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&
If
DANA COMPANY, NEW YORK.
COPYRIQHTED IN 1S4J SY WILLIAM S.
wni
YUL.
Issued Weekly 40 Oents a Copy—
1R9
iJL.
$18.00 Per Year
ENTERED AS SECOND-CLASS MATTER
JUNE 23, 1S7S. ATTHE POST OFFICE AT NEW YORK, NEWYORK, UNDER THE ACT
NEW YORK, JUNE 28,
1941
BROOKLYN TRUST
BANK
COMPANY
.
William B
25
OF MARCH 3, 1S79.
Dana Co.. Publishers,
MA
MU
Spruce St.. New York City
QQCC
•
0*100
•
——*
THE
CHASE
NATIONAL
BANK
Chartered 1866
OF THE CITY OF NEW YORK
OF
George V. McLaughlin
President
Broaden your customer
BROOKLYN
NEW YORK
Member Federal Deposit Insurance
Corporation
service with Chase
correspondent
YORK
facilities
Member Federal Deposit Insurance
Corporation
Hallgarten & Co.
Established 1950
BANK
AND
NEW YORK
INSURANCE
London
Chicago
City of
STOCKS
Philadelphia
Bonds
"Guide to Railroad
Reorganization Securities"
The New and
Improved 1941 Issue
Containing all New Plans of Reorganiza¬
tion and all the changes in prior plans,
together with detailed maps of each
The
FIRST BOSTON
system.
CORPORATION
_____
There will be only one printing
This book is
now
available at
Moncure Biddle & Co.
BOSTON
NEW YORK
philadelphia
CHICAGO
(5 per copy
SAN FRANCISCO
PHILADELPHIA
{Including New York City Sales Tax)
AND OTHER PRINCIPAL CITIBS
Pflugfelder, Bampton & Rust
Members New York Stock Exchange
61 Broadway
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Telephone—DIgby 4-4933
Bell Teletype—NY 1-310
;
'■>
c:
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The
Members New York Stock
New York Trust
Members
Exchange
Chicago Stock Exchange
New York Curb Exchange
(Associate)
Company
48 Wall
Capital Funds
.
$37,500,000
OTIS & CO*
(Incorporated)
NewYork
CLEVELAND
AVENUE
MADISON
64 Wall
St. Paul
Milwaukee
Rochester
Hartford
Easton
Chicago
R. H.JOHNSON&CO.
INVESTMENT
AND 40TH
STREET
LAMBORN & CO., INC.
99 Wall Street, N. Y. C.
SUGAR
SECURITIES
Street
Export—Imports—Futures
NewYork
TEN
DIgby 4-2727
PHILADELPHIA
BOSTON
PHILADELPHIA
Morristown
IOO BROADWAY
Established 1899
Street, NewYork
CHICAGO
ROCKEFELLER
PLAZA
Canadian Securities
CarlM.Loeb,Rhoades&Co.
61
BROADWAY
Member of the
NEW YORK
Lendon
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Buenes Aires
Federal Deposit
Insurance
Corporation
HART SMITH & CO.
M William St.
Montreal
NEW YORK
Toronto
II
The Commercial & Financial
Chronicle
June 28, 1941
Dividends
This advertisement is neither
an
The
offer to sell
nor a
solicitation of offers to buy any of these securities.
offering is made only by the Prospectus.
BRITISH-AMERICAN
,
TOBACCO COMPANY,
June 25, 1941
New Usue
LIMITED
NOTICE OF DIVIDENDS TO HOLDERS
WARRANTS
OF ORDINARY STOCK
TO BEARER
$1,000,000
A Third
Dividend
Interim
the
on
Ordinary Stock for the year ending
30th September 1941 of sevenpence
for each £1 of Ordinary Stock free
of United Kingdom Income Tax will
be payable on 30th June 1941.
The R. C. Mahon Company
4Va% Sinking Fund Debentures
Holders of Bearer Stock to obtain
Dated
Due
May 1,1941
May 1,1956
this dividend
No.
186
the
Saturday)
(excluding
DATED
3rd
this
slate.
BY
A.
E.
ORDER,
BLOCKLEY, Secretary.
Rusham House,
Coffin &. Burr
Burr, Gannett &. Co.
pay¬
June, 1941.
Copies of the Prospectus may be obtained froyn such of the undersigned
registered dealers in securities in
before
made.
is
ment
as are
Guaranty
Company of New York, 32, Lombard
Street, London, E.C. 3, for examina¬
tion
for
five
clear
business days
Price 100% and accrued interest
underwriters
deposit Coupon
Trust
must
with
Egham,
Surrey.
Incorporated
'S-:
■
;
PACIFIC GAS AND ELECTRIC CO.
Dividends
DIVIDEND NOTICE
Common Stock ^Dividend No. 102
A cash dividend declared by the Board
of
THE CHASE NATIONAL BANK OF THE CITY OF NEW
The Chase National Bank of the
YORK
City of New York has declared a dividend
'
•
of 704 per share on the 7,400,000
August 1,
shares of the capital stock of the Bank, payable
1941.
1941, to holders of record at the close of business July 11,
The transfer books will not be closed in
CHASE
NATIONAL
for
1941
18,
not
be closed.
D. H. Foote, Secretary-Treasurer.
this dividend.
OF
June
on
The Transfer Books will
connection with the payment of
THE
Directors
the quarter ending June 30,
1941,
equal to 2% of its par value, will be
paid upon the Common Capital Stock
of this Company by check on July 15,
1941, to shareholders of record at the
close of business on June 30, 1941.
San Francisco,
BANK
California.
CITY OF NEW YORK
THE
W. H. Moorhead
<
Vice President and Cashier
BANKING
official
Former
of
large
trust
company,
partner in investment
and
Directory of Stock
estate
real
and Bond Houses
organizations,
manager of financial organiza¬
tion, available for opening. Ex¬
perienced in negotiating with
general public in connection with
banking and financial transac¬
tions, real estate management
and sales, fiduciary relationships
and reorganization of title com¬
pany issued.
Will consider any
activity calling for banking and
business
f*Securlty Dealers of
North America"
1080
A
listings
11,000
over
alphabetically
Cities
CAN
Page Book containing
with
by
fall
COMMON
On June 24th,
arranged
States
details
as:
Books
Partners.
or
maintained
Branches
sympathetic understanding of
personal
problems.
Address
H, W., care The Commercial &
Financial Chronicle, 25 Spruce
Street, New York City.
snd
address
names
with
of
street
A>
and
will
be
BURGER, Secretary.
MANUFACTURING
Noble
Transfer
1941.
Checks
COMPANY
West Streets
Brooklyn, New York
hnslness
and
class
of
securities handled.
Bzohange
Private
The
memberships
held.
Wire
Booal and
Bong Distance Telephone
Mumbers.
Binder
facturing
quarterly
Company has declared the
dividend of $1.25 per share
regular
on the
Preferred Stock and a dividend of 50c. per share
on the
Common Stock of the Company.
Both
payable July 1,
June 19, 1941.
1941 to Stockholders of record
ROBERT B.
Oonneotions.
BROWN, Treasurer
Electric Bond and Share
Company
$8 and $5 Preferred Stock Dividends
Published
Periodicals and Publications
stmt-unuumlly
regular
quarterly dividendsVof $1.50
share on the 96 Preferred Stock and $1.25
share on the $5 Preferred Stock of the Com¬
pany have been declared for payment August 1,
1941, to the stockholders of record at the close
of business July 7, 1941.
PThe
per
ready for Immediate reference.
HERBERT D. SE1BERT dk CD.
Incorporated
Price $2.00 each
per
Publishers
L.
Plus Postage
S5
SPRUCE STREET
Prices for larger sizes
on
open.
The Board of Directors of the American Manu¬
of
Correspondents.
In sizes up to 13x8 H inches
R>
AMERICAN
resident
managers.
Character
•took
will keep your
July 24th,
remain
Department Xeada.
ment, efficient management and
"EXPANDIT"
will
mailed.
experience, sound judg¬
quarterly dividend of
th, 1941, to Stockholders of record at the
close of business
Address.
Offioers
a
dollar per share was declared on the Com¬
mon Stock of this Company,
payable August
one
and
15
Street
1941
COMPANY
STOCK
WIEGERS,
THE YALE & TOWNE
NEW YORK CITY
application
B.
Treasurer.
MFGTCQ]
On June 24, 1941, a dividend No. 203 of fifteen
(15c.) per share was declared by the Board
of Directors out of past earnings, payable Octo¬
cents
THE "EXPANDIT"
25 Spruce
StJ
Telephone—BEekman 5-17*7
BINDER
1, 1941, to stockholders of record at the close
business September 10, 1941.
ber
of
New York City
ti
F.
DUNNING, Secretary.
Volume
The Commercial & Financial Chronicle
152
This announcement appears as a matter
Bonds
for sale
or as a
solicitation of
of record only and is under
an
offer to buy
any
no
III
circumstances to he construed
of such Bonds.
as
an
offering of these
The offering is made only by the Prospectus.
NEW ISSUE
$48,000,000
PHILADELPHIA COMPANY
4lA% Collateral Trust
To be dated
Sinking Fund Bonds
July 1, 1941
To be due
July 1, 1961
Offering price 102 V2% and accrued interest
Copies of the Prospectus dated June 25, 1941, describing these Bonds and giving information
regarding the Company may be
obtained in any State from only such dealers
participating in this issue as may legally offer these Bonds under the
securities laws
of such State.
Kuhn, Loeb & Co.
Harriman
Smith, Barney & Co.
Ripley & Co.
Drexel & Co.
Incorporated
E. H. Rollins & Sons
Ladenburg, Thalmann & Co.
Incorporated
Lee
Higginson Corporation
New
Union Securities
Corporation
York, June 26, 1941.
Cotton—
FriendshipAdvertising•
A
large
of
part
business is done
sonal
the
cotton
through
friendship—the
sort of mutual faith
necessary
to
per¬
same
Consistent
business.
every
is
BUT—did
you
think of the
by
stop
ever
to
large part played
consistent
A
which is
publicity
an
or
economy
and cuts the cost of selling, making lower prices
possible without sacrifice of seller's profits.
better services
The CHRONICLE
most
can
carry
influential class of people at
your
a
message
to the World's
moderate cost.
in
developing the initial intro¬
duction?
Let
An
advertisement
"Chronicle"
form
the
new
will
the
help
you
friendships
among
people constituting the
"backbone"
Cotton
of
the
Industry.
us
help
manner.
in
World's
you
solve
your
publicity problems in
a
consistent
The Commercial & Financial Chronicle
IV
STOCKHOLDERS:
TO THE
June 28, 1941
o.c.r
Your Management submits the annexed Con¬
Balance Sheet, Income Account and
solidated
of
Earned
Surplus,
prepared and
(as usual) by independent auditors and
accompanied by their Certificate of Audit—these
showing the result of operation of your Company
and Its wholly-owned subsidiaries for the fiscal
year ended April 30, 1941 and their condition at
the close of that year.
As shown by such state¬
ments the net earnings for the year were in excess
of Five Million Dollars after all charges, including
depreciation,
amortization, and provision for
normal Federal income and excess profit taxes.
Statement
certified
AMERICAN CAR AND FOUNDRY COMPANY
CONSOLIDATED
ENDED
APRIL 30,
1941
BALANCE SHEET APRIL 30, 1941
ASSETS
The year has been, for your Company and its
wholly-owned subsidiaries, one of great activity
with a constantly increasing demand upon our
productive capacity. Our manufacturing activities
cover a wide range, and include railroad cars—
freight, passenger, tank, mine and others; car¬
buretors for automobiles, trucks and like vehicles;
valves; car wheels; munitions of war and military
supplies—combat tanks, armor plate, demolition
bombs, shells, pontons, fuzes, tank lighters and
barges, mine sweepers, etc.; and a vast quantity
of miscellaneous articles of various kinds.
♦
Plant and Property
Account
$68,464,755.97
.
.
.
S 7,542,344.84
Land and Improvements
$71,802,746.03
29,935,960.33
Buildings, Machinery and Equipment .
.
.
Less: Reserve for Depreciation and Amortization
41,866,785.70
19,055,625.43
Intangibles
Current Assets
46.283,860.45
.............
hand
U. 8. Government Securities at cost
Cash in banks and
on
.
.
.
$10,464,221.40
27,331.25
.
.
.
.
.
(Quoted market value $29,885.94)
Accounts Receivable, less reserve
a
8,835.048.77
t Notes Receivable, less reserve
Materials, Inventoried at cost or less, and not in excess of present
market prices
..........
Advance payments to Vendors for materials contracted for .
.
Marketable Securities, at cost or less
"carry-over" from the previous year of
approximately Twenty-Two Million Dollars of un¬
finished orders for products of the different kinds
above generally enumerated, there was produced
and delivered during the year work having a sales
value of more than Sixty-Seven Million Dollars.
At the close of the year the dollar value of orders
With
REPORT—YEAR
ANNUAL
FORTY-SECOND
2.202,800.78
22,503,841.76
997,823.58
1.252,792.91
(Quoted market value $1,313,925.95)
booked and then unfinished was in excess of One
Prepaid Taxes, Insurance, Etc.
Hundred Forty Millions. At this writing, and not¬
withstanding deliveries made since the year's
.
.
.
.
.
less
.
.
,
Miscellaneous Securities, less reserve .
.
.
.
Securities of Affiliated Companies, less reserve
.
.
Notes and Accounts Receivable of Affiliated Companies,
close, we have on the books work, the greater
part of which is scheduled for delivery during the
fiscal year now current, with a dollar value of
.
224,980.73
.
.
,
169,312.11
99.177.75
2,812,210.46
533,399.75
reserve
Treasury Stock at Cost
...........
10,550 shares of Preferred Capital Stock
600 shares of Common Capital Stock
upwards of One Hundred Seventy Millions.
To handle this volume of work, and particularly
that part of it having to do with the production of
materials called for by the program of prepared¬
for
ness
our
defense—especially
national
$118,587,697.22
light
military combat tanks and armor plate—neces¬
sarily required a very great expansion of your
*
shop space, the acquiring and Installing
tools, machinery, equipment and
Improving and
increasing our manufacturing facilities.
This of
itself has been a work of great magnitude, but it
has been completed in time to meet the demand
and at a minimum of cost. It will be the policy of
your Management to write off the cost of the
expenditures so made as rapidly as it reasonably
Included in above valuations were Inventoried and valued by Coverdale
Engineers, as of April 30, 1939, on the basis of values at March 1st, 1913, with subsequent
Subsidiary Companies are included at cost. Plant and Property includes
Plant and Property of
additions at cost.
crease or
$6,252,798.53 represented by expenditures for extension of plant facilities under the National Defense Program;
amortization thereon has been taken in the amount of $1,002,764.39 for the year,
of additional
the like, and otherwise generally
can
Plant and Property of parent Company
A Colpitts, Consulting
Company's productive capacity by way or in¬
t Includes $1,766,860.62 maturing subsequent to one year.
LIABILITIES
Capital Stock
Preferred, authorized and outstanding (300,000 shares—par value $100.00 per
Common, authorized and outstanding (600.000 shares—no par value) .
be done.
your Company is already playing its
part—and it is an important part—in the program
of national preparedness and holds itself ready to
respond to any demand of our Government up
to the limit of its capacity so to do, this will be
Current Liabilities
done without curtailment of our ability to respond
to the demands of the railroads, already insistent,
.$30,000,000.00
share)
30,000,000.00
25,882,101.46
Reserve Accounts.
While
for
the
keep
itself
These
Secured notes purchased by American Car and Foundry Securities Corporation, a whollyresold under agreement to repurchase in event of default, and secured obligation of
Contingent Liabilities:
owned subsidiary, and by It
aggregate amount $1,012,224.36,
over
last
Of CONSOLIDATED INCOME
STATEMENT
year's figures in
are
natural
the
Gross
inevitable
and
less
Sales,
$67,192,012.49
allowances
vastly enlarged volume of business
Your Management expects to
experience
no
difficulty
in
liquidating
your
Company's bank loans as they severally mature.
As usual, the inventories have been taken at
cost or less and not in excess of market prices, were
all verified at or near the close of the year under
the supervision of responsible employees of your
Company, have been conservatively valued, and
are
less, rather than more, than are actually
required to handle the business already on the
taken.
Cost of goods sold, including
before
Amortization,
preciation,
Re¬
New
terns, Flasks,
the stock¬
said:
"It is the desire and intention of your
Shares
as
derined
in
can
soon
be
etc.$3,959,079.97
made
18,690.95
Interest..
172,349.70
American Car and Foundry Company,
1,069,389.73
99,900.01
Other Charges:
united
in the
Loss
and
Net
Income and Excess Profits
during the
Senior
Vice-President
Director
of your
that there is recorded the
of Herbert W. Wolff,
year,
and
for
many
years
a
Company.
I
accounting
making
a
procedures of the
detailed audit of
have examined or tested accounting
necessary.
$ 7,356.056.99
In our
related
opinion the accompanying Balance Sheet and
of Income and Surplus present
Statements
fairly the consolidated position of the American Car and
Taxes:
Foundry Company and Its wholly-owned subsidiaries at
April 30.
operations
$2,127,927.39
67,000.00
1941, and the consolidated results of their
for the fiscal year, in conformity with
generally accepted accounting principles applied on a
basis consistent with that of the preceding year.
excess
profits tax
by methods and to the extent we deemed appropriate.
Our examination was made in accordance with generally
2,194,927.39
Yours very truly,
determination
and endeavor.
It is with deep sorrow
death,
the
without
accepted auditing standards applicable in the circum¬
procedures which we considered
Federal normal in¬
Federal
and its
stances and included all
Deduct—Provision for Estimated
no
resource
566,435.64
245,729.50
Estimated Federal income taxes
our
to
Company
records of the companies and other supporting evidence,
Earnings before Provision for
come tax
and,
the transactions,
Property
Retirements—
effort to preserve to us and to our
posterity the blessings under which our country
has grown and prospered.
And to the success of
that
effort
your
Company pledges its every
spare
on
Consolidated Balance Sheet
then ended, have reviewed the systems of
year
companies,
92,074.05
the
Car and Foundry
wholly-owned subsidiaries as of April 30, 1941, and the
Consolidated Statements of Income and Surplus for the
fiscal
73,507.84
155,124.25
Miscellaneous
been declared
people
$
American
of the
internal control and
At this writing the world is in greater turmoil
than history has ever recorded,
what the out¬
come will be is beyond prediction, but of one thing
are
30 Church Street, New York City.
We have examined
Royalties
COMPANY
To the Directors,
$ 7,922,492.63
Interest
and
25 Beaver Street, New York
778,449.07
Royalties...
an
BELL
Public Accountants
Certified
$
Miscellaneous
be assured—that our
$27,031,822.97
$ 6,853,102.90
ERNEST W.
Dividends—
Board of Directors at their meeting held
June 12, 1941.
The stockholders may be assured
that, in line with the above declaration of dividend
policy, further dividend (s) will be declared just
as soon as that can be done without impairment
of your Company's financial ability to handle,
economically and expeditiously, not only the
great volume of business already taken but also
the
additional
business which,
because of its
experience and facilities, we
may
reasonably
expect to be called upon to perform.
may
Surplus,
April 30, 1941..,
Other Income:
your
Government
Earned
6,914,055.70
2,954,975.73
Earnings from operations
policy there declared
is confirmed. The earnings for the year just closed
have been in excess of the amount required to pay
the full 7 % dividend for that year on the preferred
shares outstanding.
A dividend of IX % (being
one quarter of the full dividend for the year) has
already been declared and paid—and a second
we
506.537.50
18,462.50
Consolidated
The statement of dividend
by
Preferred Capi¬
tal Stock held in
on
your
accomplished fact."
dividend in the same amount has
$525,000.00
Dividend
Deduct:
Man¬
Company's charter, to put your Company's
stock, both Common and Preferred on a
dividend paying basis—and, based on con¬
ditions now existing, there seems to be but
little doubt that this
on
Treasury
Pat¬
Amortization
agement, just as soon as it safely can be done
and with due regard to the preferential rights
Preferred
53,424,853.89
Depreciation and
In his letter of May 29th addressed to
holders your Company's President
$27,538,360.47
Dividend
Capital
Stock, IX %
$13,767,158.60
Repairs,
...
Preferred
pairs, New Patterns, Flasks, etc.
books.
Surplus,
April 30. 1940
$22,377,230.87
Net Earnings for the year.
5,161,129.60
Add:
Less:
De¬
but
Expense
Earned
Ad¬
Selling and Gen¬
ministrative,
eral
SURPLUS
Consolidated
and
discounts
STATEMENT OF CONSOLIDATED EARNED
1
ACCOUNT
result of the
of the
27,031,822.97
,
.
Shippers' Car Line Corporation sold with guarantee;
both sides of the balance sheet.
on
increases
done and
.
.
.
2,833,644.74
1,340,128.05
.
•
.
.
1,500,000.00
$
Stock, to be paid when and
equipment needed.
increases
various items
.
$118,587,697.22
There will be noted on the annexed statements
substantial
.$10,548,691.23
10,000,000.00
5,333,410.23
.
.
....
5,673,772.79
Earned Surplus Account
promptly and efficiently to produce its share of
the additional
.
.
.
.
.
For Contingencies
readiness
in
.
.
For Dividends on Common Capital
as declared by Board of Directors
Industry—but makes it of prime importance that
shall
.
.
received on sales contracts
For Insurance
increased
Company
Payable (Banks)
Advance payments
equipment needed to enable
them adequately to discharge their duty to our
Government and people in these times of emer¬
gency and strain.
The program in this regard,
recently announced, calls for the building of some
one hundred sixty thousand additional freight cars
by October of 1942 and a total of two hundred
seventy thousand such cars by October of 1943.
The carrying out of this program will severely tax
the productive
capacity of the equipment-building
your
Payable, Accrued Taxes and Pay Rolls
Accounts
Bills
.....
...
ERNEST
Net Earnings for year
W.
BELL
and COMPANY
$ 5,161,129.60
New York, June 18, 1941.
The devotion and loyalty of the individual
of our organization in their work of
protecting and advancing the interests of your
Company and its stockholders are beyond praise—
and to tbem and for it your Management is glad
members
to make of
record its sincere appreciation.
By order of the
Board,
Respectfully submitted,
CHARLES J. HARDY, President.
June 19, 1941.
w
omtmrrfitl §
Vol. 152
JUNE 28,
No. 3966
1941
Editorials
4013
The Financial Situation
Government
—4025
Against Progress
4027
Trinidad
Comment and Review
Business Man's Bookshelf
Week
on
the European
4030
Stock Exchanges
4017
*
Foreign Political and Economic Situation
_4018
Foreign Exchange Rates and Comment
4022 & 4064
Course of the Bond Market
..4029
Indications of Business Activity-..
4031
Week
on
the New York Stock Exchange...
4016
Week
on
the New York Curb Exchange
4063
News
Current Events and Discussions
4043
1
Bank and Trust Company Items
4063
General Corporation and Investment News
4114
Dry Goods Trade.
State and
4153
Municipal Department
...
4154
Stocks and Bonds
Foreign Stock Exchange Quotations
.4068
Bonds Called and Sinking Fund Notices
.4068
Dividends Declared
.4069
4069
Auction Sales
New York Stock
Exchange—Stock Quotations
♦New York Stock
4082
Exchange—Bond Quotations.4082 & 4092
New York Curb Exchange—Stock Quotations
4098
♦New York Curb Exchange—Bond Quotations
4102
Other Exchanges—Stock
4104
and Bond Quotations
Canadian Markets—Stock and Bond Quotations
4108
Over-the-Counter Securities—Stock & Bond Quotations.4110
Reports
Foreign Bank Statements
4022
Course of Bank Clearings—
4064
..4043 & 4079
Federal Reserve Bank Statements..„
General
4114
Corporation and Investment News—
Commodities
■
i
The Commercial Markets and the Crops
4144
Cotton
4147
4150
Breadstuff s
*
in our tables
on New York Stock Exchange and New York Curb Exchange bond quota¬
tions pertaining to bank eligibility and rating.
Published Every Saturday
Attention
is directed to the new column incorporated
Morning by the William B. Dana Company, 25 Spruce Street,
New York City, N. Y.
Board and Editor: William Dana Seibert. President and Treasurer; William D. Rlggs, Business Manager.
Other offices: Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone State 0613).
London—
Edwards <fc Smith, 1 Drapers' Gardens, London, E.G.
Copyright 1941 by William B. Dana Company.
Entered as second-class matter
June 23.1879, at the post office at New York, N. Y.. under the Act of March 3,1879.
Subscriptions in United Statec and Possessions, $18.00
per year, $10.00 for 6 months; in Dominion of Canada, $19.60j>er year, $10.75 for 6 months.
South and Central America, Spain, Mexico and
Cuba, $21.50 per year, $11.75 for 6 months; Great Britain, Continental Europe (except Spain), Asia. Australia and Africa, $23,00 per year,
$12.50 for 6 months.
Transient display advertising matter, 45 cents per agate line.
Contract and card rates on request. 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 of the
The Commei Dial & Financial Chronicle
VI
June 28, 1941
New Ueue
$15,000,000
York
State of New
l'/4% Bonds
:y
as;:-;
Principe) and •emi-animal internet, December 20 and June 20, payable in New
denomination of
In
our
York City at tbe Bank of the Manhattan Company.
11,000 each, reglaterable as to principal and interest
InUrest Exempt from
in denominations of 11,000, #5,000, #10,000 and
opinion, Legal Investment for Savings Banks
Acceptable to the State of New York
as
and Trust Funds in New York, Connecticut and
Savings Banks in Massachusetts
security for State deposits, to the Superintendent
policy holders, and to the Superintendent of Banks in trust for
to secure
Coupon bonds in
#50,000.
Income Taxes
all present Federal and New York State
certain other States and for
These Bonds,
J
Due $600,000 each year, June 26, 1942-66 ind.
Dated June 26, 1941
issued for State Institutions Buildings, constitute, in the opinion of the Attorney
obligations of the State, and the full faith, credit and taxing power of the
State of New York
of Insurance
banks and trust companies
General of the State of New York, valid and binding
are
pledged for the payment of principal and interest.
MATURITIES AND YIELDS
1942
1946
.15%
.50%
1950
1957-58
-95%
1.15%
1963
99% (price)
1959-60
H.00
1.20
1964
99ft
•1
1943
.25
1947
.70
1951-52
1944
.40
1948
.80
1953-54
1.05
1961
100
(price)
1965
99%
1945
.50
1949
.90
1955-56
1.10
1962
100
-
1966
99
Iff
f»
(Accrued interest to be added)
The above Bonds
are
offered.when,
It it
as
and if issued and received by us and subject to
approval of legality by the Attorney General of the State of New Tort.
expected that Interim Certificates will be delivered in the first instance,
pending preparation of Definitive Bonds.
The Chase National Bank
•
..
'•
.
*
:
■:
"
?
•
'
■
>
Salomon Bros. & Hutzler
R. W. Pressprich & Co.
Barr Brother# & Co.
Hallgarten & Co.
■'
•
:
•
•
Chemical Bank & Trust Company
V
INC.
Moseley & Co.
L. F. Rothschild & Co.
Roosevelt & Weigold
Geo. B. Gibbons & Co.
G. M.-P.
Mercantile-Commerce Bank & Trust Company
Hemphill, Noyes & Co. ' White, Weld & Co.
.
'
1
-
Company
A. C.
■
-
Equitable Securities Corporation
Otis & Co.
(Incorporated!
Incorporated
Ernst & Co.
Francis I. du Pont & Co.
Edward Lowber Stokes & Co.
Wells-Dickey Company
Rutter & Co.
Minneepolit
Philadelphia
Dominick & Dominick
C. F. Childs and Company
Schwabacher & Co.
,
Schmidt, Poole & Co.
1941.
The Commercial National Bank & Trust Company
of New York
Green, Ellis & Anderson
Arnhold and S. Bleichroeder, Inc.
Schlater, Gardner & Co.
Naw York. June 25,
(
Albany
Allyn and Company, Inc.
Incorporated
,
National Commercial Bank & Trust Company
of New York
Reynolds & Co.
Hannahs, Ballin & Lee
Hornblower & Weeks
Incorporated
v
t,
Lee Higginson Corporation
First of Michigan Corporation
Schoellkopf, Hutton & Pomeroy
Murphy & Co.
Incorporated
The Public National Bank & Trust
Swiss American Corp.
Incorporated
Laurence M. Marks & Co.
State Bank of Albany
L.Day & Co.
,NC
Orooniied 01NW. Horfil I.Co. UI2. Incorporated 1W7
Incorporated
R.
Blair & Co.
Harris Trust and Savings Bank
Manufacturers and Traders Trust Company Stone & Webster and Blodget Kean, Taylor & Co.
Estabrook & Co.
Buffalo
F. S.
.
Chicago
of Buffalo
Kidder, Peabody & Co.
,
The Northern Trust Company
Manufacturers Trust Company
The Marine Trust Company
Blyth & Co., Inc.
.
Cohu & Torrey
Craigmyle, Rogers & Co.
A. G. Becker & Co.
Incorporated
William R. Compton & Co., Inc.
The Financial Situation
lend policies to
WERE THE whole world not wrought in the
tragedy, the confusion so engulfed in
ranks
the
of
between
most
by the outbreak of
ideologists
be
war
Germany and Russia would be found by
the "dictatorships"
one
social,
the
differences
over
to
whether
by the board.
go
people
"the
not
Leon
world,"
fail to find it
embarrassing
which permits no
at
freedom
all, and, for that matter,
which among the govern¬
ments
ruling
now
in the
pioneer
struction of
truth
the
of
never
been
ologies,
this
that
however,
war
a
has been said
is,
has
what
the sub¬
on
J It is, therefore,
ject.
hardly worth while to
spend much time
that
upon
subject
each
at
sooner
generally
the
but
ing
the
and
out
In
are
viewed
conflict has not
of
We and the other nations
the
would
rather
unim¬
portant phase of the' new
state of
been
affairs, which has
time
than
it
and
at
of
Russia.
It
course,
re¬
of
material
time,
be
or
United
tities of
would
If
war
the
Russian
machine in
States
can
armies
not
be
needed
hold
the
as
get really significant quan¬
supplies to the fighting
circumstances the
can
check until such time
in
any
areas,
they probably
event since in
such
German might would be largely
the
course,
of the then
con¬
quered districts would,
must
deal
that
sate
to
the
we
—
Meanwhile
mainly
on
attention.
we
German
the
reduce
move
on
to
globe
interests
our
really
assuming
such inclination
ever,
one
great
a
of the
parts
where
lie
to
urge
other
do
and thus
desires,
jurisdiction.
course,
suppose,
that
now
any
actu¬
All this, how¬
is largely conjecture,
and may
well await much
greater clarification of the
should do
on
the
eastern
•
well to keep
our
eyes
the home front which really needs our
needs
It
to
be
taken
vigorously
and
wisely in hand no more and no less than it did be¬
fore the latest
has needed it
sake
of the
spread of the war in Europe, but it
badly for
a
long while not only for the
armament program,
but to insure the
general welfare of the country regardless of what is
happening or may happen elsewhere in the world.
There has of late been a
good deal of discussion of
the
All the recent discussion of the
country of the atack upon Russia.
theater
We shall there¬
exhausted and facing almost certain ultimate defeat.
application of lease-
the
but, of
resources
situation
as a
many
country
appreciably closer
front.
to get them to the points where they may
needed.
German
the
of
this
bring
war
to us,
alarmist
good
a
in-
observation
promises to do for Mr. Henderson.
plain
some un¬
the
of
leaders
was on the subject of "stat¬
power," it might have explained where
obtains authority to do the "snooping" it
no
well be giving
accept
accounts
ally exists.
pikestaff that
position to send supplies or
consequence to Russia at the present
is, of
a
England
on
Such possibilities
these may
we
matter of American aid to
the United States is
might for
pleasant moments, and if
the
is
German
the British rulers
While the SEC
it
length free the bulk of
herself.
as
long
a
blockade, and might
frontal attack
are
your
of
the
utory
attention
deserves,
war
attention.
permitted to absorb
more
problems under
understand,
Ukraine
would without question
on
do
not have statutory power to proceed against
persons who manipulate the prices of these
commodities or who speculate excessively to
the detriment of the public.
We shall, how¬
ever, use our facilities to detect such occur¬
rences
and call them immediately to your
at that.
Another
market
have
the
of
fortify them against
substantially adapt¬
additional scrutiny of the unregu¬
they
You
perhaps be wise to let it
go
facilities for
lated commodities markets.
changed.
"Hitlerism"
our
we
background,
they might have.
Germans
might
request,
the
already
and the oil districts farther
^
your
have
expensive conquest by the
Henderson;
to
in the
as
Speedy and relatively in¬
fore, be glad to undertake this work for you,
sending you daily (and where necessary,
hourly) reports of activity and calling to
your special attention any unusual develop¬
ments which appear to have a bearing upon
engaged in the effort to
end
Mr.
able to the
than had
nature
to
response
well
as
and
scrutiny.
and believe that
expected,
basic
our
SEC
throats
others'
somewhat
been
of
The thieves
now.
fallen
have
or energy
phase
Securities
conquer¬
well
as
faded into the
Exchange Commission
protecting the
public from similar manipulation in the
securities exchanges.
I should like to call
upon your organization to undertake on a
voluntary basis to keep us informed as to
developments on these commodity exchanges.
Such cooperative activity would make it
unnecessary for us to build up a staff for
this purpose andf in any case, give us the
advice of a much more experienced personnel
than we could expect to assemble ourselves.
It is understood, of course, that the extent
of your undertaking would be only to keep
this office informed of developments requir¬
of ide¬
matter
no
The
The
matter
Atlantic
has had detailed experience in
de-i
utter
liberty.
Pacific
activity.
the
was
about
and endangering us
this office in
attention to
commodity ex¬
presently unregulated
changes.
We have been disturbed by the
volume of speculative activity in essential
foodstuffs in certain of these exchanges and,
in cooperation with exchange officials, have
taken steps to increase margin requirements
and tighten various trading practices.
It is my feeling that in this emergency
period there is need for a close watch of the
trading in these markets to the end that the
public is not victimized by undue speculative
are
be allied with another
to
armies
the
hardly
can
Nazi
ing practically all of Asia
the
of
Administrator
Henderson,
notions
As you are aware, members of
recent weeks
have been giving
established "everywhere in
the
the
OPACS, to the SEC:
until
rest
to
freedoms"
four
"Snooping"
deferred.
be
Fantastic
exhorting its
government
well
wise
A
complete
"danger" supposedly confronting us may like¬
eco¬
obviously
must
systems,
and
quick
a
Russia would add greatly to
nomic, and governmental
now
therefore
may
the other.
one way or
as
German victory over
and the other the "democ¬
racies," each at the other's throat
in ideas about
Debate
situation
of
as
morale, but otherwise it is of little
upon
.consequence,
of nations, the
new
secondary importance.
It
not have some slight effect some¬
over
may
or
where
Evidently the until quite recently current bifurca¬
groups
passed
may
dispassionate observers to be highly amusing.
tion of the world into two
Russia and of the application of the
neutrality law to this
stark
possible effect upon the labor situation in this
It is commonly
The Commercial & Financial Chronicle
4014
apparently—and officials certainly have
believed,
not
discouraged the notion—that much of industrial
strife of the past half year or more
"Communists" taking their cue,
from
shall
sense
a
much
have
of knowing, but
way
ally of ours,
this respect.
to have
Congress enact legislation authorizing price
fixing on a broad, if not altogether inclusive scale.
simple econoniic processes seem to be the New
certain that the major
Deal
managers!
we are
they will remain
Actually, however, these economic processes and
regardless of the realignment of powers in
us
principles are not nearly so simple as appears to be
Europe.
Our labor riots
but if
it is
so
be communist-tinged,
bred sort of communism in
home
a
may
large part, nurtured, if not inspired, in Washington.
in
believed
be well
serious
thought before
that as
respects neither our armament program nor
genelal
confined
an
becoming clearer with each passing day
industrial situation are our troubles
We have in Washington
strife.
labor
to
It is
anti-business Administration.
Administration
which
is
deeply infected with in¬
numerable economic fallacies and
It
has
from
the
been
first
moreover an
ministration and it still is,
quixotic notions.
kind
this
of
Ad¬
an
despite the fact that it is
finding itself under the necessity of trying to
now
work
and
with
It is ready to surrender none of its
dustry.
ideas,
its lights)
(within
constructively
nor any
of its greed for
more
and more
in¬
queer
power,
top of all this it is a regime less capable of
on
administrative duties than most if not all of those
which have gone
It finds it impossible to be
before.
rid of the notion that tax
raise revenue,
measures
but accomplish
social reform.
It is
some
must not
popularly known
of
sort
we are
"the
demanding
impossible"—in
It is
with red
steadily
terms—from
in¬
tape and restrictive regulations in almost
variety.
theories
are
in
a
and certainly sensible people would much
process,
the
Administration
These
are
the prob¬
must occupy the Nation—now—quite
whether .Russia
enemies
the
one
and
or
and
Germany
are
quite without reference to
the other is
victorious
in
the
deadly combat that is raging between them at the
'
present time.
:
•,
One outward symptom of inner
has put
so-called,
to
or
help
wheels of business
very
turning in
much
a
in
in
and
keeping the
normal
in these
way
troublous times.
What
Needed
Is
What the Administration
or
ought to be doing is
'';,
;V
infirmity which
in its appearance in disturbing fashion
re¬
cently is the price structure and the left-handed ef¬
re¬
if that is not in the existing circum¬
wholly possible at least alleviating the
un¬
derlying conditions which have brought this hazard
face
to
is
It
us.
workings
of
than
more
permanently thwart in
underlying
these
doubtful
if
it
equally
conditons
that wholesale
clear
natural forces in any
contemplated would,
sense,
such
even
result in at least
however
it could have
of
is apparently
if successful in
as
a
technical
good. What
done, had it had the plain horse
and the courage,
more¬
repression
manner as
much harm
as
can
large degree the natural
any
over,
collision, and the country
which
or
"inflation,"
run
are
attempts to defy nature are not likely either
succeed
to
The trouble is that
trying to make water
suffering
of
danger
further
is
It is largely for this reason that we
hill.
up
such
some
profitable
or
head-on
lems
friends
asking for
sweeping its efforts at arbitrary control. It is,
danger of infinite harm.
whether
we are
Armament realities and New Deal
is in
regardless of
acts in the past, and by much
our
prefer not to have to suffer it.
coopera¬
dustry, yet continues to keep it tied hand and foot
infinite
By
doing today
catastrophe, but it is not a pleasant
stances
colossal scale.
the
say
only
sacrifice, but still wastes funds
a
"inflation"—that is to
as
wild, disconcerting, utterly uncoordinated
day to day.
that
It demands financial
on
misunder¬
no
We do not want what is
price schedules which keep spiralling upward from
tion, but busily prosecuting those who cooperated.
it
probably largely futile
Let there be
price fixing.
sort of alleged
constantly demanding
give this price situation
beteome entangled in a maze
we
standing about all this.
moving,
entrusted to
advised to
highly destructive and
Difficulties
scheme of
But it is
Washington, and the American public
would
of
Manifold
our
Mr. Henderson himself will fix the
industry.
How
difficulties lie elsewhere, and that
with
of
of course, without any
are,
we
pricing of automobiles will be taken out of the hands
an
Precisely the amount of truth in this rather unim¬
pressive argument
it is announced more or less officially that the
upon
in
become
trouble
less
rescind, according to Mr. Henderson, where¬
fused to
prices of cars, so it is said, even, possibly to used
cars.
Futhermore, a "movement" has been started
Moscow, and it appears to be hoped that now
that Russia has in
we
is the work of
if not their orders,
June 28, 1941
sense
is to have avoided those budgetary,
financial, and other excesses, mismanagement and
tinkering which really
basis
for
What it
far
so
as
is
what
can
do
inflation, and lay the
are
popularly known by that term.
even
that is still
now
is to correct these errors,
possible, and most scrupulously
forts of the Administration to "hold the situation
to avoid current
in check."
past, of course, there have
to this undesirable and
"requests" frpm Mr. Hen¬
precisely these things which it steadfastly refuses
For
some
time
been pronouncements, or
derson
concerning prices.
appears to
No
one
in
Washington
be perturbed when agricultural products
rise in
labor
price, and certainly not when the price of
rises, but almost, if not quite, everywhere else
increase in quotations acts
any
more
or
face.
the
less like the proverbial red
prices.
Washington
flag in
One recent "incident" has come in the
price of automobiles.
turers
upon
some
a
bull's
case
of
Certain of the manufac¬
time ago announced
moderately higher
Mr. Henderson promptly "requested" them
to rescind the announcements.
curred in at least
one
altogether clear, but
Precisely what
oc¬
of the other instances is not
one
of the manufacturers
re¬
policies which give added impetus
unwanted condition.
It is
to do.
Consider the forces which
definitely and
power¬
fully tend to drive prices upward which it is, often
quite needlessly, releasing
the first
even
at this moment.
various commodities and other articles of
for the purpose—no one
are
In
place it is creating artificial shortages of
necessary
or
not
commerce
really knows whether they
or
to what extent they
are
necessary—of expediting the armament and leaselend programs.
really
necessary,
In the degree that restrictions
doubtless
the best of them if
all
out"
in
we are
we
are
shall have to make
really determined to "go
becoming the arsenal of all those who
y
•.
Volume
the Germans.
oppose
At the
The Commercial & Financial Chronicle
152
same
articles
limit the
or
But this is not the full story.
time that
Administration
we
curtail production
of these
supply of these commodities, the
policies which pilace
pursues
ex¬
traordinarily enlarged income in the hands of
a
quite
are
kets
where
for that
stricken at the
thought of higher prices which would
automatically tend to reduce demand
to
nearly
more
a
good deal to
about tapping these
say
matter,
tion, and,
and sold
be headed
finance the
individual lives
no one
found income.
do
aid
pro¬
teeth expects
eye
large proportion of this newly
Probably it itself does not expect to
Meanwhile in all current
so.
and
armament
who has cut his
a
plans for increasing
larger part of this defense produced income
in
touched
the
hands
of
throughout the country.
eral
are
millions
What its policies in
likely to accomplish is to take
large part of the
un¬
individuals
of
income of those
gen¬
away a very
which
groups
normaUy jwoiild save and invest a substantial part
of their earnings and, in effect, pay it out to the socalled
and there is
sort
another, the supply of which is being
or
shortened in the
name
The
and
forces
such
these, to
nothing of
say
purely financial sins of the past and present, it is
getting itself armed,
so
it thinks
hopes to be, with
or
to fix prices by fiat. It is not
power
sistent
coherent,
a
carefully wrought procedure, to
Further
con¬
the least.
say
Weaknesses
If the situation is viewed
seller, the position of the Administration is often
not
It
goods.
can
not expect, it certainly need
expect, manufacturers to continue to sell their
at the old
wares
hold expense
prices,
prices when, despite all efforts to
down, costs have caught
have exceeded them.
or
up
The Chrysler Cor¬
poration, to which reference
was
paragraph
Henderson's
concerning Mr.
for rescission of
made in
earlier
an
"request"
price increases, has furnished the
facts to illustrate the
Corporation:
with those
point excellently.
,
.
Says that
and last December they were increased
models
rent
were
labor
set
last
in
tools and
caused
an
of these
and
We
have
increases
many
various
the cost
$27.55—equal to 4.89% of the cost of the
On
June
4
the
Corporation
the
last
12
months
the
on
which
an
structure
keel, and that despite the fact
amounted to $30.47
of the
The
per car, or
cars
prices
of
of its
the Cor¬
difficult.
has
car
busi¬
$27.55 increase mentioned above, coming almost
is
which
the
en¬
com¬
administrative
difficulty,
impossibility, of the task that Mr. Hender¬
apparently
many
desirous
of
undertaking,
and
in Administrative circles apparently
public
restraining hand
before extensive
upon
would
do
well
price
our
to
doubly
place
a
the authorities in this matter
damage is done.
Federal Reserve Bank Statement
7ARIATIONS
V
for the
of the
trends.
official banking statistics
weekly period ended June 25
change
Excess
the
in
again
once
This
credit
and
of member banks
reserves
decreased
requirements
000,000.
the
in
fleeting nature which fails to reflect
fundamental
$160,000,000
any
currency
over
legal
$5,150,-
to
due in large part to increased
was
Treasury deposits with the Federal Reserve banks,
recent
quarter-date.
income tax payments of the
Non-member deposits with the
regional banks also advanced.
Currency in circula¬
tion moved up
$57,000,000 to another record at $9,-
490,000,000.
The
influences
bank
only
making for
deposits
reserve
a
potential
offset
these
to
lessened total of member
a
was
gain of the monetary
gold stock by $8,000,000 to $22,620,000,000.
the Treasury
period,
the
failed to deposit
Federal
the
with
that
so
excess
ample, of
Reserve
even
gold increase
The
was
reserve
any
banks
But
gold certificates
in
the
weekly
the relatively minor effect of
not apparent during the week.
figure remains far
and
course,
no
more
than
reflections of the decline
are
in evidence
in the
On the demand side of the credit
market.
The
continues.
combined
condition
statement
of
weekly reporting member banks in New York City
for the
period ended June 25 reflects
a
gain of $4,-
Loans
000,000 in business loans, to $2,231,000,000.
banks to brokers and dealers
same
on
security
collateral increased $9,000,000 to $349,000,000.
were
down
$1,000 in the statement week, to $20,-
Other cash of the regional banks also
313,730,000.
fell
4.41% of the sale price
pared with the $30.47 profit.
son
The
modestly, and their total
$2,610,000
consider
endeavor to keep
Federal Reserve Bank holdings of gold certificates
Corporation
tirely since the first of the year, is significant when
Finally,
an even
two
car.
not to say
on
that the Administration has made their task
by the
profits after taxes on its domestic passenger
ness,
simple truth is that industry and trade, by
had
material,
figures, April 1, 1940, to March 31, 1941, the Corporation's
net
system either for the
picture it is again to be noted that effective inquiry
per car.
the
a
for anything else.
money
car.
increased
fixing prices generally—
8%,
these
4%%, which added to
poration's income, before taxes, $26.62
For
of
dreamed of in this
cur¬
payroll and other increases
estimated increase in
domestic passenger cars by
in
we
if the Administration enter¬
say
health in such
no
What
regulation of
on
Prices
supplies since then.
effect
The
costs
2%.
September.
increases
never
recorded since last October
,
On June 1 the Corporation's payrolls were increased
detailed
a
scale
a
doubtless occasioned by
through the eyes of the
equally untenable. The Administration is apparently
quite indifferent to increases in the cost of many
kinds of
is
things considered, in
of armament here and abroad.
as
to speak, all over the
large, have "cooperated" remarkably well, all
are
Against
on
defense program or
for consumption goods of
earn,
for
country—that is to
under-privileged who habitually spend all, or
practically all they
one
to
tains serious intentions of
income taxes, great care is being taken to leave much
the
so
practically speaking out of the question.
wherewith
but
types of articles that are bought
moreover,
seem
grams,
of the other types of articles
many
"over-the-counter,"
by the sale of government obligations
it to be able to reach
to such a com¬
price trend does not please the Administra¬
lower incomes
to
comes
land, the task of rigid control obviously becomes
correspond to reduced supply.
It has had
When it
plex, highly fabricated article as an automobile, or,
whose
of these goods—and is horror
open mar¬
simple, uniform standard commodities
bought and sold.
are
markets
many
It is always difficult
to undertake.
eager
enough to fix prices effectively in large
great many farmers and wage-earners who make the
for
4015
to
reserves
notes in actual circulation
were
Federal
$20,608,379,000.
down
Reserve
advanced $60,036,000 to
Total deposits with the 12 banks
declined $51,856,000 to $15,957,201,000, with the
$6,633,192,000.
account variations
bank
reserve
110,000;
by
an
consisting of
a
drop of member
balances by $145,532,000 to $12,985,-
increase of the Treasury general account
$57,316,000 to $1,081,125,000; an increase
of
}■
The Commercial & Financial Chronicle
4016
for Japanese bonds sent prices
German and Italian issues were
demand
foreign deposits by $10,384,000 to $1,240,276,000,
heavy
and
sharply higher.
increase of other
an
The
$650,690,000.
deposits by $25,976,000 to
bonds held
The commodity markets reflected again the egregious Administration policy of stimulating advances in farm
products, while sharply reproving industrialists who
try to cover rising labor and other costs by advancing modestly the selling prices of the products they
manufacture. Wheat, cotton and other staples show
weak, while Canadian and Australian
ratio fell to 91.2% from
reserve
Discounts by the regional banks increased
91.3%.
while commit-
ments to make such advances were up
again
$1,258,000 at
market
$13,072,000.
There
operations,
holdings of United States Treasury
securities
as
were
were
open
no
Latin Americans were uncertain.
well.
Industrial advances were
$207,000 to $2,013,000.
higher by $182,000 at $9,088,000,
June 28, 1941
unchanged at $2,184,100,000.
metals were
large gains for the week, while base
v-V:*:■
The New York Stock Market
and
merely maintained.
Foreign exchange deal-
SMALL price advances New registered this week ings are order is non-existent, now thatto Continendealings
the were York stock market,
freezing almost in effect with respect the general
in
with
on
movement
of the
much
apparently due to
tal Europe.
a
situation will change
belief that the international
On
and
Hitler has widened
with
attack upon
an
the week
was
gains of
turnover
of
New
of
slightly
sizable scope
chew, and
can
analyses
brought
a
not
of
the
this reasoning.
on
European
fully maintained.
Thursday.
500,000-share
Reports of
began to prevail
German advances.
a
intervals, but
within the United
importance to investors.
were
softer
a
enveloped the
only slightly
(
^
The market also took due note of many
occurrences
on
stubborn Russian defense
week earlier.
a
States, which
are
of
times, owing to indi-
cations that endless demands for wage increases will
not
be
permitted to interfere with actual producSteel stocks
tion.
mobile issues
were
in mild
favor, while auto-
proved somewhat uncertain
as
disputes
developed with respect to price-fixing in this industry.
Rubber |nanufacturing equities fell yesterday,
after
prices
authorities.
for
tires
fixed by Washington
were
Merchandising shares also proved
some-
vulnerable, since the business of these
what
com-
panies
may
be affected adversely
On the New York Curb Exchange the sales on
Saturday were 26,610 shares;
on
Monday, 91,885
as
material
war
Friday, 98,415 shares.
Activity
the Stock Exchange on Saturday of
on
last week was at a minimum.
Trading was dull and
Gains exceeded
listless throughout the brief session.
losses, but a sizable number of issues reflected no
change whatsoever.
A heavy demand for eqiffties
set the pace of the market at the opening on Monday
prices to spurt forward one to four
caused
and
specific
Aircraft manufacturing
in good demand at
V
69,485 shares; on Thursday, 106,115 shares, and on
only
early advances of the week, and
prevalent
Friday, 409,040 shares.
idly, with turnfigure
dispatches told of sweeping
as
;
shares; on Tuesday, 69,762 shares; on Wednesday,
figures at the close, yesterday,
above those
shares; on Tuesday, 444,080 shares; on Wednesday,
425,630 shares; on Thursday, 531,400 shares, and on
ses-
The caution that
market modified the
stocks
soon
In the remaining
heartened the market at brief
left
But
problem
turn in the market, and the initial gains
exceeding the
tone
On the New York Stock Exchange the sales on
Saturday were 125,200 shares; on Monday, 755,540
buying movement
a
sions of the week the market drifted
over
on
The momentary
than 750,000 shares
Exchange.
developed
careful
were
Call loans on the New York Stock Exchange re¬
mained unchanged at 1%.
that Herr Hitler at last has bitten
was
than he
more
On the
stocks touched new
high levels and 40 stocks touched new low levels,
Monday, which witnessed
more
Stock
York
impression
off
New York Curb Exchange 29
more
to four points in leading issues on a
one
the
still
war
The best session of
Russia.
that of last
the
stocks
week while 23 stocks touched new low levels.
unfavorably for the German Reich, now that
Chancellor
Stock Exchange 86
York
New
the
touched new high levels for the year the present
favorably for Great Britain and the United States,
The occasion for tjie sudden market interest
the announcement of a German declaration of
points.
was
war on
Soviet Russia, thus affording Germany's for-
opponents an opportunity for greater rearma-
mer
ment and at the same time delay the threatened in-
vasion of the British Isles.
one
As the effects of the
off after the first period, each succeeding
news wore
experienced
a
dwindling demand and
a conse-
quent decline in values until the close, when former
gains
were
Early military
cut in two.
successes
in
Germany's penetration of Soviet Russia produced
more
general declines in stock prices
Rubber shares
the day
on
came
in for
in the form of latest restrictions
on
Tuesday,
on
support
some
rubber imposed
requirements overshadow the industries manufactur-
by Washington.
ing consumers' goods.
that this action might stabilize crude rubber prices
ever,
Oil stocks
were
better, how-
and most rails managed to make small gains
for the week.
because of
a
Utility issues
developing
were
power
east, due to lack of rainfall in
irregular, partly
shortage in the Southareas
where
enormous
hydro-electric installations have been made in
recent
years.
times,
bond
with
carriers
dealings
interest
were
unusually
in
centered
active at
obligations
emerging from reorganization proceedings.
Bonds of such railroads soared, and in most
established
new
highs for the
year.
Other
lative carrier issues also tended to advance.
States
of
Treasury obligations
were
cases
specu-
United
quiet and firm in
sprung
from the belief
and thus benefit tire manufacturers.
quence,
As
a
conse-
rubber issues, led by United States Rubber,
exhibited the greatest strength, while motor stocks
were
the
losses.
weakest,
came
and
steels
suffered
fractional
The closing for the general list was
larly lower.
Listed
The support
late
dence of
on
irregu-
A turn in the tide of drifting prices
Wednesday, when the market
some
gave
evi-
real resistance to the former trend,
Most of the day equities moved in a narrow
but the final hour
saw
groove,
strength reflected in the avia-
tion shares, spread to coal and rail issues, making
for
an
irregularly higher closing.
The somewhat
limited progress of the day before was carried
over
nearly all sessions, while best grade corporate issues
into Thursday's session and thus consolidated the
also
market's improved position.
improved.
In the foreign dollar bond section
One heartening feature
Volume
of the
The Commercial & Financial Chronicle
152
day
the Secretary of the Treasury's sup¬
was
port of the Reconstruction
Finance
Corporation's
Among the
4017
copper
stocks, Anaconda Copper closed
Friday at 27% against 26%
plan to acquire unliquidated American securities of
Great Britain
and
Friday of last week;
on
American
and
collateral for
as
by the RFC until
values
tary's remark
improvement in
was
levels.
supported by
a
movement in the amusement
group,
rails,
by the Secre¬
taken by traders to mean that
was
of business
ume
considerable
below their
proper
are
England,
would not be sold
The inference drawn
occurs.
stocks
a
loan to
a
further, that these securities
shipbuilding,
motor,
rubber
while aircraft,
and
chemical
shares also gained
ground.
was an
On Friday the market
apathetic affair, and fractional price changes
characteristic of the day's light volume of sales.
were
Irregularly lower levels ruled
comparison of closing prices
final
figures for Friday
at
week
a
closing time.
A
Friday, last, with
on
shows
ago
a
slightly
higher trend.
Co.
closed
Friday at 32% against
Friday of last week; Consolidated Edison
on
of New
York
at
Gas & Electric at
18% against 18%; Columbia
2% against 3%; Public Service
Corp. of N. J. at 21% against 21%; International
Harvester at 50% against 50%;
Sears, Roebuck &
Curtiss-Wright closed Fri¬
day at 8% against 8%
Friday of last week;
on
Boeing Aircraft at 16% against 15%, and Douglas
Aircraft at
72% against 69%.
Trade and industrial
reports indicate
a
high rate
of activities in most essential business lines.
operations for the week ending today
estimated
were
capacity against 99.0% last week, 98.6%
and 86.5%
ago,
Edison
Electric
Institute
at
reported by
was
3,055,841,000
and
2,653,788,000 kwh. in the corresponding week of
The decline noted for the week
uted to the power
ings of
revenue
totaled
885,558
the
Car load¬
freight for the week ended June 21
cars,
according to the Association of
American Railroads.
cars over
This
was an
increase of
day of last week.
155% against 152%; National Cash Register at 12%
ex-div. against 12%; National
Dairy Products at
indicating the
course
of the commodity
July
day at 74%c. against 73%c. the close
last week.
Friday of last week.
on
spot price for cotton here in New York closed
Friday at 15.80c. against 15.03c. the close
day at 22.00c. against 21.50c. the close
13%
against
against
5% against 5%; Canada Dry at
12%;
9%,
Schenley
Distillers
National
and
10%
at
Distillers
at
20%
against 19%In
the
closed
rubber
United States Rubber at
Friday of last
against 12%, and
the
Friday
on
Friday >'
closed Friday at 12c.,
Friday of last week.
on
price of bar silver closed Friday at
close
against 23 7/16
pence per
Friday of last week, and spot
on
silver in New York closed
Friday at 34%c., the close
Friday of last week.
In the matter of
London
on
foreign exchanges, cable transfers
closed
Friday at $4.03%, the close
on
Friday of last week.
European Stock Markets
higher ground the present
Pennsylvania RR.
closed
Friday
at
23%
Friday of last week; Atchison To-
peka & Santa Fe at 28% against 28%
Central at
Domestic copper
pence per ounce as
ounce
on
spot price for rubber closed Fri¬
23% against 21%.
Railroad stocks touched
on
on
The
In London the
Goodyear Tire & Rubber
group,
week; B. F. Goodrich at 13%
week.
the close
on
Friday at 17% against 17%
against 23%
of last week.
23%
Friday of
on
of last week.
Standard Brands at
Fri¬
July oats at Chicago closed Friday at
38%c. against 36c. the close
The
on
at Chicago closed Fri¬
corn
Inc., at 23 against 21%;
against 34; Eastman Kodak at 134% against 133%;
Westinghouse Elec. & Mfg. at 94% against 95%;
mar¬
kets, the July option for wheat.in Chicago closed
13% against 13%; National Biscuit at 16% against
16%; Texas Gulf Sulphur at 36 against 35%; Loft,
Continental Can at 34
over
;
Friday at 106%c. against 100%c. the close
Friday at 24% against 23%
Friday of last week; Allied Chemical & Dye at
152% against 151; E. I. du Pont de Nemours at
22,583
previous week, and of 157,065 cars
the similar week of 1940.
As
attrib¬
was
shortage in the South.
155%.
Western Union closed
kwh.
against 3,066,047,000 kwh. in the preceding week
72% against 71%; Montgomery Ward & Co.
34% against 35%; Wool worth at 29% against
28%, and American Tel. & Tel. at 155% against
on
month
a
Production of electric
a year ago.
for the week ended June 21
power
Co. at
at
Steel
by American Iron and Steel Institute at 99.9% of
last year.
General Electric
31%
In the aviation
group,
The day's vol¬
strong buying
Smelting & Refining at 41% against 42,
Phelps Dodge at 29% against 29%.
;
New York
12% against 11%; Union Pacific at 81
FIRM tendencies were reported all European on
leading this week fi¬
stock
in
markets
nancial centers,
The tremendous
scale.
the
but trading was on a quite modest
significance of the German
against 80%; Southern Pacific at 11% against 11%;
attack
Southern
possibly because they are now virtually shock-proof.
Ry.
Pacific at
Progress
this
against
12%,
and Northern
6% against 6%.
was
week.
United
States
Steel
closed
Friday at
Friday of last week; Crucible
on
38% against 37%; Bethlehem Steel at 73%
don
Stock
week
the
that
on
against 34%.
marked
38% against 38%
ler at
General Motors closed Friday
on
Friday of last week; Chrys¬
57% against 58%; Packard at 2% against 2%,
and Studebaker at
5% against 5%.
Among the oil stocks, Standard Oil of N. J. closed
Friday at 40% against 38%
Shell
Union
Oil at
on
Friday of last week;
14% against 14, and Atlantic
Refining at 21% against 20.
markets
the
on
as
Monday.
a
undisturbed,
reported
on
the Lon¬
trading was resumed for
But the tone was good in
mild upward movement began
Tuesday which was continued to the close yester¬
day.
at
left
Exchange,
session, and
against 72, and Youngstown Sheet & Tube at 36%
In the motor group,
Russia
Less business than usual was
also noted among the steel stocks
56% against 55%
Steel at
13
at
on
British funds and other gilt-edged stocks were
some
issues attaining
tops not witnessed in four years.
Industrial and
home
fractionally higher,
rail
issues
ganied
South African gold
little attention, while
mining shares
Japanese bonds
higher.
a
were
were
also marked
favorites in the for¬
eign department, owing to the prevailing impression
of better
diplomatic prospects in the Far East.
Berlin Boerse
official
was
assurances
The
dull at the start of the week, but
that matters
were
going well in
the
The Commercial & Financial Chronicle
'
4018
with Russia
war
soon
produced
a
modest boom,
Leading issues gained 3 to 4 points in mid-week ses-
sions, and the advances were well maintained. Trading
the Amsterdam Bourse also occasioned higher
on
prices, the best sessions being reported at the start
and the end of the week.
American Policy
June 28, 1941
of bringing under Hitler's political and
economic
the Ukraine and the Baku oil fields, and perhaps other portions of the Soviet Union as well,
This development was heralded by the persistent
rumors of the two previous weeks, but nevertheless
proved a great surprise.
It changed the face of
things so radically that even the diplomats have
sway
and the experts
been baffled
confounded.
The ex-
DIPLOMATIC Washington, this new order were tension, of the war proceeded atpromptly dragged
problems of a week,
breakneck speed,
f0r the sudden German
in
studied
the Soviet Russian
for
no
sia.
Virtually all of Europe was in flames within a
few
days after the
Since Communism is
regime.
Nazism, the Administration had
quickly
supply
Syria, the newest conflict is of even greater sig-
Monday that Ger-
ruling the world
were
indicated
Russia.
on
Dis-
choice between the twin evils of Naz-
claiming
any
ism
Communism, Mr. Welles nevertheless
serted that defeat of the Reich is the
as-
Anglo-French allies in
nificance, militarily, politically and economically,
the Reich that double front in the
It provides for
East and the West which the Nazi strategists pre-
viously were held anxious to avoid.
What
many
commentators considered to be a "golden opportu-
primary task
nity" for Great Britain was provided at the same
President Roobevelt followed this
time, since the war against Russia plainly is occupy-
Tuesday by pledging all possible American aid to
ing most of the German forces and air superiority
facing the world.
on
Although not stranger than
the fight between the former
by the "treacherous" attack
and
aggression treaty of August, 1939, which marked the
start of the great war.
degree of comfort for
State Sumner Welles declared last
anew
pre-
steps
Nazis acted against the very
regime that gave them carte blanche in the non-
Acting Secretary of
a
newly invaded country.
intentions of
occasion
followed, however, and
was
taken which at least
man
no
The British
embracing the Russian cause.
cedent
the
move
other Nations into the conflict, in addition to Rus-
acceptable to responsible American citizens
more
than
a con-
as
of the German declaration of war against
sequence
Russia in the conflict of that
and
the
Treasury
the
on
country with Germany,
day released
same
some
finally has been achieved by England, for the time
being.
140,090,000 of Soviet funds frozen in this country
under the
general freezing order of June 14.
announcement
was
authorized
The
by Mr. Roosevelt
on
If
v
hopes
any
were
entertained at Berlin that the
latest about-face in the war would change the problem in the West they were quickly dashed, for Prime
Wednesday that the Neutrality Act would not be
Minister Winston Churchill last Sunday promptly
applied to Soviet Russia, and the port of Vladi-
declared
vostok thus
British aid and that the war against Nazi Germany
kept
open
for
any
supplies that might
that Russia would
receive
all
possible
be sent from the United States. Constantine Ouman-
would
sky, the Russian Ambassador,
Vichy regime in unoccupied France appeared to view
ington
on
Thursday of the official American policy.
Relations
between
Rome-Berlin
Axis
the
United
continued
The process
States
and
deteriorate
to
week, but the diplomatic tie
severed.
assured in Wash-
was
the
this
not completely
was
of expelling Consular officials,
which
Washington started by acting against the
Reich,
was
asked to
this
tive
completed last Saturday when Italy
close
all
Consular and
In all
country.
countries
were
developments.
aid
Great
to
Britain
than
financial aspect
is
to
in
was
more can
some
at
all
be done by our
being done.
war
The
materials,
passage
of the
study. In his capacity
of Federal Loan
Administrator, Jesse H. Jones disWednesday that a Reconstruction Finance
closed
Gorp. loan to the British Government
tended,
on
officially estimated to have
000,000 and $1,000,000,000.
ury
that
be
a
Such collateral is
ex-
favored
British could
the loan
not
at
un-
value of between $900,-
Secretary of the Treas-
Henry Morgenthau Jr., declared
he
may
the collateral of direct British invest-
ments in the United States.
the
on
on
Thursday
ground that the
present get a good price for
their investments.
ermany
a'':
i
0
v.
Attacks Russia
ANOTHER amazing overturn occurred in the Eurox*
pean war
last Sunday, when the vast massed
divisions of Nazi Germany were hurled against Russia
in
a
typical dawn Blitzkreig, with the obvious aim
in
Spain
a
series of demonstrations developed
support of the Reich and against Great Britain,
Rumania
was
immediately allied with Germany in
the attack, and it appears that other Balkan States
' may
involved to
become
one
degree or another.
Turkey held to the chalk-line of neutrality.
three
Baltic
States
of
Lithuania,
Latvia
The
and
traditions of aggressors, were reported in revolt
of British orders for
Act, received
the German attack upon Russia with much, favor,
and in
Estonia, which Russia absorbed last year in the best
placed in the United States before
Lend-Lease
The
respec-
the forefront
currently
pursued with undiminished vigor.
depart, pending
The program of all possible
times, but presumably little
Government
agencies in
nationals of the
cases,
forbidden
further
other
was
be
against
Soviet regime, and the tide of war
Finland, far to the
the
promtly swept over them all.
North, was "neutral" at first, but gradaully ada state of war against Russia, which took
mitted
part of Finland in the desperate conflict which ex-
cited admiration from all the world, little more than
a year ago.
Even Sweden came close to the border-
line of conflict, as permission was granted Germany
for the passage of Reich troops over Swedish terri-
tory from Norway to Finland.
1
In launching the attack upon Russia, Chancellor
Hitler engaged in one of the familiar
triades with
which the world has become surfeited in the last few
years.
He charged the Russians with lack of good
faitli and virtual alignment with Great Britain and
the United States. The real reason for the German
move was generally held to be, however, the need
for assured supplies of foodstuffs and raw materials,
in order to counter the British blockade and prepare
£or
jong
be inevitable.
war
whicb
manv
experts now hold to
The principal German aim, accord-
ing to this reasoning, is to gain mastery over the
-Russian "breadbasket," tl^e Ukraine, and
oil fields west of the Caspian Sea.
the great
If the Nazis
can
Volume
achieve that aim
important
soon
for
that the Germans not only had attacked without
United
Nazis
attention
warning, but without the presentation of any claims
Germans
the
toward
ing the Germans.
whatever.
success
taking place from Rumanian and Finnish territory,
might merely make
well as from the Reich itself, M. Molotoff said,
as
Not
a
single complaint against Russia ever had been
generally held by close
made by the Reich with respect to observance of the
problem that the German military
students of the
is
It
Air raides and artillery shelling were
Russia,
by the realization that
this conflict
in
one
difficult the announced aim of defeat-
more
machine
wage
States, when
military
followed
rubber, but assur-
as
position to
a
their
the
He cleared up
almost endless
the
was
all the
Russians to defense of their country.
access to many
point that had been much disputed in the two
previous weeks, when he declared unequivocally
and
directed
4019
feeling of relief which developed in Eng-
The
land
they still will lack
materials, such
war
edly will be in
war.
The Commercial & Financial Chronicle
V
1S2
treaty of non-aggression signed in August, 1939, he
vastly
was
superior
in organization
continued, and Germany
and
was
charged with "perfidy
efficiency, and perhaps also in equipment, to the
unparalleled in the history of civilized nations."
Russian force.
In reply to German comments about heavy Russian
and
ous,
of the
area
out
The latter is
perhaps
more numer-
the side of Russia fights also the vast
on
newly-invaded country.
It
was
gested that the Nazis
and may
well
are
limit their objectives.
German
comes
timetable
estimated
at
not
the Nazis made
be
a
indicated
in
Russia, and
for
beating
than
more
on
victory
a
this basis the
the Russians
three
months.
was
That
rapid start, this week, would
by reports of the military
seem
move-
Full
texts
of
the
charges
and
counter-charges
which marked the German invasion and the Russian
defense
were
.Associated
made
Press.
available
last
Monday by the
Though little regarded in the
swift rush of events, these statements include
revealing comments.
Herr Hitler, in his
some
general
proclamation, announced to the German people immediately after the invasion began that the time
had
and
when he could talk
come
German
relations.
He
frankly about Russo-
asserted
that
a
Russian
the border, M. Molotoff
a
provocation," and he called
upon
.
of Germany who have enslaved Frenchmen,
Czechs, Poles, Serbians, Norwegians, Danes, Hoilanders, Belgians, Greeks and other peoples."
ers
British reactions to this development
regime
and
believed that the
never
peace of Western Europe could be preserved by permitting the Nazis to make war upon Eastern
Europe, unhampered. Strictly in accordance with
his previous views were declarations by Mr. Church91 to the British people, late last Sunday. With
scornful invective, Mr. Churchill blasted the regime
of the "bloodthirsty guttersnipe," Herr Hitler, which
he found indistinguishable from the worst features
°f Communism.
broken record
Reminding his hearers of his
of opposition to
soldiers, guarding their homes,
then
proceeded to
depict
the
Russian
their wives
the Reich in the hands of the German armed forces,
mothers, and
The
aligned Russia with Great Britain in the fight.
only real information supplied by the German
dictator
was
German
Foreign Minister, Joachim
in
particularized at the
time by the
same
Ribbentrop,
von
a
un-
Communism, Mr.
Churchill
again placed the fate of
made
who never favored the appeasement policy of the
cision necessary,
once
were
clear without delay by Prime Minister Churchill,
tendency to join with England had made his deand
all Russians
to beat back "the clique of bloodthirsty Fascist rul-
Chamberlain
ments.
on
Hitler was termed by the Russian Minister "a lie
sug-
What is clear and
inescapable is that the Germans must win
before winter
was
of that fact
aware
concentrations
merely stated that at no point had a violation of the
frontier taken place. The whole declaration by Herr
endlessly this week that winter and Russian
spaciousness beat Napoleon, but it also
to
troop
pointed
and
after this bit of oratory ended he
The
single irrevocable purpose of Great Britain is to
destroy Herr Hitler and every vestige of the Nazi
separate declaration of war against Russia,
Charges of Russian plotting for the downfall of
regime, the Prime Minister said, and he promised
Nazism
fights against Nazism. The deeper purpose of Herr
Hitler in his attempt to destroy the Russian power
is to hurl his army and air force ultimately against
occupied much of this statement, and ful-
minations
against Russian troop concentrations
along the German border occupied part of the bal-
Light from the German side
ance.
the
same
time,
upon
was
thrown, at
the visit which the Russian
Foreign Minister, Vyacheslaff M. Molotoff, paid to
Berlin several months
ago.
The Ribbentrop account
was
to
the effect
manded the
that Moscow then, in
brief, deright to establish military bases in Bui-
garia along lines which preceded the Soviet absorption of the Baltic
States, the right to bases along
Bosporus and the Dardanelles, and German neutrality in the event of another Russian attack upon
the
Finland.
were
These comments
bolstered, to
a
by the German Minister
degree, by references to the
the aid of Great Britain to
any man or
England, and Mr. Churchill also
move
an
saw
in the German
attack in the end against the Western
Hemisphere. "The Russian danger is therefore our
danger and the danger of the United States, just
as the cause of any Russian fighting for his hearth
and home is the cause of free men and free peoples
in every quarter of the globe," the Prime minister
asserted.
The Italian Government acted simultaneously
with that of Germany in declaring
war upon Russia,
indicating that the Rome end of the Axis was informed in advance of the German intentions. But
growing estangement which marked Russo-German
the Italians admitted that they
are
relations
take
new
as
Peninsula.
tend
to
the Nazi forces moved
Uncontested
show, if they
precious little
to
Nazi
very
active part in the
not likely to
conflict.
In
their public statements marking the beginning of
accurate, that there is
as
the invasion, the Germans linked Finland and Rumania with their own forces. Rumania found this
regime in Moscow and the
status immediately acceptable, for Premier Ion An-
so
are
in
point
of perfidy
regime in Berlin.
Foreign Commissar Molotoff issued
to the Russian
a
far, these statements
choose
between the Communist
along the Balkan
State who
tonescu last Sunday ordered the Rumanian Army
a
statement
into action as a full-fledged ally of the Reich.
The
people, immediately after the attack
soil of Bessarabia and Bukovina, which the Rus-
began, with the aim of rallying the vast numbers of
sians seized last year, was ordered restored by Gen-
The Commercial & Financial Chronicle
4020
eral Antonescu.
Finland, which turned to
of full mobilization
not
on
the
of the
eve
a
basis
conflict,
was
immediately involved in all-out warfare, but
fighting quickly developed
the border between
on
German-Finnish troops and the
Late
Russians.
on
June 28, 1941
in Poland, the Low Countries and France. German
airplanes dive-bombed the Russian detachments and
communications. From Rumania a German-aided
force began the march for recovery of Bessarabia and
perhaps for penetration of the
against the Russians
Parliament
States absorbed
Helsinki
at
"defense"
that
could
no
longer be neglected, and to all intents and purposes
Finland
Finland
organized.
thereupon began formal participation.
in
volts
Lithuania, Latvia and Estonia
to be in progress on
and
fresh
cerned,
mitting
pressure
in
posed for all
action
Wednesday in
on
per-
Finland
from Norway
troops
reflects
either
German
the sympathies of the Swedes in this
or
particular encounter, and probably does not signify
Swedish
involvement.
Spanish reactions
the
are
The
they throw
light
French and
reported
interesting chiefly because of
upon
relations with
Great
Britain.
another
some
-r\
flict between
clear,
as
for
developments in the
on
Germany and Russia
the conflict
reports
those two countries which have not
liable in the past.
gaged, and the
far from
the end of its first week,
nears
available only from
are
are
within
sources
proved too
Even the respective forces
re-
en-
where the actual combat is
areas
taking place, remain matters partly of conjecture.
Official statements of the German
have been sparse
comments
are more
desired.
be
High Command
Russian official
and unrevealing.
The
plentiful, but also leave much to
propaganda sections in the two
countries, notoriously unreliable, have indulged in
immodest claims and assertions which cannot easily
be checked
by reference to other and
would
It
sources.
more
impartial
according to military
appear,
experts, that both sides have some 2,500,000 or more
men
available for the vast struggle
line
from
Germans
engaged
may
the
are
Sea
along the immense
the
to
an
equivalent number of airplanes.
available to both countries
in numbers.
are
is
The
doubt that the organizing
Tanks
held to be about equal
The quality of equipment
believed to be higher on the Reich
no
Sea.
Black
believed to have four aerial armadas1
their Eastern front, and the Russians
on
have
White
generally is
side, and there is
ability of the Germans
The relative morale has not yet been
superior.
established, although it
may prove
to be a matter of
highest importance before the battle ends.
German
objectives in starting the conflict with
Russia doubtless
possession
or
are
economic to
a
oil fields would free the Reich from
culties occasioned
some
of the diffi-
by the British blockade.
destruction of the Russian
the threat of attack,
It
large degree, for
control of the Ukraine and the Caucasus
But the
Power, in order to
also is
an
remove
obvious German aim.
Russians
was a
was
confused
appear
to be aimed
either side of the immense Pripet marshes of
Eastern Poland, probably with a view to entrapment
of Russian forces and fresh advances toward
strategic
points in the Northern Ukraine. The vital stronghold of Brest-Litovsk was taken by Reich troops
German spokesmen
within 48 hours of the attack.
were so
were
confident of immediate
success
that promises
made of startling revelations of "unimaginable"
Berlin
new con-<
against the
time before the situation clarifies,
however,
ACTUAL military
move
The vast fighting front
The principal German thrusts
military
Russo-German Military Moves
Revolts
were
jumble this week, to all appearances, and it may be
con-
were
of German
passage
front
the
to
said
Monday, against the Russians,
problems thus
Sweden's
were
Re-
Ukraine.
started in all the Baltic
by the Soviet last year, and from
Wednesday the Finnish Government informed the
prowess
by Thursday.
That day passed,
without details of the fighting from the
High Command; which merely indicated that
matters were taking a favorable course.
Russian
authorities admitted heavy and effective German
aerial and tank attacks in the initial phases of the
war, but they claimed by the middle of the week to
have solved the problem of defeating the Panzer
thrusts through isolation of the tank units. Vast
numbers of airplanes admittedly were lost by the
Russians, but German aerial losses were placed by
Moscow on an equal footing. The unofficial German
spokesmen endeavored to claim command of the
air in the war with Russia, but the claims did not
stand up under critical examination, since Russian
aerial attacks were noted against some German cities
in East Prussia. The supply problem is, of course,
a troublesome one for the Russian forces, and some
military experts predict brisk advances by the Reich
troops when war supplies immediately at hand are
used up by the Soviet forces. Dictator Adolf Hitler
joined his forces
some
of the
war
on
the Eastern front, Tuesday, and
were issued from his
announcements
headquarters.
The situation in the Baltic States is even more
uncertain and vague than on the German Eastern
front. Finnish sources said actual or impending revolts against Russia were reported from Lithuania,
Latvia and Estonia Monday. The former Lithuanian capital of Kaunas was reported in German
hands by Tuesday, and Vilna was said to be under
attack. Talinn, the port of Estonia on the Baltic,
was in flames, some observers claimed.
Finland was
bombed heavily by Russian airmen and the fact that
heavy concentrations of airplanes could be spared by
the Russians for such activities throws at least a little
light
upon
the German claims.
From Norway the
Germans hastily dispatched a division of troops to
Finland over Swedish railways, indicating that the
soon may be joined there.
Leningrad was
bombed by the Germans, and a few other points also
pointed out in rqahy quarters this week that
German forces cannot well be freed entirely for the
battle
eventual attack upon
suffered from Reich aerial attacks.
was
threat is removed
of the
over
Great Britain unless the Russian
countered.
In the initial
phases
Blitzkrieg against the Russians, the Germans
had the
made
or
advantage of surprise, and they apparently
considerable
progress.
Vast
the borders of Russian-occupied
the German Panzer units
poured
Poland, with
endeavoring to repeat the
pincers movement that trapped
forces
so many
opponents
From Rumania
promptly set out last Sunday in a "holy war"
to recapture Bessarabia and Bukovina.
The Russians, however, claimed that they were beating back
this assault, and also asserted that heavy aerial attacks were being launched against Bucharest and the
Rumanian Black Sea port of Constanza. Reich
aerial attacks on the Russian base at Sevastopol were
an army
Volume 152
admitted,
on
The Commercial & Financial Chronicle
the other hand, and it
submarines
man
are
appears
that Ger¬
operating in the Black Sea.
Suez
in
attack upon
is
Russia.
Reich, possibly because
diverted to the
was
The fact of British
immensely important, however, and
mark
turning point in the
a
will continue with undiminished
supremacy
may prove to
That the conflict
war.
fury, notwithstand¬
ing the German
move
made clear last
Sunday by Prime Minister Winston
Churchill.
the
In
against the Soviet Union,
Churchill disclosed that
flicted
cost
upon
the
to
heavy losses
British.
This
dustrial
Mr.
being in¬
of the
pattern
week, according to British
ac¬
cities
and
upon
Official
ports.
to the effect that up
German in¬
British
reports
to 28 and 30 German air¬
downed in single days, admitted losses
were
chines.
day after day, and at¬
reported frequently
were
of British
90
were
the
was
bombed the "invasion coast"
planes
declaration,
Large squadrons of Royal Air Force planes
tacks also
were
was
Reich air fighters, at relatively little
aerial conflict all this
counts.
his
of
course
airplanes running only to five
Jn four days this
six
or
ma¬
week the Germans lost
airplanes, and the British only 17, according to
London accounts.
German
matter the other way, as a
airplanes
were
lost
were
The warfare
After
statement
ship
sinkings,
dangers to the
grave
United Kingdom if the menace cannot be met.
The
ship losses suffered by Britain, the Allies
and neutrals
trading with England totaled 461,328
May.
Figures previously supplied were
amended for all months
and in most
cases
they
announced that
was
ping month
with
so
beginning with May, 1940,
were
revised upward.
April, 1941,
was
Thus it
the worst ship¬
as
March, 1941,
The original figure of 505,750
was
the latest accounting.
reduced to 489,229 tons in
For the entire
war
period to
the end of
May, British, Allied and neutral merchant
ship losses
were
aged
placed by the Admiralty at 6,702,807
In the past
12 months the sinkings have
than 100,000 tons weekly, which is
more
that exceeds
combined
new
Command,
moreover,
regularity
a
the
admitted
rate
Great
The German
High
continues to report with monot¬
heavy toll of shipping sunk in the
Battle,of the Atlantic.
the other
aver¬
a
construction by
Britain and the United States.
onous
German claims far exceed
sinkings, but British authorities,
hand, disclose nothing
on
on
the question of
damage to ships that managed to make port after
attacks.
There
the Syrian frontier, early this week, and
of that movement is not yet clear.
occasional intimations from
were
French
that
the
ments.
the
defenders
in
sanctuary
■
1
Turkey,
Turks
and
it
is
Vichy that
and
retreat
ask
least
at
for
possible
preparing for such develop¬
were
Along the coast, British naval units aided
advancing Empire troops,
but
said by
attacked
were
of which
one
and perhaps
the British to have been badly damaged
destroyed. Far to the south, in French
Somaliland,
a
was
Free
British ultimatum for joining with the
French
forces
of
Gen.
Charles
de
Gaulle
is
said to have been
given, but information is lacking
the consequence
of this reported measure*
to
as
The Anglo-Axis fight in the Western Desert
region
between Egypt and Libya was at a standstill this
week.
German
against the
aerial
British
British
forces
base
naval
at
made
fresh
attacks
Alexandria, and also
units
Thursday that
on
a
at
Tobruk.
Berlin
heavy British cruiser
had been sent to the bottom at
light cruiser.
■
,
Tobruk, along with
..v^
•
Japanese Policy
<
GRAVE andthis week debates were reportedthe
lengthy at Tokio, regarding in
progress
attitude that
Japan,
as a
full-fledged member of the
Axis, should take toward the Russo-German
Like
the
all
of
rest
the
remained unconvinced with respect to
against the Soviet Union.
which Tokio
only
of this
week
ago
ever,
for
difficult
even
for the
of neutrality in the Russo-German
There
that Berlin
Tokio
was
turn
a
Prompt reversal
spokesmen, who suggested early in the
program
struggle.
launched
had been followed by
apparently
course
a
German in¬
was
The pact of non-aggression
Japanese attentions southward.
facile Tokio
of
actually
triumphantly proclaimed with Moscow
few months
a
war.
world, Japan apparently
tentions until the Reich attack
an
were
was
attack
indications yesterday, how¬
bringing
pressure to
bear upon
the Maritime Provinces
upon
Siberia, and the representations doubtless will be
studied carefully in the Japanese capital.
intentions
the
to
American
supply Russia, if necessary, through
port of Vladivostok have
upon
a profound bearing
The crisis which Japan faces
the Japanese.
in consequence
also is of
of the German attack upon Russia
deep interest to the United States.
All
ordinary developments in the Far East
gated to the background
continued.
As
there
yet,
were
rele¬
the Tokio discussions
as
is
no
indication
Japanese decision.
;
Discount Rates of
-A.;;
might
by several French destroyers, at least
war,
against the
original announcement of sinkings totaling 488,124
tons in that month.
tons.
on
meaning
the
of
far suffered by Britain, in this
581,251 tons sent to the bottom,
tons for
the
overshadowed by
merchant
on
week, which suggests
in
troops
large number of British
delay, the British Admiralty finally issued
some
merchant
tons
Saturday, and from that point the Empire forces
pushed northward.
Turkey was reported massing
claimed
seas was
of
against
Russia, the Syrian campaign continues. The capital
City of Damascus fell to the British troops last
a
high
Although the entire background
activities, but remains highly important.
general
late last
the
undertaken
was
has shifted with the German march
assailed
downed by the Nazis, they said, than
on
Canal.
events
the
claims put
by the -Reich.
the aerial
a
official
for 20 days,
progress
Germans into Syria and aiding the defense of the
BRITISH this week the conflict between estab¬
lished aerial superiority apparently was Great
much of the German air force
been in
originally by the British with the aim of beating the
Great Britain and Germany
Britain and the German Nazi
has
4021
of
a
:
Foreign Central Banks
Eastern Mediterranean
WARFARE in the Eastern Mediterranean area
this week
principally
matter of British
was
attacks against
a
French forces in Syria, which slowly
retreated under the hammer blows of superior
anized and aerial units.
mech-1
This struggle, which now
THE Netherlands National Bank on June 2lA%.
26 re¬
duced its discount
from 3% to
rate
The
3% rate had been in effect since Aug. 29, 1939,
at which time it
at the
was
raised from
leading centers
follows:
;
are
'
2%.
Present rates
shown in the table which
vL-V:
■
"T-L, v'-'"
The Commercial
4022
Junefl
*X
2
Jan.
Canada...
2X
Effective
Rale
3
Oct.
India
3
Nov. 28 1936
ZX
May 18 1936
5
4X
Italy......
Mar. 11 1935
Chile
3
Dec.
10 1936
4~~
Japan
Colombia.
4
July
18 1933
5
Java......
3
Jan.
Lithuania..
6
Morocco...
ZX
3.05
7 1936
July
Chechoslo¬
vakia
Jan.
...
Danzig—.
4
Jan.
4
Oct.
ZX
3
4X
Dec.
4
Mar. 31 1941
4X
3
Sept. 12 1940
zx
ZX
May 15 1933
Mar. 29 1939
4X
3X
1 1935
ex
...
3
June 30 1932
3X
Portugal
2
Oct.
26 1939
3
Rumania
4X
Oct.
1 1935
5
South Africa
Finland
4
Dec.
3 1934
4X
Spain
IH
ZX
Mar. 17 1941
2
Sweden
France
....
..
Greece
*
__
*4
Not officially
5
17 1937
Apr.
6 1940
4
Switzerland
IX
4 1937
7
Yugoslavia.
5
Feb.
5
May 29 1941
Nov. 20 1930
IJan.
6
4X
4X
Poland
Estonia
Germany
7
15 1939
May 28 1935
May 13 1940
Norway
England
Erie
4
14 1937
5
16 1940
..
Apr.,
3.29
4X
2 1937
Denmark
New York Money Rates
Hungary
6
1 1936
days, and 1%% for four to
4
22 1940
1%% for 60 to 90
six months.
tions, and time loans again were
3
June 20 1941
2X
1 1940
Dec.
5
vious
2X
Holland
1 1936
5 1940
Mar.
JuneZl
Rate
Effective
Argentina..
Belgium
Bulgaria...
Dale
Effect
Country
vious
Dale
Effect
Pre¬
Rate in
Pre¬
Rale in
Country
June 28, 1941
& Financial Chronicle
3
:'-r:
confirmed.
2
DEALING in detailfrom day toloan rates was the
with call day, 1% on the
Stock Exchange
ruling quotation all through the week for both new
and renewals.
The market for time money
loans
continues
days and 1J4% f°r f°ur t° six months'
maturities.
The market for prime commercial paper
has been very
/
has been
Foreign Money Rates
Rates continued nominal at 134%
quiet.
to 90
up
The supply of paper
active this week.
Rul¬
good and the demand has been heavy.
for all maturities.
ing rates are
IN bills Friday market discount rates for1-32%
LONDON open 1 1-32%, as against 1 short
Bankers' Acceptances
■
on
on
were
Friday of last week, and
three months' bills, as
Mjoney on call at London on
Friday of last week.
Friday
was
11-32%@11-16% for
against 1 1-32%@1 1-16% on
.
England Statement
an
the current advance, £1,453,000,
circulation,
£638,984,000, the
raising the total outstanding to
Except for three weeks, circula¬
tion has risen steadily since the last week in January;
the total outstanding on Jan. 22 was £598,425,652.
on
record.
with
the gain in circulation, resulted in a loss of £1,599,000
in reserves.
Public deposits rose £15,510,000, while
other deposits dropped £11,195,871.
Of the latter
amount, £9,878,145 represented a decline in bankers'
accounts and £1,317,726 in other accounts.
The
proportion of reserves to liabilities fell off to 22.8%
from 24.2% a week ago; a year ago it was 15.4%.
gold holdings of £145,994, together
A decrease in
Government security
holdings increased £5,200,000
The latter consists of
and other securities £733,917.
discounts
advances,
which gained £1,779,691
No change
Below we show
securities, which lost £1,045,774.
and
was
and
made in the 2%
discount rate.
the various items with comparisons
BANK OF ENGLAND'S
for previous years:
COMPARATIVE STATEMENT
June 26,
1940
June 25.
1941
June 28,
June 29,
1938
Proportion of reserve
168s.
24.4%
2%
2%
2%
108s.
Gold val. per fine oz.
18.3%
15.4%
22.8%
-
Bank rate
148s.
York Reserve Bank is
1 to 90
l—i
market
was
6d.
84s.
2%
ll^d. 84s.
23.00%
2%
11 Hd.
Market
done in the New York money
this week, and rates
again
were un¬
departments.
all
in
and its subsidiaries.
An issue of $100,000,000 dis¬
count bills due in 91
days was awarded last Monday
by the Treasury, at 0.066% average, computed on an
annual
bank
discount basis.
struction Finance
In behalf of Recon¬
Corporation the Treasury offered
$511,000,000 notes of that agency, Monday, of which
$211,000,000
new
money
was
for refunding and $300,000,000 for
needs.
These notes, due April 15, 1944,
required only 1% coupons.
York
Stock
Call loans
on
the New
Exchange held to 1% for all transac-
the Federal Reserve Banks
THERE have been of the Federal Reserve banks;
no changes this week in the
rediscount rates
Government obligations are shown
recent advances on
schedule of rates
of paper
The following is the
the table.
in the footnote to
now
in effect for the various classes
banks:
at the different Reserve
DISCOUNT RATES OF
FEDERAL RESERVE BANKS
Date
Previous
Established
Rale
Rate in Effect
June 27
Federal Reserve Banks
IX
IX
1,1939
1
Sept.
New York......—...........
1
Aug. 27. 1937
Philadelphia....
IX
Sept.
IX
IX
Aug.
Boston
.
Cleveland
.....
....
Richmond..............
Atlanta...
............
St. Louis
.....
Minneapolis..................
Kansas City...
Dallas
Aug.
'
Sept.
Aug.
Sept.
Aug.
Sept.
IX
San Francisco
•
Aug.
*1X
*1X
♦IX
IX
♦IX
*1X
.....—
Chicago......
May
Advances on Government
1937
1935
1937
1937
1937
2,1937
24, 1937
3, 1937
31, 1937
3, 1937
4,
11.
27,
21.
21,
2
2
2
.
2
2
2
v.^.y
2
2
2
obligations bear a rate of 1%, effective Sept.
Course of
'-•'•v1.
2
1,1939,
City and Dallas; Sept. 21. 1939, St. Louis.
Sterling Exchange
BUSINESS in theof wartime conditions andremains
the torpor foreign exchange market restric¬
in
Throughout the entire sterling area the
tions.
is held under strict control by
Free
pound
the London authorities.
pound quotations hardly vary from the estab¬
The range for fr6e sterling this
lished official rates.
week has been between $4.03
with
a
range
and $4.0334, compared
of between $4.03 and $4.03% last week.
range
cable transfers has been between
for
$4.03K and $4.03;^, compared with a range of be¬
Interest centered
largely in financing by the United States Treasury
changed
days.
Discount Rates of
The
New York Money
IITTLE business
The bill buying rate of the New
34% for bills running from
asked.
and 9-16%
1937
488,444,243
638,984,000 002,153,569 498,979,076 485,183.532
10.784,997
10,537,117
15,385,208
25,321,000 57,905,077
133,080,823 138,397,137 161,612,492 180,088.069
Other deposits
162,890,331
82,748,475 101,441,994 125,475,934 140,533,484
Bankers' accounts- 112,536,657
Other accounts
50,353,674 50.332,348 36,955,143 36,130,658 40.154,585
Govt, securities
137,942,838 151,102,838 113,856,164 119,491,104 140,602,903
Other securities
25,170,208 28,252,496 29,714,396 28,410,299 29,959,430
6,279,163
7,343,997
6,836,861
4,707,807
6,912,218
Dlsc't & advancesSecurities
18,257,990 23,544,609 22,877,545 21,066,302 23,680,268
29.570,837 28,155,060 42,171,247 38.875,978
Reserve notes & coin 42,931,000
1,729,406 227,134,736 327,354,779 327.320,221
Coin and bullion
1,914,861
months, 9-16%
34% asked; for five and six months, %% bid
bid and
June 30,
1939
Circulation
to liabilities
reported by the Federal Reserve Bank of New York
for bills up to and including 90 days are 34% bid and
Chicago; Sept. 16,1939, Atlanta, Kansas
Public deposits
.
good. Dealers' rates
but the demand has been
scarce
7-16% asked; for bills running for four
THE statementJunethe again showed increasethe
of 25 Bank of England for in
week ended
highest
to
as
1%.
Bank of
note
THE market be quiet this week. acceptances con¬
for prime bankers' Prime bills are
tinued
tween
$4.0334 and $4.04
Official rates
tinue
a
week
ago.
quoted by the Bank of England con¬
unchanged: New York, 4.02J4@4.0334; Can¬
ada, 4.43@4.47
(Canadian official, 90.09@90.91c.
United States dollar); Australia, 3.2250@3.2280;
New Zealand, 3.2280@3.2442.
American commer¬
cial bank rates for official sterling continue at 4.02
per
buying and 4.04 selling.
In
Italy,
.
London, exchange is not quoted on Germany,
or any
of the invaded Europeaneountries.
In
York, exchange is not quoted on any of the
countries of Continental Europe, due to the Executive
New
order
issued
on
June
14
by
President Roosevelt,
suspending trading in German and Italian
currencies
Volume 152
and
The Commercial & f inan rial
Chronicle
requiring general licenses
in the currencies of
to
complete transactions
Finland, Portugal, Spain, Sweden,
Switzerland and Russia.
On June 26
Secretary Morgenthau approved a pro¬
posed Reconstruction Finance Corporation loan to
the British
Government, secured by the remaining
British investments in this
country, for the purpose
providing the British with dollar exchange to pay
of
about
$1,300,000,000 outstanding on war supplies
purchased in this country before the passage of the
Lend-Lease Act, without having to sell their American
securities and investments at forced sale.
The value
of the
a
collateral, consisting of direct investments
and
wide variety of stocks and
bonds, is unofficially
estimated at between
$900,000,000 and $1,000,000,000.
Secretary Morgenthau told the Senate Foreign
Relations
Committee in January that
the
British
held $616,000,000 of marketable American securities
and $900,000,000 of direct investments.
Sale of the
Viscose interests by the British reduced their direct
investment by $54,000,000 and a
large amount of the
marketable securities is believed
already to have been
disposed of.
Seeking authorization from Parliament
mentary credit of
Tuesday that Britain's
on
mounted to
£10,250,000
supple¬
war
have
costs
day, apart from the aid
a
received from the United States.
war
a
£1,000,000,000, Sir Kingsley Wood,
Exchequer, told the House of Com¬
Chancellor of the
mons
of
With other than
services
more
included, the total daily expenditure is
£12,000,000, or £4,400,000,000 a year.
than
The country has had to find
since the
beginning of the
civilian consumption be
every
available
State."
Sir
more
war,
than
£6,000,000,000
he said, urging that
"cut to the bone, st> that
penny may
be saved and lent
to the
Kingsley noted that since the budget
public, an average of £35,000,000 a
had been made
week had been subscribed by
£14,300,000
large investors and of
week by small investors, 82% more
than the weekly average during the first
year of the
War Savings campaign.
'•
a
Passage of the bill to extend price control by the
Board of Trade to
a
wide variety of consumer goods
by fixing maximum prices
the bill had its second
was
virtually assured when
reading in the House of Com¬
after Oliver Lyttleton, President of the Board
Trade, explained its purpose to assist in diversion of
mons,
of
production to
war purposes
cost of necessities of life.
while keeping down the
Mr. Lyttleton stated that
"to carry on the industries of the country at the
pres¬
ent level of wages and avoid any further rise in
prices
can
only be achieved by maintaining the purchasing
of money or insuring that the cost of essential
power
necessities is
kept reasonably steady.
to this end have been made
Contributions
by the Chancellor of the
Exchequer's policy of immobilizing extra purchasing
by voluntary and involuntary saving, high
power
taxation and by a
To end
rationing policy."
delays in transshipment of British exports,
a
destination control certificate has been
recently
adopted by the Ministry of Economic Warfare. Af¬
fixed to each consignment of
merchandise, the
$25.
Mail certificates will not be available for
par¬
cels
and
packets containing printed matter, docu¬
ments, photographs, stamps, literature for the blind,
commercial papers
and the like.
for such mailcerts will be
through points of
parcel post and package mail for neutral countries will
by the use of "mailcerts," which will be is-
be reduced
British
any
"Initially, the mailcert system will ex¬
parcels, packets and packages addressed from
tend to
the
Continental
United
States
to
Eire, Finland,
Africa, Iran, Iraq, Liberia, Madagascar,
Morocco, Portugal, Portuguese Guinea, Portuguese
and
Spanish Atlantic islands, Reunion, Spain,
French West
Sweden, Switzerland and Turkey."
The strong upward trend of
currency circulation
continues, due largely to huge wartime payrolls and
to
mounting prices for resources curtailed by bombing
and
shipping difficulties.
For the week ended June
25, note circulation of the Bank of England stood at
£638,984,000. At the present rate the seasonal sum¬
mer
expansion, normally around £20,000,000 to
£25,000,000, will be exceeded by the middle of Au¬
gust.
However, currency demands are expected to
be somewhat reduced
over a
longer period.
tical summary
by shortened vacations spread
The Bank of England's statis¬
for May estimates active circulation
for the month at
£604,000,000, compared with £599,-
000,000 in April.
After the sharp rise when France
surrendered, circulation remained comparatively sta¬
ble until the end of 1940, but advanced
by
000 in the first five months of this
year.
£20,000,-
The London money market continues
easy.
money
rates
and
bills
against bills is readily available at 1%.
Call
Bill
substantially unchanged, with two-, threefour-months bills at 1
1-32%, and six months
at 1 3-32%.
are
The Canadian dollar is relatively firm.
Canada's
$600,000,000 1941 Victory Loan was oversubscribed,
in cash and
conversions, by $206,000,000.
Cash sub¬
scriptions were just short of $711,000,000, thus ex¬
ceeding even the 1918 Victory Loan, which brought
in $707,000,000.
One in every 13 persons in the
Dominion subscribed to the
in
the
new
loan, Canada's third
conflict. ; Finance Minister, J. L.
Ilsley, observed that "the huge total of individual
present
subscribers—91,185 in all—indicates beyond question
that there must have been
a
very large number of
people of modest means who, in subscribing, made a
patriotic sacrifice."
The value of Canadian exports
rose sharply in
May, totaling $161,639,000, against
$109,853,000 in May, 1940, according to figures re¬
cently published by the Dominion Bureau of Statis¬
tics.
The principal items were
wheat, automobiles
and parts, newsprint,
paper and meats.
Montreal
funds ranged during the week between a
discount of
12% and a discount of 11J^%.
The amounts of
gold imports and exports which
weekly statement of the
United States Department of Commerce and cover
follow
are
taken from the
the week ended June
18, 1941:
GOLD IMPORTS AND EXPORTS JUNE 12 TO JUNE
18, INCLUSIVE
Import8
Ore and base bullion
.
.
...
Total
4,168,882
:
$7,749,432
United Kingdom..
Canada
Exports
*$3,580,550
.
_..
Nil
Shipments—
473,857
_
—
.....
3,366,719
—
Mexico
.
......
4,242
Australia
151,167
NewZealand
July 1, censorship delay of United States
Application forms
supplied by
consulate.
Detail of Refined, Bullion and Coin
passage
I
charge on American "parcels, small
packets, and letters containing merchandise" valued
at less than
$25, with a $1 fee where the value exceeds
new
transshipment, especially through Portugal, Egypt,
the Persian Gulf and parts of the British Empire.
Effective
4023
without
Refined bullion and coin.
certificate indicates the ultimate destination of the
goods and expedites its
sued
...
......
172,897
......
*
Chiefly $333,590 Canada, $264,937 Mexico, $893,470 Chile, $938,435
Peru, $939,443 Philippine Islands.
Gold held
under earmark at
during the week ended June
18
the Federal
Reserve banks
was
by $398,960 to $1,915,387,110.
reduced
The Commercial & Financial Chronicle
4024
Referring to day-to-day rates, sterling exchange on
Saturday last
and
was
$4.03@4.03% for bankers' sight
On Mon-
$4.03%@$4.03% for cable transfers.
the
day
for bankers'
$4.03@$4.03%
was
range
On
$4.03@$4.03% an(* cable
$4.03%@$4.03%. On Wednesday
sight and $4.03%@$4.03% for cable transfers.
Tuesday bankers' sight
transfers
were
bankers' sight was
fers
was
was
$4.03@$4.03% and cable transOn Thursday the range
$4.03%@$4.03%.
were
$4.03@$4.03% for bankers' sight and $4.03%@
On Friday the range
$4.03% for cable transfers.
was
$4.03@$4.03% for bankers' sight and $4.03 %@
Closing quotations on
$4.03% for cable transfers.
Friday
$4.03 for demand and $4.03% for cable
were
Commercial
transfers.
60- and
90-day bills
sight bills finished at $4.00;
longer quoted.
are no
The Swiss general license authorizes any transaction
by the Government of Switzerland or the Central
Bank of Switzerland, including any transaction by
either agency for the account of other Swiss nationals,
provided that no other blocked country or national
thereof is interested in the transaction,
More than 1,000 applications a day for special
licenses to withdraw funds from frozen foreign accounts are being received by the New York Federal
Reserve Bank. The applications fall broadly into
four groups: export-import transactions, living expenses for foreigners here, remittances abroad, and
security transactions.
The recent order freezing Continental European
assets in this country is regarded by Treasury and
Justice Department lawyers as providing a legal
for
basis
Continental and Other Foreign
Exchange
June 28, 1941
corporations
American
releasing
strategic
factUring
materials
war
not
manu-
only from
IN States Governments supportBritish andengaged agreements, but from technical control, price-fixing,
VIEW of the decision of the any forces United royalty obligations under German patent and cartel
to
in
opposing Hitlerism,
June
released
in
German trade with the Soviet had increased ten-fold
this
this country is to
Britain's
be worked out by British military
in
missions
technical
and
of the
Determination
country.
qualities of supplies to be furnished by
and
kinds
German invasion will tighten the British blockade,
14, were
enable Russia to buy needed
by executive order on June
June 24 to
on
materials
The
requirements.
own
in the
Russia,
United States Treasury in
issuing
a
light of
action of the
general license
permitting withdrawals from Russian accounts
not
did
give rise to trading in the ruble, which has been
quoted
here
and the transmission of vital military information,
Disruption of Russo-German trade by the latest
$40,000,000 in Soviet credits, which
22,
frozen
were
policy officially announced
attacked its former Russian partner
after Germany
on
a
in
nominally
19.23 cents.
recent
years,
around
since the last peace year, according to a statement on
June 14 in Vienna by Dr. Walther Funk,
47,000,000 marks in
were
reached
a
1938,
they must have
volume of nearly 500,000,000 marks by
Funk's
Dr.
President
As German imports from Russia
0f the Reichsbank.
Figures
reckoning.
made
public
in
August, 1940 by Oscar Schnurre, a leading figure in
trade
with
negotiatioas
Rassia,
indicated
that
Moscow had undertaken to supply in 1940, 1,000,000
of gasoline and other
tons of barley, 1,000,000 tons
petroleum products, and about 150,000 tons of eot-
.
The Russian buying agency
here, Amtorg Trading
ton.
Material increases in these items were under-
Corporation, is reported prepared to spend $100,-
taken for 1941, with deliveries admittedly carried out
non-defense goods, and to
if the
war
continues.
The principal items desired are
believed to include copper, oil, oil drilling and re-
until the Russo-German war.
The long expected Reich decree severely taxing
000,000
a year,
largely
on
increase the volume to $200,000,000 next year
fining equipment, excavators, pumps, machine
tools
kinds, typewriters, leathers, and medical sup-
of all
Adequate technical assistance is needed to
plies.
It is
expected that export licenses will be granted to
move $1,700,000 worth of machine tools and other
equipment purchased here several months ago.
speed
production of Russian munitions.
up
Finland's involvement in
the hostilities between
Germany and Russia removes the possibility of re-
the
leasing frozen Finnish funds and will prevent
remaining of the $35,000,000
transfer of $8,800,000
credit extended by the
Under
of
Sweden,
on
June 20 the funds
Switzerland, and their nationals here
exempted from the June
were
k
Export-Import Bank.
general licenses issued
14 executive order
freezing the United States assets of all Continental
European
surances
countries,
upon
receipt of required as-
that the funds will not be misused.
The
Swedish general license authorizes transactions by
Government of Sweden
vided
that
other
no
or
by its central bank pro-
blocked
country
thereof is interested in such transaction.
of
a
the
or
national
In the
case
Swedish national, a written certificate from a
de-
signated representative of the Swedish Legation in
New York
City must be furnished to the appropriate
United States
no
banking institution to the effect that
other blocked country or national thereof is
terested in the transaction.
in-
dividends in
excess
of 6%
While 8% dividends
are
published
was
on
June 22.
subject to "prohibitive" tax
for political and psychological reasons, the total
dis-
tributive profits remain unaffected, since companies
are
encouraged to increase their capitalization by
raising the face value of existing shares or by issuing
additional stock to shareholders,
•
:
—#—
.
FpXCHANGE on the Latin American countries
Eli presents no new developments. Exporters in
the United States are seeking clarification of section 5
of the June 14 order freezing the funds of European
nationals, because the definition of a foreign national
so broad as to subject exporters to severe penalties
if they sell without export licenses to Latin American
companies operated by Spanish or Portuguese
citizens. The exporters complain that the effect of
the present provision is to suspend their Latin American trade as they are individually confronted with
is
the task of discovering
among
hundreds of accounts
with Spanish and Portuguese names those which
relate to European, rather than Latin American,
citizens.
Under recent expdrt restrictions Brazil has given
the United States
a
monopoly
on
exports of important
defense materials, including rubber and manganese
ore, industrial diamonds, quartz, crystal, mica, and
other ores. A Brazilian decree of June 20 releases
the raw rubber crop for export only after local manufacturers have had two dayfc in which to fill their
Volume
needs.
own
The Commercial & Financial Chronicle
152
The government may also fix
prices of
rubber manufactures.
end
excessive
The
measure
adopted to
was
foreign specualtion.
Costa Rica is reported to be
seeking a $5,000,000
loan from the United States
Despite
Export-Import Bank.
serious budget deficit, Cuba will not sus-
a
pend interest payments
on
its foreign debt, according
Tvfecfn statement by President Batista. .« closed
W
1 he Argentine unofficial or free market
peso
00
n+
.
n,
at 23.80
xoo
pegged at 29.78.
is
nominal
y
x-
i
Chilean exchange
quoted at 4.00
20% ordered
is
nominally
The Chilean export
5.17
against
duction of about
a
The Argentine official peso
The Brazilian milreis closed at
5.15, against 5.15.;
quoted at 5.17
peso is
rru
on
against 23.80.
on
reflecting the
May 29
re-
the cash
m
value of the United States dollar from 31 to 2o
pesos.
x)
Peru
.
.
.
.
nominal at
is
peso
i
,
.-
mi
^
n*
-
15.75, against 15.75. The M™
nominally quoted at 20.70, against 20.70.
is
Government
EXCHANGE on theInFar Eastern hostilities be¬
countries is
without feature.
view of the
Germany and Russia,
Japanese
Embassy
in
a
struggle of the superficial and ignorant
against all the steps of human progress in knowledge
and
efficiency in supplying the developing wants of
civilization has had innumerable and
expanding
widely variant manifestations.
completel
stated
the
that
Japanese Consulate General in Batavia is continuing
negotiations dropped by the recent trade mission.
Some Japanese expressed the view that
agreement would
be
authorities
formal
no
start
would
oil and other
signed
but that, the/ Batavia
releasing rubber, tin, palm
products to Japan and would accept a
larger amount of Japanese goods.
A recent dispatch
Chungking states that from July 1, the land
from
will be collected in
tax
kind, reviving
a
system of
levies in effect up to 400 or 500 years ago.
Closing quotations for
23.46, against 23.46
,
,,
of
against ^4.60;
were
Hong¬
Shanghai
at
5.55, against 5.50, Manila at 49.95, against 49.95;
Singapore at 47%, against 47%; Bombay at 30.31,
against 30.31; and Calcutta at 30.31, against 30.31.
Gold Bullion in European Banks
of
human labor
bullion
British statutory rate,
the
in
84s. ll%d.
principal European banks
dates of most recent statements,
special cable yesterday
shown for the
per
as
of
fine ounce)
respective
reported to
by
us
(Friday); comparisons
are
corresponding dates in the previous
four years:
,,,
_
gpnius of the
„
blazed
the
1940
£
1939
1938
1937
expenditures
Wherever
minds whose leadership has
rare
paths of
have
progress
l)etter
or
has
multiplied the
a
productivity ol labor by contriving
superior
methods
mechanisms, dull and stupid opposition
invariably
and attempted to block their
ansen
by chaining mankind to the old methods and
mechanisms
to
involving far greater toil and permitting
much smaller achievements.
Weak and
,
,
prejudiced mentalities, in great
num¬
bers, under such circumstances, have accepted the
argument that men live by labor and that the more
labor that
the
be concentrated upon a given
can
the production of essential foods
say,
more
objective,
clothing,
or
employment that branch of production has
been made to
supply and, therefore, the
more
em-
pi0yees wpi be able from it to obtain their regular
The
sustenance.
bald
fallacy
in
this
of reasoning is perceptible, of
process
reasonable
intelligence
and it
lies
deceptive
course,
to every
confused
its
in
The truth is that it is not by labor that
live but
by the products of their labor and, in
consequence,
the greater the product of each unit of
men
laborious effort, the greater the mass of commodities
produced by labor, the
able for
goods becoming avail-
more
distribution, the higher
of wages
and welfare,
as
may
well
as
be the standards
those of comfort,
the distributees.
The
witless
and
who
semi-witless
act
the
upon
fallacious doctrine to the contrary would create and
continue unneeded toil for the sake of the toil
itself,
to the full extent in which their acceptance and con-
forming practices deny to the toilers the
use
of im-
proved tools and labor-saving machinery and they
would
thus
progress
1941
,
requirements
through utilization of labor-saving
put
an
effective stop to the, material
that is based
upon
enlarged productivity of
superior consumption goods.
Banks of-
.
same
mechanisms of the best available types.
among
(converted into pounds sterling at the
per_
advaIlcing knowledge and the inventive and organiz.
'"PHE following table indicates the amounts of gold
1
,,
to be satisfied with smaUer
consumerg
seems never
and antiquated tools and
processes
machinery rather than permit the
premise.
checks yesterday
Friday of last week.
on
kong closed at 24%,
yen
One that
disappear is that which would
to
petuate hand
spokesman for the
Shanghai
Against Progress
The age-old
way
tween
4025
clear-headed
and
practical
On the other hand, the
who
desire
to
witness
£
*968,345
*874,561
*129,942,782
327,354,779
327,320,221
242,451,946
311,709,194
293,727,299
3,845,900
2,522,000
2,479,750
Switzerland
84,758,000
86,730,000
98,858,000
72,593,000
83,596,000
Sweden—«.
41,994,000
6,505,000
41,994,000
34,167,000
29,140,000
6.505,000
6,555,000
6,540,000
25,803,000
6,548,000
6,667,000
6,667,000
8,222,000
7,442,000
6,602,000
Total week.
698,073,791
Prev. week.
698,147,620
700,285,757
700,276,977
continued
enlargement
individual
of
lives
would
332,116,143
3,385,250
63,667,000
Nat. Belg._
242,451,946
3,889,500
63,667,000
16,602,000
97,714,000
132,857,000
England
—
France y—
Germany
Spain
Italy
x.
«,
Netherlands
Denmark.,
Norway
—
63,667.000
63,667,000
23,400,000
99,166,000
25,232,000
123,435,000
102,265,000
132,857,000
90,969,000
79,347,000
104,242,000
improved standards of living and developing
87,323,000
17,440,000
97,714,000
foster
25,332,000
870,501,876 1,031,000.078 1,103,627,114
869,552,906 1,030,942.027 1,111,231,363
demands for wholesome
here
goods by adopting promptly
advancement in the arts of production, releasing
every
and there
fractions
the Tabor
of
formerly
re¬
quired to supply particular commodities in order that
their
diverted to other
industry,
might
regular reports were not obtainable from Spain and Italy, figures for which
are as of April 30, 1938, and March 20, 1940, respectively.
The last report from
France was received June 7; Switzerland. Oct 25: Belgium, May 24; Netherlands,
wants, the development of these new wants being
war
In Europe
war,
May 17; Sweden. May 24; Denmark. March 29: Norway, March 1 (all
as
of
Pursuant to
the Currency
and Bank Notes Act.
in
one
On the market price basis (168s. per fine
the Bank reported holdings of £1,914,861, equivalent, however, to only
about £968,345 at the statutory rate (84s. 11 hid. per fine ounce), according to our
calculations.
Id order to make the current figure comparable with former periods
ounce)
well as with the figures for other countries in the tabulation, we show English
holdings In the above In statutory pounds.
Gold holdings of the Bank of Germany as reported in
1939 and since include
..deposits held abroad" and "reserves in foreign currencies '
y The Bank of France gold holdings have been revalued several times in recent
years: on basis of latest valuation (23.34 mg. gold 0.9 fine equals one franc), insti¬
tuted March 7, 1940, there are per British statutory pound about 349 francs; prior
satisfy
new
of the best indices of the material rise
Governments, being
variably wise
of
as
they
have taken the
of their
are,
and neither in¬
always free from the contamination
history discloses
many
side^of the
no
means
surprising
instances in which they
sterliization of the labors
subjects and citizens and forcibly resisted the
introduction
of changes, see footnote to this table in issue of July 20, 1940
trivances
7.1940. there were about 296 francs per pound, and as recently as Septem¬
ber, 1936, as few as 125 francs were equivalent to the statutory pound
For detail*
nor
group-selfishness, it is by
that
to March
to
1939, the Bank of England
which was formerly the basis of value
x
reality
commodities
of civilization and culture.
statements for March 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
as
create
1940)
and Germany, as of June 20. 1941
•
other
useful channels,
has made It Impossible to obtain up-to-date reports
from many of the countries shown In this tabulation.
Even before the present
Note—The
of
that
labor-saving
expedients
and
con¬
might have augmented the general
The Commercial & Financial Chronicle
4026
The majority of the Interstate
comfort.
Commission, 7 of its
Commerce
have just now
11 members,
joined the ignoble band of those who resist
and possessing
of interstate
that
the
progress,
of Government in the field
powers
agency
dogma worthy only of the darkest
and
activities
development during
upon
the
the subsidiaries
pering the operations of
upon
necessitating the employment
than
so
absurd that, if
vigor
must
have
been impossible.
majority and took the sound and sensible position that
the Government of the United States ought not to
a
conse¬
its boun¬
across
stand between its citizens and industries and realiza¬
tion of such economies
mitigated
Worth
and Denver
City
of the severities of this
some
the proposed lease
as
would
have
ensured.
sion's
Chairman, together with Charles B. Mahaffie,
The closer union sought by Colorado
would have
Very greatly to their
These
generation.
a
commerce
Forth
great regula¬
economic
its
lease and its
and
a
men
seems
vigorously dissented from the sterile doctrine of the
restricted
railroads serving its people and retarding their de¬
Southern
more
had not united in proclaiming it, belief
Carroll
and
of
would require
members of
seven
wasteful of
processes
efficient organization
more
daries, materially increasing the cost of operating the
velopment.
of
continuance
tive agency
around its industries and trade and ham¬
quences,
not being, and
merely continuing
was
protective tariff in its
a
are
labor
same
some
the labor supply
insist
'
policies have tended to isolate Texas, throwing
barrier, not unlike
that its de¬
credit four of the Commissioners of largest service
than
more
•
.
have characterized its
policies that
separatist
regulative
/.
Government fully conscious
a
be, fully satisfied, should in another direction
opposed with
was
by the State of Texas, which
the
That
cannot
Ry., another subsidiary of the
The lease
satisfied.
of human
ages
Burlington System, to lease the Fort Worth
system.
branches of
regions less than fully
many
so
mands
Their opportunity arose upon an application of
and Denfer City
production and in
to an economic
understanding.:^
Colorado and Southern Ry., one of
demand for labor
when the extreme
moment
a
in the defense industries is in so many
by railroad have committed
commerce
highly-powerful Federal
of the
at
June 28, 1941
The
and Claude R. Porter, favored the
Miller
potential savings.
vigorous dissenting opinion was written by
Mr. Eastman,
of
mere
a
Joseph B. Eastman, the Commis¬
who first observed that the estimate
$235,000 in annual savings was probably
provincial scheme of regulation and, according to
much too low
the findings of Division 4 of the Interstate Commerce
provision for the workers who might no longer be
Commission, would have effected
needed had been
in
an
annual saving
operating costs of at least $235,000.
approved the lease,
as
a
measure
and money-saving economy,
to the
of labor-saving
Government
when
any
made
release
seven
bold defense
of
that
but appeal
body have
overborne
the
more
of
economies result in the
rare
own
needless
of economy should
stranger that in a public body of
as
mission it should be in the
The
stance.
sole
ground announced by the
jority for overruling the original decision
the material saving that
ma¬
that
was
that
It is strange that
employees.
experienced membership of the division to which
always assigned in the first in¬
be
possessed by the Interstate Commerce Com¬
minority, but it is still
claims the following clear
and incontestible truths:
Certainly, in these times, in view of the demand for me¬
chanics in connection with the national
under the
including transportation,
would
operation,
jority of
seven,
become
The
unnecessary.
ma¬
have thus required that uneconomical
with
pense
chanics for
to the
unnecessary
is also true of those who
work;
of
period, in order that
superfluous employees
the
demand
jority opinion
loss
v
group
upon
a
Government
of
regulation the
un¬
ma¬
says:
program,
mechanical work and release me¬
gain and not
a
a
loss
expert in accounting and clerical
are
would there in such circumstances be any ultimate
Moreover, I
employees.
.
unable to
am
national emergency
.
agree
.
that if there were no
and business conditions
were
normal
or
subnormal, the public interest would require the railroads
to maintain a force
of unneeded employees for the purpose
protecting the supply of expert labor.
labor is compelled to readjust
adapt itself to another industry, there is substantial
to the individuals and to the
general public.
Commission, Clyde B.
For the fiscal year
of the
expenses
With these words the following seven members of
the
nor
loss to the several
of
Whenever railroad expert
and
small
be continued
In the attempt to justify this
pay-rolls.
sound
may
defense
arrangement which will dis¬
general public interest, and I have no doubt that this
compelled by the Federal Government, during
indefinite further
any
employment elsewhere is
operation of 1,170 miles of Texas railroad shall be
an
power
worthy of record that Mr. Eastman's dissent pro¬
would be effected would be
economical methods of coordinated
still
necessary,
such extreme
achieved by the displacement of certain labor that,
more
and ample
made, provision which the Federal
does not undertake to provide
such, questions
are
generous
itself
of its
was
Commission, with the result that
full
members
Division 4
and, second, that
Aitchison, William E.
was
1941, the appropriation for the
Interstate Commerce Commission
$9,058,750 and the number of its employees was
1,349.
The budget estimates for the 12 months to
provide for 1,387 employees
Lee, Walter M. W. Splawn (sometime Chairman of
end with June 30, 1942,
the Railroad Commission of
and
J.
Haden
Monroe
the
Alldredge, William J. Patterson, and J.
Johnson,
side
Texas), John L. Rogers,
of
the
range
most
themselves sguarely upon
benighted and unreasonable
economic doctrine that has ever thwarted the
progress
out human
and
society of increased comfort and security,
prevented the release from the hardships of too-
exhausting toil of great
common
of
upward
of humanity, hindered the diffusion through¬
aspiration towards
recuperative
time, the
masses
course
leisure.
a
doctrines
case
as
can
do
no
If the
better than to maintain such
that defended by the majority in
discussed in this
the
article, all the efforts of its
employees and all the funds appropriated must be
regarded much
there is
a
latent
worse
than wasted.
common sense among
people that in the long
run can
Nevertheless,
the American
be relied upon to
who share the
perceive the stupidities involved in the arguments
reasonable allowance
accepted in this instance and ultimately to repudiate
of
men
Unwarrantable
of the Commission
seems
at
any
especially
strange and lacking even in superficial justification
expenditures amounting to $9,120,250.
Commission
and correct their absurd and devastating conclusions.
In this instance,
correction cannot come too speedily,
for while it waits much
injury is being accomplished.
The Commercial & Financial Chronicle
Volume 152
Trinidad
None
States
of
the
arranged to lease last September in eight
of this
there available.
Yet it
hemisphere
would
overemphasize that fact.
ish
peculiar geological formation and which was not
particular sites which the United
British colonies
chain of
be
For, in
able to help us
are
the best
were
hypercritical to
so
far
as
the Brit-
to do so, we shall have a
operating guard and patrol bases extend-
ing from within 500 miles of the Equator to Newfoundland.
