb
1.35 May
69
May
111% June
6
May
16
May
91% May
3
14%
16%
»186
12
33
33
9%
33
100
33
50
25
Apr
Apr
31%
130
Jan
32%
Feb
10
Feb
May
19%
Apr
June
33
May
1.95
1.95
20
1.15
1.15
13
1.15 June
r38%
38%
38%
33
38% June
50
50
53
44%
"l3%
Jan
14
9% June
"xl.il
1%
June
2.00
Mar
Feb
2.50
Jan
Jan
48
Jan
60
Apr
17%
72%
Apr
54% May
14% May
23%
Jan
25,500
23
May
35%
Apr
8,150
30
May
40%
June
102
4,500
1,000
90
102
May
95%
103%
Apr
Mar
Jan
100
1,000
100
June
100
795
12%
13%
58
58
16%
17%
1,092
27%
27%
30%
32
32
34
93
90
93
102
100
7
12
Stocks
(Continued)
Par
cap.100
Armour A Co common...6
Aro Equipment Co com_.l
Asbestos Mfg Co com
1
May
Jan
Athey Truss Wheel cap.-.4
Automatic Washer com..3
Aviation Corp (Del)
3
Aviation A Transport cap.l
Bastian-Blessing Co com.*
Belden Mfg Co com..... 10
*
5
Belmont Radio Corp.
Bendix Aviation com
Berghoff Brewing Corp. .
.
1
1
Bliss A Laughlln Ino com.5
Borg Warner Corp—
Common......
-.5
Braob A Sons (E J) cap..*
Brown Fence A Wire pf A.*
Bruce Co (E L) com
5
B utler Brothers
10
Cumul cony pref
30c
Camp Wy A Can Fdy cap*
Binks Mfg Co cap
Cent 111 Pub Ser $6 pref..*
Bonds-
Bait Transit 4s Cat...1975
..1975
A 5s Oat.
..1975
B 5s
Ftnan Co of Amer
Interstate Co
5%
4% .1947
1944
Boston Stock
Price
Week's Range
of Prices
High
Low
147%
Amer Tel A Tel Co
Associates Invest Co com.*
21%
175
101
High
May
9%
102
2 "It %
Fidelity & Guar
7
v
Low
11
18
17%
101% 102%
27
26%
Penna Water & Pow com.*
U S
Shares
13%
National Marine Bank..30
New Amsterdam Casualty5
High
Range Since Jan. 1,1940
14%
Houston Oil
MtVern-WoodM ills com 100
Preferred.
...100
Sale
compiled from official sales lists
Friday
Arundel Corp—
Last
Exchange
4%
Range Since Jan. 1, 1940
for
Wfipb
rV Cciv
636
159
4%
4
100
1
500
550
30
3% May
7
%
5%
10
%
Apr
1,500
8%
Apr
Apr
600
450
12% May
8%
200
4
4
350
7% May
3% May
"is""
13%
2%
June 8 to June 14, both inclusive, compiled from official sales lists
3%
15
Last
Week's Range
Sale
Par
Stocks-
Price
of Prices
High
Low
Range Since Jan. 1,1940
Week
Shares
Low
High
8% May
17%
14%
18
3% May
13% May
23%
16%
14
16%
14%
13% May
14% June
25%
22%
.....
14%
79
9
300
5%
4%
17%
11%
6
5%
18
13%
73
5%
20
10
9
5%
1,500
300
79
71
5
%
99%
4%
,9
%
39
>
9
1
May
50
100
55
56%
840
53% May
30o
Apr
60c
Jan
1%
140
1%
Apr
2
Jan
Consolidated Biscuit
147% 159%
4,197
175%
Mar
12%
Apr
Consolidated Oil Corp...*
Container Corp com
20
Feb
Continental Steel com
155%
100
Boston Edison Co
100
"72%
68%
129
Boston Herald Traveler..*
73
128% 132%
Boston Elevated......100
39%
17%
18"
40
9
9
Boston A Albany
40%
18
497
650
349
165
144% May
8
May
266 %
May
126
May
38% May
16% May
80
149%
Jan
Mar
Crane Co com
20%
Apr
Prior preferred
7
100
Class A 1st pref std.,100
5
165
5%
2%
12
6%
4%
4%
40
2%
2%
15
11%
25
*
Copper Range.....
58
6% '8
2%
......
Boston Personal Prop Trs *
Calumet A Hecla.
5
145
5
May
1%
11%
4%
3%
Jan
10%
38%
44
15
16%
105
16%
46
56
100
East Steamship Lines com*
Employers Group. ......*
4
17%
*
4
4
Gilchrist Co
Loews Theatre (Boston).25
Mass Utilities Assoc v t c.l
11%
Mergenthaler Linotype
13%
1%
Inc....
1
New England Tel A Tel 100
25% May
33
11%
11%
11%
600
10
May
16%
600
1
May
3%
5% May
May
19%
85
4%
1%
11%
1%
14%
75
5
60
42
115
110
111
112
'46c
60c
20%
10%
115
9% May
14%
Mar
*
12%
9
May
14
May
3%
21%
12%
3%
22%
50
Elec Household Util cap..6
1,450
3
Jan
21
May
2
June
com
Four-Wheel Drive Auto. 10
17%
7%
Jan
Fuller Mfg Co com
Apr
Gardner Denv
5%
Apr
6%
Mar
1
2
Jan
General Foods
18
June
Apr
Mar
Gen Motors Corp com..10
Gillette Safety Razor com *
Apr
Goldblatt Bros Inc com..*
2%
17
45o
95
Jan
Horders inc
*
Feb
12
Feb
12%
Jan
May
33%
Mar
Hubbell Harvey Inc com.5
Illinois Brick Co cap
10
Jan
May
31
Apr
Illinois Central RR comlOO
84%
Jan
Indep Pneumatic Tool vtc •
21%
June
44%
Apr
Inland Steel Co cap
*
International Harvest com*
38%
39%
Apr
May
May
35o May
70
60c
Apr
91
June
Apr
10
42
11
10%
11
50
10% May
15%
Apr
Horinel A Co) Geo A) com*
30
30
30
50
30
Jan
35%
Apr
Houdallle-Herehey cl B__*
10%
11
520
9
May
16%
Apr
15
100
14
Jan
19%
Apr
2
May
5%
13%
Jan
com...
May
7%
Mar
%
May
1%
Mar
(W B) Co—
Common.
18,000
87
86
98
May
150
June
101%
Apr
Mar
Katz Drug Co
1
com
Allied Prods Corp cl A. .25
......
Allis-Chalmers Mfg. Co..*
—
For footnotes see page
3803.
28
Apr
304
66% May
38% June
2% Mar
11% June
90%
Jan
280
3
10
12
60
11
1,250
62%
4%
Jan
Jan
Low
6% prior lien
7% prior lien
7% preferred A
May
5% May
Jan
40
60
90%
92
40
90
May
%
%
50
5%
18%
5%
19%
362
5%
5%
10%
12%
350
4%
9%
12%
100
9
400
11% May
1%
Jan
10%
2,000
8% May
3%
3%
5%
3%
600
5
3%
3%
350
5
110
15
2
%
j^5
Jan
June
May
C>
6
18% June
5%
2%
1,000
1,350
1,500
3%
Jan
May
Apr
3%
Jan
5% May
1%
Mar
hi
Jan
200
Miller A Hart Ino
3%
100
3%
%
100
High
cnv
pf.»
70%
Jan
Northwest Bancorp
Apr
North West Util
May
13%
20%
10% May
18
18
22%
70
29%
160
22% May
80
120
73
May
May
20
com
51%
11%
4
38
...100
50% May
50
Apr
100
100
*
33% May
2% May
2% May
600
Jan
Apr
50
May
3% May
38
May
5"%
5
8
17
23%
June
9
200
40
Feb
17% June
450
6
3%
100
450
4%
3%
926
9%
"3%
4%
100% 100%
3%
3%
17
44
50
100
1
55
200
18
44
6
6%
8%
101
6%
Feb
Apr
Feb
Apr
49%
Jan
103%
%
6%
Feb
Mar
9
Apr
26
Jan
Jan
7%
Apr
14%
18%
Apr
Mar
2%
Apr
15%
Feb
4
Jan
4%
Apr
Jan
9%
4% May
% May
com.
.*
Jan
4
Jan
Omnibus Corp com
Feb
Peabody Coal cl B com..5
Penn RR capital
50
Peoples G LtACoke cap 100
21
41%
Feb
Apr
Jan
Jan
Prior lien pref...
Perfect Circle (The) Co
Poor A Co class B
5%
4%
8%
*4
7%
9%
45
100
9%
..6
%
'28%
%
16%
6%
Jan
3% June
6%
Jan
100
% May
3%
Jan
%
8%
Jan
250
6%
690
24%
24%
4%
22
3% June
100
8%
<
32
May
300
23
May
600
38
24
824
250
4%
3%
%
33%
7% pf 100
4
100
6%
Montgomery Ward com _•
National Standard com.10
Week
3
"4%
*
Common
Range Since Jan. 1, 1940
for
9%
18
1%.
9%
36%
3%
14
18% May
Midland Util—
Sales
13
350
10%
North Amer Car
9%
13%
6% May
Mickelberry's Food com.l
Middle West Corp cap
5
Midland United conv pf A*
Abbott Laboratories—
Allied Laboratories com..*
376
.*
Noblitt-Sparks Ind com..6
Advance Alum Cstgs com.5
Aetna Ball Brag Mfg com 1
Jan
7%
24%
78%
44%
Merch A Mfrs Sec—
14, both inclusive, compiled from official sales lists
52%
36%
3%
2%
8%
Apr
Mar
6%
44
10
Loudon Packing com
Marshall Field com
St., CHICAGO
Shares
11
Liquid Carbonic Corp com*
Chicago Stock Exchange
55
10%
50
12
100
Class A com
Common.............*
150
3
Lincoln Printing $3.50 pfd*
Lindsay Lt A Chem com.10
Lion Oil Ref Co cap
*
Members Principal Exchanges
Bell System Teletype
Trading Dept. OGO. 405-406
Municipal Dept. OGO. 521
Acme Steel Co com.....25
Adams Oil A Gas Co com.*
350
7%
2%
69%
LlbbyMoNeillALlbby com7
Vml H.Davis &€d.
High
7%
Kellogg Switchboard com.*
Le Roi Co com
Listed and Unlisted
of Prices
8%
2%
Kentucky Utll jr cum pf.50
6% pref
100
Kingsbury Brewing cap..l
SECURITIES
Week's Range
9%
15
Joslyn Mfg A Supply com 5
Ken-Rad TubeALp com A*
Low
7%
Jarvls
Preferred
Sale
Feb
May
7% June
May
....»
Jefferson Electric Co com.*
Last
Jan
Apr
36
5%
Bonds—
Price
8
6
10
8%
Interstate Pow 86 pref...*
Iron Fireman Mfg v t c
*
Eastern Mass St Ry—
Par
Mar
36
75
Friday
5
50
36
10
6%
%
La Salle
Feb
50
5
5
10
24%
1%
39%
CHICAGO
Feb
20%
Hlbbard 8pen Bart com.25
40
89%
12%
27%
Heileman Brewing cap___l
Heln Werner Motor Parts 3
55
86
9% May
17% May
9% May
Apr
594
86
Apr
350
Apr
64
1948
Apr
Feb
Feb
58%
1948
6%
12%
15c
61%
89
com.
May
25
60c
239
300
Harnlschfeger Corp
June
8
12% May
10%
31
..__*
4
120
Jan
27
45c
May
Jan
May
281
Jan
1%
40%
92c
Feb
Jan
2%
49% Apr
Apr
56%
4%
11c
7%
5%
79
137
Apr
Feb
57%
38
2,250
May
5
18
8%
14%
9%
4
25c
556
6%
100
17%
Jan
35% May
1% May
36% May
365
2% May
Apr
4% May
49%
8%
13%
9%
4%
7% May
14% May
31
...
70
4% May
29%
Apr
May
14%
275
200
43c
3
750
400
12%
401
70
4%
15%
45%
1%
40
44%
11%
5
45c
38%
150
16
12%
Union Twist Drill Co
10 S.
1%
37%
44%
150
Hall Printing Co com... 10
22%
25%
Series B 5s.
44%
*
com
3%
15%
29% June
3% June
12% Feb
15
Apr
660
Series A4%s_.
15%
4%
(new) .*
Gen Amer Trans Corp cm.5
General Finance Corp coml
com
100
29%
4
4
Fox (Peter) Brewing com.6
Apr
400
2
2
29%
June
*28
25
May
20%
4%
6%
Jan
Jan
Feb
10%
May
May
24
preferred
60
3% June
1%
Jan
11% June
8%
2
Jan
*
Common
June
27
Vermont A Mass Ry ColOO
Waldorf System
*
23%
10%
6%
Elgin Natl Watch Co...16
Eversharp Inc com
1
»
Utah Metal A Tunnel Co. 1
4% May
May
May
Dixie-Vortex Co-
Mar
Torrlngton Co (The)
United Shoe Mach Corp.25
1% Mar
13% May
250
1%
16%
Mar
5%
1%
30
245
13%
5%
*
24%
8
6%
Feb
502 zl08
486
"~8%
May
19
600
18%
1%
Apr
Mar
72
19%
15%
Jan
Jan
Apr
12
18
36
Apr
Mar
61
19%
40
Apr
50
Gossard Co (H W) com..*
Great Lakes DAD com..*
275
May
30
Feb
11c
33
Jan
Jan
24%
May
2,660
8
Apr
Mar
110%
1%
60c
6%
Jan
Jan
Feb
June
6%
30c
*
18% May
106
Jan
13% June
Jan
8%
...»
50
June
25c
Shawm ut Assn TC
10
25
20%
108
106
1
95
8%
17%
135
Deere A Co com
Mar
1%
1,160
13%
3%
55%
12
6%
12%
55%
1% May
26
May
12% May
4
5%
10%
6%
13%
1%
Feb
16%
452
2
2
2
55
Feb
110
11c
Stocks—
8,550
Cudahy Pckng 7% pref-100
Cunningham DrugStores2 %
Curtis Lighting Inc com..*
5%
940
*
to June
28%
730
8%
250
100
Pennsylvania RR.
60
Reese Folding Mach Co. 10
June 8
26
15%
May
May
7%
1
Ctfs of deposit
Pacific Mills Co
Warren Bros
28%
Diamond T Mot Car com.2
4%
18
5%
2.60
Stone A Webster..
38
Goodyear T A Rub com..*
Natl Tunnel A Mines Co.*
Old Colony RR
May
13%
Apr
54% May
7% May
3%
Apr
4%
1%
*
Narragansett Racing Assn
45
56
7%
4
17%
Gillette Safety Razor....*
Isle Royale Copper Co.. 15
North Butte
Feb
30
Fairbanks Morse A Co cm*
100
Preferred B
4
10
15
May
Eastern Mass St Ry—
preferred
450
106
3
91
5
*
16
%
11%
30
4%
100
June
84
.
30
...25
Dodge Mfg Co
4%% prior pref.....100
6% preferred...
100
1
June
East Gas A Fuel Assn—
Common
com.
Preferred
50%
Boston & Maine—
cum
he June
7% May
1%
Amer Tel & Tel....—100
6%
50
150
*
Bird & Son Inc..
1st
*1»
8%
62%
50
Common.
6% non-cum pref
1%
37
June
*16
Capital
25
Compressed Ind Gases cap5
13
% May
25% June
8%
54%
62%
77
June
9
900
Jan
Apr
Feb
120%
6% May
4% May
1,050
27%
56
%
8%
June
92
160
6
25%
Convertible preferred..*
Chi Flexible Shaft com...5
May
90
39
95
Jan
Apr
23%
Apr
19%
88% May
%
Jan
4% June
20
39
99%
Feb
7%
10% May
410
Jan
Apr
Feb
11%
5% June
17% June
185
Jan
20
4% May
350
Feb
4% May
June
1,740
300
300
Apr
24% May
250
300
40c
36%
11%
1,000
2,550
3%
%
40c
Apr
8%
730
Jan
May
5%
29%
ColemanLampAStove com*
Commonwealth Edison—
American Pneumatic Ser—
12
3%
4%
Chrysler Corp common..6
Cities Service Co com...10
4%
18%
25%
8%
Chicago Yellow Cab cap.*
for
Jan
28%
8%
3%
Chic A Northw Ry com 100
Sales
Friday
Apr
Mar
100
8%
5%
.....
1%
45%
June
3%
%
Apr
4% May
2% May
5%
Cherry Burrell Corp com.5
Chicago Corp common...1
Exchange
Apr
May
31
3%
%
%
*
*
Mar
7%
17
1
30
4%
$7 preferred......
Prior lien pref
175%
10% June
%
Jan
11%
$1 50 convertible pref..*
entral A S W
Central States Pr A Lt pfd *
High
May
May
v
4
1,750
11%
146
30
.....
Central 111 Secur Corp cm.l
June
Low
Shares
20% May
250
1,000
10
40
45
10
9%
%
50
3
Feb
7% June
8% May
45
June
8% May
50
%
Jan
18
214
15
May
505
25
May
26%
23%
28%
*
23%
10
23% May
*
7%
7%
25
5% May
Apr
55%
28%
Jan
36
Apr
Jan
5% May
12
Jan
22%
Jan
70
Jan
14%
%
24%
38%
29
12%
Jan
Mar
Jan
Feb
Mar
Jan
The Commercial & Financial Chronicle
Volume ISO
Friday
Stocks
(Concluded)
Pressed Steel Car
Par
Week's Range
Sale
of Prices
Price
l
10 %
Quaker Oats Co common.*
Preferred
100
142 k
com
97
Low
High
for
Week
1, 1940
Stocks
High
Low
Shares
Last
95
98
410
95
June
141
145
180
141
June
154
1
Industrial Rayon com
c Interlake Iron com
Interlake Steamship...
Jan
Feb
M
3
Schwitzer Cummins cap_.l
Sears Roebuck A Co cap
X
3
100
% June
1%
Feb
150
4%
6k
69 %
81vyer Steel Castings com.*
12~
6X
100
6
May
69%
1,182
62
May
88
IX
50
28
28
1% May
28
Jan
100
2%
Low
16 k
265
al7k al8k
7*$
Range Since Jan. 1, 1940
Shares
6
12k
May
44
12
May
15
Jan
June
4
Jan
29 k
26
June
May
35
13 k
May
17 k
39
12k
12k
2k
3*$
370
2 k
a31k a33*$
26*$
27
13k
13k
lk
lk
a25k a32k
120
75
100
496
50
•
•
Jan
Jan
Apr
June
36
12 k
29
34 k
230
9k
High
May
Apr
10 X
62%
IX
*
Serrlck Corp cl B com
1
Slgnode Steel Strap pref_30
*
*
*
Kelly Isld Lime &Tr__...*
Raytheon Mfg Co—
6% preferred
5
Rollins Hsry Mls(new)cm-4
Week
*
Lanson & Sessions
May
6% May
2,280
for
of Prices
Low
High
Price
Par
c
Feb
10 K
(Concluded)
Week's Range
Last
Range Since Jan.
14%
123 %
7%
Sales
Friday
Sales
Last
3801
c
Feb
31
Martin (Glenn L) com__l
McKee (A G) B
Apr
..*
Medusa Ptld Cement
Mar
*
Metropolitan Pavg Brick. *
Apr
Ilk
12
80
10% June
15
Jan
22%
5%
26 H
1,000
30
Apr
Murray Ohio Mfg.......*
285
11
65
50
65
June
80
Feb
9%
100
8
May
May
14
Mar
104
lk May
Apr
May
Jan
lk May
Jan
St Louis Nat'l Stkyds
cap.*
Stand Dredge—
6%
66
20 X May
5
May
lk
Midland Steel Products..*
Sou Bend Lathe Wks cap.5
Spiegel Inc common
2
46 k
Preferred (new)......20
Common (new)...
1
Standard Oil of Ind
25
Stewart Warner
1k
1
IX
300
22 %
21
23%
1,012
700
21k
6%
26
3,400
17
17 X
500
18 X
19%
39%
4X
5
6X
Sunstrand Mach T'l com.5
~25%
Swift International cap..15
Swift & Co
.25
"18 H
Texas Corp capital
25
34X
Thompson (J R) common25
4%
Trane Co (The) com
2
Union Carb A Carbon cap *
United Air Lines Tr cap. .5
7%
pref
Feb
2X
2X
cNY Central RR
Mar
28 X
Apr
29%
c
1%
May
Feb
Mar
332
33
May
47 %
Apr
50
4
Jan
5%
Apr
Rich man Bros
June
16 X
88
Apr
»
18 X
87%
Jan
68 %
Jan
Van Dorn Iron Works
Jan
630
103% May
124%
1,100
% May
IX
c
Apr
Jan
150
Jan
%
150
IX May
16 X May
672
14% May
24%
15
16 X
148
14% June
92%
205
28%
117?*
7X
IX
1,600
76% June
4
May
X May
3H May
3% May
72% May
1% June
950
8% May
16
16
6
100
IX
1%
IX
Wisconsin Bankshrs com.*
4
4
4
1,000
Woodall Indust Inc cap..2
4
4
400
Wrlgley (Wm Jr)
cap
*
Yates-Amer Mach cap...5
Zenith Radio Corp com..*
3%
74%
1%
10 %
8%
78%
IX
10%
250
89
c
X
Jan
2%
Apr
23*$ May
84%
5
U S Steel
Stocks-
Par
Week's
Sale
of Prices
Low
High
Price
Am Prod part pref
...*
*
Burger Brewing......
2X
Churngold
Cln Advertising Prod.
CNO&TP
-.20
Preferred
100%
"~2%
..50
Telephone
89%
Jan
Jan
5%
Eagle-Picher
6%
Apr
Apr
Apr
Apr
93 %
3%
175*
8 k
Jan
95
25 k
May
38 k
Apr
50
8k
42
Jan
Mar
3
May
May
68 k
,150
k
Jan
Apr
10
50
June
65
Jan
572
50
4
13 k
Apr
405
27 k
May
48 k
Jan
4
12 k
May
28 k
Jan
7k May
275
9k
a27k a32k
al6k al6k
'
Detroit Stock
Exchange
New York Curb Associate
Chicago Stock Exchange
Exchang*
DETROIT
Building
YY'--YYY
Telephone: Randolph 5530
2 X June
4%
3%
Jan
5
2
4
25
2%
■■■■79'-:
63
80
107
June
8
105
541
l
■ May
87
H9k
Mar
233
May
UX May
100k
14*$
40
3% May
7*$
7%
85 X
2
18
8%
16%
25%
115
Mar
OX May
35
Jan
13%
25
303
May
7
8
6
Jan
21
21
30
21
June
27
100
29
June
43
29
594
23*$ May
34*$
16
22
28%
25%
17
18
53 X
57 X
—100
.*
43
8
18 J*
18%
28
50
28
8X
.10
707
227
227
SPlaying Card....... 10
.....
60c
70c
8%
June
52*$ June
224
May
.
.
Chrysler Corp com.
100
Divco Twin Truck coin_.l
1
3
Feb
Ex-Cell-0 corp com
18
Feb
23
Apr
28
June
Federal Mogul com
39
Apr
Mar
60
8%
8% May v:13v;--;
Mar
_.
1
Gar Wood Ind com
....25
General Motors
10
..*
12
5%
44%
10
38%
*
12*$
1.25
Jan
62 k
62 k
222
90k
Apr
835
9*$ May
5%
44%
1,410
4*$ May
37*$ May
491
17
Apr
7%
Apr
Apr
56*$
"l03"
m
100
Airway Elec pref
10
a46
Brewing Corp of Amer...3
5
City Ice & Fuel
*
Cl Cliffs Iron pref
_.*
Cl Elect 111 $4.50 pref....*
c Cl Graphite Bronze com 1
Cleve Ry_._,
Cliffs Corp com
Shares
85
Elect Controller
8k
16
45 k
May
162
4k
May
10% June
66 k
7
Apr
mm mm
-
10k May
14 k
May
63 k
Apr
109*$
May
a32 %
120
26
May
114 k
43 k
55
36
2,415
330
17 k
Jan
12 k May
10 k May
com
113 k May
117
all2
all3
10
*
a20
a29
125
40
40
al3k al4
*
General Tire A Rubber. .25
*
com
Goodrich (B F)
_*
Goodyear Tire & Rubber.*
18*$
13
Jan
—
For footnotes
see
p»ge3801.
30
•*
mm
75c
10
140
1
11
1,430
56
Apr
3k
Apr
lk
800
Apr
19
Jan
Apr
14k
Jan
15%
Apr
May
3
310
3k
Jari
May
May
75c May
45c May
14*$ May
10
May
9 k June
130
9k
3k
Jan
Apr
33
2
200
15
2k
6*$
June
38 k
200
•.50c
15
mm
mrn'm'
mm
May
June
30
100
10
mm
May
3k
0%
Feb
33c May
52o
362
1
May
1*$
Jan
35c
Feb
60c
Mar
20 k
3k
20 k
450
78c
80c
200
18c
19c
1,400
19k May
2 k May
78c May
18c May
lk
lk
100
lk June
7
* * mm
„
—
.
m
-
35c
w'
-
w +
-
^
mi
18 c
1
mmm-mmrn
900
36c
150
3k
8k
'
*
5
Jan
lk
665
9k
Jan
May
12 k
220
5*$
3*$
2,848
3k
33k
9k
May
1,014
10
402
2*$ May
May
m% Mar
100
1
175
2k
1*$
2k
2k
32 k
Mar
Mar
lk
Jan
27c
Apr
2k
Feb
Ilk
Mar
2.50
Apr
16
Apr
Feb
i8k
8k
4k
44*$
14
Feb
Mar
Jan
k May
lk
Mar
150
May
lk May
3
lk
2k
Apr
840
3*$ June
7
Apr
Jan
lk
12
850
1
May
12
200
12
May
lk
14k
22,k
23*$
885
18 k
2
May
26 k
Apr
May
k May
2*$
4*$
Mar
Jan
7k
Apr
lk
2
imti
m
2
2
2*$
4k
2*$
100
4k
430
4
m m
4k
4
1,450
2
■
■■■■:.<4"
100
4
May
lk
1*$
300
1
IX
1,610
lk
lk
1*$
lk
17c
18c
•
4*$
4k
15$
*
Feb
lk
i
22 k
•
4k
3,342
20
Jan
3*$
m
mmmmmm
rnmmm0i.m
*
12*$ May
34
lk
1%
mmrnmm
k
400
k
4k
3*$
m
985
1%
11%
12
------
mmmrnmm
8k
1*$
11
1%
UX
com..—1
10
50
••4—
mmmmm
p.
-
8
.'S>7
*
"
200
1,000
300
Apr
Mar
Apr
Feb
May
7k
2k
Mar
90c May
1
Feb
1*$
2k
Apr
10c
Jan
25c
Apr
June
13 k
Apr
7
Jan
12k May
2Ik* Jan
Angeles Stock Exchange
both inclusive, compiled front official sales lists
Jan
80
Los
June 8 to June 14,
Apr
Apr
175
890
30
"fY
'mmm
4k
2
400
Apr
Apr
37
22
3k
-
210
lk
Young Spring & Wire
Mar
May
38 k May
a28 k a31*$
26 k May
41
Jan
al0*$ all*$
60
10 k
May
23k
Jan
all*$ al2*$
24
11
May
Jan
alOk allk
420
10
May
19 k
20 k
al3
170
12 k May
24 k
al4k
May
1,050
May
Friday
i
.
General Elec
10 k
2 k
2*$
43c
Universal Cooler B
Jan
46
100
Firestone T & R com..10
720
3
Apr
15*$ |Mar
4 k 1 Jan
lk
Warner Aircraft
108
11
12k
2
-
Wayne Screw Prod com..4
Wolverine Brewing com__l
Mar
37
16k
Ilk
3
-
Apr
34
42c
.--1
Std Tube B com
1
Stearns (Fred'k) com
*
Timken Det Axle com.. 10
Tivoll Brewing com
1
United Shirt Dlst com. .*
United Specialties
1
U S Graphite com
10
High
85
12 k
11
Jan
35c
.
Mar
150
*
Dow Chemical pref.
Eaton Mfg
Low
a32
Colonial Finance. .......1
20 k
43c
Rickel (HW) com...
2
River Raison Paper com..*
Range Since Jan. 1, 1940
38
25
1,475
f 75c fMar
Apr
Mar
lk
Sbeller Mfg com.
108
25
32*$
May
1
*
Parker-Wolverine com—*
Peninsular Mtl Prd com__l
al0*$ allk
52*$
54
100
.5
a52*$
5,
Apr
12k
'M'W
Murray Corp com
—10
Packard Motor Car com..*
Sales
Amer Home Prod com __1
lk
3k
Motor Wheel com
Exchange
10 k
87c June
"10*$
Michigan Silica com
1
Micromatic Hone com—1
A. T. & T. CLEV. 565 & 566
10
May
125
32
*
..10
Lakey Fdry & Mach com.l
Week
Price
6*$
1*$
9k
Apr
300
87c
2%
Kresge (S S) com
14, both inclusive, compiled from official sales lists
Par
200
6k
50c
Parke Davis com
Stocks—
185c
6k
'87c
lk
Kingston Products com..l
Bnildfof, Cleveland
for
Jan
lk
2*$
30 k
m
mm
100
75c
1
com__l
125
lk
lk
200
Motor Products com
of Prices
Low
High
98 k May
1
May
400
lk
f 85c
"Tk
'mm,
Mid-West Abrasive com50c
Week's Range
317
103
lk
lk
3,180
Kinsel Drug com
GILLIS !<l RUSSELL co.
Sale
Apr
2k
McClanahan Oil com
Last
Feb
lk
44 k
Masco Screw Prod com... 1
Friday
Jan
4*$
Hurd Lock & Mfg com___l
Members Cleveland Stock Exchange
Cleveland Stock
lk
May
69c June
2k
Houdallle-Hershey B
8 to June
62c May
2k
1,000
99
m
Hudson Motor Car com..*
Telephone: CHerry 5050
340
2,51C
75c
40 k
Hoskins Mfg com
Union Commerce
68c
3k
2*$
Grand Valley Brew
Jan
69c
44 k
Graham-Paige com
May
65c
10
Hoover Bail & Bear com. 10
Ohio Listed and Unlisted Securities
55 k
3
3k
Goebel Brewing com__.._l
General Motors com
12%
4%
3
Gemmer Mfg A
Rolling Mill
Columbia Gas.
May
75c May
62 k
*
Frankenmuth Brew com
Unlisted—
Am
7*$
450
Federal Motor Truck com-*
17k
8% June
Feb
253
75c
Defc-Michigan Stove com.l
Detroit Paper Prod com__l
Durham Mfg com
Apr
Mar
lk
26c May
7%
10
Detroit Gray Iron com...5
7k
23 k
75c
Continental Motors com.l
Detroit Edison com
Jan
June
7%
1
Consumers Steel com
Det & Clev Nav com
4
50
18c
75c
12 *$c
5
.
40
8X
«,
Burroughs Add Machine.*
Apr
230
«.
2% May
4k
200
Apr
55
57%
*
*
U S Printing pref
Wurlitzer
im'mmm'
Jan
71k
Lunkenheimer
Randall A..........
1
High
Feb
13 k May
60c May
1,294
2,777
Mar
P & G
8%
17k
Jan
29
;—*
—
4*$
14 k
Apr
14k May
29
lk
600
18c
5
4*$
17k
Apr
*
18o
120
1
Jan
100
5
18c
1
Low
Shares
IX
*
com
Burry Biscuit com
Feb
2k
12*$
19k
29*$
IX
Brown McLaren com
Jan
2
of Prices
High
Low
1
1
com
Baldwin Rubber
Mar
2
Price
.
Range Slnte Jan. 1, 1940
for
Week
Briggs Mfg com...
Mar
150
4%
Par
Auto City Brew com
Feb
2*$
12%
4%
16
Kroger-
Allen Electric
Jan
June
IX May
90
25
-
Stocks—
Feb
89
*
Hobart A
Sale
Mar
110
rr-WT
Sales
Week's Range
Last
Jan
8%
Jan
June
5X
100
Exchange
complied from official sales lists
Friday
Jan
2X June
280
2%
Detroit Stock
June 8 to June 14, both inclusive,
High
50
4
*
Hatfield part pref
Hilton-Davis pref.
Low
100
101
Formica Insulation
Glldden Co
May
May
40 k
3k
Members
New York Stock
Range Since Jan. 1, 1940
for
Shares
100
Gibson Art.
c
May
31
105
Watling, Lerchen fit Co.
Feb
12
*
*
10
Dow Drug
c
14
946
a4
Jan
2%
80
-.50
Crosley Corp
c
17k
33k
1,037
32 k
Jan
2X
105
.100
Cin Union Stock Yds..
c
Apr
Jan
Week
7
'ioo
Cin Street
2X
2%
Range
4
—
Cin Gas & Elec pref—
June
Jan
14k
23*$
50
Youngstown St Door cm*
Sales
Last
U
12 k
May
June 14, both inclusive, compiled from official sales lists
Friday
Cin
May
a43k a53k
3k
3k
*
Ford
to
7
10
030% a33
*
com
Cincinnati Stock Exchange
June 8
115
14k
Youngstown Sheet A Tube*
15%
com *
May
170
33k
West Res Inv Corp pref 100
White Motor
__50
60% June
Westh'se El & Mfg com.50
Wieboldt Stores Inc com..*
8k
a4
*
12% May
50% June
520
242
Wayne Pump Co cap
1
Western Un Telegcom.100
Williams Oll-O-Matlc
5k June
130
Jan
11
*
com
41% May
66%
Utility & Ind Corp—
common
Republic Steel
454
10
%
IX
18%
Feb
Apr
c
3,550
X
Jan
30 k
08%
ii
5
54%
107% 1U%
IX
16%
18*$
Feb
30
11
Seiberling Rubber
*
Thompson Prod Inc.....*
1,900
Reliance Electric
54%
_5
May
a7X
Otis Steel.........;....*
32 X
23 k
Convertible preferred..7
9k
a6k
25%
Jan
200
1%
lk
a5k
June
15%
17
15
1
3 k
May
25
10
43 X
21k
May
k
375
17*$ May
Apr
Apr
Jan
2 k
*
com
Apr
13 k
11
50%
53
Utah Radio Products com 1
Walgreen Co
Ohio Oil
Apr
13
137
30
9*$
40*$
198
30
13
111k
Common
*
May
,6 k May
200
*
com
Nineteen Hundred A
Feb
9
*
*
60 X
..100
cum
1
20% May
35
al6*$ al9
2k
2k
X
X
1
National Tile
10
U S Gypsum Co com....20
United States Steel com..*
National Acme
National Refining new
8X
23 k
160
a9k
a9*$
Apr
Apr
*
|
t
"'!•
j
,v"U ' w1
'K-';' J-YV- "n •-'<■
j Aircraft Access Corp..-50c
Bandlnl Petroleum
Blue
Co.—1
Diamond Corp
Sales
4
Week's Range
for
Sale
7*ar
Stock®—
■*
Last
of Prices
Low
High
Shares
-
Price
3%
2%
IX
2k
2k
lk
3*$
2k
lk
Range Since Jan. 1, 1940
Week
2,113
400
352
Low
2%
June
2k May
lk May
High
3% Mar
4
3
k
fJan
Feb
The Commercial & Financial Chronicle
3802
June 15, 1940
Pittsburgh Stock Exchange
June 8 to June 14, both
Wm.Cavaiier&Co.
Par
Stocks—
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Chicago Board of Trade
York Stock Exchange
22%
201
25%
7%
335
Los Angeles
t
•
faMMS
.„■»: -
.
■
.V
Week's Range
Last
Sale
W Stocks (Concluded)
Bolsa Chica Oil A
Class B
13
210
9% June
50
4% May
9
May
10
May
2%
Mar
50c
Feb
1.00
14%
Jan
Penn Fed Corp
26
Jan
Pitts Plate Glass...
Jan
Pittsburgh Screw & Bolt..*
40
10% May
15% May
087
57% May
90%
4%
a77%
9
9
Gladding McBean & Co..*
Goodyear Tire & Rubber. *
30
com..
Holly Development Co__l
Hudson Motor Car Co
Jade OH Co
7%
al5
*
•
8
650
6
600
7
May
May
4
June
460
567
25c
825
87%
3%
9
220
7%
25c
200
375
1,362
44
a4% 04%
7%
7%
al3% al5
27
38%
50
2c
39c
Menasco Mfg Co
1
3%
2%
3%
1
4c
4c
4c
2,000
1
39c
30c
39c
900
Pacific Finance Corp com 10
Pacific Gas & Elec com..25
10
10
27
27
Pacific Lighting Corp com *
39
39
39
Puget Sound Pulp & Tlmb*
Republic Petroleum com.l
19%
17%
20%
2%
7%
8
~:'-'A27:v
8
5%
26
26
26
22 %
22%
22%
25
3%
23%
3%
25
25%
26
30%
30%
30%
1,586
Standard Oil Co of Calif.
8
7
19
Superior Oil Co (The)...25
Taylor Milling Corp
Transamerica Corp
2
Union Oil of Calif...,..25
Vega Airplane Co
1%
Wellington Oil Co of Del.. 1
Yosemlte Port Cement pflO
17%
a25%
7%
4%
12 %
10
12
8%
4,475
7%
4%
Feb
Apr
May
91
May
10 %
May
June
Jan
4%
12%
10%
47c
13%
34%
Apr
Jan
28% May
Jan
May
May
1H
1%
1%
v t c.
1H
37
108
June
10c
Apr
Jan
65
Jan
25c
June
34
May
May
734
15%
May
28%
Jan
96
108
77%
May
117%
Jan
Iff June
2%
Mar
110%
Jan
81,000
108
June
Philadelphia Stock Exchange
June 8 to June 14, both
inclusive, compiled from official sales lists
Last
Par
Stocks—
American Stores
for
of Prices
Low
High
Week
Price
*
American Tel & Tel...100
Jan
156
7
Apr
>■:>■
Apr
Budd (E G) Mfg Co
*
3%
Budd Wheel Co
*
113
497
4
26%
175%
15%
113%
Apr
125%
250
3%
June
6
Jan
160
3%
May
6%
Feb
638
55% June
171
40
45
27
May
May
Jan
May
1% May
6c
Cardinal
1
6c
6c
0c
1,000
6c June
Cons Chollar G & S Mng.l
1.40
1.40
1.50
200
1.00 May
6%
5%
185
a35% a38%
156% 158%
114
55%
Horn & Hardart(N Y) com*
Iff
1%
Lehigh Coal & Navigation *
Lehigh Valley
50
Nat'l Power & Light
*
Pennroad Corp vtc
90%
Jan
33%
May
55 %
Apr
Apr
27
June
35%
Apr
May
2%
3%
Mar
Jan
26%
Jan
36
Jan
Pliila Electric of Pa $5 pf
10
Jan
Phila Elec Pow pref
7
1%
1%
Apr
1%
1,325
1%
1%
6%
1%
5%
1
15%
Jan
38
27
10
Jan
25% June
63%
26%
44%
Chrysler Corp
Apr
June
25
62%
26%
General Motors
Apr
Apr
8%
1,711
5
Electric Storage Battery 100
30
Mar
High
14 %
91
4%
33% May
62%
Low
9.% May
146% May
10
10%
10%
115% 116
3%
3%
4%
Range Since Jan. 1, 1940
Shares
9%
10%
149% 159%
Bell Tel Co. of Pa pref. 100
June ;
W..2
1% May
60
5%
June
3,963
2,269
1%
Mar
14% May
112% June
Feb
8%
2%
Apr
Mar
Pennsylvania RR
17%
50
*
25
'29%
16
18%
112% 114
29
29%
35%
Scott Paper...
*
Apr
Tonopah Mining
1
3%
Jan
Transit Invest Corp
3
Feb
17%
Jan
14
4% May
6%
Apr
6c June
14 %c
Jan
v
Week's Range
Sale
8%
10
Sales
Friday
May
Black Mam Cons Mln.. 10c
1,000
92%
1%
Barber Co._.i-..-...-_10
May
7%
4%
20
22%
55
Jan
2%
28
30
May
May
a4%
00
a4%
80
19%
....1
Preferred.,
76
24%
120%
Jan
June
31%
Jan
34%
May
49
%
%
Mar
May
521
29
35%
36%
238
*16
%
%
%
265
'%
%
...
320
Jan
1,065
Jan
Apr
%
%
Feb
Feb
1
*
Jan
ic%
United Gas Improv com. .*
Preferred
*
1%
654
1% June
2%
Jan
26%
1%
*
Preferred
a4H
33
1% May
Mar
Bonds—
Jan
Apr
4%
30% May
Jan
29%
34% May
4%
100
Unlisted—
Pennroad Corp
2%
21
300
42
100
Apr
8%
45c
May
Mar
49%
2
2
55
25c
6% May
26%
Apr
104%
4% May
30c
400
1%
82
22%
Feb
12
2
600
33
Vanda-Alloys Steel Corp.*
Jan
3,211
3,053
3,862
2
685
55
May
6c
May
May
May
30
May
7
May
17% June
■
6
June
Jan
Apr
20%
2%
23%
24%
50
25
66
25c
1
_
474 May
May
50
173
35c
1%
100
6% preferred
Mar
26
200
1
United States Glass v t c.
650
7% May
Apr
80c
3c
37%
1,576
Shamrock Oil & Gas
United Corp common
Gold
Jan
1%
75
Mar
Mining—
Alaska Juneau Gold Mln 10
20
Jan
60c May
50
327
a25% a25%
7%
4%
Apr
8%
6%
20
037% a37%
Apr
7%
Jan
3% May
100
8%
20
*
6%
24%
41%
6
1,110
1,252
20
6% pref A..25
Apr
June
1%
100
3%
66
12
225
8
4%
fl37%
Southern Pacific Co
Mar
20
5%
71%
4%
Westinghouse El A Mfg.50
May
May
37% May
4,164
Signal Oil & Gas Co A...*
So Calif Gas
Mar
6%
June
25
35c
Westinghouse Air Brake_.*
May
9%
26%
602
Safeway Stores Inc
*
Security Co units ben Int..
25
Jan
14
Apr
3c May
29c June
340
y)5
6%% preferred C
Apr
20
25
1
Jan
504
1%
430
Ryan Aeronautical Co...l
'
43c
May
39c June
600
10
Renner Co
Mar
26
111
So Calif Edison Co Ltd..25
Feb
7%
20
893
66
71
25
Jan
2c June
22,703
Nordon Corp Ltd..
Oceanic Oil Co
Solar Aircraft Co
1%
Jan
13%
100
8%
5%
10
4%% Pt-50
Pittsburgh Brew Co 6s 1949
5%
500
30
6%
Mar
11
45c May
1,000
1,543
39c
Richfield OH Corp com
*
Roberta Public Markets..2
10%
40
39c
2
May
May
May
50
2%
7%
Apr
6%
300
2o
June
27
60c
a3%
26
6
416
30
60c
a3%
2c
Apr
June
60c
28 M
11
14
«3%
10c
Jan
290
_"..__1
.*.
Lockheed Aircraft Corp.
Mascot Oil Co
8
88%
3% May
May
400
Lone Star Gas Co—
Mt Fuel Supply Co
Apr
25c May
a380
40%
a4%
...
8%
4
4%
a73% a80%
8%
9
7%
a380
44
Globe Grain & Milling Co25
Hancock Oil Co A
alO
9
25c
1
10
May
11%
Apr
Farmers & Merchs NatllOO a380
com
77
8
1%
8%
*
Exeter Oil Co cl A com
75
*
Koppers Co pref
100
1,050
22
Electrical Prods Corp....4
Ensco Derrick <fc Equip...5
General Motors
1C0
150
1.048
20
1%
al0% al0%
Consolidated Steel pref
Creameries of Arner v t c_. 1
Douglas Aircraft Co
20
60c
alO
5
1%
1%
1
60
4%
13%
1%
12%
Follansbee Bros pref—100
55c
al6% al7
62
62
02%
6
6%
6%
Consolidated Oil Corp—
4%
HarbLsionWalker Refract.*
1%
al6%
Chrysler Corp
High
al0%
*
Calif Packing Corp com_
*
Fort Pitt Brewing...
Low
a 10
100
Byron Jackson Co
5
55c
10
Brock & Co com
Range Since Jan. 1, 1940
for
Week
Shares
17%
100
10
4%
1%
10
com..
common
of Prices
High
Low
Price
Par
Apr
10
7%
Duquesne Brewing Co
w ; .'
May
43 %
13%
6%
Devonian Oil Co
MM*
26%
585
23%
Electric Products
Sales
..V
.
40
High
May
7%
4%
13%
*
*
Byers (A. M.) Co.....„-*
Col Gas & Elec Co
_-*
Teletype L.A. 290
Low
16
23% May
5% May
6% May
4% May
Armstrong Cork Co
Blaw-Knox Co.
623 W. 6th St.
Range Since Jan. 1, 1940
Shares
18
Allegheny Ludlum Steel..*
San Francisco Stock Exchange
Angelee Stock Exchange
Lob
Sales
Last
MEMBERS
Nmt»
inclusive, compiled from official sales lists
Friday
185
26% June
Feb
May
41%
15%
107% June
117%
Feb
1%
28%
10
10%
107% 110%
10,317
154
10
Jan
7%c May
2.25
Jan
Unlisted—
Amer Rad & Std Sanl
*
Amer Smelting & Refining.
5%
a38%
156%
10
47%
Jan
May
19% May
174%
31%
Mar
ST. LOUIS, MO.
Jan
May
5% May
32%
Amer Tel & Tel Co.
..100
Anaconda Copper..
...60
20
20
20
664
Armour & Co (111)
5
Atclisn Topk & S Fe RylOO
4
4
4
150
4
June
7%
Apr
16
16
16
401
15
May
24%
Apr
Atlantic Refining Co
25
Aviation Corp (The) (Del) 3
20%
20%
20%
5%
100
20
%B June
655
5
May
Baldwin Locomo Wks
15%
15%
16%
905
13
May
5%
5
558
148
22
8%
Apr
Gatch Bros.,
Inc.
ACTIVE IN:
May
ST
Apr
LOUIS
STOCK EXCHANGE
ST.
v
t c_
5
a 8%
08 %
08 %
115
11%
Mar
19%
12%
May
Apr
Bendlx Aviation Corp....5
Bethlehem Steel Corp..
*
28%
25%
29%
420
25%
June
34%
Apr
66%
68%
June
84
al4
60
23%
Feb
24%
a47%
a45% a47%
4%
4%
a8%
a9%
90
51
Apr
51%
a9%
ISSUES
(MEMBER)
STOCKS
Apr
Columbia Gas & Elec....*
Commercial Solvents Corp*
BANK
LOUIS
Apr
al4%
75%
al4%
718
Borg-Warner Corp
...5
CaterpUlar Tractor Co
*
Jordan & McKinney
Barnsdall Oil Co
Commonwealth & Sou
75%
4%
*
1
Continental Motors Corp.l
Continental Oil Co (Del).5
Curtlss-Wrlght Corp..
3%
al7%
1
8%
1
1
3%
3%
al7% al7%
150
100
197
190
4%
7%
Apr
100
20% May
7% June
28%
Apr
5% May
1,095
275
al0%
Intl Nickel Co of Can....*
a22%
a21% a23%
160
International Tel & Tel...*
Kennecott Copper Corp..*
Loew's Inc
..*
a.2%
a29%
a23%
a2%
a2%
a25% a29%
a23% a23%
205
27
5
22
McKesson & Robbins
a4%
a36%
Elec Power & Light Corp.*
General Electric Co
a3%
31%
a38%
General Foods Corp.....*
Goodrich (B F) Co
»
Montgomery Ward & Co.*
New York Central RR
*
Nor American Aviation. 10
North American Co......*
Ohio OH Co
11
a4%
a33% a38%
10%
11%
50
___*
8
Jan
American Invest
50
41
May
47%
Feb
Burkart Mfg com
45
16%
May
20%
Apr
Century Electric Co."
24%
May
38%
Jan
Chic & Sou Ait L pref
10
Coca-Cola Bottling com__l
2%
May
50
318
45%
May
9%
May
770
June
May
7%
3%
3%
al6% al8%
1,115
2%
May
4
90
21%
35
Laclede-Christy Clay ProdCommon
LempBrew
17%
5
7%
Jan
30
June
May
43%
12%
149
Westinghouse EleoA Mfg60
Willys-Overland Motors.
_
For footnotes
see page
a85%
3
3803.
5%
Jan
com
Apr
12%
Apr
7%
May
96
*
June
Feb
20
93
June
97
Jan
60
45
June
58
May
5
2%
1,210
9
9%
25
10%
10%
265
22
22%
56
Preferred
Feb
47%
Apr
National Candy com
1st preferred...
Jan
Rice Stlx D Gds
62% May
12% May
82%
Feb
Scruggs-V-B Inc
23%
Apr
May
May
May
May
61%
Apr
2%
Apr
Warrants
38%
Feb
Sterling Alum
Apr
Wagner Electric
ol%
al%
al5% al8
47%
51%
266
23
2,326
46
42%
1%
2%
May
65
4%
25
5
2%
Natl Bearing Metals com.*
23%
100
99%
*
8%
8%
110
100
99%
5
8%
130
110
2
com
Scullin Steel com..
4
95
5
7
6
7
775
.100
com
1st preferred.
93
93
93
10
4
*
*
7%
88c
com
com
1
15
Jan
June
6%
Apr
2% June
4%
Feb
»
Feb
Mar
Feb
36%
25% May
"
Feb
June
11
214
Midwest Piping & Sply cm*
Mo Ptld Cement com
25
18
......
100
7%
7%
88c
88c
20
6%
250
22%
26%
263
59
61
6
5
9
June
11%
Jan
10%
May
12
Apr
22
June
28
Apr
99
June
7% June
111
Feb
3% May
105%
12%
114
6%
Jan
Mar
May
Jan
June
10
Apr
Jan
96
Apr
5% May
6
187%
1
9
Apr
20c May
96c
Apr
5%
Jan
9
Apr
21% May
30
Apr
55
66%
Jan
Apr
Bonds—
70
781
45
*
45%
10%
50
June
5
com
41
342
a2%
a81% a85%
2%
3%
Jan
82
a35% a38%
a8%
a9%
63%
63%
al4% al5%
a39% a43%
a2
27
Apr
Jan
800
a2%
20
6%
Apr
36%
36%
6%
7%
al8% al9%
26
15%
215
Apr
36%
340
10%
6%
Apr
4%
100
May
May
8% June
12%
Standard Oil Co (N J)...25
Studebaker Corp.....
1
Warner Bros Pictures Inc
Preferred
June
May
6%
8%
8%
5
com
Jan
4
98
11
350
23%
87%
200
51
Huttig S <fc D
Apr
Mar
■
8%
May
5%
35
27
Jan
6%
Hussmann-Llgonier com..*
June
May
May
May
5%
U S Steel Corp
27
fc
Griesedieck-West Brew cm*
3% May
81
19%
27
10
15
6%
11%
14%
5%
45
6%
11%
6%
68%
7%
;_*
a43%
al%
al7%
1
1
96
14
10
Jan
5
28%
20
United Corp (The) (Del).
Mar
50
45
a 10%
U S Rubber Co
24%
Apr
4
85
93
al0%
63%
May
14% June
28
alO%
a9%
13%
270
45
*
al4%
300
15
International Shoe
299
United Air Lines Transp.5
United Aircraft Corp
6
14%
14%
Hyde Park Brew com...10
435
a38%
14
15
Jan
3,545
25
27
Apr
8%
Texas Corp (The)
25
Tide Water Assoc Oil
10
Union Carbide A Carbon.*
12
125
9
68%
6%
al9%
125
27
4
com
Apr
34
15%
26%
85
com
20
25
4
General Shoe
Apr
Jan
June
16%
3%
100
Falstaff Brew
May
4
80
3%
14%
7%
68%
7%
68%
158
May
29
21
15%
...»
Preferred
Apr
Jan
3% June
20%
June
9
8%
17%
*
Swift & Co...
47% May
Jan
18%
Feb
26%
23%
Apr
5%
a7%
4%
17%
Standard Brands Inc
Emerson Electric com
Mar
16%
17
a7%
4%
14%
Southern RyCo
Feb
7%
46
30
21
1
35%
June
May
4%
100
•
High
May
39
Columbia Brew com.....5
120
Socony-Vacuum Oil Co..15
Low
38%
10
Dr Pepper com.
16%
Sears Roebuck & Co
Range Since Jan. 1, 1940
for
Week
Shares
38%
*
Jan
38
50
com
Apr
4%
May
a6%
Republic Steel Corp
of Prices
High
Low
Price
Jan
16%
a5%
4%
Par
40
1,127
*
Sale
Stocks—
official sales lists
Sales
Week's Range
Last
May
19%
Radio Corp of Amer...
St. L. 494
Friday
27
17
3%
al7%
a.7 %
A. T. & T. Tel.
June 8 to June 14, both inclusive, compiled from
210
16%
a6%
Packard Motor Car Co..*
Pennsylvania RR
a4%
50
Jan
1%
Feb
4%
20% May
11% Mar
Feb
29%
17%
*
Pure Oil Co
7%
ST.
St. Louis Stock Exchange
Apr
16%
8%
25
1
OLIVE
Garfield 3450
Jan
June
13%
Jan
87 %c May
2% May
22%
25%
•a3%
a3%
31%
31%
a38% o39%
al0% all%
Class A
418
1%
Mar
3%
Apr
St Louis Public Serv 5q
1959
m
•»
—
m>
$12,000
May
Volume
s
The Commercial & Financial Chronicle
150
Sales
Friday
Quotations
St. Louis Bank and Trust
on
Last
Companies
Bid
30
33
34
36
Mississippi Valley Tr Co..
24
26
Mercantile
Commerce
Bk
105
A Trust Co
St Louis Union Trust Co—
(Concluded)
Price
Par
110
46
48
Cons Edison Co of N Y._*
Consolidated OH Corp.
*
Curtiss-Wright Corp
24
Orders
solicited
on
Pacific
Coast
Stock
until 5:30 P. M. Eastern Standard Time (2 P. M. Saturdays)
Ital Pet
Stock
Matson
Exchange
New York
Private Wire to
San
June 8
to
June 14, both
Sales
Last
Par
for
Sale
Stocks—
Week's Range
of Prices
Week
Price
Low
High
Aircraft Accessories A__50c
Gold---.10
4)4
Calif Natl Bank..20
5)4
3)4
4)4
Angl
Assoc Insur Fund Inc...10
Atlas Imp Diesel Engine..5
Calif Packing Corp com..*
Calif Water Service pref 100
Jan
4%
Apr
910
68
10c
1.55
Jan
35%
Mar
19
20
61
19
25%
22%
190
22
4%
22%
4%
8c
8c
100
a35% a36%
2%
3%
130
.
a4
19
105
al7%
3%
16%
16%
645
3%
4%
345
4%
3%
119
3%
4%
Riverside Cement Co A__*
10
269
al6
al7%
3%
Santa Cruz Port com
50
Schumach Wall Bd pref..*
Shasta Water Co com
*
1,504
-
140
35
20
20
20
50
20
18%
20
74
76
8
1%
1%
20
U S Petroleum Co.
60c
75c
46%
52%
1,900
1,698
2%
2%
350
26
6% preferred...
25
CalEd6%% pref—25
28%
Standard Brands Inc.._.*
15c
15c
140
2.80
3.00
1,400
2% May
4%
Mar
Chrysler Corp
com
5
Commonwealth Edison..25
57)4
28)4
57 % June
87%
28 % June
33
499
19)* May
26
Apr
June
6
Apr
12% May
21
May
year,
75% May
95
May
The Whal Co. to
43
43
690
50
950
,
98
43
431
43
Feb
Feb
Jan
Jan
4%
23%
7%
4%
Apr
Apr
Apr
June
23% Mar
Jan
12%
30% May
Jan
29%
30% Apr
7%
Apr
12% Feb
46% May
61% Apr
Apr
2%
25
May
26% May
5
May
6% May
44% Mar
55
Apr
7%
26%
23%
May
May
24
1,009
Jan
4%
June
1% May
55o May
42% May
Apr
145
20
57)4
28)4
21)4
4)4
14)4
81%
575
Consol Chemical Ind A...*
iii38%
25%
25%
27% 28%
a25% a25%
a5%
a5%
:
6%
7%
a37% a38%
Apr
Jan
12o
65%
June
7
Feb
May
8%
18% June
8
8
United Corp of Del......*
26
May
32c
Jan
June
May
4%TJune
6c May
39% May
2% May
4% June
14% May
20% Mar
8
May
16% June
4% May
3% June
220
a4 '.}
19
a4
Pennsylvania RR Co
50
Radio Corp of America.—*
24 X June
15c June
Jan
160
Mar
75o June
Feb
7%
26%
Apr
26% June
Feb
May
May
Jan
Mar
7
330
1
com
Jan
1,270
Studebaker Corp com
1
Texas Corp com
^±^25
United Aircraft Corp cap_5
4%
5%
3%
3%
24)4
38%
125
lie
7%
210
24)4
20% June
2% May
22%
a2%
5%
185
3)4
14
5
May
150
5)4
300
Apr
June
May
4)4
1,215
Jan
20%
3,350
Apr
June
So Calif Edison
June
4)4
41
17
So
3
17
28% June
45
High
529
16
17
585
3% May
6%
Feb
Low
Shares
3
Alaska-Juneau
Range Since Jan. 1,1940
29%
all%
5%
Apr
36
85o
19
No American Aviation—1
North American Co com. 10
Packard Motor Co com—*
inclusive, compiled from official sales lists
Friday
705
Apr
Mar
27%
'
Francisco Stock Exchange
June
7% May
25
May
a76c
Montgomery Ward A Co.*
Mountain City Copper—.5
Nash-Kelvinator Corp...6
offices In San Francisco and Los Angeles
own
6
32%
7%
11%
26%
Navigation Co...*
M J & M & M Cons
Cortlandt 7-4150
140
2,090
10c
McKesson & Robbins com5
111 Broadway,
June
22%
a2%
Corp of Am com—1
1
Kenn Copper Corp com
*
Marine Bancorporation..*
Schwabacher 8k Co.
York
High
24
8%
27%
5
5%
Preferred
Members New
Low
230
a6%
all
Idaho Mary Mines Corp.. 1
Int Nickel Co of Can.I*
Inter Tel A Tel Co com
*
which are
Exchanges,
27
24
a6%
7%
26%
28%
a6 %
1
Dominguez Oil Fields Co.*
General Electric Co com
*
Goodrich (B F) Co com
*
open
Range Since Jan. 1, 1940
Ask
Bid
Ask
Boatmen's National Bank.
First National Bank
Week's Range
for
Week
of Prices
Low
High Shares
Sale
Stocks
Carson Hill Gold—
1
Central Eureka Min
Creameries of Am
com.
1
1
com
Crown Zellerbach com...5
Preferred.
"3" 00
4
~14%
12)4
68
430
4
3,672
*
79
Di Giorgio Fruit com
10
Emporium Capweli Corp.*
15
15)4
35)4
37
60
9
212
.....
Preferred
1
..50
Emsco Der & Equip Co. .5
Fireman's Fund Ind Co. 10
Fireman's Fund Ins Co..25
266
9
"85"
Food Machine Corp com 10
Foster & Kleiser pref
25
37)4
82)4
35
8%
36%
May
Mar
Jan
181
77
325
85
21
18)4
20)4
June
14% May
10
37)4
19)4
Galland Merc Laundry...*
1
250
275
19% June
18)4
May
15)4
14)4
1
50c
55c
Honolulu Oil Corp cap...*
Honolulu Plantation Co 20
11)4
11)4
9)4
724
55C
100
84
22
34)4
35)4
24)4
554
25)4
5)4
30
100
1,385
25% June
66c
80c
1,170
50c
Hale Bros Stores Inc
12
*
*
Holly Development
1,905
10
55c
Langendorf Utd Bak prefSO
Leslie Salt Co
10
36 %
Hunt Brothers com
LeTourneau <R G) Inc
1
Libby McNeill & Libby..7
Lockheed Aircraft Corp__l
Magna vox Co Ltd
2%
Magnin (I) & Co com
*
March Calcul Machine..5
34
24
5%
8
1
Natomas Co
6% preferred
1.25
30
27 %
4
%
16)4
118
25
12%
7% May
2% May
10%
2.50
100
15
10
15
June
14
75
14
»June
8)4
4
5
5)4
10)4
10 %
1.00
23%
4%
May
5%
Feb
9%
Apr
10
100
May
15% May
670
95c May
860
25% June
28% May
25% May
34%
34%
31%
36
338
34
50
125
100
4
4)4
113
17
118)4
28
407
May
May
3% May
597
16
May
132
113
June
311
28
June
1.50 t
108%
5%
21%
138%
43%
Jan
Apr
Jan
Feb
Jan
Mar
Feb
44
June
54
Jan
39
16
18
28%
28)4
655
29% May
29% May
37% May
1.90
1.90
100
1.80 May
2.75
Feb
12)4
6)4
14)4
704
12% May
7)4
5)4
39)4
4)4
8)4
23
27)4
2,250
1,412
19%
8%
Jan
Jan
5%
4)4
39)4
4)4
39)4
8)4
8)4
22)4
*26%
4)4
22
17)4
23
23
8)4
41)4
38
May
May
2,888
21
May
29
95%
28%
6%
41%
268
2,962
345
20
2,777
.25
7
Vega Airplane Co
1)4
Wells Fargo Bk & U. TrlOO
265
8)4
10)4
270)4
Western Pipe A Steel Co. 10
15
Yosemite Ptld Cem pref-10
1.55
10
42
May
100%
34%
15%
June
45%
6
in
their
emergency
assembling,
study of
facilities
phasis
and
necessities
may
expeditiously.
arise for
Black
Mr.
and
ways
cooperative organizations played an important
shipping
storage,
The Banks
for
means
and
ways
the
on
and
marketing
food-stuffs,
of
Cooperatives should immediately intensify
to be of most assistance in
these services.
means
of
processing
of handling food
ways
newer
foods,
with
particular
em¬
during
which have developeed
the past 20 years.
Nearly
producer
11,000
role
in
cooperatives,
ordinary
with
They
members,
play
market products valued
a
important
high
as
oiled
during periods ofN stress and the Banks for Cooperatives are particu¬
$2,500,000,000
a
time.
2.000.000
very
This machinery should be
year.
as
especially well
larly well equipped to render assistance.
At
when
time
a
materials
raw
on
speed
productive capacity of Europe is being destroyed
be
will
national
our
the
the satisfaction of normal
and diverted from
an
defenses.
human wants, a heavy demand
inevitable accompaniment
In
making these defenses
to
program
a
more
secure
to
the
and the farm cooperative are bulwarks of security.
farmer
May
9c June
80
8,352
1,000
2.054
3,355
June
4% May
May
6c
12
May
6% May
4%
Jan
528
Farmers
May
Feb
Jan
Jan
Apr
£2 JS
to assist in
Credit
Jan
United
the
.^Ten
per
Apr
period
Apr
Apr
amount
16)4
445
15
June
22% May
1.55
100
1.50
May
2.90
301
149
June
87c
(Del)..l
22 %
87c
375
52c
22)4
22)4
942
200
18% May
8%
Feb
1.50 May
142
14
Anglo Nat Corp A com...*
8)4
Argonaut Mining Co
6
Atchison T & S F Ry—100
2.00
al4%
a7
3
Bait A Ohio RR com—100
Bendix Aviation Corp...5
1
1.00
Bunker Hill A Sullivan .2)4
10)4
9
560
2.00
al3)4 al5)4
a7
a6%
5
5)4
a3% a3%
a25% a29%
75c
10
%
a4%
%
1.05
11
Jan
25%
9%
8%
Mar
Jan
5%
Apr
26% May
35%
Apr
30
5%
75c
978
a4%
62
%
400
May
8%
Jan
4% May
805
730
Apr
91c May
31%
Apr
10% May
4.00
113
155
Feb
x
June
9% May
4%
Feb
%VJune
States .has been
2
14%
Jan
Apr
Jan
Jan
6% May
% Mar
10,
which
reported
that
declining over the past few
substantially during the first quarter
The FCA went on to say :
cent more
farmers obtained loans
was
Land
from the Land banks and
of 1940 than in the corresponding
and the volume of credit increased about 12%.
last year;
of Land Bank and Commissioner loans in
The
the 1940 first quarter
$26,300,000, and the number of loans 10,100.
Jan
174%
June
Commissioner during the first quarter
14
June
on
Federal Land Bank financing turned upward late
of this year.
10
265
1,166
Administration
although the total number of farm mortgages recorded in
in 1939 and increased
17%. Jan
Banks
months for loans to refinance their debts or
Feb
May
Mar
Land
financing the purchase of farms, said, the Farm
20c
16c
Federal
More farmers have turned to the Federal Land banks in
the past few
33%
6%
from
in Recent Months
years.
50
157
;>
Jan
96
More
Borrowing
Z3
classes of farm
amount
156
American Tel A Tel Co. 100
products
They should explore all possible needs for additional storage and shipping
All
Claude Neon Lights com.lt
the
and wool.
cotton
Apr
Unlisted—
Cities Service Co com..10
to whatever
Jan
Feb
26%
22
48
8c
7
52% Apr
6%
Jan
12% May
30% Mar
17% May
955
4)4
June
May
June
5
630
9C
12 %
May
8
114
8c
May
22
5
12
May
188
23)4
1
May
358
80)4
4)4
80
"12 %
5%
3%
39%
4%
345
9c
9c
"4)4
95)4
31
^
5
Texas
Blair & Co Inc cap
the 12 regional Banks
Feb
28)4
29% June
12%
Jan
14
May
24% May
754
5
Agri¬
part in helping farmers' marketing co¬
agricultural
During times of
part
Jan
100
41)4
Atlas Corp common.
Aviation Corp. of Del.
Handle
said:
Jan
109
*
Amer Toll Bridge
active
an
handling
Apr
1,575
1,456
1
Anaconda Copper Min..60
Cooperatives
Speedily
Cooperatives, in conference in Washington, to be ready
operatives respond
Apr
5% May
150
Marketing
Products
Feb
29)4
Spring Valley Co Ltd
*
Standard Oil Co of Calif..*
.
11
3,774
1,229
16)4
Jan
Jan
44
Southern Pacific Co
Union Sugar com
5
Jan
gMay
20)4
Sperry Corp com v t c
25
33
4
28%
1.25
30)4
6)4
41)4
Treadwell-Yukon Corp
Union Oil Co of Calif
7% June
16% May
3
May
220
350
Mar
28
27)4
30
27%
95)4
Super Mold Corp cap. ..10
Consolidated Oil—1
431
Apr
4.60 May
25)4
29)4
26)4
A..25
Tide Water Assd Oil pref.*
Transamerlca Corp
2
Apr
9% May
1.75
Jan
7,922
18)4
In range for
$ Title changed from
Urges Banks for Cooperatives
Take Active Part in Helping
to
June 12, urged the Presidents of
to take
Apr
1.30
210
8
3)4
8)4
100
Preferred
So Calif Gas pref ser
41%
44
Richfield Oil Corp com_. .•
Signal Oil & Gas Co A
*
Soundvlew Pulp Co com.5
Jan
29)4
16)4
..1
Ryan Aeronautical Co
1
Safeway Stores Inc com..*
Schlesinger (B F) 7% prf 25
Shell Union Oil com
*
5%fJune
1,270
t In default.
A. G. Black, Governor of the Farm Credit Administration,
Apr
19 %
Republic Petroleum com.l
Rbeem Mfg Co..
Jan
9
10
28
....1
Preferred
35
Jan
2)4
Admitted to unlisted
Apr
May
36
27)4
PhllipplneLongDistTelPlOO
Rayonler Inc com
35%|June
Apr
5)4
*
Phillips Petroleum cap..
Puget Sound PAT com..*
Jan
9%
100)4 102)4
Paraffine Co's com
40
44
21
175
1,878
June
19%
5
...
*
34
June
8
Pacific Light Corp com... *
com
Feb
112% May
3)4
1st preferred
*
Pacific Tel A Tel com..100
1.15
110
18 %
Pacific Can Co com......*
Pacific Pub Serv
Jan
15
Paauhau Sugar Plant—.15
Pacific Amer Fisheries cm 5
35 dividend
55c
Jan
2,049
*
6% 1st preferred
25
5%% 1st preferred—25
17%
12%
Jan
May
8
.*
Pacific Coast Aggregates .5
Pac G & E Co com
25
9
14
No American Oil Consol. 10
Class B
20
15
8
100
100
Oliver Utd Filters A
for
Feb
2.50
%
10
...
5%% Pref
Apr
Jan
76c
10
"3
_*
No Amer Invest com
15%
20%
June
14% May
50c May
11% May
12)4
15
Meier A Frank Co Inc...10
Menasco Mfg Co com
12
1,085
1,350
Ready
cultural
on
7% May
$ Listed,
Jan
Eversharp, Ino
Farmers'
Apr
6% June
11% Mar
3% May
225
'
9
May
500
2,718
Be
to
56
7)4
Ex-rights.
y
c
Cash sale—Not Included
r
Jan
Feb
Governor Black of FCA
Apr
4
Hawaiian Pine Co Ltd
Jan
Feb
4)4
d Deferred delivery,
1.15
66%
4%
May
1
Feb
11
20
8)4
Odd lot sales, b Ex-stock dividend,
a
rEx-dlvldend.
45% May
99% Apr
33% Feb
22
Golden State Co Ltd
40)4
No par value,
2
Apr
Feb
10
Gladding McBean A Co..*
*
*
trading privileges,
52%
Jan
3%
20%
44%
17% May
18
10
United States Steel com..*
Warner Bros Pictures....5
Apr
38
48
20)4
44
4)4
8)4
12)4
15)4
Genl Mtrs Corp com
1
mortgage lenders,
except individuals,
put a larger
on record during the first quarter of 1940 ; but the
Commissioner, and the insurance companies, were the
of mortgages
banks
and
only institutional lenders which financed a greater number of farmers.
Over the six-year period for which farm mortgage recordings are avail¬
able, there has been a general tendency for individuals to make a smaller
of farm mortgage loans.
Institutional creditors have been taking
number
the business.
quarter of 1940 all classes of lenders recorded 94,000
mortgages, aggregating $218,000,000, which represented a decrease of about
2,000 in the number of recordings, compared with the first quarter of
1939, and an increase of about $10,000,000 in amount.
a
larger share of
During the first
The Commercial & Financial
3804
Chronicle
June 15, 1940
Canadian Markets
LISTED AND UNLISTED
Montreal Stock
Service
Exchange
Sales
Friday
all Canadian
on
Last
{Concluded)
Stock*
for
Sale
Securities.
Week's Range
of Prices
Week
Price
Par
10X
*
Imperial Tobacco of Can.5
Imperial Oil Ltd
Members
Montreal Stock Exchange
Greenshields & Co
507 Place
Montreal Curb Market
Preferred
d'Armes, Montreal
Industrial
68R
Intl Paper & Pow
29
Feb
16
May
23
Feb
20
June
28 X
Feb
28
33
3,945
27 X
May
46 X
Jan
47
47
10
51
May
80
Apr
14 X
15X
14 X
June
24
Feb
34
i
33
1 1956
5s
July
5s.
.Sept
16 1943
87
90
May
.....June
1 1969
1 1962
80
83
72
75
15 1965
74
77
National Breweries
65
59
4s
69
1 1953
62
4Xs
5s
Jan
_
89 x
70
4s
Feb
2 1950
1 1958
73
65
68
72
65
4X8
May
1 1961
68
72
60
Ottawa Electric Rys
....
60
....
55
Mar
76
Prov of Saskatchewan—
Prov of New Brunswick—
Apr
15 1960
65
70
5s
June
15 1943
4Xs
Apr
15 1961
60
65
5Xs
Nov
15 1946
4X8
Oct
Province of Nova Scotia—
4Xs
Sept
15 1952
70
6s
Mar
1 1960
.72
1 1951
75
78
Bid
Dec
July
Bid
6s
Ask
Canadian Pacific Ry—
40 X
41 X
4Xs
Sept
1 1946
60
66
70
5s
Dec
1 1954
56
59
70
15 1944
1 1944
4Xs
July
1 1960
61
54
63
92
90
Bid
June
4Xs...
78 X
81
15 1955
Feb
Bid
Ask
1 1956
79
80 X
4Xs... ....July
1 1957
79
80 X
July
1 1969
83
5s
Oct
1 1969
82 X
Feb
1 1970
82
Celanese..
Preferred
*
100
Cndn Foreign Investm't..*
Preferred
100
Cndn
Industrial Alcohol
Class B
Canadian Pacific
Ry__.25
Distillers Seagrams..
Preferred
Dominion
*
Bridge....
Dominion Coal pref
Dominion Glass
*
25
Dominion Steel <fc Coal B 25
Dom Tar & Chem
*
Low
High
Shares
Low
Preferred
18
30
St Lawrence Paper pref.100
28X
24
30 X
1,085
20
May
May
52
X
Apr
Shawlnlgan W <fe Power..*
17
16
17
360
16
May
24 X
Jan
7
7
40
7
June
115
115
10
115
Sherwln Williams of Can.*
Preferred
100
3
10
3
May
4
107
June
110
Feb
7
Foundation Co. of Canada*
Co
25X
4X
12X
14
3X
6
106
1,065
609
5X
3,286
6X May
149
June
5X
26
495
24
June
May
2
150
2
June
4X
125
13
785
14
450
4
655
4
106
8
8
98
98
4X May
12
May
12
May
3X May
15X
169
10 X
30
Jan
Mar
Apr
62 X
65
62
6
6
3X
*
m
m
m*
U
Par
1.10
1.10
25
1.10 June
1.10
70
1.10 May
9X
50
9
June
Mar
Jan
13
164
140
"160
140
June
May
110
Jan
24 X
Apr
Jan
2X
Jan
2X
Apr
Apr
compiled from official sales lists
Sales
Week's Range
for
of Prices
Low
High
Week
Price
Range Since Jan. 1, 1940
Low
Shares
High
2X
2X
4X
Beauharnols Power Corp.*
Brit Amer Oil Co Ltd
»
Feb
Cndn Stch CoLtd
Jan
Cndn Breweries Ltd
Feb
7%
cum pref 100
June
8X
Mar
Apr
Cndn Industries Ltd B
Cndn Marconi Co
23 X
Cndn P & P Inv
200
30
June
45
Jan
6
May
16X
Jan
May
28 X
37 X
Jan
130
106
10
9
10
101
June
June
.
Apr
128
14 X
101
Feb
Mar
Mar
Apr
260
1.75 May
3X
Jan
Mar
5% cm pf*
Cndn Vlckers Ltd....
*
7%
cum pref
Consolidated Paper Corp.*
Cub Aircraft Corp Ltd..*
Dom Engineering Works.*
Dom Square Corp
4
May
8X
125
4
May
9
567
29
May
40
21
June
48 X
32
Apr
19 X
80
May
27 X
Apr
Eastn Dairies
June
96 X
Apr
24
20 X
22 X
261
80
105
Jan
100
Catell i Food Prods Ltd.._
Commercial Alcohols
*
2,335
Jan
1
Dom
191
75c
....
9X
1.95
4
Donnacona Paper A
2.00
116
80
June
Feb
100
90
90
5
91
May
Feb
25
1,810
3X
3X
4X
1,210
9X
9X
225
13 X
lix
14X
516
88
90
21
22
36
196
5
June
10 x
Feb
2X May
6X
Mar
cum
pref
Noorduyn
Page-Hersey Tubes Ltd..*
Pr Crp of Cn6% cmlstpf100
May
8X
Apr
9X June
11X May
15
Jan
Sangamo Co Ltd
23 X
Apr
Sou Can Pr
85
19 X
May
June
106
34
Apr
Jan
•
1.00 May
3X
Feb
6%
"29
r
32
26 X
10
26 X
25c
10
50c
11
27 X
29
3X
7X
3X May
1,685
10
Jan
8X
140
92
3X
93 X
90
"4 k
90
4X
4X
4X
4X
4X
Jan
28
30c
May
Feb
55c
9
'
May
22
27
May
59
3X May
5X May
6
100
Jan
Mar
26X June
50c June
50c
6
3X
38
12
6
65
100
105
21X
26X June
150
622
50c
92
380
4X
6
32
cum pf.100
No par value,
6
10 X
*
Provincial Transport Co..
Quebec Tel & Pwr Corp A-
3
55
32
Mtl Refrig & Stg Vt Trst.*
5
Jan
1.25
June
80
4
4.75
32
80
5
Mar
3
100
3
1.50
Feb
Massey-Harrls 5%cm pflOO
Mar
30
20
Melchere Distilleries preflO
Mitchell (Robt) Co Ltd..*
55 X
2.00
22 X
Jan
June
Jan
Feb
2.00
May
Feb
52
Apr
3X
May
~50c
41
8X
44
X June
Mackenzie Air Service...*
MacLaren Pow & Paper..*
52
June
May
7
26 X
52
75c
Mar
6
Hydro-Elec Sec Corp
*
Lake St John P & P......*
May
3X May
20
5
3.50
14
Apr
78
1.55 May
Jan
205
8X
70
Feb
530
May
79X
18
2,515
3
$3
895
Jan
June
10 X
8X
7X
1,066
Feb
7,514
33
10 X
4
Feb
4X
1.00
20
May
16 X
Freiman (A J) 6% cm pf 100
10 X
700
Apr
May
8
6
Jan
96
2.00
5
2
105
8
15 X
105
1.70
2X June
485
15
June
4X May
120
20
Apr
Apr
9X
6X
1,870
9X
11
1.40
16 X
4,265
5X
2X
May
*
8X
79 X
2X
2X
9X
10X
70c
1,550
Apr
Mar
Jan
•
4X
80c
2X
31X
235
Jan
*
7
June
6X
Voting trust
Jan
May
198
2X May
Fraser Cos Ltd
Jan
22
15
3
Feb
Feb
26 X
Jan
Mar
1.25 May
800
337
191
Jan
39
111
3
1.35
24 X
75c
3X
June
5
Jan
11X
191
90
Apr
Feb
90 X
100
31X June
8
8X
22
89
160
90
8X
40 X
May
32 X
90
JaD
Feb
May
125
June
35
May
June
May
100
May
3
June
4
Feb
24
3
June
71
100
10
16
85 X
27
525
22 X
10
19 X
3X
26 X
113
935
June
4X
30
266
11
3X
3X
26 X
135
6
Jan
188
4X
396
72 X
23X
4X
7%cmpfdl00
17
75
May
3X May
1,710
75c
B
24 X
5
Jan
15
1.00
113
71
Jan
6X
958
1,129
96
20
....
17
m
3X
5
25X
1.25
Jan
Apr
May
Woolens & Worsteds
Common
Fairchild Aircraft Ltd
Ford Motor of Can A
22 X
IX
24 X
23
Apr
145
100
"l~.35
*
17 X
June
31X
~90"
*
3
17
11X
80
2X
94
25
*
Preferred
4
15X
11
7%pfl00
951
May
4X
16 X
British Columbia Packers'*
99
21X
4X June
185
Can Nor P
2.00
32 X
2X
Jan
Jan
29
*
Feb
3X
5X
Bathurst P & P Co B
7
June
0.75 May
4,025
348
17X
23X
8X
10 X
110
1,425
Calg Pr Co Ltd 6%cmpf 100
573
90
5.X
June
12 X
20
100
1.00
16X
96 X
16
80c
15X
*
20
4X
May
Hudson Bay Mining
19
94c
May
6
106
5
100
6
Holllnger Gold
May
2X
6X
*
cum pref....
Canada & Dom Sugar Co.*
Canada Malting Co Ltd..*
1.65 May
5
6%
10
Howard Smith Paper..
Preferred
100
11
June
Aluminium Ltd
Mar
.460
4
Abitibl Pow & Paper Co..*
55
3X
Jan
2
2X May
15
Friday
630
Gurd (Charles)
Gypsum Lime & Alabas..*
Hamilton Bridge
*
10
25
1,575
Montreal Curb Market
Mar
2X
75
Goodyear T pref Inc 1927 50
Jan
106
9
100
100
113
*
83
•
80
80
Preferred
May
1
9 X
General Steel Wares
Jan
63
1.10
m.
*
30
24
nx
Jan
86 X
16
*
lix
*
Mar
15
106
*
Winnipeg Electric A
Mar
126
10
2
3
15
May
288
6
2
3X
*
Jan
9X May
62X June
65
9X
Tooke Brothers pref... 100
Twin City
*
Apr
18
63 X
..25
3
1.90
5
m
m-mm •>
of Canada.....*
10 X
Gatlneau Power
5X% preferred
5X
10
150X
1,035
5
preferred
8
149
29 X
"72 X
5%
8
23
»
9X
Jan
5X
Apr
5
27
*
9X
Southern Canada Power..*
Sale
105
620
100
Jan
50
High
105
3,375
Dryden Paper
Feb
19
2X
Last
8X
Dominion Textile...
Jan
6
19 X
19
Range Since Jan. 1, 1940
16 X
4
May
19
2X
June 8 to June 14, both inclusive,
Sales
33
~~7H
3
12 X
St Lawrence Flour Mills..*
Exchange
13 X
17
25
Mar
30
~24~
17X
May
200
Mar
16
...100
May
3
80
3
13
13X
190
12X
100
14
14
3
13
13 X
Jan
311
10 x
"22"
Feb
May
11X
4X
Jan
80 X
May
3X
32
24
May
155
80 X
*
Consol Mining & SmeltlngS
Crown Corl & Seal Co
May
60
300
1.90
Cockshutt Plow
9
65
7
79 X
3
1.90
2,680
91
"
98
13
61
Jan
Mar
163
2
7%
lix
290
Mar
Canadian
72
May
160
19 X
"~7 X
May
6
290
May
*
57
760
21
Nova Scotia...
12 X
Canadian Car & Foundry.
Preferred
25
25
7
Mar
8
Canadian Bronze
54
Mar
14 X
60
9X
61
June
90
176 X
14X
6% preferred
nx
6
6X
7X
5
25
212
14X
9X
4X
54
6X
50
9X ■i'.-Viv
May
*
14
Mar
7
90
May
Jan
80
lix
102 X
A
9 X
May
Apr
*
Mar
Jan
June
7
90
190
16X
6
Jan
145
26 X
Canada Cement pref___100
Canada Steamship (new).*
Ap-
78 X
13 X
June
140
May
Canada Cement
32 X
May
34
92
May
Bulolo
Jan
49
106
14 X
13
20
420
S-/-22
615
"~4X
Jan
80
51
156
1,338
*
69
23
197
10
Building Products A (new)*
46
23
47
152
17
Bruck Silk Mills
34
50
195
15 X
26
43
152
17
*
1,350
Jan
195
*
Class B
Mar
100
*
British Col Power Corp A *
Jan
41X
100
69
3
5X
56X
38X
June
100
for
Brazilian Tr Lt & Power.*
May
33
May
Week
150X
27
65
Montreal
1 1962
Jan
of Prices
100
June
542
X May
Banks—
Asbestos
Bathurst Pow & Paper A.*
40
Commerce
Algoma Steel
Bell Telephone
40
27 X
34
Canadienne
Week's Range
9X
71
27 X
2
Stocks-
Associated Breweries
40
Jan
Feb
68
Sale
Corp
31X
64
3s
Last
105
May
Grand Trunk Pacific Ry—
4s.
.Jan
1 1962
Friday
Acme Glove Works Ltd..*
25
Zellers
Montreal Stock
Agnew-Surpass Shoe prflOO
2,211
10
June 8 to June 14, both inclusive, compiled from official sales list
Price
27 X
Feb
3,130
1,525
Royal
Par
26
Jan
9X
120
92
July
83X
Stocks—
Jan
91
6XS-.
84 X
84
68....
June
107
1 1946
79 X
82
5s
5
5
13
Class B
Canadian Northern Ry—
Jan
11
Wllsils Ltd...
Ask
Mar
33
Western Grocers pref. .100
(American Dollar Prices)
Jan
9X
May
570
United Steel Corp
Bonds
Closing bid and asked quotations, Friday, June 14
13
2X Mar V, 5 x
2X May
6X
12
Steel
Dominion Government Guaranteed
4Xs...
~~26X
2
*
50
Preferred
Canadian National By—
1 1951
4Xs—. ....Sept
995
liox 110X.
*
A preferred
Ask
Canadian Pacific By—
perpetual debentures.
Sept 15 1942
3X
5
0
of Canada...*
St Lawrence Corp
(American Dollar Prices)
4Xs
5
Rolland Paper vot trust...
Closing bid and asked quotations, Friday, June 14
4s
50
100
3X
5% preferred.......100
Quebec Power
*
Regent Knitting
*
Railway Bonds
6s
9X
2X
*
Price Bros <fe Co Ltd
Jan
3X
*
Power Corp
Feb
27
9X
*
Pen mans
Jan
94
May
9X June
3X
100
Preferred
6
May
14
2X
2X
---
National Steel Car Corp.*
Ottawa Car Aircraft
5s
May
80
270
2X
3X
«...
Noranda Mines Ltd.....*
4X8
3
10
16
2
Niagara Wire Weaving...*
60
2 1959
15
80
15X
*
25
Preferred
60"
15 1964
Dec
-
11942 1. 86
_
Province of Quebec—
1 1941
Aug
June
5s
Oct
1,475
June
80
16
..3
6s
Province of Manitoba—
4Xs
15
*
36
12 1949
Oct
33
*
37
Prov of British Columbia—
:■'£ 4Xs
_.
58
.
.
Oct
20
50
Lindsay (C W) ---------- *
Massey-Harris..
--*
M cColl-Frontenac Oil
*
Montreal Cottons pref.100
Montreal L H & P Cons..*
Montreal Tramways...100
Province of Ontario—
province ol Alberta—
68,,.
Jan
1 1948
4Xs.
Ask
Apr
200
*
....100
Preferred
Bid
7X
16#
International Power
Laura Secord
Ask
Feb
Jan
7X
20
Legare pref....25
Bid
Jan
June
12
142
6X
20 X •-?95
15X
16 X
16
pref. .100
Lake of the Woods
(American Dollar Prices)
2,855
High
9X June
20
*
International Petroleum
..I
20
3,423
*
Intl Nickel of Can
Municipal Issues
Low
10X
25
Preferred
Provincial and
Range Since Jan. 1, 1940
Shares
13 X
9X
6X
Acceptance—*
International Bronze
Closing bid and asked quotations, Friday, June 14
High
12
13
—Si
....
Low
June
3X June
6X
15X
Jan
Apr
Jan
Jan
Mar
Jan
5Cc June
6
June
6X May
221
92
June
111X
Jan
40
90
June
4
May
106 X
7X
Mar
5
4X
June
10
4X June
Feb
32
32
130
30
Jan
36
Apr
98
99
23
98
May
112
Feb
Canadian market.
Volume
The Commercial & Financial Chronicle
150
3805
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Friday
(Concluded)
Week's Range
for
Sale
Stocks
of Prices
Low
High
Week
Price
Par
Untd Amsmt Crp LtdA __*
Walker-Good & Worts(H) *
91
13%
Range Since Jan. 1, 1940
13 H June
30
29%
30
210
16%
16 %
17
56
Copp Corp Ltd.*
15c
15c
13 H
29H
35
June
June
43 %
20H
Feb
June
35C
Jan
Mem^8
Mines—
Aldermac
16c
1,650
4c
4c
500
4c June
13c
1
15c
500
12c May
52c
Bobjo Mines Ltd
1
4c
4c
Bouscadlllac Gld Mns Ltdl
2%c
2HC
500
Cndn Malartic Gold..
*
Cent Cadillac G M Ltd..l
40c
40c
700
7%c
8c
7,000
8c
13 He
4%c June
/The Toronto Stock Exchange
(Winnipeg
Qrafcj Exchange
,
TORONTO
4Hc June
2Hc June
.
4%c June
87c
Jan
6 He
May
40c
June
20c
*
17 %
17
17 %
235"
17
June
29%
2.10
2.00
2.10
825
2.00
June
4.10
Jan
1
35c
40c
400
37c
May
1.25
Jan
Falconbrldge Nickel
*
1.90
2.20
135
1.80 June
5 05
Apr
Francoeur Gold
*
21c
22c
1,800
68o
Jan
Howey Gold Mines
1
25c
25c
100
Exchange
Jan
1
Toronto Stock
Mar
Dome Mines Ltd
East Malartic M Ltd
Eldorado Gold..
Joliet-Quebec Mines..
22c
1
2 He
Klrkland Gold Rand Ltd.l
Klrkland Lake Gold
1
4,000
May
25o June
25c June
2Hc May
500
8 Ho
Mar
4c
4c
75c
100
75c June
1.45
1
17%
18 %
90
Jan
2.48
2.48
150
17 H June
2.48 June
31%
_1
4.80
Feb
Malartic Gold Fields
McWatters
2%c
20c
75c
Lake Shore Mines Ltd
Macassa Mines
62c
Gold
Mining Corp ol Canada..*
Nor metal Mining
67c
7,700
57c June
25c
500
25c June
1.45
57
Mar
Jan
He
55c
65c
1.13
Jan
33c
2,000
1,500
55c June
31c
33c June
54c
Apr
65c
65c
68c
1,795
65c June
1.82
Jan
93c
93c
100
1.00 May
2c
2c
2,000
2c June
1.75
1.75
100
1.75 June
2.55 May
1.05
1.15
1,550
1.05 June
2.11
Jan
Pamour-Porcuplne Mines.*
Pandora-Cadillac Gold
57c
Jan
"31c
*
1
.
70 May
Feb
4c
25c
—*
O'Brien Gold
1
2c
Pato Cons Gold Dredging. 1
T.io
2.35
Jan
10%c
Jan
Perron Gold
1
Pickle-Crow Gold
1
2.60
2.60
100
2.46
June
4.15
Jan
Preston-East Dome M
1
1.50
1.50
200
1.50 June
2.40
Jan
2c
2%C
200
2c June
5%c
Jan
Shawkey Gold Mining
'Wc
1
Sherrltt-Gordon Mines...1
Slscoe Gold Mines Ltd
1
Sudbury Basin Mines
63c
63c
1,975
61c June
'"65c
63c
67c
1,325
63c June
1.05
1.05
1.05
10
*
1.05, .June
1.15
Jan
95c
Apr
1.05 June
Sullivan Cons Mines..
1
55c
55c
3,100
50c May
1.00
Jan
Teck Hughes Gold.
Waite-Amulet Mines
1
2.90
2.90
50
June
3.40
3.40
133
3.00 May
3.40 May
4.15
1
6.00
Jan
10c 12 He
5.10
5.10
2,600
9 He May
31o
Jan
150
5.10 June
8.20
Jan
Wood-Cadillac Mines
55c
"i6c
1
Friday
Oil—
Anglo-Canadian Oil Co.
.
Brown Oil Corp Ltd
*
50c
1.10
50c
200
440 June
1.03
Jan
6 He
Calgary A Edmonton._..*
6Hc
500
6 He June
19 He
Apr
1.10
1.10
100
1.18
2.35
Jan
21c
20c
21c
200
17 He June
33c
Apr
1.50
Dalhousie Oil Co
1.34
1.58
3,250
1.30 May
2c June
3.10
Jan
7c
Jan
1.06 May
18 He May
1.34
Apr
36c
Jan
*
Home Oil Co Ltd
Homestead Oil A Gas
1
2Hc
3c
1,500
Okalta Oils Ltd
*
72c
72c
200
Royalite Oil Co Ltd
*
19 %
19%
100
^Stocks (Continued)
3c
Toronto Stock
June 8
June
to
26c
Cockshutt Plow.-.......*
Coniaurum
15c
1.05
Consolidated Bakeries
*
Cons Smelters...
5
Consumers Gas
.100
150
150
3% May
9%
1.98
485
1.05 May
13
May
19
Feb
1,660
28% May
49
Jan
178
Feb
150
100
,
150
19% June
600
70
15c
17c
30
4c
22
20%
22%
18
17
18
182
182
182
23
1,128
21H
Dominion Stores...
Dominion Tar
7%
*
mmmmm>m
*
mmmmmm
Dominion Woollens pref .20
Dorval-Siscoe..
l
East Crest
.......*
East Malartic..
Eastern Steel..
Apr
8c
Jan
18% May
17
May
175
May
19
16
May
103 %
Jan
6% May
50
3
June
50
3
June
5
27% May
29
Jan
210
Mar
30%
109
Jan
May
15%
5H
8H
9%
Jan
Jan
Apr
2c
2c
500
40
Jan
3c
3Hc
1,500
29,575
3c June
80
Apr
2.23
1.95 June
4.10
Jan
m
2.10
*
35o
3% May
2c May
mmmmmm
mirnm mm
Jan
May
1.95
mmmmmm
1
Apr
3%
3,325
103% 103%
6%
8%
3%
3%
4%
4%
5
4H
—
25
Jan
3o June
2
20
*
100
-
31%
Jan'
June
15c
2,785
_
June
305
95c
22
..100
Dominion Foundry
Preferred.....
Dominion Steel B
Jan
25
70c
19%
mmmmmm
SeagramsIIIIII*
Dome Mines
Dominion Bank
Jan
78o
2,700
*
i
Jan
1.05
35o May
9,600
1,900
1,470
Denlson
High
54c
4lc May
14%
32 H
29
mmm
Distillers
5
13
Cosmos..
„♦ rn'L£'m'mm
Cub Aircraft Corp.......* mm'm
Davies Petroleum
*
15c
Low
15c June
2,900
6,320
3,700
1.15
1.05
14%
31H
■:
40c
5
mmmmmm
*
46c
35c
35C
Range Since Jan. 1, 1940
.
Shares
26c
41c
Chesterville-Larder Lake.l
Cochenour-W llllams Gold 1
Feb
8%
9%
475
May
18%
__i
45c
35c
45c
4,700
35o June
1 23
Jan
16c
16c
16c
2,500
2,465
15c May
1.75 June
26o
Feb
6.00
1,551
20H June
Apr
Mar
2,000
2c May
Eldorado
Sale
Stocks—
Par
for
of Prices
1
23
Federal-Kirkiand
1
mmrnmmm
2.05
Fleet Aircraft..
*
Fleury-Bissell pref
Ford
Francoeur
»
*
AbitlbL—...i.....
0% preferred.
1.00
I100
Alberta-Pacific Consol
—
Low
85c
Range Since Jan. 1,1940
1.05
2,425
4%
4%
6%
985
9c
9c
30
15c
7 H
7H
50
III1
l%c
lHc
2c
Anglo-Can Hold Dev. —_*
53c
41c
53c
3,100
7,800
*
Algoma Steel
m
Amm Gold Mines....
m
*
Anglo-Huronian
Low
17c
6.900
High
80c May
600
24 H
24 H
15c
—1
Gold Mines...
Bankfleld
Cons
...
Bank of Montreal
...
4% June
9o June
24 H
June
13 He May
7 H May
2.50
Apr
Beauharnols
*
17 H
21c
36
Jan
Mar
9c
10c
11,200
1,750
1,500
9c May
22o
Jan
26o
Jan
1
Gold Eagle
Goodfish
1
38c
Bell Telephone Co.... 1100
Grandoro
.
151
75
58
52 H
28
4c
4C
1,800
52 H May
3c May
Great Lakes vot trust—-*
'mmrnmmm
36 He
41c June
1.03
Jan
Voting trust pref
-*
Gunnar................1
Gypsum
*
Bobjo
...........
—1
4%c
Bralorne
8.10
Brazilian Traction.... ""I*
5%
Brewers A Distillers.. Ills
May
211
Mar
June
315
Feb
25
25
25
June
28
May
4
151H
436
12c 15%c
4c
5c
76,050
7.90
5H
3H
British American Oil.. ...*
16 H
15H
nil
33c
29c
8.10
5%
4,000
1,485
1,685
220
17
3,539
4c
May
May
Mar
2H May
6%
Jan
148
June
12c
Apr
3HC June
7.75 May
5H May
11 Ho
Jan
3
May
7Hc
6,000
3.25
3.65
2,460
12%
13M
295
lc
1,000
lc June
160
6H May
1.00
1.25
5,475
1.06 June
ISWn
18 We
7c
6%c
Bunker Hill
Burlington Steel—. in*
Calgary & Edmonton. in*
8
1.10
Calmont
2,000
18 He June
3
IIoo ~~97~~
Class A
Canada Cement Co...
*
3H
IIoo
Preferred
Canada Foundry A
Malting
15
97
100
3
May
95H May
3
4
268
79
-.-*
»*«*»
Ill*
-lmm.rn.~m.
•
Canada Packers
Can Permanent Mtge. IIoo
Canada Steamships...
Ill*
Class B......
Canadian Bakeries pref. 100
*
Canadian Breweries..
Cndn Breweries pref— III*
Cndn Bk of Commerce. 100
Canadian Canners
—
mm
mmm
...*
Canada Wire A
••
•» m
mmm
*
.....
*
12
33%
170
71
495
128
130
.
13
42 H
16
43
mmmm mm
16
15
mmmmmm
45
45
5
m
mmmmm
1.25
"~24%
152
150
155
6
6H
18.
-26
Canadian Wirebound.
Cariboo
Carnation pref
.100
...1
Porcelain
Jan
Jan
Leitcb
Little Long Lac
Loblaw A
39 H
Apr
104%
Apr
150
Jan
8H May
Apr
21%
Apr
Mar
178
Apr
Apr
Apr
Feb
....
Mines
MacLeod Cockshutt
Macassa
Madsen Red Lake
Malartic
Gold
Maple Leaf Milling
Preferred
Maralgo...
Massey-H arris
Preferred
1
mmmmmm
4H
9.85
10.37
1.35
1.05
2,775
14,080
6,900
8% May
9.75 May
1.30 May
l%c June
24 He May
Feb
Feb
Mclntyre
14
Feb
McKenzle..
6
10%
Jan
McVittie.
25c
......
10
114
1.86 June
115H
35
57c
59Q
1.70
—1
5 He
5Hc
5 He
15,500
2,880
3,500
114
Jan
v^H
HB
2.67
117
Jan
Apr
Apr
Mar
57C June
75o
Jan
1.45 May
2.65
90
5
33
14%
15%
7%
8,605
12,181
Jan
May
90
May
May
27% May
14% June
7
May
5c May
H June
35
5c
5c
......
1
500
"
......
lc
lc
3,000
1.41
1.20
1.65
17% June
.
-
-
Apr
Jan
Feb
Mar
11%
19o
.
77c
18%
5.75
549
5.65 May
7.60
6%e
0%C
1,200
6%c June
22%o
10%
285
l%c
IHc
1,000
44c
46c
4,900
2.00
9
-
lHc
mmmmmm
1.90
2.00
9
June
Jan
35c May
70c
......
Jan
24
23,085
12,610
1,830
70c June
Jan
Mar
47
5.65
18
mm mm m-
.
114
17%
......
.
1.20 June
Jan
15%
16%
15%
4%
1.54
32
Feb
Jan
Jan
Mar
Jan
13
Jan
Jan
5%o
Apr
44c June
880
Jan
Jan
lo
1.00 May
25c June
2.55
620
Jan
680 June
1.45
Mar
2.45
*
;
2.55
1.20
1.10
1.22
20c
25C
29c
64c
,
1
1
2.40
58C
05c
-v;2
2
-
*
......
1
•
3%
29
220
1% May
5%
5
3% May
9%
4%c
Jan
lc June
3%
Jan
30%
660
6%
59%
9%
lc
2c
2%
25
6
Jan
1,200
2,443
2%
4
4
......
Jan
5H
6
2 %c May
25
June
100
5
May
25
80
June
101
250
39
June
58
85
82 H
85
5
40%
39%
40%
1
1
92c
88c
95c
6,340
26c
26c
20c
900
7
7
86c June
15%c
Jan
Jan.
Jan
Jan
Mar
Apr
Jan
1.47
Jan
5c May
-
Monarch Oils..
Moneta
Morris-Kir kiand
*
25c
1
1
Murphy
1
National Grocers pref—20
Natiohal Petroleum
25c
National Steel Car
Jan
14o
5c
5
June
220
Jan
1,100
38
May
9% June
183
V
90
7%
Jan
190
12
27 H
......
Jan
74%
June
Feb
45c
100
7
Jan
56
570
13
Feb
34
13,201
10%
7 Ho
40%o
19% May
4.75
45C
1,250
10
15
*
1.95
36
Jan
2.30 May
*
15
58
Jan
3.10
16,075
3,700
18,150
10,500
McWatters Gold
-
1,800
1,329
32 H
......
1
1
1
Mercury Mills..
Mining Corp
1.85
■'
7
7.
25c
Jan
15
3.40
Jan
Mar
9%
12%
......
4C
.
22
Jan
28%
26%
Jan
8%
190
......
.
190
20 H
56
Jan
100
1.71 May
Feb
85c
Jan
123
May
2c
4c
......
1.48
16
20% May
20
May
3.62
1.60
mmmmmm
55c May
3 %c June
40
510
29
1.60
1mmmmm
6,285
4,500
140
37%
15
1.85
67c
Jan
1,600
12 % May
111
Apr
21%
20
3,415
Feb
8%
3
23
140
5
1,275
20
275
4
3%o
3%c
May
1,500
2,000
21H
880
4
lc
lc
4%
21
2.00
4
lc May
lc June
Jan
23
16%
109% 112%
Mar
*
*
*
—.100
McColl Frontenac
...*
Preferred.—
100
10%
May
May
41c May
109 H June
4
May
3% May
13H May
Jan
6%
—*
B
22
1.65
Apr
2% May
1.50
1
May
7% May
June
1
..*
1
3
Lebel-Oro
Jan
52
June
8
Feb
Mar
64o
10.00
—1
29 H
1
Jan
Lamaque G
Lapa-Cadlllac
Laura Secord (new)..
*
1.85
......
Caetle-Trethewey
Central Patricia
Lake Shore
Jan
24
6
2,335
*
III*
"""l
Klrkland Lake
Jan
2.39
45
18
8%
mmmmmm
IIoo
Canadian Wineries-
Apr
14
31 %
6
*
C P R.
3%o
21% May
147
May
7%
15
1
1
1
42 H June
15
June
75
100
*
J M Consolidated
Feb
195
Preferred
Kerr-Addison
65
Jan
57%
6%o
27%
3 He
9
*
Jelllcoe
Mar
June
Intl Metals A
Jan
99
June
Imperial Bank of Can.. 100
Imperial Oil
*
Imperial Tobacco..
5
Jan
22
June
Howey Gold
1
Hudson Bay Mln A Sm__*
Huron & Erie
—100
Jan
Jan
3H May
87
June
3Hc
8%
......
1
Homestead Oil
8.60
May
10 H
l%c May
35c May
60 He
......
Holllnger Consolidated—5
*
17%
12
128
May
13
lc
lc
Home Oil Co
19Hc
78
31H June
70
May
1
*
Intl Utilities A
8%
3%
3
103
7,700
3,767
3%
4
1
Harker
Hlnde A Dauch
Jan
47c
3
......
International Petroleum..*
5H
215
[
37c
1
1
International Nickel
105
4
17
35c
3H
—-*
Jan
415
30
Apr
........
Apr
2.75
350
24
June
10H
5%
23 %
69e
1.20 May
9H
15%
3
11.00 May
375
8%
27 H
Canadian Oil pref
23
9H
Cndn Industrial Alcohol A*
Canadian Malartic...
1.25
25
18
"
140
*
22
Canadian
._.*
23
327
3H
Can Car A FoundryPreferred-..
1125
Celanese
75
10 H
mmmmmm
*
Canadian Canners cl A 1120
30
80%
12
31H
70
70
*
1150
Preferred
8
97
*
Canada Bread
Class B
7H
Mar
52%o
3.25
32,800
169
Jan
13
...i
Building Products— mmm*
37c
16 H
Jan
9%c May
1.19
14% May
28c May
6 He
Jan
3.25 May
12
May
*
Brown Oil
Bulfalo-Ankerite.
Jan
840 May
lc
Broulan-Porcupine
Jan
192
7
4
13
17
June
Jan
Jan
285
33o
Ho June
52%
Jan
110 June
6 He June
,
4c
Jan
10
148
13 He
58
60
Feb
280
He
60%
62 H
%
8c May
7c
He
_———..—*
6%c
16
'
Bldgood Klrkland.... ...1
6Hc
......
Goodyear...*..........*
Goodyear Tire & Rub prfSO
16
4H
10c
Jan
Jan
25
—4H
l%c
4c June
26c
Jan
196
481
Apr
2,500
1,000
22c
mmmmmm
He
295
4
Jan
4c
23c
lHc June
8,100
.
10 He
4c
Jan
69o
1
285
790
Feb
2%c
Halcrow-Swazey
1,400
Jan
10%
22c June
Hamilton Bridge
Hard Rock
4c
97
May
4% May
310
500
Halliwell
86c
80
5H
22c
50c
Jan
10
41
81
4%
Jan
2.68
4c
Feb
18%
7c May
25o May
6.901
2,100
86c
70c
10% June
9 Ho June
1.10
8
Jan
19c June
60
4,800
4,900
91c
9H
lie
2,700
11c
Jan
nil
500
23c
30c
Apr
...i
7%c
IHc
Golden Gate
193
*
Bathurts Power A
Bear Exploration
Beattie Gold
Mar
26c
7c
12,100
21%
lHc
17o
14c
June
9%c
3.00
lie
16
10c
1.75 June
lie
35
Jan
30c
4c May
2Hc June
910 June
*
Base Metals
Jan
20c
......
400
10c
22%
*
3,000
9c
May
80
1
1.75
"285"
14
1
5%c
2 He
...1
.100
Bank of Nova Scotia.. .100
Barkers pref
-50
2,362
3% June
Goldale
1.01
1
Jan
16%
16%
......
5c
1,000
27
81
1
1.75
mm
June
11
Gillies Lake
2Hc
mmm
Ashley
21
11
......
2Hc
Arntfield
5
7%c
23c
*
Gold Belt
Shares
"24 H
1
AlbertaPacificGraln prf 100
»
Aldermac Copper
High
610
.......
100
Apr
4
16
mmmmmm
*
6%o
10%
14%
mmmmmm
Foundation Petroleum.25c
30
21
3%
16 H
Class B.
2c
Jan
21
mmmmmm
*
2.25
23
2c
3H
100
A
1.75
20 H
8
God's Lake..
Week
Price
-
Falconbrldge
Fanny Farmer
Glenora
Sales
Week's Range
9
General Steel Wares
June 14, both inclusive, compiled from official sales lists
Last
Central
Week
1
Preferred
Exchange
Friday
Canada
for
of Prices
Low
High
Price
Par
Chemical Research
Week's Range
Sale
Gatlneau Power
Aunor
Sales
Last
Extension Oil...........*
Wrlght-Hargrea ves
;
unlisted
Apr
200
and
ll1 Jordan Street
Jan
15c
Beaufor Gold Mines Ltd.. 1
Bidgood-Kirk Gold
listed
on
F. J. CRAWFORD & CO.
Feb
16H June
invited
Canadian Mining and Industrial Securities
High
Low
Shares
13%
*
pref
cum
Inquiries
Sales
Last
Naybob
*
No par value.
......
......
37
6c
40c
35
......
WC
24
4c
......
*
41H
-1
15c
35
45c
37
2c
:
13c
25c May
2%c
I%c
24
58o
Jan
Jan
12%
Apr
45c May
1.33
Jan
323
50c
6c
......
......
26
45c
0c
4 %c May
40c June
93%c
Jan
0,000
2c June
80
Jan
1,000
3,500
9,800
46%
15c
6%
1,000
25
4c
s.
2,000
1,655
14,600
lc
24
Jan
May
5c June
9c
Jan
2%c Apr
26% Mar
June
21 %c
69
Jan
12%c June
37%c
Jao
35
Jan
The Commercial & Financial Chronicle
3806
June 15,
1940
Canadian Markets—Listed and Unlisted
Toronto Stock
Bale
Stocks
Pai
(Concluded)
Newbec
(American Dollar Prices)
High
I'll
2,158
1,500
3,100
2c May
5.500
50
47
47
May
Abitibi P <fe P ctfs 5s—1953
27
30
Gen Steel Wares 4 Ms. 1952
Acadia Sugar Bel 4Hs 1955
Alberta Pac Grain 6s..1946
77
56"
4c June
7c
Feb
27c June
60c
Apr
4c
30c
65c
70c
4,615
65c June
1.81
Jan
*
65c
70c
4,350
65c May
1.35
Apr
British Col Pow
56
"~1
Omega
14c
15c
4,500
34c
Jan
Brown Co 1st 5Hs
25
66
20c June
61c
May
Feb
63
1,000
13H
Mar
4
25c
7
0. m m m m m
4
25c
•
Orange Crush........
8
Plata......
Ill*
Ottawa Car
■
Page-Hereey
Pamour Porcupine
3,350
3M
200
2MC May
91M June
90"! May
3M June
3c
..
Partanen-M alartl c.
3c
4,100
3c June
3c
1
21c
20Mc
23c
1.02
1.16
2.50
2.44
2.60
1.60
1.75
...1
Cons
Perron
Pickle-Crow
...1
Pioneer Gold....
...1
Roche L L
...1
Sand River
1.35
i
76
N Scotia Stl A Coal 3H8 '63
47
10c
Apr
Canadian Vickers Co 6s '47
29
Power Corp of Can 4 Ms '59
Price Brothers 1st 5s_.1957
61
64
Consol Paper Corp—
55 M
57 M
32
Quebec Power 4s
1962
57
59
53M
55M
Saguenay Power—
60
62
1966
62
64
Simpson's, Ltd 4&S—1951
Winnipeg Electric—
76
20c May
53e
Jan
2.12
Jan
2.25 May
1 60 June
4.25
Jan
2.35
Apr
»
mmmmmm
....
.50c
Sherrltt-Gordon
...i
59
61
1956
41
43
4-5s series A
Famous Players 4 Ms. .1951
Federal Grain 6s
1949
59
61
4-5s series B.._.
55
Feb
1,500
»
mrnmmmm
150
165
20
9c
1.45
18
6c
7c
10c
12c
2,000
4,684
1,500
6,200
16
17 M
!KJ
lMc
lHc
82c
87c
1,750
1,650
24
Jan
1.24
Jan
Edward A.
6
21H
Feb
6
105
85
m
'
60c
66c
6,010
20c
m
25c
3,300
1,500
4Mc
"lll7
1.05
3Mc
4c
Jan
Jan
Jan
buy
refugees.
11c
1.20
2,450
70c
1.95
2.12
...i
"2.80
mm
mm
mm
m
m
m
m mm
2,200
3,525
9
2.75
3.00
3,210
1.10
1.10
105
5
600
105
5
1.05 June
3 10
Apr
8Hc
Apr
9c June
20 He
Mar
1.00 May
52c May
2.05
supplies for distribution among European war
It is also proposed to increase the borrowing
farm
of Commodity Credit Corporation from $900,000,000
$1,400,000,000 to enable the corporation to cope with the
power
9
to
Jan
June
3.45
Feb
May
1 95
Jan
12
Feb
needs for commodity loans to help stabilize farm prices.
Other proposals outlined in the program were as follows
2 75 May
4.15
Jan
2.25
1.10 May
105
May
110
May
Jan
1
Toronto Elevator
*
16
17
110
16
June
32
43
43
30
43
June
49
Apr
76
76
10
75
90
according to
Washington dispatch of June 6 to the New
a
York "Journal of Commerce":
Jan
Toronto Elevator pref.. .60
Toronto Genera) TrustslOO
Feb
Towagmac
-.1
Uchl Gold.
mm *»
m
m
m
-.1
lie
1.15
100
1.90
1 00 May
.11c
12c
1,500
May
10c May
35c
35c
925
35c June
Jan
35o
Jan
1.12
Jan
'
'
Union
'
•
"13M
Gas
United Fuel A
me
'
mrnmmmm
•
United Steel
12 M
13 H
705
12
31
mm
United Oils
32
245
30
4
4
140
3
17
3
Mar
Vermilata OH
8Hc
Jan
6H
Jan
3M
2,930
56c
66c
6,584
2.00
2.10
10c
14c
1,210
3.00
2.75
3.35
5,040
May
29 M
31K
1,185
29 H
June
345
16 H
June
20H
16o
Anr
4i
Walkers.............. 11*
31
"
*
Preferred
Western Canada Flour.
Westons
6c
m
mm
100
...
8Hc
2
2
1,935
May
56c June
97c May
Jan
June
4.35
10c June
17 Up.
Jan
4,000
10 H
81
June
5
Jan
555
10
May
15
76
June
99
Apr
if
1.10
1.10
200
1.00 May
2.62
Jan
1.10
1.10
95
1,00 May
2.38
Jan
10c 10 He
30c
Jan
2,000
10c May
Wright Hargreaves
*
"5! 10
5.00
5.35
6,142
4 25 June
Ymlr Yankee-
*
7c
5MC
7c
4,900
4c May
•
mm
mm
8.15
Jan
5
Apr
He
Bonds—
Uchl Gold
.....
mm
War Loan 1948-1952...
canning
act
.
to
3.
m
99M
...
Toronto Stock
to
65
70
99 M
99 H
200
$4,350
65
June
99 H
May
Feb
97
100H
Apr
Exchange—Curb Section
Friday
Last
Sale
Stocks—
Par
Price
*
Can Bud Brew
...»
Canada Vinegars
Canadian Marconi
Montreal Power
*
5
Shares
Low
70
3
provide
Use
of
5
5H
100
4
Jan
6H
35
5
May
15H
cushion
850
65c May
1.40
1.00
800
1.00 June
2.30
8H
Apr
mrnmmmm
27
1.46
mmmmmm
*
4,446
3
May
24 H
115
22
June
36c
1,400
8 He
8 He
500
3H
4H
26
27
1.25
130
1.67
130
1%
1H
120
15,300
10
10
40
Apr
Jan
36c June
1.05
Jan
8Hc
June
18c
Apr
26
May
99c May
126
May
1H June
31H
2.35
130
3H
war
marketing
and
shock
of
storage
these
Feb
Jan
June
Apr
No par value.
Kingdom Day Held
at
New York World's Fair—
Lord Lothian and Count de Saint
Quentin
Speak
Kingdom Day ceremonies held at the New
York World's Fair on June 12, Lord Lothian, British Am¬
bassador to the United States, said in his address that
Italy's entry into the war is the one act most likely to convert
the European war into a World war. He said that he believed
Premier Mussolini had taken this action contrary to the
wishes of the vast majority of Italian people.
The French Ambassador to the United States, Count Rene
Doynel de Saint Quentin, also addressed the gathering.
Other speakers on the program included: Major James A.
Parmaiee, Canadian Deputy Minister of Traae and Com¬
merce; Edward J. Flynn, United States Commissioner Gen¬
eral; Mr. Whalen and Cecil M. Pickthall, British Commis¬
At United
sioner General.
cope
excluded
now
machinery and controls to
the
war
with
operations
disturbances
marketing
and
they
as
from
cope
to
this
with
emergency.
affect
Use
land
of
with
all
its
reasonable
attendant,
safeguards against
disastrous
ownership and tenure.
to
agreements
producers
of
dis¬
6.
of
Discouragement of bringing
lands
range
viduals
for
with
Within
steps
to
field
in
domestic
Amendment
of
of
wording
will
of
the
we
may
R.
and
agricultural
and
family
breaking
or
distress
and
C.
of
demand
war
the
of
up
indi¬
and
form
constitute
Act
depression
program
dairy
full
a
to
products
will
as
take
and
de¬
prevent
reserve
against
to meet.
upon
provide
to
armament
of
of all kinds.
agricultural
meat
for
shock
power
processed
be called
F.
for
of
cushion
present
stocks
raw
markets
the
agricultural commodities
tionary
eventual
save
time purchasing
peace
both in
world need which
9.
result
withdrawal
volume such
crops
of
in
debt
farm
lands into production
new
can
which
framework
acquire
and
sudden
measures
the
speculation
on
wastage of lands involved.
flow of
the
restore
8.
nothing
and
Preparation
7.
any
where
concerned
expenditures
and
effects
*
for
barter
of
surplus
materials.
The present discre¬
this amendment should be changed to a mandatory
Vi
'
'v
strategic
war
■
Farmers Increased Their Use of Short-term Production
Credit
First
in
Five
Months
of
Year, Says C.
R.
Arnold
Use of short-term production
out the nation increased
year
from
credit by farmers through¬
during the first five months of this
according to reports to the Farm Credit Administration
528 production credit associations, it was announced
June 14 by C. R. Arnold, Production Credit Commissioner.
Loans outstanding at the close of May this year totaled
$195,000,000, compared with $183,000,000
United
policy to
emergency.
Continuation, perfecting and as may be necessary expansion of pres¬
machinery for moving surpluses into domestic and foreign consumption.
5.
Apr
36c
*
the
Mar
22
coordinated
a
4.
ent
Jan
80c
3H
of
Marketing Agreements Act of 1937
June
70c
6
date
Agricultural
adequate
loan
basis.
High
May
5H
24 H
...1
.100
High
6
*
Robt Simpson pref.
Rog Maj A
of Prices
Low
Range Since Jan. 1, 1940
1.00
...»
Pend-Orellle
for
Week
75c
Coast Copper
...5
*
Consolidated Paper...
...1
Week's Range
6H
mrnmmmm
*
Kir kland-To wnsite
Sales
4H
...1
Dominion Bridge
Foothills
the
and other agricultural commodities
crops
moralization
June 14, both inclusive, compiled from official sales lists
Beath class A
of
tressed commodities.
tiee
June 8
early
an
the surplus problems growing out of
Anr
10
10M
2
mm
mmmm
III
Extension
2.
Jan
2 70
mrnmmmm
Class B_____.
Wood Cadillac
at
agricultural surplus problems growing out of the
Mav
6.06
43 H
1 95
50
81
10M
...
Preferred
17
16 M
6c
mmm
Winnipeg Electric cl A.
.
16 H
111
Wendlgo
Formulation
Feb
6c June
3M
*
waite Amulet
1.
Feb
42
May
May
3c May
"2.00
111
Upper Canada
Ventures
in
use
1.02
Toburn
1.15
sur¬
pro¬
disposing of surx>luses in domestic and export outlets and
another $100,000,000 fund for the American Red Cross to
6H
3Hc May
The
calls for an appropriation of $100,000,000 for
gram
7Hc
9c
9
Jan
86 H
60c
mm
2%c May
Apr
June
1.10
mrnmmmm
95c
61c
plus problems growing out of the war emergency.
June
10c
mmmmmm
May
60c May
20c June
Apr
Mar
4
1.10
*
12H
105
62
...»
...I
June
June
on
twelve-point program designed to mfeet argieultural
a
215
4
63 H
1.32
'.Hi
...l
5
79 H
O'Neal, President of the American Farm Bu¬
Federation, submitted to President Roosevelt
20
4Mc
4
Nominal.
n
Federation
Jan
5Hc
May
lHc June
81c May
5
25,095
15,500
10,600
100
16'
15
84
28
Farm Program to Meet Surplus Problems Arising from
War
Urged
on
President
Roosevelt
by
Farm
15
5
price,
/Flat
value.
par
reau
80
mrnmmmm
...I
Jan
Jan
m
*
Tip Top Tailors..
Jan
57c
Jan
m
mm
mrnmmmm
*
Teck Hughes....
Texas-Canadian
15c
10c June
1.18
62
common
5 He May
8.75
*
Sylvanlte Gold
Jan
58c May
22 Mc
_*
Sullivan.........
Feb
4.85 May
15
May
m
42
26
Jan
21c
2.50
570
mmmm
Steel of Canada
Straw Lake Beach
36H
8c May
1.25 June
12,042
mm
1
Steep Rook Iron Mines
No
73c
m
38
1965
Jan
5.25
m
Slscoe Gold
South End Petroleum.
Standard Paving pref-
*
May
..1965
Jan
Jan
190
May
63c
m
1100
Bladen Malartle
67c
6Hc
2 He May
43
9c
*
Class B
16c June
500
3c
4s
5.00
i
Simpsons A..........
16c
165
Jan
49"
57
12 H
2.3s
May
1 40 June
4Mb series B___
1951
Co—
Dom Tar & Chem 4Mb
Donnacona Paper
1.30
mrnmmmm
Sigma
mmmmmm
30
ex-stock
1961
Doxn Gas dc Elec 6)48.1945
Dom Steel & Coal 6 Ms 1955
Jan
16c
mrnmmmm
27""
5 Ha
Jan
6c
iih
Tamblyn
1943
65
Jan
mrnmmmm
Sbawkey
Sheep Creek.
...
Montreal Cotton 5s
Canadian Loeomot 6s. 1953
1.42
mmrnmmm
...i
Sturgeon River
McColl-Front Oil 4 Ms 1949
72
Apr
2.18
20
20
nil
Sudbury Basin...
62
70
6
11H
3c
8t Anthony
Preferred
60
Canadian Inter Pap 6s 1949
June
158
01
Canadian Canners 4s. 1951
Jan
2.35
80c May
16c
"l59"
.100
59
1957
_.
38
1945
Jan
111
1 02 June
6
24
Minn & Ont Pap 6s
80c May
85
51M
22
56
5%
27,620
4©H
63"
Canada 8S Lines 5s.
53 M
51M
54
700
7
62
1961
5Ms.
61
205
1.56
-
4££s.l951
Canada Cement
90c
1.40
58 H
H
Maple Leaf Milling—
2Ms to '38-5Ms to *49..
Massey-Harris4M8
1954
80c
6M
"l".47
San Antonio...
fihawlnlgan
60
76
7
1
Senator-Rouyn
52
55
1941
.
Canada Bread 6s
80c
Pressed Metals.......
Preston E Dome..... llh
Reno Gold
...1
62
60
1948
4HS-1960
1946
Calgary Power Co 5s. 1960
80c
_
...
16,106
7,275
4,190
2,350
2,850
Feb
6Hc
54
Algoma Steel 5s
5%
1
Powell Rou..........
Power Corp
Premier............
Royal Bank..,
Royallte OH
2,500
175
95
1.10
Paymaster
June
95c
3c
91M
92
4
.
3 He
7
92c
4
__
75
3M
Pacalta Oils
*
..
59M
50
Hamilton Cotton 4Ms 1950
Int Pr & Pap of Nfld 5s '68
Lake St John Pr & Pap Co
27
25
13c May
3
Jan
57 M
Gt Lakes Pap Co 1st 5s '55
4c
Okalta Oils
Ask
Apr
I'll
O'Brien
Pantepec.
Bid
Ask
Jan
4 He
78 H
27c
""30c
Normetal
•
Low
Shares
2 He
2c
2c
Mines......
Nordon Oil
Oro
High
Range Since Jan. 1, 1940
Bid
«
Nor an da
of Prices
Low
Price
for
Week
Utility Bonds
Closing bid and asked quotations, Friday, June 14
Sales
Week's Range
Last
Industrial and Public
Exchange
Friday
inl939.
This
from
an
all-time high
credit
associations
represents
production
May also recorded
ning
up
an
increase in
for
the
volume
to borrowing
new
business
or
the same date
of
loans
farmers.
outstanding
The month
advances, the total
of
run¬
to $28,522,000, compared with $26,016,000 in the same month last
;;v
year.
The
on
Mr. Arnold stated:
increase
greater
amount
Houston,
volume
in
of
Texas,
so
loans
this
far
outstanding
districts,
where
the
year
in
is
the
largely attributable to
Louisville,
increases
were
the
Kentucky,
and
$2,200,000,
and
$3,300,000, respectively.
It is pointed out
credit
then
that the system of cooperative production
organized early in 1934 and since
for farmers Was
the
1,500,000
production predit
loans
said Mr.
for
over
associations have made nearly
$1,500,000,000.
"Interest
rates,"
Arnold, "are as low at present as at any time since
credit system was started and they probably
represent an all-time low for this type of farmer credit."
the production
The Commercial & Financial Chronicle
Volume ISO
Quotations
New York
City Bonds
a3s
Jan
1977.
a3s
Feb
1979.
-91%
90%
•
a3%s July
a3%s May
a3%s Nov
1975.
m
1954.
1954.
a3%s Mar
1960.
a3 %s Jan
1976.
a4s
May
1957.
102% 103%
«,
102% 103%
1958.
*m
May
1959.
m
May
1977.
m
Oct
1980.
•
m
1960.
1962.
m
m
•
1974
m
Ask
111%
-
111
112%
111 3^
mm
15 1976
Bid
110% 111%
%% A1% due July
112%
1977
1978
a4%s Mar
a4%s May
1
1981
1957
105% 107
a4%s Nov
1
1957
105% 107
a4%s Mar
1
1963
a4 %s June
1
1965—
11940 6.25%
%% due—.Nov
%% due
Dec
Sept
Oct
3 1940 6.30%
1 1940 6.30%
%% due
Jan
%% due
Ask
June 1 1941 6 .45%
1 1940 6 .30%
2 1940 6 .35%
2 1941 6.35%
111 % 112%
107
Bid
•
Sam
112 % 114%
1
Ask
11940 6.25%
Aug
%% due
%% due
111% 113
111 % 113%
mm
1
15
101%
99% 101
105
Nov
a4%s Mar]
1
a4%s Feb
a4%s Jan
a4%s Nov
100
a4s
1966
•
15 1972
a4%s Apr
m
m
1964
1
a4%s Apr
®4%s June
a 4s
a4%s Sept
96
1
»4%8 Mar
97%
a 4s
a4s
90%
92%
92%
110 ■'
Ask
89
1969.