Over
distances
vast
reaches the chain will be
bination with the bases
the
com-
we
already have in the West
light short-range planes
adequately the interspaced
cover
southern
even
Indies—as to enable
to
in
closely linked—in
so
These
seas.
bases, by their location, naturally meet the first and
perhaps most fundamental of the three essential
conditions, stipulated by Captain Mahan's famous
dictum
having to be met by
as
namely, position.
In the
good naval base—
a
of
case
the two
other
requisites—resources'and strength—we should be
able, by construction and other operations
as
by supplies transported
remedy
important of the southern bases thus
acquired is the
group
base
very
which
printed capital I with
a
thick and rather short shaft, and
a
extends
of its
a
only to the west, that island
lies about 16 miles to
reason
the island of Trinidad,
on
Shaped somewhat like
relatively
well
as
interior lines, to
on
deficiency.
any
The most
the east of Venezuela.
By
position it makes the Gulf of Paria
a
substantially land-locked body of water, averaging
about 80 miles long and 40 miles
wide, with numersheltered
ous
anchorages.
ated at the northern
four channels or
est
There
are
islands situ-
entrance, which divide it into
"bocas"—three, including the wid-
being rather shallow,-but the second, from the
Venezuelan
4027
side, sufficiently deep
to permit the
spotted at the time the area was chosen, is being
discarded, or part of it, and is being replaced by
more suitable land to the west of the selected area."
The third base which it is planned to use for
auxiliary purposes is also situated in the interior,
and extends over approximately two square miles:
There is finally a tract of about 96 acres situated
on the eastern coast of the island, and destined for
use
principally
as a
recreational
area
for
our per-
sonnel.
We have thus secured—under a 99-year leasehold
tenure—about 32 square miles of Trinidad territory,
and are in position to develop our bases there into
the most important of the Caribbean area. Trinidad, it is to be noted, is on the direct route between
the east coast of South America and the Panama
Canal—the most frequented passage being the 21mile-wide strait between Trinidad and the neighboring British island of Tobago. Trinidad is situated
south of the usual hurricane routes. In June, 1933,
however, a disastrous storm caused loss of life and
great destruction of property along the southern
coast on a five-mile swath. This occurrence might
well be likened to our own experience in September,
1938, since the Trinidaders have to turn back to
1810 to find the record of a similarly destructive
storm. The winds are, however, turbulent, and consequently care is required in selecting a wind-shel.
#
tered air base.
This condition
may
have at least
partially contributed to our difficulty in securing a
satisfactory headquarters for our air operations,
The climate is tropical—hot and in the summer-time
humid—but healthy, though those accustomed to a
temperate climate cannot safely perform the heavier
manual tasks. Europeans have lived there, nevertheless, for generations without impairment of their
The mean death rate for the period 1934-38
17.1 per 1,000. In 1938 it was 15.82. The
When the southern entrance is dredged to enable
average temperature during the day is 84 degrees F.
large vessels to pass through it, the Gulf will possess
and during the night 74 degrees F. The coolest
the notable strategical advantage of having two ¥ period of the year is from December to April.
In
deep-water entrances.
A considerable amount of
recent times Trinidad, until the outbreak of this
of large vessels.
passage
The southern entrance is
wider, and is without islands, but is shallot.
was
dredging will probably have to be undertaken in
any
event, as the eastern shore of the Gulf is shallow.
For
of
instance, until the deep-water harbor at Port
Spain, the capital and chief port,
was
completed
in
1939—enabling moderate draft ships to go in
alongside the docks—even such ships had to anchor
well
out
in
the
Gulf.
obliged to remain
Larger vessels have been
much
as
three miles from the
as
*
port.
Trinidad is to be
our
system of outlying defenses.
for
our
The land allocated
naval base is situated at the northwestern
tip of the island.
the
Gulf, and
It fronts both the Caribbean and
covers
about 12 square miles.
The
principal airplane base is situated in the interior of
the
island, tapped by both
railway.
was
so
this
It extends
a
main highway and
over some
18 square miles.
which caused the
area
papers
early this year.
a
It
delay that created
much rather unfavorable comment in
our
news-
The Governor of Trinidad,
however, in addressing his Legislature
the
day the leases
were
on April 23,
signed, said that the Trini-
dad officials had warned
they originally chose the
our
representatives when
area
that they would prob-
ably find that they would like to make
fication
certain
in
it.
area
of
"The
fact
Crown
is,"
land
some
he added,
which
is
of
modi-
"that
a
war,
had been developing as a winter resort,
Trinidad and Tobago together form the British
It is administered by
appointed Governor and Executive Council. The
Legislative Council is composed of the Governor,
who presides, and 27 members. Seven of the latter
are elected by the people on the basis of a franchise
Crown colony of that name.
an
open
to men and women, but subject to certain prop-
erty and other qualifications.
major air and naval base in
a
vigor.
a
very
The monetary sys-
tern is based on the British West Indian dollar,
though British currency is also legal tender. ! The
British have occupied Trinidad since 1797.
Their
right to it was formally ceded by the Treaty of
Amiens in 1802. Previously the island belonged to
Spain, Christopher Columbus having discovered it
during his third voyage on July 31,1498.
Trinidad became in the late eighteenth century
the locale of an interesting experiment, perhaps
unique among Spanish colonies.
Spain had intro-
duced slavery, and by its means the cocoa and sugar
planters, especially the former, had enjoyed, at the
end of the seventeenth and the beginning of the
eighteenth centuries,
a
high degree of prosperity,
In 1727, however, a disease almost wiped out the
cocoa
plantations, and many people left the island—
In the late 1 ISO's some
Spanish priests discovered a hardier variety of
great distress ensuing.
trees, and to some extent a sporadic prosperity
cocoa
returned.
was
It
not, however, until a further 25
was
had elapsed that the basis of real progress
years
laid.
■:
In 1783
French
a
planter from nearby Grenada— !
Iloume de St. Laurent—on
a
visit to Trinidad found
to excite his
evidently excep-
promotional gifts to action.
He made repre-
the soil
tional
fertile
so
sentations to the
as
King of Spain, which in November,
1783, bore fruit in
extraordinary
royal proclamation offering
a
advantages
imposed
practice, however, that stipulation was not
Induced by that proclama-
strictly stressed.
very
tion,
French
many
agriculturists
British
and
After the French revolu-
accepted the invitation.
tion
all
The sole condition
that the immigrants be Roman Cath-
was
In
of
foreigners
to
nations who settled in Trinidad.
olics.
played its havoc in St. Domingo, and elsewhere,
the inflow of French colonial
became marked.
planters to Trinidad
Thus, thanks to the liberality of a
Spanish King, though Trinidad never was a French
colony, the preponderant element, among the inhabitants of local birth but
European ancestry,'is
*
still French.
.
Trinidad's economy,
of her
owing to the great fertility
soil, which can produce almost any tropical
plant, and to the less dominant role played by sugar,
was
not
the
affected by
1830's
as
were
as
the abolition of slavery in
other
some
British
colonies,
though the labor problem presented serious diffiIn
culties.
1845, however, after seeking for years
solution based
a
Asiatic labor, relief was obtained
on
by the successful introduction of indentured British
East Indians.
when
Chronicle
The Commercial & Financial
4028
the
This
practice continued until 1917,
India
of
Government
terminated
it.
June 28, 1941
in their natural growth contain much valuable timber, but the species are scattered—Mora, a heavy
brown timber rated A-l at Lloyds for shipbuilding
and used also for sleepers, being the most gregarious.
Its stands cover some
Balata, cedar, balsam and other
130 square miles.
commercial timbers
to be found in the forests.
While mineral oil and its products represent over
two-thirds in value of the colony's exports, taking
the population as a whole, agriculture and the industries dependent on its products have played a more
important part. ; The total acreage of Trinidad
are
under cultivation is over 27% of the whole. Large
areas are cultivated by the owners of small farms,
Cocoa was until recently the most important crop,
but is now second to sugar, though the former is
still more largely cultivated. Cocoa is grown both
on plantations and small farms.
In 1934 it was
reported that a majority of the population depended
for its livelihood, to a great extent, on the cocoa
industry. Two hundred and twenty thousand acres
were then under cocoa cultivation. However, while
much of the soil is suitable and the climatic conditions are normally favorable, the high prices which
prevailed in the past induced some to establish cocoa
trees on soils not adapted to their use.
These
plantations were least 'fitted to cope with the difficulties resulting from diseases and low prices. The
witchbroom disease has given much trouble. In
1938, especially, its incidence largely increased,
owing to poor weather conditions. The 1939 crop
dropped 63% from the previous year's total. Cocoa
growing is regarded as a declining industry, though
the Government, emulating the example of the
eighteenth century priests, has found on the contidisease-resisting variety
Labor from other British West Indian colonies has
nent of South America a
also entered in
In the
beginning in 1936, the Government
assisted the industry by a subsidy of lc. per pound
on production. In 1937 this free grant amounted to
$479,670 (British West Indian dollars are exclusively referred to in this article) distributed to
about 8,000 owners. Normally about one-half the
crop goes to the United States, the other large buyers having been the United Kingdom, Canada and
The estimated
31, 1939,
is
was
population of the colony
as a group
the largest element
of those of African
composed
mixed
or
The last census—that of 1931—showed
one-third of the
Indians,
the
on
their
the
in
numerous
races.
that about
population is composed of British
of that descent.
or
Dec.
on
473,455, about 30,000 of whom lived
Taken
Tobago.
on
which it is hoped will provide a remedy.
large numbers.
They
especially
are
industry, both
sugar
as
laborers
large plantations and as small farmers
Some of
account.
the
on
meantime,
Germany.
most
prosperous
Sugar
general businesses are in their hands.
They live
recently
own
much by themselves, with their
very
activities.
The
next
European descent
Portuguese.
number,
came
in
well
keepers.
square
of
area
miles.
the average
several
across
feet
over
The
coast.
ern
the
island
the
as
only at
one
erected and to become fewer and larger to meet
Trinidad
is
1,863.8
length is 50 miles, and
or
The island contains
hills.
central
A chain, with
system spreads diagonally
the
point.
island, and reaches 1,000
The third is
Later the tendency was for the planta-
South Amer-
many
3,000 feet, runs along the north-
center of
products.
tions to combine and for special factory units to be
as
-:-y>modern
of
average
of mountains
heights
Prior to the depression resulting
that of cocoa.
from the competition of beet sugar, beginning in the
store-
community and
breadth 37 miles.
three ranges
a
broad belt of
requirements.
The existing mills have a
capacity of 155,000 tons.
pire.
wThat
In 1939 the production wras 128,455 tons, some-
less
than
•
in
recent
Including the plantation of the Imperial College
of Tropical Agriculture, there are 20 large sugar
estates owned by 11 entities.
is covered with the Crown land
added to
yearly, pursuant to
in
which
featured.
As in
gram,
teak
so
far is
a
forests, which
28-vear-old
the
timber
pro-
most
nearby South America, the forests
Unfavorable
participated in bringing about this result,
produced
are
years.
weather conditions, low prices and employee strikes
the southern coast.
Approximately 47% of the total
It is claimed that the
largest is the best sugar factory in the British Em-
hills, rarely over a few hundred feet in height near
area
crop,
early 1880's cultivation w-as carried on chiefly by
almost
are
The
of
most important
the large plantations which manufactured their own
icans—chiefly Venezuelans.
The
those
They have been doing especially
next.
There
are
the
birth—English, French, Span-
commercial
the
cultural
own
group
become
much so that its value is about double
In 1931 the Chinese, 5,239 in
or
ish and
largest
has
so
by
them
About 92,000 tons are
The cane farmers
annually.
usually cultivate very small rented holdings and
sell the cane to the sugar factories.
were
In 1933 there
17,207 such farmers; by 1939 the number had
been reduced to 12,914.
The Cane Farming Control
Volume
The Commercial & Financial Chronicle
152
Ordinance aims at
the
estate-grown
maintaining
and farmers'
canes
1938 the Government has also been
payable to the farmers.
Since
canes.
tended,
The
fixing the prices
The United Kingdom and
interest
the
the British
to
nut
palms.
Copra producers receive
accordance with
and
ment
the
amounted to
bonus
1939
of the
product is
edible
the
oil
and
lard.
Since
and
vate
being required for the
crop
fruits is prominent.
under
of
Approximately 3,000
grapefruit cultivation, and
under lime.
that
crops
Oranges
are
also
period
citrus
114
over
for exploitation
acres,
to a pri¬
purposes
Formerly believed
be inex¬
to
19365
during which
years,
five million tons of asphalt
A
and
dred
acreage
disclosed
survey
the
were
ex¬
depth of two hun¬
a
eighty-five feet at the center.
terested in
This indus¬
grown.
sur¬
elephant with
an
deposit spreads
dropped 29 feet in 59
some
tracted.
acres are
similar
a
heel. Its
a
automatically, its level has since been found
have
to
money
of years
corporation.
fill up,
manu¬
facture of copra.
Among the minor
parts it is soft
some
haustible, because of the fashion in which the holes
exportation of coconuts has been for¬
bidden, the entire
light railroad tracks, used in trans¬
belongs to the Crown, which has leased it for
term
a
war
asphalt,
The "lake"—one of
spots in the world—is sufficiently hard
its familiar folds. The
by the
this
ships with the
face has been likened to the skin of
100 pounds.
per
controlled
his
enough to show the silglit impress of
bonus
this
of
seams
porting the product, though in
in
Growers Association, which manufactures
therefrom
started
In
$159,134, averaging 48c.
Nearly 50%
Coconut
factories.
the
surfaced to bear
coco¬
agreement between the Govern¬
an
oil
a
discovered by Sir Walter
was
March 22, 1594, and he reported that he
on
the hottest
owing to the importance of
pipe lines ex¬
enlarged,
though he called it "trimming."
crop—and of increasing
product, copra, in war-time—is that of the
"pitch lake"
caulked
been
have
wells opened.
new
Kaleigh
Canada have been taking nearly all of this crop.
The third most valuable
refineries
and
balance between
a
4029
Those in¬
exploitation estimate that there
re¬
try, for the time being at least, has ceased to expand.
mains, unquestionably, enough asphalt there to sup¬
The recent crops
ply
of excellent
the
of grapefruit have been small, but
Cooperative
of
means
Citrus
canning activities.
fee also
Growers
figure
among
practically
importance, and there
being used to fill in
in the
spaces
The mineral wealth of the
as
far
as
cocoa
As
a
are
of
mixture
war
Asphalt
are con¬
limestone and
sand,
as
well
as
stone, forms the pavements of
with
It
chief
on an
important scale, and 1922 had passed
production
in
Prior to January 39, 1992, the Govern¬
their products
The chief
ex¬
cocoa,
asphalt, grapefruit,
copra,
shoes,
from Venezuela, butter
raw cocoa
substitutes, bags, and cattle.
1939, owing to the
war
non-sterling countries
essentials, by
of
means
were
an
Near the
conditions, imports
severely restricted
import license system.
Consequently the only important American goods
pitch pine and fresh fruits.
Exclusive of
;
transshipments the foreign trade has
been:
Imports
Exports
$20,985,849
1.
$24,103,368
Crown lands
petroleum rights.
had
not
re¬
Therefore, these rights
held under three kinds of land tenure and opera¬
(1)
ting conditions:
on
privately owned rights;
which the oil is also the
(2)
property of
Crown; (3) alienated land where the oil is the
property of the Crown, but the surface rights
private ownership.
in
are
In both the last two classes
27,187,994
29,944,534
1937
35,835,514
33,702,295
1938__
Crown land
the
counted in hundred millions
alienating the
served the
are
to
were
before
gallons.
In 1937 they and
granted import licenses have been oil machinery,
began
ment
The mineral exports
imports have been vehicles, cement, apparel,
of
from
city streets.
however, until 1912 that production
of
end
develop the petroleum fields of Trinidad.
was
sugar,
and butter
powdered
not,
was
colony.
bitters, molasses and distilled liquors. The
boots and
days, but
Beginning in 1857 several sporadic attempts
made to
colony,
a
However, in
73.46% of the total exports.
and
rum
sometimes crushed
so many
of Trinidad is that of
favored the
products,
"pitch lake," which, refined into
combined
the
are
ports in order of their value are petroleum and its
producer
of the world, is the natural
and
Under normal conditions
come.
preponderant factor in the colony's sales to
formed
bitumen, water and clay derived from
Trinidad's famous
Trinidad
there
the
the outer world.
contributing recently half of the total production.
known in many parts
pavement,
buyers.
of trade
estates.
place in the British Empire,
Of less critical importance in
street
1939 for the first time since 1936 the visible balance
petroleum and its derivatives Trinidad has been
since 1929 in the first
in
Kingdom and the United States
As the economy
colony is restricted in
consequence.
world
exports play a decisive role therein.
are
maize and rice.
deposits of commercial value
cerned, but is of great
of
chief
coffee plantations, the plants
no
of the
generations to
the United
the money crops and exports.
The chief subsistence crops are
kind,
eral
by
Tonka beans, bananas, and cof¬
Coffee has lost its former
now
Association
loan, thus enabling it to develop its
a
needs
the
asphalt shingles and roll roofings for at least sev¬
The Government has assisted
quality.
35,497,121
35,367,764
1939
34,762,954
37,359,476
---
During those years the precentages of the total
trade with the three
of
principal customers and
imports were:
1935
1937
1936
%
%
37
33
12
12
12
14
17
24
24
25.5
44
40
Canada
12
to
United States
16
exploit the oil.
These leases in
cases
of the third
1939
%
%
United Kingdom
Imports—
1938
36
%
lease must be secured from the Government in order
a
sources
/
;;
Exports—
elass, protect the rights of the surface
the end of 1938
By
2,984 wells had been drilled in the
colony ; of these 1,853
were on
Crown held the oil rights.
time year
owner.
In that last full
48
50
42
11
5
8
7
United States
15
10
6
8
peace¬
ex¬
ploitation work and refining operations employed
Since 1939 the expansion continues,
44
12
11
lands in which the
the 16 companies actually engaged in
14,199 workers.
42
Canada—
United Kingdom
The Course of the Bond Market
Firmness has continued to rule in
little
change
made
good
in
general
levels.
the bond market, with
Long-term
advances toward the week-end.
Governments
Medium-
High-grade railroad bonds have remained firm.
toward
grade and speculative rails, although actively higher
the closing days
pared
to
of the week, displayed net losses when com¬
Northern Pacific pr. In. 4s, 1997,
week ago.
a
New York Central 3%s, 1997,
dropped one point to 74%;
declined
bonds
1%
to
in
were
a
new
1941 low
demand
toward
of 78%.
the close,
Defaulted rail
and
for
prices
higher. Interest centered on Erie, Missouri
Pacific, New Haven, and Central of Georgia.issues.
High-grade utility bonds and those of investment quality
generally moved ahead this week, some into new high
ground, such as Illinois Bell Telephone 2%s, 1981; Pacific
Gas & Electric 3s, 1970, and Consolidated Gas, Baltimore,
2%s, 1970.
Speculative issues displayed a good tone also.
Canadian utilities recovered quite substantially.
Develop¬
this group were
in
ments
the
issue market have been
new
Electric
State
York
New
&
Gas
bonds,
The
extensive.
scheduled
to
be
to appear because of bidding technicalities.
$00,000,000 Philadelphia Co. debentures were success¬
fully floated, while stockholders of American Tel. & Tel.
offered, failed
The
approved issuance of $233,000,000 convertible debentures.
A generally steady tone has prevailed in the industrial
MOODY'S BOND
(Based
1941
U. S.
Daily
Averages
Govt.
rate*
Mixed fractional changes have
oils, with the up-side favored.
Steels have been generally steady, with the exception of
the Otis 4%s, 1962, which lost 2% points at 79%.
On the
other hand, the National Steel 3s, 1965, a high-grade issue,
section of the list this week.
observed
been
among
6s, 1941, gained 2y2 points at 88%.
The foreign bond market has been the scene of interesting
developments.
Heaviness in German municipal and corpo¬
rate loans, apparently in reflection of withdrawn support
as a
consequence of the presidential "freezing" order and
due to renewed liquidation following the Reich's new ven¬
contrasted
ture,
with
Aaa
issues have
22114736
4s reaching a new high.
Moody's computed
are
P. V.
97.16
111.44
114.66
bond prices and bond yield averages
given in the following tables:
MOODY'S BOND YIELD AVERAGES f
(Based on Individual Closing Prices)
1941
rate
Corporate by Groups
Corporate by Ratings
Avge.
Corpo¬
Average
Indus.
R. R.
Danish
turned irregular towards the close, when the
5%s dropped 10 points to 54.
Argentine issues held up well
among Latin American bonds, with the Province of Mendoza
Corporate by Groups ♦
Baa
strong rally in Japanese bonds,
mark. Norwegian short-term
been pushed into higher ground, while
obligations
PRICES f
A
Aa
a
which finished near their high
Average Yields)
Corporate by Ratings *
the
gained % at 105%.
Among shipping company obligations,
the Atlantic Gulf & West Indies Steamship Lines 5s, 1959,
held close to par, while the International Mercantile Marine
Daily
Avge.
Corpo¬
Bonds
on
1941
June 28,
Chronicle
The Commercial & Financial
4030
3.31
R.
P. U.
Indus
3.29
4.29
3.93
3.09
2.92
Baa
Aa
Aaa
2.92
2.75
R.
June 27-, 119.45
107.44
118.00
107.80
91.77
26- 119.31
107.27
118.00
114.66
107.80
91.62
97.00
111.62
114.46
June 27
26
3.32
2.75
2.92
3.29
4.30
3.94
3.08
2.93
25- 119.17
107.44
118.00
114.66
107.80
91.77
97.00
111.62
114.66
25
3.31
2.75
2.92
3.29
4.29
3.94
3.08
2.92
24
3.32
2.76
2.92
3.29
4.29
3.94
3.08
2.93
23
3.31
2.75
2.92
3.29
4.29
3.94
3.08
2.93
21——.
3.32
2.76
2.93
3.30
4.30
3.94
3.09
2.94
3.94
3.09
114.66
114.46
107.27
117.80
114.66
107.80
91.77
97.00
111.62
23- 119.09
107.44
118.00
114.66
107.80
91.77
97.00
111.62
114.46
21- 119.02
107.27
117.80
114.46
107.62
91.62
97.00
111.44
114.27
20- 119.02
107.09
117.80
114.46
107.62
91.48
97.00
111.44
114.27
19- 119.00
107.09
117.80
114.46
107.62
91.48
97.00
111.44
114.27
24„ 119.13
18- 119.00
107.09
117.60
114.27
107.62
91.48
97.00
111.25
107.09
117.60
114.27
107.44
91.62
96.85
111.44
16- 119.01
107.09
117.60
114.27
107.44
91.48
96.85
111.44
106.92
117.60
114.08
107.44
91.34
96.85
111.25
117.60
114.08
107.44
91.48
97.00
111.25
106.92
117.40
114.08
107.44
91.48
97.00
111.25
106.92
117.40
114.08
107.44
91.34
96.85
111.07
113.70
10- 118.86
9-
106.74
118.86
107.27
113.89
107.27
107.80
106.74
113.89
107.80
106.74
7- 118.83
117.40
113.70
107.27
111.07
96.85
91.34
96.69
111.07
91.19
106.74
117.20
113.70
107.27
91.19
96.69
110.88
106.56
117.00
113.70
107.09
91.19
96.69
110.88
106.56
116.80
113.50
107.09
91.19
96.69
110.88
106.56
116.80
113.50
107.09
91.19
96.69
110.88
106.39
116.80
113.31
106.92
91.19
96.54
110.70
106.39
116.61
113.31
107.09
91.05
96.69
110.70
112.75
23- 118.35
106.39
116.80
113.50
106.92
91.19
96.69
110.70
106.39
116.61
113.31
106.92
91.34
96.85
110.52
116.80
106.56
113.12
106.92
91.62
97.00
110.52
2-
118.86
106.39
117.00
112.93
106.74
91.34
96.85
110.52
106.21
116.61
112.75
106.56
91.19
96.69
110.34
112.19
18- 118.28
105.86
116.41
112.56
106.39
90.91
96.54
110.15
105.69
116.41
112.19
106.21
90.77
96.54
109.79
106.04
116.80
112.37
106.21
91.48
97.00
109.97
105.86
116.41
112.19
106.04
91.05
96.54
109.79
111.81
117.85
106.21
117.00
112.93
106.56
90.77
96.54
110.15
117.40
113.31
106.56
90.48
96.54
109.97
106.04
117.40
113.31
106.39
90.20
96.23
109.97
109.79
112.75
105.86
117.20
112.93
106.21
89.78
95.92
21- 116.06
105.52
117.00
112.75
106.04
89.52
95.62
109.60
105.86
117.60
113.12
106.21
89.64
95.92
109.60
7— 116.52
106.21
117.80
113.31
106.39
90.20
95.54
109.79
118.00
113.70
106.39
90.48
96.85
109.79
113.70
24— 117.64
106.56
117.60
113.89
106.56
90.77
97.16
109.97
106.56
118.20
113.89
106.56
90.48
96.69
110.15
106.56
118.20
114.27
106.56
90.34
96.69
110.15
106.39
118.40
114.46
106.39
89.78
95.92
110.15
97.31
114.66
3.09
2.96
3.95
3.10
2.97
4.31
3.94
3.10
2.96
2.97
3.34
2.78
2.95
3.31
4.31
3.94
3.10
3.34
2.78
2.95
3.31
4.32
3.95
3.11
3.35
2.78
2.96
3.32
4.32
3.96
3.11
2.97
3.11
2.98
2.97
2.98
2.97
3.32
4.33
3.96
3.12
2.99
2.97
3.33
4.33
3.96
3.12
3.00
4
3.36
2.81
2.98
3.33
4.33
3.96
3.12
3
3.36
2.81
2.98
3.33
4.33
3.96
3.12
3.00
2
3.37
2.81
2.99
3.34
4.33
3.97
3.13
3.02
May 29
3.37
2.82
2.99
3.33
4.34
3.96
3.13
3.02
3.37
2.81
2.98
3.34
4.33
3.96
3.13
3.37
2.82
2.99
3.34
4.32
3.95
3.14
3.02
3.36
2.81
3.00
3.34
4.30
3.94
3.14
3.01
4.32
3.95
3.14
3.02
3.05
9
3.00
3.01
3.37
2.80
3.01
3.35
3.38
2.82
3.02
3.36
4.33
3.96
3.15
18
3.40
2.83
3.03
3.37
4.35
3.97
3.16
10
3.41
2.83
3.05
3.38
4.36
3.97
3.18
3.07
4
3.39
2.81
3.04
3.38
4.31
3.94
3.17
3.05
3.97
3.18
3.07
2
—
Apr. 25—-----
3.06
2.83
3.05
3.39
4.34
21—
3.38
2.80
3.01
3.36
4.36
3.97
3.46
14
3.38
2.78
2.99
3.36
4.38
3.97
3.17
2.99
7
3.39
2.78
2.99
3.37
4.40
3.99
3.17
3.00
28
3.40
2.79
3.01
3.38
4.43
4.01
3.18
3.02
21
3.42
2.80
3.02
3.39
4.45
4.03
3.19
3.02
14
3.40
2.77
3.00
3.38
4.44
4.01
3.19
3.00
3.97
3.18
2.99
3.40
Mar. 28
Feb.
3.02
3.38
2.76
2.99
3.37
4.40
3.37
2.75
2.97
3.37
4.37
3.95
3.18
3.36
2.77
2.96
3.36
4.36
3.93
3.17
2.98
3.36
2.74
2.96
3.36
4.38
3.96
3.16
2.96
10
3.36
2.74
2.94
3.36
4.39
3.96
3.16
2.95
3
7—-
31
Jan.
114.46
111.62
3.95
4.32
3.31
2.79
114.08
3- 118.65
4.31
3.31
2.80
113.89
10- 118.03
>
3.31
2.95
3.36
113.50
17- 118.06
2.94
2.95
2.77
3.35
113.31
106.39
2.77
2.77
3.34
5
113.12
Jan. 31— 117.14
3.33
3.34
6
112.75
14- 116.24
2.96
3.12
113.12
Feb. 28- 116.93
3.09
3.96
113.31
7- 116.90
3.95
4.33
112.75
106.21
21-
4.30
4.32
112.19
14- 117.77
Mar.28— 117.80
3.31
3.32
111.81
4- 117.55
2.94
3.32
112.00
10- 117.36
2.77
2.97
112.75
118.62
3.33
2.96
112.93
Apr. 25—
2.96
2.79
112.75
9- 118.45
3.10
2.79
112.93
16- 118.52
3.94
3.35
112.75
May 29— 118.71
4.31
3.35
113.12
2.. 118.82
3.30
9
113.12
3— 118.86
2.94
7——
113.12
4- 118.76
2.77
3.96
113.31
5- 118.78
2.94
3.33
10
113.50
6- 118.81
3.09
12
113.50
110.88
96.69
3.94
11
113.70
91.34
4.31
13
113.70
11- 118.89
3.30
14
113.89
12- 118.95
3.30
2.93
16
113.70
106.92
2.93
2.76
17
113.89
14- 118.97
13- 118.97
2.76
3.33
18
113.89
3.33
19
113.89
17- 119.00
2.94
20
4.31
2.97
2.93
3.37
2.73
2.93
3.37
4.43
4.01
3.16
3.42
2.84
3.06
3.39
4.47
4.03
3.20
3.08
4.29
3.92
3.08
2.92
1941 115.89
105.52
116.22
112.00
106.04
89.23
95.62
109.42
111.62
High 1941
Low 1941
3.31
2.72
2.91
3.29
High 1940 119.63
119.00
115.04
106.74
89.92
96.07
110.88
114.85
High 1940
3.81
3.06
3.19
3.78
5.24
4.68
3.42
3.36
106.74
Low 1940 113.02
99.04
112.19
109.60
79.37
86.38
105.52
106.56
Low 1940
3.35
2.70
2.90
3.35
4.42
4.00
3.12
2.91
99.52
3.64
2.91
3.05
3.64
4.96
4.46
3.27
3.19
3.70
2.91
3.11
3.86
4.91
4.46
3.42
3.21
High 1941 119.45
107.44
Low
118.60
114.85
107.80
91.77
1
1 Yr. Ago
June27'40 115.08
101.80
114.85
112.19
101.80
82.77
89.37
108.16
109.60
100.81
114.85
111.07
98.25
83.40
89.37
105.52
109.24
June 27,1940—
June 27, 1939...
2
2 Yrs.Ago
June27'39 117.02
Year Ago—
Years
Ago—
not purport to show either the
prices are computed from average yields on the basis of one "typical" bond (3J£% ooupon, maturing in 25 years) and do
relative levels and the relative
average level or the average movement of actual price quotations.
They merely serve to Illustrate in a more comprehensive way the
*
These
movement
of
yield averages, the latter being the true picture of the bond market.
bonds used in computing these indexes was published in
t The latest complete list of
'
the issue of July 13, 1940, page lou.
The Business Maris Bookshelf
Department Store Sales and Profits
Reach High Level in 1940
Published by Bureau of Business Research,
Graduate School of Business Administra¬
tion, Harvard University, Boston. 40 Pages
Price, $2.50
For the fiscal year 1940 department stores achieved total
sales
averaging
than
more
6%
above
their
1989
volume.
Earnings averaged nearly 5% of sales, the highest percent¬
age return in the last 12 years.
With the improved dollar
volume, economies in percentage operating expense were
effected.
At the same time gross margin rates remained at
substantially the
same
These findings are
the
level
based
as
on
in 1939.
a
bulletin just
released by
Harvard Bureau of Business Research under the spon¬
of
the
pioneer projects in
tribution costs.
the
intensive study of dis¬
The results for 1940 reflect the operations
of 429 department
volume
for
the
The report provides
data for
United States
trade.
detailed margin, expense, and profit
department and specialty stores classified
ing to size.
accord¬
With the exception of the very small firms,
department stores of all groups typically incurred lower
operating expense percentages for 1940 than for 1989.
The
stores with annual sales of less than $150,000, which secured
only moderate sales increases spent relatively more in
1940
earned less favorable
percentages on sales.
For each sales volume group "goal"
figures are presented summarizing the experience of the
than in
most
1939 for operating costs and
profitable firms within each group.
several significant operating results
Average figures for
provided for stores classified in two ways—by volume
by size of city.
These data clearly indicate the advan¬
tageous position of stores achieving large dollar volume in
cities of moderate size where rental and newspaper adver¬
are
sorship of the National Retail Dry Goods Association.
The
report, written by Professor Malcolm P. McNair, is the
twenty-first in the series which was instituted in 1920 as
one
ing approximately 40% of the estimated total
stores and 90 specialty stores represent¬
and
The
with sales
of $2,000,000-$4,000,000 in cities with populations of 50,000
to 100,000, and stores with sales of $4,000,000-$10,000,000 in
cities with populations of 100,000 to 250,000.
tising rates
are
low and delivery costs are favorable.
highest earnings in 1940 were reported by stores
Volume
The Commercial & Financial Chronicle
152
4031
Indications of Business Activity
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
Business
activity
According
to
continues
"Journal
the
to
expand
in
Commerce"
of
large
a
way.
index,
weekly
business activity rose to a new all-time high of 123.3, which
with
compares
week
103.9
and
revised
a
for
a
of
figure
121.7 for
All
ago.
year
in
as
of
the
whole
a
61%
about
received
of
the
largest
this
week at
the exception
at
The
peak established
Russo-German
the past week.
conflict
in
for
attention
most
The concentration of German forces in the
chance to catch up in her preparations for pro¬
a
longing. the
to
have
labor in
decline
this
in
The changed Russian position is expected
war.
quite
effect
an
communistic
country, perhaps resulting in
strikes
hampering
this remains to be
ever,
the
on
elements
appreciable
an
the defense program.
The
seen.
of
How¬
expected local subway
strike Will be watched with keen interest in that it involves
threat to city government.
a
Absence of the sensational
week
war success news
promised the
the
of
German
industrial
areas
have stiff¬
may
somewhat in the financial district, judging by
buoyancy of commodity markets and recent firm
the
securities
market.
An intensification
build
United
up
from the
of the effort
States
steel
and
other
to aid
defenses
phase of the
new
pect looms the lines
this
week
far,
Dun
war
will
Great Britain and
undoubtedly
metals
in Europe, and as this pros¬
other
for
result
than
supplies of
on
defense
purposes,
the "Iron Age" stated in its mid-week review.
'
Shipments of steel to the automobile industry
delayed
of
the
are
being
down in anticipation of the approaching end
or cut
model
current
the
and
season
fact
that
motor
car
"It
cotton
their
best
wide
than
strip mills
tonnage,
this
the 20%
now
curtailment
of the motor
ships,
allocations
recently
shells,
cars,
or
more
makers
car
consid¬
many
pipe lines
and
tonnages
for
for
children's
and
compared
with
the year
to date.
of
of
coun¬
the season thus
Heat,
today.
figures
year ago
brought in
junior
1940
For the country
said
The clos¬
Over-all gain in
wear.
reached
the
highest
firmly to
There
were
over
Wholesalers
re¬
record pace as bookings for fall con¬
Industry
all-time high rate of production.
an
no
for
whole the gain
as a
tinued to develop earlier and heavier than usual.
held
the
specially heavy
estimated at 22%.
was
a
unusual developments in the weather
very
week.
While rainfall was less extensive than
the preceding falls had
supplied enough soil
past
recently,
moisture for present
needs in most sections of the formerly
dry areas and crops in general made good progress, although
a few sections are still too dry.
These latter include scat¬
tered
areas
central
in
and
New
northern
erable portions of New York, southern
lina, Tennessee and
State.
England, consid¬
Virginia, North Caro¬
sections contiguous
to the last-named
Otherwise the current moisture situation is satisfac¬
except very locally,
tory
of the week
larly
in
such as southern Illinois.
Rains
helpful in the extreme Southeast, particu¬
were
Florida.
Conditions
in
the
western
half
of
the
In the southern Great Plains
persistent wetness had been unfavorable the gen¬
fair weather of the week was especially welcome
erally
and farm work made
York
obtain
to
shipment
said
areas
trade
demand
plate
on
production schedules."
large
of
Inc.,
tropical suits and straw hats.
rayon,
schools in
With
upon.
of sheets and strips will in itself indi¬
cate further reduction of automobile
The
be
may
originally agreed
operating at 50%
the inability
sufficient supply
a
that
appears
more
seven-day period
Bradstreet,
&
and
of
ing
where
now
half
sharply.
country continue satisfactory.
output is to be curtailed in August, the survey says.
erably
first
the
spurred sales of sportswear, inexpensive dresses of
agency,
the
being drawn tighter
are
tone
:'.V-
during
Abnormally high temperatures in most parts of the
ported demand at
western
Ward's said
ago.
year
try and the approaching vacation period gave retail stores
a
and
a
moderately
taper
air offensive against the so-called invasion
ports and north¬
ened morale
the seasonal downturn usual
on
87,550 this week
would
last several days by Berlin and continuation of the British
ern
amount.
of July and then would move downward more
retail
:
or
received
Production compared with 133,565 vehicles
and
operations
East is looked upon generally as giving England a breathing
spell and
this period.
last
week ago.
a
came
goods,
Canada
exports.
127,926 units, and said today that automobile
assemblies have embarked
below its all-time
American
of
Ward's Reports, Inc., estimated car and truck production
business index showed substantial gains for the week with
of electric output, which dipped fractionally
The British Empire
shipments.
$246,000,000
$385,454,000
$70,000,000, the next
the previous
components
April totaled $128,000,000, but the Department no longer
reveals the nature of such
Friday Night, June 27, 1941.
steel
to
for
Great
City
unusually good progress.
In the New
been generally clear and
weather has
the
area
the past
week.
V::—v.
Friday was very warm as temperatures
ranged between 66 degrees and 89 degrees.
Continued clear
and warm Friday night, with increasing cloudiness on Satur¬
day.
Thermometer readings Friday night are expected to
register a low of 72 degrees in the city and 65 degrees in
warm
The
weather
Britain has complicated the delivery situation for commer¬
the
cial
on
Saturday.
steel
to
users
Pittsburgh estimates
of
current
steel
serious
a
are
extent,
the survey
observes.
cited to the effect that 65% to 70%
is earmarked for preferential
production
treatment, leaving a relatively small amount for other
sumers.
con¬
suburbs,
After scoring a new all-time high in the preceding week,
to
a
high
of
about
92
degrees
on
Overnight at Boston it was 71 to 85 degrees; Pittsburgh,
73 to 95; Cincinnati, 71 to 97; Cleveland,
72 to 92; Detroit, 70 to 93; Milwaukee, 72 to 94; Charleston,
70 to 82; Savannah, 72 to 76; Kansas City, Mo., 77 to 93;
67 to 90; Chicago,
Oklahoma
.
rising
City,
71
Seattle, 50 to 74.
89;
to
■
Salt
v
,
Lake
City,
58 to 87,
and
<:V'.
■g;
production by the electric light and power industry tapered
off
during
the
3,055,841,000
Edison
Electric
week
of
or
A
traffic
(revised), but
scored
Railroads
in
the
885,558
car
A
the
loadings for the current
ended1
last
Saturday
were
the Association
This
934,715
by the New York "Sun,"
a
the largest total
was
was
based
year
ago
on
were
reports
to
an
of 48
running approxi¬
in earnings before fixed
approximately $71,119,000
as
compared with
Wed.
June 25
Thurs. June 26
-.202.0
202.3
i
204.2
June 27
—204.8
follows:
-199.0
195.6
Year ago, June 271940 High—Dec. 31
155.6
Low—Aug. 16
1941 High—June 27
Low—Feb. 17
149.3
204.8
171.8
171.6
Carloadingg
During
Week Ended
885,558 Cars
revenue
freight for the week ended June 21
totaled 885,558
cars,
June
21
Reached
the Association of American Railroads
on June 26.
This was an increase of 157,065
21.6% above the corresponding week in 1940, and an
increase of 247,024 cars or 38.7% above the same week in
1939.
Loading of revenue freight for the week of June 21
was an increase of 22,583 cars or 2.6% above the preceding
week.
The Association further reported:
announced
cars or
Miscellaneous freight loading totaled 376,225 cars, an increase of
cars
7,683
above the preceding week, and an increase of 77,463 cars above the
Loading of merchandise
and
other
merchandise
shipments
to
the
Kingdom in April, the Commerce Department said
today, made the largest total of goods to
any
Tues.
—
as
Two weeks ago, June 13
Month ago. May 27
corresponding week in 1940.
year ago.
United
June 21
June 23-June 24
.200.3
-—200.6
202.7
Loading of
operating income of $42,216,000 for these 48 railroads
Lend-Lease
June 20
In that
The net operating income of these railroads for
May, 1941,
The movement of the Index has been
Fri.
of American
cars.
railroads, which showed the railroads
charges.
when
operating income of the Class I railroads in May
mately 75% ahead of
1941 high was again made this week by Moody's
Commodity Index. Friday's close of 204.8 was the highest
since August 13, 1937, when the Index also stood at 204.8.
The principal gains were in wheat, corn, hogs and cotton.
new
Fri.
cars,
the largest for that month since 1930, according
estimate
a
by
Sat.
week
reported yesterday.
loadings
Moody's Commodity Index at New High
reached
402,053,000 hours,
was
week since the period ended Nov. 2, 1930.
The net
net
it
released
Mon.
high level in freight
reached
for any
was
when
the total of 2,653,788,000 recorded during the
over
was
week
21,
figures
ended June 22, 1940.
new
year
to
Institute.
3,066,047,000
15.2%,
period
June
ended
according
Output for the latest reporting
10,206,000 hours under the last seven-day record
was
total
period
kwh.,
month in 20 years.
go
to England in
Shipments to the United Kingdom
cars
an
less than carload lot freight totaled
159,765
increase of 168 cars above the preceding week, and an increase of
10,983 cars above the corresponding week in 1940.
Coal loading amounted to 161,131 cars, an
the preceding week,
week in 1940.
increase of 2,510 cars above
and an increase of 37,474 cars above the corresponding
The Commercial &
4032
Grain
9,568
the
grain products loading totaled 46,574 cars, an increase of
and
cars
corresponding week in
increase of 9,255
10,799
1940.
cars
the week of June 21 totaled
above the preceding week, and
32,708
week in 1940.
In the
week of June 21
corresponding
Western Districts alone, loading of live stock for the
decrease of 1,021
a
cars
below the pre¬
below the corresponding week
1940.
Forest products loading totaled
above the preceding
week,
43,555 cars, an increase of 1,067 cars
and an increase of 9,319 cars above the cor¬
1941
1941
Weeks Ended—
41,662
33,000
29,246
24,813
41,768
29,072
18,820
13,932
22,989
13,995
Atchison Topeka A Santa Fe Ry
5,200
7,051
21,961
7,589
Baltimore A Ohio RR
1940
1941
1941
1940
22,316
Chesapeake & Ohio Ry
22 June 21 June 14 June 22
20,164
25,463
11,836
15,945
14,327
9,010
7,252
Chicago Mtlw. St. Paul A Pac. Ry
23,319
22,364
20,016
9,880
9,023
7,237
Chicago A North Western Ry
Gulf Coast Lines
22,263
2,494
21,883
20,242
12,785
12,346
9,523
2,898
2,291
1,750
1,800
1,347
2,303
2,131
4,130
1,941
2,003
3,783
2,853
15,092
3,865
13,680
2,126
3,345
11,227
10,806
10,577
51,938
43,694
40,638
17,421
Chicago Burlington A Quincy RR
International Great Northern RR
9,566
1,916
cars, an
increase of 2,112 cars above the
increase of 7,419 cars above the corresponding week
in 1940.
Coke loading amounted to 13.558 cars, an increase of 393 cars
preceding week, and
an
increase of 2,953
cars
above the
above the corresponding week
1940.
increases compared with the corresponding weeks
districts reported
7,123
5,634
52,821
14,054
50,893
N. Y. Chicago A 8t. Louis Ry...
13,092
10,320
Norfolk A Western Ry
an
4,436
16,953
53,362
6,971
24,619
24.837
19,622
6,890
Pennsylvania RR—
Pere Marquette Ry
Pittsburgh A Lake Erie RR
Southern Pacific Lines
89,129
67,228
62,184
47,899
7,451
89,384
7,642
6,703
61,450
5,720
6,574
6,325
8,926
36,766
8,985
7,395
9,905
9,165
7,950
35,320
30,027
6,090
4,816
11,436
11,216
8,295
6,427
11,776
11,906
RR
Missouri Pacific RR-...
loading amounted to 75,661
preceding week, and
All
Received from Connections
Own Lines
on
Weeks Ended—
Mtssouri-Kansas-Texas
responding week in 1940.
in
Loaded
cars,
of 918 cars below
totaled 6,323 cars, a decrease of 624 cars
ceding week, and
RECEIVED FROM CONNECTIONS
(Number of Cars)
June 21 June 14 June
Live stock loading amounted to 9,089 cars, a decrease
Ore
FREIGHT LOADED AND
above the corresponding week in 1940.
cars
1941
June 28,
increase of
an
the preceding week, and a decrease of 1,464 cars below the
in
REVENUE
12,918 cars above
In the Western Districts alone, grain
above the preceding week, and an increase of
and grain products loading for
an
Financial Chronicle
New York Central Lines
Ry
Wabash
in 1940 and 1939.
(Number of Care)
4 weeks of
2,740,095
2,557,735
2,488,879
2.282.866
•
2,288,730
2,824,188
January
4 weeks of February
8,850
FROM CONNECTIONS
TOTAL LOADINGS AND RECEIPTS
1939
1940
4,951
419,143 408,986 338,475 271,677 261.680 210,498
Total
1941
5,034
3,817.918
3,123.916
2,495,212
2,225,188
4.160.527
3,351,840
2,926,408
852,940
702,892
630,060
Week of June 14
862,975
712,921
633.955
Week of June 21
885.558
728,493
638.534
18,937.764
16.161.888
Weeks Ended—
2.976,655
2,793.563
14.602,396
5 weeks of March....
4
weeks of April
5 weeks of May..Week of June 7-„
Total
June 22,
1940
June 21, 1941
June 14, 1941
Chicago Rock Island A Pacific Ry.
30,848
Illinois Central System
37,033
26,888
35,088
St. Louis-San Francisco Ry
16,292
14,972
12,822
84,173
76,948
67,926
Total
z
26,596
28,508
Not available.
The first 18
major railroads to report for the week ended
1941, loaded a total of 419,143 cars of revenue
freight on their own lines, compared with 408,986 cars in
the preceding week and 338,475 cars in the seven days
ended June 22, 1940.
A comparative table follows:
June 21,
REVENUE
FREIGHT LOADED
AND RECEIVED FROM
Total Revenue
1940
1941
1940
1941
1939
625
564
536
Bangor A Aroostook
1,269
1,318
7,709
1,286
237
223
9,087
6,827
13,876
10,034
2,115
Arbor
Maine
Chicago Indianapolis A Loulsv.
1,338
1,474
1,501
1,155
1939
Connections
1940
1941
.....
2,555
1,655
....
Delaware Lackawanna A West.
—
Grand Trunk Western
8,181
7,740
6,218
18,982
19,075
13,920
393
388
752
637
151
122
141
926
695
119,343
98,061
90,910
87,133
63,519
21,883
19,382
16,695
2,418
6,972
Winston-Salem
Southbound—
289
465
152
156
1,941
1,836
1.324
390
279
309
3,564
1,003
2,593
12,507
12,215
15,405
11,596
4,543
4,484.
9,145
2,550
6,750
1,732
Chicago A North Western—
2,087
9,641
2,872
1,231
Chicago Great Western
7,510
1,937
Chicago Mllw. St. P. A Pac...
446
235
210
150
1,910
1,728
10,783
9,204
Maine Central
3,309
2,618
Monongahela
6,012
4,445
7,890
2,548
3,422
2,000
35,096
Lehigh Valley
...
New York Central Lines.
2,262
1,875
52,482
12,592
1,289
42,758
9,603
1,189
5,730
90
30
39,925
New York Ontario A Western..
4,662
433
401
418
8,854
7,642
N. Y. N. H. A Hartford
7,327
5,774
4,964
50,349
16,779
2,435
13,092
1,928
9,296
4,992
6.325
7,123
N. Y. Chicago A St. Louis
N. Y. Susquehanna A Western.
Pittsburgh A Lake Erie
Pere Marquette
8,954
1,021
5,512
12,242
304
284
435
249
776
683
658
598
1,767
1,029
6,090
4,910
5,437
4,547
4,646
3,665
188,165
152,011
132,436
66
207,002
Total...
8,632
Northern
....
Ishpemlng
7,059
3,180
3,918
3,396
3,455
3,826
22,181
19,081
12,757
350
176
1,266
1,374
808
522
523
8,641
6,281
9,300
5,428
550
530
496
128
189
20,208
16,506
3,698
3,174
619
524
547
804
611
3,024
1,923
74
81
1,810
1,671
2,031
1,683
6,054
5,799
2,872
9,297
Pacific
1,882
7,450
9,433
2,291
3,538
9,302
4,329
358
233
228
361
354
2,631
1,798
2,069
2,100
1,443
132,063
116,798
98,643
54,871
41,260
22,316
3,645
19,222
2,890
22,925
7,051
4,994
2,626
2,608
2,169
633
485
352
77
51
15,945
13,635
1,835
13,158
1,331
9,010
7,173
2,583
776
613
Chicago Rock Island A Pacific.
12,516
11,550
27,786
2,390
13,427
2,015
9,706
Chicago A Eastern Illinois
Colorado A Southern
594
625
581
2,329
2,060
1,738
3,330
8,580
2,409
1,181
2,639
Spokane
International
Total.
157,177
Central Western District—
Atch. Top. A Santa Fe System.
769
505
442
996
813
Baltimore A Ohio
4,662
31.428
27,950
21,961
Bessemer A Lake Erie
6,359
6,171
4,532
2,318
19,451
2,360
224
9,023
2,930
—
Spokane Portland A Seattle
Alton. J
Buffalo Creek A Gauley
12,346
3,107
17,745
3.307
Alleghany District—
Akron Canton A Youngstown.
2,361
18,780
22,588
South.
Minneapolis A St. Louis
Minn. St. Paul A S. S. M
362
Wheeling A Lake Erie
Ft. Dodge Des Moines A
Lake Superior A
834
2,458
21,577
10,358
Elgin Jollet A Eastern
1,637
59
.
Duluth South Shore A Atlantic.
6,710
733
Wabash..
Chicago St. P. Minn. A Omaha
Duluth Mlssabe A Iron Range
Green Bay A Western
524
9,112
2,647
9,948
2,254
1,150
11,216
4,433
Rutland
District—
Northwestern
Great Northern,
545
Pittsburgh A West Virginia
Total.
1,903
1,245
Pittsburgh A Shawmut
Pittsburgh Shawmut A North..
892
1,297
20,082
8,592
229
.
Lehigh A New England
334
551
Tennessee Central
2,403
Lehigh A Hudson River
346
2,371
10,976
57
1,961
7,810
15,995
6,669
Erie
415
1,140
1,688
7,325
25,730
Richmond Fred. A Potomac—
60
2,550
10,665
428
Detroit A Toledo Shore Line...
375
Southern System..
24
1,239
4,409
8,276
3,168
Detroit A Mackinac
Detroit Toledo A Ironton
3,051
1,881
437
Seaboard Air Line...
17
1,344
9,237
2,519
1,775
4,750
4,049
1,441
7,128
10,621
5,658
2,727
479
Southern
Norfolk
3,471
1,292
Nashville Chattanooga A St. L.
Piedmont Northern
19
Central Indiana..
Montour
1940
Southern District—(Concl.)
Boston A
Delaware A Hudson
from
Freight Loaded
Railroads
14
Total Loads Received
Total Revenue
from Connections
Eastern District—
Central Vermont
we
Total Loads Received
1941
Ann
following
for separate roads and systems for the week
1941.
During this period 114 roads showed
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED JUNE
Freight Loaded
Railroads
undertake to show also the loadings
ended June 14,
increases when
compared with the same week last year.
In the
...
Bingham A Garfield
Chicago Burlington A Quincy..
Chicago A Illinois Midland
332
307
5
Cambria A Indiana
2,036
1,325
11
8,917
7,382
16,270
11,722
624
556
1,205
5,841
553
16
Central RR. of New Jersey...
Cornwall
50
37
Denver A Rio Grande Western.
Cumberland A Pennsylvania..
276
227
190
44
44
Denver A Salt Lake
264
299
210
21
18
99
74
67
42
39
Fort Worth A Denver City
1,053
1,270
858
553
625
3,222
2,741
Terminal..
1,897
1,132
1,774
1,669
1,022
1,829
1,706
1,127
842
1,236
486
1,962
1,452
886
116
108
934
807
852
416
471
12
14
49
0
0
29,776
25,367
23,368
44Q
263
14,101
12,255
12,345
6,564
1,404
9,758
4,633
321
Llgonier
Long
Valley
Island
1,801
Western
Maryland
1,931
1,534
55,296
15.429
3 101
3 139
61,450
22,533
6,703
8,415
47,276
16,149
17,915
11,750
9,182
4,258
Union (Pittsburgh)
1,041
66,214
18,569
19,232
Co
1,263
89,384
Penn-Readlng Seashore Lines.
Pennsylvania System
Reading
5
Illinois
....
Missouri-Illinois
Nevada
North
Northern
Western Pacific
5,668
Peoria A Pekin Union
5,972
Southern Pacific
(Pacific).....
Toledo Peoria A Western..
Total.
195,068
152,475
122.120
145,956
:
113,822
Union Pacific System
29,246
25,002
21,356
13,932
Norfolk A Western
24,837
4,930
19,582
6,703
4,101
17,244
4,092
11,571
5,015
1,860
48,685
42,692
22,495
17,737
1,296
7,543
173
194
7
8
1,676
1,493
2,458
1,907
116,719
100,932
102,197
61,470
48,727
1,151
59,013
442
220
Western Pacific
Chesapeake A Ohio
786
1,705
Utah
Pocahontas District—
1,847
3,093
Virginian
Total.
Total.
Southwestern
District—
149
212
215
Gulf Coast Lines
2,898
2,624
2,090
International-Great Northern.
2,131
1,728
2,007
1,800
2,126
1,307
1,655
183
Burlington-Rock Island
Southern District—
Alabama Tennessee A Northern
Atl. A W. P.—W. RR. of Ala..
Atlanta Birmingham A Coast.
_
Atlantic Coast Line..
769
173
660
211
182
709
1,854
1,092
6,219
4,035
708
576
689
11,941
4,411
9,724
3,964
8,376
3,874
1,263
706
«
177
176
229
383
891
773
Southern
2,293
1,900
Louisiana A Arkansas
2,127
1,852
1,748
1,626
2,416
1,847
1,867
1,330
838
Kansas Oklahoma A Gulf
Kansas City
1,314
1,787
2,765
4,309
2,747
1,140
2,085
377
245
272
Missouri-Kansas-Texas
162
158
500
661
Missouri Pacific
414
476
782
783
Quanah Acme A Pacific
5
86
112
5
102
41
Durham A Southern
Florida East Coast
Midland
Georgia
24
36
84
79
St. Louis-San Francisco
7,999
6,709
7,912
1,070
829
5,376
3,137
3.891
2,427
2,631
4,403
3,811
51
63
478
399
1,291
403
234
198
Greenville
507
1,667
Clinchfield
Columbus A
186
515
Central of Georgia
Charleston A Western Carolina
Gainsville
316
1,156
Georgia A Florida
1,932
1,477
306
Midland
St.
Louis Southwestern
404
296
293
629
427
3,853
22,198
3,135
2,931
Texas A Pacific
18,137
13,752
9,880
Wichita Falls A Southern
Louisville A Nashville
26.835
3,119
18,916
22,660
xl ,554
Illinois Central System
19,200
6,709
5,191
Weatherford M.W.AN.W..
Macon Dublin A Savannah
189
136
106
826
167
111
124
430
240
278
198
320
311
4,130
3,858
3,345
11,728
4,236
11,664
2,731
8,115
10,806
233
3,991
2,821
7,634
2,489
4,002
3,660
2,385
5,810
3,724
165
161
199
20
18
25
50
21
52.604
43,959
44,957
42.096
32.421
531
Mississippi Central.
1.142
421
181
15,117
Lines.
268
376
187
Valley
Missouri A Arkansas
380
410
Litchfield A Madison
Gulf Mobile A Ohio
Note—Previous
year's figures revised.
• Previous figures,
x
Texas A New Orleans
Total.
Gulf Mobile A Northern only.
...
...
5,803
Volume
Selected
The Commercial & Financial Chronicle
152
and
Income
Steam
The
Bureau
of
Balance
Sheet
Items
Statistics
Commission has issued
of
the
statement
a
was
Commerce
Interstate
showing the aggregate
totals of selected income and balance sheet items for class I
steam
railways in the United States for the month of March
and for the three months ended March, 1941 and 1940.
These figures are subject to revision and were compiled
from 132 reports representing 137 steam railways.
The
present statement excludes returns for class A switching
and terminal companies.
The report is as follows:
TOTALS
FOR
THE
UNITED
Income
STATES
(ALL REGIONS)
Items
All Class I Railways
For the Month of March
1941
1940
s
Transporters of
6%
of
$
37,034,274 201,503,219 110,903,571
Other income._——_ iv...
10,486,137
11,885,382
Movement
total
Haulers
tonnage.
under
A
——l.—...
91,113,305
3,001,923
48,919,656 233,929,038 149,723,736
2,577,004
8,146,790
8,590,972
Income avail, for fixed charges.
88,111,382
13,126,027
10,568,010
........
37,604,576
117,687
38,368,164 112,552,039 115,054,212
122,783
356,070
385,687
Total fixed charges..........
50,848,290
49,058,957 150,323,878 147,569,439
Income after fixed charges.....
37,263,092 de!2716,305
.
.
-
.
.
Net Income _b
37,415,769
32,129,540
75,014,188 def5992,493
1,965,782
2,006,740
......
5,897,338
5,979,236
69,034,952 defll889831
35,256,352 def4682,087
and equipment)
17,861,188
17,025,214
2,815,702
53,156,338
24,515,504
50,724,495
11,261,138
-
1,727,155
1,324,448
3,278,918
17,234.965
20,163,873
75,000
4,444,295
4,500,635
1.73
0.94
1.50
0.96
—
8,759,639
Dividend appropriations:
On common stock
........
On preferred stock—
Ratio of income to fixed charges e
Selected
iron
The
and
volume
steel
than
more
of
for
and
over
trucks,
Asset
and
Class I Railways Not in
All Class I Railways
by
tion of
a
of
5*4%
April and 44.4% over May,
products
reported
commodities
showed
May of last
over
4%
almost
'
.
Receivership
or
Trusteeship
Balance at End of March
1940
the
of
the
total
of
' ;
:
May,
1940.
of
decrease
a
year.
5% of the total tonnage reported
4.4%
'
miscellaneous
was
Price Indexes of 10 Countries Compiled
General Motors and Cornell University
Motors
Corp.
and
Cornell
University,
which
had collaborated in the publica¬
world commodity price
index, have resumed issu¬
war
international
basis than before the
prices,
these
price statistics,
but
Instead of
war.
organizations
on
a
different
composite index of
a
now
publishing the
are
information only as individual country indexes.
The index is built upon 40 basic commodities and the list
is the same for each country in so far as
possible.
Each
commodity is weighted uniformly for each country, accord¬
ing to its relative importance in world production.
The
actual price
Overseas
data
collected weekly by General Motors
are
Operations from
described
sources
government department."
clude
"the most
as
"a
usually
The commodities involved
comprehensive list of several
groups,
a
in¬
including
grains, livestock and livestock products, miscellaneous foods
(coffee, cocoa, tea, sugar, &e.), textiles, fuels, metals, and a
(rubber, hides, lumber,
newsprint, linseed oil, &e.)." Weights assigned in the index
to the different commodity
groups are as follows:
Grains,
20; livestock and livestock products, 19; vegetable fats and
other
1941
in
May, 1940.
over
constituting
than
more
4.3%
of
list of other miscellaneous materials
Liability Items
Balance at End of March
category
year.
little
a
decrease
a
slight increase of 0.2%
very
these
of the previous
accounting
showed
month
the
in
The volume in this
responsible agencies available in each country,
Depreciation (way and structures
Federal income taxes
transported
freight
commodities, including tobacco, milk, textile products, building materials,
coal, cement and household goods.
Tonnage in this class increased 11.3%
over April and
34% over the volume hauled in May, 1940.
:
world
Contingent charges .
a
automobiles
new
April, but increased 29.2%
little
46,342,652 225,338,066 141,576,946
_.
of
33,820,165
32,425,819
Miscell. deductions from income.
Interest deductions.a...—._
of
products,
reported,
tonnage, increased 16.1%
ance
Other deductions.
tonnage
prior to the European
80,627.168
Fixed charges:
Rent for leased roads A equip..
petroleum
total
the
compared with April, and
as
General
1940
$
Net railway operating income
Total income
all the
of
Commodity
1941
a
,
79#
than
more
reported by carriers of general freight.
increased 1.5% over April and 38.5% over May
For the Three Months of
$
■'
Slightly
I
Class
of
Railways for March
4033
1941
S
foods, 9; textiles,
1940
1
12; fuel,
11;
metals,
11; miscel¬
laneous, 18.
Selected Asset Items—
Invest,
in stocks,
y $
The indexes which
bonds,
Ac., other than those of
560,430,308
615,633,198
480,902,885
534,474,795
Cash
676,219,124
496,503,407
69,937,442
130.178,007
43,332,794
127,124,532
502,845,953
62,227,358
105,782,810
1,610,450
1,537,592
1,330,174
1,321,148
based
are
of each country,
were
on prices
expressed in the
reported June 23 as follows;
391,226,210
Temporary cash invest's..
currency
affiliated
companies...
Special deposits
Loans and bills receivable.
33,275,676
balances—Dr
receivable
bal.
Net
Argen-
Aus¬
Can¬
Eng¬
tina
tralia
ada
land
Mex¬
Java
New
Zeal'd
ico
Swe¬
den
•
Switz¬ United
erland
States
car-service
and
Traffic
' >,
(August, 1939=100)
39,627,837
109,980,687
24,397,414
30,756,130
22,280,330
*
1940—
.v;.
■
May
120
118
120
48,341,813
33,826,005
June..
118
118
120
144
116
113
114
131
136
109
103,771,864
287,126,311
14,461,913
92,619,483
July
118
118
120
145
115
112
114
132
140
109
August
118
119
120
150
115
111
120
132
144
109
September..
116
from
agents and conductors.
62,198,086
Miscell. acc'ts receivable-
136,831,892
Materials and supplies...
371,419,378
Int. A divs. receivable...
17,142,196
1,148,572
43,710,657
119,708,698
366,362,534
19,720,682
284,429,407
17,264,167
143
116
113
112
131
132
112
1,268,675
4,690,999
6,271,181
881,629
838,463
4,215,963
2,854,495
Total current assets.^. 1,506,232,004 1,248,357,984 1,161,741,918
996,268,238
120
121
145
116
110
122
135
153
October
113
123
122
145
117
110
120
139
158
114
November..
113
125
124
146
118
111
118
142
164
118
December..
Rents receivable
Other current assets
113
126
126
149
120
111
119
144
168
118
111
1941—
January....
Funded
96,317,217
189,942,091
67,720,365
146,875,378
77,982,482
156,192,621
21,026,361
78,562,421
49,695,908
within six months.c...
39,224,028
34,499,744
26,513,650
127
111
119
114
126
127
150
121
113
119
March
maturing
debt
114
February—
Selected Liability Items—
119
122
129
150
123
114
119
April
121
121
131
rl21
120
rl31
156
189
121
120
132
150
128
117
120
156
190
127
124
120
134
150
129
117
119
155
190
130
126
117
*190
126
150
121
144
171
120
147
171
120
154
176
122
156
180
125
"
150
125
115
119
116
120
1941—
Loans A bills
Traffic
payable.d..
car-service
and
balances—-Cr....
Audited accounts A wages
Miscell. acc'ts payable...
237,312,405
52,587,914
Interest matured unpaid.
56,628,539
Divs. matured unpaid—
14,330,714
78,378,923
1,608,245
21,513,606
225,545,779
64,514,971
40,276,116
12,273,447
80,120,547
174,929,429
53,072,169
35,824,597
228,778,432
39,530,315
197,881,630
50,171,701
184,036,336
40,930,932
51,738,245
13,966,522
58,266,146
1,608,245
18,715,560
188,531,992
27,858,531
858,347,483
890,191,107
641,178,614
82,602,980
109,122,622
72,181,872
108,159,069
115,278,650
79,409,370
85,876,304
Unmatured int. accrued..
Unmatured divs. declared
Unmatured rents accrued.
Accrued tax liability
_____
Other current liabilities
__
Total current liabilities.
May
S.¬
May 10—
May 17—
1,608,245
22,382,022
11,908,204
57,066,136
150
127
120
7135
*150
131
120
155
—
126
120
134
*149
131
117
119
7—
rl32
121
135
*150
130
118
120
154
June
14—
*132
121
136
*150
133
119
120
155
126
155
June
May 24—
May 31
657,588,447
120,619,363
payable
Weeks end.:
♦Preliminary,
131
7130
130
M.'
—
m.
'
■
131
'
r Revised.
1,608,245
19,388,078
158,058,176
40,657,342
Bureau
of
Labor Statistics'
Index of
Wholesale Com¬
modity Prices Advanced 0.9% During Week Ended
June 14
Analysis of accr. tax liab.:
U. S. Govt, taxes
Other than U. S. Govt,
taxes..
Represents accruals, including the amount In default.
a
.
b For railways not in receivership or trusteeship the net income was as follows:
$33,821,398;
1941,
March,
March,
1940,
$4,355,166;
for
three
months
ended
March, 1941, $73,092,506; three months ended March, 1940, $15,375,813,
Includes
c
payments of principal of long-term
in default) which will become
debt (other than long-term debt
due within six months after close of month of report,
d Includes obligations which mature not more than two years after date of issue,
For railways in receivership and trusteeship the ratio was as follows:
e
Commodity prices in wholesale markets were generally
higher during the second week of June. Led by further sharp
gains in prices for farm products and foods, the Bureau of
Labor Statistics' index of approximately 900
price series
rose 0.9% to the highest level since
early in October, 1937,
Acting Commissioner Hinrichs reported on June 19. "This
week's index at 86.7% of the 1926 average is
2.5% above the
corresponding week of May and 12% above a year ago,"
Mr.
March,
1941, 1.15; March, 1940, 0.42; three months 1941, 0.96; three months 1940, 0.42.
Hinrichs
further
said.
The
Labor
Bureau's
announcement
explained:
Each of the 10 major commodity group indexes advanced
during the week,
Farm product
Truck
Freight Volume in
May
Sets
All-Time
Record
June 15, 1940.
prices
nearly 2% and are now 21% higher than on
1.3% to 17%% above last year's level. Hides
were up
Foods
rose
leather products, textiie products, fuel and
lighting materials and
miscellaneous commodities increased about % of 1%
during the week while
metals and metal products, building materials, chemicals and allied
pro¬
and
The volume of
in
revenue
freight transported by motor truck
May climbed 2% over April to reach
all-time peak,
an
according to reports compiled and released on June 23 by
the American Trucking Associations.
The May volume was
35% over that carried in May, 1940.
The Association fur¬
ther
reported:
Comparable reports were received by A.
in
39
May,
from
194 motor carriers
May,
against
as
1,372,560
tons
in
April
1,037,021
and
1,399,952
tons
in
1940.
The A.
tonnage
T.
of
representing
was
A.
The reporting carriers transported an aggregate of
States.
in
tons
T.
ducts and
housefurnishing goods
rose
less than % of 1%.
Important increases in agricultural commodity markets were 5.4% for
cattle feed, 2.8% for grains, 3.3% for meats and 2.4% for livestock and
poultry.
Higher prices
were reported for
barley,
rye
and wheat and for
cattle, hogs, sheep and live poultry, also for cotton, eggs, peanuts, flaxseed,
Quotations were lower for apples, citrus fruits, milk at
onions and potatoes.
Chicago and sweet potatoes.
were
Flour prices advanced
over
5% and prices
also higher for cheese and meats, including fresh beef and fresh and
cured pork, lamb, mutton and dressed poultry while veal declined.
A.
the
index figure, computed on the basis of the average monthly
carriers for the three-year period 1938-40 as
at 146.47 for May.
The index figure for April
reporting
100,
stood
143.24.
.
/
.
jv;.
increases were reported in prices for canned salmon and for
oils and fats—lard,
tallow, cottonseed oil and
imports such as cocoa beans, coffee and pepper.
however, were lower than for last week.
Marked
leading edible
peanut oil—as
well
as
for
Quotations for butter,
¥
The Commercial &
4034
June 28, 1941
Financial Chronicle
OR
RESIDENTIAL
in cotton goods with
cloth, sheeting, muslin,
Burlap, jute and silk continued to
percale, tire fabrics and carded yarns.
blankets
and a
Pennsylvania fuel oil and gasoline
Further increases in prices for
the fuel and lighting
minor advance in coal brought
materials group index
3-year peak.
,\-;v
The primary metal markets were comparatively steady except
drop siding and timbers and for
:
declined.
"v^'7v
-
.
,
f
generally higher.
following
groups
of
Volume
The
.vv'/+. :: •
■
7,
1941
Mag
Mag
31,
1941
1941
14,
Commodity Croups
/
Federal Reserve System
dollar volume of May depart¬
store sales for the country as a whole was 20% larger
in the corresponding period a year ago.
This com¬
ment
than
with an increase of 24% for April and a gain of 15%
of 1041 over the same periods of 1940.
These figures are based on reports received from each of
the 12 Federal Reserve districts.
The following tables,
issued by the Board, show the percentage changes from a
year ago for the country as a whole, for Federal Reserve
districts, and for leading cities:
pares
•.::
17,
1941
June 14,
June
Report
;'
District
May
17,
June
1941
June
1940
15,
1941
vv:;
All commodities
86.7
85.9
85.2
84.6
77.4
+0.9
+2.5 + 12.0
Farm products
81.1
79.6
77.3
76.3
66.8
+ 1.9
+6.3 + 21.4
79.7
79.2
81.5
82.6
108.4 107.6 107.8 106.1
82.4
83.2
83.2
83.8
70.2
+ 1.3
+ 3.6 + 17.7
99.6
+0.7
+2.2
—...
Textile products
+0.7
Philadelphia
Cleveland
Richmond
Chicago
75.6
72.2
+0.5
+ 4.1
+9.0
98.2
98.1
94.9
+0.1
+0.3
+3.7
92.4
+0.7
•-.+
+ 30
+ 35
+27
+ 20
Mag
1941
Apr.
1941
+18
+23
+21
+32
+18
76.4
0
+ 9.6
93.7
93.3
92.7
92.3
89.9
+0.4
+ 1.5
+4.2
New Haven, Conn.. ..+24
80.2
79.7
79.7
79.4
77.2
+0.6
+ 1.0
+ 3.9
Portland, Me
.
Miscellaneous
79.3
70.9
+ 1.2
+4.5 + 16.9
Boston, Mass
.
Springfield, Mass
Providence, R. I—
82.9
81.9
87.3
86.9
86.7
86.4
77.8
+0.5
Manufactured products
—
All commodities other than farm
88.7
88.0
87.6
87.2
80.7
+0.8
+ 1.0 + 12.2
+ 9.9
+ 1.7
87.9
87.3
87.0
86.5
79.7
+0.7
Boston District
+ 1.6 + 10.3
Raw materials....._..
—
products
+12
+16
+18
+20
+15
+15
+ 34
■Y.-Y'Y'
Housefurnishing goods
Semi-manufactured articles
+15
+ 21
Percentage Change from
+9.2
80.4
+ 22
+ 14
+ 27
.
+ 25
.
88.8
products and foods
87.3
88.2
88.4
+0.5
82.4
+7.8
+ 1.7
SUBGROUP INDEXES FROM JUNE 7 TO
JUNE 14, 1941
PERCENTAGE CHANGES IN
W;:
-
Cement
.
—
*
.—
*
J- -
-
Bituminous coal
3.3
.........
.......
.
+ 25
Livestock and poultry
Crude rubber
2.2
Paper and pulp
Other textile products
Silk
2.2
Woolen and worsted goods
0.3
..
1.9
Other building materials
1.2
Fruits and vegetables
Other foods.i^...
1.2
Anthracite
Shoes.........................
1.1
Iron and steel
Lumber
0.9
Motor vehicles
1941
+14
+14
+10
+18
+18
+24
+ 12
+ 30
+ 27
+ 37
+22
+32
13 r+21
+6
+ 22
+ 18
+ 10
+25
+ 18
+ 15
+29
+ 14
N. Y..+21
Rochester, N.Y..,
+15
Syracuse, N. Y
+24
N. Y_._.
0.2
..
+21
+ 13
0.7
Furnishings—
0.7
Brick and title
Paint and paint materials..
0.6
Chemicals
Hides and skins.
0.1
..
Nonferrou8 metals.
0.9
...
0.1
0.5
...
Furniture
.....
Petroleum and products....
......
Philadelphia District
-
0.1
..
+9
+ 12
Dallas.............
+23
+ 21
+ 14
+ 19
+ 21
+ 14
+20
+ 24
+15
Apr.
Mos.
1941
1941
Ind
Indianapolis, Ind
Mag
1941
+ 15
+ 15
+27
+ 24
Des Moines, Iowa
+ 15
+ 10
+ 14
+ 28
+24
+ 13
+8
+ 20
+21
Flint, Mich
Grand Rapids, Mich—+ 16
+ 31
+27
+ 21
+ 13
Lansing, Mich
+33
+ 39
+ 27
Milwaukee. Wis
+27
+ 21
+18
+21
Little Rock, Ark—+23
Quincy, 111—
+21
Evansville, Ind
+23
Louisville, Ky
+ 36
St. Louis, Mo
+ 21
Springfield, Mo
+49
Memphis, Tenn..
+ 15
+ 23
+ 11
+ 31
+ 23
+ 21
+ 13
+20
+ 41
+21
+28
+ 13
+28
+ 16
San Francisco
United States total.
04
-
(
Chicago District—
Chicago, 111
Peoria, 111
Fort Wayne,
Fort Smith, Ark...
Minneapolis, Minn—
*
*
+ 15
Reading, Pa
+ 19
Wlikes-Barre, Pa..... +8
York, Pa...
+20
+ 35
+ 16
St. Paul, Minn
*
+ 33
+ 18
+ 29
+ 12
Denver, Colo
+ 37
+ 18
Hutchinson, Kan
and Power
•
+ 40
+26
+ 24
+ 15
+ 19
+ 20
+19
+32
+ 33
+ 21
+ 20
+ 15
+31
+24
+ 15
+ 19
+ 32
+ 24
Ohio
.
Erie. Pa
Pittsburgh, Pa
+ 14
...
+ 33
+46
.—
+ 15
+ 38
1940
Norfolk, Va.......
.—
+ 44
+ 60
+ 48
Change
Richmond, Va
...
+ 16
+ 37
+ 16
+ 34
+ 39
+ 23
+ 40
+ 18
—
.-
7,582,732,000
4,405,192,000
3,931,996,000
+ 18.4
+ 12.0
13,384,486,000 11,514,728,000
+ 16.2
Details
Not
Yet
Avail¬
able
80,140,000
+
Atlanta District—
Birmingham, Ala-
.—
Montgomery, Ala..
Jacksonville, Fla...
....
10,895,228,000
9,323,035,000
—
+ 36
...
+ 34
Atlanta, Ga.
.—
+ 22
Macon, Ga
.—
+ 21
La...
New Orleans,
Classification of Sales—
Number of Customers—As of March 31—
24,163,208
912,276
4,194,898
Commercial or industrial:
Small light & power
j +1.0
172,217
178,738
118,052
...
30,545,111
29,296,020
+4.3
2,060,243,000
117,186,000
1,925,651,000
+7.0
92,604,000
+26.5
Small light and power
1,924,313,000
1,768,582,000
+ 8.8
Large light and power
5,749,779,000
4,531,348,000
173,560,000
+26.9
225,868,000
+9.8
Total ultimate customers
.
...
or
domestic
—
Rural (distinct rural rates)
+ 14
+ 16
+ 14
*
#
*
+ 13
+ 17
+ 19
Fort Worth, Texas... + 18
+ 15
+ 11
+ 17
+ 11
+ 27
+ 14
Houston, Texas
+ 22
San Antonio, Texas...+37
+21
+ 13
+23
+22
*
Dallas District—
San
—
Francisco Dist.
—.+26
+3
Fresno, Calif
:
+7
Long Beach, Calif—.+38
Los Angeles, Calif. —+22
Phoenix, Ariz
Bakersfield, Calif
+ 33
+6
+21
[:?■
0
+9
+4
+ 30
+ 21
+ 19
+ 13
Oakland and Berkeley,
+5
+ 21
.—
+ 22
.—
+ 20
•
Not available.
.—
r
+ 17
+8
+29
+ 22
+ 10
+7
Sacramento, Calif
+5
+ 48
San Francisco, Calif..+ 16
+ 12
+6
+ 37
+ 35
+ 21
+ 12
0
Calif
San Jose,
Calif
+4
Calif
Santa Rosa, Calif
Boise <fe Nampa,
Idaho
+5
+5
+ 14
+4
+9
+ 15
+5
+2
+ 21
+ 14
+ 16
+ 14
+ 14
Portland, Ore
Salt Lake City, Utah..+21
+ 20
Bellingham, Wash
—4
+4
+21
*
+6
+ 32
+ 20
+ 37
+ 24
+ 24
+ 13
Everett, Wash
+ 12
Seattle, Wash
Spokane, Wash
+7
Tacoma, Wash———+25
+ 24
+ 14
+ 18
+47
+ 37
+ 18
Walla Walla, Wash...
+3
+1
+4
—2
+8
+2
+ 16
+ 20
Yakima, Wash
Revised.
Commodity Price
Index Continues Upward Swing in
According to National Fer¬
Week Ended June 21,
tilizer Association
Wholesale commodity prices
continued to move to higher
according to the price index compiled by
The National Fertilizer Association.
This index in the
week ended June 21 advanced to 110.2% of the 1935-39 aver¬
levels last week,
Kilowatthour Sales—During Month of Mar.
Residential
Commercial or industrial:
Street and interurban railways
365,854.000
364,570,000
+0.4
108.9 in the preceding week, 106.7 a
ago.
The all-commodity index
has advanced 10.4% since the beginning of the year.
The
Bureau's announcement, issued under date of June 23, con¬
Electrified steam railroads
186,708,000
172,612,000
+ 8.2
tinued
63,682,000
68,240,000
—6.7
10,895,228,000
9,323,035,000
+ 16.9
$212,602,700
$197,224,600
+7.8
Street and highway lighting..
.
.—
Chattanooga, Tenn.
Jackson, Miss
113,505
Large light and power
Other customers..
+ 22
645,671
4,245,557
Rural (distinct rural rates)...........
+ 3.9
+ 12
+30
+30
La... .—+17
Nashville, Tenn
25,097,009
Residential or domestic
+ 11
+ 15
+ 23
+28
+31
+31
+ 12
Baton Rouge,
+ 16.9
+28
+21
+43
+22
+26
+55
+27
+ 26
+ 14
..
.
Knoxville, Tenn
Sales to ultimate customers
+26
18'
Tampa, Fla
154,677,000
465,856,000
10,974,335,000
1,661,300,000
+ 10
San Diego,
Huntington, W. Va.
8,979,294,000
+ 33
*
+8
Dallas, Texas
+21
+ 20
+ 14
+ 31
+ 13
*
+ 28
+ 17
+22
+ 12
+ 22
Shreveport, La..
Charleston, S. C__.
OF MARCH
...
*
+ 13
+ 18
+ 35
Generation* {Net)—
Less—Energy used by producer.
Net energy for distribution
Losses and unaccounted for......
+ 43
+ 15
+ 14
+ 22
Washington, D. C_.
...+20
Baltimore, Md
Winston-Salem, N. C. + 25
.
Less—Company use
+ 35
+ 13
+9
+ 20
Richmond District-
Charleston, W. Va.
internat'l boundaries
+9
+ 12
+ 31
PerCt.
1941
Add—Net imports over
+19
+ 10
+ 44
Lynchburg, Va
DISPOSAL OF ENERGY—MONTH
Total generation
+29
*'V
Kansas City, Kan & Mo+23
Joplin, Mo--..~
— + 19
St. Joseph, Mo
—+18
Omaha, Neb...
. + 12
Oklahoma City, Okla_+24
Tulsa, Okla
+ 11
+ 25
The
By water power plants
+ 12
+ 24
Kansas Cilg District
Wichita. Kan
Cleveland District—
Wheeling, W. Va
following statistics for the month of March, 1941,
covering 100% of the electric light and power industry, were
released on June 17 by the Edison Electric Institute:
Superior-Wis
Topeka. Kan
Columbus, Ohio
March, 1941, Statistics of the Electric Light
....
+8
+18
Duluth-Minneapolis—
+ 18
Youngstown, Ohio
...
+ 14
+ 40
Louis District—
St.
+ 12
Toledo, Ohio
By fuel burning plants
Fixfi
+ 38
Cleveland
0.7
Dairy products...
SOURCE AND
_
+ 33
0.1
..
,
Industry
+ 18
+ 14
+ 14
+ 18
Akron, Ohio
.....+29
Cincinnati, Ohio
+20
Decreases
+25
+ 13
+ 22
Trenton, N. JT
Lancaster, Pa
Philadelphia, Pa
....
Oils and fats..
+ 23
+ 19
Clothing
1.4
Cotton goods
_
...
Minneapolis District
products...]........
Cereal products—
Other farm
.....—-
Minneapolis
Corresponding Period a Year ago
+ 14
+20
Poughkeepsie,
2.4
^
+ 19
y
Other miscellaneous
2.8
--
+43
+28
+ 15
+ 17
Binghamton, N, Y—+22
+24
Buffalo, N. Y
Niagara Falls, N. Y—+
New York & Brooklyn,
——
1941
Detroit, Mich
Bridgeport, Conn
Newark, N. J
Elmira, N.Y
'
Increases
5.4
Cattle feed.
St. Louis
Kansas City
Five
Mos. 'V,-,
New York District—
Albany, N. Y
All commodities other than farm
1941
Mos.
1941
Mag
District
Report by Cities
+0.4
+0.1
100.9 100.5 100.5 100.2
Building materials
...
83.7
83.9
83.6
83.7
Chemicals and allied products..
Five
Apr.
1941
Federal Reserve
+26
+
+ 1.7 + 16.7
77.7
98.4
Metals and metal products
71.8
78.3
98.3
Corresponding Period a Year ago
Mos.
Sioux City, Iowa
New York
+ 8.8
78.7
......
materials
1941
+20
+16
+ 16
+21
.+22
+ 22
+ 22
Boston.......
Atlanta
Hides and leather products
Apr.
Mag
1941
Federal Reserve
15,
1940
7,
v"
Meats
MAY, 1941
by Federal Reserve Districts
Five
1941 from—
'
Foods
Board
Board of Governors of the
Percentage Change from
June
May
in
announced on June 20 that the
Percent. Changes to
June
Sales
Store
Department
DEPARTMENT STORE SALES IN
(1926—100)
;.
Gra ins ..........
—3.5
Increased 20% Over Year Ago, According to
of Governors of Federal Reserve System
June 14, 1941.
Fuel and lighting
+ 1.9
3.95c.
for the five months
tables show (1) index numbers for the
of commodities for the past three weeks, for
May 17, 1941 and for June 15, 1940 and the percentage
changes from a week ago, a month ago, and a year ago, (2)
percentage changes in subgroup indexes from June 7 to
The
principal
$36.06
3.81c.
Federal Power Commission.
By courtesy of the
Dollar
"
for acetone, butyl alcohol and
fats and oils rose nearly 1% and
prices were higher for cylinder oils, paraffin wax, soap and boxboard.
Following the sharp decline of the past few weeks,
crude rubber prices
reacted and rose over 2%.
'
■
'
'
Average prices for industrial
Furniture prices were
♦
+5.6
913
,
$36.73
bill—
kilowatthour
Average annual
for higher
including
higher. Lumber rose nearly 1% because
and pine flooring, yellow pine dimension,
spruce.
Yellow pine boards and finish
Market advances were recorded in prices
phenol.
964
Kilowatthours per customer
Paint and paint materials,
building brick and sand.
advancing prices for maple, oak
Data—
Prices were slightly higher for cement,
prices for pig tin and quicksilver,
butyl and ethyl acetate, averaged
Average Customer
Revenue per
to a
of
Change
%
1940
1941
9%.
were up over
common
12 Months Ended March 31
Cotton
also were higher.
Prices for work clothing and shoes
advance.
(REVISED SERIES)
SERVICE
DOMESTIC
widespread Increases occurred
In textile markets
higher prices being reported for drills, duck, print
Other public authorities
Railways and railroads:
Interdepartmental
Total to ultimate customers....
JLtevenue from ultimate customers
179,481.000
247,982,000
+3.4
age,
compared with
month ago, and 95.8
as
General
trial
index.
a year
follows:
rising of
commodities
The farm
'
were
.
foods and farm products as well as indus¬
responsible for the upturn in the all-commodity
prices
in
products index advanced sharply because
of higher prices
Volume
for
cotton,
The Commercial & Financial Chronicle
152
corn,
hogs,
eggs,
lambs,
and
and
poultry,
quotations for wheat and other grains, and cattle.
rose
as
result of
a
in
SUMMARY BY FEDERAL RESERVE DISTRICTS
spite of lower
In Millions of Dollars
The foods price average
included in the index advancing
items
and only five
for petroleum
with
and gasoline.
12
The textiles index
included
items
the
in
index
carried to
was
a
prices for feedstuffs and lubricating oils resulted in a new high point for
miscellaneous commodities.
The mixed fertilizer index also registered an
advance.
The
building materials index declined sharply because of lower
prices for Southern pine.
All other
indexes remained unchanged.
group
During the week 44 price series included in the index advanced and 15
declined; in the preceding week there were 46 advances and nine declines;
in the second
preceding week there
36 advances and 24 declines.
were
June
Higher
advances.
showing
Federal Reserve District
high
new
4,733
4,017
596
465
Cleveland...
842
630
Richmond.
455
340
355
262
Latest
Precede
Month
1,285
20,011
361
276
.........
200
167
4,207
2,393
City.........
358
291
304
230
Week
Ago
Ago
5,665
7,156
Chicago
908
6,210
4,788
781
$110,115
43,366
57,690
10,914
$9,157
3,419
2,093
$131,044
49,107
71,022
718
$11,494
4,310
2,296
3,906
3,244
10.276
9,059
:
8,592
Year
Week
3,992
3,290
16,331
3,362
47,429
4,168
1,804
....
Atlanta....
San Francisco........
Per Cent
$5,891
5,028
$478
Dallas
Each Croup
1940
Philadelphia
New York
Minneapolis
(1935-1939=100*)
June 19,
18,
1941
1940
$7,275
53,786
7,473
9,278
Kansas
Compiled by the National Fertilizer Association.
June
19,
$578
Boston
St. Louis....
PRICE INDEX
June
18,
1941
'
WEEKLY WHOLESALE COMMODITY
13 Weeks Ended
Week Ended
The fuels index advanced sharply because of higher quotations
declining.
point,
16
4035
Bears to the
June 21, June 14, May 17, June 22,
1941
1941
1940
1941
Group
Total Index
Total, 274 reporting centers....
New York City *
140 Other leading centers
133 Other centers
25.3
105.4
Fats and oils
Farm
102.6
88.0
113.9
111.1
68.4
136.0
122.0
102.8
119.6
99.5
95.7
97.0
96.1
82.0
106.5
103.8
100.4
77.3
Grains
Livestock....
17.3
110.2
107.6
104.5
118.5
116.8
115.0
132.7
130.5
126.0
104.3
Fuels
7.1
Metals
103.5
103.5
103.4
101.9
6.1
Building materials
115.4
117.6
116.6
102.6
1.3
Chemicals and drugs.......
105.0
105.0
104.5
100.7
Fertilizer materials
104.7
104.7
107.1
Fertilizers
102.0
101.1
101.1
100.6
101.3
99.3
99.3
99.3
106.7
95.8
c
^.3
.3
.
Base
...
Farm machinery...
100.0
100.
l
108.9
period changed Jan. 4 from 1926-1928 average to 1935-1939 average a
on 1926-1928 base were: June 21, 1941, 85.8; June 14, 84.8; June 22
Indexes
;
■;
Gain of
The Edison
electric light and
in its current weekly
the production
that
power
the week ended June
of electricity
by
re¬
the
industry of the United States for
21, 1941,
3,055,841,000 kwh.
was
The
current week's
output is 15.2% above the output of the cor¬
responding week of 1940, when production totaled 2,653,788,000 kwh.
The output for the week ended June 14, 1941,
estimated to be 3,036,047,000 kwh., an increase of
the like week a year ago.
PERCENTAGE INCREASE
Week Ended
Major Geographic
June
Regions
New England
PREVIOUS YEAR
Week Ended
1941 June
21,
Week Ended
14,
June
1941
21.6
22.0
—
FROM
15.1%
*
7, 1941
Week Ended
May 31, 1941
21.5
25.1
Middle Atlantic
16.4
12.9
19.2
15.0
Central Industrial
19.7
20.3
22.2
21.4
West Central
11.9
14.3
11.5
18.7
Southern States
14.8
16.0
15.8
22.4
8.4
10.0
12.3
14.7
Rocky Mountain
Pacific Coast
.
>
4.0
3.9
4.2
6.9
15.2
15.1
17.1
18.0
higher than in March, and nearly two and one half times the
DATA
FOR
WEEKS
RECENT
(THOUSANDS
OF
KILOWATT-HOURS)
Percent
Chanye
1941
Week Ended
value in
of note
worthy
1940
1941
1938
1939
1937
from
1940
April,
were
Other export developments
continued decline in exports to
1940.
the
Japan and the sustained relatively high level of exports to
Latin America.
-v-"^
$20,000,000
increase
V"*'
in
value
the
of
United
total
States imports in April over March was largely accounted
for by the gain of $16,000,000 in general imports from Latin
America.
The value of total imports from Latin America"
in
April, 1941 was $101,000,000 as compared with $55,000,000
April, 1940.
The value of goods imported from the
United Kingdom also increased during April, 1941, although
in
the
value
of
imports from British Empire countries
as
a
whole declined moderately.
The value of exports to the British Empire increased from
$216,000,000 in March to $246,000,000 in April. In addition
to the substantial gain recorded for exports to the United
Kingdom during April, shipments to Canada advanced about
$2,000,000, to $70,000,000, while those to New Zealand in¬
creased from $2,000,000 in March to $3,700,000. Among other
British Empire countries, the value of shipments to Aus¬
tralia "and
British
India,
smaller in April than in
and
British
West
Africa
were
March.
Imports from the British Empire in April, at $116,000,000, declined about $5,500,000 as compared with March, but
with this exception were the highest of the war period.
The
decline was primarily the result of a drop in the value of
British Malaya from $35,000,000 to $27,000,of crude rubber imported from
area followed heavy importations of the
first quarter.
Imports from other leading British countries
increased in April
over
March as follows:
Canada by,
$1,500,000 to a value of $39,400,000; Australia, by $2,000,000
to $15,700,000; and the United Kingdom by $2,500,000 to over
$15,000,000. Each of these monthly totals is comparatively
imports from
The smaller amounts
000.
Total United States.
April shipments to the United
March.
Kingdom of $128,000,000, a 20-year record, were $32,000,000,
The
15.2% Over Year Ago
Electric Institute,
estimated
port,
•States exports over
■vv.-;,;■ >V■;'/,
v-.;
■
Electric Output for Week Ended June 21, 1941, Shows
was
United Kingdom during April
Increases in exports to the
largely accounted for the gain of $28,000,000 in total United
export
110.2
All groups combined
1940, 74.6.
over
Foreign Trade with Geographic Areas
Leading Countries in April, 1941
-99.5
.3
*
available back to 1919.
States
and
112.4
Textiles
United
103.5
Miscellaneous commodities..
8.2
10.8
Centers for which bank debits figures are
82.4
128.5
*
68.1
106.0
133.4
products...
Cotton
127.7
108.1
Cottonseed oil.........
23.0
104.3
118.2
Foods...
3,589
974
..........
Far Eastern
that
large.
Jan.
4
11..
Jan.
18
Jan.
25
Feb.
1.
Feb.
8
Feb.
mm
15
mm
mm
m
m
Feb. 22
Mar.
1
Mar.
8-
mm
Mar. 15
mm
Mar. 22—
mm
Mar. 29
mm
Apr.
5
mm
Apr.
12
mm
Apr.
19
mm
Apr. 26
May
3
May 10
May 17
mm
mm
mm
mm
May 24
May 31
June
mm
+ 10.7
2,688,380
+ 11.0
2,995,562
2,673,823
+12.0
2.979,610
2,977,601
2,972,566
2,958,855
2.967,576
2,982,203
2,986,470
2,964,817
2,963.579
2,956,149
2,937,585
2,882,319
2,873,710
2,660,962
2,632,655
2,016,111
2,664,670
2,540,816
2,568,328
2,553,109
2,550,000
2,508,321
2,524,066
2,493,690
2,529,908
2,528.868
+ 12.0
2,926,445
2,499,060
2,503,899
2,515,515
+ 16.4
+ 18.3
2,650,071
+ 17.0
2,588,821
2,477,689
2,598,812
2,664,853
2,653,788
2,659,825
2,425,229
2,651,626
2,681,071
+ 16.3
2,914,882
2,975,024
2,982,715
3.011,754
2,924,460
mm
7
June 14
3,042,128
3,066,047
3,055,841
mm
June 21
mm
mm
5
mm
July 12
July 19
July 26
Aug.
2,558,180
mm
June 28
July
2,831.052
2.985.304
...
Jan.
mm
mm
+ 16.4
2,297,117
+ 16.5
2,269,061
+ 10.1
+ 13.1
+17.1
2,293,582
2,285,175
2,275,658
2,258,221
2,272,424
+ 17.8
2,243,986
+ 13.9
2,234,908
2.265,216
2.244,039
2,224,723
2,238,826
2,234,592
2,277,749
+ 17.0
+ 10.3
+ 18.1
+ 13.6
+ 17.1
2,186,394
2,328,756
2,340,571
2,362.436
+ 18.0
+ 17.1
+ 15.1
+ 15.2
2,395,857
2,145,033
2,402,893
2,377,902
2,426,631
2,399,805
2,760,935
2,762,240
mm
2....--
+ 13.6
2,238,719
2,329,057
2,342,328
2,340,339
2,327,192
2,314,859
--
2,142,112
2,163,915
2,156.468
2,139,311
2,130,558
2,097,789
2,112,046
2,071,639
2,077,334
2,054,861
2,066,663
2,027,433
2,036,671
2,050,101
2,016,227
2,010,121
1,995,665
1,992,161
2,019,065
2,023,830
2,030,754
1,936,597
2,056,509
2,051,006
2,082,232
2,074,014
1,937,486
2,154,099
2,152,779
2,159,667
2,193,750
2,278,249
2,277,509
2,286,494
2,236,074
2,225,681
2,238,281
2,242,433
2,225,539
2,237,729
2,251,888
2,251,111
2,237,926
2,183,704
Imports from the United Kingdom have exceeded $15,000,in only four months during the past three years—in
May* and in December, 1939, and June and July, 1940.
000
Among commodities imported, the value of fibers and textile
manufactures advanced to nearly $5,000,000 in both March
and April, 1941, after fluctuating between $2,500,000 and
$4,000,000 during the seven months immediately preceding.
In April, imports from the United Kingdom of undressed
furs, whisky, cut diamonds, and tin showed substantial in¬
March totals.
2,218,798
2,218,615
2,229,866
2,237,542
creases over
2,225,194
2.242,421
2,249,305
2,251,995
2,176,399
2,266,769
2,260,771
2,287,420
2,285,362
2,139,281
2,358,438
2,321,631
2.312,104
2,341,103
chandise at $101,400,000 were
In
the trade with Latin
$75,000,000,
mately
America, April exports
slight
a
gain
from
Latin
Latin
from
In
that
to
Latin
In recent months imports of merchandise
increased
the result
with
valued at approxi¬
while
more
that the
substantially
than
exports
merchandise
$69,000,000.
net
purchases of
import
merchandise,
imports
of
gold
and silver
America, primarily newly mined metal,
amounted to approxi¬
mately $37,000,000 in the first four months of 1941.
In view of the war's
interference
with
Latin
America's large
markets in Europe, these net
purchases of merchandise and money metals by the United States take on
added significance
in the balance of payments of Latin America.
The April merchandise imports from Latin America represent the
value
aggregate
Bank
Debits
for
Week
Above
Bank debits
as
Ended
a
Year
June
044,000,000,
or
1941,
25.6%
Ago
$11,494,000,000.
Total
13 weeks ended June 18 amounted to $131,-
19% above the total reported for the corre¬
sponding period a year ago.
there was an increase of
At banks in New York City
13% compared with the correspond¬
ing period a year ago, and at the other reporting centers
there was an incease of 23%.
These figures are as reported
on
June
Reserve
23,1941, by the Board of Governors of the Federal
System.
during
of
Latin
American
month since April,
any
goods
received
in
the
United
largest
States
1929, while the export value in April
was
the largest for any month of the war-period, except December, 1939.
Exports
reported by banks in leading centers for
ther week ended June 18 aggregated
debits during the
18,
to
balance of
during the first four months of 1940 reached
area
addition
from
have
America
America,
were
March,
imports of mer¬
19% larger than in March and nearly double
the value in April of last year.
over
in
April
with
to
as
and
imports
from
pre-war
periods.
the
continent
of
Europe showed a gain
compared with March, but both continued small in comparison
shipments in
mained
negligible.
Sweden
and
The
Finland
were
U.S.S.R.,
Trade with
Greece,
Axis-controlled
areas
re¬
Spain,
Portugal, Switzerland,
the principal destinations of shipments to Eu¬
these countries also constituting sources for imports.
Exports to the U.S.S.R., valued at $5,200,000 were 31%, while imports
from that country at $2,750,000 were 14% of the trade with continental
rope,
Europe in April.
The
laTge
value
.
of
$5,000,000 reported for imports from Norway in
April represented whale oil entered into bonded Custom warehouses.
This
oil arrived in the United States
for Customs
purposes
during 1940, but
until April, 1941.
was
not formally entered
Belgian
continued to arrive
diamonds
cut
various
from
the country of
origin.
per
$8,400,000 from $10,000,000 in March
and $15,300,000 in April of last year.
Imports from Japan were up by
$500,000 in April to a total of $11,000,000.
decreased
to Japan
Exports
to
and
and
$8,000,000 respectively.
Both of these figures showed a gain over
but only in the case of imports did the cumulative four months
total
1941
for
1940.
advance
higher than
Following
;■/,
;;/;;f'
'
■
covering
tabulations
complete
months of March and April :
the
are
four months of
the corresponding
in
^
/:,
the
the observance of Good Friday in certain States where
located.
>'
*'
Comparisons with April of 1940 indicate the more pronounced effect of
the defense program on earnings and hours in the durable than in the non¬
these
IMPORTS
EXPORTS
Mar.,
April,
Mar.,
April,
1941
11
April,
1941
1940
1941
1941
Europe..———————.——— 139,375 113,233 145,964
Northern North America.......
54,912 69,898 72,137
Southern North America
25,248 37,200 38,226
South America................
36.231
37,029
Asia..
47,753
5,477
13,041
57,181
7,572
35,121
......................
Africa........................
Total
...................
35,794
38,594
33,948
40,189
39,787
51,240
61,597
81,156
16,681
12,345
74,670
3,213
01,980
8,041
8,337
28,354
11,593
14,323
12,624
13,625
3,886
585
576
769
1,834
596
884
721
560
15,718
15,683
1,807
3,152
2,639
10,360
11,992
10,505
7,196
13,295
15,044
309
767
594
657
710
710
4,153
1,329
54,149
10,868
9,155
6,814
8,925
6,117
3,131
68,016
3,574
70,813
23,303
......................
139
101
103
3,078
5,690
4,403
34,849
37,836
2,128
7,917
4,956
4,860
4,107
9,477
5,922
29,888
2,005
6,792
3,907
3,725
807
1,029
9,054
1,700
967
423
10,842
11,811
1,213
1,792
426
1,009
565
—
... ....——
British India..................
British Malaya-.......——....
Canada—.—————.,
—
——
Colombia......
Costa Rica
Cuba
—
Curacao (Netherlands W. Indies)
Dominican Republic.—
Ecuador—
Egypt
6,892
4,407
7,965
4,816
1,091
14,843
2,692
1,031
19,967
3,292
583
565
646
585
266
557
714
2,054
11,312
7,638
1,119
1,480
1,609
505
697
801
380
....
438
455
791
668
1,184
1,514
1,329
1,288
1,089
405
385
17
634
4,220
672
226
323
2,420
296
288
810
Gold Coast......
Greece.
Guatemala...—..
4,676
1,428
2,038
671
——
Honduras.—**.—
Hongkong....................
As a result of these increases, weekly
durable goods industries of $33.49 were 17.9% above
April, 1940, compared to weekly earnings of $23.57 in non-durable goods,
Kwantung
Mexico.
Netherlands.....——..—......
Netherlands Indies——————
Newfoundland and Labrador....
New Zealand———.——.
746
754
708
666
the non-manufacturing industries surveyed the bituminous coal
a reduction in average hours between March and April
of 23.5%, as a result of the stoppage of operations pending wage negotia¬
tions.
Weekly earnings in the bituminous coal industry showed a decline
Among
Panama, Republic of
Panama Canal Zone............
......
251
188
196
947
868
480
522
566
249
967
523
450
375
37
231
408
347
4,953
20
18
9,233
15,277
1,031
6,623
4,616
®
775
o
795
525
10,112
8,419
8,760
10,488
11,020
187
235
110
272
295
11,745
13,193
0,652
1,384
14,848
26
128
14,494
14,504
a
4,136
756
a
7,955
1,252
3,738
7,722
1,149
1,967
1,549
420
a
693
324
815
966
5,045
393
1,540
4,516
2,216
■
749
930
9,237
844
a
1,178
5,127
1,936
9,764
1,607
1,974
2,700
1,823
8,384
8,930
421
373
54
19
18
1,091
1,884
9,487
1,419
7,440
1,415
6,657
a
554
1,200
1,886
2,670
1,496
947
1,722
1,276
708
1,988
2,934
276
2,591
157
727
Switzerland............
;*—
3,745
1,419
521
2,531
2,331
3,416
.....
580
389
727
56
195
428
1.417
1,160
899
143
558
2,378
2,422
2,595
12,674
1,774
4,277
4,878
12,583
817
4,944
2,994
4,705
1,023
3,628
2,748
15,050
4,572
3,620
...
Union of Soviet Soo. Republics..
United Kingdom.......
Uruguay
1,482
7,503
6,081
53,341
15,759 10,030
4,237
5,186
95,509 127,623
1,263
1,207
4,335
4,993
753
—
Venezuela......—*.—.
....
Quarrying and non-metallic mining showed an
increase in weekly earn¬
ings of 14.2% over the year, while in the crude petroleum producing
try
rise of 1.2% was shown during this period.
a
indus¬
Street railways- and
reported increases over the year in weekly earnings of 4.0%, while
buses
and power companies showed a gain of 2.3% and telephone
telegraph companies an increase of 1.2%.
■
7-?
'
Average weekly earnings in wholesale trade amounted to $31.37 in
electric light
and
April,
The
Retail trade establishments showed
gain of 3.8% over the year.
a
weekly earnings of $21.55, or 2.0% above the level of a year ago.
average
greatest proportionate gains in the retail field occurred in
5,405
(6.6%)
(9.0%) and furniture
motive
Further
and
the auto¬
groups.
Increases Reported in Factory Employment
Payrolls in Pennsylvania and Delaware During
May
'
A:;V-v-"
-N';; /
.V''."
Employment in Pennsylvania factories increased 2% fur¬
ther in May to approximately 1,080,000 workers, and wage
disbursements advanced an additional 5% to about $32,000,000
Bank
a
of
week, according to reports to the Federal Reserve
Philadelphia received from 2,419 establishments.
The number
volume of
employed
wage
Gains in
war.
was
the largest since 1923, and the
payments was the greatest since the last
virtually all lines continued to exceed sea¬
sonal
expectations by a wide margin; the production of
defense materials expanded sharply further.
Factory work¬
ing time increased 4% from April to May, continuing the
and
over a year
ago were
In¬
23% for employment and 51%
44%, respectively, for payrolls and working time.
The
Reserve Bank's announcement further stated:
the
In
heavy industries,
69% above
5%
a
in May to a level
Payrolls in consumers' goods lines also increased
year ago.
in the month,
steel and
including those producing iron and
transportation equipment, wage payments increased 5%
and
were
25% above
the
level of
Substantial
1940.
improvement was reported by textile mills, where activity usually declines
in
Less than $500.
a
between March and April.
lower in April than in
38.1%
declined
earnings in that industry were 40.9%
March and 29.5% below the April, 1940, level.
169
683
......
hours
average
Weekly
222
Turkey
and
creases
———i—
Union of South Afrlea
the month and 12.7% over the year.
In anthracite mining
widespread part-time employ-
over
material decrease in production resulted in
men,t,
steep upward trend which began in the spring of 1940.
Spain......
Sweden.......................
Thailand (Slam)......
Trinidad and Tobago
29.1%
of
8,422
931
*
showed
industry
703
2,414
...................
Peru.....
Philippine Islands—
Portugal—
916
608
577
i—
increase of 10.5% over the year.
an
365
2,632
(Persia)——*...
Italy
Japan
2,335
5,622
550
Iraq..........................
Ireland......———————
rise of 5.9%.
890
1,689
—...—
rise of 8.7 over the year, compared with 38.4 in non¬
a
a
the
in
earnings
1,227
a
217
...
goods camp ond average hours amounted to 41.5 per week
goods,
goods,
durable
914
1,048
1,003
1,330
1,067
1,662
35
Germany, Czechoslovakia, Poland
durable
in
43
363
45,985
1,022
France.....———
.
10,848
761
——
French Indochina
.
1,585
558
Finland———
Norway.
6,431
39,357
654
.
...——
5,036
a
1,768
.......
—
El Salvador
5,526
6,913
—
5,858
4,557
6,400
British East Africa...
China
goods industries.
Hourly earnings in durable goods advanced 8.2%
1940, to April, 1941, as compared with a gain of 3.9% for
April,
from
the non-durable
27,271
....
8,326
3,882
4,228
.....
Iran
36,681
67,756
26,099
322,938 357,233 385,454 212,352 267,784 287,550
,— .............
Ceylon.
Chile
40,806
30,581
25,993
29,048
2,202
Argentina.............
Australia.....
Belgium...
Belgian Congo..-.-..—...Bolivia....—...—...
Brazil.
plants are
durable
Geographic Division
Oceania.
Screw machine products 46.6 hours;
foundry and machine shops, 44.8 hours; electrical
machinery, 44.1 hours; brass, bronze and copper products, 43.8 hours;
abrasives, 43.6 hours; ammunition, 43.3 hours^f shipbuilding, 42.7 hours;
aluminum, 41.7 hours; explosives, 41.0 hours; blast furnaces, 39.8 hours,
and smelting and refining—copper, lead and zinc—39.1 hours.
Average
hours in the engines, water wheels and windmills industry (43.1) showed
a
substantial decline (6.3% over the month and 0.1% over the year)
hours;
45.4
mainly because of
Thousands of Dollars (000 Omitted)
and Country
hours
operated at the following levels:
aircraft,
March,
above
week per wage earner—firearms 51.9 hours, machine tools 61.1 hours,
machine tool accessories 51.0 hours.
Other important defense indus¬
tries
China in April were valued at $9,500,000
Exports to and imports from
June 28, 1941
averaged $29.10, or 0.5% higher than in March and 15.8%
April, 1940.
•
'
Three prominent defense industries maintained operations above 50
parts of the
world, hut in accordance with usual practice are credited in the statistics
to
Chronicle
The Commercial & Financial
4036
May.
; v.V
•'.-'7^'
Earnings of factory workers in Pennsylvania advanced for the seventh
a new peak of 79 %e. an hour, as against 78c. in April,
successive month to
and
Hourly and Weekly Earnings of Wage Earners in Manu¬
facturing Industries Reached New Record High
Levels in April, According to Secretary of Labor
of
New record high levels were reached in April for hourly
Secretary of Labor Frances Perkins reported on
June 14.
"The gain in earnings from March to April was
primarily the result of wage increases," she said. "More
workers were affected by general wage-rate increases than
during any month since April, 1937.
These increases aver¬
aged 9.6% and affected more than 800,000 wage earners in
1,222 manufacturing establishments out of a reporting
sample of 33,850 plants employing nearly 7,000,000 workers.
In the blast furnaces, steel works, and rolling mills indus¬
try more than 400,000 workers received wage increases aver¬
aging 11.3%.
This accounted for the 9.2% increase in
dustries,
hourly earnings reported for that industry."
Sec¬
retary Perkins further stated:
industries
Other
in
which
the
reported
wage
stantial numbers of workers were cotton goods
and
and
worsted
goods
(20,300),
increases
affected
sub¬
(70,500), aircraft (22,000),
electrical
machinery (19,200), silk
goods (18,800), petroleum refining (15,900), foundry and
products
(14,800), shipbuilding (11,300), and pottery
rayon
machine
shop
(10,500).
Sixty-seven
to
40.0
of
1940.
in
the
90 industries
showed
Average hours worked
April,
a
per
higher hourly earnings than
wage
decrease of 1.1%, but
were
earner
declined
from
in
40.4
7.6% higher than in the
corresponding month of last year.
Significant decreases in hours from
March to April occurred in automobiles
(a result of negotiations over
wages and union
holiday).
in
May,
1940.
a
Working time increased
week, and
from
an
average
the highest since early
was
week above
a
year ago.
7.;7
■
1937.
=
Bank said:
■
In Delaware factories
than in April and
7
v."' -;H-v
the volume of employment in May
30% greater than
was
4% larger
Wage payments increased
9% to a level 54% above 1940.
The most pronounced increases
actvity last month were at establishments producing foods and tobacco,
a year ago.
nearly
in
building materials, and metal products.
Illinois Industrial
Employment and Payrolls Increased
April to May
from
Reports from 6,346 Illinois manufacturing and non-manu¬
establishments show increases of 4.0% in the
facturing
number of wage earners and
from April
7.1% in total
wage payments
to May, 1941, it was announced on June 20 by
the Illinois Department of Labor.
These percentage
are based
on
reports covering a sample group of
wage
earners
for
May.
The
changes
727,614
Department's announcement
further said:
The
employment and payroll gains,
single month,
resumption
of
which
are
exceptionally large for
a
due to three factors—an increase in industrial activity,
work in coal mines, and the large volume of wage rates
were
from April to May.
Approximately two-thirds of the increase in
employment may be attributed to increased industrial activity, while the
other third was caused by the return of coal miners to work in
May.
increases
Average hourly earnings in manufacturing industries advanced to 70.8c.,
representing a gain of 1.7% over March and 7.0% over Aprli, 1940.
April,
72c.
nearly 41 hours
Regarding conditions in Delaware factories the Reserve
and weekly earnings of wage earners in manufacturing in¬
woolen
to
Average weekly wages increased to a new high of $32.33, or more than $0
a
Perkins
average
about
40
recognition) and aero-engines (observance of Good Friday
earnings of both full- and part-time wage earners
Weekly
Approximately three-fifths of the increase in payrolls may be attributed to
increased industrial activity, with the remainder due to
resumption of
production by coal mines and the large volume of wage rate increases.
Very little of the increase in
industrial activity during the month is
Average April to May changes in employ¬
all-reporting industries for the previous 18-year
believed due to seasonal factors.
ment
period
and
payrolls
(1923-1940)
for
were
an
average
decline of 0.1% for employment and
an
payrolls
recorded in nine of the 18 years, and
were
respectively
147.3,
22.2%
was
to date was 13% above
of 1940; shipments were 15% above the shipments,
22% above the orders of the 1940 period.
For the
to date, new business was 11% above production, and
corresponding weeks
indexes of employment and
The all-industry
ment
payrolls for May were 122.2
(1935-39 equals 100).
In other words,
and payrolls were 47.3% higher than
higher
employ¬
average
months in the years 1935 through 1939.
The May, 1941, indexes of employment and payrolls for all-reporting indus¬
tries were 18.9% and 33.7% higher, respectively,
than the indexes for
May, 1940; were 26.8% and 47.0% higher than the indexes for May, 1939,
and
were
8.1% and 21.3% higher, respectively, than the indexes for
May, 1937.
■,
V
- V' !
\z'
and
orders
new
of
weeks
24
were
1941
shipments were 6% above
employment and payrolls for the 60
i-v,".
S:--'\l
from an index number of
178 in April (1935-39 equals 100) to 185 in May.
The May index was 4%
higher than in April and 59% higher than in May, 1940.
Shipments of
both
durable and non-durable goods
increased.
Shipments of durable
shipments
manufacturers'
of
were
goods
were
of
reached a new high record.
metal shipments declined slightly from an all-time high record
Shipments of clothing and housefurnishings declined rather
Non-ferrous
in
the index of which
and steel products,
iron
April.
sharply.
Orders
New
of
value
The
orders
new
industries included in the
the 17
in
year
ago-;
gross
stocks were
for the current week
the
for
and
,
Softwoods and Hardwoods
'
,
ended June 14, 1941, for the previous week
week
corresponding
feet:.
board
of
:;'.V
the
100)
equals
(1935-39
for
level
to
Board's
1941
1941
1941
1940
Previous
Week
Week
Week
Week
(Revised)
452
91
375
Mills
100%
11,748
242,209
246,397
99.9
12,363
100%
105
253,154
241,261
253,624
226,463
290,838
12,748
109
303,586
219,829
251,419
269,901
i
_
.
120
Weekly Statistics of Paperboard Industry
give herewith latest figures received by us from the
We
National Paperboard
Association, Chicago, 111., in relation
activity in the paperboard industry.
The members of this Association represent 83% of the
to
total industry, and its program includes a statement
week from each member of the orders and production,
rose
REPORTS—ORDERS,
STATISTICAL
MILL
PRODUCTION,
of
advance
8%
during
Orders
Tons
Remaining
;
Tons
Tons
1940—Month
Current
Cumulative
of—
579,739
February
March
-—
„
June
August
September
—
October
1941—Month
70
70
70
247,644
236,693
196,037
76
72
79
73
72
73
487,127
162,653
74
73
470,228
163,769
184,002
161,985
72
73
509,945
479,099
544,221
452,613
468,870
670,473
488,990
464,537
71
69
687,339
508,005
July
71
70
129,466
193,411
624,184
509,781
520,907
682,490
72
137,631
449,221
456,942
429,334
April
167,240
453,518
528,155
420,639
January
May
Percent of Activity
Production
Orders
Received
Period
to 512,
+
79
73
77
73
151,729
648,611
71
73
75
of—
from the end of April
2.4%
rose
*:v'
:v:!
Invenfories
inventories
of
value
The
Stocks held
May.
upward
trend
and
March
These
April.
are
now
20%
higher than the 1939 low point
the 1937 high.
month-to-month gains
(registered in March), but are still slightly below
Among
individual
inventories
industries,
reported
were
the
greatest
clothing,
the
for
equipment
electrical
in
and
Other major groups reporting
gains were boots and shoes, building equipment, chemicals, iron and steel,
rubber, housefurnishings and metal products.
Lower inventories were
reported in the non-ferrous metals, paper and paper products, and textileindustries.
Stocks in the hands of railroad equipment producers showed
machinery and machine tool manufacturers.
little
change.
The
f
y v
.
.
following table gives the Conference
inventories,
manufacturers'
shipments,
new
629,863
202,417
648,579
571.050
261,650
726,460
447,525
656,437
662,323
488,993
155,262
154,001
168,701
141,176
138,165
143,748
141,874
147,263
261,650
82
i!/-S
Board's indexes of the value of
orders and unfilled orders for
.
84
January
February
March*...
81
■
mm''.
82
337,022
-
•
■'mm
83
mm
Week Ended—
to the end
by the durable goods manufacturers continued the
which has been reported in every month except one since
June, 1939.
Durable goods inventories are now more than 50% above the
1939 low, and are 14% above the 1937 peak.
Inventories in the hands
of manufacturers of non-durable goods also advanced, after receding during
of
673,446
608,521
652,128
857,732
May
and of 263% since May, 1940.
17 industries included in the index.
month
the
Backlogs increased in every one of the
ACTIVITY
Unfilled
April
an
and
figure which indicates the activity of the mill
a
December
(1935-39 equals 100)
each
based
on the time operated.
These figures are advanced to equal
100%, so that they represent the total industry.
also
of the
Unfilled Orders
of unfilled orders
index
Board's
466
241,406
.
November
The
4^9
Shipments
Production
war.
:
Softwoods and Hardwoods
1941
times
\
Among the industries commonly associated with defense work the only
decline registered was for the iron and steel group, where orders were
the lowest in several months.
Even with this decline steel orders were
considerably above deliveries, with the result that a sharp increase occurred
in the industry's backlog.
Other industries reporting a decline in new
business, after adjustment for usual seasonal changes, were clothing, office
equipment and housefurnishings.
New business in these industries, although
lower than in April, was also in excess of ability to deliver.
European
thousand
Week
April to May, bringing the adjusted index
247, an increase of 90% over the figure^ for
New orders are now more than two and one-quarter
August, 1939, the last month prior to the outbreak
1940.
in
-"•
Hardwoods
Softwoods
follows,
ago
year
a
compilation advanced 2% from
May,
June 14, 1941,
on
rose
74% higher than in May, 1940, and shipments of non-durable
43% higher.-,-'■/ 'v-:'••?'' '
From April to May the greatest increase was in the automotive equip¬
ment and textile industries.
There was a fairly large gain in shipments
goods
42%
Unfilled orders were 85% greater than a
15% less,
V;
compared with 20% a year ago.
Orders
'■+'
Shipments
v
value
Comparisons
to gross stocks was
ratio of unfilled orders
The
Record
Manufacturers' Shipments,
New
Orders,
Backlogs and Inventories Higher
•in May / y.j-/
'V/;^
+
V'
That manufactured goods are continuing to come through
in increasing volume is shown by the Conference Board's
index of shipments, which advanced seven points to a new
high record in May.
The Board's indexes of new orders,
backlogs and inventories also advanced.
The Board's an¬
nouncement, issued June 20, further said:
production.
Supply and Demand
♦
Conference Board Reports
The
Comparisons
Year-to-Date
for the 24 weeks of 1941
Reported production
declines in both
series for seven years.
and
4037
Financial Chronicle
Increases in both employment
increase of 0.3% for payrolls.
average
and
The Commercial &
152
Volume
1941—
Mar.
1
Mar.
8
Mar. 15
-
Mar. 22
167,430
Mar. 29.
161,996
183,264
181,778
134,853
166,338
147,582
5
Apr. 12....
Apr. 19
Apr. 26
...
146,578
80
78
300,378
322,605
337,022
368,304
393,732
415,485
431,859
447,525
150,259
160,769
Apr.
77
277,115
82
78
82
78
84
79
83
79
85
80
78
80
84
80
83
80
3
165,583
147,188
May lO.—,,—
170,436
161,295
168,875
155,831
156,188
158,821
168,561
148,381
466,064
84
149,884
472,782
489,915
488,993
500,252
504,786
518,755
84
May
May 17
May 24...
...
May 31...
7.....
—
June
June 14
June 21
152,410
151,648
144,481
156,439
153,364
.';+••
85
,
80
80
:
81
84
81
84
81
88
81
88
82
week plus orders received, less production, do
not necessarily equal the unfilled orders at the close.
Compensation for delinquent
reports, orders made for or filled from stock, and other Items made necessary adjust¬
Note—Unfilled orders of the prior
ments of
unfilled orders.
^
corresponding month of 1940,
together with percentage changes.
These indexes, all based on the 1935-39
monthly average as 100, are adjusted for seasonal change:
May, for the preceding month, and for the
INDEXES OF
INVENTORIES,
SHIPMENTS
AND ORDERS,
MAY,
1941
Brazil Regulates
Cable advices from Rio
York "Times" reported
the following:
1935-39=100
President Getulio
Percent. Change from
May,
1941
Apr it.
1941
1940
April, 1941 May,
1941 May,
1941
allow them to purchase
+2.4
+ 17.4
crop to
146.8
120.4
+2.8
+ 25.3
114.1
+ 2.0
+ 5.2
178.0
116.0
+4.0
+ 59.0
Durable goods
150.9
Non-durable goods
120.0
185.0
While this protection
119.0
+4.0
+ 74.0
the prices
153.0
112.0
+ 5.0
+43.0
also assumes the right to
241.0
130.0
+ 2.0
+90.0
Unfilled orders
512.0
472.0
141.0
+ 8.0
+ 263.0
that speculators are
,
Week Ended June 14, 1941
Lumber production during the week ended June 14, 1941,
was 3% greater than in the previous week; Shipments were
0.8% greater; new business 12% greater, according to re¬
ports to the National Lumber Manufacturers Association
from
regional associations covering the operations of repre¬
hardwood and softwood mills.
Shipments were
sentative
0.2% above production; new orders 20% above production.
Compared with the corresponding week of 1940, production
was 5% greater, shipments 12% greater, and new business
38% greater.
The industry stood at 120% of the average of
production in the corresponding week of 1935-39 and 129%
1935-39 shipments in the same week. The Asso¬
of average
ciation further reported:
manufactured in Brazil.
The government
if it is proved
regulate prices for domestic use
authorized the National Economy
regulate profits.
Report of Lumber Movement
also authorized to regulate
"working" the market.
Today's decree also
to
.
of rubber products
199.0
160.0
247.0
207.0
The balance of the crop
their entire needs.
lasts the government is
New orders...
Durable goods
stock at
will be released by export.
117.7
134.5
Non-durable goods
signed a decree regulating the raw
rubber buyers who purchased
depleted the market and placed local rubber manufac¬
turers at a disadvantage, it was stated in explanation.
The Vargas' decree stated that until the market becomes normal local
manufacturers would receive a two days' option on the new raw rubber
117.3
137.7
Shipments
1940
to
to
May,
Inventories
raw
fancy prices had
May,
(Revised)
D. Vargas today
Foreign
market.
rubber
Rubber Market
de Janeiro, June 20, to the New
Automobile Financing in
The dollar volume of
Defense Council
-'j^'
.
April
retail financing for April, 1941, for
organizations amounted to $236,800,153, an increase of
16.8% as compared with March, 1941; an increase of 43.3%
compared with April, 1940, and an increase of 94.2% as
400
as
compared
with
April,
1939.
The volume of wholesale
financing for April, 1941, amounted to
crease of 10.1% compared with March,
$243,103,334, a de¬
1941; an increase of
compared with April, 1940, and an increase of
compared with April, 1939.
The volume of retail automobile receivables outstanding
at the end of April, 1941, as reported by 214 organizations,
amounted to $1,340,696,165.
These 214 organizations
12.1%
56.1%
as
as
The Commercial & Financial Chronicle
4038
accounted for 95.1% of the total volume of retail
financing,
$236,800,153, reported for that month by the 400 organiza¬
tions.
,;;
.
v
■
Figures of automobile financing for the month of March,
1941, were published in the May 17, 1941 issue of the
"Chronicle," page 3099.
The following tabulations on automobile financing for
400 organizations for April, 1941, were released on June 26,
1941, by Director J. C. Capt, Bureau of the Census, Depart¬
ment of
Commerce.
about
from
the
a
show
and to again
With
be
'7
date and
to
Month
v
in
New Cars
Volume
Thousand
Volume
Volume
Number
in
Number
in
Number
of
of
Thou¬
of
Thou¬
Cars
sand
Cars
sand
Cars
sand
Dollars
Dollars
vote
323,220
346,450
434,723
8507,929
230,870
248,288
_
March
270,486
April
243,103
147,186
202,792
236,800
210,632
60,448
69,162
221,356
267,932 84,423
315,179 100,330
Total 4 months
745,472
246,240
264,028
337,337
388,381
105,270
89,313
59,160
156,927
14
price
110,371
92,024
60,395
172,004
143,482
127,607
83.053
209,670
165,304
148,884
96,272
239,497
49,975
60,428
69,032
February
187,466
March
212,330
210,817
805,798 1,235,980
mills
<
■■
■■
by
/
,v\"
an
and by
/
>
lc. during the past month.
in the 10 markets averaged
During
years.
the
first
7,900,000 bales,
totaled
of
reduction
a
the
in
early
consideration
June
and
72,000
of
bales,
reduction
in
following
cloth
cotton
future.
near
10
13.75c., the
months
20% gain
a
consumption
Activity
slowing
a
establishment
Manufacturers'
a
of
this
over
last
of
in
which
up
ceiling
a
margins
some
the
of
market
was
accompanied
combed
over
May
in
the cloth
in
gained
lc.
cotton
the
yarn
April.
during May make the 10-month total 976,000
84% from last season's level.
Little improvement
over
bales
524,435
457,888 298.881
Petroleum
Seek
778,098 225,553
January
138,899
200,239
81,751
67,312
42,573
138,927
February
128,377
209,512
81,914
66,304
42,157
143,148
168,512
155,736
299,439
300,365
120,906
121,918
105,894
109,065
67,200
193,545
190,701
69,086
and Its Products—Railroads
Oppose Cole
Surprise Move—Gillette Hearings Deferred—
In
62,833
349,234 221,017
a
Cole
666,321 185,474
Of this number, 37.8% were new cars, 01.7% were used cars and 0.3% unclassi¬
fied.
a
Executives
Oil
be
bill,
from
Government—
Men
Asked—July
1940—-Daily Average
Crude
Crude
in view of previous declarations that
move
would
pipe-line
railroads
Oil
Texas
6% Above
Climbs
surprise
obstacle
no
400,492
for
Output
Total 4 months
581,524 1,015,555
Ban
to
Demand
39,178
39,757
53,705
of
expected in domestic exports in the months immediately ahead.
Relief
_
four
over
force
may
in
resumed
1939—
ended April.
Cotton
.
consumption
Bill in
—
decline in the
May consumption, which totaled 919,000 bales,
Southeastern
Total 4 months
March
a
influenced
was slightly below
April record, but the seasonally adjusted index of cotton consumption
established a new high of 164 compared with 150 in
April.
A power
is
189,184
April
Following
advanced,
since
advance of slightly more than
in
cotton
have
46,117
597,223 425,112 1,015,099 320,360
1940—
January
ended April --
ex¬
adjustment to the higher 1941 loan rate domestic cotton
an
as
Exports
998,748 1,612,322
April
Department
the
marketing quota referendum on May 31
high winds in the Southern Great Plains States.
middling 15/16-inch
June
highest
prices.
ended April ..
sharply
the
Dollars
112,588
80,738
125,094 89,540
166,791 118,369
192,750 136,463
158,693
up
rise seasonally
the
in
On
shortage
February
was
to
close to the high for the season
were
month earlier.
a
an
season.
1941—
January
mid-June
wheat prices
May,
V
season
in
Thou¬
Dollars
expected
and cotton,
follows:
as
prices made
Cars
Unclassified
is
wheat
moderately above
part of
Largely
Used and
Total
ing
Volume
to
Domestic wheat prices in
y'y;
and
but
April to May,
sales
from
5Wheat
1
Retail Financing
Year
income
plained the situation
Wholesale
Financ¬
and
sharply compared with June, 1940.
up
destructive and
Summary for 400 Organizations
June 28, 1941
from
amount
The index of prices received in June apparently will
gain,
respect
affirmative
FINANCING
earlier.
year
another
latter
AUTOMOBILE
seasonal
usual
placed in the
way
representatives
declared before
the
of
Senate
of the proposed
the
Southeastern
Interstate
Commerce
;
subcommittee
RETAIL AUTOMOBILE RECEIVABLES OUTSTANDING END OF MONTH
AS REPORTED BY 214
IDENTICAL ORGANIZATIONS
that
1941
1940
1941
5
%
5
the
on
1,180,906,448
February—.1,208,702,083
March...—1,265,229,500
April
1,340,696,165
January
876,699,079
July...
887,096,773
918,646,709
971,940,670
September..
October....
August
pipelines proposed under the Cole bill
new
May.
1,021,533,732
...
national defense purpose and
Bringing the question of disintegration of major oil com¬
panies into the picture, the railroad spokesman declared that
enactment of the Cole bill would
Department of Agriculture Reports Demand for Farm
Products
Continues
Rise—Outlook
to
for
1941
subject which President Roosevelt two
should be given consideration and
The demand for farm products continues to be favorably
influenced by extension of the gains
of
in industrial activity
products
monthly
18.
analysis
Industrial
of
economic
production
conditions,
to
rose
in
refiners
May, is rising further in June, and is expected to continue
to follow a general upward course during the remainder of
the
The
year.
risen about
income
of
industrial
20% from the 1940
workers
has
in
the
12
next
already
average.
months
established in
1929, although
ably will not reach that peak.
will
on
a
approach
the
reached
in
exports
The Department's
early
in
poultry
increase some,
However,
Operation
increases
products,
and
in
outlook
export
the
of
specialty
some
marked increases in exports
such
of
exports
the amount depending
the
from
lend-lease
hog
on
the
low
will result
program
dairy
some
Tobacco
and
may
also
exports
transportation situation.
ocean
generally
unfavorable,
since
no
in prospect for several of the commodities—
are
■
wholesale
price index of 28 basic commodities declined moderately
10 days of April but has since reached the highest point
during the last
May, 1937, and is
since
began.
has
The broader
risen
also
outbreak
of
October,
are
war
1937.
products
under
the
but the
is
the
now
weekly
moderately
the
in
45%
higher than when the
measure
during
Europe,
(based
the
and
past
is
889
on
month,
Europe
commodities),
is
the
at
now
in
war
15%
up
highest
which
point
the
Bince
According to the weekly index, wholesale prices of farm
17% lower than at the 1937 peak, when they were
the after-effects of
the
droughts of 1934 and 1930,
prices of all commodities except farm and food products
1930.
«
index of
highest
since
Price controls
.
by the Government
extended to additional industrial
were
commodities
during the month, and other steps were taken to lessen
speculative activity in several imported commodities.
These measures, and
the
substantial
speed
conditions
level
of
continue
are
had
of
remain
wholesale
to
be
the
farm
already taken
advance
in
commodity prices
to
place, account
large part
wholesale
in
prices.
revised
prices,
but the
by
the
extent
vigor
and
with
for the
Underlying economic
definitely favorable to further advances
modified
national
rate
of
which
in
further
the
general
gains
Government
will
controls
applied.
Prices
1910-14
still
adjustment of
which
programs
reduced
received
average,
by
through substituting pipeline deliveries for the
classification.
farmers
following
the
rose
two
points
seven-point
15% lower than in January, 1937.
rise
in
of
May
to
April,
112%
but
,
now-
a
statement
on
oil
pipeline
of
they
the
were
Farm income from sales increased
Neither line
comes
within
165 miles
of
the
Atlantic
Coast, where the threatened oil shortage will pre¬
vail, and neither is planned to carry oil to the most vitally
affected North Atlantic area, he declared.
Although Mr. Stanley declared that half of the idle tank
cars
since
still
influence of
are
the con¬
pipelines "wholly necessary in the interest of
national defense," W. L. Stanley, Vice-President of the
Seaboard, and Chairman of a committee of all Southeastern
Class I railroads, told the subcommittee but the railroads
feel that neither the Port St. Joe,
Fla.-Chattanooga line,
nearly completed, or the Baton Rouge-Greensboro line,
shortly to be put under construction, come within that
level
as
The
hearings
hearings have
The Southeastern railroads never-have
opposed
announce¬
extreme
products,
crops.
remains
the
cotton, wheat and fresh fruits—which ordinarily are most dependent
export outlets.
'
on
which
The Gillette
struction of
gradually
rising
are
1941.
considerable
which Senator Gillette
on
locations next week.
ment further stated:
Agricultural
future.
Ickes indicated he would issue
record
capita basis it prob¬
per
near
a
declared
lacking tanker facilities, holds that pipelines proclaimed as
necessary for national defense by President Roosevelt shall
enjoy the right of condemnation and authorizes the Govern¬
ment to build the necessary
pipelines or to aid in their
financing by private interests.
At week-end, Coordinator
Despite increased
taxes and purchases of Government securities by the public,
the total amount of money income left in the hands of con¬
sumers
on
legislation pending
pipelines,
ago
The Cole bill, which enjoys the
sponsorship of President
Rposevelt who notified Congress that he felt that this bill
would go far toward filling the needs of the Eastern Coast
issued
record level
a
has
years
been postponed because of the death of Senator Harrison.
is
expected to continue throughout the
year, according to the United States Department of Agricul¬
ture's
Iowa,
scheduled for the
and the accompanying rise in consumer buying power, while
the upward trend in conditions affecting consumer demand
June
place the seal of Congres¬
sional approval upon oil company
ownership of
Favorable
farm
are
are
upon
1,114,626,850
1,137,469,965
1,160.050,696
December..
serve no
designed merely to tighten the hold of the big oil companies
the entire petroleum industry.
1,097,627,143
November..
1.063.638.452
will
unnecessary,
1,105,275,234
1,116,928,055
....
June.
for
the proposed legislation
1940
I
holding hearings
now
on
oil needed
tracks in the Southeast could
south of
supply all of the
Norfolk, he admitted that he had no
information
as
to the needs of that point.
In repeating
testimony given before the House subcommittee, Mr. Stanely
declared that the pipelines would seriously affect the South¬
eastern railroads after the emergency when he foresaw a
depression more severe than any this country has ever
experienced, and charged that the" oil consuming public
would receive
no
benefit from
their
construction
since oil
companies base their prices upon the cost of rail transporta¬
tion whether
or
not that method is used.
In
closing his testimony before the subcommittee, Mr.
Stanley urged that if the bill is enacted, some provision should
be made for determination whether, in fact,
projected pipe¬
for national defense and an amendment
incorporated restricting to the period of this
emergency the operation of any lines now to be built or, at
least, to prohibit their operation by any oil company.
lines
are
should
necessary
be
I
Volume
John T.
Corbett, legislative representative of the Brother¬
J. G. Luhrsen, Executive
Secretary of the Railway Labor Executives Association, also
opposed the Cole bill in their testimony which held that the
oil companies were guilty of "shady buildups" in seeking to
expand their grip upon transportation facilities.
The problem of helping Texas oil men who are placed under
operating handicaps through their cooperation with the
Government
national
in
defense
measures
was
brought to the attention of the Administration this week by
E. O. Thompson of the Texas Railroad Commission.
First,
he said, should the Government find it necessary to curtail
Texas output, funds should be made available from the
Reconstruction Finance Corporation to aid small operators
whose properties on which they have borrowed money are in
danger of foreclosure.
Another measure suggested by
Mr. Thompson was that, in view of the shortage of tankers,
the
Interstate
Commission allow
Commerce
emergency
an
gasoline to
the Eastern seaboard.
Tanker rates from the Gilf Coast
to north of Hatteras are 55 cents a barrel, against tank-car
rail rates of $2.33 a barrel for gasoline and $2.01 a barrel for
crude from Texas points to New York, he pointed out.
Legislation has been submitted in both the House and
Senate which would, in effect, tie the hands of Oil Co¬
ordinator Ickes in selecting members of industry committees
in line with his recent decision to enlist the aid of the in¬
reduction in rail
races
for movements of oil
or
dustry in coping with the problems arising out of the
defense
The bills introduced by Senator Gillette and
Representative Jones, respectively, have been referred to the
judiciary committees of the Senate and House. The bills
propose "that no officers or employee of, or adviser to, any
department, agency, independent establishment, or instru¬
mentality of the Federal Government shall perform duties
in any field in which, or similar to the field in which, such
person was previously engaged, if while so engaged and by
reason of being so engaged he or the company of which he was
an officer or director at the time, was convicted, or pleaded
nolo contendre, or had a judgment or decree entered against
him or it, in any case involving a violation of the anti-trust
emergency.
law
or
related statute of the United States."
during July
was
.
States
during July follow:
Texas
—
California
....
Oklahoma
—
Illinois
1,324,000
624,800
498,600
384,800
304,000
225,300
—_
Louisiana.
—
—
.—
Kansas
New Mexico
108,600
—
Wyoming
.
Arkansas
•.?
—
Pennsylvania.
Michigan
88,400
77,000
49,300
37,200
1,371,700
22,200
Mississippi
459,700
345,300
Montana
—
22,000
21,000
23,300
19,900
Indiana
615.300
319,700
220,400
113,000
89,300
83,000
48,000
38,000
June
July
Slate
June
July
State
19,700
16,300
...
Kentucky..
16,200
15,000
...
10,800
—
New York..
West Virginia
Ohio
4,200
11,000
11,000
5,000
4,300
3,830,000
10,800
5,100
Colorado
Nebraska
14,000
3,847,100
—
...
Total
July proration orders issued by the Texas Railroad Com¬
mission left the June well allowables unchanged but increased
from 9 to 11 the number of shutdown days for July which set
daily allowable of 1,347,926 brrrels for the month.
barrels above the Bureau of Mines estimate for
the State but on the average of 3.5% under-production,
"a
new
This is 23,926
actual
July production is estimated at about 24,000 barrels
The Louisiana allow¬
July
was
barrels, against a June
and actual demand in July last
set at 303,397
allowable of 319,700 barrels
of 278,900 barrels. The July allowable for Arkansas
was set at 73,382 barrels, against 73,612 barrels in June.
For the first time in weeks, the nation's daily average
crude oil flow was above the Bureau of Mines June estimate
during the June 21 period.
The American Pe.roleum In¬
stitute reported a gain of 34,850 barrels, which lifted the
net for the nation to 3,857,600 barrels, against the Bureau's
recommended figure of 3,830,000 barrels.
Sharpest ex¬
pansion was shown in Texas, up 16,200 barrels, with Kansas,
California, Louisiana, Arkansas and Oklahoma also showing
higher totals. Stocks of domestic and foreign crude oil were
off 492,000 barrels during the June 14 week, dropping to
260,464,000 barrels, the Bureau of Mines reported.
Stocks
of American crude dipped 490,000 barrels.
Governor Sam Jones, of Louisiana this week was the last
from
Gulf
the
Coast
the
to
United States Bureau of Mines forecast
to
sign the agreement extending the life of the
Commission an additional 2 years
expiration date of Sept. 1, next. Other Governors
who already had signed included those of Oklahoma, Texas,
Colorado, New Mexico, Illinois, Michigan and Arkansas.
There wrere no price changes this week.
Prices of Typical
Crude
per
Barrel at Wells
(All gravities where A. P. I. degrees are not
40 and
over
.$1.25
1.20
1.22 Kettleman Hills, 37.9 and
1.37 Pecos County, Texas
Mid-Cont't, Okla., 40 and above— 1.26 Lance Creek, Wyo
Smackover, Heavy
.83 Signal Hill, 30.9 and over
over
1.20
-$2.75
Bradford, Pa
Corning, Pa
——.———
Eastern Illinois.
—
Illinois Basin
—
1.31
Rodessa, Ark., 40 and above
East Texas, Texas,
for last
1.26
the
12%
July, and represents a new all-time high.
Exports
during July were estimated at only 2,000,000
of motor fuel
barrels.
In
discussing the question of the transportation bottle¬
July forecast, the Bureau said that while its report
reflects an at least temporary curtailment of Gulf Coast
markets and an increase in relative production of refinery
districts farther to the North and East, it, nevertheless, is
too early to measure accurately the consequences of the
neck in its
transfer from the Gulf-East Coast movement of 50 tankers
The net effect in the July forecast has
the anticipated substantial increased
into British service.
been
reduction in
a
total domestic demand for crude and refined
products, it
pointed out.
Moving to freeze existing relationships between oil sup¬
plying companies and commercial outlets until a compre¬
hensive plan can be worked out so as to prevent maladjust¬
ments, a wire was sent this week from the office of Oil Co¬
ordinator Ickes to 21 large companies operating on the
Atlantic Seaboard recommending that all supplv companies
on the East Coast refrain from establishing policies thatchange
existing supply relationships "until a comprehensive plan
can be worked out by this office."
At th^ same time, Mr.
Ickes asked that the industry utilize to the fullest possible
extent the Nation's railroad tank car facilities even though
this method of transportation is far more expensive than any
was
other.
:
In the letter
v;:.'
■s-V
asking for the freezing of existing relation¬
ships between oil supply companies and commercial outlets,
pointed out that the proration of petroleum products
supplying companies to commercial consumers, dis¬
tributors ana retailers may inadvertently cause maladjust¬
ments of wide variety and in some cases result in serious
losses by those who can least afford them.
In pursuance of
the recommendation, the industry was asked by R. K.
Davies, Assistant Oil Coordinator, to supply such data on
existing supply and account relationships as would be con¬
sidered necessary for a forthcoming conference on the
subject. .V-,y-v.;;w;.u;: "
■ o:
Stocks of finished, unfinished and aviation fuel were
drawn upon to the extent of 562,000 barrels during the week
ended June 21, dropping to 91,916,000 barrels, according to
the mid-week report of the American Petroleum Institute.
Production of gasoline last week was lifted 229,000 barrels,
totaling 12,875,000 barrels on June 21.
A gain of 2.2
points in refinery operations lifted the total to 89.8% of
capacity, with daily average runs of crude oil to stills gaining
90,CKK) barrels to 3,845,000 barrels.
Inventories of residual
fuel oils gained 99,000 barrels with stocks of gas oil and
distillates up 676,000 barrels.
Markets were generally quiet and strong during the past
week, with the threat of action by the Office of Price Ad¬
ministration and Civilian Supply, which already has cracked
down upon advances of refined products in Ohio and on the
West Coast, acting as an unofficial ceiling on the general
price structure.
The OPACS has requested that any
company seeking to advance prices check with it first before
making such a move.
was
by
U. S. Gasoline (Above 65
x
Octane), Tank Car Lots, F.O.B. Refinery
Other CUtes—
New York—
New York—
Texas
Socony-Vac—- $.085
Tide Water Oil.—
.09
y
—-
Chicago
$.084
Gulf Coast--
.08
Shell Eastern
Oklahoma
x
Branded,
y
Kerosene, 41-43 Water White,
$.05251 New Orleans_$.0554~.0rt
04 Tulsa
.04K-.04J*
North Texas
$.052
(Bayonne)
Baltimore
-
.0525
Fuel Oil, F.O.B. Refinery or
Terminal
Savannah, Bunker C-f 1.30
N. Y. (Harbor)—
Gulf Coast
Halifax
i
Phlla, Bunker C—.1.35
C——--$1.35
2.00
Diesel
.05^i-.06H
Tank Car, F.O.B. Refinery
Philadelphia
New York—
Bunker
$.05%-.06 H
.05M-.06
Super.
-
$.85-.90
—. .....
1.50
Gas OH, F.O.B. Refinery or Terminal
$.041
7 plus—
.$.03H-03K
| Tulsa.
I Chicago—
N. Y. (Bayonne)—
$.053
28.30 D
I
Daily Average Crude Oil Production for Week Ended
June 21, 1941, Gained 34,850 Barrels
Petroleum
American
The
Institute
estimates
that
the
crude oil production for the week ended
June 21. 1941, was 3.857,600 barrels.
This was a gain of
daily
average
34,850 barrels from the output of the previous week.
The
current
week's figures were above the 3,830,000 barrels
calculated by the
be
the
producing
for
the
total
United States Department of the Interior
of
restrictions imposed
States during June.
four
weeks
ended
.
.92
.85
Coast,
above the abnormally low actual demand in the comparable
1940 year and 10% more than the bureau's estimated normal
to
shown)
transportation
East
mand for motor fuel at 60,300,000 barrels, which is
Interstate Oil Compact
from its
OFF,
July domestic de¬
year
Governor
OF RAID-
INVENTORIES
the uncertainty created by the
Despite
bottleneck
1940
"CO¬
GAIN
OPERATIONS
REFINERY
ABOVE
INCREASED USE
FUEL
CARS—MOTOR
TANK
ROAD
12%
COMPANIES*
SUPPLY
EASTERN
OPERATION"—ALSO SUGGESTS
under the Bureau's recommendations.
able for
ASKS
ICKES
—MR.
it
placed
at 119,260,000 barrels, or a daily average of 3,847,100
barrels, in the regular monthlv market demand forecast of
the United States Bureau of Mines.
Thi^ is 17,100 barrels
above the Federal agency's estimate of June demand for
domestic crude oil and represented an increase of 6% above
the actual demand for July a year ago.
The Bureau of
Mines placed probable July exports of crude oil at 2,900,000
barrels, against a total of 5,607,000 barrels in the com¬
parable month a year earlier.
Estimated dailv average crude oil demand (in barrels) by
The domestic demand for crude oil
GASlDEMAND
PRODUCTS—JULY
REFINED
hood of Locomotive Engineers, and
Federal
4039
The Commercial & Financial Chronicle
152
3,820,800 barrels.
ended
June
details
as
22,
by
the various
oil
Daily average production
June 21,
1941,
is
estimated at
The daily average output for the week
1940,
totaled
3,846,450
barrels.
reported by the Institute follow:
Further
The Commercial & Financial Chronicle
4040
Imports of petroleum for domestic
United
States
daily
a
ports for the week ended June
of
average
195,143
for the
barrels
four
whether
209,571
for
weeks
bonded
the
week
ended
for
or
barrels,
21,
June
There
were
receipts
no
with
figures
but
use,
and
14.
These
domestic
it
in bond at principal
totaled
21
compared
ended
June
separation in weekly statistics.
Coast
and receipts
use
is
1,467,000
daily
a
222,286
barrels
include all oil
impossible
to
of
daily
California
ports during the week ended June
(In Thousands of Net Tons)
the
.'■'■-■y',"'"
of
STATES PRODUCTION OF SOFT COAL
ESTIMATED UNITED
imported,
make
1941
28,
ing week.
When compared with the output in the corre3
ponding week of 1940 there was an increase of 58,000 ton
(about 5%).
barrels,
average
June
\
oil
either
at
Atlantic
21.
Calendar Year to Date
Week Ended
Gulf
or
:r\
June 14
1941
1940
c
June 15
1941
Reports received from refining companies owning 86.2% of the 4,535,000estimated daily potential
refining capacity of the United States
June 7
1941
1940
1929
barrel
indicate
that
the industry
as
whole
a
basis, 3,845,000 barrels of crude oil
had in
companies
storage at
pipe lines
as
unfinished
gasoline.
of
the
end
refineries,
of
The
ran
the
to
stills,
on
Bureau of
a
daily during the week,
week,
bulk
terminals,
91,916,000
in
barrels
finished
total
amount of gasoline produced by all
panies is estimated to have been 12,875,000 barrels during the week.
DAILY
AVERAGE
CRUDE
OIL
10,050
Daily average—————
in
1,597
— —
7,756 206,815 203,619 240,608
1,293
1,463
1,439
1,690
Includes for purposes of historical comparison and statistical convenience the
a
and
9,580
1,675
Total, including mine fuel———
all
and
transit
of
Mines
that
and
Bituminous Coal a—
production of lignite, c Sum of 24 full weeks ended June 14, 1941, and corresponding
24 weeks of 1940 and 1929.
com¬
production
estimated
.v.;/
PRODUCTION
pennsylvania
of
anthracite
beehive coke
.
and
7
(In Net Tons)
,v;'
.
(Figures in Barrels)
B. of M.
Four
Calcu¬
*
Week
State
Require¬
Allow¬
ments
Change
Weeks
from
Ended
Previous
21,
1941
June
Week
21,
June
1941
22,
1940
Nebraska
b414,050
—1,650
+ 12,900
4,300
420,750
215,150
100
b4,600
--1
Panhandle Texas
81,150
+ 6,850
76,900
30,850
+ 850
100,100
30,200
i
East Central Texas..
262,950
+ 1,050
261,050
101,700
33,150
239,250
80,600
+ 950
80,000
373,200
211,050
280,900
—200
+150
373,400
210,450
+4,550
277,300
236,300
Southwest
Texas....
Coastal Texas
...
Total Texas
\
1,371,700 cl411732 1,422,200
North Louisiana...
Coastal
,
—
1,278,000 1,125,000 1,220,000 23,463,000 23,013,000 32,722,000
149,900
121,800
20,300
5,617
Louisiana...
d
PRODUCTION
ESTIMATED WEEKLY
Mississippi
....
Indiana
Eastern (not incl. 1111
nols and Indiana)..
OF COAL,
BY STATES
ments and are
subject to revision on receipt of monthly tonnage reports from district
and State sources or of final annual returns from the operators.
+ 3,500
74,750
251,500
+ 6,000
Week Ended-
68,900
June
State
222,800
319,500
331,900
+9,500
326,250
291,700
73,612
72,850
b28,000
344,350
+250
73,000
72,450
+ 2,800
27,800
342,150
21,100
11,600
502,000
Alabama
+ 6,750
—700
11,100
Colorado
b20,350
1941
Alaska
June 8 June 10
31
1941
...
1940
3
3
•
—
June 8
1939
3
335
343
1929
4
293
204
329
16
19
6
64
57
104
1
1
387
57
76
*
1
'
e
f
9
v
Avge,
1923
f
76
Arkansas and Oklahoma
Georgia and North Carolina...
100,300
38,000
89,300
19,700
21,342
estimates are based on railroad carloadings and river ship¬
The current weekly
83,000
23,300
345,300
22,000
Illinois
3,030,500
5,968
(In Thousands of Net Tons)
397,000
319,700
Arkansas
847,400
washery and dredge coal,
June 7 May
Total
2,501,800
17,618
33,700
24,983
—
+ 16,200 1,409,400 1,399,700
77,650
254,250
Louisiana...
1929 b
b Adjusted to comparable periods in the three years, c Includes
and coal shipped by truck from authorized operations,
Excludes colliery fuel.
w
V
243,660
Texas..
b
a
Final figures,
a
82,400
East
West Central Texas.
West Texas..-
c
United States total
66,250
+ 2,000
1940
1941
a
Beehive Coke—
Daily average
101,500
North Texas
1940
Comm'l produc'n d 1,214,000 1,069,000 1,159.000 22,292,000 21,862,000 30,366,000
178,350
4,460
232,400 b231,450
417,450
June 15
TotaJ, incl. colliery
fuel
Kansas
415,000
1941
Anthracite
Penn.
(June)
459,700
220,400
June 7
1941
Ended
June
ables
June 14
Week
Ended
lated
Oklahoma
Calendar Year to Date
Week Ended
A dual Production
a
■
70
175
f
f
.....
...
Colorado
416
56
77
75
76
39
93
128
895
902
784
680
862
661
155
118
85
71
195
183
35
30
22
24
46
47
4
4
2
4
14
12
......
46
38
42
39
45
38
18
15
20
13
43
51
Indiana
Iowa—
19,150
3,950
111,000
113,000
113,000
4,000
17,850
3,950
104,100
—2~050
112,550
91,450
Illinois
.
Kansas and Missouri
Kentucky—Eastern
+45,250 3,186,650 3,239,250
—10,400
634,150
607,200
Western
639,600
3,857,600l
+ 34,850 3,820,800 3,846,450
new crude to be
produced.
Oklahoma, Kansas, Nebraska, Mississippi, and Indiana figures
June 18.
Michigan
are for week
;
1941
Po¬
P.
ten¬
to Stilts
Produc'n
Fin¬
of
ished &
Gas
of Re¬
C.
fineries
Re¬
tial
P.
C.
Incl.
port¬
ing
Rate
Daily Oper¬ Natural
Aver.
ated
Blended
Stocks
a
Oil
sidual
tion
ished
and
Fuel
Oil
line
tillates
587
91.3
1,487
22,620
9,725
91.0
134
94.4
490
442
620
92.5
2,465
2,924
17,118
356
90.2
3,467
3,420
2,007
1,342
8,450 E.
C'st
601
420
76.9
308
95.4
1,155
7,711
1,406
280
59.6
135
80.8
574
2,171
383
Texas Gulf—
1,071
89.2
924
96.8
2,918
12,517
7,103
7,520 G. C'st
Louisiana G'lf
164
97.6
138
86.3
380
3,116
1,241
No. La. & Ark
1,383
101
51.5
41
78.8
105
369
284
482
Rocky Mtn._
121
56.0
53
77.9
248
1,638
140
552
Inter'r
1,037
572
78.4
1,613
15,352
10,891
66,143
1,718
3,512
89.8
11,435
1,440
85,636
34,996
6,918
6,380
740
91,741
1,540
12,875 e91,916
12,646 92,478
35,736
35,060
325
c3,608
dll,494
a
1940, daily
Mines
b Included
average,
June,
1940,
in
93,182
7,243
7,492
d This Is
daily
a
95,999
31,797 104,021
5,350
At refineries,
bulk terminals, in transit
gasoline total,
c June
week's production based on the U. S. Bureau of
finished
average,
e
and
unfinished
Finished,
83,993,000
7,923,000 barrels.
The
barrels;
43
44
1,920
1,380
508
671
856
84
104
83
82
78
80
*
*
9,540
9,580
7,962
'•
*
6,320
1
f2
f5
9,324
10,866
1,125
1,043
978
839
1,021
1,956
10,705
10,583
8,940
7,159
10,345
12,822
<fc
B.
O.
Kanawha,
in
and Clay counties,
Mason,
b Rest of State,
e Average weekly rate
f Alaska, Georgia, North Carolina, and South Dakota included
* Less than 1,000 tons.
production of crude petroleum increased in April for
successive month, states the Bureau of Mines,
production of soft coal increased in the week ended June
14,
reaching a total of 10,050,000 net tons.
This is an increase
of 470,000 tons, or 4.9%, over the
output in the preceding
week, and compares with 7,756,000 tons in the correspond¬
ing week of 1940.
The U. S. Bureau of Mines reported that anthracite
pro¬
duction in Pennsylvania for the week of June 14 is estimated
increase of 153,000 tons
over
The daily
aver¬
output in April was 3,702,700 barrels, which was about
ther
reported:
All
the
of
April
barrel
A
producing
March.
States
Production
peak
new
Guif
of
in
to a new
rose
barrels
235,800
Illinois
continued to
barrels
daily
A
gains
200,000-
record of 207,900 barrels in
also
was
reached
in
the
barrels
343,200
to
daily
v-v.'i•
record-breaking
in
output,
place of
there
the
surprise with another gain in
March
in
registered
passed
which
daily
Coast.
April.
gain
Oklahoma
except
Kansas,
335,300
output—from
The Bureau fur¬
ago.
year
a
■
(daily) mark in March,
Louisiana
of
.
leading
over
in March but about 165,000
average
barrels below the average
was
a
consumption
that
so
gain
decline of
a
the
barrels
crude
in
April
in
supply
hand
on
trends
in
was
the
reversed.
in
March
This brought the
30 to 266,012,000 barrels, compared with.
April 30,
the
outweighed
crude stocks
nearly 400,000 barrels in April.
1940.
Refined Products
seasonal
far
demand
and
1,900,000 barrels in
total of refinable grades on April
258,066,000
of
trend
of about
!:y
■
gasoline and distillate fuel oil
rising from 43.4% in March to
43.7% in April, and the distillate yield dropping from 13.8 to 13.2.
weekly coal report of the Bituminous Coal
Division, U. S. Department of the Interior showed that
/
30
1,560
593
United States Department of the Interior.
The
Weekly Coal Production Statistics
27
1,831
750
—
unfinished
^
an
28
2,315
fifth
age
continued,
the preced¬
demand
The
The current
1,278,000 tons,
21
Crude Petroleum and Petroleum Products, April, 1941
were
at
240
Includes operations on the N. & W., C. & O,, Virginian, K, & M., B. C. & G.»
a
and on the
In
lines,
220
37
Pennsylvania anthraclte.d....
in
93,281
♦U.S.B.of M,
pipe
238
'
April.
♦Est. tot. U.s.
and
310
823
Wyoming—
in
86.2
June 21, '40
89
370
Other Western States .c—
3,562
Calif.
87.3
3,845
3,755
58
2,268
63,000 barrels above the
Missouri...
Inland Texas.
4,535
4,535
21
393
;.
Northern.b
the
156
June 21, '41
June 14, '41
98
14
26
Washington...
line
'
333
113
92
16
43
Gaso¬
Dis¬
743
Est. unrep'ted
103
7
46
Avia¬
Gaso¬
Unfin¬
Appalachian..
Ind., ill., Ky.
Okla., Kans.,
836
128
8
Stocks b Stocks
643 100.0
Reported
134
with "other Western States."
East Coast
California
888
3,613
anthracite from published records of the Bureau of Mines,
Gasoline
at Re¬
District
417
2,791
—
for entire month,
Crude Runs
a
fl4
361
1,646
Including the Panhandle District and Grant, Mineral, and Tucker counties,
c In¬
cludes Arizona, California, Idaho, Nevada, and Oregon,
d Data for Pennsylvania
(Figures in Thousands of Barrels of 42 Gallons Each)
Stocks
fl2
444
2,097
Utah
Total, all coal
CRUDE RUNS TO STILLS, PRODUCTION OF GASOLINE AND
STOCKS
OF FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL
12
504
2,495
45
Texas
might have been surreptitiously produced.
16
567
2,358
Ohio
Total bituminous coal
Note—The figures indicated above do not include
any estimate of any oil which
16
19
North and South Dakota.
Pennsylvania bituminous.
Tennessee—...
'
West Virginia—Southern.a
d Recommendation of Conservation Committee of
California Oil Producers.
88
'
Virginia..
This is the net basic 30-day allowable as of June 1, but
experience Indicates
that it will increase as new wells are
completed, and if any upward revisions are
made.
Panhandle shutdown days are June 7, 14, 21, and
28; with a few exceptions
the rest of the State was ordered shutdown on June
1, 7, 8, 14,15, 21, 22, 28, and 30.
OIL, WEEK ENDED JUNE 21,
—
—
Montana...........
c
Dally Refin¬
ing Capacity
.... —
Maryland
3,218,000
615,300 d575,000
in.
1,243
309
32
55,900
78,250
estimated requirements to determine the amount of
a.
834
181
39
38,550
19,200
3,830,000
ended 7
398
267
36
90,700
84,950
a These are Bureau of Mines'
calculations of the requirements of domestic crude
oil based upon certain premises outlined in its detailed
forecast for the month of June.
As requirements may be supplied eitner from
stocks, or from new production, con¬
templated withdrawals from crude oil Inventories must be deducted from the Bureau's
b
687
357
32
+ 1,400
+2,150
—2,300
82,050
Total East of Calif. 3,214,700
California
793
364
91,850
40,200
-
5,000
New Mexico..
787
Mew Mexico.........—..i...—
Michigan
Wyoming
Montana....,
has
been
which
of
760,000
was
barrels
declined
about
931,000)
was
Unlike
of
in
April continued the upward
the
a
first of the year.
or
a
The domestic demand in
April was
Exports, including
2,288,000 barrels compared with
Stocks of finished and unfinished gasoline
16% higher than in April, 1940.
of
year
3,000,000
about
April
which
powerful stimulant in the first quarter
program.
bond,
ago.
totaled
barrels
in
April;
7,600,000 barrels below
the experience of March, the
in
surge
Speculative buying,
eclipsed in importance in April by the rise in industrial
out
2,075,000 barrels
oil
fuel
since
under the defense
55,105,000 barrels,
fuel
motor
believed to have been
the year,
activity
for
yields
gasoline yield
the
pronounced
so
was
with
over
a
year
ago
was
the
total
last year's
on
April
30
(95,-
level.
increase in the demand for residual
much larger than
the
increase
in
Volume
distillate
The Commercial &
152
The
oil.
fuel
increase
demand
domestic
the
in
for
lubricating
continued phenomenal
with April, 1941 (2,712,000 barrels), 27% above April, 1940.
According to the Bureau of Labor Statistics, the price index for petro¬
leum products in
April. 1941, was ol.O, compared with 49.9 in March
oil, though overshadowed by the gain in motor fuel,
and
in
50.4
April,
1940.
oil
capacity
crude
The
represented
the
by
data
4,360,000 barrels, hence the operating ratio was 85%,
and
March
in
82%
in April,
'Yy
OF PRODUCTION
DEMAND OF ALL OILS
May,
v
.
of May, 1941.
May, 1940 and 156 plants at the close
RATIO
(Thousands of Barrels)
\;YY'/Y:':^Y:;Y, YY\ . YYY Y; '
;•
in this report was
compared with 83%
The statistics given below are compiled from reports for
May received by the Bureau of Mines from all manufacturing
plants.
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 160 plants at the close of
1940.
SUPPLY AND
Y'
4041
Financial Chronicle
1940 May,
TO
CAPACITY'
Feb., 1941
1941 April, 1941 Mar., 1941
1
57.8%
69.4%
59.3%
49.8%
43.4%
—_
The 12 months ended...
48.1%
57.4%
56.5%
55.6%
54.4%
The month
Jan. to
Jan. to
April,
April,
April,
1940
1941
1940
■
"
:
■
\''YY
YYYv"
.
Mar.,
April,
Y':-.
1941
1941
SHIPMENTS AND STOCKS OF FINISHED
BY DISTRICTS, IN MAY, 1940 AND
PRODUCTION,
CEMENT,
■'
(In Thousands of
New Supply—
Domestic production:
3,703
3.639
3,868
3.628
457,928
3,785
4,980
4,916
4,414
19,345
17,353
277
317
228
1,187
968
111,080
Crude petroleum
Daily average....
Natural gasoline
...
BenzoL a
112,817
435,335
116,045
116,337
118,050
120,687
455,867
476,249
3,878
Total production
3,808
4,023
3,799
Stocks at End
:
'
■'
'
V
V7
,•
•
.
;
Eastern Pa.,
Imports b:
Crude petroleum for domestic use
3,831
3,041
59
Crude petroleum in bond
13,602
9,943
128
3,762
*
214
414
2,598
N. J. & Md
900
1,142
820
1,155
1,960
1,947
1,409
1,615
1,535
3,115
2,754
763
Ohio, western Pa. & W. Va
c2,081
c2,514
3,927
1,948
9,410
941
805
953
1,966
2,094
1,657
Michigan
6,571
5,771
Wis., 111., Ind. & Ky
124,763
1,555
127,353
1,089
supply, all oils..,..
126,893
487,197
501,787
4,159
4,108
4,230
4,060
4,147
new
Daily average...
10,943
476
2,290
7,197
ell,590
e30,663
1,355
1,267
2,797
2,766
1,288
1,674
1,006
1,309
1,828
1,804
991
1,110
1,234
3,074
Kan., Okla. & Ark
871
1,039
734
995
1,909
1,291
2,757
1,840
East. Mo., Ia.,
494,394
471,124
4,120
3,894
7,520
15,837
127,829
4,124
115,303
3,843
Crude petroleum
2,503
1,988
4,262
,
Refined products
f5,900
5,414
7,585
A
55,105
£48,563
£6,821
47,683
5,621
11,849
26,887
127,053
Total demand
4,235
Daily average...
Y-:Y;:.
Motor fuel
Kerosene
5,549
......
19,753
12,634
31,452
Distillate fuel oil..
21,035
27,659
191,265
71,105
2,712
2,138
186
125
106
556
Coke
431
573
364
2,574
2,122
1,661
66
190
447
6,251
5,943
23,003
22,940
Still gas...
193
311
156
978
554
1,631
Miscellaneous
Losses
408
492
698
17
31
30
3
0
14,732
13,206
16,048
24,758
22,740
AND STOCKS OF FINISHED
SHIPMENTS.
PRODUCTION,
1,339
858
5,546
6,918
118,650
120,427
103,456
485,839
3,955
3,885
3,449
3,882
427,628
3,534
PORTLAND
IN 1940 AND 1941
CEMENT, BY MONTHS,
(In Thousands of Barrels)
Stocks at End of
Month
7,984
7,456
25,894
25,307
9.915
132
26,118
25,348
a24 052
16,048
24,758
22,740
6,205
9,025
3,893
February..
5,041
8 345
4,907
7,918
10,043
10,596
12 196
7,716
10,829
14
12,633
12,490
14,732
13,206
May—..
.
—
...
Stocks—
13,442
22,855
12,712
13,105
13,935
12,725
11,195
14,018
266,012
266,380
11,776
266,012
11,802
258,066
11,802
13,516
.....
258,066
13,516
5,504
273,439
6,112
5,504
6,112
277,739
273,439
130,292
130,315
569,047
555,433
556,757
145
135
October
November.
December.
555,433
136
Total
b Imports of crude as reported to Bureau of
Coal Economics Division,
Domestic Com¬
Domestic use,
50,000 barrels; in bond, 154,000 barrels,
d Partly for re-export, e Increase,
f Beginning April, 1941, data concerning shipments to and from non-contiguous
a
PRODUCTION
£ Revised.
OF CRUDE
Y,'
-
PETROLEUM BY STATES AND
PRINCIPAL FIELDS V'
(Thousands of Barrels)
April, 1941
Jan. to April
Mar.,
1941
Daily
Total
April,
Daily
1940
1941
A verage Average
2,147
71.5
California—Kettleman Hills...
1,161
1,265
38.7
38.8
41.8
8,347
6,039
1,413
42.2
1940
8,446
4,676
2,114
Arkansas
70.7
5,856
2,458
Colorado..—......—
Illinois
Indiana
81.9
82.4
9,846
451.3
446.8
13,137
53,802
52,339
18,422
614.1
609.8
18,403
73,363
5.1
3.6
122
474
335.3
12,911
40,050
49,718
18.5
17.9
303
2,301
1,060
207.9
202.1
4,814
24,186
73,678
1,650
55.0
54.3
1,440
6,488
20,782
1,686
25,889
2,519
5,752
9,192
1,143
306.4
303.9
34.160
38.4
8,847
1,819
35,879
38.1
4,654
7,672
767
25.6
18.4
231
591
19.7
19.3
530
3,219
......... —- -
107.3
105.2
3,282
2,481
2,347
12,486
1,642
2,119
13,657
1.770
407
Louisiana—Gulf Coast.......
Rodessa
13.6
13.4
446
1,632
7,075
235.8
234.9
6,785
467
Kentucky
15.6
14.7
622
27,532
1,859
,
Rest of State
Total Louisiana
Michigan
—.
Mississippi
Montana
New Mexico......
'
444
13.2
14.5
-436
New York
772
281
Oklahoma—Oklahoma City —
Seminole
Total Oklahoma
....—
—
Panhandle
-
Rodessa
———
Rest of State
...
Total Texas.—.—.....
West Virginia
274
1,047
961
94.1
11,475
102.2
103.1
3,140
3,517
12,292
12,717
14,407
25,479
52,603
6,139
—
221.1
223.4
6,512
26,574
417.5
420.6
13,169
50.341
1,382
10,648
46.1
43.1
1,582
11,298
5,365
355.0
343.4
241.6
228.2
363.8
371.1
2,289
76.3
73.4
7,740
398
28
43.411
2,320
428
14.3
14.3
627
8,962
298.7
298.1
9,911
1,776
35,859
40,491
1,349.7
1,328.5
41,583
300
10.0
8.9
13.6
434
67.0
61.9
2,429
81.0
75.5
1,430
1,864
157,700
1,111
300
14.0
2,008
3.6
108
Other, a
9,432
27,264
8,373
...
...
7,733
44,357
29,888
49,614
9,395
2,697
37,576
173,528
1,120
1,731
6,009
41,017
7,869
12,558
421
—
Wyoming—Salt Creek
Rest of State..
Total Wyoming..
6,634
7,249
10,915
Texas—Gulf Coast
East Texas
8.3
94.2
12,527
Rest of State....—-.....-.
Pennsylvania—.....——..
West Texas
9.3
2,826
3,067
Ohio
Includes Missouri (4),
20,353
8,192
23,379
3.2
7
.
,1.699
111,080 3,702.7 3,639.3 116.045
Nebraska (102), Tennessee (1)
435.335
457,928
and Utah (1) in April, 1941.
"Metal
silver
quotations averaged higher for the
'•
'
week.
Chrome and
ore
complicated problem of fixing
The
ceiling prices received a thorough
during the last week.
Apparently the immediate
objective is to bring the copper price down to a uniform 12c. basis, so far
airing in Washington
concerned. The question of the Government
buyer and paying a premium or subsidy to
smaU high-cost producers was considered.
Arizona miners suggested that
14c. would bring in a good tonnage not available in a 12c. market.
Leon
Henderson told a House Appropriations committee that owing to the
shortage in copper supplies a higher price will have to be allowed high-cost
mines in Michigan, and action is expected soon.
Sales in the domestic market during the last week totaled 15,854 tons,
as
purchases by consumers are
entering into the picture as a
e
month so far to 61,203 tons. Copper was released
pool at prices ranging from 12c. to 12Mc., Valley, the
bringing the total for the
from the emergency
top level
the
to
prevailing on custom smelter metal. Large mine operators held
basis during the last week, with custom smelters and some
12c.
small producers at
\2lAc.
'':YY;Y';'/'
'Y;;''
Y
the
YYY
Y;'
Lead
Consumers were just as eager
to accumulate
lead as in recent weeks, but
by limiting offerings. Sales for the week
times this tonnage could
Producers believe that supplies could be
higher price, and (2) Government purchases of foreign
quantity sold was held down
It was claimed that four
totaled 4,935 tons.
have been disposed
increased by (1) a
lead plus
of with ease.
assured shipping arrangements.
New York, which was also the settling
and at 5.70c., St. Louis.
record total of
69,382 tons during April.
Stocks declined 8,881 tons to 34,018 tons. Total
deliveries, which would include foreign pig lead, amounted to about 90,000
The
quotation continued at 5.85c.,
basis of the American
Smelting & Refining Co.,
of lead refined in
this country came to the
according to trade estimates.
classification of shipments of lead
the Jan .-May
periods of 1940 and 1941,
refined domestically for
in tons, compare as follows:
-January to May-
-January to May1940
The
*.
Markets" in its issue of June 26
Industrial
portland cement industry in May, 1941, produced
14,732,000 barrels, shipped 16,048,000 barrels from the mills,
and had in stock at the end of the month 22,740,000 barrels,
according to the Bureau of Mines, U. 8. Department of the
Interior.
Production and shipments of portland cement in
May, 1941, showed increases of 16.6 and 21.5%, respectively,
as compared
with May, 1940.
Portland cement stocks at
mills were 8.2% lower than a year ago.
i.
prices are wholly nominal, owing to the
shipping situation.
The publication further reported:
y"y/;Y
;
Yy
V.
YCopper
■. ' 'Y> Y Y\"_,.
Y •••
tons,
Month of May, 1941
'm'ii,
Metals— -Uniform Price for Copper ConPool on Unchanged Basis for July
and Mineral
manganese
♦
Portland Cement Statistics for
«
reported that producers of non-ferrous metals were occupied
during the last week with developments in Washington that
point to more exacting controls on prices and the distribution
of defense materials.
Meetings took place with defense
authorities on molybdenum, manganese ore, titanium, zinc,
and copper.
The*lead situation is being studied and con¬
sumers are looking for some action to speed imports.
Prices
showed little variation in major products.
Tin and quick¬
Deliveries
Total United States.
18,008
10,372
sidered—Zinc
388
343.2
6,236
Rest of State........—....
Total California..
13,538
554
Wilmington
5,452
10,031
10,296
...
1,346
2,507
152
Long Beach
21,549
19,921
...—
Revised.
Non-Ferrous
all other imports and exports from Bureau of Foreign and
c Exclusive
of imports into non-contiguous territories:
Y-Y
14,741
15,776
143
Days* supply
territories not available,
;
277,739
131
Total, all oils
5,331
275,560
556,757
Natural gasoline
Refined products
25,988
24,010
12,290
June
September.--.....
Crude petroleum:
Refinable in United States
Heavy in California
13,223
July.-.--August
Daily average
24,416
25,759
January
March--
1941
1940
1941
1940
1941
1940
Month
Shipments
Production
Y
April
Total domestic demand...1...
a
504
501
6,443
J..
1,627
192
........
6,160
Road oil
^
419
34
2,281
4,668
Kansas
550
1,124
12,633
Total
361
merce.
412
1,565
539
25,799
68,121
Wax
Lubricating oil
Mines;
393
1,777
117,671
7,597
26,623
128,442
9,140
From
307
1,206
Puerto Rico
170,217
32,735
2,263
Residual fuel oil
a
367
1,695
Oregon and Washington
Domestic demand:
Asphalt.
294
1,287
California
YV
765
821
895
712
832
758
Texas.
Colo., Mont., Utah, Wyo. & Ida.
Demand—
Exports b:
1.181
Fla.
Minn. & d. Dak.
Va., Tenn., Ala., Ga., La. &
W. Mo., Neb.,
Increase in stocks, all oils
4,154
4,840
3,188
1,129
New York and Maine
Refined products in bond.d
Refined products for domestic use
2,786
2,836
1941
1940
1941
1940
1941
1940
of Month
Shipments
Production
District
'
3.936
J
Daily average..
Total
PORTLAND
1941
Barrels)
Y'Y
1940
1941
129,920
.......218,819
301,211
Cable...——
33,730
69,853
Ammunition
11,889
15,505
8,717
Jobbers
Foil
7,062
—27,325
Brass-making...
1,320
Batteries..—.
...
Unclassified
1941
32.344
19,576
3,275
...^114,642
Sundries——.
—
....
....
6,263
36,017
Totals
2,592
Zinc
The amount
of zinc to be set aside
equal 22% of the May
in July for the emergency pool will
output, it was announced
by the Division of Pri-
4042
The Commercial & Financial Chronicle
orlties last week.
The percentage Is the
same
as
that established for the
It was also revealed that
producers of zinc oxide will be
required to set aside 10% of their May production, or
approximately 1,500
defense.
As this prospect looms, the lines are
being drawn tighter on supplies of steel and other metals of
those not engaged in defense activities.
Some manufactur¬
ing plants have already been forced to curtail operations
because of inability to obtain sufficient steel', and a further
tendency in this direction appears to be inevitable over the
coming months.
The "Iron Age" further reported:
up our own
tons.
The market situation in zinc
was
unchanged, the quotation
Western continuing at 7 He., St. Louis.
last calenar week amounted to
1,744
backlog
was
Metals
Sales of the
common
tons, shipments,
Prime
on
grades for the
5,110 tons.
The
reduced to 95,399 tons.
Reserve
Co..
100,000 tons of zinc
(
the
Government's
concentrate from the
1
stockpile
agency,
purchased
Argentine.
Shipments of steel to the automobile industry are being delayed or cut
down in anticipation of the approaching end of the current model season
Tin
Straits tin quotations averaged a little
higher for the last week, compared
with the previous week, with demand
fairly active, particularly
Consumers
operations
were
on
concerned about the tight
shipping situation.
holding at around 90% of capacity.
are
Straits tin for future arrival
was
as
intensification of the effort to aid Great Britain and build
an
current month.
June 28, 1941
and the
fact
that motor car production is to be curtailed beginning in
It now appears that this curtailment may be considerably more
than the 20% originally agreed upon.
With wide strip mills now operating
August.
Tuesday.
Tin-Plate
at
follows:
50%
obtain
or more on
a
plate tonnage, the inability of the
makers to
motor car
sufficient supply of sheets and strip will in itself dictate further
reduction of automobile production schedules.
June
July
August
September
19
52.750
52.625
52.500
June 20
52.375
52.875
52.700
June
'
52.600
62.500
21
53.000
52.875
52.750
June 23
52.625
52.875
52.800
52.700
June 24
52.625
52.375
52.250
June
52.125
52.875
52.625
52.375
52.250
June
25
52.500
With the growing use of preference ratings for direct and indirect defense
requirements, the amount of steel remaining for civilian consumption is
shrinking to such an extent that non-defense
consumers are likely to be
pinched much more severely than has been generally expected.
The allocation recently of large tonnages of steel for ships, cars, shells,
pipe lines and for shipment to Great Britain has complicated the delivery
situation for commercial steel users to a serious extent.
Chinese tin,
99%, spot,
was
nominally
follows: June
19, 52.250c.,
20th, 52.375c.,21st, 52.500c., 23d, 52.375c., 24th, 52.125c.,
25th, 52.375c.
During the month of April the United States imported tin ore containing
2,459 tons of tin.
Of this total Bolivia supplied 2,330
tons, Argentina 102
tons, Mexico 9 tons, other countries 18 tons.
DAILY PRICES OF METALS
as
("E. &
for
preferential
Straits
Tin
Lead
Zinc
these
New York
New York
St. Louis
St. Louis
5.85
5.70
7.25
cars, 12 locomotives and 160,000
About 500,000 tons of rails have recently been ordered, but
for 1942 delivery.
11.800
10.950
52.875
11.8.50
10.950
53.000
5.85
5.70
June 21
7.25
11.775
10.950
53.125
5.85
5.70
June 23
7.25
11.900
10.950
53.000
5.85
5.70
7.25
June 24
11.800
10.950
52.750
6.85
5.70
June 25
7.25
11.775
10.950
53.000
5.85
5.70
7.25
11.817
10.950
52.958
5.85
5.70
7.25
Cars and locomotives
Average prices lor calendar week ended June 21
refinery,
New
11.829c.; export
York
lead,
l.o.b.
copper,
refinery,
5.850c.; St. Louis lead,
are:
Domestic copper, l.o.b
10.950c.; Straits tin,
52.708c.
5.700c.; St. Louis zinc., 7.250c.; and
silver, 34.750c.
the
steel
industry
is
pushing
per pound.
Copper, lead and zinc
deliveries; tin quotations
In
quotations
are
are based on sales for both
prompt and future
for prompt delivery only.
the
trade, domestic copper prices are quoted on a delivered
basis; that is,
delivered at consumers' plants.
As delivery charges vary with the
destination,
the figures shown above are net prices at refineries
on the Atlantic seaboard.
De¬
livered prices in New England average 0.225c.
per pound above the refinery basis.
Export quotations for copper are reduced to net at
refineries on the Atlantic
seaboard.
On foreign business, owing to the
European War, most sellers are
restricting offerings to f.a.s. transactions, dollar basis.
Quotations, for the present,
reflect this change in method of doing business.
A total of 0.05c. is deducted from
f.a.s. basis (lighterage, Ac.) to arrive at the f.o.b.
refinery quotation.
Due to the
of scrap.
the usual table of daily London
Prices on standard tin, the
only
war
prices is not available.
prices given, however, are as follows:
June 19, spot, £263;
three months, £265; June 20,
spot, £261three months,
£263%; June 23, spot, £261%; three months, £263%;
June 24, spot, £260%; three
months, £263; and June 25,
spot, £259%; three months, £262.
World
Tin
Production in
1,000,000-ton require¬
upward
the
to
1930
However, this week the industry average has risen above 100%
for the first time this year,
being estimated by the "Iron Age" at 100.5%.
are
made by tbe "Iron
Age" are at less than 100%, most of the others being well above that figure.
A definite development in projected increase in capacity is the announce¬
by the O. P. M. that western companies will undertake programs to
ment
add
1,556,000 tons of ingot capacity, divided among the Columbia Steel
Braddock, Pa.,
where its western iron mines
is
as
serious
question now
a
Iron
Corp., and the Pacific
The United States Steel Corp. is considering the removal
State Steel Co.
of 2 old blast furnaces at
are
as
or
situated.
2 at Joliet, 111,, to Provo, Utah,
The
adequacy of pig iron supplies
the scrap supply situation in efforts to increase
steel production.
A
measure
week
by
of relief from the steel price ceiling order was afforded last
Administrator
Price
Henderson,
companies to quote prices predicated
on
who
has
permitted
the
steel
the basing point nearest to place
of production, thus giving the steel companies a higher net price on long
haul deliveries,
31
and also to quote higher than domestic prices on export
The effective date of the steel ceiling order was changed from March
sales.
April
to
between
European
a
operations
fullest extent possible, but is hampered somewhat by the growing shortage
Co., Bethlehem Steel Co., Colorado Fuel &
The above quotations are "M. & M. M.'s"
appraisal of the major United States
on sales reported by producers and
agencies.
They are reduced
to the basis of cash, New York or St.
Louis, as noted.
All prices are in cents
markets, based
wanted earlier.
placed later.
Meanwhile,
Only 5 of the 13 districts for which calculations
Average..
are
Treasury Department has allocated 462,000 tons of semi-finished
and finished steel for the British and the balance of
ment is to be
June 19
June 20
relatively small amount for other
a
week included 12,000 freight
are
The
Dom.,Refy. Exp., Refy.
leaving
The fact that railroad requirements have been given an A-3
consumers.
tons of rails.
Electrolytic Copper
treatment,
preference rating and the growing volume of railroad orders have complicated
the production and delivery problem for the steel mills.
Railroad orders in
the past
M. J." QUOTATIONS)
It is estimated at
Pittsburgh that fully 65 to 70% of current steel production is earmarked
thus giving effect to
16,
those
a
few price changes
dates, notably one of 86
a
that occurred
ton on galvanized pipe.
This
order will also expedite the defense effort as eastern and midwestern mills
will be encouraged to take West Coast business, to which they have objected
because of the net loss involved through the current
necessity of shipping all-
rail in many instances.
The Price Administrator also amended the scrap price order,
permitting
some
minor adjustments designed to facilitate the flow
THE
"IRON
AGE"
of scrap.
COMPOSITE PRICES
Finished Steel
June 24, 1941, 2.201c. a Lb.
(Based
on steel bars, beams, tank plates.
May Above Previous Month
—Five Months'
Output Higher Than Similar 1940
One week ago
2.261c.
One month ago
2.261c.
rolledstrlps.
Period
One year ago
2.201c.
85% of the United States output.
World production
in
May, 1941, is estimated at
22,200 long tons, compared with 17,100 long tons in
April,
ox
tin
wire, rails, black pipe, sheets and hot
These products represent
High
...2.261c.
Jan.
1941
Low
7
2.261c.
Jan.
7
1940
2.261c.
Jan.
2
2.211c.
Apr.
16
according to the current issue of the" Statistical Bulletin"
published by the Tin Research Institute, London. Produc¬
1939
2.286c.
Jan.
3
2.236c.
May 16
1938
2.512c.
May 17
2.211c.
Oct.
1937
2.512c.
Mar.
9
2.249c.
Jan.
tion for the first five months of 1941
1936
2.249c.
Dec.
28
2.016c.
Mar. 10
2.062c.
Oct.
1
2.056c.
Jan.,
8
1941
was
96,000 tons, against
85,400 tons in the first five months of 1940.
Exports from the countries signatory to the International
Tin Agreement, and the
position at the end of May, 1941, are
shown below in long tons of tin:
March
April
1935.
-
1934
2.118c.
18
4
Jan.
2
1.953c.
Apr. 24
Oct.
3
1.945c.
1933
1.792c.
May
2
1932
1.915c.
Sept.
1.870c.
Mar. 15
1931
1.981c.
Jan.
6
13
1.883c.
Dec. 29
2.192c.
Jan.
7
1.962c.
Dec.
2.236c.
May 28
2.192c.
Oct.
1930
-
-
1929
•
9
29
Pill Iron
May
End May
Belgian Congo
Bolivia
721
*
*
*
One week ago
#
♦
*
*
French Indo-China
One month ago
23.61
Philadelphia,
130
130
130
-—1,263
One year ago
22.61
Southern iron at Cincinnati.
9,398
4,508
8,243
4,935
1,406
1,075
—14,628
June 24, 1941, $23.61 a Gross Ton
■
Malaya.
Netherlands East Indies
Nigeria
*
4,619
4,576
675
Nil
1,455
Thailand
1,467
,
+ 1,485
United States deliveries totalled 10,490 tons in
May, 1941, against 13,955
in April, 1941.
For the first five months of
1941. United States
deliveries totalled 65,492 tons compared with
41,384 tons in the correspond¬
ing period of 1940.
tons
Consumption of tin in the United Kingdom for the first four
months of
was 9,509 tons against
9,695 tons in the corresponding period of
1941
1940.
World stocks of tin, including smelters*
stocks and carryover increased
at
tons
during May, 1941, to 57,140 tons at the end of the
month.
the end of May, 1940, amounted to
40,783 tons.
The average cash price for standard tin in
London
was
£267.7 per ton in
May, 1941, compared with £270.0 in the previous month
and £264.3 in
May, 1940.
The average price for Straits tin in New
York was 52.18 cents per pound
In May, 1941, as against 51.96 cents in
April.
The average price in May,
1940,
was
1941
51.48 cents per pound.
new
Supply Lines Being Tightened—Further Curtail¬
Non-Defense Manufacturing
Expected
Age" in its issue of June 26 reported that the
phase of the war in Europe will undoubtedly result in
and
Low
$23.45
Jan.
2
23.45
Dec. 23
22.61
Jan.
2
Sept. 19
20.61
Sept. 12
23.25
June 21
19.61
July
23.25
Mar.
9
20.25
Feb.
19.74
Nov. 24
18.73
Aug. 17
1935
18.84
Nov.
5
17.83
1934
17.90
May
1
16.90
May 14
Jan. 27
1933
16.90
Dec.
5
13.56
Jan.
14.81
Jan.
5
13.56
Dec.
6
15.90
Jan.
6
14.79
Dec.
15
1930
18.21
Jan.
7
15.90
Dec.
16
1929
18.71
May 14
18.21
Dec. 17
1939
-
1932
—
One week ago
(Based
$19.17
One month ago
-
One year ago
on
No.
1
heavy
melting steel
.
High
-
$19.17
Apr.
Dec. 30
16.04
Apr.
Oct.
3
14.08
May 16
15.00
-
1938
Low
7
21.83
22.50
-
1939
Nov. 22
11.00
June
Jan.
10
9
7
21.92
Dec. 21
12.67
June
3
13.42
Dec. 10
10.33
Apr.
29
13.00
w
Mar. 30
17.75
-
1933
1931
3
and Chicago.
-.$22.00
-
1940
1932
6
16
quotations at Pittsburgh, Philadelphia,
19.17
19.58
1941...
1934
•
Steel Scrap
June 24, 1941, $19.17 a Gross Ton
1935
ment in
Chicago,
Valley,
22.61
1940--
1937
The "Iron
iron at
Buffalo,
High
$23.61
Mar. 20
1936
Steel
and foundry
1937
The announcement in the matter further
states:
Stocks
on average for basic iron at Valley
furnace
1938
—1,053
—5,507
Not yet available.
by 3,693
(Based
$23.61
Mar. 13
9.50
12.25
—
-
12.92
Nov. 10
Sept. 29
8
6.75
Jan.
8.50
Jan.
12
6.43
July
11.33
Jan.
6
8.50
Dec.
25
Aug.
5
3
1930
15.00
Feb.
18
11.25
Dec.
9
1929
17.58
Jan.
29
14.08
Dec.
3
Volume
The
American
nounced that
cated that
the steel
for the
Steel
and
Iron
Institute
23
June
on
an¬
telegraphic reports which it had received indi¬
91% of
operating rate of steel companies having
capacity of the industry will be 99.9% of capacity
as
beginning June 23, compared with 99.0% one
week ago, 98.6% one month ago, and 86.5% one year ago.
This represents an increase of 0.9 ipoint, or 0.9%, from the
preceding week.
Weekly indicated rates of steel operations
1940—
June
87.7%
17
June 24
86.5%
July
1
July
8
July 15
July 22
July 29
92.5%
Sept. 30
92.6%
Oct.
7..—94.2%
Oct. 14
94.4%
Oct. 21
94.9%
Oct. 28
95.7%
Nov. 4
96.0%
Nov. 11
96.1%
Jan.
6
97.2%
Jan.
13
98.5%
Jan.
20
96.5%
Jan.
27
97.1%
Feb.
3
Feb.
17
96.9%
97.1%
94.6%
Feb.
24
3
Sept. 23
74.2%
86.4%
86.8%
88.2%
10
Feb.
Apr. 21
Apr. 28
May
6
May 12
May 19
May 26
96.0%
94.3%
much cast iron for wheels, couplings, brakes, &c.
of
scrap
steel scarcity some steel company officials
Re¬
annually,
has bought 400 tons of structural steel to house them; also 240 tons
a
blooming mill extension, South Chicago, HI.
Another Cleveland
and
9
99.0%
this
year
June 23
99.9%
and
15
Chicago Burlington & Quincy will build 4,425 freight cars in its own
2
pipelines
new
Inquiries
Mar. 10
Aug. 19
89.7%
91.3%
82.5%
91.9%
92.9%
Dec.
2
99.4%
The
9
96.9%
96.0%
Mar. 17
Dec.
Mar. 24
Dec. 16
96.8%
Mar. 31
99.8%
99.2%
shops.
Dec. 23
80.8%
Dec. 30
95.9%
Apr.
7
Apr. 14
99.3%
98.3%
Between
date
and
iron and steel
40%
and
50%
of
inquiries
current
photostatic copies
or
the
of
steel
for
priority
carry
the highest percentage to
same,
constantly.
One large com¬
pany reports having made sales the past week on a 100% priority basis,
refusing all civilian needs, though it so happens its regular civilian cus¬
tomers
The
of
taken
are
supply
especially
for
down
by
that
increasing
is
for the
of
care
possession of
steel,
which
percentage
a
time being.
maker
a
such
However,
consumer.
if
holder,
priority
a
usual source of
the
turned
usually gets his steel eventually.
A recognized danger of the priority system is that holders of certificates
may become so common as to defeat the very purpose for which the system
devised.
was
today
is
Take
the
factories,
the
of
instance
who
Makers
of
further
tool
cases
their
tools,
keen
noting
making.
They
steelmakers,
secure
but,
tools
for
shortages,
their
Central
7,
Nickel
divided
being
American
among
Department, with
Treasury
producers through the Procurement
an additional 640,000 tons to oome
shortly.
automobile
133,565 units,
with
The
production
week
the
for
ended
June
21
was
down 1,117 from the previous record 1941 week, comparing
period.
for the corresponding 1940
90,060
steel
national
production
ingot
rate
last
week
was
unchanged at
Gains took place at Cleveland, by 3 points to 95%; at Cincinnati,
99%.
iy2 points to 99.
Unchanged
Pittsburgh dropped
the following: Chicago at 102, eastern
were
Pennsylvania at 97, Wheeling at 88, Buffalo at 90^,
Birmingham at 95,
New England at 94, St. Louis at 98, and Youngstown at 98.
"Steel's"
and
iron
at
three
steel
price
composite
at
$38.15,
for last week
groups
fished
steel
$56.60,
at
unchanged:
were
and
steelworks
scrap
$19.16.
steel
further
certificates
to
for
apply
to
display,
U.
S.
reported:
98%%
Steel is estimated at
and 97% two
against 97%%
in the week before
Leading independents are credited with 100%,
weeks ago.
compared with 99% % in the preceding week and 99% two weeks ago.
Again, makers of stoves and
civilian
shops.
own
more
aircraft
refused.
are
New York
Louis 10.
were:
impressive
tons of rails
its
material.
in
Washington
from
in
get
to
try
priority
no
150,000
cars
alloy
artisans
usually
oral orders
having
freight
of
steelmakers
of
defense.
skilled
tools,
own
purchases
locomotive
bought
has
6,020
Steel ingot production for the week ended June 23, is
placed at 993^% of capacity, according to the "Wall Street
Journal" of June 26.
This compares with 99% in the pre¬
vious week and 98^% two weeks ago.
The "Journal"
problem
the fringe of
on
hand
small
sales
difficult
most
on
furnish
must
these
certain
to
Perhaps
making decisions
build
will
460,000 tons of finished and semi-finished steel for Great Britain
Scheduled
and reports to Washington and
steel supplier, fills out blanks
a
than
other
who is
and
15, and Nashville Chattanooga & St.
Division,
up
the railroads
by
The Pennsylvania
by 6 points to 95, and at Detroit, by 2 points to 94.
priority rating does not of itself guarantee securing
a
from
is
awards
date.
locomotives
About
June 23 stated:
More tank cars may be built.
have been the most
under way.
are
and
to
Other
Plate
"Steel" of Cleveland, in its summary of the
certificates,
open-hearths,
16
96.6%
on
more
the
June
June
96.6%
markets,
with
that,
June
Nov. 25
9
estimate
96.8%
99.2%
99.9%
98.6%
99.2%
98.6%
Nov. 18
2
constructing two
of
costs
out
commandeering of tankers for
service
to
Great
Britain, transportation facilities from Oklahoma and
Texas to the Atlantic Coast are 40% short; preliminary negotiations for
89.5%
Sept. 16
sounding
authorities
Oil
90.5%
Sept.
is
1,500 tons of structural.
requiring
5
Sept.
high production rate cannot be maintained much longer.
that present
public will build two more electric furnaces, rated 122,000 tons
Aug. 12
Aug. 26
predict
Because
96.3%
97.5%
98.8%
Aug.
The greatly enlarged car-building program
substitute.
frequently used as
requires
Mar
90.4%
Because
substitute.
steelmaker
1941
1941—
1940—
84.6%
used
a
for
since June 10, 1940, follow:
percentages.
Moreover many materials which are
direct defense, such as aluminum, find cast iron
of scarcity of forgings cast iron or steel are
higher pig iron
strictly for
using
now
week
June 10
4043
The Commercial & Financial Chronicle
152
manufacturers,
stoves
do
needed,
are
made of sheet steel, being ostensibly
ranges,
have
not
only
not
access
for
priority
to
armed
ratings, yet claim
but
forces
for
absolutely
comparison of the percentage of production
The following table gives a
week of previous years, together with the
with the nearest corresponding
approximate changes, in points, from the week immediately preceding:
essential
civilian requirements to survive rigors of winter.
Despite this comparatively new civilian problem steelmakers, after
scan¬
U. S. Steel
Industry
ning figures pertaining to probable amount of steel going into defense and
total
steel
steel
to
The
go
of
eventually
but
holds
unchanged
made
are
be
in
there
be
will
enough
levels
to
of
the past
Raw
with
aggregate
definite
A
pig
scarcity
iron.
as
are
order
promises,
the
sometimes
sheets
of
there
per
tells
further
no
increases.
usual
delivery
1933
in
the
is
Producers
of
reason
The1 Week with
again
the
the
at
latter
for pig iron
the
forefront,
inclined
are
particularly
attribute
to
scrap
scrap
shortage because of necessity of
Federal
Banks
Reserve
reserves
arose
+
—1
76%
+
35
4080 and 4081.
Changes in member bank reserve balances and related
items
on
pages
during the week and
year
ended June 25, 1941, follow:
Increase
(+)
or
Decrease
(—)
June 25,1941
l
Bills discounted
June 18, 1941
l
2,000,000
_.
$13,000,000
commitments, June 25)
.
9,000,000
..
2,249,000,000
+ 8,000,000
+ 27,000,000
—262,000,000
+ 8,000,000
+ 2,749,000,000
3,148,000,000
+ 6,000,000
+136,000,000
...12,985,000,000 —146,000,000
—738,000,000
54,000,000
.
Total Reserve Bank credit
Gold stock
Treasury currency
.....
Member bank reserve balances
9,490,000,000
Money In circulation
Treasury cash
2,275,000,000
Treasury deposits with F. R. banks. 1,081,000,000
Non-member
deposits
and
other
F. R. accounts
2,186,000,000
+ 8,000,000
—
22,620,000,000
Other Reserve Bank credit
Returns of
__
—
2,179,000,000
U. S. Govt, guaranteed obligations.
5,000,000
+ 57,000,000 +1,710,000,000
+17,000,000
+ 89,000,000
+ 57,000,000
+ 780,000,000
+ 36,000,000
+ 781,000,000
%
—
—8
—15 ';
49
43
+3
60
+2
33%
—1%
34
—1
33
—2
—2
69
—2
60
—2
94
—1
+2
52
1928
—1
97
—2
%
75
—1
69
—3%
72
-
70
—4
65
—
67%
1927
91
%
—
—3
1932 not available.
week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday:
ASSETS AND LIABILITIES
IN
OF WEEKLY REPORTING MEMBER
BANKS
CENTRAL RESERVE CITIES
(In Millions of Dollars)
Chicago
New York City
June 25 June 18
June 25
June 18
June 26
1941
1941
1940
1941
$
$
8
$
Assets—
1941
Investments—total.. 11,812
.....
3,433
Commercial, Industrial and
11,761
3,420
9,277
2,753
2,703
2,231
94
349
2,227
1,688
99
340
276
$
2,209
599
594
25
32
426
33
agricultural loans.........
Open market paper
Loans to brokers and dealers..
Other loans for
825
June 26
1940
$
2,640
815
601
93
Loans and
Loans—total..
_
24
19
24
purchasing or
54
63
carrying securities.........
164
159
159
55
Real estate loans............
114
30
451
114
33
454
122
32
377
21
21
18
....
-—
- ---
Loans to banks.............
Other loans................
Obligations
89i
91
49
..........
guaranteed
by
579
1,460
587
1,454
414
1,014
417
127
367
125
254
160
3,222
Treasury bills................
Treasury notes...,
3,229
2,521
812
809
714
1,716
1,402
5,617
132
1,289
1,286
6,729
85
82
322
140
382
1,088
42
267
38
139
385
1,132
42
271
38
134
348
1,184
43
266
42
2,194
493
100
1,923
508
84
the
Balances with domestic banks..
96
Other assets—net.....—-.-—-
309
1,716
1,355
5,640
125
87
309
10,986
723
19
10,879
721
19
6,621
671
44
2,230
493
3,814
3,889
602
3,739
625
1,018
8
1,039
8
962
7
....
....
....
....
....
301
1,494
16
16
16
273
273
254
United States Government...
i
—284,000,000
—5,000,000
U. S. Govt, direct obligations
Industrial advs.(not incl
June 26, 1940
75
%
%
—
64
United States bonds
Since
66%
1930-....
Reserve
found
+1
+ 1
28%
%
40
40
—12
+ %
+2%
1931
in
The statement in full for the week ended June 25 will be
%
—
45
from increases of $57,000,000 in money
circulation, $57,000,000 in Treasury deposits with Federal
banks, $36,000,000 in non-member deposits and
other Federal Reserve accounts and $17,000,000 in Treasury
cash, offset in part by increases of $8,000,000 in Reserve
bank credit, $8,000,000 in gold stock and $6,000,000 in
Treasury currency.
Excejss reserves of member banks on
June 25 were estimated to be approximately $5,150,000,000,
a decrease of $160,000,000 for the week.
62
38
—
1929
scarcity
the major
1935
1934
changes
86%
+3
86
75
1936
being
phrase
customers
important
Few
+2
28%
<
+ 1
28%
-
100
89
47%
+2
+1
71%
1937
Independents
98%
%
—2%
55%
1938
During the week ended June 25 member bank reserve
balances decreased $146,000,000.
Reductions in member
bank
87%
Many report fewer number
tonnage
as
delivery
maker
January—if
materials'
1940
+
99%
months, usually
several
general steel situation.
and
1941
1939
sales
"early next year."
will
that
40% greater than production capacity.
orders
sales
conclude
around.
volume
around
of
manufacture,
Other securities
........
Reserve with Fed. Res.
banks..
Cash in vault.................
Liabilities—
Demand deposits—adjusted
Time deposits................
U. S. Government deposits.....
100
Inter-bank deposits:
_
Domestic banks............
609
Foreign banks
Borrowings..—.
Other liabilities
302
292
Capital accounts..............
1,513
1,520
_
Member Banks in New York City and
Complete
Chicago—Brokers' Loans
Federal Reserve System for the New York
banks and also for the Chicago member banks
City member
for the current
Returns of
Reserve
Below is the statement of the Board of Governors of the
As
Member Banks of the Federal
Week
System for the Preceding
explained above, the statement of the New York and
member banks are given out on Thursday, simul-
Chicago
The Commercial & Financial Chronicle
4044
June 28, 1941
Exchange becomes the first of the larger national
exchanges to extend full membership to a firm
Boston
taneously with the figures of the Reserve banks themselves
covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
Constitution
close of business June 18:
ditional safeguard for investors, it is provided that corpo¬
securities
and
striction,
18;
cultural loans,
deposits credited to domestic banks.
Commercial,
industrial, and
dealers
and
adopted
Rules
in
the
As
an
ad¬
Exchange.
Exchange
segregate
decreased
$17,000,000 in
Loans to
yeays
long
ago.
Commenting
said:
the
before
■
of
development
the modern
in the light of present
With appropriate regulations for the protection of the
accepted methods.
public, such as Boston has now provided, there is no Bound reason for
responsible incorporated investment firms from exchange mem¬
$7,000,000.
excluding
Holdings of Treasury bills increased $22,000,000 in the Chicago district
bership.
and
;
...'y:'
y;yv.
$26,000,000 at all reporting member banks.
Holdings of United States
Government bonds increased
$17,000,000 in the Cleveland district and
$30,000,000 at all reporting member banks. Holdings of "other securities"
Constitution
decreased
yyyv'V',
V
first member-corporation.
$24,000,000 in
Chicago district,
the
$21,000,000
New
deposits—adjusted
$45,000,000
in
the
Chicago
decreased
district,
$169,000,000
in
York
New
City,
$199,000,000
and
York
New
in the New York district outside
Winslow,' Inc..^'
Curb
(+)
increase
(—)
Decrease
or
Since
June 11, 1941
June 18,1941
Assets—
/■V
$
June 19, 1940
%
8
Loans and Investments—total....28.155,000,000
+ 24,000,000
Loans—total
10,262,000,000
+ 24,000,000
5,792,000,000
370,000,000
+ 28,000,000
471,000,000
loans for purchasing or
carrying securities.
444,000,000
Real estate loans—1,246,000,000
—7,000,000
+ 58,000,000
—3,000,000
+ 6,000,000
-3,000,000
—26,000,000
+47,000,000
—6,000,000
+279,000,000
+271,000,000
+ 174,000.000
+ 30,000,000
+1,578,000,000
i
+4,659,000,000
+1,818,000,000
Commercial, Industrial andagriculturalloans
paper
...
—3,000,000
+1,405,000,000
+ 61,000,000
Loans to brokers and dealers In
securities..................
Other
Loans to banks
42,000,000
1,897,000,000
............
+ 2,000.000
1,056,000,000
...........
Otber loans
Treasury bills...
Treasury notes
+ 26,000,000
2,232,000,000
United States bonds............. 7,961,000,000
Obligations guaranteed by United
States Government......
3,038,000.000
Other securities.....
3,606,000,000
Reserve with Fed. Reserve banks..10,883,000,000
Cash In vault....... J
581,000,000
Balances with domestic banks
3,500,000,000
+2,000,000
+ 1,000,000
+ 638,000,000
—54,000,000
-163,000,000
—15,000,000
+ 80,000,000
—712,000,000
+82,000,000
+ 221,000,000
+ 35,000,000
■■■
service
to the
.
in
change
recent
its
invest¬
Perrin, West & Winslow, Inc., as its
1
■,'
■
■1
;
Secretary of Perrin, West &
■,
.
'
:
;
-#»
,-y
on New York Stock and
New York
Exchanges During Week Ended June 14
The Securities and Exchange Commission made public
yesterday (June 27) 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 mem¬
bers of these exchanges in the week ended June 14, con¬
tinuing 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 mem¬
bers during the week ended June 14 (in round-lot trans¬
actions) totaled 601,330 shares, which amount was 19.34%
of total transactions on the Exchange of 3,162,510 shares.
This compares with member trading during the previous
week ended June 7, of 407,985 shares or 18.32% of. total
trading of 2,311,230 shares.
On the New York Curb Ex¬
change, member trading during the week ended June 14
amounted to 84,340 shares, or 15.51% or the total volume
on that Exchange of 497,285 shares; during the preceding
week trading for the account of Curb members of 74,415"
shares was 15.89% of total trading of 464,405 shares.
The Commission made available the following data for
of the principal assets and
liabilities of re¬
porting member banks, together with changes for the week
and the year ended June 18, 1941, follows:
summary
the
broader
Member Trading
Deposits credited to domestic banks increased $22,000,000 in New York
$17,000,000 in the Kansas City district, and $07,000,000 at all
reporting member banks. ■
U/:/'.
Open market
;/ y'
that
still
Thomas A. West is Treasurer,
::.y.
City,
A
believes
provide
is President,
V
City.
to
it
and Andrew N. Winslow Jr. is
reporting
all
at
Exchange
enable
John Perrin
.
member banks, and increased $41,000,000
will
public, and cordially welcomes
ing
York
in
Stock
Boston
The
City, and $54,000,000 at all reporting member banks.
Demand
in
corporate form of organization, should be revised
■
agricultural loans increased
securities
in
change
recent
a
the
of
the matter President Yerxa
on
New York City and $28,000,000 at all reporting member banks.
brokers
members
by
Stock
Boston
securities held in safekeeping for customers.
$07,000,000 in
increase of
an
possible
of- the
separate bank accounts cash balances held for customers,
in the same way as stock exchange firms now "earmark"
decreases of $54,000,000 in holdings of "other securities/'
reserve balances with Federal Reserve banks, and $199,-
demand deposits—adjusted, and
made
was
becoming
rations
banks in 101 lead¬
following
in
$163,000,000
000,000 in
the
which,
changes,
principal changes for the week ended
An increase of $28,000,000 in commercial, industrial, and agri¬
shows
cities
June
This departure from a traditional exchange re¬
it is said, may be the forerunner of a
similar broadening of the membership of other stock ex¬
Exchange.
\
•
The condition statement of weekly reporting member
ing
organized as a corporation, although associate membership
been available to corporations on the New York Curb
has
the week ended June 14.
'
Liabilities—
.
Demand deposits—adjusted......23,872,000,000
Time deposits.....
5,407,000,000
U. 8. Government deposits.......
481,000,000
Inter bank deposits:
-199,000,000
—1,000,000
.........
Domestic banks...
Foreign banks
Borrowings................
Chile
Resumes
Rodolfo
Michels,
States, disclosed in
+ 3,000,U00
issued
to
In
United
the
Washington
on
June 19 that Chile has resumed "little by little" the redemp¬
tion of its bonds which had been temporarily postponed fol¬
lowing
were
area
the
earthquake
required
1939.
in
finance
to
The
amortization
funds
the
plan for reconstructing the
devastated by the earthquake.
The Chilean Embassy's
statement
Chile
to
apply
The
funds
the
for
desired
that
our
cherishes
Government
and
in
the
amortization
disturbances
economic
the
increased
even
the
Suspension
amortization
the
of
debt
foreign
of
the
hope
until
plan
set
present
that
the
under
up
war
these
normal
do not
redemptions
scale
Law
is
No.
aggravate
to
1939
The following is learned from
Office
New York
■,
32
4.
578
77
588
Reports showing
——
no transactions
Note—On the New York Curb Exchange, odd-lot transactions are handled solely
by special is ta in the stocks In which they are registered and the round-lot transactions
of specialists resulting from such odd-lot transactions are not segregated from the
On the New York Stock Exchange, on the
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
specialists' other round-lot trades.
other band, all
two exchanges.
the number of reports received because a single report may carry
TOTAL
ROUND-LOT STOCK SALES ON THE NEW YORK STOCK EX¬
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
MEMBERS * (SHARES)
•
Week Ended June 14, 1941
be
y':, y
an
announced
tonight
provided
more
intensely
:
Short sales..
....
.....—————
Other sales.b
—
——
Total sales.,—.
the
history
of
the
an
Indian
107-year-old
Boston Stock Exchange an incorporated securities firm has
been admitted to full membership, it was announced June 23
by John E. Yerxa, President of the Exchange.
With the
purchase of
a
seat
by Perrin,
West
&
3,162,510
—
Transactions of specialists in stocks in which they are
registered—Total purchases
322,730
States
—
..
—
—
...—
Total sales...
-
—.
2. Other transactions initiated on the floor—Total purchases
Short sales
Other sales.b
———————
Winslow, Inc.,
the
...
purchases
——
.
—
Total—Total purchases———————
-
—
Short sales
sales.————
6.13
102,100
6,200
100,610
3.20
622,210
79,510
Other sales.b
Total
10.01
197,380
94,410
———.
Total sales
4.
310,520
190,200
Short sales.....—......
Other sales.b
49,770
260,750
23,540
166,660
...
Total sales.
Stock Exchange Admits Corporation to Full
Membership—Marks First Such Action by Major
Securities Exchange
in
110,100
3,052,410
B. Round-lot transactions for account of members, except for
the odd-lot accounts of odd-lot dealers and specialists:
Boston
time
P r
Cent a
was
Other sales.b——
of
-y
Total round-lot sales:
Short sales.
establishment
Total for
Week
A.
Associated Press London
the
-
is
5580
United
than
entries
in more than one classification.
3. Other transactions initiated off the floor—Total
first
784
97
199
for procurement of war supplies.
It will collaborate closely with the British
Purchasing Mission.
Sir Shanmukham Chetty, former First Minister of
Cochin, will go to
the United States soon to head the mission.
the
Curb
Exchange
1,070
189
223
Purchasing Mission in the United States
For
New York
stock
Exchange
■
———
dispatch of June 19:
India
y'
3. Reports showing other transactions initiated off the
floor————
1.
The
:y\■ y, "'Vy
OF
as
the Chilean foreign debt retirement
issue of Dec. 7, 1940, page 3315.
Indian Purchasing Mission to Come to
for War Supplies
|
y.
-
meas¬
will
reached
of
our
These reports are classified as follows:
-l'V
Total number of reports received..
1. Reports showing transactions as specialists2. Reports showing other transactions initiated on the
floor
situation.
reported in
■
The number of reports in the various classifications may total more
the
financing the plan for reconstructing the region devastated by the
earthquake, the redempting of bonds, temporarily postponed by that
ure, has been renewed little by little.
*
''i'-'-' r
continued
:
said:
Although there still exist circumstances which induced the Government
bf
tive members.
■■
—21,000,000
Its Bonds
Ambassador
statement
+ 702,000,000
+ 1,000,000
Redemption of
Chilean
a
+07,000,000
—1,000,000
New
York Stock Exchange and the New York Curb Exchange by their respec¬
•
9,236,000,000
666,000,000
1,000,000
*
The data published are based upon weekly reports filed with the
+3,377,000,000
+101,000,000
—101,000,000
521.820
——...—
—.
601+30
19.34
Vohtme
CHANGE
BERS *
SALES ON\THE NEW YORK CURB EX¬
TRANSACTIONS FOR ACCOUNT OF MEM¬
STOCK
AND
will be available for such notes or
8TOCK
ROUND-LOT
TOTAL
Cent
Week
June 23 a clarifying
Rule U-G2, relating to
solicitations
in
connection with a reorganization or a
transaction which is the subject of an application or dec¬
laration under the Holding Company Act.
The amendment
a
Total round-lot sales:
5,933
Short sales
491.350
Other sales.b
Total sales
The
'"Y/\
...
*
Total sales
Short sales
2.72
15,345
Operating
Registered Holding Com¬
pany Systems at $11,498,983,735 on Dec. 31, 1940
The Securities and Exchange Commission announced on
June 20 that the combined assets of 218 operating electric
and gas utility companies in 39 registered public utility
Lists Combined Assets of 218
SEC Analysis
5,435
78,905
Short sales
Other sales.b
Utility Companies in 39
15.51
84,340
•'-■v 'Total sales
Odd-lot transactions for the account
Customers' other sales.c..
of specialists:
:YYYYV
0
37,424
...
holding
Total purchases
yyy";;'
37,424
—
...
Total sales—...
The
term
21,966
..............
firms and their
lncludea all Exchange members, their
"members"
v,1
partners, Including special partners.
analysis prepared by the Public
Division of the Commission.
Heretofore the yearly
has been based on a study of 188 operating electric
in memDers'
b Round-lot short sales
are
from restriction by the
which are exempted
Commission
>
exempt" are Included with "other
Utilities
analysis
and gas
The additional companies included in
previously omitted because all or a
majority of their securities were owned by their parents
and because there was no direct public interest in their
securities.
Further details of the study were given by the
SEC as follows:
■
:Y;YY.;Yv -;;v-J;
The 218 operating companies, according to the analysis, had total operat¬
ing revenues of $1,911,126,570 during the year 1940 and served 22,239,065
electric and gas customers.
The total capitalization outstanding amounted
to $9,598,498,631 and consisted of $4,184,695,313 of bonds, $231,243,900
of debentures,
$320,819,727 of notes and miscellaneous debt securities,
$1,704,884,674 of preferred stock, and $2,332,706,197 of common stock.
Surplus totaled $824,148,820,
Bonds, debentures and notes made up
49.35% of the total capitalization, while preferred stock accounted for
17.76% and common stock and surplus for 32.89%.
-YY. sY-' '■ Y
'v.;
Of the total earnings during 1940, operating expenses took 39.87%;
maintenance, 5.25%; depreciation, 10.47%; taxes, 15.09%; funded debt
interest, 10.04%;
other deductions, 1.58%; preferred stock dividends,
5.40% ; common stock dividends, 9.05%, and balance, 3.25%.
According to the analysis, interest on funded debt of the 218 operating
companies was earned 2.92 times, with 70 companies earning their interest
more
than three times and 34 companies more than four times.
All of
1940
the
Included with "other sales."
Sales marked "short
c
an
companies.
utility
volume Includes only sales
rules
$11,498,983,735 as of
combined
The 1940
operating utilities are con¬
statistics for the 218
in
tained
r
transactions as per cent or twice total round-lot volume.
Ju 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
of members' transactions Includes both
purchases and sales, while the Exchange
Shares
a
systems aggregated
company
31, 1940.
This is approximately 75% of the
assets of all registered holding company systems.
Dec.
financial
*
24
Section
in
the terms
69,980
Total—Total purchases
4.
used
as
With
"form letter"
(b), and to certain formal re¬
of
Lane's letter, however, deals specifically
types of selling literature which mdy
have to
be filed with the Commission, such as prospectuses, reports to
security holders, "tombstone" advertisements, form letters, and certain
types of communications to dealers and salesmen.
1,750
Total sales
(b).
stated:
definitions
brief
to
quirements relative to filing.
Mr.
and at some length with various
13,595
Other sales.b
limited
are
"distribution"
and
2.09
11,730
floor-Total pur chases
Short sales
rules
The
10,350
3. Other transactions Initiated off the
Commission
and operation of Section 2'4
scope
regard to this action it was
YY-Y V
10,050
Total sales
copies of sales literature with the
closing the
300
....
the
sel, Chester T. Lane, to Paul Bartholet, Executive Director
of the National Committee of Investment Companies, dis¬
10.70
10,455
Other sales.b
June 20 the adoption under
Act of 1940 of two rules relating to
Company
pursuant to Section 24 (b) of the Act.
At the same time
the Commission made public a letter from its General Coun¬
58,645
the floor—Total purchases
of
15.
on
the filing of
55,260
...
Other sales.b
effective July
Investment
47,795
registered—Total purchases
2. Other transactions initiated on
■
on
(g)
paragraph
to
SEC announced
becomes
497,285
...
members:
Transactions of specialists In stocks In which they are
Round-lot transactions for the account of
announced
Commission
The
amendment
Per
Total for
bonds without any filing
whatsoever.
(SHARES)
Week Ended June 14, 1941
1.
4045
The Commercial & Financial Chronicle
152
sales."
report
were
.
Odd-Lot Trading on New York Stock
Week Ended June 21
and
Securities
The
Exchange During
Commission on June 20
Exchange
public a summary for the week ended June 14, 1941,
of complete figures showing the daily volume of stock trans¬
actions for the odd-lot account of all odd-lot dealers and
made
specialists who handle odd lots on the New York Stock
Exchange, continuing a series of current figures being pub¬
lished by the Commission.
The figures are based upon
Commission by the odd-lot dealers and
reports filed with the
specialists:
STOCK
TRANSACTIONS FOR
DEALERS AND SPECIALISTS
>V-Y."■ Y
"Y
.
'
THE ODD LOT ACCOUNT OF ODD-LOT
ON THE NEW YORK STOCK EXCHANGE
Week Ended June 21, 1941
Y :Y;'' Y'Y:y Yv '.YY Y '■ . Y Y Y
: '■>. ■"
■
Number of orders
Number of shares
Dollar value
(customers' sales):
;
jj.
Customers' other sales.a
Customers'total sales...
Y
Customers' short sales.
190
13,042
ments
.......
_.....
Dollar value
........
...
.f
4,788
312,300
to
1940
10,482,595
Short
Y YY ;YyY /Y'Y ■
sales.......-......-—.—......--..—i.—....
Other 8alee_b._,
....
YYYY-Total sales
'
.....
90,070
....
Round-lot purchases by
50
90,020
'
dealers:
Number of shares
...
Sales marked "short
86,700
exempt" are reported with "other sales."
odd-lot orders, and sales to liquidate a
round lot are reported with "other sales.'
b Sales to offset customers
which Is less than a
long position
had
20
from
Notes and Bonds
Registration
and
Filing Requirements—
to
Proxy Solicitation Rule—Action
Amendment
Under Investment Company Act
Securities and Exchange Commission announced on
June 21 the adoption of a regulation exempting certain notes
and bonds from the requirements of registration under the
Securities Act of 1933 and from all filing requirements.
The Commission stated that the regulation, effective imme¬
diately, applies to notes or bonds secured by a first mort¬
gage or first deed of trust on real estate upon which is
located a small family dwelling where the amount at which
the notes or bonds are offered for sale does not exceed
$25,000.
Under the regulation, it is added, an exemption
At
Dee.
4.23%.
was
funded debt outstanding as of Dec. 31,
for the 188 companies
companies in the 1940 survey
1939, the average
31,
There were 38
interest rate of
an
3.50%
or
Percent of capitalization
more.
or
amounted
100%.
to
91.63,
with
less.
only
and surplus to property and invest¬
companies having ratios of over
19
The percent of taxes to operating revenue was
panies having a tax percentage
15.18, with 96 com¬
of more than 15 and 17 companies
percentage of 20 or more.
The analysis includes a statement classifying the 218
based
Rule Exempting Certain
4.13%,
The average dividend rate
5.95%, whereas in the 1939
survey of 188 companies, the average was 6.05%,
YYY.v
According to the survey, depreciation charges to income during 1940
amounted to 10.53% of operating revenue, with 44 of the 218 companies
having charges of 12% or more.
The percent of Depreciation Reserve to
propertv was 12.71, with 54 of the companies having a percentage of
a
SEC Adopts
interest rate on all
average
survey
ments
a
stock for the 218
which had earnings available for
preferred stock of the 218 companies was
on
,
for common stock
Earnings available
10.14% of the book value of the common
There were 69 companies
stock of 15% or more.
was
under
which
Y-YY
Number of shares:
27 companies more than three times.
failed to earn their fixed charges and
requirements.
dividend
common
Y
Round-lot sales by dealers:
and
companies.
317,088
......
........
times
two
companies which
17
amounted
The
Customers'total sales....
than
more
were
preferred
Y': /Y.rYYYYYYY'
Customers' other sales .a
in 1940 to have
a
There
13,232
.....
Y\:>"
YYY
Number of shares:
„
...
but 15 of these had sufficient earnings
full dividend on the preferred stock.
fY
Fixed charges and preferred dividend requirements for the 218 companies
were earned
1.72 times in 1940, with 65 companies earning their require¬
paid
Ygp Yv"'•
Customers'short sales
companies paid all accumulated arrearages and three
The arrearages on 28 companies con¬
seven
tinued to increase,
^Y
Number of orders:
1940
During
companies at
1939 analysis.
companies reduced their arrearages,
11,863,008
...
Odd-lot purchases by dealers
Dec.
301,818
—..
in
Arrearages
11,326
...
.....
earned their full interest requirements.
preferred stock dividends existed in 36
31, 1940, compared with 42 companies covered in the
the 218 companies
Total Y
YYY; for Week
..-YY Y:-"
YY-,YY: vV-YY. ;'Y<;Y\Y'!.'.-Y YYy ••YYYY-Odd-lot sales by dealers (customers' purchases):
each
on
total
218 companies.
had assets of over $130,000,000
$5,469,843,273, or 48% of the combined assets
Thirty companies
assetst
and combined assets of
of the
Several charts are included in the report
compilations between capitalization, expenses and
the statistical
having
companies, by size
illustrating
other items.
Y
The
Sales Record of Unseasoned
Securities
1933-39—Total Sales for
Companies $97,832,009
Publishes Report on
SEC
Registered
757
Commission made public on
"Sales Record of Unseasoned
The Securities and Exchange
June
19
a
Registered
report
Securities, 1933-1939" which deals with certain
registered under the Securities Act of 1933.
prepared bv the staff of the Research, and
Section of the Trading and Exchange Division
types of issues
The report was
Statistics
entitled
The Commercial & Financial Chronicle
4046
and
does not represent
the Commission.
The
ties and
and
Form
and
to
included
A-l,
the
Issues."
which
Statistics
is
used
considerably
However,
the first
study
time
primarily
by
registered
and unseasoned
new
of
cases
made
was
registered
were
to
the account
for
the
the
of
issuing
ing replies to questionnaires
Exchange Division about one
data
based
are
which
these
on
The
toward
an
.The
study,
therefore,
by
out
the
this survey are
Trading
and
Of the banks in New York State,
60% made more than
totaling $7,247,000,000 to business firms
and individuals throughout the State during the second
half of 1940, according to the semi-annual survey of bank
lending activity made by the Research Council of the
American
Bankers Association,
released June 25.
The
A. B. A. loan survey was participated in by 499 New York
banks, or 60.4% fo the 826 banks in the State.
These 499 banks reported that they made between July 1
of comparatively moderate
may
findings
the
of
study
summarized
are
below:
1. Total
the
sales
for
July
27,
period
which
was
757
the
1933,
equivalent
companies with securities registered
Dec.
to
to
23.9%
31,
of
amounted
1939,
the
by
registered
amount
during
$97,832,000,
to
and Dec. 31, 1940:
these
1,599,376 new loans totaling
788,070 renewals of loans totaling
14,140 new mortgage loans totaling
companies.
2.
A
were
study of individual
reported for 294
issues.
A
issues
issues,
substantial
very
reveals
that out of
while complete sales
number
(130
issues)
issues
sales
no
reported for
were
had
'•
10% of the amount registered.
3.
849
sales
2,401,586
than
It
-
activity
in the new issue market,
rising sharply in early 1936 and declining subse¬
quently up to the middle of 1938.
The ratio of sales to registrations of
unseasoned
issues, however, was affected by the wide fluctuations in
registrations,
Upon
with
the result that high sales ratios
registration volume than in periods of
low
further
analysis
it appears
that
in
periods
of
market
activity the registration of unseasoned issues
sales prospects falls off with
particular sharpness.
4.
prevailed
low general
capital
Approximately 70% of all sales occurred within three months
10% within three to six months, and the remaining
15.2%
sold
of
the
amount
39.9% of the
registered.
amount
200
going
after
l\%
and these 60ld only
ventures,
new
The
6.
Only 20(.9% of common stock registered was sold, as compared with
22.8% for preferred stock, 30.0% for certificates of beneficial interest,
and 57.4% for bonds.
7.
ratio,
20.1%
for
extractive
companies
and
29.1%
for
18.9%,
The
8.
Sales
not
were
9.
as
showed
issues of
the
some
the
tendency to be greater for the smaller,
larger companies.
The results, however,
especially
consistent.
flotation averaged
of
V
15.0%
of
the
amount
sold
of
flotation
failed
to
show
any
although the cost ratio tended to
of the
issuing company increased.
Unseasoned
sold mostly
less
for
for
common
new
money
which
consistent connection with size
decline
somewhat
as
survey
use on
of
the
average size of new
purposes.
existed
of the type covered in this
study were
directly by issuers (underwriters distributing
total), and the net proceeds were used mainly
These characteristics
during
the
same
were
period
the
exact
opposite of
for
seasoned
Governors of the Federal Reserve System
June 20 that member firms of the New York
on
Stock
Exchange carrying margin accounts for customers
reported for May, 1941, an increase of
$16,000,000 in their
customers'
debit balances and
an increase of
$35,000,000 in
money borrowed by the reporting firms.
These firms also
reported an increase of $16,000,000 in the debit balances in
their firm and partners'
investment and trading accounts
and a decrease of
$14,000,000 in their cash on hand and in
banks
During the year ending May 31, 1941, customers'
debit balances decreased
by $80,000,000 and
money borrowed
by $56,000,000.
summary
of
and
principal related items
York Stock Exchange that
with changes for
the
customers'
debit
balances
of the member firms of the New
carry
the month
number of
average
$768.
new
bank outside of New York
mortgage^ made per bank outside New
York City was 16 and the average mortgage was for $4,030.
The average number of new loans made
by the banks in Greater New
The average number of loans renewed per bank in New York City was
2,226 and the average renewal was for $12,289.
The average number of new mortgages made by the banks in New
City
was
86 and the average mortgage
margin accounts,
and year ended
follows:
together
May 31, 1941
was
York
$11,617.
♦
Bank
Earnings up Moderately
According to A. B. A. Survey
1940,
in
Earnings of state banks engaged in commercial business
increased moderately in 1940, according to the seventh an¬
nual survey of earnings and expenses made public on June
26 by the State Bank Division of the American Bankers As¬
sociation.
Expenses of state banks
shows,
survey
creased
also
larger,
were
the
but they did not rise
enough to offset in¬
earnings, with the result that in a majority
gross
of States net current
fore.
earnings were higher than the year be¬
included 8,236 state banks engaged in
banking business in 45 States.
These banks
total gross earnings of $706,627,000 for the 12
The
survey
commercial
reported
months ending Dec. 31, 1940.
Their operating expenses in
1940 totaled $501,703,000, resulting in net current earnings
of $204,924,000 before recoveries and charge-offs.
The Asso¬
ciation's announcement regarding the study also said:
The
Board's
was
registered
Exchange Firms Increased $16,000,000 and Firms'
Borrowings Were Up $35,000,000
announced
loan
-
Federal Reserve Report on Brokers'
Balances for May
—Customers' Debit Balances for New York Stock
of
bank by the up-State banks
1,887 and the average renewal was for $654.
was
State
The Board
:
The average number of loans renewed per
City
size
or
the
Dec. 31.
York City was 30,517 and the average size of new loan wvas $4,124.
securities.
The
concerning the
—that is, the banks outside of Greater New York City—was 863 and the
registered issues
through agents
than one-fourth
those
in
was
The
issue,
11.
announcement
lines of credit" totaling $2,521,943,563, of which $876,536,981, or 34.8%,
■
companies.
Cost
$6,522,826,290
Association's
The average number of new loans made per
for preferred stock, and 8.4% for bonds.
Costs were rela¬
tively the highest for extractive companies, amounting to 20.2%, followed
in order by
14.6% for manufacturing companies and 11.2% for financial
10.
$5,286,203,027
1,148,939,264
87,683,999
...
...
further said:
:!'\vV'
•
stock, 13.0%
of
books of
Twenty-two banks In Greater New York City reported offering "open
success
for
Cost
the
on
use
manufacturing
companies.
issues and
their
A total of 136 banks in the
1,382,764
Financial and investment companies
(a category which in this report
investment companies) had the lowest sales
against
showed that business
third of the "confirmed open
survey
1,281,721 new loans totaling
93,495 renewals of loans totaling
7,548 new mortgage loans totaling
registered.
excludes
the
made:
by contrast,
concerns,
that
larger centers of the
State reported that they carried on their books $2,751,361,933
in "open lines of credit" offered to and kept available for
regular borrowers for use as needed by them.
Of this
amount $958,434,668 or 34.8% was used.
Eighty-eight banks out of a total of 132 in Greater New
York City reported 1,382,764 credit transactions totaling
$6,522,826,290, of which 1,281,721 were new loans in the
sum of $5,286,203,027.
These 88 banks reported that they
uncertain
very
registration,
after six months from registration.
5. Of the 757 companies, 497 were
banks.
in
more
$7,247,702,185
announced
is
firms in the State used only a
lines of credit" maintained for
high sales volume.
with
$5,530,233,509
1,603,219,726
114,248,950
—
138
less
of
In general, sales volume of unseasoned issues tended to reflect
periods of
Banks Make 2,401,000 Loans Totaling
$7,247,000,000 in Last Half of 1940
2,401,000 loans
be regarded as a further contribution
understanding of the broad problem of small-scale financing.
principal
York
New
questionnaire replies.
Most of the issues included in
size.
sent
were
were
company.
in furnish¬
after the effective date of registration.
year
June 21 when the Bank
on
some
securities
report is made possible by the cooperation of registrants
The
on
enterprises,
Within this limit
that
ensure
increased to 425
was
Ky., became a member of the
Federal Reserve System.
The new member has a capital
of $25,000, surplus of $6,300, and total resources of $369,400.
It was chartered in 1910 with a capital of $15,000.
Its
officers are: L. P. Wetherby, President; C. H. Schrader
and T. C. Gaines, Vice-Presidents; R. M. Ross, Cashier.
A-O-l, which is used by companies organized within two years
and
membership of the Federal Reserve Bank of
of Middletown, Middletown,
detailed
more
securities
total
St. Louis
were
Securi¬
on
the present study.
in
restricted to
are
in the exploration of mineral deposits.
selection
unseasoned
This
in
which
Form
engage
•further
Registered
made available for
are
Issues
statistics
the
date
to
up
The
Exchange Markets" under the chapter heading "Sales of Small
on
Unseasoned
data
brings
earlier staff report entitled "Selected
an
St. Louis
New Member of Federal Reserve Bank of
unofficial views of
or
The SEC in its announcement said:
publication
present
presented in
the official
June 28, 1941
percentage of
earnings to
net
gross
earnings
for the 45
States
re¬
porting
in 1940 rose to 29.0%, one point higher than the percentage of
28.0% shown for 45 States in 1939.
The highest percentage of net to gross
earnings shown during the five-year period was 29.4% and 47 reporting
States
in
1937,
while
the
lowest
1938.
percentage
was
27.6%
for
States
45
in
:v
Gross losses
Increase
or Decrease
Since
April 30,
May 31,
1941
1941
Customers' debit balances
Debit balances in firm and
tners'
investment
accounts
on
and
112,000,000
185,000,000
ners'
""
in
investment
+ 33,000,000
—14,000,000
—54,000,000
+ 35,000,000
—56,000,000
262,000,000
61,000,000
—3,000,000
+ 11,000,000
+ 1,000,000
—7.000,000
reserves
24.0%
firm and partand trading
accounts
Credit balances In capital accounts
and
of
amounted
1939 to
with
1938,
the
—4,000,000
—4,000,000
—4,000,000
—51,000,000
fore
20
earnings
19.5%
in
46
declaration
reduced
were
net
under review.
years
in
44
States
States,
and 11.0%
in
dividends
States
to
In 1936 net profits were
reporting
in 1938 to
of
cash
dividends
$89,154,000,
profits after dividends of
Measured
24,000,000
223,000,000
during the five
gross
to
profits,
17.0%
in
44
in
1937
they
States, and in
24.5% in 45 States.
After
1940
;
balances
+ 16,000,000
403,000,000
hand and in banks
Other
Credit
—$80,000,000
par¬
Money borrowed
Customers' credit balances:
L
+$16,000,000
trading
„
to $185,544,000, or 20.3% of gross current operating earn¬
which is the highest percentage of earnings conserved for dividends
ings,
$622,000,000
Credit balances:
Free
for 1940 were only 2.7% of gross earnings, com¬
pared with net losses of 3.5% of total earnings in 1939 and 10.0% in 1938.
Net profits after recoveries and charge-offs, but before
dividends, for
1940 amounted
Debit balances:
Cash
losses, net losses
gross
May 31,
1941
on
loans, securities, &c., in 1940 amounted to $148,523,000.
deducting recoveries on loans and investments of $129,143,000 from
After
in
terms
in
of
12.6%
$96,390,000 net
of
profits
in
earnings, compared
15.3% in 1935, 5.8% in 1937, 7.4% in
or
gross
1939.
of
1940
dollars
ranged
for
each
between
showing net profits of $1.00
$100 of deposits, net profits be¬
$1.77
or
over
and
for
$0.46
each
per
$100,
$100 of
with
deposits.
Volume
The Commercial &
152
States in 1940 was $0.95 per $100 of
with an average net profit of $1.01 among 45
reporting States in 1939 and $0.91 in 43 States showing profits in 1938.
The
net profit for the 44
average
comparison
in
deposits,
4047
Financial Chronicle
Tenders of Series
hereunder.
II.
Bank Were
Loan
Home
Chicago
by
Advances
May
May was the busiest lending month so far in 1941 of the
the bank announced
Federal Home Loan Bank of Chicago,
June 20.
on
ings, building and loan associations in Illinois and Wiscon¬
sin increased 79% from those of April, A. R. Gardner, Presi¬
dent
said.
The announcement con¬
yS.^-yV
Chicago bank,
of. the
tinued: .y
with
a
year
loans
than
more
at
outstanding
bank's
regional
the
in three months.
time
any
credit facilities
As compared
institutions supplementing available
funds with Home Loan Bank advances, and the gain
11
there are
ago
financing
home
local
in
306,
using
associations
of
number
The
numbered
more
$1,707,244.
is
during which the
credit expansion as in
May, this year, it was pointed out,
Only one of these months, May of
1940, achieved such a peak so early in the year.
The past two years'
conspicuous home building and buying activity, with spring the top
season for building, account for a significant part of the local
institutions'
Only
calls
kind
the
for
seen
years
large
so
funds
of
8%
the
of
out
functioned have
bank
the
on
Gardner
months
previous
seven
Chicago bank has
at
15,
the
it
created
was
to
supply,
Mr.
The
2.
$267,792,000 Received to Offering of $100,-
A total of
$267,792,000
imposed
\."
Low
...
Total accepted, $100,068,000
Va
;
0.087 %
99.978 Equivalent rate approximately
Average price
99.983 Equivalent rate approximately 0.066 %.
(88% of the amount bid for at the low price was accepted.)
»
poration—Subscription Books Closed
behalf of the
June 23
the plan for refinancing the outstanding notes of Series N
of the Corporation maturing July 20, 1941, and raising
additional funds for the Corporation through offering for
subscription, at par and accrued interest, through the Fed¬
eral Reserve banks, notes of the Corporation, designated
1% notes of Series W, in the amount of $500,000,000, or
thereabouts, and at the same time offering to purchase on
July 3, 1941, at par and accrued interest, the outstanding
notes of Series N to the extent the holders of such maturing
Secretary of the Treasury Morgenthau, on
Reconstruction Finance Corporation, announced on
The Series N notes are
notes.
notes subscribe for the new
$211,000,000, thus
the amount of "new money" to be provided
this financing operation will be around
to
RFC
the
by
$300,000,000.
.
subscription books for the offering of the 1% Series
W RFC'notes closed at the close of business on June 24,
The
holders
except for the receipt of subscriptions from those
of Series N notes who wished to exchange them
In the latter case
Series W notes.
(June 25).
the following day
on
for the
subscription books closed
3,
that date at the rate of
1% per annum, payable on a semi-annual basis on April 15
and Oct. 15 in each year.
They will mature of April 15,
1944, and will not be subject to call for redemption prior
Series W now offered will be dated July
The notes of
1941, and will bear interest from
maturity.
to
offering
note
The text of the
official circular follows:
RECONSTRUCTION FINANCE
APRIL
15,
Dated and bearing interest
Fully and unconditionally
United
States,
Circular
1944
No.
Treasury
is
expressed
on
664—Fiscal
/.
Finance
from
notes
the
of
The
purchase
of
Service,
Bureau
of
the
Office of the Secretary,
24,
1941.
behalf of the Reconstruction
Corporation, invites subscriptions, at par and accrued interest,
people of the United States for notes of the RFC, designated 1%
Series W.
The amount of the offering is $500,000,000, or
of
<
the
Treasury,
the
Treasury,
on
on
behalf
July 3, 1941, at par and accrued
received
be
at
not to sell or otherwise dispose
the Federal Reserve banks and
Washington.
Subscribers must
of their subscriptions, or the securi¬
the subscrip¬
be allotted thereon, prior to the closing of
may
books.
generally may submit subscriptions for
but only the Federal Reserve banks and the Treasury
institutions
Banking
account of customers,
Department are authorized to act as official agencies.
Others than banking
will not be permitted to enter subscriptions except for their
institutions
holders of Series N notes tendered for
from
Subscriptions
account.
own
by such notes to a par amount equal to
par amount of notes of Series W subscribed for.
Other subscriptions
from banks and trust companies for their own account will be received
without deposit but will be restricted in each case to an amount not
exceeding one-half of the combined capital and surplus of the subscribing
•bank or trust company.
Other subscriptions from all others must be
accompanied by payment of 10% of the amount of notes applied for.
purchase should be accompanied
the
;
2. The Secretary of the Treasury reserves the right to reject any sub¬
in whole or in part, to allot less than the amount of notes
scription
applied for, and to close the books as to any or
without
final.
be
Series
will
be
publicly announced.
/U. Payment
v.<:y.;'
Payment at par and accrued interest, if any,
1.
under
made
be
must
and
will be sent out promptly upon allotment,
allotment
the
of
them
tender
Allotment notices
basis
the
reservations, subscriptions from holders of
for purchase hereunder will be allotted
these
to
who
notes
all subscriptions at any
and any action he may take in these respects shall
notice;
Subject
N
full.
in
or
completed
on
or
for notes allotted here¬
before July 3, 1941, or on later
payment
applied for shall,
upon declaration made by the Secretary of the Treasury in his discretion,
be forfeited to the United States.
Notes of Series N tendered for purchase
must have coupons dated July 20, 1941, attached, and payment will be
made at par and accrued interest to July 3, 1941.
The principal proceeds
of the Series N notes will be applied in payment of the Series W notes,
and accrued interest from Jan. 20, 1941, to July 3, 1941, on Series N
notes
($3.96409 per $1,000) will be paid following acceptance of the
allotment.
with
In
every
application
notes.
^
■
v
up
,y;;y
where payment is not so completed the
case
to
10%
fiscal
authorized
agents
&nd
of
the
amount
of notes
:'.'V
:y"V
V.
As
1.
the
of
United States,
Reserve banks are
to make allotments on
Federal
to receive subscriptions,
requested
-
General Provisions
of the Treas¬
the respective districts, to issue allot¬
ment notices, to receive payment for notes allotted, to make delivery of
notes
on
full-paid subscriptions allotted, and they may issue interim
receipts pending delivery of the definitive notes.
2. 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.
,■•''
■ .• •'1 *■
" • •'
'V
HENRY MORGENTHAU JR., Secretary of the Treasury.
to the amounts indicated by the Secretary
the
basis and
ury
to the Federal Reserve banks of
up
New Offering
of $100,000,000 of 91-Day Treasury Bills—
Will Be Dated July 2, 1941
a new
offering of 91-day Treasury bills to the
sold on a
invited on
June 27, by Secretary of the Treasury Morgenthau.
Ten¬
ders received at the Federal Reserve banks, and the branches
thereof, up to 2 p. m. (EST) June 30, but will not be re¬
ceived at the Treasury Department, Washington.
The
Treasury bills will be dated July 2 and wdl mature on
Oct. 1, 1941, and on the maturity date the face amount of
the bills will be payable without interest.
There is a ma¬
turity of a previous issue of Treasury bills on July 2 in
of $100,000,000, or thereabouts, to be
discount basis under competitive bidding, were
amount
Mr.
of the RFC,
offers to
interest, the outstanding
Morgenthau in his announcement of the
offering
further said:
WThey (the bills) will be issued Ln bearer form only, and in denominations
of $1,000, $5,000, $10,000, $100,000. $500,000, and $1,000,000 (maturity
value).
■
■
'
* Each tender must be for an even multiple of $1,000. and the price offered
must be expressed on the basis of 100, with not more than three decimals,
e.g.,
of
..
and at the Treasury Department,
which
tion
The notes will not be
$10,000 and $100,000.
III. Subscription and Allotment
will
Subscriptions
agree
attached will be issued in denomi¬
registered form.
V';1;?.
1.
the rights of
*
$1,000, $5,000,
in
issued
,
Secretary
on
of
shall be
the RFC
event
amount of $100,571,000.
Department,
Offering of Notes and Invitation for Tenders
Secretary
thereabouts.
2.
face
Debt
Washington, June
The
principal by
the
•
.
Public
■'ifr.
,
from July 3, 1941
guaranty
'■
1941—Department
:
guaranteed both as to interest and
which
each note.
1.
these
CORPORATION 1% NOTES OF SERIES W,
DUE
V.
in
June 21, page 3897.
columns
the
discussed
were
the
in
notes.
notes with interest coupons
Bearer
nations
such
of
holders
Tenders to
■.?.
■
this
for
Plans
that
upon
Secretary of the Treasury shall succeed to all
the
paid
so
pay
outstanding in amount of approximately
indicating that
officer or officers thereof.
any
or
demand, when due, the principal or interest on notes
issued by it, the Secretary of the Treasury shall pay the amount thereof,
which is authorized to be appropriated, out of any moneys in the Treasury
not otherwise appropriated, and thereupon to the extent of the amounts
time
Treasury|Offers $500,000,000 of 1% RFC Notes—Plan
Involves fRefinancing
$211,000,000 of Maturing
Notes and Providing Additional Funds for Cor¬
Congress
interest thereof by any Terrtiory,
States, or by any State, county,
or
provides
Act
authorizing
The
3.
unable
ties
.
Act of
be lawful
trust, and
deposit of which shall be under the authority
public funds the investment or
control of the United States
ofjthe Treasury Morgenthau announced on June 23. Of this
amount, $100,068,000 was accepted at an average price of
approximately 0.066%.
The tenders to the offering were received at the Federal
Reserve banks and the branches thereof up to 2 p. m. (EST)
June 23.
Reference to the offering appeared in our issue of
June 21, page 3898.
The following rogarding tho accepted
bids to the offering is from Secretary Morgenthau's an¬
$267,792,000
Range of accepted bids:
High
100.
the principal
on
or
or
branches
nouncement:.
an
local taxing authority.
These notes shall
investments, and may be accepted as security, for all fiduciary,
municipality,
June 20, of $100,000,000, or thereabouts, of 91-day Treasury
bills dated June 25 and maturing Sept. 24, 1941, Secretary
Total applied for,
of
authority
under
possession of the United
dependency, or
tendered to the offering on
was
1944, and
as
hereafter
the
000,000 of 91-Day Treasury Bills—$100,068,000 Ac¬
cepted at Average Rate of 0.066%
issued
be
will
notes
They will mature April 15,
call for redemption prior to maturity.
"Reconstruction Finance Corporation Act") approved Jan. 22,
1932, as amended and supplemented.
The income derived from the notes
shall be subject to
all Federal taxes, now or hereafter imposed.
The
notes shall be subject to estate,
inheritance, gift or other excise taxes,
whether Federal or State, but shall be exempt from all taxation now or
4.
Tenders of
payable on a semi-annual basis on
April 15 and Oct. 15 in each year until
annum,
per
payable.
becomes
principal
(known
a
explained.
1%
of
rate
from that
July 3, 1941, and will bear interest
1941, and thereafter on
will not be subject to
of $1,845,000 to member sav¬
Total advances
-
the
date
Oct.
Highest in 1941
of Notes
Description
The notes will be dated
1.
Series N, maturing July 20, 1941, to
subscribe to the issue of Series W
N notes for that purpose are invited.
the holders thereof
to which
the extent
notes
designated
the Corporation
of
notes
99.925.
Fractions may not be used.
received without deposit; from Incorporated banks and
Tenders will be
trust
companies and from
responsible and recognized dealers in investment
4048
The Commercial & Financial Chronicle
securities.