Federal Intermediate Credit Bank Debentures
Bid
Bid
a2%s July
Over-the-Counter Securities—Friday June 14
on
106%
108%
107% 109
109% 111
109% 111%
1
a4%s July
a4%s Dec
mm
—
1967
1
m
m
m
Chicago & San Francisco Banks
■v,
115% 117
1979
Bid
Ask
193
Par
Ask
Bid
Harris Trust A Savings. 100
Northern Trust Co
100
198
281
291
470
495
Continental Illinois Natl
118%
116%
Par
American National Bank
A Trust.
100
114% 116
m
mmm
m
113% 114%
114
115%
mm
m
%% due
113%
111% 113
m
m
15 1971
a4%s Dec
112
mm
Bank A Trust
First National
33 1-3
69
71
....100
199
205
SAN
FRANCISCO—
Bkof AmerNTASA 12%
32%
34%
New York State Bonds
Bid
3s 1974——..——
3s 1981
Ask
less 1
62.35
less 1
Canal A Highway—
5s Jan A Mar 1964 to *71
134%
134%
Can A High Imp 4%s 1965
132
Public
...
Bid
4%s April 1940 to 1949.
Highway Improvement—
6130
4s Mar A Sept 1958 to *67
127%
127%
'mm sis
Ask
Port of New York-
Holland Tunnel 4%s ser E
105
3%s '76
101%
3s 1976
96%
100
ser
Gen A ref 4th
A/AS
6.25
1942-1960-.....-. A/AS
ser
Inland Terminal 4%8 ser D
1941.—M AS
1942-1960
M AS
.1977
Trlborough Bridge—
3%s s f revenue
6.50
-
•
'
106%
mm
m
—
2%s serial rev 1945-1952
62.25
90
40
75
Chase......—.13.55
98%
Ask
Bid
Bensonhurst National... 50
99%
699 to
28
13%
102
4%s July
1952
5s
Apr
1955........
99
Feb
1952
109
103
6%B Aug
1941
Bid
mmm
120
29%
165
175
640
113
109
Bid
Par
''■'"mm
Brooklyn
110
Bid
4s 1946 opt 1944
27
28%
23
25
Par
17
r3
99
3%
51
17
20
Irving
1
71%
76%
Kings County
Lawyers
—25
26%
Manufacturers
—.20
30
32
50%
52%
93%
96%
35
Oregon-Washington
Pacific Coast Portland fie—
100
39
New York
Continental Bank A Tr.10
11%
12%
99
63
Illinois Midwest 4%s, 5s._
99%
'"■■■
-V,
mm m
mrnm
5s
48%
49%
Trade Bank A Trust.
20
10
Phoenix
4%s
100
''.mmm
98
■
.•'I"
102
r22
■'V
-.25
3
2
10
11
13
Underwriters
-100
80
90
-100 1505
—
1555
We offer for IMMEDIATE DELIVERY
$250,000—each
New Jersey and New York Metropolitan
mmm
yield
over
4.15
Telephone Whitehall 4-8050 collect
'-"m m'm
24
Travers
mmm
13%
rl2%
Southwest (Ark) 5s
Union Detroit 2%s
to
mm*'
1
99%
Southern Minnesota
%F.H.A. MORTGAGES© 1041/4
mmm
'mtmm
99
%s,2s._.
80
Virginian la, l%s
mmm
Preferred
29%
United States
10
9
10%
1560
47%
103
San Antonio
9%
Title Guarantee A Tr —12
mmm
98%
Phoenix
Potomac 1 %8
St. Louis
100
Fletcher %s, 3%s
Fremont 4%s, 5%s
O
44%
5
Pennsylvania l%s, l%s...
m
1
84%
00 ITS
r44
99
.'•.'.'■."mm
1
-100 1510
30
85
81
99
99
268 ^
42%
First Montgomery—
mmm
210
263
281%
50
82
99
'■
190
100
—
Ask
81
l%s„
99
..100
Guaranty
20
78
New York 5s
First New Orleans—
Ask
49
Fulton
99
Lincoln 5%s
North Carolina %s,
Bid
335
Clinton Trust
Empire—
Bid
Lincoln 5s
99
Denver 2s, 3s—————'
First Carolina—
Bank Bonds
Lafayette %s, 2s
Lincoln 4%s
rl5
Chicago
Companies
Ask
Bid
Chemical Bank A Trust-10
Ask
105% 105%
109% 110%
JAJ
Ask
99
4%s, 4%s__
42
Corn ExchBk ATr
3%s 1955 opt 1945..MAN
Joint Stock Land
Iowa
50
320
.
IndlanapollsS?
11%
Sterling Nat Bank a Tr 25
v
4%s, 4%s—
12%
9%
10
100
100
Central Hanover
104% 104%
Is, 2s
26
10%
10
Bankers
Bronx County new
Bid
3s 1956 opt 1946
First Texas 2s, 2%s
First Trust Chicago—
43
24%
17%
New York Trust
Bank of New York
110%
ASk
104% 104%
104% 104%
l%s, 2s
Ask
?8
120
100
109
109%
Conversion 3s 1947
3s 1955 opt 1945—....JAJ
3s 1956 opt 1946
JAJ
3s, 3%s
Penn Exchange
Peoples National
1655
114
106
Federal Land Bank Bonds
Burlington
Bid
690
100
Merchants Bank
'■'imm-
110
4%s July 1952
6a
July 1948 opt 1943.
U 8 conversion 3s 1946
Atlanta l%s, 2s
Atlantic %s, l%s
Par
National Bronx Bank...50
National City
-.12%
National Safety Bank. 12%
100
First National of N Y..100 1615
Ask
102% 104
MAN
1 1942 100.23 100.26
1%% notes Feb 11944.. 101.16 10120
2.90
Govt of Puerto Rioo—
101
6s
Hawaii 4%s Oct 1950-—
July
U S Housing Authority—
103
99
1 1941 100.16 100.19
15 1942 100.16 100.19
Public National
U S Panama 3s June 11961
100
1959
Jan
...
15%
•
Fifth Avenue
Ask
Government—
4%s Oct
Nov
New York Bank Stocks
Bank of Manhattan Co. 10
Bank of Yorktown__66 2-3
United States Insular Bonds
Philippine
%%
%%
1%
Commercial National.. 100
Bid
100.17 100.20
%% notes July 20 1941
102.10
mmm
■
97%
Par
1980
rev
1 1940 100.18 100.24
mmm
1953-1975..
38 serial
Deo
100.12
Corp—
-
107%
Gen A ref 8%s
Ask
Loan Corp
%s
May 15 1941 100.8
Reconstruction Finance
100 26
Call Nov 16 '40 at 100% 100.28 101.4
1%8 Jan 3 1944—
Call July 3 '40 at 10?
100.16
100.6
Ask
Gen A ref 4s Mar 1 1975.
100.10
2s
Apr
1 1943 102.4
Federal Natl Mtge Assn—
2s May 16 1943—
...
Bid
106% 107%
Bid
Home Owners'
Federal Home Loan Banks
Authority Bonds
Gen A ref 3d
1941
Commodity Credit Corp—
%%
Aug
1 1941 100.7
1%.
Nov 15 1941 100.23
...
112%
Barge C T 4%a Jan 1 1945.
Ask
...
2s
Bid
California Toll Bridge—
San Fran-Oakland 4s '76
World War Bonus—
Canal Imp 4s JAJ '60 to *67
62.60
Highway Imp 4%s Sept '63
Canal Imp 4%s Jan 1964_.
Obligations of Governmental Agencies
Ask
Bid
62 25
King & Company
One Wall Street
99
85
99
New York
'''mmm-
Joint Stock Land Bank Stocks
Par
Bid
100
78
82
New York...........100
3
48
North Carolina
100
88
94
56
62
Pennsylvania
100
30
34
Atlantic
Ask
FHA Insured
6
44
Atlanta.........
Bid
Par
Ask
Dallas
100
Denver
100
47
51
Potomac
100
100
100
51
58
San Antonio..........100
97
103
First Carollnas...
100
14
18
Fremont
100
2%
5
Lincoln
100
4%
7
on
Request
110
Des Moines
Mortgages
Offerings Wanted—Circular
Virginia
5
Virginia-Carolina
FISCHER
3
2%
100
100
WHITEHEAD A
105
44 Wall Street, New York, N. Y.
Telephone: WHitehall 3-6850
Telephoneand Telegraph Stocks
Par
Bid
Ask
81
Preferred
100
Bell Telep of Canada—100
86%
/x
:///.
Bid
Par
FHA Insured
Ask
95
105
114
Cuban Teleph 6% pref. 100
15
11
16
26%
29%
28
32
Bid
40
116%
Telegraph...25
Peninsular Telep com
*
Preferred A__
25
:
50
41
Franklin Telegraph
20
100
Mtn States Tel A Tel.. 100
126
Arkansas 4%s
...
-
Delaware 4%s
36.50 1st pref
7
110
100
District of Columbia 4%s.
Florida 4%s
—
.
72
Int Ocean Telegraph... 100
Alabama 4%s
6s
Rochester Telephone—
Emp A Bay State Tel.. 100
132
So A Atl
Georgia 4%s
Telegraph
25
15
Sou New Eng Telep... 100
143
Illinois 4%a. .............
148
Indiana 4% s
Louisiana 4%s
—.
101% 102%
101% 102%
102
103%
101% 102%
102
103%
101
102%
101% 102%
101% 102%
101% 102%
101% 102%
Maryland 4%s
Bid
Ask
*
3%
5
B/G Foods Inccommon..*
1%
2%
Bohack (H C) common
1%
Par
Bid
100
65
Ask
103
101
New Jersey 4%s
Minnesota 4%s
A servicing fee
102
New Mexico
4%s
(Metrop area) 4%s_.
New York State 4%s
North Carolina 4%s
Pennsylvania 4%s
Rhode Island 4%a
South Carolina 4%s......
Tennessee 4% s
Texas 4%s
......
N Y
Insured Farm
103%
102
Michigan 4%s
Bid
102
Massachusetts 4%S
Chain Store Stocks
Par
Mortgages
Asked
Asked
114
110
100
Bell Telep of Pa pref
New York Mutual Tel..25
Pac A Atl
Am DIst Teleg (N J) com.*
Mtges4%s
Virginia 4%s
102%
102% 103%
West
....
Virginia 4%s..
103
101% 102%
101
102
102
103
101% 102%
102% 103%
102
103%
101% 102%
101% 103
101% 103
101
102%
101
102
101% 102%
from %% to %% must be deducted from Interest rate.
2%
Berland Shoe Stores
*
100
17
21
100
(M H) Co Inc..*
104
Kobacker Stores—
7% preferred
108
7% preferred
Miller (D Sons common. .5
8%
Diamond Shoe pref
Fish man
...
7
8%
preferred
Reeves
1
50
6% pref... 100
11%
12%
(Daniel) pref... 100
99
35 preferred
F.H.A. INSURED MORTGAGES
.
*
15%
'-■•J
17%
The best "Hedge" security
for Banks and Insurance Co**,
Circular
*
No par value,
f Flat price,
maturities,
Interchangeable.
6 Basis price,
d Coupon,
e Ex
on
New York Stock Exchange.
1 Quotation based on S89.50 of principal amount.
Pept. 25
5%
^
request '■'
f
•
was paid on July 2 and
7^'2 'I'M
STORMS AND CO.
Commonwealth Building
v
Quotation not furnished by sponsor or Issuer. -rv ./■■
on
Interest-
n Nominal quotation,
r in recelvorshlp.
Quotation shown 1s for all
to i When Issued
to-s With stock,
x Ex-dlvidend.
y Ex-rights.
fNow listed
♦
a
\
17
■
United Cigar-Whelan Stores
Kress (S H)
SPECIALIZING
3
12
I
Phone Atlantic 1170
PITTSBURGH. PA.
'
The Commercial & Financial Chronicle
3808
June 15, 1940
Quotations on Over-the-Counter Securities—Friday June 14—Continued
Insurance
Guaranteed Railroad Stocks
/
120 Broadway
65
69*$
18?$
15*$
20*$
Jersey Insurance of N Y.20
32*$
Knickerbocker. .........5
7J$
8?$
Lincoln Fire
1?$
2*$
4*$
Maryland Casualty.....
IX
2?$
37?$
13?$
6*$
H?$
39?$
15*$
10*$
..25
41*$
34
Bankers A Shippers... ..25
100
Boston
Par in Dollara
Bid
Asked
10.50
6.00
60
65
..60
2.00
24 *$
28
.100
8.75
71*$
74*$
Cleve Cln Chicago A St
—
112*$
Amsterdam Cas.
27
Brunswick
13
14*$
27?$
40*$
12*$
29*$
44?$
14
26*$
31*$
87*$
93
2*$
21*$
22?$
Employers Re-Insurance 10
43
34*$
38
Exoess
78
82
Federal
8?$
39*$
23$
47
3.00
10*$
41*$
15
7?$
126
1*$
-
—10
Louis pref (N Y Central). .100
6.00
53
58*$
Fidelity A Dep of Md. —20
..60
3.60
70*$
74*$
Flre Assn of Phila
48
Fireman's Fd of San Fr.25
Cleveland A Pittsburgh (Pennsylvania)...
8
7
25
2
...10
54
65$
293$
—
—
6.00
10
26*$
52
18*$
.100
8.50
7*$
23*$
120
20*$
163$
.100
.100
53*$
44
6*$
..10
25
Eagle Fire
....
102 *$
50
40
National Liberty
2
jnal Union Fire....20
18?$
10
—
Albany A Susquehanna (Delaware A Hudson)..... .100
.100
Allegheny A Western (Buff Roch A Pitts)
Beech Creek (New York Central)
Boston A Albany (New York Central)
Boston A Providence (New Haven)
Canada Southern (New York Central)
Carolina Cllnchfleld A Ohio com (L A N-A O L)_.
5
Casualty......10
National Fire
89
578
-10
City of New York
6
City Title
10
Connecticut Gen Life.
.5
Continental Casualty-
66
National
7?$
6?$
85
560
5
Camden Fire
Carolina
6.00
60
Bonding A Ins.. 12*$
Merch Fire Assur com
Merch A Mfrs Fire N Y.
36
.100
Alabama A Vlcksburg (Illinois Central)
Mass
6
43*$
—10
Baltimore American.. -2*$
'
Dividend
35*$
2
10
American Surety
(Guarantor In Parentheses)
57*$
16?$
Automobile
Guaranteed Railroad Stocks
16?$
56
9
American Re-Insurance. 10
..10
American Reserve
2-6600
STOCKS
^Si nee 1855,
15*$
10
Ins Co of North Amer
Co com 6
American Home
10
American of Newark.. -2*$
GUARANTEED
NEW YORK
28
...25
Amer Fidel A Cas
Tel. RE ctor
29*$
10
...10
!<!
American Alliance
American Equitable.. ...5
Ask
27 H
1
5
Home Fire Security
Homestead Fire
48?$
Bid
10
Aetna Life
Yerk Stexk Ex*tanft
DMkraia
Home
463$
26*$
Agricultural
3o$epb Walkers Sons
Mtmktn \ru>
Par
109
105'
Aetna Cas A Surety.... 10
...10
Aetna
Companies
Ask
Btd
Par
102
—10
533$
82*$
3J$
2:112
122
104
114
30*$
70?$
108
55?$
12*$
86*$
27?$
33
72?$
14*$
29?$
..60
2.00
45
Delaware (Pennsylvania)
..26
2.00
41
44
Firemen's of Newark-. —5
7
83$
5*$
7J$
Fort Wayne A Jackson pref (N Y Central)....
.100
6.60
50
56
Franklin Fire
5
26
27*$
Georgia RR A Banking (L A N-A C L)...
Lackawanna RR of N J (Del Lack A Western)
Michigan Central (New York Central)
.100
9.00
145
155
23?$
19?$
21*$
Morris A Essex (Del Lack A Western)
New York Lackawanna A Destern (D L A W)
..60
.100
6.00
46
51
Glens Falls Fire
Northern Central
..60
4.00
85
89
Globe A Republic
..60
4.50
Betterment stock
.......
.100
(Pennsylvania)
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel).
4.00
35
.100
60.00
*$
600
38*$
800
23
3.875
25*$
34?$
36 J$
-10
23
25
Gibraltar Fire A Marine. 10
19
21
37*$
39*$
29*$
31*$
8*$
9*$
26*$
28?$
General Reinsurance
Corp 5
Georgia Home
5
Globe A Rutgers Fire. —15
35
1.60
39
43
3.00
78
85
Great American
.100
Pittsburgh Fort Wayne A Chicago (Penna) pref
Pittsburgh Youngstown A Ashtabula pref (Penna)., .100
7.00
167
172
Great Amer Indemnity
...
7.00
145*$
Second preferred
..........
Tunnel RR St Louis (Terminal RR)
.100
124
3.00
15
103*$ 108*$
583$
2*$
3*$
190
240
54*$
129
58
63
9
11
'
Halifax
49
6.00
7?$
23*$
12
—6
6.64
220
5?$
22
2d preferred
..50
Rensselaer A Saratoga (Delaware A Hudson)....., .100
St Louis Bridge 1st pref (Terminal RR)....
.... .100
4
2*$
210
53*$
30
..60
Preferred
25*$
10
8?$
10?$
1
17
18*$
Hanover.
10
z21*$
23
I
41
43
72
74
1
59*$
63*$
52*$
54*$ n
27?$
29*$
1
-10
Hartford Fire
Hartford Steam Boiler -10
.100
6.00
United New Jersey RR A Canal (Pennsylvania).... .100
Utlca Chenango A Susquehanna (D L A W)
.100
10.00
6.00
37
.100
Valley (Delaware Lackawanna A Western)
Vlcksburg Shreveport A Pacific (Illinois Central).. .100
6.00
50
5.00
50
55~"
.100
5.00
53
68
Alabama Mills Inc
*
..50
3.50
16 *$
21
American Arch
*
..50
3.00
50
54
Amer Bern berg A com...*
411
401
Preferred
Warren RR of N J (Del Lack A Western)...
West Jersey A Seashore (Penn-Readlng)
125
131
236*$
241
Industrial Stocks and Bonds
42
Par
Amer Cable A Radio
Railroad
1*$
Ask
2?$
27
12*$
14?$
1*$
5
30
2*$
Bid
2d
Aak
3*$
41?$
44*$
Pilgrim
1
2
2?$
19?$
21*$
Pollak
Manufacturing
*
Telegraph System
4% preferred
60
Remington Arms com
*
Safety Car Htg A Ltg
60
13
14?$
Canadian National 4*$s-6s
Canadian Pacific 4*$s
68.60
7.25
68.00
7.00
Central RR of N J 4*$8__.
Central of Georgia 4s
Chesapeake A Ohio 4*$b__
64.00
2.10
63.26
2.25
64.50
3.50
North Amer Car 4J$s-5*$s
64.40
3.50
Autocar Co
10
7*$
62.00
1.00
Northern Pacific
62.40
1.75
Bankers Indus Service A.*
*$
No W Refr Line 3 *$s-4s
Pennsylvania 4*$s series D
63.65
Chic Burl A Qulncy 2*$s._
Chic Mllw A St Paul 5s...
61.86,
1.40
65.10
4.25
Chic A Northwestern 4*$s.
Cllnchfleld 2*$s
63.25
62.50
2.25
American Hardware
1.50
Amer Maize Products...*
62.50
1.75
American Mfg 5% pref 100
64*$
62.60
2*$s-2?$8
2 00
63.00
2.00
63.50
N Y N H A Hartford 3s__.
2.25
2.50
Arlington Mills
Armstrong Rubber A
216
25
39
43*$
Art Metal Construction. 10
14
16
2.25
Botany Worsted Mills cl A5
1%
61.50
1.00
2.00
51.25 preferred
10
Buckeye Steel Castings..*
Brown A Sharpe Mfg...50
15?$
62.50
2.00
62.70
2.00
63.75
2.75
Pere Marquette—
Denv A Rio Gr West 4 J$s.
63.25
2.50
2*$s-2?$s and 4 *$s
Reading Co 4 *$s_—......
63.00
2.00
St Loula-San Fran
2?$s series G A H
Cessna Aircraft
2.00
72*$
22*$
com
3X
172
1
2
Chic Burl A Qulncy
100
Chilton Co common....10
31
Scovlll
2?$
4*$
18
176
2?$
1*$
55
59
17*$
19?$
2.25
Southern Ry 4s
62.40
2.00
Kansas City Southern 3s..
Lehigh A New Engl 4*$s_.
62.60
1.60
2.00
1.60
Texas A Pacific 4s-4*$s
Union Pacific 2?$8
62.60
62.50
62.10
1.60
Crowell-Colller
*
Long Island 4*$s
Louisiana A Ark 3?$s
Maine Central 6s
63.25
2.25
Virginian Ry 4*$s
61.50
1.00
Cuban-Amer Manganese.2
7*$
8X
63.25
2.50
Western Maryland 2s
62.25
1.75
63.25
2.25
Western Paclflo 5s
63.25
2.50
West Fruit Exp 4*$s-4*$s_
62.25
1.50
Wheeling A Lake Erie 2*$s
61.90
1.25
63.00
2.00
Akron Canton A Youngstown 5*$s
Aaked
42
/38
/38
42
1944
42
44
1945
68
1945
Baltimore A Ohio 4s secured notes
Boston A Albany 4*$s
?$
pf. *
*
Federal Bake Shops..
Preferred
Welch Grape Juice com 2 *$
7*$
2*$
9
.1995
45
50
1951
Cuba RR Improvement and equipment 5s.1960
Elgin Joliet A Eastern 3*$s ser A
1970
107
109
Connecting Railway of Philadelphia 4s
Florida Southern 4s
...
.....
99
100
1945
73
43
1953
1950
...
........
Louisville A Nashville 3*$s
52
50
62
57
94
..1978
Memphis Union Station 5s_.
102
112
2000
....
Norwich A Worcester 4*$s
"96"
1948
93
96
2032
8
10
Portland Terminal 4s
.............
Providence A Worcester 4s
Tennessee Alabama A Georgia 4s
75""
Worcester Salt
100
21?$
24
York Ice
Machinery...__*
7% preferred
...100
18
29*$
31
40
98
.
*
90
65
107
42
Brown Co 5*$s ser A.. 1946
H?$
12?$
Carrier
Interstate Bakeries com..*
preferred
1
Landers Frary A Clark..25
Lawrence Portl Cement 100
*
Long Bell Lumber
com
55 preferred
.100
1
1?$
Corp 4*$s
1948
Chic Dally News 3?$s.l950
Comml Mackay 4s w 1.1969
Deep Rock OU 7s
1?$
§""
22
/51 *$
54
98
98?$
101
101?$
37
/34*$
75
71*$
103*$ 104
35
32*$
1937
24
26
Inland Steel 3s
10
12*$
Kresge Foundation 3s. 1950
8
8*$
9
Stamped
/45?$
.....
1961
McCrory Stores 3 *$s__1955
103
48*$
103?$
101*$ 102*$
23
/20*$
49*$
12*$
51*$
Minn A Ont Pap 6s
1945
1 NY World's Fair 4s. 1941
Old Ben Coal |st mtg 6s '48
62
65
Scovlll Mfg 5*$s
1945
Superior Oil 3*$s
1950
104?$ 106*$
95
96*$
14*$
Woodward Iron Co—
Income 5s.. 1962
104?$ 107*$
45
10?$
1
100
48*$
115
36 preferred
1965
22*$
Merck Co Ino
Muskegon Piston Ring. 2*$
National Casket........*
3*$s
18*$
7*$
Mallory (P R) A Co.....*
Marlin Rockwell Corp
1
common..
8?$
Bonds—
Amer Writ Paper 6s..1961
Beth Steel 3s..... ...1960
38
12?$
8
Preferred.
13
2d
conv
23
25
35*$
37?$
90
Sugar Securities
Bonda
94
105
85
Bid
lOO"
109
92
6s
6s
f 19
/48
51
1954
/38
41
/12
15
New Niquero Sugar—
53.
105
70
1954
34
42
J990
45
50
21
1947
Haytlan Corp 4s.
3*$s
1989
Bid
7*$
Preferred..—
1
17
*
1
Alegre Sugar Corp. *
Sugar Refg
1
Vertlentes-Camaguey
26
Punta
Savannah
Sugar Co
1940-1942
For footnotes see page
Par
Haytlan Corp com
1951
102
Stocks
Eastern Sugar Assoc 00m. 1
Baraqua Sugar Estates—
"85"
101*$
Ask
AntUla Sugar Estates—
"69"
"""""""190s
.......
5*$
6
7
68
""1942
"" ""1907
~1957
Toronto Hamilton A Buffalo 4s....
........I
1946
Union Paclflo ref mtge 3*$ ser A
..III""""""""" 1980
United New Jersey Railroad A Canal 3*$s
IIIIIIHl951
Vermont Valley 4*$s_.
.................
1940
Vlcksburgh Bridge 1st 4-6s. ..................
Washington County Ry 3*$s
West Virginia A Pittsburgh 4s...,
iL
5*$
45
31
"86"
80"
1957
_
I
...
3 J$
Harrisburg Steel Corp...
112
1947
_
4?$
40
40
102
1947
.1949
...
1
36*$
15
2*$
42
9*$
Great Lakes SS Co 00m_
Great Northern Paper..
King Seeley Corp
1?$
4*$
90
..1941
to
1
50
1961
....
101
35
1946
.......1947
Pennsylvania A New York Canal 5s extended
Philadelphia A Reading Terminal 5s
Pittsburgh Bessemer A Lake Erie 6s..
lOO"
....1940
.......
New York Philadelphia A Norfolk 4s
New Orleans Great Northern Income 5s.
New York A Hoboken Ferry 5s.....
Terre Haute A Peoria 5s
Toledo Peoria A Western 4s
Toledo Terminal 4*$s
101
101
...1959
...... ...........
lOO"
1900
New London Northern 4s
New York A Harlem 3*$s
1950
com v t c
10*$
45
27*$
..1940
.........
Hoboken Ferry 5s
Illinois Central—Louisville Div A Terminal 3*$s
Indiana Illinois A Iowa 4s
Kansas Oklahoma A Gulf 5a
26
West Dairies Ino
100
47
2
Glddlngs A Lewis
"98*$
preferred
27
30
1
•
100
7%
com
53 cum preferred
*
Wickwlre Spencer Steel..*
Wilcox A Glbbs com
50
23
Graton A Knight com
Preferred
57?$
18?$
60*$
1*$
•
2
55*$
16?$
108*$
29*$
57
30
Machine Tool
Good Humor Corp
2?$
26*$
Foundation Co Amer shs *
Gariock Packings com...*
66
1*$
*
Veeder-Root Inc
Farnsworth Telev A Rad.l
100
97*$
4?$
1*$
22
98
..1963
12*$
32*$
29*$
63
Chicago Union Station 3*$ ser F
Cleveland Terminal A Valley 4s
3?$
18
1944
55
30
25*$
cum
1955
70
»
2
Dictaphone Corp
*
Dixon (Jos) Crucible... 100
4*$S
Cambria A Clearfield 4s
62 '
Trico Products Corp
*$
Gen Fire Extinguisher...*
Gen Machinery Corp com *
50
11*$
*$
71
100
5
United Piece Dye Works.*
Preferred
100
90
1951
Common
United Artists Theat com.*
86
1956
132
127
Tokheim Oil Tank A Pump
18
69
...1961
8
2?$
H?$
53*$
1940
_
*
4?$
15
1943
Chicago Indiana A Southern 4a
Chicago St Louis A New Orleans 5s
Chicago Stock Yards 5s
6*$
50*$
Boston A Maine 5s
_
3?$
*
Dentists Supply com...10
Devoe A Reynolds B com *
Draper Corp
Bid
8*$
.1
com
Steel common
Triumph Explosives
Domestic Finance
Railroad Bonds
2*$
Time Inc
,♦
Pub
2?$
16
10?$
2.00
2J$s. 4*$s & 6s
Stromberg-Carlson
...»
Sylvama Indus Corp
•
1
3.50
62.50
Despatch
41?$
3?$
17*$
*
64.75
Southern Pacific 4*$s
Merchants
42
39?$
Thompson Auto Arms
Shippers Car Line 5s..._.
1.60
pref
5*$
37*$
25
Tennessee Products
6.00
61.85
63 00
conv
3*$
.....20
Stanley Works Inc
20
66.76
S3
29?$
126
17*$
Grand Trunk Western 5s._
—
5?$
41*$
Taylor Wharton Iron A
Great Northern Ry 2s
Illinois Central 3s
112
Tampax Ino
2.00
*
25c
6
3
63.00
51 cum preferred
Consolidated Aircraft—
Standard Screw
5
38*$
28*$
6*$
2.25
St Louis S'western 4*$s
City A Suburban Homes 10
Coca Cola Bottling (N Y) *
Columbia Baking 00m
•
Manufacturing._25
Singer Manufacturing.. 100
Singer Mfg Ltd
£1
Skenandoa Rayon Corp..*
4?$
69*$
10*$
63.25
1.50
62.75
250
5*$
2.25
4s-4*$s.
Exploration
233
64*$
63.25
Express
4s, 4J$s and 4*$s
*
34
62.60
Fruit Growers
Co..
Conversion
Postal
19
*
62.75
4s series E
Del Lack A Western 4s
Erie 4*$s
100
10?$
13?$
5c
New York Central 4*$s__
2*$s
12*$
2*$
1.25
N Y Chic A St Louis 4s_._
41
39
9
Corp_.25
1
63.25
25
*
Ohio Match Co
Petroleum Heat A Power. *
2.50
2.25
New Britain Machine
Ask
4*$
24*$
Petroleum
61.80
63.26
3
20
Peoel-Cola
63.60
1.00
bid
1
50
preferred
11*$
Bessemer A Lake Erie 2 *$8
Boston A Maine 6s
61.50
5%
11*$
3J$
10?$
10?$
series
Amer Distilling Co 5% pflO
American Enka Corp
*
Missouri Pacific 4J$s
Nash Chat A St Louis 2*$s
Nat Steel Car Lines 5s
Atlantic Coast Line 4*$s._
Baltimore A Ohio 4 *$s
Nat Paper A Type com
2H
5% conv pref 1st ser..10
Aak
Par
.
Pan Amer Match
American Cyanamld—
Equipment Bonds
Bid
Bid
/21
3807.
7*$
Ask
8J$
19
1J$
8*$
29
5
2*$
2?$
West Indies Sugar Corp..l
5*$
6*$
Volume
The Commercial & Financial Chronicle
ISO
Quotations
Over-the-Counter
on
Public Utility Preferred
3809
Securities—Friday June 14
—Continued
Investing Companies
Stocks
Par
Bid
Admtnls'd Fund Inc.
..*
Aeronautical Securities.—
Affiliated Fund Inc.... 1 #
Ask
Par
9.72
10.34
8.59
9.34
2.27
2.49
♦Amerex Holding Corp..*
Amer Business Shares
Amer Foreign Invest lno—
14#
15#
.
Sold
2.96
5.88
Jackson & Curtis
Series B-4.
.24
.28
3
3#
3#
Corp*
ESTABLISHED 1879
Members
Principal Stock and Commodity Exchanges
Tel. BA relay 7-1600
Public
Par
Bid
Alabama Power $7 pref—*
94
Teletype N. Y.
Arkansas Pr A Lt
104
5
7% pf—*
Associated Gas A
85#
96 #
106
6#
87#
Electric
$0.50 preferred
.*
Atlantic City El 6% pref.*
#
1#
117# 121
77
Birmingham Elec $7 pref.*
Birmingham Gas—
$3.50 prior preferred..50
79#
42#
preferred
100
69#
102#
72#
Central Maine Power—
preferred
preferred
21%
3%
25 %
27
59%
54
54
New Orleans Pub Service.*
*
preferred....
*
preferred..
Consumers Power $5 pref.*
$4 preferred
._.*
(Del) 7% pref..
(Minn) 6% pref...
too# 103
Continental Gas & Elec—
84
80#
43#
100
Derby Gas A El $7 pref..*
46
100
-•
30 #
$6 cum preferred
$6.60
cum
*
preferred...*
*
Florida Pr A Lt $7 pref.
31#
£96
Hartford Electric Llght.25
57 #
Indianap Pow A Lt com..*
20 %
Interstate Natural Gas...*
20#
Jamaica Water Supply...*
27 #
Jer Cent P & L
7% pf..l00
100
Kings Co Ltg 7% pref. 100
Long Island Lighting—
7% preferred..
—100
100
32 #
34
98#
59#
21#
,23#
30#
102#
94
96
77
Kansas Pow A Lt 4 # %
79#
25#
27%
100
100
Okla G & E 7% pref—.100
Pacific Pr & Lt 7% pf-100
Panhandle Eastern Pipe
preferred
preferred
*
Penna Edison $5 pref
*
Penn Pow A Lt $7 pref—.*
preferred
21#
22 #
29#
76%
88%
76 #
79
$7 prior lien pref
3#
4#
Monongahela West Penn
Pub Serv
*
7% pref....15
26#
12 #
40#
Mountain States Power...
5% preferred
Bid
Amer Gas & Elec 2#s 1950
1960
1970
3#ss f debs.
3#ssf debs
Amer Gas A Pow 3-5s. 1953
Amer Utility Serv 6S..1964
Associated Electric 58.1961
Corp—
Income deb 3#s
1978
Income deb 3#s... 1978
50
Income deb 4s.....1978
Income deb 4#s
1978
Conv deb 4s
1973
Conv deb 4#s
Conv deb 5s
1973
1973
Conv deb 5#s
1973
8s without warrants 1940
/II
/ll#
/ll#
/ll#
/17
/19
/20
/20
/45#
106
16%
47%
97
29
Queens Borough G A E—
6% preferred
.100
Republic Natural Gas. ...2
9#
19%
Sink fund lnc 5s
4.35
9.99
10.80
2.03
Bank stock
7.29
7.89
1
2.38
Building supplies
4.23
4.59
J
2 38
Chemical.
7.77
com.. 10
21
—100
115
31%
Valley Gas
3#s
1968
A Electric
66%
79%
82%
18%
4%
21
D—
.98
'"
,ji1 ;•
Series
F
Equit Inv Corp (Mass)—5
Equity Corp $3 conv pref 1
Fidelity Fund Inc.
*
S'western G & E 6% pf.100
-
pref...—.—.—..*
Utah Pow & Lt $7 pref..
5.56
.31
.36
11.88
12.71
6.20
6.95
97#
8.55
100#
9.05
2.94
3.31
74.42
75.92
6.18
2.08
2.31
2.70
3.02
Selected Amer Shares..2#
Selected Income Shares.. 1
7.46
8.15
Foundation Trust Shs A.l
3.45
~3~90 Sovereign Investors... 10c
.54
"60
14.10
15.33
12.90
13.68
Fundament! Tr Shares A 2
4.23
4.95
Corp...*
Super Corp of Amer cl A.2
*
24.34
26.17
4.18
4.56
£4.24
£7.59
8.25
£4.25
4.64
£5.87
6.39
Electrical Equipment. —
£7.35
7.99
...
2.17
3.15
1
7.93
8.62
Trustee Stand Invest Shs—
C
1
2.10
2.20
♦Series D
1
2.05
2.15
♦Series
Trustee Stand Oil Shs—
♦Series
A
1
4.89
♦Series
B_.
1
4.31
£3.61
3.94
£2.43
2.66
Trusteed Amer Bank Shs—
£4.26
4.65
Class B———......25c
Mining shares
£4.56
4.97
Trusteed Industry Shs 25o
23#
Petroleum
£3.56
3.89
USElLtAPrShares A—
54
56#
RR Equipment shares.
Steel shares
£3.20
3.66
£4.68
5.10
Tobacco shares
18#
24#
94#
shares
£4.40
.05
.25
12.69
13.65
1.86
2,09
Montana-Dakota
—
72
.89
25
47#
.98
1.08
1.19
15.26
16.50
Bunk Group shares
Insurance Group shares
Investm't Co of Amer—10
54
Bid
100
Ashtabula Wat Wks 5s '58
104#
104
11.73
♦Blair A Co
#
♦Central Nat Corp cl A..*
—*
12.92
♦First Boston Corp
10
♦Schoellkopf Hutton A
Pomeroy lnc com—10o
15
23
20
1
2
11!
12#
#
101
106
102#
Nor States Power (Wise)—
8#
8
Old Dominion Pow 58.1951
8
Parr Shoals Power 5s. 1952
102
105
8
Penn Wat A Pow 3#s
1964
105
106
1970
Bid
4#8—1966
104
Peoria Water Works Co—
1950
1st A ref 5b
100
1st coll trust
96
City of New Castle Water
5s
1941
100
City Water (Chattanooga)
5s series B.........1954
1st 5s series C
1957
Community Water Service
5#s series B
1946
6s series A...*..—. 1946
1948
1st consol 5s
1948
99
Prior lien 5s———1948
106#
102
Phlla Suburb Wat 4s_. 1965
99#
Ask
Penna State Water—
1st consol 4a
-
101
1
Ask
103
74"
Northern Indiana—
105
Fund
Investment Banking
Water Bonds
Atlantic County Wat 5s '58
Butler Water Co 5s. ..1957
*»«•«■
12#
N Y State Elee A Gas Corp
4s.
1965
Wellington
♦Class B
Calif Water Service 4s 1961
New Eng G A E Assn 5s '62
NY PA NJ Utilities 5s 1956
.77
1.80
B
Corporations
Alabama Wat Serv 5s. 1957
106
.53
.68
98#
Utll—
1954
.48
13#
4.80
♦Huron Holding Corp... 1
Ask
12
97#
.31
58#
3.00
.2
B
Food shares...-
""H
.21
55
4.63
3.76
8.13
3.56
-1
AA
Supervised Shares...
£3.44
Chemical shares
Spencer Trask Fund
*
Standard Utilities Inc. 50c
♦State St Invest
General Investors Trust. 1
Automobile shares
Clark Fund lnc
22
11#
Pinellas Water Co 5#s.'59
106# 108#
99
100
Pittsburgh Sub Wat 5s '58
Plalnfleld Union Wat 5s '61
105
Richmond W W Co 5s 1957
Roch A L Ont Wat 5s. 1938
105
St Joseph Wat 4s ser A1966
Scranton Gas A Water Co
105
4#s
1958
Scranton-Sprlng Brook
101
Water Service 5s. 1961
1st A ref 6s A
1967
89#
88#
102#
103
100
105
105# 106#
1964
3#s
98#
107# 108#
73
94
103
1950
115
6s
Pub Serv of Colo 3#s.l964
Debenture' 4s......1949
Pub Serv of Indiana 4s 1969
Pub Utll Cons 5#s
1948
75#
:
17
80
81
"83
5s series B—
105#
103# 104#
104# 105#
100# 101#
76
78
Water—
—1954
100
6Sw....^.^..W^.1954
102
*...1962
104
Huntington
Peoples Light A Power—
1st lien 3-6s
1961
Portland Electric Power—
5s-
Indianapolis Water—
1st mtge
3#s——1966
104# 107
82
Jopltn W W Co 6s....1957
102#
•V——»• o o »— I ' £
O&
103
101#
Kokomo W W Co
65
67#
St Joseph Ry Lt Ht A Pow
Sioux
Clty'o
1947
A E 4S-1966
..1962
47
48
Tel Bond A Share 5s..1958
45
47
Texas Public Serv 5s.. 1961
53#
57#
107
Sou Cities Utll 5s A
1958
1st mtge 3 #8
s f debs 3#s
1970
1960
United Pub Utll 6s A. 1960
109
68#
80
104
82#
Inland Gas Corp—
102
98
5s
49#
103
1957
Wash Wat Pow 3#s..l964
West Texas Utll 3#s.l969
Western Public Service—
5#s
—
94#
93#
104
Monmouth Consol W 5s '56
104
.——1950
1960
44# 46#
102# 103#
103# 104#
68#
70#
99
96#
103# 105
97# 98#
94# 97
Monongahela Valley Water
5#s
1950
Morgantown Water 5s 1965
Munole Water Works 5s '65
1956
70
75
101
103
104#
Union Water Serv 5#s '51
101# 104#
105
W Va Water Serv 4s..1961
105# 107#
105
Western N Y Water Co—
103
100
5s series B
New Rochelle Water—
5s series B
-—1951
5#s
New York Wat Serv
1951
5s '51
97
95
100
93#
98#
94
99
105#
103# 104#
104# 105#
92#
96
101
1st mtge 5s....—.1951
92
1950
95
100
1st mtge 5#8
1950
99
104
Westmoreland Waterss'52
Wichita Water—
101
1956
100
58 series C
1960
104
68 series A
....1949
102
W'msport Water 6s—. 1952
101
5s series B
'53
Ohio Valley Water 58-1955
Ohio Water Service 4s.1964
Ore-Wash Wat Serv 5* 1957
Ohio Cities Water 5#s
125
90#
4s A
Texarkana Wat 1st 5s. 1958
105
Utlca Gas A Electric Co—
71#
West Penn Power 3s—1970
/46
1989
5s—1958
5s
104
102#
Toledo Edison—
106
Kankakee Water 4#s.
100
Shenango Val 4s ser B. 1961
South Bay Cons Water—
100
Springfield City Water—
Collateral 5s....... 1951
4#s
Crescent Public Service-
104
Republic Service—
..1962
1.96
Scudder, Stevens and
49# 52
85# 88#
102# 103#
S'western Gas A El 3#i '70
S'western Lt A Pow 3#s'69
6#s stamped
..1962
Iowa Pub Serv 8#s..1969
2.36
22 J*
Lehigh Valley Tran 5s 1960
Lexington Water Pow 5s'68
Marlon Res Pow 3 #s-1960
Kentucky Utll 4s
88#
Dallas Pow A Lt 3 #8.1967
2.40
1
20
Bid
85 k
Federated Utll 5#s...l057
20#
15.23
Institutional Securities Ltd
1#
73#
Dallas By A Term 6s. 1951
22.33
Investors..5
Independence Trust Shs. *
/#
71#
Coll lnc 6s (w-s)
1954
Cumberi'd Co PAL 3#l'66
.1
-.1
Series 1958
Merchandise shares
108# 109
100# 101#
Cons Cities Lt Pow A Trao
6s series B_—_
1.92
Investing shares
Central Illinois Pub Serv—
Consol E A G 6s A
6.31
1953. *
Bank stock series... 10c
United Pub Utilities Corp
100# 101#
88
1962
5.44
43#
Plymouth Fund Inc.—10c
16.52 Putnam (Geo) Fund......
10.21 Quarterly lnc Shares.. 10c
24.01
5% deb series A
21
Representative Tr Shs—10
16 39 Republic Invest Fund—
Fiscal Fund lnc—
Building shares
1969
1970
4#s.——i.—1955
89#
99#
5s
15.38
9.51
Aviation shares
Kansas Power Co 4s—1964
87
Income 5#s with stk '52
Cities Service deb 5S..1963
2.40
5.01
5.81
1.08
99
8
92
»—«
2.21
Railroad equipment
Steel
Series 1956—.
5.50
15%
17#
97% 100
102% 105#
Kan Pow A Lt 3#s—.
85#
Central Public Utility—
6.32
Series 1955
3.10
4.85
Group Securities—
Agricultural shares.—.
96
100
Ask
1st lien coll tr 5#s.. 1946
Central Pow A Lt 3#s 1969
15.68
2.50
—
General Capital Corp
5%
Utility Bonds
1st lien coll trust 68.1946
1st mtge 3#s......1968
Cent Ohio Lt A Pow 4s 1964
6.26
5.83
Railroad
4.13
5.77
No Amer Tr Shares
19#
92
Central Gas A Eleo—
Cent 111 El A Gas 3 #s. 1964
7.66
Metals
Oils
26#
110
Insurance stk series. 10c
68%
West Texas Utll $6 pref..*
103
Cent Ark Pub Serv 5s. 1948
7.01
Fixed Trust Shares A... 10
17%
3#s
Blacks tone
8.67
Machinery
22#
6.89
8.01
equipment...
2.41
Diversified Trustee Shares
o
—I
8.41
6.36
Insurance stock
Electrical
No Amer Bond Trust ctfs
First Mutual Trust Fund.
/6
/6
16
Sink fund line 5-6s„ 1986
24
1.29
ser
Eaton A Howard Manage¬
ment Fund series A-l...
/6
1986
6.52
4.01
—
A 1
W:'
99%
/7#
.1983
Sflnc4#s-5#s
6.01
—
14.50
Southern Indiana G A E—
4#a.
5.41
10.99
Aviation...
Deposited Insur Shs A... 1
50
99
$2.75 pref
1.15
5.08
Agriculture
Automobile
.......
96%
V $3
1.05
10.19
2.03
DelawareFund—.
Deposited Bank Shs
100
6% preferred D
3.13
2.08
Cumulative Trust Shares. *
108#
Rochester Gas & Eleo—
Public Servloe 3 #8.1969
Cons ret deb 4#s
1958
Sink fund lno 4#s_.1983
(Colo) ser B shares
*
(Md) voting shares-.25o
8#
17
43
Assoc Gas A Elec Co—
Nation .Wide Securities—
1
♦7% preferred....—100
56% 59%
105% 108%
17%
22
9.30
12#
N Y Stocks lnc—
♦Cram A Forster Insurance
♦Common B shares... 10
105% 108
106% 109#
76%
79#
23%
2i"
8.51
.30
20.84
11#
3.17
♦8% preferred
75% 79%
103% 106%
West Penn Power com...*
12#
Mutual Invest Fund—10
.15
19.28
2.92
♦Cram A Forster
98# 101
Washington Ry A Ltg Co—
Participating units
52
18.12
Mass Investors Trust
5.91
Series ACC mod
105*
19# 21%
97% 100
15 #
Assoc Gas A Elec
16.85
13.86
9.84
8%
28%
104
104#
104# 105
106# 107
46
48#
80# 83
1
12.89
9.09
Incorporated
Public
4.20
3.84
Texas Pow A Lt 7% pf-100
_
3.10
l
30 #
74#
86 #
Mass Utilities Associates—
5% conv partlo pref-.50
Mississippi Power $6 pref.*
$7 preferred
.*
Mississippi P & L $6 pref.*
Missouri Kan Pipe Line. 5
6.42
Maryland Fund Inc.—10c
3.20
Series A A mod
Pub Serv Co of Indiana—
Southern Nat Gas com.7 %
*
5.81
5.37
Fundamental Invest Inc. 2
Peoples Lt & Pr $3 pref.25
Philadelphia Co—
$5 cum preferred
*
4.8% preferred
$2
Manhattan Bond Fund lno
National Investors Corp.l
New England Fund
1
Series A A
Sierra Pacific Pow com...*
Mass Pow A Lt Associates
3.33
4#
3.15
Ohio Public Service—
Line Co.
Federal Water Serv Corp—
8.08
6#
Series 8-4..————...
Knlckbocker Fund
-.1
2.96
5#
Dividend Shares......25c
6%
7%
11.75
7.30
...
Accumulative series...1
4%
Northeastern El Wat A El
98
93#
100#
99# 101#
9
6#
8.20
10.66
Series S-2__
22.94
55%
51#
$7 prior lien pref....—*
$6 prior lien pref--—-*
$6 cum preferred
*
cum
7.43
2.35
62%
$6
13.79
Series K-2
21.33
Chemical Fund
24%
New Eng G & E 5#% pf-*
New Eng Pr Assn 6% Pf 100
New Eng Pub Serv Co—
$7
6.23
12.58
Commonwealth invest
1
♦Continental Shares pf 100
Corporate Trust Shares.. 1
Ask
Nassau & Suf Ltg 7%pf 100
National Gas & El Corp. 10
91#
Consol Elec A Gas $6 pref.*
7% preferred...
Bid
13.14
Series K-l
Century Shares Trust...*
Northern States Power—
100
100
Cent Pr & Lt 7% pref__100
7%
Par
7% cum preferred.. .100
N Y Water Serv 6% pf-100
*
Cent Indian Pow 7% pf 100
$6
1-1600
New York Power A Light—
40#
Carolina Power A Eight—
$7
Boston Fund Inc...
British Type Invest A—.1
Broad St InveBt Co Inc..5
Bullock Fund Ltd
1
19.69
3
■;
♦5% preferred
Basic Industry Shares—10
9.03
27.43
5.66
—
Canadian Inv Fund Ltd—1
Ask
See Industrial stocks
Amer G & E 4#% pref-100
Amer Utll Serv 6% pref.25
Bankers Nat Investing—
♦Class
Utility Stocks
Amer Cable & Radio—
1
Keystone Custodian Funds
Series S-3
New York City
115 Broadway
2
Ask
11.98
Series B-3
5.31
Amer Gen Equities lno 25o
Am Insurance Stock
Quoted
.
Investors Fund C..
8.45
17.97
Series B-2.
2.68
Assoc Stand Oil Shares.
Bought
Bid
25.12
Series B-l
—
For footnotes see pagt
108
102
89
3807.
104#
94
The Commercial & Financial Chronicle
3810
June 15, 1940
Quotations on Over-the-Counter Securities—Friday June 14—Concluded
Real Estate Bonds and Title Co. Mortgage
If You Don't Find the Securities Quoted Here
Bid
B'way Barclay lnc 2s.. 1956
J2 8
/4
/18
B'way A 41st Street—
1st leasehold 3M-5s 1944
25
in which you have
our
Broadway Motors Bldg—
4-08
1948
53
58
In this pubii-
'
carried for all active over-the-counter
The classes of securities covered
stocks and bonds.
Banks andTrust Companies—
Domestic (New York
Beacon Hotel lnc
interest, you will probably fiDd them in
monthly Bank and Quotation Record.
cation quotations are
are:
1957
3s
Domestic
and
Public Utility
Canadian
Bonds
Public
Foreign Government Bonds
Railroad Bonds
Industrial Bonds
34
15
1955
17
4M
54
N Y Title A Mtge Co—
1948
15
5M«
5Ms
5Ms
5M8
37
1950
23
Dorset 1st A fixed 2s__1957
21
1st 34b
Stocks
25
U. S. Government Securities
50 Broadway Bldg—
1st income 3s
U. S. Territorial Bonds
series Q
41M
43 *4
29
29
3
J1
52
1951
165 Broadway Building—
Sec s f ctfs 4Mb (w-s) '58
2M
26
ylfry
17
30
32
32
600 Fifth Avenue—
6Ms stamped
14
1946
65
1961
mmm
16
Realty Assoc Sec Corp—
J8%
30
35
'49
1958
.1939
33
36
/13
/25
1400 Broadway Bldg—
1st 4sstamped.....1948
37
Fuller Bldg debt 6s.-.1944
5s
10M
52d A Madison Off Bldg
1st leasehold 3s. Jan 1 '52
6Ms (stamped 4s)..1949
Your subscription should be sent to
53 M
Prudence Secur Co—
Mining Stocks
42 Bway
1st 6s
income
1943
49
53
...1957
60
64
Roxy Theatre—
Film Center Bldg 1st 4s
40 Wall St Corp 6s._.
Dept. B, Wm. B. Dana Co., 25 Spruce St., New York City.
34
2d mtge 6s
mmm
1M
...
Eqult Off Bldg deb 5s 1952
Deb 5s 1952 legended..
Mill Stocks
Quotation Record is published monthly and
46
32
103E 57th St 1st6s... 1941
Hotel units..
Title Guarantee and Safe Deposit
44
51M
Olicrom Corp v to
1 Park Avenue—
Eastern Ambassador
Stocks
series BK
series C-2
series F-l
18
Real Estate Trust and Land
sells for $12.50 per year.
65
".y
r
N Y Majestic Corp—
4s with stock stmp__ 1956
50
ist 4s (w-s)
Real Estate Bonds
The Bank and
63
1945
2s
Court A Remsen St Off Bid
Insurance Stocks
ties
'
■"
9M
J8
46
Utility Stocks
Industrial Stocks
Joint Stock Land Bank Securi¬
J
4s '45
Railroad Stocks
Investing Company Securities
8 f (leb 5s
N YAthletic Club—
Cbeseborough Bldg 1st 6s '48
Colonade Construction¬
Chanin Bldg 1st mtge
Canadian
Federal Land Bank Bonds
Ask
Metropol Playhouses Ino—
mmm
5M
20
Brooklyn Fox Corp—
Municipal Bonds—
Out-of-Town)
BUt
30
Apt 1st mtge 3s. 1957
4a__1958
Aid en
Certificates
Ask
1st mtge 4s
Savoy Plaza Corp—
14M
3s with stock
mmm
Sherneth
1956
7M
8*4
Corp—
1st 5M s (w-s)
.1956
60 Park Place (Newark)—
m'mm.
12
16
1949
Graybar Bldg 1st lshld 5s '46
28
31
74
76
Harriman Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s' 42
/13
16
3Mb with stock
38
40
616 Madison Ave—
Hotel St George 4s___ 1950
28
31
8H
J7
1st 2M-4s
(w-s)
1st 3Ms
1947
28
33
1950
21
23
1957
20
24
61 Broadway Bldg—
Foreign Stocks* Bonds and Coupons
Inactive Exchanges
Syracuse Hotel
Lefcourt Manhattan
1st 4-5s
52 William
1951
Textile Bldg—
1st 3-5s
-
mmm
40
Lexington Hotel units
1955
69
51
50
Bldg—
1st 4s
Tel. HAnover 2-5422
47
1948
Lewis Morris Apt
(Syracuse)
1st 3s
Bldg—
1st lease 4-6Mb
& CO., INC.
St., N. Y.
Bldg
...1948
Lefcourt State
BRAUNL
3s with stock
1958
23
20,
Trinity Bldgs Corp—
1st 5Ms
1939
"
J20
m
;
27
2 Park Ave
mm
43
33
36
55
59
Walbridge Bldg (Buffalo)—
1950
10
28
30
Wall A Beaver St Corp—
1st 4Ms w-s
1951
16
Bldg 1st 4-5s'46
Lincoln Building—
Income 5Mb
London Terrace Apts—
1st & gen 3-4s
1952
Foreign Unlisted Dollar Bonds
I>ue to the European situation some of the quotations shown below are
nominal,
t-v'vv
: ■
v
Ludwlg Baumann—
Anhalt 7s to
194.,
Antioquia 8s..
/
..194"
...
Barranqulfla 8s'35^4(M0-48
Bavaria 8Mb to
Ask
/6
Hungarian Cent Mut 7s '37
Hungarian Ttal Bk 7M« '32
Hungarian Dlsoount A Ex¬
change Bank 7s
1930
Jugoslavia 5s funding. 1956
Jugoslavia 2d scries 5s. 1956
J50
0
•>J.
Bank of Colombia 7 %. 1947
78
1948
.1945
/I8
/18
/28
1945
Bogota (Colombia) 0Mb '47
8s
1945,
Bollva (Republic) 8s. 1947
7s.
1958
-
f2H
J24
1969
2
6s
1940
/2
no
68
1940
/23M
/35
16
14
3M
24
2*4
3M
Callao
(Peru) 7M8---1944
Cauca Valley 7Ms
1946
Ceara (Brazil) 8s
1947
Central Agrlc Bank-
24 M
/8
f8
and Hartford at the 20th Annual Field
Leipzig O'land Pr 6 Ms '46
Leipzig Trade Fair 78.1953
Luneberg Power Light A
Water 7s....
1948
Montevideo
30
/30
scrip
1945
of each
Nassau Landbank 6Mb '38
Nat Bank Panama—
15
/9
10
5*~
J8*4
9
/I
3
*4
....1947
1946
Panama City 6MB-...1952
Panama 5% scrip
J5 0
/20
Oberpfals Eleo 7s
/12
no
15
8M
1956
/4
6s 1936
German Atl Cable 7s_.1945
German Building A Land-
6M8.
-.1948
/8
/8
/8
7s ctfs of deposlt.,1957
4s scrip
8s
8s ctfs of
/3
Funding 3s...
1946
German sorip..
Graz (Austria) 8s
deposit. 1948
50
J8
1951
celebrating
State Mtge Bk
28
2M
75th
the
anniversary
of
June 12, 1865, by John Bioren and his son,
on
S. Bioren, brother of
Charles, the firm has held
the Philadelphia Stock Exchange since its organization and
the New York
to
314
occupies its
Charles H. Bioren,
Stock Exchange since
1908.
Originally located on 3rd
Chastnut
and
own
district, the firm later
subsequently to 410 Chestnut
then senior partner of the former
and
firm, became
partner of Bioren & Co. where he is at present
Other
a
partners
Clarence Miller,
E.
include
Henry
D.
Wieand,
Carl F. R. Hassold, who has been associated
5M
In
Exchange firm of E. C. Miller & Co. was merged with
Bioren & Co.
7*4
Street.
1508 Walnut Street, where it
building.
senior partner.
1908;
who was admitted in
with the firm since 1918 and
partnership in 1925' and John F. Bunn and Walter A. Schauffler
who were admitted to
15"
partnership in 1935 and 1939, respectively.
5M
—The Cashiers Association of Wall Street,
Inc., has copyrighted and is
150
6Ms
/8
nx
/12M
Saxon 8tate Mtge 6s.. 1947
Slem A Halske deb 68.2930
/8
handicapJibasis in which
J55
/4
}8
J8
Saxon Pub Works 7s. .1945
f25
on
admitted to
/4
on a
The winners of each half then met in the final.
1928 the firm moved to its present address at
/13
1947
8anta Fe 48 stamped. 1942
Santander (Colom) 7s. 1948
Sao Paulo (Brazil) 6s. 1943
was run
and lower halves played four games against the other
Es¬
moved
/15
8%
The round-robin doubles
of 81.
Street below Chestnut in Philadelphia's old financial
Santa Catharina (Brazil)
JO
Central Bank
Agricultural 6s
1938
German Conversion Office
....1948
scores
in the
on
/8M
J7
J1
the
Tied for low gross
of 72.
by Nathaniel F. Glidden Jr. and Enos Curtin.
The tournament
In 1908 the Stock
/16
/2
/16
/2
Snow,
won
its founding.
is
country,
membership
Salvador
...
Boston
ttyey defeated Carlton Fuller and Frederick M. Warburg
and in 1884 joined by John
/4
J8
J8
J8
7s 1957
40
6"
J7
Saarbruecken M Bk 6s.'47
score
of
—Bioren & Co., Philadelphia, one of the oldest investment firms
tablished
Rio de Janeiro 6%
1933
Rom Catb Church 6Ms '46
R C Church Welfare 7s *46
/8
/6
/6
final
of 6-3.
teams in their section.
JO
J7
J7
1941
58
Jaques
30
/I
1968
Protestant Church (Ger¬
many) 7s
1946
Prov Bk Westphalia 6s *33
one set
a score
was won
teams in both upper
60
Costa Rica Pao Ry 7Mb '49
French Nat Mall SS 6s '52
by
a
Willard A.
Eaton,
Herbert
Max Marston and* James D. Winsor III of Philadelphia and
were
tennis tournament
JO
J8
...1945
Porto Alegre 7s
7ft Income
...1967
Farmers Natl Mtge 7s. *63
Frankfurt 7s to.
1945
The Philadelphia players were
Norbert
were
Gould.
22 M
In the
13
players
and C. W.
4s
7s to
/7M
Hartford
Knapp,
special visitors prize for low net with
Oldenburg-Free State—
13
The
Stuart
Howard Biscoe Jr. of Boston with
Poland 3s
1967
The winner
The team of the
point.
one
Rodney W. Brown, Howard Biscoe Jr.,•
honors
48
7s
comprised
/3
69
1966
Club
/3
1962
1948
North German Lloyd—
66
7M» Income
Bond
Baker.
National Hungarian A Ind
/40
no
1953
for the Hartford golfers.
zero
credited with
Mtge 7s
Hungary 7Ma
/15
/3
JG5
J60
1946
04B
was
Herbert Jaques Jr.., and Rufus Cushman.
JO
(A A B) 4s._.1946-1947
(C A D) 4s...1948-1949
Nat Central Savings Bk of
J8
/40
Cordoba 7s stamped.. 1937
Costa Rloa funding 5s. '51
European Mortgage A In¬
vestment 74a
1966
points against 8 points for the Boston team,
Max Marston, James D. Winsor III, Walter H. Schmidt, and Charles W.
/3
East Prussian Pow 6s. 1953
Electric Pr (Ger'y) 6Ms '50
18-hole match
Boston
Jo
1953
..1945
of
a score
6M points for Philadelphia, and
JO
JO
Colombia 4s.
Duisburg 7% to
New York team comprising
The
Perry E. Hall, Captain, Herbert S. Hall, Prescott S; Bush, and Kimball
/8
25
Day of the Bond Club of New York
Sleepy Hollow Country Club.
Halligan, had
Mannheim A Palat 7s. 1941
.
City Savings Bank
Budapest 7s
Dortmund Mun UtU6Ms'48
Duesseldorf 7s to..... 1945
the
at
/8
Munlolpal Gas A Eleo Corp
Recklinghausen 7s. 1947
65
1949
defended the
Morgan Cup against the teams of the bond clubs of Boston, Philadelphia,
/2
Munlo Bk Hessen 7s to '45
no
5s
—A golf team of the Bond Club of New York successfully
/8
/8
1968
German
15
NOTICES
15
10
/13
1934
Cundlnaiuarca 6M8-- 1959
55
40
..1948
.1943
Munich 7s to
see German Central Bk
Central German Power
Madgeburg 6s
Chilean Nitrate 5s
1st mtge 4s
page 3807.
CURRENT
10
Meridionals Eleo 7s-.1957
Brown Coal Ind Corp—
Caldas (Colombia) 7Ms '46
Call (Colombia) 7s... 1947
see
/3
1962
6Ms
1953
Buenos Aires scrip
Burmeister A Wain 6s. 1940
bank
For footnotes
Land M Bk Warsaw 8s '41
British Hungarian Bank—
7Ms
Westlnghouse Bldg—
mmrn
63
Ask
/3
/3
Koholyt 6Ms
/4
/13
/12
7s
Brandenburg Elec 6s. 1953
Brazil funding 5S..1931-51
Brazil funding scrip.....
Bremen (Germany) 7s. 1935
43
1947
1951
1st 5s (L I)
13
;ij8VV
/6
Bavarian Palatinate Cons
Cities 7s to..
Bid
3s
|
1st 5s (Bklyn)
..
Bid
w-s—1963
distributing copies of
and
edited
by
a
Robert
booklet entitled "Fiduciary Relations,"
M.
Kaiser,
assistant
trust
National Bank.
J8
—Huff, Geyer & Hecht, Inc., 67 Wall Street, New York
Jugoslavia
5s
1956
J10
15
2d series 5s
1956
/10
15
1954
Great Britain A Ireland—
See United Kingdom
n
Stettin Pub UtU 7s._.1946
77
Guatemala 8s
35
pared
a
City, has pre¬
markets on
comparative table indicating the effect of declining
insurance stock
liquidating values.
JO
Toho Electric 7b
..1955
Tollma 7s
—1947
compiled
officer of The Chase
..1948
Hanover Harz Water Wks
6s
Haiti 6s
—Granberry & Co., members New York Stock
1957
n
1953
70
Hamburg Electric 6s.. 19381
/9
Housing A Real Imo 7s *46' no
1947
/30
J8
J8
1945
JO
Uruguay conversion scrip..
75
Unterelbe Electric 6s..1953
Vesten Elec Ry 7s
Wurtemberg 7s to.
/12
80
13M
New York, have issued an analysis of
of the Cuban American Sugar
—S. H. Junger Co.,
Exchange, 50 Broadway,
the proposed plan of recapitalization
Co.
of New York City, announce they
department that will specialize in disposing of bonds
have opened a
with missing coupons.
Volume
The Commercial
ISO
General
& Financial Chronicle
3811
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL-INSURANCE-MISCELLANEOUS
NOTE—For mechanical
reasons
However, they
FILING
always
possible to
as near
_
filed
a
registration
*
a
Industries, Inc.
the same month of 1939.
Physical volume was
pared with 3,145,722 feet in May of last year.
In
buyers as a result of war developments
showing is regarded as satisfactory, according to the
attitude of
10,
Allied Oil Producers, Ltd.—Debentures Offered—C. M.
& Co., Ltd., Vancouver, B. C., recently offered
$250,000
of 1,000 shares of common stock.
1940.
Corp. (2-4432, Form A-3) of Chicago, 111.
The last previous list of registration
our issue of June 8, page 3649.
Inasmuch
exps.,
company.:, \
statements was given
2,458,157
Profit
—
2,066,664
9,324,123
$822,531
18,834
$2,684,806
115,762
$2,288,104
98,597
—
Other income..
—
90,063
$841,365
79,552
164,394
143,978
$2,800,568
223,483
457,935
$2,386,701
241,733
374,137
$745,491
Total income..
$617,835
$2,119,150
$1,770,831
Other charges
Federal income taxes
Net profit
—V. 150. P. 3449.
Abitibi Power & Paper
are
issued
and
outstanding,
accrue
to
the
none
of
benefit of the
/
Company—Incorporated under the laws of the Province of Alberta in
1940 to acquire the entire capital stock, with the exception of directors'
qualifying shares, of a private company known as Oil Ventures Limited,
which has a beneficial interest in five producing crude oil wells situated
in the South Turner Valley.
Income—A summary shows estimated net income of Allied Oil Producers
Ltd. from Oil Ventures Ltd. and associated companies for the five years
ending April 30,1945, to be as follows: 1941, $109,809; 1942,108,164; 1943,
$85,902; 1944, $71,855: 1945, $59,842.
Retirement Fund—It is provided in the trust deed that all moneys received
by Allied Oil Producers Ltd. from whatever source shall be used— (1) To
pay "administrative and operating expenses" as defined and limited in the
deed of trust or any supplemental deed; (2) to pay debenture interest;
(3) all additional funds to be used solely for the retirement of these deben¬
tures.
All debentures acquired by the trustee on behalf of the company
7,908,261
$954,559
45,389
$999,948
accounts
debentures
Dated May 1, 1940; Due May 1, 1945.
Prudential Trust Co., Ltd.,
Calgary, Alberta, trustee.
Principal and int. payable M & N in lawful
Canada at any branch of the company's bankers in Vancouver,
Victoria, Calgary, Edmonton, Regina, Winnipeg and Toronto.
Coupon
debentures in denoms. of $1,000 and $500.
Red. in whole or in part on
any int. date prior to maturity on 30 days' notice; at 101H if red. on or
before May 1, 1942; at 101 if red. on or before May 1, 1943; and at 100H
if red. on or before May 1, 1944; at 100 thereafter to maturity; in each case
with accrued interest to date of redemption.
Capitalization—
Authorized Outstanding
6% secured sinking fund debentures
$250,000
$250,000
Common stock (no par)
890,000 shs. 890,000 shs.
,
v
these
;>■
money of
(& Subs.)—Earnings—
& doubtful
as
proceeds derived from the sale thereof will
Period End. Mar. 31— 1940—3 Mos.—1939
1940—12 Mos.—1939
Net sales—
^ $3,412,716
$2,889,195 $12,008,929 $10,196,365
Costs,
five-year 6% secured sinking fund debentures
int., carrying a bonus with each $1,000 debenture
at 100 and
a
Abbott Laboratories
of 12% from the
Oliver
registration statement covering 4,000 shares of $2 par class A
common stock which will be offered at $7 per share.
The shares registered
are treasury shares.
Proceeds of the issue will be used for equipment and
working capital. W. W. Davidson is President of the company. Medway,
Wadden & Williams, Inc., Thompson, Davis & Phipps, Inc., et al, may
be underwriters. Filed June 10, 1940.
in
increase
(2-4431, Form A-2) of Bessetts,
registration statement covering 212,705 shares of $10 par
a like number of warrants reserved for the common
Davidson Manufacturing
has filed
company.
1940 sales have totaled $8,294,169,
total of $7,397,309 in the corresponding pre¬
vious
period.
The company's fiscal year ends on June 30.
Physical
volume for the 11 months just ended was 38,484,117 fee compared with
35,633,594 feet in the 11 months ended May 31, 1939.—V. 150, p. 3035.
The warrants will be issued to the stockholders to
Filed June
3,104,925 feet com¬
view of the cautious
in Europe, the May
For the 11 months ended May 31,
an
subscribe to the
common stock at $10 per share.
240 shares of the offering are treasury
shares. Proceeds of the issue will be used for advances to three subsidiaries.
W. M. Bassett is President of the company.
No underwriter named.
stock.
$1,785,000
427,500
Includes other income and is after operating expenses and development
Allied Kid Co.—Sales—
and
stock
1940—5 Mos—1939
$1,861,500
544,800
Company reports sales of $659,490 for May compared with $631,133
Filed June 6, 1940.
Furniture
Bassett
common
$380,000
102,500
in
Hayes Industries, Inc. (2-4430, Form A-2) of Jackson, Mich, has filed a
registration statement covering 30,597 shares of $1 par common stock.
15,597 shares will be offered for the account of certain stockholders.
The
issuers part of the proceeds will be used for the retirement of preferred stock,
for construction, equipment, land and working capital.
Van Grant & Co.
and Brown, Schlessman, Owen & Co. have been named underwriters. Filed
June 8, 1940.
Va. have filed
$361,500
85,200
charges, but before depreciation, depletion and Federal taxes.—V. 150,
contract for development and maintenance of tung orchards.
Land is to
deeded to purchasers after four years of development and maintenance
underwriter named.
holders of record June 29.
Like
of 50 cents was paid on Oct. 16,
Oct. 15, 1938.—V. 150, p. 2709.
1940—Month—1939
earnings
Profit.
x
covering $100,000 of land
statement
of 25 cents was paid on
Period Ended May 31—
Gross
and
be
of
orchards by registrant.
Proceeds of the issue will be used for development
ahd working capital. Norman Lenington is President of the company.
No
have
one
Alaska Juiieau Gold Mining Co.—Earnings-—
(Nos. 4429
4432, inclusive) have been filed with the Securities and
Exchange Commission under the Securities Act of 1933.
The amount involved is approximately 12,285,637.
Tung Oil & Subsistence Farms, Inc. (2-4429, Form A-l) of Ocala,
to
Fla.
possible.
as
no par value, both payable July 15 to
amounts were paid on April 15, last.
Extra
ast, and
The following additional registration statements
companies in exact alphabetical order.
stock,
ACT
SECURITIES
arrange
alphabetical position
STATEMENTS UNDER
REGISTRATION
OF
it is not always
are
Co., Ltd.—Court Directs Sale—
shall
Justice W. E. Middleton of the Ontario Supreme Court, in a judgment on
be canceled.
Company is not to pay dividends on its shares while any debentures are
ordered on June 10 the publication of advertisements
"looking to the sale of the properties in October of this year."
Justice Middleton had reserved judgment June 8 on an application by
bondholders for a court order to sell the assets of the company.
Montreal
Trust Co., acting for the first mortgage bondholders, sought the sale in the
latest of long series of moves by investors to recover on their investment.
The judgment June 10 recalled that in 1937 a judgment was pronounced
declaring that Montreal Trust Co. and holders of Abitibi bonds issued
under the indenture of mortgage, were entitled to a first charge on the
undertaking for payment of all the moneys by the indenture of mortgage
and by the bonds issued and outstanding thereunder.
The foreclosure action was taken in behalf of a "protective committee"
of Abitibi bondholders.
At the June 8 hearing, preferred and common
shareholders and unsecured creditors of the company joined the Ontario
Government in opposing the application on the ground this was no time to
attempt a financial undertaking of such magnitude.
The court was told then by W. N. Tilley, of Toronto, a Montreal Trust Co.
counsel, that those seeking sale of the assets represented about 60% of all
Abitibi bondholders.
The bondholders' claim amounts to about $72,000,000,
including interest dating from June 1, 1932, when the company defaulted
on a mortgage interest payment.—V. 150, p. 3649.
'
the company's case,
outstanding.
efficiently and
Management Contracts—Oil Ventures Ltd., in order to
economically operate and supervise the five wells in which it has a sub¬
stantial
interest, set up a field force and acquired considerable
servicing
production equipment.
This field management is retained by other
companies, owning producing wells, to manage and supervise their pro¬
duction.
It is intended to extend this activity, which is a remunerative
and
business.
'
r-
Directors—President,
Neil
McQueen,
Vancouver. B. C.; Vice-Pres.,
M. O Brien, Trail, B. C.;
Alexander Hannah, K.C., Calgary, Alb.; M.
M. M. Newell Jr., Calgary, Alb.
Allied Stores Corp.
Period Ended
x
(& Subs.)—Earnings—
1940—12 Mos.—1939
1940—3 Mos.—1939
Apr. 30—
$462,211
Profit
$4,225,317
$392,478
$2,785,751
interest and provision for sub. preferred dividends, but
before Federal income and surtax on undistributed profits.—V. 150, p. 3650.
x
After deprec.,
American
Bemberg Corp.—New Directors—
and Henry P. Turnbull have been elected directors of
corporation and North American Rayon Corp.—V. 150, p. 3191.
B. A. Tompkins
Addressograph-Multigraph Corp. (& Subs.)—Earnings
this
[Excluding British, French and German Subsidiaries.]
1940—12 Mos.—1939
$507,815
$450,248 $1,900,848 $1,615,649
American Brake Shoe &
Period End. Mar. 31— 1940—3 Mos.—1939
Net operating profits—.
Maint. of non-operating
property,
less rental
income therefrom
2,297
Crll,579
85,994
67,852
23,698
341,668
260,852
92,896
44,467
American
99,842
20,000
realized
61,736
25 cents
183,751
343
506
1,487
have declared a dividend of 25 cents per share on account
$3 cum. pref. stock, no par value, payable July 1
Like amount was paid on April 1, last, and com¬
pares with 50 cents paid on Dec. 26 last; 25 cents paid on Oct. 2, July 1
and April 1, 1939; 50 cents paid on Dec. 24, 1938; 25 cents paid on Oct. 1
and July 1, 1938; a dividend of 50 cents paid on March 15, 1938, and
dividends of 75 cents paid on Dec. 24, Oct. 1, July 1, and April 1,1937, and
to holders
2,058
$225,434
$1,004,367
$761,107
eign exchange loss, at
New York rates on net
Net profit of U. S.
Canadian
Earnings
a
Profits
per
48,305
—
$0.30
$225,434
$956,062
Bond & Share
25,175^
$0.29
$1.26
$1.00
34,397
74,452
95,604
a Based on cabled reports, &c., not included in the above consolidation,
(converted at New York rates of exchange current at the end of each
month).—V. 150. p. 3649.
were
Aircraft Accessories
Corp.—To Issue Rights—
Corporation was authorized June 13 by the State Corporation Depart¬
ment of California to issue an additional 108,500 shares of class A stock to
be offered holders of both class A and class B stock at not less than $2 and
not more than $4 a share.
Any unsubscribed portion will be underwritten by
Sutro & Co.
Proceeds will be used for expansion and working capital.
Registration of the issue with the Securities and Exchange Commission
is expected soon.—V. 150, p. 2865.
"
j
.
Air Reduction Co.,
Inc.—Extra Dividend—
of 25 cents per share in addi¬
quarterly dividend of 25 cents per share on the common
Directors have declared an extra dividend
p.
J.750
Co.
_
■
of the hearing a letter from S. R. Inch, Electric Bond &
that Electric Bond & Share be¬
determined before Electric Bond
& Share can proceed with integration or corporate simplification programs.
Although he promised full cooperation with the SEC in the American Gas
case
Mr. Inch said that Electric Bond & Share would not legally intervene
in the proceedings which arise.—V. 150, p. 3651.
>
Share, President, was introduced stating
lieves the status of American Gas must be
$761,107
British,
French & German subs
tion to the regular
24,1936.—V. 150,
At the beginning
$226,995
cos
Dec.
of record June 15.
American Gas & Electric Co.—Hearings—
The Securities and Exchange Commission has opened its hearings to
determine whether company is a subsidiary under the control of Electric
and
share
of
on
v «".«v
48,305
Capital Corp.—Accumulated Dividend—
The directors
prof2,904
103,486
$275,300
current assets, &c__—
of
25
of accumulations on the
Pref. divs.
Net profit from opers.
Res. for unrealized for¬
Dividend of 30 cents
367,795
268,258
20.0C0
guaranteed to
minority interests—_
29 to holders of record June 21.
paid on March 30, last; and previously regular quarterly dividends
per share were distributed.
In addition, extra dividend of
cents was paid on Dec. 21,1939.—V. 150, p. 2562.
3,413
78,442
68,882
22,276
Income tax (est.)
Foundry Co.—Common Div.—
dividend of 40 cents per share on the common
was
_
836
Pats.,
develop.
&
en¬
gineering, incl. amort.
Deprec. of oper. props__
Int., deb. disct. & exp—
Pro v. for contingencies..
Profit or loss on foreign
exchange
Directors have declared a
stock, payable June
*
"
American Investment
o
Months Ended May
Co. of 111. (& Subs.)—Earnings—
31—
Volume of loans
profit after chgs. & Fed. income taxes
Earnings per share on common stock—
—V. 150, p. 3500Est. net
American
1940
1939
$13,437,367 $10,130,076
685,582
537.369
$1.61
$1.35
Shipbuilding Co.—To Pay Dividends—
declared a dividend of $1 per share on the common stock
dividend of $7 per share on the preferred stock, both payable June 29
to holders of record June 22.
Last previous common dividend was the 50cent distribution made on Aug. 1, 1939, while last preferred dividend was a
$7 payment made on June 25, 1938.—V. 149, p. 2502.
_
Directors have
and
a
I
The Commercial & Financial Chronicle
3812
American Power &
Period End. April 30—
Light Co. (&
Subs.)—Earnings—
1940—3 Mos.—1939
Direct taxes
Gross income...
&
Int. to public
deductions
3,952,564
Cr3,739
1,792,936
Portion
applicable
minority interests
3,983,097
Cr971
12,335
14,896
58,549
$203,813
107,006
Int. & other deductions.
_.—
_
Gross income.
63,837
Net
$72,348
3,272
$436,458
50,153
$487,305
14,217
$75,620
113,239
$486,610
423,482
$501.522
x$37,620
% $63,128
$42,635
,
$96,808
income-.
458.887
Loss.—V. 150. p. 3038.
Atlas Press Co.—To
Pay 15-Cent Dividend—
Directors have declared a dividend of 15 cents per share on the common
$3,380,840 $15,368,262 $12,254,690
stock, payable June 10 to holders of record June 5.
Dividend of 10 cents
paid on March 5, last; one of 20 cents was paid on Dec. 11, last and
regular quarterly dividends of 10 cents per share were previously distributed.
In addition, an extra dividend of 10 cents was paid on Dec. 15, 1938.
—V. 150, p. 1590.
.
,
was
$3,380,840 $15,368,262 $12,2.54,690
38,631
76,409
94,384
$4,440,091
105,296
712,671
Total
Expenses, incl. taxes....
$702,309
215.004
7,778
_
1940—4 Mos.-—1939
$8,644,165
7.941,855
43,412,
$196,036
Interest, rentals, &c_—.
16,024,578
0253,840
7,171,716
$4,421,792
18,299
$3,419,471 $15,444,671 $12,349,074
90,463
475,846
425,684
728,891
2,870,635
2,905,678
Other income
(&
256,148
.75,218
_.
x
Net equity
a
1,792,931
15,884,087
Crl7,530
7,171,740
$271,254
Operating income.-..
to
a Net equity
$4,421,792
American Power & Light Co.—
Lines
$692,606
Other income..
other
Int. charged to construct
Pref. divs. to public
$115,760
$9,170,793 $38,465,108 $35,260,981
$10,175,888
Steamship
$8,535,447
7.842,842
Net oper. revenue.
Taxes.-.
$9,146,164 $38,328,408 $35,141,468
24,629
136,700
119,513
17,687
Indies
Period End. April 30—
1940—Month—1939
Operating revenues
$2,326,686
$2,005,702
Oper. exps. (incl. depr.).
2,055.432
1,889,943
$27,325,281 $25,144,6111104,226,363 $97,425,305
10,534,918
9,808,296
40,671,498
38,560,207
4,010,599
3,692,799
15,015,694
13,896,661
Property retire. & deple.
reserve appropriations
2,621,563
2,497,352
10,210,763
9,826,969
Operating revenues
Operating expenses
Net oper. revenues...$10,158,201
West
&
Subs.)—Earnings—
Subsidiaries—
Other Income (net)..—.
Gulf
Atlantic
1940—12 Mos.—1939
June IS, 1940
Autocar Co.—Government Contract—
The War
Balance carried to
Co.,
con-
sol. earned surplus. $3,622,124
,
a
p.
Of American
$2,600,117 $12,098,190
Power & Light Co. in income of subsidiaries.—V.
a
Department has awarded a contract to Autocar Sales & Service
subsidiary of the Autocar Co., for tractor-trucks valued at $393,652
2079.
—V. 150, p.
$9,017,712
150,
Bassett Furniture
3651.
Industries, Inc.—Registers With SEC
See list given on first page of this department.
American
Telephone & Telegraph Co.—Earnings—
Belmont Radio
Period End. April 30— 1940—Month—1939
1940—4 Mos.-—1939
Operating revenues
$10,195,267
$9,084,722 $40,218,676 $36,708,596
Uncoil, oper. re venue
66,156
40,246
207,089
193,680
Net operating
Miscellaneous
Operatingrevenues_„-$10,129,111
Operating expenses.—..
6,981,514
Corp.—Earnings—
Income Account Year Ended Bee. 31, 1939
Total sales
$9,044,476 $40,011,587 $36,514,916
6,624,348
27,477,968
26,803,358
Net
income,..
Operating taxes.
$3,147,597
1,342,982
Net operating income. $1,804,615
Net income
1,070,369
New
$2,420,128 $12,533,619
1,122,176
5,327,818
$9,711,558
4,465,797
$1,297,952
652,669
$5,245,761
40,377,031
Net
Official—
distance
service, succeeding Vice-President Miller, who is retiring
after more than 35 years with the company.—V. 150,
'
American
.
Type Founders, Inc.—New Director—
Joseph A. Brophy has been elected a director of this company, it was
on June 17 by Thomas Roy Jones, President.—V. 150, p. 3500.
and interest to 101 and interest.
Dated May 1, 1940; due serially June 1,1941 to June 1,1952.
kwh., an increase of 16.1% over the output of 45,105,000 kwh. for the
corresponding week of 1939.
Comparative table of weekly output of electric energy for the last five
Bonds are
form in denom. of $1,000, $500 and $100, registerable as to
Principal and interest payable June 1 and Dec. 1 at office of
First National Bank, West Bend, Wis., or at option of the holder, at any
office or agency of the corporation at St. Paul, Minn.
Both principal and
interest of these bonds will be payable in lawful money of the United States
of America.
First National Bank. West Bend, Wis., corporate trustee
and Louis Kuehlthau, West Bend, Wis., co-trustee.
At the option of the
corporation and upon not less than 30 days published notice, any and all
of the bonds, of maturities specified by the corporation, may be redeemed
on any interest date on or
prior to June 1,1945, by the payment of principal,
accrued interest and a premium of 1 %, and thereafter at par and accrued
in
1940
1939
1938
June
June
1937
1936
50,723,000
44,605,000
50,672,000
44,105,000
48,018,000 *43,061,000
50,718,000
44,155,000
♦Includes Memorial Day.—V. 150, p. 3652.
Arrow
Head
Steel
Acquire Control
Products
Co.—Cincinnati
Interests
interest.
'
'
The purchase of the company and its subsidiaries
the capital stock from the Pense estate by Walter
The net proceeds of this issue of bonds will be used to pay the corporation's
first mortgage note dated April 29, 1940, now outstanding in the amount of
$125,000, for the retirement of all of the Bethesda Hospital debenture bonds
and the acquisition of
E. Schott and Joseph
Karp, Cincinnati, was announced June 10.
The company, distributor and manufacturer of pistons and other auto¬
motive equipment, has been operating since 1914 and has more than 200
employees.
The transaction it is said involved more than $500,000 in addition to
acquisition of the capital stock of the company.and its subsidiaries, including
the Spencer-Smith Co. of Howell, Mich.
4
coupon
principal.
years follows:
51,895,000
43,150,000
37,701,000
52,597,000
44,616,000
38,603,000
1...*49,369,000 *42,790,000 *36,060,000
8... 52,392,000
45,105,000
38,670,000
Paul,
West Bend, Wis., recently
Output—
Wk. End.
$143,827; customers' accounts receivable (less reserve),
$461,884; sundry accounts receivable, $8,528; inventories, $477,048; pre¬
paid expenses, $1,893; investment, $372; plant and equipment (less reserve
for depreciation of $98,369), $111,356; patents application expense (less
amortization), $15,368; total, $1,220,276.
Liabilities—Accounts payable, $298,654; accrued expenses, $131,654;
provision for Federal income and excess profits taxes, $66,371; common
stock (300,000 no par shares), $300,000; earned surplus, $423,597; total
$1,220,276.—V. 149, p. 3402.
(The Board of Christian Service),
Minn.—Bonds Offered—B. C. Ziegler & Co.,
offered $175,000 1st ref. mtge.
serial bonds, 3, 3^, and 4%, at prices ranging from 1003^
Inc.—Weekly
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended June 8, 1940, totaled 52,392,000
May 18...
May 25...
outstanding in the amount of $15,200, toward the payment of certain
promissory notes of corporation, and for other corporate purposes.
now
.
Birmingham Electric Co.—Earnings—
Period End. Apr. 30—
Operating revenues
Operating expenses
1940—Month—1939
$631,504
$619,576
Directors have declared
a
dividend of 35 cents per share on the common
stock, payable July 1 to holders of record June 22.
paid on April 1, last.—V. 150, p. 2410.
Associated Electric Co. (&
Operating income
Subsidiary Companies' Charges—
on long-term debt
Interest
Other interest
Amortization of debt discount and expense
Interest charged to construction
Prov. for divs. not being paid on cum. pref. stock._
Balance
Associated
on
40
$5,808,430
3,381,382
3,477,602
14,832
239.741
231,774
$2,508,876
$2,076,255
2710.
Associated Gas & Electric
The
Co.—Weekly Output—
Utility Management Corp. reports that for the week ended June 7,
94,525,765
10,547,122 units or 12.6% above
production of 83.978.643 units a year ago.—V. 150, p. 3652, 3501.
net electric output of the Associated Gas &
Electric group was
units (kwh.)
This is an increase of
Associated
Gas & Electric
Corp.—Court Directs Filing
of Lists of Stockholders and Creditors—
Trustees
of the
corporation were directed June 12 by Federal Judge
Vincent L. Leibell to file lists of the
corporation's stockholders and creditors
for purposes of the reorganization
proceedings which have been under way
since Jan. 10.
The Court ordered that lists of the
holders of $144,723,915 of income
debentures, $25,237,980 of convertible debentures and $8,589,930 of
eightyear bonds be impounded.
Inspection of the impounded lists will be per¬
mitted only by specific order of Judge Leibell.
The trustees also were directed to name the
Colonial Trust
of the corporation to act as
p.
2710.
952,580
50,000
600,000
600,000
309
310
3,717
3,730
$85,^2
$1,188,898
4,578
$1,161,669
4,342
586,311
$1,193,476
$1,166,011
45,750
549,000
4,601
53,348
549,000
52,865
$591,128
429,174
$564,146
429,174
$78,384
368
Gross income-..Int. on mtge. bonds
Co.,
agent
registrar of the bonds and debentures.—V. 150,
an
$78,752
45,750
4,402
Other int. and deduct'ns
a
Net income
$28,600
$35,960 v
Dividends applic. to pref. stocks for the period..
Balance
$161,954
$134,972
Dividends accumulated and unpaid to April 30, 1940, amounted to
$143,058.
Latest dividends, amounting to $1.75 a share on $7 preferred
stock and $1.50 a share on $6
preferred stock, were paid on April 1, 1940.
Dividends on these stocks are cumulative.—V. 150, p. 3195.
a
(E.
W.) Bliss Co.—Backlog Higher—
Despite substantial shipments in May,
of
company
currently has
a
backlog
than $9,500,000 as compared with $8,500,000 early last month.
It has been anticipated that
May shipments would exceed $1,000,000, and
it is believed this estimate was more than made good.
more
Company
is
sharing in
Allied munitions orders, and although exact
it is known that the company is
cartridge and shell-making machinery. A torpedo
the books for some time.—V. loQ, p. 3195.
nature of the business cannot be disclosed,
making shells
as
order has been
well
on
as
Booth Fisheries
Net income
p.
Cr25,505
50
Co—
Amortization of debt discount and expense
150,
1,737,845
177,689
174,589
Cr37,030
623
Electric
long-term debt
Other interest
——V.
$7,861,562
1,735,078
182,222
170,696
$6,122,655
--------
Interest
$7,393,562
468,000
$8,185,196
income
4,787,598
991,674
limited-term
or
investments
Other income (net)-..-.
$8,003,529
181,667
Other income (net)
5,051,886
78,293
,
1939
1940
expenses
Amort,
$7,505,577
405,071
50,000
Property retirement re¬
serve appropriations-.
Net oper. revenues
$26,512,327 $25,618,580
11,585,227
11,787,775
1,691,182
1,568,092
2,425,852
2,083,231
676,470
804,357
2,130,065
1,981,562
Maintenance
Provision for retirements
Federal income taxes
Other taxes
Gross
was
Subs.)—Earnings—
12 Months Ended March 31—
Total operating revenues
Operating
Dividend of 25 cents
;
1940—12 Mos.—1939
$7,836,175
/416.118
' 86,693
Direct taxes.
Art Metal Construction Co.—35-Cent Dividend—
$0.99
1939
Ass its—Cash,
St.
Water Works & Electric Co.,
180,000
Bethesda Hospital
announed
American
$295,898
share on 300,000 shs. capital stock
per
Balance Sheet Dec. 31,
•■■■■
3652.
profits taxes
income—
Earnings
at his own request
P.
excess
Dividends paid
$7,205,801
47,146,845
C. F. Craig was elected a Vice-President of the compajny at a meeting
of the board of directors held on June 12.
Mr. Craig will be in charge of
long
$362,269
66,371
;
-
Provision for Federal income and
Net oper. revenues...
$5,741,423
342,121
20,148
profit after expenses (incl. deprec. of $72,462)
income (net)
Corp.—Initial Preferred Dividend—-
Directors have declared an initial dividend of $1
cumulative second preferred stock, payable July 1
June 19.—"V. 149, p. 407.
per
to
share on the $6
holders of record
Boston Elevated Ry.—Earnings—
Month of April—
Total receipts
1940
Total operating expenses
Federal, State and municipal tax accruals
Rent for leased roads
Subway, tunnel
Interest
on
1939
$2,177,788
1,522,104
136,688
99,497
6,977
Dividends
Miscellaneous items
over
receipts
3,761
233,062
329,374
99,497
7,407
$171,225
and rapid transit line rentals
bonds._-
Excess cost of service
—V. 150, p. 3195.
$2,207,818
1,568,301
137,910
3,761
233,222
329,374
$154,106
Boston & Maine RR.—Plan Declared Operative—
Directors on June 8 took the first of the finai steps toward consummation
of the railroad's
plan of exchange by declaring the plan operative as of
June 13.
The action was taken at a
meeting of the board held at the
general offices in the North Station Building.
Volume
The Commercial & Financial Chronicle
150
Immediately afterward, the bondholders
approved
action
the
of
the
directors
the
and
Reconstruction
Finance
Calendar
Years—
1939
Gross earns, from
oper_.$37,199,350
Misc. rev. of oper.
cos..
Corporation signified
concurrence subject to necessary approvals by the
Interstate Commerce Commission and compliance with other legal require¬
ments.
iV ,1\,v'v, .M
v),.
In a statement announcing the various
actions, President S. E. French
emphasized that the action taken by the directors is' 'merely the first necessary
step looking toward the final consummation of the plan."
r*T^0t^rev"°foper. c°s-$37,513,740
nS^im/ex?enses.--T- 17.864,752
for depreciation
"necessary approvals by the ICC in¬
cluding the approval of the loan to be made by the RFC; satisfaction of
conditions imposed by the RFC; and compliance with other legal require¬
ments."
riS^
^ a- )\
7.-V:-
n^dr!new^ls"
Q&L?* "A."" 17—
Sink,
■
,
bonds at par; and that certain of the leased lines have agreed to meet the
down in November last year by Jesse H. Jones, Federal
"On
*
French's announcement read:
Nov. 7, 1939, Jesse H. Jones,
,'
11
Federal Loan Administrator, an¬
nounced that he had agreed to purchase up to $40,750,000 of new Boston &
Maine RR. 1st mtge. bonds provided
among other conditions, that the banks
holding notes of the railroad amounting to $5,500,000 and substantially all
of the $103,000,000 of bonds in the hands of the public should assent to the
refinancing of the debt structure of the railroad.
"The plan of exchange was prepared and announced to the public on
Jan. 4, 1940.
Active solicitation of assents to the plan started on Jan. 9,
and the officers of the road have pursued the matter
vigorously since then."
Mr. French's statement continued by saying that there are still out¬
standing several millions of the bonds of the road unassented to the plan.
"We arc," Mr. French said, "making every effort, and will continue to
make every effort, to get these bonds in prior to the time of final con¬
summation, as it should be obvious to all that the more bonds assented,
the less risk of failure of the plan in its final stages.
"The management is grateful to the host of individuals, institutions, and
committees who have cooperated so splendidly to further the success of the
plan.
y-:r
>
"It is earnestly hoped by the management that the efforts of it and its
friends to keep the road from bankruptcy courts will not be in vain.
It is
interesting to note that 99% of the New England-held bonds are assented.
The Boston & Maine is primarily a New England institution.
Nearly 70%
of its securities are held in that area, and New England backing of the road's
efforts has been almost unanimous."
The bondholders committee named in the plan which approved the action
of the road's directorate is composed of J. Reed Morss, Vice-President of
Boston Five Cents Savings Bank; Lee P. Stack, Assistant Treasurer of
John Hancock Mutual Life Insurance Co.; Edgar C. Hirst, President of
First National Bank, Concrod, N. H.; T. Jefferson Coolidge, Chairman
of Old
6,823,339
1,908,553
616,077
700,000
Bal., being rev. to Brazilian Trac., Light
C
Int. on
temp:dnvestm'ts
Miscellaneous income...
Gross
.—.._
.
Profit from operations
$824,407
36,448
Income credits
Gross income
....
$2,837,180
2,012,773
$860,855
2,442
150,977
........
Income charges
Provision for Federal income taxes
667,670
500,000
;
)
Traction,
"
Dividends
Dividends
on
.....
$707,435
...
preference stock
on common
Appropriation to
...
stock........
reserve for war
............
contingencies.
_ .
...
.........
Surplus for the year....................................
Earned surplus at beginning of year
147,320
392,225
100,000
$67,890
2,030,427
96,978
92,417
f
.
Derfyc^Gen? &Ladmin" *9'777'950 $10'318'205 *".587,531 36.636,374
charges.
311,842
300,000
a22,531
Gen. amortiz. reserves..
Preferred divs. (6%)...
Common dividends
346,524
300,000
23,604
3,512,224
401,250
300,000
23,604
7,024,091
392,486
23,604
4,915,586
Balance, surplus
a
$9,143,576
$6,133,853
$3,838,586
$1,304,698
Equivalent in Canadian funds to $23,604.
Consolidated Balance Sheet (Co. and Sub. Cos.) Dec. 31
1939
.
Assets—
1938
j
<g
Properties, plant & equip., construct, expenses (at
cost), incl. int. during construction, &c
269,624,092 262,432,185
Cost of securs. & adv. to
owned
cos.
or
controlled
by sub. cos., incl. prem. paid on shares of sub¬
sidiary companies acquired86,279,037
Rights, franchises, contracts, goodwill, &c., dis¬
count and issue
expenses on bonds and debs
45,388,982
2,564,139
2,365,300
12,800,465
7,042,289
3,576,816
15,464,513
12,123,359
6,901,110
4,431,751
10,269,938
-4427730,884
429,925.307
Sinking fund foldings Sao Paulo Elec. Co., Ltd.,
1st mtge. bonds
Stores in hand and
material
in
transit,
86,012,680
45,379,532
-
incl. construction
Sundry debtors and debit balances
Investments (Government securities at cost)
Cash.
——
Ordinary shares.
6% cum. preferred shares
Shares of subsidiary
companies
a Funded Debt—
Rio de Janeiro Tram., Lt. & Power
Co.,
179,358,246 179,322,517
393,400
393,400
1,684,193
1,684,193
Ltd.;
5% 50-year mtge. bonds........
15,692,997
5% 22-year bonds
1,320,355
Sao Paulo Tram., Light & Power
Co., Ltd.:
5% perpetual consol. deb. stock...3,999,996
Sao Paulo El. Co., Ltd., 5% 50-yr. 1st
mtge. bds._
9,733,333
Bond debs, and sh. warrants coupons
outstanding.
215,816
Accrd. charges on cum. pref. shares & fund. debt.
439,494
b Sundry credit and credit balances
17,376,676
*
Provision for depreciation and renewals
79,481,460
Sinking fund reserves
10,187,705
General amortization reserve
20,494,539
General reserves
77,200,827
Profit and loss balance Dec. 31—Brazilian Traction
Light & Power Co., Ltd.
25,006,435
Subsidiary companies
#.•.
145,412
_
Net income
$6,446,979
107,141
105,286
Brazilian
Light &
rev.,
LMlUiei-——
Earnings for Year Ended Dec. 31, 1939
profit from operations....
Selling, shipping, administrative and general expenses.
8,286,742
1,984,786
93,241
73,906
Colony Trust Co., and Robert H. Gardiner, President of Fiduciary
150, p. 3502.
Gross
6,809,016
1,979,221
v,
$10,149,058 $11,375,104
74,883
35,770
Trust Co.—V.
Bourjois, Inc. (& Subs.)—Earnings—
1936
754,911
700,000
y
772,214
700,000
^Iero9°"Ltdr- $9,667,297
conditions laid
Mr.
6,929,253
1.736,361
funds&oth.chges.
Prov. for gen. amortiz..
1937
$38,179,433 $38,998,045 $32,393,680
17,826,269
17,379,793
14,507,503
Charge
There is still to be secured, he said,
In his announcement, Mr. French stated that the holders of
$95,806,500
of the bonds have assented to the plan; that the banks
holding the notes of
the railroad have agreed to surrender their collateral and take new 1st mtge.
1938
$38,078,934 $38,555,900 $32,197,610
100,499
442,145)
196,070
314,390
>'
Loan Administrator,
3813
Combined Revenue Statement
of Parent Company and Operating Subsidiaries
in the plan
committee named
16,294,986
1,320.216
3,999,996
9,733,333
316,974
507,131
17,345,548
77,142,039
9,387,398
19,494,713
51,974,593
40,862,858
145,412
...............
Earned surplus at end of year
..........
.........
$2,098,317
Note—The earned surplus at beginning and end of the year includes
$1,093,889 earned by predecessor companies at effective date of consolida¬
tion, March 1, 1929.
Period End. May 31—
x
Loss
x After
ordinary taxes, rentals
Income taxes.—V. 150, p. 3348.
1940—-5 Mos.—-1939
$12,344
prof$5,337
their meeting held June 7 decided to omit the dividend
on the common stock at this time.
Last previous pay¬
30 cent special, and 30 cent quarterly,
and was distributed on Dec. 23, 1939.
Directors stated current dividend was omitted so as to have the funds
available to acquire on an advanced schedule machinery and equipment
needed for its plant expansion.
at
ordinarily payable
ment consisted of a 40-cent extra,
plant development program
which
"The serious international situation of the last two
or
three weeks has
disclosed that certain plants manufacturing the equipment which we had
contemplated purchasing are now arranging, if called upon, to cooperate
with the U. 8. Government in which event they may be compelled to set
aside production of ordinary industrial equipment in order to produce mate¬
rials and supplies in furtherance of the national defense program.
"Therefore, after serious consideration, the board of directors determined
to pass the usual dividend ordinarily paid on July 1 and proceed at once
with the procurement of the equipment it was originally intended to
buy
about six months later," the company wrote its stockholders.—V. 150,
p. 2869.
Bralorne
an
extra dividend of 10 cents per
share in addition
quarterly dividend of 20 cents per share on the common stock, no
both payable July 15 to holders of record June 29. Extra of 20
paid on April 15, last, and extras of 10 cents were paid on Jan.
15, last; Oct. 11, July 15. April 15 and Jan. 14, 1939.—V. 150, p. 1756.
to
a
par value,
cents was
Brazilian
Traction, Light & Power Co., Ltd .—Earns.
Statistics of Combined Companies for Calendar Years
1939
1938
1937
1936
552.50
556.64
559.37
561.20
82,163,441
81,025,776
78,771,972
76,925,640
Passengers carried._____978,561.798 931,474,961 913.663,950 882,882,798
Kilowatt-hours sold... 1555197,493 1462587,889 1352491,613
1235689.195
Total
consumers, "light
•
and power
532,003$
500,551
472,563
442,057
Gas sold (cubic meters). 144,480,023 137,460,964 129,496,900 120,328,276
Gas consumers
138,359
«
127,462
117,167
106,448
No. of telep. in. oper....
208,633
195,367
182,840
165,852
Miles of track
*
Milesrun
are
subsidiary
company equivalent to $6,824,720 at par of exchange, on which
sinking fund charges for the year, amounting to $356,646,
provided out of the revenue of the subsidiary company,
b Includes
insurance funds for injuries and damages.—V. 150, p. 3347.
are
Brewster Aeronautical
An order
was
signed
on
Corp .—Orders—
June 9 for $26,572,000 of airplanes, according to
The order consisted of fighters
James Work, President of this corporation.
and dive-bombers for export.
These orders bring Brewster's backlog of unfilled orders to $44,628,000.
At the end of May the company's unfilled orders were $18,056,000 which
contrasted with $2,250,000 at the close of May, 1939.—V. 150, p. 3653.
(J. G.) Brill Co.—Suit Statement—
Leslie E. Hess, Executive "Vice-President of the company, issued the
following statement on June 10.
My attention has just been called to a newspaper item with respect to a
writ of alternative mandamus
c.
directed to the officers of the J. G. Brill
f. Motors Co. to show cause why the petitioner should
The
petitioners who secured this writ are not stockholders of either of the com¬
panies mentioned or of the immediate parent of the a. c. f. Motors Co.,
and their charges of mismanagement and diversion of profits are utterly
without foundation.
In addition, these same petitioners, some months ago,
made an application for the same relief to the New York courts and such
application was rejected on the grounds, among others, that these petitioners
had no right to the examination sought and the proceeding in which they
made the application was not brought in good faitn or for a proper purpose.
—V. 148, p. ?795.
Broad Street Investing
Corp.—'-Dividends—
Directors have declared
a dividend of 22 cents a share on the capital
1 to stockholders of record June 21, This compares
with 20 cents paid on April 1, last; 37 cents paid on Jan. 2 last; 18 cents
paid on Oct. 1 and on July 1, 1939; 20 cents paid on April* 1, 1939; 18 cents
on Jan. 3, 1938; 14 cents on Oct. 1, 1938; 15 cents on July 1 and April 1,
1938, and 21 cents paid on Jan. 5,1938.—V. 150, p. 2566.
stock, payable July
Brockway Motor Co., Inc.-—Earnings—Earnings for Year Ended Dec. 31,1939
-■Net sales-.....#.—..--;—$5.986,064
Cost of sales.
_——# .....
4,603,403
.
.
Gross profit
Other revenue.
....—
—
_
...—...
...
$1,382,661
157,572
.
Total
$1,540,233
1,277,875
#
-
Administrative, selling, general expenses.
Provision for 1939 income taxes
Mines, Ltd.—Extra Dividend—
Directors have declared
includes provision for depreciation and renewals of physical
or controlled by subsidiary companies,
a In
bonds outstanding of companies owned or controlled by
companies owned
Co. and the a.
and interest, but before amortization and
A year ago the company undertook a two-year
was to be concluded by June 1, 1941.
reserve
not have access to the books and records of the two concerns named.
(E. J.) Brach & Sons—Dividend Omitted—
Directors
This
assets of
the interest and
Corp.—Earnings—-
1940—Month—1939
$7,473
$1,843
*
442,730,884 429,925,307
addition there
a
Consolidated Balance Sheet Dec. 31,1939
Assets—Cash, $529,032; notes receivable, $12,358; accounts receivable
(less reserves), $1,608,087; inventories, $720,470; estimated salvage value of
anticipated returns of merchandise, $36,000; cash surrender value of in¬
surance on life of officer, $98,368; plant, property (less reserves for
deprecia¬
tion of $301,854), $303,986; securities owned, $167; goodwill, trademarks,
recipes and formulae, $1,106,458; deferred charges, $127,946; total, $4,542,872.
Liabilities—Notes payable, $600,000; accounts payable, $360,178; divi¬
dends payable, $31,426; accrued expenses, $294,792; reserve for war con¬
tingencies, $100,000; preference stock (58,623 shares no par), $879,345;
common stock (400,000 shares no par), $400,000; capital
surplus, $24,789;
earned surplus (including $1,093,889 earned by predecessor companies at
effective date of consolidation, March 1, 1929), $2,098,317; value of re¬
acquired shares in treasury, pending retirement or other disposition thereof:
(preference,
15,880 shares, $238,200; common, 7,775 shares, $7,775),
Dr. $245,975; total, $4,542,872.—V. 149, p. 3547.
Bowman-Biltmore Hotels
Total
50,000
.
Net profit.
$212,358
Dividends...
52,262
.................;
Earnings per share... Note—Depreciation included above
V $1.02
$53,672
...
Balance Sheet Dec. 31, 1939
Assets—Cash in banks and on hand, $220,626; notes, drafts and accounts
receivable (after reserves), $2,391,698; foreign notes, drafts, and acceptances
receivable acquired from Brockway Motor Truck Corp. (less allowance for
losses), $7,000; inventories, $1,280,812; cash in escrow, $305; real estate
and miscellaneous investments, $25,004; fixed assets (less depreciation of
$560,854),
$882,872;
Liabilities—Notes
deferred
payable,
charges,
$42,763;
$300,000; accounts
good
will,
payable,
$1;
total.
$243,845; ac¬
crued wages, commissions and other expenses, $18,577; accrued taxes, other
than income taxes, $54,437 provision for 1939 income taxes,
$50,000;
deposits on contracts of sale, $23,289; reserve for contingencies, $46,945;
common stock
(par $10), $2,093,820; capital surplus, $1,576,888 earned
surplus, $443,281; total, $4,851,081.—V. 149, p. 2963.
Corp.—Suspended from
Brooklyn-Manhattan Transit
Dealings—
The
securities were suspended
June 13:
following
from dealings on the New
Brooklyn City RR, certificates of deposit for 1st consol. mtge. 5%
bonds due July 1, 1941.
'
'
(b) Brooklyn Manhattan Transit Corp. certificates of deposit for rapid
transit coll. trust bonds, 4lA% series due May 1, 1966.
(c) Brooklyn Queens County & Suburban RR. certificates of deposit for
1st mtge. 6% gold bonds due July 1. 1941 (stamped), and certificates of
deposit for 1st consol. mtge. 5% gold bonds due July 1, 1941 (stamped).
(d) Brooklyn Union Elevated RR. certificates or deposit for 1st mtge.
5% gold bonds due Feb. 1,1950.
.
:
(e) Kings County Elevated RR. certificates of deposit for 1st mtge. 4%
bonds due Aug. 1, 1949.
(a)
Nassau
June IS, 1940
officer, $46,775; common stock investment owned, at
determined by the board of directors, $1; other investments at esti¬
$22,492; prepaid expenses and deferred charges, $9,431;
total, $2,613,539.
life insurance,
of
value
mated fair value,
-
York Stock Exchange
(f)
Chronicle
The Commercial & Financial
3814
Electric RR. certificates
1, 1951 (stamped).
$35,852; due to dealers for securities purchased, $89,097;
payable, $41,875; deposits for payment of coupons of various
companies (per contra), $112,611; accrued taxes and reserves, $165,131;
preferred stock (56,193 no-par shares), $1,404,825; common stock, class A
accounts
corporate stock for transit
June 1, 1980.—V. 150, p. 3653.
3%
,<
.
sales for the month of May amounting to $470,981, as
against $560,546 in May, 1939.
Sales for the fiscal year ended June 30,
1940, are $3,576,820, as compared with $4,038,238 for the similar period
last year.—V. 150, p. 3195.
of the Sacred Heart, Stella Niagara,
Buffalo Academy
offering at 100 and int., $800,000
lateral trust sinking fund bonds.
705,108
756.439
125.555
$1,357,582
119,930
$1,288,151
131,855
$1,263,687
6,409
& 1,594,060
$lv477,512
$1,420,006
$1,270,096
614,517
591,088
589,962
30b"666
300",000
300",000
590,515
4,461
175,000
129,437
41,453
108,693
41,453
89,015
41,453
70,508
_
$508,653
357,500
$436,277
360,000
$399,575
$388,158
360,000
—
$151,153
Other income
$76,277
135,446
$39,575
97,350
$28,158
199,883
$211,723
$136,925
1,479
$228,041
....
Total income
Bond interest
Exchange thereon
Depreciation.
Dom. & Prov.
inc. tax.
Amortiz. of bond
disc.
payable semi-annually from June 1, 1944 to June 1, 1946, and 4% per
payable semi-annually from June 1, 1946 to maturity.
Dated June 1, 1940; due June 1, 1952.
Interest payable J. & D. at
Mutual Bank & Trust Co., St. Louis, Mo.
Coupon bonds in $500 and
$1,000 denom.
Mutual Bank & Trust Co., St, Louis, Mo., corporate
trustee, and J. F. Tegeler, St. Louis, Mo., individual trustee.
Bonds may
be prepaid on any int. date on 15 days' notice at par and int.
These bonds constitute the direct obligation of Buffalo Academy of
the Sacred Heart, a corporation duly incorporated in New York, the prop¬
erty-holding corporation of the Eastern Province of the Sisters of St. Francis
of Penance and Christian Charity, an old-established order of women of
the Roman Catholic Church.
These bonds are further secured by an inden¬
ture of trust under the terms of which first mortgages covering three prop¬
erties are assigned as collateral security.
The properties covered by the
mortgages cost in excess of $2,100,000.
The Order of Sisters of St. Francis of Penance and Christian Charity
was founded in Holland in 1835 and was established in the United States
in 1875.
This Order owns and conducts humanitarian and educational
institutions and is represented in the Archdioceses of Los Angeles and Port¬
land and in the Dioceses of Bismarck, Buffalo, Columbus, Denver, Grand
Isle, Great Falls, Lead, Omaha, Sacramento, Seattle, Trenton and Wheel¬
ing.
There are 598 professed Sisters, 16 Novices and 21 Postulants in
the North American Provinces, and in the Eastern Province there are 344
Professed Sisters, 9 Novices and 14 Postulants.
The purpose of the issue is to refund present outstanding indebtedness
annum
Operating revenues
Operation expense. ...
Maintenance
_
.
.;
.
... ....
.
$20,217,641 $19,097,312 $19,766,525
7,998,904
8,418,990
8,341,776
2,333,650
Depreciation
Retirement provision
Taxes
Interest
on
$5,656,479
4,418
$5,658,064
1,822,330
organization expense, $830,318; invest¬
$2,218,755; cash, $458,998; accounts and bills receivable (net),
$506,478; materials and supplies, $199,045; deferred charges, $1,352,717;
total, $25,638,014.
Liabilities—6% cum. redeemable pref. stock, $5,900,000; common stock,
$3,500,000; funded debt, $11,704,000; accounts payable, $110,283; reserve
for taxes, $144,600; consumers' deposits,
$95,171; dividends declared,
$88,500; accrued bond interest, including exchange, $144,158; reserves,
$3,574,188; capital surplus, $100,000; earned surplus, $277,115; total,
$25,638,014.—V. 146, p. 3947.
ments,
California Oregon Power Co.—Capital Revision—y
has asked the California RR. Commission for approval of
its 82,061 shares of common stock which is all owned
by Standard Gas & Electric Co.
The new stock would have a $10 par
as against $100 for the present.
Standard Gas proposes to turn in for cancellation as a capital contribution
4,457 shares of 7% preferred; 2,207 shares of 6% preferred and 11,271 shares
of 1927 series 6% preferred, plus $2,375,000 par value of 5H% debentures
of 1942 of California Oregon Power Co. owned by the parent.—Y. 150,
The company
a
10 for 1 split-up of
3653.
p.
Crl 1,010
26,052
14,182
29,576
15,624
a$3,032,449 a$2,023,338
$3,547,961
Miscellaneous deductions
1939
on common
258,480
CV718
Equivalent to $2.76 per share
a
1,371,711
of common stock in 1939 and $1.84 in '382,743,422
stock
prof$l,141
2084.
2,085,001
Balance Sheet Dec. 31
Investments
1938
91,383,995 90,346,442
S
Common stock..27,434,225 27,434,225
Funded debt
42,764,000 42,992,000
a
196,156
200,009
c
16,100
.....
Advances
416,165
14,780
231,959
Accts. receivable..
1,723,321
1,437,450
Notes receivable..
843
843
1,626,520
359,171
1,580,977
Cash
25
Int. & divs. receiv.
Mat'ls & supplies.
Prepayments
1938
1939
$
Liabilities—
Special deposits-..
4,625,000
712,600
326,699
Accounts payable.
Consumers' depos.
accrued..
Interest
4,300,000
704,398
341,827
520,401
691,898
485,074
24,157
Taxes accrued
Deferred
credits..
503,323
count & exps...
608,906
651,742
Other def'd chgs._
746,032
Res've for deprec.
8,80^324
Mlscell. reserves..
375,884
Unamort. debt dis¬
48,164
Earned
9,774,510
49,801
surplus...10,189,246
9,966,167
775,719
Total
97,077,210 95,615,830
Total
97,077,210 95,615,830
a
Represented by 1,097,369 no par shares,
c Represented as follows:
3^% gen. & ref. mtge. bonds, series C, due June 1, 1967, $17f029.000 in
1939 and 1938; and 3M% gen. & ref. mtge. bonds, series D, due Aug. 1,
1968, $2,375,000 in 1939 and 1938; serial debentures: 2% series A, $684,000
in 1939 and $912,000 in 1938; 3% series B, $1,140,000 in 1939 and 1938;
Sji % series C, $1,140,000 in 1939 and. 1938; 4Buffalo
General Electric
gen. & ref. mtge. bonds, series B, due Feb. 1, 1981, $20,000,000 in
1939 and 1938; 5% Buffalo & Niagara Falls Electric Light & Power Co.
1st mtge. bonds, due Feb; 1, 1942, $396,000 in 1939 and 1938.—V. 150,
Co.
P.
3041.
Bunker Hill &
._
.
,
Towels—
all
under
one
company's
of the quality
Vice-President in charge of sales, the
Sullivan Mining & Concentrating Co.
Earnings fof 3 Months Ended March 31, 1940
y
Profit after depletion and deprec., but before Federal inc. taxes.
—V. 149, p. 3711.
$374,442
Ltd.—Extra Dividend—
Directors have declared an extra
dividend of $1 per share in
Canadian National
*
other expenses.
Ry.—Earnings—
Week Ended June!
Depreciation to market Dec.
zY, 1939",~of trading"securities
Interest and taxes
iqqq
$3,478,384
,
Earnings for the
Week Ended June 7
1940
1939
$2,870,000
Traffic earnings
—V. 15Q, p. 3654.
;
Canadian Wirebound Boxes,
;
..
$19,114;
contra),
$478,000
Ltd.—Accumulated Div.—
dividend of 37
cents per share on account
$1.50 cumul. class A partic. stock, no par value,
payable July 2 to holders of record June 15.
A like amount was paid in
each of the 11 preceding quarters.
Accruals after the current payment
will amount to $2.25 per share.—V. 150, p. 1595.
The directors have declared a
Carbons Consolidated, Inc.—To Pay 50-Cent Dividend—
dividend of 50 cents per share on the common
stock, payable June 15 to holders of record June 8.
Dividend of 30 cents
was paid on Dec. 26, last; one of 40 cents was paid on June 14,
1939; 50
cents paid on Sept. 28, 1938; one of 40 cents paid on March 28, 1938; and a
dividend of 25 cents per share was distributed on Dec. 20, 1937.—V. 149,
Directors have declared a
P. 4021.
Carolina Power &
Direct taxes
Prop, retire,
res. approp.
$4,892,796
653
21,339
22,780
$451,010
._
$352,160
$352,813
191,667
5,300
$4,914,135
2,300,000
$4,825,518
2,300,000
85,315
75,520
Cr2,434
$155,846
stocks for the period
$2,528,820
$2,452,432
1,255,237
191,667
Int. on mortgage bonds.
Other int. & deductions.
Int. charged to
9,666
constr'n.
$249,677
income
1,255,237
$1,197,195
unlisted trading the
$1,273,583
-
Curb Exchange has
1st and refunding mortgage
p.
$4,802,738
$450,276
734
Net oper. revenues
Other income (net)
Gross income
Light Co.—Earnings—
1940—Month—1939
1940—12 Mos.—1939
$1,173,293
$936,417 $12,769,282 $11,913,589
422,761
340,067
4,745,230
4,112,434
210,256
154,190 *2,051.256
1,918,417
90,000
90,000
1,080,000
l,O80,O0O
Period End. Apr. 30—
Operating revenues
Operating expenses
removed from
gold bonds 5% series,
3654,
Inc.—Dividends—
due April 1,1956.—V. 150,
;
'
,i
class A stock
June 15
Directors have declared a dividend of ®'3 per share on the
a dividend of SI 20 per share on the class B stock, both payable
and
$112,611; due from customers for securities sold, $55,744; due from dealers
for securities sold, $50,444; bonds, debentures and stocks owned, $1,817,295;
notes and accounts receivable (less reserve), $154,169; cash surrender value
Increase
$2,392,000
'
of accumulations on the
Carthage Mills,
Assets—Cash, $325,462; cash held in trust for customers,
cash reserved for payment of coupons of various companies (per
,
Canadian Pacific Ry.—Earnings—
The New York
Balance Sheet Dec. 31, 1939
$1,800,752
—V. 150, p. 3654.
Balance..
$42,998
Deficit for year
Twer paw
1 CkA(\
$5,279,136
Gross revenues..
Dividends applicable to pref.
$46,311
31,892
57,416
stock,
Earnings of the System for the
'
Earnings for Year Ended Dec. 31, 1939
Profit—^operations from trading and underwriting of securities
and interest, dividends, &c., after deducting selling and
addition to
regular quarterly dividend of 75 cents per share on the common
both payable July 2 to holders of record June 15.—V. 149, p. 408.
the
Net
(H. M.) Byllesby & Co.—Earnings—
with pro¬
towel
line, and Arthur R.
150, p. 3348.
Samuel F. Parker, widely known in
roof.
manufacturing, is supervising production of the new
Neill has been engaged to direct merchandising.—V.
ended Dec. 31, 1937 shown
above has been restated for comparative purposes as far as practicable.
Fixed capital
$7,484
Company announced its entry into the towel manufacturing field with a
complete line of terry towels.
These complete the Callaway bathroom
ensembles and the entire sets are to be merchandised nationally.
Accord¬
Note—The statement of income for the year
1939
1937
$29,996
after deprecia¬
loss
tion, taxes, &c
1
Net income
Dividends
1938
$18,855
1940
3 Mos. End. Mar. 31—
Net
29,792
218
charged to construction
Amortization of debt discount & exp.
Interest
'
-
,
Callahan Zinc-Lead Co.- -Earnings-
Canada Packers,
debt
$19,688,348; water rights, $383,3555
Assets—Lands, buildings and plant,
franchises, contracts, licenses and
1,585
$4,042,072
1,759,221
242,498
Cr28,185
1,679,832
264,384
1939
duction
$5,005,839
Interest on unfunded
Consolidated Balance Sheet Dec. 31,
2,637,203
$4,037,654
funded debt
$97,350
$135,446
$211,723
$277,115
Profit & loss surplus..
ing to R. D. Williams Jr.,
2,598
Gross income
5,691
125,000
entry into the towel field was made after careful analysis
market and
establishment of a special plant an machinery,
$5,003,241
Operating income
Non-operating income (net)
$362,876
Dr85,761
Total surplus..
Adjustment to surplus.
1,293,938
2,932",799
3,207,545
...
360,000
2,m66o
1,332,869
2,375,000
1,331,429
_'.iw
.
1937
1938
1939
Calendar Years—
211,723
Callaway Mills—To Manufacture
Electric Corp.—Earnings'
Buffalo Niagara
41,453
Transf. to deprec. res..
—V. 150, p.
at a reduced interest rate.
;
*
Surplus
Previous surplus
direct obligation col¬
The bonds of this issue bear interest at the rate of 3 % per annum, payable
semi-annually from June 1,1940toandincl. June 1, 1944. 3J4% per annum,
708,181
$1,468,505
Net earnings
Offered—Dempsey-Tegeler & Co., St. Louis,
Y.—Bonds
N.
are
1936
$1,971,868
709,907
Oper. exps. & taxes
Preferred dividends
& Wire Co.—Sales—
Brown Fence
1937
$1,998,058
1938
$2,114,021
1939
$2,173,613
,
Net income
Company reports
Ltd. (& Subs.)- -Earnings—
Calgary Power Co.,
Calendar Years-—
Gross earnings.
of deposit for consol. mtge. 4% gold
unification, issue of June 1, 1940, due
$458,380; class B (398,592 no-par shares), $398,592;
$2.613,539 —Y. 150, p. 3653.
(458,380 no-par shares),
deficit, $437,824; total,
bonds due Jan.
(g) Brooklyn-Manhattan
Transit Corp. certificates of deposit for
($6 cum. div.) pref. stock, series A.
(h) Brooklyn & Queens Transit Corp. certificates of deposit for ($6 cum.
div.) pref. stock.
(i) The City of New York corporate stock for transit unification, issue
of June 1, 1940, due June 1, 1980, plan B "when issued."
The Exchange admitted to the list and to dealings the City of New York
$345,000; customers' free
payable, banks, secured,
Liabilities—Notes
credit balances.
to holders of record
the issues.
June 11.
'
to holders
clear up all'back dividends on
-
Directors also declared
the class
These payments
regular quarterly
and 60 cents per share on
of record June
dividend of $1.50 per share on
the class B stock, both
20.—V. 150, p. 988.
payable July 1
Volume
Celotex
Corp.—Earnings—
Period End.
Net
The Commercial
ISO
Profit after exp.
Total income
Y;'/: Y'YY'/'V'
1940—3 Mos .—1939
32,900,720
32,674,809
& costs_
232,816
185,905
204,217
22,536
Nil
283,276
Net
profit
Earns.persh.oncom.stk.
a
■
Apr. 30—
sales
77,469
30.06
After interest, amortization, depreciation,
a
& Financial Chronicle
'v.\
1940—6 Mos.—1939
35,466,746
$4,847,438
199,931
353,664
267,461
381,526
lossll7,396
10,400
' Nil
Nil
a dividend of $2.25 per share
on the common
stock, payable July 1 to holders of record July 1.
Like amounts were paid
jn preceding quarters.—V. 150,
product which makes the surface of concrete harder,
of the
smoother
company.
The product is a cane fibre board, similar to the company's building in¬
It is called Celotex Absorptive Form Liner.
When ap¬
plied to the inner surfaces of concrete forms, this board absorbs the air
bubbles which cause pitting and sand streaks, and removes the excess water
from the concrete near the surface.
This action produces a concrete sur¬
sulation board.
face of greater
smoothness, hardness and durability.
Tennessee Valley Authority Watts
It is also
suitable for concrete work on viaducts, aqueducts, bridge abutments,
grade separations, retaining walls, piers, docks, lock chambers, reservoirs,
irrigation canals, sedimentation basins for water or sewage and exposed
concrete ceiling slabs.—V. 150, p. 3196.
The product is now being used on the
Bar Dam and the Reclamation Bureau's Friant California Dam.
Central Foundry
The
New
York
Stock
Exchange has authorized the listing of 4,335
(par $1) upon official notice of issuance
authority to add
17,340 additional shares of common stock upon official notice of
for property at Holt, Ala., making the total amount
applied for 321 271 shares
Directors at a meeting held May 20 adopted resolutions authorizing the
issuance of 4,335 shares of common stock to or upon the order of W. C.
Scott, receiver in equity of Central Iron & Coal Co., being 5 shares of stock
in respect of each of the 867 first mortgage sinking fund 6% bonds of Central
Iron <fc Coal Co. publicly held, such stock to be delivered to the receiver
or to the respective holders of Central Iron & Coal Co. bonds or to such
person or persons as the U. S. District Court for the Northern District
of Alabama, Western Division, may direct.
The 4,335 shares of common
stock are to be issued in part payment for the conveyance of certain prop¬
erty and certain releases and in settlement of certain litigation.
The directors at the meeting also authorized the issuance and delivery
of 17,340 shares of common stock of the corporation upon the exercise by
the receiver of the option provided for in the agreement on or prior to Nov. 1,
1940, such common stock to be delivered to the receiver or to the respective
holders of Central Iron & Coal Co. bonds or to such person or persons as the
Court may direct upon the conveyance to Central Foundry Co. of the socalled townsite owned by Central Iron & Coal Co. at Holt, Ala., consisting
of 379 dwelling houses and approximately 600 acres of land.
to the list
issuance in payment
Earnings for Four Months Ended April 30, 1940
depreciation, taxes,
$2,244
&c
as of April 30, 1940, including 3152,643 cash, amounted
$2,086,443 and current liabilities were 3616,257.
This compares with
cash of $135,133, current assets of $1,984,581 and current liabilities of
$501,504 on Dec. 31,1939.
Inventories were $1,279,417 against $1,148,655.
—V. 150, p. 2567.
Current assets
The Interstate Commerce Commission in
Central Kansas Power Co.—Hearing on Bond
Issue—
A hearing has been set for June 20 in the Securities and Exchange Com¬
mission's Washington offices on the application (File 70-75) of the company
series
Chain Store Investors Trust—Extra Dividend—•
p.
declared
have
an
dividend of five cents per share in
extra
to the regular quarterly dividend of 20 cents per share on the
stock, both payable July 15 to holders of record June 15.—V. 150.
v
Betterments Fund—The
and
Checker Cab Mfg. Corp. (&
Consolidated
Account
Income
\
annual
payment
A bonds and the modified Terre Haute bonds.
Any unappropriated amount at the end of a year may be applied to the
retirement of first mortgage bonds within a total appropriation of $5,000,-
Any excess of the unappropriated amount over $5,000,000 shall be
applicable mandatorily to the retirement of first mortgage bonds.
Voting Trust—A voting trust for a term of five years shall be created for
the new preferred and common stocks, the five voting trustees to be desig¬
nated by the same interests that
designate the members of the reorganization
committee.
Reorganization Committee—The five members of this committee shall be
as follows:
One by the institutional investors' group committee,
by the mutual savings bank group, one by the Reconstruction Finance
Corporation, one by the protective committee for the 50-year mortgage
bonds and one by the trustee of the convertible adjustment mortgage.
Board of Directors—The former provision for the designation of the first
board of directors by the reorganization committee is eliminated.
Cumulative Interest on New General Mortgage Bonds—The provision
regarding the determination of the total accumulation of 13 H % is clarified.
New
Mortgages—Provisions introduced permitting modification of the
mortgages with the consent of the holders of 66 2-3%
standing, subject to Commission approval.
Provision introduced in the general mortgage
as
of the bonds out¬
to the determination of
available net income in the event of consolidation with another company.
Chicago Milwaukee & Gary—Assignment of new securities to the holders of
($3,000,000 plus $562,500 interest) first mortgage bonds modified so that
new ($2,671,875) preferred stock in respect to
75% of the total claim for principal and accrued interest, and (8,906K)
such bondholders shall receive
shares
new
stock
common
for the balance
on
the basis of $100
a
share.
Under the original final plan these bondholders were allotted 100% of their
claim in new common stock.
This change will increase from $5,433,798 to
$5,567,392 the annual dividends on the new preferred stock to be isused.
This is the only change in capitalization.
Annual charges, including con¬
tingent interest and capital funds ahead of preferred stock, total $12,532,528.]
Equipment Obligations—Revision of provisions for existing obligations so
as to permit the refinancing of matured certificates of series A, C, D, E, F,
G, H, J, K and L with the approval of the court, all otfler equipment obli-
gationsnewremain undisturbed as to lien and interest and assumed or paid
to
y the
company.—¥.150,^^3504._M|rM|[|r__mr_T_r
Chicago & North Western Ry.—Hearing
on
Plan—
Hearing on objections to the company's reorganization plan was postponed
until June 24 by Federal Judge John P. Barnes at Chicago. A petition asking
the court to throw out the plan was filed on June 8 by Luther M. Walter,
attorney for the company, on the ground that it would wipe out equities
having a book value of $182,730,000 and deprive stockholders unjustly of
rights.—V. 150, p. 3655.
Chicago Union Station Co.-—Bonds Ready—Listing—
Kuhn,
Loeb &
announced that definitive bonds,
Co.
in exchange for
temporary Chicago Union Station Co. first mortgage 3H % bonds, series F
due July 1, 1963, will be ready for delivery on and after June 13, 1940, at
Continental Illinois National Bank & Trust Co. of Chicago and the Chase
National Bank of the
City of New York.
authorized the listing of $16,000,00
3H % bonds, due July 1, 1963.—V. 150, p. 2417.
The New York Stock Exchange has
Citizens Utilities Co. (&
Subs.)—-Earnings-
(Excl. Parmelee
Transportation Co.)
1938
1937
1936
$200,253
335,065
$178,526
268,240
$376,347
479,387
$5,145,800
3,857,921
$134,812
$89,714
Service & miscell. sales
$558,038
$343,640
Service & misc. sales cost
506,727
329,150
Cost of cabs sold.
Period End. April 30—
Total oper. revenues
-
-
-
$103,041 b$l,287,879
Depreciation
$477,017
471,312
on
service
i
and miscell. sales
••
n
$51,311
$14,489
$21,555
$5,705
$95,211
$27,703
$24,890
79,531
45,324
23,981
22,296
expenses
799,025
113,715
268,513
171,874
$1,818,042
823,576
109,936
243,446
159,607
$120,625
$464,776
12,218
$481,477
7,684
$122,809
110,254
1,908
165
$476,994
330,402
7,840
4,717
$489,162
331,850
1,176
Gross income
Int.
long-term debt..
on
Taxes assumed on int..
.
Other interest charges..
against
other operations...-*
$1,817,904
267,271
30,252
86,283
57.979
2,184
•
$130,413
—
Rev. from other oper—
1939
$562,409
110,091
3.878
Operating income.
Other income
profit
1940—12 Mos.
j
$596,456
273,683
32,674
93,137
61,466
$136,858
......
Taxes
$599,922
578.366
1940—4 Mos—1939
$135,495
1,363
Operating expenses
Maintenance expenses..
Gross loss on cabs.
Subs.)—Earnings—
(Exclusive of Central America Power Corp.)
1939
Calendar Years—
Direct
supplemental report dated
first mortgage, series F,
3042.
Gross
a
foUowing particulars:
Any unappropriated balance in the fund at the end of a year shall be
transferred to the reserve and retirement fund.
Reserve and Retirement Fund—The order of purposes to which moneys in
this fund may be
applied are clarified.
-
regarding the issuance and sale, at par, of $900,000 of 4M% first mortgage
25-year bonds, series A, due 1956, to six insurance companies.—V. 150,
P- 3655.
-:
Directors
the
in
which may be
made at the discretion of the board of directors shall
follow, rather than
precede, the payment of contingent interest on the new general-mortgage
to
addition
RR.—Reor¬
one
pursuant to the agreement dated as of May 1, 1940, with
common
Pacific
designated
Co.—Listing—
additional shares of common stock
Net loss after interest,
&
Paul
ganization Plan Amended—
Additions
and longer lasting has just been put on the market by this corporation after
more than a year of testing and development in cooperation with the U. S.
Bureau of Reclamation, according to an announcement by Henry Collins,
Vice-President
3349.
xiHV? f modified the plan of reorganization approved by its order of Feb. 12,
&c.
New Product—
new
p.
Chicago Milwaukee St.
1940
A
3815
Directors also declared
3,867
254
Miscell. inc. deductions.
Int. charged to construe.
:V V/-
8,329
5,199
904
1,540
Cr3,891
V-;
Gross inc. from other
$50,882
$3,721
$49,887
$32,619
58,131
189,774
operations-.
$25,338
$2,593
Net
Selling expenses
Gen. &
aqmin. exps
Depreciation
78,^85
$77,764 b$l,296,177
68.602
97,873
221,430
171,299
96,858
163,456
53,546
169,511
76,874
$414,524
178,369
b$813,418
154,866
$348,709
Interest
$325,269
59,315
163
$265,954
17,5 55
$236,155
67,320
b$968,284
69,336
18,250
9,720
4,616
973
79
96,101
al52,203
paid-
and notes-.
Prov. for Fed. inc. taxes
$367,123
Net loss
108,361
Shs.com.stk.out.(par $5)
share.,.
$294,203
108,361
$308,170
b$650,644
108,361
108,361
$6.00
Nil
Nil
Nil
Earned per
a
Cincinnati Gas & Electric Co.-
Including surtax on undistributed profits of $81,875.
b Profit.
$146,770
-Earnings—
1938
1939
Calendar Years—
1936
1937
$25,014,323 $24,433,902 $24,663,903 $24,048,759
10,687,378
11,698,875
11,297,091
11.720,621
Operation..
1,784,547
3,204,531
1,667,496
2,947,016
2,080,306
3,110,627
2,154,864
2,724,074
2,224,039
2,050,170
2,188,985
1,978,186
808,320
825.540
696,194
753,681
$5,294,011
Maintenance..
Prov for retirements—
$5,646,589
$4,867,169
22,774
$5,750,575
16,297
$4,889,943
1,518,114
0232,350
$5,766,872
1,559,924
032,696
$3,604,179
2.000,000
$4,239,643
1,875,000
1,125.000
Taxes other than Federal
income taxes.
a
Prov. for doubtful accts.
$132,495
2966.
Total gross revenues
$359,409
10,700
Operating loss__
Other income
$6,614
$21,459
income
-V. 149, p.
Combined gross loss..
Prov. for Fed. income
taxes
-
Net oper. revenue
Other income
14,366
42,593
$5,308,377
Int.& other fixed charges
1,645,284
Interest capitalized
07,581
$5,689,182
1,664,381
$3,670,674
2,000.000
1,312,500
$4,288,274
2,000,000
1,575,000
Gross income
Cr263,473
Consolidated Balance Sheet Dec. 31
a
Land,
Liabilities—
1938
1939
Assets—
mach. & eq ui p
.
*
Cash.
$922,225
703,795
$864,519
917,352
Accts. & notes rec.
117,995
80,199
Due from
475
193,615
114",296
employees
Inventories
Other assets
44,290
dividends
Common dividends
1939
Fed.
288,300
1,046,205
137,700
1
1
38,521
36,644
inc.
taxes
Deposits..
8,562
$
Assets—
188
Accrued
973
1,398
rec.
135,000
(non-curr.)
...
4 ,503,486
Paid-in surplus...
1,909,857
1,909,857
532,930
864,919
receiv. (net)..
3,920
Mat'ls &
suppl's
receiv.
$3,579,538 $3,398,489
depreciation of $1,047,760 in 1939 and $970,613 in 1938.
b Rep¬
by shares of $5 par value,
d Including other note receivable,
due quarterly to 1942.—V. 150, p. 3197.
a
1 ,967,026
1 ,635,589
After
resented
7,500,000
642,185
34,241,000
9,863,000
2,006,605
561,827
1,889,812
deposits, &c._
Acer, bond int..
492,272
474,255
485,603
492,447
llab.
5,733
119,952
422,059
273,372
Consumers' serv.
194,776
202,453
Other
accr.
Special funds &
deposits.
Prepaid expenses
332,843
337,434
295,529
Curr. amts. pay.
191,156
to affil. cos...
Deferred charges
,786,514
2,953,168
Conting.
earns.
600,519
399,542
Reserves
20,182,461
17,726,793
Spec. cap.surp.
Capital surplus-
22,500,000
22,500,000
7,134,517
7,134,517
687,733
Earned
'
Directors have declared a dividend of $1.50 per share on the company's
preferred stock, payable July 1 to holders of record March 15.
Similar
amounts were paid in preceding quarters.
8
7,500,000
Common stock
1st mtge. 3 J4s.. 33,758,000
9,759,000
1st mtge 3^8...
x
1,911,710 Accts. payable .
1,364,250 Accrued taxes..
Chicago Junction Rys. & Ujiion Stock Yards Co.—
Dividends—
1938
40,000,000
9,061
from.
affil. cos.
Total.
$
40,000,000
5% pref. stock..
Notes payable..
Current amounts
3,920
74,841
Total.........S3,579,538 $3,398,4891
4,605,126
Acc'ts and notes
135,000
159,970
...
Prepaid expenses..
Liabilities—
8
plant
and equip
134 ,789,593 132,333,158
31,846
7,701
Investments
Cash
464,025
1939
1938
Property,
Earned surplus...
8,036
Other notes receiv.
2.000.000
Balance Sheet Dec. 31
7,850
expenses_
investments
Goodwill
lated cos
employees
Accrued
Invest, in affil. co.
note
75,801
payable-
Net income
Preferred
Due to allied or re¬
23,058
A*
1,046,205
d Mtge.
Accounts
1938
$541,805
Due to officers and
Inv. in control, co.
Other
1939
$541,805
b Capital stock...
buildings,
Total
x
..146,579,108
143,864,252'
Represented by 750,000 no par
Total
surplus
1,081,091
...146,579,108 143,864,252
shares.—V. 150, p. 3197.
•
The Commercial & Financial Chronicle
3816
Chiksan Tool Co.—Dividends—
June 1 declared a regular quarterly dividend of 15 cents
per share on the 6% cumulative convertible preferred stock, par $10, and a
quarterly dividend of five cents per share on the new $1 par common stock,
both payable June 20 to holders of record June 10.—V. 150, p. 2568.
Directors on
Ry.—Earnings-
Cincinnati Street
1936
$6,449,255
4.834,182
582,610
$838,242
103,501
$892,289
106,550
$941,742
603,247
301,940
$998,839
615,250
295,339
$1,167,803
631,364
288,770
$6,047,244
4,610,457
580,289
598,546
$830,149
87,064
$917,213
582,363
310,050
V/JtA?*(«ViJU5 A.4JI
Non-operating income..
Gross income
Int. & ground rent
Sinking fund
$88,250
136,682
$36,556
35,016
$247,669
120,236
—
$97,772
70,833
.
2,400--7,200--41,037-
1939
Road and
1938
$
Liabilities—
8
op41*
$
..
820
25,830
Material & suppl's
172,894
Int. & dlvs. receiv.
6,639
31,169
9,673
10,789
31,169
8,926
Loans <fc notes rec.
Other curr. assets.
Deferred assets—
518,952
Unadjusted debits
Unamortized prop¬
640,761
-
200,000
200,000
278,779
158,909
266,793
112,498
Other accrd. liabil.
46,268
Commonwealth Edison Co.—Weekly Output—
9,201
8,600
Unadjusted credits
206,491
219,744
350,000
350,000
and
wages
payable
Taxes payable
2,582,192
The following are the output and percentage comparisons
four weeks and the corresponding periods last year:
bonds
Deferred
156,149
196,974
Sink, fund reserves
157,291
149,266
849,631
—V. 150, p.
-V. 150,
Service
Gives Views
on
The provisions
Power
&
Light
Co.—Counsel for
SEC
Integration—
of Section 11 (b) of the Public
Utility Holding Company
ain region, Prank Field, Counsel of the Utility Division of the Securities and
Exchange Commission, said June 10 as the Cities Service hearing got"under
way.
that he was not voicing the opinion of the Com¬
subject but was merely expressing his own opinion as Counsel
Mr. Field pointed out
in the hearing which had been called to clear the
The integration plan filed by the company, it
issue.
is believed, provided for
integrated systems. One of these, comprised of utility operating com¬
panies serving the State of Ohio, would be built around the Toledo Edison
Co., Toledo Light & Power Co. and Ohio Public Service Co.
The second system, which would serve the States of Colorado, New
Mexico, part of Wyoming and Arkansas, would be formed around the
operating properties of the Public Service Co. of Colo, and of the Federal
Light & Traction Co.
Cities Service Power & Light Co., in its answer to the show-cause order
of the SEC, challenged the legality of the integration provisions of the Act.
reply also challenged the Act because of the vagueness of the powers
granted to the SEC under the integration section and because enforcement
of the integration provision would deprive the company of its properties
without due process of law.
The company's counsel recently declared that Cities
Service Power
SEC to refrain from drawing up any tentative
integration plan, as it was doing in the cases of the Middle West Corp.,
Engineers Public Service Co. and Commonwealth & Southern Corp.
Counsel for the Cities Service said that while the procedure under the
& Light Co. had requested the
integration provisions of the Act was faulty because the SEC did not give
a tentative outline of what
it considered to be integrated systems, the
company would reserve the right to ask for clarification
was considered necessary.—V. 150, p. 3197.
Concord Gas Co.—Accumulated Dividends—
Cleveland Graphite Bronze
at a later date,
if it
preceding quarters.—V. 150, p. 1760.
Consolidated Cigar Corp.—Notes
Cliffs Corp .—Bids in
Co.—Extra Dividend—
30 cents per share
in addition to a quarterly dividend of 25 cents on the common stock, no par
value, both payable June 29 to holders of record June 22.
Extra of 25
cents was paid on March 30, last.
See also V. 150. p. 1759.
on
June
(Barron G.)
Bankruptcy—
Seven
12 declared
Collier,
an
Collier
Concerns File in
Barron G.
New York,
Samuel H. Kaufman, attorney who filed the petitions, said the true value
of the companies' assets, which include leases for advertising space in rail¬
roads and bus lines
throughout the country, had not yet been determined.
The total of liabilities listed in the seven petitions was only tentative,
also, because no definite amounts were specified for many items.
Mr.
Kaufman said the liabilities, exclusive of debts owed by the companies to
each other, amounted to about $5,000,000.
As listed in the petitions,
assets totaled $7,823,182 and liabilities $9,827,538.
These figures included
of the
30 advertising companies formed by the late
Collier filed petitions in bankruptcy June 6 in Federal Court,
the intercompany claims.
Judge John C. Knox appointed John Gerdes, a lawyer, receiver for all
nut one of the companies.
These were the Street Railways Advertising
Co. of New York; Barron G. Collier, Inc., of New York; Barron G. Collier,
j"*
and
-S
New Jersey-Barron G. Collier Corp.; Railroad Advertising Co.;
Pennsylvania Railways Advertising Co.
The other corporation,
Railways Advertising Co. of Del., was described as a holding com¬
Its assets were listed as more than $2,404,364 and liabilities more
than $2,663,106.
Edwin C. Faber, President of all seven companies, issued a statement
declaring that efforts to reorganize the bankrupt firms had been fruitless,
but that other companies associated with the late Barron G. Collier would
not be affected by the bankruptcy proceedings, "and their business will
continue in usual course."
(New York "Times.")
Street
pany.
to
Inc.—Weekly
Consolidated Edison Co. of New York announced production of the
plants of its system for the week ended June 9 amounting to
138,100,000 kwh., compared with 138,000,000 kwh. for the corresponding
week of 1939, an increase of 0.1%.—V. 150, p. 3656.
Co.—To
Electric & Gas
Consolidated
Securities to Meet Sinking Fund Requirements—
The Securities and
Purchase Own
Z
Exchange Commission June 7 announced that Con¬
five of its subsidiaries, The Islands Gas &
solidated Electric & Gas Co. and
Electric Co., Atlanta Gas Light Co., Macon Gas Co., Manila Gas
and Porto Rico Gas & Coke Co., had filed an application (File 70-81)
Corp.
under
Company Act, regarding their purchases in the open market
of debt securities to meet sinking fund requirements.
Consolidated Electric & Gas Co. will purchase the following securities:
$190,000 5%% first lien bonds, series of 1926, of Central Gas & Elec. Co.
80,000 6% first lien bonds, series of 1926, of Central Gas & Elec. Co.
100,000 5%% first lien bonds, series of 1927, of Federated Utilities, Inc.
A total of $125,000 of its series A, Series B and 6% series coll. trust bonds.
The proposed purchases by subsidiaries of their respective securities are:
The Islands Gas & Electric Co., $100,000 of 5%% sinking fund secured
bonds
S6rl6s .A.
d.u.0 1953*
' "
'
z
■ ■
Atlanta Gas Light Co., $140,000 of 5% first mortgage bonds, due 1947.
Macon Gas Co., $15,000 of 4^% first mortgage bonds, due 1952.
Manila Gas Corp., $130,000 of 6% first mortgage bonds, due 1945.
Porto Rico Gas & Coke Co., $15,000 of 6% first mortgage sinking fund
bonds, due 1952.—V. 150, P. 2570.
the Holding
Consolidated Film Industries, Inc. (& Subs.)—Earns.
$217,733
$0.03
taxes.—V. 150, p. 3657.
$179,299
Nil
Net profit..
Earns.persh.oncom.stk.
x
After all charges and
Consolidated Gas Utilities
Period End.
earns,
$464,089
$402,193
375
from oper
91
Other income
$402,284
150,443
381,528
123",169
493",957
140,540
497,179
$243,018
$0.28
share
$128,672
$0.15
$222,186
Which had been
$0.25
prior to April 30.
depreciation and depletion and before interest,
„
,
Balance Sheet April
30
$
$
-
Lmames—
11,074,033
838,496
Notes payable
5,640
5,838
7,624
316,770
Accounts payable.
348,892
Accts. & notes re¬
ceivable
Indebt.
(net)
244,690
239,953
3,325
—
3,786
Unbilled
gas
rev.
162,759
38,213
183,983
16,068
16,056
(net)
Materials & suppl_
Prepayments
—V. 150, p.
Interest accrued.-
5,446
Consumers' depos.
149,139
1,237
24,045
Mlscell. reserve.-.
1,882
.
Capital surplus— 3,382,994
6,378
285,035
Paid-in surplus
Earned surplus—
------
62,515
64,423
215,487
27,970
146,381
------
------
3,382,828
6,378
def74,816
8,226
Deferred charges._
Total..
51,232
66,850
Taxes accrued
Contrib. for exten
$
8,016,158
64,586
207,332
Main exten. deps.
of officers
and employees._
Funded debt
878,026
Mlscell. accruals..
331
Cash dep. with trCash
>3-
7,543,000
842,051
_ -
$
878,026
Com.stk.($l par).
Prop., plant, equip
& leaseholds, netll.035,201
Investments
1939
1940
1939
1940
Intangible assets
c$350,588
c$0.40
impounded during rate litigation
b Before provision for
Indicates loss.
Assets—
687
122,945
Net income
1937.
$878,134
98,502
retirem't of cap. assets
Interest deductions
c
$1,096,573
1,098
$878,821
591,689
$464,465
Total income
per
1940—12 Mos.—1939
$2,178,106 $1,979,370
1,081,533
1,101,236
$1,097,671
Prov. for deprec. & depl.
Loss on expired leases &
Earnings
1937
$229,704
$0.05
Corp.—Earnings-
1940—3 Mos.—1939
$766,888 ■
$699,243
302,799
297,050
Apr. 30—
Operating revenues
Operating expenses
b Net
1938
$157,681
Nil
1939
1940
3 Mos. End. Mar. 31—
x
extra dividend of
Inc.—7
Cigar Corp.
electric
16,449 Shares of Republic Steel Corp.
Coleman Lamp & Stove
Authorized—
by Consolidated
Consolidated Edison Co. of New York,
a
Directors
made
Output—
common
Corporation, already owner of the largest single block of common stock
of the Republic Steel Corp., 144,000 shares, was on June 11 the only bidder
for the 16,449 shares of Republic common that were sold by court order.
The price paid was 15%, an aggregate of $261,128.
The shares were held by the Cliffs Corp. as collateral for payment for a
note for $1,100,000 made 10 years ago by Cyrus S. Eaton of Cleveland,
who endeavored to build up a vast steel empire in the Middle West.
Di¬
rectors of the Cliffs Corp. had set up a reserve of $1,000,000 against the
loan, carrying the $100,000 balance as an asset.
Cliffs Corp. with its affiliate, the Cleveland-Cliffs Iron Co., owns not only
the largest interest in Republic Steel but also the largest single interest in
the Youngstown Sheet & Tube Co,
Cleveland-Cliffs Iron Co. holds about
340,867 shares of Republic Steel, which make the combined holdings of
the two companies 501,316 shares, or more than 8% of Republic Steel's
5,833,065 shares.—V. 150, p. 3655.
offer
the
with
connection
purchase the assets of Congress Cigar Co., Inc., preferred stockholders of
Consolidated June 12 authorized the issuance of $4,000,000 10-year 4%
notes, or such lesser amount as may be needed under the offer.
The offer
provides that Congress may receive payment in cash in lieu of any specified
amount of notes at the rate of 90% of the face value of the notes.
Stock¬
holders also authorized a loan of $3,000,000 from the Bank of the Man¬
hattan Co. and Irving Trust Co. to provide for any cash payments required
under the offer.—V. 150, p. 3198.
Co.—Interim Dividends—
interim dividend of 40 cents per share on
stock, payable June 29 to shareholders of record June 20.
Like amount was paid on March 30, last.
Dividend of $1.75 was paid on
Dec. 29, last, and previous quarterly dividends of 25 cents were paid.—V.
150, p. 2873.
dividend of 50 cents per share on account
7% cum. pref. stock, par $100, payable Aug. 15
record July 31.
A like payment was made in each of the 12
to holders of
Directors have declared an
the
—
The directors have declared a
two
The
t
of accumulations on the
Act require that the company must confine its control of utility properties
either to those it now owns in Ohio or to the properties in the Rocky Mount¬
mission on the
,
weekly kilowatt hour output of electrical energy of subsidiaries of
Southern Corp., adjusted to show general business
conditions of territory served, for the week ended June 6, 1940 amounted to
147,288,620 as compared with 137,513,651 for the corresponding week in
1939, an increase of 9,774,969 or 7.11%. The 1939 figure does not include
the output of the Tennessee Electric Power Co., the electric properties of
which were sold on Aug. 15, 1939 to the Tennessee Valley. Authority and
other governmental agencies.—V.150, p. 3656.
;
;
In
..35,772,017 36,052,265
Total
p.3197.
Cities
3656.
May 25
June 1
The
822,692
35,772,017 36,052,265
Total
1940
Kwh. output
for the last
May 18
-148,363,000 135,565,000 147,125,000 145,594,000
138:901,000 126.446,000 134,695,000 131,693,000
6 8
7.2
9.2
10.6
June 8
Kwh. output 1939
Percent increase
196,974
ciency from o per.
138,901,000 kwh. in the corresponding period last
increase of 6.8%.
kwh., compared with
Accrued interest on
Corporate surplus.
erty retirements 2,768,454
Accumulated defi¬
electricity output of the Commonwealth Edison Co. group (inter¬
sales deducted) for the week ended June 8, 1940, was 148,363,000
The
company
*48,331
liabilities
Notes payable
Accts.
Dec. 31, 1942
Dec. 31, 1942
Dec. 31, 1942
-
116,739
Reserves
Accts. receivable..
564,862
1,186,974
1,050
34,022
170,737
625,161
1,096,841
Company bonds__
35.00
40.00
45.00
-
-
the Commonwealth &
equip...28,672,822 29,092,178 Cap. stk. ($50 par)23,761,950 23,761,950
9,641,000
9,952,000
1,631,630 Long-term debt.
1,645,788
Investments
Cash
Dec. 31, 1941
Dec. 31, 1941
Dec. 21,1943
Commonwealth & Southern Corp.—Weekly Output
1938
1939
a
; $33.33
45.00
32.00
-
— —
of Options
Price
—
300
300
300
—V. 150, P. 3198.
Balance Sheet Dec. 31
A
.
.Expiration Date
Number of Shares Under Option—
Week Ended—
$71,572
$224,931
$367,905
DIvidendspaid
47,222
283.332
236,110
a Return
on capital under ordinance,
b Less expenses, c Prom ordi¬
nance operation and other investments transferred to corporate surplus.
Net income
c
1940:
year, an
$24,800
72,972
Balance..
b Inc. from corp. invests
Commercial Investment Trust Corp.—Options—
Corporation reports that options evidencing the right to purchase 51,537
corporation were in existence as of May 31.
shares of common stock of the
$1,032,462
135,340
$6,014,728
4.604,290
Taxes..,...,-----.-—-
a
1937
$6,353,569
4,897,118
564,161
1938
1939
Calendar Years—
Operating revenue
Operating expenses
June IS, 1940
12,667,184
12,725,353
Total
12,667,184 12,725,353
1429.
Continental Roll & Steel
Foundry Co.
New Common
Listed—
has been removed from unlisted trading
Exchange and the new common stock, par $1,
trading.
The new common stock was issued
under the plan and agreement for reorganization and recapitalization,
dated Oct. 6,1939, which provided for the issuance of one share of new com¬
mon stock in exchange for each share of old common stock.—V. 150, P. 3657.
The old common stock, no par,
by the New York Curb
has been admitted to unlisted
Volume
The Commercial & Financial Chronicle
ISO
Continental Gas & Electric Corp. (&
;
Subs-) - -Earnings
Calendar Years—
1937
1939
1938
Subsidiary Operating Companies—
Operating revenues
-—-$37,606,108 $36,478,206 $37,671,692
Electricity & gas purchased for resale
2,326,686
1,671,290
1,804,470
Operation expense
11,934,031
12,298,168
11,945,831
Maintenance expense.
1,836.167
1,938,737
1,944,871
Depreciation
4,825.139
4,991,029
5,074,734
—
Provision for
reserve
for amortization
of
120,000
120,000
3,103,368
1,340,950
3,078,717
1,507,015
Net earnings from utility operations$l 1,699,104 $11,143,981
Other income (net)
11,153
Dr20,114
$12,043,937
47
plant acquisition adjustments. —
State, local, Ac., taxes
Federal and State income taxes—
———
—
120,000
3,304,734
1,583,046
additional
$11,710,257 $11,123,867 $12,043,984
3,399,644
3,386,319
3,390,000
Amortization of debt disc't and exp__
225,091
222,259
214,569
Divs. on pref. stock held by public.1,067,548
1,067,548
1,067,547
Miscellaneous deductions—
39,277
30,309
Cr5,289
on
provisions of the convertible preferred stock or the series A
preferred
of this issue.
)
b Company's charter
Balance-..-
-
$6,417,432
—
$7,377,156
$2,570,320
$2,598,357
162',246
$6,978,698
164,015
15,210
157,973
059,930
134,780
156,026
Cr21,795
—
Expenses and miscell. deductions
Income from interest, dividends, &c.
123,063
Crl2,725
Consolidated net income..
$4,069,884
Dividends on prior preference stock.
1,320,053
Dividends on common stock
1,394,204
$4,501,531
1,320,053
$3,415,855
1,320,053
3,324,596
Consolidated Balance Sheet Dec. 31
1939
vertible
l^ount 8,430 shares
are outstanding as of April 17, 1940, the remaining
having been heretofore converted into common stock.
Promptly after June 30, upon which date the conversion privilege expires,
ail preferred stock so
converted into common stock will be canceled and the
authorized capital will be reduced in the manner
provided by law to that
0,0/u
Prior
202,246,610 198,361,500
Investments
694,608
795,705
Special deposits.
200,000
200,000
Common
Unamortiz. debt
Pref. &
„
disc't, prem. A
7,845,833
1,399,414
expense
Cash
8,627,064
1,413,428
5,878,101
receivable—..
4,597,868
Mat'l & supplies
3,064,007
pay.
4,004,578
3,062,819
of
divs. on pref.
stocks, Ac...
Short-term com.
390,013
8,581,168
17,514,649
Long-term debt. 135,043,000
Def'd liabilities
928,109
17,509,629
132,207,000
common
914,806
.
Aec'ts rec. from
30,558
37,942
cos.
Notes payable of
sub. cos——.
1,400,000
Acc'ts payable
Accrued interest
1,468,067
1,959,913
1,734,488
1,954,501
1,416,649
1,280,573
come taxes...
2,087,071
1,964,169
596,649
200,598
379,507
596,649
175,905
31,549,459
1,053,024
165,944
379,507
3,951,057
2,589,045
.
_
390,013
1,495,380
paper..
affiliated
8,581,168
Divs. payable..
Misc. curr. liab.
Acc'ts and notes
Deps.for
18,857.900
18,857,900
Acer. gen. taxes
Fed. A State in¬
7,386,918
-
1,250,000
189,344
Deprec. reserve. 34,060,690
Other reserves
724,224
__
Contrib. for ext
Paid-in
AonUffLc?Snt number of shares of
Registrar:
.
common stock
are
reserved until
f°r the conversion of the outstanding convertible preferred
stock
National Bank of Commerce of San Antonio, Texas.
JfJsto*V and Business—Company
was organized in Delaware Jan.
23,
Company is empowered to accumulate and lend
1,
sell and deal in
notes,
money, purchase,
bonds and securities, but without banking and dis-
ooup^UK privileges; to act
mitted to
them
IU.1 3»Ct.
as trustee under any lawful express trust com¬
by contract, and as agent for the performance of any law-
On Feb. 6,1937, a permit to do business in Texas was issued.
Since that
date, company has engaged in the business of purchasing at discount, and
generally dealing in contracts and evidences of indebtedness arising from
the sale at retail of new and used motor
vehicles, loahing money on new and
vehicles, and the making of relatively small personal loans to
used motor
officers of the United States
Army and Navy.
Company largely confines its business to San Antonio and the immediate
vicinity except loans to army and navy officers which are made in any
part of the world.
_
surplus.
Surplus
average volume of retail business
years ended Jan. 25, 1940, consisted of retail automobile
As of Jan. 25, 1940 over 93% of the total receivables of the com¬
pany were retail paper (including automobile loans, personal loans to army
and navy officers, loans on miscellaneous equipment, loans to other finance
compames and miscellaneous) and less than 7% wholesale paper.
The obli¬
gations represented by the total amount of retail paper were owed by a
large number of individuals engaged in many different occupations.
The
majority of the cars presently financed by the company are in the lower
price class, such as Ford, Plymouth and Chevrolet.
Purpose—Proceeds are to be used to augment the working capital of the
company in the regular operation of its business.
Description—(1) Ranks equal with the 6% convertible preferred stock
except for the conversion privilege; (2) preferred over common stock as to
cumulative dividends at an annual rate of 6%; (3) series A pref. stock and
convertible preferred stock have preference over common stock, in case of
liquidation or dissolution as to assets, up to $10 per share plus dividends;
(4) redeemable as a whole or in part severally, serially, by lot or pro rata
on any dividend date upon 30 days' prior notice at $10.50
per share up to
Jan. 1, 1945 and at $10.25
per share thereafter; (5) non-voting except that
paper.
stock
(no par)
stocks of subs
Misc. liabilities.
a
S
preference
7% cum. stk.
(par 3100)...
Ac.
c
shares
during the two
1938
$
Liabilities—
Plant, property,
rights, franch.,
into common all of
15,000 shares of preferred stock con¬
which has heretofore been issued.
Of this
Approximately 54% of the company's
1939
1938
3
stock
authorizes
funded debt
Continental G. & E. Corp. deductions—
Interest on debentures
$2,550,686
Amortization of debt disc't & expense " ' 161JHO
Taxes
86,780
19,500 shares of series A preferred stock at such dividend rate or
by the board for each separate issue and under terms
inconsistent with the certificate of incorporation or the
rates as
may be fixed
and conditions not
t
Total net earnings—
Interest
3817
shares the company's certificate of
incorporation authorizes the directors to
such amounts and at such times as the board
may authorize an
.
in the event of default
by the company in the payment of eight quarterly
dividends, or in the event of the breach oy the company of any of the coven¬
ants concerning the preferred stock, voting rights in the company shall be
vested exclusively in the preferred stockholders and shall remain so vested
until all accumulated dividends have been paid and all breaches rectified,
when voting rights shall revert to the holders of common stock.
Comparative Balance Sheet
Total
a
.....229,358,592 222,763,7681
Total....
229,358,592 222,763,768
Including time deposit.—Y. 150, p. 3045.
Assets-
3 Mos. End. Mat. 31—
-Earnings-
Invs.
1937
1940
1938
*$71,079
18,180
31,250
$77,236
14,664
31,250
4,111
2,441
2,441
$28,806
162,853
$19,208
163,650
$28,881
161,268
$191,659
$182,858
1,026,894
8.750
13,406
8,750
13,406
.i—..
8,750
13,406
500
$169,502
$160202
$167,493
and expense..........
Net income
Balance surplus Jan. 1—
7% pref. stock dividend.
6H% pref. stock divs-.
Miscell. debits to surplus
...
Bal., 8urp., Mar. 31..
$162,247
500
x Including other income of $2,075 in
1940, $154 in 1939 and $1,787 in
1938
Balance Sheet, March 31, 1940
Assets—Investments, $1,803,979; deferred expense in process
of amortiza¬
tion, $209,646; due from subsidiary companies, $150,500; cash in banks,
$544,515; special deposit, $1,332; total, $2,709,972.
Liabilities—7% cumulative participating pref. stock ($100 par), 1500,000;
QH% cumulative pref. stock ($100 par), $825,000; common stock ($5 par),
$1,047,350; accounts payable, $932; accrued taxes, $107,140; accrued divi¬
dends, $22,318; employees* benefit fund reserve, $8,202; capital surplus
$36,783; earned surplus, $162,247; total* $2,709,972.'
—V. 149, p. 3552.
Cosden Petroleum
8,391
Crown Cork International
Corp.-*-15-CW Class A Div.
The directors have declared a dividend of 15 cents per share on account
on
the $1
cum.
class A stock,
July 1 to holders of record June 18.
preceding quarters.—-V, 150, p. 1431.
Crown Drug
no
par
value, payable
were paid in
Dividends of 25 cents
Co.—Sales—
Sales for the month of May, 1940, were $707,971 as compared to $661
547 for May, 1939, an increase of $46,423 or 7%.—-V. 150, p. 3045.
|
,-
Cuban American Sugar Co.—Proxies Received Favor Plan
are requested to mail in their proxies promptly to the com¬
pany in order to assure definite action on the proposed recapitalization
plan to be acted upon at the special meeting on June 19 in a letter to share¬
Stockholders
holders from David M. Keiser, President.
Davidson Manufacturing Corp.—Registers With
department.—V. 149, p. 1322.
SEC—
See list given on first page of this
£.)
Dean
&
Co.,
San
Antonio,
Texas—Stock
Offered—Pitman & Co., San Antonio, Texas, are offering
($10 par) 6% cum. series A pref. stock at
$10.25 per share plus dividends.
-
6,500 shares
.
offered exclusively to all present preferred
stockholders of W. E. Dean & Co. pro rata. The remaining
subscribed by present stockholders will thereafter be publicly
These securities are being first
and common
shares not
offered.
Capitalization—
cumul. (non-conv.)
6%
Authorized
series
A
($10 par).
—.
6% cumul. conv. (until June 30,
stock ($10 par)
Common stock ($10 par)
pref.
Outstanding
stock
6,500 shs.
a6,500 shs.
1940) pref.
—
taxes
$606,567
11,185
1,744
bl5,000 shs.
...-
Federal taxes
on
1,020
6,859
3,879
67,412
in¬
come, est
9,788
8.152
6,230
5,274
Unearned
finance
charges
Surplus
28,025
52,974
113,450
86,550
8,957
Total
$1,142,742
$884,585
Preferred stock
Total—.—.—$1,142,742
$884,585
88,060
Common stock
196,940
Deep Rock Oil Corp.—Amended Reorganization Plan—
The second amended plan of
reorganization, dated Nov. 29,1939
as
modi¬
fied May 20r 1940 affords the following:
Outstanding Securities—The outstanding securities of the corporation as of
March 2, 1933, the date upon which receivers were appointed by the U. S.
District Court for the Northern District of Oklahoma were shown as
follows;
6% convertible gold notes, dated March 1, 1928, originally
due March 1, 1933:
(a) Extended to March 1, 1937 at 7%
$7,819,500
(b) Not extended
2,180,500
Secured notes, payable serially
34,389
Assumed indebtedness of former subsidiary
3,365
$7 cumulative convertible preferred stock (no par) —
50,000 shs.
Common stock (no par)
599,475 shs.
The above excludes securities of subsidiary companies.
of the $7 cumulative convertible preferred stock also claims an indebtedness
against the present company. Tne amount of this indebtedness was shown
on the books of the present company, as of Feb. 28, 1933, as $9,342,642.
The claim of Standard, as (with the exception of approximately $500,000)
accrued since April 12, 1928.
The claim consists principally of cash ad¬
vanced by Standard, dividends declared and credited to Standard as a
holder of preferred and common stock, management fees paid by Standard
to Byllesby Engineering & Management Corp. and charged to the present
company, charges to the present company for rental of properties claimed by
Deep Rock Oil & Refining Co., a subsidiary of Standard and interest
charged on the open account with Standard.
.
•
The U
S. Supreme Court in the opinion of Feb. 27, 1939, expresslyaffirmed findings of the Ditstrict Court and the Circuit Court of Appeals
♦'that the value of the debtor's assets does not exceed $17,000,000.
By
order entered as of Feb. 27, 1940 (dated Feb. 29, 1940) the District Court
considered additional evidence as to value and found that the value of the
assets of the present company does not
exceed $16,500,000. The debt of
the present company to the noteholders ($14,100,000 as of Jan. 1, 1940, less
interim distributions ordered in the aggregate amount of $2,400,000) plus
the interest of the preferred stockholders ($8,150,000 including dividends
accumulated to Jan. 1, 1940) exceeds the value of the assets of the present
c50,000 shs.
8,430 shs.
20,005 shs.
determined by the courts.
The proponents of this second amended plan, dated Nov. 29, 1939, as
modified May 20, 1940, have formulated the plan upon the basis of value as
the present company in the balance sheet report and
fixed bv the trustee of
appraisal certified and filed by the trustee on Jan. 29, 1940.
Court on May 8, 1940, announced the determination that
report and appraisal
The District
the trustee's
should control the value of the assets for the purpose of
reTSsSln0which eliminates Standard from participation in the reorganiza¬
tion of the present company, was prepared upon the theory that the sub¬
ordination of Standard's rights by the opinion of the Supreme Court to the
and interests of the holders of notes and preferred stock necessarily
r.ia jma
Standard from participation in the reorganization since the
debtor are not sufficient to provide for any interested party
position junior to that of the preferred stockholders. The plan,
as filed by the reorganization committee Dec. 5, 1939, was also prepared
upon the assumption that the courts will support the trustee in his contention
above stated and hold that the assets leased to the present company by the
Refining company (the Bradstreet property and the cracking plant) are in
eauity owned by the present company and decree the conveyance or transfer
of such assets to the present company, its trustee, or the new or reorganized
eliminates
assets of the
occupying
a
C°8ince^his
filed
oresent
plan, as originally prepared under date of Nov. 29, 1939, was
5 1939, the District Court has found and decreed by order
29. 1940, that the Refining company assets are owned by the
Dec
on
dated Feb
6,500 shares offered have been purchased from W. E. Dean & Co. by
Pitman & Co. and are issued and outstanding.
In addition to these 6,500
a
assets.
Equip. & leasehold
(deprec. cost)
Prepaid expenses.
company as
so far, he declares, are overwhelmingly in favor of the
In response to inquiries, the company states approval of the plan
at the forthcoming meeting will not oblige preferred shareholders to deposit
their stock for exchange.
If the plan is approved, they will be individually
invited to make the exchange and may or may not do so at their own election.
—V. 150, p. 3354.
Proxies received
plan.
(W.
601
other
and
9,632
Indebtedness claimed by Standard Gas & Electric Co.—Standard Gas &
Electric Co. which owns 579,132 shares of the common stock and 969 shares
Corp.—New President—
Henry Zweifel, General Counsel for many years and President since
April 1, 1938, has resigned to return to private law practice.
He retains
the position of General Counsel.
R. L. Tollett, who joined the Cosden organization in July, 1939, as
Secretary-Treasurer, succeeds Mr. Zweifel to the Presidency.—V. 150,
p. 2721.
of accumulations
825,583
Jan. 31'39
$744,067
$190,149
8,750
13,406
Interest on funded debt.
Amortiz. of debt discount
Total
Notes payable
Accounts payable.
Accrued int.
and
2,441
$14,847
169,556
expenses
1939
*$75,378
12,881
31,250
$184,403
Operating
$44,972
(less
reserve)
x$31,264
12,307
Gross earnings
Jan. 25 '40
Jan. 31 '39
$91,438
Notes receiv.
Continental Telephone Co.
Liabilities—
Jan. 25 '40
Cash
and that Standard is not entitled to participate in the
Standard has appealed from this order. It is anticipated
company
reorganization.
Circuit Court of Appeals will dispose of the
comparatively near future.
that the
appeal within the
The Commercial &
3818
general accounts payable of the present company on Feb. 28,
1933, aggregated approximately $964,100 (exclusive of reserves of $219,681
for liabilities), which included the amount then owed for taxes other than
Federal income taxes and which, On March 31, 1940 had been adjusted or
reduced by payment pursuant to court orders to approximately $66,068.
The present company at the time of receivership had outstanding approxi¬
mately $34,388 of secured notes, which have since been paid off, and there
were outstanding $3,365 of debenture bonds of a former subsidiary company
which the present company assumed, the liability with respect to which was
$3,023 at March 31, 1040.
Subsidiary indebtedness other than current
obligations and indebtedness due to the present company (or its trustee)
consisted of profit participating certificates and certificates of indebtedness
of subsidiaries payable over various periods of time, of which at March 31,
1940, not more than $25,000 was held by others than the present company or
its trustee. Since the date of receivership, the Deep Rock Oil Co. of Wis. and
of Neb., subsidiary companies, have been dis¬
business transferred to the trustee of the present
of March 31, 1940, there was outstanding one Deep Rock
profit participating certificate with a call value of $362, and
as of the same date there were outstanding seven shares of Deep Rock Oil
Corp. of Neb. $7 cumulative preferred stock without par value.
New Company—A new corporation will be organized.
The business and
assets of the present company will be transferred and conveyed to the new
company subject to any existing claims, liens, or encumbrances which may
exist with respect to such assets at the time they are transferred.
In so far
as practicable, title to the assets and business so acquired will be vested in
the new company, but certain assets may be transferred to one or more sub.
companies, whose entire capital stock (except directors' qualifying shares)
will be owned by the new company.
It is assumed, that pursuant to court
order the new company will also acquire all the assets of the Refining
company.
The transfer of the business and assets of the present company
to the new company, will be made pursuant to the provisions of the Federal
Bankruptcy Act, as amended, and will be accomplished without any public,
judicial or any other sale, upon the direction and order of the court.
Securities of New Company—The securities of the new company, after
giving effect to complete consummation of the plan, exclusive of indebted¬
the Deep Rock Oil Corp.
solved and their assets and
company.
As
Oil Co. of Wis.
19365
12-year, sinking fund debentures, dated Jan. 1,
1940, bearing fixed interest at the rate of 6%
perannum..
Common stock (no
._v
__
—-—
par)
—
Net
1,367,550
1,687,550
767,035
738,470
1,500,951
1,452,603
def205,199
88,827
75,000
479,764
$342,369
$2.14
Balance, surplus
Earnings per common share
$364,559
$2.20
$714,882
49,932
382,074
$282,876
$1.72
Consolidated Balance Sheet Dec. 31
1939
Liabilities—
1938
1939
Assets—
1938
Cash
Accounts payable.
$335,006
Vendors'deb. bals.
Cust. deposits.—■ -
2,559
$329,836
2,634
Accrued expenses-
155,018
162,722
$1,684,261 $1,955,583
6,411
3,633
Mdse. Inventories- 2,527,921
2,086,893
Other assets
86,966
100,662
x Store fixtures, of¬
State
sales
taxes
collected--
75,205
202,000
103,455
80,023
1,500,000
767,522
Fed. income & cap.
stock taxes (est.)
76,598
203,000
equip. & lm-
provts. to leased
fice
Reserve
1,594,175
1,772,071
premises
amort, to date..
losses
charges.
1,500,000
75,561 Preferred stock
767,462
46,788 Com. stk. (par $2)
92,964
55,049
Deferred
for
not conv.by ins.
invest's
Leasehold
218,097
218,487
2,865,842
2,523,473
Capital surplus.
Earned surplus
$6,225,644 $5,863.2971.
Total
$6,225,644 $5,863,297
Total
After depreciation of $1,155,739 in 1939
and $1,070,726 in 1938.
for Month and Five Months Ended May 30
Sales
Sales
1940—5 Mos.—1939
$2,338,285 $10,523,997 $10,206,013
$2,582,408
—
—V. 150, p. 3046.
(& Subs.)—Earnings—
1940—12 Mos.—1939
1940—3 Mos.—1939
Period End. Mar. 31—
Subsidiaries—
$31,916,067 $28,070,936$111,757,369$104,750,107
9,972,528
40,756,676
38,309,141
10,686,791
Operating revenues
Operation—
„
a
i
5,816,172
16,173,817
5,755,838
14,371,488
17,332,120
1,320,524
3,963,171
1,415,541
4,573,977
Maintenance
Taxes
15,919,304
Prop, retire. & depletion
4,806,005
4,031.972
Net oper. revenues_-_$10,433,753
Other income
;
67,534
$8,782,741
73,832
appropriations
reserve
$31,678,584 $30,394,336
490,114
433,073
Other income deductions
88,666
including taxes
$10,412,621
Gross income
,&c)
2,986,355
502,387
359,886
Crl,623
1,971,618
Int.
on
long-term debt--
Oth. int. (notes,loans
Other deductions
Portion
applicable
minority interests
■
394,822
109,475
420,810
$8,747,098 $31,716,835 $30,463,640
3,034,685
12,031,906
12,292,360
1,999.599
493,315
2,007,134
1.323,084
308,471
1,430,076
CV19.325
Cr81,732
Cr2,186
7.886,473
7,886,473
1,971,618
to
608,908
75,724
361,922
255,187
$3,985,090
$2,865,471
$8,018,649
$6,788,669
Elec. Power & Lt. Corp,—
b Net equity
3,985,090
Other income.
8
2,865,471
8,018,649
6,788,669
354
615
1,196
$3,985,098
$2,865,825
$8,019,264
$6,789,865
b Net
«
equity...,
Total
53,123
48,682
261,786
411,956
414,176
1,653,676
273,682
1,658,130
$3,520,019
$2,402,967
$6,103,802
$4,858,053
Expenses, incl. taxes
Int. & other deductions.
30—
\
1939 •
$30,752
1940
y$27,042
Net income
-
1937
$89,299
y Before
1938
$2,613
x After
depreciation and other charges but before Federal taxes,
provision for Federal income tax.—V. 149, p. 3714.
Delendo
See
$919,323
75,000
479,686
Jay Stores, Inc. (& Subs.)—Earnings—
3 Mos. End. Apr.
x
230,431
9,721
78,048
184,361
$897,055
Provision for Federal taxes on Income
Other income included in
sales,
De
2,885
50,050
193,694
$338,479
b
Includes commodity taxes in 1935 and 1936.
b Not available.—V. 150, p. 3658.
254,607
54,829
200,449
income
Net profit for the year
Preferred dividends
Common dividends
Earnings
$1,361,901
$4,906,208
4,911,310
4,792,933
4,725,480
b
.
271,467
leased premises
to
Interest and sundry
Other expenses
Int. chgd. to construct'n
Pref. divs. to public
&c.
Taxes
$7,686,770
9,123,369
7,664,717
7,123,503
$14,293,358
16,169,264
1937-.-.14,883,672
1938
13,144,735
1939-b
21,719,991
846,785
-
845,604
Depreciation of store fixtures, &c.,
and amortization of improvements
Electric Power & Light Corp.
-
Sales*
aSales
Yrs.
21,973.260
817,189
22,642,496
ing expenses
1940—Month—1939
Summarized Consolidated Earnings
Deprec'n,
Operating
Cost of
Expenses & y Depletion,
Cal.
andl store operat¬
Cost of goods sold
of New Securities
Distribution
.$24,911,899 $24,205,239 $23,764,677
Administrative and general expenses.
*
$5,500,000
$5,500,000
400,000 shs. 400,000 shs
1937
1938
1939
Jf.
Net sales
Issued
Holders of convertible gold notes and the $7 cumulative convertible
preferred stock will be entitled, upon consummation of the plan and upon
the surrender of their present securities or claims, to receive new securities
upon the following basis:
(a) Holders of Convertible Gold Notes will be entitled to receive, for each
$500 of convertible gold notes with, in the case of extended notes, all interest
coupons appertaining thereto maturing on and after Sept. 1, 1933, (i) $275
of debentures of the new company, (ii) certificates representing 15 shares of
common stock of the new company, and (iii) $145 in cash, except that in
the case of holders who have received one or both of the two interim dis¬
tributions of $60 each, directed to be paid on each $500 note by the court
orders entered as of May 9,1939 and May 9,1940, such holders shall receive
the balance of said $145 not already received under such interim payments.
(b) Holders of $7 Cumulative Convertible Preferred Stock of the present
company shall be entitled to receive for each share of present preferred stock
certificates representing two shares of common stock of the new company.
(c) Holders of the Common Stock of the present company and Standard are
not afforded any participation under the plan.
a
I
x
Authorized
(& Subs.)—Earnings—
Consolidated Income Statement for Calendar Years
be assumed, will be as follows:
ness to
15, 1940
June
Edison Bros. Stores, Inc.
Indebtedness—In addition to the foregoing, the accrued
Miscellaneous
liabilities and
Financial Chronicle
Corp.—New Name—
Oldetyme Distillers Corp.
Detroit International
The New
below.
Bridge Co.—Unlisted Trading—
York Curb Exchange has removed from unlisted trading the
1st mtge. sinking fund 6)4%
gold bonds, due Aug. 1, 1952; participating
sinking fund 7% gold debentures, due Aug. 1, 1952; certificates of deposit
for 1st mtge, sinking fund 6)4% gold bonds, due Aug. 1, 1952; certificates
of deposit for participating sinking fund 7% gold debentures, due Aug. 1,
1952.—Y. 149, p. 4172.
.
Balance carried to
con¬
solidated earned
sur.
Does not include maintenance
a
incurred in the production of crude oil,
gasoline, and sulphur.
Such maintenance, together with all other costs, is
transferred to inventory and subsequently, upon sale, is included in cost of
product sold in the current period.
'
v :
i
b Of Electric Power & Light Corp.*in income of subsidiaries.
Note—No provision has been made in the above statement for possible
losses resulting from pending suits and claims against United Gas Corp.
or its subsidiaries (arising principally in connection with gas
producing properties).
It is the practice of the companies to record
such losses when and as settled.
and certain
and oil
any
"*
Statement
Period End. Mar. 31—
Gross inc.: From subs..
of Income (Company Only)
1940—3 Mos—1939
$692,275
$480,010
_
1940-^12 Mos.—
$2,841,396
$2,223,611
8
354
615
1,196
$692,283
53,123
$480,364
48,682
$2,842,011
261,786
$2,224,807
273,682
387,500
14,711
9,744
387.500
16,285
9,744
1,550,000
$292,995
Other
(W. S.) Dickey Clay Mfg. Co.—Earnings—
6 Months Ended April 30—
Net profit after all charges—V. 150, p.
....
127.
1938
$49,147
1939
$286,126
1940
$174,102
'
Distillers Corp.-Seagrams, Ltd.
(& Subs.)—Earnings—
Period End. Apr. 30—
1940—3 Mos.—1939
Sales,
less
freight and
allowances
$20,351,020 $19,363,963
Costs of sales.
14,216,044
13,231,640
Gross profit
Miscellaneous income
1940—9 Mos.—1939
60,128
$6,195,104
4,706,343
Interest (net)
42,145
Depreciation
a41,460
Loss on disposal of assets
79,276
Income & profits taxes._
312,897
$6,170,103 $23,791,775 $20,987,363
4,389,566
14,057,549
13.300,245
90,516
162,675
305,069
a58,560
bl22,625
bl63,739
121,215
301,313
204,781
559,860
2,204,622
1,814,378
—
-
Net profit
common
Earnings
per
a
stock.
.
$950,385
1,742,645
share.....
$6,942,991
1,750,455
$5,199,151
1.742,645
$0.43
$1,012,983
1,750,455
$0.46
-
$3.62
$2 62
Exclusive of $245,844 charged to production in 1940 and $241,766 in
1939.
b Exclusive of $726,682
charged to production in 1940 and $673,488
1
$227,204
b Amortization
p.
c
Includes $423,654 tax refund
on
1937 flood loss claim.—Y. 150,
3355.
Eaton & Howard Management Fund
Directors have declared
a
"Al"—10-Cent Div,
dividend of 10 cents per
share on company's
stock, payable June 25 to holders of record June 12.
Dividends of 20 cents
were paid on March
25, last, and on Dec. 23, 1939.—V. 150, p. 2573.
Eaton & Howard Management Fund
F—10-Cent Div.—
Directors have declarjed a dividend of 10 cents per share,
to holders of record June 12.
Like amount was paid on
and dividend of 15 cents was
paid
Ebasco Services
on
payable June 25
March 25, last,
Dec. 23,1939.—V. 150, p. 1598.
Inc.—Weekly Input—
For the week ended June 6, 1940 the kilowatt-hour system input of the
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co., as
compared with the corresponding week during 1939, was as follows:
'
X Tiercue c
Operating Subsidiaries of—
1940
1939
American Power & Light
Co..125,169,000
Electric Power & Light Corp. 67,266,000
National Power &
Light Co..
86,430,000
114,611,000
59,942,000
72,339,000
The above figures do not include the
system
not appearing in
both periods.—V. 150,
p.
3659.
Amount
10,588,000
7,324,000
14,091,000
Percent
9.2%
12.2%
19.5%
inputs of any companies
$17,506
$926,549
....
592
Other interest deductions
■
Premium
Net income
and expense on
Balance Sheet March 31 (Company Only)
1940
1940
1939
^
I
<5
Liabilities—
Investments ...184,547,972 184,630,573
Cash In banks
On demand
4,751,263
__
148,124
3
Dividends receiv
170,364
Other curr .assets
800
1,121
Reacq. cap. stk.
Deferred charges
103,109
3,505,566
103,109
3,548,370
193,227,202 192,502,743
""
$
1939
$
"I
Capital stock..xl55,044,139 155,044,139
31,980,931
Long-term debt. 31,871,975
Accts.
10,104
payable.
11,082
Accrued accts..
284,228
281,895
4,025,167
146,946
14,377 Accrued taxes..
33,080 Oth. curr. llabs.
Special depos.
Accts. receivable
Total
592
879
Securities Corp.
b Of debt discount
1
J
67,685
38,974
collateral trust gold bonds, American 6%
gold debentimes,
c And ex¬
Power Securities Corp. bonds retired.
On Power
a
series,
•
in 1939.
55
1,550,000
61,396
38,974
2,268
1,038
series, due 2030
Interest
pense on
Total income
Expenses, &c
Shares
Expenses, incl. taxes
Int. on gold debs., 5%
c
$72,023,131 $66,575,130
48,813,653
45,720,464
$6,132,323 $23,209,478 $20,854,666
37,780
c582,297
132,697
$6,134,976
Total
91,200
156,244
Total
122,703
156,294
5,644,207
Earned surplus.
99,661
126,460
Reserve
4,804,683
193,227,202 192,502,743
x Represented
by:
$7 pref. cum. (entitled,,upon liquidation to $100 a
share); pari passu with $6 pref. and $5 pref.; authorized, 800,000 shares;
issued, 515,135 shares.
$6 pref., cum. (entitled upon liquidation to $100
a share); pari passu with $7 pref. and $5 pref.; authorized, 1,000,000 shares;
issued and outstanding (including 3 2-3 shares of scrip) 255,430 2-3 shares.
$5 pref., cum. (entitled upon liquidation to $100 a share); pari passu with
$7 pref. and $6 pref.; authorized, 1,000,000 shares; issued, none.
2d pref.,
series A ($7), cum. (entitled upon liquidation to $100 a share); pari passu
with 2d pref. series AA ($7); authorized, 120,000 shares; issued and out¬
standing, 78,164 shares; 2d pref., series AA ($7) cum. (entitled upon liqudation to $100 a share); pari passu with 2d pref., series A ($7); authorized,
100,000 shares; issued, none.
Common, /authorized, 4,000,000 shares;
issued, 3,441.289 shares.—V. 150, p. 35071
Edmonton City Dairy,
Ltd.-—Reorganized-
A letter sent to stockholders on May 25 stated that Edmonton City
Dairy, Ltd. (Dominion company) was reorganized under the provisions of
the Dominion Companies Act, and Supplementary Letters Patent con¬
firming the reorganization were issued by the Secretary of State at Ottawa,
dated March 28, 1940.
Pursuant to the terms
of
the
reorganization,
namely, the Edmonton City Dairy Ltd.,
a
Provincial
company
has been incorporated and the
Volume
Dominion company transferred to the
assets of the
Consolidated Balance Sheet Dec. 31
Provincial company.
Pursuant to the terms of the reorganization:
1939
(a) Holders of the preference shares of Edmonton City Dairy Ltd.
(Dominion company), other than Dairy Corp. of Canada, Ltd., are entitled
to receive 20-year 5 J4 % general mortgage bonds of the Edmonton City
Dairy Ltd. (Provincial company) on the basis of an even exchange of $100
in principal amount of sucn general mortgage bonds for each $100 par value
of preference shares now held.
(b) Holders of common shares of Edmonton City Dairy Ltd. (Dominion
company), other than Dairy Corporation of Canada Ltd., are entitled to
receive two of the common shares of Dairy Corp. of Canada Ltd. for each
share of Edmonton City Dairy Ltd. (Dominion company) now held.
General mortgage bonds of the Edmonton City Dairy Ltd. (Provincial
company) are now available for exchange with the holders of the preference
shares of Edmonton City Dairy Ltd. (Dominion company) and common
shares of Dairy Corp. of Canada Ltd. are also available for exchange on
the basis outlined.
.
Accounts
$26,352
of
Canada
Loan" bonds
Bills receivable
_
Accounts receivable, &c_.
106,519
Inventories
on
of
value
surrender
First mtge., 5%
life
expenses
after
reserve
equip,
for deprecia¬
tion of $183,451
Land
Total
$710,797
...
3,932,252
528,033
503,425
3,487,336
3,326,216
Deprec. & depl. 111,770,299 110,752,330
83,873
156,605
Crude & ref. oil
3,752
Notes
&
Unamort.
$710,797
Procedure
delay.
hearing will be postponed for one week to June 17, 1940,
will be confined initially to the sole issue of whether it is
discontinue the existence of American Power & Light Co.
Electric Power & Light Corp., National Power & Light Co. and American
& Foreign Power Co., Inc., or any of them, in order to insure that the
structure of the holding company system of Electric Bond & Share Co.
shall not be unduly or unnecessarily complicated and that voting power
shall not be unfairly or inequitably distributed among the security holders
in that system.
Jurisdiction will be reserved with respect to all other
"The date of
and the hearing
to
hearing."—V. 150, p. 3200.
1938
1937
$3,217,531
297,326
320,288
Total oper. income...
General oper. expenses._
$3,103,829
694,477
247,010
853,083
12,372
$3,153,688
709,928
247,010
846,800
15,703
$3,400,579
706,437
247,010
816,833
25,607
$3,537,820
690;743
247.010
788,800
10,005
46,468
60,096
135,721
46,750
62,972
145,156
55,945
91,695
161,855
91,440
200,035
$1,054,602
1,787
$1,079,369
1,367
$1,295,197
$1,056,389
1,039,937
30,000
$1,080,736
1,072,821
22,600
$1,303,207
1,100,977
$13,548
$14,685
x$116,229
x$288,476
258,629
V;;;$0.14
$0.33
Apr.30—
(incl. rent
own
Real estate taxes
Other
general expenses.
Net
oper.
income
funded debt
on
on
funded debt.
Prov. for Fed. inc. tax._
Surtax
862,098
shs.cap.stk. (nopar).
x
.....*
...
$560,981 ($536,691 in 1939), less depreciation charged to
(as above), in accordance with rates allowed by U. S. Treasury
Department, $247,010; balance charged to surplus, $313,971 ($289,682
in 1939); net income insufficient for amortization requirements by $327,520
($304,367 in 1939).
debt,
Comparative Balance Sheet April 30
1940
,
Liabilities—
.......
for
4,390,000
198,927
4,390,000
204,334
144,000
182,018
795,764
Cash..*
$1,191,718
$918,366
$1,641,464
$953,847
Deferred charges..
$1,820,661
1,815,496
$948,832
1,815,440
$2,110,084
2,269,281
$2,595,310
2,496,195
9,554
1,115
$1.04
$2.32
estimated.
$2.86
$2.00
Includes $350 undistributed profits tax
Note—Depreciation in the amount of $740,326, $761,383, $814,632 and
$872,075 has been provided during the years 1939, 1938, 1937 and 1936,
respectively.
Consolidated Balance Sheet Dec. 31
1939
$
8.912,982
9,225,369
2
2
2,367,190
Bills & accts. rec..
4,530,966
U. S. obligations.. 1,309,183
1,689,183
Can. Gov't secur.
739,133
711,651
Ind.,ry.&util.bds. 9,496,827 10,189,813
2,855,845
4,397,935
.......
180,280
144,178
7,129,234
6,789,319
186,959
31,400
__
'
:
83,324
Reserves
2,206,987
3,798
1,885,385
Surplus
1,157,316
1,325.730
advance
294,558
35,882,308 36,264.678
Total
35,882,308 36,264,678
of $8,038,310 in
862,098
b After deducting depreciation
1940 and $7,790,903 in 1939.
c Represented by
no par
shares.
May Reduce Capitalization—
At
tlie annual meeting of stockholders to be held on June 20 they will
consider a proposal to reduce the stated capital from $8,986,645 to $862,098,
changing the no-par stock from its present stated value to $1 each for
862,098 shares, and to provide that tne surplus resulting from this change
be reserved for writing down the book value of property and assets, to
create capital surplus, or for other purposes.
It is planned to write down land from $17,816,156 to $14,400,000 and
building and equipment, less reserves, from $12,184,122 to $9,600,000,
eliminating entirely $4,390,000 of intangible assets on the books on April 30,
1940 —V. 150, p. 2252.
31,400
Pipe Line Co.-—Earnings—
Eureka
Common stock..23 .484,692 23,484,692
Accounts payable
910,089
941,343
6 5,389
Accrued accounts
663,860
y
.
Calendar Years—
Other
curr.
liabils.
$1,272,236
Deferred Income.
Acer.
tax
Fed.
_
13,772
395,428
615,061
Reserves
205,845
$1,226,332
871,727
157,292
246,512
$2,482
34,491
-
$49,200
35,625
_prof$32,010
$13,575
1,362
—
Amortization..
612,123
10 ,662,264 11,038,713
Surplus
857,173
166,908
250,637
Taxes
income
(est.)
..
620,943
236,142
1938
1939
■
.
165,231
1,298,083
439,417
48,514
Other curr. assets.
Inventories
$
$
Liabilities—
Preferred stock
Pats., tr.-mks., &c
1938
1939
1938
$
Real estate, plant
418,286
in
Includes undistributed profits taxes,
reserve
907,810
24,870
421,780
received
6,592
295,747
30,000
Rents
1
$62,625
$886,207
taxes—
income
42,501
907,810
583,283
&c
Res. for Federal
Other current liab.
10,001
907,810
578,356
Accts. pay., taxes,
interest,
count of employ.
a
5,477,000
a
quis. of corp.'s
5% debentures.
Other
35,000
5,082,000
81,077
190,045
570,097
35,000
debentures
fund
ac¬
56,108
Earned per share
equipment.
Society mtge... 17,300,902 17,524,681
go¬
value
held
8,986,645
8,986,645
6% gold mtge. bds.
35-yr. 5% sinking
privileges,
&
s
8.
■
Capital stock...
Equit. Life Assur.
b Building
investments
$5,165 def$866,608 def$159,197
Assets—
c
...17,816,156 17,816,156
12,184,122 12,431,529
Miscell. equlpm't.
20,147
17,552
Land..
1939
1940
1939
$
Assets—
Notes & accts. rec.
907,810
Nil
Cash required for amortization of
Note—Earned surplus appropriation:
funded
73,897
z428,706
Balance, surplus
Cash
^
355,116
Shs. combined pref. and
com. stocks outstand.
$1,480,360
1,124,883
58,500
8,500
income
Total
Dividends....
and
Nil
,
$902,608
...
40,000
46,000
Profit.
132,714
______
$1,465,681
14,678
Dividends paid..
23,307,971
......
...
44,106
Earns, per sh. on
Invest, held for ac¬
......
8,009
undist. profits
on
Netloss
1936
25,510,379
1
Net income before int.
Interest
......$28,408,743 $24,052,428 $27,057,213 $25,452,038
Other income
x
_
Other income
Inventories
z
*
Alterations for tenants._
Sinking fund deps.
of
'
(other
than real
estate & Fed. inc. tax)
Cash
1937
1938
23,857,089
435,824,342 447,861,385
Total.
$3,103,253
ing
Co. (& Subs.)—Earnings—
$918,053
16,071,849
1939
Rights,
Consolidated Income Account for Calendar Years
Balance-.-.--......
3,530,934
16,238,816
cos.
$2,895,224
258,464
tenancies
Net income.
int.insub.
1940
Taxes
reasons advanced in the application,
unable to find adequate ground for the requested
manufacturing,
&c... 27,047,838
Prov. for contingencies.
35,000
Special distrib. to empl's
Prov. for inc. taxes (est.)
407,852
3,530,934
Min. stockhldrs.
$2,830,180
273,649
corp.'s
Prov. for doubtful accts.
(b) (1).
"We have examined the various
oper. expenses,
3,624,908
141,972
23,468,561
Equitable Office Building Corp.—-EarningsYears End.
under Section 11
Cost
2,162,244
139,668
23,382,770
Rental income
on
of the "death sentence," asked that
proceeding until after it had decided
an application by the American Gas & Electric Co. to be declared not a
subsidiary of Bond & Share and until the termination of the proceedings
Gross sales
reserves..
offices)
Other operating income.
10,077
corporate simplification portion
SEC delay the hearings in this
1939
Injuries & dam.
^Represented by 750,000 no par shares, yAccounts only,—V. 150,
30,000
Improvement Co., the Commonwealth & Southern Corp. and
Electric Storage Battery
tracts payable
Total.......435,824,342 447,861,385
10,000
Total
issues described in the notice of and order for
y287,050
767,934
(non-current).
Well drilling con¬
611,059
Engineers Public Service Co.
As in the other cases, the SEC said it would deny the part of the applica¬
tion requesting dismissal of the proceeding.
The other Electric Bond & Share Co. application under Section 11 (b) (2),
necessary
and
accts. payable
2,994,801
graphical integration provisions of the "death sentence," but denied another
application by the company for a substantial delay of the SEC's proceeding
for corporate simplification of the company under the "death sentence."
The action taken regarding the application under Section 11 (b) (1) of
the Holding Company Act, the grographical integration provision of the
"death sentence,
was similar to the relief accorded by the SEC to the
are
85,270,885
48,917
price chge. res.
575,880
The Securities and Exchange Commission granted on June 10 an appli¬
cation by the company for an expression by the SEC of its tentative views
on what the holding company system should do to comply with the geo¬
"and
76,919,101
Other
2,477,404
for Integration of System Under "Death, Sentence"—
the SEC said,
322,303
Due to parent co
Cust's' deposits.
debt,
Depreciation
the
765,604
accts.
rec., not curr.
37,500
Electric Bond & Share Co.—SEC Will Outline
the
Income taxes.
631,920
disct. & exps.
-V. 150, p. 1932.
United Gas
taxes, &c_
Prov. for Federal
Other notes
accts. recelv..
Mat'ls & suppl's
Other def. chgs.
i
Goodwill
229,422
4,150,426
cos.
Other notes and
245,100
shares).....
Earned surplus..
56,000
1,446,791
2,889
affiliated
Common stock (30,000 no par
395,488
15,529,465
•4,657,064
688,833
& refined oils.
Current accts. of
bonds, 5J£ %,
fixed assets
and
12,813,572
5,131,684
Invent, of crude
Accts. rec. cust.
8,198,681
Surplus
Special cabinet reserve..
Reserve for loss on disposal of
5,952
63,486
plant
Accrued interest,
Cash
sinking fund
20 years.
Ltd. (subsidiary)...
mery,
Investments
Building,
Notes payable..
Accts. payable..
5,923,978
Long-term debt. 91,182,813
325,000
General mtge.
6,329
...
Due from Grande Prairie Crea¬
11,923,880
5,125
bonds
2,825
2,344,529
16,015
and
13,000
1
Reserves
686
investm'ts
insurance
Prepaid
mer company
Provision for income taxes—
30,129
Accrued income
2,150,114
21,631
pipe¬
sonnel
7.445
3,626,021
37,405,357
54,424,737
96,201.977
6,754,480
3.556,290
37,405,357
Preferred stock. 54,424,737
Advances to per¬
and sundry fees re for¬
pany
$
$
Liabilities—
Common stock
6,247,014
line
other invest'ts
533
Provision for legal, trust com¬
15,000
2,027
.
.
$27,017
payable
193
1939
...
'
x
11,833,150
of
co.
Secure,
taxes, &c.___
Accrued charges
"War
$
inve8t._391,040,529 399,530,380
Spec, cash depoa.
Liabilities-
Assets—
Cash
Cash
Plant &
1938
$
Assets—
Prepd. ins., int.,
Balance Sheet March 31, 1940
Dominion
3819
& Financial Chronicle
The Commercial
150
Operating deficit.
Other income
Notes & accts. rec.
(non-current)
..
accounts
1,298,083
439,260
Insur. fund, securs
48,514
Other
Investments
Deferred
36,994,236 37,598,918
Total
x
After allowance for depreciation
in 1938.
y
Deficit.:
Dividends
after
$100,000.—V. 150, p. 127
Empire Gas & Fuel Co. (& Subs.)—Annual Report—
1939
1938
$82,119,139 $82,024,125
Calendar Years—
Gross earnings
73,728,574
Operation, maintenance, deprec. and taxes..
Net operating revenue
Non-operating income
...
$8,390,565
2,630,823
72,282,224
charges
Amortization of bond discount
569,785
710,600
6,905
Federal and State taxes on interest coupons
loss.
...
•
845,142
294,000
32,158
a$231,222
Provision for income tax
$2,027,414
100,000
—
$14,937
150,000
Balance Sheet Dec. 31
1939
1938
.$2,542,497 32.758,148
Other investments 1,115,272
1,115,850
20,300
Deferred debits—
30,133
Plant
1939
—
Acc'ts receivable..
Interest
Mat'l &
rec
supplies..
43,211
5,642
41,001
205,060
Cash
78,104
Taxes accrued
and
Wages
....83,982,817
x
42,458
divs.
1,211
Unliquidated pipe-
36*379
148,469
age
accounts
Deferred
credits
Surplus....
Total
43,329
unpaid
Accounts pay able
x
1938
...
$9,741,901
5,084.675
..$11,021,388 $14,826,576
9,965,320
11,627,862
..prof$31,378
-
Assets—
x
*
Total earnings....
Interest
a
632
....
of $18,080,835 in 1939 and $17,792,588
Common stock outstanding, 906,554 shares no par value,
*
—
Total deficit
..36,994,236 37,598,918
Total..
deducting 4,000 shares held in treasury at
Net income
.
-
Miscellaneous deductions
$4,157,2501
Total
.
79,482
1,340
63,044
1,294,411
140,651
61,098
1,413,038
33,982,817 $4,157,250
of $7,671,137 In 1939 and $7,522,703 in 1938.
amortization of $7,671,137 in 1939 and $7,522,703 in 1938.—
2423.
After amortization
After
V. 150, p.
Evans-Wallower Zinc, Inc.—Initial Dividend—
Directors have
common
declared an initial dividend of 15 cents per share on the
stock, payable
July 1 to holders of record June 30.—V 146, p. 1073.
The Commercial & Financial Chronicle
3820
Subs.)- —Earnings—
Fairchild Aviation Corp. (&
1939
1938
1937
1936
$2,003,117
923.090
420.335
$2,195,817
1.228.227
376,312
$1,411,763
809,103
320,695
$1,118,299
$659,691
$591,278
32,310
$281,965
63,917
$187,977
50.467
$623,588
108,056
$345,882
94,913
17,003
30,520
17,367
$238,444
83,032
5,219
Calendar Years—
(less returns and
allowances)
Cost of goods sold
- Selling & admin, expense
Sales
Operating profit
31,998
Other income
Gross
profit
Development & tool cost
Experim'l & research exp
8
Repairs & replacement!
to goods sold
Moving expenses
Loss
on
$691,688
1
2.083
'■■■('
«.-
•
1,918
16,549
2,688
3,365
84,005
52,919
12,566
3,920
4,260
z24.878
24.571
z27,571
29,266
$322,473
$139,675
$78,9$2
110.894
Federal taxes
!
23,986
Minority int. in subs
$422,744
Net income
Includes $49 in 1937
and
«...
$3,203 in 1936 for surtax
on
6,016
Other income
;
...
undistributed
$384,540
3,305,629
Total
longer useful or about to become no longer useful in the business 1,116,800
Dividends paid on pref. stock at $6 per share
241,512
Assets—Cash, $269,548; accounts receivable—trade (less reserve, $3,409),
$362,634; other accounts and notes receivable, $9,918; inventories, $714,064;
Surplus at Dec. 31. 1939
Earnings per share on 75,000 shs. common stock, no par
(less reserve for depreciation of $303,399)
$349,982; model development, tools and patterns (less reserve for amoritzation of $354,195), $86,464; deferred charges, $36,048; goodwill, $1; total,
Balance Sheet Dec. 31,
$1.91
1939
$1,321,319; marketable securities
Assets—Cash in banks and on hand,
at cost,
Liabilities—Notes payable—banks—due July 15, 1940, $33,200;
accounts
payable, $78,756; accruals, $238,139; advance .deposits on contracts now
in process, $261,587; notes payable—banks—due semi-annually, Jan. 15,
1941 to Jan. 15, 1943, $166,800; minority interests, $79,171; common stock
(par $1), $337,032; capital surplus, $110,083: operating surplus, accumu¬
lated since Jan. 1. 1936. $640,569; total, $1,945.337.~-V. 150, p. 3660.
Fairchild Engine
& Airplane Corp. (& Sub.)—Earns.—
Consolidated Statement of Operations,
Year Ended Dec. 31, 1939
$1,343,019
sales
amortization of development costs and
provision for ordinary inventory losses)
Selling, administrative and service expenses
Cost of goods sold (incl.
profit from operations
—
Other income
...—
Fanny Farmer Candy Shops, Inc.—Earnings—
$257,244
deductions
Provision for Federal
income taxes
1939
Calendar Years—
Depreciation
Federal and State income taxes
$6,640,135
1,220,092
141,155
275,000
Net profit
$904,059
> 676,075
$2.35
$803,937
683,316
$2.06
—
660,028
Dividends
Earnings
share on common stock.
per
$2.56
Balance Sheet Dec. 31, 1939
$187,694
income
Assets—Cash
Note—The depreciation policy of
for depreciation at such rates as
the coropration is, in general, to provide
will distribute the cost of depreciable
its estimated useful life on the straight-line method.
Depre¬
property over
ciation in the amount of $28,076 was
31,
$81,737), $625,982; accrued interest thereon,
$11,230; securities, $138,279; inventories (physical), $340,057; fixed assets
(less reserve for depreciation of $1,214,820), $775,751; prepaid and deferred
charges, $31,913; goodwill, $1; total, $2,504,450.
charged to operations during the year
1939.
Liabilities—Accounts payable and accrued charges, $10,000; reserve for
Consolidated Balance Sheet Dec. 31, 1939
rental
*
Falstaff Brewing
Calendar Years—
1938
$6,463,896
3,380,682
1937
Cost of sales
Gross profit
Sell. & delivery expenses
Fansteel
$3,083,214
1,973,026
$2,929,762
1,764,569
329,854
69,381
$835,339
27,438
Net profit from operations
income
$841,362
111,662
$862,777
120,095
Net
146,500
135,000
124,207
long-term indebtedness
—.........
disposition of fixed assets
Expense re 1937 strike and court proceedings relating thereto
Payments made under agreement of canceled debentures
Provision for depreciation on plant & equipment for year
Federal income and excess profits taxes on current earnings
$649,813
731,323
$594,699
634,001
$618,475
604,850
20,536
on
Balance of income
Preferred
dividends
2,000
2,556
39,037
48,086
$238,660
47,031
$1.02
—
Earnings per share on common stock————
—
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash
on
hand
and in banks,
ceivable (less reserve for losses of
$122,426; accounts and
notes re¬
$4,179), $166,783; inventories, $618,781;
investments, $326,363; fixed assets (less reserve for depreciation of $379,521), $702,137; prepaid expenses, $10,378; goodwill, trade names, trade¬
marks, patents, patent rights and Ramet development costs, $915,722:
$757,193
565,740
57,789
$1,243,861
562,559
47,301
on
139,260
Net income for year—
$339,493
6,947
2,206
income-—....———
Interest
$957,143
(estd.)__
$323,523
15,970
Net loss
$940,522
16,621
$88/,769
91,456
$546,977
223,454
Miscellaneous
$1,219,522
279,000
$1,380,722
675,000
23,669
Selling profit
Admin. & gen. exps
Profit from
$1,163,660
305,471
operations
Income credits
_
Gross income.
Income charges
$858,189
29,580
$771,980;,
$1,165,193
Year Ended Dec. 31,1939
Selling, general and administrative expenses
$2,593,121
1,373,599
$1,110,188
338,208
Metallurgical Corp. (& Subs.)—Earnings—
Consolidated Statement for
$5,350,452
2,757,331
$3,362,995
2,199,335
Federal taxes, $270,163;
(par $1), $763,822; surplus, $1,439,899; total, $2,504,450.
1765.
Gross profit on sales
bl936
$7,204,735
4,274,973
stock
—V. 150, p.
Corp.—Earnings$6,499,927
3,136,933
1939
—
percentage basis, $20,567; reserve for
on
common
$612,694; accounts and notes re¬
ceivable, trade, $38,408; accounts receivable, other, $513; inventories,
$498,130; accounts receivable, officers and employees, $3,220; deposits
with vendors, $83,267; property, plant, equipment, patterns, jigs, &c.
(at cost), net, $445,619; deferred charges, $405,606; organization expense,
$41,277; other assets, $3,938; total, $2,087,672.
Liabilities—Accounts payable, trade, $99,397; accounts payable, officers
and employees, $154; contract to
purchase real state, plant and equip¬
ment (portion due within one year), $15,000: customers' deposits, $10,425;
accrued Federal income and other taxes, $86,479; accrued expenses, $20,708;
contract to purchase real estate, plant and equipment (portion due after
one year), $70,000; reserve for uninsured airplane losses,
$170; preferred
stock, no par value, authorized, 15,000 shs., of which 3,781 shs., desig¬
nated as convertible $6 preferred stock (divs. cum. from Jan. 1, 1941),
having a stated value of $75 per share, are outstanding, $283,575; common
stock, par value $1 per sh.; authorized, 1,500,000 shs.; issued and outstand¬
ing, 897,317 shs., $1,416,720; capital surplus, $487,687; earned surplus
(deficit) (since Dec. 1,1936), $402,642; total, $2,087 672.—V. 150, p. 1277.
.
>>":■
hand and in banks, $581.237; Government and municipa
bonds (less reserve thereon of
Assets—Cash In banks and on hand,
Net sales—
on
1937
$6,865,412
1,288,332
147,586
236,687
—
Profit for year
157,084
25,242
3,231
53,319
1938
$7,497,482
1,412,607
—181,958
270,163
$960,486
Sales
$433,613
7,043
Total income
Development cost—Model 46 airplane abandoned by Duramold
Aircraft Corp
Inventory adjustment due to obsolescence
Miscellaneous
879,157
206,618
176,368
i
Interest
a
$2,331,858
..
less reserve for market depreciation, $29,748; accounts receivable
(less reserve for doubtful accounts of $58,232), $318,152; inventories at
cost or market, whichever is lower, $65,716; miscellaneous supplies, $63,378;
investments, $43,524; capital assets (less reserves for depreciation of $2,272,771), $1,433,653; prepaid taxes, insurance, &c., $13,177; goodwill, $2,863,337; total, $6,152,003.
Liabilities—Accounts
payable, including sundry
accruals, $467,613;
dividend payable on preferred stock, $60,378; reserve for Federal taxes,
$67,633; current account payable to National Dairy Products Corp.,
$1,469; reserve for contingencies, $31,258; preferred stock (preferred over
common as to $6 per annum cumulative and $100 per share on liquidation),
$1,093,444; common stock, 75,000 shs., without par value, $2,098,350;
surplus, $2,231,858; total, $6,152,003.
$1 945 337
Dec,
$3,690,170
-
Reduction to est. realizable value of certain prop. & equip, no
investments, $116,678; fixed assets
ended
433
55,000
Net profit for the year
Surplus at Dec. 31, 1938
statement includes the 1939 operations
former subsidiaries, Fairchild Aerial Camera
Corp. and Fairchild Aviation, Inc., which were dissolved and liquidated
as of Dec. 31,
1939.
The former subsidiary company, Fairchild Shares
Corp., which was dissolved on June 24, 1939 had no operations during 1939.
Consolidated Balance Sheet Dec. 31, 1939
Net
$439,973
Total income.,—----i-———,.
Interest paid
—...
Provision for Federal Income tax..........................
—The consolidated income
Net
$420,648
19,326
Profit...
1,617
5.184
of Fairchild Aviation Corp.'s
Net
5,745,326
409,288
314,945
& general expenses
Repairs and maintenance (incl. replacement of milk bottles)—
Depreciation
—
15.354
654
5,363
$6,890,207
sales
Cost of sales, delivery, selling, admin.
1,555
928
Interest and discount—
Maryland Dairy Corp.—Earnings—
Earnings for Year Ended Dec. 31, 1939
48,534
176
adjustments.
Fairfield Western
Net
599
Miscell. adjustments
z
267,876
•'
1'
!
sale of cap. assets
Inventory
662,446
68,192
June 15, 1940
payable, $21,567; dividends payable on preferred stock, $23,831;
salaries and wages accrued, $15,220; accrued interest, $453; freight payable
on returnable containers (estd.), $66,138; deposits refundable to customers
for returnable containers (less $101,043 deducted from accounts receivable),
$260,506; 1st mtge. real estate notes, $600,000; 10-year 5% debenture
bonds, 1947, $220,883; preferred 6% cumul. conv. stock (par $1), $785,308;
scrip, $103: stock and scrip reserved (for even exchange of 1st pref. stock of
Maryland corporation), $1,192; common capital stock (par $1), $450,186;
scrip, $4; earned surplus, $1,063,829; paid-in surplus, $767,047; total.
$4,630,378.—V. 149, p. 3555.
/
taxes
deferred charges, $25,491; total, $2,888,080.
Liabilities—-Notes payable, $70,000; accounts payable, $55,571; accrued
liabilities, $75,244; long-term indebtedness maturing $35,000 each year,
1941-1944, $140,000; preferred stock, no par value, stated value 7,525 shs.,
$677,250; common stock, 196,434 no par shares, $984,770; surplus, $885,245;
total, $2,888,080.—V. 150, p. 1933.
60,690
Prov. for Fed. and State
income taxes
Previous earned surplus
-
Fashion
Surplus credits
$1,381,136
Div.
on common
Div.
on
stock—
preferred stock.
270,112
47,196
$1,228,701
450,151
47,226
Cost of goods sold, selling, operating
expense—
Profit
$1,930,025
1,839,576
$90,449
3,529
Total income
Provision for depreciation
74,161
Amount
paid in settle¬
ment of litigation ap¬
plicable to prior years.
& administrative
Sundry other income
Loss
on property sold or
abandoned during year
Co.—Earnings—
Earnings for Year Ended Jan. 31, 1940
Net sales, incl. sales of leased departments
Amortization of investment in leaseholds
Federal taxes on income
3,041
$93,978
15,561
4,116
14,319
"
Earned surplus, Dec.31
$1,063,829
$731,323
$634,001
$604,850
a After
deducting Federal revenue and State inspection taxes and freight
paid on sales,
b Includes the consolidated income of the Falstaff Brewing
Corp. (Del. corp.) and its wholly-owned subsidiary, Falstaff Brewing Corp.
(Maryland corp.) for the period from Jan. 2 to Oct. 15,1936, and the income
from the merged companies from Oct. 16 to Dec. 31, 1936.
The merger
of the subsidiary into the parent company was consummated on Oct. 15,
1936.
Assets—Cash, $896,270; Federal and State revenue stamps, $124,318;
working funds in custody of salesmen, $6,091; notes and accounts receivable,
(less reserve for doubtful receivables of $26,880), $309,774; inventories of
finished product and materials and supplies at average cost, $379,114;
accounts receivable in monthly instalments to Maih 1, 1944, $15,000;
property, $257,3 16; land, buildings, machinery and equipment, &c. (less
reserve
for depreciation of $1,202,512)$2,468,002; building signs, less
accrued depreciaion, $29,967; leasehold improvements (unamortized por¬
tion), $77,347; goodwill, trade marks, trade names, &c., $1; deferred
charges
(prepaid insurance, licenses, taxes, advertising, &c., $67,178;
total, $4,630,378.
Liabilities—Accounts payable, $170,358; Federal and State income taxes
Total
Dividends
Dividends
and other
on
preferred stock ($5.50 per share)
stock ($1 per share)
on common
Earned surplus at Jan. 31, 1940
Earnings
Balance Sheet Dec. 31, 1939
and Federal capital stock taxes (estd.), $183,752; social security
Net profit
Earned surplus: balance at Feb. 1, 1939—
per
share
on
34,015 shs. common stock
$59,982
327,197
$387,178
5,500
34,015
$347,663
$1.60
Condensed Balance Sheet Jan. 31, 1940
Assets—Cash, $103,573; customers' accounts receivable—less reserve of
$243,770; merchandise inventories, $148,230; creditors' debit
$967; cash surrender value of life insurance, $34,934; sundry
receivables and investments, $9,002; perpetual leasehold—at cost, less
amortization, $328,400; leasehold improvements and furniture and fixtures,
at cost, less reserves for depreciation of $133,495; $96,421; goodwill, $1;
prepaid taxes, insurance, &c., $10,519; total, $975,817.
Liabilities—Accounts payable, $105,658; accrued taxes, $11,375; pro¬
vision for Federal taxes on income—estimated, $12,970; preferred stock,
5H% cumulative (par $100), $100,000; common stock, without par value:
authorized 35,000 Shares; issued and outstanding 34,015 shares, $398,150;
earned surolus, $3l7.663; total $975,817.—V. 149, p. 1324.
$12,769,
balance,
Volume
3821
Commercial & Financial Chronicle
The
150
Faultless Rubber Co.—Extra Dividend—
Directors 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 July 1 to holders of record June
Bought and Sold
Fedders Mfg. Co., Inc.—Earnings—
Years End. Dec. 31—
1939
1938
^
FRUEHAUF TRAILER COMPANY—Preferred
15.—V. 149, p. 3715.
1937
.
1936
Gross profit from sales..
Admin. & selling exps..
$637,513
309,840
$448,920
346,233
$880,914
412,590
$778,179
374,0/7
Net profit from sales.
Other income
$327,673
70,353
$102,687
46,751
$468,324
142,499
$404,102
$398,025
118,896
53,116
$149,438
133,749
$535,820
950
$610,823
202,436
x64,791
$226,013
$14,739
$343,596
$302,150
.
....
Total income
Other
deductions
Prov. for Fed. inc. tax..
Vermilye Brothers
BROAD
30
131,718
ST., N. Y. CITY
Teletype N. Y. 1-894
HAnover-2-7881
186,682
46,989
Consolidated Balance Sheet Dec. 31, 1939
Assets—
_
Net profit
Dividends declared
Including surtax
x
on
249,644
277,982
23,581
undistributed profits.
129,067
Liabilities—
-Cash..
Notes
incl.
Condensed Balance Sheet Dec. 31, 1939
Customers' accts. recelv. (net)
$420,790; customers' notes and
accounts receivable (less provision for doubtful accounts, $2,000), $237,181;
cash value of life insurance, $4,950; inventory (priced at lower of cost or
market), $997,651; other assets, $37,896; fixed assets (less provision for
depreciation of $937,802), $1,531,390; patent rights, &c.f $1; prepaid
taxes, insurance, &c., $25,715; total, $3,255,574.
Liabilities—Notes payable, banks, $100,000; accounts payable, $125,953;
accrued accounts, $40,408; provision for Federal income taxes, $60,600;
Long-term indebtedness, $500,000; capital stock ($5 par), $1,171,000;
paid-in surplus, $321,919; earned surplus, $935,695; total, $3,255,574.—
V. 150, p. 1933.
Miscell. accounts receivable.
Accrued
15,358
123,852
2,912
Assets—Cash
hand
on
and
in
Federal Bake Shops,
banks,
X1937
$3,461,627
1,641,031
$3,325,729
1,569,896
$3,358,347
1,655,941
yl936
$3,102,003
1,529,784
Gross profit from sales $1,820,596
Operating expenses
1,571,175
$1,755,832
1,524,467
$1,702,405
1,413,967
$1,572,219
1,319,461
$249,422
$231,366
$288,438
$252,758
7,077
1,004
14,693
9,503
$256,499
2,922
$232,369
4,427
46,764
44,193
$303,132
11,939
118,592
3,019
$262,261
16,493
114,791
20,240
$206,813
$183,748
$169,580
$110,737
Sales.
Cost of goods sold
Profit from operations
Other
income—Interest,
discount, &c
Total income
Int. and other charges._
Amortiz. and deprec'n..
Prov. for Fed. inc. tax..
Net income
Applicable
to
minority
stocks of sub.
Dr 1,777
cos
17,858
2,404
$187,438
14,388
53,277
$111,365
Extraordinary credit
Net income
$183,749
14,388
53,282
$206,813
14,388
106,566
7,197
53,285
subsidiaries for periods Jan. 1, 1937 to
Preferred divs. paid
Common divs. paid
Including operations of two
1937.
x
dates of liquidation in Oct.,
y
Includes subsidiary companies.
Balance Sheet Dec. 31, 1939
(less reserves for depreciation of $414,251), $583,880; leasehold improve¬
ments, unamortized cost, $150,717; goodwill, $1; deferred charges (unex¬
pired insurance, rents paid in advance, &c.,) $9,869; total, $1,277,479.
Liabilities—Accounts payable, $10,525; accrued taxes, &c., $81,130;
for insurance, &c., $17,670; reserve for contingencies, $104,940;
5% preferred cumulative stock (par $30), $287,760; common stock (106,770
shares no par), $320,310; earned surplus, $455,143; total,
$1,277,479.
—V. 150, p. 3201.
Federal Mining
& Smelting Co.
-Earnings-
1939
1938
1937
1936
Cost of royalty, &c_____
$7,368,666
6,101,524
$6,087,408
5,419,031
$8,136,386
6,186,369
$5,751,261
4.701,727
$1,267,142
33,456
$668,376
$1,950,017
Other income.
21,993
235,662
$1,049,534
26,947
Total income—
$1,300,598
Gen. exp., incl. taxes, &c
287,281
170,466
Depreciation
$690,370
140,375
214,345
$2,185,679
451,581
135,651
$1,076,481
207,827
130,783
$335,650
$1,598,447
x$737,871
78,440
y756,785
246,635
275,961
—
Net earnings
$842,851
Preferred dividends
Common dividends
397,651
undistributed profits in amount of
Includes payment of all dividends in arrears.
After deducting Federal surtax on
x
$10,000.
y
Balance Sheet Dec. 31
Assets—
1938
$104,824
$110,163
Accrd. liabilities..
267,969
437,404
...
4,451
retirement.....
U. S. Treas. bonds
48,212
40,183
Prepaid royalties &
insurance.,
54,519
37,684
Mineral lands, oth.
lands & leaseh'ds
x
1,431,137
Bldgs. & equip..
818,595
184,929
Investments
After
x
2,197,728
994,307
200,407
$3,699,177 $4,766,1381
Total
1938.
i
y
2,118
56,377
Res., employ, ltab.
93,647
58,773
71,149
Due to subsidiary.
634% 10-year gold notes, includingnotes represented by
certificates of interest).
On Sept. 11, 1939, William G. Lewis was
discharged as supervisory receiver and on Dec. 20, 1939, a final decree
terminating the arrangement proceedings was entered by the Court.
The plan of arrangement had the effect of canceling all of the company's
6 34% 10-year gold notes (and escrow certificates of interest), aggregating
$1,737,000 in principal amount, and all claims of noteholders in respect of
interest accruing on said notes from and after March 1,1939, and of limiting
the noteholders solely to the right to receive, in respect of their said securi¬
ties and claims for interest, an aggregate of $868,500 in principal amount
of new 5% first mortgage bonds of the company issued as of March 1,
1939, and 121,590 shares of new common stock of the company (par $1)
on the basis of $500 in principal amount of new 5% first mortgage bonds and
70 shares of new common stock for each $1,000 in principal amount of notes
of the company's
escrow
By reason of this plan of arrangement
shares of new common stock.
First National Stores,
Capital surplus...
Earned surplus
Buy Own Securities—
that the company had $2,685,075 of cash
the purchases with¬
working capital.—V. 150, p. 3508, 3201, 3047.
hand at the close of business June 4 and could make
r-
Calendar Years—
Gross profit
before depr.
Sell., adm. and gen. exp.
1939
$192,802
161,705
1938
$59,236
148,115
$505,343
202,417
1,005,649
1,079,778
3,108,993
177,577
4,067,282
214.714
3,286,570
4,385,145
145,556
3,497,176
25,034
149,021
98410
58*208
51,540
taxes.532,757
548",755
468",269
15,000
657,435
22,500
2,774,366
2,705,191
3,647,002
5,605
136,114
181,416
2,045,478
2,044,226
2,042,975
2.858,296
689,434
724,534
526,102
607,290
......
paid
Interest
on
Federal
Operating profit.
income
Provision for deprec...
Int. on gold notes, &c.
$31,097
7,210
loss$88,879
5,138
$302,926
5,479
$176,244
7,827
$38,307
90,908
53,521
loss$83,741
105,796
34,798
$308,405
107,993
15,877
23,000
7,721
$184,071
102,205
17,325
6,000
8,086
Federal income tax
Other
11,297
charges
Net loss
$117,419
?_
Shares common stock.
xl61,465
Earnings per share
x
$1 par.
y
No
par.
Nil
"4",204
__
x
'
undist. profits
—
'
2,739,075
„
Surplus
„
supplies covering processing taxes applicable to
after deducting windfall taxes thereon,
y Includes interest
Refunds from
years, net
prior
paid.
Comparative Balance Sheet
u.
s.'dovt.
Liabilities—
4,839,394
4,635,046
Accepts, pay. und.
letters of credit.
3,080,000
419,533
4,433,512
337,617
Accounts payable.
699,160
622,240
& mu¬
nicipal securs...
Investments,
Accrued expenses.
12,584,842 10,458,842 Employees' Invest.
certificates
&c..
284,584
268,001
Prepd. ins. & exp.
Fixed assets
Goodwil
Mar. 30 '40
40 Apr. 1 '39
$
Accts. rec.,less res.
x
Net income
...
Netprofit
Preferred dividends
Common dividends
Inventories
Other
22,622
-
sale of assets
on
xl03,149
------
Miscellaneous charges
Cash
$352 V7
175,883
114,037
40,76o
3,491,550
Mar. 30
1936
232,354
——
Assets—
Years
1937
956,014
3,261,928
235,248
Total income
Subs.)—Earnings—
Consolidated Income Account for Calendar
953,731
3,104,394
Refunds
be acquired directly or indirectly from officers or
2,473
-
Int, & divs. rec. (net). . .
Gain on sales of secur—
Surtax
2,350
—- -
Miscellaneous income—
directors of the company.
The Commission pointed out
Federal Screw Works (&
&c_
Profit
Loss
Apr. 2 '38 Mar. 27 '37
131.041,158 124,222,956 124,294,618 120,682,961
126,983,033 120,005,014 yl20179,976yll5,535,901
Depreciation
Securities and Exchange Commission granted
out detrimental effect on
2,244
(number of)...._
Cost, expenses,
/ chased would be held in the company's treasury.
on
Apr. 1 '39
2,137
53 Weeks Ended
Year Ended
Mar. 30 '40
Period
Stores
493,280
1,759,347
stockholders adopted a
Inc.—Earnings—
Year Ended
793,300
$3,699,177 $4,766,138
plan of arrangement,
formerly outstanding old common stock (no par) into 39,875 shares of
presently outstanding new common stock (par $1) on the l-for-5 basis
provided by the plan of recapitalization, although at Dec. 31, 1939, cer¬
tificates for 52,878 shares of old stock had not yet been surrendered in
exchange for certificates for 10,575 3-5 shares of new stock.
Based upon authorization of the company's stockholders granted to the
board of directors on June 13, 1938, and a resolution of the company's
board of directors adopted Feb. 9, 1940, the accumulated deficit of the
company, which at Dec.
31, 1939 amounted to $662,420, has been applied
in reduction of the capital surplus which was created during 1939 by adjust¬
ments of the company's capital structure under the plan of arrangement
and plan of recapitalization.—V. 150, p. 3201.
1,529,634
1,314,148
reserve for depreciation of $4,531,773 in 1939 and $4,624,435 in
Represented by shares of $10 par.—V. 150, p. 3047.
debentures may
the
rights were issued to stockholders to purchase, on or before March 1, 1949,
234 shares of the company's new common stock at a price of $8 per share.
By reason of this change in capitalization, effect has been given in the
foregoing balance sheet to the change of the 199,375 shares of the company's
917,164
June 10 an applica¬
tion of the corporation for leave to buy in the open market not more than
$500,000 of its 5H% debentures of 1954.
The price cannot be in excess of
the principal amount of the securities, and resales would be subject to
the jurisdiction of the SEC.
Prices of the debentures have ranged this
year to June 6 from a low of 89 to a high of 101 y2.
The debentures purNo
with
connection
In
plan of recapitalization on June 19, 1939 (which plan was made effective
by the filing of a certificate of amendment to the company's articles of
incorporation on Sept. 18, 1939), whereunder the company's authorized
capital stock was changed from 400,000 shares (no par) to 270,000 shares of
common stock (par $1); each 5 shares of the then outstanding common
stock (no par) (including shares represented by outstanding stock warrants
appurtenant to escrow certificates of interest) were changed into 1 new
share of common stock, par $1, and, in respect of each of said new shares,
! 493,280
Total
having been consummated, effect
balance sheet to the issuance of all of the
5% first mortgage bonds and new common stock as provided in the
plan, although at Dec. 31, 1939 $336,000 of notes had not yet been surren¬
dered for excnange for $168,000 of new 5% first mortgage bonds and 23,520
has been given in the foregoing
new
Common stock..
Federal Water Service Corp.—To
The
b Not used in operations
visory receiver of the company.
The plan of arrangement was confirmed by the Court on July 31, 1939
(at which time it became binding without exception upon all of the holders
Sales........
7% cum. pref. stk.
(par $100)
y
$1,?62,887
Total
Reorganization—A plan of reorganization presented by the company
% convertible 10-year gold notes
(including those represented by escrow certificates of interest) was with¬
drawn by the company as a voluntary plan in May, 1939 and, in amended
form, was presented as a plan of arrangement under Chapter XI of the Act
of Congress relating to bankruptcy.
The company's petition for arrange¬
ment was filed in the U.S. District Court for the Eastern District of Michi¬
gan, Southern Division, on May 22, 1939, on which day the Court accepted
said petition as properly filed and also appointed William G. Lewis as super¬
1,570
Other liabilities
dep. with ins. co.
211,823
depreciation of $422,223.
25,942
Accts. pay,,
Capital surplus
161.465
cost.
Due for pref. stock
$587,368
19.078
868.500
Plan of
368,176
Liabilities—
1938
$345,979
252,638
588,030
Accts. receivable..
Inventories
1939
trade.
246,189
1939
''•>
Cash
14,475
in August, 1938 to the holders of its 6 34
reserves
Calendar Years—
1st
held.
Assets—Cash, $401,005; accounts receivable (less reserve, $500), $5,970;
inventories, 98,871; other assets, $27,164; land, buildings and equipment
Value of production
5%
items
28,785
$1,362,837
for
on
5% 1st mortgage bonds.....
Common stock ($1 par)
737,491
1
Total
reserve
6,532
accrued
mortgage bonds..
Social security taxes & sundry
Goodwill
After
gold
10-year
Interest
6
Property, plant and equip.
Land in Lansing, Mich
—at
24,245
:
undeposited
on
6)4%
notes
584
and
Investments
a
1938
matur.
conv.
18,558
insur.,
taxes
other charges..
b
and
wages
62,703
(non-current)..
Prepaid
a
salaries,
commissions
Int.
254,446
Special deposits with trustees
Inc.- —Earnings—
1939
Calendar Years—
Inventories
Notes receiv.
$12,364
44,354
payable for machinery
Accounts payable
accrued
interest...
,
Notes
$118,139
>
recelv.,
-
9,072,835
1
9,024,152
1
Prov.
for
$
128 884
Apr. 1 '39
$
3,301,328
1,071,634
64,274
2,761,493
1,083,542
335,090
358,100
695,511
720,628
573,019
575,206
80,631
80,631
Federal
Income taxes
Reserves
Pref. stk. sink. fd.
70,070
70,070
y Common stock.. 6,977,422
6,977,422
Earned surplus...18,031,935 17,342,501
z Treas. stock
Dr285,174 Dr254,455
8% pref. (par $10)
$228,538 prof$153,816 prof$50,454
yl99,375
yl99,375
yl99,350
Nil
»
$0.77
$0.25
30,980,349 29,779,412
Total
30,980,349 29,779,412
x After
depreciation of $4,473,242 in 1940 and $4,784,538 in 1939.
Represented by 827,634 no pa shares,
z Includes 9.057 shares of comTotal.
y
The Commercial & Financial Chronicle
3822
1939.—V. 150,
Federal-Mogul Corp.—Listing—
'
New
The
miscellaneous taxes, $313; serial notes payable to bank
($20,000 annually) final maturity 1947, $140,000; mortgage payable ($1,000
annually) final maturity 1953, $23,000; employees' payments on stock
stock taxes, $40,637;
of pref. stocks held in treasury In 1940 and 9.557
p. 1764.
and 3,584 shares
mon
shares common in
subscriptions, $8,745; preferred stock ($100 par) , $196,700; common stock
(%\ par), $150,566; common stock of no par value (old) (17 shares of assigned
value of $34; surplus $910,253; total. $1,583,560.—V. 150, p. 3661.
-
Exchange has authorized the listing of 279,598
par), all of which are issued and outstanding.—
York Stock
shares of common stock ($5
V. 150, P. 3201.
Co. (& Subs.)
-Earns.—
2,866,464
1938
$4,524,569
3,072,879
$1,428,300
1,407,194
$1,451,689
1,568,977
$21,107 lossSl 17,288
5,937
7,631
$132,863
$27,044 loss$109,657
xl5,228
x7,995
$140,153
6,604
15,348
22,800
$4,294,764
-
goods sold
Condensed Statement of Income and
$1,812,906
1,680,043
Years End. Dec. 31—
Net sales
1937
x
$5,225,025
3,412,119
profit
sales
on
Selling and general expenses——
-
Profit from operations.
Other income credits
Gross profit
--
Interest-..—
Federal income taxes
Net income
Rents
21,000
abandoned locations
disposals of fixtures
on
Losses
112,261
21,000
--
—
x
Includes
$9,184
11,781
—
,
Surplus balance, Dec. 31, 1939
Earnings per share on 66,821 shares
capital stock.
Assets—Cash
hand and in banks, $157,603; cash value, life insurance,
on
inventories—materials and work in
progress at
shown above,
Note—Of the earned surplus
$73,027 is represented by
5,000 shares of treasury stock, and the amount, therefore, is not
for dividends or the
Flock Brewing
Co .—Earnings—
Years End. Dec. 31—
Sales of beer and ale, net
$337,334
Cost of beer and ale sold.
256,907
277,884
1937
$373,528
311,460
1936
$442,245
348,558
$80,428
$68,428
$62,067
$93,687
68,518
93.694
94,321
95,681
.prof$11,909
Cr3,354
6,327
$25,266
Cr2,083
8,170
$1,994
01,929
21,398
21,995
$32,253
02,512
5,842
8,671
21,206
$12,461
$53,347
$65,461
1939
^
.
Consolidated Income Account for Years Ended Jan. 31
1940
1939
1938
\
1937
1938 $346,313
sales of
(incl
leased depts.)
$37,044,450
Cost of goods sold, sell.,
$36,358,413 $36,397,782 $36,003,415
Other income
34,209,950
$2,187,832
18,737
34,723
$2,350,981
72,307
420,384
170,200
$2,222,555
72,022
413,699
136,000
$2,506,082
69,191
406,011
207,904
7,000
751,470
deductions
$2,432,261
73,821
$2,612,279
89,341
451,679
208,000
Other
33,571,153
$2,331,380
19,601
34,450,908' 34,027,033
'
$2,593,542
Other income
Net profit
Interest paid
Deprec. & amortization.
Prov. for Fed. inc. tax..
Prov. for surtax
"
Net
.. .
986*018
Bal., surp., of prev. years
Approp. surplus no long¬
1,013", 137
889*279
$877,240
4,216,707
i
$674,953
4,219,235
$711,554
.
needed
763,089
■
------
-
—
--
Net disct.
on repurcb. of
preferred stock.-----
30,573
cl2,975
36,258
cl4,926
$5,137,495
$4,945,372
Miscellaneous credit.
Total
Premium...
b Expenses
Res've for contingencies
Add'l Fed. inc. tax prior
------
__
Divs.
Divs.
Divs.
payable, first 6%, $69,750; reserve for empty packages returnable,
$11,259; common stock (par $2), $381,140; capital surplus (deficit), $88,921;
total, $446,631—V. 149, p. 2081.
mtge.
$6,199,289
$5,206,735
------
451,230
18,086
------
Florida Portland Cement Co.
6M% pref. stk.
4% % pref. stk.'
on
on
on common
Balance
Years Ended Dec. 31
Net sales
45,306
years
Cost of goods sold
220,288
500,000
stocks
228,665
500,000
208,917
75,875
237,500
750,000
-Earnings—
yl938
$1,437,551
1,116,852
882.589
yl937
$1,243,713
805,374
$1,116,055
664,457
940,184
278,336
$554,962
266.484
$438,338
233,675
$451,598
208,447
.
.
Mill overhead applic. to
41,378
65,915
32,862
9,019
$620,470
5,150
$222,564
20,573
$171,801
13,255
$234,133
14,301
$243,136
22.006
$185,056
44,361
$248,434
118,000
35,000
x21,000
19,086
$507,621
349,797
$186,130
$119,696
87,449
$148,351
period, &c_.
non-oper.
Net prof, from opers.
Other income
_
Consolidated Balance Sheet Jan. 31
1940
$
Cash..
Liabilities—
$
517,615
691,426
tJ.
8., State and
munic. securities 1,375,250
Cust. accts. receiv. 3,995,212
Mdse. inventory-. 3,836,492
Sundry debtors...
97,098
Other assets
1,544,804
Fixed assets
6,621,729
Deferred charges..
221,060
Due from Federat'd
Dept. Sts., Inc.
Goodwill,
leases,
tradem'ks, trade
'■■■•/■ $
Accts. pay.—trade
creditors
Total
Net profit
$625,621
_
Int. & other deductions.
Prov.
840,922
448,337
59,951
2,011,000
normalL
v.',
.
Net profit
Preferred dividends
x
30,464
Fed.
for
income taxes
873,492
1,341,230 Accr'd liabilities..
455,022
3,752,058 Sundry creditors..
69,438
3,765,356 Mtge. note pay...*1,999,000
103,136 Res've for possible
add'l tax assess.
16,768
1,534,820
5,911,637 Res. for conting's.
50,000
191,619 4%%
cum.
pref.
stock (par $100) 4,466,200
100,669 y Common stock
(no par)
5,000,000
Earned surplus... 4,321,902
•
174,899
Includes $2,000 surtax on undistributed
profits,
y
Includes subsidiary
v-
company.
Note—The above profit and loss account includes charges
tion and depletion of $174,174 in 1939, $161,319 in 1938,
4,752,000
5,000,000
4,216,707
bad
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash in banks and
debts
and
discounts
hand, $640,934; receivables (less res. for
$62,499), $194,741; inventories, $395,583;
on
of
investments in stock of other companies, at cost, $2,050; plant,
.-..17,209,252 17,391,9511
17,209,262
Total
17,391,951
Includes (a) mortgage note, 4H % instalments payable within one year,
$42,000; (b) mortgage note payable (mortgage on real estate of R. H.
"White Co., maturity Feb. 1, 1959), $1,470,000; (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), $487,000.
The $1,500,000 note payable of R. H. White Co. bears interest of 4% per
annum for first 10 years; 4H% Per annum for next five years; 4H% per
for last five years; $2,500 to be paid monthly on account of principal,
commencing Feb. 1, 1940, balance of principal payable Feb. 1. 1959.
y No par value.—V. 149, p. 1621.
annum
and quarry
„
Net sales
1938
$4,481,410
1937
$4,299,808
$4,085,421
1936
$3,929,872
Deduct,
^
reduction
rate
345,229
Operating
expenses
Prop, retire,
_!
Direct taxes
surtax
Balance
per
31,508
42,850
41,386
$171,432
9,835
$147,220
20,976
$191,501
22,776
$190,871
24,902
$161,597
sh.
$126,243
$168,725
$165,969
a$1.07
on
z$0.84
x$1.12
y$2.21
com.
stock..
Earnings per share on 149,120 shares of new common stock outstanding
hud on 880 shares of new common stock reserved for
conversion of 440 shares
of old stock, y
Earnings per share on 75,000 common shares, z On 149,926
shares of new common stock
outstanding and on 74 shares of new common
*
stock reserved for conversion of 37 shares of old
stock,
of new
a
On 150,566 shares
stock outstanding and 34 shares of new common stock
reserved for conversion of 17 shares of old stock.
133,334
Net oper. revenues
Rent from lease of plant.
$657,907
221
$525,939
221
$5,752,597
2,650
$5,248,381
2,650
$658,128
13,643
$526,160
12,915
$5,755,247
429,804
$5,251,031
.*-
$671,771
216,667
deb. bonds___._
110,000
18,406
Cr947
$539,075
216,667
110,000
22,171
$6,185,051
2,600,000
1,320,000
206,106
Cr2,241
$5,798,654
2,600,000
1,320,000
246,974
$190,237
$2,061,186
$1,631,680
1,153,008
1,153,008
$908,178
$478,672
Operating income
Other income (net).
Gross income n
Int. on,mtge. bonds
Int.
on
Other int. & deductions.
Int. chgd. to construct'n
Net income-------a
$327,645
Divs. applic. to pref. stocks for the
period
547.623
common
Consolidated Balance Sheet Dec. 31, 1939
—Cash in banks and
on
hand, $382,694; merchandise inventory,
590,614; merchandise in transit, $5,374; accounts receivable, sundry,
4,255; prepaid rent, $2,052; cash surrender value, life insurance, $2,985;
fixed
179,438
...
res. approp.
232,258
37,460
Net profit....
Divs. on pref. stock
Earns,
234,351
178,728
$1,341,792 $15,006,341 $13,877,893
550,404
6,257,727
5,984,320
148,783
1,529,349
1,311,859
116,666
1,466,668
1,333,333
$1,551,454
580,775
Balance
deducting
208,892
■
Florida Power & Light Co.—Earnings—
1940—Month—1939
1940—12
193_9
Operating revenues
$1,551,454
$1,341,792 $15,006,341 $14,223,122
Period End. April SO—
stores, gen. & adminis.
exps. & deprec. chgs..
Prov. for Fed. inc. &
after
_1J
$136,951; provision for
preferred stock ($100 par), $5,600,000; common
stock, 75,000 no par shares, $1,100; earned surplus, $206,751; treasury stock,
29 shares preferred and 14H shares common, Dr$2,900; discount and
commission in connection with preferred stock, &c. (not being amortized),
Dr$691,929;total, $4,803,024.—V. 150, P. 2879.
returnable sacks, $29,223;
reserve
1939
properties
lands (net), $3,542,221; prepaid insurance and other expenses,
$27,495; total, $4,803,024.
Liabilities-—Accounts payable, $123,828; accruals,
(M. H.) Fishman Co., Inc.—Earnings—
Profit
for deprecia¬
$163,306 in
1937 and $126,123 in 1936.
x
Year Ended Dec. 31—
80,997
■
1
&c
names,
1939
1940
1939
,
1936
yl939
$2,057,037
950,000
$4,321,902
$4,216,707
$4,219,235
$4,495,181
a
On 45,123 shares of 6j^% preferred stock purchased, exchanged or
called for redemption.
b In connection with redemption of 6 H % preferred
stock and issue of new
% preferred stock,
c Excess over requirements
in reserve for possible additional tax assessments.
........
Assets—
$11,287
1939
Assets—Cash, $6,690; accounts receivable, $10,377; inventories, beer
S. revenue and Pennsylvania
beverage tax stamps, $2,164; claims for refund (Pa. bev. tax paid on inter¬
state shipments), $3,860; beer kegs, cases and bottles, cost (less allowances
for losses and deterioration of $41,688), $37,368; fixed assets (less allowance
for depreciation of $134,656), $353,163; insurance, licenses, taxes, supplies
and sundry expenses, $8,415; trade marks, $585; total, $446,631.
Liabilities—Notes payable, $10,153; accounts payable, trade, $31,190;
accruals, salaries, wages, int., &c., $7,907; real estate taxes, $5,551; mtge.
instalment, due July 1, 1940, $4,500; advances from shareholders, $14,103;
50,000
_
5,071
6,151
>
and ale and brewing materials, $24,009; TJ.
$1,064,505
4,371,694
4,495,181
loss.
Balance Sheet Dec. 31,
un¬
on
distributed profits.
Other taxes
a
available
purchase of the company's own shares.—Y. 150, p. 1135.
,
(Wm.) Filene's Sons Co. (& Subs.)—Earnings—
er
including
expenses
the lower of cost or market, $93,353; other assets, $116,548;
land, plant, equipment, docks, &c. (less; reserve for depreciation of $1,175,730), $1.0181091; deferred charges, $40,402; total, $1,827,508.
Liabilities—Accounts payable, $36,648; accrued taxes and insurance,
$63,469; other accrued liabilities, $6,027; reserves, $136,313; capital stock
(66,821 no par shares), $1,259,105; earned surplus, $325,946; total, $1,827,-
$138,651 prof$91,332
47,215
47,696
22,788
Consolidated Balance Sheet Dec. 31, 1939
3SF©t/ sales
--$325,946
$1.21
After
Balance Sheet Dec. 31, 1939
Assets—Cash, $64,388; merchandise inventories, $826,943; receivables
(less reserves of $5,968), (net), $1,522; cash surrender value of life insurance
met), $102; fixed assets (net), $176,042; deferred charges, $12,360; lease¬
holds, $1: total, $1,081,358.
Liabilities—Notes payable, bank, $150,000; accounts payable, trade,
$178,492; accrued liabilities, $49,231; preferred stock (13,690 shs. without
par value),
$342,250; 225 shs. in treasury, Dr $5,625; common stock
(par $1), $91,152; capital surplus, $405,917; earned surplus (deficit) since
Jan. 1, 1935, $130,059; total, $1,081,358.—V. 149, p. 2080.
T
$80,601
281,255
10,456
$372,312
46,366
-
charging all administrative and operating
maintenance and repairs and Federal income taxes.
x
other income charges.
,
—
—
Cash dividends paid
$83,862; accounts receivable, $317,651;
Net loss
Preferred dividends
Common dividends
—
——
for prior years....
Total
2,559
1,510
(net)
equipment, &c.
Other charges
—
— —
,
Refund of Federal income & State sales taxes
and
on
$1^2,862
—
1939
Surplus balance Jan. 1, 1939
7,290
— -
Surplus for the Year 1939
Depreciation
Net profit for the year
Gross
& Dock Co.—Earnings
Fitz Simons & Connell Dredge
Feltman & Curme Shoe Stores
Cost of
June IS, 1940
assets
(less reserve for depreciation),
deferred assets, $31,375; total,
$1,583,560.
$564,210; miscellaneous and
—Accounts payable, $90,007; serial notes payable, bank, due in
1940, $20,000; mortgage payments due in 1940, $1,000; accrued dividends,
$2,049; accrued interest on mortgage, $255; Federal income and capital
-
Balance
-
1940, amounted to
$6,078,334. Latest dividends amounting to $2.19 a share on $7 preferred
stock and $1.88 a share on $6 preferred stock, were paid on April 1, 1940.
a
Dividends accumulated and unpaid to April 30,
Dividends
on
these stocks
are
cumulative.
Dividends
Directors have declared
accumulations
the $6
on
a
dividend of $2.19 per share on account of
the $7 cumul. pref.
preferred stock,*both of
no par
stock and one of $1.87 per share on
value, and both payable July 1 to
holders of record June 17.—V. 150, p. 3047.
The Commercial
ISO
Volume
Fohs Oil
Foundation
Co.—Earnings—
Earnings for the Year Ended Dec. 31, 1939
Gross operating income
i
Operating expenses
Selling expenses
L__
Production taxes
i
Other taxes—except Federal & State income taxes
-—SI ,703,329
181,155
11,852
146,143
56,319
159,042
179,579
44,265
78,801
-
General and administrative expenses.
Depreciation and depletion
Lease rentals
Leaseholds abandoned and dry hole contributions.
Other income
_
Total income
..
_
$215,343
115,291
SO .28
Dividends paid
per
share on capital stock
Gloversville
&
RR —Delisting
Hearing—
The Securities and Exchange Commission June 10 announced a public
hearing on July 9 at the Commission's New York Regional offices on the
application of the New York Stock Exchange to strike from listing and
registration the 4)4 % first consolidated general refunding mortgage bonds,
ary
other things, that the bonds were pre¬
viously listed on the Exchange in the principal amount of $5,700,000 and
that reports received by the Exchange indicate that $5,458,000 of the bonds
had been amended under a readjustment plan adopted Dec. 1,1931, leaving
$242,000 outstanding.
The application further stated that in the opinion
of the Exchange's Committee on Stock List the outstanding amount of the
bonds has been so reduced as to make further dealings in them on the
Exchange inadvisable—V. 150, p. 3661.
Foote-Burt Co.—Earnings—
$27,534
$47,349
29,876
$70,944
$131,430
$52,028
$77,225
37,277
113,155
132,642
786,681
$108,221
$244,585
$184,670
$863,906
deductable
Assets-
1939
Current assets
Marketable
24,494
1939
(
of goods sold)
'
$448,165
197,065
57,647
Selling, administrative and general expenses
Provision for depreciation
$193,453
2,942
3,729
Operating
Interest earned
7;V. V--V;
Indebt.
of
107,156
29,112
$48,968
59,273
17,905
27,338
548,190
f415,818
Adv. pay. on con¬
tracts
Accrued liabilities.
Other liabilities
314,261
261,907
14,679
521,552
16,551
548,588
599
16,770
32,426
33,433
484
Total
16,770
9,242
125,000
1,309,454
537,476
1,309,454
429,255
9,699
Res. marine insur.
d
Capital stock
Capital surplus
„
Earned deficit
$1,608,057 $1,603,573
Total...
$1,608,057 $1,603,573
Reconstruction Finance Corporation (secured by
property, &c.), $128,403; notes, accounts and accrued interest
payable
mortgage on
125,000
16,651
cLiab. under tr.fd.
16,000
Trust fund
Note
48,303
'
Deferred charges..
a
34,175
28,874
Secure, of affiliates
c
$57,221
payable.
Accounts
subs.
(no current)
to
Notes payable to
payable subject to "standby" agreements with RFC.
bank
(collateral pledged $276,447) of $306,498, notes payable to others
$20,000, accounts payable $14,000, due to officer $14,819, accrued interest
$10,697, accrued commission. $53,773.
b After reserve for depreciation of $710,142 in 1939 and $717,316 in
1938.
c Contra,
d Par $1.
f Notes payable to bank (collateral pledged,
$276,447) of $303,842, notes payable to others of $20,000, accounts payable
$14,000.
Due to officer of $13,169, accrued interest of $4,220, accrued
commission, $54,626 and mortgage payable (secured by real estatein Peru)
of $5,961.—V. 148, p. 3064.
Fraser Companies,
-Earnings-
Ltd. (& Subs.)1939
1938
1937
1936
$1,768,529
$1,986,528
Depreciation
Depletion
907,000
175,344
Bond interest. !
755,393
139,429
$3,051,796
1,007,000
214,797
729,588
185,565
155,294
$2,100,920
907,000
207,804
732,350
Calendar Years—
x
Profits
Other interest
...
157,726
Prov. for Dom. inc. tax
Net loss...
:•
749,867
227,039
20,050
$18,352prof$759,552 prof$94,974
$208,638
.....