Tenders from others
must be
accompanied by payment of 10%
of Treasury bills applied for. unless the
tenders are ac¬
of the face amount
companied by an express guai anty of payment
by an incorporated bank
or
trust company.
or
acceptance
The Secretary of the
Treasury expressly reserves the
rejection thereof.
right to accept
or
reject any or all tenders, in whole
or
in part, and his action
in any such respect shall be final.
offered must be made
other
Payment of accepted tenders at the prices
completed at the Federal Reserve Bank in cash or
or
immediately available funds
July 2, 1941.
on
respect to tram actions of the Union of Soviet Socialist
Republics and its
nationals.
or
gain from the
have any exemption,
and loss from the sale
The bills
shall
now
State,
under Federal tax Acts
be subject
excise taxes, whether Federal
tion
as
such,
other disposition of
Treasury bills shall not have
or
and special treatment, as such,
enacted.
to
estate,
now
or
inheritance, gift,
hereafter
or
Department requested, and the Treasury Depart¬
Department of Justice approved, the issuance of the license
Fresident
as
amended, and
this notice,
govern the conditions of their
the
Union
the
Prevent
Italian
Na¬
Insure
Leaving United States—Action Taken
Compliance with President Roosevelt's
In
order to insure compliance with President
Roosevelt's
Executive Order of June 14,
regulating transactions in foreign
June 23 ordered Customs officials to take all neces¬
sary steps to prevent
any Italian national from departing from
the United States
pending further instructions. It is under¬
stood the Department of Justice has
issued similar instruc¬
tions to Immigration officers.
As noted in our issue of
on
June 21, page 3892, the
had taken similar action
In
retaliatory
a
Rome
Italian authorities announced on
(according to the Associated Press) that
move,
June 24
on
Treasury Department on June 17
affecting German nationals.
special authorization would be required for the
departure of
Americans desiring to leave
Italy under new measures de¬
scribed as analogous to those
applied to Italians in the
United
States.
the direction
to
such
an
leaving territory of the United
on
the part of Federal
authorities, the
analogous
measure
regarding American
citizens residing in the
Kingdom and territories placed under Italian
eignty
or
In
occupied by
an
our
sover¬
troops.
announcement issued June 23 in
explanation of its
action, that day, affecting Italian nationals, the
Treasury
Department had the following to say:
of
which
such Italian nationals have
any interest whatsoever.
all possible
cover
of
departure, including vessels, trains, busses,
airplanes and in¬
so that no
Italians«may leave this country without
having fully complied with the Executive Order and the
regulations.
ternational border roads
President's
was
Roosevelt's
fund
freezing order of June
given in these columns of June 21,
page
-
14
national
or
and under the
to
Under
European Freezing Order
Soviet, Sweden and Switzerland
General licenses
Department
and
to
were
permit
their nationals
issued
this week
Russia,
some
Sweden
freedom
and
Switzerland
their
over
funds, secu¬
rities, &c., in the United States, frozen,
together with all
other European assets,
by Executive Order of President
Roosevelt
on
nounced it
June
was
14.
At
the
time
the
order
was
an¬
indicated that such general licenses would
be issued to certain
countries, including these three,
upon
the receipt of assurances that the funds
released would not
be employed for the benefit of
Germany and Italy.
The requirement of formal
assurances, however, was
waived in the case of
Russia, the German invasion of that
country being regarded as ample assurance in itself.
In
addition the Russian license was a brief
statement without
qualification, while the Swiss and Swedish licenses
specified
various conditions and restrictions to
be observed in their
application.
Following
Russia and
General
as
the texts of the licenses issued June 24 to
June 20 to Sweden and Switzerland:
are
on
License No.
Amended,
51
and
Under
Executive Order No.
Regulations
Transactions in Foreign
Issued
A general license is hereby granted
licensing
Socialist Republics as a
generally licensed country.
12) As used in this general license:
Any foreign country licensed
thereof,
country were not
.
shall
a
be
10,
as
a
regarded
the Union
of
to
all
purposes
in
Nationale
if such
foreign
foreign country designated in the order.
Following is a statement issued by the Treasury Depart¬
pertaining to the Russian license:
ment June 24
the
or
on
or
any
national
or
Banque
thereof,
the
to
pursuant
other
than
does
at any
involve
not
other
time
in which
property
than
Switzerland
or
blocked
any
national
any
of
since the effective date of the order had
or
pursuant to the order
same
circumstances,
as
or
the
for the account of any
or
hereby authorized
to the
same
though such transaction
or
the
extent,
were
solely
Banque Nationale
the
except
not
be
deemed
blocked
any
to
permit any payment,
other than blocked
Government of Switzerland or the Banque
provided in paragraph (3) of this general
of the
name
Suisse,
from
as
account,
license.
(3)
This general license also authorizes any payment
transfer
or
of securities
of Switzerland has
the name of the
transfer,
or
firmed
by
an
from
a
in
account
blocked
in
account
Banque Nationale Suisse, if, prior
the instructions
the
blocked
a
interest to
Banque
to
effect
Nationale
such
Suisse,
transfer of credit
or
which
a
national
any
domestic bank in
to any such
payment or
provided,
payment
transfer
are
con¬
that
however,
this
authorization shall not
be deemed to authorize
any payment or transfer
of credit or transfer of securities
from a blocked account in which
any
national of a blocked
country, other than
or
Switzerland, has an interest,
an interest at
any time on or since the effective date of the order.
This general license shall not apply with
respect to any national of
has had
(4)
Switzerland who is also
Banking
transactions
the
national of any other blocked
country.
within the United
States
a
institutions
authorized
appropriate
Federal
engaging in any
by this general license shall file promptly with
Reserve bank weekly reports
setting forth the
details of transactions effected
by them under this license.
(6) As used in this general license, the "Government of
shall
Switzerland"
include
the government of
any ploitical subdivision (territories, de¬
pendencies, possessions, states, departments,
provinces, counties, munici¬
palities, districts or other places subject to the
jurisdiction thereof), or any
political agency or instrumentality of the
government.
General License No. 49
Under Executive Order No.
8389, April 10, 1940, as
Amended, and Regulations Issued Pursuant
Thereto, Relating to Trans¬
actions in Foreign
Exchange, Ac.
I •'
(1) A general license
to in
or
is
hereby granted licensing
any transaction referred
Section 1 of the order, if
1) such transactions is by, or on behalf of,
pursuant to the direction of
Sweden,
or any
national thereof,
(ii) such
or
involves property in which
has at any time on
Sweden, or any national thereof,
since the effective date of the order had
any interest,
or
provided, that:
(a) such transaction is not by, or on behalf
of, or pursuant to the direction
of any blocked
country or any national thereof, other than Sweden or
any
national of Sweden, and
such
any
or
transaction
does
national
any
at
any
if such
of
transaction
on
involve property
in which
any
blocked
Swdeen or any national of
since the effective date of the order had
or
1
transaction is
the
not
thereof, other than
time
interest, and
(c)
not
Government
shall
not
be
by,
of
or
on
Sweden
effected
until
or
a
behalf of,
the
or
pursuant
Sveriges
to
the
Riksbank. such
representative
in
New
York,
New York, of the Swedish
Legation, designated for such purpose by the
Minister of Sweden to the United
States, has certified in writing that the
Government of Sweden has determined
that such transaction complies
with the conditions of
paragraphs (a) and (b) above.
(2) This license shall not be deemed to
permit any payment, transfer
or withdrawal from
any blocked account other than blocked accounts in
the name of the Government of
Sweden or the Sveriges Riksbank, until
the said representative in New
York, New York, of the Swedish
has
Legation
certified, with respect
to
the
transaction,
as
provided in
(1) (c) above.
(3)
This general license shall
Sweden who is also
(4)
Banking
transactions
the
a
not
paragraph
apply with respect to any national of
national of any other blocked
country.
institutions
authorized
appropriate
within
the United States
engaging in any
by this general license shall file promptly with
Federal
Reserve bank weekly reports
setting forth the
details of transactions effected
by them under this license.
(5) As used in this general license, the "Government of Sweden"
shall
include the government of
any political subdivision (territories, depend¬
encies, possessions, states, departments,
provinces, counties, municipalities,
districts or other places subject to the
jurisdiction thereof), or any political
instrumentality of the
government.
Reference to the freezing order was made in
June 21, page 3892.
United
as
assurances
our
issue of
Soviet
"generally licensed country," and
for
concerning
such
1940,
Relating
Exchange, Ac.
(1)
nationals
Thereto,
behalf of,
oF
country
thereof,
withdrawal
or
agency or
8389. April
Pursuant
by,
This general license shall
(2)
transfer
accounts
direction
by the Treasury
events
made
the
Suisse,
country
Licenses
Granted
Recent
have
for the account of the Government of Switzerland
Sweden, has
General
Republics
that
their nationals
or
Any transaction engaged in by the Government of Switzerland
(b)
3892.
^
of
their
national of Switzerland, and
a
such transaction
transaction
The Treasury instructions
require Customs officials to
means
countries
Government of Switzerland
not
blocked
any
or
is
Banque Nationale Suisse
The
Executive Order and the regulations
approved by the President
prohibit Italian nationals from
exporting or withdrawing from the United
States any gold or silver coin or bullion
or any
currency and require reports
with respect to any and all
property situated in the United States in
and
interest.
any
(5)
With regard to the measures
adopted by the American Government by
which Italian citizens are
prohibited from
States without special authorization
of the
transaction
Switzerland
said:
Italian Government has ordered
Socialist
medium
in Section
direction
The
announcement, which was reported
by the Associated Press in advices" from
Rome, June 24,
of such
of the freezing order.
Soviet
the
countries
Nationale Suisse, provided, that:
exchange and foreign-owned property, the Treasury Depart¬
ment
through
certain
be conditional upon the receipt
the governments
other national of Switzerland is also
Fund-Freezing Order—Italy Retaliates
of
was to
A general license is hereby granted licensing any transaction referred
1 of the order, if such transaction is
by, or behalf of, or pur
(1)
to
suant
tionals from
to
from
purposes
of
Switzerland, has
to
intended
was
1940, as
Amended, and Regulations Issued Pursuant Thereto,
Relating to Trans¬
actions in Foreign Exchange, Ac.
(b)
Acts
it
transactions
General License No. .50 Under Executive Order No.
8389, April 10,
country
Department
that
facilitate
to
unnecessary.
issue.
Treasury
which have been requested
assurances
Issuance of such licenses
evade
(a)
Treasury Department Circular No. 418,
terms of the Treasury bills and
announced
licenses
of adequate assurance
be interest.
prescribe the
of the formal
general licenses would not be employed by such countries
or
of the possessions of the United States, or by
any local taxing
authority.
For purposes of taxation the amount of discount at
which
Treasury bills are originally sold by the United States shall be consid< red
to
the
nationals.
other
or any
State
European neutral nations affected by the freezing order.
At the time the freezing order was extended to all of
continental Europe,
general
State, but shall be exempt from all taxa¬
hereafter imposed on the principal or interest
thereof by any
or
The
without requirement
of
to
The income derived from
Treasury bills, whether interest
or other disposition of the
bills, shall not
sale
1941
issued today with
made
by the Secretary of the Treasury of the amount and
price range of
accepted bids.
Those submitting tenders will be advised of the
freezing control order
was
ment and the
Immediately after the closing hour, tenders will be opened at the Federal
Reserve banks and branches,
following which public announcement will be
June 28,
A general license under the
States
ative"
by
Credits
to
President
Finland
Pierson
Declared
of
Bank—Shipping Difficulties Given
Warren
Lee
"Inoper¬
Export-Import
as
Reason
Pierson, President of the Export-Import
Bank, in Washington, declared on June 23 that due to
shipping and monetary difficulties the Bank's credits to
Volume
Finland
The Commercial & Financial Chronicle
152
"inoperative." Declaring that "as a practical
they (Finland) can't use their credits with us,"
Mr. Pierson, according to Associated Press advices from
Washington, June 23, also said: "They can't ship things that
they could buy here with the money and President Roose¬
velt's freezing order has tied up their money along with all
other European countries."
Mr. Pierson, the advices pointed out, said he did not
know exactly how much of the credits were still unused,
but believed that little of a recent $5,000,000 food loan had
were
Russia
He was of the opinion, however, that most
spent.
of the $30,000,000 previously advanced had been used up,
since some of these credits date back to the fall of 1939.
Roosevelt
President
Offices
sular
in
Ordered
sonnel
Message
on
Return
to
Italy—President's
Liner Robin
to
American
Sinking of
Germany
on
Moor Sent to
Following
President
Requests Closing of Italian Con¬
United States by July 15—Per¬
similar order directed against Germany,
on June 20 requested the Italian Em¬
a
Roosevelt
bassy in the United States to close all its consular offices
other agencies in this country having connections with
15, and that their employees
be removed from American territory by that date.
The
and
the Italian Government by July
President
had
close
to
in
agencies
various
other
establishments
and
States by July
10, and this action
United
the
(on June 16)
Germany
previously directed
consular
its
brought demands by Germany and Italy on June 19 that all
United States consulates in those two countries and occupied
Reference to the President's
territories be closed by July 15.
action
Germany
against
taken
June 21,
steps
retaliatory
the
and
by Germany and Italy, was made in our issue of
3892.
page
the Italian Embassy close its consular
contained in a note (dated June
The request that
offices in this country was
June 21) by Under-Secretary of State
Colonna, Italian
Ambassador to the United States, sent at the request of
President Roosevelt.
The action was being taken, the note
20 and made
public
on
Sumner Welles to Don Ascanio dei Principi
states,
States it
the opinion of the Government of the
that the continued functioning
because "in
United
territory of the United
Under-Secretary Welles also announced o^ June 21 that he
had formally transmitted to Germany through the German
Roosevelt's
the text of President
Embassy in Washington,
special message to Congress June 20 on the sinking of the
American steamer Robin Moor by a German submarine. The
text of
the German Charge d'Af-
sent to
the message was
accompanied by a note from
faires, Hans Thomsen, and was
June 20,
Hans
Welles
Russia
Germany.
issue,
The
June 24 to free Russian
Act.
That the United States does not propose to apply the
Neutrality Act to Russia was revealed on June 25, when
Acting Secretary Welles announced that President Roosevelt
had authorized him to say that he did not intend to proclaim
that a state of war existed between Germany and Russia.
The Soviet Ambassador to the United States, Constantino
A. Oumansky conferred with Mr. Welles on June 26 to
officially notify him of the German attack upon Russia.
Mr. Welles is reported as saying after the conference that
he had told the Ambassador that any requests for material
assistance by the Soviet Government would receive im¬
mediate attention and as favorable consideration as possible.
The following is taken from an Associated Press Washing¬
ton dispatch of June 23:
A
Government declaration
issued
on
behalf of President
Roosevelt
by
Sumner Welles, Acting Secretary of State, asserted that the principles and
doctrines of "Communistic dictatorship" were as "intolerable and as alien"
to the American
people
as were
those of "Nazi dictatorship."
But it branded Adolf Hitler's armies
and said that
cas"
"the chief dangers of the Ameri¬
as
"any defense against Hitlerism" and "any rallying of
of German
leaders
and
"redound
the benefit of
to
our
own
defense and
security."
Russia has
not
asked for "lease-lend" aid from the United States,
yet
Welles explained, and until such a request is received the American Govern¬
ment
is
He
withholding
any
decision on the question.
pointed out, however, that
under the Act to extend
selves
President Roosevelt had full authority
"lease-lend" aid to all countries defending them¬
against aggression.
of
text
Union and whether any materials would be shipped under the Lease-Lend
Act
Mr. Roosevelt's
WELLES.
21,
agencies and persons affected
order announced June 21, Associated
Press advices from Washington, that day, had the following
President's
and
establishments
The order also
except
affected
include
There
persons.
49
consulates affects
Italian
the
closing
105
Italian
33
are
consular
applied to all Italian Government agencies in
embassy
for
country,
for
request
this
Non-consular organizations
here.
personnel
service:
Italian
Library of Information, the Italian Information Service, the Italian
Tobacco
the
Monopoly,
the
Italian
official
cable
Commission for the New York World's Fair, the
Institute of Exchange and the Custodian of the Leonardo
Exhibition.
Da Vinci
Below
is
Mr.
Welles
note
rected
me
to
inform
to
within
United
consular officers,
territory of the United
States
promptly close all Italian
territory
and
remove
there¬
clerks and employees of Italian
agents,
likewise
tionals
in
any
the United
States would
directed
to
request
serve
the
no
desirable
closing
of
all
purpose.
agencies
in
this
Government, together with the cessa¬
furthermore, the removal of all Italian na¬
activities,
way
and,
connected with organizations of the Italian Government
States, with the exception
of its duly accredited representa¬
tion in Washington.
is
here.
He said he did not expect to
Ambassador Constancine Oumansky right away because the Ambassador
himself did not know just what munitions the Red army needs.
International
June 25
News
reporting that
Service
a
advices
from
The
Washington
state of war would not be declared
■■
President's decision
was
announced
by Acting Secretary of State
Roosevelt had authorized him to
announce
contemplated
fected before July 15,
Accept, Excellency,
that all such
withdrawals and closures shall be
1941.
ef¬
*
of arms,
normal relations between the United States and
For the Secretary
of State,
SUMNER
munitions and other
prohibition against the shipment
supplies to Soviet Russia, providing the
war
Government grants licenses for dispatch
of such supplies.
Furthermore,
American ships will be free to carry supplies to Russian Pacific ports, es¬
pecially Vladivostok.
Mr. Welles, in announcing the President's decision, called attention to
section
one
of the Neutrality Act.
He pointed out that under this section
foreign States only when such action "is necessary to promote the security
preserve
the peace of the United States
Mr. Welles said he was authorized
the lives of citizens
by the President to state that he, Mr.
Roosevelt, finds it is unnecessary lor him to issue any such proclamation
in the Russo-German war for the purpose of preserving the peace of this
country or promoting its security.
The President, Mr. Welles added, has no intention therefore, of issuing
proclamation applying the Neutrality Act to Soviet Russia.
Mr. Welles further stated that the President does not intend to proclaim
the existence of any combat zone
WELLES.
or to protect
of the United States."
a
the renewed assurances of my highest consideration.
Welles said that
the President is obliged to proclaim the existence of a state of war between
connected with the Italian
their
list
Mr. Roosevelt indicated, would have to be prepared in Moscow
and forwarded to the Soviet embassy
see
or
of
a
.
In the opinion of the Government of the United States it is
•obvious that the continued functioning of Italian consular establishments in
•country
production of supplies for Russia,"
This action means that there will be no
•
that the President has di¬
Your Excellency
nationality.
am
This list,
Mr.
request that the Italian Government
Italian
secure
The President replied that he would not know until
Soviet Russia will continue.
'
honor
establishments
all
planes and other materials that
of Russian requirements had been analyzed.
principi Colonna
Excellency:
the
to
have to be taken into consideration.
Russia and Germany.
dei
Ascanio
priorities be granted to
reporter asked.
Sumner Welles, who said Mr.
Royal Italian Ambassador
•consular
he pointed out,
that he did not intend to proclaim the existence of a state of war between
1941.
Excellency
have
a
Am¬
Italian
to
June 20,
Don
comes
Nation's capacity to produce will
said:
of
text
the
bassador Colonna:
His
guns,
have to be manufactured, he added, American and British orders and the
Italian
National
Italian
Ital-eables,
But when it
obtained at once.
"Will
American
offices.
Planes and tanks and
take time to manufacture.
to say:
Italian
supplies off the shelves.
Some materials, such as socks and shoes, he said with a smile, could be
As to the number of Italian
The
Even then, he said,
this Government cannot just go to the nearest department store and take
3899.
the
reply was that he did not know and would not know until
the Russian Government submits a list of its needs.
Congress on the
President's message to
the
Repeated questions addressed to the President by reporters sought to
clear up what type of assistance the United States would grant to the Societ
Secretary of State,
sinking of the Robin Moor was given in our issue of June
page
It
on
Secretary of State Sumner Welles, on behalf of President
Roosevelt, in which, although both Communism and Hitlerism were denounced, it was contended that the Russian
system did not constitute as serious a threat to the Americas
as Nazism.
On June 24, following the freeing of the Russian
assets, President Roosevelt told his press conference that the
United States would give Russia all the aid possible, subject
to the prior claims of Britain and our own defense program
for materials.
He did not specify the type of assistance nor
did he say if materials would be shipped under the Lend-Lease
war
in
issued
part:
SUMNER
I
was
assets, frozen in this country.
This action was perhaps fore¬
shadowed by a declaration issued the previous day by Acting
the United
President of
the
by
For the
tion
As referred to in detail, elsewhere in today's
general license
a
Concerning President Roosevelt's announcement that aid
be extended to the Russians, Washington advices
Commerce," said in
States to transmit to
you herewith, for the information of your Government, a copy of a message
addressed today by the President to the Congress of the United States.
Accept, sir, the renewed assurance of my high consideration.
directed
am
from
expect moral and possibly material
support from the United States in the war it is waging against
of June 24 to the New York "Journal of
Sir:
I
encouraged this week by American official
would
Charge d'Affaires ad interim of Germany.
by
Ambassador
Russian
Receives
was
statements and actions to
1941.
Thomsen,
*
I
Against
Existence of State of War Between
Germany and Russia—Acting Secretary of State
Mr. Welles which read:
Herr
if
States
Decides
forces opposing Hitlerism, from whatever source," would hasten the downfall
purpose."
States would serve no desirable
United
from
Roosevelt
Declaring
is obvious
of Italian consular establishments in
Materials
Receive
Available—President
matter,
been
to
4049
coast.
in the Pacific
area
along Russia's Pacific
The Commercial & Financial Chronicle
4050
Roosevelt to Address Nation July 4—Calls
Upon Citizens to Join in Rededication of Country
to Liberty—OCD Plans for All Americans to Renew
Oath of Allegiance at Same Time
He
President
-
All American citizens
urged by President Roosevelt
on June 25 to participate in a demonstration of national unity
July 4 arranged by the Office of Civilian Defense, of which
Mayor LaGuardia of New York is Director.
The OCD
has made arrangements whereby all Americans will have
an opportunity to renew their oath of allegiance in unison,
immediately following a radio address to be made by Presi¬
dent Roosevelt on July 4.
In urging all citizens to partici-/
pate in the celebration, the President, in a statement issued
June 25, said that "it is altogether fitting that we should
rededicate ourselves to defend and perpetuate those inalien¬
able rights which found true expression in the immortal
The following is the text of President Roosevelt's state¬
ment:
1776.
American
appreciation of the dark days that preceded and followed July 4.
Those
were
the times that tried men's souls, even as are
these times
in another crisis in American life.
But these days are also days of hope and
Independence draws
near
as
the birthday of American
Those words
never
had a
solemn meaning for America than they have in this hour
more
anxiety and peril.
exaltation in which all Americans have caught something of the spirit
midsummer day in Philadelphia in 1776.
festival.
on
of
that
•
;
••
which
we
find renewed faith in the blessings
may
because of the struggle and sacrifice, tho courage and forti¬
are ours
tude and vision of those who made this nation a
reality.
statement:
and religious
groups in defense industries.
Instructing official agencies
to play their part in eliminating this discrimination,
the
President, in his order, said that "the democratic way of
air
across
same
split second "The Star-Spangled Banner" will be
the country.
by the President.
This will be preceded by
an
Immediately after the President's address, at all
or
defended
be
can
of all
groups
'"Times" of June 26:
The
Executive gave
"All
departments
vocational and
these instructions:
and
agencies
of
United
the
contracting agencies of the Government of the United States shall
include
defense
all
in
hereafter
contracts
negotiated by them
obligating the contractor not to discriminate
fair
on
"There
of race,
and
established
is
"There
of
Office
the
Production
of
This solemn moment
engaged
in
national
start
at 4
o'clock
Eastern
Standard
a
com¬
chairman and
a
labor
production
President."
solely
because
considerations
of
national origin, to the detriment of workers' morale
or
unity,"
of
and
defense
the President
organizations
revealed.
provide
to
defense
the
"It
is
for the
industries
duty of
the
full
em¬
equitable
and
without
discrimina¬
Y-.
tion."
The
unit
new
structed
of
the
of
OPM
and
"to receive
the
redress
provisions
created
deal
to
the
with
situation
investigate complaints of discrimination
of
order"
this
and
take
to
in¬
wag
in viola¬
"appropriate steps
to
grievances which it finds to be valid."
"The
committee
agencies
shall
also
of the Government
deemed
necessary or
recommend
to
and
to
the
several
President all
the
to effectuate
proper
departments
and
which may
measures
the provisions of this order,"
^
V. ;X':
the President said.
On June 15 President Roosevelt had called upon the OPM
to eliminate discrimination in defense work;
to take action
this
will
Management
evidence available that needed workers have been barred from
is
creed, color
ployers
in
employment practice, which shall consist of
members to be appointed by the
four other
provision
a
worker.
any
plains, respect will be paid to the flag, while bands locally and on
Thereafter all Americans in unison, 130,000,000 strong, will renew their
with
concerned
discrimination.
"All
•be
States
training programs for defense production shall take special
appropriate to assure that such programs are administered with¬
measures
the air play "The Star-Spangled Banner."
pledge of allegiance.
successfully only
within its borders."
The following bearing on the Executive Order is from
Washington advices, June 25, special to the New York
address on the
Fourth of July celebrations, or wherever Americans may be, at meetings,
at ball games, seashores, picnics, homes or hospitals, cities or farms, moun¬
tains
Nation
the
within
minority racial, national
with the help and support
tion
Exactly at the
played all
other
and
participation of all workers in
As to the plans of the OCD for the celebration it has
arranged for July 4, Mayor LaGuardia issued the following
Negro
out, because of complaints of discrimination against
workers
industries
I commend this celebration to Americans everywhere to the end that
In this solemn commemoration
within the Office of Production
The President's action was taken, it is pointed
Management.
mittee
■
Employment Practice in OPM
Fair
on
fair employment practice
on
lead the nation this year in a grand rededication to liberty on the Fourth
of July.
Discrimination
Roosevelt Acts to Eliminate
Committee
It has been essentially a home
^
glad, therefore, to learn that the Office of Civilian Defense is to
am
,
Acting to prevent discrimination in defense work because
of race, creed, color or national origin, President Roosevelt
on June 25 issued an Executive Order creating a committee
of joy and
liberty which the Fathers of the Republic proclaimed to all the world
would be exempted
here.
Defense Work—In Executive Order Establishes
in
out
.
The Fourth of July has always been a happy festival, a day
I
unable to say whether such volunteers
was
President
it is altogether fitting that we should rededicate
expression in the immortal Declaration.
deeper or
of
boy who wants to go has a perfect
thing applies to enlistments in the Chinese forces,
same
,
ourselves to defend and perpetuate those inalienable rights which found
true
The
draft
the
life
The approach of Independence Day this year will kindle in all
an
He
he said.
from
the
then asked whether this indorsement covered enlistment in
was
armed forces and replied simply that any
right to do so.
were
Declaration."
hearts
June 28, 1941
noted in
was
issue of June 21, page
our
Time,
3898.
6 o'clock Daylight Saving Time, 3 o'clock Central Standard Time, 2 o'clock
Mountain Standard Time, 1 o'clock Pacific Standard Time and 11 o'clock
President
Roosevelt Says 4-H Clubs Constitute Great
Stabilizing Influence in America—Urges Delegates
to Have Unfaltering Faith in Nation—Remarks of
Secretary Morgenthau
in Alaska.
All organizations are urged to arrange their programs so as to synchronize
with the grand climactic moment.
The cooperation of every community
is requested in order to afford full and complete information to all Ameri¬
cans to
On June 23 Secretary of the Treasury
avail themselves of this privilege.
This idea was conceived
a
few
days
ago
by representatives of the Ameri¬
Jr., in
can
Legion, Veterans of Foreign Wars, Spanish American Veterans, Ameri¬
lated
can
Red Cross, Daughters of the American Revolution, Sons of the Ameri¬
4-H
Revolution, the Benevolent and Protective Order of Elks, Knights of
Columbus, Boy Scouts of America and other fraternal, religious and civic
radio
a
the
the
people who have
young
Clubs
before
address
because
he
believes
Henry Morgenthau
encampment, congratu¬
become members of the
"rural
America
typifies to
Americans take
can
organizations, and is the response to thousands of pleas for an opportunity
to express in some way national
unity.
the greatest degree the
greatest pride, the things we value most highly." Mr.
Morgenthau added:
>
;:•;./ XX..■ ■
■
. X'x-Sx
still
A
to
Recruit
American Technicians—Reminds American Youth
pioneers
part of
greater
gathered
They Can Join British and Chinese Armed Forces
But
the
Without Losing Citizenship
the freedom of
American
technicians
to
service and maintain her
assist
in
aircraft
detection
and
equipment, and at the same
time reminded American youths that they could join the
British or Chinese armed forces without fear of losing their
American citizenship.
The President said that the youths
could go to Canada or other point outside the United States
and join the British and Chinese forces, so long as they do
not take an oath of allegience to either country.
Such an
allegienee, he stressed, is not required.
In reporting the
President's remarks, Associated Press advices from Wash¬
ington, June 24, had the following to say:
England called last week for
war
American volunteers to
form
a
civilian
technical corps, including radio experts to service her radiolocators—devices
for
spotting
approaching
aircraft—engineers,
machine
tool
operators,
automobile mechanics and instrument makers and repairers.
When
a
reporter asked Mr. Roosevelt's opinion of the
conference yesterday, the Chief Executive fished
project at
a press
memorandum from
a
a
were
not
subject to combat duty and that if needed here they would be
returned to this country.
reply
that there
the
corps.
was
nothing in that act to interfere with those who wish to join
"■
i
Then he went
on
to say
that Americans could
of England so long as they did not take
an
even enter
oath of
the armed forces
allegiance to the king.
The British, he added, were not requiring such an oath.
"Are you for encouraging this?"
to the
very
(apparently referring
plan to recruit non-combatant technicians) and he compared it with
nurses to
much, he said.
greatest
as
from
of
the
who have
ways,
harvests
riches
Nation has always
a
come
from
all
thought, which
tilled
which
has
come
wonderful
our
from
soil
America
from
and
has
the
sown
of
them
our
crops
lived. and
freedom
farms.
our
all
people,
breathed.
of
activity,
from the rural way of living.
Nobody
sprung
comes
the
the
to
than the farmer for the beliefs of others, whether they
politics, religion or seed corn.
It has always seemed to me
rural
people get
closer
than
any
others
to
the fundamentals
good life, closer to nature, closer to the Creator.
heritage of you
it is yours to
In
a
boys and girls;
is
it
the heritage
of
That is part of the
of
all Americans,
the greatest possible degree.
but
:
,
;
message to the farm
boys and girls gathered at the
4-H Club national encampment in
Washington, on June 21,
President
Roosevelt
self-reliance, &c.,
influence in
said
that
the clubs
America."
with
the
"constitute
The President
training in
a
great
work,
stabilizing
expressed the wish
that
following their encampment the delegates may carry
back home "an unfaltering faith in our Nation and a deter¬
mination to do their part in maintaining it as a
great
democracy."
The President's message, which was read by
Secretary of Agriculture Claude R. Wickard, follows:
The
4-H Clube, as a
great educational and character-building movement,
contributing better living and a stronger Nation.
With the training
given
the members in work, thrift, self-reliance and in the practice of
democracy they constitute a great stabilizing influence in America.
I trust that, this
week, through many conferences provided and in the
contacts
to
be
delegates
made
here
with
may
the
various
back
carry
unfaltering faith in
our
maintaining it
agencies
their
to
of
homes
the
and
Government,
communities
all
an
great democracy.
as
a
Nation
and
a
determination
to
do
their
part
in
President Roosevelt Suspends Eight-Hour Day for De¬
fense Work at Panama
Canal, Alaska and Puerto
Rico
Was the next question.
The President replied that he very much favored it
sending doctors and
pertain
that
4-H
Another correspondent asked if it was permissible under the
neutrality
act for an American to enter a belligerent
country and received the
own
the
riches
has
has greater respect
are
basketful of papers and read from it, stressing the points that the volunteers
our
part
in their
and
At his press conference June 24 President Roosevelt
gave
his endorsement of the British appeal for
up to 30,000
we
the
A great
President Roosevelt Indorses British Efforts
things in which
England.
Great Britain needs the technicians
Declaring
President
that
"an
Roosevelt
on
extraordinary
June
19
issued
emergency
an
exists,"
executive
order
suspending the eight-hour day for laborers and mechanics
employed by the War Department on defense works in the
Volume
Panama Canal
action
fense
was
The
He said the
Zone, Alaska and Puerto Bico.
of such public works at the
At the beginning of this year the
executive order suspending the eight-
practicable date."
issued
President
hour
an
on the island bases leased from
reported in our issue of Jan. 4,
day on construction
Great
this
Britain;
was
36.
page
order
executive
The
said:
employed by the War Department in construction
to laborers and mechanics
the remote¬
foregoing public works, it will be impossible, because of
labor supply in the United States
and because of
the difficulties of housing and transporting additional
labor from the United States,
to accomplish the work necessary to the
completion of such public works within the time required by the interests
of
6uch
of
ness
places
from
of
sources
.V.--,
♦
Legislation
President Roosevelt Asks Congress to Pass
Power to Seize Property for
Government
Giving
Defense—Modified Bill Offered
the view on June 21 that
obtain private property for pub¬
Roosevelt expressed
President
the Government's power to
lic
"should
use
be broadened to meet the needs of the
now
In a letter to Senator Rey¬
present national emergency."
nolds, Democrat of North Carolina, Chairman of the Senate
Military Affairs Committee, the President stated that he
Government the
power to obtain whatever equipment and property is needed
for the defense program, since "our national defense is a
public use of the highest order."
Citing the procedure fol¬
lowed in the "last similar emergency," when "piecemeal
favored
legislation
pending
give
to
the
statutes" met the Government's need of broader requisition¬
ing powers, the President asserted that "this prior experi¬
ence shows that it would be difficult and even impossible
for
Pointing out the difficulty of the present situation, the
enclosed in his letter to the committee corre¬
citizen who owned a needed
transport plane had "set up his personal and private judg¬
ment against that of his own Government as to the Gov¬
ernment's need for such a plane."
This person, whose name
was not disclosed, refused to turn over his airplane to the
showing how
one
under
allocation
for
Government
order
In
Lease-Lend Act,
the
be¬
"type plane essential for Eng¬
land's defense and being more interested in America-first
desire to keep it conserved for America's possible secondary
defense."
Asserting that this example was "relatively un¬
he did not consider his
places
his
predilection
own
national need."
that the Government" has
fair
compensation"
All
plane
always paid and always will pay
for
equipment
essential
any
and
President's letter to Chairman Reynolds
In connection with the pending legislation
My dear Senator Reynolds:
now
considered
being
reinforce
call your
by
defense
the
kinds
certain
by providing
program
defense
of
the broad
committee,
your
and
materials
intent of which is
for the
properties
uBe
acquisition of
or
in
now
to
private hands,
I
attention to the fact that while the Government should be in a
position to obtain this essential equipment and property, it is wholly will¬
for it.
Government should be able,
ing to pay just and fair compensation
It
of
is
that
apparent
our
the payment
upon
just price, to obtain whatever equipment and property is needed for
a
defense.
national
'
Since its foundation
for public
property
for
By
sites,
public buildings,
acquired
Telegram, May 12, received by Mr. Jones:
Just returned from camping trip and found your wires.
Do not consider
type plane essential for England's defense and being more interested
in America-first desire to keep it conserved for America's possible secondary
defense.
Therefore, refuse to turn this ship over and will protest any
seizure.
If any time in future this country were attacked and our own
air service had need of my Lockheed in this country for actual defense of
my
the
United
States, not only my plane but my own pilots' services would
disposal of the War Department.
However, in spite of the above
if you can assure me of immediate urgent
will give Lockheed an irrevocable permit
to supply me with another Lodestar not later than first week in November,
will make sacrifice and turn plane in.
be at
the
and contrary to my convictions,
need of my plane and the OPM
Telegram, May 13, from Mr. Whiteside:
tel. I can only repeat and reemphasize my previous telegrams and
you that you are the only private owner of a Lockheed Lodestar
to fail to comply with the request made in those telegrams for airplanes
needed to fulfill and immediate and urgent military requirement.
Telegram, June 3, from Mr. Jones:
Re
inform
me to get from any source as many planes as
transport purposes for allocation by him under the
have my request made on his behalf.
No one else
refused to turn in their planes and none demanded that they be given
priorities to replace their planes.
None will be given you.
the
last
similar
powers
needed,
a
was
that need.
private property
public
a
the
emergency
was
property
use
post office
for
This
uses.
These piecemeal
power
national
of the highest order.
Government's
piecemeal.
met
When
requisitioning
particular
Govern¬
of
need
particular
a
statute
kind
of
drafted
was
to
statutes separately gave the Government
language substantially similar to
containing
prior experience shows
for
in
us
to
now
advance.
I
catalogue
cite
any
have
set
American
his
up
Government
as
to
who
and
every
of
one
would have thought
owned
private
the Government's
above the national need.
interest
Who
citizen
correspondence shows how
and
each
the
needed
a
need
for
such
citizen places his
one
I think that this
its
But
patents.
were
powers
Of
exorbitant
course
the
they
would
for
even
limited to
of equipment or property
demanded
itself but
weeks
that of
plane?
a
would
his
own
The enclosed
predilection
own
ago
over
correspondence will be of
and
some
committee.
your
needs of the Government
if
impos¬
transport plane
judgment against
stocks of aluminum, and other similar
controlled
a
them,
obviously
very
or
Government
include machine
materials and
not
cover
the
German-
version
kind
the original
of
substitute carried
The
considering.
definition of what
a
of
property the Government would be authorized to
commandeer in furthering the defense program.
The origi¬
have authorized
nal would
the President to
take
over
any
property, tangible or intangible.
President Roosevelt Asks Congress to Waive Compliance
with Navigation and
Vessel Inspection Laws When
Necessary for Defense Purposes
requesting that statutory authority be provided the
message
Secretary of Commerce to waive compliance with the navi¬
"deemed
gation and vessel inspection laws whenever it is
for the national defense."
These laws, which are
generally designed to promote safety at sea and to regulate
water-borne commerce, have been found, the President ex¬
will not
property which
plained, to hamper the free movement of water-borne com¬
merce because of some of
the law's restrictive provisions.
added
He
should be
of his
text
be unable to obtain other types
powers—as
occasionally happens—
always paid and always will
pay
a
fair
times
normal
the
"are
laws
emergency
and
the "pri¬
the United States:
the navigation and vessel-inspection law* it has
the administration of
In
found
been
the
that
hampered
They
in
are
water-borne
the
movement
the
restrictive
designed to
general
commerce.
enforced
strictly
ever,
free
of
because
priority
is such
normal times.
national
of
security
that
is
being
these
laws.
commerce
some
of
promote safety at sea and
Their structure
during
of
.water-borne
of
provisions
they
are
to regulate
and should
During this emergency, how¬
and national defense must be
recognized.
It
is
and
impossible to foretell what
it
vital
is
meet
to
emergency
navigation
the situation.
I
may
arise from day to day
vessel-inspection laws
or
to
the
national
defense
have to
may
convinced, after consultation with
am
interested departments and agencies of
heads of
the
the
extent
what
to
be waived
that
the Government,
statutory authority
a
that
should be
provided to waive compliance with any of those laws if the need should
arise.
This authority should be sufficiently broad in its scope to allow
the
waiver
to
such
upon
he
should
them
of
be
as
be
may
of Commerce
vested
with
to such extent and in such manner and
deemed
now
necessary
for the
national
this further
authority to waive compliance with
or upon
the written recommendation
Secretary of the Navy, the Secretary of War, the
Treasury,
the
United
States
defense.
administers these laws, and I believe that
direction of the President,
upon
the
be made promptly
terms
The Secretary
Maritime
Commission,
or
Secretary of the
the
Office
of
Emergency Management.
I
attach
as
of
possible
assistance to
the
Congress
a
draft of
a
bill to
accomplish this purpose.
FRANKLIN D.
The
White House,
President
ROOSEVELT.
June 17, 1941.
>
Very truly
yours,
FRANKLIN D.
ROOSEVELT.
Roosevelt Asks
Congress for Additional
$300,000,000 for Defense Housing
President Roosevelt asked
priate
people who have agreed to draft themselves into military;
hesitate to approve any draft of their own equipment and
is necessary for defense.
in
message:
the Congress of
refused to sell altogether.
has
while
that
strictly enforced," during this
ority of national security and national defense must be
recognized."
Accompanying the President's message was a
draft of a bill to accomplish this purpose.
Following is the
complete
know that a
service
on June 23
Military Affairs Committee a modi¬
legislation, which it had been
Under-Secretary of War Robert P. Patterson
fied
short period, and the Government,
would
promptly if the
prices
raw
compensation.
I
Presi¬
over
submitted to the Senate
Government's
few
a
Some of the other foreseeable needs of the present time
tools,
even
example, relatively unimportant in
an
personal
to
that of the present bill.
that it would be difficult and
significant of the difficulty.
that
You
property in the interest of national defense
referred to in our issue of June 7, page 3580.
was
be
tion, and it resulted in the enactment of at least 17 different statutes, all
sible
for
Act.
The introduction of the legislation empowering the
broader
requisitioning power over virtually everything from distilled spirits required
in the making of munitions to lumber needed for making aircraft.
This
procedure caused unwarranted delays in waiting for the necessary legisla¬
needs
requested
suitable
Lend-Lease
To
our
be broadened to meet the needs of the present
now
requisitioning
This
President
The
possible
obtain private
eminent domain
and other public
parks,
roads,
Our national defense is
emergency.
cover
right of
this
has
generations
many
I believe should
Government has had the power to
our
use.
ment
During
emergency
that you are less patriotic than others,
to believe
President Roosevelt sent to Congress on June 19 a special
the fact
follows:
as
for
to the
do not
but notwithstanding
reply from you. . . .
requested to transfer transport type planes
needs have responded except you.
I
owners
Government
fwant
necessary
text of the
The
18 to the manufacturer at the earliest possible date, but
May 2, either for cash reimbursement or replacement at an
aate.
A prompt telegraphic response is requested.
You
that such delivery for military purposes would call for no
publicity.
Telegram, May 8, to the same man from Jesse H. Jones:
the
property.
was
was
future
reminded
are
■■■'.
President concluded by calling attention to
The
a
above
and
over
name
model
than
indefinite
important in itself," the President said it showed "how one
citizen
whose
man
immediate and urgent military requirement requests
to meet an
your
later
not
President
cause
a
being made to all private owners of Lockheed model 18 airplanes,
irrespective of the use to which those airplanes are now put, to make
them available to fill this requirement.
I have been asked to determine whether or not you will voluntarily turn
dent to take
ment's needs in advance."
spondence
to
are
each and every one of the Govern¬
to catalogue
now
us
Committee
Priority
repeated attempts to reach you we have had no
defense."
national
Aircraft
Commercial
withheld:
back
that, unless the eight-hour limitation is suspended as
"Whereas it appears
of the
Telegram,
require the completion
earliest
correspondence to which the President
according to the Associated Press:
April 27, from A. D. Whiteside, Chairman of the OPM's
the
of
text
referred follows,
because "the interests of national de¬
necessary
4051
Chronicle
The Commercial & Financial
152
an
Congress
on
June 26 to
appro¬
additional $300,000,000 for public housing for de¬
fense workers.
This would double the amount for defense
housing since Congress last October approved $150,000,000
and voted another $150,000,000 in April.
In a special mes¬
sage
the President called for early consideration of the re-
The Commercial & Financial Chronicle
4052
"in view of the emergency of
explained, in part:
quest
matter."
this
His
Data have been presented to me, he said, which indicate the possibility
that the Government should be prepared to undertake the construction of
125,000 additional defense homes between
and
and
the
unnamed
17
island
minutes
plus
geodetic
3350
feet
Feet
Water
of
plus 2350 feet. \yy'-:' ^
Sec.
The
2.
establishment
War
of
bear all
shall
reservation,
including
United
diving test
States
Navy
submarine
0-9
in
June 20 in 440 feet of water 24 miles
on
Portsmouth, N. H.
Hope for the
a
off
of the crew of two
rescue
officers and 31
men was abandoned on June 22 when salvage
operations ceased due to the difficulties of diving at that
great depth.
Funeral services involving all the rites at sea
held
were
22
June
on
aboard
another
submarine
the
want
fate
their
to
went
people
of
United
the
willingly
The
duty
paramount
danger.
With
Defense
all
the
in
to
the
near
as
if necessary,
risk.
capable
I
am
there
as
are
of
men
or
man
in
in
defense
is
ours
These
time
of
faced such
men
uttering,
I
risk.
a
that
say
our
left to make sacrifices
men
as
Every stride of civilization has been paid for in sacrifice.
Pausing to look down at the watery
concluded:
To you
these
for that service.
country
a
that
remember
because any officer
which
means,
conviction
did.
men
volunteer
a
such
country will last only as long
these
volunteers,
as
the submarine service must be
States
.
•'
•
and your shipmates,
Colonel Knox
grave,
you.
Secretary Knox on June 25 appointed a naval court of
inquiry to investigate the disaster. The House Naval Com¬
mittee is also expected to conduct its own inquiry when the
Navy's has been completed and its results sent to Congress.
The
0-9
in the
idle
was
Navy.
for
10
of
one
It
years,
oldest
the
and
0-9
is
lying in 440 feet of water in
crew:
exposed
an
divers
depth.
danger
grave
to
the
helium
of
use
to
the
diver.
300 feet
over
and
oxygen
In
the
the
when
execution
these
The
operations
the
than
more
carefully
for
the
tasks
of
planned and
clear
even
F-4
at
made.
were
restricted
was
simplest operations,
rehearsed
before
ry. '
of
that
to
is fraught with
due to effects* of pressure which
was
of
.
execution
dive
at 240 feet depth, work
This
by divers
been
had
bottom.
salvage
The Navy has a
descend
can
few observation dives at great risk
a
simplest of operations.
the
to
the
the Squalis salvage operations,
prevented
even
by
In any but the most favorable conditions the
slightly
In
who
in which the
area
charts indicate outcroppings of ledge in a muddy bottom.
few
submarines
reconditioned.
Following
Navy Department statement aban¬
is the text of the official
doning all hope for the 0-9 and her
The
smallest
recently
was
going
■■
reports
conditions
on
found
bottom
that
consciousness
chamber
It
is
opinion of
diving
in
because of
feet,
dence
in
period
increase very
the
require
a
or
of
and
suits
would
in
be
the
and
doesn't
of
200
over
President
in
If
Indicated
that
structed to
The
be
to
depth,
2%-by-7-mile
dive this
the
and
trial
.yv^
Legislative action
the
when
submarine
which
is
200
refused
breaking
was
feet
wreckage
42.59
North,
apparently
diving
surfaced
just
area
in
the
Longitude
outside
where
the
the
0-9
v
to
whether
say
under
up
the
the
0-9
this
terrific
was
con¬
oil
slick
70.21:30
was
officially
West,
southeastern
submerged
in
15
miles
edge of
a
the
practice
Establishes
Military Reservation
order
military reservation
in Gatun Lake in the Canal Zone.
on
certain
There
are
the
reservation.
The
President's
executive
order
follows:
Bill
Extending
a
Military Reservation
on
Certain Islands in Qatun
Lake,
Canal Zone
Certain
States,
United
it
is
ordered
FHA
as
follows:
r
applicable in
,
.
Authority
Voted
by
Congressional action on a bill extending certain powers of
Federal Housing Administration for two years from
July 1 and authorizing a $1,000,000,000 increase in the
mortgage insurance limit of the National Housing Act was
completed yesterday (June 27).
This bill passed the House
on May 15 and the Senate in amended form on June 9.
The
Senate amendment, which it agreed to drop yesterday, would
have set up a $350,000,000 fund for insurance of farm
mortgages.
The House on June 24 rejected this proposal
by a vote of 202 to 130.
•
the
House committee action
this bill
on
referred to in
was
our
issue of May 17, page 3112.
'
■»
Internal Revenue Bureau Files Answer
York
Authority's
Federal
and
Petition
Government
Income
Tax
to
Port of New
to
Involving
Right
from
of
State
Municipal Securities
Bureau
of
Internal
Revenue
on
June
25
filed
its
to the
answer
Federal Government has the right under the Con¬
tax
to
securities.
The
the
income
answer
came
from
State
within
and
three
municipal
weeks
after
a
taxpayer had disputed this contention before the Board of
Tax Appeals.
-yy^y.'. ;■
The Bureau's first step was taken on March 14, 1941, when
notices of deficiency were sent to seven bondholders of the
Port
Authority who had not included interest from
bonds
in
their
tax
filed
returns
on
March
15,
their
1938;
this
issue of March 22, page 1842.
Six of the
seven bondholders paid the
deficiency in tax claimed by the
Treasury Department.
The seventh, Alexander J. Shamwas
reported in
berg,
our
Commissioner of the Port of New York Authority,
In announcing the Bureau's
a
filed his appeal on June 5, 1941.
action,
In
its
the
Treasury
Department's
answer,
the
"political
securities
is
and
bonds
the
Treasury
Port of
New
subdivisions,"
maintains
York
and
its
Authority
that,
",..y"j.
position
are
also
announcement
y::-
like
tions
nor
y;
that public
corpora¬
neither States, territories,
therefore,
the
interest
from
their
subject to the Federal income tax under the Internal Revenue
denies
is
Commissioner
Shamberg's
assertion
that
the
interest
on
exempt.
According to counsel for the Treasury, the decision in the Port Authority
case
should
necessary
settle
to
the
question
whether
authorize
Congress
to
tax
a
Constitutional
income
derived
amendment
from
State
is
and
municipal bonds.
House
Committee
Tentatively
Gift
Approves
Estate
and
Taxes
Tentative approval was given by the House Ways and
Means Committee June 23 to rates for estate and
gift taxes
which would yield an estimated $113,700,000 a
year in the
to raise $3,500,000,000 additional
revenue yearly
of the cost of the defense program. Reporting
Washington advices of June 23, to the New York
to meet part
this,
By virtue of the authority vested in me by Section 5 of Title 2
of the
Zone Code, approved June
19, 1934, and as President of the
Canal
The
Congress
program
Establishing
June 20
on
amendments.
islands lying
three islands
involved in the order, which
places them under the jurisdic¬
tion of the Secretary of War and
specifies that the War
Department shall bear all the costs incident to the establish¬
of
Senate
States is "at war," amended so as to make it
his
Certain Islands in Gatun
Lake, Canal Zone
President Roosevelt on June 12 issued on executive
ment
in
the present "unlimited emergency."
Code,
Roosevelt
completed
measure was
passed the bill on June 11 while Senate approval
was given on June 20.
The measure is a revival of the Act
of May 22, 1918, now applicable only when the United
on
a
the
stitution
Such
♦
establishing
on
concurred
that the
undertaken.
than
more
House
300
Associated Press accounts
Yard
espionage and subversive activities, specifically
evi¬
morning.
President
control
to
authorizes the President to prescribe rules and regulations
governing the movement of all persons across American
borders.
^
stated:
Latitude
as
Portsmouth
signed on June 21 a bill giving him
to control the entry and departure from the United
States of all persons.
The legislation, designed principally
power
divers
the
withstand.
spot, where
designated
off
small
Navy
to
or
any
were
hazard
that date further said:
Portsmouth
the
that
at
pressure
the
at
Empowering Him
Entering
Persons
petition of the Port of New York Authority
in the test case intended ultimately to prove in the courts
Fears for the safety of the seamen developed on June 20
painted cork pieces of the submarine's grating were
found by rescue vessels amid an oil slick at a
spot where
Officers
Bill
All
of
over
depths
there
the
which
exist.
deep.
Signs
Movement
Leaving United States
The
when
on
Roosevelt
President Roosevelt
diving
Navy Department therefore gives full approval of all recommenda¬
tions submitted by the commandant of the
Navy Yard, Portsmouth, N. H.,
and of Read Admiral Richard S.
Edwards, commander submarines, Atlantic
fleet, that salvage operations cease.
the water is about 400 feet
sea
Kodiak
near
.
Control
feet.
The
from Portsmouth
ROOSEVELT.
sea area and airspace reservation at GuanCuba (see issue of May 10, page 2954)
tanamo Bay,
decompression
difficulties
would
'
,
D.
naval defensive
He lost
salvage operations
submarine
justified
of the 0-9
case
the
the
increases
impracticable
are
him.
save
in
The
the depth
danger to life of the divers.
operations
possibility in the
treatment
hours.
24
as
to
necessary
the Department that
unarmored
the
were
required
about
rapidly
possibility of life
any
rescue
measures
bottom
the
on
over
operations
vigorous
'
-y^
■
Island, Alaska,
and within Subic Bay, Philippine Islands (noted in our issue
of April 12, page 2314), while another order established a
are
extremely difficult. In one case where moderately heavy labor was required
a fully
qualified diver was in such difficulty at the end of 14 minutes on
the
the
House, June 12, 1941.
for the territorial waters
commissioned in 1918 and, after lying
was
;yV''
incident to
previous executive order set up a naval defensive
area
9
minutes
of
cost
FRANKLIN
A
52
■■
the costs
the
Latitude
are:
degrees
House had
Good-bye and God bless
we say:
involved.
areas
White
The
place where the 0-9 went down, with Secretary of the Navy
Frank Knox delivering a eulogy, as follows:
I
the
Off
sunk
was
the
uses
suryeys and of
other permits which may be in
;
in
79
y;.y'V',
Department
this
or
Portsmouth, N. H.—33 Men Lost—Salvage OperationsfAbandoned—Memorial Services Held
The
coordinates
Longitude
and
force
Navy Submarine 0-9 Sinks in 440
in
Zorra Island.
as
whose
cancellation of any agricultural licenses
♦
Lake,
order:
island officially known
(c) An
defense
page
this
of
2
(a) The
degrees
signingjof the most recent $150,000,000
housing^bili was reported in these columns of May 7,
2783.
■,•
Gatun
in
and assigned to the
as,
(b) The island officially known as Piedras Island.
000 at this time, which will permit the construction of approximately 75,000
houses to fill the most urgent present needs.
President's
lying
hereby reserved and set apart
of, a military reservation, which shall be under the control
jurisdiction of the Secretary of War, subject to the provisions
Section
of
It is thought best, however, to limit the additional program to $300,000,-
The
islands
purposes
and July 1, 1942.
now
June 28, 1941
following-described
The
1.
Canal Zone, are
message
at least
Sec.
"Herald-Tribune" added:
The
following table shows the
tax rates on net estates after
present
and proposed percentage estate
specific exemptions have been made:
Volume
The Commercial & Financial Chronicle
152
(In Thousands)
-Rates
Net Estate—-
$0 to
Proposed
-Rates-
Present
55-.
3
2
6
Ne
2
5 to
10-.-.
10 to
20-...
9
30
9
6
30 to
40-...
Estate—
3,000 to
3,500...
4,000...
15
8
3,500 to
40 to
50_._.
18
10
4,000 to
5,000...
50 to
60—.
21
12
5,000 to
6,000...
12 to 14
6.0C0 to
7,000.._
8,000...
60 to
100
100 to
23
250-...
25
17 to 20
7,000 to
250 to
500-—.
27
20 to 23
8,000 to
500 to
750
29
23 to 26
750 to 1,000
26 to 29
31
—
9,000...
9,000 to 10,000...
10,000 to 20,000...
20.000 to 50,000...
1,000 to 1,250—
33
32
1,250 to 1,500--.
35
32
In the
case
Over 50,000.......
of gift taxes, the rate
38
41
to
44
41
.
Same
59
.
50 to 53
56
Same
63
Same
69
.
Same
With today's action the Committee
largest single
came
within sight of the end
as
much
as
allowed, however, of $40,000 to
300 per cent.
Present exemptions
individual
plus $4,000 annual
an
Credits for state taxes
also permitted
are
rates were not increased on estates in excess of
The action of the House Committee
mitted
much
some cases
higher rates,
and would be
which
came
would
as severe as
whole
a
will
WPA
the
and
projects probably will be closed down
will
1
.
cultural
continue
white-collar projects,
'
including
projects,
although personnel will
'
•
for July
average
against the June 11
as
included: New York
quotas
reported in our issue of June 21, page 3900.
Itemized
The present
In his
after the Treasury had sub¬
almost
appear
monthly report of operations of the Reconstruction
Finance
Corporation, issued June 14, Emil Schram, Chair¬
in
confiscatory
on estates
and gifts in
of the Corporation, states that authorizations and com¬
man
of
mitments
•
WThile the present set-up is tentative, it is
expected to be followed through¬
out in the finai presentation of a tax bill to the House.
It is not expected
that the bill will be voted on and
passed by the House much before the
first of August.
WPA
as
Report of Operations of RFC, Feb. 2, 1932 to May 31,
1941—Loans of $17,226,891,004 Authorized—$2,388,236,929
Canceled
or
Withdrawn—$8,646,020,213
Disbursed
for
Loans
and
Investments—$6,406,571,505 Repaid—RFC Transactions with Railroads
$4,500,000.
those imposed
England at the present time.
said
region
in the southwestern
;
country
of its
The estate and gift taxes acted upon
today were sharply increased in the
specific exemptions.
the
bill in the history of the country.
to be acted upon.
were
for
Senate and House passage of the relief appropriation bill
75 per cent
Last week, it agreed to individual and
corporate tax increases which are
estimated to yield an additional $2,480,000,000.
Excise tax rates are yet
lower brackets, soma times to
reduction
The
Administrator said
quotas
was
revenue
England, comparing last July 1
City, 57,000 and 77,958; New York State, excluding New York City, 20,000
and 25,275;
New Jersey, 27,000 and 43.121.
-
of the estate taxes in the same brackets.
efforts to write the
New
in
July 1, will amount to 52.2%
Hunter
The
Same
70
.
be computed by taking
can
•
reduced.
be
Same
67
.
will be principally
be eliminated, he added,
to
reduction
music, art and writers,
Same
65
.
The
the
entirely in 1,500 of the Nation's 3,300 counties.
Mr.
Same
61
.
.
projects
47
53
.
4053
nature.
said
22.5%.
only
40.8.
50
.
.
Hunter
the next
with
44
47
.
.
The
non-defense
a
Mr.
35
38
.
of
Present
Proposed
$1,500 to $2,000...
2,000 to
2,500...
2,500 to
3,000...
4
20 to
States.
the
,'.i- .'o
■■
RFC
the
May
during
amounted
$1,261,-
to
314,853, rescissions of previous authorizations and commit¬
ments
amounted to $20,924,000, making total authorizations
May
through
31,
and
1941,
commitments
tentative
out¬
♦
standing at the end of the month of $17,226,891,004.
R.
F.
C.^ Considering Loan
to Britain, Federal Loan
latter
includes
amount
total
This
of
Government to provide them with dollar
exchange to pay
for war supplies contracted for in this
country before the
$1,507,798,946 authorized
$1,800,000,000 for relief
from organization through May 31, 1941.
^
Authorizations aggregating $3,029,314 were canceled or
withdrawn during May, Chairman Schram continues, mak¬
ing total cancellations and withdrawals of $2,388,236,929.
A total of $2,947,811,300 remains available to borrowers and
to banks in the purchase of preferred stock and debentures.
During May $117,727,304 was disbursed for loans and
investments and $49,956,043 was repaid, making total dis¬
bursements through May 31, 1941, of $8,646,020,213 and re¬
lease-lend program went into effect.
payments
Administrator Jones Announces—British Holdings
of American Securities and Investments Would Be
Collateral—Secretary
but
as
Morganthau
Favors
Loan
Temperorary Measure
Federal Loan Administrator Jesse Jones announced in
formal
statement
Finance
the
June
on
25
that
Corporation is considering
of
amount
which
the
a
a
Reconstruction
loan to
the British
The proposed loan,
not
disclosed, would have as
collateral the British direct investments in this
country and
its holdings of stocks and bonds of American
corporations.
It would be made under the
authority granted the R. F. C.
in the act signed by President Roosevelt on June
10; this
action was noted in our issue of June
14, page 3734. By this
procedure British investors would not have to sell their
American holdings at what Mr. Jones describes as "forced
sale."
Following is his statement:
was
The
Reconstruction
RFC
Government
liquidation)
by Congress in
The
purpose
Finance
be
an act
Corporation is considering
a
under specific authority granted
approved by the President June 10, 1941.
of the loan would be to provide the British
exchange to pay for
war
the
dollar
with
supplies in this country, without having to sell
their American securities and investments at forced sale.
;
'
t
The collateral under consideration includes direct investments and a
wide diversification of stocks and bonds of
corporations in this country.
Commenting
on
loans have been authorized
1941,
$517,370,544
"Mr. Jones is doing this after consultation with
me," Mr. Morgenthau
said, "In fact, I sent the British to him.
.
"Our markets have been
so
difficult recently that not only the British
but any American manufacturer would have
difficulty making
any
large
flotation of securities.
being, because I
want the British to get
the maximum value
out of their American securities
that they will get enough dollars to
pay their bills in this country.
the important thing."
so
The
Secretary said he could
not
estimate how
American manufacturers at present.
the biU
was
much the
That's
by
At the beginning of the year, he said,
between $1,300,000,000 and $1,400,000,000.
This represented
suplies in this country made before the lease-
the unpaid contracts for war
l^nd program enabled the British:
to get supplies without money.
Accordance with
Howard
Reduced
Funds
Hunter, Administrator of the Work Projects
Administration, announced on June 19 that WPA employ¬
ment
rolls
he
cut
to
1,000,000
by
July
1.
This
means
a
reduction of about 415,000 from the number now
employed,
and it is held necessary in order to
bring the work program
in line with the new congressional
relief appropriation.
This bill, now pending in conference,
appropriates
000,000 for the WPA in the
banks
arid
velt
had
recommended
a
$875,-
year.
President Roose¬
$886,000,000 appropriation, which
included about $11,000,000 for administrative
expenses.
The
following regarding Mr. Hunter's remarks was reported in
Associated Press Washington advices June 19:
Mr.
unable
Hunter said that
to
some
get work and that
of those
ditions
the responsibility for
them will
fall
may
back
be
on
and
increased in
disbursed
is
mortgage
one
been
$174,322,857
;
total
a
6,873
of
this
of
the banks
to
depositors
to
$441.41; $1,610,184
repaid.
was
stock,
debentures
has
when
con¬
met.
distribution
for
authorized in
were
preferred
notes
available
remains
distribution
$3,481,803.75
authorized
capital
$1,519,551,689
of
have
for
the amount of
and
been
have
loans
May
stock,
$822,500
authorizations
of
During
closed banks were
of
canceled, $75,000 was
was
Through
to
May
loans
1941,
81,
2,778 closed banks
of
depositors
this amount has been with¬
drawn and $16,312,705 remains available to the borrowers; $1,033,953,505
has
$339,824,784
$1,390,090,993 ;
aggregating
of
disbursed and $978,936,532, approximately
been
95%, has been repaid.
During May the authorizations to finance drainage,
districts
increased
were
disbursed
was
refinance
1938,
loans
during
industry
gram,
of
Section
5
Through
in
May
31,
1941,
with
has
Corporation
$214,600 in
$128,366,306
Corporation
loans to
has
been
During
public
and
for
$172,639,375
disbursed
loans
been
have
available
the
to
and
The
to
similar authorizations
Through May 31, 1941, the Corpo¬
to
agreed
in
purchase
participations
of
$58,116,941
of
has
which
remains available.
the
amount
authorized
of
to
$450,000
of
projects.
amounted
available
the
businesses,
1,927
on
Through
self-liquidating
this
amount
the
were
authorized
to
amounted
to
Disbursements
$97,068.
to
has
borrowers;
one
sold
block
securities
having
a
(one
issue)
previously
par
of
Through
securities
purchased
May 31.
projects
been
1941,
aggregating
withdrawn
$556,494,615
has
and
been
May 31,
1941,
the
a
the
Corporation
a
par
value of
Public
Works
premium of $32,360.
PWA securities
Public Works
the Public Works
having
from
value of $1,661,700 at
Corporation also collected maturing
$37,280.
In
amounting
$512,333,124 has been repaid.
Administration
of
of
borrowers.
participations
During May the Corporation agreed to purchase from
Administration
$200
pro¬
benefit
the
for
has
$47,628,143
remains
arid
fishing
Administration
loans
during May and
self-liquidating
repayments
$776,762,133.28;
the
to
withdrawn.
of
$32,188,284
May four
and
loans
405
or
$111,297,831
agencies
$766,000
canceled
were
loans
Recovery
7,740
purchase
to
businesses
were
authorized
withdrawn
authorized
were
Of this amount $101,225,527 has been
remains
agreed
11
aggregating $832,818
ration
amended April 13,
$198,927
including
National
the
authorized
industry aggregating $498,239,315.
and
added to the Recon¬
was
$3,483,845,
the amount of
remains
disbursed.
and to mortgage loan companies to assist business and
banks
the
(d), which
aggregating
to
$146,-
aggregating
$8,089,901
been
has
authorized
been
withdrawn;
$92,455,772
industry,
in .cooperation
the
been
have
districts
irrigation
has
and
levee and irrigation
canceled and $177,979
was
loans
Corporation Act June 19, 1934, and
to
withdrawn.
industry, to
$46,191,635
and authorizations
May,
1941,
31,
levee and
provisions
Finance
26
May
borrowers
the
to
the
struction
drainage,
which
of
Under
by $5,690,000; $88,395
Through
656
737,308,
the
being dropped from the rolls
from
1941, authorizations have been made for the purchase
companies
withdrawn
been
to
amount
capital notes and debentures of 6,803 banks and trust
preferred
trust
available
v;'
.
loans
for
(in¬
Of this amount
Only $6,244,765
$5,648,427
includes
that
and
next fiscal year, compared with
$1,350;000,000 in the current fiscal
and
was
this latter
companies aggregating $1,466,740,663 and 1,123
the
amount
of $52,811,026
to be secured by
aggregating
O.
Of
authorization
withdrawn
Dropped
in
calThrough May 31,
remains
disbursed.
in
those
trust companies
$16,330,705.20
been
has
company.
preferred stock,
addition
WPA Orders Number of Persons on Work Relief Rolls
Cut to 1,000,000 by July 1—415,000 to Be
banks,
open
trust
Through May 31,
of
or
British owed
$1,610,184
to 7,541 banks and
withdrawn,
$2,068,663,381
Mr.
(including
$441;
$1,961,222,207, approximately 95%, has been repaid.
owing
available
"Under these conditions, the British could not get a
good price for their
American investments.
I favored the loan, for the time
been
has
and
borrowers
this disclosure, Secretary of the Treasury
Morgenthau said on June 26 that Mr. Jones had acted after
consulting with him.
Approving the loan as a temporary
measure, Mr. Morgenthau said that he still believed the
British should eventually sell all their American investments.
Reporting on his remarks the Associated Press advices
stated:
nW'rv'V-
companies
trust
the amount of
in
celed, $75,000 was disbursed and $3,579,771 was repaid.
loan to the
made
increased
were
74%).
(approximately
cluding those in receiverships) aggregating $2,602,364,630.
and
to
$6,406,571,505
of
Schram's report continued:
During May loans to banks and
,
British
a
for other governmental agencies and
having
has
par
purchased
value
from
Administration, Federal Works Aaency (formerly Federal
Emergency Administration of Public Works) 4,188 blocks (3,116 issues)
of securities having par value of $677,263,299.
Of this amount securities
*
Chronicle
The Commercial & Financial
4054
June 28, 1941
Authorization*
having
par
Securities
at
value of $510,427,892 were sold at a premium of $14,163,290.
a par value of $134,137,805 are still held.
In addition,
a
later
date, such part of securities having an aggregate par
$81,164,350
to' time.
The
as
the Administration
is
in
position to
a
';iVV; ■]
'•
report
listed
ments for all purposes
value of
deliver from time
'V
and
repay¬
from Feb. 2, 1932, to May 31, 1941:
Disbursements
Repayments
%
'V
$
companies (lncl. receivers)...2,019,594,373.58 1,914,974,519.49
Railroads (including receivers). ..
810,236,675.16 ♦340,455,838.01
445,125,208.39
035,602,307.73
Mortgage loan companies....
Federal Land banks
387,236,000.00
387,230,000.00
173.243,040.72
Regional Agricultural Credit corporations.....
173.243.040.72
124.565.604.73
119,971,511.65
Building and loan associations (lncl. receivers).
Insurance companies.......................
87,900,007.36
90,693,209.81
Joint Stock Land banks..........
22,341,062,30
24,666,880.20
State funds tor insurance of deposits of public
13,064,631.18
13,064,031.18
_.......
......
moneys...—................
12,971,598.69
9,250,000.00
5,643,618.22
719,675.00
12,971,598.69
9,250,000.00
5,599,953.83
005,954.52
Credit unions..............
Processors or distributors for payment of pro¬
000,095.79
600,095.79
cessing tax..............................
14,718.06
....
Agricultural Credit corporations
Fishing Industry...
....
Total loans under Section 5—........
14,718.06
4 308,103,088.87 3,533,414,739.99
------
53,960
13,200
(Atlantic Coast Line and Louisvllle A Nashville,
556,494,615.14
14,150,000
35,701
Charles City Western Ry.
140,000
Co—
Chicago A Eastern Illinois Ry. Co
Chicago A Eastern 111. RR. Co..
4,933,000
Chicago & North Western Ry. Co 46,689,133
Chicago Great Western RR. Co
1,289,000
Chic. Gt. West. RR. Co. (trustee)
6,546,870
Chic. Milw. St.P. A Pac. RR. Co. 12,000,000
16,500
155.632
1,000
J000
4,338.000
1,289,000
500,000
11,500.000
1,080,537
8,762,000
1,150,000
13,718,700
2,080.000
8,300,000
8,762,000
5,
—
512,333,124.22
5,122,103,68
47,251,981.13
121,145,484.82
32,320,340.42
25,000,000.00
40,247,687.63
2,838,699.53
19,644,491.78
707,716,902.21
18,997,423.00
Total loans,exdx>f loans secured by prefjstock.6,448,819,535.31
5,155,956,790.34
Other..
of preferred stock, capital notes and
debentures of banks and trust companies (in¬
cluding $45,161,800.76 disbursed and $17,158,111.43 repaid on loans secured by pref. stock) ..1 ,344,406,331.56
Purchase of stock of Federal Home Loan banks..
124,741,000.00
Purchase of stock of the RFC Mortgage Co
25,000,000.00
Purchase bl stock of the Fed. Nat. Mtge. Assn..
Purchase of Stock-Metals Reserve Co..........
158,000
1,150,000
—
.
2,098,925
68,678
60,000
30,055,222
219,000
8,081,000
709,071,322.92
Erie RR. Co.
3,182,150
—
18,582,000
10,000,000
3,000
1,957,075
W.Ry .Co.(receivers)
227,434
(trustees)
Ft.Smlth A
3,000
90,000
8.795,600
15,000
78,000
15,078
15,000
(receivers)
10,539
10,539
Galv. Houston A Hend. RR. Co.
Galveston Terminal Ry. Co..
3,183,000
540,000
Fredericksburg A North. Ry. Co.
Gains vllle Midland RR. Co
Gainsville Midl'd Ry.
Georgia A Fla.RR.Co. (receivers)
354,721
Great Northern Ry. Co.
125,422,400
County RR. Co
Gulf Mobile A Northern RR. CoGulf Mobile 4$Ohlo RR. Co. and
10,278,000
1,000,000
800,000
350,000
2,550,000
Maine Central RR. Co
288,500
3,000
1,729,252
Mississippi Export RR. Co.....
744.252
6,843,082
100,000
Missouri-Kansas-Texas RR. Co.
5,124,000
Missouri Pacific RR. Co
23,134,800
Missouri Southern RR. Co.....
99,200
12,455.381.37
721,526,704.29
Works
640,578,346.16
—
*3,200,000
Mobile A Ohio RR. Co
Agency, security transactions
13,915
620,000
22.607
Maryland A Penna. RR. Co
529,088,010.83
8,640,020,213.03 6,406,571,505.46
...
Mobile A Ohio RR. Co. (receivers)
M urfreesboro-Nashville
Ry. Co-
New York Central RR. Co
N. Y. Chic. A St. L. RR. Co
N.Y.N.H. A Hartford RR.Co-
Norf. South. RR. Co. (receivers) .
Northern Pacific Ry. Co
Pennsylvania RR. Co..
785,000
1,070,599
200,000,000.00
124,741,000.00
""*222
1,681,000
5,000,000
29,500,000
3,000.000
Pioneer A Fayette RR
>' 17,000
9,045,207
Pittsburgh A W. Va. Ry. Co—
300,000
Puget Sound A Cascade Ry. Co.
St. Louis-San Fran. Ry. Co.....
7,995,176
St. Louis-Southwestern Ry. Co.. 18,790,000
600,000
...
Salt Lake A Utah RR. Co. (rec'rs)
Salt Lake A Utah RR. Corp
for loans to:
145,000,000.00
2,600,000.00
55,000,000.00
........
...
Federal Housing Administrator:
To create mutual mortgage Insurance fund..
For other purposes.
10,000,000.00
79,186,380.80
115,000,000.00
97,700,000.00
Sec. of Agrioul. for crop loans to farmers (net).
Sec. of Agrioul.—Rural rehabilitation loans...
Farm tenant loans.
24,450,000.00
Governor of the Farm Credit Administration for
revolving fund to provide capital for pro¬
duction credit corporations.....
Stock—Commodity Credit Corporation...
Stock—Disaster Loan Corporation
Regional Agricultural Credit corporations for:
Savannah a Atlanta Ry. Co
Sand Springs Ry. Co
Seaboard Air L. Ry. Co.
65,000
162,600
128,000
1,200,000
500,000
23,329,291.40
1,676,236.07
Texas Okla. A Eastern RR. Co..
Texas-South-Eastern RR. Co
Tuckerton RR. Co
The Utah Idaho Cent. RR. Corp.
Wabash Ry. Co. (receivers)..—
Totals........
175,500,000.00
Total allocations to governmental agencies....1,253,103,628.76
For relief-To States directly by Corporation—_
To States on certification of Federal Relief
Administrator...
2,426.46
25,007,952.93
al7,159,232.30
499,999,065.72
Under Emergency Appropriation Act—1935..
Under Emergency Relief Appropriation Act,
.
—1,799,984,064.72
notes issued for funds for allocations
and relief advances.
a
9,500,000
56,073,000
1,112,000
9,278,000
800,000
2,500,000
2,550,000
197,000
985,000
6,843,082
100,000
5,124,000
23.134.800
99,200
785,000
1,070,599
36,499,000
18,200,000
7,699,778
1,681,000
5,000,000
28,900,000
3,000,000
17,000
9,045,207
300,000
7,995,175
18,672,250
200,000
400,000
; 1,235,000
162.600
8,225,000
44,000,000
50,905,000
2,035",000
6,000
452,000
8"200
25,981,683
26,000,000
13,915
520,000
407,000
1,379,000
1,112,000
9,278,000
800,000
450,000
2,550,000
50.000
a6.843.082
100,000
2,309,760
99*200
785,000
1.070,599
36,499*666
18.200.000
975,116
70,000
5,000,000
28,900,000
3,000,000
15,000
4,975,207
300,000
2,805,176
18,672,250
200,000
222,500
52,000
162.600
624,000
31,000,000
47,278,000
100.000
183,700
30,000
39,000
452,000
25,973,383
4,366,000
13,502 922
750,000
22,525
789,000
30,000
39,000
210,080
10,241,800
1,403,000
3,074,272
400,000
22.526
.927,050,087116,782,912 810,236,075 344,905,838
Includes two guarantees of $350,000 each
(one of which has been canceled);
Corporation also guaranteed the payment of interest.
The loan to Minneapolis St. Paul A Sault Ste. Marie Ry. Co. (The 600 Line)
secured by its bonds, the Interest on which was guaranteed by the Canadian
$5,000,000 guarantee (now canceled); in addition the Corporation
guaranteed the payment of interest.
b Includes a
17,159,232.30
c
Since
repaid by the railroad, thus reducing the
Includes $320,000 guarantee by the corporation of securities sold by It.
the sale, $128,000 of the $320,000 has been
Corporation's liability under the guarantee.
—3,086,265,113.30
354,721
20,000,000
13,915
520,000
Pacific Ry. Co. and when the "Soo Line" went into bankruptcy, we sold the balance
due on the loan to the Canadian Pacific, receiving $662,245.50 In cash and Canadian
also
on
33,177,419.82
2*3*666
1,21*1*666
Pacific Ry. Co.'s notes for $5,500,000, maturing over a period of 10 years, $1,050,000
of which matured and has been paid.
500,000,000.00
500,000,000.00
——
*
in addition the
was
299,984,999.00
78*666
3,183*666
108,740
108.740
2,035.000
30,000
45,000
4,360,000
(trustees). 13,502,922
Wichita Falls A Southern RR.Co.
750,000
Wrlghtsvllle A Tennllle RE...;.
22,525
116,494.55
120,871.85
....
10,000
61,422
5,332,700
1,897,000
Western Pac. RR. Co.
44,500,000.00
3,108,278.04
14,574,602.92
Administrative expense—1932 relief
Rural Electrification Administration.....
8*13*075
100,000
Western Pacific RR. Co—
Expenses—Prior to May 27.1933
Since May 20, 1933...
Administrative..........—
Grand total.....................
200,000
...
40,500,000.00
97,000,000.00
24,000,000.00
....
Total allocations and relief
117,750
400,000
1,300.000
(rec'rs)c c8,545,000
Southern Pacific Co
45,200,000
Southern Ry. Co
51,405,000
Sumpter Valley Ry. Co
100,000
Tennessee Central Ry. Co.
5,332,700
Texas City Terminal Ry. Co....
1,897,000
Texas A Pacific Ry. Co..
Purchase of capital Btock (lncl. $39,500,000
held In revolving fund)...........
1.867*075
227,434
8.780,422
25,000
5,000,000
...
visions of existing statutes:
Joint Stock Land banks........
Federal Farm Mtge. Corp. for loans to farmers.
1,800,000
71,300
582,000
3,300,000
25,000
b41,499,000
18,200,000
7,700,000
...
Pere Marquette Ry. Co
Allocations to Governmental agencies under pro¬
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
3,182,150
16,582,000
10,000,000
546,000
99,422,400
Gulf Mobile A North. RR. Co.
9,500,000
Illinois Central RR. Co—
56,095,667
Kansas City Southern Ry. Co...
1,112,000
Minn. St. P.AS.S.Mar!e Ry. Co.
34,475,000.00
........
53*500
310,000
500,000
1,800,000
1,800,000
...
(trustee).
.1,556,622,331.56
Total for relief....
53*500
Meridian A Blgbee River Ry. Co.
5,000,000.00
5,000,000.00
.....
companies (including $100,000 disbursed for
the purchase of preferred stock)...
—
2,680,000
8,300,000
1,623,040
5,100,000
Litchfield A Madison Ry. Co
Louisiana A Arkansas Ry. Co
11,000,000.00
5,000,000.00
2,000,000.00
Purchase of Stock-Defense Supplies Corp
Loans secured by preferred stock of Insurance
Total,
8,920,000
Colorado A Southern Ry. Co
160,341
„
Lehigh Valley RR. Co
Purchase
Federal
•
————
Chicago R. I. A Pae. Ry. Co— 13,718,700
Chic.R.I.A Pac.Ry.Co. (trustees)
2,680,000
Cincinnati Union Terminal Co.. 10,398,925
Green
767,710,962.21
.....
Total......
,
Chic. No. Shore & Milw. RR. Co.
(trustee)....
220,692
464,299
140,000
4,933,000
46,588;t33
1,289.000
6,546,870
——
Chic. Milw, 6t.P. A Pac. RR. Co.
Ft. Worth A Den. City Ry. Co—
Export-Import Bank.....
and purchases of assets of closed banks.
mining businesses...................
Loans to finance the carrying and orderly marketing of agricultural commodities and livestock:
Commodity Credit Corporation..
Interest
14,150,000
3,124,319
464,299
4,150,000
500,000
140,000
5,916,500
—
Eureka Nevada Ry. Co.
Fla. E. Coast Ry. Co. (receivers)
on
.......
141,697
lessees)..—dl8,300,000
3,124,319
(trustees)
Loans to
1935-
535",800
• ■
Central of Georgia Ry. Co——
Central RR. Co. of N. J
Erie RR. Co
...
Purchase of Stock-Rubber Reserve Co
Purchase of Stock-Defense Plant Corp....
400,000
12,457,495
41,300
7,684,937
Carolina CUnchfleld A Ohio Ry
23,242,170.85
47,298,877.12
283,103,916.78
254,514,168.39
25,000,000.00
49,069,007.34
6,873,409.40
Loans to
634,757
400,000
95,343,400
41,300
47,877,937
14,600
41,300
Denver A Salt Lake West.RR.Co.
surpluses In foreign markets............
Loans to business enterprises.................
Fanners
90,000
1,173,032
—
47,877,937
53,960
549,000
Buffalo Union-Carolina RR—.—
275,000
2,500,000
634,757
Denver & Rio Grande W.RR.Co.
.........
Administration,
Birmingham ASo'easternRR. Co.
Boston A Maine RR
127,000
......
Ashley Drew & Northern Ry. Co.
400,000
Baltimore & Ohio RR. Co
95,358,000
22,310,500.00
12,003,055.32
Works
275,000
2,500,000
034,757
-
3,300,006.00
and other catastrophes........—..
...
Loans to aid in financing the sale of agricultural
Public
Aia.Tenn.A Northern RR, Corp.
Alton RR. Co
Repaid
$
127,000
127,000
17,957,743.81
Loans for repair and reconstruction of property
damaged by earthquake, fire, tornado, flood
Loans
Co...
Aberdeen & Rockflsb RR
3,300,000.00
Loans to aid in financing self-liquidating construc¬
tion projects..,
v,
Loans for National defense...........
Disbursed
$
92,455,772.11
—
and for refinancing out¬
standing Indebtedness
or
Withdrawn
$
'
30,123,900
Columbus A Greenville Ry. Co..
60,000
Copper Range RR. Co....
53,500
Del. Lackawanna A Western RR.
5,100,000
Denver & Rio Grande W.RR.CO.
8.300,000
Secretary of Agriculture to purchase
cotton.......—..........—.......
Loans for refinancing drainage, levee and Irriga¬
tion districts.....—.....——..—.—..
Loans to public school authorities for payment
of teachers' salaries
,■■■.<
.
Livestock Credit corporations.
Federal Intermediate Credit banks.
to
■
Carlton & Coast RR. Co.
Banks and trust
Loans
..
Ann Arbor RR. Co. (receivers)—
i
disbursements
follows
as
Loans under Section 5:
*
Canceled
Authorized
having
Corporation has agreed to purchase, to be held and collected or sold
the
•
d Includes an agreement by which the Corporation may be required, or may
elect, to repurchase at any time prior to maturity, $4,150,000 securities sold by it
v-,.;
42,167,185.23
(now canceled).
In addition to the above loans authorized the Corporation
111,732,285,326.33 6,448,738,690.69
has
•
Does not include
Co., which
were
$4,450,000 represented by
notes of the Canadian Pacific Ry.
accepted in payment for the balance due
on
loan made to the Min¬
neapolis St. Paul A Sault 8te. Marie Ry. Co.
In addition to the repayments of funds disbursed for
relief under the Emergency
Relief and Construction Act of 1932, the Corporation's
notes have been canceled
in the amount of $2,734,391,381 on account of
amounts disbursed for allocations
to other governmental agencies and for relief
by direction of Congress and the
a
barest paid thereon, pursuant to provisions of
Feb. 24. 1938.
\
an Act (Public No. 432) approved
to
of
or
with¬
railroad, together with the amount disbursed
and repaid by each, are shown in the
following; table (as
May 31, 1941), contained in the report:
this
amount $317,270,101 has been canceled,
134,158 outstanding at the end of the month.
leaving $58,-
♦
Defense Spending in First Half of June Raises Total
Since Last July to $16,120,340,814
.
The loans authorized and authorizations canceled
drawn for each
approved, in principle, loans in the amount of $375,401,259 upon the performance of specified conditions.
Of
Defense spending in the first half of May totaled $450,908,698 for the Army, $29,415,777 for the Navy, and
$46,859,916 for miscellaneous agencies.
The total of de¬
fense contracts and
to
expenditures in the period July 1, 1940
last May 31 of all agencies and departments aggregated
\
Volume
The Commercial & Financial Chronicle
152
$16,120,340,814, according to the semi-monthly report of
the Office of Government Reports, recently issued, which
we give below:
"Therefore," he concluded, "it is
lishment of
and
we
Based
on
press releases of July 1,
1940 to June 15, 1941
considered opinion that the estab¬
our
separate independent air force at this time would be a mistake
a
convinced that the present reorganization of our air arm
are
modern and
more
NATIONAL SUMMARY OF DEFENSE CONTRACTS AND EXPENDITURES
4055
is a
workable method of developing air power under our
more
system of government."
Mr
Stimson said that the
War
Department had been working on re¬
organization plans for several months.
Service
July 1 to
June 1 to
July 1 to
May 31
June 15
15
June
War
Army contracts
Navy contracts (c) (d)
36.482,554,661
Service
Period
726,674,500
The War
4,005,159
Security Administration
538,836
4,543,995
National Guard and Reserve officers
6,211,789
1,297,870
7,509,659
called.
(De¬
fense Housing)
Department of Commerce—
Aeronautics
Administration
(Airport Expansion Program)
WPA Defense Projects (FWA) (f)
Defense
Housing—FWA,
CHA
266,323,350
266,323,350
(g).
and
AHA (h)
3,172,500
47,641,058
4,602,681
7,319,500
52,243,739
.'■•i
Defense Housing (FWA) (i)
of Education Defense Training
72,481,799
1,263,700
73,745,499
(FSA).
57,506,583
USHA Defense Housing Prcjs. (FWA)
Public Buildings Administration—
4,147,000
Department
National Youth Administration (FSA)
Defense Training Funds for 1941
57,506,583
52,440,375
52,440,375
Defense Plant Corporation (FLA) (j)
Reconstruction Finance Corp. (FLA)..
545,826,896
34,931,854
580,758,750
190,344,631
_
77,975
190.422,606
June 21 recommended to Presi¬
on
dent Roosevelt that necessary steps be taken to retain the
now on active military
duty beyond the original one-year period for which they were
Congressional action would be required to extend
the 12-month period of service.
There are now 289,800
officers and
officers.
in the National Guard and 51,500 Reserve
men
The War
specify
Department's recommendation did not
period of time for which it wants the Guard
any
service extended.
Office
_
Roosevelt to Keep
Beyond
One-Year
President
in
726,674,500
Emergency Ship Program
Department of Agriculture—
Civil
Guard
b29,415,777 b7,167,388,899
U. S. Maritime Commission (e)—
Farm
Asks
Department
National
6,933,463,359
450,908,698
7,137,973,122
The first increment of
Guardsmen
was
ordered into service last Sept. 16; as was reported in these
columns Sept. 7, page 1370.
The text of the legislation
empowering the President to call the Guard into service
given in our issue of Sept. 14, page 1481.
Congress
was
$3,367,943 deducted, Army award of Oct. 19, 1941 assumed by Defense Plant
Corporation.
a
b Awards up to and
In addition, the Navy Department has allocated approximately
on naval vessels being constructed in private yards.
c
$1,000,000,000
This sum will
for armament
appear in
acted after President Roosevelt had asked for the power.
including June 2, 1941.
"Navy contracts"
as
Navy
Department
orders are placed for materials; $393,462 deducted;
d Includes
$100,315,682 awarded March 20, 1941 for 239 small auxiliaries and
patrol craft,
not available
basis,
State
on
Excludes 38 emergency vessels awarded May 26, 1941; cost not available,
e
f Includes
$35,354,306 for defense training and records,
g As of Feb. 28,
h Six
1941.
Federal Works Administrator controlled projects in Texas and
and Wisconsin; Cincinnati Housing Authority and Akron Housing
Authority in Ohio.
projects:
New Jersey (2)
i
$502,300 deducted; cancellation of PBA projects,
j Includes $32,422,140 for unnamed manufacturers of machine tools.
Three
Additional
Control
President
Materials Placed Under Export
System by President Roosevelt
Roosevelt announced
June
on
10
he
that
had
approved the recommendation of Brigadier-General Russell
L.
Maxwell, Administrator of Export Control, and had
issued
under
the
terials,
due
the
the
to
gram,
placing three additional materials
licensing system.
The articles and ma¬
export
are
exportation
of
which
must
be
now
controlled
accelerating needs of the national defense pro¬
bismuth, natural gums and resins, zirconium.
The effective date of the
proclamation placing these articles
and materials under export control is July 2, 1941.
Extension of the export control system to include the ter¬
ritories, dependencies and possessions of the United States
was
mentioned in
our
issue of June
7, page 3580, while the
inclusion of eight other items was reported in these columns
May 17,
3115.
page
Hold
to
The Navy Department asked Congress on June 26 for
authority to hold enlisted men in the service "as long as the
National interest is imperiled."
This request was presented
to the Senate Naval Affairs Committee by Rear Admiral
C. W. Neimitz, Chief of the Bureau of Navigation.
The
Senate group has under consideration a bill requiring all
future volunteers to
for the "duration of the national
serve
emregency" rather than for the normal six-year enlistment
period, and Admiral Neimitz urged that the provision, com¬
pelling enlisted men to remain in the Navy indefinitely when
Congress orders it, be added to the pending legislation.
Government Halts Private Imports of Rubber—Civilian
Consumption Cut 20%—Ceiling to Be Set
on
Prices
proclamation
a
Asks Congress for Right
Beyond Enlistment Term
Sailors
transferred to DPC.
/;•
•
Tire
Private imports of rubber from the Far East were barred
Government
the
by
formula
20%
for
the
21, and
Company,
the
at
rubber
civilian
in the next six months
Reserve
announced.
was
time
same
a
by
consumption
The Rubber
subsidiary of the Reconstruction Fi¬
a
Corporation, became the sole buyer, effective June 23,
nance
of
June
on
reducing
crude
rubber
from
under
arrangements
made known and worked out by Jesse Jones,
East
Federal Loan
Far
the
Administrator, in cooperation with the British and Dutch
Governments and the International Rubber Regulation Com¬
mittee.
Mr. Jones had the following to say as to the
purpose:
The
Army
Unifies Air Activities—Secretary Stimson
Opposed to Independent Air Force
Consolidation of all Army air activities into a unit to be
known as "the Army Air Force" was ordered by Secretary
of War Stimson on June 21.
At the same time he made
known that the War Department is opposed to various
Congressional proposals for setting up an air force inde¬
pendent of the War and Navy Departments.
These actions
disclosed
were
and
in
letters
to
the
Chairman
of
the
Senate
House
Military Affairs Committee.
United Press
Washington advices of June 21 reported as to this as follows:
The reorganization order consolidates the existing General
Air
Force—which
comprises
training—and the so-called
the tactical
and
Army Air Corps,
combat
which
Headquarters
units
and
is charged
combat
with the
basic and advanced training of flight and ground personnel,
procurement,
maintenance and general repair of aircraft.
Secretary Stimson explained that the action would combine both combat
and service units under
a
new
high ranking air officer who will be responsible
"By these
cooperating
moves
with
the air activities of the Army, both in the elements
ground
forces
and
ing forces, would in effect constitute
those
a
comprising long-range strik¬
unified force from
units could be dispatched, as elements of
a
task
which trained
force, to the commanding
Management
Commenting
a
bills
pending in Congress involving establishment of
so-caUed independent air force, or a "Department of Aviation,"
Secretary
Stimson said:
on
"A separate, independent air force cannot operate effectively
unless there is
a
single
supreme
general staff in which authority over the
Army, Navy and air forces is fully vested.
"Such
States,
a supreme war
staff does not exist in this country.
In the United
although the supreme command of the armed forces invested in
the person of the
President,
as
commander-in-chief,
control
under
our
operations depends
For
that
In
on
reason,
our
Mr.
Stimson
desirable to undertake such
midst of
a
form of government the effectiveness of joint
cooperation rather than
a
continued,
on
it
centralized control."
is
"neither
prudent
any area
of operations.
obviously be endangered if carefully planned strategy and
tactical training is interrupted at this time," he added.
*
In Germany, he conceded, the independent air force has been
utilized.
for
an
successfully
But, he emphasized, the German system of government provides
absolute centralization of authority in the great central war staff.
may
Office
the
of
the manufac¬
be established by the Office of Produc¬
Price
of
the
with
Administration
18%c.
and
Civilian
following
a
Rubber
the
concerning
99%
of
in
his
during
average
months
12
as
a
82%
in November,
which
is
the
will
ending
year
the
reductions,
March
1941.
31,
will be required to
processors
in August,
and 80%
conserved
the
base,
subsequent months to 94%
rubber
The
stock
monthly
same
89% in September, 84% in
in December.
be
in Government-controlled
placed
piles.
Since
rubber
the curtailment will
products,
must
orders
general
a
filled
ahead
have
be
been
cause
reductions
preference
of
was
made,
the amount of fabricated
in
issued
demands.
civilian
processors
requiring
After
may
make
full
that
defense
deliveries
deliveries
for
to
non-
OPACS,
an¬
defense purchasers.
On
June
nounced
26
that
Leon
a
Henderson,
ceiling
on
head
automobile
of
the
tire and tube prices,
both wholesale and retail, will be issued next week, pro¬
viding, in effect, that prices may not exceed those charged
on
the most recent sales prior to June 17.
also set
The schedule will
ceiling prices for crude, reclaimed and scrap rubber.
Commodity Exchange,
Rubber
Inc.
Prohibits New Trading in
Futures—Daily
Fluctuation
Limit
Also
Reduced
The Board of Governors of the
Secretary Stimson emphasized also the necessity for the closest possible
"This would
as
the
sheets
reported
Using the
cut
major governmental reorganization in the
degree of combat cooperation in
to
which will be made gradually:
During July each processor must cut his crude rubber consumption to
nor
national emergency."
and
smoked
Press
system of government is exercised by the Cabinet, heads of the War and
Navy departments.
accumulation
pound for standard
Reserve Company
carrying the freight
charge from
Asiatic ports.
The
formula, designed to cut consumption of crude rubber from
a
current rate of about 817,000 tons a year to a rate of
about 600,000 tons, was announced by Edward R. Stettinius
Jr., Director of Priorities of the OPM.
The Associated
defense
air officer," Mr. Stimson wrote.
the
accelerate
Rubber will be purchased at
ribbed
officer,
or an
to
to facilitate distribution
Supply.
needs
Navy officer
is
and
consumption programs
tion
officer in charge of any theatre of action, whether he might be an
Army
a
action
supply
reserve
turing industry for defense and commercial requirements in accordance with
such
October,
only to the Army Chief of Staff.
this
of
purpose
Government
New
York,
June 23
on
rubber futures.
The
voted
Commodity Exchange, Inc.,
prohibit new trading in
to
Board also amended the
rule govern¬
ing price fluctuations in rubber by reducing the daily limi¬
tation
from 2c.
applicable
to
a
the
pound to %c.
current
succeeding 11 months.
This limitation
delivery
month
as
was
well
made
as
the
Prior to the opening of the market
The Commercial & Financial Chronicle
4056
June 23 the Board
on
suspended trading in rubber futures
the effect of the Government control
order to determine
in
(these
measures
noted in another item in our issue of
are
If
control
national
in
ate
of
possible,
way
National Recovery
becomes
prices
essential
1941
the
in
present
the members of the Association are prepared to cooper¬
emergency
every
June 28,
textile
cotton
the past with the
they have cooperated in
as
Administration and the Agricultural Adjustment Act.
Trading was resumed on June 24 but is limited to
the liquidation of the present open positions.
:'-\V
♦
• ■/'.<'/;>,■
garding
OPACS^MakesJChanges in Ceiling for Steel and Iron
givings in the cotton textile industry, and it is the hope of the Association
today).
Products—Maximum Pig Iron Prices
Announced—
Q Revisions in Cotton Yarn Schedule—Zinc Ordered
„~into Pool
4 -4
that
and
steel
products were announced on June 21 by
Leon Henderson, Administrator of the Office of Price Ad¬
ministration and Civilian Supply.
He said that the changes,
which are made retroactive to April 16, when the schedule
was first issued, were the results of suggestions made by a
cross-section of the steel industry.
The changes, it is indi¬
cated, do not constitute a general upward revision of the
price ceiling.
The five principal changes are as follows:
iron
In
1.
ceiling
the' domestic
determining
price
for
iron
any
steel
or
"transportation charges from the governing
basing point to the place of delivery as customarily computed" instead of
"the lowest published common carrier freight rate."
This change brings
the schedule into line with customary industry practice.
product sellers
2.
may
use
now
in effect April
Basing point prices
instead
those
of
March 31 and April
between
alternative
An
schedule
required
of
point
Steel
March
31,
1941,
specified
as
the
in
original
This gives effect to minor changes in charges for extras instituted
schedule.
3.
effect
in
16 are established as the ceiling
ceiling
be
prices is established.
prices
Now
the
at
the
basing
of
prices
export
shipping points
various seaboard
The original
point
the
nearest
United States
desired.
shipyards
mitted
to
go
ments
instead
piices
at
these
Sellers
being compelled
Rail
points.
is
mills, producers
for Gulf and
continue
to
freight
rates
be
may
are
Pacific
of
use
charged
where
the
mill
the
where
steel
defense
did
the
gave
delivered
lowest
have forced allocation
program
price.
of orders to mills
Needs
the
of
which ordinarily
the areas to which this steel must go.
The change in the
permits such mills to handls such orders without undue hardship.
schedule
The
original
Mr.
schedule
Henderson
pig
iron
in
issue
our
level
Reporting
The schedule lists basing point base prices for the five major
grades of
pig iron at various cities, similar prices for three minor grades; differen¬
tials based on the silicon, phosphorus and manganese
content, and provides
minor exceptions.
be
OPACS's
the
of
differentials
charges
the
that
basing
the
according
from
the
point
the content
to
governing
ceiling for domestic prices would
price at the governing point, the
point
of
the
the
to
iron,
place
and
of
the
delivery
transportation
as
customarily
computed.
"Recent
increases and the increased demand for pig iron resulting
from the national defense
emergency," Mr. Henderson said in his formal
order, "have been exerting pressure upon the price structure, causing the
prices
of
interest
wage
certain
of
grades
national
and
defense
kinds
and
of
the
pig
iron
public
to
be
interest
increased.
a
price
In
the
ceiling
is
necessary."
The
order
ules
all
upon
1
and
by July 10.
to
\
iron
pig
producers
file with OPACS
i
a
to
copy
retain
copies
all
of
of their price sched¬
:
The base prices for pig iron,
per gross ton of 2,240 pounds, at Neville
Island, Pa., included $24 for No. 2 foundry; $23.50 for basic; $24.50 for
Bessemer, and $24 for malleable.
The
dry
;
Birmingham, Ala., base price was fixed at $20.38 for No.
$19 for basic, and $25 for Bessemer.
Price Administrator Henderson
on
June 20 amended
foun¬
which
was
reported
3429.
the
create
in
on
our
issue
of
May
21,
to
zinc were ordered by the OPM on
22% of May production in order to
aside
reserve of
about 16,000 tons for the
emergency pool.
Establishment of this pool for allocations for urgent defense
needs
a
was
May of this
yards
square
which
plants
only
can
meet their
will
Production
as
national defense
that
prgoram.
build
to
maximum
our
production
textile industry produced
the cotton
year
endeavor
our
essential
compared with
as
785,490,000
square
has been brought
yards in
about
in
to
rate.
also
been
stepped
the
market
a
by
up
which would
or
overtime wage
if ceilings
which
producers
bring
return
a
levels, would be
a
too
low
to
permit
poeration
great deterrent to our whole defense
at this time
is making no suggestions as to price levels,
fixed for the cotton textile industry it would seem that
are
they should bear
relationship to the remainder of the industry, including
a
materials and other elements of
the
control
only
prices
enable
;
The Association
If
paying
three-shift basis and pay wages at an over¬
effort.
raw
is
prices which
Any action which would make it impossible for marginal mills
operate,
with
when
operate
constantly increasing costs.
has
operate their spindles on
time
Government
in
the
insure
action
the
for
be
finds
cotton
based
same
it
textile
but
cooperative
exactly
ready
to
the
most
on
that
as
of
producer, labor and
disruption
in
in
one
cost.
the
public
industry,
offer
it
find
complete
Nation's
the
which
Our
not
will
objective
production,
great
price
Association
possible
Without such
consumer.
of
undertake
to
our
information.
OPACS—maximum
national defense effort.
our
interest
will
assistance
any
with
fair
return
industries,
there
well
as
'
•
is
fair
a
as
•
Price
Ceiling on New Model Automobile Threatened
by
Price
Administrator
Henderson—Accuses
Chrysler Corp. of Failing to Cooperate—Corpora¬
tion Defends Action
An overall
price ceiling on new model automobiles is in
Admini trator Leon Henderson of the Office of
Price Administration and Civilian
Supply declared June 25.
He blamed the Chrysler Corporation for the threatened
action, saying that the corporation had refused to cooperate
Chrysler rescind its an¬
prices. He said it was the first instance
aVmajor industrial corporation" refusing to cooperate.
Chrysler Corp., however, in a statement issued June 26,
declared that the price advance was made without any
knowledge of any expression of OPACS on the subject of
automobile prices.
The statement outlined the extensive
defense activities of the company and described higher wage
and material costs which it said justified the increase.
Washington advices to the New York "Journal of Com¬
nounced increase in
of
Mr. Henderson's request to Chrysler, and also the Ford Motor Co., the
Nash-Kelvinator Corp., the Studebaker Corp. and the Hudson Motor Car
Co.
mentioned in
our
was
embodied in
had amounted to
an
a
letter sent June 12.
The increase
on
Chrysler
cars
advance of $40 per model, while advances put into effect
by the other companies ranged from $10 to $53.
a
price ceiling would be set followed
a
meeting today
with Chrysler Corp. executives, at which the company declined to withdraw
higher quotations, and offered only to make "a small concession
as
a
gesture of cooperation," the Government price chief said.
10 "The action of this
company
volume and favorable
earnings, if followed by other companies, would under¬
which is just finishing
mine the whole structure of price
a year
of
near
record
stability," he continued.
"It is the policy of this office to ask companies which are enjoying a good
Volume of business and profit either directly or indirectly arising from de¬
fense
expenditures, to absorb
striking contrast
with
the
cost
increases to
attitude
of other
a
reasonable degree.
corporations,
In
Chrysler has
Mr. Henderson said that if similar refusals had been encountered in other
of metallic
set
In
threfore
is
our
industry
this
on
It
refused to do this."
,
Producers
June 20
Bell
Mr.
part by prices which have made it possible for marginal plantB to operate,
the
below 24s single ply from one-half to
one-quar]ter cent.
Both changes are retroactive to May 23, date of the
original
order,
industry is essential to
heavily
Announcement that
2
price ceiling schedule for combed cotton yarn by exempting
yorn which is to be exported from the United States and by
reducing the differentials on courser counts of combed yarn
page
above,
quote
we
merce," June 25 said:
called
invoices since Jan.
which
with the OPACS in its request that
said
statement
aggregate
of production,
out
This great increase in production
1940.
prospect,
The
from
forward.
1,005,117,000
as
said:
two
relies
goes
maintained.
be
the matter the Associated Press
on
put high cost mills
textile
The cotton
covering the "third
major factor in the iron and steel industry on which action
has been taken by OPACS in order to avoid inflationary
tendencies."
possible
prices today
prevailing during the
A statement from the Admin-
the action
consumers.
June 26 that recent reports of
One consequence of such
to
Government
defnses
of
generally
second quarter of this year.
itsrator's office described
and
producers
assistance
production
in the rumored price ceiling would
throughout the industry and create grave
statement,
obstacles to
June 25 fixed maximum
on
the
at
mentioned
was
^
be
his
In
may
2482.
page
on
OPACS for its
to
price control—maximum
any
also said:
return
April 19,
labor,
of
provisions, he said,
which
opinion prove detrimental to national defense.
It is pointed out by the Association that the consumption
of cotton at the present time is greater than it has ever been
in the history of the country.
In May, 1940, cotton con¬
sumption was 641,000 bales; in May, 1941, it was 919,000.
terms of the
sell in
not
for
which
Under
textile
cotton
would in his
water
produced.
is
to
injustice
would
but
the original schedule all domestic sales had to be computed in
point price
ship¬
delivered
permitted to compute delivered prices in terms of the
now
basing point price nearest
basing
per¬
now
Coast
arbitrary
longre available.
no
are
interior
basing point system
a
of
transportation
5.
possible shortage in water transportation and need of
place steel orders at
to
to
the
the
for
provisions
instability.
to
In view of
4.
retroactive
be used if
may
OPACS
and material
the objective
serve
return
Mr. Bell stated
work
by
fixed
be
to
information
offer
may
will
May,
for export
used.
the
at
1941.
domestic
that
production
Export Co.
16,
ceilings
These statements have caused a great deal of concern and mis¬
fair
with
Several clianges in the schedule establishing ceiling prices
on
possible
it
which
statements have been published re¬
the pa6t week unauthorized
During
industry.
issue of June 14, page
3737.
industries where
cost of
voluntary price-stabilizing methods had been utilized, "the
living would not be out of control.
operation
inflation.
on
In other words, voluntary co¬
the part of private industry has so far enabled
use
to avoid
The action of the Chrysler Corp. endangers this method, which
cannot be used in
an
industry where a major unit, already operating profita¬
bly, refuses to lend its support to measures of voluntary cooperation."
Association of Cotton Textile Merchants of New York
Cooperating with OPACS
trol in Cotton Textile
The
Association
of
York, whose members
of cotton cloth
cooperation
Civilian
of
woven
to
the
in
to Possible Price Con¬
Textile
of
Price
of
New
Administration
and
Supply in its study with regard to possible fixing
price ceilings
for cotton
textiles, it was announced on
June 21 by W. Ray Bell, President of the Association.
Mr.
Bell stated:
to
the Chrysler situation will be reported to the President
Congress, in accordance with
"the announced
intention
of
the
It was recalled that the executive order
creating OPACS orders the Administrator to
Merchants
agents distribute the vast majority
the United States, is
offering full
Office
and
on
OPACS," Mr. Henderson said.
Industry
Cotton
as
as
The "full facts"
secure
compliance with OPACS
actions.
Mr. Henderson made the point that the price Increase Chrysler was asked
to
forego involved about $4,000,000 out of net sales of
000,000 during the present model year.
more
than $750,-
In terms of net income to stock¬
holders, he added, it meant that the company was asked to forego about
$1,500,000 "at
a
time when it had already earned, after taxes, about $20,-
000,000 for the first six months of this year."
He further declared that Chrysler Corp. had earned more than $37,000.-
000,
or
23%
on
its invested capital, in 1940.
K
Volume
The Commercial & Financial Chronicle
152
In
making the announcement relative to the Chrysler situation, Mr.
Henderson revealed for the first time that he had asked some of the smaller
independent motor
manufacturers to rescind price advances, but that in
car
view of the Chrysler refusal, he was
releasing the small companies from his
4057
000 worth of defense
savings stamps were sold.
This com¬
and $2,800,000 of stamps
pares with $347,861,000 of bonds
sold in the first 24 days of May.
The total amount of bonds sold in the week ended June 21
request.
$56,642,000,
against
aggregate of $54,139,000 in
Of the total bond sales
He also stated that the request to the Ford Motor Co. is still pending,
and that the Packard Co., which at the instance of OPACS had deferred a
price increase for several weeks,
.
was
for the week ended June 21 the Second (New York) Federal
Reserve District accounted for $14,547,000, while in the
making
was
advance which would bring
an
its prices into line with other
independents. Mr. Henderson praised the co¬
operation of the Packard Co. in delaying its plans for advancing prices.
Wording of Mr. Henderson's statement on Chrysler left no doubt that he
regarded the attitude of the company as completely without justification.
It is known that the price chief has from the start considered automobile
prices
as one
of the "key points" in the whole price stabilization question.
Following is the complete statement issued by Chrysler
Corporation:
Mr.
Henderson has
problems.
appreciate his
we
an
ended June 14.
previous week the amount
was
$14,446,000.
The total bond sales since the opening of the
National
Defense Savings Program May 1 to June 21, inclusive, is
$624,020,000,
while
the stamp
sales in the
period
same
amounted to $7,057,000.
The
for
following table presents
the
Nation
and
comparison of the sales
a
Second
the
the
for
District
Reserve
weeks ended June 14 and June 21:
To control prices at all successfully in this industry, it is neces¬
he suggests, to include manufacturers' prices, dealers' prices, and
sary, as
trade-in values.
and material
In addition, it is necessary to go back to the costs of labor
prices, suppliers' operations, and prices they in turn have to
There should be
meet.
difficult undertaking and
a very
as
the previous week
panies within
We think it is
discrimination
no
industry,
an
between industries
as
should there be
nor
extensive
cooperation
with
the
First, the facts
Government
on
second, the facts as to the price increases which
defense
to
as
our
and,
matters;
$22,704,000
Series F.
Total.
Y.)
F. R. District
Country
$22,080,000
4,450,000
29,500,000
$3,581,000
9,784,000
$14,440,000
$50,042,000
$14,547,000
$3,501,000
1,101,000
4,395,000
27,040,000
Series G.
Second (N.
Second (JV. Y.)
F. R. District
Country
Series E
only fair, however, that in the light of Mr. Henderson's
statement, we should make two things clear:
Issue
com¬
or
favored group.
any
Week Ended June 21
Week Ended June 14
^
$54,139,000
910,000
10,050,000
we were asked to rescind.
Our record of cooperation with the Government in the defense program
is
that
one
we are
have taken
we
a
Ever since the defense program
proud of.
willing, active and substantial part in it.
accepted heavy defense responsibilities and
The tank arsenal speaks for itself.
Since last October, and without
Last
Summer
we
advanced Army
our
truck production 60 days in order to
Army with trained technicians,
officers and enlisted
we
are
men to
And to equip the
we ran at our own expense a
school to train
handle and service these vehicles.
developing
2,000-horse
a
power
On
our own
airplane engine,
a
boats.
cargo
Shipyards Ready to Reopen
June 26 to
on
orders
Bay, Calif., shipyards
full-speed resumption of work
more
than $500,000,000 as
Francisco
San
11
totaling
American Federation of Labor machinists voted to end their
and Congress of Industrial Organizations
expected to follow suit.
United Press advices from San Francisco, Calif., on
June 26 reporting the strike said:
strike
machinists
were
collapsed three days after the Navy had begun to replace
The strike
strikers with civil service employees.
The 800 American Federation of Labor machinists voted, 5 to 1. to accept
the Pacific Coast master shipbuilding contract they had
They had struck for $1.15
,
In the year ending May 31, 1941, we delivered to the Government
^
defense
on
new
type of landing gear, and a new type of marine propulsion apparatus for
of
looked forward
47-day
the Bofors anti¬
on
Detroit plants will be engaged.
accommodate the Army in its maneuvers in the South.
initiative,
any
preparing for
are
and center fuselage sections of Martin B26 bombers.
nose
The Army and Navy are enthusiastic about our work
aircraft gun, on which sections of all
Pacific Coast
Operators
We have
use.
prosecuting them vigorously.
are
contract, we have paid rent on a huge plant which we
producing
begun,
was
We forecast and
advocated restriction of automobile production for civilian
master contract gives
$1.12
an
had earned $1 an hour, with double pay for
field kitchens and space heaters.
union officials
a
made $13,296,
we
on
these and
$300,000,000
price increases which
vessels.
the first time in
terms
made,
we
refused to cooperate
we
naturally feel deeply the accusation that
with the OPACS.
We think it unfortunate that for
dealings with Government agencies,
our
proposed, namely, complete withdrawal of
price increases,
Chrysler Corp. has at
time? attempted
no
OPACS, and this present price Increase
any communications or
on
We said frankly that
we were
a
desire to be
a
concession from
willing to do this if
it would help them in their broad problem.
On June 1 the Corporation's
ber they were increased 2 %.
ber.
We
have
had
payrolls
Prices
were
increased 8%, and last Decem¬
on current models were set last
increases
two
in labor costs
and
many
Septem¬
increases in
material, tools and supplies since then.
The effect of these various payroll and
increase in the cost of these
the
car.
cars
other increases caused an estimated
of $27.55—equal to 4.89%
'V:-
.
■.
On June 4 the Corporation increased the prices of its domestic passenger
by 4JH%, which added to the Corporation's
cars
income,
before
taxes,
$26.62.
12 months
1940, to March 31,
on
which the Corporation has figures, April
1,
1941, the Corporation's net profits after taxes on its
'domestic passenger car business, amounted to $30.47 per car,
or
4.41 per
cent of the sale price of the car.
The $27.55 increase mentioned above,
*
earned, this Corporation paid $53,177,000 in taxes, $137,728,000 in
wages
for
and salaries, and $453,596,000 to other businesses selling us materials
our cars
these
Joseph
and who in their turn paid wages
earnings, $23,931,000
was
111.
Newspaper
Strike
Printers
Kamp,
Secretary
of the
Chicago
Publishers'
Newspaper
and taxes.
Furthermore, from
As¬
graphical Union at "The Herald-American," which spread to "The News"
and "Times."
"We
are
continuing to publish," he added, "and we intend
publish tomorrow."
;
A spokesman for Local 16 of
the Typographical Union said that the union
had not sanctioned the stoppages
and that the local president, Tom Canty,
had ordered the men to remain at work
The union spokesman
the
So far as last year's profits are concerned, to which reference was made by
OPACS, it is true that they amounted to $37,802,000. In considering them,
issue
strike
during negotiations for a new con¬
tract, but that some of the members "took things into their own
however, it is interesting also to note that during the period in which they
were
our
sociation, reported it was an "unauthorized stoppage of work by the Typo¬
coming almost entirely since the
first of the year, is significant when compared with the $30.47 profit.
;•
merchant
by members of Typographical Union Local 16
on June 25,
in Chicago, 111. caused the stoppage of work
on three afternoon newspapers; The Daily Times, The Daily
News and the Herald-American.
The union composing
room employees stopped work but the newspapers continued
to publish editions, but the news matter and headlines in
each were virtually the same as in the preceding editions.
Associated Press advices from Chicago, 111. on June 25
reporting the strike said:
to
For the last
and
destroyers
previous reference to the strike appeared in
Chicago,
of the cost of
^V-
v.;w
•
cruisers,
♦
A
■
Recognizing the practical problem confronting them, and in
announced prices.
A
knowledge of
...
helpful in meeting it, we did offer to cooperate and to make
our
for
of June 21, page 3906.
the subject of automobile
■'
Vo"
■
contracts
to disregard the work of the
was made without any
expressions of OPACS
prices.
of
Among five yards employing A. F. of L. labor, Bethlehem had
been the only one to refuse to sign the contract.
because of the
our recent
cooperation could not also be realized with OPACS in this instance.
worth
Monday by
The bay's largest employer and holder of
Bethlehem Shipbuilding Corp.
other defense activities, as well as the economic justification of the small
we
predicting they would follow the A. F. of L. lead.
The settlement followed acceptance of the master contract
unstinted cooperation with the Government
our
|»$l
overtime.
Congress of Industrial Organization machinists were to vote tonight, with
profit of l-25th of 1 %.
In view of
The
Previously they
hour and time and a half.
an
$31,666,171 worth of finished products—trucks and other Army vehicles,
repair and replacement parts for them, cartridge cases, bomb nose fuses,
On this entire business,
previously rejected.
hour and double pay for overtime.
increase of $5 a week over
for
hands,"
said the composing room workers' contract with
He said the members were demanding an
the basic rates of $58 for day employees and $62
expired June 12.
papers
Negotiations, he added, have been in progress for
night employees.
about four months.
The
union
said the
number of composing room
workers involved was
approximately 300 at "The Herald American," 280 at "The News" and
around 140 at "The Times.'
paid to the stockholders in dividends, the
balance remaining invested in the business to finance its future growth and
operations.
year, on
Our 55,000 stockholders received about $440 apiece for the
Southern
Pending
use
and is
be compared with industries which are
not
increasing their production of their usual products.
differences between
an
There
are
also marked
industry making highly fabricated products from
diverse materials from ail parts of the country and an industry whose prod¬
ucts are derived from basic raw
We regret
materials such
as ore,
cotton, wool, oil, etc.
earnestly that Mr. Henderson's office thought it necessary
from their viewpoint to use our situation as they did,
episode, unfortunate
as
v
This incident will in
them
but we hope this
it is to us, helps to bring about sound price policies
generally.
no way
affect
our
continued efforts to cooperate with
and all other Government agencies engaged
Strike
New
Threaten
Negotiations
Congress of Industrial Organizations United Mine
policy committee voted to stop work in the
southern Appalachian mines after July 7 unless a new twowhen the
Workers Union
year
contract is signed by that time between the
union and
the Southern operators.
The decision to call the strike was
reached after a two-hour conference between union and
company representatives failed to bring a new wage agree¬
ment.
Mines in northern Appalachian area would not be
affected.
Press advices from Washington,
reporting the soft-coal dispute said:
Associated
in promoting national
defense.
Further
The threat of another soft-coal shutdown arose on June 24
being subjected to extraordinary costs in undertaking unusual
production for defense, should
Miners
Soft-Coal
the average.
The automobile industry, which is being restricted in its output for civilian
June 24,
D.
C.
on
standstill during
the Northern and
Operations in the entire eight State area were at a
$176,790,000
of
Defense
Savings
Bonds
Weeks of June—Grand Total
Three
020,000—Sales
in
New York Reserve
Sold
Is
During
now
$624,-
District
Re¬
Southern fields were in progress.
savings bonds during the three weeks
differential
eliminated.
ury
of
wage
The chief
ended June 21 totaled $185,790,000, Secretary of the Treas¬
Sale
Morgenthau reported
on
June 26.
In addition $2,125,-
The union and the Northern operators
finally reached an agreement, and later the Southern owners
temporary
ported
defense
April, while negotiations for a new contract covering
$7
a
contract pending further
accepted a
negotiations.
stuinbling block in the early negotiations was a 40-cent wage
between
Southern
and Northern mines,
but this was later
basic wage rate
Removal of this differential would make the
day in both areas, an increase of
$1 in the North and $1.40 in the South.
The Commercial & Financial Chronicle
4058
difference
this
Since
There
was
adjusted,
was
other
but John L. Lewis,
U. M, W. President, told reporters that 12 of the 13 operator associations
composing the southern producers
He
contract.
new
said the
Association did not
consult
to
his
Thursday.
union
'-v
.
Coal Operators
Kentucky,
The Harlan representative left by plane
acquiesce.
•: >
"acquiesced" in the
conference
County,
associates, and the union set
.
Around
wage
Harlan
headquarters,
a
conference in Harlan for
,:■■//./.,,
;•
Lewis
belief prevailed
the
exempted from
the shutdown
mines in the Southern field which
such companies with
that
news
men
companies
owner
memorandums
supply on hand—•
producers for their signature, Mr.
North last week, plus
relating to such controversial items a the"reject"
clause," the so-called protective wage clause and tonnage conveyor rates.
The rejects clause under which operators in the past have
coal for impurities before computing tonnage pay, is
individual operators
financial loss may take steps within 90 days
a
excluded certain
expected to be elimin¬
ated from the contract, but with the understanding that
faced with
of the contracting
The protective wage clause reserves to the union the right to
strike at
any
time to protect the integrity and competitive parity of the contract.
A
complete shutdown in the southern Appalachian field would affect
coal
140,000
miners
special interest, in a plan of tax re¬
consider national welfare, as against
duction, and that a program of tax reduction
might be expected to speed up
improving the com¬
income-stimulating effects all along the line, thereby
pensatory effect of every measure
undertaken.
of fiscal policy should not be overrated, but we
The importance
that defective fiscal policies no longer
sure
of financial
framework
Fiscal policy must be an explicit
prudence.
policy, based upon fact and judgment, it must be a
of which
super-budgets
be produced within
Consideration of the dollar and income
national purposes.
a
policy the various parts
internally consistent, and it must be administered by
are
should
obstruct us in accomplishing
provides a clue as to how desirable economic effects can
several
We can perhaps, at a cost, get on
defense preparations without more effective fiscal and monetary
agencies working together as a team.
with our
directives than we have today, but for the
post-defense adjustment, arrange¬
be created so as to provide the basis on which
the financial operations of the
Federal Government may be so regulated as
play their appropriate part in the actualization
to
of the potentialities in
national resources and way of life.
0ur
would follow a
P, W. Kniskern of Real Estate Boards
'
inclusive.
A previous reference to the coai
issue of June 14, 1941, page 3740.
Ruml Discusses National Fiscal Policy—
Super-Budget Explained Before Institute of Public
Affairs
In
address at the Institute of Public Affairs, University
an
Virginia, Charlottesville, Va.,
June 27, 1941, on the
on
"National Fiscal Policy and
subject of
Two Super-
the
Budgets/' Beardsley Ruml, Treasurer, R. H. Macy & Co.,
New York, N. Y., and Chairman, Federal Reserve Bank of
New York, stated that "the objective of national fiscal
policy presumably should be so to order the financial affairs
of the Federal Government
to contribute
as
as
much
as
sible from these actions to national economic welfare."
pos¬
policy was not always
directed in terms of this objective and
in fact, much of
the controversy with respect to fiscal policy centers around
a much more limited objective, namely,
that of balancing
the budget.
Mr. Ruml's further remarks have been sum¬
marized
follows:
as
used, and what he referred to as the "super-budgot."
to include
He defined the former
the
sense
cedures necessary
decentralization.
in
are
much better position to replan than we were a
a
known
the dry rot that is reducing our
remedies,
Cooperation between private capital and government to overcome
1.
chief barrier to large-scale redevelopment, which is the
a
and
trust accounts such as Government
in
A plan
housing
blighted areas of the National Association of Real Estate Boards, still
formative stage as to details, embodies basic principles on which there
significance is primarily financial.
As
nificance
is
Unlike
economic.
primarily
income super-budget can only
the
dollar
super-budget,
be approximated within
a
the
wide margin of
Nevertheless, fiscal policy must take both into account, with due
error.
allowances for the approximate character of the income budget.
the annual national income of the various classifications of finan¬
on
cial transactions stated in the dollar super-budget.
of the
Government
2. Zoning not merely to freeze
Some disbursements
tend to produce less national income
3.
for each dollar
the status quo, but deliberately to shape
cities.
„
,
If the principle of assessing upon the basis
Tax readjustment.
revenue
of
values based upon a
has been recently done in Newark, if the
producing power can supplant the principle of
theoretical ad valorem figure, as
sharing
much
redevelopment which is presented by
principle of local participation in State revenues, now practiced in
of the gasoline tax
to
The income super-budget is based upon assumptions with respect to the
effect
cooperation to this end outlined by the committee on
the pattern of
The "income super-budget"
projection of intended impacts affecting the national income, its sig¬
a
tract
is broad general agreement.
The "dollar super-budget" is
presentation of the figures of intended financial transactions.
a
such its
a
the
difficulty of assembly
big enough to create a livable neighborhood character.
for workable
simply
We simply
minds about them and go to work.
We need:
of
its dollar and its income-producing aspects.
cities to "urban deserts," we have
workable principles, that can do the job.
need to make up our
cial significance.
corporations.
and there, rather than large-scale,
But because the fact is being realized, we
few years ago.
To
major attacks on the problem.
transactions of the Federal Government, including social security and other
The super-budget, he said, may be regarded in two different respects:
control of urban development has not
No major American city has even begun all the pro¬
to offset the ravages of urban blight and of over-rapid
The shining examples that may be pointed out are
isolated constructive steps, taken here
administrative convenience and is of limited economic, monetary, or finan¬
The "super-budget" he defined to include all financial
to state:
on
yet been achieved.
Budget, and stated that in
budget is a set of accounts that have been associated for
he went
We must face the fact that effective
only those financial transactions of the Government that come
within the jurisdiction of the Director of the
this
In part,
overcome
Ruml distinguished between the term "budget" as it is commonly
Mr.
productive energies of the country, which are now reaching
a peak, is revolving around an immense program of replanning the older areas of our cities and rebuilding of near-in
areas to fit them for modern use can be done in such a way
as to preserve the redevelopment from a recurrence of blight,
according to Philip W. Kniskern, President of the National
Association of Real Estate Boards.
It can be done if we will
adopt as the basis for replanning the older areas the land
planning principles which are giving stability in the develop¬
ment of suburbs, those now the background of Federal
Housing Authority operations, Mr. Kniskern said in address¬
ing the annual convention of the National Association of
Building Owners and Managers at Chicago on June 16.
Mr.
Ruml said that discussion of fiscal
Recurrence of Blight
Prevent
to
Virtually all discussion of post-defense absorption of the
strike appeared in our
Beardsley
Asserts We Can
Rebuild Near-in Areas of Cities in Such a Way as
five-day vacation period which all the minrs will take from July 3 to 7,
is
that it is perhaps somewhat easier to
for pursuing this course being
a year.
The shutdown in the Southern mines, if it takes place,
of
by a
of expenditures, two good rea¬
notice that the desired effects can be obtained
It is important to
reduction of taxes as well as by an increase
sons
150,000,000 tons of
about
produce
who
coefficient objects,
positive compensatory effect without change in the absolute
condition of balance.
ments far more adequate must
signing for a rexamination of thtir situation.
approximately
expenditures, relatively, go to high income per annum
to increase the
be
The contract offered to the Southern
receipts,
coefficient sources and more
composition of expenditures and receipts so that more
internal
relatively, come from low income per annum
willing to accept the contract a soon as the
are
sign it.
operators
Lewis said, was the same agreement signed by the
three
from
that steel company supplies
the captive mines are low—probably three to five days'
and that
captive
and supply
vitally needed fuel for national defense production.
The U. M. W. leader told
commercial
shutdown.
so-called
che
order
for factors tending to reduce or
increases in the absolute size of
However, it is also possible, by altering the
dollar super-budget.
the
the organized
owned by steel companies
are
obtainable from the income super-
budget (that is, the effect of compensating
limit the national income) is increased by
size of the dollar super-budget, and within a
^
miners and the operators would be on contract terms without a
Mr.
The amount of compensatory effect
have arisen.
disagreements
explanation of the exact nature of the disagreement which
no
caused today's vote of the union policy committee,
June 28, 1941
remove
in many States, can be extended, we shall have done
the present deterrent to
over-taxation.
4.
Some form of metropolitan government which
ment services shared
provides all local govern¬
by the entire metropolitan areaa, supported
We
entire metropolitan area.
are
by the
already accustomed to the idea of the
special service
disbursed than others, because of differences in behavior of the person who
metropolitan municipal corporation which provides some
gets the original payment, for example, money spent by the Federal Gov¬
We
Studies
made by the Urban Land Institute, established to aid in urban planning
and replanning, indicate how grievous a problem is the inequity brought
about by the concentration of urban population on the edge of the city,
imposing measurable costs to the city, but contributing nothing toward
for
ernment
the
purchase of tax-delinquent submarginal land from local
governments produces less income per annum than does an equal amount of
money
spent in Works Progress Administration
Likewise,
wages.
some
receipts by the Treasury operate in the direction of reducing national income
per
annum
persons
more
than other receipts.
receipts
the effects
are not
event vary
with the
can
a
tax
of low income tends to reduce national income per
than do equal dollar receipts
Since
For example,
on
the
on
wages
annum
of
more
same
precisely known,
certainty
a
as
a
sewerage or water
shall have to extend the
service to an entirely metropolitan region.
principle that we are already using there.
payment of these costs.
from the inheritance tax.
national
income
can never
of various expenditures
be known exactly, and in
and
any
from time to time, the income super-budget cannot be treated
be learned from
such
the dollar super-budget.
Nevertheless, much
study of the income super-budget of the consequences
of financial decisions made manifest in the dollar super-budget.
Emmett
F.
Connely Warns of Danger of Socialism if
Encroaches
on
Field
of
Private
Government
Capital
To
avert
socialism
in
the
United
States,
government
For example, it is possible to show that the income per annum effects of
a
economic
balanced budget are not necessarily neutral, in fact, they may be either
plete with private enterprise, capable of doing a proper job,
Emmitt F. Connely, President of the/Investment Bankers
Assn. of America, declared June 25, in an address at Estes
Park, Colorado.
The occasion was the third annual Citizens
Conference on Government Management, directed by the
positive
or
negative,
expenditures.
It
effect
can
annum
to
depending upon the character of the receipts and
may
also be inferred that since
be obtained with
a
a
positive income
per
balanced budget, it is not
necessary
contemplate perpetual deficits in the dollar budget in order to obtain
indefinitely sustained positive effects
With respect to the dollar
on
the national income.
super-budget,
a
policy of balance
seems
de¬
sirable.
With respect to the income super-budget, a compensatory
policy
seems
desirable.
And,
has been shown,
policy of balance for the dollar super-budget
is consistent, within certain limits, with a compensatory policy for the
as
income super-budget.
fiscal policy arises
a
Much of the controversy with respect to national
from failure to distinguish between the dollar and the
income super-budgets, and to separate the relevant issues.
activity must be clearly defined so as not to com¬
University of Denver under grant from the Sloan Foundation.
Emergency measures used in the defense program should
be treated as scaffolding that can be torn down when no
longer needed, leaving the national economic structure
intact, Mr. Connely said.
A summary of his further remarks follows:
"Capitalism wUl survive this war if there is a will among the
people that it should," he said.
American
"Recognizing that war, no matter how
Volume
just the
The Commercial & Financial Chronicle
152
requires wasteful production for destructive purposes, which
cause,
Is the absolute antitheses of capitalism, special agencies have to
be created
and unusual economic techniques developed.
"Of course, if it is assumed that these techniques,
will be continued
problem
is
employed in time of war,
when the war is over, then the approach to the
Under
different.
those
circumstances,
two
are
wars
whole
being
fought simultaneously, the war against the enemy and the war against the
American people.
Under those circumstances,
simultaneously.
becomes
Under
those
act of revolution
an
make war and revolution
we
circumstances,
emergency
every
American people in the exercise of their political and economic
"If
on
retained,
tion
me
that, while I have emphasized the essential usefulness of your
say
fully appreciate the constructive influence of specula¬
by informed people who
That kind of
afford to assume risks.
can
speculation unquestionably contributes to market stability and thus serves
Without financial pioneering the
the Nation would have been
development of the vast resources of
immeasurably retarded.
One need only to re¬
call the early history of our great industrial empires to realize the important
role played by risk money
in the economic growth of the country.
the false growth and re-establish in all its strength the main stem.
Because your Exchange is affected with a public interest, because it is
scaffolding may be expensive, but it is cheaper than tearing down the
vital to the American economy, the problem of the future would seem simply
away
This
require,
present difficulties are over, we shall be in a position to cut
our
Let
market to investors, I
expedients of
with excursions in experimental fields only as the exigencies of war
then when
He put forth as an "idea," and not a suggestion, a pro¬
posal to finance and staff the Association of Stock Exchange
Firms as "the strong right arm" of the Exchange, to act as
a trade association and coordinating force.
In part Mr. Schram said:
the interests of investors.
rights.
the other hand, it is recognized that the temporary
temporary, if the fundamentals of American economics are
war are
measure
designed to curb and thwart and ensalve the
4059
structure."'
entire
As
^w,"
■
f~:
\
specific recommendation on policy in the emergency, Mr. Connely
a
said the nation's first task is to encourage and safeguard the savings
people.
combine to leave the people without sav¬
will cease," he said.
ings, then the private possession of liquid wealth
their accumulated savings and their life insurance
even
to
taxes, will have nothing to invest in growing enterprise.
tenance of
of
ment
forced
of the people, forced to spend their full earnings,
meet
use
it best
industries, will require government aid.
Under such con¬
serve
that public interest which is the reason
•'
-
Looking at this problem from the point of view of
one
who is uninitiated
tradition, but who, nevertheless, confesses
familiarity with business in general, I would
that the
say
some
this
answer to
problem lies in the operation of the Exchange not only as a business enter-
price—but in the
manner
In assuming my new
policies to
The main¬
plant and equipment, to say nothing of expansion or develop¬
new
can
in stock market custom and
"If the cost of living and taxes
masses
this: how
for its existence?
of the
-v'\.
"The vast
to be
therefore, that I
am
of a public utility as well.
position
as
President of your Exchange, I shall feel,
becoming a part of
a
thoroughly businesslike organiza¬
The desirable steps which have been taken recently by the Exchange
tion.
itself to
introduce
the corporate form of management
demonstrate your
ditions, the government will hold a first mortgage on an increasingly large
determination to provide the framework for competent operation of your
number of enterprises.
market place.
And I emphasize
"I, therefore, place thrift, the capacity to save—first.
that saving is impossible if taxes are permitted to rise to
Agreeing that
margin is left for savings.
no
the point where
have to assume a heavy
we
I believe that you cannot
follow
the
The government might advantageously
The taxpayer must be protected from the
gospel of thrift.
non-economic activities are specifically the function
"Of course, certain
of the government.
In this
private enterprise devote itself to uneconomic
can
expansions of industry to meet emergencies.
That, obviously, is the task
The load of losses entailed in such enterprises must clearly
of government.
"There is
But
there
is
no
why that field should be expanded until the government competes
reason
its
with
specific field for government enterprise.
a
retain
the
the government ought not to be, by in¬
capitalistic system,
It is possible for the American
advertence, the agency for its destruction.
I
am
under
a
special obligation to my
I realize that my
path has been made easier because of the work which he has done and I
Mr. Martin recognizes as I do that our first
responsibility is to the public.
Although we live in an age of propaganda and monstrous build-ups, the
beating of drums through elaborate publicity campaigns cannot win a last¬
Public confidence is only the reward of public
ing public confidence.
of
and to the protection of our democratic system.
our economy
The Exchange is
merely a mart through which securities
bought and
are
Through your listing requirement of full disclosure of comprehensive
sold.
information, you see to it that the merchandise available on your market
honest label.
I know that it has been repeated that "the Stock
people to avoid, I might even say, to avert socialism by a clearly defined
bears
recognition of the limits of government economic activity, so that at no
Exchange is not Wall Street, nor is it Wall Street's keeper."
point does the government compete with private capital when
'
capital can properly do the job."
'
'
private
'
-
ser¬
Never before in the history of this Nation has there been presented a
riper opportunity for public service—a service devoted to the fortification
If the American people are to
people to their detriment.
own
I feel that
happy to join with you in paying tribute to him.
vice.
be commonly borne by all the people.
connection,
which have marked the three years of his administration,
am
Private enterprise should not function in production
Nor
for destruction.
result of this concept,
a
predecessor, Mr. Martin, by reason of the many constructive achievements
own
profligacy of the official spendthrift.
As
fail to command the universal respect of both
the Government and the vast numbers who make use of your facilities.
burden for the national defense, I nevertheless insist that non-defense ex¬
penditures be pared to the bone.
This forward-looking measure indicates the sincerity with
which you accept your public responsibility.
an
be recognized, however,
tion.
It should
that the public does not understand this delinea¬
Unhappily, the term Wall Street, through a psychological tyranny
of words, has come to be a generic term applicable to all brokers and dealers
securities
in
Defense Needs Curtail Civilian Production, According
to Conference Board Survey
increasing number of manufacturers, especially those
making durable goods, are curtailing non-defense production,
according to the monthly survey of business opinion pre¬
An
pared by the Division of Industrial Economics of the Con¬
More than one-fourth of the companies con¬
ference Board.
to" the survey report that1 they are experiencing
difficulties in satisfying both defense and non-defense de¬
tributing
They have consequently had to reduce their output
of non-defense goods.
Priority rulings and shortages of
mands.
for the cur¬
tailment.
Another factor is the need for turning available
facilities and labor over to defense work.
Further details
materials
raw
given
June 26:
were
given as the main
are
in
follows
as
the
reasons
Board's
announcement
of
far, however,
those
contributing
Nearly 80% of the executives reporting 6ay that they expect to have to
curtail production
do
not
how
see
45
another
While
manufacturers
material
either
can
days.
and
a
consumer
through
substitute
abnormal
demand of
Rationing of
mandatory action,
and, in
some
proportions is caus¬
materials,
renders replenishment of
more
eases,
and
more
affects the availability
to
and
number of important executives.
a
So
far
although
Executives
say
goods producers expect to be affected soon.
they do not see how they can continue to supply durable
non-durable
goods to civilians in anywhere near adequate volume, in view of the fact
that the 1941 defense program, according to the OPM,
is expected to
absorb
1942
out
about
defense
for
all
64%
of
program
purposes
last
calls
year's
for 6%
durable goods
more
capacity
and
durable goods than
that
were
the
turned
in 1940.
they transact their business.
whom
it
was
Our
one
can
Elect
There is
room
for pessimism
concerning the future of
York Stock Exchange, Emil Schram, President¬
elect of the Exchange, declared June 25 at a dinner in his
the New
honor, in New York City, given by the members of the Stock
Exchange and the Association of Stock Exchange Firms.
Mr. Schram, who is presently Chairman of the Reconstruc¬
tion Finance Corporation, said the Exchange occupied a
permanent
place in the economy, and that the Nation's
investors would not allow its destruction.
heaped
upon
its
Board of the New York
Neither Mr. Schram
nor any¬
unify this community unless he receives the loyal support which
right to expect from each and every one of us.
a
number of ways.
That support you
can
manifest in
our
petty differences and stamp out the partisanship that has divided us
a
First, we need to close ranks, forget
^
in the past.
We have made Mr. Schram our spokesman—before the public, with the
press
and in Washington.
It is entirely proper for you to give the manage¬
ment
of the Exchange the
time,
or to
benefit of
views and suggestions at any
your
criticise and find fault if you wish.
All
is that these
we expect
suggestions and criticisms shall be expressed through the proper-channels
we
are
if he is to discharge to your satisfaction the responsibility
placing in his hands.
J. Gould
■
V
..
Remick, President of the Association of Stock
Exchange Firms, who also addressed the gathering, said:
As for the future,
our
I
see
enormous possibilities for beneficial service by
Association, with the value to be derived by its members limited only
by their willingness and ability to help in
groups
solving
problems
of
mutual
The Association affords an existing clearing house for action by
of houses working on common problems for the joint benefit to all.
Among the special guests attending the dinner, which was
held at the Hotel
Jesse Jones,
Commodore,
were
the following:
Secretary of Commerce and Federal Loan Administrator.
Robert H. Hinckley,
Assistant Secretary of Commerce.
Pike. Member
of the
Securities and Exchange Commission.
Henderson, member of the Securities and Exchange Commission
Leon
and Director of Office of Price Administration and Civilian
Supply,
Wendell L. Willkie.
J.
Caffrey,
Commission.
Claude
E.
Regional Administrator,
..-A*'
Hamilton,
:
Jr.,
General
Securities and
-V:
Reconstruction
Finance
^''vC
Sam H. Husbands, Director of the Reconstruction Finance
Charles
Exchange
....v'."-:"
Counsel,
Corporation.
Henderson,
B.
Director
of
the
Corporation.
Reconstruction
Finance
Corporation.
Howard J. Klossner, Director of the Reconstruction Finance Corporation.
John
Sproul, President of the Federal Reserve Bank of New York.
City Banks.
Lowry, President, Merchants Association of New York.,
John M. Schiff, Vice-President, Chamber
'
New York.
Arthur Snyder,
no
unjustly
speaking at the dinner said:
community is sadly lacking in unity.
else
he has
The Exchange has
Tv'f
The heads of New York
Economy—Dinner in Honor of Exchange President-
responsible
Robert L. Stott, Chairman of the
Allan
Emil Schram Says Stock Exchange Is Vital to American
not
,/r ;y. viy,.'-'.
Stock Exchange,
James
production has been curtailed to any extent,
only durable goods
some
for
doorstep.
Sumner T.
rising incomes are given as reasons for the
for goods.
Fear that goods will become scarce has also
the intensity of the present buying wave, in the opinion
payrolls
demand
heavy
contributed
have helped many
production in spite of raw
substitutes
of
materials.
Expanding
of
use
record-breaking
maintain
to
the
depletion of stocks.
voluntary or
stocks difficult or impossible,
of
individuals
interest.
inventories
shortages,
rapid
ing a
A number of them
continue their present production rates beyond
of civilian goods in the near future.
they
60
or
large
wherever
sinned against than sinning in having the derelictions of some
more
This is necessary
the effect on employment has been email.
Only S%
to the survey have found it necessary to lay off
workers.
Among these companies are several making consumer commodi¬
ties containing aluminum, zinc, or nickel.
So
of
been
Louis
K.
''V
;
.
of Commerce of the State of
■■■/■
v/;"', V
K
'
President, New York Board of Trade.
Comstock, Former President, Chamber of Commerce of the
State of New York.
Charles R. Gay, Former
President of the New York Stock Exchange.
E. H, H. Simmons, Former President
William
of the New York Stock Exchange.
McC. Martin, Jr., Former President
of the New York Stock
Exchange.
Edward
E.
Bartlett, Jr., Former Chairman of the Board of the
New
York Stock Exchange.
Charles B.
Harding, Former Chairman of the Board of the
Stock Exchange.
New York
The Commercial & Financial Chronicle
4060
His nomination by the Democratic majority in 1941 for the post of Presi¬
Catle C. Conway, Former Governor of the New York Stock Exchange,
dent pro tempore of the Senate was unanimous and his election was a mere
Members of the Special Committee which recommended the election of
Mr.
Schram
President
as
(John
A,
Coleman,
E.
Russel
Paul V. Shields, Curtis E. Calder, Robert P. Boylan and
Gardner,
June 28, 1941
i;: '-.''vv
.'/•i../
v
chairmanship of the all-powerful Senate
formality.
Jr.,
With this honor, he continued his
lloswell Magill).
B. Frank Townsend, Jr., President, Philadelphia Stock Exchange.
Finance Committee, which he took over with the advent of the
Philip Raymond O'Brien. President, Chicago Board of Trade.
in
"New Deal"
1933.
In this chairmanship, Senator
Kenneth L. Smith, President, Chicago Sw»ck Exchange. '
John E. Yerza, President, Boston Stock Stock Exchange.
of tax
George M. Ferris, President, Washington (D. C.) Stock Exchange.
Harrison had much to do with the drafting
defense.
He
Harold Brayman, President, The Gridiron Club of Washington.
and
George P. Rea, President of the New York Curb Exchange.
Donald
J. Hardenbrook, a member of the New
Exchange, was Toastmaster.
Stock
legislation necessary to underwrite the expenditure of billions for
York
Senate Foreign Relations
ranking member of the
was
an
Committee
important member of the group favoring all-out aid to Great Britain
That group steered to passage the famous bill HR-1776, for
short of war.
the lending and leasing of materials of war to
the English....
Christened Byron Patton Harrison, he simplified the name to "Pat Harri¬
son" when he first entered
politics and
was
elected District Attorney in his
Gulf Coast district at the age of 23.
Death of Senator Harrison, President Pro Tem of Sen¬
ate—Tributes from President Roosevelt and Secre¬
in 1918.
of the Senate leadership.
Following an operation which he underwent at the Emer¬
Hospital in Washington on June 16, Senator Byron
Patton Harrison (Democrat), of Mississippi, died on June 22.
The Senator, familiarly known as Senator Pat Harrison, was
President Pro Tem of the Senate, Chairman of the Senate
Finance Committee and ranking member of the Senate For¬
eign Affairs Committee.
trade agreements program.
Generally regarded
He preached against
a
In later years
years
as
Senator,
a
as
member of the House and afterward for
a
his exceptional
talents
won
Senator's
The
.
■
"•
President Roosevelt but dis¬
"Government waste," and opposed
of
some
the
Roosevelt
body
taken to Gulfport,
was
Miss.,
on
June 25, after services at the Methodist
Governor Paul B. Johnson of Mississippi, however,
Church.
on
asked that, before interment, the remains be given State
honors at the new Capitol Building in Jackson.
Aboard the
24
special train which left Washington
June
on
White House Secretary Stephen T. Early, who
Roosevelt's personal representative at the
was
was
President
21
United Press advices
rites.
than twenty
last
(Washington) said:
Mr. Roosevelt, a long-time friend of Senator Harrison, was forbidden by
It was as natural as
his physician to
fitting that he should finally attain the chairmanship of the great
Committee
V'1 "'</
he reconciled some of his views on Government expenditures
June 24 for burial
increasing recognition,
rewarded in successive posts of grave responsibility.
it was
more
.
proposals.
loss to the Nation and to the State of Mississippi,
both of which he served long and ably in the Congress of the United States.
•.
because of what he regarded as the humanitarian aspects of some
who were his
great sorrow to all of us
'
Administration's fiscal policies.
Tributes to the late Senator were
death is
a
■
..
member of the "economy bloc" in Congress,
a
Harrison frequently disagreed with
Senator
tribute to the Senator President Roosevelt said:
It is
as
agreements never interfered with the warmth of their friendship.
paid by President Roosevelt, Secretary Cordell Hull, other
Cabinet members, as well as by those in and outside the Con¬
gressional halls.
On June 23 members of the Senate and
House assembled to pay their respects to the late Senator in
the Senate Chamber, where his body laid in state from
2 to 6 p. m.
The Senate, as a mark of respect to the memory
of their colleague, adjourned after a brief session.
In his
Senator Harrison's
Tax legislation, social security, tariff problems,
He worked indefatigably for the Hull reciprocal
took most of his time.
gency
First
...
When Mr. Roosevelt became President, Senator Harrison assumed part
tary Hull
close friends.
•
He entered Congress in 1910 as a Representative and went to the Senate
make the trip because of his recent illness.
The Congres¬
sional delegation included 33 Senators and 19 members of the lower house.
Finance and that his colleagues should, in due course, as
on
another tribute to his work, select him as President pro tempore of the
Death of Senator Houston of Texas—Had Been Named
Senate.
Keen of intellect,
gifts of kindly wit, humor and irony which delighted all.
friendship
was
a
privilege to
sadly missed in this hour of
me
personally for thirty
was
my
Pat Harrison's
He will be
years.
statesman of unexcelled
was a
of loyalty to principles and friends.
and
ability and
/
was
Senator
the personification
caused
the passing of one of its most useful and finest citizens.
1910 to become
in
Member of the Sixty-second Congress.
terms.
In 1918 he
was
.
an
life
his
Court
He
a supreme
.
affairs.
r..
■■■'■'l:..
'
•"
-V-V
'
Representative Whittington, also of Mississippi, in ad¬
dressing the House on the same day (June 23) on the loss
sustained in the death of Senator Harrison, stated that
"as a member of the House of Representatives and as a mem¬
ber of the Senate, Senator Harrison played a valiant part in
in
as
was
Texas,
of
Texas
to
fill
the
vacancy
a
was
Senator
ever
on
June 2 he
seated; this fact
the
was
was
noted
page 3590.
The following bearing
reported in Associated Press Washington
^
,
j
Independence, Texas, on June 21, 1854, Senator Houston was
Dallas from
by
President
1876 and
1879
to
was
1889.
Theodore
clerk of the United States District
He
was
appointed United States
Roosevelt, served from
1902 to
1910.
candiate of the Prohibition party for Governor in 1910 and 1912.
a
Representative from Tennessee in 1823 and was later one of the first
Senators
consciousness of
duty to his country, and always placed that duty first in considering public
of
His father, first President of the Lone Star Republic, came to Congress
as
blows the people of Mississippi have ever sustained,
able, affable and efficient, he was imbued with
at
Marshal
irreparable loss to the Nation, especially at this time, and
of the greatest
sworn
admitted to the bar in
He served in this
elected to the United
.
His death is
one
O'Daniel
Lee
was
advices:
States Senate, to which position he was reelected in 1924, in 1930 and in
lose.,:;:..'
Democrat
issue of June 7,
our
on
District Attorney of his district for six years, resigning in
a
W.
oldest member of the Senate
Born in
body with distinction for four
Houston.
Johns
by the
When he
Crystal Springs, Miss., on Aug. 29, 1881.
He was educated
public schools in his native city and in the Louisiana
State University.
In the House on June 23 Representative
Rankin of Mississippi, in announcing the Senator's death,
said in part:
v*'---;v;;
in the
as
at
death of Senator Morris Sheppard.
Mr.
Houston was to serve only until today (June 28) when a
special election in Texas would be held to choose a successor.
Senator Harrison, who was 59 years of age, was born in
He served
on
Governor
He devoted his entire life unstintedly
unselfishly to the welfare of his country, and the entire Nation will
mourn
26
June
Hopkins Hospital, Baltimore,
following an operation for a stomach ailment.
He was 87
years old.
The Senator, who was the son of the famous
General Sam Houston, became a member of the United
States Senate on June 2, 1941, having been appointed by
privilege and honor to have been his colleague and to have
considered myself his close personal freind for over thirty years.
Harrison
died
Jackson
Andrew
Senator
grave emergency.
The statement by Secretary Hull follows:
It
Only Two Months Ago to Fill Vacancy
sound of principle, shrewd in judgment, he had rare
to
represent
Texas.
♦
vy'v-
'|V,'.'V
;':/V
$4,036,915 Raised By Greater New York Fund in
Days of Campaign, Chairman Farley Reports
55
The Greater New York Fund has raised to date in cash
and
He suffered a severe attack of influenza in 1939 and upon his recovery he
shouldered heavy responsibility in connection with tax legislation and ex¬
pledges $4,036,915, an all-time record for fund cam¬
paigns, James A, Farley, Chairman of the Fund, announced
on June 23 at the third report luncheon held in the Biltmore
Hotel, New York City/
The total for the first fifty-five
days of the campaign announced by Mr. Farley is $837,000
above the amount raised in a similar period of the 1940
campaign. In addition to the total which Mr. Farley made
public, the Chairman said there were outstanding con¬
tributions, made last year by firms which have not yet
contributed this year, of $400,000.
The $4,036,916 raised
to date, Mr. Farley pointed out compared with the total for
the entire 1940 campaign of only $3,779,519.
In addition to Mr. Farley others who spoke at the luncheon
today were: James G. Blaine, President of the Greater New
York Fund, and Walter S. Gifford, Chairman of the Execu¬
tension of the
tive Committee of the Fund.
the first World War."
taken
He further declared that
"he has
conspicuous part in the passage of all legislation in
the present emergency and the second World War."
a
As President Pro Tem of the Senate Mr. Harrison
suc¬
ceeded the late Key Pittman of Nevada, whose death on
Nov. 10 last year was noted in our issue of Nov. 16, page
2884%
On June 15, when the Senator entered the Emergency
Hospital, Associated Press advices from Washington stated
that the Senator had been in poor health for about two years.
These advices added:
reciprocal trade agreements
Pressure of work brought about such
he entered the
for
a
a
Army and Navy Hospital
program.
decline in his general health that
at;
Hot Springs, Ark., March 18
long rest and treatment for what doctors described
as
general fatigue.
He returned to Washington last week, but has not visited the Senate
Chamber.
.
.
Senator Carter Glass (Democrat, Virginia) took over the
job of President Pro Tem of the Senate on May 23, accord¬
ing to the Associated Press, which said that he was desig¬
nated to assume the position in a letter from Senator Harrison
while the latter was resting at the Army-Navy Hospital.
Regarding Senator Harrison's career, Washington Asso¬
ciated Press accounts June 23 said in part:
;
Pat Harrison
rose
from the humble position of
newsboy, helping support
a
Delano
Roosevelt Administration.
a
fatherless household, to
United States Senate that made him
an
small Mississippi town
one
of leadership in the
outstanding figure in the Franklin
'
Mr.
Farley thanked the workers for the record-showing
made to date and urged them to redouble efforts to obtain
the minimum of $5,000,000 set at the beginning of the
campaign.
-..Y V'V',> y.
Death of Paul
Block, Newspaper Publisher and Head
of National Advertising
Paul
Firm
publisher and national advertising
representative, died on June 22 at his home in the WaldorfAstoria Tower Apartments, New York City, after an illness
of several months.
He was 63 years old.
Mr. Block was
President of Paul Black & Associates, advertising firm for
Block,
nevrspaper
several newspapers,
and publisher of "The Pittsburgh Post-
Gazette," "The Toledo Blade" and "The Toledo Times."
A
funeral service was held on June 24 at Temple Emanu-El,
Volume
The Commercial & Financial Chronicle
152
4061
New York City, at which the honorary pallbearers included
former President Herbert Hoover, Secretary of the Navy
American Coffee Bureau, expressed the thanks of the Pan
American Bureau and the Inter-American Coffee Board for
Frank
the
Knox, and former Governor Alfred E. Smith.
Among
other newspapers Mr. Block had published during various
times in his career were "The New York Evening Mail,"
"The Brooklyn Standard-Union," "The Newark Star-Eagle,"
"The Lancaster
(Pa.) New Era," "The Detroit Journal,"
"The
Duluth
(Minn.) Herald and News Tribune," "The
Sentinel," "The Memphis News-Scimitar," and
Milwaukee
"The
Los
career
Angeles
Express."
contained
was
in
following regarding his
The
New
the
York
Tribune"
"Herald
of June 23:
Mr.
and
Block
before
he
gram"
He
became
in
Elmira,
was
In
1895
firm,
he
representatives.
with
offices
national
Bridgeport,
at
1897
advertising
Conn.;
Wichita,
Kan.;
Oakland,
Calif.,
San
and
field,
he
name
Madison
1877,
2,
the
Antonio,
firm
A.
of John
Tele¬
Sunday
Richardson,
Frank
Paul
to Paul Block & Associates.
The
Avenue,
Tex.;
of
son
Ithaca, N. Y.,
Elmira
firm,
his
represents
papers
Worcester,
Portland,
"The
organized
including
Syracuse,
foT
the
joined
In
400
Nov.
solicitor
Block, Inc., and later changed the
the
Y.,
N.
student at Cornell University,
a
advertising
an
1893.
publishers'
in
born
was
Mary Block.
Los
16
newspapers
Milwaukee,
Cincinnati,
Angeles,
San
in
Philadelphia,
Newark,
at
Mass.;
own
and
Francisco,
Ore.
Credits-for-Canada Committee Organized—To Promote
Vacation Travel
by Americans to Canada This
reception and expressed the conviction that coffee con¬
sumption would continue to expand in the United States.
♦
179 Graduates of A. B. A. Graduate School of Banking
Receive
cational
arm of the American Bankers Association at Rutgers
University, New Brunswick, N. J., devoted to advanced
education in banking for bank officers.
The graduates of
the class of 1941
They
tendance
executives of banks located in 31 States.
are
awarded their diplomas for three
were
the
at
Graduate
effort
induce
to
Americans
to
visit
Canada
during their vacations this year as a "practical means of
bolstering Canada's internal economy by providing our
northern neighbor with dollars to buy armaments" is being
launched throughout
the United States by the newly
organized Credits for Canada Committee.
Arthur S. Kleeman, National Chairman of the Committee
and President of the Colonial Trust Co., New York, in
announcing the committee's objectives said that there is a
strong feeling among American bankers and industrialists
that some time this summer "Canada may be in danger of
exhausting her supply of United States dollars."
These
dollars, he pointed out, are now rapidly being used up in
the purchase of our materials for war purposes.
Mr. Klee¬
added:
Oliver
would be to try
countrymen to spend at least
a
to
influence
large number of our fellow-
a
The United States dollars which
through such
a
would be spent
plan would not only give each participant
day in
a
buying
power to
dollar
small fraction of their 1941 vacation periods
in Canada.
beautiful country, but would also help to provide Canada with
acquire armaments for the struggle against the Axis.
and bankers
in every part of the country have accepted an invitation to
act as chairmen of their respective local committees.
These
will work in cooperation with the national committee
in promoting vacation travel by Americans to Canada this
summer and early fall for the two-fold purpose of bolstering
that country's credits here while taking advantage of her
groups
Roosevelt
President
Schram
Chairman of
as
Roosevelt
on
Hyde Park
Monday
Roosevelt left Washington on
extended week-end at his Hyde Park, N. Y.,
President
June 26 for an
home. Accom¬
panying Mr. Roosevelt were Princess Martha of Norway
and her three children, who will be guests of the President
over
the
week-end.
On
Monday
short address at the
dedication of the Franklin D. Roosevelt Library at Hyde
Park.
The library
built on the land turned over to the
Federal Government by the President, will house his state
papers and other documents of his public life.
Title to the $250,000 library was given to the Government
last July—this was reported in our issue of July 6, 1940,
page 39.
(June 30) the President will make
York
Coffee
and
a
Sugar
Exchange
Gives "Good
Coffee Bureau
Symbolizing the importance of coffee to trade relations
between
the
United
States
and
Latin
America,
a
"good
neighbor reception" attended by several hundred was held
June 23 at the New York Coffee and Sugar Exchange.
Officers and members of the Exchange were hosts to delegates
of the Inter-American Coffee Board, Washington adminis¬
body of the Inter-American Coffee Quota Agreement
between the 14 Latin American .coffee-producing countries
and the United States; counsuls generals of these countries,
directors of the Pan American Coffee Bureau; members of
the National Coffee Association, the New York Coffee
Roasters Association and the Green Coffee Association of
New York City.
The all-industry reception inaugurated
the fourth annual iced coffee campaign of the Pan American
W. W. Pinney,
Nevertheless, I regret your departure.
In the
resignation as Chair¬
of the Reconstruction Finance Corporation, tendered in
valued services.
man
of the Board
your
letter of June 25th.
relinquish, however, without assuring you of my
I cannot allow you to
Happily, those qualities
hav3 dis¬
played in the RFC will give you an exceptional equipment for constructive
service as President of the New York Stock Exchange.
I wish you all
appreciation of the splendid work you have done.
of
integrity, vision and fidelity to the public interest which you
happiness and success in this new field of work.
was formally elected President of the Stock
May 19; this was noted in our issue of May 24,
He is expected to assume his new office on July 1.
Mr. Schram
Exchange
3277.
page
F.
on
P.
Nominated
Champ
guests and said that unity between
and
among
the nations
Hemisphere is all essential, that the expan¬
sion of the market for coffee, extending the trade between
the nations of the Americas is of distinct importance.
E.
Penteado, Vice-Chairman of the Inter-American Cbffee
Board, member from Brazil, and Chairman of the Pan
as
President
of
Mortgage
Utah, will be1 the next
Association of America,
succeeding Dean R. Hill of Buffalo, N. Y., according to an
announcement made June 20 by Byron T. Shutz, Chairman
of the organization's Nominating Committee.
Mr. Champ
was named the official nominee at the Board of Governors'
meeting in Chicago on June 20, and will be voted upon at
the annual convention in New York in October.
Nomina¬
P.
of
Champ
Logan,
President of the Mortgage Bankers
through official channels* is tantamount to election.
Mr. Champ's career was issued by
tion,
The following regarding
the Association:
Mr.
real
and
banker and a mortgage lender on farm, city and resi¬
Utah and Idaho and will be the first "farm man"
in
Mortgage
however,
organization,
field
a
estate
the
head
to
is
Champ
dential
was
known
Association
Bankers
has
as
in
strong associations
Farm
the
Mortgage
nearly two decades.
The
with the farm mortgage
Bankers Association at
founding in 1914, ': Mr. Champ is Vice-President of the Association
the 1940-41 term and a member of the Farm Mortgage Committee
farm
to
is
He
in sponsoring a
plan to further extend mutual mortgage
its
during
which
insurance
loans.
President of
the Utah Mortgage Loan
Corporation and the Cache
Valley Banking Co.
He is director of the Salt Lake City branch of the
San Francisco Federal Reserve Bank, President of the Board of Trustees
State Agricultural
Utah
the
of
Commission, and
is
a
native
before
R.
College, a member of the Utah Centennial
Vice-President of the American Forestry Association.
and studied at schools there and
of Utah
He
in Colorado Springs
entering Harvard in 1915.
T.
Stevens
New York District Coordinator
Contract Service
Named
for
Defense
The Office of Production Management,
through Robert L.
the Defense Contract Service, an¬
nounced on June 24 the appointment of Robert T. Stevens
as District Coordinator for the New York area.
Mr. Stevens
will direct the work of a staff already partially organized,
Mehornay,
Director of
consisting of a District Manager and
and financial assistants.
in the Federal Reserve
'
President of the Exchange, welcomed the
of the Western
<
circumstances, I have no recouise but to accept your
trative
Coffee Bureau.
accepted the
The President's letter said:
Neighbor Reception" Honoring Delegates of InterAmerican Coffee Board and Directors of Pan Ameri¬
can
26 formally
I, of course, have had advance warning that the Government was to
is active
New
June
on
reluctance that he left Federal service.
Frederick
Roosevelt
Emil
New Head
Bankers Association
President Roosevelt to Dedicate Library at
Mrs.
of
Resignation
RFC—Praises
resignation of Emil Schram as Chairman of the Reconstruction Finance Corporation in order that he may assume his
new post as President of the New York Stock Exchange.
Saying he regretted Mr. Schram's departure from Govern¬
ment service, the President expressed his appreciation for
the "splendid work you have done."
In his letter to the
President, dated June 25, Mr. Schram said it was with
travel and scenic attractions.
(N. Y.)
Accepts
New York Stock Exchange
of
President
in Canada
delightful holi¬
a
Mr. Kleeman said that prominent businessmen
and
at
Ct Carmichael, Chancellor of Vanderbilt University,
was the commencement speaker.
lose your
One of the easiest ways to begin to rebuild Canada's United States
power
of at¬
sessions
Nashville, Tenn.,
_
buying
years
summer
♦
national
man
School's
Rutgers, two years of extension study, and preparation of
theses on specialized phases of banking and finance.
The
diplomas were awarded by Dr. Lewis E. Pierson, Honorary
Chairman of the Irving Trust Co., New York, and Chairman
of the G. S. B. Board of Regents.
Following the precedent
established by the graduating classes of previous years, the
class of 1941 contributed a gift of money to the Rutgers
University Library.
This year's gift exceeded $1,100.
Dr.
Summer
A
Diplomas
Commencement exercises were held last night (June 27)
for 179 graduates of the Graduate School of Banking, edu¬
technical, engineering,
The district office will be located
Bank Building at 33 Liberty Street,
provide a local source of information
and aid to actual and potential prime contractors and sub¬
New
York.
contractors
It
will
engaged in or seeking work under the
defense
of this service, as stated by the
Office of Production Management, is to promote production
for defense and, particularly, to stimulate the subcontract¬
ing of defense orders, thus contributing to the expressed
program.
The purpose
The Commercial & Financial Chronicle
4062
national
aim
facility.
the
regular
and
area
posts by President Roosevelt on June 12, who at the same
time named Senator James F. Byrnes, Democrat, of South
utilizing
Army
with
manufacturing
York office will cooperate closely with
and Navy field representatives in this
The New
of
the
local
available
every
offices
of
other
of
branches
the
Mr. Stevens is
Class B Director of the Federal Reserve
a
York, which he has served since Jan. 1, 1934.
President of J. P. Stevens & Co., Inc.,
He is
7:777/. 77:'7
agency.
textile selling
V. )":7.;77:7 o.■
William O. Crabtree has been appointed District Manager
for the New York area and will devote his entire time to
this
Mr.
work.
Crabtree
formerly
was
president
of
the
Crabtree Refrigeration Corp., Long Island City, N. Y'„ and
has had wide and varied experience in the fields of manu¬
facture
active
and
in
to assist
distribution.
establishing
Since April
1, 1941, he has been
staff of technicians and engineers
a
primary and subcontractors engaged in
or
seeking
work in connection with the defense program.
The
appointment
for various
issue
8,
other
seven
Reserve
District
districts
Coordinators
reported in our
1519, while the naming of the St.
mentioned in these columns April 5,
was
page
Louis Coordinator
page
of
Federal
March
of
Carolina, to be
was
2178.
'
,
y 1
♦
to it on June 12, as noted in our issue of
3745.
by the Senate, Mr. Stone will succeed Charles
Evans Hughes, who, as indicated in our issue of June 7,
page 3589, will retire as Chief Justice on July 1.
ation
as
Head of OPM Production Divi¬
Materials
Branch
The resignation of Samuel R. Fuller, Jr., as head of the
Production Management was announced on June 23.
He
will return to his duties as President of the North American
Co.
Mr. Fuller had also been Chairman of the
nine-man Production Planning Board appointed last Febru¬
ary to advise on industrial planning during the present emer¬
gency and as to post-war readjustments; this was reported
in our issue of Feb. 20, page 1220.
Aug. 6-8
"Meeting Today's Challenge" is the theme of the program
for the nineteenth Regional Trust Conference of the Pacific
Coast and Rocky Mountain States to he held in Seattle,
Wash., Aug. 6,
Kellogg Resigns
Chief Power Consultant of
as
OPM—New
OPM
Policy Barring
Trade
Group
Disqualifies
Head
of Edison
Electric
Officials
Institute
C.
W.
of
nounced
June
Kellogg, chief
power
consultant of the Office of
Mr. Batt has informed
of the policy recently adopted by the OPM
me
making officials of trade associations ineligible for employment
OPM
Electric
organization.
This disqualifies
me
(as
as
President
members
of Edison
Institute, the trade association of the electric utility companies)
from continuing in my position as chief consultant of the Light, Heat and
Power unit, and I am, therefore, withdrawing today.
Under your
leadership,
my
year
of service has been
satisfaction, and I trust you will call upon
such advice
or
assistance
as
you may
me at any
feel I
can
a
pleasure and
a
time in the future for
give to the defense effort,
which you are forwarding with such conspicuous ability and devotion.
+
W. H. Davis Selected by President Roosevelt as Chair¬
man of National Defense Mediation Board
Defense Mediation Board,
succeeding Clarence A. Dykstra,
July 1.
Mr. Davis was appointed as one of
the three representatives of the public when the Mediation
Board was created by the President last March 19; noted in
these columns of March 22, page 1852.
At the Board's
initial meeting on March 24, Mr. Davis was made Viceon
Chairman and has been active in
since that time.
He is
a
settling defense disputes
former Chairman of the New York
Mediation Board.
The resignation of Mr. Dykstra, to return to his post as
head of the University of Wisconsin, was mentioned in these
columns of June 21, page 3910.
Chinese Ambassador
from
Receives
Doctor of
Laws
Degree
Middlebury College
Dr. Hu Shih, Chinese Ambassador to the United
States,
awarded an honorary degree of Doctor of Laws
was
by Mid¬
dlebury College and the Women's College of Middlebury
(Vermont) at the commencement exercises held on June 16.
Dr. Hu Shih delivered the commencement address,
speaking
on "Intellectual
Preparedness."
Senate
Judiciary Committee Approves Nomination of
as Chief Justice of
United States
Harlan F. Stone
Supreme Court
approval of the Senate Judiciary Committee on June 23.
Action on the nomination of Attorney-General Robert H.
an
annual
banquet
and
noon
The second after¬
the first evening of the conference.
on
be
will
evening
devoted
entertainment
to
by the local
planned
committee.
and
Symposium
The
ference.
Alison
York
Officer
J.
will
the
new
the
of
Bank
The
special features of the con¬
under the direction of O.
the Manhattan Co., New
be
be
will
Bank
the
of
forum will
Trust
&
Counsel
speak at the second session
Legislative Trends."
tion
of
business
Union
General
Needham,
will
meetings
symposium
Vice-President
City, and
Trust
forum
investment
Scullly,
of
Cameron,
be led by Don R.
Co.
of
Los
A.
B.
A.,
the
Angeles.
Washington,
D.
C.,
"Events in Washington and Current
on
;//
'
.
Question Box Period at the closing session will be under the direc¬
of
the
C.
Samuel
First
Trust
Waugh,
Executive
Vice-President
Trust
and
Officer
Co., Lincoln, Neb., and former President of the Trust
Division.
'
Committees
Appointed for A. B. A. Trust Conference
to Be Held at St.
Louis Nov. 6 and 7
Appointment of committees for the 12th. Mid-Continent
Trust Conference, to be held at the Hotel Statler, St. Louis,
Mo., on Nov. 6 and 7, under the auspices of the Trust
Division of the American Bankers Association, has been
announced by Carl W. Fenninger, President of the Trust
Division and Vice-President of the Provident Trust Co., of
Philadelphia, Pa.
The Corporate Fiduciaries Association
of St. Louis and the St. Louis Clearing House Association
will act as hosts to this conference.
W. L. Hemingway,
President of the Mercantile-Commerce Bank & Trust Co.,
is the Chairman of the Advisory Committee; Clarence D.
Cowdery, Vice-President of the Boatmen's National Bank
of St. Louis, is President of the Corporate Fiduciaries Asso¬
ciation of St. Louis; and David R. Calhoun Jr., Vice-Presi¬
dent, St. Louis Union Trust Co., is Chairman of the Com¬
mittee on Arrangements.
The dates of the conference were
previously noted in our issue of April 19, page 2490.
♦
American Institute of
Banking Convention to Be Held
New Orleans June 8-12, Next Year
The fortieth annual convention of the American Institute
of
Banking will be held at New Orleans, La., June 8-12,1942,
by George T. Newell, A. I. B. President and
Vice-President of the Manufacturers Trust Co., New York
City. The American Institute of Banking is the educational
it is announced
section
of
40,000
the
American
Bankers
Association.
More
than
bank
employees in Institute chapters and study
groups in 390 cities throughout the country follow courses
of study in bank organization and operation, law, economics,
accounting, money and banking, credit administration, bank
administration, investments, and trusts.
^
Marion
E.
Wells
Heads
Special Libraries Association
Financial Croup
At its annual business meeting on June 19, at Hartford,
Conn., the Financial Group of the Special Libraries Associa¬
tion elected
as
its Chairman Marion E.
the First National Bank of
were
Wells, Librarian of
Other officers elected
Chicago.
Anne
P. Mendel, Librarian of the Bank of the Man¬
Co., New York, and Ruth Miller, Librarian of the
hattan
Central
Hanover
Bank
&. Trust
Co.
of
New
York.
The
program of the first meeting on June 17 included a discus¬
sion
of "Defense Literature"
by Eleanor S. Cavanaugh,
Librarian of the Standard & Poor's Corp., and of "The Col¬
lection
and
Librarian
Use
of
the
of
Statistics"
National
Mary
by
Industrial
Ethel
Jameson,
Conference
Board.
Associate Justice of the Court
was
post¬
Group, in a joint meeting with the Commerce
Group on June 17, heard T. A. Langlie, personnel director
of the Hat Corp. of America, on the subject of "The Part
of Industry in National Defense," and Dr. Tom B. Bailey,
economist of the Travelers Insurance
Economic
of the
gress
crat, of Maryland.
Science,
^
Condition
of
America."
Co., Hartford,
Dr.
Ernest
S.
on
"The
Griffith
Legislative Reference Service at the Library of Con¬
a
joint meeting of the Financial, Social
poned at the request of Senator Millard E. Tydings, Demo¬
Charles
Governor
The Financial
The nomination of Associate Justice Harlan Fiske
Stone,
New Hampshire Republican, to be Chief Justice of the
United States Supreme Court, received the unanimous
Jackson to be
The announcement also says;
7
A. Sprague of Oregon will be guest speaker at the
conference.
at
President Roosevelt on June 21 named William H. Davis,
New York patent attorney, as Chairman of the National
who retires
Robert W.
to this conference.
hosts
as
Sprague, Vice-President and Trust Officer of the National
Bank of Commerce of Seattle, is General Chairman of the
a
policy recently adopted by the defense organization,
making officials of trade associations ineligible for employmet as members of the OPM.
Mr. Kellogg is President of
the Edison Electric Institute, the trade association of the
electric utility companies.
Announcing his resignation in a
letter to William S. Knudsen, Director General of the OPM,
Mr. Kellogg said that he had been advised by William S.
Batt, Deputy Production Director of the OPM, of the new
regulation and that he was returning to his trade association
post.
His letter said:
new
of the
Association, it was an¬
24
by Carl W. Fenninger, President of the
A. B. A. Trust Division, who is Vice-President of the Provi¬
dent Trust Co. of Philadelphia.
The Cori)orate Fiduciaries
Association of Washington and the Seattle Association of
of
Production Management, resigned on June 23 because of
under the auspices of the Trust
7, and 8,
the American Bankers
Division
D.
W.
.
Program for A. B. A, Pacific Coast and Rocky Mountain
States Trust
Conference to Be Held in Seattle
materials branch of the Production Division of the Office of
C.
sent
was
June 14, page
If approved
Trust Men will act
S. R, Fuller Resigns
sion's
Rayon
Mr. Byrnes received
Associate Justice.
an
the confirmation of the Senate 10 minutes after his nomin¬
defense program.
Bank of New
June 28, 1941
Mr. Stone and Mr. Jackson had been nominated to the
addressed
and
Public
Business
Librarians
on
the
functions
Volume
of
The Commercial & Financial Chronicle
152
legislative
a
followed
was
lative
reference
by
reference
library
in
panel discussion
a
other types of legis¬
service conducted by Rebecca B. Rankin,
Municipal Reference Library, New York.
Librarian of the
Robert
This
democracy.
a
on
Co.
of
L.
at
Greenwich
of
Cleveland,
business.
The
appointment of the various committees of the Illinois
Bankers Association for the year
1941-42 were announced on
by Earl C. Adams, President of the Association,
Vice-President of the Jersey State Bank,
Jerseyville, 111.
Mr. Adams indicated that the committees
this year have been somewhat enlarged in order that the
State might be better organized.
Each committee is charged
with the responsibility of looking after the interest of the
membership in its respective field.
It will be the policy of
the Association, Mr. Adams stated, for each committee to
start its work early and take upon itself at least one im¬
portant activity possible of accomplishment during the
June
and
I
16
President
year.
The
Executive
Committees
Finance
and
headed by
are
The chairmen of the other committees are as
Mr. Adams.
in
the
time
35 years,
was one
Committee
Agriculture—Fritz J. Reu, Vice-President, First
on
National
Bank, Carthage.
Committee
on
Bank
Management—William C. Hubbell, President, Harvard
Na¬
and
Education
on
Barton,
Vice-
Eidman,
Vice-
Relations—Henry
Public
President, Western National Bank of Cicero.
Committee
Insurance—Arthur
and
Prevention
Crime
on
of
his
death
Mr.
Chamberlain
Membership—Henry G.
on
was
President
At
Mortgage Co.,
of
a
Mortgage Co. of Stamford.
♦
The stockholders of the
Liberty National Bank of Chicago
Sclirei-
elected the following two aclditonal directors, L, D.
ber, President of L. D. Schreiber & Co., Inc., and Frank A.
Priebe, Treasurer of Priebe & Sons, Inc.
The membership
of the directorate is thereby increased from seven to nine.
«
C.
J.
Thomson, President of the Northwest Bancorpora-
tion, Minneapolis, Minn., announced on June 19, following
a
meeting of the Board of Directors, that Frederick K.
President, Weyerhaeuser Sales Co., and
Seeger, President, Seeger Refrigerator Co.,
Weyerhaeuser,
G.
Waiter
and
St.
of
Paul, have been added to the Board, and that
W. H. Brenton,
Vice-President and Treasurer, has resigned
return to his former home in Des Moines and look after
to
his
personal business interests.
L.
Assistant
Smith,
Vice-President,
was
advanced to
of Vice-President, and C. W. Aurand, formerly
Bank & Trust Co.,
the position
of
Minneapolis,
was
elected Vice-President and Treasurer of
'
the corporation.
The Directors of the Fourth National Bank in
President, St. Clair National Bank, Belleville.
Committee
business
Vice-President of the Midland National
tional Bank & Trust Co., Chicago.
Committee
old.
in
of the founders of the Putnam Trust
director of the Title Insurance &
R.
Legislation—William H. Miller, Vice-President, City
on
been
director and former Presi¬
dent of the Greenwich Clearing House Association, and a
State Bank, Harvard.
Committee
years
1914, and two years later became its President.
the Putnam Title
both
follows:
the Putnam Trust
on June 23
A native
in
having started in the real estate
Executive
coming
of
Hospital.
He was 69
Mr. Chamberlain had
for
He
Co.
Appointments to Committees
Chamberlain,
Greenwich, Conn., died of heart disease
Greenwich
Illinois Bankers Association Announces New
4063
Bengel, Vice-President,
Illinois
National Bank, Springfield
Kansas,
announce
the election
on
June
6 of
Wichita,
George H.
Hamilton to the office of Vice-President.
♦
ABOUT
ITEMS
&c.
COMPANIES,
TRUST
BANKS,
Public National
announced that
appointed Comptroller of the bank
at a meeting of the board of directors held June 26.
This
is a promotion for Mr. Messick, who formerly held the
position of Assistant Comptroller.
Chester
E.
Bank
&
President of
Gersten,
Co.
Trust
Branch E. Messick
of
the
York,
has
New
was
Bank, New
York, has appointed John B. Bridgwood and Carl E.
Buckley Vice-Presidents of the bank; Harold F. Moeller,
Center
branch; James A. Jacobson, Assistant Cashier; Edward G.
Krieger, Assistant Trust Officer.&
Vice-President
advices
received
and
made
New York agent of Barclays Bank
cumulative preference shares
1
and 3% acoual on the A and B
shares, payable on June 30, 1941.
These dividends are for
the period Oct. 1, 1940, to March 31, 1941, and are subject
to deduction of British income tax adjusted in relation to
payable in the British territories overseas where the
The dividends, it is noted, are the same as
those declared for the corresponding period one year ago.
taxes
«
The board of directors of the Chase National
Second
public June 27 by the
(Dominion, Colonial and
Overseas), 120 Broadway, New York, state that the bank
has declared semi-annual dividends of 4% actual on the
Cable
Rockefeller
Manager,
bank operates.
Barclays Bank
is
affiliated
of the
British Commonwealth over¬
including South, East and West Africa, Palestine, and
West Indies.
the British
«
(Dominion, Colonial and Overseas), which
Barclays Bank, Ltd., London, maintains
territories
branches in
seas,
to
•
model
A
plan
deduction
payroll
to assist employees of
corporations and other salary groups desiring to purchase
Series E defense bonds was announced on June 25 by The
New York City.
This plan, which is
organization, suggests a method whereby
York Trust Co.,
New
available
to
any
specified amounts may be regularly deducted from an indi¬
vidual's salary to be accumulated for the purchase of de¬
fense bonds.
While the framework of the plan has been
simple as possible, it contains helpful suggestions
be adapted to any form of accounting system.
bank's announcement adds:
kept
as
which
The
may
the prepara¬
authorization to be signed by each employee
wishing to have savings set aside for the purchase of bonds.
The corpo¬
ration must then set up special accounts on its records and arrange to
first step
The
tion
of
bonds
have
this
At
purchase, registration and delivery
E defense bonds to each corporation for its respective employees.
information,
following
included
to be
each employee when sufficient funds have been
point The New York Trust Co. has offered its
for
without charge to expedite the
Series
The
deduction
purchased
accumulated.
facilities
of
suggested to put the system into operation is
payroll
a
in
according
the payroll deduction
address
(4)
of
delivery
this
model
plan,
(2) the purchase price of the bond desired;
deducted;
and
to
the beneficiary in
should
be
authorization: (1) The amount of money
(3) the name
which the bond is to be registered, and
instructions.
♦
.
;
of Morgan Wing Jr. as an Assistant
Secretary of the Central Hanover Bank & Trust Co., New
York, was announced June 26.
Mr. Wing is connected with
the Plaza office of the company, Fifth Avenue and 60th
The
appointment
Street.
The
of
India,
London
on
Connecticut Bankers
Vice-President of the Hartford National Bank &
was
elected President, succeeding Eugene G.
Blackford, President of the Greenwich Bank & Trust Co.
Enders,
loss account of the bank for the year ending
A copy of this report, recently
received by us, shows that the net profits, after providing
for all bad and doubtful debts, amount to £439,913, and
£246,572
adding
of
the
President
of
the
Division,
Harold
ford ;
of
Treasurer,
Torrington;
Haven
State
Bank
Walker,
S.
Division,
Hartford-Connecticut
E.
Rider,
Lester
Trust
Trust Officer of
E.
Co.;
Executive
Vice-
Vice-President of
Trust
Shippee,
Stamford
Trust
Co. of Stam¬
Brooks, President of Brooks Bank & Trust Co.
Secretary, G. Harold Welch, Trust Officer of the New
John H.
Bank, N. B.
A.
Roy A. Young, President of the Federal Reserve Bank of
Boston, and Bank Commissioner Walter Perry and Deputy
Commissioner
Richard
Raport of the Connecticut Banking
Department were guests.
forward
the
available
total
to
£160,000, and a further interim dividend at the same rate
was paid on April 3
in place of the final dividend.
The
directors then proposed to add £50,000 to the Staff Pension
Fund and to write £70,000 off House Property Account,
"
leaving a balance of £246,515 to be carried forward.
«
the Banca Commerciale Italiana
(head office Milan, Italy), covering the year ended Dec. 31,
1939, has recently come to hand. The statement, which was
presented to the shareholders at their annual general meet¬
ing on March 22, 1941, shows net ^profits for the year
amounting to 36,439,322 lire, a slight increase over the 1939
figure.
Out of this amount the directors proposed to allo¬
cate 5,000,000 lire to the reserve fund, thus bringing it up
to 165,000,000 lire;
to pay a 4% (unchanged) dividend
amounting to 28,000,000 lire to shareholders, and to carry
forward the balance of 17,143,469 lire, which includes the
The
annual
amount
report
brought
of
forward
from
the
previous year.
Total
and current accounts are shown in the balance
at 8,063,869,098 lire and total assets as 10,511,918,825
The bank's capital is 700,000,000 lire.
The New York
lire.
agency
William
of
the
Banca
Commerciale
Italiana
is
at
62-64
Street.
______
_
THE
CURB
||
MARKET
I
Vice-President of Colonial
Trust Co. of Waterbury;
Vice-President of the National Bank Division,
William
H.
Judd, President of the Nc-w Britain National
Bank; VicePresident
brought
£086,515.
Out of this amount an interim dividend at the
rate of 16% per annum was paid on Sept. 26, last, absorbing
Other officers elected w<ere:
Robert
May 13, at which time the general balance sheet
Dec. 31,1940, was submitted.
Co.,
Vice-President,
Ltd.,
and profit and
sheet
At the recent annual meeting of the
Association, held at the Yale Golf Club, New Haven, Ostrom
First
by the directors of the National Bank
was
issued at the bank's head office in
report
deposits
«
Trust
127tli
*
of the present
week, and while the changes in the general list have been
narrow, there were a number of substantial advances among
the industrial specialties and in the shipbuilding group, that
Curb stocks have been unsettled during much
the list, at times, an appearance of strength. Aircraft
generally quiet with most of the changes in minor
fractions and public utilities have been irregular with the
advances and declines about evenly balanced. The best gains
were among a few selected issues in the industrial section, in¬
cluding Singer Manufacturing Co., Colt's Patent Fire Arms,
Hygrade Sylvania and United Milk Products.
Paper and
cardboard shares continued quiet and pe troleum issues moved
around without definite trend.
gave
issues were
The Commercial & Financial Chronicle
Price variations
was
were
during the brief period of trading
on
Saturday. There were only 139 issues traded in, of which
40 registered advances, 32 declined, and 67 were unchanged
at the close.
Singer Manufacturing Co. was one of the most
aetive stocks as it climbed upward 2% points to
116%.
Axton-Fisher Tobacco A, on the other hand, lost all of its
gain of the preceding day, as it slipped back 2% points. Air¬
craft stocks were quiet, Republic, Beech and Vultee closing
unchanged, while most of the other members of the group
failed to appear on the tape.
The aluminum stocks were
frequently absent, while petroleum shares moved within a
narrow range and
shipbuilding issues were down.
Moderately highe prices were apparent among the in¬
dustrial specialties during the early trading on Monday. As
the transfers gradually increased the gains extended to other
sections of the list, and a number of advances ranging up to
2 or more points were in evidence, as the session closed.
Public
utilities
stocks
inclined
were
to
weaken,
and
aluminum
generally lower.
Paper and cardboard shares
were unsettled, Hammer mill and St.
Regis pref. showing a
fractional gain, while Taggart and International Paper &
Power warrants eased off.
Small gains were recorded in the
oil group and Todd Shipyards moved fractionally higher to
a new peak for 1941
Declining prices marked the trading on Tuesday, and while
most
were
movements
were
there
narrow,
about 2 dozen
were
stocks that recorded
changes of a point or more.
Public
both common and preferred sections,
a number of issues at new peaks for the year lost
part of
their gains.
Industrial specialties registered a number of
small advances, including among others Chesebrough Manu¬
facturing Co., 1 % points to 90; and Pittsburgh Plate Glass,
1 % points to 78%.
Prominent among the declines, were
Aluminum Co. of America, 2% points to 114; Benson &
Hedges, 3 points to 27; General Outdoor Advertising, 2
points to 76; and Koppers Co. pref., 2 points to 95.
Air¬
craft stocks were down, paper and cardboard shares were off
and oil issues were quiet during most of the session.
Industrial stocks were again in demand on Wednesday,
and while the price variations for the most part were confined
to a comparatively narrow range, there were a number of
the trading favorites, that advanced up to a point or more.
Todd Shipyards was one of the bright spots of the day as it
climbed upward 2% points and again raised its top.
Air¬
craft stocks moved within a narrow range, Beech, Bell and
Bellanca registering small advances, while Cessna was un¬
changed and Vultee was lower.
Oil stocks were off, j)aper
and cardboard issues moderately higher, and aluminum
utility shares
were
off
on
and
shares
were
unsettled.
give below
FOREIGN
a
record for the week just passed:
around without definite
or
sustained
Friday.
During the opening hour, prices were
moderately higher but as the day progressed the trend
became somewhat uncertain with a tendency toward lower
levels.
In the Aircraft section changes were largely in
on
minor fractions with most of the active issues on the side of
the advance.
Shipbuilding shares were quiet and paper and
cardboard stocks were generally unchanged.
As compared
slightly higher. American
Cyanmid B. closed last night at 38% against 37% on Friday
a week ago.
Babcock & Wilcox 29% against 28%, Bell
Aircraft 19%, against 18%, Glen Alden Coal Company 13
against 11%, Sherwin Williams Co. 77% against 74%,
Singer Mfg. Co. 119% against 116, United Shoe Machinery
55 against 54%.
TRANSACTIONS
JUNE 21, 1941, TO JUNE 27, 1941, INCLUSIVE
,
Noon Buying Rate for Cable Transfers in
Value in United States Money
Countrv and Monetary
AT
THE
NEW
Slocks
YORK
EXCHANGE
CURB
June 23
June 21
$
Europe—
Belgium, belga.
June 24
S
%
a
a
a
a
a
a
a
a'Y\; :'-;;.;„va
of
26,610
...
Government
$253,000
795,000
713,000
91,885
69,762
69,485
Total
Corporate
$12,000
$265,000
130,000
848,000
$5~666
930,000
110,000
2,000
825,000
151,000
999,000
106,115
877,000
175,000
98,415
------
894,000
240,000
~$T666
1,052,000
1,135,000
$4,380,000
$818,000
$8,000
$5,206,000
462,272'
Total
Sales at
Week Ended June 27
Jan. 1 to June 27
New York Curb
Exchange
1941
1940
1941
1910
462,272
822,797
12,107,344
Total
$4,380,000
$5,421,000
$131,138,000
$174,405,000
818,000
146,000
1,844,000
1,265,000
8,000
__
85,000
1,334,000
3,863,000
$5,206,000
a
a
;Yy'
a
Y .Y
■
"Y.
a
4.035000
4.035000
4.035000
4.035000
4.035000
4.035000
4.030000
4.030000
4.030357
4.031428
4.030000
4.030714
a
a
a
a
a
a
a
a
a
a
a
Germany, relchsmark
c
c
a
a
a
a
c
France, franc
\.
Greece, drachma.*..
a
a
a
a
a
a
Hungary, pengo
a
a
a
a
a
a
a
a
a
a
Italy, lira
c
Netherlands, guilder.
a
a
a
a
Norway, krone
Poland, zloty
Portugal, escudo
a
a
a
a
a
a.v
a
a
c
c
c
a
a
a
;•'•••
a
a
■
—
C
,
ic'.t: a-yy YY
Rumania, leu
Y'Y-
a
a
"yc-y, •*
v
:■
'
C
•
c
,
a
J
a
a
yYvcYY'--
v
-
C
-
Y y */'YYY
Y'YYc.Yi y'Y
y;.cYyY.
c
a
®y:y
'Y\
a
,
a
yY-cy''
a
YY'Vevyyv
'
•
k
c
"'■I 'Cr
Yugoslavia, dinar
a
,
■
Spain, peseta
Sweden, krona
Switzerland, franc...
Asia—
China—
Chefoo (yuan) dol'r
a
Hankow (yuan) dol
Tientsin (yuan) dol
a-YYY
a
a
.•YY
a
.053956*
.053781*
Shanghai (yuan) dol
a
i 'YY
.053625*
.053750*
a
'0::
a
a
a
a
.053750*
'
.053500*
a
a
a
a
a
a
.244525
.244646
.243906
.243981
.244575
.244500
India (British) rupee-
.301283
.301283
.301283
.301283
.301283
.301283
Japan, yen
.234387
.234387
.234387
.234387
.234387.
.234387
Straits Settlem'ts, dol
.471600
.471600
.471600
.471600
.471600
.471600
Hongkong,
dollar.
Australasia—
Australia, pound—
3.228000
3.228000
3.228000
3.228000
3.228000
3.210833
3.211250
3.211250
3.211666
3.211250
3.211250
New Zealand, pound- 3.223416
Africa—
3.223833
3.223833
3.224250
3.223833
3.223833
South Africa, pound- 3.980000
North America—
3.980000
3.980000
3.980000
3.980000
3.980000
.909090
Official
3.228000
Free
Canada, dollar—
Official
.909090
.909090
.909090
.909090
.909090
Free
.883359
.882890
.883437
.881718
.879687
.881250
.205175*
.205200*
.205300*
.205300*
.205300*
.205300*
Official
.909090
.909090
.909090
.909090
.909090
.909090
Free
.880937
.880468
.880937
.879218
.877343
.878750
.297733*
Mexico,
peso
Newfoundl'd, dollar-
South America—
.'"a
i
Argentina, peso—
'.j
;
Official
.297733*
.297733*
.297733*
.297733*
.297733*
.237044*
.237044*
.237044*
.237044*
.237044*
.237044*
Official
.060575*
.060575*
.060575*
.060575*
.060575*
.060575*
Free
.050600*
.050600*
.050600*
.050566*
.050600*
.050600*
Chile, peso—
Official
c
Export
;
c
c
c
c
-
Colombia, peso
Uruguay, peso—
.569825*
$5,652,000
$134,316,000
$179,533,000
;:V'
c
'
Yy
c
c
.569800*
.569825*
c
■
c
c
c
.569825*
.469825*
.569825*
Controlled
.658300*
.658300*
.658300*
.658300*
.658300*
.658300*
Non-controlled
.431700*
.438000*
.443133*
.449000*
.443875*
.444666*
•Nominal rate,
a
No rates available,
COURSE
OF
cTemporarily omitted.
BANK
CLEARINGS
Bank
clearings this week show an increase compared with
a year ago.
Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, June 28)
clearings from all cities of the United States from which it
is possible to obtain weekly clearings will be 16.9% above
those for the corresponding week last year.
Our preliminary
total stands at $6,689,399,580, against $5,720,408,218 for
the same week in 1940.
At this center there is a gain for
the week ended Friday of 8.4%.
Our comparative sum¬
mary for the week follows:
Per
Clearings—Returns by Telegraph
Week Ending June 28
1941
$2,445,431,475
+ 8.4
239,176,256
324,000,000
173,141,837
+30.8
76,206,222
70,900,000
139,629,000
112,715,149
95,214,765
89,999,331
64,488,375
+29.0
+41.0
+6.9
$3,830,902,410
769,034,770
+ 17.3
1,079,375,415
$5,574,499,650
1,114,899.930
$4,599,937,180
1,120,471,038
+21.2
$6,689,399,580
Chicago
Philadelphia
1940
$2,650,246,505
312,885,782
New York
$5,720,408,218
+16.9
424,000,000
Boston
—
Kansas City
St. Louis
San Francisco
;
-
Pittsburgh
Detroit
241,034,195
98,312,626
100,000,000
149,225,000
159,390,098
147,813,164
123,491,899
88,724,966
$4,495,124,235
Other cities,,five days
-
—
Total all cities, five days--.
All cities, one day
Total all cities for week
Cent
+30.9
+39.2
+ 41.4
+ 55.2
+ 37.2
+ 37.6
+40.4
—0.5
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
27,176,737
Foreign governmentForeign corporate
Y'Y:
a
Free
cases
has to be estimated.
In the elaborate detailed statement,
Bonds
Domestic
yYya
.■"*Y 3
a
■
a
Official
Finland, Markka
of the week in all
Stocks—No. of shares.
S
a
yV-
June 27
$
-
Engl'd, pound steri'g
Eleven cities, five days
Foreign
Foreign
Domestic
Shares)
Saturday
Monday,Tuesday
Wednesday.---.
Thursday
Friday
v;
a
a
Denmark, krone
a
a
■>;
Bulgaria, lev
Czechoslov'la, kornua
June 26
June 25
I
i;
Baltimore
Bonds (Par Value)
(Number
27, 1941
New York
Unit
Cleveland
Week Ended
RESERVE
UNDER TARIFF ACT OF 1930
BANK TO TREASURY
with Friday of last week prices were
June
FEDERAL
BY
CERTIFIED
RATES
EXCHANGE
Brazil, mllrels—
The Market milled
DAILY
RATES
requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
Pursuant to the
Free
Advancing prices and a somewhat faster trading pace
were the outstanding features of the Curb Market dealings
on Thursday.
The transfers climbed rapidly upward, the
total sales reaching approximately 103,830, the highest
since June 10. The Mid vale Company was one of the strong
spots as it forged ahead 3% points to a new 1941 top at
118%. Brill pref. moved ahead 2 points to 45%. Pepperell
Mfg. Company 2% points to 89%, Singer Mfg. Co. 1%
points to 117%, and Sullivan Machinery 1% points to 14.
Oil shares as a group were stronger, but Humble sold off
and Gulf Oil was unchanged.
Paper and cardboard stocks
were
unsettled, St. Regis pref. showing a fractional gain
While Hammermill was down and Taggart and International
Paper & Power Warrants-were quiet. Aircraft issues were
fractionally higher.
trend
EXCHANGE
FOREIGN
and the volume of transfers
narrow
down to 27,000 shares
June 28, 1941
1
4064
however, which
we
present further below, we are able to give final and complete
results
for
the
week
For that week there
of
clearings
for
previous—the
was an
the
week ended June 21.
increase of 26.5%, the aggregate
whole country
having amounted
to
Volume
The Commercial & Financial Chronicle
152
$7,573,094,892, against $5,986,161,825 in the same week in
1940.
Outside of this city there was an increase of 35.4%,
the bank clearings at this center
having recorded a gain of
18.6%.
"We group the cities according to the Federal Re¬
serve districts in which
they are located and from this it
appears that in the New York Reserve District (including
this city) the totals record a gain of
18.3%, in the Boston
Reserve District of 30.7%, and in the
Philadelphia Reserve
District of 39.9%.
In the Cleveland Reserve District the
totals are larger by 43.7%, in the Richmond Reserve Dis¬
trict by 36.1%, and in the Atlanta Reserve District
by
38.8%.
In the Chicago Reserve District the totals register
an improvement of
39.2%, in the St. Louis Reserve District
of 39.6%, and in the Minneapolis Reserve District of
17.1%.
In the Kansas City Reserve District the totals show an
expansion of 35.2%, in the Dallas Reserve District of 33.6%,
4065
Week Ended June 21
Clearings atInc. or
1941
1940
Dec.
1939
$
$
%
$
$
1938
Seventh Feder al Reserve D istrict—Chic ago—
Mich.—AnnArbor
Detroit
Grand
-
Rapids.
Lansing
423,264
321,475
+ 31.7
306,745
269.466
205,959,931
4,428,111
2,227,579
122,663,945
3,354,819
+ 67.9
92,853,891
76.278,768
+ 32.0
2,865,080
1,881,222
1,276,448
2,081,130
946,174
2,273,465
1,813,285
18,645,000
+ 18.4
+25.4
911,967
861,537
Ind.—Ft.
Wayne
Indianapolis.—
South
26,825,000
Bend—-
3,246,074
7,221,490
Terre Haute
Wis.—Milwaukee
24,075,577
la.—Ced. Rapids
1,414,582
Des
Moines...
Sioux
10,496.811
4,425,575
City
+43.9
15,599,000
13,980,000
2,001,362
+62.2
1,392,966
955.872
5,514,222
21,456,769
+ 31.0
4,606,768
4,497,427
+ 12.2
18,163,330
16,919,375
1,119,689
8,964,954
+26.3
1,067,001
1,042,770
+ 17.1
7,426,872
6,324,560
+26.6
3,462,405
394,695
3,496,434
391,837
304,926
426,803,147
324,475,145
+0.7
+ 31.5
290,564
Chicago
277,860,791
259,885,612
Decatur
1,260,432
5,084,383
913,703
+ 37.9
967,149
715,064
+ 11.9
111.—Bloomlngton
and in the San Francisco Reserve District of
28.1%.
In the following we furnish a
summary by Federal Reserve
districts:
Peoria
2,760,221
2,025,287
4,543,044
1,521,445
+ 33.1
3,271,837
1,271,569
3,225,325
Rockford
Springfield
1,495,018
1,395,526
+ 7.1
1,246,211
1,046,773
730,080,421
524,473,876
+39.2
434,840,594
393,036,480
...
Total (18
SUMMARY OF BANK CLEARINGS
cities)
941,480
Inc.or
Week End. June 21, 1941
1941
1940
S
%
Dec.
1939
1938
S
S
Eighth Federa 1 Reserve Dis trict—St. Lo ui8
Mo.—St. Louis..
Federal
Reserve
Dlsts.
1st
Boston
2d
New York—12
12 cities
137,400,000
101,700,000
+ 35.1
86,300,000
71,300,000
Ky.—Louisville..
55,358,552
38,780,691
+42.7
32,069,841
32,882,764
20,994,219
+ 56.6
15,955,251
29,023,006
13,885,180
284,009,401
219,975,344
Tenn.— Memphis
3,277,964,156
+30.7
+ 18.3
3,123,691,535
2,908,784,027
111.—Jacksonville
343,366,935
262,673,701
3,877,326,916
3d
PhlladelphlalO
M
630,593,147
450,885,268
+39.9
396,502,028
342,675,013
4th
Cleveland
7
"
523,087,430
364,023,753
+43.7
272,874,300
X
X
X
X
X
234,391,767
5th
Richmond..
6
"
224.612.315
164,987,081
+36.1
6th
Atlanta
10
"
248,888,718
179,279,950
+38.8
159,009,240
Chicago
18
730,080,421
524,473,876
+39.2
434,840,594
St. Louis—
4
226.433.316
162,199,910
Minneapolis
559,000
554.000
226,433,316
162,199,910
+ 39.6
134,884.092
114,762,186
114,762,186
9th
+ 9.2
393,036,480
8th
"
"
725,000
132,666,892
7th
792,000
Quincy
134,662,059
117,155,844
Total (4
cities)
_
+39.6
134,834,092
7
"
141,873,206
121,154,285
87,520,057
"
186,258,408
137,762,408
131,024,528
121,461,030
6
"
97,811,614
+ 17.1
+35.2
73,234,125 +33.6
102,594,672
City 10
69,880,221
61,342,280
12th San Fran—10
"
342,762,466
267,523,313
+28.1
228,884,044
211,879,733
D.—Fargo—i
7,573,094,892
5,986,161,825
4,945,650,653
S.D.—Aberdeen.
2,829,654,255
+26.5
+35.4
5,472,856,714
3,830,340,543
2,448,694,223
2,128,603,345
Mont.—Billings.
10th Kansas
11th Dallas
Ninth Federal
St.
112 cities
3,223,679
+ 35.6
3,094,280
90,621,754
80,536,739
+ 12.5
68,646.793
58,904,805
38,050,035
+28.2
24,123,586
2,966,180
29,682,608
2,440,903
+21.5
2,128,202
20,265,315
2,042,450
1,033,527
880,702
929,602
868,014
+ 11.2
+ 1.5
703,686
627,214
3,951,044
Minneapolis.
N.
Total
Outside N. Y. City-
Reserve Dis trict—Minne apolis-
Minn.—Duluth—
3,472,740
+ 13.8
3,038,549
1,945,756
141,873,206
121,154,285
+ 17.1
102,594,672
87,520,057
4,369,964
—
Paul
Helena
Canada........32 cities
527,440,610
398.479,724
+32.4
351,538,658
add
now
our
(7cities).
detailed statement showing last week's
figures for each city separately for the four
years:
Tenth Federal
Neb—Fremont
Reserve Dis trict
—
Kans
as
City
1941
1940
+4.0
103,600
94,269
+47.2
126,297
2,845,110
2,744,239
+ 3.7
1,296,822
Omaha
or
Dec.
83,641
115,777
38,582,283
27,301,442
..
Hastings
Clearings at—
Inc.
86,999
170,469
Lincoln
Week Ended June 21
1939
1938
29,594,195
2,390,130
+ 30.4
2,225,258
4,396,753
2,998,374
+46.6
3,008,467
113,586
2,315,526
24,879,726
3,020,190
2,732,008
133,059,957
95,657,568
+ 39.1
92,527,443
84,744,046
3,595,209
499,489
3,008,487
+ 19.5
525,568
—5.0
2,919,151
580,519
2,547,396
505,593
796,881
644,428
+ 23.7
624,368
502,690
186,258,408
137,762,407
+ 35.2
131,024,528
121,461,030
Kan.—Topeka...
Wichita.
$
First Federal
Me.—Bangor
Reserve Dist rict
730,707
Portland
Boston
557,541
Mo.—Kan. City.
_%
+ 31.1
St.
466,783
491,510
2,343,346
Mass.—Boston..
Fall
815,168
308,875,414
Total
We
859,576
2,919,349
River
Lowell.-
1,924,768
+21.7
1,890,438
1,585,201
291,596,110
888,087
222,691,252
+ 30.9
251,255,093
+ 18.0
618,669
612,210
544,676
—15.5
460,154
New Bedford-
Colo.—Col.Spgs.
2,536,419
189,735,813
752,552
Joseph
—6.9
477,967
Pueblo.
Total
(10 cities)
349,286
1,006,469
827,213
+21.7
588,624
544,281
3,622,752
2,547,484
14,355,249
3,278,513
+ 10.5
3,035,652
2,051,587
12,898,637
+24.2
1,665,848
2.960,610
1,637,774
+ 11.3
10,574,533
8,000,752
5,516,237
4,279,394
+28.9
3,806,091
4,302,962
Dallas
19,709,800
590,540
12,189,100
+61.7
9,334.300
Fort Worth
678,468
—13.0
9,145,800
483,903
343,366,935
262,673,701
+ 30.7
284,009,401
219,975,344
Feder al Reserve D istrict—New
York-
9,100,617
880,224
Springfield
Worcester
Conn.—- Hartford
New Haven—
R. I.—Providence
N.H.—Manches'r
Eleventh Fede ral
Texas—Austin...
1,739,039
'
420,645
Reserve
District—Da lias—
78,488.000
Galveston
1,704,304
57,962,000
+2.0
+ 35.4
9,071,996
6,754,213
+ 34.3
1,610,781
1,678,846
54,738,045
7,743,170
46,306,410
7,556.917
(12 cities)
3,220,000
2,498,000
+ 28.9
Wichita Falls..
Total
1,162,523
964,011
1,057,899
4,130,056
1,186,495
3,129,113
—2.0
La.—Shreveport.
+ 32.0
2,998,214
3,104,199
97,811.614
73,234,125
+ 33.6
69,880,221
61,342,280
1,826,000
1,638,000
A
Second
N. Y.—Albany—
Elmlra
York
—58.2
8,993, ,733
1,252,662
—9.2
36,500,000
+ 55.6
1,024, ,465
33,800, 000
28,300,000
526,080
+ 35.9
435, ,218
430,864
969,908
684,498
3.742,754,349 3,156,507,570
Buffalo--
Jamestown
New
Total
19,498,986
714,866
..
8,153,384
1,138,031
56.800,000
Bingham ton,
+ 41.7
832, 847
632,198
+ 18.6
,817,047,308
38,191,361
32,834,946
1,084,548
53,553,840
40,310,433
+ 32.9
31,873,678
842,634
28,085,725
5,936,705
Utah—S. L. City
20,985,387
16,730,059
+25.4
14,859,069
12,508,735
3,296,239
Calif ,—L'g Beach
5,196,182
4,021,651
+29.2
4,295,844
3,615,269
2,878,074
+25.6
187,845,000
150,715,512
+24.6
3,185,770
129,569,000
8,217,302
4,491,545
+ 37.8
7,084,198
6,413,434
+ 10.5
5,065, 816
3,942.309
J.—Montclair
331.196
—20.3
404, 024
494,158
—1.5
15,108, 882
16,205,935
+2.7
23,258, 894
22,517,470
Newark
18,957,099
Northern N. J.
24,872,216
24,210,219
+ 38.1
Ore.—Portland..
Conn.—Stamford
415,380
19,246,480
Franc isco—
—25.0
,024,162, 491
7,018, 447
3,586, 718
N.
62,045,569
44,931,811
1,435,432
+ 13.9
Syracuse
Twelfth Feder al Reserve D Istrict—San
Wash.—Seattle..
1,077,207
9,360,768
6,190,901
Rochester
(6cities).
Yakima
Pasadena
San
Francisco.
San Jose
3,565,526
2,713,704
+31.4
2,278,181
4,331,016
3,646,982
123,760,000
2,485,992
Total
(12 cities) 3,877,326,916 3,277,964,156
Santa Barbara.
1,594,583
1,431,607
+ 11.4
1,383,218
1,260,462
Stockton
3,283.903
2,355,030
+39.4
2,163,375
2,123,241
342,762,466
267,523,313
+28.1
228,884,044
211,879,733
+ 18.3 3,123,691,535 2,908,784,027
Total (10 cities)
Third Federal
Reserve Dist rict—Philad elphia
Pa.—Altoona
712,994
Bethlehem
Philadelphia
Reading
Scranton
Wilkes-Barre
-
-
York
N. J.—Trenton..
Total (10
cities)
Fourth
Fedei
415,4,90
792,200
+78.4
561,792
1,727,124
613,000,000
Lancaster
+43.4
1,413,422
Chester
497,069
407,880
+37.7
1,227,927
+40.7
437,000,000
+40.3
503,217
280,508
1,080,144
385,000,000
312,940
421,023
1,877.944
+ 10.8
1,271,288
Cincinnati
Cleveland
2,330,889
1,798,122
1,309,295
+ 12.1
79A857
763,020
1,874,129
4,616,100
1,300,330
+44.1
915,235
+33.7
3,909,400
630,593,147
450,885,268
+ 39.9
396,502,028
342,675,013
3,118,422
2,184,849
+42.7
2,086,211
1,485,655
66,804,380
118,565,811
+ 29.0
53,731,531
47,742,549
+49.0
89,957,322
74,249,634
10,803,000
2,160,003
+ 30.2
9,090,300
7,893,800
2,919,513
+ 35.2
1,732,574
1,492,419
3,882,342
3,803,621
+2.1
2,265,002
1,834,033
Pa.—Pittsburgh.
236,241,717
159,702,089
+47.9
114,011,360
99,693,677
Fifth Federal
523,087,430
364,023,753
Reserve Dist rict
+43.7
Richmond
S. C.—Charleston
Md.—Baltimore.
D.C.—Washlng'n
Total (6 cities).
234,391,767
-Richm ond—
Sixth Federal
Tenn.—Knoxville
604,069
+44.7
371,535
288,145
2,872,000
+45.2,
2,413,000
2,153,000
56,402,419
2,228,620
44,008,228
+28.2
37,332,993
34.782,035
1,546,959
85,623,223
+44.1
1,091,814
998,390
+47.7
69,007,920
58,525,251
30,332,602
+ 13.6
24,444,797
20,409,023
134,662,059
117,155,844
224,612,315
+36.1
164,987,081
4,568,601
+42.8
3,831,465
20,327,525
+35.9
17,099,519
3,240,937
14,913,079
Ga.—Atlanta
90,700,000
66,500,000
+ 36.4
56,500,000
47,200,000
1,579,413
1,332,484
+ 18.5
977,354
843,137
18,763,000
1,046,139
1,315,922
970,124
+35.6
Fla.—J acks' nville
27,931,000
+43.9
Ala.—Birm'ham.
33,754,004
19,413,000
22,600,538
+49.4
20,867,297
16,714,152
3,056,275
2,060,244
+48.3
1,577,536
1,241,089
Mobile
_
x
.
x
667,352
17,655,000
x
128,343
120,338
+6.7
110,787
91,795
La.—NewOrleans
56,268,120
41,387,096
+ 36.0
38,439,145
29,897,349
Total (10 cities)
248,888,718
+38.8
159,009,240
132,666,892
Vicksburg
179,279,9501
I
$
67,120,521
Winnipeg
1938
$
137,284,090
+ 18.8
+22.2
118,353,509
118,470,957
111,091,678
110,460,543
96,982,880
33,716,926
23,263,862
19,932,746
49,043,011
18,230,939
+ 10.5
Vancouver
+9.3
17,730,302
Ottawa..
84,093,503
20,644,074
+216.0
16,530,014
16,947,530
10,254,723
6,620,674
3,413,404
—3.0
4,696,157
4,977,982
Halifax
6,421,981
3,424,574
+0.3
2,602,436
2,394,863
Hamilton
7,566,236
+ 15.1
5,860,748
5,273,409
Calgary....
8,660,656
2,603,797
2,003,212
4,852,478
0,572,825
5,884,878
+47.2
4,797,380
5,043,932
2,035,913
+27.9
2,125,467
3,390,934
—5.8
Quebec
St. John
5,398,456
4,921,938
+9.7
1,883,675
1,875,079
3,059,309
3,952,650
Regina
7,693,605
3,768,696 + 103.1
3,444,525
London
466,401
Brandon
+43.1
560,669
Saskatoon
Moose Jaw
+ 14.1
481,787
1,703,612
Lethbridge
408,903
1,570,546
1,710,433
1,780,493
3.624,039
3,859,116
2,714,802
313,852
316,100
+ 16.4
412,421
+ 8.5
1,102,389
395,476
1,090,878
456,316
827,451
689,827
+20.0
584,309
1,176,954
1,315,722
1,365,274
976,558
—13.8
1,018,824
+34.7
739,489
801,607
686,162
618,117
351,371
713,786
299,170
—3.9
Medicine Hat
+ 17.4
+0.1
223,953
569,695
193,428
Brantford
Fort William
—
762,079
3,154,431
385,500
+ 16.7
304,324
295,963
+ 13.1
792,878
+9.8
768,779
571,445
565,471
705,043
706,544
—0.2
653,109
562,438
584,266
1,392,967
Windsor
4.552,882
Prince Albert
449,748
1,137,652
Moncton
—
.—
Chatham
Sarnia
Total (32 cities'*
Estimated,
1,414,540
3,400,732
+20.8
719,687
—1.5
1,131,885
+33.6
816,837
x
586,277
002,102
—2.6
616,013
968,277
—
Sudbury
*
708,884
1,005,124
722,317
1,131,538
Kitchener
Kingston
761,181
930,650
995,113
585,357
751,142
1,095,995
2.874,470
Sherbrooke
6,524,483
Miss.—Jackson
%
163,066,852
135,034,310
Peterborough
Reserve Dist rict—Atlant
27,631,158
Macon
1939
$
New Westminster
Nashville
Augusta
Toronto
Dec.
Edmonton
272,874,300
873,845
126,494,328
34,443,103
or
1940
%
Victoria
4,170,000
Va—Norfolk
Inc.
1941
Montreal
al Reserve D istrict—Clev eland—
14,066,200
W.Va.—Hunt'ton
Week Ended June 19
Clearings al—
Canada—
Mansfield
cities).
+26.5 5,472,856,714 4,945,650,653
+35.4 2,448,694,223 2.128,603,345
cities)
2,377,000
Youngstown—_
Total (7
7,573,094,892 5,986,161,825
Outside New York 3,830,340,543 2,829,654,255
1,375,539
3,452,300
176,689,854
Columbus
(112
333,000,000
1,332,223
+3.9
86,169,382
Ohio—Canton...
total
218,308
1,076,838
3,020,317
2,080,465
3,139,268
1,467,853
Grand
1,635,797
—40.8
911,071
993,160
527,440.610
398.479,724
+ 32.4
351,538,658
308,875,414
No figures available.
Note—Westchester County Clearing House Assn. discontinued.
I
The Commercial & Financial Chronicle
4066
June 28, 1941
EXPENDITURES
AND
RECEIPTS
GOVERNMENT
before our readers today the details of
for May, 1941 and 1940, and the 11 months of the fiscal years 1940-41 and 1939-40:
Through the courtesy of the Secretary of the Treasury we are enabled to place
Government receipts and disbursements
Month
and
Special
Accounts
%
\''-
Receipts—
Social security taxes—Employment taxes
-
employers of 8 or more.,
on
Taxes upon carriers
and their employees
Railroad unemployment Insurance contributions—.
Miscellaneous
;:;+f
*
■
'
63,270,628
254,476,159
149,678,842
7,453,332
Mlscellaneous internal revenue
Tax
+++:■''' s1--' Y<:;
$
■
1939-40
1940-41
1940
1941
General
July 1 to May 31
of May
[For footnotes see page 4068]
7,978,998
93,142
41,060,001
-
1,661,539,083
2,143,749,199
601,798,842
2,553,467,698
2,702,131,324
3687,269,008
96,896,786
110,822,538
5,182,567
353,652,634
40,197,343
179,149,129
122,489,254
8,894,439
5,777,699
137,826
26,251,414
106,503,760
94.611.137
3,439,710
320,489,549
receipts—Proceeds of Government-owned securities:
76,865
Principal—foreign obligations-...-.-....--------—.——
Interest~forelgn obligatioOT.**..v.*..------*.-.-.*,.....-----.---.--.-----..----Other
-
-
Panama Canal tolls, <kc
Other miscellaneous—-----—
159 116
399,598,008
6,991,421,062
660,218,054
5,140,618,727
399,598,008
6,331,203,008
5,140,618,727
68,137,922
61,770,873
745,241,600
963,172,587
541
Net receipts
1,547,207
7,402,063
393,683,262
—
Expenditures—
66,527,952
38,874,591
relief)—Departmental.
General (Including recovery and
Department of Agriculture (e)—Agricultural adjustment program...
Commodity Credit Corporation—Restoration of capital Impairment
2,548,950
c55,573,319
6,888,476
""3.202,976
"6,182,638
c74,590,536
5,063,645
918,677
1,569,046
19,816,382
4,776,259
57,449,779
26,554,466
22,676,762
cl
Farm Credit Administration.f
Farm Security Administration
Farm Tenant Act
Rural Electrification Administration.^. .......
8,617,781
4,006,982
299,076
7,006.954
"l~l ,503,474
Yd,! 53,493
..........
487.372
Forest roads and trails
Department of the Interior (e)—Reclamation projects
Post Office Department (deficiency)..
public debt
Refunds of taxes and duties
Conservation Corps
Administration
i
Social Security Board....—
_
_
105,680,760
2,667
—
n.
Railroad Retirement Board
Tennessee Valley Authority
.
-
-
..
37,123
6,000,000
7,325,163
6,005,837
10,191,568
344,427
1,103,077
260,662,968
85,460,164
352,871,883
55,439,237
69,286,257
152,391,314
270,161,857
1,795,725
1,364,305,548
61,926
6,300,582
6,955,591
43,883,881
36,336,612
195,140,212
22,351,724
510,797.827
401,022,135
488,283,039
5,842,782,622
6,447,476,718
455,620,235
—
National Defense (p)—War Department
.
-
T
3,999,308
46,935,511
_
__
Subtotal...-..........—................ .......
Navy Department
88,017,782
30,001,945
736.413,088
84,825,217
202,724,702
35,311,459
507,304,631
67,010,583
337,618,660
24,140,016
87,036,121
3,128,383,335
1,970,060,202
103,312,747
803,114,359
6,029,092
14,6.54,437
'
_
..
.
33,358,416
11,391,893
720,504
3,085,933
15,643,630
2,792,050
46,779,099
-
-
River and harbor work and flood control
._
v
983,450
-
.
1,177,255
237,842,995
121,940,103
407,065,193
120,967,387
63,636,423
162,011,241
99,649,398
5,940,866
1,188,511,467
773,125
Works Projects Administration
Panama Canal
107,588
22,201,774
10,416,057
28,050,829
3,880,789
5,413,352
9,599,933
18,113,158
308,281
127,646,103
2,733,837
5,380,322
27,269,321
146,242,742
37,276,707
3,301
9,911,953
2,221,985
-
-
United States Housing Authority.!?
Veterans' Administration
13,060
4,750,967
Administration...
Public Works Administration.f
Other,
7,011,349
"T",762", 898
112,174
19,003,938
15,708,966
33,417,878
7,986,206
Other, j?
Other
7,226,189
78,988,244
20,044,691
771,261,585
79,635,219
6,000,000
3,430
—
Federal Security Agency—Civilian
Federal Works Agency—Public Buildings
Public Roads Administration
•
c68~,805
-
Housing Administration.g
Finance Corporation.g
Federal Loan Agency—Federal
National Youth
+
7,358,797
—
District of Columbia (United States share)
Reconstruction
5,209,212
"
Federal land banks
742,960,357
977,552,251
bll9,599,918
"
Federal Farm Mortgage Corporation.f g
Treasury Department (e)—Interest on the
320,671,269
19,511,704
60,072,192
81.646,346
147.475,854
fund.d—
———
-
-
167,656
69,435,476
21,179,680
41,047,632
76.580.138
3.405,955
-
Deduct—Net appropriation to Federal old-age and survivors' insurance trust
+:'+V
1,404.530
6,678,446
8,315,988
——
—
——.
■
4~,V45*.679
w,
;
-——
Seigniorage-
96,996
*
""749", 050
——
-
-
+
.
National defense funds for the President
Selective Service (administration expenses)
15,512,233
5,729,571
6,758,247
2.423,572
Emergency ship construction (United States Maritime Commission)
3.339,321
6,758,247
10,664,488
6,706,732
National defense housing (Federal Works Agency) _n
602,733,971
836,606,783
Transfers to trust accounts, &c.—Federal old-age
1,405,848,330
cl91,088
c59.259,378
clOO ,000,000
c5,418,052
"Y,165",688
23,646,915
55,912,105
c96,756,032
974,600
cl35,612,463
50,494,053
""3,600,666
Subtotal
5,240,420,823
2,934,963
Revolving funds (net)—Farm Credit Administration
154,046,704
309,005
clOO.OOO.OOO
Subtotal...
124,350", 000
; 120,650,000
402,817,319
and survivors insurance trust fund.h
Railroad retirement account
Railroad unemployment insurance
administration fund transfers to unemployment trust fund
7,500,000
(Act Oct. 10, 1940)
Railroad unemployment insurance
1939 (Act June 25
account—Advance July 5
Government employees' retirement funds (United
Subtotal.
_
.
"10,000,666
92,715,000
States share)
3,500,000
.
.....
_
..
...
.
-
Increase In the gross public debt
Gross public debt at beginning of month or year
public debt this date
•
.
•
249,216,136
2,009,800
4,898,085,074
47,132,100
3,455,692,543
81,821,450
747,189,623
+264,048,822
247,206,336
+ 83,344,211
4,850,952,974
—111,375,501
—197,083,767
330,550,547
—180,556,430
4,739,577,472
+ 13,657,213
3,176,787,326
—808,554,083
149,994,116
42,657,771,537
4,753,234,686
42,967,531,038
2.368,233,243
40,439,532,411
42,807,765,654
47,720,765,723
42,807,765,654
1,011,238,445
.
Increase (+) or decrease (—) in general fund balance
Receipts—
3,455,692,543
47,720.765,723
Trust accounts, increment on gold, &c., excess of expenditures (+) or receipts (—
Increment
4,898,085,074
490,254,495
47,230,511,228
Excess of expenditures (excluding public debt retirements)
Accounts,
249,216,136
—520,983,950
retirements
Trust
81,821,450
8,596,311,270
.
Excess of expenditures
expenditures
47,132,100
11,229,288,082
748,524,123
1,334,500
Summary
2,009,800
648,814,143
748,524,123
■Y''v/V
Gross
610,670,719
1,334,500
Excess of receipts..
Excess of expenditures.....
excess of
87,203,400
234,565,000
1,142,207,385
Total expenditures
Total
cl
-
—
Debt retirements (sinking fund, &c.)
Less public debt
15,000,000
5,000,000
1938)
Repayment of advance Jan. 26, 1940Adjusted service certificate fund
Gold,
on
3,373,871,093
&c.
•:'v'v•;
'> "...
>■ r
j684,855,061
"24,637,007
6,182,681
147.475,854
...
149,678,842
"*2,202*988
Federal old-age and survivors insurance trust fund—Appropriations
660,218,054
1,243,422
402,817,319
248,688
403,066,007
409,obb"oo6
Interest
on
investments
131,096
166,135,479
142.501,343
863,375
1,240,437
661,461,476
881,921,546
46,673,032
31,003
Net receipts.
"""989; 530
104,099,951
147,606,950
Unemployment trust fund—Deposits by States
Railroad unemployment insurance account—Deposits by Railroad Retirement Board
Advance from Treasury (Act June 25, 1938)
Transfers from States (Act June 25,
1938)
42,009,535
27,654
984,842
"l7,468,215
7,500,000
22,824,836
124,350,000
36,707
440.278,418
43,330
2,744,801
18,589,303
381,017
47,504,251
357,695,545
168,487,656
2,308,111,928
1,789,210,110
408,200,000
57,206,583
388,000,000
Transfers from railroad unemploy. insurance admin, fund (Act Oct. 10,1940)...
on investments
Interest
Railroad retirement account—Transfers from general fund
Interest on investments
Other trust accounts
...
"
36,707
_
Seigniorage
Total receipts
376,659
T7,638,986
120,650,000
304,643,397
'
Federal old-age and survivors insurance trust fund—Investments
Benefit payments
3",500",000
...
Other funds and accounts—Increment resulting from reduction In the weight of the gold dollar...
Expenditures—•
847,610,245
31,726,677
15,000,000
989,530
m5,000,000
"
"2,311*455
13,174,681
Volume
Thf Commercial & Financial Chronicle
152
4067
Month of May
[For footnotes
see
page
1941
Trust Accounts, Increment
July 1 to May 31
4068]
1940
1940-41
1939-40
1,316,796
544,300,000
403,073,841
104,099,951
17,229,989
9,801,941
16,518,777
341,445
4,600,000
110,830,317
383,328,221
cl, 955,365
454,000,000
430,692,000
989,530
13,603,117
15,000,000
10,000,000
Gold, &c. (Concluded)
on
Expenditures (Concluded)
Unemployment trust fund—Investments
137,000,000
81,000,000
28,986,000
31,003
1,088,384
State accounts—Withdrawals by States
Transfers to railroad unemployment Insurance account
(Act June 25, 1938)
Railroad unemployment Insurance account—Benefit
55,962,000
payments.-
Repayment of advance (Act June 25, 1938)
Railroad retirement account—Investments
Benefit payments
989,530
"
J
ml,400,000
10,516,233
-
...
Other trust accounts.I
38.557,704
1,264,761
Other funds and accounts—Public Works Administration
revolving fund (Act of June 21, 1938)
Chargeable against increment on gold—Melting losses, <fcc
210,655,793
168,243,503
26,750
189,483,275
29,150
122,539,400
c100,000
800
-
Transactions in checking accounts of governmental
agencies, Ac. (net):
Sales and redemptions of obligations in market
(net) (k)—Guaranteed by the United States
Commodity Credit Corporation
:
Housing Administration
Home Owners' Loan
500
—
Corporation
_
Reconstruction Finance Corporation
United States Housing Authority
Federal Farm Mortgage Corporation
„
-
-
Not guaranteed by the United States—Home Owners* Loan
Corporation
6,275
-
"
cl
-
Reconstruction Finance Corporation.I
United States Housing Authority
,260,000
56,756,656
1,297,138
c478,200
cl3,122,104
C166.166
82,205,799
30,774,575
62,114,776
Home Owners' Loan Corporation..
Rural Electrification Administration
*
Other
Subtotal
6,675
"""
"3,449,000
Electric Home and Farm Authority
Other transactions (net)—Commodity Credit
Corporation
Export-Import Bank of Washington
Federal Housing Administration
1,679,720,037
210 ,477,025
c200,620,000
839,493
159,527,250
c644 ,992,000
c276.668.000
2
,545,800
cll2
-
Federal home loan banks
Federal land banks
2,051,511,643
c289 ,458,000
...
Federal
c7,803,073
4,574
»99
20,596',284
c7,363,018
Subtotal
T
1,559
Special depoblts (net).I
103,405,552
258,653,656
195"666
C967.500
c38,137
265,899
cl,688,581
c9,481,312
C640.100
c6,244,923
cl6,874,942
c3,412,765
,099,000
211,300
63,650
c27 ,339,000
To",654" 100
76,075
5,000
14,951,000
c2,427,500
165,900,706
10
,417,000
cl ,951,750
362 .758,547
C93.809
c6
C235.523
,943,580
c4,983,373
c26,363,579
cl,714,795
24,875,200
21,872,352
26,717,900
C218 ,418,548
cl
,290,398
,226,769
,209,883
16 ,900,894
638
206
411,088,574
145,224,783
c87.593.694
251,831,867
2,196,736,427
1,592,126.343
111,375,501
197,083,767
264.048,822
83,344,211
+ 145,632,225
+ 196,054,893
+ 3,451,831
—2,311,455
+ 5,462,984
—6,301,941
+ 949,438
+ 7,110,753
+2,445,128
+ 323,221
+ 55,683,766
—191,706,100
—219,382,474
-121,703,225
+ 852,124,975
+ 293,662,582
+ 38,114,861
—997,349,758
—206,068,888
-264,048,822
-83,344,211
+ 111,375,501
+ 197,083,767
400,811,000
Excess of receipts
Excess of expenditures.
83,588,364
621,744,367
Total expenditures.
500,397,000
5,119,152,000
1,165,903,100
1,256,837,500
1,236,647,336
4,971,313,000
Summary
Excess of receipts (+) or expenditures
(—):
Federal old-age and survivors insurance trust
fund
Unemployment trust fund
Railroad retirement account
Other trust accounts
Other funds and accounts--.-*.-.—.-
—75,530
—...—
—9,079,526
...
..............
Transactions in checking accounts of
governmental agencies, &c. (net):
Sales and redemptions of
obligations In market (net)
Other transactions (net)
—5,684,416
+ 8,956,390
+ 56,950,197
T
Total.
Receipts—
Public
■
+1,891,327
—1,319,209
+ 7,244,448
+45,989,741
Public Debt Accounts
issues—Cash—Treasury bills
...
Treasury notes
Treasury bonds
si 1,500
United States savings bonds
(Including unclassified sales)
Treasury savings securities
Deposits for retirement
374,777,142
.
64,207", 494
671,43l", 150
1,101,210,120
542,011
of national bank notes
1,290
Subtotal.
775,576,642
133,250
Adjusted service bonds
564,664,494
353,200
8,778,539,936
6,744,497,571
2,095,850
8,051,350
66,802,500
2,287,469,500
1,516,241,100
200
200
Exchanges—Treasury
2,354,272,000
2,534,292,200
19,800,000
15,300,000
554,000,000
notes.
Treasury bonds
Subtotal.
Special issues—Adjusted service certificate fund (certificates)
Unemployment trust fund (certificates)
Federal old-age and survivors Insurance trust fund
(notes) h
Railroad retirement account (notes)
Civil service retirement fund
(notes)
Foreign Service retirement fund (notes).
Canal Zone retirement fund
(notes)
......
——---
81,000,000
48,000
—
(notes)
10,000,000
;■-«—.<—
—
500,000
1
National Service life insurance fund
(notes)
Federal Deposit Insurance
Corporation (notes)
i
650,000
-
—
T,500,000
Corporation (notes)
Subtotal.
649,300,000
493,000,000
6,000,000
92,927,000
830,000
1,164,000
—
Alaska Railroad retirement fund
(notes).....
Postal Savings System (notes)
........
Government life Insurance fund
Federal Savings and Loan Insurance
137,000,000
200,000
15,000,000
4,000,000
2,025,000
34,000,000
5,050,000
1,018,051,100
399,000,000
10,000,000
84,800,000
389,000
473,000
175,000
40,000,000
3,400,000
"66, bob", 000
139,698,000
-
Certificates of Indebtedness
Treasury notes
...
...—.....
Treasury bonds..........
1,173,537,000
12,458,203,786
10,460,378,121
483,583,000
4,806,030,000
658,350
31,411,850
73,862,350
4,956,955,000
9,600
2,126,300
4,969,500
..
United States savings bonds
1,323,296,000
656,017,694
389,438,000
71,500
1,177,900
Expenditures—
Public issues—Cash—Treasury bills
91,000,000
915,408^092
Total public debt receipts
433,700
88,083,700
10,000
100,423,648
25,677,031
1,188,200
2,795,150
192,760
234,231
23,136,158
1,100,650
14,711
1,291.975
330,300
1,000
13,750
2,030,250
16,160,874
412,600,397
.......
192,450
463,800
Postal Savings bonds.
13,281,878
1,737,050
105,600
.......
Adjusted service bonds
First Liberty bonds
Fourth Liberty bonds
503,305,578
5,086,501,100
5,199,129,678
1,865,966,600
488,305,400
2,534,292,200
2,354,272,000
2,534,292,200
11,550,000
105,000,000
23,500,000
100,000,000
13,966,761
--
Other debt items
National bank notes and Federal Reserve bank notes.
....
Subtotal.
Exchanges—Treasury notes.
Treasury bonds
200
Subtotal.
200
Special Issues—Adjusted service certificate
fund
(certificates)
500,000
—
Unemployment trust fund (certificates)
Federal old-age and survivors insurance trust fund
(notes) h.
Railroad retirement account
(notes)
....
Civil service retirement fund
(notes)...
Foreign Service retirement fund (notes)
Canal Zone retirement fund
(notes)
Postal Savings System
(notes).......
Government life insurance fund (notes)
Federal Deposit Insurance
5,000,000
1,400,000
1,100,000
20,000
19,972,068
2,119,800
2,491,600
176,140
330,628
84,800,000
2,200,000
33,000
.
133,287,440
"""181666
11,000,000
1,400,000
21,000,000
"19",Too",000
...
202,000
244,000
141,000
20,000,000
5,000,000
282,000
71,500,000
20,000,000
........
...
36,500,000
358,723,000
Corporation (notes)
96,000,000
Subtotal.
12,553,000
Increase (+) or decrease
(—) in the
gross
....
2,368,233,243
+ 16,814,000
—71,500
.....
Bonds.
Other debt items
8.092,144,878
4,753,234,686
+ 11,373,000
:
—
.....
7,704,969,100
149,994,117
—9,600
—2,126,300
+49,078,016
+ 14,358,000
—433,700
—1,106,134,800
+2,668,456,830
+ 307,781
+ 1,553,419,243
public debt:
Public
issues—Treasury bills
Certificates of indebtedness..
Treasury notes
506,023,578
490,254,495
Excess of expenditures..
264,196,000
425,153,597
Total public debt expenditures.
Excess of receipts
2,718.000
—1,291,975
—13,750
—2,030,250
+ 313,122,000
—658,350
—664,672,850
+4,062,835,388
—330,628
—16,160,874
+ 363,109,495
+ 61,712,117
+ 3,694,134,686
+ 127,145,000
+ 88,282,000
+ 1,059,100,000
+814,814,000
+ 490,254,495
+ 149,994,117
+ 4,753,234,686
+2,368,233.243
—1,177,900
+ 354,292,581
....
.
....
National bank notes and Federal Reserve bank notes.
Subtotal..
Special issues
Total
—14,711
—23,134,868
The Commercial & Financial Chronicle
4068
REDEMPTION
FOOTNOTES FOR TABLES ON PAGES 4066 & 4067
r
Includes 12,413,046,05 for the fiscal year representing receipts from "Social
security taxes—Employment taxes" collected prior to July 1, 1940, which are not
June 28, 1941
CALLS
available for appropriation to the Federal old-age and survivors Insurance trust
fund.
*
b Represents capital Impairment applicable to fiscal year 1939 but not appro¬
priated by Congress until Aug. 9, 1939.
Excess of credits
c
(deduct),
d Represents
appropriations equal to "Sccial security—Employment taxes"
collected and deposited as provided under Sec. 201 (a) of the Social Security Act
1939 less reimbursements to the general fund for administrative
Such net amount is reflected as net appropriations to the Federal old-
amendments of
expenses.
Chronicle."
the
y-'U^y/'y^
American European Securities Co. 5% bonds
——July
American I. G. Chemical Corp.—See General Aniline & Film.
f Additional transactions are included in revolving funds, stated
separately below.
Additional transactions are included under "Transactions In checking accounts
governmental agencies, &c. (net)", below.
g
h Includes
transactions formerly classified under the
caption "Old-age reserve
>7"
YYY
I The expenditures classified as "Special deposits (net)" were Included prior to
Jan. 2, 1941, in the classification "Other trust accounts."
Such expenditures
from July 1 to Dec. 31, 1940, aggregating a net credit of 317,325,643.95, have been
deducted from "Other trust accounts" and are reflected in "Special deposits (net)."
Transactions prior to the fiscal year 1941 were not segregated, and consequently the
account."
YY
■
Y
,
llgures are not available.
'
| Exclusive of receipts amounting to 12,413,946.05, reflected above for the fiscal
1941, representing social security taxes collected prior to July 1,1940, and there¬
year
fore not available for appropriation to the
Federal old-age and survivors Insurance
trust fund.
the accounts of the Treasurer of the United States as
k The balances in
specia1
carried,
prior to Sept. 30,1939, as liability accounts of the daily Treasury statement under
the caption "Postmasters, clerks of courts, disbursing officers, &c.," and conse¬
quently the redemption of the bonds was not reflected in the expenditures above.
The redemptions of such bonds from July 1 to Sept. 30,1939, were as follows:
agent for the redemption of obligations of governmental corporations were
Not Guaranteed by
Guaranteed by the
the United States
United States
3677,000
118,525,225
99,014,400
Corporation—
Federal Housing Administration
—
Home Owners' Loan Corporation
Federal Farm Mortgage Corporation......
Federal Home Loan Banks...
41,505*000
xxa
'Y;'/y-'
;.^Y.v Y^
:
^Sxoess of redemptloxui
expenditures classified as "National defense housing (Federal Works
Agency)" were Included prior to April 10,1941, in the classification "Federal Works
Agency—Other."
Such expenditures, aggregating 31,674,410.53 for the fiscal year
1941, have been deducted from "Federal Works Agency—Other" and are reflected
in "National defense bousing (Federal Works Agency)."
The
n
Additional expenditures attributable to national defense, payable from funds
which have supplemented regular appropriations of the civil establishment, are
p
included under General expenditures above,
GOLD AND SILVER MARKETS
ENGLISH
Aug.
Aug.
4121
2550
2550
2852
1
Nov.
bonds
1
1
Eastern Massachusetts Street Ry. 5% mtge. bonds... —July
Federal Light & Traction Co. 5% bonds
—Sept. 1
Firestone Tire & Rubber Co, 3H% debentures
..June 30
Florida Telephone Corp. 6% bonds
.——..-July
1
Gannett Co., Inc., $6 preferred stock
July
2
Goodyear Tire &
3805
3181
3181
3968
Rubber Co. of Canada, Ltd.—
.June 29
Aug.
1
July 15
July 15
July 15
Aug.
1
July
1
July
1
.July
1
-
Greenbrier, Cheat & Elk RR, 5% bonds
West Virginia, ext. 5s
♦Holly Sugar Corp- 1st mtge. bonds
Houston Oil Co. of Texas, 4H % bonds
Indiana Gas Utilities Co. 1st mtge. bonds
Kankakee Water Co. 1st mtge. 4H«
Kansas Power & Light Co. 1st mtge. 3Hs
3498
4124
3655
3655
4125
3657
2397
3501
3502
.
(B. F.) Keith Corp. 1st mtge. bonds
—July
Loose-Wiles Biscuit Co. 5% pref. stock
Louisville & Nashville RR. unified mtge.
Montana Coal & Iron Co. 1st mtge. 5s
7
3028
July
1
3506
1
2
June 28
July
1
Nov. 1
3187
3816
-
July
July
bonds
Morgantown Water Co. 1st mtge. bonds
National Union Mortgage Corp., 20-year bonds
Nebraska Light A Power Co. 1st mtge. 6s
New Mexico Power Co. $7 pref. stock
Aug. 15
North American Co. 4% debentures
July
1
North American Light & Power Co. 5% debs
July
2
North American Rayon Corp. 6% preferred stock—
July
7
♦Pacific Western Oil Corp. 3H% debentures
Aug. 1
Paducah A Illinois RR., 1st mtge. 4Hs
---July
1
Panhandle Producing & Refining Co., notes
July
1
Peerless Cement Co. 1st mtge. 5s
July
2
Pennsylvania RR., 4H% bonds, series E„
July
1
3508
3661
3032
3819
3510
3192
3033
4133
3663
3663
3511
3663
-
reprint the following from the monthly circular of
We
—
written under date of
Samuel Montagu & Co. of London,
1941:
June 3,
.
;YYY
GOLD
.
The amount of gold held in the Issue Department of the Bank of England
during the month of May, 1941, was unaltered at £241,575.
The Bank of England's buying price for gold remained unchanged at
168s. per fine ounce, at which figure the above amount was calculated.
The Transvaal gold output for April, 1941, was 1,166,456 fine ounces
as compared with 1,199,476 fine ounces for March, 1941, and 1,170,763 fine
ounces for Aprii, 1940.
silver
yy^y
price remained exchanged.at 23 Hd. for both deliveries until May 13
when, in addition to production offerings, there was some carrying forward
The
the cash price was lowered
of bull contracts; in the absence of demand,
l-16d. to 23 7-16d. and with the two months' quotation remaining un¬
altered at 23Hd. spot was quoted at a discount for the first time since
Dec. 3, last.
The cash quotation drew level at 23 Hd. on May 14 and there¬
prices varied between 23 Hd. and 23 7-lod. until the 23d when,
mainly owing to Indian reselling, there was a decline to 23 Hd. for both
deliveries.
There was no change until the 29th when there was an upward
reaction to 23 7-16d., which figure was maintained on the last day of the
after
month.
Demand for trade purposes was less sustained during the month and
market enquiry was generally met without recourse to Indian Government
silver;
Y-
'
.'"Y.Y
YyyYYY
\
:Y.
Quotations during May, 1941, in London (bar silver per ounce standard
2 Mos.
23 Hd.
Cash
May
1
May
May
May
May
May
May
May
May
May
May
2
23Hd.
23Hd.
23 Hd.
23 Hd.
5- ——23Hd.
6
.23 Hd.
7
23 Hd.
23 Hd.
23 Hd.
23 Hd.
23 Hd.
23Hd.
23Hd.
8
9
23 Hd.
23 Hd.
12...—- 23 Hd
1323 7-16d.
14-.--.23Hd.
23 Hd.
2 Mos.
Cash
May
May
May
May
May
May
May
May
May
May
May
16
23 Hd.
1923 7-16d.
20
23Hd.
16d.
21
23 7-16
22
.23 7-16d.
23.
23 Hd.
26
23 Hd.
27
.23 Hd.
28--.--23Hd.
29--.-23 7-16d.
30----23 7-16d.
23
23
23
23
23
23
7-16d.
7-16d.
7-16d.
7-16d.
7-16d.
Hd.
23Hd.
23 Hd.
23 Hd.
23 7-16d.
23 7-16d.
23 Hd.
23 7-16d.
Average—Cash delivery, 23.4574d.; two months' delivery, 23.4574d.
15
In New York
(per ounce .999 fine)—U.
market price, 34H cents.
S. Treasury price, 35 cents;
The official dollar rates fixed by the Bank
were as
follows:
of England during May, 1941,
Buying, $4.03H: selling, $4.02H-
Peoria Water Works Co—
4% debentures
Prior lien 5s
—
First consolidated 4s
First consolidated 5s
First A refunding 5s
LONDON
STOCK
—
-
-
each day
Sat.,
Mon.,
June 23
Boots Pare Drugs
British Amer Tobacco.
33/9
83/3
Cons Goldfleldt of 8 A. "'1'
Courtaulds 8 A Co—
.
■
■ ■
■*'
De Beers-....——.
Electric A Musical Ind.
Ford Ltd............
Hudsons Bay
33/9
83 3
Wed.,
Thurs.,
June 25
June 26
Closed
Co......
33/9
83 3
33/9
83/9
Fri.
£61
£11
£11
£11
65/9
10/3
19/23/9
93/-
36/3
28/9
£6»i«
36/3
28/9
£6H
65/6
10/3
19/3
65/6
23/9
10/3
19/-
37/6
29/6
£6H
65/9
10/3
19/23/9
93/9
37/30/£6H
66/3
10/6
19/23/9
Rand Mines.————
73/9
£6H
73/9
£6H
£6H
73/9
£8H
£6 H
Rio Unto........
£6
£6
£6
£6
£6
Rolls Royoe
..
Vlexers..
West
*
71,3
43/9
24/3
15/9
93/9
71/3
43/3
24/3
15/9
73/9
72/6
43/24/6
15/9
£13 H
72/6
43/24/6
15/9
93/9
£13 H
74/3
72/6
44/3
24/6
15/9
Wltwaterarand
Areas.......
Price per £100 par value.
3513
1930
1586
3986
3986
3827
3827
3665
3359
3359
3665
3666
3666
276
.
3516
3516
288
Announcements this week
NATIONAL
BANKS
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
COMMON CAPITAL STOCK INCREASED
Amt. of Inc.
June 14—City National Bank in Wichita Falls, Wichita Falls, Texas,
From 8600,000 to 8650,000
-.850,000
June
16—The Oneida
N. Y.
Valley National Bank of Oneida, Oneida,
From $200,000 to 8250,000—
——
— —
June 18—The National Bank in Wahpeton,
From $25,000 to 845,000--.-19—The National Bank in Wahpeton,
50,000
Wahpeton, N. Dak.
Wahpeton, N. Dak.
$50,000.
—
—
-
— — -
—
20,000
5,000
BRANCH AUTHORIZED
Tenn.
Location of branch:
270 North Cleveland St., Memphis, Tenn.
Certi¬
ficate No. 1526A.
ENGLISH
FINANCIAL MARKET—PER
CABLE
£11
36/3
28/9
23/9
93/9
£13H
Shell Transport.......
United Molasses—...
4137
3037
The
£61
£13 H
♦London Mid By—
Metal Box...........
3981
3983
4137
33/6
83/9
£61
£13 H
Imp Tob A G B A I...
3355
4135
-
June:
£61H
£6H
Distillers Co..........
3355
-
—
♦
Memphis,
Tues.,
June 24
£11
Central Mln A Invest..
3355
3355
1
June 20—Union Planters National Bank A Trust Co. of Memphis,
£62
(ord)
1
-
received by cable
of the past week:
June 21
♦Cable & W
as
3355
1
-
From 845,000 to
Quotations of representative stocks
1
July 22
♦Philadelphia Electric Power Co. 1st mtge. 5Hs
Aug.
1
Poll-New England Theatres, Inc., 1st mtge. bonds
July 17
Republic Steel Corp. 4H% bonds
Aug.
1
♦St. Joseph Ry., Light, Heat & Power Co. 4H % bonds-—Aug.
1
♦San Angeio Telephone Co. 1st mtge. bonds
-Aug.
1
Santa Barbara Telephone Co. 1st mtge. bonds
July
1
Scovill Mfg. Co. 3H% debentures
July
1
Sevilla-Baltlinore Hotel Corp. 1st mtge. bonds
June 30
Southeastern Power A Light Co.—See Commonwealth A
Southern Corp.
Southern Kraft Corp. 4H% bonds—
/July 3
(July 12
Southern Natural Gas Co. 1st mtge. 4Hs
July 11
Adjustment mtge. bonds
Oct.