After operating expenses, taxes, &c„ and provisions
^
Consolidated Balance Sheet Dec. 31
ful debts.
903,000
105,989
for bad and doubt¬
.
Accts.
1,202,620
Accts. rec.,
663,222
1,398,235
&c...
1,098,159
4,027,161
3,750,807
Inventories
1938
$
1,070,464
11,818,000 11,999,500
$
Liabilities—
$
$
Assets—
1939
1938
1939
■
Cash
1,475,310
payable...
Funded
Bank
debt
loan
(non-
$200,124
31,873
Profit before taxes on income
Taxes
income
on
...
-
Net profit-.----.....-..--
—.
Surplus balance Jan. 1,1939---
.i——
Total.
share
11,007
Special loan
...
33,035
53,629
Bond Int. accrued.
368,696
Taxes
Res. for conting..
30,000
190,000
40,557
$347,077
$1.78
Condensed Balance Sheet Dec. 31, 1939
$114,130; United States Treasury bonds—at cost and
trade accounts receivable, less reserve of $1,164,
inventories, $281,040; investments and other assets, $40,429;
property, plant and equipment (less reserves for depreciation of $742,441),
$921,906; patents, trade-marks, goodwill, &c., $1; deferred charges, $17,853;
total, $1,655,913.
Assets—Cash,
x
(97,457 shares, no par, incl. 3.316 shares in treasury), $1,165,780;
surplus, $347,077; treasury stock (3,316 shares at cost), Dr$32,789; total,
$1,655,913.—V. 150, p. 3359.
stock
Ltd.—Earnings—
Ford Motor Co. of Canada,
1939
1938
1937
1936
opers_.x$3,552,541 x$3,619,220 x$4,101,695 x$3,545,372
Years End. Dec. 31—
y Net prof, from
Income from invests
sale of invests.
on
Total
10,745
income
_
42,556
79,517
55,393
3,653,365
$3,755,057
$4,375,668
501,881
602,625
;
Directors' fees
3,000
530,064
$3,012,571
.22,534,106
Froedtert Grain & Malting Co.,
Earnings for the 12 Months
$3,773,043
18,825,807
$3,253,176
20,939,891
(shipments) of malt
(incl. prov. for deprec. at
Netsaies
Class A dividends.
.
_
Class B dividends
Net profit from malt sales— —
Other income (interest, purchase discount,
1,588,960
1,588,960
41,029
1,588,960
70,000
1,588,960
70,000
70,000
$2.27 'T*
$1.96 V**
$1.82
Comparative Balance Sheet Dec. 31
1939
S
1939
Liabilities—
$
1938
%
1938
S
Cash
5,087,400
Capital stock
13,379,100 13,379,100
Accounts payable- 5,324,102
5,125,291
Res. for In vest
1,000,000
1,000,000
Bonds
4,615,034
5,387189
Deprec. reserve...21,857,572 21,590,808
General reserve
3,250,000
3,250,000
Plant
account
35,120,634 34,164,976
1
4,172,630
5,053,261
Accounts receivable 6,248,245
1
Patents
Deferred charges..
Inventories
Investments
474,155
445,377
6,263,630
5,819,606
11,623,734 10,227,534
claims
184,423
23,887,717 22,534.106
Surplus
28,339
68,698,491 66,879,305
Total.
-...68,698,491 66,879,305
Represented by 1,588,960 shares class A stock and
stock, both of no par value.—V. 149, p. 2081-
70,000 shares class B
Foresight Foundation, Inc.—Dividend—
Directors on June 7 declared a
on
p.
-
semi-annual dividend of 7 cents per share
28 to holders of record June 17.—Y. 145,
the class A stock, payable June
2391.
12,984
Net income added to
—
...
surplus
1940
share...
---
-
Jan. 31, 1939
--
.
Balance Sheet,
Assets—Cash on
$519,097
2,600,928
$3,120,025
$1.93
surplus, Jan. 31,
per common
44,648
279,000
$981,097
168,000
294,000
Jan. 31, 1940
deposit and on hand, $466,077; notes and accounts re¬
of $149,707), $617,510; inventories, $2,524,283;
$203,710; land, buildings, machinery, &c..
for depreciation of $640,435), $2,742,490; deferred
charges, $66,005; total, $6,620,flJ6.
Liabilities—Notes payable to banks. $500,000; accounts payable, $81,609;
dividends declared in preferred and common capital stocks, payable Feb. 1,
1940, less Wisconsin privilege dividend tax, $122,648; accrued accounts
(wages
commissions, property taxes, social security taxes and capital
stock tax), $108,698; income taxes payable, $113,369; reserve for income
taxes on not income for the six months ondod Jan. 31, 1940, $42,355? rosorvo
for workmen's accident compensation, $11,371; cumulative convertible
participating preferred capital stock (par $15), $2,100,000; common capita]
stock (par If), $420,000; earned surplus, $3,120,025; total, $6,620,076.
ceivable, trade (less reserve
investments and
at
cost
—V.
sundry assets,
(less reserves
150,
p.
433.
(& Subs.)—Earnings—
1939
1938
1937
sales-$14,579,988 $12,625,863 $10,034,209
Fuller Brush Co.
Years Ended Dec.
Household retail
31—•
sales-.*—797,654
Netmcome--V$462,664
Industrial
652,118
791,634
$411,788
$208,028
1936
$7,751,790
691,910
$188,903
Consolidated Balance Sheet Dec. 31, 1939
631,047
30,582
oTotal
&c.
capital stock dividends
value of life insurance policies,
$83 002- accounts receivable (less reserve for doubtful accounts of-$76,527),
$382 248' inventory at cost, $2,553,442; plant and equipment (less reserve
for depreciation of $724,206), $1,253,995; investments and other receivables,
$12 103- goodwill, patents and trade marks, $1; charges deferred to future
Cash,
Assets
Interest accrued-.
719,355
$1,291,762
x
Customs drawback
<fc refund
for
discts., net cost of corp. life insur., &c.)
Federal, Wisconsin and Minnesota)...
Net income for the period- .
Preferred capital stock dividends....
Earnings
6,068,499
$2,011,117
$1,304,746
Income chges. (int. paid,
Income taxes (estimated
70,000
$22,534,106 $20,939,890 $18,825,807
$2.02
and
the
year of overseas subsidiary automobile manufacturing and distributing com¬
panies, withdrawn in the form of dividends received or receivable,
y Of
the Canadian factory and branches after all charges for manufacturing,
selling and general expenses (including depreciation).
/
$8,079,616
—
usual rate, $116,518)
Gross income.
$3,358,470
17,167,326
x Includes $2,218,241 in 1939, $1,651,474 in 1938, $3,429,489 in 1937
$2,517,351 in 1936, for portion of the aggregate operating profits for
Assest—
Inc.—Earnings—
profit from malt sales
Selling and administrative expenses (including provision
doubtful notes and accruals and capital stock tax)
Earned
Earned surp., Dec. 31$23,887,717
Earns, per sh. on 1,658,-
960 shs. cl. A & B stk.
23,390,531 23,662,358
Gross
»
_
389,988
Ended Jan. 31, 1940
*C6st of malt sold
Earned surplus,
taxes.
3,200,933
Respresented by 371,016 no par shares, y After reserve for depreciation
of $7,803,465 in 1939 and $6,915,205 in 1938 and reserve for depletion of
$3,778,571 in 1939 and $3,717,432 in 1938.—V. 150, p. 3201.
$25,546,677 $24,193,066 $22,598,850 $20,525,796
—income
3,984,459
x
Common
.
46,104
77,000
3,005,414
-
$3,891,534
640,794
Profit
190,000
and other
406,238
charges accrued,
3,984,459
Capital stock
Total
23,390,531 23,662,358
Total
290,769
194,456
93,281
90.078
338,527
24,000
(curr.)_
Surplus
$162,805;
$132,133; accrued taxes, $43,712; capital
payable
1,901,957
Payroll
accrued interest, $117,749;
Liabilities—Accounts payable,
current)
Bank loan
37,656
share on common stock
439,425
369,900
1,701,957
Deferred charges..
$168,252
$216,482
.
Balance Dec. 31, 1939per
17,809,180
11,007
y
$384,734
_
Dividends paid, 40c. a
Earnings
Land, bldgs., &c. 16,994,827
Investments
Spec, loan int. accr
_
1938
•
Notes & loans pay.
$261,446
276,447
100,237
1939
Liabilities-
1938
$354,661
276,447
sees..
Mat'ls & supplies.
Other sec. invest'ts
x
Earnings for the Year Ended Dec. 31,
profit
(net)
Sundry income, net.*
$108,490
22,940
Balance Sheet Dec. 31
among
Gross profit (sales, less cost
$52,996
17,948
Deficit for year
due 1952.
The application stated,
$70,491
23,142
credits
Other assets
Assets—Cash in banks (on demand), $778,529; working funds, $2,011;
accounts receivable, $77,267; accrued royalties receivable, $3,201; inven¬
tories, $166,403; due from officers and employees, $215; investments (at
cost), $725,641; plant and equipment (less—reserves for depreciation,
depletion and amortization of $754,178), $1,679,281; other assets, $178,343;
total, $3,610,891.
Liabilities—Notes payable (bank), $500,000; accounts payable (trade),
$53,608; accrued liabilities, $95,980; provision for State income taxes,
$36,767; common stock ($1 par), $768,607; earned surplus, $2,155,930;
total, $3,610.891.—V. 149. p. 1621. ' v
Johnstown
$68,969
41,435
and miscel. deduct.
b Fixed assets
Balance Sheet Dec. 31, 1939
Fonda
$125,660
17,170
Extraordinary charges &
9
162,988
6,934
Net income for year
Earnings
$57,170
4,174
Net loss
54,573
leaseholds and royalties
Provision for State income taxes, 1939.
$103,563
174,053
Loss
414,289
14,830
—-.
«,_*■
..
Amortization of patents
Amort, of non-producing
1937
$76,849
145,817
$868,965
--
.___
..
Interest charges...,.
Cost of investigations.
1938
$13,519
139,179
Other income
Int.
1936
1939
$64,631
121,801
Operating revenues (net)
Operating expenses
Loss before extraordin¬
$846,172
22,793
_
•
Intangible drilling costs
Co. —Earnings-
Calendar Years—
__
N et income from operations
3823
& Financial Chronicle
onerations
$286,514; cash surrender
total, $4,628,407.
payable, banks, $300,000; accounts payable, $152,725;
employees' cash deposits, $39,401; accrued commissions,
$57 011'
Liabilities—Notes
dealers'
bonuses
and
and
$220 836*
tingencies
surplus,
wages,
$23,857; accrued taxes, Federal, State and other,
dividends declared on preferred stock, $14,934; reserve for con¬
$100,000; preferred stock, $857,000; common stock, $884,950;
$2,034,704; total,
$4,628,407.
V. 149, p. 2082.
The Commercial & Financial Chronicle
3824
(Geo. A.) Fuller Co. (& Subs.)—Earnings—
Consolidated Income Account for Calendar Years
Calendar Years—
1939
1938
1937
1936
$769,641
$797,383
$558,389
$412,415
43,702
151,493
32,619
86,052
90,299
47,548
111.070
23,198
$964,837
$916,054
$696,237
$546,683
803,27o
748,049
687,023
537,762
$161,562
$168,005
$9,214
Total income
Gen. & corp. exps. (incl.
deprec., int. & taxes).
7
Net profit-—
1938
1937
1936
$2,475,961
1,604,444
188,704
$3,341,589
1,775,437
225,993
$3,062,273
1,481,897
189,476
> 102,793
$1,342,112
57,598
$682,813
25,151
$1,340,158
47,189
$1,288,106
'
29,341
$1,399,710
238,000
$707,963
117,349
$1,387,348
x234,171
$1,317,447
x268,340
$590,615
114,696
563,042
$1,153,177
116,140
727.903
$1,049,106
112,875
494,081
$309,134
$442,150
$1,84
$5.21
Selling
expense
Office Aadm. exps..—
Other
V
$8,921
expenses
Net inc. from oper—.
Other income
Total income
Federal income tax
Loss
Subs.)—Earnings—
1939
$3,158,663
1,584,772
231,779
Gross income from oper.
(Exclusive of 1107 Fifth Avenue Corp.]
Profit on bldg. contracts
Other income (net)
--■
Profit from allied oper'ns c
June 15, 1940
Gardner-Denver Co. (&
conversion of
on
as¬
sets of for'n subs
38,152
Consolidated Balance Sheet Dec. 31
[Exclusive of 1107 Fifth Avenue Corp.]
Assets—
Cash
Liabilities—
1938
1939
*
c$l,094(746 $1,315,274
Work
completed,
;
&c., other sects.
Accounts
Dlv.
3,620,717
224,009
3,386,281
261,321
Deferred charges..
Invest, in 1107 5th
53,637
42,930
539,996
equipment-[
Real est. A bldgs..J
26,910
Mtges. on real est.
25,296
300,640
45,398
50,382
2,418,600
856,580
stock.
25,049
437,688
25,096
373,413
84,499
461,456
71,922
Earned surplus
Total
(17,507 in
17.487
$5,799,418 $6,424,128
1938)
no
shares,
par
b Par $1.
Includes $81,711 in Canada.—V. 150, p. 1135.
Fuller Mfg. Co.—Earnings—
Years Ended Dec. 31—
1939
Gross profit.
Selling and administrative
Net operating profit
Miscellaneous income.
1938
$2,331,933
1,800,925
$1,393,775
1.221,782
$531,008
203,429
Cost of sales.
$171,994
153,804
expenses
$327,579
10,538
-
_
—
—
-
-;
Miscellaneous charges
$18,190
7,162
$338,116
2,961
...
$25,352
9,147
Provision for income taxes.
60,364
Dividend paidEarnings per share
-----
on
i-.
-
-
capital stock
901
$274,791
58,940
$0.93
Net income
$15,304
$0.05
Balance Sheet Dec. 31
Assets—
1939
1938
Liabilities—
Cash in banks and
on
hand
Accounts
$131,175
receivable
accts.
Other
expenses..
Investments
x
Total
x
64,144
4,501
294,136
307,271
494,807
Dividends payable
Prov. for Income &
12,200
57,962
Cap'l stk. (par $1)
294,701
Earned surplus...
520,915
Capital surplus
494,242
expenses
391,930
18,655
61,030
618,758
.
on
capital stk. taxes
$1,169,480|
Total
$1,504,274 $1,169,480
for depreciation.—V. 150, p. 3359.
Co.—Earnings—
Gross profit from oper.
Sell., gen. & adm. exp._
1939
1938
$291,225
$184,363
127,505
203,577
$305,991
def$87,123
$1.79
$0,84
com.
,
x Incl. $31,070
($81,074 in 1936) provision for undistributed profits tax.
Note—The depreciation provision included above amounted to $244,338,
computed at rates adopted during the year to conform to those allowed for
Federal income tax purposes.
Had the former rates been continued the
provision for 1939 would have been increased approximately $88,000.
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash in banks and
notes
receivable
(less
on
hand, $1,116,582; customers'
for
reserve
bad
debts,
returns
and
1937
bl936
a$479,617
407,467
$87,647
79,005
28,863
$56,858
71,770
26,860
$72,150
$20,221
$41,772
3,250
$16,926
3,795
.
patents, trade-marks and goodwill, $1; total, $7,628,639.
Liabilities—Accounts payable, $158,929; accrued liabilities, $162,306;
provision for Federal and foreign income taxes, $267,801; dividends pay¬
able, $168,935; $3 cum. conv. pref. stock (38,232 shs. of $20 par), $764,640;
common stock (563,286 no par shares), stated amount,
$2,825,270; paid-in
surplus arising from reduction in stated capital, &c.. less charges thereto,
$2,261,091; earned surplus, accumulated since Jan. 1, 1936, $1,067,127;
743 shares of pref. stock held in treasury, at cost, Dr $47,461; total,
$7,628,639.—V. 150, p. 2725.
Garlock
Packing Co. (& Subs.)—Earnings—
Years Ended Dec. 31—
Profit from operations
Other income credits
1939
1938
._z$l,266,122
$16,426
11,306
$38,522
16,579
$9,177
Other Income..........
> ■Total lo3s. £j ■-
1937
x$721,350
16,583
$1,526,698
24,075
$1,290,196
Income charges
24,134
Interest on funded debt
51,198
Amort, ofdisc't&exp. on funded debt
1,134
Prov. for U. S. & Can income taxes.
209,146
$737,933
23,098
59,218
1,667
109,468
$1,550,907
160,215
.
46,051
2,201
$544,482
313,875
$2.60
$1,138,778
Gross
income
Net income..-
—
Cash dividends paid
Earns, per sh. on 209,250 shs.
$1,004,585
523,125
com .stk
$4.80
.'£<1
Other deductions
24,210
y203,662
575,438
$5.44
After deducting cash discounts on sales which, prior to 1938, were in¬
cluded in income charges,
y Incl. $6,723 surtax on undistributed profits,
z After deducting Canadian
exchange adjustment of $14,109.
x
$430,470
362,998
Assets—Cash, $1,049,477; accounts receivable (less reserve for doubtful
of $45,699), $712,330; inventories, $1,508,178; cash surrender
value of life insurance policies, $18,249; plant property (at cost) (less reserve8
for depreciation of $2,474,145), $2,122,928; patents and trademarks, $11
deferred charges, $194,823; total, $5,605,986.
Liabilities—Accounts payable, $143,378; United States and Canada
income taxes (estimated) $207,963; 1st mtge. sinking fund 4M
% bonds due
for redemption June 15, 1940, $150,000; 10-year 4}4% convertible notes,
series of 1936, called for redemption at 103, and accrued interest thereon,
$6,892; accrued accounts, $284,830; 1st mtge. sinking fund 4K% bonds
due June 15, 1945, $100,000;1 0-year 4^% notes, $617,776;
capital stock,
no par value, having a stated value of $1
per share, $209,250; surplus,
$3,885,897; total, $5,605,986.—V. 150, p. 2098.
accounts
Gauley Coal Land Co.—Earnings—
63,151
25,925
$67,473
68,159
33,872
Operating Statement Year Ended Dec. 31,1939
$116,472
2,317
4,299
6,342
Rentals.
Sales of timber
Interest and dividends
Miscellaneous..
—
7,750
$34,558
4,980
Administration
9,182
$29,579
47,789
46
;
Total income
$129,475
expenses-.,.—-
-
Taxes .ii.—......\
Depreciation
56,656
26,642
5,720
Reserve for Federal income tax
Net loss
$27,732
$55,102
of
§112,210), $1,106,089; inventories, $2,901,600; prepaid (net) $2,427,081;
insurance, &c.,
47,560; advances, &c., $29,724; plant and equipment,
Income—Coal royalties less depletion
Depreciation
Loss
accounts and
allowances
Consolidated Balance Sheet Dec. 31,1939
1
Calendar Years—
Net sales...
Cost of sales-,,.-.-....
a
21,569
1,881
6,762
294,486
1
Gabriel
42,272
1,835
10,822
685,797
reserve
sh.
wages and other
.-..$1,504,274
After
$45,315
113.690
Property, plant &
equipment
Patents
$86,165
payable,
204,865
receivable
Inventories
Prepaid
1938
Accrued salaries,
and
notes
accts.
1939
trade
$65,631
Customers' notes &
per
stock outstanding
;
b Common
Balance Dec. 31——
Earns,
Reserves
$5,799,418 $6,424,128
Represented by
a
stock
4%
pref.
Capital surplus...
561,741
266,313
plant]
Total
on
4% cum. conv. pf.
stk. (par $100). 2,414,500
a $3 conv. stock..
437,175
Avenue Corp...
Mtges.,stks., bds.,
Ac., invest., cost
c
payable-$2,290,322 $2,529,194
102,152
103,854
pay.
cum. conv.
int. receiv., Ac.
Inventories
and
1938
Int. & taxes accr'd
~
,?
rec. and accrued
Construction
1939
Surplus for the year.. $1,123,558
Divs. paid on pref. stock
113,460
Dtvs. paid on com. stock
704,107
$18,359
6,000
$77,368
Including operations of subsidiary to date of its dissolution, March 29,
b Consolidated figures.
Net
income
$34,457
1937.
Comparative Balance Sheet Dec. 31
Assets—
1939
dLand, bldgs.,&c.
Cash..
a
3,427
Notes & accts
Liabilities—
$468,927
2,725
1939
Capital stock
$262,462
Accounts payableAccr'd payroll, Ac.
33,772
Accrued taxes
50,738
Capital surplus
Deficit from oper.
42,022
68,699
secur.
Marketable
b
32,421
.rec
29,375
1,246
4,183
35,756
1938
$262,422
9.779
1,755
Inventories
a
1938
$463,939
Misc. accts.
rec.
534
4,962
3.780
4,903
4,481
439,446
439,326
75,712
103,444
Est. salvage value
of
discontinued
e
prod. & equip't.
Inv. In affil.co..
388
Deferred charges..
50,806
total, $3,213,376.
Liabilities—Royalties collected in advance, $4,191; accrued expense,
$1,832; reserve for property taxes, $14,163; reserve for Federal and State
tax, $2,146; reserve for Federal income tax, $8,255; accumulated
preferred dividends, $505,425; preferred stock ($1 par), $11,276: common
stock ($100 par), $2,182,400; surplus, $483,687; total, $3,213.376.—V. 146,
excise
i
General
53,202
$644,076
Assets—Cash, $45,485; accrued income receivable, $1,061; accounts
receivable, $5,687; marketable securities (at market), $93,055; accounts and
instalment notes receivable, $2,100; investment in New Gauley Coal Corp.,
$242,227; fixed properties, less depreciation and depletion, $2,823,760;
,
1
$644,086
1939
p. 3803.
1
1
Goodwlll
Balance Sheet Dec. 31,
Acceptance Corp. (& Subs.)—Earnings—
Earnings for Year Ended Dec. 31, 1939
Total--—
$644,086
Finance charges earned and other income
$644,076
*> Represented by 262,462 no par shares in 1939 and
262,422 no par shares in 1938.
d After reserve for depreciation of $517,948
in 1939 and
$494,012 in 1938.
e Capital stock of Gabriel Pneumatic Vul-
$468,318
Cost of borrowings—int., trustee's fees and other—
81,666
reserve-
c^n]zer, Inc., at book value (52% owned), and in 1939 including advances
of $387.—V.
150, p. 3359.
Galland Mercantile Laundry
Co.—Earnings—
Calendar Years—
1939
Profit
$90,978
Other income (net)16,883
A uiai
$98,036
36,565
10,095
$117,878
35,936
11,121
$134,473
32,701
13,476
$51,376
50,000
$70,821
68,750
$88,297
75,000
50,000
P. & L. surplus Dec. 31on
$9,896
$1,376
120,937
$2,071
113,107
$13,297
121,100
$2.05
138,731
$2.83
$3.53
25,000
shs. cap. stk., no par.
$2.40
Balance Sheet
Cash
on hand and
accounts receivable,
in
as at
Dec. 31, 1939
banks,
$93,555; marketable securities,
$98,319;
$62,285; inventories, $73,417; investment,
$28,139; land, buildings, machinery and
equipment (less reserve for depre$534,247), $584,350; cotton goods in circulation (estimated value),
.
$1 »"4o
Operating
ori-7trade routes- u' goodwill, $1; deferred
charges, $3,231; total,
•
Liabilities—Accounts payable,
trade
$17,564; taxes payable
and accrued, $25,474; accrued
wages, $9,467; customers' deposits, $1,261;
capital stock (25,000 no par shares), $850,801; earned surplus,
$138,731;
total, $1,04o,J97.—V* 149, p. 2512.
accounts,
$386,653
255,489
—
expenses
Provision for losses
Provision for Federal and State income taxes
28,382
15,255
Net income for the year
Net income for portions of current year prior to
Madison companies
Middletown
$87,526
dates of acquis'n:
268
27,176
company.
Portion of net income for year applicable to minority interests
of the Middletown company
534
Consolidated net income
$59,549
17,108
30,118
Preferred dividends
Common and class A
common
Earnings
class A common and common stock
per
share
on
dividends
Consolidated Balance Sheet Dec.
Surplus...
Earns. per sh.
1936
$112,404
22,069
$59,896
Net profit
Dividends paid
1937
$106,676
11,202
$107,861
36,255
11,709
pruni/-
Depreciation
Federal income taxes
1938
$87,192
10,844
Income less cost of borrowings
31,
$1.23
1939
Assets—Cash, $270,761; receivables, $2,207,517; other current receiv¬
ables, $22,770; cash surrender value of life insurance, $6,149; repossessed
automobiles, $2,468; real estate and receivables seemed thereby, $15,097;
other receivables and investments, $27,205; investment in Towles & Co.,
Inc., $1,500; deferred charges, $32,327; furniture, fixtures and cars used in
operations, less depreciation, $25,639; total,
$2,611,434.
Liabilities—Notes
payable, secured,
$1,615,000; accounts payable,
$8,442; reserve for taxes, $24,080; reserves withheld. $35,448; minority
interest, expected to be paid in cash, $10,485; reserves for losses, $31,830;
deferred income, unearned finance charges, $65,524; $1.50 series pref. stock,
$171,325; 7% convertible pref. stock, $300,000; class A common stock,
$142,500; common stock, $42,500; earned surplus, $66,437; capital surplus,
$19,413; minority interest payable in capital stock at par or stated value
of $81,320, $90,019; deduct excess of cost of Middletown capital stock over
book value thereof, £>r$ll,569; total, $2,611.434.—V. 150. p. 1278.
>
Volume
The Commercial
150
Consolidated Balance Sheet Dec. 31, 1939
General Alloys Co.—Annual Report—
Years End. Dec. 31—
^
Gross profit
on
/
General & admin. exps__
Selling
_V
expenses.
1939
;;
sales
,
„
5,928
Total profit
Cash
117,850
111,166
67.341
78,106
9,923
1,252
4,509
—-
811
......
$53,234
$92,116
$22,346 loss$98,823
„
1936
$214,365
«...
.
m
$321,943
$94,308
96,683
94,684
Engineering expenses
.
Royalties on castings.1,762
Accounting dept. exp_—
Net oper. profit
Extraneous income.
Assets—
1937
1938
-
$164,185
86,252
55,586
2,773
23,550
2,762
$56,009
$28,275
loss$96,061
$115,666
12,916
10,531
1,880
16,749
8,670
*21,887
10.138
$12,112 lossf108,471
Extraneous expenses
State & Federal taxes...
$77,030
$37,200
y3,246
3825
& Financial Chronicle
on
Liabilities—
hand
and
Accounts payable, trade.— $1 ,082,855
:
37,608
$6,212,288 Other.
9,447,793 Deferred uncalled for bal.
on stock purchased..
1 ,604,460
x3,516,965
14,715,564 Due to subsidiary company,
demand
deposits
Marketable securities
Notes & accts. receivable
...
Inventories
Investment In Canadian sub¬
Compensation Act...
Earns, persh.
shs.
y
com.
233,613
stk. (nopar)
on
—
Accrued int.
.
52,801
yl5,061,060
1
524,735
retirement
Includes $907 for Federal capital stock tax. z
Min.
1,000,000
Common B stock ($ 1 par)...
Capital surplus
Earned surplus
Assets—Cash, $5,941; accounts receivable (trade), $55,460; receivables
(employees and others, $10,129; inventories, $32,920; fixed assets (less—reserve for depreciation of $137,546), $153,628; Champaign,
111., plant
(less—reserve for depreciation of $9,408), $55,238; intangible assets ((cost),
$152,082; deferred charges, $17,572; total, $482,970.
Liabilities—Accounts payable (trade), $47,894; accounts payable (em¬
ployees), $1,960; notes payable (bank), $22,000; accrued taxes, $10,089;
accrued expenses, $3,509; deferred liabilities, $42,424; reserves, $38,828;
Cost of
ury,
Total
7% preferred stock (par $10), $241,410; common stock
(233,613 shs. no^ par), $1; surplus, $78,391; preferred stock in treasury
(511 shs.), Dr$3,537; total, $482,970.—V. 150, p. 2254, 2097.
General Cable Corp.—Hearing—
the suit to enjoin the recapitalization plan has been continued
18, by the Chancery Court in Jersey City.
Thejsuit was in¬
stituted by John JL. Loeb, a partner of Carl M. Loeb, Rhoades & Co., which
firm represents approximately 6,500 shares of $7 cumul. preferred.—V. 150,
on
until June
3661.
General Aniline & Film Corp. (& Subs.)—Earnings—
Consolidated Income Account Year Ended Dec. 31,1939
._
_
earned surplus
............
Selling, general and administrative
$7,768,677
expenses.
4.267,296
_
Profit.....................
Other income.....
Total income..
Interest
on
Discount
.....
$3,501,381
2,472,316
........
......
$5,973,697
........
......
debentures
on
1,232,440
167,651
217,401
345,363
sales
Retirement insurance
Other deductions
Net income, before profit on securities
Net profit on securities sold.
... ......
Net income, before provision for income taxes
Provision for Federal income taxes, estimated
1,177,813
.
$5,188,655
706,717
..........
Net income
$4,481,938
18,337
Equity in net income applicable to minority shareholders in sub.
Bal., applic. to shareholders of Gen'l Aniline & Film Corp.
$4,463,602
Dividends paid—Class A common.......1,753,283
.a
_
Class B common....
Earnings per share on class B
1,050,000
_
tock
$0,54
.........
Including equity in net income of $201,608 applicable to periods prior
dates of acquisition of shares of subsidiaries acquired during the year.
a
to
Statement of
Consolidated Capital Surplus for the Year Ended Dec. 31, 1939
Balance of capital surplus, Jan. 1, 1939—
Write-downs of investment in cap, stk. of
———$16,095,136
a sub. previously
charged to capital surplus, restored to the invest't in this sub.
2,037,975
Net
write-downs
of investment
in
marketable securities
pre¬
viously charged to capital surplus, transferred to earned surp.
Debenture disct. & expense & organization expense previously
2,724,419
charged to capital surplus, transferred to earned surplus
Excess of equity in net assets of a subsidiary company applicable
to share capital held by minority interests over tne stated
value of common class A shares issued therefor, pursuant to
2,845,507
to.mergyr agreement dated Nov. 17, 1939--—
293,424
Total
$23,996,461
GaLnlon retirement of $3,783,000 debentures, reacquired below
face value, previously credited to capital surplus, transferred
to earned surplus
Write-down, representing net difference between the cost of in^
vestment in the capital stock of a sub. co. and the net worth
of such subsidiary as shown by its books at dates of acquisition
which difference was originally credited to capital surplus
Elimination of capital surplus applicable to minority interests in
capital stocks of subsidiaries acquired during the year and
upon merger or a subsidiary into parent company
Other deductions..
r
General Box Co.
Profit from operations.
8,048,559
Net income for year.
Dividends paid_
Earnings
per
share
$14,404,308
3,488,318
value
previously creditedAto capital surplus, transferred to
earned surplus..
—...
.....
Ji...
Res. for contingencies no longer required, restored to earned surp
Other—.
924,664
725,000
165,754
$19,708,045
Debenture discount and expense and organization expense pre¬
viously charged to cap. surp., transferred to earned surplus._
Net jwrite-downs Jof in vestment Jin marketable securities previ¬
2,845,507
ously charged to capital surplus, transferred to earned surplus
Div. received fromfa sub. co., previously credited to income,
now applied to reduce the investment in capital stk, of the sub.
2,724,419
Write-downs, representing the'difference between the investment
in the capital stocks of sub. cos. and the net worth of such
subsidiaries, as shown by their booksjat dates of acquisition__
Write-down of pats., trademarks & formulae to nominal amount
Elimination of earnedfsurplusjof Canadian subsidiary included
in the opening balance, not consolidated at Dec. 31, 1939
Elimination of earned surplus applicable to minority interest in
capital stock of afsubsidiary acquired during the year and
Dividends paid—$3.50 per common A share
$0.35 per common^B share
;
.....
Balance of earned surplus, Dec. 31, 1939
...
gm *4 4
Bal. applicable to share capital of
Statement of
715,000
3,670,154
363,750
42,998
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash, $245,283; accounts and notes receivable (less reserve for
notes receivable of $3,000), $415,939; inventories,
$590,802; miscellaneous investments, at cost. $21,000; fixed assets, at cost,
(net), $1,142,094; timber and timber lands, less depletion, $5,656; prepaid
expense and deferred charges, $32,028; goodwill, $1; total, $2,452,983.
Liabilities—Accounts
payable—trade,
$158,207;
accrued liabilities,
$160,249; additional compensation, officers and employees, $47,728; capital
stock (par $1), $1,442,596; capital surplus, $299,662; earned surplus, $344,541; total, $2,452,983.
General
Candy Corp. (& Subs.)—Earnings—
.~~4
32,200
2,940,341
178,286
43,165
1,753,283
1,050,000
Appropriated Earned Surplus for the Year Ended Dec. 31, 1939
1936
1937
1938
_
$274,795
a!47,176
$171,117
cl99,101
$145,131
f201,583
$185,069
e!80,533
$370,218
$346,714
$365,602
$421,972
147,791
Previous earned surplus.
147,604
176,900
d239,606
Total surplus
Class A divs. paid (net)
-
$222,427
$199,110
$188,703
$182,366
a After deducting $13,227
for additional taxes for prior years,
b After
Federal and New York State taxes,
c After deducting $9 prior year tax
adjustments,
d Including 10% dividend paid in class A stock to class A
stockholders on 107,075 shares outstanding March 14, 1936, amounting to
$27,596.
e After deducting $1,833 for prior years' additional taxes paid.
t Includes tax refunds and adjustments of $12,881.
Earned surplus Dec. 31
Consolidated Balance Sheet Dec. 31, 1939
on hand and in banks, $362,473; marketable investments
$8,068; trade accounts receivable, less reserve, $141,836; in¬
ventories (at cost or market, whichever lower), $427,276; miscellaneous
receivable and advances, $10,101; prepaid expenses, $29,353; Hxed assets
(less reserve for depreciation of $434,243), $219,258; total, $1,198,365.
Liabilities—Accounts payable (trade), $39,902; Federal income and capital
stock taxes, $33,250; social security taxes, $12,618; sundry payables and
deposits, $6,417; accrued liabilities, $19,599; class A stock (par $5), $732,500; class B stock (par $5), $25,000; capital surplus, $179,183; earned surplus
$149,896; total, $1,198,365.-V. 149, p. 3872.
.
,
Note—As of Dec. 31, 1939, the company owned open contracts for
commodity futures at a total cost of $164,814 which had a market value of
$177,000 as of that date.
This transaction is not reflected in the above
Assets—Cash
cost),
(at
j
Corp.—Canadian Distributor—
announced that Hudson's Bay
Co
Winnipeg, will be the exclusive distributor in Canada of company s
frosted foods.
The Canadian firm will begin distribution of quick-frozen
General Latex &
foods under the "Birds Eye'
label in Canada
Chemical Corp.—Organized-?—
Chemical Corp., Cambridge, Mass., has
been organized
manufacture and sale of rubber latex,
products made from latex.
Authorized capital
79,000 no par common shares and 6,000 $50 par preferred shares.
Of the authorized stock 5,000 shares of preferred are to be issued for
cash: 55,000 shares of common are to be issued for the surplus or assets over
liabilities as of May 15, 1940, of the Vultex Chemical Co., and 20,000 com¬
mon shares reserved for conversion of the preferred stock.
Officers are: Harvey J. El well. Newton Centre, President and Treasurer;
Kenneth B. Osborn, Newton, Vice-President and clerk.
Both are also
directors.
Other directors are H. S. Hotchkiss of East River, Conn., and
Warren MacPhearson, Cambridge.
(Boston "News Bureaxi. )
in
Massachusetts to engage in the
vulcanized rubber latex and
General Motors Corp .—May
on
June 8
Car Sales—Thd company
released the following statement:
trucks in the United States and
shipments, totaled 185,548 compared with 128,453
General Motors cars and
Mav sales of
Canada, including export
Sales in April were 196,747.
Sales for the first
1940 totaled 931,477 compared with 701,512 for the same
in May a year ago.
months of
five
five
in the United States totaled 171,024 in May compared
Sales in April were 183,900. Sales for the
five'months of 1940 totaled 861,373 compared with 614,740 for the
Sales to dealers
with 112 868 in May a year ago.
Sales to consumers
with
129 053 in
in'the
United States totaled 165,820 in May compared
Sales in April were 183,481. Sales for
May a year ago.
of 1940 totaled 768,609
five months of 1939.
the first five months
compared with 575,843 for the
Cars
———
Balance of appropriated earned surplus, Dec. 31, 1939—.
1939
Calendar Years—
b Consol.net prof.for yr.
same
Gen'l Aniline & Film Corp.. $3,348,863
appropriated earned surplus, Jan. 1,1939
Transferred from profit and loss for debenture retirement..
100,982
$0.18
doubtful accounts and
first
—
Balance of
.$259,912
-
capital stock..
m
$3,348,942
Surplus applicable to share capital held by minority int. in a sub.
79
—
—
------
on
fruits, vegetables and sea
this fall.—V. 150, 2577.
_
Other deductions
$318,326
514
57,900
Other charges
^
Provision for Federal income taxes
1,102,863
61,008
Consolidated Earned Surplus for the Year Ended Dec. 31, 1939
upon merger of thelsubsidiary into parent company
Write-down of foreign investment to quoted market value
Write-down of marketable securities to quoted market value._
2,517
—
-
General Foods
Transferred from profit and lossGain on retirement of $3,783,000 of debs., reacquired below face
-
$315,809
—. _
-i
Total income..
Edwin T. Gibson, Vice-President has
Bal. applicable to share Capital of Gen'l Aniline & Film Corp.$13,852,897
Total-
$426,058
110,249
Other income—
General Latex &
_
Ended Dec. 31, 1939
of
$13,859,367
Surplus applicable to share capital held by minority int. in sub-6,470
_
(& Subs.)—Earnings—
Consolidated Income Statement for the Year
Profit from operations
Provision for depreciation
statement.
———...........
Balance of earned surplus, Jan. 1, 1939..—
$61,493,448
—
924,664
Balance of capital surplus, Dec. 31,1939—
Statement of
Total
Drl03
..
V. 149, p. 4174.
$4,010,842
......
,000,000
A stock in treas¬
of $111,044.
y After reserve for depreciation and ob
$12,732,465.
z Represented by 529,700 no par shares.—
of
18,034,441
...
„
Gross profit on sales
com.
7.72501 2-3 shares
reserve
-
$25,803,118
_
$61,493,4481
After
x
solescence
class A cumulative
Gross sales, less returns and allowances.
Cost of sales.
___ —
zl3 ,242,517
3 ,000,000
,852,897
,348,863
for debenture retirement..
Balance Sheet Dec. 31,1939
P.
61 349
stk. & surplus of sub..
Common A stock
Appropriated
Hearing
205,407
debentures_.
shareholders' equity In
cap.
cash in bank............
undistributed profits.
on
on
225,061
and commissions—
Guar. 5H%
conv.
debs.,
22 ,408,000
due May 1, 1949-155,436
Reserves.-wages
fund,
$0.26
$0.08
Includes $7,526 for surtax
Nil-
Nil
>
Pats., trademarks & formulae
Debenture
1 ,265,208
and other taxes
Other accruals, incl. salaries,
?
Deferred charges..
Net profit
Provision for Federal income
67,000
1,657,254
9,237,987
Secure, deposited with State
of N. Y. under Workmen's
Fixed assets
3,889
not consolidated.....
sidiary, not consolidated..
Sundry investments
Foreign investment
$6,380
993,620
$1,000,000
Sources of Manufacture
Total Sales of General Motors
and Truths from All
United States and Canadian Factories—Sales to Dealers
1940
January....—-——
February — - -------March-- -—- -—---
April--—-
May——
June-—
July
August
September———October- J.
November
December
Total-...
-
——■- -
■»
181,088
174,572
193,522
196.747
185,548
1939
and Export Shipment:
1938
1937
136,489
133,511
161,057
142,002
128,453
139,694
84,327
12,113
53,072
144,350
200,071
207,637
76,665
77,929
89,392
91,934
85,855
84,885
73,159
41,933
19,566
108,168
185,852
172,669
89,010
59,962
244,230
221,592
201,192
185,779
208.825
175,264
65,423
151,602
180,239
145,663
1,542,776
1,108.007
1.928,781
The Commercial & Financial
3826
States
Sales to Dealers in United
March
April
May
116,964
115,890
142,743
126,275
112,868
124,048
71,803
7,436
47,609
129,821
180,133
188,839
183,900
171,024
June
July
August
September
—
October
November
December
1937
56,938
63,771
76,142
78,525
71.676
72,596
61,826
34,752
16,469
92,890
159,573
150,005
1,364.426
Total-...---—---
935,163
70,901
49,674
216,606
199.532
180,085
162,390
187369
157,000
58,181
136,370
153,184
108,232
1,680,024
Sales to Consumers in United States
1939
1940
....
123.874
174,625
183,481
165,820
March—..
April
May...
...
June..
July.......
August
September..
October
November.
1938
88,865
83,251
142,062
132,612
129,053
124,618
102,031
76,120
56,789
110,471
162,881
156,008
120,809
January
February..,
„
December..
1,364,761
Total
92,998
51,600
196,095
198,146
178,521
153,866
163,818
156,322
88,564
107,216
117,387
89,682
1.594.215
Chevrolet Sales—
Retail sales
figures for the last 10 days of May and also for the month as
a whole, were announced on June 6 by William E. Holler, Chevrolet general
sales manager.
They showed substantial increases over the same periods
last year, and the final 10-day figure was one-third higher than that for
the previous period.
New car sales for the month totaled 92,764 passenger cars and trucks,
Mr. Holler said, a gain of 20.1% over May, 1939.
In the final 10-day
period, Chevrolet dealers retailed 35,751 new cars and trucks, a 27.6%
increase over the same period last year and a 33.8% gain over the figure
reported for the second 10 days in May this year.
Increases were also registered in used car sales, he said, a total of 187,755
units being sold during the month.
This represents a 19.2% gain over
May, 1939.
In the final 10-day period, 76,254 used cars were sold at retail,
a figure 33.5% ahead of the preceding 10 days, and 30.1% greater than the
same period last year.
Sloan
Chairman
represented by their certificates, a dividend arrears unit of the
$31,67 and eight shares $5 par common.
Holders of $50 par
are entitled to new $5 par common on share-for-share basis.
Stock certificates should be forwarded to Girard Trust Co., company's
transfer agent, for conversion into new shares.—V. 150, p. 2881.
share
amount of
common
Gorham, Inc. (& Subs.)—Earnings—
Years Ended Jan. 31—
x
nized
in his
war.
bound to have a profound influence and to affect materially
what otherwise might have taken place.
Dealing with the economic side,
"These
are
the new situation apparently is to result in the advancements of national
preparedness toward the forefront of our national policies. This is bound to
stimulating effect on the economy.
"On the other hand, it must be recognized that the time factor is im¬
nave a
portant. This is particularly true as regards the more highly technical needs
of any preparedness program. It might, perhaps, be further said that a very
important, and probably the dominating part of any new defense program,
involves the production of aircraft of various types.
"In general it is likely that the intensification of hostilities will stimulate
the placing of orders for war supplies on a wider industrial front than hereto¬
fore has been contemplated.
In most cases the time factor is not as much
involved as it is with the more highly technical fields.
"On the
psychological side, there is no doubt that what has happened
has resulted in a distinct shock to the community—perhaps a constructive
one from the standpoint that it should promote a recognition of the fact that
must deal with our
we
problems in
a more
realistic way.
At the moment its
psychological effect is likely to exert a deterring influence on the economy,
rather than otherwise.
"It would seem reasonable to assume that as far as industrial activity is
concerned, all things considered, what has just happened will, in the not too
distant future, result on balance in an upward move of industrial productionl But this should not be interpreted as an optimistic influence from
the long-range position.
The contrary is true.
The greater the intensity
with which instruments of war are produced and the greater destruction
that results from their use, the poorer the nations involved become and the
greater the price that ultimately must be paid."—V. 150, p. 3661.
General Telephone Corp.—Gain in Phones—
Corporation reports for its subsidiaries a gain of 3,245 company-owned
telephones for the month of May, 1940, as compared with a gain of 3,405
telephones for the month of May, 1939.
The gain for the first five months
of 1940 totals 14,798 or 2.95 %, as compared with a
gain of 11,619 telephones
or 2.53% for the corresponding
period of 1939.
The subsidiaries now have in operation 516,526 company-owned tele¬
phones.—V. 150. P. 3202.
General Telephone Tri
1939
1940
Gross profit from sales..
Loss from operations
$60,347
$1,142,178
1,124,892
y$178,825 prof$17,286
800,000
23,852
23,498
Prov. for write-down of inventories
Leased property expenses, net.
Federal income tax
1938
$845,238
1,024,063
$937,157
997,504
Selling, general & admin, expenses.
12,473
48
56
3,917
1,136
909
$76,786
Other charges—
$1,003,868
.. _ _ _
Gross loss
42
7
560
455
22,638
20,418
$7,163
625
28,100
2,968
30,893
Interest earned
Cash discount on purchases
Other credits (1938 incl. income from
special services)
5,516
Net loss for the year
$48,072
...
/
$980,028 prof$52,455
x Including depreciation and amortization,
1940, $38,454:1939, $53,860;
1938, $53,412.
y Before provision for writedown of inventories.
Note—Certain figures included above for the year ended Jan. 31, 1938
have been regrouped to conform with the classification followed for the year
ended Jan. 31, 1939.
Consolidated Balance Sheet Jan. 31, 1940
Assets—Cash, $606,923; notes and accounts receivable (net), $349,610:
inventories (net), $2,916,195; investments at cost or less, $2,999; property
and leasehold improvements at cost (less reserves for depreciation and
amortization of $418,197), $121,597; deferred charges, $50,111; good-will.
$1; total, $4,047,437.
Liabilities—Trade accounts payable, $62,421; credit balances in accounts
receivable, $22,693; accrued salaries and commissions, $5,489; accrued taxes
$24,821; other accruals, $1,470; $3 cumul. pref. stock (43,073 no par shares),
$2,153,650; common stock, class A (125,000 no par shares), $625,000;
class B (25,000 no par shares), $125,000; capital surplus, $6,456,294;
deficit from operations, $5,429,402; total, $4,047,437.—V. 149, p. 2231.
Graton & Knight Co. (&
Subs.)—Earnings—
Earnings for Year Ended Dec. 30
times of great
tensification of the
Certificates Ready—
surrender of 6% cum. pref. and $50 common stock certificates
under terms of recapitalization plan approved by stockholders April 30.
Holders of old pref. stock are entitled to receive, in exchange for each
Analyzes Effects of War—Sees Economy
uncertainty and danger, and should be recog¬
as such, Alfred P. Sloan Jr., Chairman of the corporation, declared
quarterly message accompanying dividend checks, distributed June 12,
among 375,000 stockholders.
The disbursement was $1 a share, or $43,164,376, on the common stock of the company.
The. trend of consumer buying of the company's products continues to
show sizable gains over last year, and its competitive position continues to be
strong, Mr. Sloan said.
"However," he added, "it must be recognized that there have been pre¬
cipitated into the situation within the past few days certain powerful
influences, economic and psychological in character arising from the in¬
are
1940
for and upon
Stimulated by Move to Arm—
These
15,
Company is notifying stockholders that dividend arrears units and
certificates for common stock, $5 par, are now ready for delivery in exchange
1937
63,069
62,831
100,022
103,534
92,593
76,071
78,758
64,925
40,796
68,896
131,387
118,888
1,001,770
.
June
Giant Portland Cement Co.—Aew
1938
1939
1940
164,925
160,458
181,066
January
February
Chronicle
Corp.—Merger Approved—-
Holders of more than 88% of the 61,200 shares of General Telephone Tri
Corp. haVe approved a plan for reorganization and liquidation of the com¬
Less than 1% or the stock outstanding was voted in opposition to
the plan.
Under the plan, General Telephone Corp., parent of General Telephone
Tri
Corp., will exchange 137,000 shares of its own common stock for
General Telephone Tri Corp.'s
holdings of all common stock of Interstate
Telephone Co. of Spokane, Michigan Associated Telephone Co., and South¬
western Associated Telephone Co. of
Texas, and will assume all liabilities
of General Telephone Tri
Corp.
General Telephone Tri Corp. will then issue
2H shares of General Tele-
1939
1938
Gross sales less discounts, returns and allowances.
$5,123,772
Cost of goods sold (incl. selling & admin, expenses;
4,883,158
$3,214,641
3,474,039
Profit from operations
$240,613 loss$259,397
32,233
64,547
Other income
Profit from operations plus other income
Bond interest
Amortization of bond
discount gained on
discount and
$272,846 loss$194,850
34,298
43,283
less
bonds reacquired during the
expense,
5,630
3,046
6,697
year
Unrealized loss
Miscellaneous
on
Canadian exchange.....
.......
Net
profit for the
year
before Federal income tax
8,666
10,475
$223,174 loss$257,275
Provision for Federal income tax
41,941
Consolidated net profit for year
Dividends paid in cash—prior pref. ($1.80 per sh.).
7% cumulative preferred
$181,232 loss$257,275
36,650
36,778
29,590
127,883
Note—Depreciation charged to cost of goods sold and selling and adminis¬
trative expenses amounted to $81,344 in 1939 and $65,322 in
1938.
Consolidated Balance Sheet Dec. 30, 1939
Assets—Cash in banks and on hand, $183,923; accounts and notes re¬
ceivable (less reserves for doubtful accounts and cash discounts of $41,966) •
$627,771;
inventories, $2,142,185; prepaid and deferred items, $27,2S(b
$47,037; investment in and advances to Graton & Knight,
Ltd., London (wholly owned subsidiary), (less reserve reducing the above
to book amount of the subsidiary's net tangible assets based on current
rate of exchange of $64,368), $57,847; real estate, machinery and equipment
(less reserves for depreciation of $1,810,604), $1,369,581; unamortized
bond discount and expense, $48,600; total, $4,504,226.
Liabilities—Accounts payable, $208,035; provision for Federal, State,
Canadian and local taxes, $88,289; other accrued expenses, $55,881; first
mortgage sinking fund 4% % bonds, (less bonds in treasury available for
future sinking fund requirements, at face value, $373,000), $716,000;
other assets,
$1.80
prior pref. stock (20,367
no par
shares), $203,670; 7% cum. pref.
(par $100), $1,691,450; common stock (83,028 no par shares), $1,037,850; consolidated capital surplus, $388,059; consolidated earned surplus,
$114,991; total, $4,504.226.—V. 150, p. 2727.
stock
Gray Mfg. Co.—Earnings—
Earnings for Year Ended Dec. 31, 1939
Net sales.
x
$125,078
181,879
Cost of goods sold
Gross loss from manufacturing activities
Selling, administrative and general expenses
Net operating loss..
$56,801
65,884
$122,685
179,284
Other income.
pany.
Phone common for each share of its own stock
outstanding, and thereupon
This move will eliminate the last General Telephone inter¬
Balance
Other deductions.
Net loss from operations
x
holding company subsidiary.
150, p. 3202.)—V. 150. p. 1278.
in V.
General Time Instruments
(See also General Telephone Corp.
Corp.—Common Dividend—
Directors have declared a dividend of 50 cents
per share on the common
stock, payable July 1 to holders of record June 19.
This compares with
25 cents paid on April 1, last, 80 cents
paid on Dec. 27, last, and 20 cents
paid on Oct. 2, 1939, this latter being the first dividend
paid on the com¬
mon shares since
April 1,1938—V. 150,
p.
25771.
General Utility Investors Corp.Notes—
.'W,-,
v,r,
-To Issue %3,750,000
\ >■■■
the
secured promissory note to The Chase National Bank, New
roc«e6ds
following
note due
NY
A
Aug.
J,*1®
obligations:
°t the note will be used for the payment of
-Mai?nJnNew York- 4H% secured promissory
31,1940
^^JUUHUes Co. 6% conv. 18 in the
o'bllgation"due March"11963
hearing has been set for June
$2 217 345
1,532',655
SEC's Washington office.
Georgia & Florida RR.—Earnings—
Week End. May Zl
1940
1939
Oper. revs, (estimated).
—V. 150, p. 3509
$28,150
$26,878
$118,594
Includes ali items of factory burden, such as depreciation, property
Balance Sheet Dec. 31, 1939
Assets—Cash in banks and on hand, $68,119; readily marketable securs.,
$633,229; cash surrender value—insurance on life of former officer, $111,697*
accounts receivable, $39,608; accrued dividends receivable on securities,
$3,488, inventories, $89,155; other securities and notes, $107,317; land,
buildings, machinery and equipment (less—reserve for depreciation of
$491,841), $371,939; cash in banks under attachment, $7,069; Gray audograph account, $116,689; annuity insurance, $10,500; patents and goodwill,
$1; prepaid and deferred charges, $7,053; total, $1,565,866.
Liabilities—Accounts payable, trade, $12,388; royalties payable, $983,
accrued city, Federal and State taxes (estimated), $21,255; capital stock
($10 par), $1,468,530; earned surplus, $62,709; total, $1,565,866.—V.
148, p. 1324.
.
„"with the Securities and Exchange Commission, an
6
70:80> regarding the proposed issuance of a $3,750,000
York
909
r.___
taxes, heat, light, power and so forth, which are of necessity expenses to be
borne in their entirety regardless of plant activity.
liquidate.
mediate
$56,599
174,283
Provision for Connecticut excise tax
—Jan. 1 to May 31—
1940
1939
$443,970
$414,516
Great Northern Ry.—Bonds
Authorized—
The Interstate Commerce Commission
on May 31 authorized the com¬
(l) to issue not exceeding $20,000,000 collateral-trust bonds, to be
sold at par and accrued interest to the Reconstruction Finance Corporation
and the proceeds used to retire a like prinicpal amount of St. Paul Minne¬
apolis $ Manitoba Ry. Co. Pacific extension 50-year 4% gold bonds, due
July 1, 1940; and (2) to issue and pledge as collateral security for the colateral-trust bonds not exceeding $40,000,000 of general-mortgage 4%
gold bonds, series J.
,000 of St. Paul Minneapolis
% gold bonds, which were
I mature July 1, 1940, and
are secured in part by the
pledge of $11,502,000 of St. Paul Minneapolis &
Manitoba Ry. Montana extension mortgage bonds, also assumed by the
Great Northern and being all the bonds remaining outstanding under the
Montana extension mortgage.
pany,
Volume
The
ISO
earnings or cash
extension bonds.
W The Great Northern will be unable to provide from its
resources the entire amount necessary to pay the Pacific
It therefore proposes to obtain part of the funds
collateral-trust bonds, and will pay the remainder
by issuing $20,000,000 of
of the outstanding Pacific
extension bonds from cash in its treasury.
The program contemplates the
satisfaction and discharge of the mortgages securing the Pacific extension
and the Montana extension bonds as soon as possible consistently with the
provisions of those mortgagees, respectively, and with the applicable pro¬
visions, if any, of the Great Northern's first and refunding mortgage and its
general gold bond mortgage.
>
v
As collateral security for the collateral trust bonds, the road proposes to
issue and pledge under the collateral trust indenture $40,000,000 of generalmortgage 4% gold bonds, series J.
At the same time the Commission found the company on the basis of
present and prospective earnings, reasonably to be expected to meet its
fixed charges without a reduction thereof through judicial reorganization
approved the purchase for itself by the RFC, when issued as proposed, of
exceeding $20,000,000, 4% collateral trust bonds of the company, at a
price not exceeding par and interest, or a loan, evidenced by all or any part
of such bonds, of a sum not in excess of the principal amount plus accrued
interest of the bonds evidencing the loan.—Y. 150, p. 3510.
and
Hathaway Bakeries, Inc.
Greif Bros. Cooperage Corp.
(& Subs.)—Earnings—
1938
loss$18,914
$364,984
x After depreciation, interest, Federal income taxes and other deductionsNote—If applied directly to the class A shares on which there is an ac¬
cumulation of unpaid dividends, the above net profit for 1940 is equal to
6 Mos. End. Apr. 30—
Net profit.
1940
$275,232
_____
1939
$232,764
a share on 64,000 shares of $3.20 class A common stock.
This compares with $232,764, or $3.64 a share on class A stock, for the
six months ended April 30, 1939.
For quarter ended April 30, last, net profit was $105;933, equal to
a share on class A stock,
comparing with $107,074, or $1.67 a share on
$4.30
$1.65
April quarter of previous year, and $169,299, or $2.65 a
share, on class A stock for quarter ended Jan. 31,1940.
Current assets as of April 30, 1940, amounted to $4,250,966, and current
liabilities were $875,943.
These compare with current assets of $3,862,484
and current liabilities of $675,777 on April 30, 1939,
To Pay
a
dividend of 80 cents
Hayes Industries, Inc.—Registers With SEC—
See list given on first page of
Earnings forYear Ended Dec. 31,1939
x
Period End. Mar. 31—
Gross
Loss before charges
x Net loss
x
sold.
$708,881
Total gross profit
__________
Selling, advertising, admims, & general expenses
$714,630
662,177
Operating profit-.-Other income.
5,748
$52,453
18,818
—...
—
_______
_
Total
$71,271
908
-
Other deductions
on
income..
interest
and
loss
net
$1,078,506
$1,019,598
193,510 prof208,069
211,339 prof205,983
346,735
387,537
of subsidiaries.—V.
AA
y.
150,
i'
in
Hein-Werner Motor Parts Corp.—Financing Postponed—
its proposed offering of 20,000
of the current unsettlement
the securities markets, according to G. G. Hein, President.—V. 149,
p.
3874.
The corporation has postponed indefinitely
of common stock (par $3) because
shares
(Walter E.) Heller & Co.—Extra Dividend—
Directors
addition
on
June 8 declared an extra dividend of
the
to
5 cents per share in
regular quarterly dividend of 10 cents per share on
stock, both payable June 29 to holders
amounts vrere paid on March 30, last.
See also
common
the
of record June 19.
Like
V. 150, p. 1768.—V. 150,
3360.
p.
Hickok Oil
Corp.—Extra Dividend—
Directors have declared
extra
an
dividend of 20 cents per share in addi¬
tion to the regular quarterly dividend of
stock, both payable June 15 to holders of
25 cents per share on the common
record June 10.—V. 149, p. 3263.
______
___.
371
______
1939
1940
$586,967
535,085
27,689
5,250
Total income—_
Provision for depreciation.
;
Net profit before income tax
$15,752
26,212
3,992
$20,590
Profit
Miscellaneous income
$12,268
3,484
$53,529
30—
Cost of sales.
$498,640
486,371
$51,882
1,647
6 Months Ended April
■Interests
Grossprofifconsa1es-______
...
profit on sales of supplies to growers-_______—_
Federal taxes
depreciation,
1,314,060
_
Gross
x
After
p. 2579.
3717.
—
1940—12 Mos.—1939
1940—3 Mos.—1939
$262,908
$331,756
59,474
63,842
59,399
63,302
79,963 ;
95,327
Operating loss
$2,022,941
..
Costof products
this department.—V. 149, P. 3662,
Hayes Mfg. Corp. (& Subs.) —Earnings
per
Grocery Store Products Co. (& Subs.)—Earnings--'
Net sales
x$16,705
Honey Dew, Ltd.—Earnings—
share on the
$3.20 cumul. class A common stock, no par value, payable July 1 to holders
of record June 18.
Like amount was paid on April 1, last, and compares
with $2.80 paid on Dec. 28, last; 80 cents paid on Oct. 2, July 1 and April 1,
1939, and on Dec. 29, 1938; 40 cents paid on Oct. 1, July 1 and April 1,
1938, and 80 cents paid on Dec. 21, Oct. 1 and July 1, 1937.—V. 150,
p. 1937.
have declared
; ■
1939
1940
Before provision for Federal income taxes.—V. 149, P. 3116.
x
80-Cent CI. A Div.—
directors
-l ;■■
April 22
1938
loss$28,449
x$29,379
April 20,
class A stock, in
The
-Earnings—
16 Week's Ended—
Net profit after all charges
not
x
3827
Commercial & Financial Chronicle
loss$14,452
Balance Sheet April 30, 1940
Assets—Cash, $36,566; receivables, $9,525; inventories, $61,678; invest¬
$47,799; prepaid expenses, $18,234; fixtures and equipment (less
for depreciation of $413,499), $416,482; goodwill, trade marks,
formulae, &c., $1,323,693; total, $1,913,977.
Liabilities—Accounts
payable, $72,930; accrued expenses,
$15,225;
reserve for income taxes, $5,999; 6% conv. debentures due 1947, $161,500;
balance re United
States rights (payable from 1940-1945), $112,042;
common stock (19,095 shares no par value), $190,670; rest account, $1,162,009; surplus, $193,614; total, $1,913,977.—V. 150, p. 3511.
ments,
reserve
Hotel Waldorf-Astoria
Corp.—Earnings, &c.—
.
According to a statistical report prepared by Amott, Baker & Co., Inc.,
income for the year 1939 amounted to $7,280,128, an increase from
$6,746,534 gross income shown for the year 1938.
However, in spite of
gross
$69,992
Profit
—
Special charges and credits—
.___._
Int. on collateral lien 6% convertible bonds of Grocery Store
Products Co
—______—______
Loss for year.—.
7,668
67,464
$5,140
in
—_____
—
*
Provision for depreciation of property, plant and equipment included
manufacturing and other expense classifications amounted to $67,761.
Consolidated Balance Sheet Dec. 31,1939
Assets—Cash, $209,170; notes and accounts receivable (after reserve of
$26,600), $152,126; inventories, $488,977; other assets, $9,901; deposit
with trustee for collateral lien 6% convertible bonds, $650; property, plant
equipment (less reserves for depreciation of $712,281, $802,673; goodwill,
$579,665; deferred charges, $32,825; total, $2,275,989.,
Liabilities—Accounts payable, $53,575; accrued; taxes, interest, salaries,
wages and sundry, $62,844; Federal taxes on income (estimated), $694;
purchase money mortgage instalments, due 1940, $1,250; funded debt,
$1,138,150 reserves, $12,556; minority interest in the Foulds Milling Co.,
$86,688; capital stock (par 25c.) , $45,778; capital surplus, $897,973; earned
deficit, $23,521; total, $2,275,989.—V. 150, p. 3510.
&
available for taxes, insurance, ground rent
this increase, the amount
$1 270 238
$7,280,128
Gross income
Public
Service Co.—To
Sell
$1,320,000
Bonds
Admin. & general exps.
Social security taxes....
385,853
112,144
379,985
102,516
$1,214,892
$1,270,238
$1,652,086
$1,796,688
566,591
567,748
7,532
548,258
15,633
536,330
7,270
19,357
17,498
25,312
1,485
1,596
7,436
650
$619,092
619,092
$674,002
$1,063,260
$1,227,124
674,002
1,000,000
1,000,000
$63,260
$227,124
63,260
163,562
63,562
0.58%
1.49%
insurance, rent, &c—
Real estate taxes
Other
Ins.
9,694
18,028
taxes
bldg. & contentsTrustee & transfer agent
on
fees
..........
Basic rental
—
Profit avail, for int. &
additional rental—
a
A hearing has been set for
Available for interest.
June 21, 1940, at the Securities and Exchange
the issuance of $2,118,500 of 1st mtge. serial bonds
Of these bonds $1,320,000, bearing interest at
be sold to The Equitable Life Assurance Society of
the United States at 99J^%, and $798,500, bearing interest at the rate of
4%, will be exchanged for an equal amount of the company's 1st mtge, 6%
bonds, series A, due Oct. 1, 1945, owned by General Public Utilities, Inc.
Gulf Public Service Co. will use the cash proceeds from the sale of the
bonds, together with other funds, to, redeem its 1st mtge. 6% bonds held
by the public.
Gulf Public Service Co. will then transfer all of its property
and assets to General Public Utilities, Inc., which will assume the new
1st mtge. indenture.—"V. 149, P. 1026; V. 150, P. 3511,
Service Co., regarding
by Gulf Public Service Co.
the rate of SH %, will
Percentage earned on
outstanding debs
of the profit available for
interest and additional rental as provided in the schedule outlined under
"Ground lease modification."
b Based on amount actually available for
interest purposes.—V. 150, p. 1601,
a
The above amounts
Lighting & Power Co.—Earnings■1939
' mo—Month—1939
1940—12 Mos.
$952,995 $12,400,306 $Yi,744,762
Operating expenses—— $1,002,606
381,935
5,613,288
4,544,575
Houston
123,095
1,608,765
retirement re¬
appropriations. _
118,636
93,117
1,363,780
1.487,325
operating revs—
$333,207
$354,848
$3,814,473
$4,147,705
18,912
Direct taxes
Property
serve
1939
$908,878
611,431
Gross income
$297,447
29,530
profit
Sundry deductions
—
Provision for deprec. and patent amortization....
Provision for Federal income taxes.
_______
$378,077
54,580
$326,977
69,599
45,712
54,256
64,561
37,172
Net profit for year
Dividends—Paid in cash on preferred
$208,186
$170,988
29,358
28,554
on
. —
preferred payable May 15,1940
Balance Sheet March 31, 1940
25,604
$3,840,077
962,500
173,798
$4,166,617
962,500
157,800
$240,370
$261,860
stocks for the period
$2,703,779
$3,046,317
93,326
7,187.
,
bonds_
deductions-
Net income
Divs.
Paid in cash on common.
838
____
Int. on mortgage
———
applicable
to pref.
1,565,157
$355,686
80,208
13,618
911
Other income
1940
$970,084
616,032
Operating profit before depreciation—
:____
$354,052
Sundry income...........24,025
—
.
413,496
13/,267
Operating expenses
Other int. &
Total
show the apportionment
Period End. April 20—
Net
Hammond Instrument Co.-—Earnings—
Years Ended March 31—
profit on sales, &c., before depreciation
Engineering, selling, administrative and gene. exps.
Gross
5,837,224
81.018J
Profit available for taxes,
b
Commission's Washington offices, on the joint application (File 70-70) of
General Public Utilities, Inc. and its wholly-owned subsidiary, Gulf Public
1936_
$7,633,912
5,567,238
Avail, for add'l rental.__
Privately—-
Declared
.
5,627,474]
392,386)-
4,993,794
Departmental expenses.
Grumman Aircraft Engineering
Gulf
Calendar Years
1938
1937
$6,746,534
$7,752,966
Income Account for
1939
Profit before rent, In-
Corp.—Acquires 56,468
Shares of Liberty Aircraft Products Corp.—See latter company.
—V. 150, p. 3511.
and
lower, amounting to $1,214,892 in 1939 as contrasted with
in 1938.
Earnings did not permit of any interest payment to holders of $10,985,000
debentures outstanding.
other items was
$334,118
80,20*
13,540
t
Balance
—V. 150, P. 2883.
315,078
315,078
$2,338,701
$2,731,239
Illinois-Indiana Oil Basin Corp.—Enjoined—
Securities and Exchange Commission reported June 12 that Judge
Baltzell of the U. S. District Court at Indianapolis, Ind., had
entered a'final judgment enjoining the Illinois-Indiana Oil Basin Corp.,
Rovs
Cameron and W. D. Anderson from further selling stock in the de¬
fendant corporation in violation of the fraud provisions of the Securities*
The
Robert C
Assets—Cash, $58,922; notes and accounts receivable (less reserve for
doubtful accounts), $291,028; inventories, $632,316; prepaid expenses,
A
$11,547; other assets, $72,413; land, buildings, machinery and equipment
(less allowance for depreciation and obsolescence), $627,703; patents,
$43,123; goodwill. $1; deferred, $24,275; total, $1,761,330.
Liabilities—Accounts payable for merchandise, expenses, &c., $44,797;
customers' advance deposits, $4,537; preferred dividend declared payable
May 15, 1940, $7,188; accrued salaries, wages, commissions, royalties,
interest, &c., $36,441; accrued Federal income, social Security and other
taxes, $71,066; fourth instalment of building mortgage due Feb. 15, 1941,
$7,200; building mortgage, $43,200; reserve for future service costs and
other contingencies, $20,000; deferred income, $21,162; preferred stock
($50 par), $479,197; common stock ($1 par), $373,304; paid-in surplus,
$255,629; earned surplus, $389,185; earned surplus reserved for retirement
of preferred stock, $8,424; total, $1,761,330.—V. 149, p. 3874.
t^TheI^nmlatot8d^rg^that?n^the sale of purchasers that the defendants
these securities
purchasers and prospective
Cameron had
Accordhig'
represented
to the
complaint, the defendants have been selling stock of
to
"SS
for
and had
full seven-eighths
Onrn
the
ririrts
in^certain
and the
"placed into" the Illinois-Indiana Oil Basin
leasehold interest in oil, gas and other mineral
land located in Gibson
defendants omitted to state, that
County, Ind., when the fact is.
the Carter Oil Co. is the owner of
seven-eighths leasehold interest.
Tt also was alleged in the complaint that the defendants represented that
the purchaser of stock in the defendant corporation would own
a propor¬
this full
tionate right
when
the
to a
fact is
would not own a
completed well on 40 acres down to the McClosky lime,
defendants omitted to state that the purchaser
proportionate right in the completed well until Crawford
and the
The Commercial & Financial Chronicle
3828
his assignees have drilled and completed such a well under the terms of
the above-mentioned contract.
The defendants, without admitting or denving the allegations of the
or
complaint, consented to the entry of the final judgment.
Independent Pneumatic Tool Co. (& Subs.)— -Earnings
.1939
Calendar Year*—
Gross
profits.
_
,1938
$2,172,665
—
$1,223,056
1937
1936
$2,4.54,365
$2,151,781
Sell., adm. and gen. exp.
1,0.51,487
896,562
1,122,672
882,568
$1,121,178
$1,331,693
78,877
$326,494
41,206
46,035
$1,269,213
38,251
$1,200,05.5
201,105
60,830
$367,700
68,500
11,15.3
$1,377,728
a215,200
8,889
$1,307,464
al92,722
18,470
$288,046
375,698
$1,153,639
$1,096,272
939,24.5
986,207
375,698
375,698
depreciation.
and
Operating profit-..—
Misc. income (net)
Total income
-
Reserve for income tax--
Miscell.
charges-—-—
Net profit
$938,121
-
Dividends
Shares
657,472
—
of
capital stock
outstanding (no par)Earns, per sh.on cap. stk
37.5,698
$2.50
Including United States surtax
1937 and $3,112 in 1936.
a
on
187,849
$0.76
$3.07
$5.83
undistributed profits of $11,500 in
Consolidated Balance Sheet Dec. 31,
i939
Assets—Cash in bank, $1,347,100; U. S. Government securities, $16,000;
customers' notes and accounts receivable (less reserve $21,132),
$635,467;
loans
and advances to employees, $3,462;
sundry accounts receivable,
$4,570; working funds and traveling advances, $30,167; inventories, $1,470,394; prepaid expenses, $27,741; advances to employees' capital stock club,
$6,107; property, plant and equipment (less reserves for depreciation of
$1,423,063), $727,175; trade-marks, goodwill and patents, $883,332; total,
$5,151,515.
Liabilities—Accounts payable and accrued expenses, $284,074;
provision
for U. S. and foreign income taxes, $200,578; capital stock (375,698 no
par
shares), $3,482,450;surplus, $1,184,413; total, $5,151,515.
To Pay
50-Cent Dividend—
Directors have declared a dividend of 50
c^nts per share on the common
stock, payable July 1 to holders of record June 20.
This compares with
40 cents paid on March 29, last; $1 paid on Dec. 28, last, and previously
quarterly dividends of 25 cents per share were distributed.-—V. 150, p. 3361.
Indiana Harbor Belt RR.—Earnings—
Period End. Apr. 30—
Railway
Railway
Net
from ry. oper.
Railway tax accruals
Equip. & jt. facil. rents-
$1,142,365
Manhattan employees who now become city workers under civil service,
commending them to his care as a body of loyal workmen^who could expect
313,695
Total income
Misc. deduc. from inc.Total fixed charges
$121,800
3,252
37,914
$115,525
3,045
36,861
$473,067
12,921
155,551
$518,084
12,035
147,698
$80,634
$75,619
$304,595
$358,351
Net income afte- fixed
charges.
—V. 150, p. 3204.
Indiana Hydro-Electric Power Co.—Accumulated Div.—
Directors have declared a dividend of $1.75 per share on account of
accumulations on the 7% cumul. pref. stock, par $100, payable June 15
to holders of record May 31.
A similar payment was made in each of the
Indianapolis Gas Co.—Chase Bank Wins Suit—
Reversing a decision handed down by the Federal District Court in
Indianapolis last September, the U. S. Circuit Court of Appeals at Chicago
ruled June 6 that a 99-year lease concluded in 1913 between
Indianapolis
Gas Co. and the Citizens Gas Co. is valid and
binding upon the City of
Indianapolis as successor trustee of the lease.
The opinion was given on appeals brought
by the Chase National Bank as
trustee for the bondholders of Indianapolis Gas Co. and by the
Indianapolis
Gas Co., itself.
The lower court had ruled that the Chase National Bank
entitled to a judgment of $1,032,150 against
Indianapolis Gas Co. for
unpaid interest on the company's 5% 1st mtge. bonds but held that the
City of Indianapolis had no liability under the lease.
The Citizens Gas Co., originally a private
enterprise, became the munic¬
ipally owned Citizens Gas & Coke Co. in September, 1935.
The City of
Indianapolis paid a total of $7,033,500 to stock and bond holders of the
Citizens Gas Co. at that time but
rejected the lease between Indianapolis
Gas and Citizens Gas and made no
provision for bondholders of the former
was
company.
TnehOity of Indianapolis, however, continued to operate the property
of Indianapolis Gas Co. which had been
leased to Citizens and entered
cancellation of the lease,
paying in
escrow
to
Indianapolis bank the amount of rent due Indianapolis Gas Co. under
99-year lease.
By the decision of the Circuit Court of Appeals, the 99-year lease is
declared valid, the lease binding upon the
City of Indianapolis, and Chase
National Bank entitled to unpaid interest on the
5% bonds of the Indian¬
apolis Gas Co. and interest on the interest.
The judgment covering the
unpaid interest is declared enforceable against (1) the City of Indianapolis,
(2) Citizens Gas Co. and (3) Indianapolis Gas Co.
an
the
The effect of the decision is to release from
escrow
the amount of the rents
paid by the City of Indianapolis to the Indiana National Bank, Indian¬
apolis, and to make it available to the Indianapolis Gas Co. for
payment of
interest on its bonds.
Judgment of the lower coiirt against Indianapolis
Gas Co. was of limited value to the
bondholders since it did not permit
the company to acquire the full
amount of the rent from the city.—V. 149,
p.
1917.
Investors, Inc.—Interim Dividend—
Directors have declared an interim dividend of 20
cents per share on the
common stock, no
par value, payable June 29 to holders of record June 20.
Like amount was paid on March
30, last, and compares with 50 cents paid
on Dec. 22,
last; 15 cents on Sept. 30, June 30 and March 31, 1939; 25 cents
on
Pec- 23 • 1938, 15 cents paid on Sept. 30, June 30 and March 31,
dividend of 80 cents paid Dec. 24,
1937, and dividends of 20 cents
paid Sept. 30, June 30 and March 31, 1937.—V.
150,
a
p.
1769.
Inland Steel Corp.—Awarded Contract—
The State of Rio Grande Do
Sul, Brazil, announced it had awarded to
this corporation a
$2,000,000 contract to supply 25,000 tons of rail for the
State railroads.
A five-year
Export-Import Bank credit has been arranged,
it was stated.—V.
p.
3361.
Interborough Rapid Transit Co.—City Takes Title to
I. R. T. Lines and Manhattan
Ry.—
Title to the subway lines of the
Interborough Rapid Transit Co. and the
uncomdeinned elevated lines of the Manhattan
Ry. passed to the City of
Tsew York, June
12, bringing to a successful termination a campaign for
unification that began in 1921.
Transportation began at midnight.
*5?
Operation of the lines by the Board
The rapid transit and surface
lines of the Brooklyn-Manhattan Transit
Corp. and its subsidiaries were
acquired by the city on June 1 and have been
operated by the Board of
Transportation since midnight of that day.
lhe comprehensive network
composed of the city's Independent Subway
System and the rapid transit lines
formerly operated by the InterboroughManhattan and B.-M. T.
systems is now known as the New York City
Transit System, consisting
+
the
Queens
HMT.
i
street
car
of three divisions, designated
In addition, the
and bus lines
Transit Corp.
as the IND, the
Board of Transportation now oper¬
formerly operated by the Brooklyn and
declared at
a
in
track miles of
30-mmute ceremony held in the
Board of Estimate chamber
•
,
Second Ave. UL" Discontinued—
With the conclusion of their midnight trips June 11, service on both the
Ninth Avenue Elevated road from the Battery to 155th St. and the Second
Avenue Elevated road from the Battery to 129th St. were discontinued.
All trains
60th St.
are
operating on the Second Avenue Elevated line south of
those scheduled regularly for Queens.
now
When the sections of the two lines are torn down this summer, Manhattan
will have only one complete elevated line, the Third Avenue line, and two
sections of two other lines.
The Ninth Avenue elevated line was N. Y. City's first rapid transit line
and the oldest elevated route in the world.
In operation for more than 70
it antedates the first experimental subway operation attempted by
Alfred E. Beach under Broadway between Warren and Murray Sts.
Con¬
years,
struction
on
the
Ninth Avenue line started July 1,
made its trial
trip
July 1, 1968.
on
the line between
1867, and the first car
Cortlandt St. and Battery Place
The Second Avenue line is the youngest of the elevated lines and was
begun in 1879.
The Sixth Avenue line, obtained by the city in December, 1938, and
later torn down, was started on April 19, 1876.
The Third Avenue elevated,
which will continue until paralleling facilities can be constructed by the city,
was
started in
1877.
Foreclosure Sale
Confirmed—
Federal Judge Robert P. Patterson on June 12 confirmed a foreclosure
decree under which the properties of Interborough Rapid*Transit Co. and
Manhattan Ry. Co. were sold to contracting bondholders' committees for
transfer to N. Y. City under the
plan of unification.
Certificate Holders May Exchange Securities—
The plan for the unification of the
Interborough and Manhattan Transit
systems has been consummated and holders of certificates of deposit for
I. R. T. 1st & ref. 5s can obtain the corporate stock of the City of New York
and cash distributable to them by surrendering their certificates of deposit
J. P. Morgan & Co., Inc., depositary, 23 Wall St., New York, N. Y.,
accompanied by a letter of transmittal, properly filled out and executed.
In accordance with the plan, holders of certificates of deposit are entitled
to receive, in corporate stock and cash, a distribution of $825 per
$1,000
bond ($821.91 being payable in corporate stock and $3.09 per bond in cash),
plus a sum in lieu of interest, in the amount of $23.73,, less such holder's
pro rata share of the expenses of the committee as approved by the court
and a reserve for contingencies and additional
expenses (aggregating $13
per bond), or a total in corporate stock and cash of $835.73.
However, in
view of the fact that the corporate stock carries interest at
3% per annum
from June 1, 1940, there will be deducted from the above total of $835.73
an amount of cash equi valent to the accrued interest from June 1 to June
12,
1940, on the corporate stock so delivered.
The foregoing figures are applic¬
able in the case of a single $1,000 bond, but where more than one bond is
held, the distribution will include corporate stock or interim certificates in a
total principal amount calculated at the rate of $821.91 per $1,000 bond, to
to
the extent that such amount can be delivered in the authorized denomina¬
tions referred to below, and the cash to be delivered will represent only the
difference between $835.73 per bond and the amount of such corporate stock,
less
an adjustment for accrued interest on such corporate stock.
yn
For the purpose of reducing so far as may be practicable the total number
of pieces of corporate stock and interim certificates for corporate stock to
be issued and the total amount of fractions to be paid in cash, the
City of
New York requires that each holder surrendering a certificate of deposit
must surrender at the same time all other certificates of
representing the
same
issue then owned
or
deposit and bonds
beneficial ownership of bonds of the above-mentioned
held by such holder and must so certify in the letter of
transmittal accompanying the surrender thereof.
All certificates of deposit
and bonds representing a single beneficial ownership of bonds so surrendered
by any holder will be treated as a unit for the purpose of determining the
afnount and denominations of corporate stock or interim certificates for
corporate stock to be delivered to such holder.
Corporate stock (in coupon
or registered form as
requested by such holder) or interim certificates for
corporate stock (in bearer form withput coupons) will be delivered in the
largest authorized denominations available.
Corporate stock will be de¬
livered in the authorized denominations referred to below, and fractional
amounts less than $100 deliverable in corporate stock with respect to any
single delivery will be paid in cash.
~
If there is any amount distributable to bondholders remaining In the
hands of the committee at the expiration of the exchange period, Sept
12,
.
1940, after deducting all expenses approved by the court, an additional
distribution (which in no event will be in excess of a few dollars per bond),
will
be made.
&
The corporate stock is dated June 1,1940, matures June 1, 1980 and bears
nterest at the rate of 3%' per annum.
The definitive corporate stock is or
will be in the denominations, in coupon form, of $1,000, $500 and $100, and
in
y
e
denominations, in fully registered form, of $100 or multiples thereof.
Minority Noteholders' Committeermitted to Inter" ve—
A minority committee representing holders of $10,500,000 gold notes of
the Interborough Rapid Transit Co., was permitted by the U. S. District
Court to intervene in the Interborough receivership proceedings on the day
that the last elevated lines ceased operation.
This committee seceded because its members felt that the holders of the
transit system, representing
790
a city investment of about
subway and elevated lines, 437 track
miles of street railway and 80 miles of bus
routes, will be operated on strictly
business lines, with all political
interference tabooed, Mayor La Guardia
•
$1,500,000,000
Ninth Ave. "L" and Part of
on
13 preceding quarters.—V. 150, p. 1602.
or
fair treatment from the Board of Transportation.
317,899
$510,771
7,313
ates
.
$1,179,325
321,320
394,565
$273,893
74,906
84,495
$463,440
9,627
of
prepared to swear in, for a new term of six years, John H. Delaney, Chair¬
man of the Board of Transportation, whose present term expires at midnight
on June 30.
Mr. Delaney indicated that he would accept a reappointment.
In connection with the City Hall exercises, Joseph D. McGoldrick,
Controller, disclosed that the city, by purchasing in the open market
various securities of the Interborough-Manhattan and B.-M. T. systems
had saved about $7,000,000 on the total unification price of $326,248,187.
Under the unification contracts executed last summer the city was to pay
$175,000,000 for the B.-M. T. properties and $151,248,187 for those of the
Interborough-Manhattan system, the medium of payment being 3% city
bonds, of which $315,000,000 would be exempt from the debt limit under a
constitutional amendment adopted by State-wide vote last fall.
A report submitted to the Board of Estimate disclosed that Mr. McGold¬
rick, by means of these open-market purchases, was able to save $4,974,332
on the Interborough-Manhhtan purchase price and $2,340,346 on the price
for the B.-M. T. system properties, or a total saving of $7,314,678.
The
report, which explains in detail the financial aspects of the unification
transaction, declares that $253,000,000 of city bonds authorized by the
amendment soon will be issued; $51,.500,GOO issued to the sinking funds to
redeem a like amount of bond anticipation notes already issued; and the
remainder
retained
to
pay
for outstanding
Interborough-Manhattan
securities not deposited.
The full $315,000,000 of exempt bonds, he re¬
ported, probably would not have to be used.
To pay for elevated lines in Manhattan and Brooklyn, already acquired
by condemnation, the city will use assessment bonds, which will carry 3%
coupons and will be charges against the debt limit.
The City Hall ceremonies marking the acquisition of the InterboroughManhattan properties began at 2 p. m„ several hours after Federal Judge
Robert P. Patterson, in charge of the equity receiverships of the companies,
had authorized delivery of the properties to the city and brought the receiv¬
erships to an end, except for adjustments of intercompany claims in which
the city had no interest.
Chester W. Cuthell, special counsel for the Transit Commission, was in
charge of the formal exchange of documents, which included the surrender
to the city of Contracts 1, 2 and 3, on which were based the relations between
the city and the companies up to the time that title passed.
The deed to
the Manhattan Ry. properties was delivered to the Mayor by Van S.
Merlesmith, head of the committee for that company's 1st mtge. bonds.
Arthur M. Anderson of J. P. Morgan, Inc., delivered the deed to the Inter¬
borough properties, acting for the committee representing that company's
1st mtge. bondholders.
The original contracts were surrendered to the Mayor by Thomas E.
Murray Jr., receiver for the Interborough.
With tne exchange of documents out of the way, the Mayor voiced his
satisfaction at the consummation of the unification program.
The Mayor turned over to Mr. Delaney the certified list of Interborough-
$114,492
1,033
150,
the Mayor said he was
$3,490,811
2,348,446
1940—4 Mos.—1939
$119,794
2,006
1938;
of his purpose to bar politics,
$3,885,893
2,706,568
Net ry. oper. incomeOther income
Inland
As an indication
$291,364
79,817
91,753
oper. expenses-
negotiations for revision
prop
erties and the consummation of the general unification program.
1940—Month—1939
$906,549
$848,428
615,185
574,535
oper. revenues-
rev.
June 15, 1940
City Hall to mark the acquisition of the Interborough-Manhattan
at
6% unsecured 10-year gold notes
were not
being informed of the precarious
situation in which their investment had been placed by reason of the sub¬
ways coming under Municipal ownership.
The minority committee is headed by Marcel H. Stieglitz of 165 Broad¬
way, N. Y.
City, and includesJPaul.M. Coonrod and Ira W. Hirshfield who
Volume
The Commercial & Financial Chronicle
150
nad been secretary and counsel, respectively, of the Faulkner committee
which for years had been recognized as
representing the 6% noteholders.
The court was told that at one time the Faulkner committee could have
obtained
a
settlement of from 40 to 50 cents
60 cents..;.'
V-V
*.
on
the dollar but held out for
''
v,
■■
Now the minority members informed the court only a 35% settlementis
possible and that providing the noteholders agree and deposit their notes
before Sept. 12, 1940.
If that is not done, the minority committee told
Judge Patterson, other claims will take precedence over that portion of the
$6,000,000 bid for the unmortgaged properties which had been ear-marked
to meet the 6% notes and that further
litigation would result in the matter
dragging along for years with no payment.
The plan of unification of the city lines with those of the Interborough
and Manhattan systems adopted by the State Transit Commission provides
that assenting holders of the Interborough 6% notes will receive $350 of
New York City Corporation stock or cash for each $1,000 note held.
This
was the highest offer that the Faulkner committee had been able to induce
the city to pay,
"
Dwight F. Faulkner Jr., of 115 Broadway, N. Y. City, remains chairman
of the mjjority committee.-—V. 150. P. 2883.
Inter national
Great
Northern
RR.^-Proteclive
Iowa Southern Utilities Co.
certificates of record June 15, 1940.—V. 150, p. 3663.
Jersey Central Power & Light Co.—Offering Postponed—
Company decided June
7 to postpone indefinitely its proposed offering
$38,000,000 first mortgage 3)4% bonds.
The issue was to have been
a group headed by First Boston Corp.
It is understood that the current
uncertainty in investment circles was
the
primary cause for the postponement.—V. 150, p. 3362.
of
underwritten by
(Mead) Johnson & Co.—Extra Dividend—
Directors have declared an extra dividend of 75 cents per share in addition
quarterly dividend of 75 cents per share on the common stock,
no par
value, both payable July 1 to holders of record June 15.
Like
amounts were paid on April 1, last.
Extra of $1.75 was paid on Dec. 28,
last, and extras of 75 cents were paid on Oct. 1, July 1, and April 1; 1939.
—V. 150,p. 1771.
■
to the regular
Corn-
Kentucky Utilities Co. (& Subs.)—Earnings—
A protective committee has been formed, with Wm. Carnegie Ewen,
York, as Chairman, to act in the interests of the holders of the first
mortgage bonds of the company in reorganization proceedings now pending
New
Operating
Net sales
Cost of goods sold
$1,035,390
743,733
.
.
Gross profit on sales
Selling, general and administrative
Net profit
(incl.
loss
Operating
Assets—
4,495
141,369
97,250
249,886
value
of life
4,031
Contract receivable
Other
.......
7,687
8,776
receivables.
3,250
172,181
dies,
tools
Total
x
5,441,424
$924,853
456,247
$3,590,156
406,137
1,743,825
$3,450,082
1,856,537
$485,721
114,016
94,681
$468,606
114,016
94,671
$1,846,330
456,066
378,723
$1,593,546
456,066
378,686
$277,024
$259,918
$1,011,541
$758,794
on
on
$17,673
Kirsch Co.-—To Pay 50-Cent Dividend—
Directors have declared
on
Jan. 3,1938.—V. 149, p. 4032.
Kobacker
Stores, Inc. (& Subs.)—Earnings—
Taxes accrued and
payable
29,723
3,008
414,126
Years End. Jan. 31—
14,351
1.501
.......
Net sales of
taxes—4940
131,242
Other income
414,126
131,242
67,689
Capital surplus
Operating surplus.
1940
1939
1938
1937
depts—$11,369,398 $10,123,745 $11,847,737 $11,923,450
153,803
Drl2,267
7,884
8,623
44,056
20,334
10,129
17,941
own
Leased dept. rentals, &c.
61,261
Total
_
$11,567,257 $10,131,812 $11,865,750 $11,950,014
Cost of merchandise sales
& operating expenses.
11,225.529
46,850
94,374
10,054,444
5,750
$200,504
loss$24,505
43,376
Prov. for Fed. taxes
Total
.........
$703,193
$157,128
85,797
$1.83
dividends
Balance, surplus
Shs. com. stock (no par)
$679,198
Earnings
11,460,974
y51,000
96,590
11,444,694
y66,500
86,944
43,575
$257,187
44,532
$351,876
190,886
def$68,080
85,797
Nil
$212,654
81,455
$2.61
$160,989
81,455
96,124
Paper Co.—No Dividend Action—
The board of directors of this company, which met on June 11, did
take any action with respect to dividends.
However, International
Paper & Power Co. has agreed to pay to any of the few remaining holders
of International Paper Co. 7% preferred stock who so wish, the sum of
$1.25 a share against an assignment of that amount of dividends accrued
on such stock.—V. 150, p. 3514,
not
International
share-----
per
Includes $5,500 in 1938, $9,000 in 1937, surtax
y
Paper & Power Co.—-Dividend-—
The board of directors
on
June 11
declared
a
regular dividend of $1.25
share for the second quarter of 1940 on the company's outstanding cumula¬
tive convertible 5% preferred stock, payable June 29, 1940, to holders of
a
record at close of business June 21, 1940.
After payment of this dividend
there will remain $12.50 of unpaid dividend accumulation on the stock.—
V. 150, p. 3663.
May 31—
Sales
1940—Month—1939
$2,131,099
$2,067,105
Stores in operation ...
—V. 150, p.3515.
.....
1940—4 Mos.—1939
$7,543,096
$7,285,519
40
40
Assets—Cash on hand and demand deposits $205,911; accounts receivable
(less reserve for doubtful accounts of $31,301), $387,990; miscellaneous
receivables, $46,922; merchandise inventories, $1,433,772; miscellaneous
securities, receivables, &c., $225,536; treasury stock: Preferred (3,010shs.),
$200,796; common (4,342 shs.), $25,525; property, equipment, &c. (less
reserves
for
depreciation and amortization of $742,616), $1,557,203;
deferred charges, $169,640; total, $4,253,295.
Liabilities—Notes payable, $108,000; accounts payable, $486,909; ac¬
crued taxes, $99,328; accrued payroll, rent, interest, &c., $66,311; notes
payable, $833,000; reserve for self insurance risks, $52,269; reserve for con¬
tingencies, $15,000; deferred service charges on customers' accounts, $9,216;
7% preferred cumulative stock (par $100) $914,000; common stock (85,797
no par shares), $428,982; surplus, $1,239,680; total, $4,253,295.—V. 150,
p.437.
,
Kresge Department Stores, Inc. (& Subs.)—Earnings—
f
:
t
Consolidated Income Account for Years Ended Jan. 31
1940
1939
1938
$4,786,767
$5,127,177
4,691,180
4,992,166
$95,587
30,306
$135,011
34,146
$325,143
51,266
$138,884
34,423
$125,893
35,016
$169,157
31,699
234
&28,680
$376,409
27,456
1,560
a57,921
$108,545
80,996
$289,473
244,040
Foundation, Ltd.—Accumulated Dividend—
une
1937
$4,933,167
4,827,018
$106,149
32.735
Net sales
Cost of sales & expenses-
Operating profit
The directors have declared dividends totaling $1 per share on the cum.
5ref. 29. Dividend of $2
shares, $50 par value, paid on April l&jJ&st, and dividend ofrecord
payable July 15 .to shareholders of $1.25
$3.73
undistributed profits.
on
Consolidated Balance Sheet Jan. 31,1940
Interstate Department Stores, Inc.—rSales—
Investment
dividend of 50 cents per share on the class A
common shares payable June 25 to holders of record June 15.
Divi¬
dend of 25 cents was paid on Dec. 30, last, and one of 12H cents was
paid
Net profit
$679,198
a
and B
Preferred
I international
Other income..
$5,500,279
5,175,136
was
was paid on Jan. 15, last.
After the current payment the
25 cents per share.—V. 150, p. 2428.
arrears
Depreciation
Interest paid
Iowa Electric Light & Power Co.—Amends
company
has
filed
an
amended
application
with
Total income.
will total
Financing
Plan—Would Sell Bonds Privately—
The
-
6% pref. stock.
7% jr. pref. stk
Keystone Custodian Funds—Dividends—
After reserve for depreciation.—V. 150, p. 692.
Period End.
J>4,244
$891,858
-
73,394
$703,193
$803,941
Directors have declared a dividend of 14 cents per share on the K-2 shares
payable June 15 to holders of record June 5.—V. 150, p. 3052.
and
.........
$1,021,611
$3,410,633
39,449
Balance---
176,410
62,122
$274,867
5,909,739
Prov. for depr. & amort.
......
$1,638,693
456,066
378,686
—V. 150, p. 3205.
Pats., tr.-marks <&
goodwill.......
Def'd charges, incl.
molds
$1,856,400
456,066
378.723
$3,594,058
Dr3,902
exps.
Net income
3,500
equipment.
94,671
114,016
$922,997
1,856
Prop., plant and
x
$483,555
1,347,736
Divs.
$20,792
3,119
Cap. stock ($1 par)
from sale of radio
business
$490,735
114,016
94,681
$896,102
Divs.
Res. for Fed. inc.
insurance
$3,662,663
2,023,970
1,556,465
Liabilities—
Apr. 30*40 /an. 31*40
Apr, 30 '40 Jan. 31 *40
$101,021
$65,950 Accounts payable.
$57,405
$56,717
215,562
Cash
$3,765,820
1,909,420
& taxes-
JPr36,992
$12,825
..............
Inventories
$981,824
498,269
Int. & other deductions.
Comparative Balance Sheet
Cash
$3,623,049
39,614
$282,038
Gross Income-
Includes $283,149 of radio division sales.
Receivables—net.
5,829,729
,769,819
Dr3,998
Net operating income.
Other Income (net)---.-
$57,784
$15,834
3,008
Net income before Federal income taxes.......
_
!
on
Provision for Federal income taxes
Net income._......
$2,426,050 $10,156,635
1,446,100
6,386,816
Statement of Income (Company Only)
Period End. Mar. 31— 1940—3 Mos.—1939
1940—12 Mos.—1939
Operating revenues
$2,452,567
$2,270,733
$9,503,797
$8,852,057
306,957
$11,339
revenues
Balance-
$364,740
280,318
expenses
sales
Other income and deductions, net
liquidation of obsolete material)
on
$937,974
447,239
1940—12 Mos.—1939
$9,452,778
$979,949
1,875
Net income
Div. on 6% pref. stock._
Div. on 7% jr. pref. stk.
$1,458,374
1.093,633
$291,657
.
$942,218
Dr4,244
Gross income
Int. & other deductions-
1940
1939
$1,093,376 a$l,556,586
57,986
98,212
-
$2,632,997
1,690,780
Net operating incomeOther income (net)
Inc.—Earnings-—
Returns, allowances and discounts.
expenses & taxes..
Oper.
Wright, Peter E. Kassler and Leon D. Sterling, Secretary-Treasurer.
A proposed reorganization plan provides that the assets of the company
shall become part of a new proposed consolidated system to consist of the
Missouri Pacific, International-Great Northern and others.
This plan,
the committee believes, does not reflect full and proper consideration of the
intrinsic value of thel.-N, G. property underlying the first mortgage, and
violates the rights of the first mortgage bondholders.
The committee states that it has submitted to the court its exceptions
and objections to the proposed plan and that it intends to be ably repre¬
sented by counsel at court hearings on
July 9 in opposition to the plan.
The committee is urging all holders to communicate with Mr. Sterling,
Its Secretary, at 25 Broad St., N. Y, City.
Colladay, McGarraghy, Colladay & Wallace of Washington, D. C.,
9 Months Ended April 30—
Gross sales
Period End. Mar. 31— 1940—3 Mos.—1939
^
before the Federal District Court in St. Louis.
Other members of the com¬
mittee, which represents a substantial number of bonds, are Edmund
International Industries,
(Del.)—Dividends—
Directors have declared payments on accounts of arrears on former
cumulative preferred stock outstanding on Aug. 3,1938, at the rate of $1.75
per share for the 7% series; $1.62^ per share for 6K% series; and $1.50
per share for the 6% series, payable July 1 to holders of dividend arrears
mittee—v
Everett Paul Griffin of St. Louis and Kenneth McEwen of New York are
counsel for the committee.—V. 150, p. 3514.
3829
the
Interstate
Prov. for Fed. inc. tax_.
24",044
22",023
Net profit-Preferred dividends..--
$80,417
$68,856
102,945
80,785
Commerce Commission asking authority to issue $6,000,000 first mortgage
3)4% bonds, series F, to obtain funds necessary to retire a like amount of
first mortgage 10-year 7% bonds, series C, due Aug. 1, 1942.
The com¬
also asked permission to issue a 3% promissory note for $1,500,000 for
of making certain improvements to its electric utility properties.
Company operates some railway properties in Iowa, but heretofore has
contended the ICC has no jurisdiction over it.
In the amended applica¬
tion company raised no question of jurisdiction, explaining that a decision
by the ICC on this point might delay issuance of the securities.
The amended application superseded a previous request, which has not
yet been acted on, for authority to issue $9,000,000 3 54% bonds and
$750,000 2)4% notes. "Company originally intended to retire the $6,000,000 10-year bonds, series C, and $3,000,000 series D bonds, but because
"it now appears important on account of market conditions," that the
securities be issued by July 1, company decided to proceed with the
$6,000,000 refunding now and not to risk further delay on the pending jurisdic¬
tional question.
Company said it appears "inadvisable'' now to effect a
retirement of the $3,000,000 series D bonds.
The $6,000,000 new bonds, according to verbal agreement, will be sold
to the following parties: Equitable Life Assurance Society of the U.
S.,
$4,000,000; Metropolitan Life Insurance Co., $1,000,000, and Northwest¬
ern Mutual Life Insurance Co.,
$1,000,000.
i ;
The $1,500,000 note would be sold to the National City Bank of New
a
,
York.—V. 150. p. 2101.
Includes surtax on undistributed profits.
Consolidated Balance Sheet Jan. 31
1940
1939
$316,414
Assets—
pany
purpose
-
a
Furniture,
Liabilities
1940
8% pref. stock.._
fixt.,
75,292
properties
Sundry investm't-
123,404
127,646
8,526
d Inv. in The Fair
1,498,000
8,526
1,498,000
Inventories
c Accts. receivable
732,680
664,856
eRcdemptlon value
819,730
525,560
843,407
Unearned int.
14,224
21,192
equipment,&C-Land-.Improve, to leased
Cash
-
Deferred charges--
782J142
4% pref.stock..-.$1,401,950
b Common stock
$4,113,836 $4,352,813
38,287
14,019
89,610
on
instalment accts.
Earned surplus
Total
243,574
45,728
payable
250,864
233,672
Income tax
Capital surplus.-Total..'
1,401,950
250,804
__
Accts. payable, &c.
Reserve for Federal
Divs.
1939
$228,500
$331,753
75,292
13,691
160,376
17,501
203,002
1,903,925
1,909,075
$4,113,836 $4,352,813
depreciation of $208,813 in 1940 and $233,784 in 1939.
b Represented by shares of $1 par value,
c After reserves of $50,000 in
1940 and 1939.
d 166,500 shares of common stock.
• $110 per share,
together with accumulated dividends of 515 shares of 8% cumulative sink¬
ing fund preferred stock called for redemption as at April 1, 1940.—V. 150,
a
p.
After reserve for
2885.
i
1
Sales
Corp.—Grumman Acquire
|
28% Interest—
1940—Month—1939
1940—5 Mos.—1939
$6,837,925
$6,818,056 $31,039,615 $29,319,405
June 15, 1940
Aircraft Products
Liberty
Co.—Sales—
(S. H.) Kress &
Period End. May 31—
Acceptance of the recent offer made by Grumman Aircraft Engineering
Corp. to purchase for investment 56,468 shares, or 28%, of the common
Liberty at $6 per share has been approved by stockholders of
150, p. 3205.
—V.
Chronicle
The Commercial & Financial
3830
stock of
Lakey Foundry & Machine
Co.—Earnings—
Liberty.
Stockholders also approved a proposal to holders of rights to
purchase 30,000 shares of Liberty stock at $3 per share to surrender their
rights covering 15,000 of such shares and to purchase the remaining 15,000
1940—6 Mos.—1939
$187,191
$144,573
Earnings per share—._
$0.19
$0.19
$0.42
$0,328
x After depreciation, &c.,
but before Federal income taxes.
Working capital at April 30, 1940, amounted to $543,335.86, increasing
1940—3 Mos.—1939
$85,200 •
$84,198
Period End. Apr. 30—
x
Net profit....
from $270,891.63, at April 30, 1939.
ltatio of current assets to current
.
liabilities at April 30,
1940, before
May 31—
Period End.
Sales
1940—5 Mos.—1939
1940—Month—1939
$1,297,473
$1,328,370
$5,763,358
$5,733,532
3052.
Loomis-Sayles Second Fund, Inc.—Earnings—
Lee Rubber & Tire Corp.6 Mos. End. Apr.
in¬
pany's relations with other customers, among whom are Curtiss-Wright
Corp., Republic Aviation Corp. and Glenn L. Martin Co.
Liberty's growing backlog of unfilled orders currently amounts to more
than $1,000,000. the orders including machine parts, pontoons, tails and
other aircraft p<jrts.—V. 150, p. 3516.
Bryant & Co.—Sales—
—V. 150, P.
its working capital position and enable it to proceed
of its plant and equipment made necessary by
creasingly large orders.
In announcing approval of the sale of stock to Grumman, Robert Simon,
President of Liberty, stated that it will in no way interfere with the com¬
income was 5.32 to 1.
' ;\.vV
establishing a liability for Federal tax on current
—v. 150, p. 1282.
Lane
ShConsumn?ation of these transactions will net Liberty $353,808, which sum
will greatly improve
with the expansion
,
1937
$6,445,172
x5,522,765
x5,598,173
-
1938
$4,998,390
x4,510,299
$6,642,780
5.651,905
$488,091
27,192
$948,528
$515,283
lib", 513
95",877
See
Excise taxes..
x
See
v,,;,.
See
x
x
105,301
185,043
121,240
Federal taxes.
17,989
2,033
2,405
94,052
$15,350
24,047 profl81,431
Total income.
$33,507
Dividends paid.
42,226
$8,043
97,143
$3,335
68,036
$8,719
$89,100
129,547
242,299
178,029
;
$33,339
18,604
x514
sold.
Net loss on secur.
Deficit.......———
x
-
$27,382
$102,096
$35,912
Nee profit.
261
118^393
-
$45,985
78,931
Prov. for Fed. inc. taxes
$1,023,413
Depreciation
$183,060
26,855
Expenses
$990,875
32,538
$695,727
Interest
$922,406
26,122
1937
^
$63,281
Total income
$665,805
29.922
Other income.
1938
1939
1940
Z Mos. End. Mar. Zl—
1939
1940
$6,263,978
30—
Net sales
Expenses, &c.
—,Earnings—
$196,781
48,193
$64,701 sur$148,588
Prior year's net.
Balance Sheet March 31
$314,105
64,366
y$652,972
127,783
y$456,094
201,257
Dividends.
$473,277
64.366
cosLx$7,358,842 $8,073,483
52,349
y
$249,739
42,226
32,919
y
Divs. receivable..
$408,911
21,545
13,650
Cash
Includes Federal excise taxes.
Equivalent to $1.70 per share on 268,343 shares of capital stock in 1940
255,565 shares outstanding 1939.—V. 150, p. 3664.
on
State taxes
deposit for
capital stock tax
debt adjustment plan for
the road under the Chandler Act was continued to June 27 by the statutory
U. S. Court at Philadelphia, having jurisdiction.
The Court has indicated previously that failure of the Lehigh Valley to
make a satisfactory showing of possible adjustment of its New Jersey tax
difficulties might result in rejection of the plan.
Counsel for the carrier told the Court he had been authorized by Attorney
General David T. Wilentz of New Jersey to say that satisfactory arrange¬
ments are being made to dispose of the tax controversy.
Officials of the Lehigh Valley place the disputed tax liability at approxi¬
mately $6,750,000.
Another factor in the road's situation has been the
delays attending collection of the award made the carrier in the Black
Tom explosion case.—V. 150, p. 3664, 3516.
,:V, 'v'v4
The scheduled hearing June 7 on the voluntary
Lexington Water Power Co.—To Meet July 1 Interest—
The Securities and
Exchange Commission June 6 announced that South¬
eastern Electric and Gas Co. and its subsidiaries, Southeastern Investing
Corp. and Lexington Water Power Co., have filed applications (File 70-77)
under the Holding Company Act in connection with a series of transactions
to permit Lexington Water Power Co. to meet the July 1 interest payments
on its 5% first mortgage bonds, due 1968, and 5J^% convertible sinking
fund debentures, due 1953, and to enable it to meet the July 1 sinking fund
payment on the debentures.
Lexington Water Power Co. will make a bank loan of $400,000 with
which to pay the interest on its bonds and debentures.
In this connection.
Electric & Gas Co. will enter into an agreement with the
National Bank & Trust Co. of New York, subordinating all of
Lexington Water Power Co.'s indebtedness to the parent company.
To meet the sinking fund payment on its debentures, Lexington Water
Power Co. will acquire $125,000 of its 5^% debentures from Southeastern
Investing Corp. for $109,872.
At March 31, 1940, Southeastern Investing
Corp. owned $2,930,400 principal amount of the Lexington Water Power
Co. 5H % debentures out of a total of $3,123,600 outstanding.
Payment of the debentures acquired from Southeastern Investing Corp.
will be made by Lexington Water Power Co. by crediting the amount of the
purchase price to its open account with Southeastern Electric & Gas Co.
Southeastern
3 ,175
17,575
3,180
Accr'd int. receiv.
Lehigh Valley RR.—Hearing on Plan Put Over—
Capital stock
Federal
Deferred
and $2.55 per share on
8,143,194
Prov. for Federal &
dividend pay'le.
$525,189
$254,837
1939
$32,919
17,663
7,956,796
581,143
Cash in bank.....
x
1940
$42,226
Liabilities
Div. payable.
1939
1940
Assets—
Securities at
9,753
18,107
'
$8,016,684 $8,193,0881
Total
Market value $6,928,980.
x
y
$8,010,684 $8,193,688
Total
Represented by 211,219 (219,078 in 1939)
shares.—V. 149, p. 4033.
Louisville Gas & Electric Co.
-Earns.
(Ky.) (& Subs.)
1939
1940
Years Ended April 30—
Operating revenues
Operation
$11,542,680 $10,793,541
3,310,510
3,509,222
—
•
...
640,864
597,546
Appropriation for retirement reserve
1,281,000
Amortization of limited-term investments
1,428
1.103,368
667,152
1,214,333
1,426
1,130,966
Maintenance
Taxes
Provision for Federal and State income taxes.
Gross income
Interest
on
581,318
$4,339,645
216,921
—
funded debt
...._.
Amortization of debt discount and expense......
Other interest
$3,957,442
209,122
$4,556,566
1,030,450
160,227
Net operating income.
Other income
$4,166,564
1,030,450
160,227
78,662
26,185
250,000
37,000
Cr6,674
24,197
—
Amortization of flood and rehabilitation expenseAmortization of contractual
capital expenditures.
Interest charged to construction
Miscellaneous deductions
250,000
37,000
06,302
24,644
Public
MacAndrews & Forbes Co.
June 25.
r
■
companies are subsidiaries in the Associated Gas &
system now in reorganization.—V. 150, p. 2886.
Lincoln Stores,
$1,647,170
Interest
on
$74,248
10,985
bonds
$1,126,349
122,467
$1,062,009
214,066
124,000
$1,202,754
$1,248,816
170,472
146,000
217,172
150,000
$869,662
2,525,958
$723,943
2,529,227
$886,283
2,522,103
$881,644
2,519,618
$3,253,170
119,424
$3,408,386
119,424
$3,401,262
119,424
729,346
607,788
759,735
759.735
$2,546,850
$2,525,958
$2,529,227
$2,522,103
303,894
$2.47
Total income
303,894
303,894
$2.52
303,893
$2.51
$1,301,673
215,795
174,772
Federal taxes
$1,632,330
on
_
_
Total surplus
$30,780
26,086
Earned
1936
1937
r
$105,739
2,494
$70,099
19,032
Shares
surplus
com.
stock
out¬
standing (par $10)
Earned per share
Total
$85,233
31,240
Deductions—
Net
income
profit
$69,611
525,570
410.171
a
and
21,845
Total
$75,838
85,312
...
Dividends paid
and
45,971
$479,783
349,391
loss$9,474
$15,291
1940
.
,f
m
$5,266
$6,019
prf405,187
13,219
$2,829
14,180
paid
$7,118
11,612
$4,494
11,221
prof$5,266 prf.$411,205
11,670
23,885
paid over inc. for thef
period-
.
•
$17,009
$6,403
$15,714
prf$387,320
Dec. 31 *39
Securities at cost..$1,912,686
Cash In bank
362,728
$1,872,458
324,337
Liabilities—
Dividends receiv.
Def.
Fed.
stock
Total
x
tax
.
$14,180
5,469
$6,419
2,199,949
7,475
960
'39
Capital stock... 2,281,383
State taxes
14,180
1,178
9,300
Mar. 31'40 Dec. 31
Dividend payable
Prov. for Fed. and
Cash on deposit for
dividend payable
1,920
x
178
capital
...
$2,301,032 $2,206,3681
Total
Represented by 27,255 (28,428 in 1939)
1937, $67,203
»
744,735
572,864
a
*
Provision for
392,619
274.486
181,803
$
Fed¬
eral taxes..:
Dividends
Prepaid expenses..
Goodwill, tr.-mks.,
brands, &c
accrued expenses
3,233,199
469,052
and
Accts. payable
199,280
1938
b324,816
Liabilities—
$
2,991,824
employees
31,266
Land, buildings,
machry. & equip 2,367,121
1939
$
1938
1,591,834
payable
45,909
2,343,372
Preferred stock—
303,361
Res. for employees
add'l
78,851
87,524
2,030,323
2,030,323
com
Common
pens'n
stock
Capital surplus
—
..
Earned surplus—
10,408,993 10,104,305
Total..
62,095
29,515
1,990,400
1,990,400
3,038,940
3.038,940
1,673,480
1,670,584
2,525,958
2,546,850
-.10,408,993 10,104,305
$2,994,077 in 1939 and $2,950,840
b Including foreign.—Y. 150, p. 2583.
After allowance for depreciation of
in 1938.
(Arthur G.) McKee & Co.—Extra Dividend—
no par
were paid on April 1 and Jan. 2, last.
Extra of 25 cents was paid on Oct. 2
last, and extras of 75 cents were paid in each of the eight preceding quarters
—V. 150, p. 1773.
Balance Sheet
Afar. 31 '40
Acer. int. receiv..
$85,222;
The directors have declared an extra dividend of 50 cents per share in
addition to a regular quarterly dividend of 25 cents per share on the class B
stock, both payable July 1 to holders of record June 20.
Like amounts
of
exps. real¬
ized losses and divs.
Assets—
1,751,796
413,076
Notes & accts. rec.
Total...
$11,815
14,644
securities sold
L
Total loss
Excess
$19,238
225
Net income
Dividends
$10,970
5,703
$13,686
6,342
7,504
Prov. for Fed. inc. tax..
on
1938
1939
$19,319
Expenses
Net loss
$
Stocks and bonds.
a
1937
1938,
Consolidated Balance Sheet Dec. 31
Asseht—
$130,391
$77,864
$2.38
$104,104;
1939,
Stock allotment to
Earnings for 3 Months Ended March 31
Total income
1936,
Inventories..
realized
year
depreciation:
$67,748.
Cash...
$558,289
480,425
$77,923
62,633
Includes
1939
securitiei
on
profits for
$108,233
38,621
$32,719
24,913
$31,953
$53,993
sold
Income
$89,131
56,411
$56,866
4
Net
4,411,634
41,444
exchge
Common dividends..,..
Loomis-Sayles Mutual Fund, Inc.- -Earnings—
Income—Dividends
$1,071,854
130,900
76,450
Net income
1938
$945,167
116,842
$1,225,222
Preferred dividends
1939
1936
$5,537,983
$3,395,619
119,424
Gross profit...
Prior earned surplus
r
Calendar Years—
1937
$5,644,868
4,573,013
1940—4 Mos.—1939
1940—Month—1939
$543,198
$496,757
Sales
1938
Other income
Unrealized loss
Inc.—Sales—
P,eriod End. May 31—
—V. 150, p. 694.
Electric Co.
(& Subs.)—Earnings—
4,535,232 '
5,048,713
sold
Sell., admin. & gen. exp.
.
The
$2,591,884
$5,480,398
1939
$6,273,935
Calendar Years—
Sales (net)
a Cost of goods
The
parent in turn will reduce by a like amount the $15,400,000 5% con¬
vertible obligations, due 1963, of Southeastern Investing Corp. owned
by it.
.
'
'
A public hearing will be held at the Commission's Washington office
$3,035,181
Net income
-V. 150, p. 3363, 3052.
$2,301,032 $2,206,368
shares.—V. 149, p. 4033.
McKesson & Robbing,
Inc.—Sales—
William J. Wardall, trustee of this company, on June 15 released pre¬
liminary sales figures for May showing an increase of 1.95% in sales of the
drugs and sundries department of the company over May, 1939. Sales in
this department were $8,812,294 compared to $8,643,447 in the corre¬
sponding period of 1939.
In the liquor department, according to the preliminary figures, sales were
$3,154,900 compared to $4,257,696 in May, 1939, indicating a decrease of
25.90%. This was due, Mr. Wardall said, to a non-recurring sale of whisky
in bulk consummated in May of last year.
Total sales for the month were $11,967,194 against $12,901,143 in May,
1939, the latter period including this non-recurring liquor sale. This was a
decrease of 7.24 %. Sales for the five months ended May 31 were $61,224.616
*
■;
v-»fV'-'
V
,v
Volume
>l
?•
The Commercial & Financial Chronicle
ISO
compared to $59,700,680 In the 1939 period, or an increase of
150. p. 3518.
I x1 '
i
XT
.
Operating income
:j.
1936
$1,537,937
79,597
Total income.
.
$1,317,525
89,829
$1,305,703
118,838
$1,783,762
99,886
$1,617,534
Other income (net)
.$1,407,354
$1,424,541
$1,883,649
12,939
101,747
16,306
433,519
7,709
operation of 37th
on
Street property
Miscellaneous
charges.
21,814
59,545
105,693
3,408
362,045
55,537
3,767
d337,745
278,964
163
_
Res. for doubtful acc't..
Reserve for taxes
65
Surtax of sub. company.
Depreciation
Pref- stock, $3,390,700; common stock (30,000 no-par
$600,000; long-term debt, $8,575,000; 10-year serial notes due
$75,000; accounts payable, $129,653; accrued taxes, $190,070;
«Sr,est- $87,123; consumers' deposits, $43,230; other current
liabilities, $24,758; reserves and deferred credits, $950,351; contributions
for extensions
$8,377; earned surplus, $832,961; total, $14,907,224.—
V.
$12,543,064 $11,781,290 $12,242,434 $11,788,321
11,005,127
10,463,765
10,936,731
10,004,558
Expenses
Loss
3831
currently
(& Subs.)—Earnings—
Consolidated Income Account for Calendar Years
1939
1938
1937
,
sales
ov,•
shares),
,
McCall Corp.
Net
2.55%.—V.
313",417
366",656
353,848
335,830
$739,606
580,785
$561,842
530,423
$673,480
941,797
$1,186,943
1,213,533
.......
'<
Interest
on
.......
_
Balance, surplus.....
Shares of
common
$31,419cdef$268,317 bdef$26,590
$158,821
stock
528,760
527,998
$1.40
outstanding (no par).
Earns, per sh. on com_.
533,860
$1.26
$2.20
debiting $28,747 taxes for prior years and crediting net profit
on securities sold during the
year, amounting to $8,834.
c Before debiting
$74,700 cost of 5,500 shares of capital stock in treasury, which were pur¬
chased during 1937 and retired on Jan. 27, 1938.
d Includes all direct
taxes, real estate, property, social security and miscellaneous taxes, which
$245,256
Net loss
$
.
hand
Marlin-Rockwell Corp.—$1.50 Dividend—
Directors have declared a dividend of $1.50 per share on the common
stock, payable July 1 to holders of record June 20.
Dividend of 50 cents
was paid on April
1, last; one of $2.50 was paid on Dec. 20,last, and regular
dividends of 50 cents
per share were
months previousIy.—Y. 150, p. 3665.
&
47,300
45,376
159,235
329,761
375,458
143,648
104,554
271,957
214,338
Divs. pay. Feb. 1.
Res. for replacem't
184,795
132,187
120,795
121,273
money has now been received."
^
"We believe that the location of Brunswick, Ga., in which we are estab¬
lished through common stock ownership In the Brunswick Pulp & Paper Co.
1,283,972
122,848
1,348,487
Accts. <fe notes rec.
of
coBt
796,169
766,293
1,465,546
1,366,281
(net)..........
......
ing serial notes.
167,152
Def. accts. receiv.
79,207
credits..
86,817
122,848
9,632,630
4,350,867
and possibly other sites, have the advantages of the St. Joe location, and
are better suited to out purposes and the future developments of the corpo¬
ration.
It is the opinion of the management that the
the sale of the St. Joe equity can be used to better
84,894
Leasehold.....
$
pattern
Reserves
58,896
V
$
discards
Deferred
from
officers & em pi's
Non-interest-bear¬
91,140
71.900
y
9,632,630
4,521,440
Capital stock...
Earned surplus...
branches of the company's business," Mr.
188,720
Michigan Bell Telephone Co.—-Gain in Phones—>
at
from S.M.News
36,133
33,502
77,800
Co., Inc
77,800
Weekly
Pub., Inc
Mdse. with dealers
at
Michigan Consolidated Gas Co.—Earnings-
79,875
85,212
209,076
241,743
3,421,188
Subscrip. lists, &c_ 8,365,931
2,998,590
8,365,931
cost..^...w.
Deferred charges..
x Fixed assets
Total
Less
16,727,427
Earnings for the Year Ended Dec,
reserve
16.402.6431
16,727,427 16,402,643
Total
for depreciation of $4,348,990 in
'
•"
...
payable July 1 to holders of record June 1.
Like
amount was paid on April 1, last; Dec. 23, Oct. 2, July 3, and April 1,1939,
dividends of 25 cents were paid on Jan. 3, 1939, and on Oct. 1 and July 1,
1938, and 50 cents was paid on April 1 and Jan. 3,1938.—V. 150, p. 1773.
stock,
common
an
extra dividend of $2.25 per share
regular quarterly dividend of 25 cents per share on the common stock,
both payable June 26 to holders of record June 17.
Extra of 25 cents was
March 30, last; one of 50 cents was paid on Dec. 27, last, and extras
of 25 cents were paid on June 30, 1939, and on Dec. 23, 1938.—V. 150,
p. 1940.
;
paid
on
Maracaibo Oil
1939
$60,296
expenses
$71,368
541
20,124
6,903
78,900
24,070
8,348
45,097
26,739
2,040
14,381
$37,824
2,497,396
21,801
8,329
19,035
Depletion & depreciation
Other
deductions
-
$6,944
2,490,453
-
-----
$4,298,229
1.667,500
9,092
263,497
22,427
—
—
-
$2,335,712
...
Net income.....
6% preferred dividends
-
Common dividends
Earnings
per
share
-
on
356,826 shs. of common stock
„
..prof$11,131
2,535,220
Previous earned deficit-.
1
V"'1
"V
;
,'v;
'
:
$81,456,461
34,448
investments..
Deferred charges and prepaid
8,861,305
$13,803
2,476,650
accounts
Cash..
1,888,061
Accounts receivable (net)...
Materials and supplies
2,096,273
1,195,796
-...
-
$2,535,219
$2,524,089
.
Liabilities—
6% cum. pref. stk. ($100 par) $2,000,000
Common stock (par $100)... 35,682,600
Long-term debt
Customers' deposits, Ac
4% serial notes, due
Accounts payable.
currently
40,490,000
419,407
760,000
1,137,908
•W-"
XJ
622,654
Accrued interest
206,767
495,808
132,476
9,803,087
Federal Income taxes
Miscell. current liabilities...
Reserves
IIP®
Contributions in aid of con¬
.
struction.
388,981
-
Earned surplus
—--
1938
1939
Assets—
$239,193
5,523
428
3,392,658
of Simms Petro¬
22,500
leum Co..
x
5,951
Accts. receivable..
3,026
1,755
1,191
$364,996
Micromatic Hone
standing shares of common stock ($1 par) with authority to add to the list
1,230 of its unissued common stock, upon official notice of issuance upon
conversion of 984 outstanding shares of 7% cumulative convertible pre¬
ferred stock ($5 par); and 13 shares of common stock upon official notice of
$376,984
Total
$364,996
stock, and 7,765 additional shares upon official notice of issuance and sale
thereof to officers and employees, making the total number of shares applied
Capital surplus $2,568,315, less earned deficit of $2,524,089 ($2,535,220
in 1938).—V. 150, p. 3053.
Co.—Earnings1939
Calendar Years—-
The New York Curb Exchange has
Non-operating revenues
Total gross earnings........
General and miscell. expense
.
General exp. charged to construction.
Power purchased
......
Prov. for uncollectible accounts
...
Other
operation expense
Maintenance and repairs.
Prov. for retirement reserve
Taxes-...-...-..—...
Net earns, before int. charges.....
Interest on long term debt
General interest
......—.......
Amort. of debt discount & exp
Taxes assumed on interest
Amort, of loss on
abandoned
.
$2,842,852
12,047
14,699
27,042
28,870
11,827
14,811
35,049
$3,137,658
....
$2,828,836
11,711
14,875
Water
Gas...
$2,884,453
$208,538
Cr32,902
575,846
5,782
510,512
220,796
$199,497
Cr36,217
659,605
6,221
550,952
195,421
271,171
293,128
$997,878
402,487
2,270
33,900
4,563
207,541
261,849
$926,489
376,612
33,301
37,657
3,565
$2,904,540
$185,024
Cr36,763
580,411
7,173
519,279
169,132
261,291
268,582
$950,409
355,956
82,378
*7.
34,211
•>
4,891
properties sold and
——
36.492
43,791
$554,656
.........
... ....
$438,859
$429,179
of scrip certificates for
fractional shares of common
*°
Cwporation
was
incorporated In Michigan March 15, 1928. under
the
Is engaged in the development, manufacture
cylindrical honing machine tools, fixtures and equipment used
for final sizing, generation of accuracy and surface finishing operations in
the metal working industry.
The honing process is used extensively by
manufacturers of all types of internal combustion engines, such as auto¬
mobile, aircraft, diesel, tractor, marine and industrial stationary type
engines, for the final machining of cylinder walls, connecting rod bores,
bushings, gears, shock absorbers and other wearing parts.
Similar production usage exists in the refrigerator, pump and compressor industries
and the roller-bearing industry; in railway shops, in oil well tubing plants,
in arsenals manufacturing various types of gun ordnance, and many other
name
1937
1938
$3,084,029
Operating revenues—Electric
approved the listing of 125,992 out¬
710
33,095
x
Marion Reserve Power
Corp.—Lising, &c.—
1,003
issuance upon surrender
Total
$95,532,344
-
44,226
Surplus
361
$376,984
.
Total
IIS
$330,000
121,749
3,266
58,711
Cash
$95,532,344
—V. 150, P. 3054.
$330,000
Accounts payable.
Accrued accts
Invest, in cap. stk.
Deferred charges.
Capital stock (par
$1)...........
Total
1938
1939
Liabilities—
$281,273
Contingent asset..
of Jeschke Tool Corp.-
and sale of
varies installations.
„
.
.
..