1
Southwestern Public Service Co., 1st mtge. 6s
-July
1
Square D Co. 5% preferred stock
June 30
(A. E.) Staley Manufacturing Co. 7% pref. stock ------July
1
Thompson Products, Inc., prio preferred stockJune 30
Union Electric Co. of Missouri 1st mtge. 3H«
July
1
3% notes
July
1
Unified Debenture Corp. debentures—
---July
1
Virginia Coal & Iron Co. 5% bonds
July
1
Virginian Corp. 5% notes
July
3
Williamsport Water Co. 5% bonds
Aug.
1
June
EXCHANGE
-Nov.
Nov.
Nov.
Nov.
—
-
THE
3484
1591
4115
4116
4116
3489
4117
4117
4118
3493
3493
3645
2234
3019
3965
3966
3966
July 10
--Aug. 11
-
Counter-entry (deduct).
THE
refunding
6%
1
1
1
1
1
1
1
1
1
1
30
10
July
July
July
July
July
Aug.
July
.
Mortgage Company, Disaster Loan
Corporation, Federal National Mortgage Association, Metals Reserve Company,
Rubber Reserve Company, Defense Plant Corporation,
and
Defense Supplies
Corporation.'
....
—
5% preferred stock--
......
1 Includes transactions on account of RFC
stock
♦Driver-Harris Co. 7% preferred stock
East Tennessee Light & Power Co. 5% bonds
,
11
5
July
♦Bryant Paper Co. series B bonds
♦Chesapeake & Ohio By. 3H% bonds
Chicago & Illinois Western BR. 6% bonds
Cincinnati Newport & Covington Icy. 1st mtge. bonds
Cincinnati Newport & Covington Ry., 6 % bonds
Cincinnati Union Terminal Co. 5% preferred stock—
Connecticut Railway & Lighting Co. 4H% bonds
Consolidated Aircraft Corp. $3 pref. stock
Dennison Mfg. Co. debenture stock
♦Great Consol. Elec. Power Co., Ltd., 1st mtge. bonds
321,150
1
♦Anaconda Copper Mining Co. 4H% debentures
Aug.
♦Associated Chain Store Realty Co. 1st mtge. 5H% bonds July
♦Bates Valve Bag Corp. 6% bonds—.
—Aug.
Bethlehem Steel Corp. 20-year bonds
July
♦Blaw-Knox Co. 1st mtge. bonds.
Aug.
Preferred
Page
Date
Company and Issue—
;
Additional expenditures are indluded in "Departmental" above,
e
a
Below will be found a list of corporate bonds, notes, and
preferred stocks called for redemption, including those called
under sinking fund provisions.
The date indicates the re¬
demption or last date for making tenders, and the page
number gives the location in which the details were give in
and survivors insurance trust fund below,
age
of
FUND
SINKING
AND
NOTICES
a
The
as
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
June 21
Silver, per oz- Closed
Gold, p. line oz.
168s.
Consols, 2H%. Closed
British 3H%
£47u
£4H
£4»i»
£4H
Thurs.,
Wed.,
June 26
June 25
23 7-16d.
168s.
£80H
168s.
£80H
Closed
£104
£113H
Fri..
June 27
23Hd.
168s.
£81H
£104 5-16
£104 H
£113H
£103 15-16 £194 H
£113H
23Hd.
168s.
£80H
£113H
4%
1960-90
£H3 K
The
price of silver per ounce (in cents)
States on the same days has been:
BarN. Y.
£4H
Tues.,
June 24
23 7-16d.
168s.
£80H
Closed
War Loan
British
Mon.,
June 23
23 7-16d.
(for.) 34H
34H
34H
34H
71.11
71.11
71.11
in the United
34H
34H
71.11
7111
U. S. Treasury
(newly mined)
71.11
_
Volume
SALES
AUCTION
The following securities were
of the current week:
sold at auction on Wednesday
Stocks
2
National
Bank,
1 Boston Athenaeum,
par
Boston,
J300
par
$12H—
—
June
July
Aug.
July
June 30
$3H
$1H
25c
June
June
25c
July
June 30
50c
June
June 30
June
June 23
mii
Aug.
July
July
July
$1%
June
June 20
75c
July
July
June
20
June
25
June
June 20
June
June
20
July
July
July
7
7
10
June
25
50c
Aug.
Aug.
July
July
July
July
$2H
June
June
20
$3H
June
June
28
$3 June
(Carlisle, Pa.) (s.-a.)
35c
July
Federated Department Stores common (quar.)_$1.06% July
4 H % conv. preferred (quar.)
June
24
Ferro Enamel Corp
Fibreboard Products, 6% prior
Percent
Bonds—
6%
A..2%
22%
Hartford RR. 3%s, April, 1954._..„..23
1992
$128,000 New York Ontario & Western Ry. 4s, June
$71,000 Chicago Milw. St. Paul & Pacific RR. Co. 5s, Jan.. 2,000, ser.
$10,000 New York New Haven & Hartford RR. 3%s, March, 1947
$10,000 New York New Haven &
June
Farmers Trust Co.
13%
$12 lot
--$1 lot
$100
flat
flat
flat
flat
July 21
July 21
Sept.
5
July 16
Detroit Steel Products Co
—:
$6 preferred (quar.)
Electric Household Utilities Corp.
Emerson Drug Co., class
Class B (quar.)
8%
50c
25c
(quar.)
25c
Extra
15c
20c
-
20c
(irreg.)
Allegheny Valley Bank (Pittsburgh; (s.-a.)
Allentown National Bank (Pa.) (s.-a.)
American Aggregates Corp. 5% pref. (quar.)—
Alberene Stone Corp. of Virgina
American Can Co. (quar.)
Amer. Fidelity & Cas. Co.,
American Fork & Hoe Co.
July
July
July
15
5
5
June
28
pref. (quar.)
Filing Equipment Bureau, Inc. ,4% pref
June
20
Filtrol
July
10
Firemen's
June
26
(interim)
Associated Dry Goods Corp., 7% 2d pref
6% 1st preferred (quar.)
Associated Real Estate Corp., 6% pref
Atchison Topeka & Santa Fe Ry. Co. (irreg.)-Athol Mfg. Co. common (irreg.)
Atlas Acceptance Corp., 5% pref. (quar.)..—
Athol Mfg. Co. 7% preferred (s.-a.)..
Attleboro Gas Light Corp. (quar.)
—
Autoline Oil Co., 8% pref. (quar.)
Automobile Banking Corp. (Phila.)—
Common (quar.)
Class A (quar.)
$1.50 common pref. (quar.)
(annual)
3% non-cumulative pref. (annual)
Bros. Co. 6% con. pref. (quar.)
--
Bar tigs
(.irreg.)
Ltd., cl. A (interim)
(quar.)
—
June
Aug.
July
24
$1H
Oct.
Sept. 20
July
July
Aug.
Sept.
July
June 30
75c
July
June
30
40c
June 30 June
23
June
27
3 June
23
June
June
June
June 25
June
June
July
$1
50c
June
11
June 23
t$3%
-
-
5
July 14*
Aug. 27
July
3
July
$1
26
8
15
15
June 25
10c
10c
37 He
30c
37 He
t5c
12 5c
12HC
31
June
20
June
July
July
July
June
20
20
General Cable Corp., 7% preferred
General Discount Corp., 7% preferred
General Instrument Corp
June
16
General Investors Trust
July
July
July
June 24
24
Grey & Bruce Trust &
15
June 25
July
15
June 30 June 30
tl5c
35c
25c
20c
t$2
15 July
5
June 30 June
20
1 July
Aug.
1 July
Aug.
July 25 July
1 July
Aug.
Aug. 15 Aug.
1 June
July
15
July
1
15 July
7
June 30 June
Business
June 30 June
25
June 30 June
25
00
_
(quar.)_
t$l
Systems, Ltd., common (increased)-tl5c
6% non-cum. preference B (quar.)
tllH
California-Oregon Power Co., 7% pref
t$l H
6% preferred
—
tHH
6% preferred (1927 series)
25c
Campbell, Wyanb & Cannon Foundry Co
Canadian Bank of Commerce (Toronto) (qu.)__
t$2
Canadian
Fairbanks-Morse
Co.,
Ltd.*
6%
t$lH
preferred (quar.)
I12Hc
Canadian General Investments, Ltd. (quar.)
tl2Hc
Canadian Oil Cos., Ltd. (quar.)
Extra
*12%c
Canadian Tube & Steel Products, Ltd.—
—
15 June
15 June 30
July
July 15 June 30
7
July 25 July
1 June 30
Aug.
15
15
15
15
June 30
June 30
Aug.
Aug.
1
1
15 July
8
July
July
4
4
June
June 24
June
June
19
July
July
Aug.
Aug.
July
10
t$i
68
(quar.)
Canton Co. of Baltimore (irreg.)
%4
$1H
$1H
I2H
(irreg.)
Ry. Co. (quar.)
..
25c
91X
(quar.)
June 21
June
21
June 23
July
July
25
25
Central States Electric Cp.—
f0
;
tO
t0
June 30 June
16
June 30 June
16
+37 He
09375c
June 30 June
16
June 30 June
16
09375c
June 30 June
16
July
25 July
10
(Savannah) (s-a)&
Savings
July
$1H
(Pasadena) (quar.)
$1
t$7
$1H
Extra
25c
(quar.)
$1
$1
Colonial Trust Co. (Pittsburgh) (quar.)
Columbia Mills, Inc. (irreg.)
—
Common (resumed)
Commercial Alcohols, Ltd., 8% pref. (quar.)__
11*
$2
Aug.
17
15 June 30
Bank
Clmchfield Coal Corp., 7% pref
Clinton Water Works, 7% pref (quar.)
Columbus Foods Corp., pref. (quar.)
20
1 July
June 30 June
37 He
70c
Chemical Fund, Inc
Citizens Commercial
Trust
June 30 June
8c
pref. (qu.)
Chatham Savings & Loan Co.
Cohen (Dan) & Co.
+43 %c
10937c
25c
;
Chain Store Prod. Corp. $1.50 conv.
Chase National Bank (N. Y.) (s.-a.)
-
43 He
50c
tlOc
July
July
July
July
July
July
July
Conn
27
1 June 27
1 July
1 July
Aug.
July 15 July
Aug.
1
1
1 June 23
1 June
75c
$1
15c
t5c
50c
21
21
1
87 He
20c
$1H
30c
50c
91X
45c
20c
5c
f37 He
—
»*•«*
«•
Keystone Watch Case
King Oil Co (quar.)
Corp. (irreg.)
—
Knapp-Monarch Co., $2.70 pref. (quar.)__
$2.50 preferred (quar.).
Krueger (G.) Brewing Co
Laclede Steel Co. (irreg.)
Lafayette Fire Ins. Co. (New Orleans) (s-a.)--Lancaster County Nat'l Bank (Pa.), com. (s.-a
Preferred (semi-annual)
Landers Frary <fe Clark (quar.)
.
Lane Bryant, Inc., 7% prer. (quar.)
Lane Co., Inc—
— -----
Navigation Co. (interim)
Lenox Water Co. (quar.)-.- —
Lincoln Bank & Trust Co. (La.)
Extra.
15
Aug.
Aug.
Aug.
July
July
July
15
June
June
20
20
June
26
July
15
15
15
15
15
10
Aug.
4
July 25
July 25
June
30
June
30
June 30 June
25
June 30 June
26
July
1 June
Sept. 30 Sept.
Aug. 30 Aug.
Aug.
1 July
Sept. 2 Aug.
July
July
July
July
July
July
15 July
June
July
July
July
July
June 30 June
July
15 July
24
12
12
12
13
7
30
10
5
5
10
25
1
June 30 June
19
June 30 June
19
July 21 June 30
July 21 June 30
July 21 June 30
July
1 June 25
(quar.)
June
20
20
June
30
June
26
June
;i
July
July
July
July
July
July
10c
June
June 25
$2H
July
July
1*
12
June
20
June
20
12Hc
July
Aug.
July
July
July
July
9
50c
June
June
24
$1H
July
June
19
26
26
$1
*•
July
June 23
15c
+75c
t$lH
Founders' shares
Lehigh Coal &
1
1
Aug.
23
81 He
Non-voting common
7 % preferred
------------Johnson. Stephens & Shinkle Shoe Co. (irreg.)__
Joplin Water Works Co., 6% pref. (quar.)_
Julian & Kokenge Co. (s.-a.)
CO
15
5 June 21
27 June 21
Bros.—
K3lWI166r
10
7
$1%
Lee Tire & Rubber Corp
1
15 July
15 July
Jenkins
July
23
>c
preferred B
6% preferred C
Jeanette Glass Co., 7% preferred
10c
1
17 July
25 July 10
15 June 27
June 27 June
—
6H %
B
21 June 30
June 27 June
$1H
7% preferred A——— --'
July
July
July
July
20
July
Aug.
July
July
July
Aug.
7Hc
July
27
20
1 June
25c
Interstate Home
m
1 July
Aug.
50c
Hygrade Sulvania Corp., 4H% conv. pref. (qu.)
IXL Mining Co. (block shares) (quar.)__
Idaho Maryland Mines Corp. (monthly) —
International Bronze Powders, Ltd., com. (qu.)_
6% preferred (quar.)
International Silver Co. (resumed)
—
Equipment Co., Inc
Investors
Mortgage
Co.
(Bridgeport,
Common (quar.)
7% preferred (quar.)
Iowa Electric Light & Power Co.—
Sept. 30
20c
15c
International Vitamin Corp
July
July
Aug.
Aug.
68 %c
—
t$lH
Cannon Shoe Co., com
Case, Lockwood & Brainard Co. (quar.)Celotex Corp. common (quar.)
July
(irreg.)
(N. Y.) common (quar.)
5% preferred (quar.)
-
1
June
$1H
(Quarterly)
Hook Drugs, Inc (quar.) —
Hooker Electrochemical Co., 6% pref. (quar.)-Horn & Hardart Co.
30
July
68 He
60<
pref. (quar.)
Conn.) (s.-a)-Telephone & Telegraph (Ft. Wayne, Ind.)
Common
1 June
IX
Home National Bank (Meridan,
Home
30
June 30 June
Extra
10
18
9 June
t$l
v
15
15
June
1
25c
40c
Hershey Chocolate Corp. common (quar.)
$4 conv. pref. (quar.)
Hollinger Consol. Gold Mines, Ltd. (monthly.)
25
June 30 June 25
July
$1H
Haughton Elevator Co. $6 prior pref. (quar.)-Haverhill Gas Light Co. (quar.)
Hecker Products Corp. (quar.)
Hendey Machine Co. $2 class A (quar.)
Class B (irreg.)
—
Hercules Powder Co. 6% pref. (quar.)
15
1 June 25
'1
$1
Savings Co. (Owen Sound,
Hartford Times, Inc., 5H%
Harvard Trust Co. (quar.)
June 30 June 20
6c
25c
18
1 June
June 30 June
July
July
Aug.
July
July
July
—
27
18 June
July 21 July
7
1 July 21
Aug.
July 15 June 30
June 30 June 21
25c
(Boston) (benef int.)
(quarJ
(Conn.)
$2H
$1%
87 He
15c
(Ontario)—Common (semi-annual)
Harris-Seybold-Potter Co. common (initial).—
$5 preferred (quar.)
Hartford Electric Light Co
Hartford Steam Boiler Inspection & Ins. Co.
June 30 June 20
July
July
Aug.
(quar.)__
Giddings & Lewis Machine Tool
Gimbel Bros., Inc., $6 pref. (quar.)t—
Gladding, McBean & Co. (resumed)
1 June 24
July 31 July 15
3 June 26
July
3 June 26
July
July 25 July 15
July 25 July 15
1 June
Sept.
July 21 July
—
General Mills, Inc. (quar.)
1 June 24
1 June
$4
vs.-a.)
July
5% preferred (s.-a.)
25c
75c
Sept.
July
July
July
July
July
Oct.
$1 %
(quar.)
$3 convertible preferred (quar.)
Gardner Electric Light Co., common
July
20c
$1%
(quar.)
(Quarterly)
Gardner-Denver Co., common
Buffalo Insurance Co.
7% preferred (accum.)
;
Canadian Wallpaper Manufacturers, Ltd.—
Class A
10c
June
30c
Brink's, Inc. (quar.)
75c
$1H
Fuller Mfg. Co. (Kalamazoo, Mich.)
Fulton National Bank (Atlanta, Ga.)
25
June 30 June 20
$1 %
tic
Frick Co., 6% pref. (quar.)
Common (resumed)
25
July
Aug.
Aug.
Aug.
Sept.
50c
5
July
July
July
$5
Four Star Petroleum, Ltd
July
Sept.
July
68Hc
$3H
(irreg.)
Chain Belt Co
24
June
50c
($100 par)
($25 par)
($100 par)
($25 par)
($25 par)
20
June 20
June
70c
(Washington, D. C.) common (s.-a.)
First National Bank (Glen Cove,
20
June 30 June 24
A
A
6% preferred B
6% preferred B
6% preferred C
June
July
July
91X
$7 preferred (quar.)
Bloomingdale Bros., Inc
Boston Edison Co. (quar.)..
Bourjois, Inc., $2.75 pref. (quar.)
Brandon Corp. 7% preferred (s.-a.)
preferred
15c
Georgetown
50c
43 He
Beatty Bros., Ltd., 6% 1st preferred (quar.) —
Bell Telephone of Pa. (quar.)
Biltmore Hats. Ltd. (quar.)
Birmingham Fire Ins. Co. (Ala.) (quar.)
7 % preferred
7 % preferred
Sept.
Aug.
July
July
25c
,35c
Inc., com. (resumed)
7% preferred (quar.)
5%
June 25
N. Y.)
—
First National Bank (Hartford) (quar.)
—
First National Bank (Mobile) (quar.)_First Nat. Bank (Northampton, Mass.) (s.-a.)
First Nat. Bank (Princeton, N. J.) (s.-a.)
-First Nat. Bank (Yonkers, N. Y.) (s.-a.)
First State Pawners Society (Chicago) (quar.)__
12 He
30c
Extra
Carolina Clinchfiled & Ohio
June 25
Firestone Tire & Rubber Co
12Hc
Backstay Welt Co. (quar.)
Carborundum Co.
12
1
16
50c
Babcock & Wilcox Co
5H % preferred
4
$1%
50c
Armstrong Cork Co.
Class
24
June 30
12Hc
Arcade Cotton Mills Co
——
July
3
3
19
25
20c
Anaconda Wire & Cable Co
A-_
July
July
June
75c
Class
&
Wash.
June 25
June
30c
7c
Brewster Aeronautical Corp.
25c
$1H
tSlH
Company
of
25
June 25
(Pough-
July
July
July
July
July
July
July
$ih
(bi-monthly)
American Securities Shs. (St. L.) (irreg.)
American Stamping Co. common
7% preferred (quar.)
Birtman Electric Co., com.
—
June
July
American News Co.
Beacon Associates,
30c
5
July
June
American Meter Co
Common
30c
A (quar.)
24
June 30
$1
15c
Inc. (Richmond) (qu)
6% pref. (quar.).
Bathurst Pow. & Paper Co.,
Baldwin Rubber Co
15c
--
—
Co.
$1
$1
July
25c
$1%
$3 H
American Home Products Corp
Baker Hotel of Dallas, Inc., com.
(increased)
preferred (quar.)
Ins.
50c
$1%
$1H
keepsie, N. Y.)
Payable of Record
Share
of Company
Holders
When
.
•
(quar.)
Electric Bond & Share Co. $5 pref.
Essex Trust Co. (Lynn, Mass.) (quar.)
Fallkill National Bank & Trust Co.
Per
— -
Extra
The dividends announced this week are:
Akron Brass Mfg. Co. (irreg.)
Alabama Fuel & Iron Co
—.
Ltd.—
preferred (quar.)
DwightMfg. Co. (irreg.).
1
Earley & Daniel Co., 7% pref. (quar.)
E as ton National Bank (Md.) (s.-a.)
East Scranton State Bank (Pa.) (s.-a.)
Eastern Magnesia Talc Co., Inc. (quar.)
are
Abraham & Straus, Inc
Air Reduction Co., Inc.
30c
5H%
bring
Name
75c
Dixon (Joseph) Crucible Co
Dominion Tar & Chemical Co.,
grouped in two separate tables.
In the
together all the dividends announced the
current week.
Then we follow with a second table in which
we show the
dividends previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
we
+$lH
(quar.)
Diamond State Telephone Co.
Dividends
$l H
$1H
-
DIVIDENDS
first
10c
7% preferred (quar.)
6% preferred class A (quar.)
Consolidated Machine Tool Corp. $6 1st pref__
Corn Products Refining Co., common (quar.)__
7% preferred (quar.)
Cranberry Corp. (irreg.)--Creamery Package Mfg. Co. (quar.)
Crowen-Collier Publishing Co. 7% pref. (s.-a.)_Delaware Trust Co. (Wilmington) (quar.)
Detroit Harvester Co. (quar.)
— --
---200
,
pref., par $100; 125 common
5 Boston Chamber of Commerce Realty Trust 2d preferred, par
250 Gardner Hotel Co.
40c
(quar.)
Conn (C. G.), Ltd., common
$ rer Store
—22% ex-div
_
1 unit Washington Ry. & Electric
June 21
Coniagas Mines, Ltd. (interim)
Consolidated Car Heating Co., Inc. (irreg.)
,
Shawmut
July
Aug.
July
July
July
July
July
July
July
$l
J5c
(quar.)_
Commonwealth Trust Co. (Pittsburgh)
By R. L.'Day & Co., Boston:
Stores
4069
Financial Chronicle
The Commercial &
152
25c
$1%
30c
15c
67 He
62 He
July
July
1
1
Aug.
Aug.
July
July
June
June 20
July
15
June
25
July
July
25
25c
Aug.
July
Aug.
July
$1%
$1H
Julyj
July
June 23
$2
$1%
3im
25c
75c
June
5
25
8
$1
July
July
50c
July
July
July
July
10 June 30
10 June 30
10 June 30
10 June 30
_
Lincoln Telephone &
Class A (quar.)
Class B
Telegraph Co. (Del.)—
(quar.)
(extra)
5% preferred (quar.).
Class B
25c
25c
91X
The Commercial <$ Financial Chronicle
4070
Holders
When
Payable of Record
Per
Name of Company
Share
Liberty National (Wash., D. C.) (s.-a.)
S3
__
Lord & Taylor 8% second preferred (quar.)
Link-Belt Co. common (quar.) (increased)
>
52
50c
6M % preferred (quar.)
%W%
ij
Ludlow Typograph Co. SO preference (quar.)
Lux Clock Manufacturing Co
—
_
$1M
20c
_
July 15 July
Aug.
1 July
Sept. 2 Aug.
Oct.
1 Sept.
July
1 June
July
1 June
8
17
8
15
21
—
.
_
—
_
——
__
.
_——
...
Semi-annual
J.¬
20
Royal Typewriter Co..
7% preferred (quar.)
June
June 20
Dec.
20c
Aug.
Aug.
Sept.
Aug.
July
July
Aug.
17
1 July
—
18
18
7
25 June 27
July
July
July
Aug.
ilm-
June 25
July
1
July
7
July
11
30
*43c
July
June
July
July
June 30
July
Aug.
July
Aug.
July
July
20
June
30
July
15
July
June
18
July
July
July
June 25
June 23
Munising Paper Co., 5% 1st pref
tSl
Mutual Investment Fund, Inc
Narrangansett Elec. Co. 4M % preferred (quar.)
National Bank of Boyertown (s.-a.)
10c
"Jfe
Nat. Bank of Commerce (Norfolk, Va.) (s.-a.)._
National Bk. of Commerce (Portland, Me.) (s-a)
25c
...
53
(s.-a.)
25c
Nat. Bk. of Germantoyvn & Tr. Co.
(Phila.) (s-a)
National Bank of Pottstown (Pa.) (s.-a.)
Extra...
SIM
Nat. Bank of Washington (D. C.) (s.-a.)_
National Biscuit Co., common..,
...
7% preferred (quar.)
National Capital Bank (Wash., D. C.)
(s.-a.)..
National Central Bank of Baltimore
(s.-a.)
National Distillers Products Corp. (quar.).
Nat. Exchange Bank (Wheeling, W. Va.)
(qu.)_
National Folding Box, common
30
June 30 June 16
June 30 June
July
SIM
$3M
50c
SI
25c
__
Common
50c
.....
Nationa* Gas & Electric Corp. (irreg.).
National Ironworks, Inc. (quar.
Extra.
15c
16
1 June 25
Oct.
June
1 July
1 June
June
2 May
July
1 June
July 25 July
30
20
15*
24
25
24
10
25
N. Y. & Richmond Gas Co. 6% pr.
pref.
July
July
July
*13c
SIM
$2
(qu.)__
.........
5% 1st preferred (quar.)
5% 2nd preferred A (quar.)
5% 2nd preferred B (quar.)
Norfolk & Western Ry. Co., com.
(quar.)
Adj. preferred (quar.).........
Northeast Nat. Bank (Phila.) (s.-a.)
North Penn Gas Co. $7 prior preferred
(quar.)..
SIM
SIM
SIM
S2M
......
—
June 30 June 25
July
1 June 30
$1
—
SIM
SIM
Northern Indiana Public Service Co.—
1 June 30
14
10
June 30
July
1
July
July
June
July
7
June
30
June 14
June
24
15 June 30
1 June 25
June 30 June 30
Aug.
1 July 15
Aug.
1 July 15
Aug.
1 Juiy 15
Sept. 19 Aug. 30
Aug. 19 July 31
July
2 June 19
July 15 July
1
tSIM
tSIM
.....
tSl M
$3
.......
Northern Nat. Bank (Duluth)
(s.-a.)___
Northern States Power Co. (Del.), 7%
pref
6% preferred
Northwest Engineering Co
...
tSIM
tSIM
...
50c
Northwestern Nat. Ins. Co.
(Milwaukee) (quar.)
M
.........
3
3
3
July
July
July
July
July
July
July
July
July
Aug.
June 30
June
June
June
7%, 2d preferred (quar.)
I
8% 1st preferred (quar.)
Ohio Rubber Co. (irreg.)
Oilstocks, Ltd. (s.-a.)
Oliver United Filters, Inc., class A
(quar.)
Orchard Farm Pie Co., $5 cl. A partic.
pref.(qu.)
Pacific Gas & Electric Co. (quar.)
Pacific Greyhound Lines, $3.50 conv. pf.
......
(qu.)I
(irreg.)
_
(irreg.)..
preferred (initial)
Paterson & Hudson River RR. Co.
(s.-a.)
Penmans, Ltd., common (quar.).—
6% preferred (quar.)..
Penn Investment Co. (Phila.)—$4 non-cum. conv. pref. (initial)
Peoples Nat. Bank (Lebanon, Pa.) (s.-a.)
Peoples Savs. Bk. (Cedar Rapids, Iowa) (s.-a.)_.
Perry-Fay Co. (irreg.)
Philadelphia & Trenton RR. (quar.)
Philadelphia Electric Co., com men
$5 preferred (quar.).
Philadelphia Electric Power 8% pref. (quar.)...
Pick (Albert) Co. common
(irreg.)
$1 preferred (s.-a.)
July
July
July
July
June 20
June
5
20
June 20
.
June
June 20
July
Aug.
July
5
18
"SIM
July
June
19
July
July
June 30
20c
50c
87 Mc
75c
25c
10c
2Mc
SIM
*75c
tSIM
July
June
June 20
June 20
June
June
17
July
July
June
20
July
July
5
Aug.
5
July 21
Aug.
Aug.
June 20
40c
July
July
15
SIM
July
July
June
30
60c
June
35c
June
30
June 25
1
S2M
July
35c
SIM
Aug.
Aug.
50c
15c
July
Sept. 10
July 10
Oct.
July
July
July
10
10
July
June
25
June
June
16
July
July
25
SIM
July
July
June
Plymouth Cordage Co. (quar.)..
Provident Savings Bk. & Tr. Co.
(Cinn.) (qu.)_
June
30
25c
July
5c
June 25
June 25
50c
50c
5
Extra
Public Service Corp. (N. J.) 6% pref.
(monthly)
50c
Puget Sound Pulp & Timber Co., 6% pf. (quar.)
30c
July
Aug.
July
20c
July
19 June 30
20c
July
19 June 30
20c
July
19 June
Railroad Employees Corp.—
Class A
;
—III
Ralston Steel Car Co. 5% preferred
(quar.)
Reading Co.—
SIM
25c
Jtily
15
June 25
June 30 June
30
20
50c
Aug. 14 July 17
Sept. 11 Aug. 21
Oct.
9 Sept. 18
15c
July
10 June 28
20c
...
4% non-cum. 1st preferred (quar.)
2nd preferred (quar.)..
Reda Pump Co
Reliance Steel Corp.—
Richmond Ftedericksburg & Potomac RR.
Super-Corp. of America—
Trust shares, series C
Trust shares, series D
Symington-Gould Corp
Taunton Gas Light Co. (quar.)...
Taylorcraft Aviation Corp., $0.50 conv. pf. (s-a)
...
...
Taylor Milling Corp. (irreg.)
July
10 June 30
50c
com.
S3
June 28 June
20
June 30 June
July
15
Sept. 10
July
1
July
1
June 30
15
June 30
Aug. 11
June 25
June 23
June
19
July
8 June
July
5 Tune
July 10 July
July
1 June
July
1 June
July 21 July
July
1 June
June
24
25
1
24
24
8
23
5
16 June
1 June 30
June 30 June 24
June 30 June 24
July
June 25 June 20
1 June 20
15 July
1
July
July
June
$1
tSIM
37 Mc
37Mc
$1
$1
$1 M
$1M
$1M
50c
75c
$3
15c
*75c
*75c
50c
foOc
27 June
23
19
June 30 June 24
July
July
July
July
July
1
June
20
15 June 30
15 June 30
1
1
July
1 June
July
1 June
July
1 June
July
1 June
July 30 Tune
July 23 July
July
1 June
July
20
20
20
24
30
16
25
June 21
1
Jtme 30
Aug.
Aug.
July
July
Aug."
1
10
7
1
1
2
1
7
1
25c
SIM
15c
June 30
15c
June 30
25c
July
July
July
July
July
$1
25c
50c
Telluride Power Co., 7% preferred
(quar.)
Terre Haute Malleable & Mfg.
___.
$1 M
15
1 June
1
10
1
10c
Corp
Thatcher Manufacturing Co. $3.60 pref. (quar.)
Tivoli Brewing Co.
(quar.)
June 30
90c
Aug. 15
July 10
16
5c
31
1
Docks, Inc., class A pref.
(Quarterly)
Class B preferred
(quar.)
Toklan Realty, class A (s.-a.)
—
Ol£t8S Ti
'y'''''
——
...
'
'
i:'."'.
Tompkins CountyW."cb^?fthaba^"N7Y.T(qu.")"
Torrington Electric Light Co
Torrington Manufacturing Co
Troy Sunshade Co. (quar.)... v
Truax-Traer Coal Co. 6% pref. (quar.)
5M% preferred (quar.)
...
37 Mc
37Mc
$3
Manufacturing Co. urreg.).
(s.-a.)
Union Public Service Co. (Minn.)—
7% preferred A (quar.)
7% preferred B (quar.)
$6 preferred C (quar.)
$6 preferred D (quar.).
Union Trust Co. (Springfield, Mass.) (quar.).
United Gas Improvement Co., common
$5 preferred (quar.)
United Shirt Distributors, Inc. (irreg.)
U. S. Industrial Alcohol Co. (quar.)
U. S. Potash Co. (irreg.)
U. S. Trust Co. (Boston) com. (s.-a.)
8% convertible preferred (s.-a.)..
Universal Consolidated Oil Co. (irregular)
Universal Pictures 1st preferred.
Upper Avenue National Bank (Chicago) (quar.).
Upressit Metal Cap Corp., 8% preferred
Utah Savings & Trust Co. (Salt Lake City) (qu.)
Vulcan Corp. $3 conv. prior preferred (quar.)..
$4.50 preferred.
Walker (H.) Gooderham & Worts, Ltd.—
Common (quarO
$1 preferred (quar,)....
Washington Gas Light Co. com. (quar.)
July
June
1
1
10
June 10
60c
July
July
July
July
Sept.
Sept.
July
Aug.
July
Aug.
Aug.
Sept.
July
62 Mc
50c
50c
SIM
SIM
$1M
SIM
*20c
50c
Union National Bank (Pittsburgh)
(quar.)
Union National Bank (Wilmington)
July
60c
25c
$4.50 pref. (Initial quarterly)
Union Gas Co. of Canada, Ltd. (quar.)
Union
2 June 21
1 June 19
1 July 18
15c
•
Johnson Dry
15 July
June 30 June 23
t$lM
Sun Oil Co., 4 M % pref. A
(initial quar.)_...._
Todd
July
July
July
Aug.
75c
Union Electric Co. of Missouri $5 pref.
(quar.).
15
16
June 25
50c
Common (quar.)
Extra
1
1
31
5
50c
*75c
_
July
July
June 25 May
June 30 Tune
July
7Mc
.
Standard Chemical Co., Ltd. (interim)
Standard Fire Insurance Co. of N. J. (Trenton)
June 27
50c
June 30
Pictorial Paper Package Corp
Piedmont & Northern Ry. Co.
(quar.)
Plume & Atwood Mfg. Co. (quar.)
$0.80 prefeired (quar.)..
6% convertible preferred (s.-a.)
Southern Berkshire Power & Electric Co. (quar.)
Southern Weaving Co. (irreg.)
$1
10c
50c
......
Class B
$1M
Udylite Corp..
Union Bag & Paper Corp
30
July
$2
$5
.....
Pan American Investment Fund, Inc.
Park Chemical Co., com.
(initial)
_____________
South Norwalk Trust Co. (Conn.) (quar.)
South Pittsburgh Water Co., 4M
% pref. (quar.)
Southeastern Telephone Co., common (s.-a.)
Springfield City Water Co.—
7% preferred A (quar.).
7 % preferred B (quar
•.).
6% preferred C (quar.)
Springfield 8afe Depos. & Tr. Co. (Mass.) (qu.)_
11
Aug.
5
Aug. 15
1 June 24
10 July
5
—
South Shore Trust Co. (Rockland
Co., N. Y.)__
Extra
15
15
July
July
...
South Bleachery & Print Works, Inc.
7% pref
Southern California Gas Co. 6% pref. (quar.)
Preferred A (quar.)
15
2
15
15
15
July
July
July
June 21
$1M
$1
Shell Union Oil Corp. (irreg.).....
40c
Shippers Car Line Corp. 5% preferred (quar.)...
$1M
Signal Royalties Co., class A (quar.)
25c
Simmons Nat. Bank (Pine Bluff, Ark.) (s.-a.)
8c
Sioux City Stock Yards Co., common (quar.)
37Mc
$1.50 participating preferred (quar.)
37Mc
Sloan & Zook Co..
A 25c
—-
1
1
1
1
1 June 24
50c
10c
—
Aug.
Aug.
Aug.
July
Aug.
Sept.
July
July
July
July
10c
Class B
Holders
Payable of Record
50c
t$l
5c
SIM
$1
75c
$1.80
Trusts & Guarantee Co. (Toronto)
tirreg.)
June
25c
...
Ohio Leather Co., common
50c
$1M
$1M
7Mc
50c
■
...
$1
t$lH
t$l
-
Stayton Oil Co. (quar.)
Steel Co. of Canada, Ltd., common
(quar.)
7% preferred (quar.)
Submarine Signal Co. (irreg.)
Suburban Electric Securities Co. $4, 2nd pref—
Summitt Trust Co. (quar.)
July
Aug.
July
$2
10c
New Brunswick Telephone Co., Ltd.
(quar.)
—
June 30
June
wfi
—
$7 participating preferred
Standard National Corp. 7% preferred.
Standard Screw Co., 6% preferred (s.-a.)
Mc
$10
SIM
National State Bank (Newark, N. J.) (s.-a.)
Nat. Whaling Bk. (New London,
Conn.) (s.-a.).
Naumkeag Steam Cotton Co. (irreg.).
conv.
15 Sept. 16
Aug. 30 Aug. 15
lMc
...
No-Sag Spring Co. (irreg.)
Oahu Sugar Co., Ltd.
(monthly)
June 23
50c
....
9
June
July
$3
40c
__
New York Telephone Co.
(quar,)
Niagara Hudson Power Corp.—
June 30
$1 M
24c
::
(quar.)
Selby Shoe Co. (final)
Shakespeare Co. (.stock)
Shaler Co., class A (quar.)
1 July
1 July
*lc
S2M
75c
Second National Bank of Wash., D. C. (s.-a.)
Securities Invest. Co. of St. Louis, com. tquar.).
1 June 28
1 June 28
37 Mc
62 Mc
—
Sears Roebuck & Co. (quar.)
Second National Bank (Boston)
preferred (quar.)..
Security Storage Co. (quar.)
Security Title Building, Inc.—
June 30
SIM
_
Royalty Income Shares, series A
St. Croix Paper Co. (quar.)
St. John Dry Dock & Shipbuilding Co., Ltd.
5M% pref. (quar.)...
St. Joseph Stock Yards Co..
St. Louis County Water Co., $6 pref. (quar.).—
San Antonio P. S. Co. 6% preferred (series 1939)
San Diego Gas & Electric Co. (monthly.
5%
$IM
*15c
—
—
15
1 July 18
2 Aug.
1
1 July 11
July
5c
5% preferred (quar.)..
conv.
June 30 June
15c
(irregular)-—
common
Second National Bank (New Haven) (quar.)...
S3 M
SIM
Mountain City Copper Co. (irreg.)
5%
20
10c
Mountain States Power Co..
Common
15 Tune 30
S3M
— —
7% preferred.
6% prefeired
5M% preferred.
Dec.
July
Aug.
July 14 July
1 June 16
July
July 15 Juiy
5
J une 30 June 30
S2M
...
...
6
52
(Bait.) (quar.)
Merchants Nat'l Bank (Shenandoah, Pa.) (s.-a.)
Mergenthaler Linotype Co
Mid-City Federal Savings & Loan Assn. (s.-a.)_
Middlesex Water Co., 7% preferred (S.-a.)
Monongahela Valley Water, 7% pref. (quar.)..
Monroe Loan Society, class A
Montana Power Co. .$6 preferred (quar.)
Montreal Telegraph Co. (irreg.)......
Extra
June 20
June
SI
Mercantile Trust Co.
_
June 30
June 20
June
.........
_
Aug. 15
July
5
$1
50c
*$1M
6% preferred (quar.)
Royal Crest Petroleums, Ltd
51
V;
class A (quar.)
15
20c
Massachusetts Utilities Association—
5% participating preferred (quar.).
62 Mc
Mayflower Petroleum Co. (irreg.)
53
McCall Corp. (quar.)
35c
:
McCrory Stores Corp
5% pref. (quar.)—
SIM
Mclntyre Porcupine Mines, Ltd. (quar.)...... *55 Mc
McLellan Stores Co. 6% pref. (quar.)
SIM
Medusa Portland Cement, common..
50c
6% preferred class A (quar.).
SIM
Melville Shoe Corp., common (quar.)
50c
$5 preferred (quar.)
SI M
Memphis Natural Gas Co
15c
Menotomy Trust Co. (Arlington, Mass.) (quar.)
75c
com.
$2 preferred (quar.)
Richmond Insurance Co. (N. YA (quar.)
Risdon Manufacturing Co., 7% pref. (quar.)..
Rolland Paper Co., Ltd., common (quar.) —
20
June 20
June 30
<
U7M
Rhode Island P. S. Co.
Share
Company
June
S1.31M Aug.
July
SIM
July
SIM
15c
July
25c
Aug.
11c
July
37Mc July
July
July
When
Per
Name of
July
Luzerne
County Gas & Electric Co.—
5M% preferred (initial)——
Mabbett (Geo.) & Sons Co. 7% 1st pref. (qu.)_.
7 % second preferred (quar.)
MacMillan Petroleum Corp
Madison Square Garden Corp
Manhattan Bond Fund, Inc
Marchant Calculating Machine Co (quar )_.—
Maritime Tel. <!fc Tel. Co., Ltd., 7% pref. (qu.)_
Common (increased)...
Markle Bkg. & Trust Co. (Hazleton, Pa.) (qu.)_
Marshall & llsley Bank (Milwaukee) (s.-a.)..-
June 28, 1941
SIM
-SIM
SIM
SIM
SIM
I
1
1
1
15
15
2
1
25c
July
1
July
1
July
1
July
1
July
1
Sept. 30
Sept. 30
July 22
Aug.
1
50c
June 20
40c
40c
July
July
July
1
17
July
11
SIM
50c
20c
SIM
25c
25c
June 20
SI
c
15
,
15*
June 20
Oct.
June
,
1
30
tSIM
$1
Sept. 15
Sept. 15
Aug.
1
Aug. 11
June 30
July 17
July
1
Aug. 15
Aug. 15
Aug.
1
Aug.
1
.
June 30
25c
37 Mc
25c
SIM
SIM
35c
$4.50 preferred (quar.)
White Rock Mineral Springs Co.—
Common (irreg.)
SIM
7% 1st preferred (quar.)
5% 2nd preferred (quar.).
Wichita Water Co., 7% preferred (quar.)
Wilmington Trust Co. (Del.) (quar.)
Wilson & Co., Inc., $6 preferred
=•
$6 preferred.
Winters Nat. Bk. & Tr. Co. (Dayton, O.) (s.-a.)
Wisconsin Gas & Electric Co., 4M% pref. (qu.)
Woburn National Bank (Mass.) (s.-a.)
Wolverine Natural Gas Corp
Worcester Suburban Electric Co. (irreg.)
SIM
SIM
10c
—.
«
1
t$2
SIM
t$2
75c
SI M
$2
tSIM
tSIM
$2
SIM
$4
7Mc
SI M
7
June 30
25c
Weinberger Drug Stores, Inc
West Penn Electric Co., 7% preferred (quar.)
6% preferred (quar.)
Westvaco Chlorine Products Corp. com. (quar.).
c
June 30
75c
$4.50 com. preferred
(quar.)
Water bury Farrell Foundry & Machine Co
White Motor Co
5
15
10
15
15
15
1
SIM
_
5
24
July
July
July
3
3
3
July 15
July
1
Aug.
1
Sept. 2
June 30
July
15
June 27
July
10
June 27
„
.
•
..
„
Volume
Workingman's Savs. Bk. & Tr. Co.(Pitts.) (s.-a.)
Yale & Towne
$1
July
July
July
40c
10c
-
Young (Thomas) Nurseries, Inc
$2
-
July
1 June 14
July
July
1 June
1 June
4
June 30 June
2
193 He
$5 preferred
Amer. Radiator & Standard Sanitary
Common
1 June 24
1 June 24
June ,28 June 26
we
15c
7% preferred (quar.)
Corp. (irreg.)
*
American Rolling Mill Co., 4M% conv. pf. (qu.)
American Seating Co. (irreg.)
American Security & Trust Co. (Wash, D. C.)
(Quarterly)
American Smelting & Refining Co., com
$1M
July
July
15 June 18
18 June 27
$2
50c
$1 %
75c
July
Aug.
July
July
July
June 30
June
12
July
June
June
June
16
14
July
July
July
June
28
7% 1st preferred (quar.)
Name
Abbott Laboratories
Payable of Record
Share
of Company
(quar.)
June 30 June
-—
June
lated)......
30 June 12
1
15 July
1 June 20
American Sugar Refining
July
American Surety
2 June
July
July
July
July
July
(quar.)
Agnew-Surpass Shoe Stores pref. (quar.)
Agricultural Insurance Co. (N. Y.), quar
Anlberg Bearing Co., class A (quar.)
Alabama Power Co. $7 preferred (quar.)
July
July
July.
July
7
15 June 30
2 June 16
Affiliated Fund, Inc.
common
June 30 June 26
1 June 16
July
Class A (quar.)
pref. (quar.)
17
9
Sept. 25 Sept. 2
1 June 14
July
1 June 14
July
June 30 June
Dec.
July
July
July
July
July
Class A extra--common
Line Co., new (initial)
7% pref. (s.-a.)
Foundry Co. common..
American Bemberg Corp.,
American Brake Shoe &
Extra
1
15 July
5
15 June 20
1 June 16
June
16
June
16
June
11
June
ll
June
20
June 20
June 20
July
21
June
26
June
A (irreg.)
American Can Co.. 7% preferred (quar.)
American Capital Corp. $3 preferred
Amer. Car & Foundry Co. 7% non-cum. pf. (qu.)
American Cast Iron Pipe Co. 6% pref. (s.-a.) —
American Casualty Co. (Reading, Pa.) (quar.)..
American Cigarette & Cigar Co.—
6% preferred (quar.).
tAmerican Cities Power & Light Corp.—
$2.75 class A.
(68Mc. in cash or l-16th sh. of class B stock.)
American Coach & Body Co. (increased)
American Colortype Co., common
Common
-
June
July
July
June
18
June
27*
20
June 17*
July
July
$1H
June 20
July
June 24
June 30 June
July
13
1 June 20
Co. com. (quar.)
June
12
July
July
June
12
July
June
June
June 20
Sept.
Aug. 25
Dec.
Nov. 25
July
July
June 20
Barclays Bank, Ltd.,
July
June
30
Barker Brothers Corp. common
July
June
16
6% preferred (quar.)
American Locker Co. non-cum. class A (quar.).
American Maize Products Co. common
July
July
July
July
5
June
6
June
Co., 5% pref. (qu.)__
Quarterly
Bank (Nashville, Tenn.) (quar.)
American Paper Co.,
7% preferred
-
-
7% preferred (quar.)
(quar.)
Savings (Wash., D. C.)
June
21
Aug.
15
June
June
June 23
June
June
14
1$1M
July
June
14
131 He
50c
Aug.
July
15
June
June
12
June
June
12
Aug.
1 June 27
July
luly
1 June 12
of Commerce & Trusts
Preferred
30
5% convertible
20
June 20
July
June
14
June
June
16
$1M
S1H
Dec.
l5Dec.
7
June 30 June
30 June
20
20
1 June
14
l una
July
July
Extra
(John) & Sons Co., Ltd. (initial)
pref. (quar.)
'
19 June 30
June 28 June 23
Aug.
July
July
July
July
July
July
1 July 21
1 June 20
I June
20
liJune 19
llJune 19
l'June 19
15 June
30
June 30 June
23
July
July
Aug.
July
July
II June 30
1 June 23
July
10
June
10
June
10
June
June
14
June
June
14
June 30 June 20
1 June 22
7 July
1
1 June 21
1 June 25
1 June
19
1 June
20
1 June
14
2
1 June
12
2
1 June 26
1 June
16
1 June
i
June
16
16
i
June 24
July
July
l June 24
July
l June
luly
July
July
1 June
13
2 June
1 June
14
1 June
10
10
July
July
July
July
July
July
July
(Delaware)
Common (resumed)
$2.50 prior preferred 1938 series (quar.).Bensonhurst National Bank (quar.).-
18
June 20
June
July
Stockyards Co., common (quar.)..
6% preferred (quar.)...'
Industrial
Loan Corp.
Beneficial
Sept. 30 Sept. 20
Sept. 15 Sept. 5
June
July
July
July
July
July
7%_preferred (quar.)
Telephone Co. of Canada (quar.)
Bethlehem Steel Corp.
15c
June 23
July
Tuly
July
June 30
...
Bell
Bickford's, Inc., common
$2.50 preferred (quar.)
Bird & Son, Inc
July
—
(irreg.)
Beidlng-Corticelli, Ltd., common (quar.)
Bertram
June 23
June 30
Extra
July
1
June 25
July
June 30 June
June 30 June
preferred (quar.)
June 30 June 20
3
July
July
A and B shares (interim)..
15c
1 July
July
July
July
July
Co., com. (quar.)
$5 preferred (quar.) ww
$5 pref. (quar.) xw
Beatty Bros., Ltd. 7% 2nd preferred (s.-a.)
Beech Creek RR. (quar.)
Beech-Nut Packing Co. (quar.)
Belt R. R. &
Aug.
July
Beatrice Creamery
June
June 30 June 21
July
(interim)
June
$1H
1 June 14
July
July
July
-
-
June
19
1 June 19
15
15
June 30 June 20
(Richmond, Va.)
Co. (quar.)
Bank of New York (N. Y.) (quar.)
Bank of Nova Scotia (quar.)..
Bank of Port Jefferson (N. Y.) (s.-a.);
Bank of Yorktown (N. Y.) (quar.)
Bankers Commercial Corp. (N. Y.-jC.)—
6% preferred (quar.)
Bankers' National Investing Corp., com. (quar.)
Bank of Manhattan
June
1 June
20
—
(Quarterly)
(quar.)
50c
Common (increased)
June 20
Sept.
$2M
July
July
July
10
June
$1
June
June 30 June 20
June 30 June 20
June 30 June 20
25c
14
July
July
July
$1 H
50c
Preferred (s.-a.)
Bank of Commerce &
6
2
$1 M
7% preferred (quar.)
American Manufacturing
37 He
25c
16
14
June
$2 H
5H% preferred (quar.)
Bastian-Blessing Co., common
$5.50 preferred (quar.)
Bath Iron Works
Bausch & Lomb Optical Co., common
15
15
June
June 23
6% preferred (quar.)
Bankers Trust Co. (N. Y.) (quar.)
July
1 July
July
July
June
.
12
1
Mar. 31
June
June
Guff & West Indies S. S. Lines—
5% non-cum. preferred (resumed)
$2 H
Atlantic Refining Co., 4% pref. A (quar.)
$1
Atlantic Savings & Trust Co. (Savannah, Ga.)
initial (s.-a.)
$3
Atlas Thrift Plan Corp., 7% pref. (quar.)
117He
Auto Finance Co., common (quar.)
40c
5H% preferred (quar.)
68Mc
Autocar Co., $3 pref. (quar.)
75c
Automatic Voting Machine Corp. (irreg.)
25c
Automobile Insurance Co. (Hartford) (quar.)
25c
Avery (B. F.) & Sons 6% pref. ww (quar.)
37Hc
6% pref. xw
37He
Avondale Mills (irreg.)
15c
Axe-Houghton Fund common (irreg.)
12c
Class B (irreg.)
25c
Badger Paper Mills, 6% preferred (quar.)
75c
B / G Foods, Inc., 7% prior pref. (quar.).
SIM
7% preferred (quar.)
SIM
Baker (J. T.) Chemical Co., common (quar.)—
12Hc
Extra
12 He
5H% preferred (quar.).
$ 1 V%
Baldwin Co., 6% preferred (quar.)..
$1H
Baltimore National Bank (Bait.) (semi-annual).
50c
Banco di Napoli Trust Co. (Chicago) (s.-a.)
$3
BancOhio Corporation (quar.)
22c
Bangor Hydro-Electric (quar.)
30c
7% pref. (quar.)
$1 M
6% preferred (quar.)
$1H
Bank of America (quar.).....
60c
June
July
July
Aug.
Aug.
10
Oct.
June
Atlantic
12
30c
20
20
June
June
(quar.)
(quar.)
June
62 He
50c
June
June
& Coast RR. Co.—
5% preferred (semi-annual)
Bank
1 June 14
1 June 14
June
June
Atlanta Birmingham
12
June 30 June 19
July
1 June 14*
Aug. 26
June
-
June
June 20
Sept.
July
July
$2H
5% preferred (quar.)
July
July
July
July
June
21
June 26
June 20
Atchison Topeka & Sante Fe Ry Co.—
5 % non-cumulative preferred
July
July
June 20
21
June
$1H
(quar.)
Associates Investment
5
15
13
June
July
Ltd., com
17
June 20
June
15c
10c
125c
7% preferred (quar.)
Associated Telephone Co., Ltd., $1.25 pref. (qu.)
1 June
1 June
$i$i
American Nat'l
Associated Breweries of Canada,
15 Dec.
17
15
15
July
July
50c
50c
$1M
Refining (quar.)
Dec.
15c
(quar.)
150
Class B non-vot com (quar.)
12 He
5% conv. preferred 1st series (quar.)
12Hc
5% preferred 2nd series (quar.)
12 He
5% preferred 3rd series (quar.)
20c
American Discount of Georgia (quar.)
American District Telegraph Co. (N.J.)—
$1M
5% preferred (quar.)
$3
American Dredging Co. (irreg.)
$1H
American Envelope Co., 7% pref. A (quar.)
$1 H
7% preferred A (quar.)
$5
American Express Co. (special)
$1H
(Quarterly) com
10c
American Factors, Ltd. common (monthly)
$1H
American Felt Co. 6% pref. (quar.)
American Fork & Hoe Co., 6% pref. (quar.)
sk
American Gas & Electric Co., 4% % pref. (quar.)
$1.18 M
4 M % preferred (quar.)
15c
American General Corp. (special, irregular)
25c
American General Insurance Co.(Houston) quar.
$1 H
American Hair & Felt Co., 6% 1st pref. (quar.).
t$4H
6% 2d preferred
$2
American Hard Rubber Co., 8% pref. (quar.)..
25c
American Hardware Corp. (quar.)
$1H
American-Hawaiian Steamship Co. (irreg.)
American Hide & Leather Co.—
75c
6% conv. preferred (quar.)
20c
American Home Products Corp. (monthly)
American Investment Co. of 111.—
June 30
July
50c
Corp. (quar.)
15c
Class A vot-com
5% cum. conv. preferred (quar.)
$2 cum. preference (quar.)__
$1H
$1M
Extra
Ashland Oil &
15c
July
American
American Light & Traction
$1M
_ .
(quar.)
1 June 20
Sept. 1,5 Sept. 5
50c
$1H
6% preferred (quar.).;
Cyanamid Co.—
June 20
June
25c
Sugar
June 20
June
...
5M% conv. preferred (quar.)
American Business Credit, class
_
Atlantic City Fire Insurance Co.
June
Co. (New Haven (s.-a.)._
Co. (New Orleans) (quar.)
$3
10
25c
15c
16
July
Aug.
July
6% preferred (quar.)
30c
preferred (quar.)
Atlanta Gas Light Co. 6% oref.
June
(resumed)
$1
25c
$1M
10c
Arundel Corp. (quar.)
15
5 July
June 30
75c
17
July
July
-
Note Co.
Artloom Corp. 7%
Asbestos
June 30
$1H
75c July
$2 H July
70 2-5c
$1 H July
5% preferred (s.-a.)
Arrow-Hart & Hegeman Electric Co.
Art Metal Construction Co. (irreg.)
Dec.
1 June 26
June 30 June 16
July
July
July
$4H preferred (s.-a.)
Amoskeag Mfg. Co. (final liquidating)
Anchor Hocking Glass Corp. $5 pref. (quar.)
Anheuser-Busch, Inc. (quar.)
Apex Electrical Mfg. common (quar.)
7% prior preferred (quar.)
Applied Arts Corp
A. P. W. Properties, Inc., class B
Arcade Cotton Mills preferred (s.-a.)
Arkansas Power & Light $7 preferred (quar.)
6% preferred (quar.)
Armour & Co. (Del.), 7% pref. (quar.)..
Arnold Print Works common (initial)
1 July
1 June
31
Aug.
Amalgamated Trust & Savings Bank (Chicago)
American Agricultural Chemical
American Air Filter Co., Inc., 7% pref. (quar.)American Airlines, Inc., $4.25 conv. pref. (qu.)American Alliance Insurance Co. (quar.)
American Bakeries Co., class A (quar.).
Class B
15
Sept. 30 Sept. 15
Dec. 31 Dec. 15
June 30 June 15
Sept. 30 Sept. 15
-
Common
American Crystal
1 June
.
Quarterly
Quarterly
7% preferred (quar.)
.
7% preferred (quar.)
7% preferred (quar.)
Amalgamated Sugar Co., 5% pref. (quar.)
American Barge
1 June
June 30 June
Alpha Portland Cement Co
Aluminum Co. of America $6 pref. (quar.)
Aluminum Goods Mfg. Co. (irreg.)
Aluminum Manufacturers, Inc. (quar.)
Amer. Bank & Trust
9
9
1 June
July
July
July
Allied Products Corp
Amer. Bank & Trust
1 June 30
I June 20
June 30 June 26
June 30 June 26
(quar.)
(qu.).
Amoskeag Co. seml-ann
June 30 June 21
1 June 20
July
$6 preferred (quar.)
Allied Laboratories. Inc. (quar.)
Allied Stores Corp. 5%
Allis-Chalmers Mfg
13
June 30 June 21
'
Extra
13
1 June
16
June
June
July
Aug.
Aug.
July
(initial)
1 June
14
July
50c
$1 M
Amer. Water Works & El. Co. $6 1st pref.
2 June
16
July 19
May 31
$1
Preferred
14
June
Aug.
July
July
50c
Extra
1 June 20
July
$1M
(qu.).
Amer. Trust Co. (San Fran.) 4% conv pf.
American Viscose Corp. common (initial)
1 June
1 June
7
June
1 June 20
1 July 18
1 June 24
5
June
12Hc
$1H
$2
American Trust Co.
1 June 20
1
3
12
June
June
pref. (semi-ann.)
(quar.)
(Charlotte, N. C.) (quar.).
American Tobacco Co. 6% pref.
July
July
July
July
July
(quar.)
Allen-Wales Adding Machine Corp. com.
12
July
Extra
$2 M
A (irreg.)
1 June
July
Co. (quar.)
(quar.)
$1.17
Co. (quar.)
American Thread Co. 5%
7
1 June
Aug.
July
Kansas)
American Thermos Bottle Co. common
June 30 June 20
1 June 20
July
7% preferred (quar.)
...
Albany & Susquehanna RR. (s.-a.)
...
Algoma Steel Corp., Ltd., 5% preference
Allegheny Ludlum Steel Corp
—
Allegheny Trust Co. (Pittsburgh) (quar.)
Allegheny & Western Ry. Co. (guar.) (s.-a.)_.
Allemannia Fire Insurance Co. (Pitts., Pa.)
Allen Electrical & Equipment Co.
1 June
July
July
Aug.
$6 preferred (quarterly)
$5 preferred (quarterly).
intonio, Tex.) (s.-a.)._
Alamo Nat. Bank (San An
Albany Packing Co.,
Co
American Telephone & Telegraph
10 June 25
1 June 13
July
$ 1M
$1M
5% preferred (initial)
18
Addressograph-Multigraph Corp
Aero Supply Mfg. class A (quar.)
Aetna Casualty & Surety Co. (Hartford) (quar.)
Aetna Insurance Co. (Hartford) (quar.)
Aetna Life Insurance Co. (quar.)...
Alaska-Pacific Consol. Mining
25c
25c
7 % pref. (quar.)
American Telephone Co. (Abilene
........
........
30c
(qu.).
American Stores Co
July
Extra
4H % preferred (quar.)
...—
Abercrombie & Fitch Co. $6 pref. (s.-a.)
Acme Glove Works, Ltd., 6H% pref. (accumu¬
American Bank
$1H
6% preferred (quar.)
American States Insurance (Indianapolis)
American Steel Foundries
-
12
Sept. 1 Aug. 25
July 10 June 30
10c
$1H
50c
American Snuff Co. com. (quar.)
Holders
When
Per
4
Corp.—
American Republics
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
Below
25c
f$l H
Optical Co. (quar.)
Co. $6 preferred
American Power & Light
1 Sept. 10
1 June 24
Oct.
$1.20
(s.-a.)
American
June 30 June 22
15c
York County National Bank (Pa.)
York Trust Co. (Pa) (semi-annual)
Extra
.
Mf£. Co
Payable of Record
Share
Company
Holder
When
Per
Name of
Payable of Record
Share
Company
Holders
When
Per
Name of
4071
Financial Chronicle
The Com/nei^al &
152
40c
62 He
75c
25c
15c
$1M
30c
62 He
10c
1 June 26
i June
1 June
2 June
13
13
13
15
2 June 15
15 June 23
1 June 20
1 June 20
June 30 June
June 30 June
14
14
June 30 June 30
June 30 June 30
Aug. 15 Aug.
1 June
July
July
July
1
6
1 June 25
1 June 25
June 28 June
20
The Commercial & Financial Chronicle
4072
Per
Name
of Company
Birdsboro Steel Foundry tc Machine Co
Birmingham Electric Co. $7 preferred (quar.)
$6 preferred (quar.)
Black & Decker Mfg. Co. (quar. (increased)
Blackbawk-Perry Corp. (s,-a.)_
Blackstone Canal Nat. Bank (Providence, R. I.)
*
Semi-annual
Blaw-Knox Co. (interim)
25c
SI H
$1H
50c
nx
SIX
15c
Bliss & Laughlin,
Inc., common
preferred (quar.)
Bloch Bros. Tobacco 6% pref. (quar.)
Blue Top Brew., Ltd., 6% class A (s.-a.),,'
5%
When
Share
25c
-
conv.
Blumenthal (Sidney) & Co., Inc., 7%
Bohn Aluminum & Brass..
3im
_
pref
30c
Holders
July 31 July 19
June 18
July
June 18
July
June 30 June
June
July
62 He
.......
Borg-Warner Corp
Boston
Acceptance Co., 7% preferred
Boston & Albany RR. Co. (quar.)
Boston Elevated Ry. (quar.)
Boston Herald-Traveler Corp
Boston Insurance Co. (quar.)
Boston Personal Property Trust,
(quar.)
X
...
Boston Storage Warehouse
40c
$4
16c
75c
(quar.)
Branch
Banking & Trust (Wilson, N. C.) (qu.)_
Brandtjen & Kluge, Inc. 7% conv. pref. (quar.).
Brantford Cordage Co., Ltd., $1.30 1st pf. (qu.)
Brazilian Traction Light, Heat & Power, Ltd.—
6 preferred (quar.).
Bridgeport Brass Co. (irreg.)
....
Bridgeport Gas Light Co. (quar.)...
Bridgeport Hydraulic Co. (quar.)
Briggs Manufacturing Co
Brillo Mfg. Co. common (increased) (quar.).
Class A (quar.)
British American Oil Co. (quar.)..
Canadian Light & Power Co.
Canadian Machinery
16
Canadian Oil Companies, Ltd., 8% pref. (quar.)
Canadian Pacific Ry. Co. 4% non-cum. pref
27
Canadian Silk Products Corp. $1.50 cl. A
Canadian
Canadian Westinghouse Co., Ltd.
Canadian Wire bound Boxes, Ltd.—
Class A (quar.)
6% preferred (quar.)
(s.-a.)
1 June 30
1 June 23
June 28 June 20
Carthage Mills, Inc.,
June
J25c
July
July
July
July
June
June 17
July
June 30 June
4
40c
50c
15 June 20
16
June
16
June 12
17
2 June 20
July
July
July
*
sv;i
til
...
Company
July
50c
$15*
i
June 30
June
16
$1
50c
55c
15c
Business Capital Corp. class A (quar.)
12Hc
Butler Manufacturing Co., 6% pref. (quar.)
SIX
Byers, (A. M.) Co. 7% preferred
Div. of $2.0708; representing the
quarterly
div. of $1.75 due Nov. 1, 1937, and int.
thereon to July 1,1941.
Cable & Wireless (Holding), Ltd. (final).
4%
Calamba Sugar Estate (quar.)
40c
Caldwell (A. & G. J.) Inc....
III"!
5c
California Bank (Los Angeles)
50c
California Packing Corp., common.
25c
5% preferred (quar.)
62 He
California Water & Telep. Co., 6% pref.
(qu.)_
37 Xc
Calvert Bank (Baltimore) (s.-a.)
S2X
Camden & Burlington County Ry. Co.
(s.-a.)
75c
Canada Bread, Ltd., 5% preferred
(quar.)
tSIX
5% class B
J62 Xc
Canada Bud Breweries (interim)
..I
J20c
Canada Crushed Stone (interim)
10c
Canada Cycle & Motor Co., Ltd., com.
(quar.)I
5% preferred (quar.)
IX
Canada Foundries & Forgings. class A
(quar.) I
Class A (quar.)
W7Xc
Canada Life Assurance (Toronto)
"
(quar.)
Canada Machinery Corp. common
7% non-cum. preferred
...I."
Canada Northern Power Corp.,
Ltd., com. (qu.)
7% preferred (quar.)
Canada Packers, Ltd. (quar.)
Canada Permanent Mtge. Corp.
(Toronto) (qu.)
t$2
Canada Southern Ry.
(semi-ann.)
SIX
Dividend declared payable in U. S.
Dollars",
....
__
t30c
.....
iioc
tile
inn
t75c
(quar.)
15c
Participating
...I.I
HH
11III
July
7
10
June 30
June
10
June 23
June 30
June 20
30 June 23
30 June 19
30 June
19
1 June 20
1 July 16
1 July 16
1 June 12
Aug. 25
Nov. 24
July
July
July
July
July
June 30
June 15
June
12
June
12
June
16
July 31 July
24
June 30 June 24
1 June 14
July
-IIIIII
1
June
14
July
July
4
July
July
July
July
July
July
June
4
16
June
14
June
14
1 June
18
1 June 20
June
6
June 16
June 30 June 20
June 30 June 20
July
July
July
July
July
July
July
June
June
4
June
4
June
19
June
19
June
16
June
16
June
24
June
26
June
14
June
14
June
14
June 23
June 12
July
July
30
30
June
20
June 17
June
June
June
17
17
SIX July
July
July
\2 July
June
25c
Sept.
Sept.
75c
June
June
14
$1
June
17
$1K
$1.19
July
July
July
July
July
July
July
June
June 20
Aug.
July
15
June
June
14
June
June
40c
June
15c
(Semi-annual)
Central Ohio Steel Products Co
Central Patricia Gold Mines, Ltd. (quar.)
Extra.
Central Penn National Bank (Phila.) (quar.)
Central Republic Co
Extra
July
July
July
July
July
25c
Central Trust Co. (Cincinnati, Ohio),.
Chain Store Investors Tr. (Boston Ms
,
*.) (qu.)
Extra
June
17
June
17
June 30
18
5
June
20
June
30
June
10
June
10
1 June
10
1 June
10
$1
20c
5c
14
June 25
July
July
5
5
June 20
June 14
June
14
25c
June
June
14
July
July
July
July
July
July
June
14
45c
Champion Paper & Fibre
Preferred (quar.)
Chapman Valve Mfg. Co.,
Chemical Bank & Trust Co. (N. Y.) (quar.)
June 20
July
June
Central Nat'l Bank & Trust Co. (Des Moines)—
25
9
14
14
June 20
t4c
t2c
....
1 July
July
Sept.
Chemung Canal Tr. Co. (Elmira. N. Y.) (s.-a.),
Chesapeake-Camp Corp. 5% preferred (quar.),
Chesapeake Corp. (Correction)
SIX
six
June 20
June 16
June
19
June
23
June 20
Dividend announcement of last week was
intended for the Chesapeake Corp. of West
Point, Virginia.
Chesapeake & Ohio Ry.,
75c
common (quar.)
$1
4% non-cum. series A pref (quar.),,
50c
Chicago Daily News, Inc. (s.-a.)
5% preferred (quar.)
SIX
Chicago Flexible Shaft Co
SIX
50c
Chicago Mill & Lumber Co
75c
Chicago Pneumatic Tool $3 conv. pref. (quar.),.
$2.50 conv. prior preferred (quar.)
62 Xc
Chicago Railway Equipment 7 % pref
1 $1.31 X
Chicago Title & Trust Co
SIX
Chillicothe Paper Co. 7% preferred (quar.)
SIX
Christiana Securities Co., 7% preferred (quar.),
SIX
Cincinnati Gas & Elec. 5% preferred A
SIX
(quar.),,
Cincinnati New Orleans & Texas Pac. Ry. Co.
5% pref.(quar.)
SIX
Cincinnati & Suburban Bell Telep. Co. (quar.).,
$1.12
Cincinnati Union Stock Yards (quar.)
25c
Cincinnati Union Terminal 5% pref. <quar.)
$1**
Citizens Bank & Trust Co. (Savannah, Ga.)
(Semi-annual)
$1
Citizens National Bank & Trust Co. (Englewood, N. J.) (quar.)
$1
*—_
—
July 15
July
2 June 14
July
1
July
1 June 25
Aug. 15 July 31
Aug. 15 July 31
July
1 June 20
Citizens & Southern Nat. Bank (Savannah, Ga.)
Common
June 30 June 27
July
July
July
July
June
July
July
July
July
July
July
July
July
June
6
June
6
June 20
June
20
June 20
June
16
June 20
June 20
June
21
June
19
June 20
June 20
June
16
Sept.
July
2 Aug. 15
1 June 18
June 30 June 21
July
1 June 28
July
1 June
July
Citizens Water Co.
July
July
July
July
1
2
2
10
June
14
June
14
June
14
July
2
June 30 June 15
June 30 June 14
June 30 June 14
Sept. 15 Sept.
Dec.
15 Dec.
1
y1
July
2 June 30
June 28 June 14
June 28 June 14
July 25 June 30
July 15 June 30
2 June 16
July
2 June 14
July
1 June 30
Aug.
July
2 June 14
July
July
July
July
July
July 31
July
Extra
participating preferred
t5c
t50c
7% preferred (quar.)
6% preferred (quar.)
$6 preferred (quar.)
5% preferred (quar.)
12
2
June 30
35c
Light Co., 4H% prff. (quar.)..
(quar.),.
1 June
1 July 15
1 June 14
2 June 14
14
July
July
July
June
common (quar.)
Chartered Trust & Executor Co. (Toronto) (qu.).
30 June 23
30 June 16
30 June 16
15
June 30
June 30
$2
20
June
June
June
SIX
SIX
SIX
62Xc
Central Aguirre Associates (quar.)
Cent. Canada Loan & Savs. Co. (Toronto)(qu.).
Central Cold Storage Co. (quar.)
Central Electric & Telephone Co., 6 % pref. (qu.)
Cent. Hanover Bk. & Tr. Co. (N. Y.) (quar.)
June
(Quarterly)
(Washington, Pa.)—
7% preferred (quar.),.
Citizens Wholesale Supply Co. 6% pref. (qu.)
City Auto Stamping
City Baking Co., 7% preferred (quar.)
City Ice & Fuel Co
City Investing Co., 7% pref. (quar.)
City Nat. Bk. & Tr. Co. (Columbbus, O.) (s.-a.)
City Nat. Bk. & Tr. Co. (K. C., Mo.) (s.-a.)
City Title Insurance Co. (quar.)
Clearfield & Mahoning Ry. Co. (s.-a.),,,
Clearfield Trust Co. (Pa.) (quar.)
Extra
Clearing Machine Corp
Cleveland Builders Supply
Cleveland Electric Illuminating Co. com
$4.50 preferred (quar.)
Cleveland Graphite Bronze Co. (interim)
5% preferred (quar.)
Cleveland Trust Co
Cleveland Union Stock Yards Co.
Clinton Trust Co. (N. Y.) (quar.)
14
14
Cluett. Pea body & Co. 7%
Coca-Cola Co
14
Class A (semi-annual)
Coca-Cola Bottling (Del.) $2.50 class
Extra
June 14
June 14
June 30
pref.
10 June 21
June 30 June
June 30 June
June 30 June
Oct.
July
1 June
20c
Oct.
1 Sept. 15
June
July
June
June
20
SIX
July
Aug.
July
25
30c
June
June
17
25
15c
July
June
June
June 20
$4
12Xc
7Xc
June
June 28
July
July
15
15
June
20
62Xc
SIX
July
July
July
July
July
July
July
July
July
June
June 20
June 20
June
June
20
June
June
18
July
July
July
July
July
July
July
July
July
July
July
July
July
June 20
25c
50c
-
"if
12!&
SIX
A (quar.).
-—
62 He
62 He
62 He
62 He
16
Coca-Cola Bottling Co. of St. Louis
Extra,
16
16
Coca-Cola International Corp., common
Class A (semi-annual)
11
29
30c
SIX
(quar.)
$2.50 class B (quar.)
10
July
7?
25c
—
June
$1
30c
n&
(quar.)
June
17
1 June 30
1 Sept. 30
40c
Extra
Extra
7% partic. pref. (accumulated).
Canadian Celanese, Ltd. (quar.)
7%
tl5c
prior preferred (auar.).*.
Celluloid Corp., $7 participating 1st pref
cum.
11 June
15 June 30
June 20
$3 X June
S3X
Central Illinois
15 July
5
2 June 20
June
July
Aug.
50c
SIX
25c
Cayuga & Susquehanna RR
Celanese Corp. of America, common
7% cum. 1st part, preferred (semi-ann.)
7%
June 26
July
July
July
July
July
Aug.
Aug.
July
25c
*
Central Kansas Power Co., 4X% Pref.
Central Maine Power Co.—
less Canadian dividend tax.
Participating
Castle (A. M.) & Co. (quar.)
Extra
50c
60c
50c
14
14
June
90c
Casco Bank & Trust Co. (Portland, Me.) (s. a.)
Case (J. I.) Co., 7% preferred (quar.)
14
Canadian Breweries, Ltd.—
$3 preferred (quar.) (accumulated)
Canadian Canners, Ltd.—
Common (Quar.)
2&
I
17
10%
„
SIX
SIX
common,,
June
Dec.
(interim)
SIX
6% preferred A (quar.)
6% preferred B (quar.)
2 June
June 30 June
June 30 June
70c
Burlington Steel Co. (quar.)
Burmah Oil
14c
12c
50c
1st pref. (semi-ann.)
.....
5% Preferred (quar.)..
Burdine's. Inc., $2.80 pref. (quar.)..
Burger Brewing Co., 8% pref. (quar.)
Burkhart (F.) Manufacturing Co., common
$2.20 preferred (quar.)
25c
SIX
SIX
...
50c
40c
...
Canadian Converters Co., Ltd.
(quar.)
Canadian Car & Foundry, Ltd.—
Extra
25c
25c
2X %
X5 0c
Bulolo Gold Dredging, Ltd. (interim) (s.-a.)
Bulova Watch Co. (quar.)
Bunte Brothers 5% preferred (quar.).
I_.I
75c
50c
*
July
2 June 14
June 30 June 16
June 30 June 14
July 15 June 30
t$in
«
pref. (quar.)
Co
Carnation Co., common
5% 1st preferred (quar.)
Carolina Power & Light Co. $7 pref. (quar.)
$6 preferred (quar.)
Carriers & General Corp. (quar.)
Carter (J. W.) Co. (quar.)__
6% prior preference (quar.).*...
tflH July
6% preferred (quar.)
tSlH Aug.
British Mortgage & Trust Co. (Stratford, Ont.)
(semi-annual)
t$4 July
Broad Street Investing Corp. (quar.)...
25c
July
Broad Street Trust Co. (Philadelphia) (s.-a.)
20c
July
Brockville Trust & Savings Co. (Ont.)....
J62^c July
Brompton Pulp & Paper Co., Ltd. (quar.)
J25c July
Brooke (E. G.) Iron Co...
15c
July
BrookJine Trust Co. (Brookline, Mass.) (quar.).
$3
July
Brooklyn Borough Gas Co. common (quar.)..
75c
July
6% partic. preferred (quar.)
75c
July
Brooklyn Trust Co. (N. Y.) (semi-annual)
$2 July
Broulan Porcupine Mines, Ltd. (quar.)
t3c
July
Brown-Forman Distilleries Corp. $6 pref
t50c July
Bruce (E. L.) Co., common
June
25c
7% preferred (quar.)
June
3H% preferred (quar.)
June
Brunswick-Balke-Collender Co., $5 pref. (quar.)
July
Buckeye SteeJ Castings, 6% preferred (quar.)...
Aug.
Common (irregular)
50c
Aug.
Bucyrus-Erie Co. common (irreg)....
25c
July
7% preferred (quar.)
$15*
July
Buffalo Ankerite GoldL Mines, Ltd. (interim)
tlOc Aug.
Buffalo Industrial Bank (N. Y.) (quar.)
35c June
Buffalo National Corp common (s.-a.)
50c
June
6% preferred (s.-a.)
SIX June
Buffalo Niagara & Eastern Power Corp.—
$5 preferred (quar.)
$1X Aug.
1.60% preferred (quar.)
40c
July
Building Products, Ltd. (quar.)
July
conv.
mm
Capital Administration Co. Ltd. $3 pref. A (qu.)
Capitol Nat. Bk. & Tr. Co. (Hartford, Conn.)
(s.-a.)
Capital Transit Co
Carey (Philip) Mfg. Co., 6% pref. (quar.)
5% preferred (quar.)
Cariboo Gold Quartz Mining Co., Ltd
Common (quar.)
5 % prior preference (payable in pound sterling)
preferred
X37XC
*.
June 20
15 June 30
15 June 30
15 June 30
t$lH
British Colombia Power Corp. cl. A (quar.)
British Columbia Telephone Co.—
1st
(accumulated)
Mills
2%
t37Ui
til
t50c
Cannon
British Columbia Electric Ry. Co., Ltd.—
5%
Class A
$2
(quar.)
June 24
$2
British-American Tobacco Co., Ltd
Interim div. of 7 pence for each £ of ord. stock.
Coupon No. 186 must be used for div.
British Columbia Elec. Pow. & Gas Co.
60c. non-cumul.
Class B
17
7d.
Amer. deposit, rets. ord. regis, (interim)
Amer. deposit rets. ord. bearer (interim)
Bullard
(qu.)_
Wallpaper Mfrs., Ltd., class A
12
British-American Tobacco Co.—
.
(irregular)
13
June 30 June 23
June 30 May 31
June 14
July
July
July
July
87Hc July
t32Hc July
Preferred
tsix
X50c
X50c
XS7
(s.-a.)
(initial)
15
15
June 30 May 31
June 10
July
July
July
July
7% preferred (quar.)
7d.
— .
....
818
9
|20c
JlOc
Bralorne Mines, Ltd. (quar.)
Extra
til
Canadian Industries, Ltd. common A (irreg.)
Common B (irreg.)
June
June
June
tSIX
t$2
July
July
July
July
July
July
July
July
July
June
t$l
6% preferred (quar.)
Canadian Fire Insurance Co. (WInnepeg) (s.-a.)
Canadian Foreign Investment pref. (quar J
Canadian General Electric (quar.).
23
25
25c
30c
Boston Wharf Co. (irregular)
Brach (E. J.) & Sons (quar.)
Canadian Cottons, Ltd., common (quar.)
23
June 30 June
$1
of Record
June
tl7Hc
50c
Company
June 30 June
June 30 June
June 30 June
June 30 June
1 June
July
1 June
July
July 31 July
July 31 July
1 June
July
t$3H
16
15
June 21
40c
Bon Ami class A (quar.)
Class B (quar.)...
Holders
Name of
Payable of Record
July
July
June 28, 1941
(quar.)
25c
$5.70
$3
June 20
June 20
June
14
June
16
June 20
•Time 20
June 19
June
12
June
12
June
15
June
15
June
15
June
15
July
July
10
10
June
12
June
12
Volume
'The Commercial & Financial
152
Share
of Company
25c
Coleman Lamp & Stove Co. (quar.)
Extra
25c
(quar.)
Collateral Loan Co. (Boston, Mass.)
Colonial Finance Co. (Lima, Ohio)
—
$15*
25c
(quar.)
$6 preferred, class B (quar.)
Colonial Trust Co. (Waterbury, Conn.) (quar.)_
Colonial Ice Co. $7 preferred
Colorado Fuel & Iron Co
Colt's Patent Fire Arms
SI
25c
July
1 June
1 June
July
1
July
1
July
1
July
Aug. 28
Devoe & Raynolds
Class A
June 30 June
1 June
July
12
July
1 June
14
July
1
Tune
14
July
1 June 30
14
Aug.
SI 34
July
1 July
1 June
35c
30c
July
July
1 June 20
1 June 20
75c
June 30 June
10
$1.06 J* June 30 June 10
4M% conv. pref. (quar.)
1 June 10
SI July
Commercial Investment Trust Corp. com. (qu.)_
1 June 10
$1.06 M July
$4.25 conv. preferred (quar.)
Commercial National Bank & Trust Co. (N. Y.)
1 June 25
$2 July
(Quarterly)
1 June 23
10c
July
Commercial Shearing & Stamping Co. (quar.) —
25c
Commercial Trust Co. (Jersey
City, N. J.) (qu.)
Commercial Trust Co. (Kansas City)
(quar.)
45c
Commonwealth Edison Co. (quar.)
Loan
4c
(quar.)
(Indianapolis)—
5% cum. pref. (quar.)
Commonwealth & Southern Corp. $6
preferred.
B (qu.)_
-
Commonwealth Utilities Corp. 6% pref.
6M% preferred (quar.)
6% pref. (quar.)
;
6 M % preferred "C" (quar.)
Commonwealth Water Co., 534% pref. (quar.)_
Commonwealth Water & Lt. Co., $7 pref. (qu.)_
$6 preferred (quar.)
Community Power & Light
Concord Gas Co., 7% preferred
(qu.)_
Confederation Life Association (Toronto)
Quarterly
Quarterly
Connecticut Fire Ins. Co. (Hartford, Conn.)
Conn Gas & Coke Securities $3 pref. (quar.)
Connecticut Gen'l Life Ins. Co. (quar., increased)
—
—
S3
conv.
634 % prior preferred (quar.)
Y., Inc., $5 pref. (qu.)
Consol. Edison Co. of N.
Consolidated Film Industries, Inc., $2 pref
Consolidated Gas Electric Light & Power
Sept. 30 Sept.
25
SIM
$5
75c
Djc. 31
11
14
(s.-a.)
Extra
10c
SIM
6% preferred (quar.)
37 Mc
(quar.)
Eason Oil Co., $1.50 conv. pref.
1
1 June 13
1 June 20
East Tennessee Light & Power
SIM
SIM
East Pennsylvania RR. Co. (s.-a.)
14
Co, $6 pref. (qu.)
Co. (Halifax,
Eastern Canada Savings & Loan
N. S.) (quar.) —
1S1M
.
1
June 30 June
3
3
16
June 30 June
16
t75c
t50c
6% preferred
Eastern Steamship Lines, $2 conv. pref
Eastern Steel Products, Ltd., 5% conv. pref.
(quar.)_
Eastern Trust Co. (Halifax, N. S.) (quar.)
Eastman Kodak Co.
Aug. 30
SIM
pref. (qu.)
Preferred
125c
(quar.)
15
15
Easy Washing Mach. Co., Ltd.,
Class A (irreg.)
1 June
1 June
27
10
Ecuadorian Corp., Ltd.
July
July
July
Aug.
1 June
14
Elder Manufacturing Co., com.
1 June
1 June
14
14
5% cum.
Electric Auto-Lite Co
1 July
15
Co
ElectricPower & Light Corp.—
$7 preferred
$6 preferred
Electric Storage Battery Co., com. (quar.)
Participating preferred (quar.)
Electrical Products of California (quar.)
Elgin Sweeper Co., $2 partic. prior pref. (quar.).
40c. cum. pref. (quar.)
Elizabethtown Consolidated Gas Co. (quar.)..
Elizabethtown Water Co. Consolidated (s.-a.)_
Elmira & Williamsport RR. Co.—
SIM
J 50c
175c
12Mc
ti
July
1 June
16
1 Sept. 15
Oct.
June 28 June 16
July
52
20c
SIM
2 June
14
July
July
1 June
13
1 June
13
June 30 June
SIM
(quar.)
July 15 June 19
July 15 June 19
Aug. 15 July 15
16
1 June
12
1 June
13
July
July
July
7% preferred (quar.)
Continental Tel. Co. 7% partic. pref. (quar.)
634% preferred (quar.)
Cooper-Bessemer Corp., S3 prior pref. (quar.)__
Corn Exchange Nat. Bank & Trust Co. (Phila.)
Quarterly
.
•_
Corroon & Reynolds Corp., $6 conv. pref
Cottrell (C. B.) & Sons Co., 6% pref. (quar.)..
Courier-Post Co., 7% preferred
_
Craddock-Terry Shoe Corp.—
1st preferred (semi-annual)
2nd preferred (semi-annual)
3rd preferred (semi-annual)
Cream of Wheat Corp
Creameries of America, Inc. (quar.)
Credit Utility Banking Corp., class B (quar.)__
Crocker First National Bank (San Fran.) (s.-a.)
Crown Cork International Corp., SI class A
Crown Drug Co. 7% conv. pref. (quar.)
July
June 30
July
June 30
June
June
$15*
July
June 21
25c
July
July
July
July
June
13
June
13
June
14
June
14
July
June
16
hi
50c
tSl 34
SI"
tSl
June 24
June 20
June 20
June 20
$234
June
June
19
$2
June
June
19
19
June
June
$2
(quar.)
(quar.)
June
i6
June 20
30c
$2
Sept.
July
1
Sept. 16
June
June
tSIM
Sl'M
—
July
15c
(Quarterly)
July
July
June 20
SIM
June
June
6% conv. preferred (quar.)
Corp. of Canada—
5% preferred (semi-annual)
$5
June
15
25c
July
July
June
25
Quarterly
Fedders Manufacturing Co. (irreg.)
Federal Bake Shops (quar.)
June
June
14
July
June
14
Preferred (s.-a.)
Federal Bank & Trust Co. (New
SI 5*
25c
SIM
SIM
SIM
7Mc
2
June
June
July
July
June
14
June
20
14
June 23
15c
July
July
June 23
t$2M
July
June 21
July
Aug.
Aug.
June
Debenture & Securities
(semi-annual)
Dennison Manufacturing Co., $6 prior pref
8% cum. debentures (quar.)
Dentists' Supply Co. (N. Y.) 7% pref. (quar.)..
7% preferred (quar.)
7% preferred (quar.)
.—
Deposited Bank Shares, series B-l
Derby Oil & Refining Corp. $4 conv. pref
(quar.)
preferred (quar.)
preferred A (quar.)
Fanny Farmer Candy Shops (quar.)
—
Fansteel Metallurgical Corp. $5 pref. (quar.)—
$5 preferred (quar.)
$5 preferred (quar.)
.—...— Farmers & Merchants Nat. Bk. (Los Ang.) (qu.)
Farmers & Traders Life Insurance (quar.)
June
June 30
$1
75c
$2
luly
SIM
SIM
SIM
4Mc
July
tSl
July
14
23
23
July
1
July
July
Oct.
Oct.
Dor.
23 Dec.
1
23
1
1 June 14
10c
S2M
$2 H
SI.60
SIM
SIM
York) (irreg.)
Extra
Fidelity Title & Trust
~ -
July
July
July
July
1 June
18
9
1 June 20
1 June 20
1 June 20
1 June 24
June 30 June 21
July
July
July
July
1 June 20
15 June 30
15 June 30
1 June 16
13
3
3
15 July
July
July
July
July
Aug.
1
July
25
Nov.
1
Oct.
25
July
July
1 June 26
July
July
July
1 June 13
5 June 27
1 June 21
1 June 21
1 June 26
1 June
13
1 June
13
June 28 June 24
July
July
15c
SI .44
25c
$1
$1
20c
SIM
15c
40c
37Mc
37Mc
37 Mc
SIM
SIM
$1
S
1 June 24
21 June 16
June 30 June 20
1 June 16
July
July
1 June
10
June 30 June 20
July
2 June 30
June 30 June 24
July
July
July
July
1 June
18
1 June
18
July
July
July
1 June 14
July
1 June
14
June 30 June
14
1 June 20
1 June 20
2
June 28 June
1 Sept. 16
Oct.
1 June 14
1 June 14
Sept. 30 Sept. 15
Dec. 18 Dec. 15
July
July
1 June 25
1 June 10
Oct.
S2M
1 Sept. 10
1 June 18
July
75c
June 30 June
June 30 June
50c
July
June 30 May 31
1 June 20
July
14
14
2 June 23
20
35c
Oct.
1 Sept.
25c
July
July
July
July
July
July
July
July
July
2 June 23
Mc
SIM
50c
15c
50c
80c
(s.-a.)
- - -
10
1 June 20
15 July
35c
—
Ins. Co. (s.-a.)
-
10
30c
__
—-—- -
Fidelity-Phoenix Fire Ins. Co.
June 30 June
June 30 June
25c
---
Forge Co. (resumed)
Federal Insurance Co. of New Jersey (quar.)
(quarterly)
Federal Light & Traction, common
Common (special)
Federal Services Finance Corp. (quar.)—
6% preferred (quar.)_
Federation Bank & Trust Co. (N. Y.)
Feltman & Crum Shoe Stores $7 pref
Fernie Brew Co., Ltd. (annual)
Fidelity & Guaranty Fire
16
25c
Federal Drop
Extra
5
2 June
June 30 June
3c
$1.50 cum. conv.
June 16
July
25c
50c
25c
65c
SI.50 conv.
July
July
July
3c
1 June
July
9
50c
20c
Common
June 20
25c
14
1 June 20
1 June
5
7
7
t75c
Family Loan Society, Inc.—
June
SIM
1 June
16
1 June 20
10c
4M% preferred (quar.)
50c
May 29
July
July
July
1 June 16
1 June
25c
Falconbridge Nickel Mines, Ltd. (interim)
Falstaff Brewing Co. pref. (semi-ann.)
75c
75c
(irreg.)_
pref. (quar.)
Curtiss-Wrigbt Corp. $2 non-cum class A
Cypress Abbey Co. (irreg.)
Dairymen's League Cooperative Assn
Darby Petroleum (resumed)
Davenport Bank & Trust Co. (Iowa) (s.-a.)
Davenport Hosiery Mills, Inc., common
7% preferred (quar.) —
David & Frere, Ltd. class A (quar.)
Davidson-Boutell Co. 6% pref. (quar.)
Day Trust Co. (Boston) (semi-annual)
Dayton & Michigan RR. 8% preferred (quar.)__
De Long Hook & Eye Co. (quar.)
De Pinna (A.) Co., class A (quar.)
2 June 20
1 June
SIM
SIM
(Del.), com. (quar.) —
July 22
June 23
Iftc
Curtis Publishing Co. prior
14
July
July
July
July
1 June
---
Fairmount Creamery Co.
16
July
—
Aug.
July
July
Culver & Port Clinton RR. Co. (g.-a.)
Curtis Manufacturing Co. (Mo.)
14
June 20
(quar.)
1 June
14
75c
(irreg.)
Excelsior Life Ins. Co. (Toronto, Ont.) (s .-a.)..
F. R. Publishing Corp. (quar.)
Fafnir Bearing Co.
Extra
1
July
1 June
5 June 25
40c
Eversharp, Inc., 5% preferred
6
15 July
40c
Ex-Cell-O Corp
Excelsior Insurance Co. (Syracuse)
13
1 June 14
June 30 June 23
1 June 14
July
July
July
July
June 30 June
June 30 June
56 Mc
$5M div. cum. preferred (quar.)
$5 div. cum. preferred (quar.)
Equitable Investment Corp. of Mass ... —
Equitable Trust Co. (Bait.) (quar.)
Equity Corp., S3 convertible preferred.
Evans-Wallower Zinc, Inc
June 26
June
July
July
50c
SIM
June 28
Aug.
16
Aug. 15 July 31
July
1 June 16
July 25 July 10
July 15 June 16
t35c
t30c
SIM
July
July
July
June 21
June 20
June 30 June
1 June 20
35c
-
May 24
July
June 20
July
75c
Engineers Public Service Co.—
$6 div. cum. preferred (quar.)
June
Aug.
1
14
June 14
June
July
Quarterly
Endicott-Johnson Corp., common
June 21
June
July
June 20
75c
(quar.)_
Goods 1st pref. (s.-a.)
Second preferred (s.-a.).
Empire Trust Co. (New York) (quar.)
Emporium Capwell Co. common
4M% preferred series A (quar.)
Employers Casualty Co. (Dallas), (quar.)
June
June 20*
June 30
1 June 20
Ely & Walker Dry
June
87
June 30
75c
pref. A (quar.)
July
tlOc
43 5* c
1$1
10*
July
July
July
15c
7% preferred (semi-annual)
40c
uas
10
July
June 28 June 20
$3M
Electric Controller & Mfg.
5% preferred (quar.)
June
June 28 June 20
3c
(resumed)
participating class A (quar.)
SIM
25c
8% preferred (quar.)
Crystal Tissue Co. (quar.)
Cuban American Sugar, 7% preferred
534% conv. pref. (quar.)
Cuban Telephone Co., 6% pref. (quar.)
1
1
1
1
$1M
(Montreal) (quar.)
Crown Zellerbach Corp
Crucible Steel Co. of Am. 5% pref.
July
July
July
July
2
2
July
25c
(Bahamas)
Preferred (semi-annual)
6% preferred B (quarterly)
El Paso Electric Co. (Texas) $4.50 pref.
El Paso Natural Gas Co. (quar.)
80c
Aug. 12
June 20
25c
(irreg.)
El Paso Electric (Delaware), 7%
25c
1:35c
7% pf. (accum.)
June 23
20c
Extra
Continental Oil Co. (Del.)
Continental Roil & Steel Fdy., 7% pr. pf. (quar.)
Continental Steel Corp., common
Class B
June 20
July
(quar.)
18
pref. (quar.)..
S4.50 preferred (quar.)
Continental Assurance Co. (Chicago, 111.) (qu.)_
Continental Baking Co., 8% pref. (quar.)
Continental Bank & Trust Co. (N. Y.) (quar.)..
Continental Gas & Elec. Corp., 7 % prior pf. (qu)
Continental Insurance Co. (N. Y.) (s.-a.)
S3
25c
com
2 Aug.
1 July
Consolidated Sand & Gravel Ltd., 7% conv. pref
Consumers Gas (Toronto) (quar.)
Delaware RR. Co.
Sulphur
Lead Co.
SIM
SIM
2 Tune
(quar.)
Crum & Forster 8% pref.
Texas
$2
Sept.
Aug.
Aug.
July
SIM
t25c
June 20
62 Mc
30c
July
51
Consol. Min. & Smelt. Co. of Canada, Ltd.
Crown Trust Co.
11
1 July
June 30 June
June 30 June
14
May 31
July
July
July
July
July
July
July
July
SI 5*
$15*
$134
4% preferred C (quar.)
Consolidated Laundries $7.50 preferred (quar.)_
Consumers Power Co. $5 preferred
10
Tune
1 June
Aug.
15
15
June
(quar.)
Eagle Picher
S3
SI 34
$134
16
July
July
'
7% preferred (quar.)
Dun & Bradstreet, Inc. $6 pref.
Dunean Mills 7% pref. (quar.)
Duval
1 June
1 June
16
June
Duke Power Co
16
July
July
July
July
July
July
July
June
July
July
July
25
2.5c
June 20
125c
7% preferred (quar.)
Draper Corp. (quar.)
Dravo Corp. 6% preferred (quar.)
Dresser Manufacturing Co
Driver-Harris Co., 7% pref. (quar.)
31
1 Sept. 15
1 Nov. 14
Dec.
14
July
July
July
July
July
June 30 June
25c
19
June
Dunkirk Trust Co. (N.
13
1 June 13
1
16
July
*3$
(quar.)
June 30 June
$15*
SI 34
June
Aug.
July
J 50c
Aug. 15 July
SI M
90c
(quar.)
34% preferred B (quar.)
8% preferred
15
Aug. 30 Aug. 15
(Bait.)
Common
Consolidated Oil Corp. (quar.)
Consolidated Retail Stores, 8%
15
14
June
1
June
25c
115c
Ltd. (quar.)
Consolidated Cigar Corp. 7% pref. (quar.)..
4
1 June 25
Oct.
Dec.
50c
pref. (final)
25c
t$2M
62 Mc
t50c
SIM
$1M
SIM
SIM
July
July
June 21
75c
Y.) (quar.).
Dunlop Tire & Rubber Goods Co. Ltd.—
5% 1st preference (s.-a.)
Duplan Silk Corp., common (reduced)
8% preferred (quar.)
du Pont (E.I.) de Nemours & Co., $4.50 pf. (qu)
Duquesne Light Co., 5% pref. (quar.)
Durfee Trust Co. (B, M. C.) (Fall River, Mass.)
(Quarterly)
- -
$2
75c
Consolidated Aircraft Corp. com. (irreg.)
S3 conv. preferred (quar.)
Consolidated Bakeries,
6
1 June 25
June 30 June
June 20
July
Sept.
July
July
July
July
July
Extra
1 June >20
1 July
1 July
July
25c
(interim)
Dominion Textile Co., Ltd.
June 30 Tune 23
Aug.
Aug.
June 20
25c
Eastern Gas & Fuel Assoc. 4M % prior
6% preferred (s.-a.)
Connecticut River Bank (Hartford) (s.-a.)
.....
SI M
t75c
75c
Connecticut Light & Power (quar.)__
Connecticut & Passumpsic River RR. Co.—
Extra.'
July
July
July
10c
Commonwealth Investment Co.
Commonwealth
50c
SI
$1
(quar.)
Extra
Commodity Corp.
June 30 June
1-5-42 Dec. 20
SIM
Dominguez Oil Fields (monthly)
Dominion Bank of Canada (quar.)
Dominion Coal Co., Ltd., 6% preferred (quar.)_
Dominion Foundries & Steel, Ltd
6% preferred (quar.)
Dominion Glass Co., common (quar.)
7% preferred (quar.)
Ltd.(quar
Dominion Oil cloth & Linoleum Co
16
July 15 June 27
5
July 21 July
July
5 June 20
July
July
25c
Doehler Die Casting Co.
Dome Mines, Ltd
15
$1M
Commercial Solvents
$2
Payable of Record
Co.—
7% preferred (quar.)
Diamond Ginger Ale Inc. (quar.)
Diamond Match Co., pref. (semi-annual)
Diamond Shoe Corp., 5% preferred (quar.)
Dixie Home Stores (quar.)
Dixie-Vortex Co class A (quar.)
Aug. 14
SI
(quar.)
$2
Class B
June 20
25c
6% preferred (quar.).
jreferred (quar.)
Commercial Baking Corp. 7% pr
r.)_
SI.20 prior preferred (quar
Commercial Credit Co., common (quar.)
25c
—
Semi-annually
17
June 20
June 20
Columbus & Southern Ohio Electric Co.—
6 M% preferred
45c
par)
Detroit Hillsdale & Southwestern RR. (s.-a.)
10
25c
(quar.)
$1 participating preferred (quar.)..
Participating
Columbus Bk. & Tr. Co.(Columbus,Ga.) (qu.)
Share
Company
Detroit Edison Co. (capital stock $20
Detroit Gasket & Manufacturing Co
June 30 June 21
June 30 June 21
50c
25c
Mfg. Co. (quar.)
Columbia Baking Co., com.
Name of
Payable of Record
Holders
When
Per
Holders
When
Per
Name
4073
Chronicle
20c
t
(Stamford, Conn.)(quar.)
SIM
July
July
2 June 23
15 June 30
15 June 30
2 June 23
1 May 31
2 June 15
2 June 15
1 June 20
10 June 30
10 June 30
June 30 June 30
The Commercial & Financial Chronicle
4074
Per
Name of Company
Share
Fidelity Trust Co. (Baltimore) (quar.)_-_
Fidelity Trust Co. (Pittsburgh) (quar.)
75c
Field (Marshall) & Co
20c
$1
-
6% preferred $2nd series (quar.)
Fifth Avenue Bank (N. Y.) (quar.)
;
FiJene's (Wm.) Sons, common (quar.)
4M% preferred (quar.)
$1M
June 30 June 20
15c
10c
6%c
30 June
15
1 June
30
Co. (Del.) (quar.)
5% preferred (quar.)
Great American Insurance Co. (quar.)
Great Lakes Paper $2 class A partic pref.(accu.)
$2 class B partic. preference (accum.)
Great Lakes Power Co., Ltd., 7% pref. (quar.) —
Great Lakes Steamship Co
Great West Life Assurance (Winnipeg). quar.)_
Gt. West Saddlery Co., Ltd.. 6% 1st pref. (qu.
6% 2d preferred (accum.)
June 30 June 20
June 30 June 20
30 June 20
June
July
July
July
25c
Oct.
50c
$3
July
$1
July
July
July
.JS
July
1 June 21
lune 30
June 20
1 June
30
30c
25c
25c
Quarterly
First Nat. Bank (Palm Beach, Fla.), (monthly)
Oct.
$25
.
First National Bank of New York (quar.)
First Nat. Bank (North Easton, Mass.) (quar.)
June 30 June 20
1 June 30
July
July
July
1
June
4
Oct.
1
June
4
1 June 25
$2
$2
$1
50c
First National Bank (Philadelphia, Pa.) (quar.).
$4
First National Bank (Pittsburgh)
$2
July
July
July
July
$2
1 Sept. 30
1 June 16
Oct.
Extra
(quar.)
Quarterly
First Portland Nat. Bank (Portland, Me.) (s.-a )
First Nat. Bank & Trust Co. (111.) (s.-a.)
75c
1
June
25
1 June 21
1 June
30
1 Sept. 30
June 30 June 2 J
18
(quar.)
........
— —
First Nat. Bk. & Tr. Co. (Ramsey, N. J.) (s.-a.)
First National 8tores (quar.)
Fishman (M. H.) Co., Inc., 5% conv. pref. (qu.)
Fitzsimmons Stores, Ltd. 7% pref. (quar.)
-
Fletcher Trust Co. (Indianapolis) (s.-a.)
Florence Stove Co
.
Class B
—
Food Machinery Corp., common
Oct.
July
62 %c
July
1
$1%
17 he
17Mc
July 15 June 30
Sept. 2 Aug 20
35c
4M % convertible preferred (quar.)
$1%
Foote Bros. Gear & Machine Co., pref. (final)..
25 c
Foresight Foundation A
6c
Formica Insulation Co. tfrreg.)—.
Foster & Kleiser Co. 6% preferred A (quar.)
1
5
Nov. 20
1 June
June 30 June
14
June 30 June
14
July
1
Jun<s 30
June 30 June
1 June
14
1 June
15
1 June
16
25c
25c
Frankford Trust Co. (Phila. (s.-a.)_
June 30 June
20
18 June 30
June 30 June 16
June 30 June 16
July
Fundamental Investors, Inc
'
6%
conv.
preferred (quar.)
Garlock Packing Co
.....
5M% preferred (quar.)..
5% preferred (quar.)..
Gemmer Mfg. Co. $3 partic. pref. A
General American Investors. $6 pref. (quar.)
General American Transportation (irregular)
General Baking Co., common.
$8 preferred (quar.)
General Box Co (Quar.)
General Capital Corp
'
....
...
General Electric Co
75c
J20c
111.38
1*1 H
75c
$1H
$lk
$2
lc
27c
35c
General Finance
Corp. (quar.)
Fireproofing Co. 7% pref. (quar.)
Common (irregular)
General Foods Corp. $4.50 preferred (quar.)
General Machinery Corp. common
4M % conv. preferred (quar.)
General Mills, Inc., 5% pref. (quar.)
General Motors Corp., $5% pref. (quar.)
General Outdoor Advertising, class A
General
5c
$1%
50c
$1M
75c
SI H
$1%
«
a
Clasps A
$1
Preferred
(quar.)
$1M
Preferred
(quar.)..
$1M
General Paint
Corp., $2-67 preferred (quar.)...
Printing Ink Corp
$6 preferred (quar.)
General Public Utilities, Inc., $5 pref.
(quar.) —
General Railway Signal Co., com. (irreg.)
6% preferred (quar.)
General Shoe Corp. 40c. pref. (s.-a.)
General Telephone Corp., $2.50 pref. (quar.)
General Time Instruments Corp
$6 preferred (quar.)...
General
66c
15c
SI M
SIM
25c
SIM
20c
62 Mc
o0c
June
1 June
15 June 30
July
25 June
5
1 June 21
1 June 21
1 June
July 15 July
1 June
July
1 June
July
1 July
Aug.
1 June
July
1 June
July
1 June
July
1 July
Aug.
Aug. 15 Aug.
Nov. 15 Nov.
Aug. 15 Aug.
10
27
1
20
20
10
18
18
10*
July
July
July
July
July
Georgia Power Co. $6 pref. (quar.)
$5 preferred (quar J
Georgia Railroad & Banking (quar.).
Gibson Art Co. (quar.)
Gilbert (A. C.) Co. $3.50preferred (quar.)
Gillette Safety Razor, $5 conv. pref. (quar.)
Girard Trust Co. (Philadelphia)
Glastonbury Bank & Trust Co. (Hartford) (qu.)
Glen Falls Insurance Co. (quar.)
Glidden Co., com. (interim)
4M% conv. preferred (quar.)
Globe Steel Tuoes Co
.
A.) Co., $5 pref. (quar.)
Hanover Fire Insurance Co. (quar.)
Harbison-Walker Refractories pref. (quar.)__
Harding Carpets, Ltd. (s.-a.)
25c
SIM
+7 5c
43 Mc
Extra
.
-
—.
_
„
—-
-
Harris Trust & Savings
-
.
Harlem Savings Bank (s.-a.)
Harris Hall & Co. 5% pref. (quar.).-—
t$lM
SIM
$1M
30c
$1M
110c
X5c
—
-
$2
-
Bank (Chicago) (quar.).
Harrisburg Gas Co., 7% preferred (quar.)
SIM
$2M
SIM
37Mc
14
22
June
May 31
June 16
July
Sept.
Aug. 15
June 17
July
July
July
7
June 14
July
June 14
July
1
July
1 June 20
July
1 June 17
July
July 15 June 30
1 lune 16
July
1 June 18
July
1 June 18
July
1 June
1 June
14
18
18
50c
25c
SIM
15c
37Mc
12
July
Aug.
1 June
18
1 July
17
July
July
1 June 21
1 June 18
45c
Sept. 15 Sept.
40c
July
July
5
25 July
5
1 June 20
June 30 June 28
June 30 June 20
June 30 June 20
June 30 June 20
7
1 June
25c
July
1 June 20
50c
June 30 June
June 30 June
16
July 25 July
Aug. 29 Aug.
Sept. 26 Sept.
1 June
July
1 June
July
1 June
July
15
19
16
15c
15c
15c
Monthly
HIbernia National Bank (N. O.) (s.-a.)
1 June
July
July
July
$3M
Hercules Motors Corp
Hershey Creamery Co. (s.-a.)
7% preferred (s.-a.)
Hibbard, Spencer, Bartlett & Co. (monthly)
Monthly
...
50c
High Street Bank & Trust Co. (Providence) (s-a)
$2M
25c
Hingham Trust Co. (Mass.) (s.-a., increased)
Hilton-Davis Chemical Co., $1.50 pref. (quar.).
37 Mc
Hlnde & Dauch Paper Co., common
25c
5% preferred (quar.)
SIM
Hinde & Dauch Paper of Canada, Ltd. (quar.). I12Mc
Furnace Co
50c
Holmes (D. H.) Co., Ltd (quar.)
(quar.)
60c
1 June
21
1 July
1 June
16
July
July
1 June
13
1 June
13
1 June
60C
J50c
12c
SIM
50c
SIM
62Mc
7
1 June 20
10
15
30
21
June 30 June 20
July
July
July
July
July
July
1 June
7
1 June
7
2 June
14
1 June
17
1
Tune 21
1 June 20
Sept. 15 Sept. 12
Dec.
15 Dec.
12
2 June 14
June 30 June 23
June 30 June 12
July
July
July
July
1 June 20
1 June
20
1 June 20
Illinois Central RR. Co.—
SIM
$:l%
July
July
14
1 June
14
$2%
July
July
July
July
June
$1 %
July
July
July
July
15 July
1
1
1 June
13
13
30 June
19
1 June
20
1 June
18
1 June
18
2 June
14
June 30 June
7
July
July
July
1 June 30
1 June 10
15 June 30
50c
June 30 June
30
SIM
June 30 June
20
2 June
14
2 June
14
t63c
162 Mc
lune
June 30 June
June 30 June
SIM
SIM
SIM
July
Aug.
July
15 June 30
1 June
5c
16
1 June 30
43 Mc
7% preferred w. w. and x-w. (quar.)
Helme, (Geo. W.) Co. (quar.)-----7% preferred (quar.)
Henkel-Clauss Co. $6 pref. (quar.)
19
12
$1M
62Mc
20c
June 30 June
July
5c
1 June
19
1 June
m
13
20
July
10c
Extra
15
July
50c
Co., 7% preferred (quar.)
Heller (Walter E.) Co., common (quar.)
30
12
50c
June
June
July
$1M
$1M
1 June
1 June
1 June
56 Mc
Hartford Nat. Bank & Trust Co. (Conn.) (quar.)
Hat Corporation of America, 6M% pref. (qu.)„
20
July
July
40c
1
1
June 30 June 20
75c
50c
v
1 June
25c
75c
2 June 20
:
50c
1 June
June 30 June 20
87 Mc
$1
—
8% preferred (quar.}_
Heath (D. C.) &
$1
—_
Horn & Hardart Baking Co. (N. J.) (quar.)
SIM
50c
(quar.)
10
July
July
25c
Globe-WernickeCo., 7% pref. (quar.)
Godchaux Sugars, Inc., com. class A
$7 preferred (quar.)..
Goderich Elevator & Transit Co., Ltd. (s-a)
Goebel Brewing Co. (quar.)
Gold & Stock Telegraph Co. (quar.)
Goldblatt Brothers, $2.50 conv. pref. (quar.)
Golden State Co., Ltd. (quar.)
Goodman Mfg. Co
Goodrich (B. F.) Co., $5 pref. (quar.)
Goodyear Tire & Rubber Co. of Canada, Ltd.—
Common (quar.)
5% preferred (quar.)
Hanna (M.
Houdaille-Hershey Corp., class A (quar.)
Household Finance Corp., common (quar.)
5% preferred (quar.)
Houston Natural Gas (quar.)
7% preferred (quar.)
Houston Oil Field Material Co., Inc.—
$1M convertible preferred (quar.)
Hudson's Bay Co., 5% preference (semi-annual)
Humble Oil & Refining
Hummel-Ross Fibre/Corp
Humphreys Manufacturing Co., com. (quar.)—
6% preferred (quar.)
Huron & Erie Mtge. Corp. (London, Ont.) (qu.)
Hussmann-Ligonier Co. common (quar.)
5M % conv. preferred (quar.)
Huttig Sash & Door Co.. 7% pref. (quar.)
Hyde Park Breweries Assoc., Inc. (irreg.)
Hygrade Sylvania Corp
Ideal Cement Co. (quar.)
75c
$3 preferred (quar.)
JS1M
illM
1 June 11
June 21
10
$1
General Trust Co. of Canada (Montreal) (qu.)_
General Water Gas & Electric Co., common
June 20
June 20
July
1 June
General Tire & Rubber—
6% preferred (quar.)
June 20
1
Aug.
1 June 20
17
1
1
June
1 June
1 June
20
23
10
50c
Quarterly
Honey Dew, Ltd
Honeymead Products Co. (quar.)
Hooker Electrochemical Co. 6% pref. (quar.)..
Hoover Ball & Bearing Co
17
June
25c
Home Gas & Electric Co. 6% pref.
Home Insurance (Hawaii) (quar.)
1 June
1
1 June
June 28 June
11
21
2 June 20
-
Holland
5
June
Hamilton National Bank (Wash., D. C.) (s.-a.)_
Hamilton United Theatres. Ltd.. 7% pf. (accum)
Hammer mill Paper Co., 4M% pref. (quar.)
5
5
1 June 20
June 21
1
1 June 27
7
5
Nov. 15 Nov.
July
July
July
June
1
July
Hazel-Atlas Glass Co
July
July
July
July
July
1
17 5c
14
1 May 31
1 June 20
1 June 20
July
July
July
Juiy
July
20
20
2 lune 10
1 June 21
30 June
July
July
July
June
July
July
14
June 30 May 31
1 May 31
July
1
July
l'June
June 30 June 14
June 30 June 21
1 June 20
25c
Hatfield-Campbell Creek Coal Co.—
5% prior preferred (quar.)
Haverty Furniture Cos.. Inc., $1.50 pref. (quar.)
Hawaiian Electric Co., Ltd. (qaur.)
Hayes Industries, Inc. (irreg.)
llJune 16
l'June 20
25
1 June
July
July
July
July
July
July
Hartford Fire Insurance Co. (quar.)
Hartford Gas Co., common (quar.)
July
July
July
June
1
July
t50c
23
8c
16
SIM
1 June
50c
2 June
15 June 30
15 June 30
——
$2A
$1%
17 Mc
37 He
16
15
July
Tuly
July
$3
Hartford-Connecticut Trust Co.(Hartford) (qu.)
June 30 June 26*
Tune
July
Halifax Insurance Co. (N. S.) (.s.-a.)
Haloid Co
19
15 June 28
14
1
1
Halsted Exchange Nat. Bank (Chicago, Ill.)(qu)
Hamilton Cotton, Ltd. $2 conv. preferred
Accumulated
Hamilton Manufacturing Co. class A—
1 June
15 June 30
151 June 28
2 June
July
July
July
50c
Hart & Cooley Co., Inc., common (quar.)
Extra
July
July
July
July
July
Tune 20
12Mc
12Mc
37Mc
Semi-annually
Harshaw Chemical Co.
-
Gatineau Power, common (quar.)..
50c
.
27
60c
Gannett Co., Inc., $6 pref. (quar.)..
Garfinckel (Julius) & Co. com. (quar.)
—
June 30 June
25c
Galland Mercantile Laundry (quar.)
Galveston-Houston new (initial)....
(quar.)
6% pref
Hackensack Water Co. pref. A (quar.)
Hackley Union Nat. Bank (Muskegon, Mich.)—
$3
$1
6% pref.
$20 par stock
t75c
-
10
Gair (Robert) Co., new (initial)—
Two quar. divs. of 30c. each on new
J
18
15c
18c
25c
Fyr-Fyter Co., class A (quar.)
SIM
25c
13 Mc
+80c
1$ 2M
-
1 June
June 30 June
July
Fuller (Geo. A.) Co., 4% conv. pref. (quar.)
Fulton Trust Co. (N. Y.) (quar.).......
16
July
July
July
25c
...
July
50c
12 5c
Franklin County Distilling 60c. conv. pf. (auar.)
Franklin County Trust Co. (Mass.) (s.-a.)
Extra.
Dec.
June
37 Ac
i$ik
Corp. $7 preferred
Fosotria Pressed Steel Corp
Foundation Co. of Canada. Ltd, (quar.)
Fox (Peter) Brewing Co. (quar.)
Extra
—
Gulf Oil Corp
21
June 30 June 23
1 June 21
t$36.32 July
50c
1 June 16
July
25c
1 June 16
July
-
Foster Wheeler
(Quarterly)
Extra
Gulf Power Co. $6 preferred
Guilford Realty Co. (Bait.),
1 Sept. 26
4
1 June
80c
12c
31 Mc
0-244
2
3 June 26
3 June 26
2 June 14
(Montreal)
Guaranty Trust Co. (N. Y.) (quar.)
Guelph & Ontario Investment & Savings Society
Common (s.-a.)
Guelph Trust Co. (Guelph, Ont.) (s.-a.)-,-—-
1 June 26
$3
50c
,
Florida Power & Light $7 preferredFlorsheim Shoe Co., class A
America
1 June 26
$1
$3
_
7% preferred (quar.)
North
of
July
July
50c
(Quarterly)
Co.
$1
».
Extra.—
30 June 21
July
July
July
July
July
July
Aug.
July
July
f$lM
—
6% preferred class C (quar.)__
June
First Nat. Bank & Trust Co. (Lexington, Ky.)
June
J15c
Extra
$3
28 June
15 June 30
50c
i$s%
X 75c
J75c
t25c
50c
Co_
3 June 25
3 June 25
I$1M
.
Guarantee
17
15 June 20
July
July
July
50c
-
Gruen Watch
17
1 June
SIM
$125 participating preferred (quar.)
Participating
Greenwich Water System, Inc.,6% pref. (qu.) —
Greyhound Corp., com. (quar.)
5M% preferred (quar.)
Grief Bos. Cooperage. $3.20, class A
Group Corp., 6% preferred
Group No. 1 Oil Co
$1M
20
1 June
$1 M
Greenwich Gas Co
June
20
July
July
July
t25c
(quar.)
16
1
21
25c
7% preferred (quar.)
25
19
1 June
1 June
1 •June
25c
Great Western Sugar Co., com
Green (D.) Co.. 6% preferred
Green (II. L.) Co. (quar.)
30
First National Bank (Hartford, Conn.) (quar.)..
First National Bank of Jersey City (quar.)
Common (quar.)
Sept. 20
June 20
1 June 23
-
1 June
July
July
$3
15 July
5
1 June 20
June 20
June 30 June
S2M
45c
16
July
July
June 30 June
35c
Grant (W. T.)
Greening (B.) Wire Co.. Ltd. (quar.)
Greenville Trust Co. (R. I.) (s.-a.)
First National Bank of Chicago (quar.)
...
First National Bank (Dallas, Texas) (quar.)....
First Nat. Bank (Danville, Va.) (irreg.)
First National Bank (Kansas City) (s.-a.)
First National Bank (Montgomery, Ala.) (s.-a.)
First National Bank (Mt. Vernon, N. Y.) (quar.)
1 June
July
25c
.....
Quarterly
15
15
25 July
25 July
Holders
Payable of Record
10c
June
July
When
t$2
Rapids Varnish Corp
Grand
25c
First National Bank (Baltimore) (quar.)
First National Bank (Binghamton, N. Y.) (s.-a.
First National Bank (Boston) (s.-a.)
75c
Gorton-Pew Fisheries Co.. Ltd. (quar.)
Goulds Pumps, Inc., 7% preferred
15
$2
$1
Fireman's Fund Insurance Co. (San Fran.) (qu.)
First National Bank (Atlanta, Ga.) (quar.).
Share
Company
31 July
July
5M % preferred (quar.)
Finance Co. of Pennsylvania (quar.)
.......
June 30 June 20
-_$ 1.18%
com. cl. A & B
Common class A & B (extra)
Name of
July
July
_
Per
Holders
Payable of Record
$6
25c
Finance Co. of Amer.
Extra---—
When
June 28, 1941
July
July
Illinois Bell Telephone.
(Leased Line) 4% guaranteed (s.-a.)
Illinois National Bank (Springfield, 111.) (quar.)
Quarterly
Imperial Bank of Canada (Toronto, Ont.) (qu.)_
Imperial Chemical Industries Am .dep. rec
Imperial Life Assurance Co. of Canada (quar.)—
Quarterly
Quarterly
Imperial Tobacco of Canada, Ltd. (interim)
Indian Motocycle (irreg.).
6% non-cumulative preferred (irreg.)
Indiana Gas & Chemical $3 pref. (s-a)
Indiana General Service Co. 6% pref. (quar.)
Indiana National Bank (Indianapolis) (quar.)„
-
$1
SIM
25c
87 Mc
37MC
2 M %
37 Mc
15c
30c
$1M
July
July
15 June 30*
15 June 30*
June 30 June 20
June 30 June 20
June 30 Tune 20
July
July
1
1
May 31
July
1
June
16
June 30 June
June 30 June
19
$1
July
2
15c
Aug.
1
68 Mc
$1 M
50c
62Mc
35c
$2
$2
SIM
SIM
June
lune
6
19
14
July 21
June 30
June 30 Tune 20
July
July
16 July
2
1 June 20
June 30 June
June 30 June
14
June
11
July
July
19
June 24
Oct.
Sept. 24
t$2M
a5%
t$3M
Aug.
July
July
June 30
IS3M
IS3M
JlOc
Oct.
Apr. 25
June 30
1
Sept. 30
1-2-42 Dec. 31
30c
June 30 June
June
July
16
30c
July
June
16
SIM
SIM
SIM
July
June 20
July
July
June 12
June 21
6
Volume
The Commercial &
152
Per
Name oj
Share
Company
$15*
6% pref. (qu.)
$1 5*
7% preferred (quar.)
30c
Indiana Service Corp., 6% preferred
40c
Indianapolis Power & Light Co. (quar.)
$1.31 5*
5H% pref. (quar.)
$13*
Indianapolis Water Co., 5% pref. A (quar.)
75c
Independent Pneumatic Tool (irreg.)
industrial Acceptance Corp. Ltd.—
t25c
$2 non-cum. class A
5% conv. preferred (quar.)
Industrial Bank & Trust Co. (St. Louis), quar.)_
$1
Quarterly
Indiana & Michigan Electric Co.,
Industrial Credit Corp. of New Eng., com.
Extra.
(qu.)
32c
7% preferred (quar.)
634c
8734c
Industrial Rayon Corp
50c
$3
Ingersoll-Rand Co.. 6% pref. (s.-a.)
20c
Inland Investors. Inc
Institutional Securities (bank shs.) (stk.
Insurance Co. of North America (s-a)
div.)
$13*
t$2
t$4
Ltd., com. (s.-a.)
Intercolonial Coal Co.,
8% preferred (s.-a.)
Interlake Steamship
International Business Machines
233%
25c
$134
$134
(quar.)
(Qquarterly)
30c
When
June 12
June
12
June 14
Lamaque Gold Mines, Ltd. (quar.)
July
June 23
June 24
June
J une 24
June
July
16
Oct.
Sept. 15
July
July
July
June
10
June
10
June
10
June
16
June
9
July
July
International Pow
35c
Le Roi Co
20c
Sept. 22
June 20
Leath & Co
June 20
Oct.
Preferred (quar.)
Leece-Neville Co. (initial)
June
20
June
20
June
Aug.
Aug.
July
16
3
June 30
June
June 20
June
June 20
June
June 20
62)4c
20c
30c
Extra
Lehigh Portland Cement Co. 4% pref. (quar.)__
4% preferred (quar.)
Common (quar.)
Lehman Corp. (quar.)
Extra (Year end dividend)
Leich (Charles) & Co., 7% pref. (quar.)
Leland Electric Co. (quar.)
Lerner Stores Corp., common (quar.)
4)4% preferred (quar.).
Lexington Union Station Co. (s-a)
Liberty Aircraft Products (irreg.)
Liberty Loan Corp. class A (quar.)
;
Class B (quar.)
$3)4 preferred (quar.)
Liberty National Bank (Chicago, III.) (quar.)__
Liberty Trust Bank (Roanoke, Va.) (s.-a.) —
June
14
30
16
July'
July
July
June
14
June
13
July
Aug.
July
June
19
Life Insurance Co
July
10
June
14
Liggett & Myers Tobacco Co., 7% pref. (quar.)_
Lincoln National Bank (Wash., D. C.) (s.-a.) —
25c
July
June
14
X75c
July
July
15 June 30
15 June 30
$13*
t6234c
7% pref. (quar.)