The corporation markets its products by sales direct to its customers and
by domestic and foreign machinery manufacturers* representatives. Through
its foreign department the corporation ships its products to customers in
England, Canada, Australia, South Africa, India, Brazil, Argentina.
France, Russia, China, Italy. Germany and Japan.
However, due to war
conditions, the corporation's foreign business may be faced with some inter-
rUTheIannual output of the corporation for years ended Dec. 31
is as follows;
1937, $554,734; 1938, $573,483; 1939, $825,812.
The estimated output for the current year ending Dec. 31,1940, expressed
in terms of dollar sales, is $1,315,000, although due to the impossibility of
determining certain factors such figure can only be considered as an approximation.
<
•
1 ,
' •.
;
,
Netincome
—
v
■
Balance Sheet Dec. 31, 1939
Assets—Plant, property,
rights, franchises, &c., $13,354,425; Investments
deferred charges and prepaid accounts, $547,working funds, $355,959; special cash deposits, $7,648;
accounts receivable
(net), $398,504; materials and supplies, $229,380;
total, $14,907,224.
vv:-v.:7;3':'V-l
and fund accounts, $13,686;
621;
cash
and
!
Authorized
OtitstottdinQ
par)
210,000 shs.
125 992 shs,
pref. stock ($5 par) —
a20,000 shs.
b984 shs.
a All of these shares were outstanding, 19,016 shares thereof having been
heretofore surrendered for conversion into common stock,
b Called for
redemption on June 15, 1940, and will be so redeemed unless converted
Canitalization—1
Common stock ($1
7%
cum. conv.
into common
stock.
:
/NK
$6.21
($100)
Comparative Balance Sheet Dec. 31
Prop., plant & eq.
■
Accrued State, local and mis¬
$2,490,453
$2,497,396
a Includes
profit on sale of oil royalties, &c. of $21,358 in 1936, $37,164
in 1937, $33,899 in 1938, and $15,233 in 1939.
Deficit, Dec. 31
120,000
1,784,130
— -
cellaneous Federal taxes...
Loss for year.
-:
Balance Sheet Dec. 31, 1939
A>SS€tS
$29,898
796
exchange
Administrative
1936
1937
1938
$68,678
A'v.-/.•••
Miscellaneous other deductions-
Miscellaneous
573
Total income
Loss on foreign
„
General interest-...
Utility plant
Exploration Corp.—Earnings-
Calendar Years—
a
:•'
•
Amortization of debt discount and expense
in addition
to the
:
Gross income..Interest on long-term debt
Magor Car Corp.—Extra Dividend—
Directors have declared
$4,294,911
3,318
Net operating income
Other income.
McQuay-Norris Mfg. Co.—Interim Dividend—
The directors have declared an interim dividend of 50 cents per share on
the
--
Operating revenues-—$21,620,532
Gas purchased for resale, $6,676,969; amortization of gas conversion expenditures, $299,358; other operation expense,
$5,300,163; maintenance, $1,061,359; depreciation, $1,205309; State, local and miscellaneous Federal taxes, $2,467,563;
■
Federal income tax, $314,900; total
17,325,621
,
1939 and $4,084,464 in
1938.
y Represented by 527,998 (528,760 in 1938) shares of no par value.
—V. 150, p. 2259.
x
funds received from
advantage in other
Mead stated.—V. 150, p. 2732.
Telephones in service in Detroit and immediate suburbs totaled 406,245
June 1, a gain of 2,766, according to this company.
Telephones in
service throughout the territory served by the company totaled 776,900,,
a
gain of 6,876.
Gain in the first five months of 1940 was 34,761, compared
with a gain of 29,334 in 1939 period.—V. 150, p. 3665.
Inv. in & acct. rec.
in
Paper Interests—
445,341
Liabilities—
1,660,836
postage stamps.
Invest,
paid on Oct. 2, last, and each three
Accounts payable-
$
1,671,766
M arketable secure.
rec.
.
Accruals... _•
Assets—
Inventories
\
Mead Corp.—Sells
1938
1939
1938
Cash deposits with
Accts.
$402,102
...
Reserve for taxes.
1939
postmasters,
19,892
84,160
3,619
expense
deductions..
Corporation has sold its interest in the St. Joe Paper Co. at Port St. Joe,
Fla., to Gulf Coast Properties, Inc.
Mead Corp. had owned 50% of the
company, the balance being held by Gulf Coast Properties, Inc.
George H. Mead, President of Mead, in announcing the sale said that
"an opportunity arose to dispose of this interest for a cash amount which
would cover the investment, plus a profit.
After careful consideration, and
taking into account present condition, directors accepted this offer and the
Comparative Consolidated Balance Sheet Dec. 31
on
10,035
'
$60,750
334,230
20,835
103,958
3,829
$189,727
327,312
debtI_IIII"III"II"~II~II~
—V. 150, p. 3206.
in prior years were included in expenses.
Cash
$50,715
$183,648
6,080
...
•
795,888
500,000
420,000
500,000
_
funded
Other interest
Other income
539,360
$1.06
:t:,;,r
b Before
1939
423,000
.
Gross income.
•
56,338,354
4,571,751
$6,351,072
4,513,616
730,808
Net operating income
Other income
►
-
"
1940
c
revenues
Operation
Maintenance and repairs...
Appropriation for retirement reserve
Taxes (other than income
taxes)
Amortization of debt discount and
Net income.
Common dividends.
>.•;
Ry.—-Earnings—
Years Ended April 30—
Operating
488
/
loU, p. 3363.
Market Street
The Commercial &
3832
Financial Chronicle
Capitalization Changes—By an amendment to its articles of incorporation
Aug. 18, 1938, the corporation added to its capital structure
shares of 7% cumulative convertible preferred stock ($5 par),
which shares were sold between Aug. 8, 1938 and Oct. 16. 1939, for a net
cash consideration of $86,000.
This stock was convertible at any time
after Oct. 15, 1938, and up to the close of business on the day fixed for re¬
demption, into shares of common stock on the basis of $4 for each share of
common stock.
Since the issuance of this stock and to and including the
close of business on April 20, 1940, 23,757 shares of common stock have
been issued against the conversion rights of the preferred stock.
On Feb. 9, 1940 the corporation sold 2,340 shares of common stock to
certain officers and directors for a net cash consideration of $9,360.
Income Account Years Ended Dec. 31
Balance. March 31, 1939
effective
1938
1939
Net operating profit
Other income—^interest,
sundry
Total
150,664
Balance, March 31. 1940
Consolidated Capital Surplus
1,945
Preferred dividends-
—.
Common dividends
converted into common stock over par
issued therefor—.—
$3,002
211
9,990
1940
19,954
Inventories
1939
Prov. for adv. re-
taxes, add'l com¬
pensation,
<fec.. 2,997,661
845,300
5% pref. stock
7,167,965
Capital surplus.__ 10,439,989
Earned surplus.--11,138,992
y
290,176
investments
Misc.
prem.
ctfs. & coupons,
1,837
■'
Sinking fund
$20,980; property, plant and
of
demp.
207,799
213,133
Cap.stk.of Grman
sub.(notconsol.)
equipment (less reserve for depreciation of $78,485), $171,035; deposit on
machinery purchase contract, $452; patents, less amortization, $57,572;
deferred charges, $27,567; total, $543,675.
Liabilities—Note payable in 1940 for purchase
1,474,521
3,853,726
3,704,840
32,038,276 27,294,652
Prepaid expenses--
value of life insurance policies, $2,007;
used in operations (at cost),
estate not
1,501,072
1,474,521
ties (atcost)
Land
Common stock--
58,617
machry.
and equipment. 2,724,078
Goodwill, tr'marks
xBldgs.,
of patents and inventories
machinery purchase contract payable, $1,062;
payable, trade, $37,337; accrued liabilities, $16,520; provision for
Federal income taxes, $27,500; notes payable, due subsequent to 1940,
brands,
and
accounts
at
67,835
67,834
cost in cash
cumulative convertible preferred stock ($5 par), $26,465;
capital surplus, $93,070; earned surplus,
$187,441; total, $543,674.—V. 150, p. 3665.
2,826,763
.
$24,000; 7%
stock ($1 par), $118,279;
x
1940.
of
be ap¬
transaction.
Mission Oil Co.—Interim Dividend—
$2
85 cents per share on the
stock, payable July 1 to holders of record June 20.
Dividend of
paid on Jan. 8, last; one of 75 cents was paid on July 1,1939, and one
$1.65 was paid on Jan. 10, 1939.—V. 149, p. 4035.
of
was
Mobile
&
RR.—To
Ohio
Spend
$3,265,000 for
formerly accounted for the major portion of the company's earnings,
declined about 69% from 1937 to 1939 in dollar sales.
The
has been developing and expanding the kitchen equipment part
of its business and has tripled the sale of pressed steel sinks and cabinets,
the letter said.
To further diversify and expand this field the company
proposes to use about $400,000 of the bank loan in a modernization program.
accept the post of President
National Chemical & Manufacturing
Corp. of America—Accumulated
...
National Supply
Directors
'.'c;'
of New York,
2261.
Mills, Inc.—Accumulated Div.
Directors have declared a dividend of
payments.—Y. 150, p. 3055.
National Union Radio
Corp.—New Common Listed—
removed from listing and regis¬
Curb Exchange, and the new common stock,
par 30 cents, has been admitted to listing and registration.
The new com¬
mon stock was issued, share for share, in exchange for the old common
The old
tration
Dividend—
.■
Arthur S. Kleeman, President of tne Colonial Trust Co.
a director of this corporation.—V. 150, p.
common
stock, par $1, has been
by the New York
stock—V.
149, p. 1923.
National Power & Light Co. (&
i
Period End. Mar. 31—
Subs.)—Earnings—
1940—3 Mos.—1939
$3.50 per share on account of ac¬
preferred stock, payable June 19 to holders of record
Dividend of $4.50 was paid on Dec. 19, last.—V. 149, p. 3878.
Operating revenues
$19,385,367
Oper. exps., excl. direct .
9.237.034
2,176,620
taxes
Direct taxes
Property retirement re¬
serve appropriations.
(net)
1940
1939
$73,344,159 $64,238,661
56,578,663
49,557,921
Years Ended March 31—
Net sales
x
Cost of sales
y
Shipping, selling, gen'l & administrative expenses
7,190,935
6,268*622
$9,574,560
38,529.060
10.471,041
9,694,876
2,554,664
1,694,841
86,620
44,760
61,089
46,546
$9,705,941
107,596
$8,519,753
64,698
Interest paid
Provision for additional compensation
23,250
9,241
Other income
Other inc. deductions
$6,514,156
Gross income
Interest
to
public
'
46,903
67,893
2,832
1,594,924
Other deductions
473,029
■
5,788
7,506
1,417,435
a
Net
Shares
common
$7,435,766
11,181,285
11,662,478
Cr2,262
1,504,521
Cr 13,531
Cr7,926
6:050.767
mi¬
855.195
$8.38
$7.34
Earnings per share
ended March 31, 1940,
$278,499; for the year ended March 31, 1939, $235,205.
y Including pro¬
vision for depreciation, for the year ended March 31, 1940, $54,967; for
the year ended March 31, 1939, $48,917.
x
Including provision for depreciation for the year
Note-*-Effective as of April 1, 1939 certain changes in
accounting treat¬
adopted.
For purposes of comparison the consolidated state¬
for the year ended March 31, 1939 has been restated as
above to conform to the new accounting treatments.
•
ments were
ment of income
5,718,409
26
217
348
780
$2,530,324
$2,320,653
$9,354,524
$9,726,489
$2,320,653
$9,354,524
98,107
$9,726,489
1,876
$9,811,141
79,535
277,673
$9,452,631
409,222
1,020,088
$1,965,321
$8,023,321
$0.28
$1.16
$8,170,087
$1.18
.
equity
«
Nat. Power & Lt. Co.—
Net equity
$2,530,324
8,841
a
$6,551,297
882,396
stock outstanding
254,698
326,709
2,880,426
Other income
Net income for the year
189,136
85,040
Cr4,571
1,405,802
Pref. divs. to public
/
Provision for Federal income tax
*3,358
2,582,575
struction
applic. to
nority interests-
530,695
34,128
7,617
$6,703,555 $26,241,035 $27,432,588
and
other deductions
Portion
to officers
and employees, in accordance with authorization
of stockholders at meeting of July 20, 1937
Adjustment for foreign exchange fluctuations
-
7,320,535
$27,507,957
1,680
2,000
-
Interest charged to con¬
.
6,355,378
$26,136,939 $27,504,599
$8,412,117
Dividends received
Other income
Net profit from operations
$83,828,593
37,128,474
7,071,873
,
Rent from lease of plants
(Philip) Morris & Co., Ltd .—Annual Report—
Total profit
1940—12 Mos.—1939
$20,667,246 $76,685,047
$26,129,322
1,473,566
_
cumulations on the
June 11.
dividend of 68 % cents per share on the
Subsidiaries—
has been elected
Mount Vernon Woodberry
June 11 declared a
identical with the current
on
New Director—
on
.
Co.—To Pay Preferred Dividends—
5 Vi% prior preferred stock and a dividend of 75 cents per share on the 6%
preferred stock, both payable July 1 to holders of record June 21.
Last
previous payments on these issues were made on March 31, 1939 and were
of 15 cents per share on account of
payable July 1 to
April 1, last; Dec.
23, July 1 and April 1, 1939, Oct. 1, July 1 and April 1, 1938.
Co.—Extra Div.—
share on the common stock of this com¬
stockholders of record June 20, has been declared.
quarterly dividend of 15 cents per share, payable
Aug. 1 to stockholders of record July 15, was also declared.
The company reports that May gross sales before freight deductions
totaled $145,812—largest monthly sales in the history of the company. This
compares with sales of $116,772 for May, 1939, an increase of 25%.—Y. 150,
p. 2585.
'
'
An extra dividend of 10 cents a
pany, payable July 1 to
In addition, the regular
New
the series 1931 6% preferred stock,
holders of record June 4.
Similar amounts were paid on
of the Chicago Museum of Science and Industry.
—V. 150, p. 3668.
the Federal District Court at Mobile,
Ala., seeking approval of the expenditure of $3,265,000 for purchase of new
equipment.
Along with this action of the receivers, Ford, Bacon & Davis,
Inc., of New York, engineers, filed their appraisal report, which showed the
present fair market value of the entire property, with attached business,
of the M. & O. is $19,105,000, while fair price for such properties at judicial
sale is $12,737,000 —V. 150, p. 3520.
Morris Plan
Co.—President to Resign—
National Broadcasting
Major Lenox R. Lohr, President of the company has asked the board
that he be relieved of the Presidency in order that he may
of directors
Receivers have filed a petition in
Directors have declared a dividend
have
The proxy notice reveals that the loan would be unsecured.
A series of
3H% promissory notes dated June 15 and maturing at the rate of $185,000
annually from June 15, 1946, and $225,000 maturing on June 15, 1946,
would be issued.
The Sharon Steel Co., which holds 33% of the common
stock of tne corporation, guarantees the loan, as to the payment of $502,000
of the principal amount.
Sharon agrees to pay $92,000 on June 15, 1945;
$185,000 in June 15, 1946, and $225,000 on June 15,1947—V. 150, p. 3520.
Equipment—
accumulations
r
it is stated that the company needs new
of markets for automobile stampings
of the shrinkage
company
Co.—Accumulated Dividend—•
Directors have declared an interim dividend of
because
which
but
dividend of $2 per share on account of ac¬
preferred stock, no par value, payable Aug. 1
to holders of record July 15.
Like amount was paid on May 1 and Feb. 1,
last, and on Nov. 1, 1939; dividend of 50 cents was paid on Sept. 1, 1939;
and dividends of $1.50 per share were paid on Aug. 1, 1939, and in each of
the 12 preceding quarters.—V. 150, p. 3667.
.
by-laws of the company and a special meeting
has been called for June 15, to approve tne
.
In the letter to stockholders,
outlets,
Directors have declared a
common
$750,000 maturing June 19, 1940, and for expansion and modernization
plants.
The holders of the company's 7% preferred stock must
approve of the loan under the
of the preferred stockholders
cumulations on the $6 first
Missouri Portland Cement Co.—To Pay 50-Cent Div.—
50 cents per share on the common
150, p. 3672.
of its
by tne
Directors have declared a dividend of
share and 606,396
Corp.—Negotiates Loan—
Mullins Mfg.
reorganization committee, Federal Loan Administrator Jones said June 13.
The plan, which the Reconstruction Finance Corporation has approved,
calls for a $4,000,000 RFC loan, Mr. Jones said.
Indicating that the plan had been drafted after consultations with ICC
officials, Mr. Jones said the proposal still called for a split-up of the rail¬
road into two companies.
A similar plan was rejected oy the ICC a few
months ago because of the proposed separation.
Mr. Jones explained tnat in order to meet ICC objections to separating
the strong and weak lines of the system, the new plan had been drafted
so that reserves would be built up to help the company with the weaker
lines so that it would have a better chance to survive.
With these conces¬
sions, Mr. Jones said it was hoped that the ICC will approve the new plan.
—V. 1.50, p. 3520.
stock, payable June 29 to holders of record June 15.
This compares with
75 cents paid on Dec. 20, last; 50 cents paid on June 30, 1939; 25 cents paid
on Dec. 20, 1938, and on June 30, 1938, and 75 cents paid on Dec. 20,
1937.—V. 149, p. 3878.
per
The company has negotiated a loan of $1,150,000 from the Bank of
Manhattan for the purpose of refunding outstanding loans in the amount
Minneapolis & St. Louis RR.—Revised Plan—
A revised reorganization plan for the road which it is hoped will
proved by the Interstate Commerce Commission has been drafted
$4
issued at $10 per share.—V.
were
of $724,496 in 1939 and $1,004,538 in
(1939, 855,195) shares of which 276,000
ii shares (1939, 579,195 shs.)
Represented by 882,396
y
shares were issued at
dividend of 25 cents per share on account of
preference stock, no par value, payable
July 15 to holders of record June 29.
Same amount was paid on April
20, Jan. 20, last, and on June 20, 1938.—V. 150, p. 2107.
Directors have declared a
accumulations on the $2 cum. con v.
Mississippi Power & Light
After allowance for depreciation
42,254,773 37,143,344
Total
-,-42,254,773 37,143,344
Total
Corp.—Accumulated Dividend—
Midland Oil
2,631,933
2,674,900
6,895,955
8,903,019
8,160,849
5,408
5,408
58,617
(at cost or less).
of Hutto Division, $12,000;
common
7,000,000
876,688
banks. 9,000,000
Accounts payable664,866
Marketable securi¬
Accts.receivable-_
S
$
LiabUities—
Notes pay.
1,529,003
hand
on
1939
1940
5
Cash in banks and
and on hand, $69,088; accounts
$116,263; balances due from officers and
employees, $706; cash surrender
$10,439,989
1939
$
Assets—
Assets—Cash in bank (demand deposits)
real
1,536,970
_
------
Consolidated Balance Sheet March 31
$79,033
1,107
10,600
8,000
$59,326
Balance Sheet Dec. 31,
receivable, $78,005; inventories,
value of 18,082 shs. of 5% conv. pref. stock, ser. A,
value of common stock
Excess of par
5,711
$14,864
11,212
650
$103,014
1,555
17,717
Net income
$8,903,019
-
Balance, March 31, 1940
1.918
profits taxes
undistributed profits
$11,138,992
-
-
780
2,140
for'the Year Ended March 31, 1940
Balance, March 31, 1939-
108,225
$133,721
3,207
27,500
Normal and excess
83,806
4,370,897
issued in exchange for 156 com. stock
div. scrip ctfs., series A, which ctfs. were issued in connection
with stock div. paid Nov. 15, 1938, at par value
Premium on 214 shs. of 5% conv. pref. stock, series A, redeemed
78 full shs. of com. stock
royalties and
Other deductions
$15,596,615
convertible preferred stock, series A
$73,321
receipts
income
Surtax on
165,279
$12,918
—
Total
Dividends on 5%
$546,956
365,408
$131,802
and admin, expenses-
Selling, general
$8,160,849
7,435,766
-
Dividends on common stock
1937
$566,348
388,150
$816,049
533,582
Net sales
Cost of sales
March 31, 1940
ended March 31, 1940
Net income for the year
20,000
1940
IS
June
Consolidated Earned Surplus for the Year Ended
Total..
Expenses, incl. taxes
Int. and other deduct'ns
$2,539,165
99,094
256,788
84,652
366,084
1,274,970
Balance carried to consol. earned surplus. $2,183,283
Earns, per sh. of com. stk.
*£0.32
National Power & Light Co. in income of subsidiaries.
Note—Certain properties of subsidiaries were sold during
a
and consequently this statement
only to dates of sale.
1938 and 1939,
includes the operation or these properties
The Commercial & Financial Chronicle
Volume 150
Statement of
r
Period End. Mar. 31—
Income from subs.—con¬
solidated—
Other
—....
Total income
^
_■
Expenses, incl. taxes...
Income (Company Only)
/
sponding week
$1,627,940
8,841
$1,767,727
1,876
$6,205,200
98.107
$1,636,781
$1,769,603
$6,303,307
$6,066,874
99,094
79,535
409,222
366,084
$1,690,068
$5,894,085
$5,700,790
Int. and other deductions
from income
kwh.,
256,788
277,673
1,020,088
$4,873,997
9.02% above production of 32,351,208 kwh. for the corresponding
a
year ago.
cu.
ft., or 6.00%
sponding month a
above production of 371,200,000 cu. ft. in the corre¬
ago.—V. 150, p. 3668.
year
New England
$4,425,820
$0.58
year ago.
Gas output is
reported at 394,471,000 cu. ft., an increase of 22,271.000
1,274,970
$1,412,395
or
month
V^1
$1,280,899
a
For the month ended
May 31, New England Gas & Electric System
reports electric output of 35,269,119 kwh. This is an increase of 2,917,911
$5,982,222
84,652
Net oper. income.... $1,537,687
„
y '
1940—12 Mos.—1939
1940—3 Mos.—1939
3833
Gas output is reported at 90,913,000 cubic feet, an increase of 2,128.000
cubic feet, or 2.40% above
production of 88,785,000 cubic feet in the corre¬
Telephone & Telegraph Co.—Earnings—
$0.50
Period End. Apr. 30—
Net income..
Earns,
_......
of
sh.
per
com.
>
stock
$0.15
$0.18
Balance Sheet March 31 (Company
1940
Assets—
Invest,
$
1940
Liabilities—
V
and
sec.
advances
130,201,982 133,245,023
Cash in banks—
demand...
3,427,796
Spec, cash deps.
1,238
on
13,686,412
Temp, cash inv. 16,250,000
Accts. receivable
250,000
28
24
Accrued interest
receivable
Divs.
4,906
286,800
1,595
Other curr. assets
Unamort.
b
Operating
Pref. div. decl_.
1,658
324,927
18,900
281,378
6,701,072
281,378
3,663,813
„
Direct taxes
Prop, retire,
res. approp.
sales
Allowances & adjustm'ts
Taxes, other than income
Non-operating
$8,238,161
3,411,861
1,302,004
596,667
1,945
22,760
$206,383
$217,997
146
$2,754,853
2,031
Interest expense, net...
Prov. for prop, retire'ts.
Fed. & State inc. taxes..
$218,143
61,875
17,500
10,380
$2,756,884
742,500
210,000
111.755
$2,906,387
742,500
210,000
110,912
Crl4,397
Other income
59
Gross income.
$206,442
61,875
17,500
10,442
Interest on mtge. bonds.
Interest on deb. bonds..
Other int. & deductions.
Int. chgd. to construct'n
Cr253
<7r27
Dr630
$116,878
$128,415
$1,691,999
499,100
Divs. applicable to pref. stocks for the period....
Balance.
per
$1,358,272
479
Number of stores
Sales.
1937
476
469
general
461
inc.
before
taxes
and interest
of J.
$2,620,164
379,068
$3,157,161
x595,293
$3,583,764
x683,262
68,571
140,257
234,122
68,571
68,571
1937
$5,456,746
fl936
$4,363,598
3,833,604
3,377,607
3,526,420
3,380,001
$739,725
233,105
34,308
$240,235
217,324
60,500
$1,930,326
196,210
17,838
$983,597
6,209
Cr337
8,486
226,950
b257,641
4,949
160,379
bl06,396
21,314
31,088
income
236,860
5,405
982
242,068
8,988
$2,325,408
Propor.
$1,792,742
$2,255,454
245,572
16,073
254,930
760,892
254,930
798,937
249,930
913,070
$1,309,586
$738,875
$1,092,454
$1,382,635
(no par).
380,446
$5.44
380,446
$4.04
380,446
Earns, per sh, on com—
7% preferred dividends5% pref. stock series A.
_
Common dividends
...
Net
:
'
170,649
9,390
dis¬
on
80J21
un¬
profits
loss of af¬
oper.
c62,894
c33,521
filiates..
$2,570,286
y87,133
187,448
913,070
...
_
for equip,
distributed
Interest
Miscellaneous charges..
Net
expenses
Prov. for surtax
disposal of assets
Unavail¬
able
1938
Miscellaneous expenses.
Prov. for Fed. inc. tax..
J.Newberry R'lty
Loss on
$117,846
$243,219
f83,175
192,603
!3,617,842
mantled
$3,125,015
479,981
68,571
.
...
$283,529
129,307
1939
Interest (net)
Charges
Net
52,980
667
$4,573,330
Net profit before depre"
Provision for deprec'n._
$52,272,953 $49,040,697 $50,315,454 $48,376,510
48,374,255
45,690,763
46,481,382
44,124,814
Deprec. & amortization773,683
729,770
676,910
667,932
Cost and expenses
Federal and State taxes
Divs. on pref. cap. stock
$318,492
$319,159
7,285
146,027'
48,000
Newport Industries, Inc.- -EarningsSales (net)
Cost of sales, selling and
*
1936
$352,072
30,309
$382,381
9
85,823
53,329
shares), $1,157,425; capital surplus, S121,291; earned
Calendar Years—
1938
$427,845
4,767
surplus, $230,351; long-term debt, $1,371,100; notes payable (trade),
$56,151; accounts payable (trade), $179,472; notes payable
(banks),
$185,475; indebtedness to affiliated companies, $3,599; taxes accrued,
$18,856; Federal and State income taxes, $73,031; interest accrued, $12,219:
payrolls accrued, $4,629; other current liabilities,
$7,633; consumers'
deposits,
$32,085; retirement reserve,
$514,784; total, $5,351,602.—
V. 150, p. 2586.
(J. J.) Newberry Co. (& Subs.)—Earnings—•
1939
4,607
32,578
$432,611
12,355
83,747
$293,861
129,298
on
stock (231,485 no-par
preferred stock has been called for redemp¬
share.—V. 150, p. 3366.
Years ended Dec. 31—
91,909
146,230
Balance Sheet Dec. 31, 1939
Corp.—Preferred Stock Called—
July 1, at $86
on
33 *
$526,405
74,726
100,739
2,853
29,593
Assets—Fixed assets, $4,883,913; investments, $1,978; cash, $70,889;
receivable, $156,297; inventories, $150,715; other current assets,
$63,045; deferred charges, $24,766; total, $5,351,602.
Liabilities—6% cum. con v. pref. stock (par $50), $1,383,500; common
A total of 897 shares of first
tion
$627,397
accounts
—V. 150, p. 3366.
Nehi
$707,054
104,955
129,752
1,973
42,529
43,937
preferred stock 1
Divs. on common stock)
$1,857,372
499,100
$1,192,899
Net income
_
;
Divs.
$526,371
1,084
52,539
Non-oper. deductions
$2,904,242
2,145
1936
$626,312
$474,642
1,507
Netprofit
Net oper. revenues
1937
$705,009
2,045
$476,149
6,022
79,790
revenue.
Gross income
23,387
1938
$782,991
1,891
120,410
140,644
2,621
46,565
Plant operating expenses
1940—12 Mos.—1939
3367.
$784,882
Net operating profit..
1,800
as
1939
■
A
revenue._
.....
Amortiz. of limited-term
Qs; investments.........
p.
Total oper. revenue..
Gas purchases
Co.—Earnings—
$8,425,615
3,716,446
1,301,556
630,000
interstate rates
Co.—Earnings—
Calendar Years—
Gas
Miscellaneous
b Memphis Power & Light Co.
c For retiring minority interest in sub¬
sidiary liquidated.—V. 150, p. 3208.
1940—Month—1939
$678,434
$676,241
312,511
300,352
105,240
103,447
52,500
52,500
as
Massachusetts provides about 75% of the total revenues of
as
New Mexico Gas
5,456,117 shares.
Operating expenses
$4,547,175
2,923,365
new
England States.—V. 150,
..152,172,903 149,243,691
Represented by $7 pref., cumul. (entitled upon liquidation to $100 a
share); pari passu with $6 pref.; authorized, 9,063 shares; outstanding, none;
$6 pref,, cumul. (entitled upon liquidation to $100 a share); pari passu
with $7 pref. authorized 500,000 shs.; outstanding 279,716 shs.; common;
authorized, 7,500,000 shares; outstanding (less 12,810 shares in treasury),
Period End. Apr. 30—
Operating revenues
$4,699,067
3,068,015
the New England Telephone Co., it is believed that the $330,000 anftual
saving in this State is roughly 75% of the total saving for all the New
a
Nebraska Power
$1,246,507
848,564
a
Inasmuch
Earned surplus.
Total
$1,233,053
835,034
the Federal Communications Commission inasmuch
well as intrastate rates are involved.
(approp.)
fr. cap. surp.)
Total.......152,172,903 149,243.691
$7,246,264
2,699,089
on May 20 filed with the Massachusetts Department of Public
schedule of rates effective July 1, 1940, which is expected to
saving to users of around $330,000 annually.
In addition to filing new schedules in Massachusetts and
ultimately with
other New England States, the
company will have to file schedules with
a
result in
388,726
Reserve
c
Reserve
$7,663,581
2.964,514
Company
Utilities
Liquidation acct
15,147
$1,949,207
702,700
New Rates—
281,205
419,574
146,551
Accrued taxes..
1,762,652
$6,291,221 $25,812,205 $24,956,941
4,342,014
18,148,624
17,710,677
$1,990,096
757,043
taxes
Net oper. income
Net income
33,612
281,034
419,574
157,459
55,700
dry
Accrued interest
Tenn. P. S. Co
Liquid, acct..
Net oper. revenues...
Accts. pay.—sun¬
3,368
1,701,751
9,972
286,834
"v.*
$
Capjstk.(no par)al25839,095125,839,095
9,018,000
8,775,000
6% gold debs...
9,161,000
5% gold debs...
8,959,000
Other long-term
debt
370,500
debt
disct. and exp.
Oth. def. charges
1939
'
$
279,406
V
receivable
Operatingrevenues... $6,513,221
Operating expenses.....
4,523,125
Only)
1939
$
1940—Month—1939
1940—4 Mos.—1939
$6,312,435 $25,871,744 $25,032,222
21,214
59,539
75,281
Operatingrevenues
$6,520,021
Uncollectible oper. rev..
16,800
other"
prof, before
$385,382
23,929
Netprofit.
def$70,774 e$l ,138,994
23,590
15,075
6,263
$409,311
income.
MIscell. other income.._
def$47,184
Jl,154,069
11,038,694
a$507,009
311,608
Dividends
$500,746
provision for reduction in investment in Armstrong-Newport
(50% interest) which was charged to deficit account,
b Includes
profits taxes,
c Company's proportion of operating loss of Arm¬
strong-Newport Co. (50% interest).
Armstrong-Newport Co. was sold to
Armstrong Cork Co., effective June 30, 1938.
d Includes dividends paid
on subordinated 5% notes ($744,425) and cash ($34,596), total $779,020.
e Includes results or operations of General Naval Stores Co., Inc., whollyowned sales subsidiary dissolved in 1937, the net assets and business of
which were taken over by Newport Industries, Inc.
f Consolidated figures.
Before
a
Co.
Balance, surplus
•
Shs.
x
com.
out.
$5.27
Includes $162,303 in 1937 and $187,076 in 1936 for surtax
tributed
profits,
y
380,446
$6.03
on
undis¬
Redeemed May 1, 1936.
Consolidated Balance Sheet Dec. 31
1939
1938
S
$
Assets—
b Land,
''
&C.
buildings,
8,154,286
Furn. & fixtures._ 6,254,744
.
Alterations
&
7,701,904
5,866,521
im¬
provements
Cash
2,934,446
3,360,825
4,774,994
54,454
7,659,039
accounts rec
$
5,098,600
a Common stock..
5,208,572
6 H% pref. stock of
u
Newberry R'lty
Co
998,600
6% pref. stk. New¬
berry Realty Co.
61,000
6,343,237
2,817,510
Mis cell, notes and
Inventories
1939
Liabilities—
5% pref. stock
28,719
.....
Accrued
divs.
Realty Co.
26,366
27,448
401.328
392,824
Comparative Balance Sheet Dec. 31
$
Trade
11,428
a
181,257
1,757,664
444,093
2,786,837
d2,000,000
1,000,000
8,708,074
Dr302,962
28,845,489 27,953,158'
Total
p.
Payable $310,000
3668.
on
trade¬
marks
152,279
74,378
4,594
-
.
_
Total——$5,671,212 55,202,489
a
After
1938
$157,581
67,581
12,000
35,000
740,325
Reserve for taxes.
122,385
5,000
2,440,987 MIscell. reserves..
Cap. stk. (par $1).
621,359
621,359
105,053 Surplus (paid-in).
3,801,723
3,801,723
64,335 def350,465
71,392 Earned surplus...
8,503 c Treasury stock._
8,251
29,282 Long-term llabils.
.
2,741,520
..
407,680 Federal Inc. taxes.
1,032,169 Purch. mon. obllgs
b MIscell. llabils..
37,960
Other assets
Total
$5,671,212 $5,202,489
depreciation of $2,340,162 in 1939 and $2,144,772 in 1938.
maximum amount of subordinated notes to be purchased
year,
c 900 shares at cost.—V. 150, p. 3367. ■.
/
b Estimated
within one
New York
£
Dec. 31 of each year commencing 1941.—V. 150.
New England Gas &
&
Deferred charges.
28,845,489 27,953,158
a Represented by 395,314 no-par shares (incl. shares held in
treasury),
b After depreciation and amortization,
c Represented by 14,868 shares of
common stock,
d Includes instalment 6f $200,000 payable Dec. 31, 1939.
e
519,712
979,877
Land, bidgs. and
Patents
11,428
190,253
2,824,822
3% serial notes...e2,490,000
5-yr. 3%% notes.
Surplus...
9,699,034
c Treasury stock.. Dr302,962
69,014
82,500
12,000
24,000
075,675
91,164
5,000
JY
rent assets..—
machinery
Acc'ts payable, <fcc. 2,043,499
Federal tax
522,643
$232,091
Accrued liabilities.
less
Sundry other cur¬
61,000
Res've for self ins.
...
accts.,
...
on
1939
LiabilUies-
$1,160,891 $1,041,417 Accounts payable-
reserve-,,.....,Inventories
998,600
1938
1939
Assets—
Cash
cap.
Pur. money mtge.
Total
1938
5,098,600
5,208,572
stock..........
Empl. notes recelv.
and investment.
Deferred charges..
excess
Central RR.—Earnings—
Period End. April 30—
1940—Month—1939
1940—4 Mos.—1939 1
Railway oper. re venues. $27,944,405 $23,822,995$115,956,4811103,931,160
Railway oper. expenses- 22,597,752
19,635,588 90,249,061 82,644,943
Net rev. from ry. oper. $5,346,653
Railway tax accruals ...
2,588,401
Equip. &jt. facility rents
1,165,193
v
Electric Association—Accumulated
$4,187,407 $25,707,420 $21,286,217
2,915,931
11,372,151
11,840,742
1,256,771
4,743,965
4,900,048
Dividend—
Net ry. oper.
Directors have declared a dividend of 50 cents
a share on $5.50 dividend
preferred stock, payable July 16 to holders of record June 25.
payment is applicable to arrears for quarterly period ended
March 31, 1936.
After current payment arrears will amount to $22.87^.
income. $1,593,059 "
1,570,179
Other income
series
$14,705
1,113,425
$9,591,304
5,324,250
$4,545,427
4,700,807
$1,128,130 $14,915,554
123,312
590,946
4,021,432
15,784,282
$9,246,234
506,326
16,061,195
$3,016,614
$7,321,287
Current
System Output—
Total income-...-—
Misc. deduct, from
J
■:%
For the week ended June 7, New England Gas & Electric System reports
This is an increase of 620,217 kwh
electric output of 8,141,820 kwh.
r
,
8.25% above production of 7,521,603 kwh, for the corresponding week
year ago.
inc..
Totaifixed charges—.
V
Net deficit after
charges..-----—V. 150, P. 3521.
$3,163,238
134,653
3,960,643
{
fixed
$932,058
$1,459,674
The Commercial & Financial Chronicle
3834
June 15, 1940
Weekly Output—
Northern States Power Co. system for the week
1940, totaled 28,693,469 kwh., as compared with 26,624,518
corresponding week last year, an increase of 7.8%.—V. 150,
Electric output of the
ended June 8,
NY PA NJ UTILITIES COMPANY
kwh. for the
p.
Secured Debenture 6s due 1956
Eastman, Dillon 8 Co.
STOCK EXCHANGE
MEMBERS NEW YORK
See American
Dividend—
*
interim dividend of 75 cents per share on:
June 29 to holders of record June 19.
last, one of $1.25 was paid on Dec. 29,
Sept. 30, June 30, and March 25, 1939.—V. 150, p.
have declared an
Directors
the capital stock, par $10, payable
Like amount was paid on March 30
1939, and $1 paid on
Corp.—New Directors—
above.—V. 150, p. 2589.
Bemberg Corp.,
Ltd.—Accumulated Dividend—
North Star Oil,
Co.—Interim
York & Honduras Rosario Mining
New
j'-J.
'
Bell System Teletype N. Y. 1-752
9-3100
Tel. Bowling Green
'■
,■
North American Rayon
New York
16 Broad Street
-
North American Aviation, Inc.'—Unfilled Orders—
Company has unfilled orders approximating $85,000,000, according to
announcement made on June 4 by J. H. Kindelberger, President.
Al¬
though this is the first official figure on the company s backlog to be an¬
nounced in some months, it was estimated that prior to the most recent
placement of orders in this country by the Allied purchasing commission
North American had a backlog of around $48,000,000.—V. 150, p. 3669.
DEPARTMENT
TRADING
/,//■/,'
3669.
declared a dividend of 8% cents per share on account
the 7% cum. pref. stock, par $5, payable July 2 to
holders of record June 15.
This dividend is payable in Canadian funds
and in the case of non-residents is subject to a 5% tax.
A similar payment
was made on April 1, last, Oct. 2, July 3, April 1 and Jan. 3,1939: Sept. 15,
July 2, April 1 and Jan. 2, 1938; Oct. 1, July 2 and on April 1, 1937.
—V. 150, P. 1608.
The directors have
of accumulations on
Nunn-Bush Shoe Co.—Earnings—
2890.
Erie & Western Coal & RR.—Purchase
New York Lake
Commission on May 29 authorized the pur¬
The Interstate Commerce
chase by the company
mut RR.—V.
of the railroad properties of the Brockport & Shaw-
149, p. 3120.
/
New York Title &
NY PA NJ Utilities
of Ithaca a director to succeed
vacant the Chairmanship of
sixth Vice-President, W. B.
150, p. 3210.
1940
1939
$77,773,844 $73,513,242
12 Mos. Ended March 31—
Total operating revenues
31,704,971
Operating expenses
Provision for retirements.
Federal income taxes.
— ___.-Jl.__—
Holders of series F-l mortgage certificates of New York Title & Mortgage
$534,946 on June 29, it was announced June 6
by the trustees.
The payment, which represents 2% on the reduced
principal amount of the certificates, goes to holders of record June 14.
The distribution will bring 1940 payments to $810,691 and total payments
Other taxes
$0.23
Co. (& Subs.)—Earnings—
4,980,825
7,751,008
2,895,690
8,669,833
Maintenance
Mortgage Co.—Payments—
1939^
$76,312
^40
$86,078
$0.29
April 30—
Earnings per share on common
—V. 150, p. 134.
& Gas Corp.—New Director—
New York State Electric
Stockholders on June 6 elected J. T. Clarke
S. J. Magee, New York.
The directors left
the board held by Mr. Magee and elected a
Goudey of Binghamton.—V.
6 Months Ended
.
Net income after all charges-
——-----
«...
32,562,878
4,508,838
6,440,411
2,091,427
8,284,413
Co. will receive a payment of
to
$7,401,022, it was stated.
same date, holders of series F will be paid $59,031, by trustees
issue who have distributed $734,228 of income and $60,545 in
$21,771,518 $19,625,274
381,311
1,406,036
Operating income
Other income (net)
Gross income
On the
$22,152,829 $21,031,310
-
Subsidiary Companies Charges—
of that
Interest on long-term
principal since 1935.—V. 150, p. 3668.
Other interest
Amortization of debt discount and expense
Niles-Bement-Pond
N. J.
Co. ,of
(& Subs.)—Report—
1939
Selling & gen. expenses.
Operating profit
1938
1936
1936
$3,535,848
1,740,999
$2,890,127
1,424,031
$3,747,014
1,599,232
$2,515,205
1,289,936
$1,794,849
Calendar Years—
Gross income
$1,466,096
43,662
$2,147,782
71,261
$1,225,269
78,872
$1,509,758
$2,219,043
215,473
$1,304,141
247,309
169,382
Other income
$1,964,231
274,523
Depreciation
Addit. res. prov. for in¬
ventory shrinkage
Write-off
of
worthless
280,349
.
83,744
5,035
Adjust, of taxes prior yrs
'm,
""
"
•'
•*
~
undist,. profitsi
Devel. charges & exps._
Moving costs & expense.
on
'
—
—
-
1,495
289,594
7,996
218,890
•
183,313
152,448
Federal income tax
Surtax
7,270
18,557
10,223
M,'-.
•
—
—
—
—
6,545
5,073
8,930
105,171
Earnings
common
share
per
9,620
5,932
$1,290,884
$699,360
xl, 151,698
$497,957
'
m •»
—
«*■
799,365
93,027
800,546
2,050,000
668,159
93,303
$5,743,918
$4,575,176
debt
2,006,963
convertible obligations
652,923
Other interestAmortization of debt discount and expense
—
a Not
being paid on cumulative preferred stocks, and provision for
minority interest of $2,655.20 in 1939.
Note—This statement does not include any income from investments in
interest in approximately 90% of the outstanding
Light Co.
Earnings of the latter
applicable to that percentage of common stock amounted to
$849,300 for the current period.—V. 150, p. 2737.
•
securities representing an
stock of Jersey Central Power &
company,
Telephone Co.—Earnings—
1940—Month—1939
1940—4 Mos.—1939
$3,985,332 $3,651,961 $15,490,331 $14,349,438
7,227
4,609
31,834
20,200
Period End. Apr. 30—
Operating revenues
Uncollectible oper. rev--
$512,271 def$452,338
on
$3,647,352 $15,458,497 $14,329,238
2,224,729
9,304,090
8,974,516
Operating revenues— $3,978,105
Operating expenses
2,310,220
.
'
$4.71
$4.88
$7.46
$4.04
paid In cash and $978,673 paid In stock of General
1 OQB
Property account. $5,135,803 $2,695,860 x Common stock..$3 ,560,500 $3,460,500
Mlscell. Invest
191,425
178,380 Accounts
payable
and accruals
650,156
Inventories
.398,211
3,648,213
3,963,451
Accts. & notes rec.
961,595 Long-term debt...
1,167,710
,200,000
Cash
200,000
1,721,383 Notes pay. (curr.)
1,811,257
Marketable sees..
616,805 Prov. for Fed. in¬
come tax
183,313
Deferred charges..
152,448
63,511
00,864
Adv. on sales contr
130,909
364,360
478,363
Appraisal surplus.
Capital surplus
,252", 465 2,029,391
Earned surplus
2,953,116
,208,526
.
$12,336,512 $9,785,749
$12,336,512 $9,785,749
Total.
Represented by 178,075 (173,025 In 1938) shares no par value.—V. 150,
P. 3368.
,";f 'I..
'
income
$6,154,407
2,298,458
$5,354,722
1,984,149
$904,483
$3,855,949
$3,370,573
1,033,465
Net oper. income
1938
$1,422,623
518,140
$1,063,224
Operating taxes
Net
1939
Liabilities—
$1,667,885
604,661
Net oper. revenues—
stock of Shepard-
Consolidated Balance Sheet Dec. 31
1939
Total....
10,620
$8,187,184
NY PA NJ Utilities Co. Charges—
Interest on
Ohio Bell
y778,613
Machinery Corp. 43,256shares at $22,625.
y Includes $346,050 paid in cash and $432,563 paid In
Niles Crane & Hoist Corp. 17,302 H shares at $25.
Assets—
3,346,782
25,886
2,440
$844,007
346,050
stock (no par)
Includes $173,025
x
185,197
8,668,976
441,001
481,872
Crl05,125
$9,296,196
Interest on long-term
common
229,312
144,821
501,044
24,885
$661,072
Dividends paid.
Cr30,328
3,290,756
;
preferred stocks
Balance
Net income
$837,726
176,654
Mis cell, deductions
charged to construction
Dividends paid or accrued on
Provision for dividends
a
-
100,000
.—
investments
Closed plant expenses
Loss sale of fixed assets
Interest
8,680,266
397,203
492,850
debt
881,454
3,804,692
3,312,911
—-
Gain in Phones—
Company gained 4,118 stations in May, compared with
month of 1939.
For first five months of current year, net station gain was
5,393 in April
and with 3,851 in like
year.—V. 150, p. 3059.
last
23,620 in corresponding period
27,704, against
Oldetyme Distillers Corp.—
The name of the corporation has been changed to Delendo Corp.
In view of the proposed dissolution and liquidation of the Oldetyme
corporation, transactions in the capital stock (par $1) will continue to be
recorded on the New York Curb Exchange under the old name "Oldetyme
Distillers Corp."
The entire assets
Distillers Corp.—Y. 150, p. 2891.
and plant have been sold to Schenley
.
x
North American Co.—SEC
mission
150,
p.
Ry.—Sells Lines—
cities in Southern California to the
a subsidiary
according to
Oscar A. Smith, Pacific Electric's President, is to enable the company to
concentrate on mainline interurban rail operations, allowing Pacific City
Lines to handle local feeder service in cities outside Los Angeles.
The price
Sale of local bus and rail lines in four
Refuses Request for Delay—
Exchange Commission denied a motion filed June 7
by the company asking that the hearing in the proceeding under Section
11 (b) (1) of the Holding Company Act be held in abeyance.
The Com¬
The Securities
Pacific Electric
and
adjourned the hearing until June 21 in its Washington offices.—V.
3669.
Pacific City Lines was announced on June 5 by this company,
of the Southern Pacific Railroad.
The fundamental purpose,
made known.
was not
and Burbank, where the existing bus
Pacific City Lines, and Pasadena and San
The sale affects service in Glendale
Northern States Power Co.
(Del.) (& Subs.)—Earnings
Years Ended March 31—■
Operating
1940
1939
...$38,354,373 $36,100,870
revenues
14,082,519
Appropriations for retirement
res.
& depreciation-
Taxes
Provision for Federal and State income taxes
13,749,836
1,682,263
3,599,313
4,871,472
2,007,793
Operation
Maintenance
1,748,755
3,220,240
4,911,715
1,363,366
system will be taken over by
Bernardino, where the new company will operate both bus and rail lines.
The sale is part of a rehabilitation program begun by the California
Railroad Commission some months ago.
It is subject to the commission's
approval, with Pacific City Lines taking over
60 days thereafter.—V. 144, p. 4194.
Pacific Public Service Co. (&
$12,111,011
$11,106,957
100,683
43,063
Operating revenue
Operation
Maintenance and repairs
Gross income
Interest on funded debtInterest on bank loans
Amortization of debt discount and expense
Other interest
Amortization of sundry fixed assets
Interest charged to construction
*
Miscellaneous deductions-
$12,211,694 $11,150,020
3,726,516
3,487,450
112,846
140,180
662,298
694,210
94,719
44,190
41,843
41,843
CV103.306
CV26.205
132,021
126,666
Deprec. and amortizat'n
(other than Fed.
inc. and profits taxes).
$7,703,360
-----
$6,483,084
ern
States Power Co. (Minnesota)
1,375,000
Other income
Gross income
a
Power Co. (Wisconsin):
Applicable to current period
Applicable to prior period
Common stock of Chippewa
29,070
& Flambeau
36,180
189,945
company
Net income
...
✓
capital stock: 7% preferred
6% preferred
a
on
Dividends
on
on
funded debt
_
Other interest
$6,272,155
2,216,026
1,902,792
Surtax
on
412,331
391,920
357,662
290,533
$2,059,898
29,012
$2,227,659
41,327
$2,265,515
45,114
$2,044,094
$2,088,910
247,810
$2,268,987
$2,310,629
275,325
$2,113,281
293,200
12,914
257,550
69,187
*
380,500
12,914
983
334,400
276,495
14",955
118
undis. profits_
12,914
2,591
4,500
11,580
on pref. stock of
subsidiary
Divs.
Net income
CV7.414
$4,860,303
2,045,614
1,756,536
capital stock of subsidiary companies held by public.
$5,232,828
2,079,287
158,552
660,361
29,070
im¬
Minority interest in undistrubuted net income of
subsidiary
$5,676,602
2,234,936
160,338
658,151
Excess-profits tax
27,135
provement Co
Dividends
1936
2,342,430
154,921
666,662
Amort, of debt discount
Normal income tax
accumulative preferred stock of Northern States
1937
2,615,010
163,965
674,710
12,914
6,996
333,300
Net inc. from oper...
and expense
1,375,000
1938
$5,783,593
Taxes
Interest
Balance
accumulative preferred stock, $5 series of North¬
Subs.)—Earnings—
1939
$5,925,913
Calendar Years—
Net operating income._.
Other income
operation of affected systems
Preferred dividends
Common dividends
a
213,186
213,186
213,186
—^c$l,274,704 c$l,404,717
606,023
b679,524
296,713
74,178
$1,458,870
$1,298,813
1,005,231
213,186
in Feb.,
1939.
$1.04 in 1938.
c
al,655,120
Jan. 5, 1938. b Includes $151,505 payable
Equivalent to $0.90 per share of common in 1939 and
Includes $203,083 payable,
The Commercial &
Volume ISO
Financial Chronicle
Consolidated Balance Sheet Dec. 31
1939
Assets— !■..
Prop.,
1938
$,//
plants
i.
and
equipment
Liabilities—
9,940,331
Serial
Franch. and other
intangibles
Cash
2,354,336
Notes payable.—
2,193,372
Trade accts. pay.*
Other accts. pay—
Special deposits—
notes
accts.
-
1,896,038
1,005,695
946,912
151,600
162,000
and
(net)
609,271
10,003
239,314
207,750
1,285,792
1,384,190
Accrued payables.
Accr. dlv. on pref.
516,540
Other receivables-
rec.
inventories
Prepaid
and
ferred items
17,011
de¬
7,480,000
v
250,000
200,000
42,707
201,495
8,883
151,505
;v 59,145
23,354
373,365
oper. revenues.
Net
from ry. oper.
tax accrual s_
20,730
509,143
declared
Consumers'
63,561
Reserves
63,030
Pref. stock of sub- 3.553.100
y Capital stock
3,665,391
Surplus*—— 1.903.101
56,165
3,553,100
3,665,485
1,737,181
17,690,156 17,712,043
Total
—17,690,156 17,712,043
Represented by 466,330 (466,333 shares in 1938) no par shares of 1st
(742,046 shares in 1938), no par shares of
inc.
Operating
$5,877,580 $24,222,358 $23,110,346
4,079,216
17,299,115
16,30^,440
$1,798,364
$6,806,906
.
71
858,720
831,149
3,350,919
282
3,222,163
$990,523
1,650,100
Net oper. incomeNet income..——..*-,
$967,286
1,536,782
$3,572,324
6,141,872
$3,585,025
5,881,320
—V. 150, p. 3060.
Minority stock interests of this company won a major victory in the N. Y.
State Supreme Court on June 8 in an
accounting and damage suit against
the Standard Oil Co. of
Indiana, majority stockholder. The plaintiffs esti¬
mated that $50,000,000 to
$70,000,000 was involved in the damages.
In his decision Justice Samuel I.
Rosenman found that the Standard
Oil Co. of Indiana had enriched itself at
the expense of Pan
American
Petroleum.
He appointed Clarence J.
Shearn, former justice of the Ap¬
pellate Division, as referee in the accounting
proceedings to determine
damages due to plaintiffs since April 1, 1933.
Standard Oil interest will appeal.
It became known that the
In the decision Justice Rosenman directed that
Standard Oil of Indiana
the Pan American profits made by the Standard Oil &
Gas Corp., a subsidiary of the Indiana
company, on all crude oil sold to
Pan American since April 1, 1933.
The oil was produced on properties
acquired by Standard Oil & Gas in the East Texas fields and the Gulf coast
area where at one time Pan American was
active.
He held that Edward G.
Seubert, Charles J. Barkdull, Louis L. Stephens, Edward G. McKeever and
James A. Carroll Jr., were responsible with the Indiana
company in connec¬
account and pay to
tion with this phase of the case.—Y. 150 , p. 3671.
(J. C.) Penney Co.—Sales—
Pennsylvania RR.
The suit, filed by Mrs. Grace Stein
Weigle, Chicago, was directed against
Pennroad Corp., the Pennsylvania and three
living and the estate of six
deceased officers and directors of the two
corporations.
Mrs. Stein contended in her petition that officers and
voting trustees of
Pennroad used upwards of $140,000,000 to promote an unsuccessful Penn¬
sylvania RR. plan to dominate Eastern railroad operations instead of in¬
vesting in sound securities.
In seeking such domination, exorbitant
prices were paid for controlling
shares of eight railroads, the petition said, with a loss of
$4,000,000 in
excess payments for such stock in the Canton Co. of
Baltimore and un¬
specified but "tremendous" losses in the remaining seven transactions.
Another $4,000,000 was lost, Mrs. Stein
contended, in the organization of
a "freight forwarding"
company.
In addition of the Canton company, losses were said to have
been in¬
curred in purchase of shares of Detroit Toledo & Ironton
RR., Pittsburgh
& West Virginia, Seaboard Air
Line, New York New Haven & Hartford,
Boston & Maine and Lehigh Valley roads.—V.
150, p. 3524.
both issues when presented for payment.
The company states that this arrangement is being made
temporarily for
the convenience of the American holders of these sterling bonds in order
to
and added expense
under present conditions.—V.
150,
p.
of sending the coupons
to London
Period End. Feb. 29—
Operating revenues
Operating expenses
Direct taxes
res. approp.
limited-term
,
1,165
Net oper. revenues.>_
1,027
13,269
12,587
$1,279,431
7,815
$1,180,601 $15,199,442 $14,007,066
8,387
98,937
120,417
$1,287,246
Other income (net)
$1,188,988 $15,298,379 $14,127,483
453,750
4,372,639
5.445,000
50,000
979,167
600,000
13,276
951,287
170,204
0804
012,398
06,373
H
Gross income
Int.
on
1938
1937
1936
$1,255,754
628,783
$2,984,644
737,737
$2,403,897
689,637
$626,971
6,581
$2,.
6,907
",534
$1,714,259
52,329
$633,552
320,495
62,050
$2,253,441
$1,766,588
340,625
184,927
190,925
mtge. bonds.277,083
debentures
106,875
Other int. & deductions.
97,776
Crl,302
Int. chgd. to construct'n
Netincome
$806,814
$672,766
Divs. applic. to pref. stocks for the period
Balance
$5,161,154
—V. 150, p. 3672.
Petroleum &
$9,007,684
3,846,530
,
"
x601,956
321,401
96,248
291,849
40,000
y251,247
$533,259 loss$350,948
$1,252,698
$1,046,349
957,499
756,876
59,500
113,017
z825,598
Net profit-
Dividends paid
per
share on
capital stock (no par).
2.506
1,254
$0.36
Nil
$0.84
$0.72
Includes $424,139 maintenance and
repairs, $175,514 taxes, other than
and $2,302 provision for doubtful accounts,
y Includes
$203,622 taxes other than Federal and
Pennsylvania income taxes, $1,904
provision for doubtful accounts and
$45,721 for bond discount and expense,
z Includes
$615,091 maintenance and repairs and $210,507 taxes other than
x
incomes,
mcome
taxes.
Balance Sheet Dec. 31
Assets—
a
1939
1938
Cash
1,214,095
Balance owing by
trustees
56,600
Accrued payrolls..
89,304
106,782
409,182
49,243
2,037,125
21,590
63,095
6,593
54,127
199,053
122*,989
State inc. taxes.
56,600
49,243
2,555,999
Total
Accounts payable.
Accrued interest—
Accrued taxes
Prov, for Fed. and
Inv. in marketable
securities
1939
1938
Capital stock...$1,500,000 $1,500,000
debt.....
1,380,000
1,423,664
355,717
7,548
14,175
737,183
Miscell. accts. rec.
Due from empl's..
Inventories
b
Funded
Misc. accr'd liabil.
Accts. receivable..
c
Liabilities—~
Land, bldgs., ma¬
chinery & equip.$3,558,883 $3,789,199
10,200
102,346
324,210
Sinking fund pay*
Paid-in surplus... 3,823,993
Earned surplus... 1,856,264
22,536
63,896
59,248
60,000
3,823,993
596,685
;
;
$8,232,724 $7,817,9561
Total
$8,232,724 $7,817,956
a
After depreciation of $3,737,824 in 1939 and
$3,595,412 in 1938.
b Represented by 1,500,000 no
par shares,
c Under stock deposit agree¬
ment for employees.—V. 150,
p. 3370.
H.
V.
Bacon
150,
p.
Collamore
has
been
elcted
a
director
of
this
company.—
3672.
Company is requesting bids for the purchase in a single block of $3,000,000 five-year 4% secured notes, being part of an issue of $7,400,000
of such notes to be dated as of July 1, 1940, to mature
July 1, 1945, to bear
interest at the rate of 4% per annum payable
semi-annually on Jan. 1 and
July 1; the notes to be callable in whole or in part, at the option of this
company, on July 1, 1941, and Jan. 1, 1942, at
102^%; on July 1, 1942,
and Jan. 1, 1943, at 102%; on July 1, 1943, and Jan. 1, 1944, at
101}A%',
on July
1, 1944, and Jan. 1, 1945. at 101%, in every case with interest.
First National Bank of Pittsburgh, trustee.
Bids must be submitted to Chas. J. Graham, Pres., at his office, 405
Wabash Bldg., Pittsburgh, before 12 o'clock noon, June 29.
The issuance of the notes is subject to all necessary authorizations and
approval of the Interstate Commerce Commission incident to the issuance
of the notes, the pledge as collateral therefor of securities issued or
guaranteed
by the company, and subject also to the authorization by Reconstruction
Corporation, with the approval of the ICC, of a loan this to
of $4,070,000 to be evidenced by an equivalent amount of notes,
together with an amount equal to the interest accrued on the notes from
Finance
company
July 1, 1940, to the date of disbursement of such loan.—Y. 150,
$7,918,652
3,846,546
$4,062,106
_
Trading Co.—Class A Dividend—
3672.
p.
Portland General Electric Co.—Order Extended—
Federal
Court
injunction
restraining
Chase
National
Bank,
New
York, and Harris Trust & Savings Bank, Chicago, from selling collateral of
the Portland General Electric Co. has been extended 90 days from June 8.
Representatives of the banks and Ralph King, company attorney, agreed
the extension.
The banks' attorneys complained, however, that the
tying up the stocks and bonds backing more than $5,000,000 in
Portland General Electric notes challenged financial integrity and should
be settled as soon as possible.—V. 150, p. 3673.
to
order
Porto Rico Power
Calendar Years—
.
Co., Ltd. (& Subs.)—Earnings
1939
1938
1937
1936
Net profit from
••v
opera'ns
after deprec. & taxes-
Int.
on
$807,466
$854,978
103,213
48,915
5,000
180,427
90,000
90,000
funded debt
Other interest
Directors' fees
*
—
--
—,—v
and debentures.—*
1940—Month—1939
1940—12 Mos.—1939
$3,447,731
$3,312,359 $39,430,936 $39,051,781
1,640,381
1,557,975
19,258,680
18,285,327
289,254
343,589
2,192,878
3,975,134
237,500
229,167
2,766,667
2,771,667
investments
on
& Bolt Corp.—Earnings—•
Other deductions
Prov. for contingenciesAmort, of disct. on bonds
3672.
Pennsylvania Power & Light Co.- •Earnings—
Int.
$253,027
Prov. for
F^ieral taxes.
Prov. for Fed. surtax.—
A
Pennsylvania RR.—Interest Payment—
Company announced that effective with coupons due July 1, 1940, and
further notice, the interest payable in sterling on its two issues of
consolidated mortgage bonds, some of which are held in this
country, will
be paid upon presentation of the
coupons, accompanied by the usual
certificates of ownership, at the office of the
company in New York or
Philadelphia, as well as at the office of the Midland Bank, Ltd., London,
England, heretofore the sole paying agent.
All such interest paid in this
country will be at the closing rate or exchange for "free" sterling on the last
business day preceding the interest maturity dates, which are Jan.
1, May 1,
July 1 and Nov. 1 for the two sterling issues.
The latest rate so established
will be used not only for the current coupon but also for
past due coupons of
until
of
$834,706
Pittsburgh & West Virginia Ry.—To Sell Notes—
Pennroad Corp.—Named in $8,000,000 Suit—
Amort,
x$103,268
:
Pittsburgh Steel Co.—New Director—
A stockholder of the corporation
sought in Federal Court at Philadelphia
June 8 to recover losses of more than
$8,000,000 said to be suffered by
the corporation in transactions involving
Prop, retire,
88,743
14,062
$1,811,610
22,110
" $1,833,720
302,347
Deferred charges..
a dividend of 50 cents
per share on account of
the preferred stock, payable June 10 to holders of record
p. 2434.
hazard
13,700
$127,072
3525.
p.
Total income
Penn Investment Co.—Accumulated Dividend—
avoid the
3,549
Operating income.—.
Other income
Directors have declared
May 27.—V. 150,
3,371
$355,832
■V;
fixed
I
Patents
Sales for the month of
May, 1940 were $23,599,265 as compared with
$22,231,685 for May, 1939.
This is an increase of $1,367,581 or 06.15%.
Total sales from Jan. 1 to May 31, 1940 inclusive were
$100,565,907 as
compared with $93,418,939 for the same period in 1939.
This is an increase
of $7,146,968 or 07.65%.—V. 150,
P. 3061.
on
125,382
>
Earnings
Pan American Petroleum &
Transport Co.—Wins Suit
accumulations
:S $973,788
07,216
_
property--.-,...*.-,*..
Operating taxes
«
x$106,936
II
Interest
$6,923,243
$300,346
55,486
16,688
Depreciation
$1,849,243
Net oper. revenues—
$890,745
83,043
x$119,392
12,456
Calendar Years—
1939
Gross profit
.$2,514,149
Admin. & selling exps...
702,539
$6,168,165
4,318,922
Rent from lease of oper.
$24,764
D(498,422
0774,004
$124,172
22,959
Pittsburgh Screw
Telegraph Co.—Earnings—
Uncollectible oper. rev._
expenses.
$583,469
Dr672,114
0979,390
'
after
1940—Month—1939
1940—4 Mb.-?.—1939
$6,186,915
$5,895,280 $24,299,508 $23,184,176
18,750
17,700
77,150
73,830
revenues.
$4,805,895
4,781,131
x$210,097
Dr87,634
0178,339
from
charges
Deficit.—V. 150,
x
Afos.—1939
$147,131
Total income
Miscell.
deducts,
income
Total fixed charges
preferred stock and 742,041
common.—V. 150, p. 3522.
Operating
1940—
$6,629,423
6,045,954
,
$24,871
0150,955
0250,256
.
Net ry. oper. income.
Net
$41,215
-
>/'"•
64,364
Total
Pacific Telephone &
rev.
Railway
Other income
for extension
Period End. Apr. 30—
oper. expenses.
60,266
Unred. coupons
Prov. for Fed. tax-
1940—Month—1939
$1,491,536
$879,157
1,466,665
1,089,254
Railway
Railway
8,883
151,506
depos.
stock of sub
Dividend
1939
1940
$40,188
..v
Lake Erie RR.—Earnings—
Period End. April 30—•
161,016
187,566
55,535
202,618
:
loU, p. 3672.:'
,■'.'
.
Pittsburgh &
Consumers' depos.
y
Corp.—Earnings—
3Months Ended March 31—
Profit after all
charges.
due
2,352,914
_
Trade
6,930,000
notes,
currently
Investments
$
$
Funded debt
10,129,129
Pierce Oil
V 1938
1939
$
v:;.
3835
Net profit
-
pref. stock—*
stock-
Divs.
on
Divs.
on common
$691,947
187,876
5,000
5,000
$692,663
186,486
"slooo
90,000
90,000
f
i
54,543
54,543
13,472
13,472
$505,795
$525,007
$395,599
70,000
240,000
$397,704
70,000
240,000
70,600
70,006
240,000
240,600
Consolidated Balance Sheet Dec. 31, 1939
;
Assets—Land, buildings and plant, $8,572,216; goodwill, franchises, water
rights, &c., $858,189; bonds and debentures of the company, purchased for
sinking fund, $58,157; cash, $42,006; accounts and notes receivable,
$583,180; materials and supplies, $134,263; deferred charges, $234,285;
t°1LiaMltties—7%
cumulative preferred shares, $1,000,000; common shares
funded debt, $1,838,493; loan payable, $773,419;
payable, $113,005; employees' and consumers' deposits with int.
accrued thereon, $377,500; interest accrued on funded debt, $16,505; dlv.
payable, $17,500; reserves, $2,938,846; earned surplus, $407,026; total,
$10,482,296.—V. 149, p. 120.
($100 each), $3,000,000;
accounts
Public Service Coordinated Transport—Merger—
received June 12 from the New Jersey Board of Public
of an agreement of merger Into Transport
Consolidated Traction Co., Rapid Transit
Street Ry. of the City of Newark, South Orange & Maplewood Traction
Co
Orange & Passaic Valley Ry., Camden & Suburban Ry., Camden
The company
Utility Commissioners approval
and of the following companies:
Home RR.,
New Jersey & Hudson River Ry. &
Ferry Co. and
Riverside
Directors have declared
stock, payable June 21
a dividend of 37 A cents
per share on the class A
to holders of record June 11.
Like amount was
paid on Dec. 15 last.—V. 148,
p.
3696.
TrRentals
the foregoing companies for the period ended June 30, 1940
will be paid on or before June 25 to stockholders of record June 15.
on
Chronicle
The Commercial & Financial
3836
of Consolidated Traction Co. dividends of $2 per share, which
ordinarily would be paid on July 15 for the period ended June 30, will be
June IS, 1940
establish additiona.
by the public encouraged the company to
r In the case
response
■Also
Said onthere will to stockholders of 25 to stockholders
June 25 be paid on June record June 15.
of common stock will be granted rights to purchase
additional preferred shares. Purchasers will receive warrants to buy common
stock at $3 a share at any time up to and including Dec. 31,1945. Any shares
and warrants not purchased by the common stockholders will be offered to
of record June 15.
$0,337 on the common stock of Riverside Traction Co.: $0,625 on the
preferred stock of that company and dividends of $5,875 will be paid on the
common stock of the Rapid Transit Street Ry. Co. of the City of Newark.
—V. 150, p. 2592.
Porto Rico
Telephone Co.- -Earnings—
380
202
$962,664
$923,657
$874,561
413,955
77,579
83,237
9,386
'
76,140
9,386
Provision for ddprecia'n,
216,910
44,096
123,001
74,683
$151,687
108,000
$168,988
108,000
Divs.
stock
on com.
*
Present
Balance Sheet Dec. 31, 1939
:
holders
public.—V. 150, p. 3062.
the
Red Indian Oil Co.—Two-Cent DividendDirectors have declared a dividend of two cents per share on the common
stock, payable June 10 to holders of record May 31.
This will be the first
dividend paid on the common shares in some time.—V. 147, p. 3620.
Reed Roller Bit Co.—Extra Dividend—
have declared an extra dividend of 5 cents per share in addi¬
tion to quarterly dividends of 25 cents per share on the common stock,
no par value, both payable June 30 to holders of record June 20.
Like
amounts were paid on March 31, last.
Extras of 25 cents were paid on
Dec. 23 and Sept. 30, 1939, and extras of 5 cents were paid on June 30 and
on March 31, 1939.—V. 150, p. 3371.
Directors
$175,956
53,339
$175,596
108.000
Net income....
9.386
212,799
63,715
214,680
replace. <fe renewals...
Int. deductions (net)...
$874,359
414,207
71,862
9,386
440,131
452,900
Operating expenses
Taxes.
Amort, of franchises....
$923,277
1,031
$982,126
Gross earnings
f
1936
$961,632
$981,048
1,078
Non-oper. revenues
■
1937
1938
1939
Calendar Years—
Total oper. revenues.
the management.,
units, according to
Reliable Stores Corp. (&
/
;
&c
..
$300; special deposits, $24,815; deferred charges,
cash, $13,436; accounts receivable (less reserve of $15,006).,
materials and supplies, $128,369; total, $3,730,898.
$22,857;
$127,163;
"JLiabilities—Common stock ($100 par), $1,800,000; funded debt, $233,100;
owing to affiliated companies, $377,652; deferred liabilities and income,
$84,816; accounts and wages payable, $12,473; accrued taxes, $37,260;
accrued interest, $1,165; reserve for depreciation, $623,555; earned surplus,
120.
$560,876; total, $3,730,898.—V. 149, p.
5,299,899
$6,752,411
408,373
638,765
412,675
5,084,602
departments and
pensions.
All
other
general and
47,254
51,313
197,008
196,196
miscell. expenses..._.
46,171
35,756
173,113
140,356
$95,385
$17,895
5,000
84,174
$508,099
20,000
355,770
$128,556
5,000
89,030
$189,415
$107,069
2,700
$883,869
24,894
$458,832
10,480
__
$11,709,372
104,770
159,691
98,408
1,277,329
$6,825,479
480,997
666,977
515,584
Relief
cable
and
operating loss
Uncoil, oper. revenues.
Taxes assignable to oper.
Operating loss
Non-oper. inc
19,709
20,000
310,276
15,011
$104,369
251,397
$858,975
293,711
$448,352
995,989
$184,717
$355,766
$1,152,686
$1,444,341
$169,706
Net deficit
share on account of ac¬
cumulations on the 5Ms% preferred stock, par $100, payable July 1 to
holders of record June 20.
Stock will be in arrears for one quarter after
current payments.—V. 150, P. 2435.
Operations]
1940—4 Mos.—1939
[Revenues and Expenses of Car and Auxiliary
1940—Month—1939
operations:
$4,707,808 $20,296,480 $20,051,032
revenues
$4,590,584
Total expenses
4,477,297
4,366,351
17,799,136
17,436,073
$113,287
$341,457
$2,497,344
$2,614,959
$169,278
141,447
$170,491
$769,276
599,424
$727,355
578,307
revenue
Auxiliary
'
,
"
Total expenses
—
Loss.—V. 150, p.
141,195
$180,000, the contract calls for the manufacture of the equipment at the
company's Marietta, Ohio, and Tonawanda, N. Y., plants.
Shipments of
the units are expected to begin in the very near future.
Remington Rand has manufacturing facilities available in three of its
plants not used in the production of its regular lines, which are readily
adaptable to the manufacture of airplane parts and accessories which will
be required in the new defense program.—V. 150, p. 3674.
Republic Aviation Corp.—Personnel—
Major Alexander P. de Seversky failed of reelection to the board of direc¬
meeting held May 28, and told stockholders that he was in dis¬
agreement with the management over experimental policies and choice of
the firm's executives.
All officers, headed by President Wallace Kellett, were reelected.—V. 150,
2115.
p.
tion to
payable June 25 to holders of record
April 1, last.—V. 150, p. 2115.
proposal to increase
825,000 to 1,250,000 shares.
The move
of certain preferred stock issues.
Four new directors,
associated with trustees recently appointed by
the Federal Court in the Associated Gas reorganization, were elected.
All from New York City, they are Stanley Clarke, trustees' counsel; Ernest
J. Howe, Alfred Friendly and Alex Speer.
They replace Frederick S.
Burroughs, Sanford J. Magee and Daniel Starch, of New York City, and
Stockholders at
Carlyle E.
$1,222,419
$1,192,205
Rose's 5, 10 &
Railroad
April 30—
Railway oper. revs
Railway operating exps.
rev.
1940—4 Mos.—1939
$306,270
$306,908
14,606
54,924
58,657
19,048
10,275
75,119
1
1940—Month—1939
$280,891
$274,345
235,352
262,899
1940—1 Mos—1939
$1,099,178 $1,051,810
971,999
1,048,602
231
$11,446
14,493
2,132
$127,179
81,393
1,487
$3,208
80,208
4,896
$27,511
3,831
x$5,179
4,694
$44,299
16,043
x$81,896
17,202
x$485
$45,539
17,797
from ry. oper.
•
Net ry. oper. incomeOther income
i,
40,443
1940—5 Mos—1939
$1,727,844
110
104
$1,971,065
-—----—
Rutland RR.—Earnings—
Period End.
Net
y
Employees Corp.—Initial Dividends—
have declared
initial dividends
& disct.
8,909,263
606,508
1
$14,858,669 $40,664,736 $38,420,352"
24,537.123
26,052,106
8.537,028
1,636.794
1,779,562
581,421
83,761
Other deductions
12,600
r*debt
Rail transport, rev.
$5,442,556
78,090
8,680
251.283
30,633
229,300
21.375
$5,653,450 $12,551,152 $11,995,760
^674rment's t0 rai* anc* other carriers—express privileges.—V. 150.
R. C. A.
Communications, Inc.—Earnings—
Period End. Apr. 30—
Total oper.
revenues
Net oper. revenue
Net income transferred
to earned surplus.
p.
Rand s,
1940—Month—1939
$628,859
$452,941
184,043
72,156
157,103
39,443
1940—4 Mos.—1939
$2,439,002
$1,867,412
663,788
316,427
521,054
171,557
y
$34,703
$76,760
$202,587
bonds but unpaid.
.-j-.1! '''v#
Includes interest accrued on outstanding
Roxborough Knitting Mills, Inc.—Four-Cent
Dividend—
four cents per share on the cumu¬
preferred stock, payable June 1 to holders of record
May 20.—V. 147, p. 1645.
Directors have declared a dividend of
Rustless Iron & Steel
Corp.—-Patent Suit—
Corporation has filed suit in the U. S. District Court at Wilmington,
Del., asking that the Court declare invalid the patent of the Nirosta Corp.
(formerly the Krupp-Nirosta Corp.) for a stainless steel alloy.
The plaintiff
company denies infringement and also contends that the patent is invalid
because of prior invention,
it also alleges that the Nirosta Corp. has failed
to bring the suit charging Rustless with infringement, but continues to
advise customers of Rustless that the plaintiff company is infringing
Nirosta's patent.
The plaintiff company also charges that Nirosta wants
it to take out a license under the patent and pay the "exorbitant" royalty
of $30 a ton for the alloy.—V. 150, p. 3527.
Safeway Stores, Inc.
Directors called
a
—
To Vote on Stock Increase —
meeting of common
stockholders to be held July 30
for purpose of voting upon proposed increase to a
authorized amount of preferred stock.—V. 150, p.
total of $30,000,000 in
3372.
Dividend— • ;,
dividend of 50 cents per share in addi¬
the common stock,
134, p. 2358.
Sangamo Co., Ltd.—Extra
Inc.—To Increase Capital—
Stockholders have been asked to vote
Deficit,
lative participating
3214.
on a
of the company, the management announced
has been called for Aug. 5 to effect the plan.
Directors have declared an extra
plan for increasing the
on
June 7.
capital
A special meeting
Kit is proposed to increase the present 8% cumulative $5 par preferred
stock from 35,000 to 70,000
authorized shares and the $1 par common
stock from 90,000 to 170,000 authorized shares. Additional preferred shares
resulting from approval of the plan would be sold by the management and
the proceeds used to open new drug stores of the self-service type.
The
company recently opened a self-service store in Newcastle, Pa., and the
x$64,694
1,352
136,541
$2,658
charges
x
funded
on
$60,342
2,429
134,673
—V. 150, p. 3527.'"
1940—3 Mos.—1939
1940—Month—1939
& income_$15,054,688
revs.
33,884
Net deficit after fixed
stock, all
Charges for transport'fn$14,844.366 $14,628,941 $40,068,172 $37,810,642
Other revs. & income...
210,322
229,728
596,564
609,710
Operating expenses
Express taxes
334
33,667
Total fixed charges
of 20 cents per share on the
Railway Express Agency, Inc. (& Subs.)—Earnings—
Period End. Mar. 31—
333
$31,342 *
Total income.
Misc. deduc's from inc--
80-cent preferred stock and on the class A and class B common
payable July 20 to holders of record June 29.—V. 150, p. 3371.
r
1940—Month—1939
$394,235
$446,786
Railway tax accruals
Equip. & joint fac. rents
14,327
earned surplus
150,
25-Cent Stores—Sales —
Period End. May 31—
3371.
America—Earnings—
1940—Month—1939
$79,481
$76,972
30—
M. Travis, also of New York City.—V. 150,
3674.
Stores in operation-—V. 150, p. 3063.
$39,958
of the four voting
Yates of New York City becomes one
trustees, succeeding Charles
transferred
income
—V.
meeting held June 5 defeated a
Saies
—V. 150, p. 3062.
,
a
authorized common stock from
would have necessitated retirement
$149,047
x$127,549
3214.
Total oper. revenues
Net oper. revenues
p
Corp.—New Directors—Stock
Defeated—
$2,764,007
1,541,588
Radiomarine Corp. of
a
of 5 cents per share in addi¬
10 cents on the common stock, both
Like amounts were paid on
June 15.
Rochester Gas & Electric
$169,852
book value of the assets.—V. 150, p.
Period End. Apr.
Markets, Inc.—Extra Dividend—
have declared an extra dividend
regular quarterly dividend of
$2,667,196
1,474,990
physical assets consisting of terminal property at Tiverton,
I., to Gulf Oil Corp.
The price received was approximately the net
Int.
Department has awarded a contract to this company for the
of 3,000 army field kitchens.
Valued at approximately
$29,296
sold all of its
Total
Inc.—Gets Army Contract—
Remington Rand,
The War
manufacture
Quaker State Oil Refining Co.—Subsidiary Sells Assets
_
Not including proportionate
$370,753
330,795
Corporation reports that New England Terminal Co., a subsidiary, has
Directors
Net profit
$27,831
...
Operating income
to
450
$141,119
268,668
Net revenue
Total net revenue
Taxes accrued
Net
23.298
10,845
14,407
$518,586
$89,978
$882,079
stock—
$1.18
Nil
$2.16
share o 'earnings of Frank Corp. (50%
owned) amounting to $1,483 in 1939, $1,317 in 1938 and $1,053 in 1937.
Note—Above figures are exclusive of company's share o
earnings of
Frank Corp.—V. 150. p. 2741.
x
p.
R.
112,222
Federal income taxes
F.ede ick Hill of Elmira.
operations:
Total revenues
x
40,269
$1,103,499
11,729
197,007
12,684
Interest
Increase
Co.—Earnings—
Period End. Apr. 30—
Net
24,616
$124,571
Minority interest
Roberts Public
Directors have declared a dividend of $2.75 per
car
36,695
..
Directors
Ltd.—Preferred Dividend—
Price Bros. & Co.,
Total
61,105
$649,745
other income, net.
—V. 150. p. 3673.
Sleeping
$1,063,230
tors at a
Deductions.
Pullman
$99,955
Earns, per share on common
1940—1 Mos.—1939
1940—Month—1939
Teleg. and cable operat¬
$1,746,075
ing revenues
.—
119,156
Repairs
108,447
Deprec. and amortiz—
199,273
All other maintenance..
1,321,159
Conducting operations
teleg.
$9,448,816
8,324,481
..
x
hi, Inc. (& Subs.)—■Earnings—
Net
$7,628,112
7,456,297
71,860
$613,050
..
equipment, &c., $3,413,959; miscellaneous in¬
Assets—Plant, property,
vestments,
Period End. Apr. 30—
1937
1938
1939
$9,316,739
8,617.806
85,883
..
Costs, expenses,
-Earnings-
Subs.)
31—
Years Ended Dec.
Net sales—
quarterly dividend of 25 cents per share on
both payable June 29 to holders of record June 25.—V,
tion to the
Shell Union Oil
r
Corp.—Recapitalization Voted—
Stockholders at a special
meeting held on June 13, approved a
reduction
$37,613,446 in the capital account of the company. Of the capital surplus
thus created. $23,577,049 will be charged to premiums paid on capital stocks
of subsidiary companies and the balance will be available for purposes
deemed necessary by directors.
of
Volume
r
The
The Commercial & Financial Chronicle
ISO
reduction
of the
capital of the company was brought about by
changing the 13,070,625 no-par common shares outstanding from a stated
value of $17.88 each to a par value of $15 each. The capital account of the
company thus was reduced from $233,672,821 to $196,059,375.—V. 150,
p. 3676.
San
Diego Consolidated Gas & Electric Co.— -Earnings
Years Ended April 30—
Operating
1940
1939
$8,722,946
3,094,564
715,070
1,374,851
$8,611,479
3,105,992
1
revenues
Operation..
....................
Maintenance and repairs........
—
...
Depreciation
Amortization of limited-term investments
Taxes..
Provision for Federal income taxes
639,451
Southern California Gas Co.—Earnings—-
1,360,000
460
1,191,705
237 ,425
1,039,703
274,022
$2,108,902
2,197
$2,191,851
466
Taxes (incl. Federal taxes
Provision for retirements
$2,192,317
620,000
61,954
8,747
620,000
Net operating revenue
Other income (net)
Cr20,020
Cr7,922
8,544
7,670
$1,431,875
Net operating income..
Other income....
429
$2,111,099
...
$1,501,759
........
......
.........
Gross income
Interest on funded debt
Amortization of debt discount and
Other interest
....
expense
.........
.....
Interest charged to construction
Miscellaneous deductions............
& Net income
..............
Calendar Years—
r
The company has asked the California RR. Commission for authority
a 10 for 1 split-up in its common stock of which there is outstanding
100,325 shares.
Of that amount 99,387 shares are owned by Standard
Gas & Electric Co.
The new stock would have a par value of $10 a share
against $100 for the present shares.
The San Diego company has also
asked that it be permitted to delete from its name the word "consolidated."
—-V. 150, P. 3215.
Schenley Distillers Corp.—New Directors—
Two
new
directors have
been
elected to the Board, Oscar J. Wile,
Director of Schenley Import Corp., a subsidiary, and I. J.
Seskis, President of the former Oldetyme Distillers Corp.
The two new
elected Vice-Presidents of the corporation.
The new directors were named after the Board's action enlarging the
membership from 10 to 12 by amendment of the corporation's bylaws. Also
fiscal year will henceforth end Aug. 31 instead of Dec. 31.—V, 150, p. 3372.
Schiff Co.—Sales—
Sales for the month of May, 1940 were $1,563,869 as compared with sales
for May, 1939 of $1,556,161. This was a gain of 0.50%.
Sales for the five months period this year were $5,177,478 as compared
with last year of $5,121,911.
This was
a
Interest charged to
construction.!..!
DMdenS^?ash
Selvy Shoe Co.—25-Cent Dividend—
3 Months Ended March 31-—
1939
1938
$11,952
$17,690
1940
Net income after all charges but before
taxes., i
—V. 149, p. 4185.
$8,789
V
Calendar Years—
Gross income
Investments written off
1938
1937
$2,160,311
815,795
196,721
$1,726,894
849,932
146,853
$2,976,745
897,922
230,123
865,039
198,939
8,782
33.167
61,211
50,892
266,627
23,184
188",438
$943,178
345,813
297.954
$589,645
360,183
$1,474,827
bl,113,825
$868,463
456,631
'99,318
148,977
$299,411
6,822,868
Dr6,282
$130,144
6,690,597
Cr2,127
$212,025
6,495,150
Drl6,577
$411,832
6,083,318
Surplus at Dec. 31... $7,115,998
$6,822,868
$6,690,597
Balance Sheet Dec. 31
Assets—
Plant properties
dividends
Cash.
a
Accounts and notes receivable
Materials and supplies
Unamortized bond discount and expense
Net discount on preferred capital stock
Miscellaneous deferred charges
Total
—..$144,176,825 $153,610,919
Liabilities—
6% cumulative stock, old series ($25 par)
6% cumulative stock, series A ($25 par)
Common stock ($25 par)
First mortgage and refunding bonds
Accounts payable.*
Due to Pacific Lighting Corp
Accrued accounts.........
Dividends payable..........
__
.....
credits
...
_
.............:
—...
.
-^
Total
a
p.
98,729
oi
$11.21 per share.
Cash
1939
1938
$
Liabilities—
$
$
Accounts payable-
1,664.051
(less res.)
996,675
Inventories
1,595,978
Investments
13,200
1,076,900
1,519,999
34,567
Other assets..—.
Real est.* bldgs.
31,690
30,712
x
equipment
19,679,894 20,425,167
Deferred charges..
25,944
38,240
reserve
of $311,588 in
1939 and $1,883,468 in 1938.—V.
Ry.—New Director—Acquisition Approved—
First Week of June
1940
1939
Gross earnings (est.)
$2,422,719
68,231
Taxes accrued
405,966
296,739
35,923
27,470
922,617
66,299
comp.
Repairs and
relining
71,947
630,607
31,690
tingencies......
802,295
5,729,300
30,712
5,947,300
9,931,800
June
p.
Total
25,592,173 24,789,637
reserve
of $15,819,037 in
$■£^1940^
$844,728
273,806
...
$703,017
268,550
$442,427
132,272
$413,456
498,800 shs. capital stock.
>
$579,289
165,833
$310,155
$0.83
............
$0.62
_
$434,467
7,960
Note—Above figures exclude results of controlled or affiliated companies.
For the nine months ended April 30, 1940, net income was $1,004,173,
share.—V, 150,
2440.
p.
pref. stock, no par value, payable July 2 to holders of record
were made in preceding quarters.—V. 150,
Similar payments
South West Pennsylvania Pipe
Lines—50-Cent Div.—
the common
June 15.
Dividend of $5 was paid
on April 1, last, and during the year 1939 four quarterly dividends of 50
cents per share were distributed.—V. 150. p. 3676.
Spiegel, Inc.—Sales —
Net sales for the
month of May, 1940, were $4,386,531 compared with
$4,547,380 for May, 1939, and show a decrease of 3.54%.
The net sales for the first five months of 1940 were $21,269,186 compared
with $19,359,797 for the same period in 1939, which is an increase of 9.86%.
—V. 150, p. 3219.
Square D Co.—To Pay 50-Cent
1939
$570,922
8,367
........_.
Federal and State income taxes
a
15.
702.
Directors have declared a dividend of 50 cents per share on
(A. O.) Smith Corp. (& Subs.)—Earnings—
equal to $2.01
1938
$98,098
$0.11
Silverwood's Dairies, Ltd.—Accumulated Dividends—
6,822,868
3 Months Ended April 30—
on
1939
$79,346
$0.09
Directors have declared a dividend of 20 cents per share on the 40-cent
cumul. partic.
9,931,800
7,115,998
x After
deducting depletion and depreciation
1939 and $14,837,847 in 1938.—V. 150, p. 2440.
Total income—........
1940
$90,191
$0.10
stock, payable July 1 to holders of record
Com. (par $100)..
Operating income.......
Non-operating income...
1939
Res.:
Wkmen's comp...
Research
&
con¬
Earned surplus...
Total.........25,592,173 24,789,637
1 to June 7
1940
Southland Royalty Co.—Earning s-
922,617
Workmen's
Jan.
$2,310,456 $58,243,479 $54,112,794
3 Months Ended March 31—
Net income after all charges
167,657
Preferred stock
Net Income
Earnings per share
149,
«■
Southern
1938
91,195
Land rentals.....
Depreciation
4,802,097
6,852,130
Harry A, DeButts, Vice-President was elected a director of the company
of stockholders Mr. DeButts succeeds Richard
S. Reynolds. Other retiring directors were reelected.
Stockholders authorized and approved, subject to the approval of the
Interstate Commerce Commission, the purchase by Southern of the rights,
franchises and all of the properties of the Georgia Midland Ry.; Georgia
Midland Terminal Co.; Asheville Craggy Mountain Ry. Co.; and Asheville
Southern Ry. Co. In the case of Georgia Midland Ry. the property will be
acquired subject to the lien of its first mortgage dated April 1,1896, securing
$1,650,000 of 3% bonds maturing April 1, 1946.
>■' $
730,777
Unpaid wages
3,248,792
N otes & accts. rec.
&
53,027!340
$144,176,825 $153,610,919
After
Earnings per share
—V. 150, P. 3677.
Comparative Balance Sheet Dec. 31
1939
.
3,998,900
19,575,800
28,800,000
27,500,000
2,240,061
1,489,968
4,320,144
353,622
650,857
—V. 150, P. 3677.
After the deduction of all expenses of operation, research, administra¬
tion, repairs and renewals, taxes, other than Federal income tax.
b In¬
cluding special dividend
1,904,817
191,209
4,220,107
353,622
588,537
709,966
43,868,088
4,826,235
7,639,543
2988.
a
Assets—
3,998,900
19,575,800
28,800,000
27,500,000
Consumers' deposits and construction advances
Deferred credit
.
or
1939
1938
$131,464,425 $140,161,603
41,019
41,829
1,764,243
1,806,366
6,615,860
7,137,882
1,419,373
1,309,476
1,006,905
1,238,062
1,702,187
1,702,187
162,814
213,513
Investments in securities, at cost
$6,495,150
........
_
239,936
603,977
2,256,000
at the recent annual meeting
131,683
Common dividends..
239,936
1,174,552
-4,032,000
x Includes
$230,649 provision for surtax on undistributed profits.
Does
charge for taxes of former Los Angeles Gas & Electric Corp.,
merged in May, 1937, which, according to statute, became liens in their
entirety against the properties prior to the date of merger, and which con¬
sequently were accrued as an expense on the books of Los Angeles Gas &
Electric Corp.
The amount involved is approximately $1,100,000.
49,770
_
204",617
Miscell. debits
$4,447,734
239,936
1,174,553
4,032,000
231,157
19,517
not include any
1936
!,330,588
StOCK...............
Prov. for Fed. inc. taxes
Surtax on undis. profits.
Balance surplus.
Surplus at Jan. 1
Crl2,945
$5,859,337
1,162,500
231,157
22,954
Cr5,009
Common
... .. .
Exps. in connect'n with
readjust, of pref. cap.
Preferred
$7,473,948
1,162,500
Series A
Capital surplus.
Earned surplus..
Earnings—
1939
Depreciation
Depletion
Int. on underlying liens
on purch. property
Net income.
56,862,117
1,162,500
231,157
14,756
Cr4,535
Reserves
Sloss-Sheffield Steel & Iron Co.
a
$5,855,542
3,795
Preferred (6% cum.)—Old series..
—...
Sherwood, Swan & Co., Ltd. —Earnings—
$7,468,647
5,300
$5,458,239 $6,073,719
Total.
Bond interest
Amort, of bond discount and expense
Other interest
gain of 1.08%.—V. 150, p. 3215.
Directors have declared a dividend of 25 cents per share on the common
stock, payable June 29 to holders of record June 20.
Dividends of 12%
cents were paid on June 5 and on March 5, last.—V. 149, p. 2097.
on
$6,879,675
Drl7,558
Managing
were
1939
1938
1937
$34,709,270 $34,682,315 $27,144,595
17,525,887
16,980,632
14,136,980
1,150,507
1,038,764
970,297
income)
5,012,491
4,942,695
x2,924,206
4,140,709
4,251,576
3,257,571
.
Operating expenses.
Maintenance and repairs
of
as
*
Gross operating revenue
61,954
8,857
Capital Revision—
directors also
3837
employees (less reserve $1,930), $2,114; real estate not used In business,
$60,000; value of life insurance, $68,327; investments, $1,062; property,
plant and equipment (less depreciation of
$494,442), $914,985; prepaid
expenses, $114,678; goodwill and leaseholds, $1; total, $3,113,070.
Liabilities—Accounts payable and accrued expenses, $376,354; provision
™r
Federal and State taxes, $77,621; provision for regular dividends,
$50,322; mortgage notes payable, $40,000; reserve in lieu of fire and liability
insurance on retail
stores, $19,816; preferred and participating stock (60,000
n?«par shares). $1,200,000; common stock (56,288 no par shares), $1,170,970; earned surplus, $177,987; total, $3,113,070.—V. 150, p. 1788.
,y.„,
Directors have declared a
Common Dividend—
dividend of 50 cents per share on the common
stock, par $1, payable June 29 to holders of record June 15.
This compares
with 30 cents paid on March 30, last; $1 paid on Dec. 23, last; 30 cents
paid Sept. 30 and June 30, 1939; 15 cents
paid on Dec. 23, 1938; 15 cents paid in each
paid March 31, 1939; 30 cents
of the three preceding quarters;
$1.05 paid on Dec. 24, 1937; 35 cents paid on Sept. 30 and June 30, 1937;
and a dividend of 25 cents per share paid on March 31, 1937.—V. 150,
p.
3065.
i
-
Standard Chemical Co., Ltd.—Dividend—
Directors have declared a dividend of 75 cents per
navable July 15 to holders of record June 15.
stork
paid
P. 1788.
were
on
share on the
common
Dividends of 50 cents
April 15, last; July 12, 1939; and on June 27, 1932.—V. 150,
Standard Fuel Co., Ltd.'—Preferred Dividend—
declared a dividend of $1 per share on the 6% % preferred
payable July 1 to holders of record June 15.
Similar amount was
April 1 and Jan. 1, last, and on Oct. 2, 1939, and a regular quarterly
dividend of $1.62 H Per share was paid on July 1, 1939.—V. 150, p. 1456.
Directors have
Southern Grocery
•
Stores, Inc.—Earnings—^
Years Ended—
Sales.....—.
....
Cost of sales and all oper., expenses
Dec. 30, '39 Dec. 31, '38
-..$19,280,992 $17,072,469
except deprec 'n. 18,809,920
16,666,712
Net operating profit
$471,073
$405,757
125,917
5,039
64,540
124,198
7,820
61,088
Provision for depreciation of physical properties
Miscellaneous charges (net)
Provision for Federal and State income taxes—...
Net income
$275,577
Balance Sheet Dec. 30, 1939
Assets—Cash
in
stock
$anks
and
on
hand,
.
$333,571;
$212,651
by;:
•
accounts
receivable
(less reserve), $50,371; inventories, $1,567,960; balances due from officers
paid
on
Standard Oil Co. of N. J. (Del.)—New President—
Chester F.
Smith has been elected President of this company, principal
subsidiary of Standard Oil Co. (N. J.).
F. W. Abrams, who was elected to the Board of the
at the latter's annual stockholders' meeting held June 4.
J
Raymond Carringer has been appointed General Manager of manu¬
facturing operations and elected a director of "the Delaware company,"
as the operating subsidiary is called.
George H. Mettam, Manager of the
Bayonne refinery, has been named Assistant General Manager, and Harry
G
Burks Jr., Assistant to the President.
Mr. Mattam will remain in
charge of Bayonne and will maintain his office there.—V. 143, p. 1576.
domestic operating
Mr
Smith succeeds
parent corporation
The Commercial & Financial Chronicle
3838
Standard Gas & Electric Co.—Weekly Output—
utility operating companies in the Standard
the week ended June 8, 1940, totaled 124,621,068 kilowatt-hours, as compared with 113,740,437 kilowatt-hours for
the corresponding week last year, an increase of 9.6%.—V. 150, p. 3678.
Electric output of the public
Gas & Electric Co. system for
Standard Oil Co. of Indiana—Loses Suit—Contract—
Pan
See
Transport Co., above for details of
Petroleum &
American
decision against this company.
Standard Oil has signed a contract
with American Airlines, inc., calling
more than 3,000,000 gallons of aviation gasoline in 1940.
Delivery will be made to Chicago and Detroit, Mich., airports
Standard refinery at Whiting, Ind.—V. 150, p. 2898.
June 15, 1940
operative when and only when 75% or more of the principal amount of
bonds and debentures has been deposited.
Company was incorporated in Florida, July 28, 1930.
The general
character of the business done by the company consists of the ownership,
_
operation and leasing of a dock and warehouses at the corner of 13th and
York Streets, Tamps, Fla., in a part of which properties the company itself
operates a cold and dry storage business.
The remaining portion of such
properties is leased by the company.
Comparative Income Account
for
6 Mos. End,
from the
Standard
on
Power
&
Light
Company's Status-—
Corp.—SEC
'
Calls
Public
...
7 issued an order calling
The Securities and Exchange Commission June
public hearing under Section 11 (b) (2) of the Public Utility Holding
Company Act or 1935 with respect to Standard Power & Light Corp.
Under Section 11 (b) (2) the Commission is directed to require that
registered holding companies and their subsidiaries shall take steps to
insure that the corporate structure or continued existence of the company
does not unduly complicate the structure of the holding company system
or
unfairly distribute voting power among the security holders of the
system.
The section also limits the permissible number of tiers in a holdingcompany system to three.
Standard Power & Light Corp. is the parent company of Standard Gas
& Electric Co.
The order calls a hearing under Section 11 (b) (2) only
'
■
'Years Ended Aug. 31
■
"■■■•
■
1938
1937
$266,984
239,253
$287,420
$417,375
400,292
loss$l,019
2,022
$27,730
$23,580
4,303
5,675
$1,003
26,827
$32,034
56,532
$29,255
83,055
$20,077
$25,824
$24,498
$53,800
$32,540
1939
Feb. 29, '40
Total oper. revenue
Hearing
recapitalization and deposit agreement,
Tampa Union Terminal, Inc. be declared
Under the terms of the plan of
the plan may at the option of
$110,125
111,144
Operating expenses
Net operating
Other income
income.
263,840
$17,083
2,994
a
Standard Power a& Light Corp. The hearing will be held
at such later date as the Commission may fix by supplementary
with respect to
July 8,
or
notice.
On May 6, 1940 the Commission 'instituted proceedings
the Standard Power & Light Corp. and Standard Gas
with respect to
& Electric Co.
holding-company system under Section 11 (b) (1), which concerns the
geographical limitation of holding-company systems.
The order issued June 7 recites that dividends on
the preferred stock of
Standard Power & Light Corp. were in arrears more than $41
at the end of 1939, and that this stock has no voting rights.
also recites that there are more than
Power
&
Gross income.
Income deductions
Net loss
—V.
The order
Consolidated Income Account (Incl. Sub. Cos.)
Light Corp. "unduly and unnecessarily com¬
Apr. 25, '40 Apr. 27. '39 Apr. 28, '38 Apr. 29, '37
$279,883
$812,126
$1,070,310
$4,576,646
Years Ended—
Work executed
Net loss from construc¬
tion operations
32,817
210,624
64,439
from investments
Res. for loss
yl60,362
100,000
8,000
Prov. for Fed. inc. tax..
Net loss for year
$146,185
866,730
prof$209,362
1,016,731
Previous earned deficit-.
Restoration of
634.330
19,359
&c
serve,
Reserve for shrinkage in
marketable
value
of
securities
Adjustments (net)
Miscellaneous charges..
things) is to determine whether it is necessary to eliminate Standard Power
Profit & loss, deficit—
Light Corp. as a separate corporation in the holding company system.
3217.
Cr3,895
,
,
6,782
stock, par $1, payable June 29 to holders of record June 15.
Assets—
This com-
{>ares30 cents paid on Dec. 26, 1939, and 15 cents paid on on March 30
with extra of five cents and quarterly of 15 cents paid Sept. 30 and
ast;
Accts. receiv. (cus¬
tomers) (owners)
1,281,789
Accts. rec., miscel.
7,306
82,513
16,310
$634,330
$866,730
459,379
187,597
in
8,000
tax
personal injuries
c
88,272
92,000
Preferred stock.
1,397,725
1,397,725
584,945
d Common
Inv. in The Lafayette Bldg.
$89,067
Prov. for Fed, inc.
1,550
194,689
Invest,
Apr. 25/40 Apr.27,'39
Liabilities—
Accts. payable and
accrd. liabilities$l,394,360
Res. for claims for
billed
Securities
July 1, 1939.—V. 150, P. 1616.
584,945
stock.
575,000
Surplus paid-in
793,820
1,016,731
893,820
Deficit
264,900
Corp.
Mason-
803,473
Walsh-AtkinsonKier Co. at cost.
Sterchi Bros, Store#, Inc.—Sales—
Partic.
Net sales for the month of May, 1940 were $661,694 as compared with
Net sales for the five months ended May 31 this year were $2,405,020 as
in
rec.
345,000
345,000
mtges.,
notes and
i582,872 year.
This is an increase of $78,822 or 13.52% over
lay last for May, 1939.
•!.'■
and
accts.
sundry
291,845
investments
210,066
Corp.—Sales—
9,806
4,432
267,577
Buildings.--.--
267,577
1
b Construe, equip,
and materials..
compared with $2,165,054 for the same five months of 1939. This reflects an
increase of $239,966 or 11.08% over the 1939 figure.—V. 150, p. 3219.
Studebaker
Apr.25/40 Apr.27, '39
#398,481
$178,572
Cash
Contract work un¬
Co.—20-Cent Dividend—
Directors have declared a dividend of 20 cents per share on the capital
v
Crl3,803
D/-28.530
Consolidated Balance Sheet
on June 12 declared a year-end dividend of 25 cents a share on
stock, payable June 26 to stockholders of record June 18.
This
payment will make a total of 75 cents a share in dividends paid in the fiscal
year ending June 30, 1940, comparing with 25 cents in the preceding fiscal
year.—V. 150, p. 3374.
*
'
#
.
P"
$1,016,731
x Includes interest on loan and notes,
y Includes $225,000 in 1940 and
$150,000 in 1938 dividend received from Mason-Walsh-Atkinson-Kier Co.
Directors
common
on
Dr3,816
$803,473
Standard Product# Co.—Dividend—
Steel Products Engineering
$275,269
392,223
$197,089
excess re¬
the structure of the Standard Power & Light Corp. holdingcompany system," and "unfairly and inequitably distributes voting power
among security holders" of the system.
The order further states that the purpose of the hearing (among other
&
24,322
Colorado
on
River Aqueduct
plicates
—V. 150, p.
*199,591
x357,451
y250,179
Miscell. inc.,incl. income
Light Corp. holding-company system, and that the continued
existence of Standard Power &
127, p. 1265.
Thompson-Starrett: Co., Inc. (& Subs.)—Earnings—
per share
three tiers of companies in the Standard
52,617
42,875
72,209
Prepaid
expenses.
Land
a
-
1
Domestic retail deliveries of distributors and dealers of the Studebaker
Corp. in May amounted to 10,328 passenger cars and trucks as compared
with 9,533 units delivered in the same month last year. Last month's retail
deliveries in the U. S. were the largest reported by the corporation for any
May since 1928.
For the first five months of 1940, retail deliveries in the
United States totaled 42,835 compared with 28,887 last year.
Factory sales of 9,995 units in May compared with 11,334 in the same
month last year.
For the first five months of 1940 factory sales of 50,260
units contrasted with 42,054 in the parallel months of 1939.—V. 150, p.
3066
Total
Prop, retire, res. approp.
Net oper. revenues
Other income
Gross income
59,258
12,146
4,000
1940—12 Mos.—1939
$1,096,705
$1,066,036
683,276
653,608
160,971
156,674
48,000
48,000
54,880
13,041
4,000
$12,259
Direct taxes
Int.
1940—Month—1939
$87,663
$87,818
$15,897
$204,458
'
129
$12,259
-
mortgage bonds.
Other int. & deductions.
$15,897
$204,587
454
454
6,861
6,863
5,450
83,892
on
Int. charged to constr'n.
Cr85
served
as
was
elected President of this company to fill the vacancy
General
Toronto Mortgage
$208,001
5,450
93,284
cm
:
$115,330
35,000
$109,334
35,000
$74,334
150, p. 3529.
Sweets Co. of
America, Inc.—-Options Granted—
Company has granted option
on
12,000
common
shares of its treasury
S'i
■
purchased under the option on or before Nov. 30, 1940 the price
is $7 a share.
For stock purchases from Dec. 1, 1940 to Nov. 30,
1941,
price is $8 a share and thereafter to Nov. 30, 1942 at $9 a share.—V. 150,
p. 3678.
^
M
1939
1938
1937
$5,525,871
4,714,225
$5,179,904
4,549,376
$5,005,792
$5,912,385
4,772,817
$811,646
$630,528
252,645
$791,809
316,824
$1,139,569
251,070
$1,062,716
51,102
.........
Costs and expenses—-
$883,173
48,628
$1,108,633
$1,429,772
47,195
565,230
128,164
56,654
606,722
143,371
547,100
165,579
45,037
115,081
36,295
26,643
494,733
233,104
x69,308
Operating profit
"
"
Total income
Interest
on
Holders of the $1,264,500 first closed mortgage 6M % sinking fund gold
bonds due July 1, 1953 and of the $680,000 15-year 7% sinking fund gold
debentures due July 1, 1943 and of the promissory note dated Jan. 13,
1933 in the amount of $165,000 held by Baltimore Trust Corp. are offered
in exchange for their securities, cash and $4 first
preferred stock, $4 second
preferred stock, and cash, respectively.
(1) Exchange Offer to Bondholders—Providing for the issuance to the holder
of each $1,000 principal amount of bonds and in
exchange therefor, of
cash, $400; $4 1st pref. stock, 6 shares.
(2) Exchange Offer to Debenture Holders—Providing for the issuance to
the holder of each $1,000 principal amount of debentures and in exchange
therefor, of $4 2d preferred stock, 5 shares.
[The holder of a $500 of bonds or debentures will receive in exchange
therefor one-half the amount of the consideration respectively set forth
above.]
(3) Exchange Offer to Baltimore Trust Corp.—Providing for the payment
to Baltimore Trust Corp. in exchange for promissory note in the amount
of $165,060, and $62,500 of bonds, and $10,000 of debentures, of cash,
;
I
r;
income
Federal
recapitalization and
deposit agreement shall become inoperative as therein provided.
To efectuate the exchange, the holders of the outstanding securities are required
^eoosit such securities against the certificates of deposit issued pursuant
to the provisions of the plan of recapitalization and deposit agreement.
The depositary, Baltimore National Bank, Baltimore, Md.
10,165
taxes
In prior years-———
Portion
Cr51,211
------
of loss
of subs,
yCr49,881
applic. to outside int—
Net
z$261,566
$74,287
30,732
x
$504,490
20,062
172,199
$354,933
36,335
110,213
profit
32,201
234,145
dividends
Common dividends
of
$454,608
$354,933
$74,287
$261,566
Profit
Includes $13,558 for surtax on
undistributed profits,
y
Portion of loss
Lignite Coal Co. and subsidiaries applicable to outside
April 30, 1936, to dates of acqusition by Truax-Traer Coal
Before deducting special charges applicable to prior years net of
Truax-Traer
interests from
Co,
z
85 258.
"
.•
Consolidated Balance Sheet April 30
d $468,985
Cash
_
Investments
Bank loans
(curr.)
652,261
Dividends
338,196
Land & equip, pur¬
chase contracts-
110,354
709,241
Accounts payableAccrued expense.-
223,230
and
<fe
equipment (net) 5,715,360
Prepaid expenses &
5,675,420
393,192
282,227
properties
Prov.
for
payable
1939
$150,000
117,308
741,707
500,480
(net)
-
advances
Coal
$682,607
1940
773,042
Tota 1 receiv.
Inventories
Liabilities—
1939
1940
Assets—
$150,000
,,
132,155'
56,661
127,706
136,022
Federal
trade¬
«fcc_.
1
el58,719
14,088
710,313
871,459
6% conv. pref.ser.
514% conv. pref—
55,000
479,000
Common stock—
3,846,944
500,000
3,846,944
Capital surplus.—
Goodwill,
income taxes—
Non-current liabil-
1,338,088
1,338,088
Earned surplus—
deferred charges
1,293,262
1,263,502
Treas.com .stock Dr21,604
Drl9,517
c
constituted, by
such deposit a party to the plan of recapitalization and deposit agreement
dated May 1, 1940.
The securities so deposited may not be withdrawn
from deposit at any time unless and until the plan of
290,204
Adjust, of overprov. for
names,
'.
Each security holder who shall deposit his securities is
4,213,982
debentures-
Expense, sale of stock
Depreciation
Depletion
Preferred
Tampa Union Terminal, Inc.—Plan of Recapitalization—
(& Sub*.)—Earnings—
1940
Net sales—
For stock
$40,000.
Mr.
15 years.—
Consolidated Income Account for Years Ended April 30
Federal income tax
stock to Bernard D. Rubin, consideration for the option being to assure the
services of Mr. Rubin as President for the three-year period ending Nov.
1942.
Vice-President for
Co.—$1.25 Dividend—
Truax-Traer Coal Co.
Premium
—V.
Manager and
Directors have declared a dividend of $1.25 per share on the common
stock, payable July 2 to holders of record June. 15.
Previously regular
quarterly dividends of $1.50 per share were distributed.-—V. 147, p. 2406.
$207,754
247
$80,330
Balance
b After depreciation of
Toledo Edison Co.—New President—
Carroll L. Proctor
Other income
.Net income
——i'V.' $4,944
$8,580
Dividends applicable to pref. stocks for the period
$3,563,649 $1,940,827
Total
depreciation of $90,205.
V. 150, p. 2899.
Superior Water, Light & Power Co.—Earnings—
-
for
reserve
which has existed since the death of Frank R. Coates two years ago.
Proctor
Period Erui. Apr. 30—
Operating revenues
Operating expenses
$1,940,827'
$3,563,649
After
a
$186,828 in 1940 and $303,926 in 1939.
c Represented by 63,896 no par
shares,
d Represented by 584,945 no par shares.—V. 150, p. 1298.
Total (each side) $8,592,767
$8,339,953
a
55,000
a Represented by 427 shares of common stock in 1939 and 1940 and 230
(210 in 1939) shares of 514% pref. stock,
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. 150, p. 2596.
Volume
The Commercial & Financial Chronicle
ISO
Texas Electric Service
f
Period End, Apr. 30—
Operating
Operating
revenues
expenses
taxes
Direct
Prop, retire,
Co.—Earnings
1940—12 MTos.—1939
$8,718,003
$8,319,745
3,326,962
3,539,649
1,022.764
1,144,531
1,000,000
1,000,000
1940—Month—1939
$706,931
$657,851
268,529
279,260
94,478
78,701
83,333
83,333
.
res. approp.
Sfc;£evs- (natufai gas)
Operating
$260,591
$216,557
Prop, retire,
704
*$3,246,510
12,295
$2,757,332
911
Gross income
Int. on mortgage bondsOther interest
$261,502
140,542
$217,261
140,542
2,628
$3,258,805
1,686,500
31,999
$2,769,750
Net income
$118,249
$74,091
Dividends applicable to pref. stock for the period-
$1,540,306
375,678
$1,052,051
375,678
$1,164,628
$676,373
Balance
-V. 150, p. 2898.
2,711
-
oper.
Other income.
Other
inc.
Period End. Apr. 30—
expenses
Direct taxes
Prop, retire, res. approp.
Amort, of limited-term
investments
$1,247,316
1,372,978
.
4,016
Net operating revenues
Other income (net)
$303,816
849
$340,849
$1,189,206
7,231,097
54,186
70,209
248,299
266,445
$2,566,108
.Interest on debentures..
501,525
Int. on notes and loans
438,696
Other interest
8,711
Other deductions
I
2,446
$2,246,353
501,525
433,875
10,402
G
1.267
$7,735,656
2,006,100
1,764,425
34,473
6,935
$8,153,858
$1,299,284
$3,923,723
$4,343,742
.
$1,614,730
1940
Gross income
Int. on mortgage bonds.
Int. on debenture bonds-
$304,665
$340,864
177,708
10,000
12,473
$4,533,444
2,088,750
120,000
113,273
Assefs—
Plant,
Cash in banks—
On demand
_
.
Special depositsWorking funds.
Notes receivable
Accts. receivable
6,860
Mat'ls & suppl's
Prepayments...
Other
3,253,257
28,930
42,329
47,733
1,532,489
347,534
26,129
35,691
"
Deferred debits.
Contra assets...
stock
5*990
64,693
191,271
'
772
25,922
17,486
Custs.' depositsTaxes accrued..
Interest
&
38,317
With
construction
28,081
Total
Stores, Inc.—Listing—
common
United Aircraft
stock, upon
55,855 shares of
254,687,807 254,074,020
Products, Inc.—To Vote
on
Acguisition
on June 19 to provide for the
acquisition of the Aircraft Precision Products, Inc. It is planned to increase
the authorized common stock to 400,000 shares from 200,000 and 63,333
shares would be issued in consideration for the property and assets of the
stock, upon official
common
Total
A special meeting of stockholders will be held
stock, upon official notice of issuance upon conversion of cum.
preferred stock, and 4,500 shares of
254,687,807 254,074,020
772
18,932,640
25,684,942
-V. 150, p. 2748.
hasa uthorized the listing of $327,629
$1) ail
of
which are issued
and
official notice of issuance upon the exercise of options,
conv.
20,471
17,486
14,467,819
25,586,192
_
Capital surplus.
Earned surplus.
See list given on first page of this department.
common
14,018
78,535
7,402,231
Contra liabilities
outstanding, with authority to add 50,000 shares of
.
15,109
682,450
1,239,359
470,517
Contrlb. in aid of
Tung Oil & Subsistence Farms, Inc.—Registers
SEC—
Union Premier Food
20,582
V
68,661
3,364,172
credits
Reserves
The New York Stock Exchange
shares
of
common
stock
(par
3,430,091
ac¬
crued liablls..
Deferred
7,818,959
33,435,000
25,925,000
.
15,125
722,668
1,278,098
468,354
accrued
curr.
88,468,000
13,805
Mat'd long-term
debt Alnt
$1,060,975
44,982,200
($1
1,481,354 Pref. stks. called
for redemp. &
326,641
dlvs. thereon.
29,992
20,854
$
par)—_
7,818,959
Long-term debt. 33,435,000
Notes payable— 25,925,000
Accts. payable—
3,443.012
A
curr.
1939
...
Com.
3,430,690
accrued assets
$1,926,025
865,050
$1,346,371
------
1,759,604
39,149
5,263
$
87cum.pref.stk 44,982,200
$7 2d cum. pref.
stock.
88,468,000
Oth.
Balance
—V. 150, p. 3066.
2,006,100
1940
Liabilities—
$
26,115,846
25,263,625
Investments ._.222,903,229
223,569.369
$4,340,194
2,132,500
120,000
161,669
$2,211,421
865,050
1939
$
A
prop.
equipment...
$4,333,334
15
$4,518,541
14,903
Net income.
$117,362
$140,683
Dividends applicable to pref. stocks for period
$1,541,168
6,442,787
G ross income
2,201
10,000
6,886
$838,843
1,477,719
Balance Sheet March 31 (Company Only)
146
170.417
6,075,232
686,365
653,200
deductions",
Co.—Earnings—
386
Other int. A deductions.
$8,604,003
6,840,199
789,032
654,600
including taxes
1,686,500
31,199
1940—Month—1939
1940—12 Mos.—1939
$847,096
$899,816 $11,354,262 $11,230,943
361,896
380,779
4,533,921
4,731,677
90,622
87,857
1,210,512
1,077,147
90,376
90,185
1,087,272
1,086,584
revenues
$9,824,999
2,000,206
218,434
236,500
revenues
(natural gas)
12,418
$3,293,983
2,573,703
266,392
241,100
res. approps
Net income..
Texas Power & Light
Operating
Operating
$4,328,511
expenses
Tax®8---:
Net
Net oper. revenues
Other income (net)--.-.
3839
Statement of Income (Company Only)
;
Period End. Mar. 31— 1940—3 Mos —1939
1940—12 Mos.—1939
notice of issuance in accordance with contract dated Sept. 30, 1939 between
company and Arthur Rosenberg, et als (which stock, deliverable in March,
Aircraft Precision Products.
1941, represents the balance of the consideration for the acquisition by
of 13 supermarkets), making the total amount applied for
437,984 shares.
It is proposed to increase the Board of United to nine members from seven
as directors C. A. Herberts, President, and H. H. Waggenseller,
the company
and to elect
.
to represent Aircraft Precision.—V.
150,
2900.
P.
Earnings for 16 Weeks Ended April 20.1940
Net
profit after depreciation, amortization, interest,
and State income taxes, Ac
Earnings per share on 327,629 shares common stock
United Light & Rys. Co. (& Subs*) —Earnings—
Federal
$251,227
Calendar Years—
$ 0.71
Consolidated Income Statement for Calendar Years
1939
Sales
Cost of goods sold
Operating expenses
Depreciation
Operating income
Interest paid
Provision for Fed'l income and
_
Net income
Common dividends
x
In addition
$586,873
7,552
222,080
163,443
118,879
$612,870
4,439
310,540
25,540 shares of common stock
was
Interest
1939
Accts.
1938
,
$837,095
as a
636,985
473,895
1,705,048
192,171
1,673,838
125,698
377,807
1,705,047
243,141
$11,384,931 $10,676,837 $12,454,556
Subsidiary Holding & Investment Cos.—
2,550,686
2,571,287
162,246
1,320,401
-
$500,000
accept'ces
equipment.
96,836
5,283
20,481
1,090
13,686
Mtge. lnstalm'ts
Mdse. in transit
15,093
Accrued liabilities.
324,344
Min. int. in consol. net inc.
$63",640
161,610
1,319,981
2,599,807
164,015
1,320,401
of sub.
holding companies
...
1,924,372
396,489
1,851,347
2,209,025
509,059
515,954
312,211
218,121
Crl ,623 !o 18 Crl,619,044 Crl,764,135
4,480
1,090
advs., truckers-
Security invest's__
assets
120,000
7,317,219
2,269,985
$20,378,938 $19,841,493 $21,497,691
6,557,485
6,793,541
6,717,140
long-term debt.
Interest on long-term debt
i Amort, of debt discount & expense—
Divs. on pref. stocks held by public..
1938
15,828
1,046,721
Notes receivable A
Fixed
on
Balance
dividend.
1939
37,878
1.816.933
-
....
2,446,416
xl96*440
bank.
pay.,
Trade
receivable,
trade
Inventories
Liabilities—
$574,065 Notes
120,000
7,542,248
1,828,344
120,000
7,880,116
Miscellaneous deductions
Comparative Consolidated Balance Sheet Dec. 31
Cash.-..-—
plant
Amortization of debt discount & exp.
Divs. on pref. stocks held by public. .
$1.62
distributed
1937
Net earns, from utility operations.. $20,332,179 $19,881,253 $21,516,974
Other income (net)
46,759
Dr39,760
Drl9,283
$460,441
$1.96
310,984
$2.34
on common
for amort, of
Total net earnings-
$812,832
60,056
Preferred dividends
share
34,533
reserve
acquisition adjustments
State, local, &c., taxes
Federal and State income taxes
$556,831
30,042
$777,654
1,340
Prov. for
excess
profits taxes & State income taxes.
per
$743,120
$1,045,282
10,369
Total income
Earnings
1937
1938
$986,914
58,367
Other income
1938
—
$24,498,783 $18,283,068 $13,760,889
19,282,058
14,465,858
10,999,010
4,046,416
2,967,503
2,154,049
183,394
106,584
50,998
-
1939
Subsidiary Operating Companies-*"
Operating revenues
$80,770,016 $77,350,783 $79,331,380
Electricity & gas purchased for resale.
9,664,996
8,788,920
9,117,844
Operation expense
27,649,519
26,840,143
27,376,271
Maintenance expense
4,230,209
4,295,105
4,230,338
Depreciation
8,446,581
8,054,770
7,382,749
For
(less
1,083.708 Mortgages (not
371,607
58J61
245,068
Balance
$6,320,314
$5,569,329
$7,191,368
1,343,320
41,998
130,818
1,349,766
1,372,960
42,227
42,942
162,024
136,861
93,798
& Rys. Co.
Interest on debentures
Amortization of debt discount A
General expenses, Ac
164,770*
Cum. pref.stk
1,167,912
675,000
332,129
1,051,263
310,540
833,897
335,868
Capital surplus
335 997
237,328
United Light
as¬
sumed)
3,708
4,190
.
Interest and dividend "income
210,934
Com. stk. (par $1)
31,251
-
General interest, expenses, Ac
Taxes
..
Trade, &c-_...
deprec. & amort) 1,810,941
Prepaid & deferred
charges
42,828
Deposits with land¬
lords, Ac
20,287
Value of insurance.
11 ;292
40,540
Accounts payable:
Earned surplus...
777,660
—
exp.
Taxes
Cr999,700
Cr795,553
$5,710,080
Interest and dividend income...
110,863
Cr794,089
$4,573,537
$6,321,830
Pref. stock, sinking
Consolidated net income..
21,417
fund-..Goodwill
191,133
Total
Consolidated Balance Sheet Dec. 31
$4,811,380 $2,774,250
Total..
1939
$4,811,380 $2,774,250
United Gas Corp. (&
Subs.)—Earnings—
5,042,786
1,430,101
4,831,065
1,093,729
deplet'n
appropriations
2,975,260
2,365,045
Net oper. revenues...
Other income
$4,390,502
48,392
Taxes
_
-
19,480,621
4,345,531
18,698,674
3,642,062
9,596,077
8,765,066
$3,404,685 $10,274,654
51,469
358,485
$9,697,877
387,001
Prop, retire. A
reserve
,
Other income deductions,
including taxes
76,380
95,090
345,360
366,266
■
$4,362,514
75,270
Int. on
48,750
Interest on debentures..
405,063
Other int. (notes, loans,
v
Ac.)
j 485,948
Other deductions.-..10,281
Int. charged to construct
Pref.divs.to public (sub.)
212
Portion
applicable
to
minority interests
34,850
Int.
on
-
mortgage bonds.
coll. trust bonds.
-
—
$3,361,064 $10,287,779
77,070
48,750
405,063
303,780
195,000
$9,718,612
344,949
198,611
1,620,250
1,620,250
1,860,830
479,718
10,116
Crl ,077
212
1,935,618
57,362
1,948,175
Cr 10,243
Crl9,041
847
847
26,705
167.503
deposits) —Depos. for payof divs. on pf.
102,802
215,147
mercial
Accts.
$6,017,662
18,024,931
365,752
366,172
due
come
Divs.
taxes.—
payable—
Misc. curr.liabs.
1,495,380'
Reserves
9,018,047
9,023,564 Contribs.
——
for
119,773
522,082
522,082
suppls.
7,299,149
950,000
3,741,415
3,621,676
2,056,033
4,239,459
1,404,582
442,754
66,760,963
6,191,354
1,405,001
..
485,247
62,493,725
ex¬
tensions.
94,295
receivable
1,370,000
3,412,486
3,619,486
2,227,813
curr.
pay'le
Accrued interest
Accrd. gen .taxes
Fed. A State in-
notes
1,647,730
Paid-in surplus- 45,789,200
1,297,955
45.789,200
7,514,734
affil. cos
A
Total
Note—No provision has been made in the above statement for possible
It is the practice of the
companies to record any such losses when and as settled.
16,932,484
Earned
surplus.
5,737,020
4,093,259
$5,306,872
losses resulting from pending suits and claims (arising principally in con¬
nection with gas and oil producing properties).
A
paper
receivable
Accts. rec. from
Mat'is
$2,314,507
-
cos.
Accdunts
Short-term com¬
Divs.
Balance carried to consol. earned surplus. $3,302,140
1,276,304
Cash (Incl. time
stock.—
■r.
$
Ser. notes of sub.
Misc.(net) def'd
charges
Gross income—
1938
$
Liabilities—
b7% cum.lstpf.
3,886,900
3,886,900
Util. plant (incl.
intang.)
-396,479,163 388,885,205 b6.36% ser.of'25
cum. pref
67,635,256
5,312,300
Investments, Ac 67,108,761
5,312,300
b6% ser.of 1928
Unamort.
debt
cum. pref
17,645,628
10,083,400
10,083,400
disct. A exp— 16,355,819
c Common stock
Gas
24,798,200
conversion
24,798,200
Cap. stk. of subs,
expenditures in
held by pub. A
2,306,763
proc. of amort.
2,067,519
surp. applic'le
aExpenses of ap¬
thereto
98,659,744
98,473,149
praisal A audit
604,399 Long-term debt.235,281,000 233,415,000
539,663
of sup. co
Def. liabilities.1,780,140
1,831,096
Prepd. Insur. A
1,275,577 Notes payable..
5,000,000
5,250,000
taxes.
1,288,756
-
Period End. Mar. 31— 1940—3 Mos.—1939
1940—12 Mos.—1939
Total oper. revenues
$13,838,649 $11,694,524 $43,696,883 $40,803,679
Operating expenses
1939
1938
$
Assets—
-V. 150, p. 3530.
...521,453,178 515,174,912
Total
-.521,453,178 515,174,91:
Commission, in process of amortization, b Rep
resented by shares of $100 par. c Represented by shares of $35.—V. 150
a
p.
Per order of State
3068.
1940, 101,791,596 kwh.; same week last year, 94,-
Week ended June 8,
904,272 kwh., an increase
of 6,887,324 kwh., or 7.3%.—V. 150. p. 3680.
Nov. 1, 1940 to
Exchange has authorized the listing of $75,000,000
(.375% to 2.65%, maturing $2,500,000 semi-annually
May 1, 1955.)—-V. 150, p.
Operating expenses. - —
$1,160,674
482,717
190,725
Direct taxes
3681.
91,000
on
Int.
on
$4,279,483
188
4,873
4,898
$396,875
189,028
25,000
14,486
$342,026
192,132
25,000
15,976
$4,284,356
2,277,943
300,000
186,572
$4,323,127
2,323,150
300,000
196,647
$168,361
$108,918
applicable to pref. stocks for period
$1,519,841
$1,503,330
1,704,761
1,704,761
mortgage bonds.
debenture bonds.
Other int. & deductions.
At a meeting of the convertible preferred stockholders held June 13, at
Wilmington, Del., stockholders voted to make application to the Securities
$4,318,229
$341,838
,
Other income (net)
Int.
1940—12 Mos.—1939
$1,060,884 $13,896,505 $12,797,507
460,374
6,294,202
5,390,211
167,672
2,230,820
1,996,442
91,000
1,092,000
1,092,625
$396,232
643
Net operating revenues
Gross income
Corp.—To Delist Preferred Stock—
United Stockyards
Operating revenues
Prop, retire, res. approp.
The New York Stock
debentures
(& Subs.)- -Earnings—
1940—Month—-1939
Period End. Apr. 30—
"
Corp.—Liming of Debentures—
United States Steel
June 15, 1940
Utah Power & Light Co.
Improvement Co.—Weekly Output—
United Gas
f"The electric output for the TJ. G. I. system companies for the week just
closed and the figures for the same week last year are as follows:
serial
Chronicle
The Commercial & Financial
3840
r
Exchange Commission to have the convertible preferred stock with¬
the New York Stock Exchange and from registration
under the Securities Exchange Act of 1934.—V. 150, p. 3377.
and
Net
a
income
Divs.
drawn from listing on
Corp,—Earnings-
United Stores
1939
$659,694
6,083
18", 500
4,142
2,419
13,500
$624,699
622,017
Total income...
Exps., f ranch. taxes, AcInterest paid.
$536,275
437,377
_
Loss
on
:
Net income
Preferred dividends
$348,453
136,723
19,736
Includes
$191,995
1.503,395
$747,733
608,970
1939
S
106,327
1
1
624,100
624,100
5,648,682
5,548,582
Accts. receivable..
Inv. in Tob. Prod.
of Del. stock
Inv.
In
in
preferred stock. 2,392,375
b Class A stock
4,579,895
c Common stock.
252,073
2,419,875
252,081
10,751,859 10,800,111
by
95,695
Unclaimed divs—
2,633
2,084
123,000
122,750
264
no par
2,874,456
237,660
c
Universal Leaf Tobacco Co.—Extra Dividend—
Directors'have declared an extra dividend of $1 per share in addition to the
regular quarterly dividend of $1 per share on the common stock, both
payable Aug. 1 to holders of record July 18. Like amounts were paid on
Aug. 1. 1939—V. 149, P. 2532.
Utah Idaho Central RR.
Corp.—Reconstruction Loan, &c
approved
The Interstate Commerce Commission on June 5
company
414,896 shares common stock.
a
loan to the
Assets—Cash in bank and on hand, $10,210: accounts
charges, $262,112;
total, $1,491,271.
Liabilities—Accounts payable, $57,420; note payable, $6,037;
Virginia Electric & Power Co.—Earnings—
Period End. Apr. 30—
Operating revenues
Operation
1940—Month—1939
1940—12 Mos.—1939
$1,577,355 $19,840,206 $18,513,621
$1,673,112
582,855
7,645,009
7,135,417
614,023
will
112,111
178,833
217,618
1,523,439
2,304,909
2,683,311
1,499,391
2,184,474
2,079,317
$512,199
Dr3,437
$485,937
Dr7,859
$5,683,539
Dr8,971
$5,615,021
Dr99,560
$508,763
147,52o
$478,078
143,262
$5,674,568
1,758,428
$5,515,461
1,842,784
$361,237
$334,816
$3,916,139
1,171,596
$3,672,677
1,171,596
$2,744,5431
$2,501,081
128,219
Maintenance
Depreciation
195,000
Taxes
223,669
Net operating revenues
Other income (net)
Balance
.....
Balance
Preferred dividend requirements
Utah and Idaho, which is now
receiver appointed by the U.
—V. 150, p.
being operated in interstate commerce by a
S. District Court for the District of Utah,
Northern Division, by order entered on July 1, 1939.
It owns and operates
160.08 miles of railroad, consisting of 94.63 miles of main line from Ogden,
Utah, to Preston, Idaho, 26.04 miles of branch lines, and 39.41 miles of
sidings and spurs.
pwAi ->
*4
On Nov. 14, 1939, the ICC conditionally authorized George S. Eccles,
..
Browning, and H. A. Benning to serve as a protective committee for
Utan Idaho Central first mortgage bonds.
This committee
the entire outstanding issue.
It obtained $1,039,000 of the
purchase for $441,915 which it borrowed from local banks on shortterm notes, secured by the pledging of the bonds purchased and the $959,700,
principal amount of first mortgage bonds previously held by the committee.
By order entered on Oct. 20, 1939, the Court directed that a foreclosure
sale of the property be held at Ogden, Utah, on Nov. 24, 1939.
Eccles,
Browning, and Benning, as the first mortgage bondholders' protective com¬
mittee, were the successful bidders at the sale, their bid for all the property
and assets of the Utah Idaho Central being the sum of $872,679.
In addi¬
tion they agreed, if their bid was accepted, to assume and pay certain in¬
debtedness in accordance with the order of sale, dated Oct. 20, 1939, and
the receiver's notice of sale, dated Oct. 26, 1939.
The sale was approved and confirmed by order of the Court entered on
Nov. 30, 1939.
This order provided that the purchasers or their assigns
would become the owners of all the property and assets of the Utah Idaho
Central and of all the property and assets of the receivership estate upon
the ICC granting leave to the purchasers or their assigns to acquire and
operate the railroad and issue securities as applied for, and upon full pay¬
ment of the purchase price, including the assumption by the purchasers,
or their assigns, of the obligations of and claims against the receiver and the
railroad company as provided in the Court's order of sale.
As security for the loan, the company offers to deposit and pledge with
the Finance Corporation $452,000 first mortgage 4% bonds, maturing in
10 years, secured by a close first mortgage upon all the property and assets
acquired.
The mortgage will contain a sinking fund provision, whereby,
commencing at the end of the first year, the company will make payments
of $18,080 each year to the trustee, the funds so deposited to be used to
purchase or redeem outstanding bonds.
All bonds redeemed and paid for
through the sinking fund are to be cremated or canceled and no new bonds
are to be issued in lieu thereof.
The only fixed-interest charges upon the
property immediately after the consummation of the sale will consist of the
annual interest on the loan amounting, at 4% per annum, to $18,080.
The company also proposes to issue $959,700 30-year income bonds,
bearing interest at a rate not in excess of 6% per annum, and 9,597 shares
(no par) common stock.
Contingent interest on the 30-year income bonds,
computed at the maximum rate provided for, would amount to $57,582
annually.
The interest on these bonds would be non-cumulative and no
interest would be paid or accrued thereon until adequate provision was made
for the interest and sinking fund of the first
mortgage bonds, and for
adequate maintenance of and depreciation upon the physical properties.
These bonds will require no
sinking fund payments until the 11th year, or
after the maturity of the first
mortgage bonds and the loan from the Finance
Corporation.—V. 149, p. 3423.
of
represents
bonds by
Utah
revenues
expenses.....
Direct taxes
1940—12 Mos.—1939
$1,108,067
$1,105,664
1,014,673
994,148
86,818
87,477
1940—Month—1939
$92,479
81,123
7,212
$93,377
87,059
7,269
Balance for common stock and surplus.
....
3069.
VIchek Tool Co.—10-Cent Dividend—•
share on the common
holders of record June 20.
This compares with
Dec.126, last; 10 cents paid on Sept. 30, 1939; and on Dec.
27, 1938; 50 cents on Dec. 24, 1937; 15 cents on Sept. 30 and on June 30,
1937; and previously regular quarterly dividends of 10 cents per share were
Directors have declared a dividend of 10 cents per
stock, payable June 29 to
25 cents paid on
distributed.—V. 149, p. 3885.
Vultee Aircraft,
Inc.—Listing—
approved the listing of the 750,000
outstanding shares of capital stock, par $1, with authority to add to the
list, upon official notice of issuance, 37,000 additional shares of capital
Stock. "
:v.'•'
Earnings for 3 Months Ended Feb. 29, 1940
The New York Curb Exchange has
■
$180,984
Net loss after amortization, taxes, depreciation, &c
—V.
150, p. 3682.
Warner
Sugar Corp.—Trusteeship Asked—
Three bondholders of the
corporation dissatisfied with the proposed plan
of reorganization sponsored by the
E. G. Burland bondholders' protective
committee, filed a petition June 7 in Federal Court asking for the appoint¬
ment of a trustee and for a corporate reorganization under Chapter 10 of
the Chandler Act.
proposed Burland plan provides for the foreclosure sale of the comassets, consistingchiefly of a mill and 100,000 acres of sugar land in
a refinery in Edgewater, N. J., to the Burland committee.
The
latter committee, the petition states, represents a total of $2,745,500 of
The
V'c
any's
C
!uba and
the
corporation's bonds, including $934,600 principal amount, the
of which is challenged by the petitioning
Abraham Rothkopf and Harry L. Fink.
In 1924 the
7%
an
corporation issued $6,000,000 in first and refunding 15-year
Later that year, the petition says, the corporation
$2,111,000 in bonds and still later, in 1926, issued
additional
bonds.
of $8,945,500 in bonds issued, a total of $4,656,400 is
outstanding, including $1,116,300 in so-called "challenged bonds "
The corporation has not operated its properties for several years, most
of its properties being leased to other companies.—V. 150, p. 3377.
another $834,500 in
Of the aggregate
still
Washington Water Power Co. (& Subs.)
Period End. April SO—
Operating
Operating
1940—Month—1939
revenues
$906,276
expenses
341,022
164,635
Direct taxes
Property retirement re¬
serve
appropriations.
Gross income
Interest
on mtge. bonds
Other int. and deduct'ns
—Earnings
Net oper. revenues
$4,144
47,544
x$951
52,936
•;
$6,576
611,445
$24,039
598,525
92,345
92,838
1,111,801
1,114,057
$308,274
1,905
$274,288
$4,142,266
1,581
31,177
$3,695,870
29,413
$310,179
64,167
6,564
$275,869
82,963
3,41"8
$4,173,443
$3,725,283
826,665
128,790
995,550
68,511
Crl,506
Cr2,383
$239,448
$189,488
$3,219,494
$2,663,605
622,518
622,518
struction
Net income
Gross income
Int. on mtge. bonds
Other int. & deductions.
Balance, deficitx
$51,688
50,/63
1,246
$321
$618,021
610,893
10,999
$622,564
965
$326
$3,871
$3,921
$51,985
51,346
Deficit.
Note
No provision has been made in the above statement for unpaid
interest on the 6% income demand note, payable if, as, and when earned,
amounting to $1,963,199 for the period from Jan. 1, 1934, to Dec.
v
150, p» 3221.
•
Divs. appLcable to preferred
stock for the period.
618,919
7,566
31. 1939.
—
1940—12 Mos.—1939
$833,202 $11,074,097 $10,312,402
313,196
4,091,558
3.724,994
152,880 al,728,472
1.777,481
Interest charged to con¬
Rent from lease of plant.
validity
bondholders, James B. Rosewald,
mortgage bonds.
issued
Net oper. revenues
Other income (net)
Light & Traction Co.—Earnings—
Period End. April 30—
Operating
Operating
customers'
deposits, $55,849; accrued liabilities, $49,612; long-term debt, $95,789;
due to affiliated company, $521,390; capital stock (par $1.50), $643,436;
earned surplus, $61,738; total, $1,491,271.—V. 149, p. 1342.
be applied- to the purchase and acquisition of all the properties of the Utah
Idaho Central RR., according to a plan of financing.
The Utah Idaho Central owns an electric railroad located in the States of
M. A.
receivable, $14,547;
$328,162; deposits, $41,518; fixed assets (less reserve for
of $10,602), $770,521; intangible assets, $64,200; deferred
inventories,
Interest & amortization.
of $452,000 by the Reconstruction Finance Corporation.
The corporation was incorporated in Delaware on Oct. 30, 1939.
The loan of $452,000 Is for a term of 10 years, the proceeds of which
holders
......
Balance Sheet Dec. 31, 1939
(96,795
sented by 915.979 no par shares,
1938)
2,847,392
240,342
24,046
$86,312
$0.21
Net Income..*.—.....u...............
depreciation
10,751,859 10,800,111
Total
2,804
14,687
Federal income and excess profits taxes
11,045
in 1938) no par shares,
b Repre¬
Represented by 504,146 (504,162 in
shares.—V. 150, p. 3530.
Represented
$127,849
—
expenses
300,000
14,149
Corp. of Del
a
$164,482
79,602
$84,880
42,969
Total income
Earnings per share on
300.000
demand
Pay. to Tob. Prod.
Total...
,
4,579,895
_
Capital surplus
Earned surplus
—
general expenses
Operating profit.
Other
Reserve for taxes..
4,521,099
4,521,099
Office furn. & fixt.
profit on sales
Selling, administrative and
Depreciation
Accounts payable.
McLellan
Stores Co
$
Cumul. conv. $6
Bank loan pay. on
McCrory
Stores Corp stk.
Inv.
a
1938
$
Liabilities—
$
of sales
Other income
1938
1939
68,075
Cost
Gross
Comparative Balance Sheet Dec. 31
Assets—
$592,168
427,686
sales
Net
$98,898
$138,763 df$l,311.400
$201,118 profit from sale of investments.
Cash..
Vega Airplane Co.—Earnings—
Earnings for the Year Ended Dec. 31, 1939
29",685
$2,681
Surplus
x
x$907,861
127,151
3,292
103.357
sale of investm'ts
Federal taxes
1936
1937
1938
$758,729
111,446
Calendar Years—
deficit
—
$184,920
$201,431
a
Dividends accumulated and unpaid to April 30, 1940, amounted to
$7,813,488.
Latest dividends amounting to $1.16 2-3 a share on $7 pref.
stock and $1 a share on $6 pref. stock, were paid on April 1, 1940.
Divi¬
dends on these stocks are cumulative.—V. 150, p. 3222.
Balance,
1
$2,041,087
a In connection with refinancing by the company in 1939, extraordinary
deductions for income tax purposes of debt discount and expense, call
premiums on bonds retired, and other related items, reduced taxable income
for the year 1939.
The above statement includes provisions for Federal
and State income taxes in the approximate amount of $363,000.
Provi¬
sions of approximately $613,000 would have been required except for such
Balance
extraordinary deductions.—V. 150, p.
3531.
$2,596,976
Volume
The Commercial & Financial Chronicle
ISO
Washington Gas & Electric Co.
Calendar Years—
1939
Gross operating revenues $1,651,151
Operating
Western Union Te.egraph Co.,
Inc.—Earnings—
-Earnings—
1938
1937
$1,551,470
685,663
114,357
146,127
100,581
$1,637,509
758,950
$1,579,511
$604,032
99,498
$504,742
90,332
$508,533
$703,530
$595,074
365,125
367,313
$579,075
368,539
$609,677
369.912
189,669
5,991
191,996
8,000
192,000
10,229
192,000
8,510
28,304
28,694
28,818
674,107
112,121
160,524
100,365
Maintenance
Taxes
Depreciation
Net operating income.
Non-operating income..
;r;-
711,383
102,278
129,434
95,161
119,760
153,560
96,705
Int.
1st lien and gen.
on
mortgage bonds
Other interest
Amortiz. of debt discount
and expense
Other income deductions
26.785
70,542
V
,
Assets—
Plant,
$
$
and
prop,
equip.,
<fcc
'.v''1939
1938
Liabilities—
15,437,919
Inv. In subs..
3 ,038,943
3,052,026
Mis cell. inve8tm'ts
119,258
119,267
Cash
234,385
170,750
a Notes & accts. rec
231,544
210,575
Accts. rec. (other)
8,760
5,413
Acer. Int. receiv..
4,125
4,125
Inventories
83,731
81,190
Deferred charges..
448,870
469,709
....
.
Net
8,473
74,295
'"■v.
156,116
107,080
taxes
Other curr. liabs..
74,785
156,385
100,769
7,821
817
5,036
1,173
4,765
80,955
11,280
79,269
15,913
1,944,861
13,801
1,863,296
1,331,800
1,331,800
2,495,000
3,374,796
13,460
163,077
._
7% cum. pref. stk.
(S100 par)
c
Deficit
19,658,218 19,550,974
After
reserve
51,878
Total.........19,658,218 19.550,974
for uncollectible accounts of $44,868 in 1939 and $46,524
b Represented by 100,000
ment of preferred stock
reacquired
1938.—-V. 150, p. 3222.
no par
from
shares,
Arising from retire¬
subsidiary as a dividend in
a
$1,009,945
$4,387,266
125,944
1,944,770
$3,145,158
30,700
461,288
$725,459
108,980
$517,957
99,662
$2,316,552
504,553
$l,lo3.734
481,011
$834,439
589,433
$617,619
592,769
$2,821,105
2,365,627
$1,584,745
2,378,377
$24,850
$455,478
x$793,632
—„
.
-
.
„
.
Loss—V. 150.
p.
Exchange Commission
on
June
150,
to
be sold
12 issued
1939
'
order
to the
for the generation and distribution of electric
energy and purchases elec¬
tric energy for distribution in the States of
distributes and sells water at retail in
Idaho.
1937, and in
Jan. 1, 1938,
acquired all of the assets of its predecessor.
Capitalization—The following table shows the capitalization of the com¬
pany after the proposed financing as of Feb. 29, 1940:
Amount
%
First mortgage bonds, 4K%, due 1965
$1,000,000
40.51
Common stock (11,500 shares, no par)
1,150,000
46.59
Capital surplus—254,419
10.31
Earned surplus—
64,126
2.59
-
Earnings—For the 12 months ended Feb. 29, 1940, the gross revenuesTf
West Coast, after giving effect to the saleTof the
Washington properties to
public bodies and the acquisition of thejMcCall property, were $703,691,
of which $690,568 were derived from the sale of
electric energy and $13,122
from the sale of water.
ms
Gross corporate income on this basis
was~$178,523.
On'a pro forma basis
giving effect to the issuance of the new .bonds, bond'interest amounted to
$42,500 and interest and other deductions
est
was
were
$48,345.
Therefore inter¬
earned 4.2 times and interest and other deductions
were
earned
3.7 times.—V. 150, P, 3682,
1937
$3,310,721
2,621,340
$584,309
71,042
86,308
z$39,409
72,418
22,424
$689,381
90,519
78,150
$608,072
100,454
prof27,984
$569,043
4,372
210,457
$10,584
3,607
189,461
$701,751
1,229
183,867
$736,511
1,455
212,700
$96,528
26,746
x!13,745
xl16,087
Net Income...$257,688
Dividends.
177,489
z$209,230
267,790
297,010
$387,909
359,369
298,371
$406,267
355,920
299,502
Profit from opera..—
Interest, dividends, &c_
Foreign exchange losses.
Total income
Interest paid
Depreciation
Reserve against foreign
exchange fluctuation.
Prov. for Fed., State &
foreign income taxes.
295,050
$0.87
per share
Includes $6,450 for surtax
1936.
z Indicates loss.
in
^
a
1939
dividend of 3714 cents per share on the com¬
This will be the
Interest Agent—
bonds, series E, 5% due 1963, and first mortgage bonds, series I,
3M %
of the office of American Water Works & Electric
Co.,
Inc.—V. 150, P. 3070.
:
Due
from
2,421,167
3,244,343
Reserve for taxes.
Deferred Income..
Notes payable
and
officers
employees..
Miscell. accts.
18,307
17,998
24,497
597,154
23,317
611,321
rec.
Land, buildings,
leaseholds, ma-
Sales
—V. 150, p. 3224.
-V=
Western
Maryland Ry.—Equipment Trust Sale—Salomon
headed a group which was
high bidder
June 11 for $2,000,000 2% equipment trust
certificates,
offering 98.775.
Associated with them were Dick & MerleSmith and Stroud & Co., Inc.
Net interest cost to the
company amounted to 2.25%.
The issue has been placed
Bros.
&
Hutzler
privately.
The certificates will be dated July 15,1940 and mature in
10 equal annual
instalments, with dividends to be paid semi-annually.
Union Trust Co.,
Maryland, will be trustee.
A syndicate headed by The First Boston Corp. submitted a
bid of 98.03.
Freeman & Co. bid 97.549 and a group headed
by Halsey, Stuart & Co..
Inc.. offered 97.524.—V. 150, p. 3682.
as
may
have to be
as
2,336,093
paid
accr.profits
they are real¬
1
74,256
Deferred debits...
ized
inBtal.
on
contract,
1
69,210
...
notes
rec.
outstanding
43,648
Reserves for foreign
contingencies
100,000
Cap. stk. ($20 par) 6,000,000
Surplus..
2,120,518
40,546
6,000,000
2,140,320
Total
$9,187,355 $9,174,7651
Total..
$9,187,355 $9,174,765
reserve for doubtful accounts of $146,788 in 1939 and
$165,055 in
After reserve for depreciation of $3,598,351 in 1939 and $3,536,565
in 1938.—V. 150, p. 3379.
After
x
1938.
y
White Rock Mineral
Calendar Years—~
i in
Springs Co.— ■Earnings-
1939
1938
1937
1936
$1,183,433
405,384
$1,434,942
$1,500,984
451,880
463,208
16,591
$778,049
16,664
$983,062
16,219
$1,037,776
16,631
& adm. exps.
35,776
447,446
38,388
476,957
50,690
491,816
49,662
494,606
Net inc. from opers..
$209,430
$246,039
34,085
4,626
39,663
14,625
$424,336
67,586
$476,875
49,339
Dr4,323
$248,140
38,746
$300,327
$491,298
44,800
'26,307
69,731
$209,394
1,785,185
$229,220
1,767,818
1,787,254
x85
x2,012
Gross sales, less discount
returns and allowances $1,058,560
Cost of goods sold......
349,318
Gross inc. from opers.
$709,242
Depreciation
Taxes
(other than Fed¬
eral income tax)
Sell.,
gen.
Other income
Profit
sale of
on
Net Inc.
secur.
.
-
Inc. transf. to surplus.
Previous surplus
Miscell. credits to surpl.
.
$521,892
73,237
$421,567
$448,655
2,063,609
x282,795
Earned surplus
$1,994,579
209,256
$1,996,953
211,768
$2,206,809
438,991
$2,229,468
442,214
$1,785,323
.
Dividends paid in cash..
x
Dr625
(before Fed¬
$1,785,185
$1,767,818
$1,787,254
Surplus charges
Comparative Balance Sheet Dec. 31
1938
1939
Assets—
Liabilities—
$226,065
$148,156
599,070
625
201,301
698,120
246,696
81,315
and employees..
316
161
89,040
41,000
74,175
41,000
Cash
—
Notes receivable..
Accts.
receivable
__
Inventories
Due
from
925
officers
Accrued interest on
market'le secur.
Investments (sees.)
b Prop.,
goodwill,
&c..'
Prepaid
6,799,338
exp.
6,813,155
Other
accr.
Accts.
accts..
rec.,
balances
1938
$14,790
$21,143
76,991
2,685
69,485
1,951
credit
2,998
Unclaimed dlvs...
Wisconsin div. tax
Res.forlns.&tax.
First pref. stock..
Second pref. stock,
1,950
4,161
3,204
26,897
4,143
1,485
1,230,800
29,981
1,230,800
50,000
50,000
1,000,000
1,000,000
1,785,323
1,785,185
Capital surplus... 3,951,575 d3,951,575
Treasury stock..* Dr49,414
Drl9,245
a
Common stock..
Earned surplus...
and
deferred charges
Total.
3,263
33,502
3,014
29,002
1939
Accounts payable.
Accrued taxes
53,554
Mortgage receiv..
1940—Month—1939
1940—4 Mos.—1939
$4,468,000
$3,780,000 $17,886,000 $14,691,000
41,972
111,185
Fed. & State lno.
taxes
*
Value of life lnsur.
Western Auto Supply Co.—Sales—
200,000
106,731
107,886
$490,742
350,000
upon
chinery & equip. 2,254,943
Patents and trade¬
marks
1938
$508,571
Res'veest.for such
Other assets.
Mkt. sec. (at cost)
Directors have declared a dividend of 30 cents
per share on the common
stock, par $20, payable July 1 totholders of record June 18.
Dividend of
60 cents was paid on April 1, last, and previously
regular quarterly dividends
of 30 cents per share were distributed.—V. 150,
p. 1796.
and $17,483
1939
accrued charges.
2,471,770
receivable
due 1966, in lieu
West Point Mfg. Co.—30-Cent Dividend—
$1.35
in" 1937
Accounts pay. and
$1,238
Accounts & notes
Inyentories
y
Liabilities—
$433,065
Surplus
Company has notified the New York Stock Exchange of the
designation
$1.30
3,211,627
Brazil. Govt, notes
x
1938
$504,993
16,820
Non-recurring charges..
of the office of the company at 50 Broad
St., New York, N. Y., as the
agency for the payment of interest on and principal of its first
mortgage
Period Ended May 31—
Nil
undistributed profits
on
Consolidated Balance Sheet Dec. 31
Assets-^
CAsh............
eral income tax)
mon stock, payable June 25 to holders of record June
10.
first dividend paid on the common shares in some
years.
1936
$3,157,556
2,549,483
15,000
Prov. for Fed. inc. tax-
West Penn Power Co .—Common Dividend—
Directors have declared
:
•'
A
1938
.
At present all of
The present company was organized in Delaware in
April,
accordance with the plan of
reorganization, effective as of
3682.
$2,694,960
2,734,369
sales
Oregon, Washington and Idaho.
company's outstanding securities are owned by Peoples Light & Power Co.
Peoples is the successor of Peoples Light & Power Corp., which went
into receivership in 1931 and in 1934 commenced
voluntary proceedings
for reorganization pursuant to Section 77-B of the Federal
Bankruptcy Act.
p.
$3,062,118
2,477,809
on
x
an
following: Provident Mutual Life In¬
surance Co. of Philadelphia,
$500,000; Sun Life Assurance Co. of Canada,
$200,000; Modern Woodmen of America, $100,000; Central Life Assurance
Society, $100,000; Royal Neighbors of America, $100,000.
The proceeds from the sale of the bonds are to be
applied as follows:
(1) To redemption of $725,000 first mortgage bonds, 4Y%% series A, due
Jan. 1, 1961, at 100%, $725,000; (2) to payment of the
company's open
account indebtedness to Peoples^Light<?&kPower
Co., $106,000; (3) to
reimburse the company for the cost of
constructing additions and improve¬
ments to its property subsequent
togJan. 1, 1940, and to reimburse it for
expenses, estimated at not more than $25,000, in connection with the
pro¬
posed transaction, $169,000.
em-**
Company, organized in Delaware in-1924, owns and operates facilities
It also
:./-V
Consolidated Income Account for Calendar Years
..
„
Gross profit
Earnings
permitting to become effective a declaration pursuant to Section 7 of the
Public Utility Holding Company Act of 1935 in connection with the issu¬
and private sale at par of $1,000,000 first
mortgage bonds, series A,
4M%, due 1965.
are
.:»;■;
(S. S.) White Dental Mfg. Co. (&
Subs.)—Earnings—
ance
The bonds
.
Corporation has notified the New York Stock
Exchange that the time
c
West Coast Power Co.—-PHvate Sale
of Bonds—
Securities and
.
within which 6% preferred stock
may be exchanged for $5 cumulative con¬
vertible prior preferred stock and common
stock of the corporation, in
accordance with the plan of recapitalization dated
June 8, 1937, has been
extended to Sept. 14, 1940.—V.
Shares capital stock
The
118,355
1,923,069
3378.
Sell.,admin.& devel.exps
for
Reserves
a
724,828
Wheeling Steel Corp.—Exchange Time Extended—•
:
.
(non-curr.).
Consumers' deps..
in 1938.
755,721
684,743
".v.'.-,,'.
Net income
Purchase contracts
Total
731,158
V
$1,241,785
31,982
484,344
revs.
Gross income
Deduc. from gross inc..
2,495,000
Surpl.fromapprals 3,374,796
Surplus........
;
13,460
Due to affil. cos..
b Common stock.
179,966
$245,006
oper.
.
7,808
1,081
accounts
line extensions
197,808
telegraph & cable[.•
Oper income.
x
Guar, casts, mdse.
Contributions
178,198
167,553
Taxes assignable to
oper.
28,739
17,064
5,651
Accounts payableAccrued Interest..
pay
686,563
454,565
4,706,258
oper. revenues
5
1940-Hl Mos.—1939
$7,668,066 $31,314,719 $29,588,723
497,015
1,994,516
2,000.727
685,114
2,745,484
2,739,111
415,778
1,846,436
1,748,229
4,682,440
18,925,116
18,474,949
10,082,900 10,143,900
Purch.contra, pay.
Notes payable....
Accrued
$7,935,381
500,459
expenses
Uncollectible
1938
$
Long-term debt..
15 ,488,603
miscell
Non-oper. income.
$9,930
x$20,511
Balance Sheet Dec. 31
1939
1940—Month—1939
oper.
Repairs
■
Loss.
x
cable
Deprec. and amortiz...
All other
maintenance..
370
*$14,006
and
revenues
28,955
13,078
$87,657
Net income......
Teleg.
Conducting operations..
Relief departments and
pensions
All
other general
and
%
Gross Income....
Int. on 1st mtge. bonds.
Period End. April 30—
1936
expenses
3841
21,686
-
22,986
....$8,091,772 $8,135,693
Total
..$8,091,772 $8,135,693
Represented by 247,500 no par shares,
b After depreciation,
d Of
$3,950,000 arising from corporate action reducing capital represented
by the outstanding common shares and $1,575 arising from the purchase
and retirement of 150 shares of 1st preferred stock.—V. 150, p. 3379^
a
which
White Sewing Machine
Corp.—Conditional Dividend—
declared a dividend of 50 cents a share on prior preference
payable Aug. 1 to holders of record July 29.
In announcing the dividend, company states declaration is made with
provision that "said dividend shall be payable only after final disposition
of suit now pending against the corporation in the Court of Chancery of
Directors have
stock
'
•*'
'
Delaware in and
Net
1938
1937
1936
$3,161,492
13,547
$3,386,642
$3,378,654
58,770
$3,175,039
2,289,395
$3,409,t)43
41,420
$3,580,496
2,560,797
32,328
Operating expense
Interest charges
Amortiz. of bond disct—
16,895
420,367
2,394,126
57,725
10,669
208,406
277.029
357,837
527,491
48,449
6,667
199,076
Sundry expenses..——
Deple. & deprec. on cost
Loss on auto hotel trans¬
22,401
V
$3,045,369
f27,285
$2,813,985
Dr2,684
$3,072,654
$2,811,301
1,045,763
149,970
32,251
50,000
035,220
49,650
operating income
Gross income
debt
1,072,420
147,585
14,688
50,000
Cr3,856
32,263
—
Amortization of abandoned street
railway property
construction
Interest charged to
—
Miscellaneous deductions
Net
income—$1,759,553
334,400
$1,518,886
3682.
—v. 150, p.
The stockholders at a
1,240,140
Amortization of debt discount and expense
Other interest.;
x$254,057
$127,283
$18,579
Earnings per share of common stock outstanding (470,768 shares) In
1939 was $0.77 per share and in 1938 (487,568 shares), was $0.52 per share.
$8,987,161
3,024,368
544,268
1,030,000
------1,274,640
Federal and State income taxes
527,570
Interest on funded
$3,437,424
2,505,523
69,682
15,188
341,866
486,587
y$361,261
Net profit
538,927
1,093,463
—
Other income--
14,719
action
2,922,406
------
Provision for
193*)
Total income
Taxes.
1939
_
$9,402,375
-
Maintenance
Gas Co.—Earnings-
S3,539,076
Calendar Years—
Operating earnings
Other income
1940
Operation
Depreciation
Earnings—
(& Subs.)-
Ended April 30—
Operating revenues
Years
quently fixed by the board of directors "
Two other dividends of 50 cents each have been previously declared on
company's prior preference stock and payment has been deferred pending
final disposition of the suit.—V. 150, P. 3380.
(H. F.) Wilcox Oil &
June 15, 1940
Wisconsin Public Service Corp.
and only in the event such final
the corporation and provided further that actual
shall be made upon such date as shall be subse¬
for Newcastle county
disposition is in favor of
payment of the dividend
x
Chronicle
The Commercial dc Financial
3842
Wolverine Tube Co.—To
Pay 15-Cent Common Div.—
of 15 cents per share on the common
holders of record June 21.
This compares with
10 cents paid on April 1, last; 20 cents paid on Dec. 26, last; and 10 cents
paid on Oct. 2 and July 1, 1939, this latter being the first dividend paid on
the common shares since June 30, 1937, when 20 cents per share was dis¬
Directors have declared a dividend
stock, payable June 29 to
special meeting held Feb. 14, 1939, approved a
revaluation of capital assets proposed by the directors as of Jan. 1, 1938,
which revaluation resulted in a net reduction of $1,231,499 In the value of
As a result of this revaluation, charges to Income for the
ended Dec. 31, 1938, were reduced by the following amounts: Can¬
been canceled by expiration in 1938, had
$289,311; depletion and depreciation on
developed leaseholds and royalties and equipment thereon, $85,840; de¬
preciation on other fixed assets, $152,140; cost of well abandonments,
$41,975; total, $569,265.
If capital assets had not been revalued, opera¬
tions for the year would have resulted in a net loss of $315,208.
the capital assets.
tributed.—V. 150, p. 3380.
year
Wright Aeronautical Corp. (& Subs,)Earnings—
celed leases ($299,024 would have
the revaluation not been made),
Consolidated Income Account for Calendar Years
Expenses
Depreciation
If capital assets had not been revalued as approved at a special meeting
Feb. 14,1939, the charges for the year for depreciation,
depletion, cancelled leases and abandonments would have increased by
approximately $230,000.
y
of stockholders on
Other income—
considered necessary for Federal income tax for the
year 1939 as depreciation and depletion to be claimed for Federal income
tax purposes will be substantially in excess of the amount charged in the
Total income
Other deductionsProv. for Fed. inc. taxes
accounts.
1938
$140,448
142,300
Accounts payable.
$115,589
90,857
Receivables
Inventories
Accrued liabilities.
168,521
1st mtge. notes due
200,000
200,000
41
94
Other current liab.
currently
amt. due
from affiliated
__
serial notes
1st
581,640
stock
35,540
3,330,252
Investments
40,764
44,791
Prepaid & def. chgs
69,898
Unadjusted debits
a
Capital
417.010
$1,138,161
88,526
$4,805,871
69,550
874,050
$4,123,576
65,803
769,000
$2,610,292
43,520
$1,226,687
9,978
380,985
146,610
95,595
13,000
$2,090,192
1,199,562
599,857
$3.48
$1,057,098
assets.-
$4,177,526
Shs.cap.8tk.out(no par).
Earned per share---
mtge.
Total
ri
Inventories of
599.857
$1.76
raw
1938
1939
•
a$17,483,086
2,371,994
$1,112,450
1,477,307
materials, work in process and
7,795,103
5,0^3.895
1,396,858
supplies
Due from affiliated companies
b Plant properties
75,263
649,543
6,234.946
7,911,998
Additional
plant
facilities
(partly completed)
necssitated by certain foreign orders
Miscellaneous investments, at cost or less
Prepaid taxes, insurance and other expenses
Patent license rights, less allowance for amortizat'n
$4,177,526 $4,643,041
b After deducting allowance for depletion
d Called for redemption Jan. 1, 1939.
1939.—V. 150, p. 2445.
Total
Will & Baumer Candle Co.—10-Cent Dividend—
1,585,235
4,575
114,678
53,368
4,563
566,499
33,203
$39,148,539 $14,740,762
-
Liabilities—
Notes payable, affiliated company
10 cents per share on the common
stock, payable June 15 to holders of record June 10.
Dividends of like
amount were paid on May 15, April 15 and on Feb. 15, last.—V. 149,
p. 1933.
■'
Directors have declared a dividend of
Willys-Overland
Motors,
Inc.—New Company
Organized to Manufacture Munitions, &c.—
to
Accounts payable, trade creditors
Accrued wages, taxes and other expenses.
Otherliabilities
$1,000,000
2,920,562
571,218
20,014,419
-
Deposits on uncompleted sales contracts
Be
The New York Stock Exchange has approved the release from restricted
registration 200,000 shares of common stock (par $1), now owned by
Empire Securities, Inc.
The corporation advises the Committee on Stock List that on July 19,
1937, Empire Securities, Inc., was the owner and holder of an aggregate of
1,400,000 common shares of stock of Willys-Overland Motors, Inc.; that
Empire Securities, Inc., in connection with the filing of corporation's listing
application on July 19, 1937, agreed with the Committee on Stock List
corporation that 1,150,000 shares of the common stock should be placed
under restricted registration; that the registrars of corporation, the Ohio
Citizens Trust Co., Toledo, Ohio, and City Bank Farmers Trust Co., New
York, at the request of Empire Securities, Inc., under date of July 31, 1937,
advised the Committee that pursuant to the request of Empire Securities,
Inc., they would not, without the approval in writing of the Committee on
Stock List, register transfers of shares of common stock of corporation ag¬
gregating 1,150,000 shares owned and held by the Empire Securities, Inc.
The Committee released on March 9,1938, 35,000 shares of common stock
of Willys-Overland Motors, Inc., owned by Empire from restricted registra¬
tion and on July 14, 1938, released 50,000 shares of common stock of WillysOverland Motors, Inc. from said restricted registration, and on Oct. 31,
1939, released 75,000 shares of common stock of Willys-Overland Motors,
Inc., from restricted registration, leaving 990,000 shares subject to re¬
stricted registration.
Of the 410,000 shares unrestricted: 316,699 shares have been sold for cash
-
214,630
;
Due to affiliated companies
Provision for Federal income taxes
17,004
958,198
Provision for incentive compensation
Reserves for self-insurance
2,999,285
12,000
450,500
2,999,285
1,540,906
8,155,611
1,540,906
5,614,554
12,000
625,892
Reserve for service guaranty
Common stock
-
Capital surplus
Earned surplus since Dec. 31,1931
—.$39,148,539 $14,740,762
Total
a
$1,300,000
1,343,665
418,820
18,129
143,302
61,064
838,536
118,815
c
Includes $16,309,403 restricted for expenditures under certain foreign
b After allowance for depreciation of $2,660,831 in 1939 and
contracts,
$2,608,584
p. 2902.
in 1938.
c
Represented by 599,857 no par shares.—V. 150,
Yadkin River Power Co.—Unlisted Trading—
The New York Curb Exchange has removed
from unlisted trading the
150, p. 3682.
first mortgage 30-year 5% gold bonds, due April 1, 1941.—V.
(L. A.) Young Spring & Wire Co.—Borrows $2,000,000—
Corporation has arranged
a
$2,000,000 10-year 3 bi% serial loan from
having
the Prudential Life Insurance Co., the major portion or the proceeds
been used to retire an outstanding bank loan of $1,750,000.
The new loan matures $200,000 on Aug. 15, 1941, and a like amount
annually thereafter.
Advantages of the refunding are that it extends the maturity of com¬
pany's long-term debt by about eight years and makes possible the payment
of dividends in the near future should earnings warrant.
Under the terms of the new loan, all net income of the company accruing
after March 31, 1940, plus $200,000 of first quarter earnings is available
for dividends provided that net working capital is not reduced below $3,000,000 at any time.
Earnings contributed by the Canadian subsidiary shall
not be included in income of the parent company available for dividends
unless and until they actually are received in United States funds.—V. 150,
P. 3380.
;
;■
equivalent in property and 78,775 shares are held by Willys Real Estate
Realization Corp., a subsidiary of Empire Securities, Inc., as security for
certain obligations which have been incurred by Empire Securities, Inc.,
and 14,526 shares are held by Willys Real Estate Realization Corp.
Empire Securities, Inc., has tentatively entered into an agreement to
provide certain working capital for a corporation which is presently being
organized to engage in the business of manufacturing munitions and war
and defense machines, under a plan whereby Empire Securities, Inc., is to
transfer to its subsidiary, Willys Real Estate Realization Corp., which will
transfer to the new company 200,000 shares of common stock of Willys- j
Overland Motors, Inc., in exchange for $500,000 par value of preferred stock
and one-third of its common stock; other shares of common stock of the new
company are to be transferred for certain designs, engineering services and
plans which have been developed.
The preferred stock of the new com¬
pany will have the right to elect a majority of the directors of the company,
and thus Wiliys Real Estate Realization Corp. will have control of the
company.
Experienced personnel are available and arrangements are being
made for their employment.
On all orders received the new company Wih
place for manufacturing as much as can be carried on in the plants of
Willys-Overland Motors, Inc.
Willys Real Estate Realization Corp. will give to Willys-Overland Motors
Inc., an option to acquire on or before one year from date $500,000 of
preferred stock and one-third of the common stock of the new company
which will be acquired by the Willys Real Estate Realization Corp. at its
cost, plus expenses incurred such as attorney's fees and travelling expenses
in making and carrying out the transactions between Willys Real Estate
Realization Corp. and the new company, and accrued dividends on the
preferred stock.—V. 150, p. 2445.
Zenith Radio Corp.
(& Subs.)—Earnings—
Consolidated Income Account for Years
Ended April 30
1939
1938
1937
Manufacturing profits- $2,615,897
Selling & admin, exps
1,808,394
Depreciation
78,332
Fed.inc. & cap.stk.taxes
176,803
Prior year adjust, (net).
Crl85,715
$3,621,180
2,144,046
$4,264,324
$5,346,160
2,556,396
111,743
278,024
12,113
3.192,189
118,477
184,100
68,082
Net profit
Cash dividends
$1,075,254
492,464
$2.15
$701,477
492,464
$1.40
1940
x
Earnings
x
per
After
$738,083
492,464
$1.50
share
deduction
of royalties
103,139
769,428
$1,917,197
492,464
$3.86
and manufacturing expenses, including
maintenance of plant, &c.
Consolidated Balance Sheet
Assets—
$1,275,265
$319,141
500,000
3,200,000
610,942
476,538
U. S. Treas. bills.,
Receivables
Securities and
Exchange Commission on June 12 issued an order
a subsidiary of North West Utilities Co. and of
the Middle West Corp., registered holding companies, from the provisions
of Section 6(a) of the Holding Company Act, with respect to the issue and
sale of $1,850,000 2M % unsecured notes, maturing in 10 semi-annual
instalments of $185,000 each beginning Dec. 1, 1941.
1,859,446
Mdse. Inventory..
Other assets
r
2,682,447
14,551
Furn., fixt., &c_
1,434,327
x
Broadcasting
tracts.
1,369,940
1940
payable.$l,882,141
60,121
1,106,741
Sundry accts. pay.
Accrued liabilities.
Deferred Income.y
Capital stock
Surplus
-
1939
$285,164
24,213
1,169,424
9,400
3,662
3,609,910
2,945,225
3,609,910
2,699,605
1
con¬
tr. mks.
and, goodwill..- 1,719,728
127,771
the proposed issue and
Defeired charges..
$1,000,000 of 2% % unsecured notes maturing 1946
14,227
Accounts
sta¬
tions and equlD.
Pats., licenses,
'
April 30
Liabilities—
1939
1940
Cash
exempting the company,
SEC reserved jurisdiction with
respect to
-
Accounts receivable
e5,406
2,437,841
252,051
and depreciation,
c Par value $5.
• Called for redemption on March 1,
sale of not in excess of
$3,288,772
1,199,568
599,857
$5.48
Cash in banks and on hand
d576,234
Wisconsin Power & Light Co.—Note Issue—
599,857
$6.24
Consolidated Balance Sheet Dec. 31
-f
..
$4,643,0411
$3,740,626
1,199,570
Net income-Dividends paid
32,187
58,886
3,229,987 Preferred stock
2,353,841
41,964 c Common stock
613,312
45,792 Earned surplus
Capital surplus...
187,545
After allowance for losses,
121,645
700,000
bonds
54,950
Other assets.--,
b
15,907
22,811
500,000
Reserves
Cash deps. for red.
of bonds & pref.
The
457,158
$2,501,643
108,649
pensation
$175,051
130,121
405,867
Current
The
442,192
$3,977,377
146,199
undistributed profits.
Prov. for incentive com¬
368,649
$196,734
Cash
Total
1909
Liabilities—
1938
1939
Assets—
or
613,292
Prov. for Fed. surtax on
Balance Sheet Dec. 31
a
1936
$4,564,847
241,024
—
Net income
Note—No provision is
1937
1938
1939
$28,881,058 $21,862,149 $16,654,393 $11,377,466
13,695,591
9.822,295
23,702,919
17,442,580
Net sales
1,719,728
81,461
to 1948.
Total
The
proceeds of $1,850,000 from sale of the notes, together with $38,850
funds, are to be used to redeem $1,850,000 4% serial debentures
serially JuneJ, 1942 to June 1, 1946 in annual amounts of $370,000,
requiring $1,888,850.—Y. 150, p. 3532.
of treasury
due
>
.$9,613,537 $7,791,978
Total
$9,613,537 $7,791,978
x After reserve for depreciation of $280,816 ($439,498 in 1939)
$14,242 ($193,395 in 1939) for fully depreciated assets charged off),
resented by 500,000 shares of no par.—V. 150. p. 2445.
(includes
y Rep-
The Commercial & Financial Chronicle
Vol dine ISO
3843
On the 12th inst. futures
closed
COMMERCIAL EPITOME
1
active
Coffee—On the 10th inst. futures closed 5 to 3 points net
Transactions totaled 38 lots, all in the Santos con¬
tract.
In Brazil spot Rio 7s were 200 reis
higher.
Actuals
were duller.
While Brazils were steady, mild coffees were
ower.
again easier, due to the lack of demand.
offered at
were
iweek but
month.
were
Colombian coffees
prices about
%,q. under the highs of last
still % to %c. above the all-time lows of last"
A cable from Brazil said Government circles still
hum with reports that restrictions and
regulations
the next crop year,
'
governing
starting July 1, will be more severe than
imposed by Brazil so far and will include the voluntary
uprooting of trees at an indemnity of one milreis per tree.
On the 11th inst. futures closed 1 to 3
points net higher for
the Santos contract, with sales of
only 9 lots.
The actual
market was quiet.
Interest centered on the meeting at the
Waldorf-Astoria Hotel, where the representatives of 15
nations in this hemisphere are
meeting to consider the serious
situation which has resulted from the
closing of European
outlets for coffee.
Alberto Ortega, Chairman of the Con¬
ference, told the delegates yesterday that the "lack of
balance between production and
consumption emerges as
the great problem."
He said: "At this Conference sacrifices
will be asked, sacrifices which
might appear hard for many
of your countries, considering that for time immemorial
they have been accepting a free system of production and
export
as
a
points. Manufacturers were taking no interest in the
pro¬
ceedings while producers also were indifferent. The turnover
to early afternoon totaled
only 45 lots, showing how small
was the
trading. It is a day to day market with the trade
watching European events. They now total 1,056,805 bags
compared with 1,421,100 bags a year ago.
No cocoa is
afloat to this
country at present.
A year ago afloats totaled
104,100 bags.
Local closing: Sept. 4.66; Dec. 4.77; Mar.
4.86; May 4.94.
Today futures closed 3 to 5 points net
higher.
Transactions totaled 198 lots.
Hedge lifting and
Wall Street buying combined to cause a
sharp recovery in
the
entire
futures closed 4 to 5
21
points net higher.
lots, all in the Santos contracts.
were a
Transactions totaled
Santos coffee futures
point higher in dull trading. The quiet futures market
reflected the absence of anything of consequence in actuals.
Producing offers held in about the
on
the sidelines.
with roasters
spot Rio 7s was
same range,
In Brazil the spot
price
on
off 200 reis per 10 kilos to 11.800 milreis.
Destruction in
Brazil during the first half of that month were 21,000 bags
that
were
burned.
Rio coffee
sugar
today.
.
markets
were
heavy
Domestic contracts showed a maximum decline of
3 to 4 points in slow trading.
In the raw market Philippines
sugar, due within 2 weeks, was offered at 2.70c.
Late Friday
Sucrest bought 2,000 tons due June
10, at 2.67c. Refiners
were not
bidding above that price today. The refined sugar
market was unchanged.
Cane refiners held their price at
43^c. a pound, but offshore cane and resale beet sugar could
be had at 4.20c. a pound.
So far the House has taken no
action on the Cummings bill.
In the world sugar market
contracts were almost entirely without
support. Light selling
caused the market to break 93^ to 11
y2 points. On the 11th
inst. futures closed 3 to 5 points net
higher for the domestic
contract, with sales totaling 385 lots.
The world sugar con¬
tract closed y2 to 2 points net
higher, with sales totaling 57
lots.
Sugar futures were strong in sympathy with other
markets.-
The domestic list
that recent sales of
raw
was 2 to 4
points higher on news
had cleared up the
nearby afloat
supply of Philippines
sugar which has been hanging over the
bought 1,000 tons of Philippines, due
Pepsi-Cola bought 2,000 tons, due June 13,
and 1,000 tons June 19, all at 2.68c. a
pound. Traders also
professed to believe that if Congress grants the President's
request for $50,000,000 for the Red Cross, part of the money
would be spent to buy refined sugar.
World sugar futures
market.
McCahan
June 17—while
firm, but less active than the domestic market.
It is
feared that extension of the war to Italy will further contract
were
prices closed
July
September
Santos coffee
as
follows:
3.921 December
3.951 March
3.97
...
July
September
December
6.071
6.19
6.30
Cocoa—On the 10th inst. futures closed 2 to 3 points net
Transactions totaled 98 lots.
Like other markets,
lower.
futures reversed themselves and shot up strongly this
Prices then were 8 to 9 points net higher with
afternoon.
Sept. selling at 4.75c., up 9 points net, and 20 points from the
forenoon's lowest level.
The market acted oversold as
only
trading sufficed to cause the recovery.
Sales to
that time totaled only 80 lots.
Warehouse stocks decreased
130 bags.
They now total 1,043,368 bags against 1,421,000
bags a year ago.
On the 11th inst. futures closed 9 to 10
points net higher.
Trading was relatively quiet.
Trans¬
actions totaled 130 lots or 1,742 tons, a fair portion of which
represented switching operations.
Exchanges of 21 July
contracts for Mar. at 28 points, and a similar number of
Sept's. forMar. at 20 points, featured this activity.
Outside
interests were reported to have transferred long positions
into the distant month, while dealers covered in July and
Sept.
Another feature of the day's trade was the exchange
of nine Sept. lots for actual cocoa at 4.69c.
Local closing:
June, 4.60; July, 4.65; Sept., 4.73; Oct., 4.76; Dec., 4.83.
moderate
the world sugar
market for Cuba and America. On the 12th
higher for the domestic
contract, with sales totaling 533 lots.
The world sugar
contract closed 43^ to 8 points net higher, with sales
totaling
127 lots.
Sugar futures were strong. The domestic market
continuing yesterday's rise, stood 2 to 4 points net higher
during early afternoon.
The strength of raw sugar was a
inst. futures closed 1 to 2 points net
prices closed
as follows:
5.771 March, 1941
5.91 May, 1941
cocoa
market
Sugar—On the 10th inst. futures closed 1 to 2
points net
lower for the domestic
contracts, with sales totaling 69 lots.
The world sugar contract closed 5
K to 43^ points net lower,
with sales totaling 80 lots.
The
Santos
in session
were
reported
July 4.61; Sept. 4.71; Dec. 4.80; Mar. 4.91.
September Santos at midday was being traded at 5.86c., off
points. There was a dearth of news of market importance.
now
were
is 7,883 contracts.
Warehouse stocks in¬
2,500 bags overnight.
They now total 1,059,390
bags. A year ago the total was 1,429,332 bags. Local closing:
The actual market
The Pan-American coffee conference
during early afternoon
Hershey interests
creased
4
time.
Prices
The July position is
gradually
being liquidated. Only 989 lots are still outstanding. First
notice day will fall on June 26th.
The open position of the
coffee futures declined 2 to 4 points on a small volume
today.
here has veiled with secrecy most of its activities to date,
but it was learned that committees are at work.
Today
futures market.
points net higher.
to be active in the market.
meeting is expected to last a week.
On the 12th inst.
points up for the Santos contract, with
sales totaling 16 lots.
There were sales of two contracts in
Rio Sept. at 3.95c.
Trading in coffee futures was at a stand¬
still this morning.
Prices during early afternoon were un¬
changed to a point lower, with Dec. Santos quoted at 6.04c.,
off 1 point.
The actual market was also dull as roasters
waited for further developments in
producing countries.
Mild coffees were still barely
steady, due to the lack of
interest, while Brazilian prices were generally unchanged.
There were reports that Puerto Rico would be
granted a
2c. a pound export bounty on coffee
coming to this country.
This was not important because Puerto Rico's exports in
recent years represent less than 1% of the coffee used here.
On the 13th inst. futures closed 5 to 2
points net lower for
was dull and
generally unchanged. Recent
purchases of Brazilian coffee by American roasters are still
being shipped and the quantity afloat from that country to
the United States reached 678,000 bags, the largest in some
cocoa
12 to 15
The
with sales totaling 24 lots.
all
On the 13th inst. futures
closed 7 to 8 points net lower.
Wail Street liquidation in a
thin market caused cocoa futures to
sell off as much as 9
normal routine in their economic structure."
Santos contract,
on
Transactions totaled 196 lots.
futures closed 1 to 2
the
point net higher
deliveries, with sales totaling 336 lots. ; Wall Street
buying of cocoa futures was indicated today for the first time
since the market's bad break
following the invasion of
Holland early in May.
Ever since that time Wall Street
had been
liquidating old positions.
The market today was
7 to 9 points
higher, with July selling at 4.72c., up 7 points.
Sales to early afternoon totaled 185
lots.
Offerings from
primary markets were scarce and high. Warehouse stocks
increased 4,500 bags.
They now total 1,053,914 bags, com¬
pared with 1,421,100 bags a year ago.
Local closing: July,
4.66; Sept., 4.74: Dec., 4.84; Mar., 4.94.
Friday Night, June 14, 1940.
factor in the market.
factor.
Further
Sales of
ocean
freight rate advances
made to operators
today
pound respectively, following a spot sale
yesterday at 2.70c. to a large refiner. Expectation that the
Government will do something for sugar was a factor.
In
the world market prices advanced 53^ to 83^ points when new
buying and short covering found offers few. September sold
at 1.20c. a pound.
Instrumental in the advance was a cable
saying that France's sugar crop would be reduced 60% and
imports would be needed this year. It was contended that
French stocks of sugar were captured by the Germans in
occupied districts.
On the 13th inst. futures closed 1 point off to 2
points
net higher, with sales of 369 lots in the domestic contracts.
The world sugar contract closed 23^ points down to
y2 point
net higher, with sales totaling 59 lots.
Sugar markets were
irregular.
In the raw market three lots of Philippines of
1,000 tons each were dn offer, but no sales were recorded.
were a
at 2.77 and 2.78c.
a
raws
were
Chronicle
The Commercial & Financial
3844
Four Months
1,854,417 Tons of Sugar Delivered in First
of 1940, Reports AAA
ranged from 2.80c. for mid-July shipment to
Prices asked
June 15, 1940
for Aug.-Sept. shipment.
In the refined market a
Southern refiner was offering at 4.25c. a pound for delivery
2.85c.
Division of the Agricultural Adjustment Admin¬
The Sugar
June 6 issued its monthly statistical statement
1941, but storage, interest and deposit charges were
additional. In the Philadelphia territory a strike is feared.
As a result refiners have accumulated up to a month's
istration
supply, it was said. At Midday world sugar contracts were
points lower after starting H to 1 point higher. Mon¬
day will be first notice day for July tenders. To-day futures
closed unchanged to 2 points off for the domestic contract,
with sales totaling 105 lots.
The world sugar contract
closed 4 to 5 points net lower, with sales totaling 184 lots.
Sugar markets were irregular. The domestic market opened
3 to 4 points lower, but quickly recovered to stand unchanged
to 1 point lower during early afternoon.
No further sales
of raw sugar were reported.
One lot of Philippines due to
arrive the middle of July was on offer at a shade less than
2.80c. a pound. Another lot of 10,000 bags of Puerto Ricos
clearing June 26th was offered at 2.80c. a pound, as was a
importers, and others.
1940
or
covering the first four months
June-July shipment.
1,000 ton cargo of Philippines,
In
showed
continued:
value, was as follows:
(Table 2, less exports)
Beet sugar processors (Table 2)
Importers of direct consumption sugar (Table 3)
Mainland cane mills for direct consumption (Table 4)
Refined sugar by refiners
...
;—--
1,854,417
Total
"
The
Re¬
(Table 5).
Stocks of sugar on
addition July liquidation and switching were heavier in
anticipation of first notice day Monday.
1
1939, in short tons, raw value, were as
follows:
a
1.92
—.1.95
January, 1941
March, 1941
July
September
1.81
1.87
November
1.92 May, 1941
The fifth monthly report on
Five
2,319,359
Total
1
—.....
Not including raws for
a
the status of the 1940 sugar
Agricultural Adjustment Administration. The
sum of these quotas represents the quantity of sugar esti¬
mated, under the Sugar Act of 1937, to be required to meet
consumers'* needs during the current year says the Depart¬
ment's advices which likewise says that the report shows that
the quantity of sugar charged against the quotas for all
offshore areas, including the full-duty countries, during the
first five months of the year, amounted to 1,956,531 short
tons, raw value, as compared with 1,888,896 tons during the
corresponding period 1939. The advices from the Depart¬
includes sugar from all areas recorded as entered or certified
May 11, page
2956.—Ed.)
1—RAW
TABLE
DELIVERIES
AND
weight
There
were
and
polarization
data for all importations are available.
139,463 short tons of sugar, raw value, charged against
quota for the mainland cane area
the
and 380,105 short tons, raw value, against
the quota for the continental sugar
April this
,
SUGAR: REFINERS*
Jan.
Supply
Receipts
1,
$
a250,845
628,057
567,411
694
3
310,794
46,212
292,785
204,367
239,264
269,509
180,278
429
0
69,059
75
0
61,201
197,744
37
o
99,668
154,456
269
0
59,385
62,105
0
0
0
0
0
0
9,397
26,113
32,185
0
0
3,325
0
Cuba
Hawaii
53
53
0
0
0
1,504
3
565,869
—
_
37,187
17,902
all7,162
Puerto Rico
Philippine
Continental raws
Miscellaneous
Revised.
.
DELIVERIES OF CANE AND
PRODUCTION, AND
REFINERS AND PROCESSORS.
BEET SUGAR BY UNITED STATES
JANUARY-APRIL, 1940
(In Short Tons, Raw Value)
''A'AiLA?
1:"
submitted by sugar refineries on
""
2—STOCKS,
TABLE
:
,
Compiled in the Sugar Division, from reports
Form S3-15 A.
and the balances remaining are as follows:
(Tons of 2,000 Pounds—96 Degrees)
•
478,705 1,490,307 1,401,636
Total
a
on
Fire by Apr. 30,
for Direct
1940
<kc.
Consumption
Meltings
1940
Stocks
Lost
Deliveries
Stocks on
Source of
charged against the quotas for the off-shore areas during
The quantities
the first five months of the year
JANUARY-
(In Short Tons, Raw Value)
beet area during the period January-
Data for May for these two areas are not yet available.
year.
FOR
CONSUMPTION
DIRECT
FOR
MELTINGS,
STOCKS, RECEIPTS,
1940.
APRIL,
The figures are subject to change after final
June 1, 1940.
(This report was given in our issue of
April was made public on May 8.
Other countries
for entry before
the administration of the Sugar Act of 1937.
against the 1940 sugar quotas during January-
Virgin Islands...
add:
outturn
processing held by importers other than refiners.
These data were obtained in
sion of the
The report
1,995,147
1,027,662
factories
Mainland cane factories
The statement of charges
quotas for the various sugar-producing areas supplying the
United States market was issued June 6 by the Sugar Divi¬
ment
193,464
70,647
308,732
397,722
1,085,429
141,476
61,788
565,869
461,717
—
Refiners' refined
2.00
of Sugar from Off-Shore Areas for First
Months of 1940 Totaled 1,956,531 Tons
Entries
1939
1940
Refiners' raws
Beet sugar
>'''
■. •
hand on April 30, 1940, and comparative figures for
Importers' direct-consumption sugar
follows:
as
Territory of
of 1940 was 6,438 tons and in Puerto Rico
Hawaii for the first four months
offshore refined were a
In the world sugar market
local consumption in the
for
of sugar
distribution
prices dropped 4 to 5H points, with little rallying power
at the lows.
The unfavorable war news was a factor.
In
Prices closed
1,504
1,221,035
380,105
213,414
38,359
by refiners (Table 1)
Raw sugar
on
pound.
continental United States during the first four
Distribution of sugar in
months of 1940, in short tons, raw
it was 19,643 tons
interest.
the refined market prices
of 1940, consolidating reports
refiners, beet sugar processors,
sugar
Total deliveries of sugar during the
period January-April, 1940, amounted to 1,854,417 short
tons, raw value, compared with 2,001,726 tons during the
corresponding period last year.
The division's report
no
little firmer at 4.22He. a
from cane
obtained
1 to 3
finers
on
Domestic Beet
1940 Sugar Quotas
Amounts
Established
Charged,
Balance
Under the Latest
Against
Remaining
Area
Refineries
Initial stocks of refined, Jan.
Regulations
Quotas
•1,863,217
1,003,783
797,982
938,037
-v; 8,916
25,745
828,415
380,075
475,605
0
8,916
5,966
19,779
4,637,680
1,956,531
2,681,149
Production.
Cuba.
Philippines
Puerto Rico
Hawaii
Virgin Islands
,
Foreign countries other than Cuba
Total
1,034,802
623,708
322,377
671,567
266,470
1, 1940
30, 1940
Compiled by the Sugar Division, from reports
a
which is the
Direct-consumption
sugar
is
included
Sugars
in
the
amounts
above
charged
converted to raw value by using the factor 1.061725,
ratio of meltings of raw sugar to refined sugar produced during the years
Quantity Charged Against Quotas a
Cuba
375,000
Philippines
a
80,214
Polarizing
Total
Less than
TABLE
RECEIPTS,
3—STOCKS,
SUMPTION
SUGAR
FROM
169,803
23,863
9,062
1,052
Remaining
Source
196,135
55,299
Jan.
of Supply
Rico
Hawaii.
11,313
Philippines
11,517
„■
a
Balance
Quotas a
Remaining
297,051
6,218,988
11,458,864
33,015,097
500,000
11,458,864
11,932,149
5,966
Imported from
142,794
319,028
5,899,960
on
alll,606
57
1,218
56,747
11,899
\
x
66,878
14,923
0
0
0
0
14
14
0
134
134
112,773
294,105
213,414
.
,-V
0
0
193,464
any
Compiled m the Sugar Division from reports and information submitted by
importers and distributors of direct-consumption sugar on Forms SS-15 B and SS-3.
a Includes sugar in bond,
b Revised.
TABLE
4—MAINLAND
0
DELIVERIES.
33,015,097
1937, the first 10 short tons of
foreign country other than Cuba have not been
271,470; Dominican Republic, 6,875,339; Dutch East Indies, 217,941; Dutch West
Indies, 6; France, 180; Germany, 121; Guatemala, 345,291; Haiti, 950,203; Hon¬
duras, 3,539,048; Italy, 1,805; Japan, 4,133: Netherlands, 224,623; Nicaragua,
10,538,064; Salvador, 8,463,174; United Kingdom, 361,645: Venezuela, 298,998.
Two hundred three pounds have been imported from Canada, 70 pounds from Chile,
47 pounds ftom France, 104 pounds from Panama, and 90 pounds from Venezuela,
but under the provisions of Sec. 212 of the Sugar Act, referred to In Footnote (a),
these importations have not been charged against the quota.
CANE
STOCKS,
MILLS'
PRODUCTION,
AND
JANUARY-APRIL, 1940
(In Short Tons, Raw
500,000
charged against the quota for that country.
b Argentina, 15,029; Australia, 210; Belgium, 303,438; Brazil, 1,234; British
Malaya, 27; Canada, 581,707; Colombia, 275; Costa Rica, 21,236; Czechoslovakia,
Stocks
Apr. 30, '40
19,779
154,257
In accordance with Sec. 212 of the Sugar Act of
sugar, raw value.
143,402
165,203
1,137
112,312
15,305
0
39,557,851
25,745
...
Charged Against
61,490,000
reserve
Total pounds
Total tons
Usage
England
Total
Unallotted
or
Other foreign areas
COUNTRIES
1940
Quotas not used to date b.
Deliveries
Receipts
China and Hongkong
Quotas
Peru..
138
................
Puerto Rico
Value)
on
1,1940
ab89,805
Cuba
from Puerto
1940, under the Sugar Act of 1937. The amounts entered
from these areas during the Jan .-May period were as follows:
From Puerto Rico,
139,504 tons: from Hawaii, 3,049 tons.
QUOTAS FOR FULL-DUTY
(In Short Tons, Raw
Stocks
178,865
24,915
There have been no restrictions on direct-consumption sugar
China and Hongkong
Mexico
DELIVERIES OF DIRECT-CON¬
AREAS, JANUARY-APRIL,
'
99.8 Degrees
Sugar
and Hawaii since Feb. 29,
Area
AND
SPECIFIED
1940
Charges
and Above
Quotas
■*A'-y- A'Ai
Balance
Sugar
Polarizing
99.8 Degrees
Area
!&?.;A
\.V-/,;.'
'•
delivered against sales for export. The Department of
Commerce reports that exports of refined sugar amounted to 73,675 short tons,
raw value, during the period January-April, 1940.
d Larger than actual deliveries by a small amount representing losses in transit,
Deliveries Include sugar
through reprocessing, &c.
(In Short Tons—96 Degrees Equivalent)
1940
submitted on Forms SS-16 A and
refineries and beet sugar factories.
1938 and 1939.
c
against the various quotas.
d380,105
1,027,662
The refineries figures are
b Revised.
Direct Consumption
1,400,827
cl,294,710
461,717
...
SS-11 C by the sugar
bl,358,504
49,263
b355,600
—
Deliveries...
Final stocks of refined, April
Factories
a
Value)
Deliveries
Stocks
Jan. 1,
on
For Further
Consumption
Processing
April 30, 1940
38,343
al61,241
a
Stocks
For Direct
Production
38,359
90,578
70,647
on
1940
Revised.
TABLE
5—DISTRIBUTION OF SUGAR FOR LOCAL CONSUMPTION IN
TERRITORY OF HAWAII AND PUERTO RICO, JANUARY-
THE
APRIL.
1940
(In Short Tons, Raw
Territory of Hawaii...
Puerto Rico
Value)
—
19,643
Volume
The Commercial & Financial Chronicle
ISO
Lard—On the 8th inst. futures closed 2 to 7
decline.
This market
was
a
dull affair, with
points net
prices narrow
and
trading extremely light.
The opening range was un¬
changed to 2 points higher.
Receipts of hogs at the prin¬
cipal packing centers in the West today were 21,200 head,
against 10,400 head for the same day last year.
Very little
business was reported.
On the 10th inst. futures closed 5
to 10 points net lower.
The opening range was 2 to 5 points
off.
These declines were extended to 15 and 20 points net
lower as a result of rather heavy selling on bearish news
concerning hogs and the grain markets.
Western hog mar¬
ketings were quite heavy and totaled 84,100 head, against
63,350 head for the same day last year.
Hog prices declined
at Chicago 10c.
Sales there ranged from $4.75 to $5.30.
On the 11th inst. futures closed 12 to 15 points net higher.
The opening range was 5 to 10 points higher.
It is reported
that in recent months lard production has been running quite
heavy.
About half the surplus that formerly went for export
has been seeking an outlet in the board field of soap manu¬
facture.
Apr. lard production totaled about 100,000,000
pounds and was the largest for any Apr. on record, indicating
that surplus lard is now moving into the inedible field.
During the past week hog marketings at 11 of the principal
packing centers in the West were far above the corresponding
week last year and totaled 446,559 head, against 297,218
head last year.
On the 12th inst. futures closed 15 to 8
points net higher.
The lard market today was influenced
by the firmness of other markets, which induced considerable
speculative buying and short covering.
Inflation talk and
expectations of large amounts of foodstuffs being purchased
for relief purposes in Europe within the near future also
contributed to the upturn.
Futures opened 10 to 15 points
higher, but later advanced 17 to 22 points over previous
finals.
Chicago hog prices today were mostly 10c. higher.
Sales ranged from $4.75 to $5.40.
Western hog marketings
were
moderately heavy and totaled 64,100 head, against
54,000 head for the same day last year.
On the 13th inst. futures closed 15 to 22 points net lower.
The market opened unchanged to 5 points lower.
Export
shipments of lard have been very light.
Hog prices at
Chicago were mostly 10c. lower and through the day sale3
were reported at prices ranging from $4.75 to $5.25.
Western
hog marketings were much larger than expected and totaled
78,700 head against 50,500 head for the same day a year ago.
Today futures closed 22 to 27 points net higher.
The
strength in lard today was attributed largely to the strong
action of the wheat, corn and security markets.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
Sat.
Mon.
Tues.
5.35
5.52
5.25
5.47
5.40
5.62
October----————
5.62
December
5.80
5.55
5.70
572
5.85
January, 1941—— 5.92
5.80
5.90
July-..
September—
——.
—
Wed.
5.55
5.70
5.80
Thurs.
Fri.
5.30
5.50
5.62
5.95
5.60
5.75
5.57
5.87
6.02
6.07
5.85
6.12
Pork—(Export), mess, $20.25 (8-10 pieces to barrel);
family (50-60 pieces to barrel), $16.25 (200 pound barrel).
Beef:
(export), steady.
Family (export), unquoted.
Cut
Pickled Hams: Picnic, Loose, c.a.f.—4 to 6
lbs., ll%c.; 6 to 8 lbs., 11c.; 8 to 10 lbs., 10%c. Skinned,
Loose, c.a.f.—14 to 16 lbs., 16c.; 18 to 20 lbs., 14 %c.
Bellies: Clear, f.o.b. New York: 6 to 8 lbs., 11 %c.; 8 to 10
lbs., 11c.; 12 to 14 lbs., 10c. Bellies: Clear, Dry Salted,
Boxed, N. Y.—16 to 18 lbs., 7%c.; 18 to 20 lbs., 7c.; 20 to
25 lbs., 6%c.; 25 to 30 lbs., 6%e.* Butter: Firsts to Higher
than Extra and Premium Marks: 25% to 27c. Cheese: State,
Held '39, 20 %c. to 21 %c. Eggs: Mixed Colors: Checks to
Special Packs: 13 %c. to 18c.
Meats: Firmer.
cars is quoted 9.4 to 9.6c.
Lin¬
reported dull. Quotations: Chinawood: Tanks,
spot—22c. bid nominal; August shipment—21 He. bid;
Drums—22 to 26% nominal.
Coconut: Crude: Tanks—
.02K bid; Pacific Coast—.02% to .02%.
Corn: Crude:
West, tanks, nearby—.05% bid. Olive: Denatured: Drums,
spot—$1.45 to $1.65; Afloat: not quoted. Soy Bean: Tanks,
West—.04% to .05; Oct .-Mar.—.04 % bid; New York, l.c.l.,
raw—.07 bid.
Edible:
Coconut: 76 degrees—.08% bid.
Lard: ex; winter prime—8c. offer; strained—7% offer.
Cod:
Crude: Not quoted.
Turpentine: 32 to 34, all bids. Rosins:
Oils—Linseed oil in tank
seed market
$4.60 to $7.30.
Cottonseed Oil sales,
yesterday, including switches, 124
Crude, S. E., val. 5%*%-N. Prices closed as
contracts.
follows:
June
-
July
August———
-
-
6.10®
6.12®
6.14®
October
n
6.16
November
—
—
6.25@.26tr. January, 1941
September
-
December
n
—
6.26@
6.26®
6.30®
6.31 @
6.28
n
6.31
6.33
Rubber—On the 8th inst. futures closed 12 to 3 points
net
higher.
session.
It
Transactions totaled 220 tons for the short
was
learned in
a
cable from London that the
rubber and analogous cargoes from Singapore
to New York will be increased 20% as from Aug. 1.
This
advance in freight rates was expected earlier in the week and
freight rates
had little
on
or no
effect
on
the market.
The outside market
quiet, the same as the futures market. Little or no
business was reported by any of the importers.
Spot stand¬
ard No. 1 in cases remained unchanged at 21 %c. per pound.
Local closing: June, 21.63; July, 21.23; Sept., 19.55; Dec.,
18.80; Jan., 18.60. On the 10th inst. futures closed 67 to 25
points net higher. Transactions totaled 160 lots. News of
Italy's entrance into the war stirred up action in rubber
was
very
3845
futures,; A rush to buy appeared, which carried the market
up for net gains of nearly 90 points.
During early afternoon
Sept. delivery
selling at 20.33c., up 88 points net. July
77 points.
Dec. at 19.25 was 45 points
highe^. Trading to that time totaled 40 lots, of which 5
were
exchanges for actuals.
Singapore and Batavia an¬
nounced advances in freight rates.
Singapore also has a big
strike on its hands.
London market closed lA to 5-16d.
higher. Singapore was 1-32 to l-16d. higher. Local closing:
July, 21.90; Sept., 20.10; Dec., 19.05.
On the 11th inst.
futures closed 110 to 65
points net higher.
Transactions
was
stood at 22c., up
totaled 187 lots.
to turn
Various factors influenced rubber futures
strong, among which
the report that the Singapore
Prices during early after¬
a pound higher, with
July at
22.90c., showing the maximum rise. Trading was on a some¬
what heavier scale, sales to
early afternoon totaling 146 lots.
Both trade and speculative
buying was reported.
London
closed A to 7-32d. higher. Local
closing: July, 23.00; Sept.,
21.05; Dec., 19.70; Jan., 19.45. On the 12th inst. futures
closed 85 to 35 points net lower. Transactions totaled 178
was
rubber market would be closed.
noon
lots.
were
as
much
as
a
cent
Rubber futures
were
fairly active but the upward
apparent yesterday, had spent its force.
Prices during early afternoon stood from 7 to 20
points
higher, with maximum gain in Mar., which sold at 19.40.
surge
that
was
so
Sales
to that time totaled 138 lots.
Towards the close heavy
selling developed and prices dropped precipitately to the
lowest levels of the day, at which the market closed.
Cer¬
tificated stocks decreased 70 tons to 380 tons, compared
with an open July interest of 5,020 tons. The London market
closed % to %d. higher.
Singapore was 1-16 to 5-32d.
higher. Local closing: July, 22.30; Sept., 20.20; Dec., 19.30;
Mar,, 18.85.
On the 13th inst. futures closed 48 to 60
Transactions totaled 166 lots.
and erratic. The market was
points net lower.
Rubber futures
were nervous
higher in the forenoon but
reversed its action abruptly after midday when news of a
general strike in Singapore caused active selling, which
found buyers were indifferent.
July broke to 21.90c. for a
net loss of 40 points. ,; December at 19 was 30
points net
lower. Weakness in other markets was a factor. Certificated
stocks decreased by 30 tons. They now total only 350 tons.
The open July interest is
be first July notice
494 lots, or 4,940 tons. June 27
day.
Local closing: July 21.70;
Sept. 19.70; Dec. 18.70; Mar. 18.37. Today futures closed
20 to 30 points net higher.
Transactions totaled 91 lots.
Rubber futures responded to commission house demand,
trade buying and Japanese orders by rallying strongly.
During early afternoon prices were from 30 to 40 points net
higher, with July selling at 22c. flat. Traders ignored a weak
Singapore market, but were encouraged by the May con¬
sumption statistics.
London was firm, closihg unchanged
1 to 4 points higher. Local closing: July 21.90; Sept. 20.00;
Dec. 19.00; Mar. 18.65.
will
,
,
Hides—On the 8th inst. futures closed 12 to 17 points net
lower.
The opening range was 2 points to 10 points off.
The market got weaker as the session progressed,
prices
closing at about the lows of the day.
Trading was sluggish,
transactions totaling only 360,000 pounds.
The domestic
spot hide situatioa was reported very quiet today.
Local
closing: June, 9.58; Sept.,9.75; Dec., 9.95; Mar., 10.17.
On
the 10th inst. futures closed 2 to 7 points net lower.
Trans¬
actions totaled 5,840,000 pounds.
Certificated stocks in¬
creased by 1,088 hides to a total of 872,167 hides.
Hide
futures opened from 14 to 17 points off, but later the market
improved.
The domestic spot hide situation showed little
change.
Trading was reported very limited, with light
native cow hides selling at 10%c. a pound.
Local closing:
June, 9.53; Sept., 9.68; Dec., 9.93; Mar., 10.15; June, 10.37.
On the 11th inst. futures closed 115 to 30 points net higher.
Transactions totaled 135 lots.
Trading in hides was stimu¬
lated by the improvement in the stock market and in other
commodities.
During early afternoon prices were 17 to
30 points higher, with Sept. selling at 9.90c.
Sales to that
time totaled 51 lots.
Commission houses were active buyers
of the Dec. delivery.
Certificated stocks continue to de¬
crease.
The overnight loss was 5,774 hides.
Withdrawals
have been heavy owing to resales to tanners.
Local closing:
Sept., 10.83; Dec., 10.23; Mar., 10.47.
On the 12th inst.
futures closed 43 to 38 points net higher.
Transactions
totaled 247 lots.
Commission houses were active buyers
of hide futures in sympathy with the upturn in the stock
market.
There was also short covering on news of firmer
spot hide and leather markets.
Packers yesterday sold
upward of 50,000 spot hides at steady prices and were re¬
ported to be asking slight advances today. Sale of futures
to early afternoon totaled 170 lots.
Prices were 42 to 44
points net higher, with Sept. delivery at 10.46.
Local clos¬
ing: June, 10.35; Sept., 10.40; Dec., 10.62; Mar., 10.85.
On the 13th inst. futures closed 45 to 40 points net lower.
Transactions totaled 197 lots. After an early recovery, due in
the main to short covering, hide futures went into reverse on
selling in sympathy with declines in other commodities and
the stock market.
Prices during early afternoon were gener¬
ally lower, but June was 11 points net higher. September at
10.15 was off 25 points and December at 10.35 was 27 points
lower. Sales to that time totaled 100 lots.
Further sales of
at advances of %c. a pound were re¬
Local closing: Sept., 9.95; Dec., 10.22; Mar., 10.45.
spot hides to tanners
ported.
/
/
The Commercial & Financial Chronicle
3846
Today futures closed 30 to 25 points net higher.
points higher. Sharp advances were in evidence
opening, with transactions totaling 144 lots. Active
buying by commission houses and dealers was reported.
Buenos Aires reported the sale of 46,000 hides to Great
Britain at reductions of % of a cent a pound.
Local closing:
June, 10.25; Dec., 10.50; Mar., 10.70.
after the
general demand for anthracite is reported
as
slow by local operators. The only activity is in pea coal, it
is said, with supplies rather limited.
Present production of
pea
coal is far below the needs of market demand.
On
June 15th, operators state, wholesale anthracite prices both
at Tidewater and "on the line" will be advanced 10c. per
Supplies of coal in the hands of dealers is believed to
be rather low, it was further learned here.
Advices from
Washington state that production of bituminous coal during
the first six months of this year is expected to exceed 220,000,000 tons, an enormous increase over the corresponding
period in 1939 and 1938, reflecting the accelerated pace of
industry spurred by the national defense drive. "The weekly
outpur of bituminous coal, so vital to industry, and the
large increase in the output of bituminous mines in recent
months reflect the increased pace of industry all along the
line," John D. Battel, executive secretary of the association,
ton.
declared.
Ocean
Freights—Trading in tonnage was not very heavy
week, the restricted demand being due in no small
measure to war
developments in Europe: Charters included:
Grain: Australia to'North Atlantic, $15.50 per ton.
Plate
to North Atlantic, $9 per ton (heavy grain), basis Buenos
Aires. Time Charters: Round trip West Coast, South Ameri¬
can trade, June
21-26, $3.75 per ton. West Indies or Cana¬
dian trade, $4.50 per ton. Round trip, South African trade,
delivery North of Hatteras, June 20, $3.75 per ton. Another
vessel reported fixed, trip down to South Africa, no other
details given, June.
Another vessel, same details, July.
Sugar: Philippines to U. S. Atlantic, $14-$15 per ton. San
Domingo to Marseilles, $18 per ton.
San Domingo to
Casablanca, $16.50-$17 per ton.
Cuba to Bordeaux (re¬
fined), $17.50 per too. San Domingo to Nantes, $19 per
ton.
Scrap Iron: Atlantic range to Japan, $16.50 per ton.
Gulf to Japan, $17 per ton. Atlantic range to
Japan, June,
$16.50 per too. Another vessel, reported same details, July.
this
Wool
Tops—On the 8th inst. futures closed 3 points net
Trading was very light.
War news seemed to
overshadow everything.
Spot tops were quoted at $1.02 a
pound.
Local closing: Oct., 94.8; Dec., 93.8; Mar., 93.4;
May, 93.2.
On the 10th inst. futures closed 23 to 7 points
net lower.
Transactions totaled 1,050,000 pounds.
Num¬
erous small orders featured the
market, with war news in¬
fluencing values.
Moderate selling came in from Boston
at times with buying chiefly for the trade.
Spot tops lost
lc. or 10 points at 101.0c. a pound.
Local closing: July,
94.0; Oct., 92.1; Dec., 91.5; Mar., 90.7; May, 90.5.
On
the 11th inst. futures closed 15 to 22
points net higher.
The market received its chief stimulus from
buying by spot
higher.
interests
and
commission
houses.
Later
the
list
eased
slightly from the best on liquidation of the July and hedge
and trade offerings.
The market at one time advanced 25
to 31 points.
Sales were estimated at about 100 contracts
or 500,000 pounds.
Spot tops advanced 15 points or 13^c.
a pound to
$1,023^.
Local closing: July, 95.5; Oct., 94.2;
Dec., 93.4; Mar., 92.9; May, 92.6.
On the 12th inst.
futures closed 15 to 9 points net
higher.
Transactions
totaled approximately 700,000 pounds of
tops to mid¬
day.
The market ruled firm during most of the session in
fairly active trading.
There was a good demand for con¬
tracts
from commission,
spot and trade houses.
Local
closing: July, 97.0; Oct., 95.6; Dec., 94.3; Mar., 94.0.
On the 13th inst. futures closed 7 to 10
points net lower.
Sales totaled about 800,000
pounds or 160 contracts.
Spot
tops declined 5 points or 3^c. a pound to $1.03 3^. Advices
from Boston state that a
moderately active demand was
being received for several kinds of domestic wools in Boston.
Mills
were
showing a great deal of resistance to the recent
advances in prices.
Some buying, however, was in progress
at the advanced
prices.
Good French
combing length fine
territory wools in original bags were bringing 85 to 87c.
scoured basis; graded lines of fine
territory wools were
selling at 83 to 88c. scoured basis, depending upon lengths
ranging from short to good French combing. Demand was
moderate and prices were
steady at 38 to 39c. in the grease
delivered for country packed
% and
blood bright fleece
wools.
Local closing for wool
tops: July, 96.0; Oct., 94.7;
Dec., 93.0; Mar., 93.0;/ May, 92.6.
Today futures closed
12 to 9 points net
higher. Wool top futures prices strength¬
ened today on an active demand for
contracts from trade
sources.
Total sales
on
the New York
exchange to midday
were estimated in the
trade at approximately 700,000 pounds
of tops.
Prices opened 2 to 5 points above the closing levels
of the previous day and in
subsequent dealings increased the
initial gains to 11 to 12
points over last night's close. Local
closing: July, 97.2; Oct., 95.7; Dec., 94.5; Mar., 94.1.
Silk—On
higher.
the
10th
inst.
futures
closed
6c.
to
10c.
Transactions totaled 52 lots, all in the No. 1
Raw silk futures firmed up after selling
tract.
lower
lower to 5
Coal—The
23^ to 4Mc.
trading in 18 lots.
Traders were mostly on the
side lines.
The price of crack double extra silk in the New
Transac¬
Raw hide futures opened 25 points
tions totaled 236 lots.
net
con¬
June IS, 1940
on
York spot
market advanced lc. to $2.67 a pound.
Yokohama
prices were 1 yen lower to 11 yen higher.
Spot
grade D silk advanced 20 yen to 1,445 yen a bale.
Local
closing: No. 1 contracts: July, 2.61 H; Aug., 2.583^; Sept.,
2.56; Oct., 2.55; Dec., 2.54>£.
On the 11th inst. futures
closed 93^c. up to unchanged for the No. 1 contracts, with
sales totaling 99 lots.
After opening unchanged to 2c. lower,
raw silk futures rallied along with the other markets.
Steadi¬
ness in Japanese prices also was a factor.
Importer and mill
buying was reported.
Sales to early afternoon totaled 59
Bourse
At that time Oct. stood at $2.58 and Dec. at $2.55.
lots.
The
price of crack double extra silk in the New York spot
market advanced lc. to $2.68 a pound.
The Yokohama
Bourse closed 2 to 13 yen higher.
The price of grade D silk
in the spot market was unchanged at 1,445 yen a bale.
Local
closing: No. 1 contracts: June, 2.70; July, 2.653^; Sept.,
2.61, Oct., 2.593^; Dec., 2.56; Jan., 2.53. On the 12th inst.
futures closed lc. to 103^c. net higher.
Transactions totaled
131 lots.
After a hesitant opening, silk futures turned strong
under buying which developed a scarcity of offerings.
Prices
during early afternoon were 9K to 12c. higher. Sales to that
time totaled 75 bales.
The price of crack double extra silk
in the uptown market advanced 7c. a pound to $2.75.
On
the Yokohama Bourse prices were bid up 53 to 54 yen, a fact
which influenced local trading.
Spot grade D silk was 30
yen higher at 1,475 yen a bale.
Local closing: No. 1 con¬
tracts: June, 2.71; July, 2.723^; Aug., 2.69lA\ Sept., 2.67;
Oct., 2.663^; Dec., 2.64; Jan., 2.63 3^.
On the 13th inst. futures closed 23^ points higher to 3^ net
lower.
Transactions totaled 25 lots.
Silk futures ignored
the general sell-off of commodities, showing firmness in sym¬
pathy with the strength of the Japanese markets.
During
early afternoon the June delivery sold at $2.74, up 3c. Sales
to midday totaled only nine lots.
The price of crack double
extra silk in the uptown spot market was
93^c. higher at
$2,843^.
One hundred bales were tendered for delivery on
the June contract.
Certificated stocks decreased 50 bales.
total 1,150 bales. The Yokohama Bourse closed
35. to 46 yen higher.
Spot grade D silk advanced 55 yen to
1,530 yen a bale.
Local closing: No. 1 Contracts: June,
2.733i; Aug., 2.69; Oct., 2.66;Nov., 2.65; Dec., 2.65. Today
futures closed 5 to 2c. net higher.
The silk futures market
closed strong, largely in sympathy with the securities and
other commodity markets.
Sales totaled 146 lots.
Local
closing: July, 2.7534; Aug., 2.74; Sept., 2.71; Oct., 2.68;
Nov., 2.69; Dec., 2.6734; Jan., 2.67.
They
now
COTTON
Friday Night, June 14, 1940.
The Movement of the
grams
Crop,
indicated by
as
from the South tonight, is given below.
tele¬
our
For the week
ending this evening the total receipts have reached 20,074
bales, against 27,624 bales last week and 30,472 bales the
previous week, making the total receipts since Aug. 1, 1939,
6,969,947 bales, against 3,361,432 bales for the
same
of
1,
1938-39,
showing
an
increase since Aug.
period
1939,
of
3,608,515 bales.
Sat.
Receipts at—
Galveston
Mon.
Mobile
643
2,141
625
i
49
25
475
97
—
—
_
605
712
-'m
m
—
—
■
•
«•'«.-
—
m <m—
mm
m
^
m
H
2
1
Norfolk
478
3
45
107
164
8
164
4,555
20,074
27
27
Baltimore
Totals this week.
The
32
7
'
3
7,860
6,047
5,383
3,530
•
«*,
Total
Fri.
151
2,240
460
Savannah
Wilmington
Thurs.
18
814
4,041
840
Houston
New Orleans
Wed.
Tues.
1,313
1,011
3,165
5,627
2,941
3,030
756
following table shows the week's total receipts, the
total since
Aug. 1, 1939, and the stocks tonight, compared
with last year:
1938-39
1939-40
Stock
Receipts to
June 14
Brownsville
Houston
Corpus Christi
Since Aug
Week
Galveston
This
1, 1938
Mobile
Pensacola & G'p't
Jacksonville
Savannah
Charleston
Lake Charles
Wilmington
Norfolk
New York
SinceAug
1, 1938
Week
Totals
x
1939
.
980.110
654,344
477,652
5*131
1,024,762
649",968
555", 185
38,933
95,034
106
293,369
16,678
821.111
65,882
12,345
2,177
36,297
16,096
38,779
13,284
15,677
602,339
70,327
60,574
1,380
112,446
25,522
4,181
7,487
24,267
43,700
31,778
415,095
44,007
z3,511
1,470
145,469
30,828
5,418
10,853
27,201
100
446
24,865
3,027
1,350
1,179
1,225
250
70.404
5,383 2,429,329
32
161,406
54,593
1,882
478
64,988
38,565
45,971
3
9,721
107
22,653
5,511
354
66
118
657
Boston
Baltimore
1940
10,687
500
7.860 1,756,268
41,153
6,047 2,072,138
179,215
Beaumont
New Orleans
This
164
21,661
20,074 6,969.947
23,331 3,361,432 2,351,679 1,794,666
Receipts included in Corpus Christi.
z
Gulfport not included.
Volume
The Commercial & Financial Chronicle
ISO
In order that comparison
may be made with other years,
we give below the totals at
leading ports for six seasons:
Receipts at—
1939-40
Galveston
1937-38
10,687
5,131
5,511
32 /vV,
354
Houston.
New Orleans.
Mobile
737
534
2,790
2,244
26,138
5.271
2,322
4,887
871
347
243
""449
""§46
""556
1
478
890
342
1,387
6,627
3,368
1,317
4
25
14
.
657
___
Wilmington
1934-35
1935-36
1936-37
8,466
5,171
10,397
""§64
...
Savannah
Brunswick
Charleston
1938-39
7,860
6,047
5,383
3
__
Norfolk
•
107
106
38
1,248
1,090
148
All others
""164
885
""§50
§57
""§97
"4", 415
Total this wk_
20,074
23,331
27,019
15,944
39.972
13,466
N'port News.
Since Aug. 1__ 6,969,947 3,361,432 7,024,307
6,209,625 6,638,229 3,986,365
The exports for the week ending
of 30,395 bales, of which nil
this evening reach
a
total
to Great Britain,
16,838
to France, nil to Germany, 1,997 to
Italy, 6,338 to Japan,
700 to China, and 4,522 to other destinations.
In the
corresponding week last year total exports were 27,354 bales.
For the
were
to date aggregate exports
season
have been 5,853,698
period of the pre¬
the exports for the week:
bales, against 3,177,078 bales in the
vious
Below
season.
are
Week Ended
same
Exported to—
June 14, 1940
Exports from—
Great
Ger¬
France
Britain
Galveston
1,997
16~838
"350
New Orleans
3,572
"766
6~338
Total
Total
17,188
3,572
600
7,638
—-
Angeles
Total
16,838
1939...
5,031
1938
Total
Other
China
Japan
1,997
----
Houston
Los
Italy
many
3,618
1,997
6,338
700
4,522
30,395
2,639
8,632
5,153
289
6.091
13,991
850
23,122
27,354
60,426
;
1,234
3,363
6,917
6,850
3847
for the
crop.
bales against
Spot cotton sales for the day totaled 5,475
4,191 a year ago.
On the 10th inst. prices
The opening range was
2 to 4
points higher.
There seemed little outside support,
especially in view of the favorable weather in the belt Over
closed 5 points
up to 5 points off.
the week-end.
General rains were regarded as beneficial.
The market lost
ground in the forenoon, and at one time was
3 to 8
points lower in
sympathy with the decline in stocks,
uncertainty regarding Mussolini's speech.
Shorts
freely on the declaration of war by Italy, but after
making gains of 6 to 14 points, prices backed away from the
highs again, and the market was erratic.
Foreign news was
and
covered
depressing, but the local market seemed to be shock-proof
for the moment at least.
Bombay was closed, due to an
accumulation of cotton at that
port, sold but unshipped.
Bombay will open for one hour Wednesday and Thursday.
Liverpool trading had little or no influence. Washington
advices in the trade stated that the cancelations of
export
subsidy sales amounted to 70,000 bales. Trade interests,
however, claim there were heavier cancelations of private
sales.
Southern spot markets
were 1 point lower to 3 points
On the 11th inst. prices closed 19 to 29
points net
The cotton futures market was strong
higher.
higher.
today, in¬
fluenced by expansion of business in the
Mid-West as a
result of substantial increase in the steel
industry.
Specula¬
tive buying was
quite pronounced at times and the market
closed at the
highs of the day.. Early in the session there
was a
slight decline, due to moderate foreign selling, but
these contracts were soon absorbed.
Spot houses also sold
about 5,000 Oct., believed to be
hedging. Soon the market
developed a scarcity of contracts. The foreign markets
had little or no influence.
Bombay reopened sharply lower.
Liverpool
sharply at
at fixed
prices
ignored.
was
Free sterling
rose
time to $3.83, but subsequently eased slightly.
stepping up of business activity as a result of war work
and as indicated
by reports that retail sales in the Mid-West
one
The
From
Exported to—
Aug. 1,1939 to
June
14,
Great
1940
Ger¬
Exportsfrom—
Britain
Galveston
374,158 141,252
482,992 166,289
71,308 27,424
Houston
Corpus Chrlsti
Brownsville
8,496
_.
Beaumont
New
France
Lake Charles
286 152,217
•- «»—
4,334
—
16,290
67,297
.
•
Mobile
—
22,878
550
Pensacola, &o.
6,182
42,700
10,281
1,575
Savannah
Charleston
26,235
Wilmington
Gulfport
6,773
14,145
11,507
New
18,824
._
Norfolk
York
—
mm
—
-
— —
—
491
—
—
5,231
—
19,494
:
1,704
■mmmrnmm
■
"mm
—
9,324
-
mm'—
—
1,872
50
—m —
50
11,267
100
75,278
—
—
•
-----
mmmm
----
-mm-
7,388
mm'm
-
't
.-I'.-t-imm
199
24,393
■'mm
1,050
24,629
284
11,791
30,067
m'm
9,994
9,521
----
300
—-mm——
■
— — m m—-
mm—m
9,971
'
1
1
63,643
359,539
21,558
124,759
12
_
Francisco
12
■
— —
—
-mm---
—
200
.
mm
-m-m-m
,
199,191
1,336
mm——mm
—
-
214
66,286
mmm'4*
31,850
11,186
Seattle
Total
1951,635 823,844
33,456 611,279
Total
1938-39
455,518 392,207
446,191 293,344
Total
1937-38 1580,911 747,159
863,892 517,631
876,104 398,018 1159362 5853,698
856,234
625,273
In addition to above exports, our
94,539 639,045 3177,078
90,691 1008926 5434,483
telegrams tonight also
on shipboard, not
the following amounts of cotton
cleared, at the ports named:
us
On
'
.0 ;'
Leaving
Great
Ger¬
Galveston
Houston
1,100
2,687
Orleans.
Other
Coast¬
many
Britain Franoe
Foreign
wise
3",§00
----
300
_
3,100
1,912
2,432
5,200
8,399
2,732
Norfolk
ports.-.
4,087
4,333
3,724
3,800
1,160
2,582
V>* Estimated.
5~,2§9
3,091
in
for
cotton
2,000
6,422
3,086
648,144
641,569
599,607
112,446
25,522
70,327
24,267
212,466
17,331 2,334,348
26,773 1,767,893
24,324 2,416,150
r.;v
:;v>-
Speculation
7,444
9,569
11,841
■
future
delivery
during
the
past week was only moderately active, with price fluctua¬
tions
generally
iittle
incentive
pean
news
certainty
trade
has had
as
and
narrow
to
a
in
trend
a
lower.
substantial
There
way.
is
very
The Euro¬
decidedly depressing effect, and
un¬
to world-wide effects of Allied defeat is doing
much to restrain trade.
On
The
the 8th inst. prices
opening
range was
closed 5 to 8 points net higher.
1 to 5 points higher, with the tone
aided somewhat by steadier Bombay advices and
a
further
advance in sterling exchange rates in the free market from
those levels prevailing when the cotton market had closed
on
Friday.
ever, as
Such influences had only
trading during the morning
a
passing effect, how¬
was
confined mostly to
trade account.
Part of the stability was attributed to a
lessening volume of hedging pressure through spot houses in
Oct. delivery.
Foreign offerings were light.
There were
a few hedge sales
on moderate advances, but such selling
had little
or
no
influence
in the cotton belt
on
the trend of values.
Weather
mostly favorable.
There were some
scattered showers over the belt, with temperatures seasonal.
The official forecast for next week pointed to a continua¬
tion of similar conditions.
Warm, dry weather is needed
was
the
13th inst. prices closed 2 points up to 6 points
Pressure to sell increased following a further early
rally in the cotton market, with the result that prices dur¬
ing early afternoon
prices.
2,000
Mobile
.
On
of continued
Stock
Savannah
Total 1939.
Total 1938.-
spot markets were
points higher than Monday's quotations.
On the
12th inst. prices closed 10 to 26
points net higher.
The
opening range was 6 to 12 points higher, then the market
advanced to the highs of the
day or to net gains of 21 to 39
points.
About 40,000 bales were purchased, mostly July
and Oct.
When the Low Countries were invaded, it was
reported that credit lines had been canceled on Belgian and
Dutch accounts, and itNis presumed now that contacts are
being made and these accounts are being closed out.
Cover¬
ing of short lines of cotton credited to Belgian and Dutch
accounts, price-fixing against sales of Argentine cotton to
Spain, and by domestic mills, pushed cotton prices sharply
higher early yesterday in the local cotton market, but later
there was Southern
selling on favorable weather.
The
foreign markets had little or no influence on the local market.
Southern spot markets today were
generally unchanged to
25 points higher,
except for Charleston, which was 45 points
higher.
Spot sales for the day totaled 5,764 bales against
3,893 bales on Tuesday and 6,066 bales a year ago.
20 to 24
Total
Charleston
Total 1940-.
steel centers had risen
sharply, helped speculative sentiment.
Wall Street houses
supported the market in the late trading
as a result of these
reports.
Southern
higher.
Shipboard Not Cleared for—
June 14 at—
Other
27,810
6,773
'
----
•
'
100
8,721
"mm
Los Angeles.
New
811
196
8,837
mmmm
------
55,720
Baltimore
give
31,419
127,282
2,708
•
— —
— — — —
'
— -
-
■
—
1,271
— —
—
10,510
^----
2,106
11,170
*
'486
'"'mmmm
-
•
■
mmm— m
585
71,342 224,582 1775,255
■
211
—
''mm—--
185
4,179
mmm —
1,825
'mm
mmmm
— —
'
Boston
San
mm'm
■
84,699
■mm — —
75
<
•
8,169 227,420
1,135
Jacksonville..
'
•
Total
Other
207,240 52,685 412,386 1340,224
238,794 198,510 368,892 1667,572
37,586 10,390 24,542 200,731
',v
4,309
3,922
27,922
18,329
——————
723,615 435,428
China
Japan
8,257 203,838
10,242
6,861
400
Orleans.
Italy
many
were 2 to 9 points net lower in spite
activity in the cotton goods markets at firmer
Trade and mill
buying on the opening caused an
closing levels.
Apparently that early rally was due to overnight news of
large sales of cotton goods yesterday.
Bombay and Liver¬
pool buying added to the volume, in which Wall Street also
initial rise of 12 to 17 points over last night's
had
a
The initial
part.
increased
volume
of
rally did not hold, owing to an
on the bulge.
Gains were
offerings
wiped out, after which the market was irregular, standing
generally net lower in early afternoon.
Most of the trad¬
ing was in July and October deliveries.
The new crop
positions
neglected.
were
morning.
Cables
Liverpool resumed trading this
reported
that accumulated liquidation,
hedging and Bombay straddle selling of American cotton
met trade calling, short covering and speculative buying.
Today prices closed 16 to 20 points net higher.
Foreign
buying lifted cotton futures $1 to $1.25 a bale today, most
of which gains were being held in the late trading this
afternoon.
The
hedge selling,
by
Liverpool
opening was
commission
Sentiment
was
owing to depressing war news,
and
a
to 8
points lower,
lower Bombay market.
under
and
Bombay which sold July,
and
March contracts.
7
house liquidation
offerings
October and
inclined to the bear
side,
fall
in Liverpool prices,
After the first impact of sell¬
a
ing had been absorbed the market reversed itself abruptly
when foreign interests, reputedly French, appeared with sub¬
stantial buying orders, particularly in July and October.
On the rally that ensued a swing of 30 or
witnessed
close
tracts
as
prices registered
ranging from $1 to $1.25
developed
on
net gains
a
bale.
more
over
points
last
was
night's
A scarcity of con¬
the rally.
The official quotation for middling upland cotton in the
New York market each day for the last week has been:
June 8 to June 14-—
Sat.
Mon, Tues.
Wed. Thurs.
Fri.
Middling upland % (nominal),. 10.43
10.42
10.65
10.85
10.86
11.01
Middling upland 15-16 (nom'l).10.63
10.62
10.85
11.05
11.06
11.21
Premiums and Discounts for Grade and Staple—The
table below
gives the premiums and discounts for grade and
The Commercial & Financial Chronicle
3848
Exchange Administration of the United States Department
Agriculture makes public each day the volume of sales
delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
figures are given in bales of 500 lb. gross weight.
of
for future
premiums over K-inch cotton
Open
Middling 15-16 inch, established for
oo Jnne
20, and staple premiums
and discounts represent full discount for J^-inch and 29-32mch staple and 75% of the average premiums over 15-16-inch
cotton at the 10 markets on June 13.
New Contract—Basis
deliveries
June
New York
June 13
1940—
New
1 In.
%
29-32
15-16
31-32
Inch
and Up
Inch
Inch
Inch
Inch
and Up
.55
on
.66 on
.75
on
.36
.45
.54
on
.60
on
.50
on
.60 on
.70
on
.31
.39
.49
on
.55
.44 on
.54 on
.64 on
.25
.33
.43
on
.30
on
.37
.44 on
on
.61
.55
on
on
.52
on
.12
.11
on
.22 on
.19
.10
Basis
.06 on
.14
.29 off
.66
.59
.60 off
.45 off
on
1.05 off
.00 off
1.65
1.55 off
2.10 off
273*.400
300
200
200
500
11,500
4" 100
8,500
130,100
6,000
3,600
8,400
10,000
21,900
9,400
10,300
89.900
91,300
43,100
Inactive months—
200
August, 1940
Total all futures....
.54 on
.64 on
.25
.52
.12
.33
on
on
.20
on
on
.43
on
.30
on
on
.37 on
on
.31
on
.41
on
.11
on
.22 on
.19 off
.10 off
Even
.06 on
.14
St. Low Mid
.48 off
.38 off
.29 off
.66 off
.59 off
.50 off
.45 off
.38 off
1940
....
.09
on
.19 on
.28
on
.11 off
.02 off
.06
.03 on
.13
on
.25 off
.16 off
.07 off
on
on
.19
.06
New
on
200
1,900
37,000
2,700
500
October—Old
3,600
200
3,900
.....
6,266
10", 100
12*750
*750
10*166
13*300
56*600
2,550
3,150
3,850
700
4,900
3,950
34,550
100
1,450
i",050
l",350
3*650
*900
1*550
1,800
27,800
650
1,100
1,550
750
550
1,350
8,650
12,550
17,400
23,700
3,300
20,700
23,400
169,950
....
....
on
.01 off
1,700
1,600
New...........
July—Old
...
Deoember
Spotted—
.08 off
Contracts
8 June 10 June 11
7 June
June 11
on
.95 off
.86 off 1.21 off 1.14 off 1.05 off 1.00 off
1.53 off 1.49 off
•St. Good Ord.. 1.51 off 1.43 off 1.37 off 1.69 off 1.65 off 1.55 off
•Good Ord..... 2.08 off 1.98 Off 1.94 off 2.21 off 2.18 off 2.10 off 2.08 off 2.05 off
.93 off
Good Mid
6 June
.44 on
.44
St. Mid
5 June
.55 on
.49
Even
on
84,600 100,600 155,800 164,600 1,072,900
Open
June
New Orleans
1.03 off
100
4,700
4,500
.08 off 2.05 off
1.14
Mid
.12
.39 off a.77 off a .69 off a .60 off a.55 off a.49 off
.48 off
.58 off
1.21 off 1.13 off 1.07 off 1.39 off 1.35 off 1.26 off 1.24 off 1.18 off
1.86 off 1.81 off 1.78 off 2.05 off 2.03 off 1.97 off 1.95 off 1.92 off
•St. Low Mid
36,100
.53 off 1.49 off
2.18
St. Mid
•Low Mid
22^466 29*,800
7",300 22",200
on
White—
Mid
312*666
.95 off
.48 off
.86 of;f 1 .21
.93 off
1.03 off
Mid
Good Ord_. 1.51 off 1.43 off 1.37 off 1.69
•Good Ord—.. 2.08 off 1.98 off 1.94 off 2.21
LOW Mid
5*840
14,800
....
....
May..
.38 off
•St.
Good Mid......
20,400
54*666
on
.49 on
.20
Low
Extra
on
.41
on
Basis
Low Mid
St
.66
.38 off
.31
Mid..
700
12,900
March
Mid
36,700
2,100
1941—
January
St.
50,200
900
1 In.
While—
Mid
23,100
2,400
12",600 27",600 4l"900
39",500
....
New............
Fair
22,300
900
October—Old
December—Old
15-16
Inch
8t. Good Mid—
235,000
8,100
21,500
1,400
July—Old
New Contract
Old Contract
%
Mid.
Contracts
8 June 10 June 11 June 12 June 13
7 June
contract
on
New—
Good
Delivery—The Commodity
Volume of Sales for Future
staple in relation to the base grade. Premiums and discounts
lor grades and staples are the average quotations of 10
markets designated by the Secretary of Agriculture.
Old Contract—Basis Middling
inch, established for de¬
liveries on contract oa June 20, and staple premiums
represent 60% of the average
at the 10 markets on June 13.
June 15, 1940
1941—
January
....
March
May
...
Tinged—
♦.44 off
•St. Low Mid
.33 off •.67 otl ♦.62 off ♦.54 off *.50 off
.48 off
.40 off
.54 off ♦.87 off *.83 off •.75 off *.72 off
.61 off
.68 off
1.25 off 1.21 off 1.18 off 1.42 oil 1.41 off 1.37 off 1.36 off
1.82 off 1.80 off 1.79 off 1.99 off 1.98 off 1.96 off 1.95 off
•Low Mid
2.31 off 2.30 off 2.30 off 2.49 off 2.49 off 2.49 off 2.48 off 2.47 off
Good Mid......
St. Mid
•Mid...
1.33 off
1.94 off
Yellow Stained.85 off •1.18off •l.lSoff ♦1.06off •1.03 off *.96 off
.93 off
1.35 off 1.34 off 1.32 off 1.54 off 1.53 off 1.52 off 1.51 off 1.49 off
1.85 off 1.84 off 1.84 off 2.03 off 2.03 off 2.03 off 2.02 off 2.01 Off
1.00 off
Good Mid
•St. Mid
•Mid
Total all futures.
•.66 off
The Visible
Supply of Cotton—Due to war conditions*
permitted to be sent from abroad.
We are therefore obliged to omit our usual table of the
visible supply of cotton and can give only the stock at
Alexandria and the spot prices at Liverpool:
cotton statistics are not
Gray—
Good Mid...—
St. Mid
Mid
•
.42 off •.77 off *.73 off •.65 off. *.60 off ♦.52 off
.69 off
.51 off
.67 off
.79 offi .74 off
.92 off
.88 off
.56 off
.65 off
.73 off
1.24 off 1.17 off 1.13 off 1.43 off 1.39 off 1.32 off 11.29 off 1.25 off
Not deliverable on future contract,
a
Middling spotted sball be tender able
only when and If tbe Secretary of Agriculture establishes a type for such
grade.
and closing prices at New
have been as follows:
Futures—The highest, lowest
York for the past week
Saturday
June
8
Monday
Tuesday
June 10
Wednesday
June 11
June 12
Thursday
Friday
June 13
June 14
June{ 1940)
1940
217,000
7.25d.
June 14—
Stock in Alexandria, Egypt
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
At
Interior
1937
1938
1939
310,000
5.76d.
391,000
147,000
4.69d.
6.92d.
4.35d.
3~82d~
6".02d".
5.46d.
5.64d.
8.22d.
4.44d.
3.89d.
5.92d.
11.32d.
6.33d.
7.85d.
6.04d.
the
receipts for the week and since Aug. 1, the shipments for
Towns,
the
movement,
that is,
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
detail below:
1'
\
(iold,)
Range..
Closing
10.1471
10.1271
9.9271
9.6971
9.70 n
.
Movement to June
Movement to June 16, 1939
14, 1940
June {new)
Range..
Closing
Week
9.47- 9.55
9.48- 9.66
9.49- 9.78
9.86-10.16
9.90-10.12
Closing.
9.55
9.54
9.77- 9.78
9.97
9.98-10.00 10.15?!
9.74- 9.75
9.75- 9.78
Closing.
9.78 n
9.8371
9.8771
9.5871
9.53 n
.
10.1571
9.9771
9.9771
Range..
8.63- 8.69
8.63- 8.82
8.58- 8.85
8.93- 9.18
9.02- 9.26
8.69
8.66
8.85
9.08
9.10- 9.14
—
—
981
75
33,591
36,165
838
Range..
9.0571
8.84- 9.10
8.92- 9.14
8.98
8.56- 8.69
8.76- 8.90
8.98- 8.98
9.10- 9.10
8.69
8.9271
8.9071
9.0671
8.52- 8.78
8.57
8.78
8.55- 8.60
Closing
8.60
Dec.—
_
—
7
9,288
119
113,588
38,699
644
Bluff.
1,433
141,088
2,435
262
8.46- 8.46
Closing
8.51ft
.
8.4871
8.32- 8.39
8.32- 8.50
8.28- 8.56
8.64- 8.86
8.67- 8.96
8.39
8.34
8.56
8.82
8.77
—
8.2671
8.4871
8.7471
Range..
8.16- 8.24
8.16- 8.30
8.12- 8.43
8.48- 8.73
8.54-
Closing
8.24
8.19
8.41
8.67
8.61
.•
8.81
Range Since Beginning of Option
163,312
3.969
116,828
129,029
2,196
500
16,500
300
29,500
100
12,500
300
33,400
76
38,804
716
27,995
222
28,476
539
26,244
16,726
200
36,251
15
37
832
32,710
75,734
2,229
35,625
34,472
14
108,502
596
54,990
1
16,922
86,549
254
165,696
151
788
136,727
188
28,547
232
925
202,598
1,822
66,941
166
33,096
7,887
1,763
33,794
15,717
313
22,433
768
375
240,748
1,201
51,841
1
_
41,102
31,023
34,254
4
7,258
107
13,268
13,003
mmm m
103
74
27,929
584
13,763
24
48,170
210
376,442
8,747
30,971
4,624
4,365
29,356
45,540
187,206
56
5,021
156
1,366
516
6,316
90
2,078
202
334,601
1,094
171,026
154
1,057
259,741
1,639 122,646
25,600 3435,151
26,954
1,598
44,149
589,400
5
9,450
339,292
1,534
97,240
17,292 2004,349
22,003
15,509
40
14,879
■
477
17,015
665
42,377
4,370
2.900
towns *_
mmmm
70,189
1,430
1,129
2,178
60,474
27,914
609,511
mmmm
mmmm
12,485
mmmmrnrn
mmmm
4,237
5
7,422
15,730
47
52,314
508
76,222
6,518
12
32,189
22,739
'mmmm
Austin
1,078
mmmm
13,349
51
1,999
57
22,595
mmmm
28,345
30
35,949
23
12,709
99
55,467
192
20,941
'
'mmmm
Brenham
Dallas
Paris.,
'
Marcos
Texarkana
mmmm
;
.
mmrn ~
mm
Total,56 towns
■
mmmm
55
mm
51
2,652
45
45,966
97
39,639
174
63,444
1,136
40,992
'
572
4,406
37,210
56,710
46,963 6511.990
.
76,224 2190,925
....
6,479
30,459 4664,020
4
653
60,981 2570,117
Includes the combined totals of 15 towns in Oklahoma.
above
totals
show
that
the
interior
stocks
have
decreased
9.85 June
12
3 1940
1 1939 10.60 Jan.
3 1940
1 1939 10.82 Jan.
9.85 June 12 1940
8.08 Aug. 31 1939
8.98
June
14
9.00 June
14
8.98 June
14 1940
during the week 29,261 bales and are tonight
379,192 bales less .than at the same period last year.. The
receipts of all the towns have ^been 16,504 bales more than
8.58
June 11
9.35 June
14
8.25 Nov.
1 1939 10.29 Apr.
17 1940
in the
9.47
July old
June
9.74 June
New
8 10.22 June
14
8 10.45 June
14
9.85 June 12
August
September
mm mm
8,725
The
old
New
29,158
2,560
*
1940—
June
1,460
2,831
80,756
129,896
Waco..
Range for Week
12,824
31,804
124,380
34
San
Option for—
335
1,824
1,533
Robstown..
Range Since Beginning of Option
107,821
40,388
214
13,466
37,020
S. C.t Gr'ville
Tenn., Mem's
Texas, Abilene
8.78
.
Range for Week
2,156
48,611
103,351
15
Nominal.
Option for-
34,325
125,188
38,936
25
Oklahoma—
8.53- 8.87
Range for future prices at New York for the week ended
June 14, 1940, and since trading began on each option:
2
633
Vlcksburg..
8.8571
8.6971
49,504
49,016
46,754
3
Yazoo City.
Mo., St. Louis
N.C., Gr'boro
Range..
8.31ft
156,205
150
9
•»«...
10,788
500
Natchez
April—
.
256
33,438
177
15,365
3,778
Jackson
8.9371
.
42
mm mm mm
40,188
Greenwood
8.69- 9.01
Closing
mm mm mm
22,049
65.708
675
872
Miss., Clarksd
Mar.—
Range..
1
31,819
24,101
121,979
676
1*294
131,911
38,998
60,307
39,036
19,325
104,852
40,198
136,954
La., Shrevep't
8.9971
8.8371
8.8771
8.6271
32
164,005
Columbus.
8.4171
mm
100
Rome
Range..
8.45»
mm
3,063
Maoon
Feb.—
.
mm
'
199
62,966
Columbus
Jan. (1941)
Range..
481
■
Augusta
9.16- 9.17
8.54- 8.74
Range..
4
Atlanta
8.90- 9.24
9.00
9.0471
299
10
Rock
Athens....
9.2271
8.81n
8.61»
32,303
70,396
41,111
mmmm
555
Pine
mmmm
"
__
8.64ft
16
25,844
9,810
63,202
72,210
1,390
86,240
44,903
120,858
60
Walnut Rge
Ga., Albany
Nov.—
.
June
14,382
17
51,567
Newport
9.29
_
Stocks
Week
71,583
47
7,690
74,515
572
Little
9.02-9.35
Closing
72
29,170
171,141
Jonesboro..
9.2971
9.5471
9.5271
9.36 7i
9.1271
9.lift
Closing.
66,930
14
Hope
Oct.—
n
230
16,531
64
Helena
8.98- 9.00
Range..
Season
12
15,255
33
Ark., Blythev.
Forest City
Sept.—
Closing
May—
452
Selma
9.85- 9.85
Range..
Closing
51,542
Montgom'y
9.74-10.12 10.22-10.35 10.22-10.33 10.00-10.45
10.4071
10.22
10.2271
10.12
Aug.—
Closing
Receipts
Week
Eufaula
Range..
Closing
83
Ala., Blrm'am
{new)
July
14
Ship¬
ments
June
9.91-10.22
Range..
—
Season
Stocks
Week
10.3771
10.3771
10.27?i
9.98ra
9.93 n
.
Receipts
{old)
July
Ship¬
ments
Towns
.
October
7.63 Sept.
7.90 Sept.
14 1940
9.00 June
same
week last year.
November..
December.
_
8.52 June
11
9.24 June
14
8.33
June
61940 10.18 Apr.
17 1940
8.46 June
8
9.10 June
14
8.26 June
61940 10.14 Apr.
17 1940
8.28
June
11
9.01 June
14
8.10 May
18 1940 10.08 Apr.
17 1940
8.12"
June
li
8.87 June
14
8.00 May
18 1940
Market and Sales at New York
1941—
January
March
April
May
on the spot each day during the
indicated in the following statement.
For the convenience of the reader we also show how the
The total sales of cotton
week at New York
February
8.87 June. 14 1940
market for spot
are
and futures closed
on
the
same
days:
Volume
The Commercial &
ISO
300
1
800
Total week
'!
105,522
1
-
-
-
v ',
i
1
1
m m.
1
1
1
1
r.-;i
notices issued
1
1
11
11
"300
1
11
1
117,
1
1
11
11
1
1
t
of 8.8 qualities on the 10 notices issued on the 50-bale contract.
Comparison of certificated stocks at the beginning and end of the de¬
livery period indicated a net increase of 3,998 bales with a total of 33,416
bales
il
or
stock
in
on
1
May 22, 1940.
i
Quotations for Middling Cotton at Other Markets —
Below are the closing quotations for middling cotton at
Southern principal cotton markets for each day of the week:
f
800
w
83,900
-
i
1
1
i»
1
t
1
1
1
1
t1 1 1 1
1 1 til
11
t•1
"300
1
or less.
Notices issued at New Orleans on the 1006.2 qualities and ranged from 1 to 18.
Out of 137
85.4% had 10 qualities or less.
There was an average
bale contract
averaged
300
200
i
t
1
Friday
Since Aug.
1"
1
200
Monday
Tuesday
Wednesday
Thursday..
showing 10 qualities
New
Old
New
Old
New
3849
The average number of qualities appearing on notices issued at New York
was 8.2.
The number of qualities ranged from 1 to 23.
On a cumulative
basis <2 notices or
28.1% had five qualities or less with 195 notices, or 76.2%
Total
Contract
Spot
Old
Financial Chronicle
3,500
3.500 189,423
Futures Markets Closed
Closing Quotations for Middling Cotton on—
Spot Market Closed
New
Old
Week Ended
Saturday
Monday
H
15-16
H
15-16
Tuesday
In.
In.
In.
Friday
Thursday
Wednesday
June 14
Nominal.
Saturday.
Monday
Tuesday
Wednesday
i
2
mmm
**
Steady
Steady
Steady
Very steady.._ Very steady
Steady
Steady
Very steady
Very steady
Steady
Steady
Steady
.
Nominal
Nominal
.
Nominal
In
Galveston...
15-16
%
15-16
H
15-16
%
15-16
In.
In.
In.
In.
In.
In.
In.
In.
Nominal
Thursday
Friday
_
Nominal..
Quotations for 32 Years
for middling upland at New York on
June 14 for each of the past 32 years have been as follows:
12.85c.
5.35c. 1924 ——_29.75c. 1916
J 940
11.01c. 1932
9.97c.
New Orleans. 10.28 10.4810
Mobile.
9.70
9.80 9
10.74 10.94
10.89 11.05
10.12 10.22
10.34 10.44
10.62 10.77
10.83 10.98
10.65
10.70 10.85
8.95c.
1931
1923
8.39c.
12.51c.
1930
13.45c.
18.80c.
1922
1929
1936
1935
1934
12.23c.
1928
21.00c.
1920
11.95c.
1927
1919
11.70c.
1926
16.90c.
18.20c.
1933
9.25c.
1925
24.50c.
1917
1921
1918
9.85c.
13.40c.
12.35c.
11.90c.
15.60c.
15.15c.
11.40c.
1915
29.10c.
22.40c.
11.85c.
—.39.25c.
—32.75c.
30.40c.
23.30c.
1914
1913
1912
1911
1910
1909
10.05 10.2010
2510:15 10.25
10.40 10.50
Augusta
10.65 10.8010
7910
02 11.07 11.22
11.25 11.40
10.15 10.3510
3510
35 10.15 10.35
10.15 10.35
Memphis
Houston
...
9.83 10.03
Little Rock..
9.95 10.25
.25
9.95 10.25
Dallas
9.41
9.83
10.40 10.60
.22 10.22 10.42
9.88 10.08
...
.63'
9.61
New Orleans Contract Market—The
for
9.95 10.25
90110
10.06 10.26
closing quotations
leading contracts in the New Orleans cotton market for
the past week have been as follows:
Monday
8
Tuesday
June 10
Saturday
June 11
Thursday
Friday
June 13
Wednesday
June 14
June 12
a
reports Friday night.
Aug. 1 in the last two
The results for the week and since
years are as follows:
:i
1939-40
June 14—-•
1938-39
Since
Since
Week
Shipped—
Week
Aug. 1
Aug. 1
187,565
178,046
8,747
3,625
374,153
257.200
4,365
3,225
100
12,410
9,075
269
3,493
9,090
3.164
22,323
173,023
757,855
3,770
9,755
171,660
634,354
..37,959
1.583,716
Via St. Louis
Via Mounds, &c...
Via Rock
40; 10.50
2510
June
statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
give below
0010
10.20 10.3510
...
Overland Movement*for the Week and Since Aug. 1—
We
9
Montgomery 10.15 10.25.10
quotations
*939
1938.
1937
10.35 10.55
9.80 10.00
Norfolk
New York
The
10.22 10.42
Savannah
...
Island
Via Louisville
-
Via Virginia points
Via other routes, &c
94
21,478 1.184.208
Deduct Shipments-
;
B.V
mo-
juiy old
New
..
9.64 M) .66a
October
December.
10.10
10.11
10.25-10.26
10.326
10.326
10.466
8.88
9.13
9.11- 9.13
9.34
8.78
9.03
9.01
9.23
8.686
8.936
9.88
9.886
8.71
..
10.136
9.67
9.84&
8.72
...
9.62
8.59&-8.60a
1941—
January
March
8.526
_.
8.496
8.39- 8.40 8.38&-8.39a
...
8.256-8.27a
May.,
8.58
——
9.00
8.79
8.84
8.436-8.44a 8.686-8.69a
8.25
9.136
8.916
/
8.846-8.860
8.66
Tone—
Quiet
Quiet
Quiet
Quiet
Quiet
Quiet
Old futures
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
New fut'es
Steady
Steady
Steady
Steady
Spot
Census
Report of Cottonseed Oil Production—On
following state¬
ment showing cottonseed received, crushed, and on hand,
and cottonseed products manufactured, shipped out, on
hand, and exported for the 10 months ended with May,
June 12 the Bureau of the Census issued the
4,721
5,040
446
21,683
8,904
351,250
164;
..
25,176
149
9,297
2,507
396,907
381.837
3,102
431,380
32,919 1,201,879
18,376
752,828
155
..
..
Total to be deducted
..
1940 and 1939:
Leaving total net overland ♦
COTTON SEED RECEIVED,
*
The
foregoing snows the week's net overland movement
this year has been 32,919 bales, against 18,376 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 449,051 bales.
1939-40—-—
In Sight and Spinners*
Takings
1938-39—
Receipts at ports to June 14
20,074
6,969,947
23,331
Since
Aug. 1
3,361,432
Net overland to June 14
32,919
1,201,879
18,376
752,828
6,447,0001 125,000
5,588,000
Southern consumption to
Week
June 14.135,000
Since
Aug. 1
Week
Excess
over
of Southern mill takings
consumption to June 1
14,618,826
*225,083
Crushed
Aug. 1 to May 31
Aug. 1 to May 31
1940
200,125
88,991
452,103
164,995
Alabama
Arizona
Arkansas
California.