Interstate Telephone Co. $6 pref. (quar.)
$13*
$134
15c
Interstate Department Stores
Investment Co. of America
Foundation, Ltd.—
preferred (quar.)
Investors Fund C, Inc
Iowa Electric Co. 7% preferred A
6 J4 % preferred B
Iowa Power & Light Co. 7% pref. (quar.).
6% preferred (quar.)
June 21
conv.
10c
t433*c
140 Vs c
$13*
$134
June 30 June
16
June 30 June
16
....
1 June 20
1 June 20
1 June 20
July
June
14
July
June
14
July
June
14
Nov. 10
July
July
June
16
June
10
June 26
$134
July
July
17c
t$i 3*
t$l 5*
t$l 3*
July
July
July
July
50c
$6 preferred (quar.)
Jamaica Public Service Co., Ltd.—
Common
(quar.)_
7% preferred A (quar.)
7% preferred B (quar.)
5)4 % preferred C (quar.)
Jamaica Water Supply, com. (quar.)
$5 preferred A_.
Jason Mines. Ltd. (initial)
+
50c
$13*
June 23
June 23
June 23
June 23
June i
June
14
June
June
14
July
15 June 30
534 % preferred (quar.)
(quar.)
...
June 30 June
75c
July
$13*
$134
$134
$13*
(s.-a.)......
Jersey Central Power & Light Co.—
7% preferred (quar.)
6% preferred (quar.)
Joliet & Chicago RR. Co., stamped
June 26
t2c
50c
Jefferson Electric Co
Johns-Man vine Corp. 7% pref.
Johnson Service Co. (irreg.)
9
Dec.
25c
Island Creek Coal Co. common
Jefferson Standard Life Insurance
Aug.
Sept.
30c
July
June
July
July
July
June
June
10
June
17
25c
June
June 20
26 July
14
22
10
10
June 25
$13*
July
25c
7% preferred (quar.)
Kalamazoo Vegetable Parqjhment Co. (quar.)
Kansas City Pow. & Lt.. 6% pref. B (quar.)
Kansas City Title & Trust Co. (Kansas City,
Mo.) (s.-a.)
Kansas Elec. Power Co., 5% pref. (quar.) —
Kansas Gas & Electric Co., 7% pref. (quar.) —
6% preferred (quar.)
Kansas-Nebraska Natural Gas com. (stock div.)
$6 preferred (initial quar.)
Kansas Power Co. $6 preferred (quar.)
$7 preferred (quar.)
Kansas Power & Light Co., 434% pref. (quar.)
Kansas Utilities, 7% pref. (quar.)
Katz Drug Co. common (s.-a.)
$4.50 preferred (quar.)
Kaufman (Chas. A.) Co., Ltd
Kaufmann Department Stores
Kearney (J. R.) Corp. 6% preferred (s.-a.)
Common (increased (quar.)
Kelley Island Lime & Transport Co
Kellogg Co. (irreg.)
Kellogg Switchboard & Supply com. (irreg.)
5% preferred (quar.)
Kemper-Thomas Co., 7% special pref. (quar.)__
7% soeeial oreferred (quar.)
Kendall Refining Co. (irreg.)
Kennecott Copper Corp.
July
t$l 3*
5%
(quar.)
Laughlin Steel 7 % pref
Joseph & Feiss Co. (stock)
Kahn's (E.) Sons Co. com. (quar.)
June 20
$13*
July
July
15c
June
June 19
June 19
July
1
June 20
July
June
$13*
July
July
July
June 20
June
14
June
13
$134
July
June
13
$134
$2
14
July
July
June
sa
14
June
14
$134
July
June
$13*
July
June
13
13
$134
June 20
50c
July
July
July
July
July
20c
July
July
75c
July
July
June 20
25c
25c
June
June 21
50c
July
July
July
Sept.
June 21
$13*
12 34c
$134
25c
$13*
$13*
$1 3*
June 21
June 30
June
16
June 20
10
June 20
July
July
15
15
Aug. 20
pref. (quar.)_„
Kimberly-Clark Corp., com. (quar.)
6% preferred (quar.)
Kings County Lighting Co.—.
7% preferred, series B (quar.)
6% preferred, series C (quar.)
5% preferred, series D (quar.)
Kingsburg Cotton Oil Co
Kirsch Co., $1.50 preferred (quar.)
Klein (D. Emil) Co
Kleinert (I B) Rubber Co
Koppers Co. 6% preferred (quar.)
Kresge Department Stores, Inc.—
4% conv. 1st preferred (quar.)
Kroger Grocery & Baking 6% pref. (quar.)
7% preferred (quar.)
La Crosse Telephone Co. com. (initial)
6% preferred (quar.)
Dec.
Nov. 20
June 20
June
May 31
May 31
Manufacturers Life Insurance
June
July
July
July
June 30
June 30
Manufacturers
70c
$13*
$134
--
$13*
5c
July
June
June
10
10
Mapes Consolidated Mfg. Co.
Margay Oil Corp. (quar.)
June
June 20
July
June 20
20c
Tune
June
July
June 13
$134
16
$1
July
$134
$13*
27c
July
Aug.
July
1 June 20
1 June 17
1 July 19
1 June 20
$134
July
1 June 20
July
July
Oct.
5
5
June
14
Sept. 13
July 14
Aug.
July
June 20
June 20
June 20
50c
July
June 30
Aug.
July
July
July
June 26
July
July
June 20
$134
$2
35c
30c
30c
8734c
$134
June 20
July
July
July
July
$2
75c
$15*
$234
$234
17
June 14
Aug.
July
21
June 25
June 28
June 20
June
10
June 25
30c
July
July
Aug.
July
26
30c
Nov.
Oct.
June
June
25
16
June
June
July
July
July
June 20
July
June 24
July
Sept.
June
$1.10
Dec.
Nov. 24
50c
June 25
16
June
16
June
24
14
Aug. 25
Aug. 25
Sept.
Dec.
Nov. 24
July
June
July
June 21
June
June 20
June
June
14
June
June
11
Sept.
Sept.
Aug. 20
Co. (Toronto)-
—
13
(quar.)
25c
10c
Manon-Reserve Power
Marion Water Co.,
Massawippi Valley RR. Co. (semi-annua
Mathieson Alkali Works, com. (quar.)
7% preferred (quar.)
Maui Agricultural Co., Ltd
May Department Stores (quar.)
Mead Johnson & Co. (quar.)
Extra
7% preferred (s.-a.)
Mengel Co., 5 % 1st pref
l)
_ _
June 25
July
June 26
June
50c
50c
50c
Co., $5 preferred (quar.)
7% preferred (quar.)
Marl in-Rockwell Corp
Marsh & Sons (monthly)
Marshall Field & Co
Martel Mills Corp., 6% preferred
Massachusetts Investors Trust
Massachusetts Plate Glass Ins. Co. (s-a)
25c
3734c
14
,
12
16
14
June
75c
12
16
9
June
t$334
16
June 25
June 28
Aug.
June 20
50c
June
1 Juno
June 21
July
Sept.
July
July
July
July
July
$2
June
1 June
30
90c
Marine Midland Corp
1 June 16
June
50c
$2 preferred (quar.)
June
July
July
July
July
3
20
June
25c
(Detroit)
Trust Co. (N. Y.) com. (quar.)
10
June
3
Dec.
June
25c
(Semi-annual)
June
July
July
July
Sept.
July
July
July
July
Manufacturers National Bank
25c
...
(quar.)
„
July
$134
June 30
Dec.
(quar.j
25c
t7c
June 30
Sept.
5% par tic. pref. (quar.)
25c
Aug. 20
5% partic. pref. (partic. div.)
Nov. 20
Dec.
$13*
5% partic. pref. (quar.)
Nov. 20
Dec.
25c
5% partic. pref. (partic. div.)
June 24
50c
July
Long Island Safe Deposit Co. (s.-a.)
June 30
50c
July
Loomis-Sayles Mutual Fund, Inc
June 30
20c
July
Loomis-Sayles Second Fund, Inc
25c
July 19
Aug.
Loose-Wiles Biscuit Co. (quar.)
June 18
July
$13*
Preferred (quar.)
-—
June 17
July
$234
Lord & Taylor (quar.)
1 June 16
30c
July
Lorillard (P.) Co., common
1 June 16
$15* July
7% preferred (quar.)
Louisiana Savings Bank & Trust Co. (New Oris.)
1 June 20
50c
July
(Semi-annual)
$13* July 15 June 30
Louisville Gas & El. (5% pref. $100 par) (quar.)_
1133c
July 15!June 30
5% ref. ($25 par) (initial)
$1.9449 July 28
6% pref. (final)
$2.2692 July 28
7% preferred (final)
—
1 June 21
10c
July
Ludlow Valve Mfg. Co. 534 % n-cconv. pref.
1 June 21
July
$15*
Lunkenheimer Co. 654% preferred (quar.)
1 Sept. 20
Oct.
$15*
6)4% preferred
1-2- -42 Dec. 23
$15*
6)4% preferred (quar
1 June 14
40c
July
Lykens valley RR. & Coal Co. (s.-a.)
1 June 12
July
$3
Lynchburg Trust & Savings Bank (Va.) (quar.)
Aug. 30 Aug. 29
McClatchey Newspaper, 7% preferred (quar.) . 435*c
Nov. 29 Nov. 28
435*c
7% preferred (quar.)
McCoU-Frontenac Oil Co., Ltd.—
July 15 June 30
t$l 3*
6% preferred (quar.)
—
June 19
15c
July
McGraw-Hill Publishing Co
June
June 20
25c
McCrory Stores Corp. (quar.)
June 20
25c
July
McKay Machine Co., common
June 20
$2
July
8% preferred (quar.)
June 20
25c
July
McKee (A. G.) & Co., class B (quar.)
June 20
50c
July
Extra
—
June 28
30c
July
McManus Petroleums, Ltd., partic. pref. (s.-a.)
June 23
50c
July
McQuay-Norris Manufacturing Co. (s.-a.)
June 30
50c
July
MacAndrews & Forbes Co. (quar.)
June 36
July
$134
6% preferred (quar.)
Aug.
5
Aug.
$134
Magnin (1.) & Co. pref. (quar.)
Nov.
5
Nov.
$134
6% preferred 'quar.)
June 30
50c
July
Mahon (R. C.) Co., $2 class A pref. (quar.)
June 30
55c
July
$2.20 preferred (quar.)
June 23
July
$734
Mahoning Coal RR. Co
—
June 23
$13*
July
5% preferred (semi-annual)
5c
July
2
Aug.
Malartic Gold Fields (initial)
June 20
$1
July
Manischewitz (B.) & Co., com. (irreg.)
June 20
July
$15*
7% prefeerred (quar.)
June 20
t$l 5* June
Mansfield Theatre Co., Ltd., 7% pref. (accum.)
June 16
30c
July
Mansfield Tire & Rubber, $1.20 conv. pref. (qu.)
30c
8 3*c
5c
June 30
July
$13*
50c
(quar.)
July
July
July
15c
$154
Original capital
Special guaranteed (quar.)
Special guaranteed (quar.)
Little Schuylkill Nav. RR. & Coal (irreg.)
Lock-Joint Pipe Co. 8% pref. (quar.)
Loew's, Inc. (quar.)
Loew's (Marcus) Theatres, Ltd.—
7% preferred (accum.)
Lone Star Cement Corp. (quar.)
31 3*c
$134
Extra
Kennedy's Inc. pref (quar.)
Kentucky Utilities Co. 6% preferred
Ker 1 yn Oil Co., class A (quar.)
Class B (resumed)
Kerr-Addison Gold Mines (interim)
5
$15*
25c
Lion Oil Refining
July
July
July
15c
Extra
Co. (quar.)
Lipton (Thomas J.), Inc., 6% pref.
Liquid Carbonic Corp. (quar.)
Little Miami RR.. original capital
5
2 June 15
$1.10
(s.-a.)_
14
15 Dec
3734c
—
**** m-v
(Providence)
$1
37&
Dec.
25c
C^U&FtiCrly
Lincoln Trust Co.
$1
Sept.15 Sept.
July
75c
25c
—
14
$13*
$134
$134
30c
i
June
Co.—
i
Extra
June
July
July
t$13*
t$154
t$134
$6 1st preferred (quar.)
7% pref. arrears certificates
6 54% pref. arrears certificates
6% pref. arrears certificates
Iron Fireman Mfg. Co. (quar.)
Quarterly
Irving Air Chute Co., Inc. (quar.)
Irving Trust Co. (N. Y-), (quar.)
ofVa
Lindell Trust Co. (St. Louis) extra
Link Belt Co. 6)4% pref. (quar.)
Iowa Public Service Co.—
$7 1st preferred (quar.)
$6.50 preferred (quar.)
-
Lincoln National Life Insurance Co. (quar,)
Investment
50c
10c
June
(quar.)
(quar.)__
June
3734c
Keystone Public Service, $2.80
(R. G.), Inc. (increased)
July
50c
International Silver Co., 7% pref.
Interstate Bakeries $5 preferred
Jones &
Lawrence Gas & Electric Co.
July
Corp., 6% pref. (s.-a.)__
Iowa Southern Utilities
t50c
t50c
July
Co., Ltd., 7% pref. (accum.)
International Salt Co.
International Shoe Co
6%
15c
75c
Le Tourneau
$13*
International Products
50c
Class B
June 20
7% preferred ($100 par) quar.)
7% preferred ($5 par) (quar.)
International Ocean Telegraph Co. (quar.)
International Paper Co. 7% pref
International Paper & Pow 5% conv. pf. (quar.)
$5
$1H
$15*
il754c
75c
May 31
July
2
July
2
Accumulated
..
.
(quar.)
Lawyers Trust Co. (New York) (quar.)
June
$134
$63*
$13*
(quar.)
7% preferred (quar.)
Lang (John A.) & Sons, Ltd. (quar.)
Langendorf United Bakeries, Inc.—
$2 class A (quar.)
June 20
16
2 June 15
2 June 14
30 June 19
June
30c
May 30
8 3*c
July
July
(qu.)_
Latrobe Electric Steel Co
July
International
Landis Machine Co., 7% preferred
1 June 17
Ont.)
Semi-annual)
Landed Banking & Loan (Hamilton,Ont.)
Landers, Frary & Clark (quar.)
1 Juhe 10
July
June 20
June
1 June 10
July
July
Co
June 30
June 20
May 31
Aug.
July
International
Lambert
6% preferred (quar.)_
Langley s, Ltd., 7% conv. pref
7% conv. preferred
June
July
July
July
July
July
July
40c
International
gtd. (quar.)
Extra
Lambton Loan & Investment Co. (Sarnia,
June
60c
International
June 30 June 25
June 30 June 25
July
1 June 13
June 30
12*
1 June 25
July
7% pref. (quar.)
(quar.)_
Extension University,
June
June
1234c
Extra
International Harvester Co.
8alle
La Salle Industrial Finance Corp., com.
July
July
40c
3734c
International Cellueotton Products (quar.)
La
of Record
Company
July
(quar.)
Holdings, Ltd. (irreg.)
Machine Tool Corp. (initial)
Milling Co. 5% preferred (quar,)__
Nickel of Canada
(quar.)
Name of
70c. cum. class A (quar.)
Lackawanna RR. of N. J. 4%
June 20
July
July
July
July
International Button-Hole Sewing Mach
Holders
Holders
Payable of Record
July
July
July
4075
Financial Chronicle
$13*
$15*
$1
40c
20c
t$l 34
21c
50c
$3
373*c
$15*
July
July
July
July
July
July
July
1 June
14
15 June 30
1 June
l6
10 June 20
1 June
1
16
June 14
1 June
11
1 June 19
July
1 June 21
July
July 31 July 15
1 June 26
July
July 19 June 30
1 May 29
July
1 July
Aug.
1
June 30 June
June 30 June
9
9
30c
75c
July
1 June 20
Sept.
75c
July
July
July
3 Aug. 15
1 June 14
75c
35c
t$13*
1 June 14
1 June 14
June 30 June
16
The Commercial & Financial Chronicle
4076
Per
Name of
Share
Company
Menotomy Trust Co. (Arlington, Mass) (quar.)
Mercantile Acceptance Corp. 5% pref. (quar.)__
5% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
Mercantile National Bank (Chicago) (quar.)_..
Mercantile Transport & Forwarding, Ltd.—
6 % preferred (s-a)
Merchandise National Bank of Chicago (quar.).
Merchants Bank of New York (quar.)
;
-
When
25c
July
Sept.
Name of
1 June 15
5 Aug. 30
Dec.
5 Dec.
30c
30c
Sept.
5 Aug. 30
Dec.
5 Dec.
$1
National Electric
Extra
(Semi-annual)
Quarterly
6% preferred (quar.)
July
June 30
June
June
13
Aug.
July
July
18
26
June
30 June 20
June 30 June 20
National Lead Co.
June 30 June 20
Mesta Machine Co
Metropolitan Edison Co. $7 cum. pref. (quar.)..
$7 prior preferred (quar.)...
$6 cum. preferred (quar.)
$6 prior preferred (quar.)
$5 cum. preferred (quar.)
Metropolitan Trust Co. (Chicago, III.) (initial)
Meyer-Blanke Co,, 7 % pref. (quar.)
Michigan Associated Telephone Co. 6% pref
Mickelberry's Food Products Co.—
$2.40 preferred (quar.)
Michigan Public Service Co.—
7% preferred (quar.)
I
6% preferred (quar.)
6% preferred series of 1940 (quar.)
$6 junior preferred (quar.)
Mid-City National Bank of Chicago, com
...
-
Common
Midland Loan & Savings Co. (Port Hope, Ont.)_
Common (s-a)
Midland Steel Products
...
$2 non-cumulative dividend shares
Preferred (quar.)
Midvale Co. (irregular)
Midwest Piping & Supply (irreg.)
Mill Creek & Mine Hill Navigation ER. Co.—
Common (s.-a.)
;
Minneapolis Brewing.
Minneapolis Gas Light Co., $5 pref. (quar.)
Minnesota Power & Light Co.—
...
$5
July
July
60c
July
July
30c
June
July
July
July
July
July
July
July
July
July
July
July
$15*
IIX
IIS
20c
tlx
SIX
2
2
June
$1 X
July
July
July
July
July
1
1
1
1
1
Oct.
1 Sept. 20
tlX
tlX
%1H
$1
$1
40c
50c
50c
$2
July
July
July
July
July
July
June 14
SIX
15c
tin
Natomas Co
-
Special
Nehi Corp. (quar.)
$5.25 first preferred (quar.)
Neiman-Marcus Co. 5% preferred (quar.)
Nelson Baker & Co
June
14
July
8
10 June 30
10 June 25
1 June 20
14
June 14
June 14
June 23
July
New England Power Co., 6% pref.
New England Power Assn. $2 pref
15
1 June 14
1 June 20
1 June 20
14
June 14
June
5X % preferred (quar.^IIIIIIIIIIIIIIIIIIII
Molybdenum Corp. of America
Moneta-Porcupine Mines, Ltd. (irreg.)
Monongahela west Penn Pub. Serv. Co.—
7% preferred (quar.)
*
Monroe Chemical Co.
(quar.)
Montana-Dakota Utilities Co.—
Common
ttlH
12Hc
J2c
43 Xe
June 20
June
July
July
July
June 20
July
July
July
2
June 20
June 20
June 20
June 30
June
14
July
June
14
July
July
July
July
June
6% preferred--
3% preferred (quar.)
5% preferred (quar.)
July
July
June
June
13
July
June
14
July
June
14
July
June 30
50c
June
June
X55HC
tlX
Common (quar.)
Extra.
-.
Montreal Light Heat & Power Consol. (quar.)..
Monumental Radio Co. (Batl.) (quar.)
Moore Corp., Ltd., common (quar.)
*
7% preferred A (quar.)
7% preferred B (quar.)
Moore (W. R.) Dry Goods Co. (quar.)
July
July
July
July
HP
50c
„
Morrell (John) & Co
Morris & Essex RR. (s.-a.)
Morris (Philip) & Co. common (quar.)
...
13
...
ser
7% preferred (quar.)
55*% preferred (quar.)
New York Trust Co. (N. Y.) (quar.)
Newberry (J. J.) Co. (quar.)
Newberry (J. J.) Realty. 65* % pref. A (quar.)_
6 % preferred B (quar.)
Newport Electric Corp. 6% preferred (quar.)
Newport News Shipbuilding & Dry Dock Co—
$5 cum. conv. preferred (quar.)
Niagara Wire Weaving (quar.)-Nicholson File Co. (irreg.)
1900 Corp., class A (quar.).—
Class A (quar.)
1-1-
July
June 30
July
15
June
June
21
50c
15c
June
June 23
July
July
June
50c
13
June 30
20
June 27
10c
tlX
SIX
_
July
July
Murphy (G. C$ Co., 5% Pref. (quar.)
Murphy Paint Co., Ltd., common (quar.)
55* % preferred (quar.)
Murray Ohio Manufacturing Co
Muskegon Piston Ring Co
SIX
July
$2
50c
July
July
July
SIX
120c
approval of SEC.
6% preferred (quar.).
5 H% preferred (quar.)
North American Finance Corp.—
Class A (quar.)
7% preferred (quar.)
National Automotive Fibres (quar.)
National Aviation Corp
National Biscuit Co
National Bond & Share
Wash.) (s -a)
25c
40c
50c
$3
55c
40c
....
Corp
National Breweries, Ltd., com (Quar.)
15c
I50c
7% preferred (quar.)
t44c
(&uar.)._
SIX
'
x/
25c
National Casket Co., Inc., $7 pref. (quar.).!""
National City Lines, $3 conv. pref.
(quar.) —
Class A (quar.)
lXc
15c
Nat. Bank of Commerce(New Orleans, La.) (s-a)
National Bank of Detroit (s-a)
National Bank of Wash.
(Tacoma,
National Battery Co. pref. (quar.)
93|fc
$15*
75c
50c
—
II
20c
16
June
16
July
Aug.
Aug.
July
July
June
June 23
June 20
Aug.
15
1
Nov.
1
June
16
June
22
Sept. 21
30 June
12
June
28 June
19
I June 20
July
July
50c
June
50c
June 30'June 26
1 June 26
July
,
Inc. (interim)
75c
125*c
$1X
40c
— —
SIX
SIX
Tuly
June
l|June 20
II June 20
30 June 26
1 June
16
28 June 20
2 June
July
July
July
13
1 June 20
15 June 30
July
25 June 30
Tuly
July
July
25 Tune 30
July
1 June 20
30 June 26
June
July
July
July
July
July
July
July
July
July
June
15 June 30
1 June 17
1 June
20
1 June 20
1 June 21
1 June 21
1 June 14
1 June 14
1 June 20
2 June 14
1 June 20
30 June 25
30 June 25
25c
June
75*c
J25c
50c
July
July
July
$1.80
$15*
$1.65
SIX
SIX
July
1 June
14
July
July
July
July
July
July
July
July
1 June
14
1 June
14
1 June
14
1 June
14
10
July
July
July
July
July
1 June
20
1 June
20
Ohio Edison Co.—
June
July
20c
Class B
21
1 June 10
1 June 10
1 June 10
25c
87He
Norwood-Hyde Park Bank & Trust Co. (Cin¬
cinnati, Ohio) (quar.)
SIX
Nova Scotia Light & Power Co., Ltd. (quar.)
:J$1 X
Novadel-Agene Corp. (quar.)
50c
Noxzema Chemical, common (s.-a.)25c
1 June
July
July
July
—
Extra
1 June 20
6
1 June
1 June 21*
1 June 16
1 July 16
1 July 16
1 June 16
Aug
J85*c
North Texas Co. (quar.)
10c
Northern Central Ky. (s.-a.)
$2
Northern Ontario Power Co., Ltd. com
i20c
6% preferred (quar.).
$$1 X
Northern States Power Co. (Minn.) $5 pf. (qu.)$1X
Northern Trust Co. (Chicago) (quar.)
$45*
Northland Greyhound Lines, Inc. $6.50 pf.(qu.)
SIX
Northwestern Bell Telephone Co. (quar.)
SIX
Northwestern Electric Co., 7% pref. (quar.)
SIX
6% preferred (quar.).SIX
Northwestern States Portland Cement (quar.)40c
Ohio Citizens Trust Co.
25c
62Xc
June
—
Nu-Enamel Corp
tlX
tlX
SIX
50c
July
July
75c
6% prior preferred (quar.)
1 June 20
July
5c
30
Sept.
Class B-
Ogilvie Flour Mills (quar.)
Sept. 27 Sept. 18
Dec.
27 Dec.
July
July
15 June 30
15 June 30
18
June 28 June
6% preferred
5% preferred
23
July
July
July
July
July
Aug.
Ohio
1 June 20
June
25
June
13
July
15
58 l-3c
7% preferred (monthly)50c
6% preferred (monthly)-.
41 2-3c
5% preferred (monthly)
Ohio Service Holding Corp., $5 non-cumpf.(qu.)
SIX
Ohio Telephone Service, 7% preferred (final)
SIX
Ohio Water Service Co., class A (increased)
$1 X
Oklahoma Natural Gas Co
15
16
15 June
17
14
19
1 June
10
lO
17
1 June 20
1 June
14
1
June
35c
30 June
June 30 June
12
75c
June
30 June
12
June
30 June
12
10
July
July
25c
July
June
25c
July
July
2
July
2
Sept. 30
June 21
Extra.-
19
3
1 June
$5
25c
Old Kent Bank (Grand Rapids) (quar.)__
Omaha National Bank (Nebraska) (quar.)
16
1 June
1 June
$15*
(quar.)
1 June 12
15 June 30
1 July
1 July
1 June
1 June 20
15 July
1
Old Dominion Fire Ins. Co., Inc. (Roanoke,Va.)
12
June 30 June
18
1 June 25
Old Colony Insurance Co. (quar.)
Old Colony Trust Associates
2 June 14
1 June
2 .Tuna
$3 preferred (quar.)._
$5 50 prior preferred (quar.)__
15 June 30
2 June
10 June 30
Ohio Public Service Co.—
25
1 May
Aug.
Aug.
July
six
S2X
June
30 June
July
SIX
15
July
July
July
July
(quar.).
(quar.).
&~MississIppfTelegraph Co. (annual)
40c
June
June
July
July
July
-
Ohio Finance Co. (quar.).
18
June 30 June
(Toledo)
$7.20 preferred (quar.)
$7 preferred (quar.)
$6.60 preferred (quar.)
$6 preferred (quar.).
$5 preferred (quar..
*.).
Mutual Chemical Co. of America—
6% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
Mutual System, Inc., common
8% preferred
Nachman-Springfilled Corp. (irreg.)
Nashua Manufacturing Co., 1st pref
Nashville & Decatur RR. Co. 75*% gtd. (s.-a.)_
Nation-Wide Securities Co. (Md.)
Voting trust shares
June
71 5*c
"(quar.)
Rayon Corp., class A
2 June 21
1 June 20
July
July
30c
_
1 June 20
July
This div. is subject to
Norwich & Worcester RR. 8% pref
3 Aug. 15
15 June 30
18
13
75c
Nov.
Northwestern Telegraph Co. (s.-a.)
10 June 30
13
June
-
14
Sept.
June
stock ($20 par)
14
July
June 23
June 13
June
June
ttlX
......
.
lc
June 23
July
July
July
June
fune 28 June
Mt. Diablo Oil, Mining & Development Co.—
14
common—
One sh. of Detroit Edison cap.
for each 50 shs. held.
June 24
June
14
June
-
Noblitt-Sparks Industries, Inc
Norma-H Bearing Corp. (quar.)
Quarterly
North Central Texas Oil Co
1
2
11
July
Aug.
North Side Bank & Trust Co. (Cincinnatti) (s-a)
North Star Oil Co. Ltd. 7% preferred (accum.)
31
June
June
14
14
July
;
10
Dec.
June
July
10
Oct.
June
June
62Hc
SIX
_
10
1
June
July
June
July
16
10
June
$15*
tlX
New York Power & Light, 7% pref. (quar.)
$6 preferred (quar.)
New York State Electric & Gas Corp.—
June
June
815*
Coomon (quar.)
Mountain States Tel. & Tel. (quar.)
Mountain Trust Bank (Roanoke, Va.) (s.-a.)—..
Extra
wV
$2.50
June
Consolidated, Inc.—
Morris town Securities
Motor Finance Corp. preferred (quar.)
Mount Carbon & Port Carbon RR. (s.-a.)
S2J&
-
Prior preferred
North American
16
June
July
(quar.)
_
$2
A. (qu.)
(irreg.)..
(N.yT)
14
18
June
July
July
July
.
(quar.)---
10% preferred (s.-a.)
14
June
June 20
July
July
$1,065* Aug.
Morris Plan Bank of New Haven (quar.),
Morris Plan Bank of Virginia
(s-a)
Morris Plan
Corp. of Amer. 6% pref.
Oct.
$1H
5*% preferred (quar.)
pref. (quar.).
-
t$3
t$l
t38c
SIX
six
six
_
June
June
June
New London Northern RR. Co. (quar.)--New Orleans Public Service, common
21
...
Montgomery County Trust Co. (N. Y.) (s-a)
Montgomery Ward & Co., Inc., com. (quar.)
$7 class A (quar).
Montreal City & Dist. Savings Bank (Montreal)
June20
June 14
July
July
..
New Haven Water Co. (s.-a.)
North American Co.
26
June
June 20
June
England Tel. & Tel. Co. (quar.)
Hampshire Fire Insurance Co. (quar.)
New Idea, Inc. (quar.)
New Jersey Power & Light Co. $6
New Jersey Water Co., 7% pref.
14
875*c
t
June 20
July
14
14
Aug. 20
July
July
July
July
(quar.)
New York & Honduras Rosario Mining (interim)
N. Y. Lackawanna & Western Ry. com. (quar.).
New York Mutual Telegraph Co. (s.-a.)
June 20
June
June
June
New York & Harlem RR. Co.com. (s.-a.)
June 20
14
20
20
June
—
New England Fire Ins. Co. (quar.)
New
June
June
June
(quar.)
Extra
New
23
June
Sept.
June
July
110c
-
New Britain Machine Co.
June 30 June
Extra
Dairy Products
July
July
July
July
July
$7 preferred
.
National
June 20
14
July
July
July
July
July
July
Aug.
July
July
July
National Candy, 7% 1st pref.
7 % 2d preferred
(quar.)._
National Cash Register
10
10
July
14
July
Tuly
Morris Plan Indus. Bank
June
.Tune
June
June
13
13
June
June
13
13
June
June
June
June 21
June
21
June
14
14
June 13
June 30
June
June
June
June
June 21
July
July
July
--.
_
June 21
July
-
June 23
(Pa.) 6% priorpref
5X% prior preferred.
National Trust Co., Ltd. (Toronto) (quar.)
14
July
31
3
18
July
July
National Supply Co.
25
June
July
July
National Steel Car Corp. (quar.)_.
National Steel Corp. (quar.)
Navarro Oil Co. (quar.)
Mission Oil Co. (interim)
Morrison Cafeterias
June
June
(s.-a.)
Extra
June 20
1 June 20
July
July
Quarterly
2
June
July
June
2
June
June 26
June 20
Aug.
Aug.
$6 prior preferred (quar.)
National Standard Co. (quar.)
2
60c
$6 preferred (quar.)
Mission Dry Corp
Quarterly
16
June
June
National Shawmut Bank (Boston) (quar.)
National Shirt Shops of Del., Inc., common
June 20
June
July
National Rockland Bank (Boston)
National Screw & Mfg. Co. (initial)
June 20
June
June
10
Extra
National Oil Products Co. (irreg.)
June 20
25c
June
National Paper & Type Co. 5% pref. (*-a.)
National Power & Light, $6 pref. (quar.)-
June 20
7% preferred (quar.).
6% preferred (quar
'.).
Mississippi Power Co. $7 preferred (quar.)
$6 preferred (quar.)
Mississippi Power & Light, $6 1st preferred
Mississippi River Power, 6% pref. (quar.)
Mississippi Valley Public Service Co.
Missouri Edison, $7 pref. (quar.)
Missouri Portland Cement (irreg.)
Missouri Power & Light Co., $6 pref. (quar.)
Mitchell (Robert) Co., Ltd
I
Mobile & Birmingham RR., 4% pref. (s.-a.)
Modern Containers, Ltd. (quar.)
-
6% preferred B (quar.)
1 June 30
15 June 30
1 June 24
$2
25c
....
common
June 30
June 30
July
July
National Marine Bank (Bait.) (s.-a.)
$15*
50c
June 30
July
July
(quar.)
June 30 June 20
37 He
Merchants & Traders Trust Co. (Buffalo) (quar.)
Merck & Co., Inc., new com....
20
19
National Fuel Gas Co. (quar.)
National Funding Corp., class A
$3
-
June
June 30 June 25
3%
$3
tlx
_
20
June
July
(quar.).
Oct.
June
_
Class B (quar.)
National Grocers. Ltd., $1-50 pref. (quar.).-__
National Investors Corp. (Md.)
Merchants National Bank (Boston) (quar.)
Merchants National Bank (Mobile, Ala.) (qu.).
Merchants & Newark Trust Co. (Newark, N.J.)
22
Oct.
National Enameling & Stamping (irreg.)
National Fire Insurance Co. (Hartfoid)
1
July
Aug.
Welding Machine Co (quar.).
Quarterly.
1
Merchants & Mechanics Bank (Columbus, Ga.)
4
Payable of Record
Company
50c
.
Holders
When
Holders
Payable of Record
25c
75c
June 28, 1941
1
Quarterly
Omnibus Corp. (reduced)..
8% preferred (quar.)
SIX
75c
SIX
10c
$2
June
July
June
June
16
16
16
Sept. 15
30 June
June
13
13
v
Volume
Share
Company
SIX
XS1X
t$l
$1^
SIX
130c
Omar, Inc., 6% preferred (quar.)
Ontario Loan & Debenture (Jo. (quar.)
Ontario Silknit, Ltd., 7%
pref. (accumulation).
Orange & Rockland Electric Co. 6% pref. (qu.)_
5% preferred (quar.)
Ottawa Electric Ry. Co. (quar.)
Ottawa Light, Heat & Power Co., Ltd
5% preferred (quar.)
Otter Tail Power Co. (Minn.)—
$4.50 preferred (quar.)..
_
Pacific & Atlantic Telegraph (s.-a.)
Pacific Can Co. (quar.)
.
tl5c
t$lX
Providence
Sept. 10 Sept. 25
2 June 16
July
July 15 June 30
1 June 25
July
1 June 25
July
MX
50c
25c
30c
20c
Preferred A
(quar.)
Preferred C (quar.)
5% preferred (quar.)
—
Pacific Indemnity
Pacific Lighting Corp. $5 pref. (quar.)
...
Pacific Public Service (quar.)
Pacific Southern Investors, Inc., $3 pf. (quar.).
Pacific Tel. & Tel. (quar.)
6% preferred (quar.)..'
Pacific Tin Consolidated Corp
Packer Advertising Corp. (quar.)
Packer Corporation (quar.)
Pacolet Mfg. Co. 7% preferred A (s.-a.)
7% preferred B (s.-a.)
Page-Hersey Tubes, Ltd. (quar.)
Pan-Amer.Life Ins. Co. (New Orleans) (s.-a.)_.
Panhandle Eastern Pipe Line Co.
6% partic. preferred class A (quar.).
*•).
6% partic- preferred class B (quar
Paraffine Cos., Inc., 4% pref. (quar.)
16Xc
HM
50c
SIX
Class A (quar.)
Public Bank of Maryland
1 June
14
1 June
July
July
14
Public Service Elec. & Gas Co.,
June 30 June
18
15c
June 30 June
23
$1
25c
July
1 June
21
15 June 30
5
July 15 July
June 30 June
20
June 30 June
20
1 June
14
40c
July
July
1 June
17
$1^
July
June
14
tll
July
July
June
14
15 July
15c
25c
1
July
July
1 June 11
1 June 13
July
July
1 June
1 June
13
June 30 June
14
June 30 June
10
16
(quar.)_
$1 X
July
1 June 24
Peerless Casualty Co. pref. (semi-ann.)
Pend Oreille Mines & Metals (initial)
$3
June
6c
July
July
30 June 20
27 June 28
35c
35c
(quar.)
__
50c
-
Preferred A
35c
(quar.)
Corp., 4X% preferred (s.-a.)
$1X
12Xc
Penn Traffic Co.
(s.-a.)--.
Penney (J. C.) Co. (quar.)
Pennsylvania Co. for Insurances on Lives and
Granting Annuities (Phila.) (quar.)
Pennsylvania Edison Co., $5 pref. (quar.)
$2 80 preferred
July
5-5-42
1 June 20
25 July 10
12
July
July
1 June
1 June
13
*1%
70c
July
1 June
10
15c
June
30 June
16
10c
25c
Extra
June 30 June
40c
quar.)
•
5-15-42
July
June 30 June
16
16
lJune
9
15 June 21
30 June
June
l.June 14
ljJune 16
l'Junegie
June
Sept, 30 Sept.
1 June
July
1 June
July
1 June
July
25
30;June 25
25
20
17
June
30 June 20
25c
jJuly
-
July
10 June 27
1 June 10
'July
1 June 20
20c
Corp. of America (irregular)
(irreg.)
Pfaudler Co.
50c
Pfeiffer Brewing Co. (quar.)
25c
Philadelphia Baltimore & Washington RR. Co.
Common (s.-a.)
Philadelphia Co (quar.)
$6 pref. (quar.)
$5 preferred (quarterly).
Philadelphia Dairy Products Co., Inc.—
$6 prior preferred (quar.)
Philadelphia Elec. Pow. Co., 8% pref. (quar.J.¬
Philadelphia National Bank (quar.)
Philippine Long Distance Telephone Co
Phillips Packing Co., 5X% pref. (quar.)__
Phillips Pump & Tank Co., class A (quar.)
'June 28 June
July
July
12
1 June 20
31 July
10
July
25 July
1
July
June
2
July
June
2
MX
June 20
50c
July
July
MX
July
June 20
n.sVx
2Xc
2Xc
2Xc
2Xc
2Xc
Extra
Class A
(quar.).
r.).
(quar
Class B
Phoenix Acceptance Corp., class A
Phoenix Insurance Co. (Hartford)
Phoenix
Conn,
State
Bank
&
Trust
12 Xc
(quar.)
50c
(quar.)
Co. (Hartford,
Co
-
Pilot Full Fashion Mills, Inc. (quar.)
Pioneer Gold Mines of
Common
Nov.
June
16
15
15
Aug. 15
July
1 Aug.
2-1-42 1-15-42
Aug. 15
5
Aug. 15 Aug.
June 14
July
Sept.
1 June
13
June 30 June
14
80c
July
10c
(guar.)
Piedmont Manufacturing
10
10c
June 30 June
%2X
'(quar.)
Pickle Crow Gold Mines
June
June 30 June 21
July
Aug.
Sept.
July
16
British Columbia—
tlOc
MX
(quar.)
Pioneer Trust & Savings
Bank (Chic.) (quar.)
.
Pittsburgh Bessemer & Lake Erie RR. Co.
Common (quar.)
Pittsburgh Brewing Co. $3.50 preferred
Pittsburgh Forgings Co
Pittsburgh Fort Wayne & Chicago Ry. Co.Common (quar.)
7% preferred (quar.)
Pittsburgh Plate Glass
Pittsburgh Screw & Bolt Corp
Pittsfield & North Adams RR. (s-a)
Placer Development, Ltd. (interim) s.-a.)Plainfield Union Water Co. (quar.)
Oct.
t$l
July
July
25c
Extra
5X% pref. (quar.)—
Procter & Gamble Co., common extra.8% preferred (quar.)
Prosperity Co. preferred (quar.)
Price Brothers & Co., Ltd.,
SIX
37Xc
$2X
$1
July
July
July
15c
July
%2X
1 Sept. 15
10 June 25
25 July 15
MX
?
1 June
8 June
10
1 June
10
July
MX
?■ J60c
MX
10
21 June 27
1 June
June 30 June
30
9
"
t$lX
25c
tl5c
tMX
t75c
50c
X 3c
5c
2 Xc
XMX
50c
$2
MX
July
1 June 21
June 30 June 30
July
1 June
June 30 June
July
14
10
1 June 20
Sept. 15 Sept. 15
Dec.
July
15 Dec.
15
1 June 26
June 30 June
16
2 June
4
1 June
14
June 30 June
15 June
30
July
July
July
July
July
July
July
July
July
10
15 June 30
1 June 16
15 June 13
15 June 30
15 Juhe 30
1 June
21
June 30 June
20
15 June
25
July
July
July 15 June 20
1 June 10
July
1 June 10
July
July 15 June 30
1 June 25
July
1 June 20
July
1 June 20
July
1
Aug. 30 Aug.
6
1 June
July
6
1 June
July
1 June 20
July
Nov.
1
50c
July
1
June
12
50c
50c
June 30 June
16
June 30 June
July 10 June
16
50c
July
July
July
July
19
1 June
9
1 June
16
2 June
17
1 June 20
July
1 June
16
July
1 June
16
June 30 June 20
-
Sept.
_
1 Aug. 15
Nov. 15
Dec.
1 June 26
Aug.
July
(quar.)_
Reliable Stores common (quar.)
5% convertible preferred (quar.)__
Reliance Mfg. Co. (111.) common
7% preferred (quar.)
Remington Rand, Inc., common
$4-50 preferred ww (quar.)
Rensselaer County Bk. & Tr. Co. (N. Y.) (quar.)
Rensselaer & Saratoga RR. Co. (s.-a.)
Republic Investment Fund pref. A & B (quar.).
Republic Investors Fund, Inc
Republic National Bank of Dallas (Tex.) (quar.)
Republic Steel Corp. (quar.)
6% preferred (quar.)
Reliable Fire Insurance Co.
1
July
July
July
(quar.)
1 July 21
1 June 20
1 June 10
July
July
1 June
23
1 June 23
1 June
10
July
July
1 June 30
1 June
14
Aug.
July
6%
prior preferred (quar.)
Rice-Stix Dry Goods Co. 7 % 1st pref.
(quar.)
—
7% 2nd preferred (quar.)
Rich's. Inc., 6X% preferred (quar.)--—
Richman Brothers (quar.)
Richmond Fredericksburg & Potomac RR.
Dividend obligations
Richmond Water Works Corp. (6% pref. (quar.)
Rieke Metal Products Corp
1
15
1 Juno
19
1 June
15
2 June
1 June
10
10
1 June
10
July
1
June 20*
1 June
14
June 30 June
14
$3
MX
June 28 June 20
July
1 June 24
July
June
11
June
June
June
June
20
20
July
1
July
July
1
1
MX
MX
July
July
July
July
July
1 June
Common (resumed;
Riverside & Dan River Cotton Mills, Inc.—
25c
July
1 June
17
6% preferred.
Riverside Silk Mills, class A (quar.)
Rochester-Amer. Insur. Co. (N. Y.) (quar.)
Rochester Button Co. common (quar.)
t$3
July
July
July
July
July
June
20
Stock
Rickel (II. W.) &
4c
75c
Risdon Manufacturing Co., 7% pref. (quar.)_
Ritter Dental Mfg. Co., Inc., 5% pref. (quar.)
Common extra
50c
25c
25c
*.
preferred (quar.)
Valley RR
Rochester Telephone Corp., 6X% pref. (quar.)
Common (quar.)
Rochester Trust & Safe Deposit Co. (N. Y.) qu.)
Roeser & Pendleton, Inc. (quar.)
$1.50
45c
60g
Co. (s.-a.)
Extra
Rike-Kumler Co. (irreg.)
conv.
Rochester & Genessee
Rubinstein (Helena) Inc. class A
Russell Industries, Ltd. (quar.)
37Xc
37Xc
$2
SIX
91a
1 June 21
30
June
10
June
20
July
9
July
9
Aug. 20
May 31
Sept.
July
July
July
June
20
June 20
June
July
June 21
25c
July
June
20c
June
MX
%\X
(quar.)
July
$2X
7% preferred (quar.)
Sabin Robbins Paper Co., 7% pref. (quar.)
25c
June 30 June
June
July
15c
Rome Cable Corp
Rome & Clinton RR. Co. (s.-a.)
June
June
14
June
20
June
14
MX
$3
July
July
July
July
July
$1^
t25c
July
July
125c
July
July
July
July
July
<2p J,
$1
Safety Car Heating & Lighting Co., Inc
Safeway Stores, Inc., common (quar.)
75c
5% preferred (quar.)
St. Croix Paper Co., 6% pref. (semi-annual)..
St. Joseph Ry. Lt., Heat & Pow. Co. 5% pref.
(quar.;
------St. Lawrence Corp. 4% class A conv. preferred-St. Lawrence Corp., Ltd.—
4% class A preferred (accumulated)
St. Lawrence Paper Mills 6% preferred
St. Louis Bridge Co. 6% 1st pref. (s.-a.)—-—
3% 2d preferred (s.-a.)
-St. Louis Nat. Stockyards (reduced)
St. Louis Union Trust Co. (Mo.), common—
T50c
$3
SIX
SIX
50c
(Quarterly).
(Quarterly)
San Francisco Remedial Loan Assn. Ltd. (quar.)
Quarterly
San-Nap-Pak Manufacturing Co., Inc
70c. preferred (quar.)
Sangamo Co., Ltd
Sangamo Electric (quar.)
Savannah Electric & Power, 8% pref. A (quar.
7X% preferred B (quar.)
7% preferred O (quar.)
6X% preferred D (quar.)
Savannah Sugar Refining Corp. (quar.)
Savings Bank & Trust Co. (Richmond, Va.) (qu)
Schenley Distillers Corp., 5X% pref. (quar.) —
Schmidt Brewing Co
Schuylkill Valley Nav. & RR. Co. (s.-a.)
— —
Co., $4 preferred (quar.)
$4.50 preferred (quar.)
Scovill Mfg. Co
Scran ton Electric Co., $6 pref. (quar.)
Scott Paper
50c
50c
75c
75c
15c
'jas
50c
$2
l\P
75c
"H
M
SIX
50c
June
June
14
10
12
20
14
18
June
18
June
21
June
16
15 June
30
15 June 30
15 June 30
June
15
June
15
June
23
June 30 June 24
Sept. 30 Sept. 24
20
Dec. 26 Dec.
June 30 June
16
Sept. 30 Sept. 15
June 30 June 20
June 30 June 20
June 28 June 25
July
July
July
July
July
July
July
June
23
June
1
20
June 20
1 June 20
1 June 20
June
16
June
17
June
July
19
June 30 June 23
July 10 June 30
Aug.
Aug.
July
1 July 19
1 July 19
1 June 16
1 June 12
SIX
July
Scranton Lace Co
50c
June
30 June
10
Scruggs-Vandervoort-Barney, Inc., com
6% 1st preferred (s-s)
25c
25
1
1
1
July
8
MX
$3 X
July
July
July
July
June 20
20c
June
30
June
19
June 30 June
19
3X% preference (s-a)
7% 2d preferred (s-a)__
Seaboard Commercial Corp., common (quar.)
5% preferred A (quar.)
Securities Acceptance Corp., com. (quar.) _
6% preferred (quar.)
*
15 July
1
MX
75c
—
_
7% pref. (quar.).-Potash Co. of America (quar.)
Power Corp. of Canada, common (interim)
6% 1st preferred (quar.)
6% non-cum. partic. pref. (quar.)_
Pratt & Lambert, Inc
1—
Premier Gold Mining Co., Ltd. (quar.)
Preston East Dome Mines, Ltd. (quar.)
2 May 31
June 30 June 20
75c
$3X
Plaza Perm. Bldg. & Loan Assn. (Bait.) (s.-a.)__
15c
Plough,Inc
30c
Plymouth Oil Co. (quar.)
tl7^c
Pneumatic Scale Corp., 7% pref. (quar.)
$1X
Pollock Paper & Box Co., 7% pref. (quar.) — —
SIX
7% preferred (quar.)
37 Xc
Pond Creek Pocahontas Co
MX
Portland Trust Co. (Conn.) (s.-a.)_
Porto Rico Power Co., Ltd.
July
SIX
87 Xc
1 July
1
1 June 20
June 30 June 20
Regent Knitting Mills pref. (quar.)
'June 30 June 14
10c
SIX
Z1X
„
Class A
-
11
50c
—
(Greenwich, Conn.) (quar.)_
Pyle-National Co., common:
8% preferred (quar.)
Quaker Oats Co., 6% pref. (quar.)
Radio Corp. of Amer., $3.50 conv. 1st pref. (qu.)
Preferred B (quar.)
Rath Packing Co
5% pref. (semi-annual)
Rayonier, Inc., $2 pref. (quar.)--.
Ray-O-Vac Co., (quar.)
8% preferred (quar.)
Reading Co. 2d preferred (quar.)
Reading Gas Co. (Pa.) (s.-a.)
Reading Trust Co. (Pa.) (s.-a.)
Real Estate Loan Co. of Canada. Ltd. (s.-a.)
Reece Button Hole Machine (quar.)
Reed Drug Co., class A (quar.)
Reed-Prentice Corp. p.*ef. (quar.)-__
Reed Roller-Bit Co. (quar.)
Putnam Trust Co.
14
June
37Mc
(quar.)
Peter Paul, Inc.
mx
-
July
July
14
15
25c
Perinutit Co
Pet Milk C o. (quar.)
13
1 June
16
July
25c
—.
15 June
30 May 29
June 30 May 29
June
July
July
June
50c
(quar.)
(quar.)
(quar.)
6
July
MX
MX
MX
MX
7
25c
(quar.)
7% pref. (quar.)
14
June
25c
Perfection Stove Co.
20
June 20
June 30 June
50c
(monthly)
Puget Sound Power & Light Co.—
$5 prior prefernece
Pure Oil Co., 6% pref. (quar.)
5% preferred (quar.)
Putnam (George) Fund of Boston
Preferred
1 June
55c
common
$5 preferred (quar.)
Extra
1 June 20
30 June
75c
40c
1
1 June 23
July
July
July
July
MX
July
July
July
41 2-3c
July
$1
-
1 June 20
1 Sept. 20
Reynolds Metals Co., 5X% pref. quar.)
June
Extra
Oct.
Iihinelander Paper Co. (irreg.)
$1
62 Xc
40c
20
July
14
Aug.
July
July
July
MX.
June 30 June
June
SIX
July
June 20
June 30 June 23
June 30 June 20
July
July
July
July
July
June
MX
MX
MX
MX
$5 preferred (quar.)_J
Pennsylvania RR. (irreg.)
Pennsylvania Telep. Corp. $2.50 pref. (quar.)
Pennsylvania Water & Power Co. com. (quar.) -_
$5 preferred (quar.)
Peoples Drug Stores-—
----Peoples Gas Light & Coke Co
Peoples Nat. Bk. of Wash. (Seattle,Wash.) (qu.)
(Quarterly)..
Peoples-Pittsburgh Trust Co. (Pittsb.) (quar.)
Peoria Water Works, 7% pref. (quar.)
10
July
July
Pennsylvania Glass Sand Corp., com. (quar.)_5% preferred (quar.)
Pennsylvania Power Co., 85 pref. (quar.)
Pennsylvania Power & Light Co. $7 pref. (qu )__
$6 preferred (quar.)
Perfect Circle Co.
5
75c
Pennsylvania Forge (quar.)
Petroleum
Nov. 15 Nov.
50c
_
Preferred A (quar.)
Preferred A (quar.)
Penn Federal
1 June 14
Oct.
1 Sept. 15
1-5-42 Dec. 15
5
Aug. 15 Aug.
50c
11
58 l-3c
50c
Public Service Co. of Okla., 5% pref.
Publication Corp., original preferred
18
14
$1
40c
6 % preferred
June 30
$1!*
$1H
6% 1st preferred (quar.).
6% 2nd preferred (quar.)
30c
10c
—
14
1 June
Park Street Trust Co. (Hartford), semi-annual..
Parke Davis & Co
7% preferred (monthly)
6% preferred (monthly)
5% preferred (monthly)
June
28 June
20c
July
July
14
14
June
37Hc
37 Xc
(N.Y.) (quar.)--
Quarterly
Public Service of N. J.
July
$1H
3c
June
June
1
2
2
1
(Baltimore)
(s.-a.)
15
15
15
June
$3^
$3^
tSlX
July
July
25c
July
July
July
10c
July
_>
Public Service Co. of Colorado—
June 30 June 20
1 June 14
July
1
Aug.
1
Aug.
1
Aug.
1
July
July 15
(quar.)
Extra
1 May
75c
Paramount Pictures, Inc.—
Common
Peninsular Telephone
15c
Prudential Investing Corp. (irreg.)
Prudential Personal Finance Corp.
May 27
27
1
July
July
Payable of Record
ISIX
S2X
Gas Co
Provincial Paper Co., Ltd., 7% pref.
Providence & Worcester RR. (irreg.)
4
June 30 June
Share
of Company
Public Nat. Bank & Trust Co.
Pacific Finance of California
Parker Appliance Co. (quar.)
Pathe Film Corp. $7 conv. pref.
Name
Payable of Record
Holders
When
Per
Holders
When
Per
Name of
Quarterly
Quarterly
4077
The Commercial & Financial Chronicle
152
$3
—
62Xc
25c
July
37 Xc
July
June 20
June 20
1 June 10
1 June 10
The Commercial & Financial Chronicle
4078
Per
Name of
Share
Company
Seaboard Citizens National Bk.
Semi-annual
87 He
12 He
15c
Seaboard Finance
Corp,,
com.
(quar.)
$2 preferred (quar.)
$2 conv. preferred (quar.)
50c
50c
Security Holding Corp., Ltd,
6% non-cum. pref. (increased)
Security Trust Co. (Wilmington) (quar.)
Seiberlmg Rubber Co.—
$2.50 conv. prior pref. (quar.)
5% class A preferred (quar.)
.
Selected American Shares, Inc
Selected Industries, Inc.—
$5.50 prior preferred (quar.)
Allotment certificates (quar.) *
Seven-Up Bottling Co. (St. Louis, Mo.)
Common (quar.)
5H% conv. pref. (quar.)
Seymour Trust Co. (Conn.)
Shaffer Stores Co., 5% pref. (quar.)
Shamrock Oil & Gas 6% conv. pref. (s.-a.).
$2
•}£
UP,
35c
55c
$2
$1H
30c
$3
Sharon Steel Corp., $5 pref. (quar.)
Shasta Water Co. (quar.)_,
$1H
20c
12Hc
J23c
-
Shawinigan Water & Power (quar.)
Shawmut Association (quar.)__
-
June 20
July
July
June 20
June 30 June 20
Aug. 25 July 24
1 June 20
1 June 20
15
June 23
June
July
1 June
July
...
June
30
5
17
June 30 June 14
June 28 June 14
June 28 June 14
7% preferred (quar.)
...
July
...
......
Extra
Aug.
$1H
25c
July
July
July
July
S1H
$2
South West Pennsylvania Pipe Lines
50c
37Hc
30c
(.
10
June 30 June
"8c
8% preferred (quar.)
June 30 June
18
10c
$1H
t$lH
15c
$6 prior preferred (quar.)
July
$1
25c
25c
$1H
$1H
South Carolina Power Co. $6 pref. (quar.)
South Porto Rico Sugar Co., com. (reduced)
1
18
July 30 June 27
1 June 14
July
1 June 14
July
1 June 14
July
1 June 17
July
1 June 17
July
July 15 June 30
1 June 16
July
Sept. 15 Sept.
5
50c
25c
5% preferred (quar.)
Sonotone Corp. pref. (quar.)
South Carolina Electric & Gas Co.—
10 June 27
June 28 June
30c
_
10
1 June 20
ljJune 20
liJune 20
ljJune
4
June 30 June 21
July
July
July
July
Sept.
Sept.
Sept.
1 June 16
1 June
9
June
9
June
16
Aug. 20
Aug. 20
Aug. 20
Southern Acid & Sulphur Co., Inc.—
....
...
4.8% preferred (quar.)
Southern Natural Gas Co. (quar.)
Southern New England Telephone
Southern Phosphate Corp.
Southwest Natural Gas Co., $6 pref. A
Southwestern Associated Telephone Co.—
$6 preferred (quar.)
Southwest Consolidated Corp
Southwestern Gas & Elec. Co., 5% pref. quar.)
....
$1H
July
37Hc
t$lH
July
July
Aug.
July
$1.20
Aug.
34 He
J20c
25c
$1H
15c
t50c
....
15
June 30 June
13
16
1 June 20
June
June
16
July
12
15
June 20
June 20
June 28
June 14
$4
2nd preferred
(initial)..
Corp. (irreg.)
Series A coupon (final)
TubizeChatillonCorp., 7% pref. (quar.)
Twentieth Century-Fox
$1.50
Underwood Elliott Fisher Co
(Los Angeles) (quar.)
(Montgomery, Ala.) (qu.)
Union Bank & Trust Co.
_
.
7.6% preferred (quar.)
Union & New Haven Trust Co. (New Haven)—
Quarterly
Union Pacific RR.
Union Savings Bank of Pittsburgh (quar.)
Union Stock Yards of Omaha (quar.)
Union Trust Co. (Indianapolis, Ind.
(quar.)
Union Wire Rope Corp. (quar.)
United Bank & Trust Co. (St. Louis, Mo.)
Extra
...
July
June
June
16
June 30
June 30
June 30
June 21
Aug.
July
Sept.
5
7
June
5
16
July
31
June 16
June 17
June 20
June 23
June
10
June
June 27
June 27
June
June
14
June
June
14
Sept
Sept
15
Dec
July
July
Dec. 15
June 20
June
20
June
June
16
June
June
20
July
-
June 20
June
.
May 31
June
_
June 16
June 14
participatingjpreferred, extra
Sudbury Basin Mines, Ltd. (irreg.)
Sullivan Consolidated Mines, Ltd.
(irreg.)
Sun Life Assurance of Canada
(quar.)
Sun
Ray Drug Co. common
6% preferred (quar.)
Sunray Oil Corp 5H% convertible pref. (quar.)
Sunshine Mining (quar.)
Superheater Co. (The) (quar.)
II.
Superior Portland Cement, $3.30 class A
Supertest Petroleum, common (s.-a.)
Common bearer (s.-a.)
$1.50 preferred B (s.-a.)_.
—
.......
June
June
14
July
July
June
13
June
13
June
June
20
July
June
25c
June
June
16
$1H
July
June
16
40c
50c
i
$1H
10
June
June 25
July
July
June
6
June
17
1 June 21
June 28 June 10
July
June 28 June 23
July
June 20
July
June
July
July
July
July
July,
June
June 20
June 22
July
July
June
14
June
14
June
14
21
July
July
June
20
10
20
June 20
June 30
June
June
July
July
July
July
July
Aug.
June 20
June
June
June
July
July
July
July
July
July
June
16
June
20
June
14
June
14
June
18
June
16
Juiy
21
June
16
10
June 20
June
14
June
16
June
20
(quar.)
United Fruit Co. (quar.)
United Fuel Invest s., Ltd., 6% cl. A pref.
United Gas Improvement, com. (quar.) _
$5 preferred
July
July
July
July
June
15
June
June
16
July
June
16
June
June 21
July
July
July
July
July
July
June 23
June 20
June 30
(quar.)
37 He
(qu.)
June 24
6
June
18
June
18
July
July
July
June 21
June
June
June
June
2
June 30
20
20
June
June
June 20
June 20
July
July
Aug.
Aug.
July
July
June
14
June
30
June
14
July
July
15
15
June
19
June 20
June
—
United Light & Railways 7% pref. (monthly)..
6.36% preferred (monthly)
6% preferred (monthly)
7 % preferred (monthly)
7 % preferred (monthly)
—
-
—
May 29
May 29
June
—
7% preferred (monthly)
6.36% preferred (monthly)
6.36% preferred (monthly)
June 24
June
June
June
July
July
July
July
Aug.
Sept.
16
June 11
June
16
June
16
16
June
July 15
Aug. 15
Oct.
1——
6.36% preferred (monthly)
6% prior referred (monthly)
6% prior preferred (monthly)
—
6% prior preferred (monthly)
United n-ilk Products, com
$3 partic. preferred
United New Jersey RR. & Canal (quar.)
United Printers & Publishers Ins. (Del.) $2 pref.
(quar.)
United Savings Bank (Detroit) (s.-a.)
United Shoe Machinery Corp. (quar.)
6% preferred (quar.)
U. S. Fidelity & Guaranty Co. (Bait.) (quar.)
U. S. & Foreign Sees. Corp. $6 1st pref. (quar.).
U. S. Gauge Co., common (s.-a.)
7% preferred (quar,)
-—
U. S. Gypsum Co. (quar.)
7 % preferred (guar.)
U. S. Hoffman Machinery Corp.—
5H% conv. preferred (quar.)
U. S. & International Securities $5 1st preferred
U. S. Leather Co. 7% prior preferred
United States Loan Society (Phila.) (s.-a.)
United States Pipe & Foundry Co., (quar.)
Quarterly
United States Playing Card Co—
United States Plywood Corp_
Sept. 15
Aug.
Sept.
July 15
Oct.
Sept. 15
July 15
Aug.
Sept.
Oct.
Juiy
July
July
July
Aug. 15
Aug. 15
Sept. 15
June
June
20
20
June 20
June 20
June 20
June
18
—— _
June
18
—
,
June
July
Jvuy
July
June 30
.
-
June
June 25
July
July
July
July
June 20
June 20
June
14
14
Aug.
July
18
June
June 25
July
June
lO
June
June
14
Sept.
Aug. 30
Dec.
Nov. 29*
June 14
June
July
July
July
10
t50c
June
June
14
U. S. Potash Co
June
June
12 He
June
June
14
U. 8. Smelting, Refining & Mining Co., com
|2Hc
July
July
Aug.
June 25
June 25
20c
37 He
68 He
Aug.
July
July
July
July
July
July
July
40c
25c
June
June
1
July
5
I50c
July
July
July
July
I75c
July
—
Class A
16
June
-
United Gold Equities of Canada (s.-a.)
June
16
June
June 28 June 21
(qu.)
United Illuminating Co—
June 20
14
June
1 June 20
July
June 30 June 23
United Bond & Share, Ltd. (quar.)_
United Carbon Co
United Drill & Tool Corp., class A
Class B
:
2
1
June 21
June
16
July
—
Union Trust Co. (Pittsburgh) (quar.)
Union Trust Co. (Providence, R. I. (quar.)
Union Twist Drill Co
9
July
July
Sterling Trusts Corp. (Toronto, Ont.) (s.-a.)
_
Union Carbide & Carbon Corp
Union Investment Co
Sept.
July
June
Stewart-Warner Corp
Stix Baer & Fuller, 7% pref.
(quar.)......
Strawbrldge & Clothier 7% preferred
Stroock (S.) & Co., Inc. (irreg.)
Stuart (D. A.) Oil Co.. Ltd.—
(N. Y.)
June
Sept.
July
Aug.
18
7oC
June 20
Inc. (quar.)
Stanley Works (The) common (quar.)
5% preferred (quar.)
Starrett (L. S.) Co, (irreg.)
State Bank of Albany (quar.)
State Bank of Kenmore (irreg.)
State Street Trust (Boston, Mass.) (quar.)
Stayton Oil Co. (quar.)
Stearn (Frederick) & Co., common
5% partic. preferred (quar .)
Stecher-Traung Lithograph Corp. com. (quar.)
5% pref. (quar.)
5% preferred (quar.)
5% preferred (quar.)
Stedman Bros., Ltd. (quar.)
June
Film Corp.—
preferred (quar.)
Twin States Gas & El., 7% prior lien pf. (qu.)_
July
July
16
Aug.
July
July
July
$1. 913346
conv.
June 30
Aug.
June
Tuckett Tobacco Co., Ltd., 7% pref. (qu.)
Tunnel RR. of St. Louis (s.-a.)
17
Standard Steel Spring Co
Standard Wholesale Phosphate & Acid Works,
June
Trusteed American Bank Shares—
June
June
....
June
June
(quar.)
50c
Thompson Products, Inc
—
50c
$5 conv. preferred (quar.)....
$1H
Tide Water Associated Oil Co., $4.50 pref. (qu.)
$1H
Tip Top Tailors, Ltd., com. (quar.)
;
115c
7 % preferred (quar.)
11 %
Title Insurance Co. of Minnesota (s.-a.).
$1H
Title Insurance & Trust Co. (Los Ang.) (quar.).
$1
Title & Mortgage Guarantee Co., Ltd. (New
Orleans, La.) (irreg.)
$1H
Toledo Edison Co., 7% preferred (monthly)
58 l-3c
6% preferred (monthly)
...
50c
5% preferred (monthly).
412-3c
Toledo Shipbuilding Co., Inc. (increased)
75c
Toledo Trust Co. (Ohio) (quar.)
50c
Toronto General Trusts Corp. (quar )__.
$1
Toronto Mortgage Co. (quar.)
1$1H
Torrington Co. (quar.)
40c
Torrington Nat. Bank & Trust Co. (Conn.) (qu.)
$2 H
Trade Bank & Trust Co. (N. Y.) (quar.)
15c
Traders Finance Corp., Ltd., 6% pref. A (quar.)
1$1H
Travelers Bk. & Tr.Co. (Hartford, Conn.) (ann.)
$5
Travelers Insurance Co. (Hartford) (quar.)
Trenton Banking Co. (N. J.) (s.-a.)
Tri Continental Corp., $6 pref. (quar.)
Tri-County Telephone Co., 6% 1st pref. (quar.)
Trico Products Corp. (quar.)
Trust Co. of Georgia (quar.)
Sept.
Standard Fruit & Steamship, $3 partic. pref
Standard Fuel C(k Ltd. 6H % pref. (accum.)
Standard Oil Co. (Ohio), 5% pref. (quar.)
Standard Radio class A (initial)
June
$4
10c
(annual)
Texon Oil & Land
14
July
July
July
July
July
July
July
5
16
16
Texas-New Mexico Utilities Co.—
July
July
(quar.)
June
June
lc
J20c
162He
25c
110c
—-
June
15
2
$1H
62Hc
10c
68Mc
Corporation
Tennessee Light & Power Co., 6% preferred
Texas Bank & Trust Co. (Dallas, Tex.) (quar.)—
Texas Corporation (quar.)
Texas Electric Service, $6 pref. (quar.)
Aug.
Standard Coated Products Corp., $1 pref..
Standard-Coosa-Thatcher Co. (irreg.)
15 June 30
June 30 June
July
June
1 June
50c
July
preferred (quar.)
Preferred
(quar.)—_
Steel Products Engineering Co
Sterchi Brothers Stores. 6% pref. (quar.)
June 20
1 July
July
June 30 May
25C
.W--—.
—
— —
June
Staley (A. E.) Mfg. Co., 7% pref. (semi-ann.)..
Standard Shica
July 31
July
July
July
July
July
Spartan Mills (s.-a.)
Springfield Fire & Marine Ins. Co. (quar.)
Springfield Gas & Elec., $7 pref. (quar.).
Square D Co., common
5% convertible preferred (quar.)
Squibb (E. R.) & Sons, $5 pref. series A (quar.).
Standard Screw Co
June 20
July
July
July
Southwestern Life Insurance Co. (Dallas) (quar.)
Southwestern Light & Power Co. $6 pref. (qu.).
Class B
June 20
13
July
25c
Class A (quar.)
Extra
Union Bank & Tr. Co.
-
common
1 June 10
15
15
15
15
16
50c
(quar.)
Underwriters Trust Co.
7% preferred (quar.)
Southern California Edison Co., Ltd.—
Original preferred (quar.)
5H% preferred C. (quar.)
Southern Canada Power Co., Ltd., com. (quar.)
6% preferred (quar.)
Southern Indiana Gas & Electric Co.—
13
June
June
June 30 June 10
June 30 June 10
Textile Banking Co.
8
2
July
1
July
July 15
July 25
...
Simplex Paper Co. (quar.)
Simpson's,Ltd., 6H% pref. (accum.)
....
Singer Manufacturing Co. (quar.)...
Skelly Oil Co
Skenandoa Rayon Corp., common
5% prior preferred (quar.)
5% preferred A (quar.)
Smith (L. C.) & Corona Typewriter com. (irreg.)
$6 preferred (quar.)
Smith (Howard) Paper Mills, Ltd. 6% pf. (qu.).
Smyth Manufacturing Co, (quar.)
Snider Packing Corp...
Snyder Tool & Engineering Co. (quar.).
Sonoco Products Co., com. (quar.)
$4.50
Common
16
14
June
July
J7c
-—
1 June
1 June 14
1 June 20
July
July
30c
Swift & Co. (quar.)
Tennessee
June 28 June
Holders
Tacony-Palmyra Bridge Co.—
16
1 June 20
1 June 20
1 June 20
July
July
July
July
July
July
July
July
When
Payable of Record
10c
Extra
1 June
17
17
15 June 30
Silverwood Dairies, Ltd. (initial)
Simon (H.) & Sons, Ltd.,com. (interim)
Standard Brands, Inc.,
t$2H
$1M
50c
40c
—
1 June 30
1 June
1 June
July
July
July
Silbak Premier Mines, Ltd
Silver King Coalition Mines
Southeastern Greyhound Lines (quar.)
Preferred (quar.)
Conv. preferred (quar.)
Supersilk Hosiery Mills, Ltd., 5% pref. (s.-a.)—
Superior Water Lt. & Pow., 7% pref. (quar.)—
Sussex Railroad Co. (semi-annual)
Sussex Trust Co. (Del.) (s.-a.)
5% preferred (quar.).
Taggart Corp. $2.50 preferred (quar.)
Talcott (James) Inc., common
5H % participating pref. (quar.)
Tamarack & Custer Cons. Mining (irreg.)
Tamblyn, (G.), Ltd., common (quar.)
5% preferred (quar.)
Technicolor, Inc
Teck-Hughes Gold Mines, Ltd. (quar.)
July
July
...
Simmons Co. (irreg.)
June 30 June 20
July
_
Sigma Mines (Interim)
16
20
June 30 June 20
J4c
Shelf Transport & Trading (6 pence) 1 nterim
Sheller Manufacturing Corp
Sherwin-Williams Co. (Can.), 7% preferred
Optical Co
June 30 June
20
15c
Sheep Creek Gold Mines, Ltd. (quar.)
Shuron
30
30
Juiy
Share
of Company
Extra
62c
6% preferred (s.-a.)
-
1 June
1 June
June 30'June
June 30 June
July
Name
Sylvanite Gold Mines (quar.)
J75c
«
Shattuck-Denn MIcing Corp. (irreg.)
Per
When | Holders
Payable of Record
(Norfolk, Va.)
Extra
June 28, 1941
l$3H
82 He
150c
June
16
June
14*
July
July
15
June
14
15
7% preferred (quar.)
———
U. S. Sugar Corp. pref. (quar.)
U. S. Trust Co. (N. Y.) (quar.)
-—-—
U. S. Trust Co. of Newark (N. J.) (quar.)
United Stkyds. Corp., $0.70 conv. pref. (quar.)_
United
Utilities, Inc. (s.-a.)
Extra
-
July
July
2
June 20
June 21
July
1
June
June 23
June 23
June 20
June 23
Universal-Cyclops Steel (increased)
June
13
Universal Leaf Tobacco Co. (quar.)
June
13
Aug.
July
June
13
Universal Products Co-—-
July
8
14
June
June
8% preferred (quar.)
July
June
July
17
Tune 21
June 19
Volume
The Commercial &
152
4079
Financial Chronicle
Bank of
Condition of the Federal Reserve
Share
Company
Holders
When
Per
Name of
July
Upper Michigan Power & Light Co. 6% pf. (qu.)
6% pref. (quar.)
6% pref. (quar.)
Upressit Metal Cap Corp. 8% preferred
Utah-Idaho Co. 60c. cl. A preferred (quar.)
Utah Power & Light Co. $7 pref. (quar.)
$6 preferred (quar.)
Utica Knitting Co., 5% prior pref. (quar.)
Valley RR.Co.. (s.-a.L
Valve Bag Co. 6% preferred (quar.)
Van Camp Milk Co. $4 preferred (quar.)
Van de Kamp's Holland Dutch Bakeries, Inc.-
New York
Payable of Record
The
June 28
I
following shows the condition of the
date last year:
2
June
14
Gold certificates
00
hand and due from
on
8,812,100,000 ,88 0,048,000 8,845,071,000
1,311,000
1,427,000
1,427,000
United States Treasury.*
June
10
Redemption fund—F. R. notes..
June
June
10
Other Cash t—
Sept.
Aug. 30
June
$6.50 preferred (quar.)
Vapor Car Heating Co., pref. (quar.)
106,127,000
54,283,000
50,412,000
8,863,939,000 8,935,758,000 8,952,509,000
Total reserves..
1
$
f
$
Assets—
June 23
Common
25, 1941 June 18, 1941 June 26,1940
13
June
corresponding
,
June 21
June
June 25, 1941,
with the previous week and the
in comparison
June 30 June 20
June
2
June
Federal Reserve
Bank of New York at the close of business
1 Sept. 28
1-2-42 Dec. 29
July
1 June 16
Oct.
Dec.
Dec.
Vermont & Boston Tel (annual)
Vertientes-Camaguey Sugar
Viau, Ltd. 5% preferred (quar.)
Victor Chemical Works
July
Aug.
July
July
June
June 20
Victor-Monaghan Co., 7% pref. (quar.)
Virginian Railway Co. (quar.)
Vlchek Tool Co., common
7% preferred (quar.)
Vulcan Defcinning Co. common
Common (quarterly).
7% preferred (quar.).
7% preferred (quar.).
7o
(quar.k
Wabasso Cotton Co. (quar.).
Wagner Baking Corp., common.
7% preferred (quar.).
$3 2nd preferred (quar.).
Waldorf System, Inc. (increased) quar.)
Walker & Co. $2.50. class A
Walworth Co., 6% pref. ($10 par)
Ware River RR., gtd. (s.-a.)
Washington Title Insurance Co. com. (quar.)
6% non-cum. class A pref. (quar.)
Waukesha Motor Co. (quar.)
Wayne Knitting Mills, 6% pref. (s.-a.)
Common (irreg.)
Wayne Pump Co
Welch Grape Juice Co., stock dividend
Wellington Fund, Inc
Wells Fargo Bank & Union Trust Co.
(San
July
Aug.
July
June
June 20
Industrial advances
June
June 20
U. S. Govt, securities, direct and guar¬
June
June 24
Sept.
July
Sept. 10
July 10
Oct.
Oct.
July
Juiy
July
July
June 21
Preferred (quar.)
Francisco) (guar.)
Wesson Oil & Snowdrift Co., Inc
West Hartford Trust Co. (Conn.)
West Jersey & Seashore
Secured
15
June
23
common
16
June
14
June
May 29
June
July
1
16
1 June 25
1 June 14
2
July
July
July
1 June 21
13
15 June 20
1 June 14
1 June 20
1 June
15 June 20
15 June 20
June 30 June 17
July
1 June 25
July
July
1 June 30
1 June 30
June 30 June^20
July
1 June 20
7
June 30 June
Westgate Greenland Oil Co. (monthly)
Westmoreland, Inc. (quar.)
Westmoreland Water Co., $6 pref. (quar.)
July 15 July 10
July
1 June 13
June 11
July
Sept. 10 Aug. 27
1 June 12
July
1 July 15
Aug.
Weston (George) Ltd. (quar.)
5% pref. (quar.)
July
1 June 14
6% preferred (quar.)
Wheeling Dollar Savings & Trust Co. (W. Va.)
Wheeling & Lake Erie Ry
Wheeling Steel Corp. (resumed)
$5 conv. prior preferred (quar.)
White Sewing Machine, $2 prior preferred
White Villa Grocers, Inc., 6% pref. (quar.)
Whitman (Wm.) Co. pref. (quar.)
Wichita Union Stk. Yards Co., 6% pref. (s-a)
Common (irreg.)
Wiebolt Stores, Inc., 6% pref. (quar.)
$5 prior preferred (quar.)
Will & Baumer Candle Co., Inc., 8% pref (qu.)
July
July
1 Tune 14
1 June 20
July
June
Wilmington Savings & Trust Co. (N. C.) (quar.)
Wilsil, Ltd. (quar.)
Winn A Lovett Grocery, class A (quar.)
Class B (irreg.)
7% preferred (quar.)
Wins ted Hosiery Co. (quar.)_.
...
July
July
July
July
July
June 20
June
20
Aug.
.
.
1 June 24
July
Aug. 15 July 25
1 June 13
July
1 June 25
Aug.
1 June 15
July
1 June 14
July
July 15 Juiy 10
July
July
June
20
14
June 20
June 20
July
July
15
15
Quarterly
Oct.
15
Nov'
Oct.
July
July
July
June
15
10
June
10
(quar.)
■
7% preferred (quar.)..
Wisconsin Electric Power—
6% preferred (1897 series) (quar.)
Wisconsin Ivestment Co. (irreg.)
Wisconsin State Bank (Milwaukee) (irreg.)
Wolverine Tube Co. (irreg.)
Woodley Petroleum (quar.)
Wisconsin Co.
July
July
Extra
♦
Transfer books not closed for this
10
20
19
16
July
July
May
May
21
21
21
21
June 20
July
19
Aug. 20
Oct.
25c
$1 H
5c
$1H
%1H
Sept.
June
June 16
June
June
16
16
June 20
June 20
June
June
a
Less British income tax.
1,772,030,000 1,749,770,000 1,369,821,600
Deposits—Member bank reserve acc't.. 6,364,978,000 6,427,287,000 7,524,016,000
93,433,000
300,633,000
200,379,000
U, 8. Treasurer—General account...
235,829,000
481,683,000
474,195,000
Foreign
Other deposits
389,226,000
512,572,000
536,042,000
...
7,635,594,000 7,722,175,000 8,242,504,000
158,784,000
234,200,000
Deferred availability Items..
193,028,000
1,687,000
1,704,000
1,886,000
Other liabilities, lncl accrued dividends.
Total deposits.
9,602,538,000 9,707,849,000 9,772,796,000
..........
Capital Accounts—
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)
...
Other capital accounts.....
...
of
total
to
reserve
deposit
51,033,000
7,070,000
13,325,000
7,109,000
11,127,000
53,326,000
9,730,975,000 9,836,273,000 9,895,391,000
Total liabilities and capital accounts.
Ratio
51,582,000
56,447.000
51,584,000
56,447,000
7,070,000
13,336,000
......
....
and
94.2%
94.3%
93.1%
1,535,000
1,535,000
820,000
F. R. note liabilities combined
Commitments
make
to
Industrial
ad
vances
t "Other cash" does not Include Federal reserve notes or a
bank's own Federal
Reserve bank notes
United 8tates Treasury for the gold taken
over from the Reserve banks when the dollar was, on Jan, 31, 1934, devalued from
100 cents to 69.06 oents, 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.
x
These
certificates given by the
are
Weekly Return of the New York City
Clearing House
! The weekly statement issued by the New York City
Clearing House on Friday afternoon is given in full below:
STATEMENT
OF
MEMBERS OF THE
ASSOCIATION AT
HOUSE
NEW YORK CLEARING
CLOSE OF BUSINESS
THURSDAY, JUNE 20, 1941
Net Demand
Time
Undivided
Deposits,
Deposits,
Profits
•
Average
Average
Surplus and
Capital
Clearing House
Members
$
20,000,000
14,195 ,100
26,989 ,700
241,945,000
Bank of Manhattan Co.
National City Bank
Chem Bank St Trust Co.
77,500,000
80,993, 400
,664,762,000
18,024,000
39,339,000
104,647,000
20,000,000
58,009, ,000
Guaranty Trust Co....
Manufacturers Trust Co
90,000,000
187,230, ,100
41,748,000
40,980 000
Cnt Hanover Bk&Tr Co
Corn Exch Bank Tr Co
21,000,000
15,000,000
865,062,000
306,292,000
765,390,000
197,552,000
332,262,000
11,285,000
72,257,000
104,327,000
76,940,000
27,539,000
First National Bank....
10,000,000
Irving Trust Co
60.000,000
6,000,000
Bank of New York
Continental Bk St Tr Co.
Chase National Bank...
500.000
375,000
792,302,000
747,200,000
68,707,000
,373,697,000
4,703,000
1,137,000
43,741,000
3,611,000
65,032,000
58,393,000
,212,448,000
16,343,000
1,073, 300
2,160,000
6.000,000
6,000,000
10,001, 400
145,363,000
3,005,000
12,500,000
28,039, 600
42,077,000
7,000,000
7,000,000
8,843, 900
10,714, 100
456,597,000
146,456,000
97,525,000
957,498,400 16,099,698,000
735,052,000
Title Guar St Trust Co..
Marine Midland Tr Co.
New York Trust Co
Comm'l Nat Bk & Tr Co
Publlo Nat Bk A Tr Co.
518,518.000
Totals
*
75,370, 100
20,258, 800
25,000,000
Bankers Trust Co
611,396,000
108,726, 400
63,792, 700
4,511, 100
139,538, 700
4,279, 500
83,878, 300
4,000,000
100,270,000
Fifth Avenue Bank.....
As per official reports:
1,631,000
53,222,000
National, March 31, 1941; State, March 31, 1941; trust
companies, March 31,1941.
deposits In foreign
Includes
a $285,100,000 (latest available date);
$3,065,000 (June 26); d $87,073,000 (latest
branches:
(latest available date); c
b $58,509,000
available date); e
$22,697,000 (May 31).
Stock
and
Bond
Averages
daily closing averages of representative
stocks and bonds listed on the New York Stock Exchange
Below
as
are
the
compiled by Dow, Jones & Co.:
18
June
June
20
Aug.
Aug.
Sept.
July 15
July 15
Sept. 5
Dec.
Dec.
Stocks
14
June
10
10
30
20
15
Total
10
First
Second
10
Indus¬
Rail¬
Utili¬
05
Indus¬
Grade
Grade
Utili¬
40
trials
Date
roads
ties
Slocks
trials
Rails
Rails
ties
Bonds
5
accumulated dividends.
X Pavable in Canadian funds, tax deductible at the source.
Non-resident
tax, effective April 30 1941 increased from 5% to 15%.
Resident taxs
remains at 2%.
Liabilities—
F. R. notes In actual circulation
20
dividend,
t On account of
9,730,975,000 9,836,273,000 9,895,391,000
10
July
July
July
July
July
July
July
50c
1,624,000
20
June
June
12Hc
J20c
18,000
171,610.000
9,820,000
15,468,000
20
July
July
25c
—
1 June
Aug.
Aug.
July
July
July
Aug.
Sept.
Wrigley (Wm.) Jr. Co. (monthly....
Monthly
Monthly..
Monthly
Wurlitzer (Rudolph), 7% preferred (quar.)
Yale & Towne Mfg. Co
Yellow Truck & Coach Mfg. Co.—
7% preferred (quar.)
Yosemite Portland Cement 4% non-cum. pf
Young (J. S.) & Co. common (quar.)
7% preferred (quar.)
Young-Davidson Mines, Ltd. (irreg.)
Youngstown Sheet & Tube pref. (quar.)
Youngstown Steel Car (quar.)
Zeller's, Ltd., common (quar.)
6% preferred (quar.)
Zion's Cooperative Mercantile Institution (qu.)
Quarterly
15
June 30 June 20
(quar.)
Worthington Pump & Machinery Corp.—
4 H % prior preferred
4H % conv. prior preferred
Wright-HargreavesMines, Ltd. (quar.)
Class B
31 July
June 30 June
....
Worcester Salt Co.
Common
June 25
June 30 June
June 30 June
...
...
June 20
Nov.
Extra
premises...
June 20
Aug.
.........
18,000
2,137,000
251,575,000
9,949,000
11,311,000
217,336,000
9,949,000
11,719,000
.....
Total assets.
June 30 June 20
Extra
Extra
Uncollected Items........
Total liabilities...
14
Juna-30 June 25
July
Weston Electrical Instrument
744,342,000
18,000
2,040,000
June 20
July 15
Aug. 15
June 30 June
pref.(qu)
741,976,000
625,525,000
14
Western Union Telegraph Co
Wiser Oil Co.
...
Other assets
June 20
July
July
(quar.)
direct and guaranteed
Total bills and securities..
Bank
Aug.
Sept.
5% preferred (s.-a.)
623,475,000
625,974,000
339,030,000
Total U. S. Government securities,
June 30
July
7% preferred (quar.)
Wet her ill Finance Co.
623,475,000
...
June 27
17^c
.
389,312,000
234,163,000
402,946,000
234,163,000
...
Notes.....
June 27
t$l H
Western Massachusetts Cos. (quar.)
Western Nat. Bank of Baltimore (Md.) (s.-a.)_
Western N.Y. & Pennsyi. RR. Co., com. (s.-a.)
Western Pipe & Steel (Calif.) (quar.)
Western Tablet & Stationery Corp. 5%
389,312,000
anteed:
Bonds
June
1 June 20
1 June 14
(quar.)
362,000
2,004,000
Due from foreign banks
July
July
West Texas Utilities, $6 pref. (quar.)
514,000
1,536,000
Federal Reserve notes of other banks...
June
West Penn Electric Co., class A (quar.)
West Penn Power Co. 4H% Pref. (quar.)
Western Grocers Ltd.
963,000
June 20
June
(s-a)
242,000
1,536,000
June 20
July
120,000
142,000
June 23
July
July
July
43 He
372,000
871,000
92,000
...
10
West Michigan Steel Foundry Co.—
West Virginia Pulp & Paper (irreg.)
West Virginia Water Service Co. $6 pref
Western Electric Co
Govt, obligations
8.
Total bills discounted
19
June 23
July
July
July
July
(quar.)
7% prior preferred (quar.)
$1.75 conv. preference (quar.)
West New Brighton Bank (Staten Island, N. Y.)
U.
Other bills discounted
June
RR. Co. (s.-a.)__.
Ltd.—
-
by
direct and guaranteed...
June 20
July
July
July
July
West Kootenay Power & Light Co.,
7 % preferred (quar.)
Bills discounted:
June 14
93.93
53.19
109.74
Total
91.18
June 27.
123.46
28.55
17.89
41.59
107.86
123.96
28.64
17.95
41.75
107.81
93.81
53.23
109.76
91.15
June 26.
53.23
109.68
91.14
June 25.
123.52
28.50
17.73
41.55
107.83
93.91
123.24
28.26
17.70
41.41
107.78
94.13
53.10
109.58
91.15
June 24.
123.97
28.26
17.80
41.60
107.67
94.22
53.31
109.61
91.20
June 23.
122.51
27.99
17.75
41.17
107.60
94.13
52.95
109.59
91.07
June 21.
The Commercial & Financial Chronicle
4080
June 28, 1941
Weekly Return of the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
resources and liabilities of the reporting member banks in 101 leading cities from which
weekly returns are obtained.
Items of
These figures are alwavs a week behind those for the Reserve banks themselves.
the Federal Reserve
System
immediately preceding which
ASSETS
the figures for the latest week
upon
in
appear
our
The comments o] the Board of Governors of
department of "Current Events and Discussions
also give the figures of New York and Chicago reporting member banks for
we
AND LIABILITIES OP
WEEKLY
REPORTING MEMBER
BANKS
IN
101
LEADING CITIES
week later,
a
DISTRICTS ON JUNE
BY
18.
1041
(In Millions of Dollars)
Phila¬
Federal Reserve Districts—
Total
ASSETS
I
Minne¬
New York
delphia
$
Boston
%
%
Cleveland Richmond
$
J
Kansas
Chicago
St. Louis
apolis
City
Dallas
I
Atlanta
%
$
$
$
%
San
Francisco
*
Loans and Investments—total
28,155
1,368
12,733
1,299
2,167
777
722
4,000
829
434
760
608
2,458
Loans—total
10,262
736
3,822
539
849
308
377
1,274
400
215
359
315
1,068
5.792
395
2,372
286
397
147
194
822
227
106
212
211
423
370
80
108
39
13
46
19
3
25
3
18
471
11
347
25
15
42
5
l
4
Commercial. Indus, and agrloul. loans
Open market paper
Loans to brokers and dealers In
secure.
Otber loans for purchasing or carrying
securities
Real estate loans..
Y'YY
444
...»
16
1,246
....
81
42
149
....
31
YY ■/
.
-
3
13
52
182
222
5
6
n'Y,'
;V..'Y
11
67
36
1
-V.Y.
3
9
10
12
40
14
32
23
386
85
75
36
192
■:,v,
•-
■
'
48
106
33
558
.
11
19
198
4
1,897
Loans to banks..
Other loans
206
V.Y:
134
60
163
75
•:,Y
86
13
2
6
1
1
123
'
1,0.56
United States bonds——
Obligations
Other
601
9
2
7
368
1
3
7
38
40
1,498
25
168
57
45
218
35
19
42
34
51
371
3,499
1,814
391
736
254
112
1,230
208
123
106
119
812
3,038
U. 8. Govt
guar, by
19
2,232
7,961
Treasury bills
Treasury notes
68
+
—
-
,
1
83
156
43
181
3,606
134
1,499
261
249
68
116
581
116
39
139
59
345
10,883
558
5,836
505
788
259
171
1,552
238
111
206
143
516
securities
Reserve with Federal Reserve Bank..
Cash In vault..—
88
65
329
69
107
35
581
151
151
25
52
26
16
82
14
7
18
12
Balances with domestic banks.......
3,500
206
230
217
379
276
259
621
192
133
330
326
331
Otber assets—net
1,206
67
431
79
86
42
52
69
22
15
19
31
293
27
LIABILITIES
Demand deposits—adjusted
;t
23,872
United States Government
1,417
11,714
1,133
1,736
630
502
3,357
336
595
556
1,340
5,407
230
1,088
261
746
208
192
995
191
112
144
137
1,103
481
14
44
16
45
31
47
135
20
2
13
36
78
9,236
....
Time deposits
392
3,986
473
532
371
363
1,380
424
180
469
294
372
V
deposits..
..:
556
vY
:%'•
Inter-bank deposits:
Domestic banks
...
—
Foreign banks
YV'-
666
23
604
e
1
2
9
Y-—-
1
1
19
789
25
""299
17
21
39
17
22
7
7
3
5
""327
3.873
248
1.646
219
391
101
97
426
97
62
109
91
386
1
Borrowings......
/:
*
Other liabilities
Capital accounts...
'
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
issued by the Board of Governors of the Federal Reserve System
was
showing the condition of the 12 Reserve banks
for the System
week
as a
at the close of business
Wednesday.
on
on
Thursday afternoon, June 26 *
The first table presents the results
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
The second table shows the
ast year.
resources and liabilities separately for each of the 12 banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve agents and the Federal Reserve banks.
The comments of the Board
of Governors of the Federal Reserve System
returns for the latest week appear
in
COMBINED RESOURCES AND LIABILITIES
Three Ciphers (000) Omitted
June
25,
ASSETS
Gold ct's.
on
FEDERAL
June
BANKS AT
U.
8.
%
May 21,
May 14,
May 7,
April 30,
1941
1941
1941
1941
%
$
$
20,313,731
20,314,730
20,316,732
20,256,731
9,508
287,750
10,945
9,944
9,549
9,549
289,010
276,625
299,593
321,025
20,610,989
20,613,686
20,601,299
20.625,874
20,587,305
1,119
1,358
1,242
3,433
687
619
674
722
1,421
592
328,073
20,527,878
20,533,315
1,539
854
850
1,286
658
650
641
632
1,557
4,155
2,197
1,504
2,261
8,163
8,154
8,092
1,977
1,916
8,774
8,736
1,363,800
1,363,800
1,363,800
1,363,800
1,363,800
1,363,800
820,300
820,300
820,300
820,300
2,184,100
2,195,201
2,184,100
2,194,812
2,184,100
2,194,851
2,184,100
2,194,752
47
47
47
47
27,222
24,918
890,276
1,132,033
26,825
889,067
40,215
43,329
40,246
40,035
24,554
882,182
39,968
42,412
53,799
51,782
24,045,457
Govt, securities,
11,139
329,444
378,780
18,043,118
guaranteed
Total bills and securities..
Federal Reserve notes of other banks..
Uncollected Items
23,818,310
6.542,175
...
....
assets
Y
Y
Y-v
704
1,491
1,918
8,059
7,549
8,975
1,363,800
1,363,800
820,300
820,300
820,300
1,363.800
820,300
1,343,183
1,130,125
2,184,100
2,196,418
2,184,100
2,194,451
2,184,100
2,193,696
2,184,100
2,193,650
2,184,100
2,193,567
2,473,308
47
47
47
147
47
25.436
27,122
27,083
24,011
22,339
18.489
828,654
775.198
39,903
847,561
39,910
51,819
50,512
1,017.150
40,067
50,171
656,231
40,019
986,086
40,055
48.857
49,228
54,057
23.794,584
23.768.267
23,885,578
23,889,163
23,609,544
23,685,967
21,297,976
6,534,194
13,201.494
6,460,010
13,748,879
6,384,387
13,731,835
6,359,671
13,457,866
993.072
461,674
477,144
761,624
6,343,877
13,439.698
803,941
1,243.661
608,123
1,240,046
686,292
1,241,201
730,450
1,235.048
725,782
1.226,555
678,940
6,282,368
13,523.857
865,436
1,251,130
579,092
-
;
direct and
Due from foreign banks
Total
$
17,653,476
10,862
20,560,949
820,300
...........
premises
26,
20,192,732
1,806
Notes
8.
June
1940
I
$
20,222,732
10,144
1941
20,202,772
10,104
315,002
8,906
9,088
U. 8. Govt, securities, direct and guaranteed:
Bonds
Other
-
2,013
.......
Industrial advances
U,
the
Government obligations,
Total bills discounted..
Bank
S
20,313,731
direct and guaranteed-.—
Other b lis discounted
Total
25,
1941
Bills discounted:
by
BUSINESS JUNE
May 28,
20,313,730
...
OF
June 4,
9,508
285,141
reserves
Secured
THE CLOSE
1941
11,
1941
$
RESERVE
20,608,379
Otaer cash *
Total
THE
1941
%
hand and due from U. 8. Trtas.x.
OP
June 18,
1941
Redemption fund (Federal Reserve notes)
upon
department of "Current Events and Discussions."
our
......
assets.
-■
Y.
2,484,544
47
41.490
LIABILITIES
Federal Reserve notes In actual circulation.
Other
deposits..
Total
....
Total liabilities.
16,061,794
835,205
7,133
16,046.350
16,136,891
16,180,630
16.180,320
16,149.134
836,781
5,312
793,881
943,641
971,989
739,989
16,219,515
807,230
5,610
5.612
5,117
5,504
4,893
5,156
5,786
23.673,487
23,446,307
23,422,637
23,396,394
23,513,775
23,517,484
23,237,893
23.314.269
20,942,810
140,324
140,331
140,311
140,284
140,254
140,240
137,103
157,065
26.785
157,065
157,065
157,065
157,065
151,720
26,785
26,785
26,785
26,839
47,796
157,065
26,785
47,822
47.786
47,739
140,279
157,065
26,785
47.674
140,272
157,065
47,557
47,547
47,608
39,504
23,804,669
24,045,457
23.818,310
23,794,584
23,768,267
23,885.578
23,889,163
23,609,544
23.685,967
21,297,976
92.1%
13,072
91.3%
91.2%
11,629
91.2%
91.3%
91.2%
91.2%
88.8%
12,272
12,342
11,080
10,945
91.3%
10,822
91.3%
11,814
8,464
8,762
1,482
deposits
Deferred availability Items
Other liabilities, lncl. accrued dividends
16,009,057
47,850
...
15,957,201
836,114
6,086
157,065
26,785
Foreign
6,573,156
13,130,642
1,023,809
1,229,892
624,714
140,376
reserve account..
United States Treasurer—General account.
6,633,192
12,985,110
1,081,125
1,240,276
650,690
23,432,593
Deposits—Member banks'
1,208
1,384
1,346
1,171
1,085,664
13,312,189
940,973
1,226,526
582,106
5,144,450
13,722,819
300,610
664,720
474,856
15,163,005
629,569
CAPITAL ACCOUNTS
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)..
Otber capital accounts..
Total liabilities and capital acoounts
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Commitments to make Industrial advances...
26,785
26,785
'
Maturity Distribution of Bills and
Short-Term
Securities—
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
1,676
928
962
1,425
51
91
80
48
56
81
47
23
193
185
120
150
90
96
94
95
182
81
Over 90 days bills discounted
3,611
54
152
...
87
77
148
116
150
162
181
162
214
178
244
1-15 days industrial advances
267
240
222
230
237
207
213
516
2,013
Total bills discounted
1,806
1,977
1,916
4,155
2,197
1,504
1,491
1,918
2,261
981
2,057
225 Y
1,522
1,273
16 30 days industrial advances..
81 60 days industrial advances.
1,442
1,473
1,488
1,522
1,439
1,426
284
292
284
270
202
208
266
251
147
98
567
569
555
515
141
146
169
61-90 days industrial advances
Over 90 days Industrial advances
165
157
352
589
754
407
333
570
550
549
536
139
218
6,126
6,018
6,086
6,145
5.762
5,709
5,692
5.677
6,125
6,250
9,088
8,906
8,774
8.736'
8,163
8.154
8.092
8,059
7.549
8,975
.....
...
Total Industrial
advances
Volume
The Commercial & Financial Chronicle
152
4081
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
Three Ciphers (000) Omitted
June
June
25,
June
18,
June 4.
11,
1941
1941
s
$
26,
May 7,
April 30.
1941
1941
1941
1940
S
$
$
$
$
May 21,
1941!
$
June
May 14,
1941
May 28.
1941
S
Matuity Distribution of Bills and Short-Term
1941
3
Securities {Concluded i
U. S. Govt, securities, direct and guaranteed:
1-16 days
16-30 days
...............
31-60 days
61-90 days
57*660
57*666
*5*7",000
57* 000
2,184,100
2.184", 100
2,184", 100
2,184", 100
2,127,100
2,127,100
2,127,100
2,127,100
2,184*166
2,473,308
2,184,100
2,184,100
2,184,100
2.184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,473,308
6,942,165
308,973
6,899,789
6,865,638
323,463
6,835.331
6,701,917
317,530
6.682,910
323,239
299,833
6,574,463
292,095
5,452,808
301,137
6,767.692
307,682
6,643,710
326,633
6,633,192
6,573,156
6.542,175
6,534,194
6,460,010
6,384,387
6,359,671
6,343,877
6,282,368
5,144,450
7,033,000
1,475
7,011,000
6,971,000
6,909,000
6,741,000
1,693
1,642
3,842
6,823,500
1,784
6,810,000
By eligible paper
7,063,000
1,739
•../» 1,098
1,238
6,675,000
1,512
5,557,500
1,434
Total collateral
7,064,739
7,034,475
7,012,693
6,972,642
6,912,742
6,825,284
6,811,098
6,742,238
6,676,512
5,558,934
Over 90 days
Total U. S. Government securities, direct
and guaranteed
_
Federal Reserte Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank__
In actual circulation
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
•
on
■
•'
,
hand and due from U. S. Treasury
308,358
•
*:
"i
'
"Other cash" does not Include Federal Reserve notes
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
59.00
31,1934, these certificates being worth less to the extent of the difference, the difference Itself having been appropriated as profit by the Treasury under pro-
•entson Jan.
visions of the Gold Reserve Act of 1934
CLOSE OF BUSINESS JUNE 25, 1941
WEER.LY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANRS AT
Three Ciphers (000) Omitted
Federal Reserve Agent at—
ASSETS
Gold
certificates
New York
V
Cleveland Richmond
delphia
%
Boston
$
and
hand
on
Minne¬
$
$
Atlanta
City
St. Louis
Chicago
$
%
%
$
$
Kansas
apolis
Phila¬
Total
San
Dallas
Francisco
$
%
$
due
20,313,730 1,185,741 8,812,100 1,220,497 1,590,452
728
602
327
9,508
1,427
Redemption fund—Fed. Res. notes..
Other cash *
14,608
20,363
24,224
50,412
285,141
664,754
20,608,379 1,206,431 8,863,939 1,245,449 1,605,662
684,839
from United States Treasury..
330,951
545,007
464,558 3,407,728
456,794
1,218
851
947
381
145
18,867
,26,668
39,474
20,448
5,383
16,807
565,836
336,479
323,049 1,312,099
832
1,914
473,737
136
;
15,069
32,818
■
Total
reserves
492,077 3,448,149
4,
Bills discounted:
Secured by U. S. Govt, obligations,
'
1,421
110
871
97
100
592
direct and guaranteed...
Other bills discounted
24
92
56
22
8
60
45
30
156
so
132
102
216
177
132
435
359 ;
275
178
54,979
114,043
24,769
66,277
39,863
33,068
68,596
101,345
65,947
106,140
88,047
182,639
101,395
66,598
106,676
88,454
182,817
50
134
963
153
122
58
8
9,088
1,016
1,536
3,514
350
851
190
384
1,363,800
98,544
389,312
108,110
136,462
75,859
59,247
41,178
59,273
234,163
65.027
82,079
45,627
35,637
156,506
94,136
63,283
820,300
38,062
2.184,100
157,817
623,475
173,137
218,541
121,486
94,884
250,642
2,195,201
U. 8. Govt, securities, direct & guar.:
Bonds
158,967
625,974
176,804
219,013
122,395
95,082
251,026
Notes
Total U. 8. Govt, securities,
direct and guaranteed...
Total bills and securities
47
3
18
27,222
659
5
4
6
1,669
7,124
2,692
3,137
111,557
71,464
36,415
125,495
See
1
1,142
'
i;:;
2,040
217,336
Due from foreign banks
2
2
'
1,004
2,516
30,094
46,500
1,355
2,964
1,189
2,804
1,336
2,010
1,964
3,937
620,016
4,513
2,640
1,970
3,012
2,706
1,844
4,650
1,863
23,804,669 1,455,204 9,730,975 1,494,483 1,947,144
891,170
630,082 3,835,475
722,266
430,789
890,276
premises
Total assets.
2,810
2,866
62,665
9,949
43,329
...
83,468
40,215
...
assets
11,719
4,710
3,708
f;
4
,
1,627
33,001
4,726
Uncollected Items..
1
1
a
1,262
23,759
2,350
48,522
2,299
Fed. Res. notes of other banks
Bank
>v:;
■58
2,013
Total bills discounted
Industrial advances
Other
338,950 1,346,831
v
,
461,656 1,585.409
LIABILITIES
F
219,911
104,051
545,120
284,075
233,006
33,556
33,274
46,689
807,897
41,770
27,225
35,888
35,888
94,075
9,853
8,445
3,237
1,687
28,712
417,235
231,388
356^474
"317,270
972,454
123,319
47,905
19,633
32,144
28,668
39,736
686
201
171
214
225
357
616,459 3,787,864
710,494
421,093
608,743
4,298
2,998
11,743
3,152
4,520
3,613
4,272
4,925
3,974
533
1,000
1,138
1,263
10,785
2,121
1,933
3,093
6,633,192
549,943 1,772,030
458,916
616,777
312,549
217,625 1,421,216
245,153
169,901
12,985,110
677,793 6,364,978
697,128
938,523
397,826
117,814
35,040
316,426
53,831
162,162
260,379
279,014 1,826,282
263,072
37,653
113,850
53,213
43,313
148,500
37,125
20,000
6,734
6,767
4,789
934,192 1,190,187
492,813
366,747 2,242,643
66,303
105,168
69,417
31,913
546
625
433
174
23,432,593 1,429,595 9,602,538 1,459,957 1,912,757
875,212
R. notes In actual circulation
Deposits:
Member bank
reserve
account
U.S. Treasurer—General account.
1,081,125
1,240,276
650,690
Foreign
Other deposits
Total deposits
15,957,201
474,195
8,010
636,042
16,414
800,204 7,635,594
836,114
liabilities, lncl. accrued dlvs...
Total liabilities.............
193,028
1,886
78,880
6,086
Deferred availability Items
Other
56,966
100,612
120,038
57,435
668
'
450,214 1,557,667
CAPITAL ACCOUNTS
140,376
9,344
51,584
11,912
14,496
5,453
4,816
14,940
157,065
10,906
56,447
15,144
5,725
22,824
2,874
7,070
4,393
14,323
1,007
5,247
26,785
3,244
713
1,429
47,850
2,485
13,336
3,077
4,561
2,014
2,369
Total liabilities and capital acc'ts.. 23,804,669 1,455,204 9,730,975 1.494,483 1,947,144
1,679
Commllments to make Indus advs..
13.072
1,621
2,186
1,535
891,170
Capital paid in
Surplus (Section 7)
Surplus (Section 13-b)
.....
....
Other capital accounts
•
0
"Other cash" does not Include Federal Reserve notes.
8,418
2,016
2,546
2,002
630,082 3.835,475
722,266
430,789
620,016
2
360
35
1,039
32
1,016
Boston
Total
Hew York
lelphia
$
$
$
Federal Reserve notes:
1ichrnond
/mania
Chicago
$
%
Held by Federal Reserve Bank
In actual circulation
$
%
$
175,206
231,366
23,369
13,506
5,305
11,455
116,392
12,341
604,844
17,349
238,249 1,453,654
32,438
20,624
258,659
19,454
458,916
616.777
312,549
217,625 1,421,216
245,153
169,901
219,911
104,051
545,120
245,000 1,460,000
269,000
177,000
235,000
123,000
624,000
50
216
165
269,050
177,216
235,165
123,000
624,000
549,943 1,772,030
■■■■■'}
7,063,000
590,000 1,865,000
7,064,739
,
United States
are
480,000
963
590,134 1,865,963
480,153
58
350.058
645,000
245,000 1,460,000
Quotations for U. S. Treasury Notes—Friday,
Treasury Bills—Friday, June 27
Int
In i
Bid
Asked
Treasury Bills
Aug. 13 1941.
Aug. 20 1941.
July 16 1941.
0.13%
0.13%
0.13%
July
0.13%
Sept* 10 1941.
Aug. 27 1941.
Sept. 3 1941.
July
|3 1941.
1941.
0.13%
Sept. 17 1941.
Aug.
6 1941.
0.13%
Sept. 24 1941.
States
Government
Securities
Exchange—See following
page.
June 27
Figures after decimal point represent one or more 32ds of a point.
for discount at purchase.
Bid
United
59,724
:
350,000
645,000
153
134
1,739
Total collateral
York Stock
%
332,003
476,265
due
from United States Treasury
Eligible paper.....
2 1941.
9 1941.
San Fran
%
to banks:
Gold certificates on hand and
July
July
Dallas
$
640,146
567,606 1,847,775
75,745
17,663
agent as security
quoted
Minneap. Kan. City
Sl.Louv
$
Cleveland
$
6,942,165
308,973
6,633,192
Issued to F. R. Bank by F. R. Agent
Rates
3,628
phUa-
'
by
39
T."".VV
FEDERAL RESERVE NOTE STATEMENT
Three Ciphers (000) Omitted
Federal Reserve Bank of—
for notes Issued
461,656 1,585,409
• Less than $500.
v',;:'
Collateral held
'
Asked
0.13%
Deo.
0.13%
0.13%
0.13%
0.13%
0.13%
0.13%
on
the
Maturity
15 1941...
Mar. 15 1942...
Sept. 15 1942...
Dec.
15 1942...
{Mar. 15 1943..
June
15 1943...
8ept. 15 1943
New
Rat*
Dec.
15 1943...
IH%
IH%
101.30
102.12
102.14
Mar. 15 1944...
2%
1H%
103.14
103.16
June
103.7
103.9
Sept. 15 1944...
H%
1H%
101.3
101.6
Mar. 15 1945...
102 3
102.5
101.31
102.1
J Sept. 15,1944
t Dec. 15. 1946
Bid
1H%
102.12
1%
101.31
AlKM
102 14
Nat. Defense Nte
1%
Transactions
at
102
Rat*
Maturity
JliM
Bid
the
New
15 1944...
York
Daily, Weekly and Yearly—See page
102 1
101.7
101 9
102.2
102 5
H%
101.7
101.9
H%
100.12
100.14
H%
100.7
100.9
H%
1%
Stock
4397.
Exchange,
June 28, 1941
4082
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
computing the range for the year.
United States Government Securities
Below
furnish
we
Corporation bonds
on
York Stock Exchange
the New
transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
the New York Stock Exchange during the current week.
daily record of the
a
on
No
unless they are the only transactions of the day.
NOTICE—Cash and deferred delivery sales are disregarded in the day's range,
account is taken of such sales in
s
Daily Record of V. 8. Bond Prices June 21 June 22 June
1
Treasury
119.4
Treasury O;
119.4
2^s. 1948
(Low.
119.4
'
■■■''■■■'mmmm
119.5
mm
'w.wwT
mm
119.5
mm
mm
e
'
•
mm m
■
m-'mm
.
109.12
(High
'mmm-
■!'mmmm
119.5
....
Daily Record of U. S. Bond Prices June 21 June 23 June 24 June 25 June 26 June 27
June 27
June 2t
24't June 21
■
-■'im mm'm
1
111.21
mmmm
111.21
Total sates in $1,000 units...
111.22
(High
(Low.
■
111.22
mmmm
'
'
111.21
B
10
'mmmm
■
m m-mrn
■'■'
....
2
3
■''.mmmm
113.6
:'
■
mmmm
•
mm mm
113.6
'mmmm
m m mm
mmmm
■
mmmm
m-m m «.
mmmm
"mm
mmmm
107.26
107.30
3
1
1
108.8
108.8
1»1t
----
mmmm
mm.msm
.mmmm
mmmm
rnmmm
105.5
mm
mm
mmmm
mmmm
105.5
!
;
mm
'mmmm
m'm
:
105.5
mmmm
.mmmm
mmm'm
mmmm
1
mmmm
103.18
103.20
103.27
103.30
104
103.19
103.22
103.29
104
High
mmmm
103.27
103.30
104
;V:: 7 :fc7,v 35
10
103.20
103.18
m mmm
.
106.30
I
/■■■■
Total sales in $1,000 units...
m " " **
'■''.mmmm
'
mmmm
■
103.18
Close
.:■■■ ■ '■; ■
mmmm
mmmm
mmm
"'•1mmmm
Low.
2 Ms, 1956-58.
mmmm
mmmm
mmmm
mmmm
mmmm
'-'mmmm
■
'■"■'''m
-
mmmm
mmmm
\t,
mmmm
■
-
'mmm,*
mmmm
rn'mmm
mmmm
High
....
.
mmmm
■
3
mmmm
'mmmm
•
'
Close
■'■■.■mmmm
''/mmm
1
107.29
'.mmmm
Total sales in $1,000 units...
1
107.30
108.8
Low.
mmm'm
m/mm
I
107.30
107.26
mmmm
High
'
107.26
m *
107.29
mmmm
(Close
2 Ms, 1952-54
107.29
mmmm
:
Total sales in $1,000 units...
mmmm
mm
mmmm
.
■
mm
mm mm
(Low.
mmmm
''
2
mmmm
m m
(High
2Hs. 1950-52
■
'mmmm
m:mm.<m
'
■'mm
•'
Total salesin $1,000 units...
mmmm
m mm
"
113.6
'■.rnmmm
'■.mmmm
'
(Close
111.22
■
mmmm
2HB, 1949-53
mmmm
mmmm
mm m.m
.
109.12
'
'''mm*****
'
„
mmmm
109.12
~
(Close
^
:V \--.±mmm
10
.'■■[mmmm
....
V
"
yy.
4
----
mmmm
'
106.30
m m^m
I
106.30
mm.
-
108.1
m
.....
mm'm
.
108,1
,
108.1
108.1
■■';''■■
•'Th/'mm
m
mm
High
mmmm
mmmm
m'm
''■mm
■
mmm'm
yy/mmmm
mmmm
'mmmm
■■-.
■'■'''■■■'■mmmm
'}■
mm m
mmmm
mmmm
106.13
\
.mmmm
mmmm
mmmm
';■ f;.,
mmmm
mmmm
106.13
■■■■■.to^mm
Close
mmmm
mmmm
mmm-
■■:'m
■
106.13
• Low.
2MB, 1964-66
■
'rnmmm
mmmm
mmm'm
Total sales in $1,000 units...
......
C
mmmm
Close >'1'
m m
.
.
'-mmmm
m
108.1
mmm'm
.
....
•;
Low.
2MB. 1951-63
'
'
■'■'
mmmm
.'■mmmm
108.1
mmmm
■'".■mmm'm
mm mm
■mmmm
mmmm
2
mm
mmmm
"mmmm
:'i*mmm
•
'
,
".'
■mmmm
mmmm
mmmm
'
----
.mmmm
■[:,; '/mmmm
■
mmmm
'
2 ■■■)■'.
yv,
'm
mm'mm
'
111
111
m
"■
'
0 m
5
.m-mmrn
'■''mmmm
Vv' 3 y.- l';m 'rn
mmmm
High
2s, 1947
mmmm
mmmm
Low.
,T:,y vy'T;S.
110.29
m mm m
m mm m
Total sales in $1,000 units...
110.29
■'''''■'mmmm
■
.V
"mmmm
....
'"'■■'
mmmm
':r--
mmmm
m
mmmm
m m
'■
■:
'
mmmm
1
■
1 Low.
mmmm
10
m m
'mmmm
mm
mm
mm
mm
High
mmmm
m mm m
113.10
.'.mmmm
■'■
113.10
•: '
"l
:
■mm
Total sales in $1,000 units...
113.10
'
'mmmm
mmmm
mm
Close
mmmm
'
-mmmm
3 Ms, 1949-62...-
110.29
..
■
'
'
■■
'■■'■■mmmm
m m m m
mm
■
■mmmm
'''[''mmmm
■/■'mmmm
mm
mmmm
■\\mmrnm
mmmm
Low.
2s, March 1948-1960
mmmm
mmmm
mmmm
Close
■
yi;..
mmmm
*mm
mmmm
mmmm
mmm'm
mmmm
/.'■■/.mmm
mmmm
mmmm
/'■■
m
mmmm
''.■'/mmmm
m
V; '
mmmm
mmmm
mmmm
rnmmrn
mm mm
mm'^rn
mmmm
mmmm
mmmm
mmmm
rnmmm
mmmm
mmmm
----
m +
mmmm
-
'
}
■
'mmmm
mmmm
.
■mmmm
mmmm
m-m
mmmm
mmmm
■
111
'^'mm
mmmm
'"
mmmm
mm\mm
■
mmmm
mmmm
mmmm
y'Y'
7
mmmm
Total sales in $1,000 units
[High
( Low.
106.8
Close
?V.':
106.8
106.8
mmmm
rnmmm
mmmm
■
y y
mmmm
-
'
3s, 1946-48
Low.
1 1%»
1*1I
mmmm
1
I
t
2s. Dec. 1948-60
t«1•
1 1tI
mmmm
1
1
•
I
1
to*
'
*
**
.
113.6
'•
3s, 1961-65
Low.
■rnmmm
■
■
m mm
mm
mmmm
Low.
-
m
m'mmm
8
■'"-mmm'>
''■■mmmm
111.9
''■mmmm
111.24
....
m
111.22
■
■mmmm
.....
111.9
•"
V-v"
mmmm
104.16
104.16
104.20
25
9
....
Low.
3Ms, 1944-64
111.22
mmmm
Close
^{'■mmmm'
mmmm
105.3
mm'mm
104.20
105.3
105.3
mmmm
'mmmm
;;x:.ry2
,-T yimmmm .".'■/''•mmmm
mmmm
mmmm
mmmm
mrnrnm
■mmmm
mmmm
rnm mm
Total sales in $1,000 units...
mmmm
104.17
'i'.mmmrn
'mmmm
•
mmmm
■■mmmm
'mmmm
mmmm
■
'
High
15
■mmmm
mmmm
Pederal Farm Mortgage
"-•■•-/.■mmmm
mmmm
104.16
mmmm
Low.
Total sales in $1,000 units...
-mmmm
mm
■■
m'mmm
Close
....
mm mm-
■
111.9
[High
2Mb,1956-60
m
2B, 1953-55
113.6
't'.mmmm
m
'
■'■'-.
■
■
■
mmmm
'mmmm
■
High
113.6
'^m'mrn
mmmm
'■'mmmm
Total sales In 11,000 units...
:i-y.,/mmmm
■mmmm
2
Total sales in $1,000 units...
■
mmmm
'■
mmmm
■mmmm
mmmm
mmmm
mmmm
'
'
Total sales In $1,000 units...
(High
( Low.
I Close
2Mb, 1946-47
m
5
108.17
.'■''■ 'mmmm
mmmm
108.16
mmmm
mm
mmm'm'
:
'-mmmm
108.16
m
.
mmmm
m
m
108.17
High
Low.
mmmm
108.17
■'■mmmm
mmmm
'■''■'.
108.17,
■■■:.'*
3s. 1944-49
■
+ mm
107.4
107.4
'
'''m-m
Total salesin $1,000 units...
3
m"m
*3
■■''mmmm
.■'mm
Tota
m.m
■■mmmm
/■■■
■
'
mmmm
107.5
-
■mmmm
■
mmm'm
107.5
5
sales in $1,000 units...
'mmmm
107.5
107.4
Close
'
■
'mmm'm
■mmmm
/< '.
-
-
mmmm
-
'//
mmmm
t
rnmmm.
■
mmmm
1
mmmm
mmmm
mmm'm
'-..mm
mmmm
mmmm
mm
'
'
[High
109.25
-mmmm
( Low.
109.25
mmmm
Close
109.25
.mmmm
Total sales in $1,000 units...
2
'mmmm
2Mb, 1948-61
t
'■■mm'm
.
High
mmmm
m
3s, 1942-47.
-
■
-^rmmrnm
■mmmm
mm mm
'mrnm'm
mmmm
mmmm
....
m m
m'm
■
mmmm
/mm
mmmm
mm
•
mmmm
....
•
;
.
...
mmmm.
■
mmmm
■
mmmm
110.3
mmmm
;
110.3
m
■mmmm
mm m
mm m m
110.3
I Close
38. series A, 1944-52
A
1T"
110~22
Low.
110.12
mmmm
110.15
110.22
Close
110.12
'■''.mmmm
110.15
*4
mmm
1
1
....
106.26
m
----
....
mm
X
X
X
-mmmm
102.5
[
mm.m.m
mmmm
mmmm
mmmm
mmmm
102.5
mmmm
mmmm
mmmm
1
102.5
mmmm
■'
106.26
mmmm
■
1
'•■'■iimmmm
Low.
2MB. 1942-44
m
106.26
mmmm
High
111
•
'•
"'■•"'-■mmmm
106.26
106.26
:'■' m-'mmm
Total sales in $1,000 units
111
110.22
Total sales in $ \ .000 units...
'■
Close
■~mm~
:
lio'is
110.12
X
106.26
High
Low.
—
.
■'■'±mmm
:mm+M*
X
mmmm
X
Home Owners' Loan
— .
Total sales in $1,000 units...
(High
mmmm-
....
....
■
■
2 Ms, 1942-47
mmmm■
....
'
\."rnmmm
....
Total sales in $1,000 units
'."{'■mmmm
.
.'■Mrnrnm
■
v.V.1 Close
-■
'
■■
'
■
....
'
[High
2Mb, 1956-69
....
Low.
'
j Low
2Mb. 1951-64
"mmmm
■
''■/mmmm
mmmm
mmmm
'
(High
2Mb.1958-63
•
mmmm
■
Low.
mmmm
'mmmm
mm mm
m
.
Close
m m
m
....
10
110.31
mmmm
110.31
mmmm
High
J'
—
mmmm
lll".6~
2 Ms,1960-65
Low.
mmmm
Close
'm
(High
^
m
^
111.3
108.4
■
Ill" 19
111.22
111.22
111.19
*
'
"mmmm
.
.
.
.
..
mmm'm
Total sales in $1,000 units...
mmmm
bonds.
1
1
mmmm
Odd lots sales,
:-..-
mmmm
....
^
^mmm
.
mmmm
•'
mmm*.
....
-mmmm
«...
mmmm
■
mmmm
///mmmm
[mmmm
mmmm
rnmmm
.-'■/mmmm
'
'
■mm m
m
■
."immmm
mmmm
mmmm
J Cash sale.
t Deferred delivery sale.
Note—The
mmm'm
•■mmmm
'•
■
..
1
.'mmmm
Total sales in $1,000 units
10
5
m mm m
■'■mmmm
108.4
(Close
■
/•••[
mmmm
111.19
'
....
108.4
mm'rnm
mm
.....
10
6
'm
'•
■
..j Low.
2Mb,1945
111.6
rn mm
■
Total sales in $1,000 units...
m
mmmm
Close
111.22
111.3
■
'/y;
J Low.
IMS, 1945-47
1
m m.
111.2
111
(High
'■•::
Total sale8 in $1,000 units...
110.31
....
Total sales in $1,000 units...
Close
table
above
x
No transactions.
includes
only sale
Transactions in registered bonds were:
Treasury 2Ms 1948-1951
of
coupon
//j';///'/
....109.23 to 109.23
— —
New York Stock Record
AND
HIGH
SALE PRICES—PER
Monday
■
NOT PER CENT
SHARE,
Friday
STOCKS
NEW YORK STOCK
EXCHANGE
June 21
June 23
June 24
June 25
June 26
June 27
the
Week
$ per share
$ per share
$ per share
$ per share
*49
49l2
$ per share
$ per share
Shares
48i2
48i2
*11812
.
4914
Wednesday
Tuesday
4914
*118i2
*49
493g
*118i2
*118i2
*40
437g
*40
4378
*40
4378
*44
46
*45
46
*44
46
678
*20i2
*1234
*4H2
578
23
6
6
*2012
1314
*13
6
6I4
4212
4178
2278
1314
42S4
3s
*38
x2
4
....