—
Georgia
219,873
Mississippi
617,482
North Carolina
25.231
136,185
166,950
153,349
235,401
1,282,035
109,702
1937—June 18
134,485 1936
88,499 1935
1936—June 19
at
.......
on
the
New
York
and
New
Orleans
contracts amounted to 14,773
bales or 38.8% of the total.
At Galveston 19,670 bales or 51.7% of tne total were tendered
924 bales or 2.4% at New Orleans, 690 bales or 1.8% at
Savannah, 462 bales or 1.2% at Norfolk, 304 bales or 0.8%
at Mobile and 1,253 bales or 3.3% at Charleston.
There
were no deliveries at New York.
The CEA advices, June 7,
from which we quote, further said:
Middling, strict low middling, strict middling spotted and middling
spotted were the principal grades delivered and accounted respectively for
9,903 bales or 26.0%, 6,774 bales or 17.8%, 6,029 bales or 15.8%, 6,089
bales or 16.0% of the total tendered.
Of the 256 notices of delivery issued at New York, 180 notices or 70.3%
were stopped without transfer, 41 or
16.0% were transferred one time,
10 or 3.9% two times, 8 or 3.1%, three times, 5 or 2.0%, four times, 10
or 3.9%, five times, and 2 or 0.8%, six times.
In New Orleans 132 or
96.3% of the 137 notices of delivery issued on the 100-bale contract were
stopped without transfer, 2 notices or 1.5% were transferred one time,
2 to 1.5% were transferred two times, and one or 0.7% was transferred
three times.
Six of the 10 notices issued on the 50-bale contract were
stopped without transfer, three notices were transferred one time, and one
notice was transferred two times.
188,225
645,952
328
631
21,231
48,179
4,651
1,583
166,282
149,253
80,764
28,228
1,054
4^9
1,469
2,646
16,595
16,226
943,237 1,157,681
99,848
107,874
17,339
711
38,784
96,823
194,245
.
1..
All other States
234,832
321,149
Includes
and 4,508 tons seed destroyed at mills,
none
5,204
but not 120,626 and
337,118 on hand Aug. 1 nor 35,080 and 68,064 reshipped for
spectively,
1940 and 1939, re¬
,V.
Produced
On Hand
May 31
1938-39
1939-40
;•
1938-39
77,087
1938-39
Llnters, running
1939-40
1939-40
133,153
479,316
457,464
24,931
1938-39
30,534
1938-39
bales
Hull
lb.
500-
fiber,
bales
1,826,396
1,986,536
1,059,364
1,135,338
1,836,315
119,718
214,611
1939-40
1939-40
and meal,
tons
May 31
*98,604,611
137,821,633
C600,111,023
641,030,828
129,637
172,968
46,004
487,927,952 1,176,399,862
HullS, tOD8..
Cake
On Hand
a560,035,317 61189 262,498
1938-39
Refined oil, lbs.
Shipped Ota
Aug. 1 to
May 31
*72,066,763 1,291,731,560 1,308,524,853
33,833,717 1,352,463,550 1,274,078,760
1939-40
Crude oil, lbs—
Aug. 1 to
Aug. 1
Season
Item
-.*..-..13,129,447
tenders lepresented
Houston
346,685
20,050
7,624
4,698
HAND
Exchanges, combining "new" and "old"
11.4% of the total
contracts open at the close of business April 24,1940, the day
preceding first notice day for the May future.
On the New
York Cotton Exchange there were 24,532 bales delivered
and 13,544 bales on the New Orleans Cotton Exchange.
De¬
liveries
20,992
3,947
13,623
13,148
1,628
297,965
80,418
461,279
176,531
349,863
Tennessee
New Orleans Cotton
These
178,148
177,625
353,479
334,808
905,508 1,014,392
99,504
107,907
South Carolina
14,508,200
14,020,136
38,076 Bales of Cotton Delivered in Settlement of
1940 May Future of New York and New Orleans Cotton
Exchanges—According to reports to the Commodity Ex¬
change Administration, 38,076 bales of botton were tendered
in settlement of the 1940 May future on the New York and
contracts.
618,044
163,548
153,647
1939
1940
Bales
Since Aug. 1—
1937
1938—June 17
162,244
392,700
220,092
;
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT, AND ON
Movement into sight in previous years:
Bales
91,615
436,108
1939
10,301,326
13,338
1,530,818
To May 1.
Week—
209,412
306,996
81,874
454,680
157,716
359,619
182,974
652,333
143,041
383,207
Louisiana
*
.
1940
1939
United States..... 4,030,699 4,162,381 4,054,502 4,300,746
*18,158
15,014",231
Total in sight June 14.
a
9,702,260
617,224
May 31
State
Texas..
■
a620.48S
158,732
Decrease,
166,707
*30,522
On Hand at Mills
Received at Mills*
Oklahoma...........
187,993
x29,261
*
(TONS)
CRUSHED, AND ON HAND
Including movement by rail to Canada.
1,944,893
1,028,281
,
'
1,115,605
1,046,176
■
■■*?■;<
113,420
1,280,188
946,799
245,304
50,185
38,647
3,708
26,846
59,271
53,623
1,069,615
28,962
34,959
37,063
680,280
Grabbots,motes,
&c., 500-lb.
1938-39
30,642
1939-40
bales
*
47,621
54,084
18,992
and 44,942,906 pounds held by refining and manufacturing
13,594,470 and 17,969,390 pounds in transit to refiners and
and May 31, 1940, respectively.
Includes 5,986,685
establishments and
consumers
a
36,592
n
Aug. 1, 1939,
Includes 13,471,938 and
12,467,090 pounds held by refiners, brokers, agents
places other than refineries and manufacturing establishments
3,688,840 pounds in transit to manufacturers of shortening,
oleomargarine, soap, &c.t Aug. 1, 1939, and May 31, 1940, respectively.
and warehousemen at
and
3 292 550 and
& Produced
EXPORTS
from 1,260,837,863
AND
IMPORTS
pounds of crude oil.
OF COTTONSEED
PRODUCTS FOR NINE
MONTHS ENDED APRIL 30
Items
Exports—Oil, crude, pounds...
Oil, refined, pounds
Cake and meal, tons of 2,000 pounds.
Linters, running bales
Imports—Oil, crude,* pounds
Oil, refined, 'pounds
...
Cake and meal, tons of 2,000 pounds.
Llnters. bales of 500 pounds
*
6,659
268,403
1939
123,790
2,906,566
14,867
165,878
714,800
9,833~834
6,393
47,274
50,597,148
4,174
34,569
not included above are 3,101 pounds refined, "withdrawn
for consumption."
No oil was "entered for warehouse."
Amounts for May
from warehouse
1940
4,761,300
11,770,038
The Commercial & Financial Chronicle
3850
by Telegraph—Telegraphic advices to
Returns
this
us
8^
32s Cop
Twist
are
Rain
Texas—Galveston
Abilene
Brenham
Brownsville
Corpus
Rainfall
Days
3
3
2
3
Inches
El
92
90
94
3.21
89
58
3
2.68
2
2
0.32
4.06
102
86
4
3
3
1.68
1.22
0.85
89
90
97
60
Houston
Kerrville.—
-
Luling
Nacogdoches
-
Palestine
—
Paris
Antonio
—
61
@12
3
12
@12
3
7.55
8H
@
@12
3
7.70
8X
@
7.84
8H@
9H
8
9
8X@ 9X
8X@ 9%
8
7X® 8 10X
4.93
8
9
4.99
4@12
8.07
8X@
9X
8
7X@
4H@12
7H
8.18
8H®
9*4
8 10X@
@12
4J4@12
26-
14.78
12
May
3-
14.85
12
6
77
10-
14.74
12
4H@12
7X
8.14
8*4@ 9*4
17-
14.08
1110K@12
IX
7.42
9
9
64
83
24-
Nominal
14 04
1110H@12
IX
7..
14.04
IX
14-
14.04
11 10^@12
11 10^@12
56
73
76
74
79
75
73
71
74
31„
62
.
3
6
58
74
70
80
3
2.05
91
64
78
5
1.75
91
67
5
1.91
86
66
76
4.38
86
69
78
77
78
3
4
0.49
0.60
87
91
4
3
89
86
72
3
86
9
@93
6.48
9%
9
@93
5.49
4
2.09
89
4
0.65
91
72
3
1.29
96
66
0.35
94
69
3
0.16
0.09
0.59
1.16
92
90
89
96
67
80
1
1
1
0.31
0.05
1.33
1.49
96
96
90
95
68
Chattanooga
2
2
4
5
Nashville
4
0.21
92
67
Augusta
»
Macon
South Carolina—Charleston...
North Carolina—Asheville
Charlotte
-
Raleigh
Wilmington
Tennessee—Memphis
81
82
61
76
79
.
80
June 14, 1940
Feet
3.8
June 16, 1939
of gauge.
13.5
11.2
13.7
9.8
Above zero of gauge.
Above zero of gauge.
12.0
9.9
14.3
of gaugeAbove zero of gaugeAbove
zero
Nashville
Above
zero
Shreveport
Vicksburg
Memphis
Feet
6.1
6.1
Receipts from the Plantations- -The following table
indicates the actual movement each week from the planta¬
The figures do not include oveiland receipts nor
Southern consumption; they are simply a statement of the
weeklv movement from the plantations of that part of the
tions.
Week
Stocks at Interior Towns
Receipts at Ports
Receipts from Plantations
End.
Liverpool—The Liverpool Cotton Exchange, which was
on. May 17, opened on May 28, but trading was per¬
mitted only on settlement prices of May 16, 1940.
On
June 13 trading in cotton for future delivery was permitted
under the following restrictions:
Until further notice the minimum price at which any contract for future
delivery may be made shall be the closing values May 17, 1940.
During Thursday, June 13, the maximum advance or decline permitted
was 25 points for American contracts and 50 points for Egyptian contracts
from the last settlement prices, viz. the closing values May 16,1940.
Beginning Friday, June 14, and until further notice, fluctuations of 25
points for Americna contracts and of 50 points for Egyptian contracts will
be permitted above or below the closing' values of the previous business
day, but the minimum price will remain in force.
The business hours will be 11:00 a. m. to 4:00 p. m.
The tone of the
Liverpool market for spots and futures
of the past week and the daily closing prices of
spot cotton have been as follows:
;V'V-
each day
.
Spot
1940
1938
1939
1939
1940
1938
'
1939
■
1938
Tuesday
Monday
Saturday
Wednesday
A fair
74,870
21.
29.
32,436
21,973
82,552
36,348
38,925
Nil
49,069
Nil
17,929
Nil
10,815
2302,021
25,074
Nil
10,110
from
points
2338,818
2322,171
2289,937
11,105
Nil
May 17
decline
13,145
25,323
Nil
3,173
14,040
Nil
13,710
Quiet but
Quiet but
87,760
19,979
5.
72,250
11,788
12.
19.
54,785
40,094
21,385
13,296
20.
60,671
12,397
51,480 2570,714
26,976 2527,094
30,687 2480,117
46,944 2464,709
3.
36,572
10,498
24,010 2411,420 2757,237 2263,791
10.
41,104
10,724
10,918 2360,407 2725,840 2237,238
15,932
17,042 2321,071 2692,155 2216,330
14,112 2288,087 2867.674 2194,843
Futures
See note
See note
See note
See note
2907,928
2870,759
2831,695
2795,440
16
Market
39,202
42,308
10,953
Nil
Nil
Nil
Nil
Nil
Market,
Nil
from
Nil
May 17
Nil
17,425 2256,647 2635,929 2167,585
Nil
Nil
20,009 2220,186 2600,039 2138,409
27,019 2190,925 2570,117 2119,356
Nil
Nil
Nil
3,658
Nil
7,966
Note—Trading permitted only on settlement prices as of May 16, 1940.
Prices of futures at
(1) That the total receipts
8,418,890 bales.
(2) That, although the receipts at the
outports the past week were 32,919 bales, the actual move¬
ment from plantations was 3,658 bales, stock at interior towns
having decreased 29,261 bales during the week.
Alexandria Receipts and
Shipments—The following are
shipments for the past week ana for
the corresponding week of the previous two years, as received
by cable:
receipts
and
Alexandria, Egypt,
1939-40
1938-39
6,000
8,414,677
24,000
7,849,634
Sat.
June 8
Liverpool for each day
Wed.
Tues.
Mon.
are
given below:
Frl.
Thur..
10
from the plantations since Aug. 1, 1939, are 6,847,665 bales;
in 1938-39 they were 4,392,943 bales, and in 1937-38 were
the
points
decline
Nil
Nil
17,870
The above statement shows:
14
10 pts. dec.
Nil
16,177
23,331
changed to
■
9,324
30,472
14.
P. M.
24
to
steady,
to 17
steady, un¬
Nil
June
y 7.
steady,
21
*
27,024
32,919
31.
24
to
pts. adv.
4
May
Barely
Steady
opened
17.
7.25d.
7.46d.
57,994 2705,278 3012,260 2460,874
47,032 2000,756 2986,570 2431,771
44,695 2017,890 2951,233 2397,991
Apr.
24.
demand
doing
Mid. upl'ds
115,052
More'
business
<
P. M.
-
Mar.
15.
Friday
Thursday
Market,
12:15
1940
Freights—Current rates for cotton from New
longer quoted, as all quotations are open rates.
are no
closed
which finally reaches the market through the outports:
crop
30,395
84
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:
New Orleans..
600
Total.
350
Liverpool Imports, Stocks, &c.
82
...
66
63
700
To Manila
World's Supply and Takings of Cotton.
India Cotton Movement from All Ports.
;
82
72
6,338
in Europe prohibit cotton statistics being sent from abroad.
We are therefore obliged to omit the following tables:
75
67
1'9W
To Japan
To China
Foreign Cotton Statistics—Regulations due to the war
82
73
"°ANI?BLes^
LOS
450
16,838
Cotton
York
82
_
Atlanta
5.76
Bales
2,722
To Australia
81
3
Tampa
Georgia—Savannah
5.77
@93
GALVESTON400
To Spain ...
To Australia
80
73
72
@93
9H@10VS
9^@10
Bales
80
65
5.54
8X@ 9H
Shipping News—Shipments in detail:
NEW ORLEANS—
To Chile..
1—«
79
Pensacola
0.25
1.92
1.62
71
Miami
Florida—Jacksonville
5.28
5.33
10X@
8%@
Closed
7 25
IX
To France
66
Birmingham
Montgomery-
1X
Closed
HOUSTON—
6
-
6.00
9 10H
9
Closed
Nominal
79
53
@10
4.92
9
June
54
—
@
9 IX
@93
8
74
94
Vicksburg
9
4.95
8.12
@12
3
12
92
89
92
89
89
Alabama—Mobile
@
5.16
IX
8.09
3
12
14.75
5—
0.96
0.35
1.98
0.45
4.17
-
9
9
6
12
14.55
19-
2.20
Orleans
9
@
5.27
7H
7X
14.40
12
3
Shreveport
8 10X@
54
60
d.
3
Apr.
4
Louisiana—New
@9
8
9*4
9H
64
58
Middl'g
Upl'ds
d.
s.
9
12
Taylor
Mississippi—Meridian
d.
s.
@10
14.20
Weatherford
2
2
9
7.68
14.31
56
Oklahoma—Oklahoma City—
Arkansas—Fort Smith
Little Rock
.
d.
d.
d.
s.
Cotton
to Finest
12
14.18
15-
77
77
78
65
95
94
90
94
d.
s.
Twist
Mar
81
64
68
1.60
0.06
1.12
d.
32« Cop
Upl'ds
to Finest
69
77
46
Middl'g
Common
ings,
8J4 Lbs. Shirt¬
ings, Common
Cotton
Shirt¬
21—
Mean
79
69
.
5
1
3
Paso.
San
w
0.69
1.15
1.50
0.14
3
Christ!
Dallas
<
Low
Lbs.
29.
Thermometer
Hi
1939
1949
evening indicate that in the northeast portion of the cotton
belt there has been complaint of lack of sunshine.
Squares
forming in much of North Carolina.
As a whole cotton
has made satisfactory progress in the western section of the
belt.
Stands are very good, with some early plants begin¬
ning to square as far north as Central Texas.
June 15, 1940
Close Noon Close Noon Close Noon Close Noon Close Noon Close
J'«ne 14
d.
d.
d.
d.
*
*
*
*
*
*
7.28
7.25
7.02
7.09
*
*
*
#
*
*
*
7.09
7.07 n6.80
6.90
6.93
6.77
d.
d.
d.
*
*
*
*
*
6.94
6.91 716.74
*
*
*
6.88
6.86 776.69 776.69
*
*
*
*
6.83
6.80 776.64 776.64
*
*
*
*
*
*
*
*
*
*
*
*
December
*
*
*
January 1941...
*
♦
*
*
March..
*
*
*
#
May
*
*
*
July
*
*
October
*
*
n
d.
d.
*
1940
October
•
d.
d.
New Contract
July
«.
■
V
Trading permitted only on settlement prices as of May
Nominal.
•
•
'
-
~
-
6.74
-
M
6.74
776.59
16, 1940.
.
BREADSTUFFS
1937-38
June 13
Friday Night, June 14, 1940.
Receipts (cantars)—
This week
75,000
10,252,162
Flour—Demand for flour recently has been exceptionally
This
Since
This
Since
This
Week
Aug. 1
Week
Aug. 1
Week
Since
Aug. 1
dull.
The "Southwestern
week
Since Aug. 1
was
to
almost
receive
a
single
minute quantities.
Exports (bales)—
To Liverpool
To Manchester, &c
To Continent and India
To America
Total exports
19,000
2",006
164,974
174,649
639,484
26,994
4~806
9,200
174,825
169,929
689,985
25,344
21,000 1043,270 25,250 1006,101 14,000 1060,083
_
,
r
243,529 4,500
168,922
5,700
582,404 14,750
300
48,415
This statement shows that
Egyptian bales weigh about 750 lbs.
the receipts for the week ended June 13 were
6,000 cantars and the foreign shipments 21,000 bales.
Manchester
Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Production is being increased greatly.
We
give prices today below and leave those for previous weeks
of this and last year for comparison:
lacking.
Many mills failed
and other plants sold only
Sales average 14% to 16% of capacity,
booking,
compared with 18% and
to
90%
with
to
a
the
year
new
ago.
scheduled
further
restrict
Miller" reports that inquiry last
completely
20% the previous week and 85%
break in wheat prices coupled
The
removal
new
of
buying
pegged prices
interest.
is expected
Mills
expect
no
bookings until the wheat picture clears.
Wheat—On
the
8th
inst.
pricey closed
% to lc. net
yielded practically all the
ground gained the previous day as prices sagged a cent a
bushel owing to selling based on war news, good weather and
optimistic crop reports.
Other grains sagged with wheat.
Wheat was off as much as 134c. at one time.
Moisture in
the soft wheat area and spring wheat zones both sides of the
lower.
The wheat market today
Volume
Canadian
tion.
border, emphasized the
On
believe
The Commercial & Financial Chronicle
150
basis
the
of
daily closing prices of wheat futures in Chicago
favorable crop situaprivate experts
very
3851
present prospects,
4.4.4so*' M80%T83*' W82% T78$*'
juiy__
large United States spring wheat harvest and anbumper Canadian crop are possibilities.
Owing
partly to the fact that Minneapolis prices have been at
Sep temberIIIIIIIIIIIIIII
minimums much of the time this
September —ill
a
other
e^ember."A;v
On the 12th inst.
about half of
waTipd
waned
tnusiasm
and
ana
rpIIitio'
baspd
selling
Wheat traders
paid less attention to continued strength in
securities, although some early buying apparently was based
on
this.
;Purchases credited to
dealer known to represent
a
mills
was regarded possibly as further lifting of hedges in
•connection with flour sales to the Government relief agency.
Profit-taking was in evidence later. There was more talk
ofjjpossible spread of black rust.
H. C. Donovan, crop
expert, reported finding rust in aU fields examined from
Wiehita to Enid, via WiUmton and Blackwell.
Early
wheat has not been damaged much, he said, but in late
fields s°me injury will be done.
He found more smut than
usual, but damage is expected to be light.
On the 13th inst. prices closed 3% to 4%c. net lower.
Heavy selling today caused a slump in wheat values, reducing quotations of practically all grain contracts to
minimum
"pegs" now in force on the Exchange.
This
virtually deadlocked trading in the futures pits.
The market's action, which pit brokers blamed largely on European
war
news,
of
moval
check
to
*
came
the
the collapse of
German
the
in the last
minimums
invasion
Of
established
were
May
grain values that occurred
Western
Europe was in its first
stage.
According to Board of Trade plans announced Tuesday, the minimums will be removed tomorrow.
Limits on
daily
fluctuations, however, will remain in effect.
prohibit net changes of more than 10c. in wheat and
price
These
8c.
rye,
in
corn
and
soy
beans,
6c.
and
single session.
in
in
oats
any
Today prices closed 1 to l%c. net higher.
scored gains of as much as 2y2c.
Wheat prices
Expanded market
opera-
tions, resulting partly from removal of the minimum levels
grain prices which had been in effect for almost four
on
weeks
were
witnessed.
Much
times.
of
the
Trading
gain
scored
at
was
brisk
a
by wheat
pace
at
retained
was
the close, despite frequent setbacks and rather nervprice fluctuations after the early highs were established,
until
ous
Strength in securities and prospects of additional Government
purchases of flour this week-end accounted for most
buying enthusiasm, offsetting the serious character
of
the
of
news
from
Europe.
Buying based on reports that the
on 2,000,000 barrels of white
Government will ask for bids
flour
wheat
and
outstanding
on
market
gong.
Open
*
an
strength
upward trend
interest
in
of
securities
almost from
wheat
tonight
gave
the
was
the
opening
67,640,000
bushels.
daily closing prices
of wheat
Sat.
No. 2 red...
-
98$*
Mon.
99$*
in
Tues.
101$*
new York
Wed.
loo$*
Thurs.
97
Fri.
98
n"mo
is',
Mt\u
76
7776^
o
1940
78$*
77$i
79$*
L
r/lHS'
%
78
72k
75
_76$*
Corn—On the 8th inst. prices closed 34 to %c. net lower,
Corn closed at the lowest level of the day despite the fact
that spot prices were H to He. net higher, with 51,000
bushels
sold by shippers.
Even though terminal market
receipts consisted of 5,260,000 bushels this week compared
with 2,781,000 last week, much of the grain
apparently was
Government-owned en route through Chicago for export
Great Britain or through
Pacific Coast to compete with
to
Omaha for shipment to the
Argentine corn.
No. 1 yellow
priced as much as 5He. over July corn at Chicago,
with No. 1 white 1534c. over.
On the 10th inst. prices
closed 34 to He. net higher.
Corn prices slumped as much
as 1 He. in the early dealings, but rallied on the
strong action
was
of wheat futures.
No. 1 yellow corn sold as much as 434c.
over the July close.
On the 11th inst. prices closed
34 to
He. net higher. " Corn finished the day at the highest prices
noted.
Receipts showed a sharp falling off, and were estimated at 87 cars, compared with more than 200 daily last
week.
On the 12th inst. prices closed 34 to 34c. net lower,
Corn dipped H to He. at one time, but reduced receipts
compared with a week ago and firmness of cash corn steadied
the market.
Shippers sold 43,000 bushels of corn.
Dealers
booked only 60,030 bushels to arrive.
On the 13th inst. prices closed 2% to 4%c. net lower,
Corn prices followed wheat.
In the early session the corn
fairly steady, but in the later trading prices
slumped badly in following the late weakness of wheat
futures.
Today prices closed unchanged to 2%c. higher,
Corn prices rose 134 to 3%c. as traders returned to that
market
was
market with
interest
in
more
corn
buying orders than for
23 245 000
was
DAILY CLOSING PRICES
>,
.,
Mon
k
Tues
Wed
79H;80$*
<
Season s High and When ATade
July
September
69^
...
December
I
May 10.1940
May 15, 19401
70
Fri
'
76
01 $*62
59$*
FJhs
If 62$!
60 $*
v
78$*
in Chicago
Tu$i/ w*h/_
,
septembeY.YJrrrilllllllllZIIII eijl
December
.
59$*
,
Open
Thurs
80}*
daily closing prices of corn futures
Tl11_
time.
OF CORN IN NEW YORK
79
.
some
bushels
Sat
No. 2 yellow.
58H
57%
60$*
eou
57%,
Season's Low and When Afade
July
52%
Oct. 23,1939
September
52?! May 18, 1940
...
60$f June 12,1940|December.—. 57H
May 31,1940
Oats—On the 8th inst. prices closed unchanged to Mc.
iower.
Trading was quiet, though the undertone was heavy,
No. 2 white oats
3c.
was
over
the July minimum.
ioth inst. prices closed unchanged
was
very
foous
On the
Mc. higher.
There
little activity in this grain, attention seeming to
wheat.
on
minimum.
On
No.
the
3
white
to
oats
sold
lMc.
over
the
11th inst. prices closed
unchanged to
i^c. higher.
Trading was very light and fluctuations extremely narrow.
On the 12th inst. prices closed unchanged
to yc, 0ff.
juiy oats m0Ved off the fixed minimum for the
fjrst time since May 31, gaining Mc., but the upturn was
short-lived.
On
the
lower.
13th
futures
prices closed unchanged to %c.
was
light
and
without
% to l%c. net lower.
prices closed
oats
inst.
Trading
market
was
interest.
The
net
Today
reaction
of
the
surprise, especially in view of
the strongly bullish showing of wheat and corn markets,
daily closing prices
a
of
oats
§!$*
December
,
futures
Sat.
'
323*
Season's High and When Made
I
T%eQs31%
33%
Chicago
in
Wed. Thurs. Fri.
32%
33%
3i$*
33%
31
32%
36
Apr! 19,'
29%
Jifne
December
34$*
June 12, 19401 December-... 30$*
June
1940
30$*
31%
Season's Taw and When Made
s^ptemb^r"
(September":::
14.1940
14, 1940
daily closing prices of oats futures in Winnipeg
July
october"IIIIIIIIIIIIIIIIIIIIII
December....
;
May
77^
20
when
May
74$*
.
74u
session of trading before re-
which
"o?
September
1940
December
up
pasea on tne international
Situation and improved domestic crop conditions expanded.
Wheat closed about 3 34 t'O more than 4c. above the minimum.
18,'
Apr.
80
78%
October.""I""I"IIIH"I"I
eninfp'rna'f'.ional
■flip
on
835L.79*i J81
July
prices closed
The wheat market toaay gave
the advance scored yesterday as buying
82 %
85^
85ys May 27, 19401 December
77$* June 14, 1940
DAILY closing prices of wheat futures in Winnipeg
apparently had expected Italy's entrance into the war for
long there was little market influence left.
They were
watching for war news, but had turned their eyes and their
H to lHc. net lower.
84
83
December
so
discussion to the Balkans.
8i$*
Jul?""
week, with unhedged wheat
quoted as much as 2c. under hedged grain, receipts dwindled
sharply.
Only 97 cars were received today, against 227 a
week ago.
The 12 principal terminals received only 2,835,000 bushels this week, compared with 3,589,000 last week,
and 6,001,000 a year ago.
On the 10th inst. prices closed
H to lHc. net higher.
Italy's entry into the war served as
quite a stimulus to the wheat markets, prices swinging
rapidly over a range of more than 4c., but most of the net
advance of about 3c. was lost before the close.
Earlier,
prices had sagged as much as 134c. due to favorable weather,
uncertainty regarding the European situation and selling
prior to release of the Government crop report.
Later,
however, this loss was wiped out due to purchasing in connection with Government flour orders, and when the Mussolini announcement came, prices were fractionally higher
than Saturday.
There was an immediate setback of almost
a cent,
but when securities strengthened and other commodities advanced, wheat followed, rising abruptly about
3c. or to levels more than 4c. above early lows, with July
reaching 82He. and Sept. 83 HMuch of this buying was
regarded as short covering but it was short-lived.
On the
11th inst. prices closed 2 to 234c. net higher.
A late rally
in wheat, spurred by stock market strength and increasing
reports of rust affecting the late Southwestern crop, drove
prices 2Hc. a bushel higher today.
Wheat started strong,
sagged a bit under profit-taking, and then dragged through
most of a dull session before the last hour
rally brought buyiug orders into the market.
Traders were impressed by a
2c. a bushel advance in Winnipeg prices, attributed to heavy
flour sales overnight to Great Britain, and by the stock
market s favorable reaction to Italy s plunge into the war
as an active belligerent.
Yesterday's official Government
estimate, indicating a much bigger 1940 wheat harvest than
was
expected a month ago, seemed to be ignored.
The
trade was more impressed with reports of black stem rust in
late wheat m the Southwest which, if the weather turns hot
79$*
so %
81 ^
—;
—-—
3^Wz2% Thuff' 3r{u
29
29
30
30
o
293*
....
275*
28%
28%
L
28$*
Rye—On the 8th inst. prices closed H to He. net lower,
Rye usually makes a good response to the action of wheat,
but today it did not respond to the substantial declines in
wheat values, holding relatively steady during most of the
short session.
On the 10th inst. prices closed unchanged to
He. higher.
The rye futures market failed to respond to the
strong upward movement in grain.
Trading in rye futures
was light and fluctuations narrow during most of the session.
On the 11th inst. prices closed 1H to 2c. net higher.
Rye
spurted with wheat after a lagging start.
There was some
good speculative buying, and this with substantial covering
by shorts influenced by the bullish news on wheat and flour,
carried prices substantially higher.
On the 12th inst. prices
closed 1H to lHc. net lower.
All rye contracts except
Dec., were back at the minimum levels.
These;minimums
established after the mid-May collapse of grain prices, due
to the impact of the German invasion of western
Europe,
will be removed by Board of Trade order beginning Friday.
No market action today could be attributed directly to announcement of this step, although some dealers who hoped
that
3
only to rally to levels that
4%c.,
to
•
**
showed sub-
,
September.. ... .
Dumber....
Dec.
September
50%
-
December
18, 1939
Apr. 22, 1940
76%
—
December
July
38%
September-— 40%
May 29, 1940
76
July-.-
May
May
45
Sat.
October-.—--.—----—--
44%
—-
—-
47
December
Thurs.
47%
Tues.
Mon.
Sat.
-37%
-—
37 %
October
December——
Wed.
37
37%
37%
36%
afloat
m
—
Fri.
H
37
O
38
Wheat, New York—
No. 2 red. c.I.f.. domestic. ..
Manitoba No. l.f.o.b.N. Y
L
36%
78% I
1,902,000
3,179,000
80,000
afloat
Oats
2,000
5,000
2,000
628,000
245,000
2,265,000
735,000
1,105,000
770,000
------
8, 1940..
1,1940-1939--
■
'mm*
•
—
291,000
90,562,000 23,009,000
93,847,000 23,639,000
59,767,000 33,209,000
*
bushels,
Buffalo,
Albany also has 903,000 bushels Argentine rye In store.
Canadian— v>;
.;
55-60N
Bushels
Oats
Rye
Barley
Bushels
Bushels
Bushels
2,088,000
8,1940-252,774,000
1,1940.-252,351,000
1939.-103,721,000
Total June
Total June 10,
184,000
80,000
90,562,000 23,009,000
——252,774,000
16,000
29,000
i"8;666
81,000
14,000
319,000
202,000
419,000
52,000
8:660
39,000
36,000
10,000
395,000
182,000
108,000
69,000
9,630,000
1,971,000
7,197,000
6,407,000
10,459,000 11,601,000 13,604,000
11,066,000 11,715,000 14,483,000
1939—163,488.000 33,209.000 13,689,000 9,408,000 10.159,000
4,000
5,000
1,000
33,000
27,000
Kansas City
3,748,000
6,711,000
1, 1940.-346,198,000 23,639,000
20,000
i~35~66o
Peoria
6,953,000
6,144,000
63,000
Indianapolis
Louis..
6,407,000
1,957,000
2,508,000
8, 1940—343,336,000 23,009,000
Total June 10.
482,000
32,000
1,971,000
6,756,000
7,998,000
135,000
107,000
135,000
Toledo
137,000
179,000
481,000
125,000
21*1",000
16",000
Milwaukee.
2,842,000
1,510,000
3,987,000
6,711,000
.
Total June
Barley
741,000
"
910,000
394,000
1,271,000
4,028,000
Summary-
bush 56 lbs bush 48 lbs
557,000
715,000
218,000
—
Duluth
306,000
595,000
Lake, bay, river—seab'd 53,444,000
Ft. William & Pt. Arthur 55,307,000
Other Can. & other elev.144,023,000
Total June
--
,
Corn
Bushels
Wheat
57
Rye
.
bush 32 lbs
4,310,000
5,691,000
1,124,000; Portland, 1,035,000; Chicago afloat, 47,000; Buffalo, 4,602,000; Duluth,
2,732,000; Erie, 2,053,000; Albany*, 4,521,000; Albany afloat, 98,000; on Canal,
526,000; in transit—rail (U. S.), 1,249,000; total, 22,663,000 bushels, against 3,699,000 bushels in 1939.
46%
61%
37,000
Chicago
Minneapolis
St.
;;
7,197,000
7,530,000
4,015,000
9,630,000
9,758,000
6,900,000
3,748,000
mmm
—
.
Oats—Buffalo, 527,000 bushels; total,
against 96,000 bushels in 1939.
Barley—New York, 217,000'
864,000; Duluth, 149,000; Baltimore, 156,000; total, 1,386,000
bushels, against 127,000 bushels in 1939.
Wheat—New York, 545,000 bushels;
New York afloat, 229,000; Boston, 2,227,000; Philadelphia, 1,675,000; Baltimore,
bushels;
Total June
Corn
bush 56 lbs
——-
Baltimore also has 9,000 bushels Argentine oats In store.
Canadian
■Wheat
•
3,243,000
188,000
American...*...^
bush 60 lbs
■
Note—Bonded grain not included above:
of the last three years:
Flour
—
2,000
2,851,000
a
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
bbls 196 lbs
A.
l'v
2,741,000
Total June 10,
All the statements below
Receipts at—
199,000
-
7
Omaha
The world's
76,000
50,000
~7~,666
~
shipments of wheat and
corn, as
furnished by
Broomhall to the New York Produce Exchange for the week
ended June 7 and since July 1, 1939, and July 1, 1938, are
335,000
shown in the
following:
Joseph.
Corn
Wheat
•
156,000
4,000
1,730,000
Wichita
Sioux Clty.
Buffalo
Tot. wk. '40
4,781,000
7,449,000
2,607,000
427,000
Same wk *39
406,000
364,000
Same wk '38
'
■
1,000
277,000
349,000
411,000
1,151,000
No. Amer.
439,000
176,000
5,243,000 V 807,000
2,016,000
6,424,000
1,184,000
6,949,000
971,000
Black Sea.
915,000
Argentlna.
receipts of flour and grain at the seaboard ports
8, 1940, follow:
Flour
Wheat
Corn
bush 60 lbs
bush 56 lbs
217,000
21,000
Boston
Philadelphia
*
Rye
0atS
v
11,000
4,000
_
Quebec
10,000
12,000
180~6O6
/'
47,000
131,000
—
5,657,000
60,066,000
14,286,000
2,328,000
1,603,000
Week 1939.
272,000
2,528,000
336,000
118,000
2,000
139,000
6,785,000
36,585,000
10,491,000
1,776,000
415,000
1,956,000
■
Since Jan. 1
1,125.000
Since Jan. 1
Receipts do not include grain passing through New Orleans
for foreign ports
through bills of lading.
The exports from the several seaboard ports
ended Saturday, June 8, and since July 1, are
•'
:
,
„.
for the week
shown in the
Vvc^r
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
2,000
44,815
265,000
.
328,000
'*5:666
New Orleans
eoV.ooo
Sorel
Montreal
86,000
297,000
Quebec
Three Rivers
'
1,678,000
Halifax
189:666
.
2,000
Total week 1940.
3,257,000
189,000
049,815
Since July 1,1939 142,768,000 26,374,000 3,875,756
4,196:600
3,556,000 10,284,000
,
Total
week
1939
3,027,000
17,000
•
91,840
Export data not available from Canadian ports.
113,000
65,000
Since July 1,1938 132,395,000 68,424,000 5,334,418 3,832,000
a
43,645,000
42,456,000
3,416,000 187,090,000 262,343,000
on
Winter Wheat,
June 10 issued its crop report as
of June 1, 1940.
The
production of win ter wheat is now placed at
bushels
a
month
563,431,000 bushels last
year.
ago
and with
a
We give below
,
Crops are uneven and over large areas late but, looking at the country as
whole, the crop season appears to be off to a fairly good start.
Good
yields per acre may more than offset the rather light acreage of crops In
prospect.
June 1 returns from crop reporters concerning composite pros¬
pects for "all crops" average about 5% higher than they did a year ago,
though still about 2% below the quite favorable reports of two years ago.
Reports on the condition of spring-seeded small grains, hay crops, and
pastures average substantially better than at this season during the 1929-38
period and only slightly below the June 1 averages during the more favor¬
able decade preceding.
A large acreage of winter wheat has been lost
but prospects have improved markedly and the yield per acre on the remain¬
ing acreage is now expected to be close to the 10-year average.
Supplies
of oranges, grapefruit and lemons for the 1940-41 marketing period begin¬
ning next fall are expected to be lame, with the aggregate probably well
above that of the current season.
The 1940 production of other fruits is
expected to show some reduction as compared with the rather large crops
of last year but the total volume will probably equal the average during
the previous 10 years.
Supplies of early Southern vegetables were rather
light and are slightly less abundant at present than they were a year ago,
chiefly because of frosts in the South, but growing conditions are now favor¬
able in the principal northern producing States.
On June 1 crop prospects were poorest in an area extending from central
Nebraska to west central Texas where the winter wheat was severely
damaged by drought last fall.
In much of this region pastures are also
poor, and there are some large groups of counties where present moisture
conditions make prospects for late crops uncertain.
Practically the whole
cotton belt, but particularly the area east of the Mississippi River, has
suffered from cold weather or drought this season.
Early vegetables in
this area had several severe setbacks, fruits were damaged in some sections,
corn has made a rather poor start and most crops and pastures had made
less than the usual growth to the end of May.
In most of these States
dry weather continued into the first week of June, but with recent rains,
there is still time for late crops to show full recovery from the unfavorable
a
457,000
Albany
274,000
33,912,000
0,597,000 436,655,000 562,494,000
the report:
3,575,000
New York.
22,376,000
estimate of 459,691,000
295,000
annexed statement:
413,000 26,622,000 70,937,091
583,000
5,496,000 17,983,000
2,146,000 111,327,000 130,967,000
7,344,000
416,000
harvest of
Three Rlv's
Exports from—
4,898,000 200,834,000 233,392,000
1,016,000 40,372,000
88,231,000
3.267,000 161,780,000 98,736,000
11,293,000 100,879,000
488,858,000 bushels, which compares with the Department's
35~,666
20:606
86,000
297,000
*
Bushels
estimated
603,000
on
Bushels
Agricultural Department Report
1,678,000
—
Halifax
1939
Bushels
Rye, &c.—The Department of Agriculture at Washington
Barley
48", 000
Sorel
1940
Bushels
for
bush 56 lbs bush 48 lbs
19",666
48,000
21,000
Tot. wk. '40
1938
Bushels
countries
97,000
72,000
Galveston.Montreal
bush 32 lbs
129,000
370,000
179,000
306,000
8,000
25,000
Baltimore..
New Orl'ns*
July 1,
1939
Other
on
York.
July 1,
1940
India
340,578,000 208,954,000
bbls 196 lbs
New
June 7,
1938
7,
12,000
113,000
the week ended Saturday, June
Receipts at—
Since
July 1,
1939
July 1,
1940
2,000
Total—
Total
Since
June
li'ooo
86,698,000 27,444,000 105338,000
20,045,000 313,141,000 248,451,000 97,203,000 24,441,000 90,417,000
17,168,000 271,159,000 283,230,000 103,661,000 25,049,000 92,416,000
1937
Week
■■
Australia
Since Aug. 1
1939
19,247,000
1938
Since
Week
Exports
'i>:
Since
Bushels
St.
m'
69,000
"
•%:
40 lbs. feeding—.
Chicago, cash
>4*
m
m,
312,000
758,000
527,000
Oats, New York-
i
„
—
m
38,000
749,000 i;<
2,876,000
2,460,000
On Canal
2.35
98
I
No. 2 white
83% Rye, United States, c.I.f
j Barley, New York—
Corn, New York—
No. 2 yellow. aU rail
050,000
79,000
!V, 4
'
*
16,909,000
22,477,000
Buffalo
..Prices Withdrawn
Fancy pearl (new) Nos.
1.2-0.3-0.2
—4.75 @6.75
.
_
8,453,000
'A,
842,000
Total June
4^4%.
10,000
227.000
136,000
Detroit..
w*
36
Coarse
■.
14,000
74,000
78,000
438,000
Total June
grain
234,000
740,000
<
552,000
_
Nominal
429,000
492,000
402,000
6,000
15,000
8,000
378,000
Duluth
.4.40 ( 14.55
Spring pat. high protein..5.15< 15.30 Rye flour patents
Spring patents
4.95( 15.15 Seminola, bbl., bulk basis 5.40 (
Oats good
2.85
-
451,000
243,000
Lakes---————
On
FLOUR
Hard winter clears
17,000
9,000
153,000
427,000
Milwaukee.—,—
45%
Thurs.
Cornflour
Barley goods—
101,000
846,000
1,907,000
4,000
3,793,000
-———-
9,000
m —
—
502,000
Chicago——.
46%
9,000
25,000
56,000
1,694,000
Indianapolis
Peoria.—
1,000
•
712,000
Sioux City
St. Louis——.——
Closing quotations Were as follows:
Clears, first spring
4.55< 14.75
Hard winter straights..-.5.10( 15.30
Hard winter patents
.5.15 L >5.30
1,000
1,256,000
21,212,000
4,645,000
Kansas City
Omaha—————
PRICES OF BARLEY FUTURES IN WINNIPEG
July
7,000
320,000
4,797,000
Minneapolis
DAILY CLOSING
21,000
416,000
1,573,000
4,529,000
St. Joseph.——.
L
47%
—-
179,000
277,000
Fort Worth
Fri.
H
0
,
38,000
Wichita
"
49%
48%
46%
July
Wed.
Tues.
Man.
13,000
98,000
1,437,000
Hutchinson
PRICES OF RYE FUTURES IN WINNIPEG
DAILY CLOSING
106,000
126,000
88,000
Galveston
18, 1940
18,1940
14,1940
June
3,000
2.000
9,000
74,000
133,000
.
Philadelphia. -——.
When Made
Bushels
124,000
9,000
56,000
'
afloat.———.
New Orleans
Season's Low and
Made
Season's High and When
Barley
Rye
Bushels
Bushels
;i
Baltimore .a—
PRICES OF EYE FUTURES IN CHICAGO
Sat. Mori. Tues.
Wed. Thurs.: Fri.
44% 44% 46_ . 44^ * ..... 43%
- -—46%
46% 47% 46% *mmmm 45
48% 48% 50% 48% 48
47%
and
4 ^4%. '4
V
Oats
Corn
Bushels
Bushels
New York—-
DAILY CLOSING
July
ki
Wheat
earlier losses,
stantial reduction of
comprising the stocks in
STOCKS
GRAIN
United States
weakness in wheat and corn
1V2 to %c. net lower. Rye
close, in the face of marked
values.
Today prices closed
grain,
at principal points of accumulation at lake
seaboard ports Saturday, June 8, were as follows:
granary
market showed surprising steadiness at the
The rye futures
June IS, 1940
supply of
visible
The
normal trade conditions would be restored, said
more
pit operations may be expected to expand.
The rye futures
market responded fully to the weakness in wheat.
On the 13th inst. prices closed unchanged to %c. off.
fell
Chronicle
The Commercial & Financial
3852
1,847,666
17.867,000
start.
Outside of the dry areas of the cotton belt, the southwestern wheat
belt, part of Arizona, and a few local areas elsewhere, the June 1 reports on
and on the condition of ranges and pastures showed good to
excellent conditions rather generally.
In the Northeast the late spring
crop prospects
Volume
The Commercial
ISO
& Financial Chronicle
3853
frequent rains interferred somewhat with planting corn and other
spring work but favored spring grains, pastures and the locally important
hay crop.
The eastern corn belt, which had plenty of rain in May, has
had warmer and dryer weather in early June which has helped to give the
corn crop a good start.
In the western half of the corn belt and westward to
the Mountains there have been some good rains during the first 10 days of
June in areas missed in May.
The Western States had a mild, wet winter
and an early spring.
While extensive areas there need more rain, farmers
and ranchers seem to be quite generally looking ahead to a favorable
of
season.
June 1
This
??2£pares with tbe 1939 production of 937,215,000 bushels and the 10-year
and
be precise, the
While it is too early for forecasts of crop production to
general character of the to be season or beginning to appear. near-average
Wheat prouction is
expected crop only 3 is 4% below last year's
now
crop.
rye crop will be close to average.
Feed grain production
substantially above the 10-year average but the chances are that
fall varieties.
Continued dry weather in the spring adversely
affected both fall and spring oats.
In Oklahoma and Texas, where approxi¬
mately three-fourths of the production in the South Central States is usually
located, May weather was generally favorable.
In most of the Western
Stated, the above average condition reflects the favorable growing weather
which has prevailed in that area.
Stands are good and soil moisture
has been sufficient for current needs.
While California prospects are above
average, there are some sections of the State where wet weather has caused
considerable damage from rust.
On the basis of the prospective oats acreage reported in March, the
condition indicates a production of about 1,021,000,000 bushels.
(1929-38)
The
should be
Sroduction will not be quite as largethe in any of the lastin a dozen years if
as largest secured three years. The
ay crop will be large; it might be
weather conditions should be favorable for late cuttings and late kinds.
With pastures good and present and prospective grain and hay supplies
ample, feed conditions are favorable for the production of livestock and live¬
stock products.
On June 1 the reported rate of milk production per cow
and the number of eggs secured per 100 hens were both the highest on record
for the date.
/
"
.
Wheat—The production of winter wheat of 488,858,000 bushels, as
indicated on June 1, shows an increase in prospective production during
the past month
in
563,431,000 bushels
and 14% lower than the 10-year (1929-38) average
Even with this improvement
of 29,000,000 bushels.
the
average of
1,024,852,000 bushels.
Barley—Prospects for
the 1940 barley crop were moderately favorable
June 1.
The condition for the United States was reported at 82% of
normal compared with 72% on June 1, 1939, and the 10-year (1929-38)
on
average June 1 condition of 78%.
In the principal barley
tions range from 6 to 25 points above June 1 last year.
States, condi¬
Conditions in
these States are also considerably above average except in Nebraska, where
lack of moisture has resulted in below normal development, and in Colorado,
where the condition of the crop is just about average.
Some damage by chinch bugs is reported in local areas of the corn belt.
The loss from grasshoppers and crickets, however, is expected to be much
less than last year in the Northern Plains.
Although some winter barley
acreage was abandoned in the southern barley States,
and winter drought and late winter freezes, favorable
following the fall
May weather has
prospects, this production would be 13% less than the
resulted in less loss than earlier expected and improved prospects on the
produced last year,
production of 571,067,000 bushels.
A probable yield of 14.3 bushels per harvested acre is indicated on June 1.
This is 0.6 of a bushel under the 1939 harvested yield of 14.9 bushels per
acre but the same as the average of 14.3 bushels.
The indicated yields
are above average in the States east of the Missouri River, and in the
Northern Pacific Coast and Mountain States, while they are below average
in the Great Plains States, and in the Southwest.
Growing conditions during May were very favorable in the North Central
and Eastern winter wheat States, and in that area production prospects show
substantial improvement over a month ago.
Yield prospects are higher
than on May 1 in most of the Great Plains States as a result of the recovery
made possible by continuation during May of more nearly normal rainfall,
but even in the best parts of that area the June 1 indicated yields are below
average.
In two locations adverse conditions developed which reduced
yield prospects below May 1 expectations.
In Montana and South Dakota,
moisture was short during May and rust and cutworm damage were re¬
ported in California, Arizona and New Mexico.
Black stem rust is present
in Texas, Oklahoma and Kansas.
While its development is not yet far
enough advanced to determine what the full effects may be on yields in
this and other areas, the prospective damage is increased because of the
lateness of the winter wheat crop.
In the Pacific Northwest, conditions
on June 1 were about the same as a month earlier and expected yields in
remaining
WINTER WHEAT
Production
Yield per Acre
(Thousand Bushels)
(Bushels)
T"'
State
are a
points above the
than the 10-year
average.
The benefits of this spring's improved moisture situation are
apparent in all States of any importance in spring wheat production.
On the basis of the prospective planted acreage of spring wheat as re¬
ported in March, the June 1 condition indicates a prospective production
of all spring wheat of around 239,000,000 bushels, compared with 191,540,000 bushels in 1939, 243,569,000 in 1938 and the 10-year average of
Indicated
1939
1940
1929-38
New York
21.0
23.5
23.0
New Jersey
22.0
22.5
22.0
Pennsylvania....-
19.4
21.0
20.0
Ohio
20.1
19.5
20.5
Indiana
17.4
18.0
18.5
17.4
21.0
18.5
Average
183,619,000 bushels.
at 38,640,000
and 38,095,000
bushels, the average annual production during the 10-year period, 1929-38.
As a result of favorable moisture conditions, a rather sharp increase over
in yield prospects in North Dakota and Minne¬
sota.
Slightly increased prospects occurred in Wisconsin and Nebraska,
while a decline took place in South Dakota, the only one of the five principal
producing States which showed smaller prospects than on May 1.
Condi¬
tion of rye on June 1 in all of these five important producing States, except
Nebraska, indicates yields sharply higher than harvested in 1939.
In
relation to the 10-year average, prospects in North Dakota are very favor¬
able, and in the other principal States (except Nebraska) moderately
the May 1 forecast is shown
1939
1940
6,274
1,170
19,236
6,555
1,232
Michigan
20.4
21.0
22.0
5,317
1,226
19,033
40,042
30,138
35,180
16,460
Wisconsin
17.7
15.0
18.5
633
600
796
Minnesita
18.4
17.5
20.0
-3,247
2,520
2,980
Iowa
18.0
17.0
19.0
7,009
5,950
6,175
Missouri.
13.7
16.5
14.5
29,205
South Dakota
11.4
9.5
11.0
23,867
1,683
Nebraska
14.0
11.5
11.0
:
Kansas
11.9
11.5
10.5
17.6
18.0
19.0
19.1
19.5
19.5
14.5
14.5
8,735
14.5
14.5
North Carolina
10.7
12.0
11.5
2,080
4,661
South Carolina
9.8
11.5
10.5
Georgia
9.0
10.0
9.0
14.1
38,409
15,120
8,518
14.2
14.9
37,070
1,568
Maryland
Virginia
West Virginia
11.5
11.0
11.5
12.0
Alabama
10.2
12.0
12.0
Kentucky
912
24,442
75,926
1,406
7,644
7,700
1,986
4,842
2,268
1,710
4,875
3,984
35,432
111,619
1,296
7,352
7,511
2,102
5,100
2,415
1,770
4,071
4,117
1,175
1,134
13.0
Tennessee
18,480
39,422
27,861
32,468
16,808
27,450
25,457
1,381
42,867
135,801
Delaware--
Rye—The prospective production of rye is estimated
bushels compared with 39,249,000 bushels produced in 1939
Indicated
Average
1929-38
Illinois
little better than average.
The June 1 condition of all spring wheat of 88% is 17
the June 1 condition a year ago, and 12 points higher
those States
acreage.
Winter barley is becoming increasingly important
some acreage reported as far north as New York State.
Upon the basis of the prospective acreage reported in March, the June 1
condition indicates a production of around 302,000,000 bushels compared
with the 1939 crop of 276,298,000 bushels and the 10-year (1929-38) average
production of 225,486,000 bushels.
Stocks of old barley on farms June 1, 1940, are estimated at 50,630,000
bushels or 18.3% of the 1939 crop.
Stocks of barley last year were 52,292,000 bushels, while the five-year (1934-38) average is 31,209,000 bushels.
with
6,366
4,241
72
72
54
9.1
9.5
9.5
534
390
323
11.4
14.0
10.5
46,763
60,438
38,514
27,650
21,980
14,280
1,720
9,922
26,463
20,281
16,425
2,015
Arkansas
Oklahoma
__
9.1
32,958
13.6
20.0
17.0
20.4
24.0
25.0
13.0
10.0
10.0
Texas
RYE
Wyoming
10.6
9.5
Colorado
11.6
11.0
9.4
10.0
7.0
22.4
23.0
21.0
841
805
16.4
14.0
16.5
3,059
2,240
Nevada
Farm stocks of old rye on June 1, 1940 amounted to 11,268,000 bushels
compared with 15,812,000 bushels on farms June 1, 1939, and 7,202,000
bushels the five-year (1934-38) average June 1 stocks.
9,669
13,166
1,313
9,003
2,565
Utah
favorable.
25.6
29.0
26.0
70
87
130
23.8
25.5
26.0
29,406
22.0
22.0
18.1
18.0
16.0
24,342
12,974
12,489
30,218
19.4
13,640
10,548
14,080
12,400
14.3
14.9
14.3
571,067
563,431
488,858
Montana
Idaho
-
New Mexico
Arizona
Yield per Acre
Production
(Bushels)
(Thousand Bushels)
Indicated
Average
1929-38
1939
Indicated
Average
1940
1929-38
1939
—
Washington
V :
Oregon.
State
-
—
-
.
California
16.0
777
3,646
348
341
320
402
17.5
416
13.9
14.5
14.5
1,504
1,058
1,073
13.8
Pennsylvania
-
14.5
14.5
903
1,232
1,189
1,608
Average
689
1929-38
1939
1940
1929-38
1939
1940
1929-38
1939
%
%
%
%
%
%
%
%
%
91
100
97
91
100
95
17.0
11.7
12.0
12.0
1,424
1,608
12.0
12.5
13.0
1,048
11.9
12.5
13.5
11.1
Indiana
Illinois
10.0
12.0
1,100
1,512
2,380
7,350
1,044
Minnesota....
15.2
14.0
16.0
Iowa
14.6
14.5
15.5
1,234
Missouri.
9.1
10.0
9.0
281
420
297
North Dakota
9.3
8.5
13.0
7,106
8,450
—
Wisconsin..
Spring Wheat (All)
Oats
Barley
Condition June 1
Condition June 1
Condition June 1
State
•••
.
'
\
3,216
6,224
651
.
93
Hamp.
mm
89
89
89
92
100
5,258
Rhode Island
8.0
3,568
2,608
Connecticut
10.0
407
650
540
Delaware
12.6
13.0
13.0
83
117
130
Maryland
Virginia
West Virginia
13.0
12.5
12.5
248
250
238
11.4
12.0
11.5
601
576
598
74
92
•
11.6
10.5
11.5
133
North Carolina
7.6
7.5
7.5
486
458
465
South Carolina
8.4
9.5
8.5
76
95
102
6.0
6.5
6.0
104
136
126
9.0
11.5
216
126
218
7.0
7.5
199
294
285
Georgia
....
Kentucky
10.9
Tennessee
6.9
Oklahoma
8.0
8.5
7.5
168
527
292
10.5
8.5
9.0
30
60
63
9.0
12.0
12.5
353
420
388
10.7
Texas
Montana—
>
60
,
55
92
11.0
11.5
Wyoming
6.6
8.0
7.5
168
200
202
Colorado
7.3
6.5
7.5
322
429
412
8.5
20
32
34
Idaho
7.6
8.0
8.0
10.0
12.0
156
260
252
Oregon
12.6
12.5
14.0
431
562
840
California
12.6
11.0
14.0
97
66
98
Utah
Washington
Uulted States..
11.4
10.3
12.0
38,095
39,249
38,640
87
Oats—The condition of oats on June 1, 1940,
averaged 82% of normal
hoppers are hatching out about two weeks later than usual, the numbers
are not expected to be as great as last year.
About four-fifths of the
total United States oats production is usually centered in the North Central
or corn belt States.
In the Northeastern States the oats crop, while handicapped from the
by late seeding, was favored by
States in the South
In this area a
good growing weather in May.
-
91
84
77
mm
New Jersey.
mm
mm
90
81
85
mm
'mm
80
82
79
79
82
84
80
79
85
86
82
83
,
mm
Pennsylvania
81
78
86
82
78
83
83
86
82
Ohio
76
68
81
73
61
77
75
70
77
Indiana
78
67
86
71
56
81
74
70
81
Illinois
78
84
89
76
74
84
79
82
87
Michigan —
Wisconsin—
83
80
86
78
80
87
80
83
88
86
83
90
86
82
91
86
85
91
Minnesota-.
82
76
87
83
78
88
82
77
87
Iowa—
81
75
85
84
73
85
85
76
85
Missouri
72
71
80
72
78
74
73
84
77
No. Dakota.
72
66
69
72
64
89
72
63
88
Dakota-
74
69
80
77
67
82
77
65
80
Nebraska—
77
67
72
79
74
Kansas——
67
45
63
•
So.
Delaware
80
64
79
62
48
72
84
76
82
83
87
85
77
80
85
84
74
82
71
mm
80
68
mm
74
79
m
70
76
81
80
84
71
Kentucky...
86
85
80
72
Tennessee---
87
*81
78
67
;
81
73
83
75
mm
79
63
76
■
72
76
H
Georgia
74
74
79
83
83
82
73
81
75
71
76
m m
■
mm
mm
■
73
73
Alabama.
71
m
'mm
m
mm
mm
mm
~
„
Mississippi-Arkansas
75
52
81
78
Maryland—
Virginia —
WestVirginla
No. Carolina
So. Carolina-
60
72
83
—
—
II
'
■
■
mm
mm"
mm
:mm'
'
-mm'
m
m
74
81
''mm'-
72
60
57
62
•
—
—
59
67
59
56
67
90
78
87
77
66
65
Montana...
80
76
80
88
77
81
89
90
89
85
91
89
83
91
Texas.....
Idaho——
71
68
Louisiana
Oklahoma
s
Wyoming..
81
89
84
73
88
84
79
90
Colorado —
New Mexico.
80
73
79
84
78
83
81
71
80
80
74
82
72
75
75
69
73
71
87
80
88
88
83
85
93
*87
82
90
91
72
Arizona
85
82
89
86 '
88
Nevada
88
79
88
88
79
91
76
Washington.
77
75
89
86
78
91
83
78
91
Oregon—
67
86
85
77
87
85
77
88
—
82
California.
—
76
68
84
75
71
81
__
88
78
72
82
78
72
82
Utah
In
Georgia, which are the most important oats producing
Atlantic group, present prospects are disappointing.
dry fall and winter resulted in late seedings and thin stands
the Carolinas and
'
mm
'
80
■:
-
New York-.
Florida
compared with 72% on June 1 a year ago and the 10-year (1929-38) average
June 1 condition of 78 %.
Favorable growing conditions during May over¬
came to some extent the handicap of late seeding.
On June 1 develop¬
ment of the oats crop varied from threshing in the extreme South to heading
in the latitude of southern Illinois, and nearing completion of seeding in
the extreme North.
In the corn belt, stands are good and with the exception of a dry area
extending eastward from Nebraska into western Illinois May growing
weather was generally favorable.
Minnesota reported excellent prospects.
However, by reason of the late start, the crop in all sections of the corn belt
is more vulnerable should adverse conditions develop later.
Chinch bugs
are numerous enough in central Illinois, southern Iowa, and eastern Kansas
to threaten the oats crop in these areas.
In the Dakotas, where grass¬
86
m*m
93
4,752
8.0
.
88
93
10.0
11.0
1940
...
85
mm
9.3
9.0
87
Mass
10.6
10.8
—
89
85
Vermont
Kansas
South Dakota
97
90
Maine
New
7,865
4,555
3,008
Nebraska
Average
Average
r
1,188
1,850
2,768
6,533
Michigan
outset
1,736
>:
391
17.3
New Jersey
Ohio
15.5
7,480
2,740
1940
United States
15.7
New York
10.0
United States
*
76
76
Short-time average.
71
■
93
,
.
The Commercial & Financial Chronicle
3854
Weather
.j
Report for the Week Ended June 12—The
general summary of the weather, bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended June 12, follows:
by widespread rains east of the Rocky
Mountains, abnormally warm weather from the Mississippi Valley east¬
ward, and decidedly low temperatures in the Northwest. The weekly mean
The
week
was
characterized
temperatures were near normal in the South and the extreme Northwest,
but from the lower Missouri and upper Mississippi Valleys eastward they
last two days.
in
west.
Tomatoes
little precipitation during the week.
While temperatures in the Northwest were too low for good growth of
warm-weather crops and some local damage resulted from frost, the gen¬
warmth and mostly abundant precipitation in practically all other
sections east of the Rocky Mountains were decidedly favorable and crops
excellent
growth.
Other
crops
good
Tennessee—Nashville:
Progress of cotton good; chopping fair advance;
condition fairly good; some replanting necessary.
Corn planting about
done; progress good; condition fairly good.
Condition of winter wheat
very good; ripening.
Tobacco fair; improving.
Potatoes, gardens and
truck good progress, but need rain in large areas.
,
THE DRY GOODS TRADE
New York,
The grave
effect
on
Friday Night, June 14, 1940.
developments in the European
retail business, were again
able weather conditions
war,
in their
counteracted by favor¬
prevailing during the larger part of
accelerated buying of
week and resulting in further
the
summer
influence
wearing apparel and vacation goods. A growing;
on public purchasing power was also exerted by
improved employment conditions in the industrial sections
of the country, due to the stimulating effect of Government
buying in carrying out the defense
Department
program.
store sales for the week ended June
1 showed
a
loss of
eral
in
general made good growth.
,
in a long time. In fact, with
restricted need for rain, particularly in southeastern
Virginia, parts of Alabama, some local areas in the central Mississippi
Valley, extreme southern Texas, and a few places in the Great Plains,
there is ample moisture for current needs practically everywhere east of
the Rocky Mountains.
Showers caused some interruption to farm work
in the East and parts of the Mid West, but in general seasonal operations
The current moisture situation is the best
the exception of some
made
satisfactory advance.
West of the Rocky Mountains there is a rather urgent need for moisture
in the eastern Great Basin and parts of the far Southwest, but otherwise
conditions continue mostly favorable.
There were some unusually heavy
rains in the central Rocky Mountain area, some stations in Wyoming
reporting from four to seven inches for the week.
Small Grains—The week was favorable for winter wheat and satis¬
factory progress was reported rather generally. Plants are reported head¬
ing as far north as New York, and the lower Lake region, and mostly well
headed in the Ohio Valley.
;
In Missouri conditions are now good to very good, with some local har¬
vesting reported. In Texas harvest made good advance and the general
condition of wheat is fairly good, except rather spotted in parts of the
Panhandle.
In Oklahoma the crop is in all stages of growth, with the
earliest filled satisfactorily; some combining Is reported which will be more
general later this week with favorable weather.
In Kansas there were further good, general rains and wheat has im¬
proved, but it is ripening irregularly; harvest will begin within a few days
the extreme south-central and southeastern portion and, with favorable
weather, will extend in two or three weeks into the north and west.
In
Nebraska all small grains have improved slightly, but some previous damage
is irreparable. In Montana and the Pacific Northwest the outlook continues
in
favorable.
•
growing weather prevailed throughout the spring wheat region
and satisfactory progress was reported rather generally in Minnesota,
North Dakota, and Montana.
In South Dakota improvement is noted
since the rain.
In fact, in much of the spring wheat belt growing con¬
ditions for small-grain crops have been nearly ideal.
Oats generally, and
flax in the northern Plains, made satisfactory progress.
Good
Corn—-A little
corn
remains to be planted in some sections, especially
the upper Ohio Valley, but in general, planting has been completed and
the crop has come up to mostly good stands.
Cultivation is in progress
the belt. In the western belt moisture is mostly
ample for current needs.
In Iowa all corn has been cultivated once and
considerable of it twice with fields mostly clean; there was some damage
in the northwest from heavy rains and erosion, with considerable local
in the southern portion of
replanting necessary.
Cotton—In the cotton belt temperatures averaged near normal in the
normal in northern sections with more or
less general rainfall, being rather heavy in a good many places in the west.
The week was favorable and cottontsade mostly satisfactory progress.
south and considerably above
In the western belt stands are very good, with some early plants be¬
ginning to square as far north as north-central Texas. In the central and
eastern States reports of weekly progress were rather generally favorable,
with some improvement in stands noted in north-central districts.
There
were local complaints of lack of sunshine in the northeast.
forming in much of South Carolina.
The weather bulletin furnished the
following
Squares
are
resume
of
conditions in different States:
Favorable warmth and adequate rain generally.
Progress of corn exceUent; condition very good; light hail damage.
Slight
blue mold damage to tobacco.
Potatoes very good condition.
Pastures
good progress.
Truck and gardens satisfactory advance.
Progress of
cotton fairly good, but needs sunshine, and locally too wet; condition good.
South Carolina—Columbia:
Favorable warmth; mostly adequate rain.
Crops, gardens, and pastures grew and improved. Cotton chopping good
advance in north interior; squaringelsewhere; favorable for checking weevil;
progress good; condition fair,
vegetables becoming plentiful; shipping
commercial cucumbers.
Oat harvest active in north; yield irregular. Some
warm days helped check insect activity favored by previous cold.
North Carollnar—Raleigh:
Georgiar—Atlanta:
Favorable Warmth; lack of rain felt In few central
counties, elsewhere mostly adequate.
Some corn tasseling in south; con¬
dition generaUy improved.
Beans, peanuts, pecans, watermelons, canta¬
loupes, tomatoes, and sweet potato transplanting, favored.
Progress of
cotton mostly good; condition fair to good.
Florida--Jacksonville:
Favorable warmth; adequate rain; soil moisture
Progress and condition of cotton fair; blooming.
Corn improved;
ears.
Setting
out
sweet potatoes.
Tobacco good.
Truck
diminishing, but shipping tomatoes, cucumbers, and peppers.
Citrus
improved; new fruit good size.
,
;
1
ample.
roasting
Alabama—Montgomery: Favorable warmth; good rain, but more needed
locally. Cotton chopping good advance; fields clean; progress fairly good;
condition mostly fair, but late.
Corn good progress; fair to good condition.
Truck and gardens fair to good, except where too dry.
Oat harvest favored;
fair to good crop.
Pastures fair to good. Cattle satisfactory.
Mississippi—Vicksburg:
Favorable warmth; mostly adequate rain.
Progress or cotton generally good, with cultivation good. Progress of corn
good to excellent and of gardens, truck, and pastures mostly good. >:
Louisiana—New Orleans:
Mostly favorable warmth and ample rain.
All crops helped by rain and progress good.
ExceUent advance towards
ending cotton chopping.
Harvesting potatoes and oats
near
end.
Texas—Houston:
Favorable warmth; rain ample, except in extreme
west, extreme south, and locaUy elsewhere where little.
Harvesting winter
wheat good progress; general condition
fairly good, except portions of
Panhandle where spotted.
Oat harvest rapid progress; condition fair to
and
progress
improved condition.
temperatures frequent in the latter area about the 10th. West of the Rocky
Mountains nearly normal warmth prevailed in most places.
Maximum temperatures during the week exceeded 90 degrees throughout
Mississippi Valley from Iowa southward, and also rather generally from
the Ohio Valley eastward and southward. Some high readings were reported
also from the southern Great Plains and most of Texas, where the maxima
were in the middle or high 90 s.
In the northern Great Plains and locally
in the northern Lake region and extreme Northeast the temperature did not
reach 80 degrees at any time during the week.
The highest reported was
106 degrees at Fresno, Calif., on the 10th. In the East, Columbia, S. C.,
had the highest, 98 degrees, on the 7th
Substantial to heavy rainfall occurred in most sections east of the Rocky
Mountains.
The amounts exceeded an inch rather generally in the lower
Missouri Valley, most of Texas, Oklahoma, Kansas, Nebraska, northern
Wyoming, Montana, and "parts of North Dakota.
Thus, much of the
normally drier portions of the Great Plains again had generous rainfall.
West or the Rocky Mountains, except locally in the north, there was very
Cotton
Corn rapid
Harvesting wheat and oats; delayed by rain*
Potato digging general in south.
Crops maturing rapidly
good progress; shopping exceUent advance; stands improved.
growth; condition very good.
ranged generally from six degrees to as many as 10 degrees above normal.
On the other hand, unseasonably cold weather prevailed in the northern
Great Plains and northern Rocky Mountains sections, with frosts or freezing
the
June 15, 1940
Arkansas—Little Rock: I Warmth and rain favored crop growth.
in the
dollar volume
week of last year.
declined
as
9%
compared with the corresponding
Sales of New York and Brooklyn stores
17.8% and in Newark establishments the loss in
sales reached
18.6%.
Trading in the wholesale dry goods markets turned quite
active
as
the sharply increased flow of goods in retail channels
caused hurried purchases by merchants to replenish
ling inventories.
While attention centered in
dwind¬
summer ap¬
parel lines, active buying was also noted in novelty wash
goods and sheer fabrics as well as in blankets, with prices
for the latter
showing
a
stiffening trend.
Wholesalers
on
their part Were somewhat less inclined to enter the market
for
forward
commitments,
although sentiment showed
a
marked improvement, and a general revival in buying was
predicted should the present expansion in the gray goods
Business in silk goods im¬
proved moderately as some spot demand for summer fabrics
made itself felt.
Trading in rayon yarns remained fairly
markets make further progress.
active, notably for the finer counts, in which the tight deliv¬
ery situation continued.
While shipments experienced a
slight seasonal recession, the outlook for the industry is
regarded as highly favorable, as few surplus stocks exist and
the further elimination of major European supply centers is
expected sooner or later to result in incresaed export de¬
mands, notably on the part of Latin-American users.
Domestic
Cotton
Goods—Trading in the gray cloths
period under review in its previous dull
Subsequently, however, a broad buying movement
got under way and the volume of sales assumed proportions
not seen since the war boom days of last fall.
Immediate
causes of the expansion in trading were the
pronounced rally
in the security markets and in raw cotton values, the sharply
improved movement of finished goods in distributive chan¬
nels, initial covering purchases against armament require¬
ments, and, in a larger sense, the growing realization on the
part of users that the replenishment of their dwindling sup¬
plies was highly advisable in view of the possibility that de¬
fense program considerations may ultimately greatly reduce
the quantity available for ordinary consumer trades.
Busi¬
ness in fine goods also turned more active as the
improved
demand for gray cloths found its reflection in a better call
for fancy cottons.
Shirtings and poplins moved in larger
volume and an improvement was noted in carded piques.
Closing prices in print cloths were as follows: 39-inch 80s,
6^c.; 39-inch 72-76s, 6Mc.; 39-inch 68-72s, 5J*c.; 38^-inch
64-60s, 4%c.; 38^-inch 60-48s, 4H to 4^c.
markets started the
fashion.
Woolen
Goods—Trading in men's
ened^ considerably and prices showed
a
wear
fabrics broad¬
stiffening trend,
re¬
flecting the enhancement in raw wool values, the impending
Government purchases of large quantities of wool goods for
military purposes and the greater willingness on the part of
clothing manufacturers to cover forward requirements under
the stimulus of improved consumer buying.
Further con¬
siderable spot demand developed for lightweight materials,
notably gabardines and tropicals. Mill operations showed
an
expansion as a number of producers were able to increase
the backlog of unfilled orders.
Reports from retail clothing
centers gave a
for
summer
much better account, with favorable weather
apparel.
Business in women's
wear
fabrics,
while less active than in the men's wear division, also gave
indications of an early improvement as the better flow of
goods in retail channels foreshadowed
the market
on
the part of garment
an early reentry into
manufacturers.
*
-
good; some very good in central.
Corn favorable advance; clearing fields
of weeds; stands rather irregular in north-central; some tasseling; general
condition fairly good.
Cotton planting about done in north-central and
some early planted squaring; stands
generaUy good; chopping about over;
general condition fair to good, except in extreme south where too dry.
Truck and gardens good progress; condition generally fair.
Tomatoes and
melons exceUent on coast.
Onion harvest about over in north-central;
condition fair.
Ranges mostly improved, but some still poor in local dry
areas, particularly in extreme south.
Livestock fair to good condition.
Fruit trees mostly favorable advance, but rather spotted in north-central.
Foreign Dry Goods—Trading in linens continued in its
spotty character, with the disturbed supply situation abroad
preventing any expansion in activities.
Business in burlap
remained dull and prices ruled easier in line with further
Calcutta recessions, although spot goods maintained a fairly
steady undertone in view of the virtual elimination of the
Mediterranean shipping route.
Domestically lightweights
Rice very good; much irrigation necessary.
were
quoted at 5.65c., heavies at 7.65c.
Volume
The Commercial & Financial Chronicle
ISO
Page
'■-<>
3855
Name
Rate
£Jtc£burg, Mass......
3241
Franklin Co., Miss.
2.50
102
....
rllO.OOO
100.03
4.45
25,000
100.10
2.49
12,500
197,000
35,000
100.36
1.82
64,000
100.29
3.10
' v
1.90
IX
3246 Fremont Co. 8. D. 35, Wyo
-3X
3394 Fresno, Calif
-_13*-2
3543 Fresno Co. S. D., Calif
2?*-2?*
3543 Fresno Co. S. D. 1, Calif
2?*-2?*
Founded 1890
100
1942-1961"
2X
...3
3547 Franklin Co., N. Y
3086 Freeport, Me....
3543
r30,344
5,000
1940-1958
4?*-4H
Franklin, Ohio
3396
Stifel, Nicotaus & Cojnc.
100.27
4
2222 Forest City, N.C
Fresno Co. 8. D. 1, Calif
.—.3?*
...
1940-1949
1941-1948
1941-1962
1941-1950
1949-1960
1954-1959
1944-1957
CHICAGO
ST.
WIRE
-
Gainesville, Texas......
Gallatin Co., Mont...
1?*
3400 George West Ind. 8. D., Texas...4
3547 Glasgow, Mont
...3?*
3549 Gonzales, Texas...
3242
314 N. Broadway
DIRECT
LOUIS
3240
Gowrie,
3242
MUNICIPAL
We
BOND
at the usual time.
IN
3549
MAY
detailed list of the municipal
during the month of May, which the
our columns prevented our publishing
present herewith
bond issues put out
crowded condition of
SALES
our
-v,'
.
The review of the month's sales
of the "Chronicle" of June 8.
given
was
The
total
on page
3693
during
does not
awards
the month stand at $50,046,353.
This total
irelude Federal Emergency Relief Administration or Public
Works Administration loans or grants actually made or
promised to States and municipalities during the month.
The number of municipalities issuing bonds in May was
272 and the number of separate issues was 328.
Page
3702
Name
Rate
Abelman, Wis
3547 Albany Co., N. Y. (2 Issues)....1.90
3244
Anadarko.
Okla
Aransas Co. 8. D. No. 3, Texas..3#
3545 Ashland Public School Corp., Ky_3?*
3242
Attleboro, Mass....
1
Auburn, N. Y. (2 issues)
3%
165,000
Bandera
Control
3395
3550
Impt. Dist. No. 1, Texas......4
Barbourvllle, Ky
4
Barron County, Wis
1?*
3543
Bates vllle, Ark
3396
Batesville, Miss
i-.
1941-1950
1950
rll.OOO
£57,000
200,000
260,000
rll.OOO
*
..
........
1943-1963
95,000
rl50,000
7,000
35,000
75,000
Bedford, N. Y
1.40
1941-1944
60,000
3543
Berkley, Calif
1-1?*
1941-1945
2919
Beverly, Mass
1
1941-1950
3549
Bennett County, S. Dak...
4?*
3544
Blcknell, Ind
1955
1951-1954
1941-1950
1945-1951
125,000
130,000
rl36,000
.
7,500
109,000
91,000
rl33,000
5,500
200,000
140,968
10,000
r2,500,000
.3?*
Y
1
1%
3400 Bradley Co., Tenn. (2 issues)-.2?*-3
3700 Braman 8. D., Okla. (2 Issues)
3
2919 Brockton, Mass
?*
3086 Boone County, Iowa
3089 Brookhaven, N. Y. (2 Issues)
3091
3397
Brownsville 8. D., Pa
Buffalo, N. Y
3399
3085
3546
3545
3245
3549
3090
3086
3090
0.75
2H
2?*
1941-1945
1940-1944
1942-1953
1941-1950
Municipal Housing Au¬
thority, N. Y.....
-2-25*
1940-1959
Burnet County Water Control &
Impt. Dist. No. 1, Texas.
5
1941-1965
Burnslde, Pa...
—4?f
1970
California (State of)
.......-.2^
1957
Camden & Laclede Counties S. D.
No. 2, Mo
.....
3H
1946-1959
Campbellsvllle, Ky
4
1940-1958
Camp County, Texas.......
2X
Camp County, Texas.......2^-3>4
—Campbell, Ohio (2 issues)
2?*
1941-1950
Camp Point, 111. (2 Issues)
Canton, N. C
3
1.1941-1960
......
100.15
100.35
3086
3238 Chilton County, Ala
—...
100
100,80
8,500
100.04
100.80
100.01
100
100.38
3396 Clarkson, Neb-................3?*
3087
Cokato, Minn.
2?*
Columbia Falls H. 8. D., Mont„2?*
3085 Contra Costa County, Calif
2%
1941-1960
3242
3696 Corydon, Ind..~-.-..
......
3091
Crockett Co. 8. D. 1, Texas
3548
Crooks vllle, Ohio
3397
Dansville, N. Y
3
3
2X
3548
Danville 8. D;, Ohio
3?*
3240 Davenport,
Iowa
..2
.
2X
3
David City, Neb
3088 Dawson,
Neb
3090 Dayton, Ohio.
2
...
1941-1960
1945-1968
1951-1953
1950-1953
1941-1953
1941-1965
3547
Decatur, Neb
3241
3%
1941-1952
Douglas County, Wis
...3
1941-1950
Dubuque, Iowa
1
1941-1943
DuPage Co. 8. D. 41, 111
1U
1952-1955
Duluth, Minn
1.30 1942-1950
Dunkirk, N. Y
1.95 1941-1949
Dunlevy, Pa
ZX
1941-1952
Duval Co. Spec. Tax 8. D. 10,
Fla
r-4
1941-1968
East Chicago, Ind..
3X
1944-1949
East Lansdowne S. D., Pa
3
1941-1965
East Lansdowne S. D., Pa
3
1941-1955
3702
3086
3086
3087
3243
3091
3085
3696
3549
3549
3246
3090
Detroit. Mich
Eastman, Wis
Edmore, N. Dak.X.
1941-1951
-
2?*
3397
Elizabeth, N.JL
2921
N.
3397
Wis
Elmira, N. Y
Ind
3544 Elwood,
-
-
3543
Estes Park San. Dist., Colo
3238
Eudora, Ark
EvansvlHe, Ind
3544 Evansvllle, 111. (2 Issues)
3091 Fayette Co. R.D.I, Texas
3549 Ferris 8. D., Texas
3394
1941-1945
—3
2
3?*
3
5
23*
1940-1959
1941-1950
1941-1959
1948-1957
1943-1960
1941-1944
1941-1960
2X
3X
1941-1945
3546 Fernwood Rural 8. D.. Miss...— 3?*
1941-1954
100.38
4?*
65,000
58,000
r190,000
80,000
11,400
100.19
100.40
60,000
100.33
2.44
Homestead Twp.S.D. 7, Mich...3)*
3545 Hopkinsville, Texas (2 Issues)
2X
3240 Humeston S. D., Iowa
3
1941-1945
12,000
100.55
3.09
1941-1970
650,000
104.06
3.22
5,000
100.30
3549
1941-1957
20,000
3396
Huntington, Texas.
Housing
\X
3092 Huntington
Va
Authority,
2X-2H
100
4.50
3400 Jarrett, Va....
2921 Johnson City, N.Y. (2 Issues)
3550 Kemmerer, Wyo..
i
396,000
1944-1960
1944-1952
1945-1960
3240
2.15
u
1940-1959 .
3086 Indianapolis School City, Ind
1?*
3549 Inola S. D., Okla..
i........
..
rl89,000
8,900
16,000
0.70
1941-1944
4
1942-1965
28,000
250,000
2-2 X
1941-1960
101.43
1.64
......
....
£r167,000
100.04
100
4.00
Kentucky State Board of Health,
1
.3
...
I
50,000
-
__2
1941-1952
3
1941-1949
4,536
3092 Lancaster 8. D., Texas
3?*
r5,400
Larchmont, N. Y
2X
1948-1953
1941-1945
8,000
100.25
1?*
1941-1950
£170,000
100.30
1.46
2X
1942-1953
75,000
22,000
03,000
100.55
2.42
3547
1.03
3545 Lamed, Kan
3090
1.50
Laurlnburg, N. C. (3 Issues).....3
County, Miss
4
Lawrence County, S. D., Miss
4
3548 Lebanon, Ohio....—..-.
3086 Lloti, Kan...
...4
r45,000
1941-1964
3390 Lawrence
1.78
101.50
....
2.40
3.50
1.33
1.09
0.93
4.17
3.20
0.93
....
—-
0.68
0.74
2.56
2.72
100,20
2.98
r34,000
........
3241
....
rl68,000
1942-1958
1941-1950
£135,000
5,000
101.44
103
2919
Lexington, Mass
1
1940-1950
50,000
100.47
3240
Limestone, Me.................3
1-10years
60,000
3242
Lincoln 8. D., Neb...
2?*
1941-1975
£r520,000
3244 Lincoln Co. 8. D. No. 3, Okla_2?*-2?*
3085 Little Rock, Ark. (3 Issues)......2
1943-1950
1944
8,000
130,000
3245
Livingston, Tenn
1959
6
Livingston Twp., N. J
2J*
2981 Long Branch Housing Authority,
"
3092 Los Angeles
'
100
2.25
102.50
55,000
1.35
100.31
2.19
•*,?
t
1940-1959
1952-1954
4X
3085 Los Angeles County Water Works
District No. 21, Calif
6
3.57
J
2?*-3.20
3543 Los Angeles County, Calif
2.73
5,000
1942-1951
3242
100,000
,
5,000
100
2.45
100.34
4.47
.
33,000
—
,
Heights S. D., Tex
1941-1970
65,000
60,000
———
3544 McLeansboroTwp. 8. D. 58, IU..3H
100
6.00
v
......
....
......
....
1947-1952
23,000
1962
£81,380
Bridge Authority, Me————4
3545 Maiden, Mass
2?*
3398 Maiverne, N. Y
1.90
1969
1941-1950
1,769,000
....
2.26
1941-1944
6,100
100.01
1?*
1941-1960
200,000
100.27
........
3550 Markham S. D„ Texas.........
-
....
....
2.35
3547 Maywood, N. J
5.20
3550 Megargel 8. D., Texas
100.17
100.90
2.98
2.33
100.28
4.50
4.10
3.47
100.015
100
3.50
3243
3702
3396
3243
3550
2924
—
r33,000
25,000
1941-1950
25,000
0,000
7,500
388,000
10 years
1941-1954
25,090
Monroe, Iowa
2
r28,000
Monore Co., N.Y. (2 Issues)
1.75
560,000
Monroe 8. D„ Ga
—2?*
28,000
Mont Belvieu S. D., Texas
..23*
V
80,000
Montana (State of)
4
v
259,000
Montgomery, N. Y
2
1941-1943
3,000
Montgomery Co. 8. D. No. 2, Tex.3?*
1941-1948
1,500,000
Mount Hope Housing Authority, :
:
; ;
.v
W.Va—-—.—
1940-1969
302,000
Mount Vernon, N.Y. (3 Issues).-.3
1941-1950
415,000
Muncie, Ind
2?*
1949
rl9,000
Newark, N. J. (6 issues)
3
1941-1960
1,350,000
New Albion 8. D. No. 1, N.Y
2.40 1940-1949
30,000
New Boston, Ohio (2 Issues)
2?*
1941-1950
37,200
New Britain, Conn. (2 Issues)
2?*
1941-1964
330,000
Newport 8. D., Pa.
4
1941-1950
40,000
New Mexico Normal Univ., N. M.4
1942-1969
£85,000
Newport, Ky
3?*
1942-1951
100,000
Newton, Mass.
2
50,000
Nome 8. D., Texas
35,000
Norlina, N. C—
5?*
1941-1945
5,000
Northampton, Mass
2?* 1941-1960
26,000
North Bergen Twp. Housing Auth,
ority.N. J—..—.
2?*
1940-1954
107,000
North Kings vllle, Ohio
..
1941-1945
6,250
Nyssa, Ore
1941-1948
7,497
Oakland Co., Mich....
3?*-4
1958
r386,000
Oakwood 8. D., Okla
1944-1951
16,000
Odessa Ind. S.D., Texas
l?*-2
10 years
126,000
Oklahoma <fc Logan Cos. 8. D.,
6, Okla
1X-2
1943-1952
20,000
Okmulgee 8. D., Okla
2?*
1945-1950
24,000
Olney Ind. 8. D., Texas
30,500
Oquawka, III
4
1944-1960
66,000
Orange, Va. (2 issues)
2?*
1941-1955
rllO.OOO
Orange Co. R. D. No. 1, Texas—3?*
1941-1960
50,000
Osborn, Ohio...—————
.
..
1942-1961
£20,000
Ottumwa, Iowa
—
5
16,283
Outagamie Co., Wis..
2
1941-1950
385,000
Paintsville, Ky
—
—-3?*
1941-1960
£120,000
Palestine, Texas
2?*
1941-1956
60,000
Pascagoula, Miss
—
—6
1942-1955
360,000
Patton Township, Pa
—4?*
1945-1970
45,000
Patrick Co., Va
6
1945
r5,000
Peebles, Ohio
3?*
1941-1964
50,000
Pittsburgh 8. D., Pa
2?*
1941-1965 1,500,000
Portland, Ore
6
1945
£114,338
Port of Camas-Washougal, Wash._2
.....
45,000
Portsmouth, Ohio
2?*
1948-1954
rl68,000
Portsmouth, Ohio
—---2
1941-1949
65,000
Portsmouth, Ohio
......
2
1941-1950
50,000
Potter Co., Texas
l?*-3
114,000
3545 Midland, Mich
3239
148,000
........
4
3239 Miami Housing Authority, Fla..3-3?*
3395
100
—
3242 Medicine Lake, Mont...........4
100.51
100
4.00
100.28
2.19
1H-IX
1941-1945
1 941-1952
1941-1950
.
1.89
1.62
......
....
....
100.12
3.18
100
100
100
4.00
4.0-
......
100,21
100.01
3.°
2<>
1,97
1.74
/
—
—....
....
—
100.03
100.10
1.98
3.22
100.50
100.07
100.12
100.81
99.30
104.43
2.19
2.98
2.37
2.61
2.33
3.10
100.01
100.07
3.24
1.99
100.07
100.79
6.73
2.39
—
..........
101.77
2.06
3398
3690
100.12
2.74
3242
3699
......
2.00
3394
1.64
3091
....
3397
3545
2.47
3.20
1.98
3697
3550
3090
3545
2921
100.40
101.07
2.94
1.91
100.002
3.24
3549
0.98
1.68
3549
1.29
1.95
3.44
3549
3090
3241
—
3245
150,000
107.02
3.40
r21,000
35,000
rl5,000
r35,000
7,000
22,600
100.04
100.26
100.26
100.28
3.49
2.97
3.97
1.70
3244
3394
3245
3092
3244
3544
3092
..
....
100
100.50
100.22
3395
2.51
3396
2.90
1.97
3549
3400
3244
98.75
100
101.56
3.12
5.00
2.31
3399
2923
3245
3244
100
2.50
100.20
3.72
—
—
-
3244
3244
3550
.
100
2.75
....
.....
-
3092
319,000
10,000
250,000
10,000
45,000
8,000
150,000
67,000
r23,500
r7,500
12,000
5.75
4.00
94.97
£125,000
2924
2-2?*
J
100
35,000
Lake Crystal, Minn...
Elizabeth Housing Authority,
3400 Ellsworth,
27,764
40,000
....3
1942-1964
1941-1950
3090
No. 9, Minn.................2
3088
r275,999
1943-1960
Ketchikan, Alaska
3241 Cottonwood County Cons. S. D.
3240 Cresco, Iowa
1941-1960
3086 Marengo, Iowa.................25*
102.86
100.58
100.26
100.61
100.19
2X
1.94
40,000
3088 Manchester, N. H
..
106.70
30,000
25,000
70,000
12,000
65,000
25,000
r21,500
165,000
18,000
r7,997,000
200,000
1942-1960
1941-1959
4,000
r91,000
1-5
3395 Maine-New Hampshire Interstate
1941-1955
1941-1950
1944-1953
100.30
150,000
3092 Henrico Co. San. Dist. No. 5, Va.2.20
3397 Hightstown, N. J
2X
3085
2.47
100
100
100.68
IX
3X
4.00
4?*-5
5?*
N.J
100.19
100.02
101.29
100.16
1%
Chase Co. 8. D. No. 41, Kan
Christian Co. Pub. Sch. Corp., Ky3?*
3245 Chester County, Tenn
3859
1941-1965
"
1941-1950
3397 Las Vegas, N. M. (4 Issues)
101.06
100
102
100
.ii—100.16
100.04
100.37
100.50
100.51
100.37
101.19
100.54
100,000
11,000
Charleston Co. 8. D. No. 20, 8. C.3X
15,000
3544 LaSalle-Peru Twp. H. 8. D. No.
1942-1960
1941-1951
3549
-
T63
100
£5,000
3X
3241
-
1942-1960
1945-1950
CasJs County, Minn
Chandler 8. D., Okla
4?*
3701
3241
1941-1950
1941-1964
1941-1951
100.50
3244 Lakeview, Ore...
..
2H
5/„.
3091
14,000
19,000
r22,000
r64,000
3.24
10,000
10-20 yrs.
3549 McNairy County, Tenn. (2 lss.)..4
£45,000
£5,500
30,000
100.008
,
rl3S,000
1942-1949
3550 Lufkin, Texas......—.........
1,666,000
2.73
yrs.
111
1.90
32,813
47,000
20,000
235,000
4,000
41,000
20,000
200,000
30,000
r30,000
£145,000
88,000
22,500
55,000
100,000
20,000
3,000
Canton, Ohio (2 issues)
Carrollton Ind. 8. D., Texas
3548
Harrisburg,
3088 Hay Springs 8. D. 3, Neb
3549 Hempstead, Texas
2.23
100
2921 Buffalo
3400
Hancock Co., Miss....
2.69
100
1941-1948
3
3242 Hardin, Mont
3239
1.96
100
2
Ky....
£39,000
1941-1965
1941-1943
1944-1950
1940-1964
1942-1954
3547
3089 Binghamton, N.
3396
&
3?*
3399 Beaver, Pa
1941-1945
1940-1959
Guadalupe Co. R.D. 1, Texas
,
100.01
518,000
1-1?*
120, HI
3091
Water
800,000
Basis
Price
45,000
1H
1.10
3245 Avoca Ind. 8. D., Texas
Co.
1941-1950
..
3400
3086
Amount
25,000
Maturity
Iowa
Grand Island, Neb
1.70
215,000
125,000
3245
105 W. Adam* St.
Basis
Price
150,000
2X
Flora, Miss
3399
Illinois & Missouri Bonds
Amount
1950
*LlatheadCo.S.D.6,Mont
Specialists in
Maturity
1941-1950
....1?*
-
^
100.19
100
100
100
.. —
1.85
2.75
.—_
....
101.04
100.50
.....
105.22
100.11
100.58
....
1.03
3.24
2.43
..—
100.78
100.35
100.11
100.67
114.55
100.27
100.60
100.48
100.02
4.19
4.54
3.23
2.69
2.80
2.43
1.91
1.99
The Commercial & Financial Chronicle
3856
Rale
Name
Page
Supervisors
Miss—4
3399 Putnam City Con. S. D. 1, Okla-_2-3
3088 Rah way, N. J
2K
3397 Raton Municipal S.D. 11, N.M—2K
Maturity
Amount
3546 Prentiss County Third
1K-1 K
1941-1950
Rocky Hill, Conn.
2K
3396 Roosevelt Co. S.D. No. 17, Mont.3K
3394
3544 RossvlUe, III
3700
St. Bernard, Ohio
3088
St. Edward, Neb
3544 St. Joseph, 111.
3544 St. Joseph, 111
3244 Sandusky, Ohio
3091 St. Philips Sc St. Michaels
Service District, S. C
2K
Public
—-
;
1941-1965
...3
3244 Schlegel S. D., Okla............
3092 Schofleld, Wis. (2 Issues)
2K
3092 Schofleld, Wis. (2 issues)
r_4
3092 Shamrock, Texas
4K
3545 Scott Co. S. D. No. 24, Minn
2K
3399
,
—
3-5
1941-1955
2K
1941-1950
3
1952-1956
4
"
4
...
3085 Sacramento Co., Calif
2K
Scioto County, Ohio
1941-1960
1943-1970
1941-1951
1942-1955
1941-1947
IK
IK
3649 Sewlckley, Pa
3543
3550
Sheridan, Ark..
Sheridan Co. S.D. No. 7, Wyo..3 K
South Carolina (State of)
3547 South River, N.J.
IK
2K
2K
3K
2
3091
Springfield Twp. S. D„ Pa
3400 Stanely County, S. Dak
3091
3649
Stark County, Ohio
....
2.73
ment last October.
2.39
100
2.25
until more complete briefs were filed.
withdrawn at Gov. Bailey's request.
100.63
90.25
101.88
100.53
101.12
100.18
2*38
100.26
2.46
100.06
2.48
44,000
105,000
72,000
3,250
70,000
2,000,000
20,000
80,000
rl20,000
392,500
20,000
1951-1955
1941-1952
1951-1965
1942-1948
1941-1945
1941-1960
1941-1950
1941-1950
3245 Star Ind. S. D., Texas..
V 3.25
...
2.33
....
...
3.98
.
...
100
100.26
3.12
100.43
2.59
100.31
1.72
100
3.50
100.27
100
1.95
1.44
Still well, Okla
4
1943-1949
7,000
4
8,000
100
100
4.00
2K
1941-1950
1941-1945
10,000
Swan Lake
2K
1941-1950
75,000
100
2.25
3400 Texas (State of)
3087 Thief River Falls, Minn
3244 Toledo, Ohio
3239 Tulare County, Calif
3396 Tunica County, Miss
Union County, N. J
Union Twp. S. D.( N. J
Valley Stream, N. Y
3242 Ventnor City, N. J
3242
3547
4
2
3089
2918
4
Vermilion S. D., Ohio
IK
Vincennes Housing Auth., Ind.-2K-3
3549
Vlnita, Okla
3090
1K-2K
3549
Vinlta, Okla
3088
20-30
12-30
yrs.
1943-1953
1942-1946
1941-1946
1941-1945
1941-1959
1941-1980
1941-1959
77,000
1941-1960 r2,389,000
1941-1946
11,500
1940-1959
1943-1963
Wabasha & Olmstead Cos. S. D.
2
No. 57, Minn
3092
2.50
100.60
100.37
1.93
3.20
100.53
1.94
100
4.00
1.42
1.97
drl7,000
1941-1951
1941-1950
394,000
25,000
1941-1955
100.35
1.39
100.14
2.92
100
2.00
100.59
1.74
100
4.00
100.08
100.73
1.47
$2,293,415 less than last year.
The reduction will be accomplished
a new formula for relief distribution.
This will reduce the funds
some municipalities, which now have lower relief costs, while
increasing State assistance to others having higher costs.
The State Financial Assistance Commission, the present relief disbursing
agency, would be abolished.
This five-man Commission would be replaced
by a single director appointed for a five-year term at a salary of $7,500 a
year. This director would take over the duties of Arthur Mudd, who is now
employed by the Commission as the State's Relief Director.
Under the new relief plan, 212 New Jersey municipalities which now
100.13
100.33
1.90
2.34
1.73
will receive
1.10
no
State assistance for relief this year.
Payments by the State to other municipalities having higher relief costs
will vary from 25 to 70% of the relief leads of these localities.
The extent of the change impending under the plan is shown by some
of the gains and losses the larger cities will receive in State assistance to meet
local relief costs. Newark will receive the largest cut, $598,131, and Jersey
City the largest increase, $142,724.
r372,000
100
3.00
Bayonne, $207,372, and Trenton, $345,416.
1946-1955
r920,000
100
3.50
Montclair
will receive increases.
3K
1956-1969drl,858,000
1941-1960
130,000
100
3.75
cipalities,
while 207
3
100.99
2.87
more
Wlnnsboro, Texas
4K
1944-1955
4.25
Wlnnsboro, Texas
4K
100
100
3400
1945-1953
10,000
3544 Winter Park, Fla. (3 Issues)—3K-4
1942-1953
r303,000
3241
1941-1945
1944-1959
50,000
80,000
1943-1948
100.08
6,000
Woburn, Mass
3549 Woodward, Okla-—
3549 Woodward, Okla
IK
------
--
0.50
-
3550
Yakima Co. S.D. No. 49,
2922
-
ority, N.Y
2-2 K
1940-1959
2
1942-1955
3088 York, Mlnn__
Youngstown
Metropolitan
100
534,000
35,000
100
lng Authority, Ohio
2.58
-
1940-1959
489.000
100.02
2.49
2K
1942-1959
<Z24,000
101.11
2.10
$50,046,353
k Not Including $157,654,408
temporary
funds obtained by States and municipalities from agencies of the Federal
Government,
r
Refunding bonds.
We have also learned of the following additional
sales for
previous months:
Page
Name
Rate
Rawson, Ohio
3
3090 Vermilion, Ohio
Maturity
1941-1960
2K
Amount
Price
10,000 ' 101.18
34,000
others,
substantially include Camden,
$306,385;
Elizabeth, East Orange and
Reductions will be made in
most of them
108 muni¬
smaller communities,will
get
relief funds from the State.
The Senate also passed 11 other
which are included in the general
departments.
The sponsors hope it
will give the State a surplus of $4,000,000 by the end of the current fiscal
2-2K
covering 328 separate Issues)
or
lose
2.75
Total bond sales for May (272 municipalities,
Subject to call prior to maturity,
will
needs and allocate funds to various State
Hou-
324i;Zeeland, Mich..
which
2.86
—
15,000
cities
3.67
1.12
C 4.25
100.66
100.38C
Other
bills already adopted by the Assembly,
finance program.
The program in its
entirety is aimed to wipe out an impending $4,000,000 deficit in the general
State fund, provide for relief bills left unpaid last year, meet current relief
Yonkers Municipal Housing Auth¬
Wash—2K
Republican committee
or
1941-1945
r18,000
a
available for
1941-1950
3400
3090
This key bill, one of a series formulated by
headed by State Senator Charles E. Loiseaux, of Union County, is expected
to reduce the State's share of relief costs for the current year to $11,565,342,
3K
2.40
IK
3394 Windsor Locks Conn
A
relief.
3
Whitehall, N. Y. (2 Issues)
Wichita, Kan
Wichita Falls, Texas
Wichita Falls, Texas
3092 Wichita Falls, Texas
loans
Jersey—Bills to Balance 1940 Budget Passed—The
Legislature completed on June 11
adoption
of a
Republican-sponsored finance program designed to balance
the State budget for 1940.
The most important measure in
the program will cut relief costs in 1940 by more than 15%
and provide a new system for administering and distributing
40,000
53,600
r99,900
3092
2922
New
State
have low relief costs
r60,000
1941-1960
1941-1950
ones
through
420,000
1945-1951
Sriate for study of State government in interest of economyby Gov. Sam. H.
$100,000 for expenses of a committee to be named and efficiency.
i
2.65
101
100.20
100.16
_
r42,000
1941-1960
4
Westchester Co., N.Y. (4 Issues)-IK
3240 Westfleld, Mass
IK
3550 West Point, Va
3
3091 West WhitelandTwp. 8. D.,Pa—2
3548
8,000
■■
3398
3395
49,000
32,000
1943-1958
1942-1959
2
3549 Wampum S. D., Pa
3549 Wasco, Ore
44,595
55,600
130,000
24,500
'15,000
35,000
95,000
310.000
yrs.
The house ways and m'eans~committee has rejected a bilMbacked^by
municipal officers for transfer of a part of one cent of gasoline tax now
assigned police juries and used largely for public welfare.
The Legislature is expected to approve an administration bill to appro-
1.46
1.73
Sunflower, Miss...
3K-3K
-3K-4
2
2K
3K
IK
2
^
*"
100.50
100.12
3549
3400 Texas (State of)
Louisiana—Highway Financing Plan Under Consideration
Committee on Public Roads and Highways has
approved an administration bill to authorize $10,000,000
highway bond issue payable out of four-cent gasoline tax
from which 3% deduction for evaporation and loss in handl¬
ing would be withdrawn, and one cent now given public
welfare would be credited to the highway fund.
Administra¬
tion leaders in House and Senate expect to draft an omnibus
highway bill to set up the new program.
—House
....
....
3241
3550 Taylor County, Ohio
and principal at
100
......
constitutionality of Act itself was reserved
Such litigation, however, has been
on
the State until 1943-44, when
1.63
2.32
100
Decision
Principal and interest schedules set up by Act 11 of 1934 can be met by
$11,465,506, including interest at $5,562,431
$5,903,074, will be payable.
Since adoption of this Act,
principal payments have been limited to bond reitrement on tenders, by
which State Refunding Board has used cash of $18,029,030 to purchase
obligations of $21,695,5X9 for discount of $3,666,489.
i
100.06
101.71
3089
F. D., N. Y
1940.
Arkansas Supreme Court ruled that emergency clause was illegally
voted and thus removed possibility of completing the proposed debt adjust¬
33,000
3399 Seaman, Ohio (2 Issues)
3240 Sioux City, Iowa
3.87
25,000
1941-1960
Rockford, Mich..
Basle
|r50,000
3K
3550 Riverton, Wyo
3087
Price
r63,000
40,000
149,000
45,000
r47,000
20,000
60,000
rl8,540
14,000
100,000
20,000
rlO.OOO
11,000
26,000
160,000
7,000
20,000
485,000
1941-1960
1942-1950
June 15, 1940
of last Oct. 1 to refund outstanding securities not callable until April 1,
101.34
100
101.15
V
1945-1959
75,000
Dist., Road Dlst No. 1,
as
Basis
2.86
100.14
All of the above sales
New York, N, Y.—Real Estate Tax Valuations Cut by
$87,431,461—The final assessed valuations of taxable real
estate in New York City for the fiscal year beginning July 1,
as announced on June 10 by the Tax Commission, is $16,553,401,478, a decrease of $87,431,461 below the valuation
for the current fiscal year.
The figures indicate that the
basic tax rate for the fiscal year 1940-41 may be $2.79 for
each $100 of assessed valuation, compared with the current
basic rate of $2.82.
The decrease would be caused by the
fact that the budget for the next fiscal year will be $6,461,005
less than the current budget.
^
The tentative calculation of the new tax rate, however, is made on the
basis of Comptroller Joseph D. McGoldrick's preliminary estimate of the
of the general fund during the next fiscal year, as published last
(unles$ otherwise indicated) are for
April.
These additional April issues will make the total
sales (Hot including termporary or RFC and PWA loans)
for that month $75,811,615.
The following items included in our totals for the previous
month should be eliminated from the same.
We give the
page number of the issue of our paper in which reasons for
revenues
these eliminations may
ordinary real
companies.
be found.
Page
Name
Rate
Maturity
3549 Toledo, Ohio (January)-———
-
DEBENTURES
Page
SOLD
BY
CANADIAN
Name
Rate
3400
Amos, Que
3400 Brantford, Ont
_4K
3
3246
Canada (Dominion
3400
Canada (Dominion of)
Canada (Dominion of)
Canada (Dominion of)
Cheeley, Ont.
2
3500
3092
of)
—
Price
300,000
——
Amount
7,600
100,000
*40,000,000
One year*250,000,000
*75,000,000
3 months
1945 r65,000,000
3K
3400
Farnham, Que..
3400 Forest Hill, Ont
3400 Fort William, Ont
3400 HamUton, Ont
1941-1945
6,500
1-25 yrs.
4
Basis
MUNICIPALITIES IN MAY
Maturity
1956-1957
1941-1950
1
3400
Amount
60,600
Price
100
Basis
3.00
99.37
101.18
98.02
101.27
101.68
2.13
3.07
4.20
52,972
1941-1965
1941-1949
61,589
9,000
100.25
2.95
1951
r3,298,000
98.21
3.70
1941-1970
45,000
98.50
Ridgetown, Ont
4
1960
80,000
Sudbury, Ont
3
1941-1950
116,878
Total long-term Canadian debentures sold In
May— $68,833,139
105.56
5.14
3.40
3.33
3
3K
5
3400
-
3246
*
98.35
Temporary loan; not Included In total for month.
News Items
Arkansas—Voters to Pass
Debt
Refunding Program—
authorize refunding of $140,-
on
Act of 1939 special session to
000,000 highway debt will be submitted at November gen¬
eral election along with 14 other
proposals, according to a
dispatch from Little Rock to the "Wall Street Journar
of June 12.
targets of Gov. Carl E. Bailey's plan
State board to negotiate interest rate
on
The action must be taken before June 25.
The final assessed valuation published
10th
by the Tax Commission
on
the
$126,260,807 less than the figure published on Feb. 1 as the ten¬
tative assessed valuation.
The final figure includes $688,187,035 in special
franchises—assessment to be levied against property extending above or
beneath the streets.
It includes assessments of $14,417,162,863 against
was
and
estate
$1,468,051,580 against the property
of utility
'-■■■ ■:
:
Wikiam
Stanley Miller, President of the Tax Commission, said in a
report accompanying the table of assessed valuations that the property
embraced in the limits of LaGuardia Field, North Beach, Queens, would
be placed on the exempt list with other
at
$35,100,000.
municipal holdings.
It is valued
?3"
Mr. Miller said, however, that the properties of the Brooklyn-Manhattan
Transit Corp., which the city acquired on June 1, and those of the Inter-
borough Rapid Transit Co., which it will acquire tomorrow, will remain on
of taxable property until next year.
"This is due primarily to the fact," Mr. Miller explained, "that the as¬
sessed valuations for 1940-41 were made final on May 25.
Legal title to
these companies had not vested in the City of New York for that date.
This matter will be adjusted when the proper time comes."
The total assessed valuation of the real property holdings of the transit
companies subject to taxation is approximately $145,000,000.
...
3.35
3.81
1945-1960
4
—
troller's final estimate.
the list
——
3K
3246 Nova Scotia (Prov.
of)
3400 Red Deer, Alta
February.
The rate will vary as his final figure, to be published in a few
days, varies from the preliminary figure.
The City Council will set the tax rate after it has received the Comp¬
were sections to allow a
refunding bonds and to issue bonds
New York, N.Y.—Comptroller Reports on Savings Made
Through Transit Purchases—Comptroller Joseph D. McGoldrick revealed to the Board of Estimate on June 12 that he
had
made
$7,314,678 in the cost of transit
Comptroller made his disclosure in a
printed message sent to the members of the Board after the
ceremonies in which the city completed unification by taking
unification.
a
saving of
The
title to the I. R. T. system.
By a "prudent exercise" of his fiscal powers, in the purchase of securities
of the private lines in the market at prices "materially less" than those
called for in the two plans, the Comptroller stated that he had effected a
of the reduction in cost
I. R. T.-Manhattan securities alone. The remainder
was brought about by a saving of $1,751,702 in the
purchase of B.-M. T.
bonds and preferred stock in the market
saving of $4,974,332
with the
signing of
additional securities
on
a
together
contract with a bondholders' committee to purchase
which the city saved $588,644, Mr. McGoldrick
on
In the message, which detailed financial aspects of unification, the Comp¬
troller informed the Board that although the city was authorized to issue
$315,000,000 of unification bonds, at the present time only $253,500,000
Volume
The Commercial & Financial Chronicle
ISO
"will be issued to the
public and $51,500,000 will be issued to the sinking
funds to redeem a similar amount of bond anticipation notes already issued.
Of the necessity of the city's purchasing- the securities of the private
lines, Mr. McGoldrick said:
"In the I. R. T.-Manhattan situation it was warranted by three com¬
pelling factors. First, the outbreak of war in Europe brought securities to
the point where they were available at prices sufficiently attractive to
produce a considerable saving to the city.
Furthermore, a stimulus was
essential to bring the securities subjected to the plan to percentages large
enough for declaring the plan operative. Lastly, many security holders who
had deposited their holdings were anxious to expedite the exchange of
company bonds for city bonds they were to receive under unification.
To
meet
these circumstances, we invited tenders of the so-called 'senior'
securities of these lines.
v.:'--;
■/;
••
"In the B.-M. T picture, we pursued the tender procedure when deposits
of securities of the private lines in consent to the plan appeared to be falling
short of the percentages required to put the plan into effect.
Unless ad¬
ditional determined efforts had been made by the city to subject
securities
to
the
plan
our
efforts
of
many
months'
sufficient
negotiation and the
Sublic's hope of many years might collapse of to naught. As for those who
have come the plan would have meant
ad deposited their securities,
a
substantial
loss.
Consequently this Board authorized the invitation
of
tenders from holders of the various classes of B.-M. T. securities, but not
of the B. & Q. T. companies."
Up to June 12, the city purchased I. R. T. and Manhattan Ry. securities
having a total unification plan value of $34,859,262 for an outlay of $30,975,240, Mr. McGoldrick revealed.
Purchases of B.-M. T. securities
brought about a saving of $1,751,702 in unification cost, while in addition
the city was calculated to have saved $588,644 through entry into a contract
with
a
bondholders' committee.
than one rate for
Pi?
States—Secretary Morgenthau Suggests Tax Levy
Security Issues—Appearing at the first of
three scheduled hearings on June 12 before the Senate
Finance Committee, Secretary of the Treasury Morgenthau
issued a supplemental statement dealing with the matter of
tax-exempt securities. He asked that Congress leave to the
Treasury the discretion to make the national defense notes,
authorized by the new Defense Finance Bill, subject to
Future Public
cost
Cities Show Drop for
Year in Bonded Debt—Total gross
bonded debt of American cities of
more than 30,000 popula¬
tion, excluding New York, decreased $88,000,000 during the
last year, the National Municipal League announced on
June 12.
A survey of the debts of 272 of the largest cities
in the country reveals that there has been a downward trend
in municipal debt since 1936.
Total 1940 debt for the 310
largest cities is estimated at $8,500,000,000.
Cities with the lowest per capita net debt, including school and excluding
utility debt, which usually is self-supporting, of the 272 surveyed are Mil¬
waukee, Wis., San Francisco, Calif., and St. Louis, Mo., in Group I
(population over 500,000); Seattle, Wash., Portland, Ore., and Indianapo¬
lis, Ind., in Group II (population between 300,000 and 500,000); Spokane,
Wash., Fort Wayne, Ind., and Tacoma, Wash., in Group III (population
between 100,000 and 300,000); Saginaw and Lansing, Mich., and Wheeling,
W. Va., in Group IV (population 50,000 to 100,000); and Danville, HI.,
Arlington, Mass., and Bay City, Mich., in Group V (population 30,000 to
50,000).
Cities with the highest debt are: Group I, Buffalo, N. Y., Detroit, Mich.,
and Philadelphia; Group II, Newark and Jersey City, N. J., and Rochester,
N. Y.; Group III, Yonkers, N. Y., Camden, N. J., and Knoxville, Tenn.;
Group IV, Atlantic City, N. J., Ashville, N. C., New Rochelle, N. Y.;
Group V, White Plains, N. Y., and Perth Amboy, and Kearney, N. J.
Rosina Mohaupt of the Detroit Bureau of Governmental Research,
author of the survey, warns that "it is dangerous to conclude that a city
with a low per capita debt is more efficiently and economically managed
than one with a higher debt burden.
Sometimes economy is enforced by
legal and economic restrictions over which the local officers have no control.
Sometimes high debt is incurred to provide facilities which, it is hoped, will
attract a larger population with a lower per capita debt burden resulting
in the future.
The age, the topography, the tradition of 'essential services,'
and many other factors have so much effect that comparison between cities
are not only invidious but dangerous."
•
Miss Mohaupt lists three reasons for the decline in municipal debt;
decline in the rate of growth of large cities, with consequent reduced need
for large capital improvements; the Federal public works program; and the
recent stress on economy budgets, in which expensive capital costs are post¬
Proposals and Negotiations
ALABAMA
Ala.—BOND SALE—The following bonds aggregating
$60,000, offered for sale at public auction on June 11—V. 150, p. 3694—
were awarded to a group composed of Brodnax & Co., Marx & Co., both
of Birmingham, the Merchants National Bank of Mobile, and Watkins,
Morrow & Co. of Birmingham, as 3 %b, paying a price of 97.25, a basis of
ANNISTON,
about 4.09%:
$35,000 refunding bonds.
Due on June 1 in 1941 to 1960.
25,000 refunding school bonds.
Due on June 1 in 1941 to
£em.
The city will supply the printed bonds and the approving opinion of
r.
Purchase of which the bonds are in part being authorized, delivery
to be made in New York
action.
Enclose
HUNTSVILLE, Ala.—BOND OFFERING—U is stated by N. M. Payne,
City Clerk-Treasurer, that he will receive sealed bids until 7:30 p. m. on
June 20 for the purchase of an issue of $1,750,000 electric system revenue
anticipation bonds.
Denom. $1,000.
Dated July 1, 1940.
Due on
July 1 as follows: $75,000 in 1943, $77,000 in 1944, $79,000 in 1945, $81,000
in 1946, $83,000 in 1947, $85,00 in 1948, $88,000 in
1949, $91,000 in
1950, $94,000 in 1951, $97,000 in 1952, $100,000 in 1953, $103,000 in 1954,
$107,000 in 1955, $110,000 in 1956, $114,000 in 1957, $118,000 in 1958,
$122,000 in 1959 and $126,000 in 1960.
Bonds maturing on and after
July 1, 1951, are to be optional for redemption in inverse numerical order
on any interest payment date on or after July 1, 1945, at par and accrued
interest and a premium of 4% if redeemed on or before July 1, 1948, 3%
if redeemed thereafter and on or before July 1, 1951, 2% if redeemed there¬
after and on or before July 1, 1954, 1% if redeemed thereafter and on or
before July 1, 1957, and without premium if redeemed thereafter prior to
maturity.
Bidders
of 1%,
are requested to name a rate or rates of interest in fiiultiple
but not mqre than two rates shall be specified and there shall be
City
certified
a
on
the day fixed for the closing of such trans¬
for 3% of the amount of the bonds,
check
payable to the City Clerk-Treasurer.
MOBILE, Ala.—BOND OFFERING—Proposals will be received by
Mayor Cecil F. Bates until 11 a. m. on June 17 for the private sale of the
following 3% semi-annual refunding revenue bonds, aggregating $1,093,000:
$421,000 Alabama State Docks port facilities, 1940 bonds.
Due Feb. 1.
as follows: $12,000 in 1941 and 1942, $13,000 in 1943, $17,000 in
1944, $18,000 in 1945 to 1947, $19,000 in 1948, $21,000 in 1949
and 1950, $22,000 in 1951 and 1952, $23,000 in 1953, $24,000 in
1954 to 1956, $28,000 in 1957 to 1959, and $29,000 in 1960.
Int.
payable Feb. 1 and Aug. 1.
Issued for the purpose of refund¬
ing a like amount of "Mobile Port Facilities Revenue Antici¬
pation Bonds, 1938," which latter bonds were issued for the
purpose of financing the construction and equipment of a dock,
transit shed, pier, slip and facilities and equipment incident
thereto.
■,
472,000 Mobile State Docks cold storage, 1939 bonds.
Due Dec. 1 as
follows: $13,000 in 1940, $14,000 in 1941, $15,000 in 1942, $20,000
in 1943 to 1946, $22,000 in 1947 and 1948, $24,000 in 1949, $25,000
in 1950 and 1951, $26,000 in 1952 and 1953, $27,000 in 1954,
$28,000 in 1955, $30,000 in 1956, $31,000 in 1957, and $32,000 in
\ 1958
and 1959.
Interest payable June and Dec.
1.
Issued
for the purpose of refunding a like amount of "4% Dock and Cold
Storage Plant Revenue Bonds," which latter bonds were issued
for the purpose of financing the construction of a cold storage
plant, fruit shed, dock and incidental equipment and facilities.
200,000 Mobile State Docks extension bonds.
Due Dec. 1, as follows:
$6,000 in 1940, $7,000 in 1941 to 1944, $9,000 in 1945 to 1950,
$10,000 in 1951 and 1952, $11,000 in 1953, $12,000 in 1954 and
1955, $13,000 in 1956, $14,000 in 1957 and $15,000 in 1958 and
1959.
Interest payable June and Dec. 1.
Issued for the pur¬
pose of refunding a like amount of "City of Mobile, State Docks
Extension Revenue Bonds," which bonds were issued for the
purpose of financing the construction and equipment of a dock
and shed for the handling, storage, weighing and transshipping of
bulk fertilizer materials and bulk chemicals, together with incidental facilities.
-;:-y■'?
Denom. $1,000.
All of the bonds are subject to registration as to prin¬
cipal and are subject to prior redemption at a redemption premium of 7 %
for the first five years after the date of the bonds and a premium of 5% after
the first five years.
The bonds will not be sold for less than par and
accrued interest and no bid for less than that amount will be considered.
Principal and interest payable at the Irving Trust Co., New York.
All of
are to be payable as to both principal and interest from the rentals
paid to the city by the State of Alabama, acting by and through the De¬
partment of State Docks and Terminals, under the provisions of a lease
from the city to the State.
The rentals are payable from the first gross
revenues of each project or port terminal unit described above, and the
excess revenues of each project, after payment of the rentals on such project,
is also pledged for the payment of the rentals on the other projects.
(These bonds were originally offered for sale on June 10—V. 150, p. 3694—
but no acceptable bid was received.)
the bonds
ARIZONA
CHANDLER, Ariz.—BOND SALE—The $13,500 4% semi-ann. refund¬
ing bonds offered for sale on June 6—V. 150, p. 3394—were purchased by
Refsnes, Ely, Beck & Co. of Phoenix, at par.
No^other bid was received,
according to the Town Clerk.
i
j
ARKANSAS
MONTI CELLO
SCHOOL
DISTRICT
(P.
O.
Monticello),
Ark.—
semi-ann. building bonds offered for sale
May 30—V. 150, p. 3239—were purchased at par by local banks, accord¬
ing to the Secretary of the Board of School Directors.
Due $3,000 on
July 1 in 1948 to 1952 incl. :
^
BOND SALE—The $15 000 4%
on
PARAGOULD, Ark.—BOND ISSUANCE NOT CONTEMPLATED—
with the report given in these columns last December, that
Walton, Sullivan & Co. of Little Rock topurchase $50,000
city hall bonds was tentatively approved by the City Council, it is now
stated by the City Clerk that these bonds will not be issued as the city has
reached its legal limit of a 5-miIl bond tax.
,
In connection
a
contract with
SHERIDAN
Ark.—BOND SALE DETAILS—It is now reported
by the
City Recorder that the $3,250 fire equipment bonds sold to the Grant
County Bank of Sheridan, as noted here—V. 150, p. 3543—were purchased
as 5s at par, and mature on Sept. 1 as follows:
$1,500, 1943; $750, 1944, and
$500 in 1945 and 1946.
California
Municipals
BANKAMERICA COMPANY
Sail
52 Wall
Los Angeles
Francisco
New York Representative
|
St.%
Telephone WHitehall 3-3470
CALIFORNIA
CALIFORNIA, State of —WARRANTS SOLD—A $2,636,565.04 issue
of registered general fund warrants was offered for sale on June 10 and was
awarded to Kaiser & Co. of San Francisco, as 2^8, plus a premium of $4,118.
Dated as of June 13, 1940.
Due on or about May 28, 1941.
LOS
ANGELES
COUNTY
(P. O.
Los Angeles), Calif.—SCHOOL
BOND SALE—The $5,000 Llewellyn School District bonds offered for sale
June 11—V. 150, P. 3695—were awarded to Dean Witter & Co. of Los
Angeles as 3Ms, paying a premium of $21, equal to 100.42, a basis of about
on
3
1960.
city.
Chapman & Cutler of Chicago and all bids must be so conditioned.
The
purchase price of the bonds is to be paid simultaneously with the trans¬
fer to the city of the electric
system properties of the Alabama Power Co.
poned in favor of more pressing necessities.
Reasons for high debt in such cities as Miami and St. Petersburg, which
"would undoubtedly be the high cities of Groups III and V, respectively,"
had they returned their questionnaires, and in Atlantic City and White
Plains is that resort cities and rapidly growing suburban developments must
of necessity acquire higher debt.
Large bond Issues for relief are blamed
for the debt rise in New York and New Jersey cities.
Constitutional and legal limitations are given as the reason for the low
per capita debt of some cities.
.
><
Bond
the
to
trust company to be selected and
the city and the
He said he opposed any
,
The bonds will be awarded on
which results in the lowest in¬
Principal and interest (J-J) payable at a bank
mutually agreed upon in writing by
purchaser at the time of an award of the sale of the bonds,
and designated
by resolution of the City Council.
The bonds are issued for
the purpose of the
acquisition of an electric system for the city and con¬
structing improvements, betterments and extensions thereto, and are
payable solely from net revenues to be derived from the operation of the systerest
Federal taxes:
legislation to wipe out tax exemption for interest
on outstanding Federal securities, but added:
"The Treasury is infavor of a repeal of those statutes granting exemption
of interest on all future public security issues (Federal, State, municipal and
local), including obligations to be issued under this Act. However, even if
the tax exemption affecting future State, municipal and local issues is not
repealed at this time the Treasury wishes to reserve the discretion it now
enjoys under the Second Liberty Bond Act and make the notes to be issued
under this Act subject to Federal taxes."
'
There has been a question of the constitutionality of imposing a Federal
tax on bonds of the States and their municipalities.
This question would
not be settled until the Federal government had imposed such a tax after
which it would probably be argued in the Supreme Court.
In opposing such a tax in tne past various local officials and municipal
men have contended that the right to impose a Federal tax on future issues
would automatically give the Federal government the right to impose a
tax on outstanding tax exemp t bonds.
any one maturity.
the bid of par and accrued interest or better
or
United
on
3857
70%?
Dated Sept. 1, 1935.
Due on Sept. 1 in 1945 to 1953.
O. Los
by Jesse
Finance
Colorado
Trust &
Savings Association of San Francisco, at 107.50, and accrued interest.
This Drice representing a yield to the purchaser of approximately 3.58%
and a premium to the RFC of $1,506,600.
♦
.
'
The certificates will be exchangeable for bonds bearing interest at the
LOS ANGELES METROPOLITAN WATER DISTRICT (P.
Angeles), Calif.—CERTIFICATES SOLD BY RFC—It is stated
Federal Loan Administrator, that the Reconstruction
Corporation has sold $20,088,000 interim certificates covering
River Water Works bonds to the Bank of America National
Jones
,
^The"^m^are'par^of a
$208,500,000 loan authorized by the RFC to the
construction of an aqueduct for carrying water from
Arizona to Los Angeles and 12 other cities.
had previously sold $148,500,000 bonds of this issue.
district to finance the
the Colorado River in
The RFC
MONTEREY COUNTY (P. O. Salinas),
OFFERING—It is stated by C. F. Joy, County
m. on June 17, for the
sealed bids until 10 a.
<4rhnol District bonds.
Dated July 1,
1940.
Calif .—SCHOOL BOND
Clerk, that he will receive
purchase of $14,000 Hall
Interest rate is not to exceed 5%, payable J-J.
Denom. $1,000.
Due $1,000 July 1, 1941 to 1954.
The Commercial & Financial Chronicle
3858
Prin. and int. payable in lawful money at the County Treasury. The
bonds
■will be sold for cash and at not less than par and accrued interest to
date
of
Bidders will be permitted to bid different rates of interest for
delivery.
different
Enclose
maturities of the bonds.
certified
check for not less
than 10% of the par value of the bonds bid for, payable to the
Board of
a
Supervisors.
ORANGE COUNTY (P. O. Santa Ana). Calif.—SCIIOOL^BOM)
OFFERING—Sealed bids will be received until 11 a. m. on June
18, by
B. J. Smith, County Clerk, for the purchase of $25,000 Yorba Linda School
District bonds.
Interest rate is not to exceed 5%, payable
semi-annually.
Denom. $1,000.
Dated July 1, 1940.
Dated July 1, 1940.
Denom. 81,000.
Due July 1, as follows: $2,000 in
1942 and 1943, and $3,000 in 1944 to 1950.
Prin. and int. payable at the
County Treasurer's office.
The bonds will be sold for cash only, and at
not less than par and accrued interest.
The proceedings for the issuance
of the bonds will be submitted for approval to O'Melveny &
Myers of Los
Angeles, and the opinion of the attorneys will be furnished to the purchaser
without charge.
Enclose a certified check for not less than 3% of the par
value of the bonds bid for, payable to the County Treasurer.
SACRAMENTO, Calif.—BONDS OFFERED— Sealed bids were received
until 10 a. m. on June 14, by Joseph H. Stephens, City
Treasurer, for the
purchase of $133,000 not to exceed 4% semi-ann. municipal improvement,
Dated July 1, 1938.
1938 series A bonds.
Due on July 1 as follows:
$5,000 in 1941 to 1965, and $4,000 in 1966 and 1967.
SAN FRANCISCO
We
rates not exceeding 6% per annum, as shall be named
by the bidder.
Bidders for said bonds shall specify in their bids the interest rate or
rates
Interest on said bonds will be payable July 1 and Jan. 1,
Said
bonds will not be sold at a price less than the par value
or
desired.
thereof, together
interest, at the rate or rates named, on said bonds to date of
No alternative bids will be considered by the Board of Super¬
with accrued
delivery.
$5,000 in 1942, $8,000 in 1943. $10,000 in 1944, $12,000 in 1945 to 1950
and $11,000 in 1951.
Prin. and int. payable at the office of the City ClerkComptroller, or at the Chemical Bank & Trust Co., New York.
The cer¬
tificates shall be sold to the bidder making the most advantageous bid,
including the lowest interest cost to the city.
The certificates shall be pay¬
able solely from the net earnings of the water supply and distribution system
of the city and shall be subordinate in priority to the water revenue cer¬
tificates of the city of 1934 and 1938, now outstanding in the principal sum
of $136,000.
The proceeds from the sale of the certificates shall be used for
the purpose of constructing extensions, improvements and replacements to
the water supply and distribution system of the city, within the corporate
area of the city, and also for the purpose of extending the water supply and
distribution system into that certain unincorporated area known as West
Pensacola or Brownsville, lying immediately contiguous to the corporate
limits of the city.
The certificates will be validated by a decree of the
Circuit Court of the First Judical Circuit of Florida, in and for Escambia
County, and the approving opinion of Masslich & Mitchell of New York,
will be furnished the purchaser. , Delivery of the certificates to be made on
or before Aug. 1, at place of purchaser's choice.
Enclose a certified check
for 2% of the amount of the certificates bid for, payable to the city.
POLK COUNTY SPECIAL ROAD AND BRIDGE DISTRICTS (P. O.
Fla.—BOND OFFERING—Sealed bids will be received until
June 21, by D. H. Sloan Jr., Clerk of the Board of County Com¬
missioners, for the purchase of coupon or registered refunding, issue of
Bartow)
2
o. m. on
1938 bonds aggregating $29,000, divided as follows:
(City and County), Calif.—BOND OFFERING—
informed by David A. Barry, Clerk, Board of Supervisors, that the
said Board will receive sealed bids until 3 p. m. on June 17, for the
purchase
of $945,000 airport bonds, 1938.
Dated Jan. 1, 1938.
Due $105,000
on Jan. 1 in 1941 to 1949 incl.
The said bonds will bear interest at a rate
are
visors.
June 15, 1940
$10,000 Special Road and Bridge District No. 10 5*4% bonds.
Due on
Jan. 1 as follows:
$3,000 in 1948, and $7,000 in 1949.
Interest
payable J-J.
5,000 Special Road and Bridge District No. 12 5*4% bonds.
Due on
Jan. 1 as follows:
$3,000 in 1946, and $2,000 in 1947.
Interest
payable J-J.
2,000 Special Road and Bridge District No. 14 5% bonds. Due on Jan. 1,
3946.
Interest payable J-J.
12,000 Special Road and Bridge District No. 15 5*4% bonds.
Due on
Jan. 1: $1,000, 1948, $10,000, 1949, and $1,000 in 1950. Interest
payable J-J.
.
All proposals for the purchase of said bonds shall be
accompanied by a
deposit of 5% of the amount bid, in lawful money of the United States,
or by a deposit of a certified check
payable to the above Clerk for a like
amount, provided that no deposit need exceed the sum of $10,000, and that
no deposit need be given by the State of California.
The bonds will be awarded to the bidder or bidders
offering to purchase
same at the lowest rate or rates of interest, and if two or
more bidders
offer to purchase the bonds bearing the same lowest rate or rates of
the
interest,
the bonds will be awarded to the bidder offering to purchase the
same at
such rates of interest and in such amounts that the net interest
cost to the
City and County of the accepted bid will be the lowest net interest cost,
considering the amount of interest to be paid on said bonds during the life
thereof at the rates specified, and deducting any
premium or premiums bid
in addition.
The approval of Orrick, Dahlquist, Neff &
Herrington, San
Francisco,
as to the legality of these bonds will be furnished to the
successful
bidder without cost.
SAN BERNARDINO COUNTY
(P. O. San Bernardino), Calif.—
SCHOOL BOND OFFERING—Sealed bids will be received until
11 a.m.
on June 24, by Harry L.
Allison, County Clerk, for the purchase of $60,000
Redlands School District bonds.
Interest rate is not to exceed 3 %, payable
J-J. Denom. $1,000. Dated July 1,1940. Due $6,000
July 1, 1941 to 1950.
Prin. and int. payable at the County Treasurer's office.
The
Denom. $1,000.
Dated Jan. 1, 1938. All of the bonds are subject to re¬
demption on any interest payment date, on and after July 1, 1940, on 30
days' notice, the bonds will not be delivered to purchaser until July 1.
Prin. and int. payable at the Irving Trust Co., New York.
Bids must be
submitted
for the
bonds of any
or
all of the districts and
all
bids
must
specify separately the price offered for the bonds of each district bid for.
The bonds are general obligations payable from an unlimited tax to be levied
upon all property
(including homestead) within the particular district.
The approving opinion of Caldwell & Raymond of New York, will be fur¬
nished to the purchaser.
Enclose a certified check for 1% of the amount
of the bonds bid for, payable to the Board of
County Commissioners.
WINTER GARDEN. Fla.—BOND TENDERS INVITED—It is stated
that sealed tenders will be received util 8 p. m. on July 8, by E. M. Tanner,
City Clerk, for general refunding, issue of
the city.
1936 bonds, heretofore issued by
■
GEORGIA
EAST POINT, Ga.—BONDS VOTED—It is stated by E. L. Cole, City
Clerk, that at the primary election held on June 5 the voters approved the
issuance of the $250,000 water department bonds by a very wide
margin.
He reports that they will be offered for sale,
probably in the next 60 days.
bonds will
be sold for cash at not less than par and accrued interest to
date of delivery.
a certified check for not less than 4
% of the par value of the bonds
bid for, payable to the County Treasurer.
Enclose
M *
SAN MATEO COUNTY (P. O. Redwood
City), Calif.—SCHOOL
BONDS DEFEATED—The Superintendent of Schools states that at the
election held on June 7 the proposal to issue $435,000 in construction bonds
of the San Mateo Union
High School District failed to carry.
SANTA CRUZ COUNTY (P. O. Santa
Cruz), Calif.—BONDS NOT
SOLD—It is stated by E. H. Miller, County
Treasurer, that the $20,000
3% semi-ann. Scotts Valley Elementary School District bonds offered on
June 7—V. 150, p. 3239—were not sold as no bids were
received.
Dated
July 2, 1940.
Due
July 2 in 1941 to 1960 incl.
on
FULTON
COUNTY
(P. O. Atlanta), Ga .—BONDS VOTED—AX, the
recent
primary election the voters approved the issuance of $750,000 in
school bonds by a wide margin.
It is stated that, through co-operation with
the Work Projects Administration, the bonds will caU for a total
expendi¬
ture of about
$3,000,000 for
new
school buildings.
ILLINOIS
BOONE
Grove),
COUNTY
SCHOOL
DISTRICT
NO.
33
(P.
O.
Popl.r
111.—BOND OFFERING—The Clerk
of the Board of Directors
will receive sealed bids until 7:30 p. m. (CST) on June 21 for the
purchase of
$15,900 coupon school house addition and improvement bonds.
Dated
May 1, 1940.
Denoms. $1,000, $500 and $100.
Due May 1 as follows:
$500 in 1944; $1,000 from 1945 to 1958 incl. and $1,400 in 1959.
Separate
on this basis:
(1) for bonds to bear 3*4% interest, and (2)
at a rate within a limit of 3H%, to be expressed in a
multiple of *4 of 1%.
Principal and interest (M-N) payable in Belvidere or Chicago, as desired.
bids to be made
CONNECTICUT
BRIDGEPORT, Conn.—NOTE SALE—The
offered
issue
of
$825,000 notes
June
13—V. 150, p. 3695—was awarded to the Harris Trust &
Savings Bank of New York, at 0.44% interest, at par plus a premium of
$3.
Dated June 15, 1940 and payable June 15, 1941.
Other bids in¬
cluded the
following: Dick & Merle-Smith, 0.52% and $23: National City
0.55% and $10: Lehman Bros., Eastman, Dillon & Co.
Bridgeport-City Trust Co., 0.60% and $11; Halsey, Stuart & Co., Inc.
ft. F. Griggs Co., 0.62% and $28.50.
Bank of New York,
and
and the
ROCKY HILL, Conn .—BOND SALE— F. W. Home &
Co., Inc. of
York purchased an issue of $100,000
2[% % school bonds.
Dated
June 1, 1940.
Coupon, in $1,000 denoms.
Due $5,000 on June 1 from
1942 to 1961 incl.
Principal and interest (J-D) payable at the HartfordConnecticut Trust Co.,
Hartford.
Interest exempt from all present
New
Federal
income
taxes.
Legality approved by Day, Berry & Howard
Reoffered by the bankers to yield from
0.75% to 2.60%,
of Hartford.
according to maturity.
sewer
bonds
reserves the right to determine whether the bonds
as 3 >£s or at a lesser rate.
The bonds were authorized at an
April 11. Legal opinion of Chapman & Cutler of Chicago will be
furnished the successful bidder at the district's expense. Blank bonds ready
election
on
for execution to be supplied by the purchaser.
the issue, payable to order of the
A certified check for 2% of
district, is required.
CHRISMAN, III.—PURCHASER—The $11,000 4% street improve¬
sold earlier in the year, as reported in—Y. 150, p. 2295—were
purchased by Ballman & Main of Chicago.
ment bonds
COLUMBIA SCHOOL DISTRICT
111.—BONDS SOLD—An issue of
$64,000 building bonds, authorized at an election in March, has been sold.
of
CROTTY (P. O. Seneca), III.—BOND SALE—Vieth, Duncan & Wood
Davenport purchased an issue of $15,000 3%% street improvement
bonds.
*
STAMFORD (City of), Conn .—BOND SALE— The issue of
$300,000
coupon
The Board of Directors
will be issued
offered
June
13
was
awarded
to
the
Harris
Trust
& Savings Bank and R. D. White &
Co., both of New York, jointly as l^s,
DALZELL, 111.—BONDS SOLD—An issue
enue
DES
at a
price of 100.277, a basis of about
1.45%.
Dated July 1, 1940 and due
$30,000 annually on July 1 from 1941 to 1950 incl.
Prin. and int. (J-J)
payable at the First National Bank of Boston.
Legality approved by
Ropes, Gray, Boyden & Perkins of Boston.
Re-ofrered to yield from
0.25 to 1.60%, according to maturity. Other bidders:
(for lj^s) Estabrook
& Co., 100.091; (for l^s) Goldman
Sachs, & Co., 100.92; Bacon, Stevenson
& Co., 100.90; Kidder,
Peabody & Co., 100.85; R. L. Day & Co., and Cooley
1°° 789; Harriman, Ripley & Co.,
100.7099; Blyth & Co., par plus
?2,071; Union Securities Co., par plus $1,531; Salomon Bros & Hutzler
100.50; Mercantile Bank & Trust Co., and Alex Brown & Sons
100.1799;
Blair & Co., 100.067; (for
2s) First of Michigan Corporation par plus $3,507
and First Boston
Corporation 101.13.
FLORIDA
FLORIDA (State of)—BOND TENDERS
INVITED—'The State Board
of Administration will receive until
10
office in Tallahassee, sealed
a.
m.
on
June 28 at the Governor's
offerings of matured
or unmatured original or
time warrants, certificates
of indebtedness and
(or) negotiable notes of the Florida counties and special
road and bridge districts
therein, as follows:
Brevard, Broward County
Special R. & B. Districts No. 1 and 2 only;
Charlotte, Desoto, Glades,
Hernando, Indian River District No. 1 and Quay
Bridge District only;
Jensen R. & B.
District, Levy District No. 7, Martin,/ Monroe and Okee¬
refolding road and bridge
or highway bonds,
chobee.
I
bonds
was
sold to John J.
of $30,000 4H% water rev¬
Seerley & Co. of Chicago.
Dated July 1,
1940.
PLAINES
Chicago purchased
at par.
.
r
111.—BOND SALE—C. W. McNear & Co., Inc. of
issue of $19,000 3% % judgment funding bonds
an
^
■■
-
HINCKLEY
III.—BONDS DEFEATED—An issue of $12,000 various
improvement bonds was defeated at an election on May 28.
ORANGEVILLE, III.—BONDS SOLD—An issue of $8,000 3% street
improvement bonds, approved at an election on April 2, has been sold
jocally. Denom. $500. Due $1,000 annually from 1941 to 1948 incl.
PONTIAC
states that
an
111.—BOND ELECTIONS.
R.
Baker, City Attorney,
election will be held July 30 on the question of
issuing $15,000
4% fire department bonds.
RANDOLPH COUNTY ROAD DISTRICT NO. 9 (P. O. Evansville)
111.—BOND OFFERING—Walter J. Schuwerk, Attorney for the District,
sealed bids until 9:30 p. m. on June 13, for the purchase of
$45,000 3% coupon road bonds.
Dated June 1, 1940.
Due Jan. 1 as
follows:
$4,000 from 1942 to 1946, incl. and $5,000 from 1947 to 1951,
incl.
This issue was authorized at an election on May 22.
Bidder must
will receive
District will furnish transcript of proceedings to
approving attorneys prior
issuance of the bonds.
A certified check for $4,500 must accompany each
to
proposal.
BOND SALE—The above issue was sold
of about
as
3s, at
a
price of 101,
a
basis
2.83%.
All
of
offerings submitted must be firm for 10
days subsequent to the date
opening, I. e., through July 8, 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
axe attached and will be
delivered with the bonds for the pr ce asked.
Bonds that are in default of
interest must be offered at a flat
pr ce, which
price shall be understood to be the
price asked for such bonds with all
maturities of past due defaulted
unpaid coupons attached, and notice is
hereby given that if any such coupons have been
detached prior to delivery
of any of the bonds
accepted and (or) purchased hereunder, the face value
of such missing coupons will be
must be
submitted
on
or
deducted from purchase price, and
offerings
this basis.
Sealed envelope
containing offerings of bonds shall plainly state on its
it is a proposal for sale of
road and bridge bonds.
Separate
tenders shall be submitted
covering the bonds of each county, but any
nu^r,
8.uch sealed offerings may be enclosed in one mailing envelope.
The right is reserved to
reject any and all
ST. JOSEPH
111.—BOND ELECTION—An election will be held July 17
on the
question of issuing $11,000 general obligation and $26,000 revenue
bonds.
They have already been sold as 4s to Doyle, O'Connor & Co. of
Chicago, subject to their approval by the voters.—V. 150, p. 3544.
WHITESIDE COUNTY .HIGH SCHOOL DISTRICT NO. 301 (P. O.
Falls), 111.—BOND SALE—John Nuveen & Co. of Chicago pur¬
an issue of $145,000
building bonds as 2^s, at a price of 101.57,
a
basis of about 2.59%.
Dated July 1, 1940.
Due July 1 as follows:
$5,000 in 1941 and 1942; $6,000, 1943 to 1946 incl.; $7,000, 1947 to 1952
incl.; $8,000, 1953 to 1957 incl.; $9,000 in 1958 and $10,000 in 1959 and
1960.
Interest J-J.
Legality approved by Chapman & Cutler of Chicago.
Rock
chased
race that
offerings
or
portions of offerings.
PENSACOLA, Fla.—CERTIFICATE OFERING—It is stated
by J. E.
Frenkel, City Clerk and Comptroller, that he will
receive sealed bids until
Sitml on
certificates.
July 1,
1940.
i111®
Interest
f°r the purchase of $108,000
rate
is
Denom. $1,000.
not
to
exceed
Due July 1,
water revenue of 1940
4%, payable J-J.
Dated
follows:
$2,000 in 1941,
as
INDIANA
BROOKSTON, Ind —BOND SALE—The Indianapolis Bond & Share
Corp. of Indianapolis purchased an issue of $30,000 4 34 % electric utility
revenue bonds at par.
Dated May 1, 1940.
Legality approved by Matson,
Ross, McCord & Ice of Indianapolis.
EAST CHICAGO, Ind.—BOND
OFFERING—Albert
Lesniak,
City
Controller, will receive sealed bids until 2 p. m. (DST) on June 24, for the
purchase of $84,000 not to exceed 3% interest East Chicago Park District
Volume
The Commercial & Financial Chronicle
ISO
3859
from
in a
"Bid
for Park District Bonds of 1940" and accompanied by a certified check for
$2,000 payable to order of City of East Chicago, Department of Public
Works.
The bonds •will not constitute a corporate obligation of the city,
but are payable out of special taxes to be levied and collected on all of the
taxable property of the park district, the boundaries of which are co-exten¬
sive with the corporate boundaries of the city proper.
Approving legal
opinion of Matson, Ross, McCord & Ice of Indianapolis will be furnished
the successful bidder at the district's expense.
No conditional bids will be
FIFTH LOUISIANA LEVEE DISTRICT (P. O. Tallulah), La.—
BONDSALE—The $150,000 refunding bonds offered for sale on June 12—
*
150, p. 3240—were awarded to a syndicate composed of Dane & Weil
°* New
Orleans, the First National Bank, and J. G. Hickman, Inc., both
or
Vicksburg, as 3s, paying a premium of $50, equal to 100.033, a basis of
considered.
GUEYDAN, La .—BOND OFFERING—It is stated by Charles A. V.
Ey,ans, Superintendent of the Municipal Plant, that bids will be received
bonds.
Dated July 1, 1940.
Denom. $1,000.
Due $3,000 on Jan. 1
1942 to 1969, incl.
Bidder to name a single rate of interest, expressed
multiple of
of 1%.
Proposal must be in sealed envelope marked
ENGLISH SCHOOL TOWN, Ind.—BOND SALE—The issue of $6,400
building bonds offered June 12—V. 150, p. 3544—was awarded to the
English State Bank.
Due as follows: $160, July 1, 1941: $160, Jan. 1
and
July
awarded
1 from 1942 to I960 incl. and $160, Jan. 1, 1961.
Issue was
3 Hs, at par plus a premium of $54.
A bid of par plus a premium
as
of $51.67 for
3 %a
was
FRANKFORT,
Indianapolis.
made by Raffensperger, Hughes & Co. of
Ind.—BOND
electric
callable
$400,000
SALE—The
bonds offered June 12—V. 150, p. 3544—were awarded
group composed of C. F. Childs & Co., Paine, Webber & Co., both
utility
revenue
to
a
of
Chicago, and the City Securities Corp. of Indianapolis, as 2%s, at a
price of 100.809, a basis of about 2.60%.
Dated June 15, 1940.
Denom.
$1,000.
Due as follows: $11,000 Jan. 1 and July 1, 1942; $12,000, Jan. 1
and $11,000, July 1, 1943; $12,000, Jan. 1 and July 1, 1944 and 1945;
$13,000, Jan. 1 and $12,000, July 1, 1946; $13,000, Jan. 1 and July 1 from
1947 to 1949 incl.; $14,000, Jan. 1 and $13,000, July 1, 1950; $14,000,
Jan. 1 and July l.in 1951 and 1952; $15,000, Jan. 1 and $14,000, July 1,
1953; $15,000, Jan. 1 and July 1 in 1954 and 1955, and $16,000, Jan. 1
and July 1, 1956.
Bidder to name a single rate of interest, expressed in a
multiple of M of 1 %.
Bonds maturing on and after Jan. 1, 1948, are redeemable on July 1, 1947,
or any interest payment date thereafter, at the option of the City, in their
inverse numerical order, at 102 and accrued interest to date of redemption,
on 30 days' notice by publication in a newspaper or financial journal pub¬
lished in the City of Indianapolis, and publication in a newspaper or finan¬
,
cial
journal published in the City of Chicago, and the mailing of such
notice to the holders of registered bonds.
Second high bid of 100.589 for 2J4s was made by a group consisting of
Blyth & Co.; Stern, Wampler & Co., and Wheelock & Cummins.
FRANKLIN TOWNSHIP SCHOOL TOWNSHIP(P. O. Salem, F. R.
No. 2), Ind.—BOND SALE—The $9,700 building bonds offered May
D31
•
1950incl995%*
Dat6d July 1 194°f
BONDS OFFERED
FOR
DUe $15,000 on July 1 111 1941 to
successful
INVESTMENT—The
bidders re¬
offered the said bonds for
public subscription at prices to yield from 1.50%
2.80%, according to maturity.
to
until
July 9, for the purchase of the following not to exceed 6% semi-ann.
$34,000 sewer bonds, approved by the voters on
4, and $10,000 water improvement bonds, approved at the same
bonds aggregating $44,000:
June
election.
All bonds mature in 20 years.
LAFAYETTE
NO.
PARISH
CONSOLIDATED
SCHOOL
DISTRICT
(P. O. Lafayette) La.—BOND OFF ERING—Sealed bids will be
11
received until 2 p. m. on July 3, by J. W. Faulk, Secretary of the Parish
School Board, for the purchase of a $450,000 issue of school bonds. Interest
rate is not to exceed 6%,
payable F-A. Dated Aug. 1,1940. Denom. $1,000.
Due Aug. 1, 1943 to 1968.
held
on
man
&
These are the bonds authorized at the election
May 21. A certified transcript and the approving opinion of Chap¬
Cutler, of Chicago, will be furnished the purchaser without cost to
him, and all bids shall be
so
less than $9,000, payable to
conditioned.
Enclose
a
certified check for not
L. L. Judice, President School Board.
MAINE
BRUNSWICK, Me.—NOTE SALE—The issue of $50,000 notes offered
June 7 was awarded to the National Rockland Bank of Boston at 0.42%
discount.
Dated June 7, 1940.
Denom. $10,000.
Due Nov. 15, 1940.
The Merchants
rate of
National
Bank of Boston,
second high bidder, named a
0.48%.
WESTBROOK,
Me.—BOND SALE—F. W. Home & Co., Inc. of
Hartford purchased an issue of $36,000 2M% coupon refunding bonds.
Dated June 1, 1940. Denom. $1,000. Due June 1 as follows: $5,000 from
1941 to 1946 incl. and $6,000 in 1947. Principal and interest (J-D) payable
at the National Bank of Commerce, Portland.
Legality approved by
Chaplin, Burkett & Knudsen of Portland. Reoffered to yield from 0.50% to
2%, according to maturity.
—V. 150, p. 3086—were awarded to the State Bank of Salem, as 3s, at a
price of 105.46, a basis of about 1.92%.
Dated June 1, 1940 and due at
follows: $700 July 1,1941. and $500 Jan. 1 and July 1 from 1942 to 1950 incl.
LAFAYETTE,
Ind.—BOND SALE—The $10,000 park improvemens
bonds offered June 10—V. 150, p. 3544—were awarded to Stifel, Nicolaus
& Co. of St. Louis, as l^s, at a price of 100.01, a basis of about 1.248%.
Dated June 15, 1940 and due $1,000 on Jan. 1 from 1942 to 1951 incl.
Browning, VanDuyn, Tischler & Co. of Cincinnati, second high bidder,
named
a
rate of 2 H
%.
SCHOOL
PERRY
TOWNSHIP,
County,
Miami
Ind.—BOND
OFFERING—Wallace Musselman, Township Trustee, will receive sealed
bids until 10 a. m. on June 29 for the purchase of $25,000 not to exceed
4Yi% interest school building bonds.
Dated June 1, 1940.
Denoms.
$1,000 and $750.
Due as follows: $750 July 1,1941: $1,000 Jan. 1 and $750
July 1 from 1942 to 1954 incl.; and $1,500 Jan. 1, 1955.
Bidder to name a
single rate of interest, expressed in a multiple of
of 1 %.
A certified check
for $500,
payable to order of the school township, is required.
The bonds
are unlimited tax obligations of the school township and the approving legal
opinion of Matson, Ross, McCord & Ice of Indianapolis will be furnished
the successful bidder.
IOWA
Clerk, that the $1,000,000 not to exceed 2H% semi-ann. bridge
refunding bonds offered on June 6—V. 150, p. 3395—were not sold
bids were received.
Dated June 1, 1940.
Due on Nov. 1 in 1941 to
1950, and on May 1, I960.
City
revenue
as no
HOLLY SPRINGS
CONSOLIDATED
Iowa—BOND
OFFERING—It
DISTRICT
SCHOOL
is
by
reported
C.
C.
(P. O,
Rose,
District Secretary, that he will receive bids until June 20, for the purchase
of $15,000 building addition bonds, approved by the voters at an election
held
on
MASSACHUSETTS
:•
DAVENPORT, Iowa—BONDS NOT SOLD—It is stated by F. A. Hass,
Hornick),
MARYLAND
(State of)—BOND OFFERING—Hooper S. Miles, State
Treasurer, will receive sealed bids until noon on July 12 for the purchase
of $1,173,000 coupon general bonds of 1939.
Dated Aug. 15, 1940.
De¬
nom.
$1,000.
Due Aug. 15 as follows: $70,000, 1943; $72,000, 1944;
$74,000, 1945; $78,000, 1946; $82,000, 1947; $86,000, 1948; $90,000, 1949;
$94,000, 1950; $98,000, 1951; $102,000, 1952; $106,000, 1953; $110,000
in 1954 and $111,000 in 1955.
Certificates will be registerable as to prin¬
cipal only.
Bidder to name a single rate of interest, expressed in a multiple
of % of 1 %.
Bidders are referred to Chapter 756 of the Acts of the Mary¬
land General Assembly of 1939, as containing the full terms and provisions
of the loan.
Legal opinion of the Attorney-General of Maryland and of
Mar bury, Gosnell & Williams of Baltimore will be furnished the successful
bidder.
A certified check for 5% of the certificates bid for, payable to
order of the State Treasurer, is required.
MARYLAND
May 24.
ATTLEBORO, Mass.—NOTE SALE—The Second National Bank of
Boston was awarded on June 12 an issue of $100,000 notes at 0.196%
discount.
Due Nov. 8, 1940.
Other bidders: National Shawmut Bank,
0.21%; Mansfield & Co., Hartford, 0.29%; Merchants National Bank of
Bosto, 0.32%, and First National Bank of Attleboro, 0.33%.
BARNSTABLE COUNTY (P. O. Barnstable), Mass.—JNOTE SALE—
The Hyannis Trust Co. of Hyannis purchased an issue of $75,000 notes at
0.23% discount.
Due Nov. 20, 1940.
Other bids: Cape Cod Trust Co.,
0.246%; Buzzards Bay National Bank, 0.26%; First National Bank of
Yarmouth, 0.34%.
BOSTON, Mass.—NOTE SALE—The issue of $5,000,000 notes offered
was awarded to Halsey, Stuart & Co., Inc., New York, at 0.78%,
a premium of $32.
Dated June 14, 1940 and due Dec. 20, 1940.
A group composed of the Chase National Bank of New York, Salmon Bros.
& Hutzler, and R. W. Pressprich & Co., only other bidder, named a rate
of 0.78%, plus $13.
Halsey, Stuart & Co. reoffered the notes to yield
June 12
plus
HOLSTEIN INDEPENDENT SCHOOL DISTRICT (P. O. Holstein)
Iowa—BONDS DEFEATED—It is stated by the Secretary of the Board
an election held on June 6 a proposal to issue $50,000 in
high school addition bonds failed to carry.
of Directors that at
/•v.-..-:;
0.60%.
v-/,'.
vv,
Soden
Director of Finance, that $54,000 park bonds were awarded on June 10 to
& Co. of Kansas City, Mo., as
l%s,
paying a premium of
Mass.—NOTE SALE—The issue of $500,000 revenue
anticipation notes offered June 10—V. 150, p. 3697—was awarded to the
Second National Bank of Boston at 0.179% discount.
Dated June 10,
1940 and due Nov. 21, 1940.
Other bids: National Shawmut Bank of
Boston and Merchants National Bank of Boston, jointly, 0.21% plus $1.25;
R. L. Day & Co., 0.21%.
$41.58, equal to 100.077, a basis of about 1.73%.
Denom. $1,000. Dated
June 1,1940.
Due on June 1 as follows: $6,000 in 1941 to 1944, and $51,000
awarded June 12 to R. L.
BROOKLINE,
KANSAS
Kan.—BONDS
WICHITA,
SOLD—It
is
by
stated
E.
S.
Worrell,
1945 to 1950.
Prin. and int. (J-D) payable at the fiscal agency in
Topeka.
Legality approved by Bowersock, Fizzell & Rhodes of Kansas
City.
V'V
s;;.-:.:-, v'r-
in
KENTUCKY
CHRISTIAN COUNTY PUBLIC SCHOOL
V
KENTUCKY,
The
Kentucky
■
,
Btkte
•••
of—BRIDGE BOND PAYMENTS TO BE MADE—
State Highway Department on July
the $11,112,000 regular amount due
on
that date will also be paid.
Hartford)
Smart & Wagner,
OHIO COUNTY COURT HOUSE CORPORATION (P. O.
Bankers
Bond Co.,
and
Inc., both of Louisville, jointly, are said to have purchased $65,000 4%
semi-ann. court house and jail mortgage bonds.
Due on April 1 in 1941 to
1958.
•
LOUISIANA
Do RIDDER,
La.—BOND SALE—'The $66,000 semi-ann. street improve¬
sale on June 10—V. 150, p. 3395—were awarded
jointly to the City Savings Bank & Trust Co., and the First National Bank,
both of De Ridder, as 5s at par, according to the City Clerk.
Due
EAST
on
Dated July 1,
ROUGE
PARISH
(P.
O.
Baton
Rouge),
La.—.
BOND OFFERING—Sealed bids wil be received until 10 a. m. on July 9,
Jury, for the purchase of $100,000
public improvement, series C of 1940 bonds. Dated April 1, 1940. Denom.
$1,000.
Due April 1, as follows: $9,000 in 1941 to 1943. $lo,000 in 1944 to
1947, and $11,000 in 1948 to 1950.
Bidder to name rate of interest payable
April and October 1.
These bonds are part of an issue of $200,000 author¬
ized by resolution of the Police Jury at a meeting held on March 12.
A
by L. Paul Amiss, Secretary of the Police
certified transcript, and the approving opinion of Chapman
& Cutler of
Chicago, will be furnished the purchaser without cost to him, and all bids
Enclose a certified check for $1,000, payable to
E. L. Gass, President, Police Jury.
shall be so conditioned.
MASSACHUSETTS (State of)—NOTE SALE—The issue of $4,000,000
offered June 10—V. 150, p. 3697—was awarded to the Second Na¬
notes
tional Bank of Boston at
due
June
1941.
16,
0.248% interest rate..
Dated June 19, 1940 and
Other bids:
InL Rate
Manhattan
Oo__
Bank of Boston.
--
-
Halsey, Stuart & Co.. Inc., Ladenburg,
Co. and Dick & Merle-Smith
. -
- - -
Thalmann &
$10
0.283 %
Par
9'o?Z°
National Shawmut Bank,
Merchants Nat. Bank of Boston and Day Trust Co_
National City Bank of New York and the Bank of the
First National
Premium
0.27%
Whiting, Weeks & Stubbs
Bankers Trust Co. of N. Y.,
i
0.35%
115
0.34 %
Par
PALMER, Mass.—NOTE SALE—An issue of $75,000 notes was awarded
L. Day & Co. of Boston, at 0.29% discount. Due Dec. 19,
1940
Other bids:
Second National Bank of Boston, 0.347%; Merchants
National Bank of Boston, 0.38%.
issue of $38,000 school bonds
awarded to the Second National Bank of Boston as
Other bids: Chace, Whiteside & Symonds, 2>£s, 100.80;
First National Bank of Attleboro. 3Ks. par.
The bonds mature as follows: $3,000 from 1941 to 1948 incl. and $2,000
from 1949 to 1955 incl. (
REHOBOTH, Mass.—NOTE SALE—The
offered June 7
2Ks at
July 1 in 1941 to 1954.
BATON
of $135,000 coupon
June 11 to R.
ment bonds offered for
1940.
MALDEN, Ma88.—BOND OFFERING—J. Howard Hughes, City Treas¬
will receive sealed bids until noon (DST) on June 18 for the purchase
street construction bonds of 1940.
Dated June 1,1940.
Denom $1,000.
Due June 1 as follows: $14,000 from 1941 to 1945, incl.
and $13,000 from 1946 to 1950 incl.
Bidder to name one rate of interest
in a multiple of X of 1%.
Principal and interest (J-D) payable at the
First National Bank of Boston.
Legal opinion of Ropes, Gray, Boyden
& Perkins of Boston will be furnished the successful bidder.
urer
Bidder—
Payments will be made on a total of 19 bridges in the amount of $1,239,115, representing in addition to the face value of the bonds premiums of
$17,190, and interest of $113,050.
Ky.—BONDS SOLD—The
relief
1 willl pay ahead of
schedule $50,000 on outstanding bonds against eight intra-State bridges on
which toll receipts are pooled and all of which will be freed at the same time.
In addition to the advance payment
LOWELL, Mass .—BOND SALE— The Mercantile-Commerce Bank &
of St. Louis purchased on June 6 an issue of $450,000 2%%
bonds.
Dated June 1, 1940.
Denom. $1,000.
Due $45,000 on
June 1 from 1941 to 1950, incl.
Prin. and int. (J-D) payable at the First
National Bank of Boston.
Legality approved by Storey, Thorndike,
Palmer & Dodge of Boston.
Trust Co.
CORPORATION
(P. O.
Hopkinsville),
Ky.—BONDS
OFFERED
TO PUBLIC—An issue of
$145,000 3H% semiannual coupon first mortgage bonds is being offered
by the Bankers BoncbCo. of Louisville, for general investment at prices to
yield from 1.75% to 3.50%, according to maturity.
Dated June 1, 1940.
Denom. $1,000.
Due June 1, as follows:
$6,000 in 1942 to 1944, $7,000
in 1945 to 1948, $8,000 in 1949 to 1957 and $9,0001n 1958 to 1960.
Callable
upon 30 days published notice on any interest date at 102.50, and accrued
interest.
Principal and interest payable at the First-City Bank & Trust
Co. of Hopkinsville/
Legality approved by Woodward, Dawson & Hobson
of Louisville.
DEDHAM, Mass.—NOTE SALE—An issue of $100,000 tax notes was
Day & Co. of Boston, at 0.22% discount.
Hue
Other bids: Merchants National Bank of Boston, 0.23%;
National Shawmut Bank, 0.247%; Second National Bank of Boston, 0.259%
and Norfolk County Trust Co., 0.296%.
.
April 25, 1941.
was
100.85.
ROCKLAND, Mass.—NOTE SALE—The issue of $20,000 coupon
bonds offered June 7 was awarded to Tyler & Co. of Boston
2s
at a price of 101.022, a basis of about 1.80%.
Dated June 1, 1940.
Denom
$1,000.
Due $2,000 on June 1 from 1941 to 1950, incl.
Prin.
andint payable at the Merchants National Bank of Boston.
Notes will be
certified as to their genuineness by the Director of Accounts, Department
of Corporations and Taxation, Commonwealth of Massachusetts.
8econd
high bid of 100.97 for 2s was made by the Merchants National Bank of
municipal relief
as
Boston
The Commercial & Financial
3860
WALTHAM, Mata.—NOTE SALE—The issue of $200,000 notes offered
June 12 was awarded to the Waltham Savings Bank at 0.35% discount.
Due $100,000 each on Feb. 14 and March 14,1941, Other bidders: Second
National Bank of Boston, 0.458%; Waltham National Bank, 0.48%;
Leavitt & Co., 0.495%; Lazard Freres & Co., 0.54%; Bates. Converse &
Co., 0.58% and First National Bank of Boston, 0.59%. i**
:
•
■
■.
t
WESTFORD, Mass.—NOTE SALE— The XJnlon Old Low^l^tl^Sal
Bank of Lowell was awarded on June 11 an Issue of $17,300 notes at 0.379%
Due March 1, 1941.
discount.
WORCESTER, Mass.—PROPOSED BOND ISSUE—Harold J. Tunison,
City Treasurer, reports that the proposed issue of $564,000 bonds will be
1, 1940, in $1,000 denoms. and mature April 1 as follows:
$57,000 from 1941 to 1944 tncl. and $56,000 from 1945 to 1950 incl. Prin¬
cipal and interest (A-O) payable at the First National Bank of Boston.
Legality to be approved by Ropes, Gray, Boyden & Perkins of Boston.
June 15, 1940
Denom. $500.
Due July 1 as follows: $1,500 from
1943 to 1949, incl.; $2,500 from 1950 to 1953, incl., and $3,000 from 1954
1960, incl.
Principal and interest (J-J) payable at the Village Treas¬
urer's office.
Bonds carry full faith and credit of the city without limita¬
tion.
Net revenues of the water department will also be available to apply
on redemption of the bonds.
Legal opinion of Miller. Canfield, Paddock
& Stone of Detroit will be furnished the successful bidder.
A certified
check for 2% of the bonds must accompany each proposal.
Dated July 1, 1940.
to
REDFORD TOWNSHIP
,
WINCHESTER, Mass.—NOTE SALE—'The Merchants Nationaf55£mc
of Boston was awarded an issue of $100,000 notes at 0.174% discount.
Due Dec. 10,1940.
Other bids: Second National Bank of Boston, 0.176%;
National Shawmut Bank of Boston, 0.24%; First National Bank of Boston.
0.38%.
Mifli.
Chronicle
(P. O.
Redford Station), Mich.—BONDS
NOT SOLD—No bids were submitted for the $12,500 not to exceed 5%
water supply system revenue bonds offered June 12.—V. 150,
interest
p.-3697ROYAL OAK
Mich.—BONDS VOTED—At
150, p. 3087—the voters
election on June 7—
an
authorized an issue of $392,000 not to exceed 3 M %
bonds, by a count of 106 to 10.
serially from Sept. 1, 1941, to March 1, 1957.
interest water mortgage refunding
to mature
are
They
dated April
MINNESOTA
CONSOLIDATED
COUNTY
CASS
DISTRICT
SCHOOL
NO.
14
Minn.—BOND OFFERING—It is stated that sealed bids
on June 17, by Vinton Reed, Clerk of the
School Board, for the purchase of $5,000 not to exceed 4% semi-annual
coupon refunding
bonds.
Dated July 1, 1940.
Denom. $500.
Due
$500 July 1, 1941 to 1950.
All of the bonds are subject to prior payment
and redemption at the option of the district on 30 days' prior notice and on
payment of par and accrued interest.
Principal and interest payable at
(P. O. Mildred)
will be received until 8 p. m.
MICHIGAN
BATTLE CREEK SCHOOL DISTRICT. Mich.—NOTE OFFERING—
Kanaga, Secretary of the Board of Education, will receive sealed
bids until 4 p, m. (EST) on June 17 for the purchase of $30,500 not to ex¬
H. E.
ceed
5% interest tax anticipation notes.
Dated June 15, 1940.
Due on
Notes are issued in anticipation of collection of
beginning July 1, 1940.
before April 10, 1941.
or
the First National Bank & Trust
taxes for the fiscal year
p»BATTLE CREEK, Mich.—NOTES NOT AWARDED—No award
was
made of the $48,000 tax anticipation notes offered June 6.
The Security
National Bank of Battle Creek and the Central National Bank each bid
a rate of 3% for the $20,5.10 issue and 4% on the $28,300 loan.
The former
mature
May 15,1941, and the latter
on
Sept. 30,1940.
All of the notes
are
dated May 15,1940.
BAY
CITY,
Mich.—BOND OFFERING—O. A. Kasemeyer, City
Comptroller, will receive sealed bids until 7 p. m. (EST) on June 17 for the
purchase of $46,000 not to exceed 3% interest coupon local improvement
bonds. Dated July 1,1940. Denom. $1,000. Due July 1 as follows: $11,000
from 1942 to 1944 incl.; $7,000 in 1945 and $6,000 in 1946. Rate or rates of
interest to be expressed in multiples of
of 1%, Principal and interest
(J-J) payable at the City Treasurer's office.
The bonds are issued in an¬
ticipation of collection of special assessments and are general obligations,
onds at his
Elodging full faithexpense. Bids shallcity.conditioned upon approving print
and credit of the be Purchaser to furnish and legal
own
opinion of the City Attorney, cost of which to be paid by the city. A certified
check for 2% of the bonds, payable to order of the City Treasurer, must
accompany each proposal.
DETROIT, Mich.—BONDS PURCHASED—Edward M. Lane, Secre¬
tary, reports that the Employees' Retirement Fund Board purchased $50,000
non-callable city bonds at prices to yield 3.60% to 3.70%.
ECORSE
Park),
TOWNSHIP
Mich.—TENDERS
SCHOOL
DISTRICT
WANTED—Wilford
NO.
H.
9
Riley,
(P.~0. Allen
Secretary of
the Board of Education, will receive sealed tenders until 7:30 p.m. (EST)
on June 18 of 1937 certificates of indebtedness, dated
Sept. 1,1937. Amount
on hand in the sinking fund for the retirement of such obligations is
approxi¬
mately $21,000.
Offerings should be firm for two days, state certificate
numbers, their par value and the amount for which they will be sold to the
district.
mw
FARMINGTON TOWNSHIP SCHOOL DISTRICT NO. 6 (P. O.
Farmington), Mich.—BONDS PURCHASED—In connection with the
bonds, District Secretary Fred^Wilkinson reports the
_
call for tenders of
purchase of $2,000 at
W
par and accrued interest.
feu
HAMTRAMCK, Mich.—NOTES NOT SOLD—The $110,000 delinquent
tax
no
anticipation notes offered June 11—V. 150,
bids
were
p.
3697—were not sold
as
received.
Co., Minneapolis.
GRANITE FALLS, Minn .—BOND SALE—The $18,000 water filtration
plant bonds offered for sale on June 10—V. 150, p. 3697—were awarded to
the Northwestern National Bank & Trust Co. of Minneapolis, as 2 54s,
paying a premium of $305, equal to 101.694, a basis of about 2.56%.
Due $1,000 on Jan. 2 in 1942 to 1959, inclusive.
HIBBING
Minn.—BONDS DEFEATED—.At the election held on
May 31, the voters turned down the proposals to issue the various civic
improvement bonds aggregating $1,046,000.
MINNEAPOLIS, Minn.—BOND SALE—The $1,000,000 coupon semi¬
annual refunding bonds offered for sale on June 13—V. 150, p. 3697—were
awarded at public auction to a syndicate composed of Phelps, Fenn & Co.,
Stone & Webster and Blodget, Inc.,
& Co.,
F. S. Moseley & Co., Paine, Webber
the First of Michigan Corp., Campbell, Phelps & Co., Inc., all of
Minneapolis and Cbace, Whiteside &
New York; the Wells-Dickey Co. of
Symonds, Inc., of Boston, as 2.10s, paying a price of 100.11, a basis of
Dated July 1, 1940.
Dqp $100,000 on July 1 in 1941 to
about 2.08%.
1950, Inclusive.
/
ADDITIONAL SALE—The following coupon semi-annual bonds, aggre¬
gating $2,080,000, also offered at auction on the same date—V, 150, p. 3697
—were awarded to the above syndicate as 2.30s at a price of 100.06, a
basis
of 2.29%: $1,300,000 public relief, $285,000 work relief, $175,000
drain, $270,000 water works and $50,000 school bonds.
Denom.
$1,000.
Dated July 1, 1940.
The public relief bonds will be due in equal
annual instalments on July 1 of the years 1941 to 1950, both inclusive.
Each of the other groups of bonds will mature in 20 annual instalments of
approximately equal amounts which will be so scheduled that when com¬
storm
bined the combined maturities will be in the amounts of
of the years
BONDS
$39,000 on July 1
1941 to I960, both inclusive.
FOR
OFFERED
INVESTMENT—The
successful
bidders
re-
offered the combined issues for public subscription.
In the opinion of the
bankers these bonds are legal investments for savings banks and trust funds
in Connecticut and for savings banks in Massachusetts.
The 2.10%
bonds maturing Feb. 1, 1941 to 1950, are being reoffered at prices to yield
0.35% to 2.20%, according to maturity.
The $2,080,000 2.30% bonds,
maturing July 1, 1941 to 1960, are being reoffered to yield 0.45% to 2.60%,
according to maturity.
'
!»
MOORHEAD, Minn.—CERTIFIATE SALE—The $15,000 3% semi- *
paving improvement No. 26 certificates of indebtedness offered
on June 10—V. 150, p. 3545—were awarded to the American State
Bank of Moorhead, paying a premium of $305, equal to 102.03, a basis
of about 2.72%.
Dated Oct. 1, 1939.
n 1 con Oct. 1 in 1941 to 1953.
annual
for sale
LIVONIA TOWNSHIP SCHOOL DISTRICT NO. 2~(PJD. k. F. u.
No. 3, Farmington), Mich.—TENDERS WANTED—Martin Breitmeyer,
Secretary of the Board of Education, will receive sealed tenders of 1936
refunding bonds, series A and B, dated Sept. 1, 1936, until 8 p. m. (EST) on
June 27.
A sum of $2,000 is available toward purchase of bonds of each
series.
IWICHIGAN (State of)—55,000 PARCELS OF LAND RETURNED TO
55,000 parcels of land have been returned
LOCAL 1 AX ROLLS—More than
to local tax rolls in Michigan since Feb. 13 through "scavenger" sales of
land which had reverted to the Stats because of tax delinquency, the
American Society of Planning Officials reported June 11.
The parcels of
land are being sold at auctions in 35 lower peninsula counties under pro¬
visions of a law passed by the State Legislature last year.
In addition to
reinstating this land on the tax rolls—where it again may become a source
of revenue—local government units will divide most of the
proceeds of the,
sales, which to date total about $5,000,000.
However, the Society said
this figure does not begin to approximate the sums lost
through tax de¬
linquencies, which were canceled when the State gained title to the land.
The
scavenger" sales are conducted under supervision of the new State
Land Board created by a 1939 law.
Less than half of the 425,000 taxreverted parcels in the 35 counties were offered for sale, and the sales have
been virtually completed in all but three counties.
At present the Land
Board is issuing deeds to successful bidders.
The Society said that, under the terms of the statute, a bid will not be
accepted is it is less than 25% of the assessed value of the land for the last
year before the State gained title.
Municipalities may bid for lands they
want for public purposes, and
may ask
that sale of any parcel be delayed a
yearif they plan to purchase it later.
Former owners have 30 days after the
public sale to meet the highest bid and thus regain the land, and have the
especial privilege of buying on instalments.
Recent figures On the land sales
show that 2,790 cash sales were made to former owners for
approximately
$202,000, and that 35,000 instalment sales were made which will bring in a
total of $2,500,000.
Cash sales to "outsiders," of which there were 15,645,
brought in approximately $1,750,000.
It was pointed out that approxi¬
mately 6,000 former land owners have regained their land by matching the
bias or other would-be
purchasers.
The sales records show that Oakland
and Wayne (Detroit) counties are far in the lead in
parcels of land sold, and
cash or prospective revenues obtained.
In Oakland County, 3,125 cash
brought in $475,187, while 10,310 instalment sales will bring in
$986,500.
The Wayne County figures show that $127,868 was obtained
through 2,458 cash sales, and $525,242 is expected from 17,047 instalment
sales.
The ."scavenger" sales, which will continue next
year, mark the first
time since 1881 that
Michigan has attempted on such a scale to clean up
widespread tax delinquency.
A similar land sale was held then, but no
especial privileges were given former land owners at the time, and no
minimum price was fixed.
MOUNT MORRIS TOWNSHIP SCHOOL DISTRICT NO. 7 (P. O.
Flint), Mich.—BOND OFFERING—Edward J. Gillespie,
Secretary, of the Board of Education, will receive sealed bids until 8 p.m.
on June 14 for the
purchase of $7,500 not to exceed 6% interest school
SS.i ',nt?afedA,?ly \> 1940- Due $1,500 on July 1 from 1941 to 1945
incl.
Bids to state whether
purchaser is to pay cost of printing the bonds
_
R. F. D. No. 4,
MOUND, Minn.—BOND OFFERING—Sealed bids will be received until
by Le Roy V. Alwin, Village Clerk, for tne purchase
$8,000 coupon parksite purchase bonds.
Denom. $1,000.
Dated
Aug. 1, 1940.
Due $1,000, Aug. 1, 1942 to 1949.
Bidders to specify rate
8 p.m. on June 24,
of
of interest and amount offered for the bonds.
Principal and interest (F-A),
payable at the State Bank of Mound.
These are the bonds authorized at
the election held on May 27, by a vote of 214 to 37.
The bonds shall be
accompanied with the opinion of an authorized bond attorney.
NEW
RICHLAND
SCHOOL
DISTRICT
(P.
O.
New
Richland)
Minn.—-BOND SALE DETAILS—It is stated by the Clerk of the Board of
Education that the $15,000 building addition bonds sold to the State, as
noted here—V. 150, p. 3698—were purchased as 3s at par, and mature
$3,000 in 1945 to 1949, inclusive.
REDWOOD COUNTY INDEPENDENT SCHOOL DISTRICT NO.
(P. O. Wabasso) Minn.—BONDS OFFERED—Sealed and auction bids
received until June 13 at 8 p. m„ by the School Clerk, for the pur¬
chase of $52,000 refunding bonds.
Dated July 1, 1940.
Due on July 1
as follows: $3,000 in 1943 to 1950, and $4,000 in 1951 to 1957.
84
were
ROCHESTER. Minn.—BONDS OFFERED— Sealed bids were received
until 7:30 p. m. on June 14, by F. R. Finch, City Clerk, for the purchase
of $62,000
2semi-annual surface drainage sewer bonds. 'Dated
June
1,
1940.
Due
on
June 1
as
follows: $12,000 in 1941 to 1944, and
$14,000 in 1945.
ST. PAUL
Minn.—LIST OF BIDS—The following is an official list
the bids received
on
The First
Boston
of
June 6 for the purchase of the $275,000 public welfare
bonds, awarded on that date,
Name of Bidder—
as
noted here.—V. 150,
p.
3698:
Coupon
Premium
2.00%
*294.25
2.00%
2.10%
2.10%
168.00
915.75
467.50
2.10%
2.10%
413.00
220.00
2.20%
591.25
Corp.; First of Michigan Corp.,
and O. S. Ashum Co
Harriman Ripely & Co., Inc.; Mercantile Commerce
Bank & Trust Co., Juran, Moody & Rice
Halsey, Stuart & Co., Inc., and Blair & Co., Inc
Phelps, Fenn & Co., and Welis-Dickey Co
The First National Bank of Chicago; The Northern
Trust Co. of Chicago, and Thrall West Co., Min¬
neapolis
_
Paul H. Davis & Co., and Kaiser & Co
Blyth & Co., Inc., and Stern Brothers & Co
John Nuveen & Co.; City National Bank &
Trust
Co.; R. S. Dickson & Co., Inc.; Mairs-Shaughnessy
& Co__—
1628.28
2.25%
__________
Kalman & Co.; Stranahan & Harris, and F. S.
Moseley & Co
2.25%
C. F. Childs & Co.; Paine/Webber & Co., and
Martin, Burns & Corbett, Inc
2.30%
Stern, Wampler & Co., Inc.; The Hlinois Co. of
Chicago, and Mannheimer-Caldwell, Inc
*
Successful bidders.
742.50
417.00
984.25
2.50%
„
and legal opinion.
MISSISSIPPI
MOUNT
PLEASANT, Mich.—BOND OFFERING—W. K. Williams,
Oity Clerk, will receive sealed bids until 8 P.m.
(EST) on July 1 for the
purchase of $12,500 not to exceed
6% interest coupon special assessment
^"^f^nds. Dated June 15. 1940.
S
a^Jlow£L.S2.'50P frbln 1941
$3,000 m 1945.
Denoms. $1,000 and $500. Due
to 1943 incl.; $2,000 in 1944 and
Principal and interest (J-D) payable at the City Treas¬
are issued in anticipation of collection of special
assessments, pledging.the full faith and credit of the city.
Purchaser to
pay for legal opinion; city will print the bonds.
A certified check for $300
is required.
urer s office.
The bonds
.
OWOSSO, Mich.—BOND OFFERING—The
refunding
bon^
City
Clerk will receive
am* on June 24 for the purchase of $28,000 waterworks
™P£T!i£iSBUBG' Mich.—BOND OFFERING—D.
E.
Hewitt,
Yillag-
Clerk, will receive sealed bids until 5 p. m. (EST) on June 24 for the pur.
chase of $41,530 not to exceed 3 }4 % interest
coupon water works bondse
ETHEL. Miss.—BONDS NOT SOLD—We are informed by W. D. Cook,
Town Clerk, that the $20,000 water works revenue bonds offered on April 2
—V. 150, p. 2146—have not been sold as yet.
A private bid for these
bonds will be entertained.
w
GREENWOOD,
Miss.—BONDS
SOLD—-It
is reported
that
$15,000
1 HVo semi-annual street improvement refunding bonds have been pur¬
chased jointly by the Bank of Greenwood, and the First National Bank of
Memphis.
Dated Feb. 15, 1940.
HUMPHREYS COUNTY (P. O. Belzoni) Miss.—BONDS NOT SOLD—
The $592,000 3M % semi-ann. refunding bonds offered on June 3—V. 150,
P. 3241-r-were not sold as no bids were received, according to report. Dated
April 1, 1940. Due on April 1 in 1941 to 1960 incl.
LAWRENCE COUNTY SEPARATE ROAD DISTRICTS (PO.Monticello^. Miss.—BOND SALE DETAILS—It is now reported that the various
4%
semi-ann.
road district refunding bonds sold to the Leland Speed Co. of
Volume
Jackson,
divided
as
as
The Commercial &
150
noted here—V. 150, p. 3241—were purchased at par,
Financial Chronicle
GLOUCESTER CITY, N. J.—BOND OFFERING—Peter F. McGlade,
City Treasurer, will receive sealed bids until 7 p. m. (EST) on June 26, for
not to exceed 6% interest coupon or registered
school bonds.
Dated July 1, 1940.
Denom. $1,000. Due $5,000 on July 1
from 1941 to 1945, incl.
Bidder to name a single rate of interest, expressed
in a
multiple of H or l-10th of 1%.
Principal and interest (J-J) payable
at the Camden Trust
Co., Gloucester City Branch, Gloucester City.
The
bonds are general obligations of the city, payable from unlimited taxes.
A certified check for
2% of the bonds offered, payable to order of the city,
is required.
Legal opinion of Caldwell & Raymond of New York City will
and are
follows:
$15,000 Separate Road Districts No. 1 bonds.
Due Feb. 1, as
$2,000 in 1941 to 1947, and $1,000 in 1948.
7,000 Separate Road District No. 2 bonds.
Due $1,000 Feb. 1,
the purchase of $25,000
follows:
1941 to
1947..
58,000 Separate Road District No. 3 bonds.
Due Feb.
$2,000 in 1941 to 1948, and $3,Of 0 in 1949 to 1962.
46,000 Separate Road District No. 4 bonds.
Due Feb.
$1,000 in 1941 and 1942, $2,000 in 1943 to 1952,
1 as follows:
1, as follows:
and $3,000 in
be furnished the successful bidder.
1953 to I960.
42,000 Separate Road District No. 5 bonds.
Due Feb. 1 as
$1,000 in 1941 to 1943, $2,000 in 1944 to 1952, and $3,000
follows:
in 1953
to
1959.
-V.
\
All bonds maturing Feb. 1. 1953, and thereafter are
terest payment date
3861
•
HACKENSACK, N. J .—PLANS REFUNDING ISSUE—The city has
asked the State Funding Commission to approve an issue of $225,000 general
refunding bonds.
Dated Dec. 1, 1940.
Due $15,000 annually from 1941
,
callable on any in¬
after Feb. 1, 1952, at par and accrued interest.
tQ 1955incl.
":\\
^v
./J';;
HAMILTON TOWNSHIP
(P. O. 2090 Greenwood Ave., Trenton),
N. J.—BOND OFFERING—Frank A. Priest, Township Clerk, will receive
sealed bids until 8 p. m. (DST) on June 18 for the purchase of $70,000 not
to exceed 6% interest coupon or registered general improvement bonds.
Da$ed June 15, 1940. Denom. $1,000. Due $5,000 on June 15 from 1941 to
1954 incl. Bidder to name a single rate of interest, expressed in a multiple
| MISSOURI BONDS
of
yi of 1 %. The sum required to be obtained at sale of the bonds is $70,000.
Principal and interest (J-D) payable at the Broad Street National Bank,
Trenton. The bonds are unlimited tax obligations of the township and the
approving legal opinion of Hawkins, Delafield & Longfellow of New York
City will be furnished the successful bidder. A certified check for 2% of the
bonds offered, payable to order of the township, must accompany each
Markets in all State9 County & Town Issues
richter
scherck,
LANDRETH
company
proposal. -,':';
BUILDING, ST. LOUIS, MO.
missouri
as
We
sewer bonds.
Due annually from 1941 to 1960 incl.
Prin. and
int. (J-J) payable at the West Hudson National Bank, Harrison.
26,000 equipment bonds.
Due annually from 1941 to 1945 incl.
Prin.
& interest (J-J) payable at the West Hudson National Bank,
Harrison.
25,000 school bonds.
Due annually from 1941 to 1953 incl.
Prin. &
int. (J-J) payable at the First National Bank & Trust Co., Kearny.
■:!-;v::\Uv-1'
,
All of the bonds will be dated July 1,1940, in $1,000 denoms. and
officially informed that the other bids received were as follows:
Co., of Kansas City, and Harris Trust & Savings Bank,
Chicago, the first 150 bonds maturing to bear 4%, the next 400 bonds
maturing to bear 3%, and the last 100 bonds maturing to bear 2^%, a
premium of $136.50.
Phelps, Fenn & Co., F. S. Moseley & Co., Mississippi Valley Trust Co.
and R. D. White & Co., the first 600 bonds maturing to bear 3% and the
last 50 bonds maturing to bear 2M%, a premium of $533.
Mercantile Commerce Bank & Trust Co., St. Louis, and City National
Bank & Trust Co., Kansas City, first 600 bonds maturing 3%, last 50 bonds
maturing 2%%. premium $383.50.
Halsey, Stuart & Co. and Baum, Bernheimer Co., all 3%, premium
$1,137.50.
KStranahan, Harris & Co., and associates, first 450 bonds maturing
3H %, and last 200 bonds maturing 3 %, premium $669.50.
were
from 1946 to 1960 incl.
in
ings),
each proposal.
■■
-
A certified check
must accompany
y/yy' V,'
SALEM, N. J.—BOND OFFERING—W* B. Dunn. City Recorder, will
(DST) on June 24 for the purchase of
$23,000 not to exceed 6% interest coupon or registered bonds, divided as
receive sealed bids until 7:30 p. m.
follows:
$17,000 fire engine bonds. Due annually from 1941 to 1945 incl.
6,000 improvement bonds. Due annually from 1941 to 1943 incl.
All of the bonds will be dated June 1, 1940.
Denom. $1,000. Combined
maturities, with payments due on June 1, are as follows: $5,000 from 1941
to 1943 incl. and $4,000 in 1944 and 1945.
Bidder to name a single rate of
interest, expressed in a multiple of M of 1%. Principal and interest (J-D)
payable at the City National Bank & Trust Co., Salem1; Sum required to be
obtained at sale of the bonds is $23,000.
The bonds are unlimited tax
17-H (P. O. BillMont.—BOND SALE POSTPONED—It is stated by the Super¬
of the Board of Trustees that the sale of the
The sum required to be obtained at sale
multiple of l-20th of 1 %.
of New York City will be furnished the successful bidder.
for 2% of the bonds offered, payable to order of the town,
COUNTY SCHOOL DISTRICT NO.
exceed 5% semi-ann. refunding bonds,
—V.
a
of the bonds is $225,000.
The bonds are unlimited tax obligations of the
town and the approving legal opinion of Hawkins, Delafield & Longfellow
montana
intendent
mature
annually on July 1 as follows: $15,000 from 1941 to 1945 incl. and $10,000
Bidder to name a single rate of interest, expressed
Commerce Trust
BIG HORN
follows:
$174,000
^ KANSAS 'CITY, Mo—BOND SALE—The $650,000 public improvement refunding bonds offered for sale on June 10—V.J150, p. 3546—were
awarded to a syndicate composed of JohnlNuveen & Co. of Chicago, the
First of Michigan Corp. of Detroit, Stern Bros. & Co. of Kansas City, and
Foster & Marshall of Seattle, as 3s, paying a premium of $3,809, equal to
100.586, a basis of about 2.94%. Dated July 1,1940. Due on July 1 in 1941
to 1960 incl.
y-
.
KEARNY, N. 3.—BOND OFFERING—William B. Ross, Town Clerk,
will receive sealed bids until 8 p. m. (DST) on June 26 for the purchase of
$225,000 not to exceed 6% interest coupon or registered bonds, divided
$105,000 not to
obligations of the city and the approving legal
which had been scheduled on June 20
''•UNy'.XW'-F'
opinion of Hawkins, Dela¬
New York City will be furnisned the successful bidder.
bonds offered, payable to order of the city,
each proposal.
field & Longfellow of
150, p. 3546—has been postponed
A certified check for 2% of the
LEWIS AND CLARK COUNTY SCHOOL DISTRICT NO. 1
must accompany
(P. O.
Helena), Mont.—BOND SALE—The $60,000 building bonds offered for
on June 10—V.
150, p. 3242—were awarded to the State Board of
Land Commissioners as 2s at par, according to the District Clerk.
WEST
sale
ROSEBUD COUNTY SCHOOL DISTRICT NO. 31 (P. O.
YORK, N.
NEW
J.—BOND OFFERING—Charles Swensen,
bids until 11 a.m. (DST) on June 25 for
Town Clerk, will receive sealed
purchase of $74,000 not to exceed 6% interest coupon or registered
public improvement bonds.
Dated July 1, 1940.
Denom. $1,000.
Due
July 1 as follows: $4,000 from 1941 to 1946 incl. and $5,000 from 1947 to
1956 incl.
Bidder to name a single rate of interest, expressed in a multiple
of H of 1 %.
The price for which the bonds may be sold cannot exceed
$75,000, to be less than $74,000.
Principal and interest (J-J) payable
at the Town Treasurer's office or at the Hudson County National Bank,
Jersey City.
A certified check for $1,480, payable to order of the town,
must accompany each proposal.
Approving legal opinion of Reed, Hoyt,
Washburn & Clay of New York City will be furnished the successful bidder.
the
Sumatra),
Mont.—BOND SALE—The $27,500 issue of refunding bonds offered for
on June 8—V.
150, p. 3242—was purchased by the State Board of
Land Commissioners, according to the District Clerk.
sale
STILLWATER COUNTY SCHOOL DISTRICT NO. 32 (P.* O.
Rapelje), Mont.—BOND OFFERING—Sealed bids will be received until
District Clerk, for the purchase of
$26,686.76 not to exceed 4% semi-ann. refunding bonds.
Dated March 1,
1940.
A certified check for $500, payable-to the Chairman of the Board
of Trustees, must accompany the bid.
(These bonds were originally scheduled for sale on June 12, as noted
here—V. 150, p. 3242.)
mi
2 p. m. on July 8 by L. G. Braddock,
WEST WOOD, N. 3.—PROPOSED REFUNDING ISSUE— The borough
plans to issue $236,000 refunding bonds to mature as follows: $5,000 from
1941 to 1945, incl.; $3,000, 1948; $7,000, 1949; $4,000, 1950; $22,000, 1951;
$23,000, 1952; $24,000, 1953; $25,000, 1954; $27,000, 1955; $32,000, 1956;
$31,000 in 1957 and $13,000 in 1958.
v^:,
v;
nebraska
BAYARD,
Neb.—BOND ELECTION—An election Is scheduled for
June 17 in order to vote
on
the proposed issuance of $78,102 in
and power plant acquisition revenue
IMPERIAL,
Municipal Bonds
electric light
bonds.
-
Government Bonds
Housing Authority Bonds
Neb.—BOND DISPOSAL REPORT-—It Is stated by the
City Clerk that the $11,000 3% semi-ann. water bonds are being handled
through the First Trust Co. of Lincoln.
Dated March 1, 1940.
Due on
Sept. 1, 1948.
Tilney & Company
NEW YORK, N. Y.
76 BEAVER STREET
new
hampshire
Telephone: WHitehall 4-8898
Bell System Teletype: NY 1-2395
PORTSMOUTH, N. H.—BOND SALE—The $55,000 coupon permanent
improvement and equipment bonds offered June 11—V. 150, p. 3698—
were awarded to Ballou, Adams & Co. of Boston, as 2s, at a price of 101.019,
a
basis of about
from
1.80%.
Dated May 1,
Other bidders:
1941 to 1950 incl.
of Boston,
1940 and due $5,500 on May 1
new
(For 2s)—Second National Bank
100.85; E. H. Rollins & Sons, 100.291; Perrin, West & Winslow,
ALBANY
Whiteside & Symonds, 100.123; First National Bank of
(For 2lA&)—Arthur Perry & Co., 100.549; First National
Bank of Portsmouth, 100.29. and R. L. Day & Co., 100.129.
100.158; Chace,
Boston, 100.07.
new
obtained at sale of the bonds is $305,000.
Principal and interest (J-J)
payable at thefCounty Treasurer's office.
The bonds are general obliga¬
tions of the county, payable from unlimited taxes, and are part of a total
authorized issue of $420,000.
A certified check for $6,100, payable to
order of the county, must accompany each proposal.
Legal opinion of
Dillon, Vandewater & Moore of New York City will be furnished the
successful bidder.
BEACH
HAVEN,
y/'-.
N.
Y-
J .—BOND OFFERING—A. P. King, Borough
(DST) on June 21 for, the
Clerk, will receive sealed bids until 8 p. m.
purchase of $35,000 not to exceed 6% interest coupon or registered series J,
water bonds.
Dated July 1,1940.
Denom. $1,000. Due July 1 as follows:
$2,000 from 1941 to 1950, incl. and $3,000 from 1951 to 1955, incl.
Bidder
to name a single rate of interest.
Principal and interest (J-J) payable at
the Beach Haven National Bank & Trust Co., Beach Haven.
The bonds
are unlimited tax obligations of the city and the approving legal opinion of
Caldwell & Raymond of New York City will be furnished the successful
bidder.
A certified check for 2% of the bonds bid for. payable to order
of the borough, must accompany each proposal.
'
BERGEN COUNTY (P. O.
Hackentack), N. J .—BONDS APPROVED
—The Board of Freeholders recently
for
authorized
an
issue of $282,000 bonds
general improvements.
ESSEX FELLS, N. J.—BONDS
AUTHORIZED—F. R. Well, Borough
final reading on June 10
ordinance providing for an issue of $136,000 sewer and sewer assess¬
ment bonds, legality of which will be approved by Hawkins, Delafield &
Clerk, states that the Borough Council passed on
an
Longfellow of New York City.
york
Albany), N.
Y.—
R. D. White & Co.,
puolic offering of a new issue of $800,000 1.90%
from 0.40% to 2%, according to maturity.
Due
serially on June 1 from 1941 to 1950 incl.
Legal investment for trust funds
and savings banks in New York State.
OFFERED—The
Marine Trust Co. of Buffalo and
New York, are making
bonds at prices to yield
jersey
^ATLANTIC COUNTY (P. O. Atlantic City), N. l.—BOND OFFERING—Enoch L. Johnson, County Treasurer, will receive sealed bids until
noon (DST) on June 26, for the purchase of $305,000 not to exceed 6%
interest coupon or registered county buildings bonds.
Dated July 1, 1940.
Denom. $1,000.
Due July 1 as follows: $16,000 from 1941 to 1945, incl.
and $15,000 from 1946 to 1960, incl.
Bidder to name a single rate of
interest, expressed in a multiple of
of 1%.
The sum required to be
COUNTY ( P. O.
DISTRICT NO. 2 (P. O. Williamsville), N. Y.
$10,815.39 coupon or registered water bonds offered
awarded to the Marine Trust Co. of Buffalo,
as 2.90s, at a price of 100.284, a basis of,about 2.85%.
Dated May 1,
1940 and due Jan. 1 as follows: $815.39 in 1941 and $1,000 from 1942 to
1951 inclusive.
Other bids:
AMHERST WATER
—BOND SALE—The
June 13—V. 150, P. 3698—were
v
Int. Rate
2.90%
2.90%
3.20%
^ ;
Bidder—
E. H. Rollins & Sons, Inc
Traders Trust Co.
Roosevelt & Weigold, Inc
Manufacturers &
Amount Bid
$10,839.00
10,836.91
10,842.54
WATER DISTRICT NO. 1 (P. O. Delmar), N. Y.
$176,000 coupon or registered water bonds offered
150, p. 3547—were awarded to Roosevelt & Weigold, Inc.
of New York, as 2.70s, at a price of 100.33, a basis of about 2.68%.
Dated
May 22, 1940 and due May 22 as follows: $4,000 from 1941 to 1954 incl.
and $5,000 from 1955 to 1978 incl.
Other bids:
BETHLEHEM
—BOND SALE—The
June
12—V.
Bidder—
~
National Commercial Bank &
E. H. Rollins & Sons, Inc
Trust Co. of Albany
Union Securities Corp
Marine Trust Co.
Manufacturers
&
Gibbons & Co.,
Int. Rate
2 H%
3%
3%
of Buffalo and R. D. White & Co-. 3.10%
Traders Trust Co. and George B.
Inc
—
3.20%
Rate Bid
100.11
100.619
100.31
100.734
100.659
SALE— The $3,250,000 tax antici¬
pation certificates of indebtedness offered June 7 were awarded to a group
composed of Halsey, Stuart & Co., Inc., Ladenburg, Thalmann & Co.,
Blair & Co., Inc., and the Swiss American Corp.. all of New York, at 0.79%
interest, at par plus a premium of $44.
Dated June 15, 1940 and due
Dec
15, 1940.
Reoffered by the bankers to yield 0.55% to maturity.
Award consisted of $475,000 series of 1935-1936 certificates; $525,000,
1936-1937; $850,000, 1937-1938; $800,000, 1938-1939; $600,000, 1939-1940.
Principal and interest payable at the City Comptroller's office or at the
Central Hanover Bank & Trust Co., N. Y. City.
Legality approved by
BUFFALO, N. Y.—CERTIFICATE
nairiwftll & Raymond
of N. Y. City.
Other bids:
The Commercial & Financial Chronicle
3862
Bidder—
Int. Rate
Chase National Bank of New York, Chemical Bank &
Trust Co. and Marine Trust Co. of Buffalo
Dick & Merle-Smith
Premium
0.83%
All of the bonds will be dated May 1,1940.
19.00
0.85%
Manufacturers & Traders Trust Co. of Buffalo
11.00
City will be furnished the successful bidder.
$950 payable to order of the village, is required.
Bidder—
Roosevelt & Weigold, Inc
Int. Rate
Rate Bid
2.40%
R. D.
100.35
100.24
2.40%
2.40%
2.70%
2.90%
------
E. H. Rollins & Sons, Inc
100.317
100.36
100.27
CHEEKTOWAGA (P. O. Cheektowaga), N. Y.—BOND SALE— The
$110,000 coupon or registered bonds offered June 7—V. 150, p. 3698—were
awarded to Halsey, Stuart & Co., Inc., New York, as3s at a
price of 100.389,
a basis of about 2.95%.
Sale consisted of:
$10,000 debt equalization bonds.
Due June 1 as follows: $4,000 in 1942
and $3,000 in 1943 and 1944.
9,000 sidewalk improvement bonds.
Due June 1 as follows: $2,000 from
1941 to 1944. incl., and $1,000 in 1945.
91,000 sewer improvement bonds.
Due June 1 as follows: $4,000 from
1941 to 1949, incl., and $5,000 from 1950 to 1960, incl.
All of the bonds will be dated June 1, 1940.
Other bids:
Bidder—
In
E. 11. Rollins & Sons, Inc
.
Rate
3.70%
-
100.23
100.169
100.419
100.44
DUTCHESS COUNTY (P. O. Poughkeepsie), N. Y. BOND
SALE—
The $175,000 coupon or registered
highway bonds offered June 13—V.
150, p. 3699—were awarded to Campbell, Phelps & Co., Inc. and Sherwood
& Co., both of New York,
jointly, as 1.40s, at par plus a premium of
$123,
equal to 100.07,
a basis of
about 1.38%.
Dated June 1, 1940 and due
follows: $20,000 from 1941 to 1945 incl. and $15,000 from
1946
to 1950 incl.
Other hids, as furnished by Paul J. Miller,
1
March
as
County Treasurer,
were as follows:
Bidder—
Rate of Int.
Manufacturers & Traders Trust Co
1.50"%
The Marine Trust Co., Buffalo and R.D. White &
Co.1.50%
Harris Trust & Savings Bank
Premium
504.11
488.25
470.75
--
470.75
351.00
313.25
255.00
_
155.75
_
68.25
329.00
298.00
1.60
262.50
Mercantile-Commerce Bank & Trust Co., and Alex
Brown & Sons
1.60
H. L. Allen & Co. andMinsch, Monell & Co., Inc
Gregory & Son, Inc
Bankers Trust Co
139.83
1.70
577.51
1.70%
1.70%
1.70%
.1.75%
.
Harriman. Ripley & Co., Inc
Kidder, Pea body & Co.
Halsey, Stuart & Co., Inc
-----
name
a
194.25
a
multiple of
K
or
FREE
SCHOOL DISTRICT NO. 23 (P. O.
SALE—The issue of $12,000 school bonds
150, p. 3699—was awarded to the Seaford National
Bank of Seaford, as 1.70s, at par
plus a premium of $7.50, equal to 100.062
a basis of about
Dated June 15, 1940 and due $2,000 on June 15
1.68%.
11—V.
from 1941 to 1946 incl.
Other bids:
Bidder—
Int. Rate
C. F. Childs & Co
Tilney & Co.
Morgan, Kennedy & Co
R. D. White & Co
Roosevelt & Weigold, Inc
$31.00
2%
■
_
Premium
1.90%
Nassau Count}
ty .National Rank of Rockville Center
Bank of New Hyde Park,
Oyster Bay
North Shore Bank & Trust Co. of
Oyster Bay
Manufacturers & Traders Trust Co. of Buffalo
16.68
12.13
13.20
30.19
27.00
25.00
$62,000 not to exceed 6% interest coupon or
registered public improvement
refunding bonds.
Dated June 15, 1940.
Denom. $1,000.
Due June 15
as follows:
$10,000 from 1945 to 1949, incl., and $12,000 in 1950. Bidder
name a single rate of interest, expressed in a multiple of M or l-10th
Principal and interest (J-D 15) payable at the Cnase National Bank
City.
The bonds are unlimited tax obligations of the city
1%
•
of New York
and the
approving legal opinion of Reed, Hoyt, Washburn & Clay of New
York City will be furnished the
successful bidder.
A certified check for
$1,240, payable to order of the
city, must accompany each proposal.
LONGMEADOW
WATER
BOND SALE—C. W.
DISTRICT
(P.
O.
Pittsford),
N.
Y.—
Weinig, White
& Co. of Buffalo were awarded an
issue of $10,000
coupon water extension bonds as 2.40s, at a
price of 100.17,
fA™8 on June 1 2.37%.
of about
$1,000
Dated June 1,
Denom. $1,000.
Due
Legality approved by Dillon,
1940.
from 1941 to 1950 incl.
Vandewater & Moore of New York
City.
* NEW
YORK, N. Y.—REVENUE
McGoldrick awarded
on
June
BILLS
13 to the
KK5? and due June issue of $17,500,000
co?1,?ani?8 an
1940
13, 1941.
-
0REEANS
$200,000
SOLD—Comptroller Joseph D.
group of local banks and
revenue bills, dated June 14,
usual
1%
COUNTY
coupon
or
xA°,
(P. O. Albion), N. Y.—BOND SALE— The
registered bonds offered June 10—V. 150,
p. 3548—
?n\°n br°s. & Hutzler of New York as lHs, at a price
«a b as i s of about 1.45 %.
Sale consisted of:
$68,000 series of 1940 refunding bonds.
Due May 1 as follows: $6,000 in
1941 and 1942 and $7,000 from
1943 to 1950, incl.
'
100.05
100.111
100.06
N. Y.—ASSERTS NEED OF
a super drydock
required to bring the Port of
New York's defenses to an adequate level of efficiency, in a radio address
June 10 by Commissioner Howard S. Cullman, Vice-Chairman of The Port
of New York Authority on Station WEAF.
Mr. Cullman also urged construction of a railroad freight tunnel across the Upper Bay as an essential
life line for the possible transfer of troops, materials and supplies between
New England, Long Island and inland points.
Contrasting the chaotic
conditions of 1917 and 1918 with the orderly movement of heavy traffic
through the Port of New York in recent months, he emphasized the progress
made in the past 20 years both in the expansion of port facilities and in the
coordination of operations.
The drydock and tunnel projects, however,
he said are needed to fill serious gaps in the port's defenses.
A drydock
is to the Navy and to our maritime commerce what the service starion is to
the automobile owner.
Here, at the Nation's premier port, we could not,
in an emergency, drydock either the larger aircraft carriers or the new
45,000-ton battleships if one of these ships were damaged in action along the
Atlantic Coast.
Our naval construction program will also be
gravely
hampered by lack of the means to drydock the new large battleships con¬
structed at the Brooklyn Navy Yard.
The dock, as planned, would be the largest drydock in the world—1,100
feet long and capable of extension to 1,200 feet, the
length of the new
Panama Canal locks.
The plan now under consideration proposes that
the Federal Government advance a grant-in-aid of one-half the cost.
The
Port Authority would endeavor to finance the remainder on a
self-liquidating
DRYDOCK FOR NATIONAL DEFENSE—Construction of
placed number
was
basis.
■•••;". v
one on
the list of projects
;:W:
Every consideration of plant organization, technical skill, and the nature
ship repair business, compels the conclusion that the operation of such
of the
a dock
should be in the hands of private enterprise.
Conferences with
representatives of private ship repair companies in the Port District have
disclosed their deep interest in the operation of such a
dock, and their
willingness to undertake it on the basis of a long-term lease, provided that a
rental can be worked out that is reasonably commensurate with
possible
revenues.
.
/;.
RYE AND HARRISON UNION
FREE SCHOOL DISTRICT
NO. 6
(P. O. Harrison), N. Y.—BOND SALE—The $20,600 coupon or registered
funding bonds offered June 11—V. 150, p. 3700—were awarded to R. D.
White & Co. of New York, as 2.60s, at a price of 100.04, a basis of about
2.58%.
Dated May 15, 1940 and due Dec. 15 as follows: $3,600 in 1940;
$4,000 from 1941 to 1943, incl. and $5,000 in 1944.
Re-offered to yield
from 0.75% to 2.25%, according to maturity.
Other bids:
Bidder—
Int. Rate
Rate Bid
2.70%
2.90%
100.18
Roosevelt & Weigold, Inc
First National Bank of Rye, Harrison Branch
100.05
SHARON SPRINGS
N. Y.—BOND OFFERING— S. D. Foote, Village
Clerk, will receive sealed bids until 2 p.m. (DST) on June 17 for the pur¬
chase of $16,000 not to exceed 5% interest series A coupon or registered
water
softening plant bonds of 1940.
Denom .$1,000.
Due $1,000 on
July 1 from 1941 to 1956 incl.
Bidder to name a single rate of interest,
expressed in a multiple of K or l-10th of 1 %.
Prin. and int. (J-J), payable
at the Village Treasurer's office.
The bonds are unlimited tax obligations
of the village and the legal opinion of Everett D. Mereness, Sharon
Springs,
will be furnished the successful bidder.
A certified check for $320, payable
to order of the village, must accompany each proposal.
TROY, N. Y.—BOND SALE—The $197,000 coupon or registered bonds
offered June 10—V. 150, p. 3700—were awarded to Halsey, Stuart & Co.,
as
2.30s, at
price of 100.056,
a
a
basis of about 2.29%.
*
Bidder
Int. Rate
H. L. Allen & Co., and Minsch, Monell & Co., Inc.> 2.40%
*
*
Manufacturers
&
Traders
Rate Bid
100.40
Trust
Co.;
Kean,
Weigold, Inc., and
Taylor & Co.; Roosevelt &
George B. Gibbons & Co
2.70%
E. H. Rollins & Sons, Inc., and R. D. White & Co_ 2.70%
*
100.289
100.289
Submitted identical bids.
BONDS PUBLICLY OFFERED—Halsey, Stuart & Co., Inc. reoffered
the bonds for public investment at prices to yield from 0.50% to 2.40%,
according to maturity.
UTICA, N. Y.—CERTIFICATE OFFERING—Thomas J. Nelson, City
Comptroller, will receive sealed bids until noon (DST) on June 19 for the
purchase of $1,000,000 tax anticipation certificates of indebtedness.
Dated
June 20, 1940.
Denom. $50,000.
Due Nov. 20, 1940.
Payable at the
Chemical Bank & Trust Co., New York City.
Legality approved by
Thomson, Wood & Hoffman of New York City.
Delivery to be made in
New York City on June 20.
.
16.68
Par
ITHACA, N. Y —BOND OFFERING—F. H. Springer, City Clerk, will
Saa
^ bids until 11 a. m. (EST) on June 19 for the purchase of
*
1.90%
2.10%
25.00
2%
2%
2.20%
2.20%
2.30%
2.40%
2.70%
2.75%
HOOSICK FIRE DISTRICT (P. O.
Hoosick), N. Y.—The $6,100 coupon or
registered fire department equipmei
June 10—V. 150, p. 3547—were awarded to
the Marine Trust Co. of Buffalo,
as 2.40s, at
100.10, a basis of about 2.36%.
Dated June 15, 1940 and due
£ub*A5 as follows: $1,200 from 1941 to 1944, incl. and $1,300 in 1945.
c,i®, Manufacturers & Traders Trust Co. of Buffalo was the second high
bidder.
°f
100.099
100.16
$22,000 home relief bonds.
Due June 1 as follows: $2,000 from 1941 to
1948. incl., and $3,000 in 1949 and 1950.
175,000 public works, second series of 1940 bonds.
Due June 1 as follows:
$15,000from 1941 to 1945 incl., and $20,000from 1946 to 1950. incl.
All of the bonds will be dated June 1, 1940.
Other bids:
Wantagh), N. Y.—BOND
offered June
1.70
Sale consisted of:
752.50
,
l.Mvo
1.80%
139.83
2.00%
single rate of interest, expressed In
UNION
100.16
100.10
1.70%
404.25
l-10th of 1%.
Prin. and int. (J-J) payable at the First National Bank,
Hastings-On-Hudson.
A certified check for $440, payable at, order of the
village, is required.
Legal opinion of Caldwell & Raymond of New York
City will be furnished the successful bidder.
HEMPSTEAD
100.17
100.06
1-70%
—
Inc., New York,
HASTINGS-ON-HUDSON, N. Y.—BOND OFFERING—William J.
Neely, Village Clerk, will receive sealed bids until 3:30 p. m. (DST) on
June 20 for the purchase of $22,000 not to exceed
6% interest coupon or
registered funding bonds.
Dated July 1, 1940.
Denom. $1,000.
Due
July 1 as follows: $5,000 from 1941 to 1943 incl.
and $7,000 in 1944.
Bidder to
100.109
1.00%
1.60%
Adams,
525.00
1.80'
Fallkill National Bank & Trust
Co., Poughkeepsie
and
Campbell, Phelps & Co., Inc., and Sherwood & Co
Blair & Co., Inc., and Roosevelt &
Weigold, lnc--_—
E. H. Rollins & Sons, Inc., and Hemphill, Noyes & Co.
George B. Gibbons & Co., Inc., and O. F. Child & Co.
Harris Trust & Savings Bank and Sage, Rutty & Co—
Union Securities Corp
Halsey, Stuart & Co., Inc
$551.25
1.50%
Adams, McEntee & Co., Inc.--1.50%
Goldman, Sachs & Co. and Graham, Parsons & Co-.-1.50% t
Hemphill, Noyes & Co, andE. H. Rollins & Sons, Inc 1.50%
Estabrook & Co
1.50%
Roosevelt & Weigold, Inc
1.50%
Blyth & Co., Inc
1.50%
The First Boston Corp
1.50%
First National Bank of Chicago
1.60%
Union Securities Corp
1.60
Salomon Bros & Hutzler
Co.
Rate Bid
1 Yi %
Trust
Marine Trust Co. of Buffalo and R. D. White & Co—
Rate Bid
3K%
3.30%
3.40%
Marine Trust Co. of Buffalo and Ii. D. White & Co
Manufacturers & Traders Trust Co. of Buffalo
George II. Gibbons & Co., Inc., and Roosevelt &
——
Traders
PORT OF NEW YORK AUTHORITY,
Marine Trust Co. of Buffalo
Weigold, Inc
Int. Rate
&
McEntee & Co., Inc
First Boston Corp
A certified check for
CHATEAUGAY (P. O. Chateaugay), N. Y.—BOND SALE—The
$24,000 funding bonds offered June 13 were awarded to the Union Securities
Corp. of New York, as 2s, at a price of 100.15, a basis of about 1.97%.
Dated June 15, 1940.
Denom. $1,000.
Due $2,000 on Dec. 15 from
1940 to 1951 incl.
Principal and interest (June 15) payable at the First
National Bank, Chateaugay.
Legal opinion of Dillon, Vandewater &
Moore of New York City.
Other bids:
White & Co...
F. W. Reichard & Co
Other bids:
Bidder—
Manufacturers
CANASTOTA,
N.
Y.—BOND OFFERING—Joseph A. Capparelli,
Village Clerk, will receive sealed bids until 2 p. m. (D8T) on June 18 for
the purchase of $47,500 not to exceed 6% interest coupon or
registered
drainage bonds.
Dated July 1, 1940.
One oond for $500, others $1,000
each.
Due July 1 as follows: $2,500 in 1941 and $3,000 from 1942 to
1956,
incl.
Bidder to name a single rate of interest, expressed in a
multiple of
N. Y.
1940
15,
132,000 funding bonds.
Due May 1 as follows: $28,000 in 1941 and 194
and $38,000 in 1943 and 1944.
,/
$7.90
0.85%
June
NORTH
CAROLINA
HILLSBORO, N. C.—BOND SALE—The $9,000
coupon semi-annua
improvement bonds offered for sale on June 11—V. 150, p. 3700—
to Vance, Young
& Hardin of Winston-Salem, as 4Kb,
paying a premium of $27.50, equal to 100.306, a basis of about 4.20%.
Dated May 1, 1940.
Due $1,000 on May 1 in 1943 to 1951, incl.
street
were
awarded
STANLY COUNTY (P. O. Albemarle), N. C —BOND OFFERING—
a. m. on June 18, by W. E.
Easterling,
Secretary of the Local Government Commission, at his office in Raliegh,
for the purchase of $60,500 general refunding bonds.
Dated June 15, 1940.
Due on June 15 as follows: $500, 1942; $2000, 1943; $4,000, 1944; $4,000,
1946, and $10,000, 1947 to 1951, incl., without option of prior payment.
Sealed bids will be received until 11
There will be no auction.
Denominations:!—bond of $500 and the re¬
mainder of $1,000; principal and interest (J-D) payable in lawful money
in New York City; coupon bonds registerable as to principal only; general
obligations: unlimited tax; delivery at place of purchaser's choice.
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum in multiples of K of 1%.
Each bid may name one rate for
part of the bonds (having the earliest maturities) and another rate for
the balance, but no bid may name more than two rates, and each bidder
must specify in his bid the amount of bonds of each rate.
The bonds will
be awarded to the highest bidder offering to purchase the bonds at the
lowest interest cost to the county, such cost to be determined by deducting
the total amount of the premium bid from the
aggregate amount of interest
upon all of the bonds until their respective maturities.
No bid of less than
accrued interest will be entertained.
Bids must be accompanied by a certified check upon an incorporated
bank or trust company, payable unconditionally to the order of the State
par and
Treasurer for $1,210.
The right to reject all bids is reserved.
The ap¬
proving opinion of Reed, Hoyt, Washburn & Clay, New York City, will be
furnished the purchaser.
NORTH
ABERCROMBIE
COMMON
DAKOTA
SCHOOL
DISTRICT
(P.
O.
Aber-
crombie), N. Dak.—BONDS OFFERED—Sealed bids were received until
5 p. m. on June 14,
by Elsie C. Danielson, President of the School Board,
for the purchase of $20,000 not to exceed 5%
Due $1,000 on July 1 in 1942 to 1961, incl.
semi-annual school bonds.
WARD COUNTY (P. O. Minot), N. Dak.—CERTIFICATES NOT
SOLD—It is stated by the County Auditor that the $100,000 certificates of
indebtedness offered on June 7—V. 150, p. 3548—were not sold as no bids
were
received.
Due in two years, or less,
Volume
The Commercial & Financial Chronicle
150
V/nlv
Ort°ni
9^
as
a
lower rate of Interest
vJn ILVJIvJIM
_
m
on
g£df S
PORT
BANDON
(P. O.
Coquille)
OFFERING—
Ore.—BOND
Sealed bids will be received until 8
p. m. on June 25, by Archie H. Rosa,
Secretary of the Board of Commissioners, for the purchase of $25,000 water
^TSd jSiyT'Two'Venom*®® Due'My 1"
general
1947&5°9527
J3.&0
1946.Ind TVTiivIn
17
°owuu ut)Aa on 1VAay AV.
1?«and
Qit the election hold
on
V
tbebonSauthilzM
;
-v
•
kfiftoln
;
,
STAYTON, Ore.—BOND OFFERING—It is reported that sealed bids
will be received until July 1, by George R. Duncan, Town Recorder, for the
purchase of $13,000 paving bonds, approved by the voters at an election
SI 16,000 annually on Oct. 1 from 1941 to 1949 incl.
906,000 3M % bonds issued to refund at a lower rate of interest
obligation bonds heretofore issued to refund bonds for
general
sundry
public purposes.
The debt to be refunded is callable Oct.
1, 1940, or on any subsequent interest date.
Bonds now sold
mature Oct. 1, as follows:
$100,000 from 1941 to 1943 incl. and
held on May 17.
v
PFNN^Yl VAN I A
$101,000 from 1944 to 1949 incl.
A1b($uU*!
thp
wh^h
fL owl"/ Cle\eland also was a member of the syndicate
-
n
which obtained the award.
OF
aCC6Pt th6
Enclose a certified check for $625.
oo^os, at par or premium.
XXeot/ to be refunded is cddl^ble Oct* 1* 194U»
subsequent interest date.
Bonds now sold mature
any
.
^ COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 71
n
Lowell), Ore.—BOND OFFERING— Sealed bids will be received
£ Amv<>n June 22, by Delmar Ray, District .Clerk, for the purchase
of $32,500 school bonds. Dated July 1, 1940. Due $1,000 July 1,1941 and
January and July 1, 1942 to 1956, and $1,500 Jan. 1, 1957. Bidders are
SStin°,?mlriS
puolic purpos6S.
or
Interest
Anr/^AM
i
refund at
1946: the re-
on June 15 in 1947 to 1950.
v y
fr»finwReq«i?^ nnnZm ioii
000
I /I Tola
from 1941 to 1944 mcl. and $114,000
,•«
i
bonds divided
par on tjbe
2 Ms, due $1,000 on June 15 in 1944 to
as
*4,000 as 3 Ms, due $1,000
$1,022,000 4% bonds issued to refund at a lower rate of interest general obligation bonds heretofore issued to refund bonds for sundry
public purposes. The debtito be refunded is callable Oct. 1, 1940,
3S%bon^°tanrt?o
follows: $3,000
as
AKRON, Ohio—BOND SALE—'The $2,972,000 refunding bonds offered
June 10—V. 150, p. 3398—were awarded to a syndicate composed of
Stranahan, Harris & Co., Inc., Toledo; Provident Savings Bank & Trust
Co., Assel, Goetz & Moerlein, Inc., Breed & Harrison, Weil, Roth & Irving
Co., all of Cincinnati; Braun, Bosworth & Co., Toledo; Fahey, Clark & Co
Field, Richards & Co., First Cleveland Corp., Hawley, Huller & Co.,
Merrill, Turben & Co., McDonald-Coolidge & Co., all of Cleveland, and
Ryan, Sutherland & Co. of Toledo. This group bid a price of 100.1013 for a
combination of 3Ms, 3Ms and 4s, for a net interest cost of about 3.73%.
Thejbonds are divided as follows:
1.044,000
3863
®d§a,1; Honnold, both of Oklahoma City, paying
nUin
i
1 LVMI1IM
,
ALIQUIPPA SCHOOL DISTRICT, Pa.—BOND SALE— The $175,000
coupon school bonds offered June 11—V. 150, p. 3701—were awarded to a
group
composed of Singer, Deane & Scribner of Pittsburgh; E. H. Rollins &
.
r£l'&\¥}'^Pr''r£h)^SyPR1%Mu £0U£T T° DETERMINE BOND
Sons, Inc., Philadelphia; Glover & MacGregor, Inc., and S. K. Cunningham & Co., both of Pittsburgh, as 3s, at par plus a premium of $1,261,
equal to 100.72, a basis of about 2.93%. Dated June 1, 1940 and due
June 1 as follows: $7,000 in 1942 and $8,000 from 1943 to 1963 incl. Second
Board is entitled.
BUCK TOWNSHIP SCHOOL DISTRICT (P. O. Bear Creek), Pa.—
BOND OFFERING—Mrs, Neil Harrison, District Secretary, will receive
sealed bids until 2 p. m. on June 25 for the purchase of $3,500 3M, 3 %, 4,
4M or 4M% coupon building bonds.
Dated July 1, 1940.
Denom. $500.
Due $500 on July 1. 1942, 1944, 1945, 1947. 1949, 1951 and 1953.
Bidder
to name a single rate of interest, payable J-J.
Principal and interest
BAY
VILLAGE,
Ohio—BONDS
election the voters authorized
n
r.UCI
VOTED—At
14 primary
bonds.
May
the
issue of $100,000 sanitary sewer
an
.Mn
r,r^mnr,wrste.
_nrrr,m
D/™rr»
LID/TY—Question of whether the city of Cleveland may issue
$2,138,000 delinquent tax bonds to finance its relief load has been taken
under advisement by the Ohio Supreme Court.
Although many political
subdivisions have financed their relief requirements partly through issuance
of bonds against anticipated collections of delinquent taxes, G. A. Gesell,
Cleveland Finance Director, felt that such an issue might be unconstitutional. The Cleveland Board of Education supported Mr. Gesell's stand
that the issue was illegal because it would take moneys to which the school
CRAWFORD COUNTY (P. O. Bucyrus). Ohio—BONDS
°n
erection
high bid of 100.32 for 3s was submitted by Moore, Leonard & Lynch of
New York Citv and associates
Payable at the Wilkes-Barre Deposit & Savings Bank, Wilkes-Barre.
DEFEATED
%Lue of $32,000 grand stand
Ma? I4 ,a?
DERRY TOWNSHIP SCHOOL DISTRICT (P. O. Derry), Pa.—
and building bonds was rejected by the voters.
BOND
h.
nnvrD
r*u.
DAArno
,7Art,n
w
.
.
w
^
.
...
Ohio—BONDS VOTED—A. W. Wagner, City Auditor, advises that on May 14 the voters approved an issue of $50,000 2% street
improvement bonds, to mature serially from 1941 to 1951 incl.
J* DOVER,
GNADENHUTTEN
Ohio
Scully & Churchill of Pittsburgh, to the purchaser, free of charge. Their
opinion will state, inter alia that the bonds are valid and binding obliga-
9.94. nnn
Tho
OFT a tt <?
pat.f
pond
M of 1 %, such rate to be uniform for the entire issue.
Principal and interest
(J_J) payable at the Commercial National Bank, Latrobe.
The district
will print the bonds and furnish the favorable legal opinion of Burgwin,
konds1'purchS by^he^^denh^^BaS—V?
^Tv
J
MARTINS FERRY SCHOOL DISTRICT, Ohio—BONDS DEFEATED
village portion
OFFERING—Henry E. Shaw, District Secretary, will receive sealed
bids until 8 p. m. (EST) on June 24 for the purchase of $75,000 coupon
operating expense bon^. Dated July 1, 1940. Denom.
/ lM foUows: $10,000 in 1941 to 1944, $6,000 in 1945 to
1949 and $5,000 in 1950. Bidders to name rate of interest in multiples of
DEFIANCE CITY SCHOOL DISTRICT, Ohio—BONDS DEFEATED
—The proposed issue of $246,500 building bonds failed to obtain the required 65% maj'ority for approval at the May 14 primary election.
sewer
.
proposal to issue $325,000 construction bonds was defeated at the
May 14 election.
mtkicdva
cruoni
1/iMArr
mctdirr
da.tnc.
.
r*r»
M^ERVA VILLAGE May 14 defeated a proposal to BONDS DESCHOOL DISTRICT, Ohio issue $38,000
The voters on
July lf 1940.
be^o$1^05anDue^O7-
xnci
Duit
A,
duia
PHILADELPHIA,
>
-or\-\rr\a
Ohio^BONDS
imtph
t
r,
,
VOTED—Lester B.
ERIE, Pa.—BOND SALE—The $130,000 coupon funding bonds offered
the Union Trust Co, of Pitts-
V -VTnc
nA.rn
.
cy
a
t
tt,
rrn-
.„n
w*
*pi
Rv^ Suthefland
o.,inc
——-
& Co
——
il
lofion
Garmei
frnm
the only bidder.
iq41
19^2
on
?„°-,9fel"edat9d April
Oct. 1 from 1941 to 1945 incl.
PERRY TOWNSHIP SCHOOL DISTRICT (P.
BONDS VOTED—An issue
1940and
O. Massillon), Ohio
of $160,000 school construction bonds was ap-
proved by the voters at the May
14 primary election.
POMEROY, Ohio—BONDS DEFEATED—At the May 14 election the
voters refused to authorize an issue of $25,000 street improvement bonds.
V
Ohio—BOND SALE DETAILS—
athletic field bonds
to the City National Bank of
3700—weresold as 2 Ms, at a price of 102.75, a basis of
2.26%. Due $1,000 on Dec. 1 from 1941 to 1950Incl.
TIFFIN CITY SCHOOL DISTRICT
The $10,000
Tiffin—V. 150, P.
about
Pa.—•
June 10—
of Mount
Dated Nov. 1, 1940 and due $1,000 on Nov. 1
incl
.
"
.
.
MONESSEN, Pa.—BOND SALE—The $75,000 coupon improvement
bonds offered June 12—V. 150, p. 3399—were awarded to E. H. Rollins
& Sons Inc of Philadelphia, as 2Ms, at par plus a premium of $284.25,
equal t'Q 10o.379, a basis of about 2.43%.
Dated June 1, 1940 and due
j^ne j as fou0ws: $5,000 from 1941 to 1945 incl. and $10,000 from 1946
^ T" by ^ &
°' 101'49
:
P.^
MOUNT LEBANON TOWNSH.p <P. O.
as
2 'As, at a price of
^^$15,000
100.369, a basis of about 2.71 %. Dated June 1, 1940
June 1 from 1941 to I960 incl.
Second high bid of
N^XIVIiL B^nfh ^IPittS>"?riO pIS—BOND
Neville Island Branch ^ttsburgta),, FaBOND
o^Phnade^Dhia
2Mb' at
ALE—Th^ $25 00*6
on
°°-prlced
ground improvement bonds offered May 13—V. 150, p. 2923—were awarded
to the First National Bank of Norwood, as lMs, at par and accrued in$1,000
_
niMntA_
.
BOND SALE—The $12,000 4% coupon building bonds offered
y
150
p
3701—were awarded to the Union National Bank
mi
NORWOOD, Ohio—BOND SALE—The $5,000 coupon parks and play-
mature
y''
MARION HEIGHTS SCHOOL DISTRICT (P. O. Keiser),
a,
126.00
897 00
1.703.00
privately by Burr & Co. of Philadelphia, as 3Ms, at par. Dated June 15,
^940, and due June 15, 1970. Callable after 10 years and on any subsequent
interest date at par and accrued interest.
■
3%
1703 00
AA/o
—
andPriiJ:299479ta
-
9 w
$1 041 30
FOLCROFT, Pa.—BONDS SOLD—The Issue of $18,000 coupon bonds
offered June 3—V. 150, p. 3091—failed to attract a bid and were then sold
Stone-
Pnmium
Premium <
$l,U41.dU
296.40
T_vnch" Georee'G "Annleeate""and
? Cn'
g
Applegate, and
A
w
^
w
Ji». H.-KOiJUis « sons, inc
Pph & Co., Inc of Cincinnati, as 2Ms, at a price of par plus a Premium
Bate
Unto
2 iV
2
2M %
Miller& Co
^
Ohio—BOND SALE—-The $82,299.79L coupon special street
150, P. 3399—were awarded to
Int
O
5dTscHbn^^ and Do^hSrtV"Cortoan
T^nawf
improvement bonds offered June 12—V.
19Zaef-rbids:
T„t
9V.°7
& R
W
Si^' Deane & Scribner ana ^ougnerty, GorKran
^
AAA
and E
g.1**®
B. W. &R. U. Miller & Co
Haisey, Stuart & Co. Inc
brook, City Auditor, states that an issue of $25,000 3% street bonds were
by the voters at the May 14 Primary election
They will
mature in 10 years and will be issued only if a WPA grant is available.
At the same election the proposal to issue $100,000 sewer bonds failed to
obtain
he necessary majority of favorable votes for passage.
t-o
A certified check for $200,
burgh, as 2Ms, at 100.32, a basis of about 2.20%. Dated June 1, 1940 and
due June 1 as Allows: $10,000 from 1942 to 1945 incl. and $15,000 from
i qaa to 1951 incl
Other bids'
authorized
NILES,
Due $10,000 on July 1 from 1950 to 1954,
June 7—V. 150, p. 3244—were awarded to
$24,000 in 1950, $25,000 in 1951
1953, $27,000 in 1954, $28,000 in 1955 and 1956, $29,000 in 1957, $30,000 in
1958, $31,000 in 1959, $32,000 in 1960, $33,000 in 1961, $34,000 in 1962,
$35,000 in 1963, $36,000 in 1964, $37,000 in 1965, $38,000 in 1966, and
$39,000 in 1967, subject to call or redemption, however, on Nov. 1, 1942, or
on any interest paying date thereafter, at not more than par.
Bidders may
present a bid or bids for the bonds based on their bearing a different rate of
interest, provided that where a fractional interest rate is bid such fraction
shall be M of 1% or multiples thereof. The bonds will be sold to the highest
bidder for not less than the face value thereof and accrued interest.
The
bonds are issued for the purpose of raising money in anticipation of the
collection of the instalments of a special assessment heretofore levied to pay
a portion of the cost of the execution of the official plan of the district,
including superintendence of construction and administration,
under
authority of the Conservancy Act of Ohio and pursuant to a certain resolution of the district passed on May 27. The purchase will receive and pay
for the bonds on or before July 1
Enclose a certified check for 1% of the
amount of bonds included in the bid, payable to the district,
Mru.
Denom. $1,000.
name a single rate of interest, expressed in a multiple of
Bonds will be sold subject to approval of proceedings by the
payable to order of the borough, is required.
l^'-°°9a?-r1942
^922ata«o§4£^
and 1952, $26,000 in
in?Q12tl'™rP.,00i°n}o
1948, $23,000 in 1949,
~
Pennsylvania Department of Internal Affairs,
DISTRICT (P. O.
OFFERING—Bryce C. Browning,
MUSKINGUM WATERSHED CONSERVANCY
Secretary-Treasurer will[receive sealed bids until noon on June 21 for the
purchase of $742,000 4% coupon district bonds.
Dated June 1, 1940.
NEW'
of 1 %.
M
Ohio—BOND
ISS."SS®mMr*w- Bnclos8ace"lfied *
Bidder to
incl.
construction bonds,
Philadelphia),
-
tary, will receive sealed bids until 7:30 p. m. (EST) on July 3 for the purchase of $50,000 not to exceed 4% interest coupon borough bonds. Dated
FEATED-
New
*
„
.
DONORA, Pa .—BOND OFFERINGS—George W. Atlen, Borough Secre-
—The
awarded
WELLINGTON, Ohio—BOND SALE—An issue of $19,000 sewer bonds
was awarded to the BancOhio Securities Co. of Columbus, as 2 Ms, at a
Price or 100 301
price or iuu,oui.
A MAMA
M
Tnc
as
*i6l'2Ha"uS\M9.atotaaofeffi!Stto
june
$2,000 from 1942
he $25,000
oar
nlusaDremiumof
ff moSnd
$1,000 in 1953.
Dated Junc
^ ag f0u0WS;
1953 incl. and
Second high bid of 100.52 for 2Ms was made by S. K. Cunningham & Co. of
Pittsburgh.
PHILADELPHIA—TAX INCOME SHARPLY HIGHER—Five months
tax collections of the city were $7,650,531 ahead of the corresponding period
of 1939, Receiver of Taxes Frank J. Willard's monthly report shows. In-
^S\n(!?me^^^
eag,neSS from all sources in the five-months period reached $58,688,998
in like five months of last year. City income tax
amounted to $5,396,949 while collections on the increased school
compared with $51,038,466
receipts
levy were
$17,978,685, gain of $2,564.430 over year ag°.
Collections on the current city levy totaled $26,118,738, increase $456,606,
while personal property payments rose $121,330, totaling $611,409. Water
rent payments were
tQ
smaller, dropping $317,858 under 1939 period, and
R^fpte'^of1 the8 delinquent
MARLOW, Okla.—BOND SALE—The $9,800 street bonds offered for
on June 10—V. 150, p. 3701—were purchased by R. J. Edwards, Inc.
of Oklahoma City, paying a price of 100.01, on the bonds divided as follows:
$3,000 as 2s, and $6,800 as 3Ms, according to the City Clerk.
Due $1,000
in 1943 to 1951, and $800 in 1952.
.
sale
STEPHENS
COUNTY UNION GRADED SCHOOL DISTRICT
NO. 34 (P. O. Marlow, R. F. D. No. 1), Okla.—BONDS SOLD—The
$7,000 coupon school bonds offered for sale on June 11—V. 150, p. 3701—
were awarded jointly to the First National Bank & Trust Co.. and C.
departments were smaller, delinquent city
payments dropping to $1,704,483 from $1,991,659 and delinquent school
payments to $993,792 from $1,082,519. Personal property showed a small
increase, totaling $45,820 against $41,839.
,
As of June 1, last,
064,549 of the school
there remained $16,753,430 of the city levy and $10,-
levy still to be collected.
refunding and water
3399—were awarded
National Bank & Trust Co., Pine Grove, as 3s, at par
$315, equal to 100.851, a basis of about 2.90%. Dated
PINE GROVE, Pa.—-BOND SALE—-The $37,000
works improvement bonds offered June 7—V. 150, p.
to the Pine Grove
plus a premium of
•
The Commercial & Financial
3864
June 1, 1940, and due Dec.
and $1,000 in 1959,
Other
First
Burr
1 as follows: $2,000 from 1941 to 1958, incl.,
Premium
_
_
$50.00
99.90
SCOTT TOWNSHIP (P. O. R. D. No. 5, Crafton Branch, Pitts¬
burgh), Pa.—BOND OFFERING—Alfred W. Fleck, Secretary of the Board
will receive sealed bids until 7 p. m. (EST) on June 26,
for the purchase of $25,000 coupon township bonds.
Dated July 1, 1940.
Denom. $1,000.
Due $500 on July 1 in 1944, 1948, 1952, 1956 and 1960.
Bidder to name a single rate of interest, expressed in a multiple of M of
1%, and payable J-J.
Sale of bonds is subject to approval of proceedings
by the Pennsylvania Department of Internal Affairs.
Purchaser will be
furnished with approving legal opinion of Moorhead & Knox of Pittsburgh.
A certified check for $1,000, payable to order of the Secretary of the Board
of Commissioners, must accompany each proposal.
of Commissioners,
ESTATE COLLEGE SCHOOL DISTRICT, Pa.—BOND SAtE—^&Q
issue of $100,000 building bonds offered June 12—V. 150, p. 3549—was
awarded to Singer, Deane & Scribner of Pittsburgh, as 2Ms at a price of
100.149, a basis of about 2.23%.
Dated June 1, 1940, and due June 1 as
follows:
$4,000 from 1945 to 1949 incl., and $5,000 from 1950 to 1965 Incl.
Bonds maturing after June 1, 1950, are callable at par and accrued interest
on any interest date on or after that date.
Second high bid of 102.15 for
2Ms was made by Schmidt, Poole & Co. of Philadelphia.
WEST DEER TOWNSHIP SCHOOL DISTRICT (P. O. Russellton),
Pa.—BOND SALE—The $50,000 coupon bonds offered May 21—V. 150,
3245—were awarded to Singer, Deane & Scribner of,Pittsburgh, as 3Ms,
plus a premium of $276, equal to 100.55, a basis of about 3.15%.
p.
at par
Sale
consisted of:
$10,000
40,000
■
generaTimprovement bonds.
Due $5,000
on June 1 in
1945 and
operating revenue bonds. Due $5,000 on June 1 from 1943 to
All of the bonds will be dated June 1, 1940.
The State School Employees
Retirement Board bid for 3 Ms and Moore, Leonard & Lynch of Pittsburgh
named
rate of
a
3M%.
ISLAND
RHODE
CRANSTON,
R.
I.—NOTE
M.
Treasurer, will receive sealed bids until 2 p. m. (DST) on
Lee,
City
June 18 for the
issued in anticipation of taxes assessed as of June 15, 1940.
They will
as to genuineness and validity by the First National Bank
be authenticated
of Boston under advice of Ropes,
Gray, Boyden & Perkins of Boston.
?(
WESTERLY, R. I.—NOTE OFFERING—Lewis Stanton, Town Treas¬
urer, will receive bids until 11 a. m. (DST) on June 18 forithelpurchase at
discount of $200,000 notes issued in anticipation of taxes for the current
fiscal year.
Dated June 18, 1940. Denoms. $25,000, $10,000 and $5,000.
Due Dec. 18. 1940.
Notes will be authenticated as tof genuineness and
validity by the First National Bank of Boston, under advice of Storey,
Thorndike, Palmer & Dodge of Boston.
SOUTH
DAKOTA
becoming callable in 1950.
MINER COUNTY
(P. O. Howard), S. Dak.—BOND OFFERING—It
Auditor, that he will receive both
2 p.m., for the purchase of $44,000
Dated Aug. 15, 1940.
Denom. $1,000.
Due Dec. 15,
is stated by A. P. Humphrey, County
sealed and auction bids until July 9, at
1955.
VERMONT
CASTLETON, Vt.—BOND OFFERING—R. W. Rice, Town Treasurer,
will receive sealed bids until 6:30 p. m. (EST) on June 20 for the purchase of
)ue $3,000 on Dec. 1 from 1940 to Dated July 1,
f60,000 coupon refunding bonds. 1959 incl. Rate 1940. Denom. $1,000.
of interest to be named
by the bidder and expressed in a multiple of M of 1%.
Approving legal
opinion of Clifton M. Heaton and Peter Giuliani, of Montpelier, and com¬
plete transcript of proceedings will be furnished the successful bidder.
WASH INGTON ?
CLARK COUNTY (P. O. Vancouver), Wash.—BOND OFFERING—
It is stated by K. W. Durgan, County Auditor, that he will receive sealed
bids until 11 a. m. on June 28, for the purchase of $264,000 general obliga¬
tion court house bonds.
Interest rate is not to exceed 3M%. payable
Dated July 1, 1940.
Denom. $1,000.
Due July 1, as follows:
$10,000 in 1942 and 1943, $11,000 In 1944 to 1946, $12,000 in 1947 and 1948,
$13,000 in 1949 and 1950, $14,000 in 1951 and 1952, $15,000 in 1953 and
19.54, $16,000 in 1955, $17,000 in 1956 to 1958, and $18,000 in 1959 and
1960.
Bidders are required to submit a bid specifying, (a) the lowest rate
of interest and premium, if any, above par, at which the bidder shall pur¬
chase the bonds; or (b) the lowest rate of interest at which the bidder will
J-J.
purchase the bonds at par.
The county irrevocably pledges itself to include
budget and levy taxes annually within and as a part of the 10-mill
limitation of taxes permitted to counties without a vote of the people in an
amount sufficient to pay the principal and interest of the bonds as the same
in its
The bonds shall be sold with the opinion of Preston, Thor-
grimson & Turner of Seattle, approving the legality of the same.
Enclose
certified check for 5% of the amount of the bid.
(These are the bonds that were originally scheduled for sale on June 17—
V. 150, P. 3400.)
a
KtNG COUNTY WATER DISTRICT NO. 14 (Pi
All of the bonds shall be redeemable at the option of the county at
and accrued interest on Dec.
follows: $5,000 in 1941 to 1945,
Bidder to specify rate of interest
15 or on any interest payment date, as
$8,000 in 1946, and $11,000 in 1947.
payable June and Dec. 15.
No bid for
less than par and accrued interest can be considered.
The approving legal
opinion of Fletcher, Dorsey, Barker, Col man & Barber, of Minneapolis,
and the printed bond forms will be furnished without cost to the purchaser.
Enclose a certified check for $800, payable to the County Treasurer.
par
SEATTLE, Wash.—REPORT ON PROGRESS OF STREET RAILWAY
REFINANCING—In connection with the loan of $10,000,000 to the above
SELAH-MOXEE IRRIGATION
p.
3549.)
v,.v;
_
^
INDEPENDENT
CHAMBERS COUNTY ROAD DISTRICT NO. 2 (P/O.'Anahuac)
Texas—BONDS SOLD—A $27,000 issue of refunding bonds, approved by
the Commissioners' Court on April 8, is said to have been purchased by Paul
5; Aves & Co. of Houston, as 2s.
MARKHAM INDEPENDENT SCHOOL DISTRICT
(P.
Mark-
O.
ham). Texas—BOND SALE DETAILS—It is now reported by the Super¬
intendent of Schools that the $25,000 building bonds sold recently, as noted
here—V. 150, p. 3550—were purchased as 3s, at a price of 100.04, and ma-
t^£on,4pril 1 as follows: $1,000 in 1941 to 1950, and $1,500 in 1951 to
1960, giving a basis of about 2.995%.
MESQUITE,
VIRGINIA
CLARKSBURG, W. Va*—BONDS OFFERED FOR INVESTMENT—
bonds
being offered by McGregor, Irvine & Co. of Wheeling, priced to yield
from 1% to 2.20%, according to maturity.
Dated May 1, 1940. Denom.
$1,000.
Due $25,000 May 1, 1941 to 1945. Callable on 30 days' published
An issue of $125,000 2M % coupon semi-annual street paving revenue
notice at 102 and accrued interest in whole or in part on any interest date.
Prin. and int. payable at the State Sinking Fund Commission, Charleston.
Legality approved by Chapman & Cutler of Chicago.
McMECHEN, W. Va.—BOND SALE DETAILS—It is now reported by
equipment bonds sold
purchased at par and
mature on May 1 as follows: $3,500 in 1941; $4,000, 1942, and $4,500
in 1943.
;
\
^
»;
the City Clerk that the $12,000 1M% semi-ann. fire
to the State, as noted here—V. 150, p. 3702—were
_______
""GRANGER INDEPENDENT SCHOOL DISTRICT (P. O. Granger),
Texas—BONDS SOLD—It is reported that $5,500 4% semi-ann. refunding
series 1940 bonds have been purchased at par by W. H. Bullard & Co. of
Austin.
Dated April 10,1940. Due on April 10; $2,500 in 1955, and $3,000
in 1956; optional any time after 5 years.
.
v/./o.
v
WEST
is
SCHOOL DISTRICT (P. O. Big
Sandy) Texas—BONDS SOLD—It is reported that $69,500 3% semi-ann.
refunding bonds have been purchased jointly by the J. R. Phillips Invest¬
ment Co., and Duquette & Co., both oi umiston.
; i; V
s
;
SANDY
Wash.—
to bonds in reverse of their numerical order.
bonds.
postponed.—V. 150,
TEXAS
BIG
(P. O. Selah)
$156,000), 4% semi-ann. refunding bonds to Murphey, Favre & Co. of
Spokane, as noted here on Mrach 2, it is now reported that the bonds are
dated Jan. 1, 1940, arein the denomination of $500, and mature Jan. l,as
follows:
$1,500 in 1941, $5,500 in 1942 and 1943, $6,000 in 1944 to 1946
$6,500 in 1947 and 1948, $7,000 in 1949, $7,500 in 1950 and 1951, $8,000 in
1952, $8,500 in 1953 and 1954, $9,000 in 1955, $9,500 in 1956 and 1957,
$10,000 in 1958, $10,500 in 1959, and $11,000 in 1960, callable at par and
accrued interest on or after Jan. 1,1941, upon 15 days' notice, provided (1)
that the call privilege be limited to an amount not to exceed $10,000 in any
one year, (2) that the surplus fund shall not hold more than $10,000 at
any time of the first maturing bonds outstanding and in the event the district
is entitled under the provisions of (1) to exercise the call privilege with
respect to additional bonds such privilege must be exercised with respect
the voters are said to have
Hefley, County Judge, for the purchase of a $28,000 issue of 2M % semi¬
annual refunding bonds.
Dated Jan. 1, 1940.
Due on July 1 in 1941 to
1959.
(These are the bonds which had been scheduled originally for sale
was
DISTRICT
BOND SALE DETAILS—In connection with the sale of the $150,000 (not
YONCALLA, Wash.1—BONDS VOTED—At the election held on May 25
approved the issuance of $30,000 in water system
TENNESSEE
May 24, the offering of which
Bryn Mawr)
city by the Reconstruction Finance Corporation for the rehabilitation and
refmancing of the street railway system, of which $5,760,000 had been
delivered, it was stated by W. C. Thomas, City Comptroller, that $605,000
were delivered on April
16, and $400,000 on May 11, making a total of
OBION COUNTY (P. O. Union City), Tenn.—BOND OFFERING—
It is now reported that bids will be received until June 17, at 1 p. m., by J. A.
on
6.
Wash.—BONDS NOT SOLD—The $1,000 not to exceed 6% semi-ann.
general obligation bonds offered on June 1—V. 150, p. 3400—were not sold,
according to the Secretary of the Board of Commissioners. Due $200 on
July 1 in 1942 to 1946 incl.
$6,765,000 issued thus far against the total $10,000,000 authorization.
COLTON, S. Dak.—MATURITY—It is stated by the City Auditor
that the $16,000 water system bonds sold to Fred A. Gefke, of Sioux Falls,
as 3Ms, as noted here—V. 150, p. 3702—are due $1,000 in 1943 to 1958,
refunding bonds.
UTAH
ELDER COUNTY SCHOOL DISTRICT (P. O. Brigham)
Utah—BONDS SOLD—We are now informed by W. T. Davis, Clerk of the
Board of Education, that the $90,000 coupon refunding bonds offered for
sale on Feb. 9, as noted here—V. 150, p. 1030—were purchased on May 1
by the State Security Bank, and the Walker Bank & Trust Co., both of
Salt Lake City, jointly, as lMs, paying a premium of $214, equal to
100.2377. Denom. $1,000. Dated May 1,1940. Due $9,000 in 1943 to 1952
incl. Interest payable J-J.
BOX
shall accrue.
OFFERING—William
Purchase at discount of $100,000 and anticipation notes. 25, 1941.June 19,
940.
Denom. $25,000, $10,000, tax $5,000.
Dated Notes
Due Feb.
are
June 15, 1940
bids:
Int. Rate
National Bank & Trust Co., Schuylkill Haven, 3%
& Co
3M%
Bidder—
Chronicle
-./
Texas—BONDS NOT SOLD—We
are
informed
by
•
the
City Secretary that the $35,000 water works and sanitary sewer revenue
bonds offered on June 7—V.
150, p. 3702—were not sold as no bids were
WISCONSIN
COMBINED
LOCKS,
Wis.—BOND
SALE— The
$18,000 general
liability water works system extension, series C coupon semi-ann. bonds
offered for sale on June 4—V. 150, p. 3702—were purchased by Gillespie &
Wauteirs of Green Bay, as 2Ms, paying a premium of $180, equal to 101.00,
a basis of about 2.36%.
Due $1,000 on July 1 in 1941 to 1958 incl.
RICHLAND
Richland
SCHOOL DISTRICT NO. 2 (P. O.
an election held on May 20
issuance of $25,000 in gymnasium and construction
^ :
CENTER JOINT
Center), Wis.—BONDS VOTED—At
the voters approved the
bonds.
■
TOWN OF RICHLAND AND CITY OF RICHLAND
CENTER,
JOINT SCHOOL DISTRICT NO. 2, Wis.—BOND OFFERING—Sealed
received.
and auction bids will be received by Edward Pokorney, District
until June 20, at 1 p.m. (C8T), for the purchase of a $48,000 issue
P
coupon
MONT BELVIEU SCHOOL DISTRICT (P. O.
Cove), Texas—BOND
SALE DETAILS—The District Secretary states that the $80,000 2M%
building bonds sold to Paul H. Aves & Co. of Houston, as noted
150, p. 3702—were purchased at par and mature $10,000 on
April 10 in 1941 to 1948.
semi-ann.
r
OLNEY INDEPENDENT SCHOOL DISTRICT (P. O. Olney) Texas—
BONDS SOLD—It is reported that $14,000 4% semi-ann. refunding bonds
have been purchased
by Crummer & Co., Inc. of Texas, in Dallas.
SANTA FE CONSOLIDATED SCHOOL DISTRICT (P. O. Arcadia),
Texas—BONDS SOLD—It is stated by the Superintendent of the Board of
Education
that
$18,100 4% semi-ann. building bonds approved by the
voters on March 23, have been
purchased by Louis Pauls & Co. of Galveston.
Dated May 1, 1940.
Due on April 1 in 1941 to 1960 incl.
WAUSHARA COUNTY (P. O. Wautoma) Wis .—BOND OFFERING—
It is reported that sealed bids will be received until 10 a. m. (CST), on
June 19, by J. J.
Texas,
in
Texas—BONDS SOLD—It is reported that $60,000 4%
paving bonds have been purchased by Crummer & Co., Inc. of
Dallas.
TEXAS, State of—LOCAL
of Education
SCHOOL BONDS SOLD—The State Board
said to have purchased the
following bonds:
$30,000 Jefferson County Common School District No. 8 bonds.
is
30 years.
3,000 Knox County Common School District No. 28 4%
in
bonds.
Due
30 years.
1,200 Jones County Common School District No. 64 4% bonds.
Due in
12 years.
1,900 Hopkins County Common
Due serially.
$100,000 re¬
WYOMING
BIG HORN COUNTY SCHOOL DISTRICT NO. 1 (P. O. Byron)
Wyo.—BONDS NOT SOLD—The $40,000 not to exceed 3% semi-ann.
school bonds offered on May 27—Y. 150, p. 2924—were not sold, according
to report.
10,500 Harper Independent School District 3 M % bonds.
Due in 30 years.
9,000 Nacogdoches County Common School District No. 13 4% bonds.
in
County Clerk, for the purchase of
-
Due in
20 years.
Due
Johnson,
funding bonds.
SINTON,
semi-ann.
Clerk,
of 3%
gymnasium building bonds.
Dated Dec. 1, 1938.
Denom. $1,000.
Due June 1, as follows: $1,000 in 1941 to 1943, $2,000
in 1944 to 1946, $3,000 in 1947 and 1948, $7,000 in 1949 to 1951, and
$6,000 in 1952 and 1953.
Principal and interest payable at the Richland
County Bank, Richland Center.
Fully executed bonds will be furnished
by the district.
These bonds are to be issued subject to the opinion of
Chapman & Cutler, of Chicago, the cost of such opinion to be borne by the
purchaser.
A certified check for $1,000 must be deposited by any persons
desiring to bid.
' -V\ v.
semi-annual
CANADA
r CANADA
(Dominion of)—TREASURY BILLS
$40,000,000 Treasury bills was sold on June 12 at
0.738%.
MONT JOLI, Que.—BOND
SOLD—An issue of
average yield of
an
SALE—A syndicate composed of Dube,
Leblond & Co.; J. E. Laflamme, and the Corporation de Prets of Quebec,
School
District
No.
57
3M%
bonds.
purchased $409,099 4M% improvement bonds aild reoffered them at par.
Dated June 1. 1940 and due serially from 1941 to 1955 incl.
@FedFRASER