*44
*45
46
*45
*20t2
2218
13iS
13
13
42
42i4
42
42
*88
2218
12
378
4
378
7i#
38
7i«
38
7i4
718
7i8
718
3g
714
7
7
6
6
6
6
6
6i8
6i8
*15i2
23i8
8i8
23i2
15i2
2234
1512
23i8
17
2212
*778
*150
225g
8
152
152
17i2
8ls
15334
1H8
*1234
65g
*7912
lll8
1314
634
80i2
*11
28i2
28i2
*1658
1714
283s
*1678
*78
*12i2
1
*78
13
*57
58
*13i2
58l2
5812
*1758
4014
*7i2
*42i2
18
43
*11
5i2
•Bid
16
16
2278
*778
152
1212
lHs
13
*11
lli8
8
153
11U
13
634
80i8
67g
8OI4
658
678
7984
7934
81
81
29
28
2834
275g
28
173g
*1658
173s
*78
1738
»ia
173g
15ia
78
78
14U
13i2
*57i2
175s
13i2
13
13
58i4
5714
1734
1712
4134
75s
4134
818
4034
5714
17i2
41i4
8
8ig
43
43
43
433s
1734
5i2
8
778
43
55s
1734
4234
778
43
578
534
534
12
37g
6
2218
13ig
"Too
4214
3,000
l2
200
378
4,900
3,100
1,400
7ia
7ia
*7U
73g
6
6
15i2
15i2
2234 22 34
*778
8
15234 153
*11
1H4
15i2
2234
1512
22 34
77g
77g
300
152i2 153ig
*11
IH4
1234
1284
2,200
127g
634
67g
65s
*79
2784
57g
*1658
*7g
*13
5634
I7lg
4H4
7i2
4334
*558
12 7g
634
8134
2814
17i2
15ja
14
65g
634
800
400
5,200
100
1,500
6,800
81
81
28'4
173s
2812
173g
5,100
lsia
ui6
200
Addre88-Multigr Corp
Air Reduction Inc
No par
Air Way El Appliance.-No par
Alaska Juneau Gold Min_._10
Allegheny Corp
No par
6M% pf A with $30 war.100
6M% pf A without war.100
$2.60 prior conv pref.No par
Alghny Lud Stl Corp..No par
Allen Industries Inc
400
*1234
1414
Allied Mills Co Inc
No par
Allied Stores Corp
No par
100
5% preferred
56 5g
800
I7ig
1,700
3,400
2,800
44
57g
44
Allis-Chalmers Mfg
7i2
584
X In receivership,
43 ig
712
44
584
460
600
No par
Alpha Portland Cem..No
Amalgam Leather Co Inc
6%
200
5614
1
Allied Chemical & Dye.No par
Allied Kid Co
6
Am Agric Chem
1
No par
(Del)..No par
—10
10
Apr
Apr 12
4H* Feb 14
143s Feb 28
2
7
110
May
437g June 25
30
May
4234June 23
5* Jan 14
36i2 June
5
Jan
914 Jan
2H2 Apr
2588 Jan
Apr
Nov
9
Jan
271*
191*
Apr
Jan
58ig Jan
7* Mar
7
Jan
lig
145*
12i2
Jan
Jan
24
Dec
Jan
261* May
1284
Apr
Jan
June
1684
Apr
41* May
98*
65
May
Jan
4
2184 May
1784 Jan
8
4
)
11
June
11* May
79
417*
18
23s
Apr
Jan
Dec
Jan
Nov
Jan
Jan 15
9i2 May
18
Apr
587gJune 18
183gjune 18
381* May
581*
Apr
121* May
21
Jan
Jan
15U
2
8
4I84
75
Apr
6
June
12'4
Apr
Mar
6
35
June
50
Jan
8U Jan
2
5igMay 29
y
60
Feb
Feb
14
8134June 17
Jan
461*
share
182
10
114
per
70U
147
87S May
1484 Apr 24
75* Jan 8
37
Highest
1351* June
Jan
III4 Mar 17
42i2June 19
Ex-dlv.
May
151* May
684 June
IU4 Jan
165
1
*
4
4
88 June
50
Cash sale.
a* May
684 June
414 May
7
May
6% preferred
American Bosch
r
121* June
5g Jan
8I4 Jan
n New stock,
414 May
Id's June
105g Jan
681* Jan
a Def. delivery,
Dec
347* May
784 Jan
22>4 Jan
157g Jan
Feb 19
Corp
4914
6
9
3
3
6I84 Jan
5l2 Apr 22
40
share $
Jan
10
,
per
Jan
American Bank Note
Am Airlines Inc
$
share
63
684May 26
5i2June 6
15 May 27
I8I4 Apr 21
734May 22
xl44i*Mar 6
10U Feb 1
IH4 Feb 3
5U Apr 21
713sMay 14
253gMay 28
14i2 Mar 13
"is Apr 25
60
conv preferred—
Amerada Corp
par
per
120
Mar 21
3
44
Apr 22
5t« Apr 22
191* Feb 20
12
May 15
3534 Apr 23
3g Apr 24
378May 23
3g Feb 26
38
No par
10
900
5634
173g
42
8
1718
42l2
115
100
No par
Adams-Millis Corp
3g
618
No par
preferred
Adams Express..
73g
6i8
12i2
*55s
221g
13 ig
42U
*578
*2012
*1258
4214
h
37g
3g
12i2
and asked prices: no sales on this day.
378
6
conv
Lowest
Highest
$
$ per share
46
Feb 21
Abraham <fe Straus.—.No par
Acme Steel Co
26
7I4
225g
152U
152
*38
7ie
13
42
734
44
*778
*38
678
,*2012
*1284
4214
M%
"""16
46
6
Abbott Laboratories
"3",300
437a
100-Share Lots
Lowest
4
*40
4
*16
600
437g
*684
6
50
On Basis of
Par
*118i2
*40
*378
*38
37S
50
50
4378
*13
l2
49i2
*118i2
46
4378
534
*20l2
*3g
378
Thursday
Range for Previous
Year 1940
Range Since Jan. 1
Sales
for
LOW
Saturday
47
518 June
98g May
Ex-rights. K Called for redemption.
p
Volume
LOW
New York Stock Record—Continued—Page 2
152
4083
HIGH
SALE PRICES—PER
SHARE,
NOT PER
Sales
CENT
Monday
Tuesday
Wednesday
Thursday
Friday
June 21
June 23
June 24
June 25
June 26
June 27
$ per share
f per share
$ per share
$ per share
$ per share
*36*4
*37
38
*127
12812
H2
*172
175
30l4
8434
7512
19l2
76
*10
12
10378 10434 *1033s 106
106
106
106
500
*10
12
*10
12
*10
12
12
92%
*10
IV
*1%
5
*334
1
34
19
1914
*212
3
*2%
1%
5
a4
1914
278
1514
1514
16
16
*33l8
3478
3334
3%
35i8
3%
2912
47%
*15s
*20i2
22i2
*3i8
33g
134
*28%
46%
15s
734
*7
47g
5
*93
93
9314
IV
*334
1%
-4%
5
*334
5»4
1,800
16U
16V
16%
3,500
93
93
93V
1%
210
*334
«4
84
34
7V
Vs
IV
5
34V
3V
35
34%
35V
2,400
3%
29V
47V
3V
29V
47%
1,500
American Hide A Leather
1,300
American Home Products
1,500
American Ice
34
3334
3
3
3
3V
29%
*28V
47V
47V
47
29V
29V
29V
47
47%
♦IV
47V
♦1%
1%
IV
IV
2U2
*20V
21V
*3V
3V
*3V
3%
13%
13%
13%
13%
13V
95
95
95
95
11%
11%
11%
11%
11%
11%
11V
5%
47g
17V
478
17V
*434
*17V
4%
4%
*1734
4%
*434
18%
18%
17V
13V
*93V
13V
13%
94
*9334
11534 1157g *114V 116V *114% 116V *114% 116V *114%
*25
26
25
25
25V
25V
*25V
*25V
26
343g
3434
33V
30
30%
30
1%
6V
*156
IV
6%
IV
IV
3378
30V
30V
6V
6%
6V
1 5978 *156
IV
33%
34%
1412
1434
14
6538
653g
65l2
66
6534
6534
65
65V
*434
93g
*3714
5
434
434
5
5V
*5
93s
38i4
9%
9%
9V
9l2
5V
9V
23i2
*10i4
10i2
17
*88
*12
68
*149
30
68I4
68I4
7i8
5l2
55
157
158
68
68%
69
6934
69
156% 156V
15534 156V
*67V
68V
15534 15634
69
68V
69V
69V
69V
149% 149% *149
6934
6934
150V 150V
85
7
63V
578
*50
85
73g
64
578
55
6%
6234
63V
534
534
*5%
*51
28V
27%
29
29V
*14V
14 V
IV
28
61
64
73
*1V
1034
IV
28V
28V
1034
111
4l2
64V
*64
2634
2634
27
*7
734
5
8912
*7%
*4V
*86
*75s
734
734
*8178
85
9634
*82V
*93
*27%
29
*27V
87V
87%
2814
283s
29V
69
69%
193g
2334
363s
19%
23V
*34
20
20
20V
*10678 10778 *10678
*49
634
4934
*63
65
111
434
65V
67g
49l2
*63
73
314
*15
3V
15V Apr 24
May
22*4
Jan
May
May
92
Deo
1'4 May
12»4 May
121
4
23V Jan 24
1
Apr 21
Apr
10
25
May
5
39
par
6
Feb 14
155
Feb 17
135
29
74
5
*86
90V
5
90V
8V
82V
8
8V
*80
*80
82V
9634
*93V
9634
*93
*27
29
*27
29
*27
1,100
33~3()6
Archer Daniels Mldl'd.No par
800
Armour&Co(Del)pf7% gtdlOO
484
64%
12,100
4%
6384
*64
4V
4%
200
100
8
7%
82 V
*27
8684
87
87
29%
29V
28«4
29V
20,500
1,100
8,800
16
3%
6V
5V
834
24
32
9V
22
22%
28
28
25V
*103% 105
♦103
105
*28V
33%
33%
109V
109% *107
*7V
7%
*7%
778
*1034
*1034
15
36
36V
37
36i2
*28%
*107
15«4
56
*H2
15V
3V
14%
3V
*6
*63
64
16
3%
2
*15
16V
3V
3%
3V
15%
3V
14%
15%
3%
3V
3%
6%
6V
6V
6V
15
5V
16V
3V
15%
3V
6V
180
9%
4,000
4,700
Bath Iron Works Corp
41,700
9,200
15%
3%
3%
3,100
6%
6V
2,100
5V
600
25V
20
9
8%
9V
5,300
8V
8
8
8V
9
8V
8V
x8
8
8
133
33
*32
32%
9%
9%
40
3V
5V
5V
26
9%
16V
3%
15
25V
*5%
*2434
9%
*15
5V
5V
26
9V
*25
8V
1%
25V
5V
33
32%
100
8V
*1V
32%
9%
_
22V
23%
22%
23
22%
22%
22%l *22
*27 V
*27%
27%
27%
27%
28
27%
28
26
26%
26%
26%
25V
2534
*25%
25V
104%
104V *103
104V *103
103% 103% *103
*103
105
*103
33%
*29
108 V 108 V
108
"29
*1034
7%
15
36
36%
*7V
15%
*52
15V
56
29V
29%
29V
30
2934
73V
74V
74V
75V
7234
7314
122% *122V 122V
121% 121% *122
*25
26
25V 25V
*25*8 26
21
2034
2034
21V
*2034 21
7V
7V
7V
734
*7%
714
15
15
*14V
15%
*14%
15%
2912
*103
105
*29
33%
*105
108
*7V
"1034
36V
7%
15
*1034
37%
36%
15%
15V
*7V
*52
15%
122% 122V
26
2O84
7V
14V
*29%
200
25V
20V
7%
1334
*11%
13
13
13
*12V
13
*11%
*80
83
*80
83
*80
83
*76V
25V
21
11,500
2,300
7%
15
13
80V
30V
74%
"i",306
600
20%
15,000
300
7V
7%
1,300
1,700
*1384
14V
500
2034
*12V
13
*76V
81
S In receivership,
41V
Apr
22%
113V
16%
4%
35V
111%
7%
Mar
10
12V Jan 7
2% Jan 17
8
Jan 18
23
30
64
6% Feb 19
8
9
2
2
13V Feb 14
13 V Feb 16
60V Jan
16V Jan
2
19VJune
6
107
May 29
6% Feb 14
47V Feb 14
61
May 16
111
Apr 22
Feb
4
l%May
3
6
13
May
6
2% Apr 17
12V Apr 21
3% Mar 3
4% Feb 15
5
Apr 23
7
28
Jan 20
3
5
No par
MarlO
104
Bliss A Laughlin Inc
par
par
5
Deo
May
13
May
25V
Jan
70%May
39V
9%
8%
9%
May
May
June
64V
Deo
21VMay 13
24% Jan
110V Jan
7% Jan
72V
7V Apr
6% Apr
*33
June 25
126
Jan
6
8% Jan 24
13
Mar 17
2*4 May
r
32
Jan 16
89V Jan
3
8
Jan
Dec
14%
Jan
Deo
62V
16%
Apr
8%
Jan
8V May
4
May
20
May
18V May
June
105
102
May
7V June
10
Nov
17V May
63V May
109V May
Mar 13
, Ei-tlgate.
""
127
9%
67V
363s
Apr
May
Oct
Jan
Apr
Apr
Apr
22% Mar
56*4 Jan
39
Jan
93V Nov
134
Nov
34V
Jan
May
22V
Apr
11%
13V May
11
May
23V
Jan
16
Apr
54
95
Nov
May
90
32V
5*4 May
15
7
Apr
Apr
102
14
9
Deo
36*4
35*4
112%
Mar 11
Jan
25*4
May
29V May
Jan
30V Dec
13% Jan
105
21l2June 23
10V Jan 4
18% Jan 8
28
19% May
6% Jan
4*4
49% June
22V May
131V Jan 28
Jan
8% Mar
24V
3% May
2
May
Feb
80V May
124*4
32% Mar
8% Apr
24V May
67
Deo
9% Mar
51
Aug
37*4 Jan 28
20% Jan 10
Jan
""^
5
111
May
7% June
Feb
Jan
Apr
22V Apr
27% May
4
12% May
23V Dec
20V May
Apr 28
23V
223g
5V Mar
6
9%May
100V Mar
10
2
4
4
Deo
Feb
1%
24% Mar 17
31% Mar 24
26% June 26
103%May 8
80
x Ei-<1!t.
May
112 V June
4
May
4% Jan 10
Blumenthal A Co pref.——100
"
Jan
Jan
June
7
43V June
67
May
8%June 14
2% Jan 11
20V Jan 11
5V Jan 6
15
r Caati sale,
102
118V Jan
19
June
18V May
2
50 V June
Apr 29
atoefc.
8
25%June 18
3834June 18
11
n New
Jan
82
Bloomlngdale Brothers.No par
d Pet, delivery,
July
9
12
30%May 7
73$ Feb 19
10% Jan 14
par
Jan
102
96 V Mar
No par
Belgian Nat Rys part pref
Bendlx Aviation
5
Beneficial Indus Loan. .No par
Pr pfd 52.50 dlvser'38No par
68% Apr 22
121V Feb 20
23V Apr 18
19V Apr 19
6% Apr 18
13i2June 4
Apr
9V
Mar
32
100
Apr
11
45
104
No par
-No par
Apr
Apr
4334
95
6
15%May 23
64%May 26
2634May 12
68
Feb
84
28V Feb 17
108 June 25
323g Apr 21
64V
Apr
Deo
Apr
Aug
60
20
Feb
Jan
Aug
Nov
29V June
65
9
8VJune 23
7% Feb 19
May
Apr
49V May
Jan
8
6V Jan
,
8VJune 26
29% Mar 26
10V Jan 10
103
7% preferred
Blgelow-Sanf Carp Inc.No
Black A Decker Mfg Co No
Blaw-Knox Co
No
35
22% May
6% May
3% May
96V Jan
4% May
8V Nov
64V Deo
99VMay 14
35% Jan 23
87
4
Apr 23
23VJune
May
68V
June 17
8% Jan 13
Feb 17
Best A Co
4
6«4 Jan 10
90
Jan 14
May 16
May
June
97V June
34% Jan 10
6% Apr 18
June
I84 June
5V Jan 25
4VMay 22
22
Bethlehem Steel (Del)
107
4
65i2June 23
2534May
Beech-Nut Packing Co
Mar
3
25
55 preferred w w
113
111% Jan 16
Bayuk Cigars Inc.....No par
Beatrice Creamery...
Jan
4V May
14i2June 24
109V Mar 24
4
May 5
I884 Feb
Beldlng-Hemlnway
122% 122%
25V
25V
73V
May
12V May
Preferred x-warrants.No par
7%
74V
13
1534
conv
Beech Creek RR
15
37
15%
30V
90
"\
36%
20
Feb 24
1
100
56
*11%
tblfl day.
*7%
*1034
*52
*78i2
Bid and aafced prices: no ealea on
15%
12134 12134
*25V
14V
7%
15
37%
900
1,600
31V
109V
7384
74
2034
7V
*29
31V
109V *108
900
5%
105
30
29V
73
*103
56
*52
56
29V
105
-50
6% preferred...
No par
preferred
100
Atlas Tack Corp...—.No par
Austin Nichols........No par
55 prior A
No par
Aviation Corp of Del (The)..3
Baldwin Loco Works v t C..13
Baltimore A Ohio....—100
4% preferred
—100
Bangor A Aroostook
...50
Conv 5% preferred
100
Barber Asphalt Corp..
10
Barker Brothers
No par
5H% preferred.......—50
Barnsdall Oil Co—......—6
700
*8V
2
....25
pref series A—.100
6
Atlas Powder
1%
8V
conv
Atlas Corp
100
8V
8V
*1V
6
Jan
4%
*11412 115V *114V 115V *114V 115V
35
18
Atlantic Refining
64
32
21
25
29
May
4 900
Apr
12
Apr
61*8 Dee
May
May 14
Feb 20
79V Mar
101V
June
1
47V Jan
May
25V May
Oct
6V Nov
12*8 Jan
18
85
100
6
9
64%June 18
153V
35
5% preferred
100
Atch Topeka A Santa Fe__ 100
RR—100
1
99% Jan 11
Mar
176V Mar
89V Apr
9184 Apr
3
Apr 23
5% preferred...
7V Jan 10
83g Jan
Deo
June
2% May
5V May
83% June
18
Jan
4
26
Atlantic Coast Line
Jan
Feb
Jan
Co.No par
—100
136
Jan
7
Dec
Feb
93
Jan
Feb 19
5% preferred
6884
74V Jan
159
May
Apr
17V
23%
8
87
Atl G & W I SS Lines
20
*2484
*32V
9V
*63
1
66V
Jan
14%
54
89
6% 1st preferred
...100
7% 2d preferred—.—100
145
Feb
33%
28%June 23
100
Associated Dry Goods..
8
73V Jan
70
152V May
14
9
26
14V Jan
16884 Jan
Feb
Deo
Apr
155V Deo
54
13
Jan 20
1,400
1,700
"""600
Apr 18
May 28
Assoc Investments
290
5
46%May
22% Feb
25V Apr
11% Apr
11IV Jan
60
100
29
Feb 14
23
*93
29
61
100
7% preferred
"9",400
ll«4May 27
148VMay 1
62 May 28
62 May 27
146V Apr 26
4% Apr 21
4
May 20
84%June 24
5%May 19
No par
Arnold Constable Corp
5
Artloom Corp....
No par
Armstrong Cork Co
90V
87V
64
56 conv
7% preferred
"3",600
*80
Illinois
6
prior pref...No par
Armour A Co of
4,900
27V
7%
-
*86
55 div preferred
74
27V
7%
29%
8V
2
15V
1
25
Mining..60
Anaconda Copper
500
10%
1%
87
115
Smelt
Amer Zinc Lead A
"""366
*1%
2884
8V
......—100
Preferred
29V 29V
111V 111V
*10V
2984
115
No par
American Woolen.....No par
No par
Andes Copper Mining.....20
A P W Paper Co Inc
6
8734
*63
Inc
55 prior conv pref
29
64
100
10
i
56 1st preferred
300
1,800
3,600
8684
8V
15V
64V
*64
82V
*63
...25
Common class B.
Am Water Wks A Elec.No par
87V
64
25
4,200
29V
8V
*54
74
434
63%
63V
7%
Co—100
American Tobacco
Am Type Founders
*65V
67
65V
65%
69%
69%
68%
69V
69V
20
20V
19%
19%
20%
1934
20V
20%
20V
*24
24V
24%
24V
22V
22V *23%
23%
24V
36%
37
36V
36%
35%
36
3534
3434
35V
21%
21%
20V
2034
21V
20%
20%
20V
2034
10778 ♦106V 107V *106V 107V *106% 107V *106% 107V
684
684
634
634
*634
6%
678
634
634
*49V
50
*4914
50
*49V
50
*49V
60
49V
8%
1578
111%
4%
4%
63V
111
IV
7%
82V
8V
Am Sumatra Tobacco..No par
2,600
87
8V
56
111
4i2
10%
29V
*93V
778
83
8%
105
*29
7V
638
*103% 105
*1V
IV
*7%
*4V
6V
25V
*10V
10%
Deo
May
19V May
9V May
11
May
12*4 May
70% Dec
11V May
Mar 27
55
—
49V
11V Jan 13
13V Jan 14
10
41V
139
Mar 19
10
*14
*110%
9%May 29
May 26
19
1434
14V
Apr 21
19
93
Anchor Hock Glass Corp 12.60
112
3
2
Anaconda W A Cable..No par
14V
Jan
11%
May
30V May
122
May
Jan 21
Jan
830
112
54
May
23
150V Jan 10
28V Jan 10
Feb 19
400
14%
154
13
30V
29V
*86
5%
5%
*52
5
2
81
27%
7%
90V
7V
63%
13834 Mar 13
37
Apr 25
145 May 12
Jan
100
Preferred
30
*7%
*4i2
*86
*81%
534
4%
84
7V
64
Jan
74V Nov
12*4 Mar
Jan 13
American Sugar Refining.. 100
6% preferred
Jan
Mar
48V May
5*4 Dec
7
9%June 23
2,000
200
163
4
Amer Steel Foundries—No par
2,900
June
10%
7334 Jan
27%
5
89V
5V
4%
151
Jan
54
18V Nov
25
Amer Telep A Teleg
Jan
63V
9V May
No par
600
Mar
5V
6
No par
400
Mar
26
15% Jan
American Stove Co
;
121
34*4 May
28V May
484 May
3
American Stores
4,600
July
May
11% Feb 19
27%
*28%
*64
6984
*149
6934
70V
Jan
Jan
Mar
2
Jan 13
Jan
3%
25
90
7V Jan 10
162
14%
20V June
4
par
29V
7%
26%
26
64
73
*68V
Jan
Apr
10
5
27V
*10V
*1V
111
155% 156
57
38
May
100
6% preferred
100
Mar
Jan 10
1,200
700
6%
13V Aug
100
American Snuff...
5,900
35
5V Apr 4
19V Jan 10
10V Apr 23
2V Feb 15
Mar
8
30
29V
*412
*514
■
17%
June
95VJune 21
1384 Jan 6
1034 Apr 21
Apr 23
79
111
Jan
par
27V
*7%
*2412
*
50
3
24V Jan
60V May
65s Apr
38
Apr
66V Apr
3% Apr
12V Sept
41V May
2534 Feb 13
3V Jan 13
46>4 Jan 13
29V
778
5
334
22%
28
434
5%
55
27V
1534
32
63V
*64
*52
27%
3V
9
*110% 111
4%
5%
534
55
27V
6V
32
1034
IV
29V
7
63V
27V
15 V
5%
10V
84
7
62V
*111
*1%
*28%
534
4V
27V
1434
3%
24
| *51
2734
27V
"
29V
29V
14V
*14V
151
2634
*114lg 115
*11418 115
8V
8V
*8i8
83s
2
♦IV
*1J2
2
17
55
84V
68V
6934
27V
*93
87%
14V
.
*112%
*112V
*80
7V
6334
27V
*62
155s
84V
7V
29
*11034 111
4%
4l2
*52
7V
62%
29
14%
1034
*103
84 V
2678
*112l8
*25
6
May 26
Apr 29
May
May
45V May
IV Dec
18
May
1% Mar 29
22%May 24
4% Jan 8
13% Jan 27
Feb 14
3%June
May
3
23
4
4,900
6234
22U
20
Jan
23
45V Jan 13
85
*2714
61
44VJune 3
IV Feb 20
40
*6l2
9
Feb 14
284june 20
May 15
27
Feb 14
62i2
*30%
29
Apr 18
5%
*6
9% May
30
4V
1434
3%
Jan
1784 Jan 18
38V Jan 4
4% Jan 10
30VJune17
25
preferred
Preferred
Jan
11% Apr 15
34
20
Apr
Jan
Refg.No par
—100
300
2%
7V
Amer Smelting A
conv
6%
2V May
Amer Ship Building Co.No par
H%
91V Mar
3V Mar
28V
100
American Rolling Mill
4
Sept
10*4 May
1,380
5V
3%
1,500
2,200
..No
55 preferred
No
Am Rad A Stand San'y .No
Preferred
Jan
Apr
15V
21%June 18
3% Jan 13
39
39
*39
39
39
40
39V
39V
39%
42
42V
4278
41V
42
42V
41V
4178
42%
42%
43%
148
148
148V 148V *148
149V
148i2 *148ig 148% ♦148V 148V
*44V
46V
*44V 45%
46
*44%
47V *44V
46V
*4412 48
150 V 150V *148V 150
150
150
*148V 150
*148V 150
150
24
24V 24V
24V
24%
24V
24V
24V
245g
25%
23i2
10%
10%
1034
IOI4
*10i4
10%
10V
10V *10%
1034 Xl034
10
10V
10V
10%
*10%
10V
103g
103g
*10%
10%
1058
17
17
16V
16V
17i2
1634
17V
*16%
17
16V
16%
*87
89
89
*87
89
*86V
87%
88V
*87%
89%
88%
13
13
13
*12V
13
*12V
13
12V
12V
*12V
13
38%
4V
*15
100
American News Co....No par
Amer Power A Light...No par
56 preferred
Apr
May
3V June
34 Dec
3
7%May 23
4%
*82V
634
Jan
8V
IV May
Mar 26
1%
61V Apr 23
484June 9
*5%
193g
5
2
Feb
9*4
75
American Seating Co..No par
5V
2334
No par
6% preferred
7
American Safety Razor._18.50
4l2
*35
Jan
13
8
600
5V
*6814
May
4% May
520
4%
*86
9
Nov
5V May
300
5V
*4l2
Metal Co Ltd
40
7,700
6
5%
9V
4%
*1%
100
Fdy Co.No par
4,100
10
Jan
884 Jan 23
6% Jan 11
17VJune 23
93VJune 13
1% Jan 6
64V
5%
*27i2
par
Amer Mach A Metals..No par
6%
12
48
700
159%
14%
140V May
*8%
4%
*10
Locomotlve.No
Preferred
60
May
50
Amer Macb A
Amer
112
11
900
1,300
3
*434
514
1418
American
Jan
Jan
64V
45s
2658
*2818
7,500
2,100
Nov
121
1
preferred
conv
65
23V
115
9V
514
512
5%
16,700
6V
100
Amer Internat Corp...No par
Amer Invest Co of 111..
Deo
33V May
May
64%
5V
9%
*4i2
*51
6%
1%
1
No par
pref
non-cum
Jan
185
100
*8%
150i2 *149V 150V
*84
IV
1
50
conv preferred
13V May
June
234 July
116V
Jan 21
6412
*434
15512 156
*6734
29V
6V
6%
14
*148i2
34%
30
IV
33%
30%
1378
42
34%
IV
34%
29%
IV
159% 159% *156
159% *156
14
14
14V
14V
14V
15978
11V
5
1734
116V
26
6%
500
1,500
par
6%
200
46
92V
30
*4412
*41
3%
1134
*2918
*148ig
*10%
46
IV
21V
3%
14
H4
35
6I4
11
IV
21V
3%
11
1%
21V
*21
95V
1*8
*3378
160
3V
500
No
May
7
share
Jan
1434 Feb 15
2% Apr 16
par
57 2d preferred A
234
No
34
23
23% Jan
VMay 27
34
3334
*28
*2V
$7 preferred..
18
45*4
115
334 Jan
56 preferred
No par
Amer Hawaiian SS Co
10
*41
183g
European Sees..No par
15
11
6i8
Amer <fe For'n Power...No par
15
46
*156
Amer
500
15V
*41
*115i2 11634
2434 2434
100
»16
1,600
164
76 VJune
6
lVMay 14
4V
*84
15V
*10%
5
100
American Encaustlo Tiling.. 1
1%
20
7
Oct
Deo
May
May
Jan
IV
85V
per
135
Apr 22
78
6% 1st preferred
4V
*19
May
32%June 23
6V Apr 23
4% Feb 17
9V Feb 19
1512
11
175g
10
Corp__20
American Crystal Sugar
10
Am Comm'l Alcohol
*15i4
47
5
American Colortype Co
16
*41
18
400
128
!
z98%May 29
9 V Mar 27
No par
27g
*10%
5
American Chicle
*2l2
11
*1738
18%June
2%
47
11%
66
lh
84
28
7
Mar
185
Apr 19
Feb 15
107
100
5
19
*41
135g
100
preferred
conv
*212
19
19i2
*105g
1138
5%
*19
1H8
133g
Preferred
Am Chain <fe Cable Ino.No par
19
278
46
95U
23
1834
*212
*105s
13i8
93V
100
Preferred
American Car A Fdy..No par
Highest
share
May
per
l%June 27
95V Jan 10
78VMay 29
17iVMay 28
h
*41
94
*7
25
\
June 18
39
American Can
Year 1940
Lowest
share
per
130
34
*2012
134
312
5V
16%
163s
9314
1634
"""166
53g
*7
7i2
5
29% Apr 14
Am Coal Co of Allegh Co NJ25
7%
5lg
5
16ig
\
478
*20
*3%
*10%
*1H8
314
20U
12
*7
*16%
21
21
2OI4
share
conv pref
100 *122% Apr 14
Amer Cable A Radio Corp__l
1
Mar 18
1,900
106
*H4
46i2
15,900
per
Range for Previous
Highest
534%
100
32
75%
105
*4
*46
174V
3112
75
105
16
3i8
75V
1,900
5
Am Brake Shoe A Fdy.No par
200
712
30
*75
76i2
20U
16,000
1,900
434
17%
93%
3i8
7578
32i8
31%
80
20
7i2
*28
3178
1,200
111
434
19
82
82
Par
Shares
2 03s
20
110l2 110i2 *108
5i8
*34
83
Lowest
109
*10
93
83
On Basis of 100-Share Lots
EXCHANGE
109
*458
*92
31%
77
20
*108
7V
16
84
Range Since Jan. 1
NEW YORK STOCK
the
Week
109
109
*7
155s
84
32
*76
36'4
3634
363g
36%
*12712 130
*127l2 129
H2
1%
1%
178
112
*17014 174l2 *17014 174i2 *172
173
3012
20l2
1934
*108
*103% 10434
share
li2
1%
86%
173
32%
76l2
31%
1912
109
112
85
175
*173
3114
75i2
*108
15s
86
1%
84
per
36
36
3684
3634
127% 127i2 *127i2 130
37%
12678 12678
H2
84
$
I
STOCKS
for
AND
Saturday
June
Jan
T Called for redemption
New York Stock Record—Continued—Page 3
4084
AND
Wednesday
Thursday
June 23
June 24
June 25
June 26
June 27
$ per share
$ per share
16%
16
29
*93 %
Tuesday
Fridan
9934
*2734
*93%
167g
2834
9934
98
98
10
4434
20%
4434
21
46
48
300
43
*2012
22
21
21
21
21
20
17%
1%
32
108g
193g
19%
197g
20
20
17
17%
17%
1%
17%
17%
17%
1%
*1%
1%
32
197*
16l2
1*8
31
4l2
19%
1918
33l2
39i2
2%
6%
*32
*387s
*2i4
*6'4
11%
11%
*21
10'4
10%
*109
25*4
4
4
66l2
2534
*30
67%
634
3112
173g
5214
77g
»212
17%
5214
8
234
20
5%
21U
37g
8%
8434
9l2
18l2
52 ig
*4
8%
8434
*9
*18%
*5034
*4
6
6
*11%
11%
1284
12»4
40
*—
j
20
33
39%
23g
6%
11%
32
22%
40
2%
6%
*6%
11
21%
10%
10%
109
37g
68
*5%
19
384
334
*8%
8434
9%
384
9%
8434
9%
85
85
19
19
5%
*20%
37g
*8%
84%
21%
384
87g
9
*9
127g
133g
40
*35
*35
40
*35
*---
38
*32
38
27'g
2%
334
30
30
*100
*17%
18%
103%
*19
1934
*12%
13%
27g
36%
27g
36
*94
98
*95
*1%
1%
24%
58%
10%
103%
46%
2%
58%
10%
103
*43%
2%
*31
34
150
*11134 112
*26
26%
100% 100%
*81%
82%
*4 884
50%
92
22%
22%
16
1634
134
110
134
2%
2%
~
*20
*111
103%
20%
*3
3%
*94
6%
*50%
*%
*%
6ie
*6
%
*«H
*8%
13%
1%
9%
*8%
137g
134
1334
*22
25%
134
*10%
10%
103% 103%
*43% 46%
2%
v
3
*3
*—, 150
11184 11134
26%
27
20
*16
*2%
*1%
2%
1«4
*1434
147g
1484
3
3
*75
78
*75%
15%
15%
3%
78
*50
69
*50
70
*77%
7984
*78%
*4%
7934
5
23%
*22%
23%
3
*23%
23%
23% 23%
1017g
*10184 102% *101
29
2984
28%
2878
*50%
51%
*50%
51
51
*%
7 si
*1«
*15
%
*%
**ie
%
*ai»
8%
8%
1378
*8%
14
14%
51%
300
*%
7JI
200
*16
*%
»lf
200
%
9%
*%«
*8%
%
9%
1334
134
I37g
1S4
*13%
*1%
1334
*22%
134
25
104
104
104
2%
*32%
35
327g
*32%
*
150
*
*
73
*
111% *111% 112
73
112
*16%
*1%
16*4
1%
2%
*1%
1*4
1484
15%
147g
*14%
147*
89%
15%
3
*16%
*1%
2%
*1%
*1434
147g
27«
17%
1%
2%
1*4
15%
147«
3
*76
78
*76
78
*55
69
*57
69
*59
69
7884
*78
7984
47«
*4%
23%
23%
*22*4
*2284
23%
23%
23*4
23%
102%
1017g 102% *102
29*4
297*
29%
29%
105
10%
10%
10%
%
10%
7i#
10%
7lf
%
Ti«
61%
25%
6134
2578
60%
61
25%
25%
d and asked prices; no sales on
200
*
150
73
*11134 113
78
71I
"""406
33%
26%
26*4
26%
*26%
100% 100% *100% 100%
*83
83%
83% 83%
*4834
50% *48*4
50%
38
37%
37%
37%
34
34%
34% 34%
145
145
*143% 146*4
*89
11,960
46%
2%
89%
*60%
8978
*60
60%
60%
13%
13%
13%
13%
101*4 *10034 101*4 *10034 101*4
20
20
20
19*4
*19% 20%
111% 111% *111% 113% *111% 113%
*2%
10%
*43%
2%
*32%
700
*104
79*4
47«
23%
23%
102
24
102%
29*4
*104
105
7984
4V8
237«
297«
105
conv
Chile Copper
1,100
90
*1%
2%
*1%
1478
1478
278
77%
*58
4
88
6
Mar
100
Apr
9
5% Jan 13
3% May
37% Jan 14
15% May
21% Jan 4
106% Feb 10
May
22
Oct
99% June
106
May
20% Jan 10
18
Jan
2
Jan 16
3
44% Jan 13
102% Feb
3
1
2%
Oct
30% May
84% June
Dec
30*4
29% Mar
478
Dec
Dec
6
15% Mar 18
9
6% May
8% May
23% May
41
May
12%
Jan
15%
Dec
44% Dec
51% Dec
Jan
34
Apr
%
Jan
9% Jan 29
14% June 24
77g May
2
June
*11 Feb
27, Jan 27
27
Jan 27
Jan
72% Jan 2
10% Feb 6
104 June 24
43
May
46% Feb 20
.100
73
Clev El Ilium $4.50 pf.No par
Clev Graph BronxeCo (The). 1
110
Feb 14
139
1% Aug
20
Aug
11% Mar
16% Apr
5% Mar
34
14%
Jan
85
Sept
98
Feb
44
Sept
£60
2
May
4%
May
40%
124
July
85
Jan 15
56
June
114
Jan 24
108
May
Jan 10
26
May
74
May
—100
98
May 23
May 28
83%June 27
133
Jan
50
Mar 11
46% May
48
Feb 14
39
June 23
41%
1,300
Cluett Peabody A Co—No par
28% Feb 18
35
June 18
25% May
25% May
June 17
""*866
20
480
100
143
Jan 22
147
No par
87
Feb 19
106
60
Mar 17
62% Jan
11% Feb 14
100% Feb 15
June
103% Apr
Preferred
No par
Colgate-Palmollve-PeetNo par
No par
No par
5% conv preferred
4%
4% 2d preferred
"i",I66
.100
1
600
2
6
Columbia Gas A Elec..No par
"""600
1,000
500
2,100
400
2,700
12% May
Commercial Solvents..No par
61
6034
62
25%
25*4
2534
26%
61%
257g
26%
82% Jan 25
72
Apr 2
67% May
93% Apr
59
June
79
71
May
98*4 Apr
3% May
8% Mar
Mar
4
r
Cash sale.
26% Mar
7%
26
Apr
Jan
Dec
14*4 May
Mar
7
27% June
Jan
6
95
June
108%
Feb
377g Jan 10
32
June
56
Apr
June
113
Mar
110
Jan 15
97
3
8
11% Apr
30%
9
26*> Mar
2478 Jan 16
64
Ex-<ilv.
Jan 17
Jan 6
5
31
24%May 26
*
Mar 31
104
•i«May 19
49
Jan 30
$6 preferred series
No par
Commonwealth Edison Co-25
n New stock.
Apr
Apr
May
21%May 20
99% Apr 8
28%May 20
zl02%June 9
8% Feb 15
Commonw'lth A Sou..No par
60*4
Apr
5*4
4% May
67g
54,500
3,700
8,300
May
4*4
16
80%
*6*966
24
16
4%May 16
21% Apr 17
7i«
•if Dec
1%
1%
Feb
35% Apr
112% Feb
9
2
697g Apr 29
10%
6
Feb
Dec
6
14%June
No par
%
Def. delivery,
Jan 10
9
63
June 102%
Mar 19
Columbian Carbon Co.No par
Comm'l Invest Trust..No par
$4.25 conv pf ser '35.No par
20
17* Jan 13
Columbia Pictures
100
10% May
94
7
6
64
$2.75 conv preferred.No par
Credit
10
3
2
Jan
100
4*4% conv preferred
Mar
47, Jan
100
Commercial
141
21
6% preferred series A
-
Apr
99% May
56
May
2
213* Jan
Feb 18
9
2%May 20
73
May 24
preferred
Apr
Dec
Dec
Oct
May
5%
100
Mar
145
20
278May
45%
May
16% May
108
May
Jan
83% Dec
14%June 24
Columb Br'd Sys Inc cl A.2.50
Class B
2.50
5,500
Jan
131
114
Jan
Apr 18
7g Jan
1% Feb
100
-
—
14
30%
18% May
100
1st preferred...
Jan
43% Mar
27
$4.25 preferred
Collins A Alkman
Nov
7434 Nov
114%
49
Class A
Jan
Apr
Apr
100%May 12
82
Apr
91%
24
Jan
Nov
53% May
87* Oct
4
33%
24% June
May
37% Jan 13
139
Apr 26
3
2% Mar
30%June
9
50
100
Apr
44
101
%
6
Apr 26
Apr 23
Special gtd 4% stock
2,400
Apr
1% Apr
4% Apr 24
95
City Stores..
Clark Equipment
No par
CCC A St. Louis Ry Co.—100
Coca-Cola Co (The)
Feb
>»i Dec
22
100
100
5
%
a
17% May
107s June
Jan
8%
3834
% Jan 18
8% Apr 21
10%
J In receivership,
15
41%
6
14
62
11*4 May
Oct
Sept
22% May
2%
Climax Molybdenum..No par
600
Apr
>u Dec
No par
*8
10
578
Clev A Pitts RR Co 7% gtd.50
20
Jan
114% Mar
110
105
*104
May
3%
Apr
%i Dec
Colorado A Southern..
24
2484
23%
2334
*98*4 102%
29%
29%
Dec
Feb
May
6
170
5
1%
12%
72
26%
Jan 17
1%
2%
7934
478
June
106
Jan
Apr
Dec
"3",706
69
79
Aug
l%May
35%
121
%
110
77%
17
3% Jan 13
Apr 2
52% Jan 13
100
3
May
4
Colo Fuel A Iron Corp. No par
147«
20
105% May
8
300
1*4
1478
Jan
Dec
56%
8
17%
*16
75
126
Jan
55%May 28
5% pref..
Dec
3% Nov
Apr
6
-
Jan
8%May 22
10% Feb 7
l%June 17
—25
6*4% preferred—
City Investing Co.
40%
June
42% May
67gMar 11
44% Jan
•if Jan
-.No par
Chrysler Corp
City Ice & Fuel
10%
this day.
4
6% Mar
% Jan
.10
Co
Apr 28
>n
7% preferred.—----—.100
6% preferred
100
Chicago Yellow Cab—No par
%
%
Apr
49
Pr pf ($2.50) cum div No par
tChlc Rock Isl & Pacific. .100
10%
10
3
9% Feb 19
37% Apr 22
preferred...No par
5% preferred
190
*99
2%
1®4
5
104
$3
Childs Co
20
6
6
Chicago Pneumat Tool .No par
1,200
18,900
10%
50
Chlckasha Cotton Oil
58
*
150
112
200
6% preferred
Chicago Mail Order Co
4; 100
25
104
3434
2%
100
57%
10%
46%
2 34
46%
-
*22%
577«
10%
*43%
*2%
*43%
2%
150
105% *104
*104
6%
10%
7834
*4%
2% Jan 13
115% Jan 29
O
39% May
100
May
2%May
Class A
May
June
8% Apr 3
8% Jan 10
,
93%June
-.100
2
5
37g Mar 20
*76
5
2%May 23
34%May 19
^Chesapeake Corp
No par
Chesapeake & Ohio Ry"
25
278
48
600
7J2
27*
1
2% May
10%June 10
3,800
5184
3
15%May
——No par
Cham Pap & Fib Co 6 % pf. 100 £102 June 12
Common.
No par
17% Feb 15
Checker Cab Mfg
12% Apr 22
5
July'
34
Jan 14
22% Mar 25
73%
6%
10%
27g
100
6
120% Jan 29
6%
*10%
H84
9
6%
6%
10%
*14%
2
6%
6%
200
1%
Jan
"liMar 20
57%
*1%
2%
*1%
prior preferred
June 18
50% Jan
28% Jan
40
2,100
16%
32*4 May
Chic Great West RR Co—.50
577*
16
16%
92%
22% May
Chic & East HI RR Co.No par
14%
*99
75% June
30% Jan 14
3% Jan 29
1,900
2,100
42%
10l7g
1934
19%
20%
113% ♦111% 113%
103%
92%May 20
"""266
*41
27
2634
2678
26%
100%
100% *100
100% 100% *100
82*4
82*4
*82
82%
82%
82%
50
50%
*48*4
*4834
50% *4884
37*4
37%
38%
39
3784 38%
*99
Apr
May
1%
24
iii%
6
3418 Jan
27gMay 23
22% Apr 21
1
Anr
45
2
57%
32%
6%
Products
Apr
Apr
Dec
3%
24
*_
Certain-teed
231»
36% Aug
97
Feb 19
De
Feb
Feb
29% May
Jan
27
Cerro de Pasco Copper .No par
11%
19%
Jan 17
3%
4% Feb 3
2% Feb 19
86%June 13
100
-—.
2
Jan
June 11
rl5%June 27
1% Apr 22
109%June 10
l%june 11
17»
8%
May
1
3
6
2
59
*2%
7
66
100
-
Preferred series A
98
43
104
preferred
Chain Belt Co
14
134
187gMay 26
116% Mar 19
prior preferred—
100
Celotex Corp
No par
7%
May
4% May
Jan
267* Feb
52% Mar
4% Apr
63
—
14
50% July
Jan
Nov
7
125
5%
6% May
Jan
Jan
Feb 14
Preferred----
*41
134
1% Jan
Apr 14
Century Ribbon Mills.No par
14%
1384
Jan 24
53
Mar 18
100
42%
%
9%
14%
21% Mar 29
40
1,900
300
15%
43
tCentral RR of New Jersey 100
Central Violeta Sugar Co
1,800
7,200
82
May
May
112
—
Preferred
Central 111 Lt 4*4% pref—100
200
May
9
100
Case (J I) Co
Central Agulrre Assoc .No par
Central Foundry Co
1
*"""30
39
6
Caterpillar Tractor.
No par
Celanese Corp of Amer.No par
130
3
9
9
Jan
1
—100
500
6%
Apr 23
2% Apr 28
13*4
Jan
12
11%
41
22
7%
85%June
397a Apr
Corp
Dec
2% May
37%May 26
86% Feb 25
7
3% Feb 13
May 27
2%May 20
-.1
10
Carolina Clinch & Ohio Ry 100
Carpenter Steel Co
5
700
2
111% 111%
2%
2%
6%
200
1,500
14
103% 104
46%
*43%
2%
2%
1%
15%
15%
61
157g
Sept
3%
10%
34
*32
*2%
25%
70
Apr
5
*1
57%
1%
60
1,700
9%
*69
£15%
*17g
23%
1
25
*23
60
59
*1%
25%
280
42%
*%
113% *111
108
1,600
4% May
17% May
2%
*6
8S2
1%
*104
50
5%June 26
21% Jan 13
4% Jan 4
3%
6%
6%
51%
1%
*22
:
1,200
Oct
34
Capital Admin class A
$3 preferred A
Carriers & General
Apr
40
Cannon Mills.———--No par
1,200
6%
16*4
36
300
""""26
Jan
May
5% May
~~7%
1
400
28
12%
2
Jan 27
11
May
Oct
36
35% Nov
21% Jan
Jan 10
Co—100
25
Canadian Pacific Ry
Jan
3%
8% Jan 16
1
6%
82
6%
23%
3%
1%
*2
51%
20
6
2
%Mar 3
1% Mar 12
3
6%
8% Nov
*94
2
14%
3% May
98
*7g
6%
72*4 Nov
6
"5,400
92
2%
61%
70
*94
98
3
14%
*41%
May
7% Jan 6
I47g Jan 10
13% Jan 14
1
2%
28
16%
2
*17g
110% 110%
2%
2%
2
6%
May
Jan
%June 2
5% Feb 19
10%May 16
107gJune 3
Callahan Zinc-Lead
Canada Southern Ry
*90
1534
32
32
98
6%
16%
*4%
5,200
30
14%
*1534
*1%
*15%
Calumet <fc Hecla Cons Cop. .6
13%
Mar 11
61
50
Campbell W & C Fdy_.No par
Canada Dry Ginger Ale
5
2,800
6%
*2%
*86%
6%
3
No par
——
400
500
95
6%
*2%
*86%
No par
14,600
39
9%
110
No par
Participating preferred., 100
Byron Jackson Co
California Packing
"1*900
*2%
*32%
2%
7% Apr 21
76% Feb 14
7% Apr 29
16% Feb 20
Byers Co (A M)
7«
2%
*69
>
5
36%
*35
4% Feb 17
19%May 29
3
Apr 16
10
30
634
597g
597g
61%
117% 117% *116% 117%
*47
4734
47% 48
22% 22%
22% 22 7g
1177g 1177g 117% 117%
1177g 118
9%
9%
69%
6934
7% pf 100
Bros.-
5% conv preferred—
Butte Copper & Zinc
37g
37g
36%
2%
39
2%
Butler
5% preferred
40
*33
28%
*5934
600
52%
12
13%
13
*28
377g
38
34%
34%
34%
34%
34%
34%
*3384
3434
14634 *145
146*4
*143% 14634 *143% 14684 *145
89
89
89
89
89%
*88%
*88%
89%
*60
60%
60%
*6034
61%
60»4
6034 *60
13%
13%
13%
13%
13%
1334
*13%
13%
*99
100
6%
40
*33
73
*—_
700
310
9%
19
12
12
1234
1284
3%
2%
*%
*21
634
117% 117%
47% 48
3%
42
*6
14%
*41
9%
127g
13,
•if
12
1%
6%
*8%
9
85
*9
9%
2984 30%
29%
29%
29%
30%
30% 3134
*17%
18% *17%
18%
18%
18% *17%
18% *17%
104% *102% 104% *102% 103
*102% 103
102% 102% *100
19
19
19%
*19
*18%
19%
1934
*18%
19%
19%
13%
13%
13%
13%
13%
*12%
13% *12%
*12%
1334
3
3
27g
27g
*234
27g
27g
*234
*27g
3
37%
36%
36%
36%
36% 37
36%
36%
36% 367g
6%
127g
0
85
;
85
*17%
*2
%
O
8,100
1,260
*3
%
■■
300
100
1
:
U
*9
1,200
3%
2
5184
%
5%
21%
4%
3%
3%
29%
334
3%
%
2
*3
*3
2
*50%
15% Jan
"l~806
178
6%
6%
14%
Bush Term Bldg dep
3234
1
42
380
*32%
3
*6
1
1
32%
1%
42
2%May
32
3
*1378
^
*84%
9%
Burroughs Add Mach..No par
Bush Terminal
1
j7%May
500
100
95
*284
*6
i
9
85
8
1,200
2%
19%
5%
21%
4%
6%
*2%
*86%
*1
17g
5%
*20%
4%
5%
21%
4%
May
77S
53
95
*95
98
20
20
20
*90
*90%
92
90%
90%
*89%
92
28
27%
27% 28
27%
27g
*234
*2%
27g
2%
62
62
60
60%
61% 62%
*117% 117% *117% 117% *117% 117%
47
477g 48%
47%
48% 48'%
2234
2284
*22%
2234
23
22%
118
118%
118
118
118% 118%
9%
984
*9%
9%
9%
9»4
6934
69%
6934 6934
*68% 6934
17
*16%
*16%
17
1678
17
17g
*134
I84
134
17g
l?g
*110
111
11134
*109% 11134 111
*2
2
2
2%
*17g
2%
6%
6%
6%
6%
6%
6%
2%
2%
*2%
3
*2%
3
95
*86%
*86%
95
*86%
95
3234
32%
3134
32% 32%
3134
*89
Jan
3
21
5%
53% Jan 13
6
77*
2%
27g
62%
2%
*3214
Dec
9
71%May 27
r7% Jan 2
49
300
2%
19%
5%
*20%
4%
8
28
384
35%
2%
12*4 Nov
May 119
,97
*52
77g
*2%
*2 34
37g
36%
*2%
\y, 6% May
53
*52
8
2%
28
334
*3534
2%
Apr
Apr
17% May
334
35%
2%
*32%
37g
353g
2%
6
Jan 17
Jan
37%
29%
Dec
12% May
37g
35%
2%
38
92
334
353g
12% Jan
118
25%
May
14*4 May
12*4
27
6
40
2%
Jan 13
June 11
Apr
4% Nov
24*4 Sept
1%
7
19
6%
14%
31
23% Mar 21
53*4
Jan
£5*4 Nov
18% Jan
*50*4
7g
*1134
1234
May
6% Jan 14
34% Jan
33% Mar
19%
6%
88
2% Jan 13
3
52%
%
67g
?
44% Jan 13
15%May
*5034
117g
12%
84
41% Nov
27% Feb 15
*1834
6%
May
23%June
52%
%
67g
12
117g
12%
6% Apr 15
No par
Budd Wheel
27
No par
19%
6%
"if
1,700
Apr
8
Jan
No par
*5034
84
1134
490
----5
preferred
-100 £109 June 11
Budd (E G) Mfg
3% Feb 14
No par
61
Feb 14
7% preferred—-------100
7%
Mar
41
Bullard Co—
*1834
6%
II84
2,500
68*4
67g
Bucyrua-Erle Co
7
13*4
26*4 Nov
Bulova Watch..
52%
52%
40
Jan
13% May
Burlington Mills Corp
1
Conv pref $2.75 ser..No par
17%
19
19
*50*4
*5034
1,300
19% Apr 24
9
Apr 21
Jan
2*4
38*4 Nov
2
100
*9
9%
Jan 16
—No par
24% Mar
257g
Dec
May
Apr
6
900
2%
5.
21%
Apr 21
30
Bruns-Balke-ColIender.No par
8
Jan
70% Mar
29%
12% Jan
17%
*778
20
20
63g
10
Brown Shoe Co
4%
123%
25% Jan
26
53
19
Brooklyn Union Gas.-No par
100
500
1,300
May
30*4
*52
21%
2% Jar. 3
5% Feb 14
26
Dec
*30
53
53g
300
%
*25%
*51
21%
No par
Bristol-Myers Co.
5
Brooklyn & Queens Tr.No par
Bklyn-Manh Transit.-No par
4
39% Jan 6
4% Jan 23
26%
817g
17%
53
*2%
3% Apr23
8% Apr 19
18% Apr 22
307gMay 19
38
Apr 18
June
17
127* May
I7g Apr
17%
*51
234
3
Bridgeport Brass Co—No par
Brlggs Manufacturing.No par
Dec
May
*25%
*30%
*17
8
1,600
4
*68
Brewing Corp. of America
JaD 10
May
19
17%
*30
17%
234
"""166
63g
112
4
4
5
20%
99
51%
317g
*25%
30%
*77g
41%
2%
11
112
7g Feb 19
30
Apr 8
Briggs & Stratton
3034
217g
10%
*10
1,100
2,400
20% Jan
16
5
100
2
67*
26%
8
19%
*10%
*207g
68%
""300
22% Jan
18% Feb 19
Apr 18
15
(The)..
Bower Roller Bearing Co
33
*30
Co
Boston & Maine RR
9
Jan 18
634
17
77g
284
Borden
Borg-Warner Corp--.—
200
Jan
54
17% Apr 26
1
Inc
Apr 29
35
Highest
share $ per share
28% Apr
1234 Aug
34
Nov
1934 May
per
6%
*25%
30%
378
36%
*3%
68
634
26%
*2%
38
4
67g
26%
32
17%
6%
2%
6%
*109% 112
68
Stores
5,600
;
38
.No par
3,900
19%
*31%
*39%
2%
63g
11
3084
21%
10%
4
4
*384
*35%
*
10%
10%
18% Jan 27
1%
32
4%
97g
I
111% Jan 23
17%
*30%
4%
9?g
share
12% Apr 21
1934
1%
per
25% Apr 22
90
May 9
No par
Class B
Bond
Lowest
Highest
$
share
5
Bon Ami Co class A
17
19%
33
41
1078
3034
21%
10%
11
32
21%
*109% 112
4
68
6734
68
*30%
*21
19%
*31%
*39%
*2%
6%
600
per
Aluminum <fe Brass—5
Boeing Airplane Co
Bohn
21%
20
21%
4%
10
97g
6%
11
11%
32
*30%
21%
109
4%
10%
19%
33
39%
2%
33
*2%
10%
112
4%
4%
10%
19%
*31%
39%
*2%
6%
1934
1984
*31%
*387g
*30%
*37g
32
*30
43g
10%
*37g
*10
67g
26%
*30%
*16%
19
1934
*5%
2H4
*3%
11%
22
2178
IOI4
*37g
66l2
*6%
19%
*31%
*3878
*2%
6%
*20%
32
*30
4%
43%
1 4
*13s
10%
*30
112
*105
*4
10
10
32
*30
19%
167g
*1%
*29%
500
*27
98
45
*114
*2914
*37g
*9%
16,900
17%
28
45
1984
161s
167g
167g
100-Share Lots
Lowest
$
Par
Shares
28
45
44
share
28%
16%
On Basis of
Week
*9334
17
28%
9934
44
28
*9334
*43
9
rer
EXCHANGE
21
16%
16%
2834
99«4
16%
2834
*9384
$
$ per share
$ per share
$ per share
Range for Previous
Year 1940
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
SHARE, NOT PER CENT
Monday
Saturday
June 2t
*\5h
*27%
SALE PRICES—PER
HIGH
Sales
far
WW
June 28, 1941
2
June 19
Jan 11
Ex-rights.
May
% Dec
l»i« Jan
42
May
257s June
48
Jan
16% Apr
1*4 June
73%
Jan
33
Apr
1 Called for redemption.
Volume
LOW
AND
New York Stock
152
HIGH
SALE
PRICES—PER
SHARE,
NOT
Record—Continued—Page
CENT
PER
Sales
//>
STOCKS
<y
JOT
Monday
Tuesday
Wednesday
Thursday
Friday
the
June 21
June 24
June 25
June 26
June 27
Week
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
Range for Previous
EXCHANGE
June 23
4085
Range Since Jan. 1
On Basis of lOQ-Share Lots
NEW YORK STOCK
Saturday
4
$ per share
3%
*3%
*3%
3%
16%
16%
16%
29i2
2934
30%
1634
3034
1
*3%
16%
3%
1634
*3%
16%
3%
16%
*3%
3%
3%
16%
1634
*16%
30
30%
30
30%
3034
31%
12%
*1134
12
12
12
12
*12%
90
*85
89
*85
89
*12%
*85%
12%
*85
90
*86
89
94%
*94
95%
95%
95%
*92
96
*92
31
95
94
7*8
12%
7%
7%
7%
7%
7%
19%
7%
18&8
18»4
98%
1834
98»4
18%
98%
18%
98%
18%
9878
99%
h
*8i2
h
%
%
%
%
98%
*%
8%
2%
8%
2%
*834
*2%
5%
6
*2i2
57g
*112
*5%
*23*2
*100
9
2%
5%
134
5%
25
1®4
1%
534
534
25
26
100
101%
100
7%
7%
1834
99%
%
9
8%
834
234
5%
*2%
5%
*1%
1%
1%
5%
5%
5%
25
*4134
%
3,300
2,400
8
8
8
41%
2%
£40%
42
42
41%
41%
23
22%
23
17%
17%
1434
17%
17%
300
700
17%
*1434
15
*1434
15
*52
55
*52
55
42%
42
42%
42
42%
43%
47%
48
48
48%
48
*173% 174
173
157g
*97
16%
.98%
16%
16
16
8%
*84*2
16%
98%
98
16%
*12
%
16%
98%
16
8%
41
4
"is
99
*15*2
*22i4
*38*2
4
"is
*%
16%
23
43%
8%
22%
8%
23%
12%
8634
*38%
42
40%
41
41
1234
*85
*87
8734
87%
88
*51
52%
13%
4%
5
1
*29i4
3034
8%
*75s
*111
4%
4%
5
434
*85
88
*85
88
53%
*51%
21
53%
*13%
*21%
27%
47%
17%
3%
16
29%
29%
8%
*29%
8%
30
8%
27%
*44
17%
*3
*15
8
*86%
88
*52
53%
"~6C0
*13%
14
1,200
21%
*21
21%
*734
111% *111
2734
47%
17%
4
15%
8
111%
27%
*44
47%
17%
17%
*3
4
1
30
29%
834
878
27%
27%
28
47%
*44
*44
17%
834
3%
4
«.
-
-
3,900
41%
29%
17%
2934
8%
27%
47%
17%
*3%
3%
834
27%
*44
3%
-i
~
200
1
%
28
47%
17%
«.
*38%
9
17%
17%
*3
41%
29%
5%
-
-
500
34,900
1,900
"moo
100
2% June
__l
1
..25
conv preferred
15%
8
*7%
*15
15%
7%
7%
111
111
111
*15%
7
15%
*15%
*7
73«
15%
7%
*108% 110% *108% 110%
23%
23%
23%
23%
*23
23%
23%
24
23%
23%
23%
2334
*27%
28%
27%
28
28
28
28
28
28
28
*14%
15
*14%
15
15
*14%
10
10
28
28
«.
•
^
-
-
»
300
40
9,400
1,000
•is June 19
79
6
6% Feb 3
3514 Feb 14
2%May 26
17% Feb 24
56
47
170
384 Apr 23
% Jan 7
13
Class A
1
Cushman's Sons $8 prefNo par
Cutler-Hammer Inc
No par
Davega Stores Corp
195aMay 28
40
40
Conv 5% preferred
25
Davison Chemical Co (The).l
Dayton Pow A Lt 4M% pf-100
Deere A Co
......No par
Preferred
14%
11%
11%
6,500
Delaware <fe Hudson
3%
3%
3%
3%
3,300
*%
22%
7is
*%
7i«
*%
71s
716
%
•is
*%
%
200
22%
22%
15%
24%
22%
16%
24%
2134
15%
22%
22
*21%
21%
5,300
16
16
20%
1534
24%
*36%
7%
*14%
24%
24%
24%
37%
734
14%
1,200
*68
69%
*14%
14%
*68
70
*68
71
34%
1834
19
19%
15%
15%
15%
*18%
69%
69%
125
22%
*4
434
*7
7%
*108
11634
*151% 152%
*114
7134
125
*22
*125
7%
14%
*18%
15
37
*7%
*3312
9
35
125
1434
*7%
*33%
*7%
*33%
15
8%
12634
114%
24%
24%
*3%
3%
22%
9
73%
8%
34%
19%
15%
71%
125
125
23
72%
37%
734
14%
69
*68
69%
8%
34%
18%
15%
*7%
*34
18%
*15%
72%
*7%
34%
*18
*15
72%
73%
23
125
126
126
127
23%
2234
22%
2234
*4
4%
*4%
4%
634
*6%
7%
6%
*108
11634 *108
11634 *108
116% *108
153
15334 15434 153% 15434
154%
15434
125
125
*123% 125
*123% 125
124%
114
114
*114
114% 114%
115
*114
4%
*7
25
3%
24%
24%
37%
37%
37%
734
*7%
14%
14%
70
70
14%
70
8%
34%
1834
15%
23
15%
1,400
72%
127%
4,700
72
127
22%
4%
*4
6%
*6%
3%
3%
3%
*24%
25
25
*3%
3%
134% 134%
*3%
23
15
Apr 18
3
Apr 21
14%May
6% Apr
1097g Feb
18% Feb
124
*3%
*109
111
3%
*7234
77
*78
79%
11134 *109% 11134 *108
112
*108
111
4
3%
334
3%
3%
3%
334
*72
77
73%
73%
75
75
*73%
77%
*76
*76
79%
*79
80
79%
80
80
*82
82%
83
83
82% 82%
83
83
82%
82%
*5j2
31s
*1%
1%
1%
1%
1%
1%
*1%
1%
*1%
1%
*73
*3
78
•
*%2
*16
1%
1%
*73
3%
3
*6%
7
25%
25%
634
25%
*5is
7ie
**is
3734
3734
38%
18
*17
78
3
*S32
3is
*SJ2
1%
1%
1%
1%
*1%
1%
1%
*%
1%
*1
*73
78
*3
1%
*73
*73
634
634
26%
26%
*5is
71s
*%«
7is
*%s
39
38%
38%
37%
37%
37%
17%
16%
17
16%
16%
16%
7is
3
11%
11%
*10
92%
*91%
92%
*91%
92%
92%
*2334
24
*2334
24%
*2334
24%
*2334
*1234
2%
13
12%
12%
234
*12%
*2%
13
*2%
*%
%
*%
%.
*20%
2134
*20%
*90
9134
*90
2134
9134
*13
13%
*13
*39%
40%
40%
78
1%
1%
*1
3%
7%
*634
26
*91%
2%
1%
•is
26%
7
26
17%
11%
11%
•is
13%
40%
11
2%
71s
*10
13
3
3
*684
26
80
3%
400
*3%
108
*3%
400
3,000
-
111
109
300
1,300
Elec A Mus Ind Am shares...
Electric Power A Light .No par
$7 preferred...
$6 preferred
No par
...No par
Endlcott Johnson Corp.....50
5% preferred
Engineers Public Service
78%
300
$5 preferred
*80
81
100
15H preferred..
84
84
170
$6 preferred
300
1%
800
*1%
1%
2,000
1%
78
*73
*2%
7%
71s
3%
"""300
1
500
2,100
29
Apr 29
June
14% Feb 14
Apr 21
12i2 Feb 14
% Jan
4
l%May 31
27i2 Feb 19
23i2 Feb 19
28
May 27
2618 Apr 29
39i2 Feb 14
108
June 27
3igMay
5
4% 1st preferred
.100
4% 2d preferred.......100
..60
16034
Jan
180
Dec
37
Apr
337s Jan 10
173s Jan 6
25
17'g
4134
Apr
% Jan 23
43s Jan 11
3714 Apr
3
33
4
34ig
32
Apr
Jan 13
June 20
22
May
%
3
Jan 13
35
102
44%
7
Jan 11
Dec
May
1812 May
1558 May
£24% June
26
May
May
May
Jan
183g Apr
134 Jan
8*4 Jan
407g Nov
10*4 May
11134june 18
30% Nov
33*2 May
417g Jan
46
Apr
112
Mar
128g
5% May
75
Feb 28
1% Apr
Jan
75
Feb 28
% Jan
45i2 Jan
24% Mar 10
$8 preferred
10
May 29
90
May
5
20i2
May
Jan
%
6
13
Mar 17
11
May
100
Jan 27
85
June
2534 Jan 23
16
July
No par
2
21% Feb 15
5
107g Apr 18
145s Jan 14
Federal Motor Truck..No par
Federal Water Serv A..No par
2'4 Apr 16
3g Apr 18
18% Jan 3
125s Aug
2*4 May
Federal Min A Smelt Co
Federated Dept Stores.No par
conv preferred
2
.100
9034June 18
Ferro Enamel Corp
1
Fidel Phen Fire Ins N Y.$2.50
11% Apr 29
34% Feb 19
414
Jan
7
34 Apr
1
Jan
Jan
Apr
67i2 Aug
5
Feb
IH4
Apr
Oct
29i2 June
17*2 May
Jan
3%
I5g
5s May!
67*2 Aug
2U Dec
Jan
78
134
Dec
5g May
84 Dec
3
3*8 Jan
8»4 Jan
3084 Jan
Federal Light A Traction...15
*4
li2June 23
27g Apr 23
6*8 Feb 19
2034
91%
13%
39%
100
6*4 Nov
May
10i2 May
23>8 Apr 30
Federal-Mogul Corp
1,500
Jan
44i2 May
May
June
6
800
13%
Jan
Apr
Dec
June
3
600
£39
Jan
120
189*4
1293s
11834
117
6
4\i%
Mar
1334
155
Jan
Eureka Vacuum Cleaner
2%
13%
40%
3
Apr
10
4
142
Ex-CeU-O Corp
13%
71s
30
182i2 Jan 9
307g Jan 10
10
Mar 28
Evans Products Co
2%
*%
40%
514 Jan 23
May
Apr
Jan
Equitable Office Bldg..No par
X Erie Railroad
100
13%
*13%
23igJune 24
038 Jan 8
9*8 Jan 6
Jan
9478 May
171
Jan
2%
13%
65'8 July
127*4 Nov
1484 Jan
6
May
97
13%
40%
4
Dec
13
40%
9
Jan
77
200
*13%
Jan
4
i2 Jan 30
li4 Apr 4
75% Feb 14
•isMay 21
i2 Feb 20
78 Feb 15
i2Mar I
10%
13%
79
14134
89
24%
40
2378
83
24%
*13%
39%
llig May
May
*10
*1934
Jan 27
May
♦91%
*90
17
60
10%
71s
Apr
63
93
21%
245g
4
16'2June 24
91%
May
4
Fajardo Bug Co of Pr Rico..20
*20%
Feb
14
8OI4 Apr
Fairbanks Morse A Co.No par
*90
Apr
23'g Jan 28
83% Apr
8734 Apr
24%
71s
3% Apr 21
120i4May 26
Dec
1438
38
2584 June
2,300
91%
86
Dec
9
3012 May
8
112*2 May
May 141
"1,466
21%
Jan 30
Jan
Feb 14
*10
*%
May
114
16%
*90
Jan
2314 Jan
363g Apr
43U Feb
10% Feb
20ig Nov
434 May
12i2 May
50U May
2
38%
*20
32
Jan
10% Jan 10
I8I4 Jan 11
2
16%
9134
2978 Jan 11
41
Jan
38%
21%
Jan
12i2 May
2578 May
May
16%
*90
Jan
34
34
38
*%
*20%
678
*11 Dec
Feb 26
*91%
2%
*%
23g Dec
23% Apr
1714 Jan 10
70
*2334
2%
8% May
118
7
Nov
2378 Apr
2818 May
193S Apr
235g Jan
1 1% May
12012 June 11
June
•isJune17
34 May 17
20
114
65
10%
13
~
3«4 Apr
1207g Feb 14
71s
100
18i4 Nov
83g Apr
.No par
..No par
92%
24%
2%
18% Jan
114
*sls
93
June
1314 Jan 10
Exchange Buffet Corp..No par
684
5i2 Mar
....No par
Erie A Pitts RR Co
26%
634
26
100
113g Mar
32% Mar
June
140i2 May
5
Feb
45i2 Dec
17
Apr
293g Feb
4i2 Jan
51
May
35i2 Oct
1338 May
7
300
80
107
9
Eastern Rolling Mills
91i2
Oct
Jan
24
Dec
May
117
1
Dec
414 Jan
878 May
23
104»4 Jan
par
475S
z99
May
1384 May
358 May
1
No
734 Jan
3878 Apr
45U Dec
4514 Dec
2118 May
95% May
1458 May
1
May
Feb
60
138
Elec Storage Battery ...No par
El Paso Natural Gas
...3
*1
3
$4.50 preferred
*75%
*1%
17% Feb 18
4
Apr 21
Jan
Nov
3234
Sept
113i2Mar
700
800
May 26
li2
2414
June
21
86
Jan
Apr
Apr
106
2984 Dec
6i2 July
21i4 May
9i2 June
113
Oct
Eastern Airlines Inc...
2,200
•is
63% Feb 19
25
1,800
June 23
Jan
Deo
7i2
May
Oct
May
184
134 May
3i2 Aug
00
May
4512 Dec
9?8 May
19i2 June
li2 Oct
2934 Jan 24
9
Electric Auto-Lite (The)....6
Electric Boat
3
2,200
Jan 24
24
37
160
100
114
3
120
70
3
8
14%May 31
Apr
6112
65'8
May
3i2 Jan 15
1734 Jan 10
8%May 20
Apr
May 31
Jan
33
2514 May
July
30i2 June
12
May
5
Duquesne Light 5% 1st pf.100
25
35g May
76
Jan
Apr
914 Apr
4078 Mar
434 Feb
I83g June
6%June
I) A Co...20
97i2
49U
36
100
Du P de Nem (E
I08i2 Deo
1912 Apr
153s Jan
158 Apr
17i2 Dec
42
May
6% cum preferred
.100
Eaton Manufacturing Co
4
Edison Bros 8tores Inc......2
2,100
29i2 Jan 10
7
17
June
4734 Mar 29
19% Jan 8
34
Eastman Kodak (N J) .No par
4,900
Jan
Apr
4i2 Apr
8ig Apr
214 Jan
514 Nov
2334 Nov
June
31
Jan
3434 Feb 10
Feb
TnSept
13
75
No par
3%
•is
1
12%May 12
685gMay 22
10
1%
26
Douglas Aircraft......No par
Dow Chemical Co...
No par
Dresser Mfg Co.
No par
Jan
1% Jan
934
4
•is Feb 26
21% Apr 29
3434june 12
67g Apr 21
1,400
1,900
1%
78
Doehler Die Casting Co No par
Dome Mines Ltd......No par
3%
%6
1%
5% pref. with warrants.. 100
Dixie-Vortex Co......No par
Class A
No par
8% preferred
25%
„
-
6% partlc preferred
25
Diamond T Motor Car Co
2
Distil Corp-Seagr's Ltd No par
10i2 Jan 25
25
165
7514
Mar 11
88
4014
25
5i2June 27
514 Mar 10
*»j Jan
Apr 21
"5", 100
25
Feb 19
13
155% 155%
124
7
Jan 16
4714 Jan
98i2 Jan
2i2 Feb 19
Devoe A Raynolds A..No par
Diamond Match
No par
Duplan Silk
114% 114%
9
Apr 30
May 23
Dunhill International
124%
26
18
26
19
20
100
13334 13334 134% 134%
133% 134%
134% 134%
134% 134%
*174
174% 174% *174
*174
177
*174
*174
32
32
3134
3134
3234
32%
32
*31%
32%
~32~% ♦31% 32
*15%
16% *15%
16%
*15%
16%
*15%
16%
16
16
*1534
16%
27
*26%
2734
28%
27% 27%
27%
27%
27%
27%
27%
27%
1434
1434
14%
15%
14%
14%
15
14%
14%
14%
1434
1434
*716
*7i«
%
*7is
%
7is
%
7ie
71s
71s
%
%
1%
1%
1%
1%
1%
134
1%
1%
1%
1%
134
*1%
33
33
33
33%
3334
33%
3234
33
32%
32%
33%
33%
31
31
*30
31
31% *2934
30
30
3034
3034
2934
30%
*30%
30%
30%
30%
3034 3034
31
3034
3034
3034
3034
3034
31%
32
*30%
31%
31% *31%
32
32
32
*31%
3134
31%
*42
42%
42%
42% *41% 42%
*41%
42%
4134
4184
42%
42%
•
3,200
3
June
20
new
400
115
3%
1,000
100
4%
7%
11634
11634 *108
25
10
£15%
634
25%
400
600
*4%
24%
2,000
18%
7%
2534
300
3434
18%
4%
155%
1,600
8%
*7%
*34
7334
127
8
Diesel-Wemmer-Gllbert
Detroit Edison
Feo 15
29%June 27
7U Feb 14
24l2 Apr 22
42l2 Feb 4
JDenv & R G West 6% pf.100
37
9
Apr
l%May 6
3i2 Feb 16
Delaware Lack A Western..50
*7%
14%
15% Jan
14%June 26
11%
*36
4
Jan
92
35i2 Apr 14
82
Jan 16
1
10
14%
3%
8%
7g Jan 14
1978 Jan 10
May
May
Dec
May
May
41
4
Jan
2
27
11%
37%,
Feb 24
20
15
*7%
7
June
ll%May
82%May
..5
3%
*%
2134
*15%
24%
*36%
*7%
14%
*36
4%
45
10%
210
182i2 Jan 16
40
3%
16
Apr 18
8
June 27
53i2June 25
10%
15%
Mar 31
Jan 24
52i2 Jan
4178 Feb 20
lU2May 6
20
May 20
7gJune 23
No par
97g
32%
June
49
Deo
110'8 Mar
Us Jan
10i2 Apr
May
45g May
27% May
2
May
Feb 18
52
72
3%
1534
24%
June 23
100
*14%
10%
15%
23
100
Prior preferred
58 Dec
40%May 6
42% Apr 21
Apr 21
5H%
Curtlss-Wright.
7^8 May
Apr
99i2 Deo
100
10'8 June
1812 May
15i2 Mar
13
Preferred
Cuneo Press Inc
5
Curtis Pub Co (The)...No par
Preferred
No par
2ig May
834 May
93'4 May
9% May
23i2 Jan 14
187s Jan 2
15% Apr 25
10
3%
*24%
814 Feb 7
4H2June 23
4ig Jan 2
83gJune 19
27% Jan 10
45i2 Jan 9
45i2 Jan 15
30
213g May
9714 May
% Aug
514 May
214 May
5i2 May
78 Dec
70
6
conv preferred
May
458 May
Jan
10
Jan
May
75
33
438 Jan
Cudahy Packing Co
75g
63
6
19
Sugar
614
2433 Feb
31% Apr
May
8
7
No par
Crown Zellerbach Corp
..5
$5 conv preferred...No par
25g May
175s June
June
14% June
Pref ex-warrants
Highest
share $ per share
14
40i2 Jan
Cream of Wheat Corp (The) .2
Crosley Corp (The)
No par
Crown Cork A Seal
No par
$2.25 conv pref w w..No par
10%
21%
1534
25%
102
107
3%
100
57gJune 10
26i2June 12
106% Jan 22
16i4June24
1458june 5
lig Mar 31
7
10%
15
Jan 13
9634May
3%
11
3
Jan
31%June
June 18
318
6i2May 21
178 June 23
100
*3%
*14
9
2
15% Feb 4
99%June 9
12i2 Feb 15
7% Feb 19
Jan 15
78 June 23
»4 Feb 15
2% Feb 15
'
*15
111
30
834
2734
1
100
Cuban-American
14
*38%
Preferred
1,100
5334
1
41%
Conv pref 6% series
50
Corn Exch Bank Trust Co..20
Corn Products Refining
25
8,800
1,300
21%
22
1
*38%
...1
Crucible Steel of Amer.No par
5% conv preferred
100
Cuba RR 6% preferred....100
14
14
Continental Motors
Continental Oil of Del.
5
Continental 8teel Corp.No par
Copperweld Steel Co
5
4,700
4%
14
1
30
*4
53%
41%
87
*434
88
22
900
8734
13%
1
12%
88
53
*38%
*39%
700
3834
8734
5%
14
*21
1,100
38%
52%
1
300
600
734
23
38%
1334
41%
16
41
12%
20
Crane Co
270
*22%
*85%
100
Continental Diamond Fibre.5
Continental Insurance
$2.50
5,100
157g Jan 16
9734 Jan 28
*514 Apr 14
No par
8% preferred...
Continental Can Inc
2,300
%
16%
99i4 100
12%
5258
%
*38%
41
17*4
*82
38%
*87%
4%
4%
4%
87
21
21
*38*4
*3
88
1234
*4
22%
16%
Class B
Coty Inc
Coty Internat Corp
43%
41
12%
*85%
38%
88
*15
22%
*39
41
38%
*82
*44
23
38%
4%
1
*7%
87
4
*82
*15%
8
43%
5
*"l6
16
*7%
41
43g
*334
16
8
*22%
*38%
4%
1,200
3%
16%
*39
4%
4
3%
16%
43%
45g
90
%
41
4%
*173% 175
1634
99%
38%
88
3,300
%
12%
*85%
87
300
49
16
1234
85%
87
44
48%
98%
12%
39%
*43%
16
85%
38%
8%
27i4
23
43%
48%
98%
41
*38%
15
55
16
8
12,500
15
98%
8
*7%
22%
2%
*52
*173% 175
3%
%
1234
3734
*20i4
*16
*384
*%
86
3734
*8634
414
*4i2
*13
4
174
2%
55
1434
*52
48
4
2,100
5,000
2%
2234
174
%
40%
2%
2234
17%
47
4
500
8
2%
174
%
1,100
22%
*17
48
*334
300
2
May 26
% Jan 2
714 Apr 14
95
25
98%
34%
175
*47%
*173
600
98%
13
*100
101
May 20
May 23
5^4 Apr 21
6% pf.100
Consolidation Coal Co
34
16
1234
41
23
Consol RR of Cuba
900
%
*99%
8%
15
1,500
34%
*8
55
*24
1%
5%
25%
101%
52 partlc preferred.. .No
par
Consol Laundries Corp
6
Consol Oil Corp
No par
98%
8%
41%
2%
22%
17%
15
25%
200
34%
8%
40%
*52
15,600
98%
*734
55
3,400
234
6%
6
%
34
1434
884
2%
8
June 10
7% Mar 19
233s Jan 13
1073s Jan 9
34%
98%
34%
*52
834
*2%
6
Jan 10
18% Feb
33
$ per
17% June
98%
%
9734
34%
*734
4034
2%
22%
98%
34%
17%
834
1,100
Consol Coppermlnes Corp
5
Consol Edison of N Y..No par
55 preferred
No par
Consol Film Industries
1
Continental Bak Co cl ANo par
9834
12%
3
9,200
4,600
%
4
Feb 19
Apr 25
22% Feb 19
10%May 26
share
103
5,500
34
*17
1834
98
%
3
14
per
90
2,500
985s
3
18%
97
%
$
82
16
9834
3334
23
1834
98
$ per share
Lowest
100
13
*98*4
33%
2%
22%
17%
15%
9,200
Year 1940
Highest
100
•is
%
2214
7%
No par
15%
•is
I 278
7%
7%
Consolidated Cigar
7% preferred...
QH% prior pref
12%
•1s
*17
-
-
l
16%
133g
»j«
8%
m,
"40
Consol Aircraft Corp
13%
15%
13
%
41
—
Conde Nast Pub Inc
No par
Congoleum-Nairn Inc.No par
%
15%
*#i«
8%
M>
Par
5% conv preferred
100
Consumers Pow 14.50 pfNo
par
Container Corp of America.25
1434
12%
41%
«.
93%
*1%
*2334 25
*99% 10034
16
1534
1434
1212
4034
700
12%
90
2%
5%
6%
5%
12%
93%
8%
■-
134
5%
5%
1,700
15,800
*%
234
*1%
134
5%
5%
*24% 25%
*99% 101
16%
15%
12%
1234
18%
z97%
100
3%
17
31%
♦86
Lowest
3434 May
1
Jan
4914
31*2
187g
Apr
102
29*4
15%
478
1
Apr
Apr
Mar
Jan
Oct
Jan
Jen
2l5gjune 12
15
fjiMay
May
25
Jan
97i2 Jan 15
!43gMar 14
79
June
9818
Dec
10
May
20
Jan
40i2June 23
2712 May
405»
Feb
*
•
Bid and asked prices; no sales on this day.
X In receivership,
a Def. delivery,
n New stock,
r
Cash sale,
x
Ex-div.
y
Ex-rights.
^ Called for redemption.
zrz.
f
June 28, 1941
New York Stock Record—Continued—Page 5
4086
Range for Previous
Sales
STOCKS
Range Since Jan. 1
lor
NEW YORK STOCK
On Basis of 100-Share Lots
the
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
AND
LOW
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
June 21
June 23
June 24
June 25
June 20
June 27
Week
I per share
Shares
16i 2
15i2
102
102
*26%
3012
12i2
27l2
*21
22%
30%
*12*8
4%
*3%
21
21
21
*20
$ per share
$ per share
% per share
1534
16%
1534
16%
15%
1534
101% 10134 *101% 102% *101% 102
35%
36%
36%
36%
*36%
37
1284
1284
12%
1234
12%
1234
27
27
*27
27
27
27%
22%
22% *21
*21% 22% *21
*4
*4
4%
4%
4%
4%
% per share
f per share
*19
22%
*19%
*35%
12%
36
12%
27%
27%
*21
*19
22%
25%
500
800
2,800
600
27%
27%
*21
223s
4%
22%
*4
1,200
15%
15%
101% 101%
35% 35%
13
13%
*15% 1534
101% 101%
22%
4%
22%
*4%
*19
"""306
100
800
26
26
26
26
*25% 20
25%
26%
27
*25i2 2012
104% 104% *104% 105% *104% 105% 104% 104%
*10414 105% *104% 105%
16
15%
1534
16
16
1584
16
16%
16
16%
*16i2
10
123
123
123
123
127
*120% 123
*123
120
120
127% *121
3
3
3
2%
2%
3%
*2%
3
278
3%
*2%
2%
*37
43
43
*37
39%
39% *37
43
*37
43
39%
*31
36% 36%
3634 3034
36%
36%
36
3584
30%
*35
30%
37
2
2%
2%
2%
2%
2%
2%
2%
2^8
*2%
2%
*2%
1%
2
1%
1%
1%
1%
1%
1%
1%
178
17«
1%
*9%
9%
10
9%
9%
2^984
934
10%
*10
10«4
10%
10%
18%
*18
*18
18% *18
18
18
18%
*18
*18
18%
18%
109"i«109»n
10934 10934 *10934 11038 *10934110%
*10934110% 10934110
434
434
434
7
7
*10%
10%
6334
*6234
*4
*034
*10%
*5234
4%
4%
*100% 104
*100%
54
*5234
6334
5-%
534
634
*140%
*140% 142
4%
4%
*3%
4
*14
15
4%
14%
*92
93%
93
*17%
18%
*17%
4
*120
80%
127% 127%
38% 38«4
*79%
*124% 125%
*41% 43%
*3%
3%
36%
120
%
%
%
*76
86
*75
80
80
36
*115
7ie
%
7u
*%
120
*115
120
*115
32%
36%
37
115
115%
*76
86
3%
500
2,700
40
800
1,000
100
29*400
3,500
300
1,800
20
79%
6
6
6
0
6
0
6
108
*108
109
*108
109
108
3%
3%
3,700
*%
61«
15
15
*98% 101
*%
*17%
*21%
9%
7n
19
21%
9%
67%
07
*%
„
1534
1578
*98% 101
*%
71«
*17%
19
2234
10
2178
*934
67%
09%
20
13
2134
*%
*15%
%
si«
1434
15%
98%
*98% 101
*%
19
*21%
*934
6734
%
7ie
19
*19
22%
*21
*934
67%
10
68%
20
12%
%
1434
98%
%
1934
22%
%
15%
98%
*38
*19
*21%
*934
6684
*20%
10
68%
20%
44%
*43
*1%
2%
1%
2%
12%
59%
*17%
*80
*1%
2%
2%
12%
69%
17%
82%
*43
1%
2%
86
*82
13
60
*82
86
*82
44%
1%
*43
*5884
*22%
17%
82
13s
1
25%
*22%
»!•
25%
25
%
%
434
11%
10%
10
32
*9%
*9%
*31%
"16
47S
434
*10%
978
1184
10
10
32
32
2434
")«
4%
10
9%
*9%
31%
*23
2434
*23
1534
25%
16
25%
10
16
15%
24
24
2534
24%
26%
2434
2434
*23
140% 141% *140
*45
50
*45
8234
*1%
*24%
%
4%
10%
1%
25%
25%
141% *140
*45
50
4%
10
10
10
10
31%
2434
16%
26%
*28
29
33%
14%
12%
*106
2%
16
*434
*90
*178
*146
148
148
5
5
5
93%
93%
2%
84
6%
74%
*2
93%
2%
81
0%
7384
26
20%
2%
"
16
20
10%
16%
29
*28
2834
*28
2884
*28
33%
*32
33%
*32
33%
*32
14%
12%
14
14%
12%
*14%
*12%
*12%
*146
*4%
14
*12%
12%
*106
148
*107
105% 105%
19%
19%
*146
I
94
2
80%
2
100
*14%
*15
24%
*8
100
100
15%
*14%
16%
*15
24%
8%
24%
8%
*69%
127
71%
127
*48%
60
100% *100% 102
14%
127
*48%
72
72
*127
130
50
*48%
*100% 102
15
14% *14%
101
*15
*14%
15%
10%
*15
16
*15
16
24%
*24
25
*23
25
8%
*8%
8%
15%
*8%
8%
24%
8%
*
%
%
Bid and asked prices; no sales on this day.
%
*%
900
8,800
1,900
370
50
16%
2834
33%
14%
1234
200
""266
400
14%
*15
25
8%
14%
90
200
%
{ In receivership,
Tu
a
Hercules
"""366
600
5,000
"MOO
*3*.900
500
100
1,400
400
12% May
90
June 24
Feb 14
2
9«4May
1% Feb
Jan
3
1% Feb 19
Feb 14
Feb 18
38
107
14934 Feb 11
Jan
6
June
16
17
9
15%June23
14 rl07% Apr 14
62% Jan 8
21
39
Jan 27
28
13% Jan 6
Apr 22
14
%June 20
100
2%June 20
1534May 26
New stock,
r Cash sale,
2
% Feb 15
x
Ex-dlv.
y
Jan
%
3%
19%
4%
84
9
Jan 15
6
8
Jan 22
Jan 6
Apr 5
Jan 13
Jan 6
4'4May
37% Jan
3% Feb 14
234June
50
June
94% May
12% July
5
Jan 24
'
Hud Bay Mln A Sm LtdNo par
n
Mar
Jan
Dec
126% Aug
8
Jan 14
Jan
30% Jan 10
26% Apr 22
1
69
56% Jan 18
115
June
12% May
9
77% Jan 11
128% Jan 8
Apr 22
64
No par
Aug
86
111
100
2
155
48%May 27
5
5% May
83% June
6
Jan 10
Jan
16% Jan
10734Jube 18
Houston Oil of Texas v t C..25
June
16% May
May
6% Dec
100
{Hupp Motor Car Corp
95
130
89% June
166
7
23
10
May
9% May
10% May
100% June
7
....No par
No par
preferred
30
7% Jan 13
96
Jan 13
95
2
15%May 23
May 28
0% Apr 12
10
.10
5
May
1% Dec
8% Nov
29% June
.Tan 10
3% Jan
Apr 25
Feb
May
14«4 June
1% Aug
11
May
101
1% Apr 21
70 June 12
66
Howe Sound Co
23
6% Jon23
*eul0
4%Juie26
93% June 20
9
Feb
No par
7% preferred
100 zl07% Apr
Homestake Mining
42% Apr
12.50
32%May
Houdallle-Hershey cl A .No par
Hudson Motor Car
Jan 16
25%
IO84 Apr 21
preferred....
8
Jan 24
3
140
June
27% July
10634 Jan 16
Holly Sugar Corp
Class B
15% May
18% May
zl23
Mar 28
15
Feb 25
...No par
Household Finance
May
21% May
11% May
7
103% Apr 21
17
Apr 14
70
The
Jan
16% Jan
II84 Apr 19
12%June 19
158
Holland Furnace (Del)
Hollander A Sons (A)_.
May
26
9
28%May 21
...No par
Motors
9% June
6% June
10
9% May
33
104
Dec
May
% May
4% May
22
9
10
23
29
1834May 6
9
33
June
1%
25
11% Apr
17% Jan
l%Mar
20%June
3% Apr
4
13
69
12% Jan 10
5
6% cum preferred
.100 xl23%May 1
48%May 28
Hershey Chocolate....No par
$4 conv preferred...-No par
99%June 17
Hlnde A Dauch Paper Co...10
14% Feb 4
5%
Jan 27
1% Jan 10
28% Jan 22
1% Jan 11
6% Jan 6
1334 Jan 7
13% Jan 6
12% Jan 2
36% Jan 16
25% Jan 22
16%June 13
28% Jan 11
26% Mar 19
10%June 27
1234 Apr 23
1
....25
Hercules Powder
5%
Def. delivery,
20% Jan 10
.......100
Hudson & Manhattan
1,800
1,400
3,700
May
Jan 13
.....2
...25
Hecker Products Corp
Helme (G W)
Hires Co (C E)
16
*24%
*8%
14%
Hazel-Atlas Glass Co
Preferred
102
16
100
preferred
Hayes Mfg Corp..
100
24%
8%
14%
100
preferred...
Hanna (M A) Co S5 pt.No par
Harbison-Walk Refrao.No par
12
200
45
Mar 26
Hat Corp of Amer class A...1
6
preferred
-.100
1,500
May
65% Jan 13
34
.25
40
700
July
10
42
Hall Printing Co
10
Hamilton Watch Co..-No par
6%
77
Jan 15
$5 preferred
No par
Hackensack Water........25
""30
May
Jan 10
1484 Jan 10
143
Gulf Mobile A Ohio RR No par
800
I84 Dec
2
91
May 21
19% Jan
100
130
1,200
"""906
May
22
conv
20
1,000
May
30
138% Mar 26
42
Mar 20
Guantanamo Sugar....No par
1,100
14%
15
100
700
'"""80
11
9
Jan
2% Jan 25
2% Jan 2
13% Feb 18
Green (H L) Co lnc
7% preferred class A
Oct
4% May
29%May 27
....100
preferred
3084
9
15%June 11
28% Apr 22
23
Mar 12
.
No par
Preferred
Sept
46
9% Apr 15
Apr 22
Great Western Sugar..No par
2,200
72
71
*101
101
20
Green Bay A West RR
600
3
May
68
9
Gr Nor Iron Ore Prop..No par
8%
10% May
37% Jan 15
4% Apr 14
No par
Great Northern pref
Feb
98
Jan 10
43
10
dlv ctfs.No par
preferred
June 20
7% Jan
May
1084 May
784 May
13% May
3% Jan 13
% Apr 17
Granite City Steel.....No par
Grant (W T) Co
10
5%
"3"506
May
13.
June 10
1534
1%
15
14%
15%
14%
1434
*14%
14%
14%
*109
114
*109
114
*109
*1C3
114
114
*109
114
*109% 114
45% 45%
45%
45%
45% 45%
4534 4534
46% 46%
4584 46
*32
33% *32
33% *32%
*32% 33
33% *32
3334
*32% 33%
12
12
12
*11
11%
12
11%
11%
11%
12%
11%
11%
50
50
*49%
50%
50%
5034
*4978 5034
5034 50*4 rr49% 49%
108
108
*108
110%
*10784 110% *10734110% *10734 110
110% *108
4%
4%
4%
4%
4%
4%
4%
4%
*4%
4%
4%
4%
*29
30
*30
30
30
"
*30
30%
30%
31
30% *2934
30%
16
*%
*%
*si«
*4
*%
34
*4
°4
*%
*4
3
3
*2%
3%
*2%
*2%
3%
*2%
3%
*2%
*2%
3%
17
17%
17%
17%
17%
17%
17%
17%
17%
17%
17%
1734
3
*3
3
*3
3%
3%
3%
3%
3%
3%
3%
3%
♦Sin
100
July
14
22
25
Grand Union
w
10
111% June 13
100
Without dlv ctfs
20
Jan 10
11%
June 20
700
126% 127
*48%
50
72
127
*69%
29% Jan 11
1
200
2,200
80% Jan
% Dec
13% July
8
69%June 12
22% Jan 9
16% Jan 6
No par
Preferred
Mar
79% Apr 18
No par
preferred
preferred.....10
Grumman Aircraft Corp
1
*79%
6%
*72%
'
conv
Greyhound Corp (The) .No par
2
2
20
11% Apr 19
58%May 20
10 May 15
No par
700
4%
94%
2
June
% Nov
984 June
June 27
82
Goodyear Tire A Rubb.No par
$5
5% May
100
3
% Jan 27
10% Jan 10
106% Jan 16
•1. Mar 27
2% Feb 13
1
Gotham Silk Hose
Feb
May
32% June
3% June
4
7% Jan 15
40% Feb 25
Graham-Paige Motors......1
Granby Consol MSA P
5
148
4%
*92%
434
96%
'
70%
7134
*6978
71%
*126% 130
*126% 130
49% 49%
*48% 5034
300
1,300
37% May
43g Jan
1% Apr 23
6,500
*79
81
*79% 81%
81
79%
79%
*6%
6%
6%
6%
6%
6%
6
*6%
*71
72
72
72%
*72
*72%
7384 *72%
73
*156
159% *150
159%
159% *155
159% *158
159% *158
15978 *158
14
14
14
14
14%
*13%
143g *13%
*13% 14%
*13%
14
*80%
5,000
6%
*146
148
4%
*92%
2
4%
94
96%
116
109
May
12«4 Feb 24
6,300
*107
..
2
7
Feb 21
60
11%
11
105% 105% *105% 105%
19
20
19%
Jan
18% Apr 16
No par
No par
5% preferred
Sept
77% May
Mar
1734May 22
11
Apr 21
*l",206
*19
*146
148
4%
5
2
*92%
14%
12%
6
48
Gold A Stock Telegraph Co 100
Goodrich Co (B F)
No par
300
% May
28
2
118
126
preferred.....50
conv
26% May
33'4 Dec
111% May
Mar 19
Jan
May
102
6
132% Jan 28
48% Jan 6
Apr 10
•if Jan
3
3
3
*278
16%
11%
10%
15%
1%
*18%
86
10% Apr 10
20% Apr 21
9%May 5
46% Jan 30
32%
32
June 27
3%June 27
0
May 26
2,100
"
50
*45
50
*19
26%
24%
140% 140%
*24%
14%
*105% 10578 *105% 10578 *105% 105%
20
*19
20
20%
1984
20
*146
134
15%
91
Feb 14
No par
preferred
4M%
Jan
1*11 Mar 17
2
105%May 12
% Apr 8
11% Apr 12
98%June 25
Gobel (Adolf)
Goebel Brewing Co
2434
1534
33%
*106
*106
107
*23
*9%
16
134
16
33%
*1384
*12%
*45
50
15%
*1%
*18%
*2S4
*16%
*28
*31%
10%
15%
2034
278
14%
12%
10
$0
Jan 28
Apr 7
Jan 14
June 27
116
6
Jan
12334 Mar 19
...No par
GUdden Co (The)
June 18
93
2%May 13
34%May 24
5% Feb 14
$5 conv preferred
4% May
11«4 May
48% Feb
12*4 May
Jan
19%
130%
35%
3934
Gillette Safety Razor. .No par
Glmbel Brothers
I84 May
6
15% Jan 10
6%
% Jan
40
May
Mar 20
6
33% Feb 15
112% Jan 8
36»4May
June
3584 May
5% May
118
142%May 17
6
28%May 29
126
8
•
June 18
79
6
Jan
7%
Apr 28
preferred
Jan
65
17% Apr 25
38
94
102%May 10
5
10% Apr 21
73% Feb 19
120
45% June
3% May
8
Jan 10
5%
Mar 17
90
11%
10%
9%
32%
June
11% Jan 16
10
2,200
5
*4%
*10%
*10%
15%
1%
20%
234
33%
434
11%
11
278
29
434
*10%
8
Dec
3% Sept
6% Apr
June
53%May
102
400
"u
*%
»16
97
Apr
Dec
39%
Mar 21
8
100
6%
100
27%
*25
27%
11%
*1%
1%
'
11
*10%
*1334
*1184
1
1%
11%
134
83
*82
11
11%
11
15%
1%
21
2%
10%
1734
17%
17%
83
11%
11%
*32
*82
11
11%
11
1578
*28
8284
lSg
27%
11%
3278
15%
13%
60
32%
1078
*1078
16
13
60
32%
3284
19
13%
10
*45
86
*82
3234
1078
11
15%
134
I884
*234
*15%
*1%
*2%
June 23
Deo
May
3% Apr 22
Gen Time Instru Corp .No par
200
1*4
2%
12
6%
41
Nov
5% Mar 21
General Tire A Rubber Co...6
6,300
1,300
2,500
43
Dec
Jan 28
110
z5%June 19
134% Jan 0
3% Jan
1% May
22
46»4 Apr 21
Gen Theatre Eq Corp. .No par
20
1,500
1,100
June
118
May
2
Apr 10
101
1
General Shoe Corp
1,200
1,000
60
4%
10%
4
May
2% Aug
2%June 5
2% Jan 7
lOi^une 23
IO84 Jan 30
47% Jan 21
$6 pref opt dlv serles.No par
General Refractories
No par
100
June
Jan
3<4 Feb 28
3»4 Apr 19
6
Apr 23
General Telephone Corp...20
13%
%
1043« Mar 26
100
1
preferred
Gen Realty & Utilities
1,000
22%
43
2%
6%
40
100
800
60
*25
5
Gen Steel Cast $6 pref..No par
1338
*1
17
Gen Railway Signal....No par
3,320
60%
17%
17%
2434 May
No par
800
108% 108%
10%
10%
2%
2%
*35%
36%
6%
7
67%
68
15%
15%
86
3234
32%
*18
*82
1,200
12%
12%
9%
9%
10
32
*31% 32%
*23
*23
2434
2484
15% 1534
1534
15%
25% 26%
26% 26%
23%
24%
24% 24%
140
140%
141% *140
50
1078
*15%
2%
2%
21
*21
43%
1*4
3234
*32%
15%
1%
*1%
900
21
66%
*9%
31%
2484
141%
32%
*1078
15%
*1%
*43
4334
1%
80
13%
*59%
17%
82
*1%
*414
*10%
*82
13%
60
1734
1%
*1
2%
2%
18%
17%
*81
1234
*1%
86
83
1234
*58%
*43
4334
1%
4
No par
$6 preferred
Gen Public Service
Apr
Jan
1
General Printing Ink
10
68
*934
10
67%
21
12%
1934
*1934
1978
19%
12%
12%
12%
*12%
12%
12%
12%
22
22
21%
2I84
2134 2134
21%
21% 21%
*108% 111
*108% 111
*108% 111
*108% 111
*108% 112
11
11
*10%
11%
IO84
10%
10%
11
10%
10%
2%
2%
2%
2%
2%
2%
*2%
284
2%
2%
*35
35
35
36%
3534 3534
*3434 35%
*35% 30
6%
6%
6%
6%
6%
7%
078
7
034
034
66%
6684
6634
60%
*65
0534
6534
6534
6534 6534
15
14%
15%
16%
14%
15
14%
15
*14%
15
*19%
40
21%
39
No par
Common
1,600
6
*107% 109
*%
S19
%
15%
15%
15%
98% *9834 101
*%
7i«
%«
19%
1934 *19
22%
22% *21
Apr
9% May
32%May 31
1% Feb 4
1% Apr 10
7% Apr 16
par
*42
108
107%
20
par
500
6
108
Jan
June
61
15 preferred...
No par
Gen Outdoor Adv A...No par
0
6
109
35
7
General Motors Corp—...10
" 3%
6
*108
32
18% June
7
par
700
8% Nov
6% Sept
Sept
Jan
par
32,200
43%
32
22
46
...100
preferred
5%
May
19
4
Jan 13
132
$6 conv pref series A-No par
General Mills
......No par
90
Jan
Feb 19
.100
No
General Foods Corp ...No
$4.50 preferred
No
Gen Gas A Electric A—No
4
7
29
2% Feb 17
36 May 21
100
General Electric Co
3
105
No par
preferred......
25% Apr
38% Mar
25% Apr
20% Jan
General Cigar Inc.....No par
7%
2434 June
Apr 21
1
7% cum preferred
8
13
No par
Transportation—..5
General Baking
5
18 preferred
No par
General Bronze Corp
5
General Cable Corp—No par
Class A
33% Jan
102
Gen Am
100
Apr
7
7
5% preferred
...10
Gaylord Container Corp
5
5H% conv preferred
50
Gen Amer Investors...No par
700
21%
107% Jan
16 preferred...
"1*266
10% May
104
20
lnc
Gar Wood Industries
Jan
Jan 13
2
No par
*0 pref No par
Gannet Co conv
46
Jan
Gamewell Co (The)
Jan
106
May 31
June 17
24
Jan
May
32% May
84
Jan 10
15
3%June 17
June 23
No par
F'k'nSlmon&Co lnc 7% pf.100
Freeport Sulphur Co
10
Gabriel Co (The) cl A..No par
Gatr Co lnc (Robert)
1
...
21*4
12% May
42% Jan 13
105
21
Francisco Sugar Co
6% preferred
Jan
22
Corp......10
5% eonv preferred
..100
Food Machinery Corp
10
4H% conv preferred.... 100
Fos ter-Wheeler
.-10
S7 conv preferred
No par
Follansbee Steel
Highest
$ per share $ per share
18% Jan 10
15% Apr 23
101%June27
31%May 12
12% Apr 22
2 6%June 10
Rubber...10
6% preferred series A—100
Stores..No par
Fllntkote Co (The)
No par
Florence Stove Co..—No par
Florsbelm Shoe class A.No par
125% 125%
^43%
3%
100
12734 12734
38%
3884
125
*42
44
100
600
600
79
38%
38%
125'"
160
4,600
79
79
*126~^[2734
125
*41%
*3%
3%
3%
3%
*3%
125
10
%
%
80
*7|9%
12734 12784
38%
38%
12434 12434
42%
42%
12434 12434
*42%
4278
80
60
1,900
1,000
1,800
1,100
5,200
1,600
116
116
86
*79
86
*79%
79% 79%
79%
12784
127% 127% *126
38%
38%
3878
39%
79%
37
116% 115%
%
%
%
32%
37
32%
30%
3234
z32%
3634
2,100
t per share
First National
125
♦120
125
*120
125
32%
32%
32%
3234
36%
32%
36%
3134
30%
*120
125
*120
125
*120
123
31%
30%
484
434
434
434
434
434
434
434
434
*6%
7
*6%
7
*6%
7
*0%
7
7
*10%
H34
10%
11
10%
10%
10% *10%
1078
*53
53«4
53
53
5334 *5234 5334 *5234 5334
*4%
4%
4%
43g
*4%
4%
4%
4%
4%
*100% 104
*100% 104
*100% 104
*100% 104
104
5234
52%
63
62%
53
*52% 53
54
53%
5%
584
534
584
5%
5%
5%
5%
5%
141
141
*140% 14334 *140% 14334 *140% 14334
142
4
4
*3%
4%
4
4
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
14
*13
14
14
*13%
14 | *13%
14% *13
92
92
93
92% 92% *91% 92%
9284
93
17% 17%
18%
*17% 18%
18% *17%
18% *17%
60
Firestone Tire A
Highest
S per share
Par
Year 1940
Lowest
Lowest
•
19
May
4% July
8
May
103
May
May
May
35
28
884 May
54% May
101
June
3% May
Aug
28
% Dec
2% May
12
3
May
May
% May
Ex-rlght. t Called for redemption.
■
New York Stock
Volume 152
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT
PER
Record—Continued—Page
CENT
Sales
8TOCKS
for
NEW YORK STOCK
the
Monday
Tuesday
Wednesday
Thursday
Friday
June 21
June 23
June 24
June 25
June 26
June 27
$ per store
$ per share
$ per store
per
*3812
*3l2
*19u
store
$ per share
75g
*1714
71*
171*
18
75g
17*4
*40
41
4014
40i4
40
4
*3i2
4
738
*
17*4
41i4
418
*3i2
19i2
6*8
1912
19*8
*5*4
*2312
2418
24i2
*100
*6
102
*102
*153
73i2
11u
618
1114
6ig
2212
*21
"iuyi 2
*4
73i2
11*4
*6
*2114
110«2
*112
1*4
50*4
50*8
*156ig 160
1 8
714
378
14*8
6512
*1 is
7*8
378
26ig
26
128
*127
14*8
65i2
134
*3614
*4ll2
28*8
38
38
*97i2 looig
2
2l4
*9*4
*9514
*7i2
32*8
*134
*10
37
6314
*2u
10
10i8
97
*9514
*7*4
8*8
32*8
.....
32
*4
1018
*118
4*8
*18*8
19*4
*13
414
19*8
14
*13
*6
*98
1414
14*4
65s
0l2
36*8
99i2
3714
*133g
*2512
*214
13i2
26*4
212
*98
1*4
*llg
1*4
28ls
38
38l4
37i2
*9712 102
10ig
32
*9514
*77s
3h4
3114
*1014
134
97
8*8
134
39
*97l2 102
2
218
212
*2i4
10
10lg
*9514
*77g
*3112
3112
97
83g
*10
37*4
*108
113
*108
113
*h4
1*4
3812
*37i8
300
20,100
6 584
300
28*8
28ig
28*4
28*4
1,500
38*4
38*4
38
38
10i8
2,200
97
*9514
8i4
*31
97
8
3112
8
500
*134
10
—
113
*108
26*4
*4
2514
2512
7i2
*678
*27
29l2
4l2
2512
25i2
102
3714
13*4
3678
*13*8
*2514
214
*35u
24*8
678
2*8
*2l4
36
36*4
3614
245g
2478
245g
*4
*4
25*4
*67s
*26lz
25i2
257g
2578
7u
25*8
2578
1,100
3,300
20
7*8
Class B
1
Kendall Co $6 pt pf A..No par
Kennecott Copper
No par
Keystone Steel A W Co No par
Kimberly-Clark
..No par
Kinney (OR)Co
1
$5 prior preferred-..No par
Kresge (SS)Co
10
Kresge Dept Stores.
1
Kress (S H) A Co
—No par
Kroger Grocery A Bak.No par
12*8
*914
10
25u
26ig
2514
25*4
1,800
Lee Rubber A Tire
*2214
23i4
2314
23u
1,000
20
Lehigh Portland Cement...25
4% conv preferred
100
J Lehigh Valley RR
60
Lehigh Valley Coal
No par
6% conv pref erred... ....50
Lehman Corp (The)
1
Lehn A Fink Prod Corp
6
Lerner Stores Corp
No par
Llbbey Owens Ford Gl.No par
Llbby McNeill A Llbby
7
Life Savers Corp
6
Liggett A Myers Tobacco..25
30
12
15*4
23*8
*29*8
15*4
15*4
1578
15*4
15*4
1512
16
23*8
24i2
25*8
2412
2478
25
25*8
30
30i4
3012
3014
30*8
*106i2 108i2 *106l2 10812 *106i2 10812
21*4
2178
21*4
22*4
2112 21*4
107
3014
107
21»4
16ig
1578
2578
25*8
29*4
30i4
10678 1067g
2178
22*8
22
417g
1578
25i2
42
42
4212
16ig
2678
30
30 '4
107i2 107i2
2214
*42
23
4214
*25s
3
3
278
25g
3
3i8
*27g
3i8
2*4
27g
15
*1478
15
1412
1478
15
15
1478
15
1478
1478
1478
*104««10518 *104j7jtl05l8 *104 i7jj 105*8 ♦u^uiosig *104«« 10518 *104*7«105igi
17*8
17*8
18
175g
18
18lg
18
17i2 17*8
17*4
1734
17i2
*151
151
153l2 151
*150
*151
152
152i2 152
153l2 *151
153l2
20ig
20ig
2014
20lg
20i2
20i2
2014
2012
2014
*20*8
20l2
20*8
*65
67
67
66*4
*06
07
67
66*4
*6478
*66*8
66i2 67ig
*26
28
27i2 *26
28
28
*27
28
28
28
*2612
28l2
90
1,200
400
3,500
7,300
20,500
2,900
«.
"
»
Feb 14
-
*
-
-
800
2,900
6,900
200
100
5% preferred
No par
6
Preferred...
*135
29u
2878
2914
25
*24i2
*12*4
25
2514
25
13
1212
12i2
*12
*25l2
27i2
l7g
714
27
27
714
8l2
3014
*24l2
*12l2
25
13
27ig
*27u
28
2
2
2
1
714
2
*178
13*4
1
*1
lh
418
41g
4lg
'77g
15*4
2712
414
712
8*8
15*8
155s
15*4
16
15*4
27*8
27*8
28
28*8
27i2
8*4
1578
27*4
127g
*27
1
*612
*125s
29*4
24*8
1278
*6ig
*12*8
13i2
4lg
2912
*135
27ig
2
h4
*135
714
13*4
*6
*1314
*1
4ig
8
8
16*8
16ig
28i4
28'4
..
-
-
714
6
*1314
114
8i4
414
7%
16*8
2914
2884
414
100
16
6i2 Apr 23
98i2 Feb 21
31
Feb 14
12
Feb 14
24
6i4 Feb 14
1714 Jan 2
ll*4May 8
7
lltg Feb
1
21
Apr 18
26i2June 3
5
t In receivership,
Feb 19
33igMay 27
78'4May 22
May
June 13
4
May
8>4 May
13*8 June 14
1178 Dec
8i2 Jan
30
8
2514 Jan
116i2 Jan
3 ia Apr
li4June
9
4
3
9
8 ig June 26
22*8 Jan 22
127gJune 20
24
Jan 13
3U
16*8
1518
IOOI4
1*8
May
May
May
June
May
i2 Dec
2
May
I6I4 May
9i2 May
18ig May
45*8 Jan 9
7ig Jan 23
30
June
5
39
33
May
May
Jan 18
87
Apr
13
Apr 26
96i2 Jan
3
30
Jan
4
3714 Jan 14
12
June
7
109
8
9
6
Jan 29
1
14
Feb 19
23
June 27
Corp No par
35
Apr 21
42i2June 23
19l2 Apr 21
-No par
28
$6.60 preferred.....No par
105
Loft Inc
Lone Star Cement
Mack Trucks Inc
May 22
4
June
2l2 Apr 12
13*4 Jan 30
I0478june 19
1618 May 14
No par
..26
2
2
13812 May
3
20*4May 24
*70*4 Jan27
1
31*8 Jan 21
1518 May
38
May
25*4 May
11
Feb 17
23i2 Apr
9
li2 Feb
5*4 Jan
4
Mathieson Alkali Wks.No par
24i8May
10
7% preferred
100
May Department Stores
10
Maytag Co
..No par
cum
pref
19
171
12^8 Jan
McGraw Elec Co
McGraw-Hill Pub Co..No par
Mclntyre Porcupine Mines..6
JMcKesson A Robblns, Inc..5
conv
New stock,
1
pref...No
r
31
Feb
3
3
*
Feb 18
24
par
Cash sale.
7
162
Jan
138
Feb 19
Ex-dlv.
v
41
Apr
14*8
Apr
18*g Mar
417g Apr
375s Mar
109l2 Apr
3914 Apr
40i2 Jan
4U
Apr
18*4
Jan
109i2May
25ig Apr
103i2 Dec
21i2 Jan
05
35
128
Sept
33*8 Jan 10
17
May
27
20i2 May
878 June
31
21i2 May
li2 Aug
38
Jan 14
127gJune 26
jan 2
2*8 Mar 10
67s Mar 22
30i 2
14i2 Jan 13
15gMay20
614 Jan 14
IH4 Jan 8
16*gJune 25
30*4 Jan
1214 Jan
6
6
Apr
14*4
Apr
0ig May
175l2 Apr 29
5314 Jan 23
160
June
35
Apr
2
Jan
0
30*gMay
1
378
Ex-rights.
Jan
Apr
47*4
June
5
4*8
Apr
Mar
8*4 May
26*4 June
21
0
12*4
614
13*4
Jan 22
June
Jan
Dec
3i2 May
27s May
30
14i2May
31*4
16*4
21*4 June
107
Nov
130i2 May
4
May
lli2 May
*4 May
28i2 Jan 13
2?g Jan 14
28
Apr 8
Apr
2312 Apr
30*4 Deo
Jan 21
1478 Jan 6
125sMay 26
1036s Feb 20 11 lri« Jan 30
1812June 3
25i2 Jan 11
9
Jan 9
714 Feb 19
100
900
June 13
24i2June25
IO314 Jan 23
1
300
5
Apr 23
2i4June 17
No par
500
June 13
45
No par
6 % conv preferred
3
7i4June 5
13i2 Jan 17
No par
McCrory Stores Corp...
2
May
13i2 June
105U May
17U Dec
Feb 18
1,60)
McCall Corp
19*8 Jan 15
Jfune
Mar
236s Apr 21
22*4May 20
....
$3 preferred
3
6
29
June
__
Macy (R H) Co Inc
No par
Madison Sq Garden...No par
Copper
...10
Manati Sugar Co...
1
Shirt
3i2 Jan
1558 Jan
110i2 Jan 18
lO'g May
2214 July
20i2 May
97
May
16*8 May
17
..No par
Mandel Bros
16*8 Jan
28*8 Jan
34*8 Jan
I8I4 May
May
9
May
27
150
Magma
n
2
2212 Aug
23i2 May
May
May 20
May 28
d Def. delivery,
2718 Jan 9
297s Jan 10
16
Loews Inc
$3 series
17i2 May
19i2 May
June 23
June 25
7
1,100
4
21
600
3,800
li2 May
18i2Mar 11
2078 Apr 21
x29 May 8
98s Apr 15
par
Feb 14
300
May
27*4 May
Dec
Liquid Carbonic Corp..No par
Lockheed Aircraft Corp
1
$6 1st
10
Jan 10
2i2June 17
37*4June 17
109
23
30
87i4 June
24ig May
188*8
L) Co
1
Martin-Parry Corp....No par
Masonite Corp
No par
300
Mar 26
3778June 23
1368June 10
8i2 May
4*4 May
109i2
Martin (Glenn
1,300
100
9i2June 20
x4
500
4
27i4 Jan 10
Marine Midland Corp
6
Market St Ry 0% pr pref.. 100
Marshall Field A Co
No par
800
8i2 Jan
3
Jan
3,300
400
2
2178 Apr 14
19U Apr 12
109i2June 4
is4 Jan 2
i2 Feb 13
2ia Feb 14
197S Apr 12
4u
7,300
Bid and asked prices; no sales on this day.
Feb 15
*4 Jan 14
9
9
8*4
9
9i2
9
8*4
9ig
9*8
9*8
*22
2214
2214
2214
2212 *22
2212
22i2 22i2
22*8
22i2
29
29
29
*27*4 285g
29l
28*4 29l2
2914
2914
27l2 28l2
173
*170
*163*4 173
*163*4 173
*170
173
172i2 172l2 *170l2 173
5112
50
51l2
51*4
51
51
5h2 5h2
51
51*4
51*4
51*4
2*8
2*8
*214
2*8
2i4
214
214
*2i4
214
2i2
2i4
2i4
25
25
*24
26
*24*4 26
25
2412
2412 24*4
24i2
*2412
*10512 10034 *10512 106*4 *10512 106*4 io6i4 106u *105i2 107
*105*2 107
13
•125s
13*8
13
125g
*1278
125g
13
13*8
*1278
*12*4
1278
'
1412
14*8
14i2
1412
*1414
1414
14i2
1412
14*8
1412
14l2
14*8
*104
1047g *104
10478 *104
10478 *104
l0478
10478 105
10478 10478
20
2014
19*4
1978
20
19*4
1978
19*4
20
*1912
19*4
19*4
8i4
8i2
*8ig
♦81s
8u
812
*8ig
8i4
8i4
8i4
85g
8i4
33
*33
33u
34
*33
*32*4 3312 *33 4 34
34
34
*3314
3u
314
314
314
314
314
314
3ig
3ig
U
3*8
3*4
*29i2 30i4
29*4 30i8
29*4 29*4
295g 29*8
29i2
295g
29*8
295g
*2112
Jan
2018 Jan 13
Feb 14
27s Feb 15
z22i8Mar 3
126s Apr 17
340
18
22
...No par
26
8,300
318 May
May
9
May
11
May
Lima Locomotive Wks.No par
Manhattan
10,000
Jan
38
Maracaibo Oil Exploration... 1
8
8
25t2June 4
1*4 Jan 24
23i4 Feb 15
"166
16*8
29*8
June
Jan
Apr 22
h4
*1
6*8 Jan 10
44
12214 May
48i2 May
97g June
1175s May
Dec
13
133
13*4
1334
7
12&8 Jan 10
12H2Mar 12
May
100
2.000
Feb 11
110*8June
June
9
May
34*4 May
7
May
May 15
2
2
6
64i2June 23
128
122
May
6% preferred
2
7
Jan 16
96
25
700
44
92
10
200
Jan
6
MacAndrews A Forbes
300
June 16
8i2Mar 15
1211* Apr 18
200
12*4
95
June
Mar 19
60
28
9
37
267s May
25
May
1312 May
97i2 Jan
1*4 May
17g May
4*8 May
74i2 June
514 May
2018 May
7
Apr 10
104i8 Jan 22
100
Louisville Gas A El A ..No par
100
24*8
Jan
June
10ig May
40i2 May
1*4 May
2034 Apr 4
14i2 Jan 10
IO414 Jan 27
Louisville A Nashville
24*8
Mar 26
3
3's Jan 10
IOI4 June 23
Jan 10
700
*1214
*26l2
102
109
June
2", 700
1278
Jan 13
15i2June 10
7378June 10
2i8 Jan 16
39*4 Jan 2
42i2May 20
3H4 Jan 30
39*4June 18
Dec
6I4 May
3i2 May
195g June
87
5% preferred.
.....100
Lorillard (P) Co......
10
7% preferred
100
24*4
28
131
1&8
109
Long Bell Lumber A
6,700
2ig Jan 10
95g Jan
378 Jan
28i2 Apr
3
Loose-Wiles Biscuit
30"
May
_
2
1,200
2914
3oi4
May
145
Jan
Jan
1,800
*135
June
38
170
May 14
■
*135
136
Jan
No par
800
1
May
18ig May
167i2 Jan 10
53*4 Jan 10
98
No par
60
Aug
June
214 July
6i2 May
189
Link Belt Co
1,600
June
May 26
Lily Tulip Cup Corp...No
400
91
June 16
Lion Oil Refining Co
37,100
Jan 10
May
May
May
May
6012
7i2
45g
2114
80
100
17,100
5,100
llU Jan
218 Jan
72
140
174
300
1,400
13i2 Jan
612 Jan
2512 Jan 14
11314 Jan 28
45gJune 24
Dec
May
16*8 May
.....100
Series B
100
2,200
Jan 10
90i2 Jan
14
54i2 Apr 19
124i2 Mar 20
97
Apr 21
10 May 20
Dec
5
26
600
200
6
134
Apr 23
June
2*4
20
Mar 21
32
.No par
Lane Bryant
10
27
Jan 10
49
6*8 May
May
12
31
9'4 Apr 21
100
Lambert Co (The)
26
7
12
22
33
124
Laclede Gas Lt Co St Louis 100
29
12*8
9i2
Feb 24
7
cl A. 1
29
30
85g
conv
12i2
*1178
812
100
Kelsey Hayes Wh'l
29
113
*111
iiii4 iid4 *111
113
*11u2 113
*llll2 113
3
*25g
3
3
3
278
278
27g
*2*4
27g
1
us
h4
11«
114
lh
us
h4
1»8
h4
6*4
7'4
718
6*4
8
7*4
7*4
078
8»s
712
21
215g
21*8
21*4
2h2 2178
*21*4 2178
21*4
2178
13
*1212
125g
*12i2
125g
*1212
125g
*12l2
*1212
12*8
*22 i8
2214
2214
2214
22i4
2214
2214
2212
*2h2
2212
27%
27*4
28
28
27i2 27&8
27*4
27i2 2784
2814
55g
51*
512
5l2
512
5i2
5l2
5*8
5*8
512
3478
34%
*3412 35i2
3412
*33i2 35*8 *3412 36
34l2
84
85
*8212 84l2 *83
84
*83
8412
*82l2
8478
*86
87
*86
8612
8584
8.5*4
85*4
85*4
855s
85*8
*172
177i2 *171
177i2 *172l2 175
*17418 175
174*4 174*4
21
21
21
2078 2078
*20!g
*2014
2h4
*20u
2b4
28
27
28l2
28
27i2 27*4
27*4
27*8
277g
27*4
*30i2
305s
31i2
30*8
31
31
*30i2
*3012
*30l2 31
xll%
115g
♦llsg
1178
*11*8
1178
*1158
1134
*1112
11*4
42*8
5
1214
9i2
9
42
100
29
26i8
2314
814
5% conv preferred
Kayser (J) A Co
12i2
9
4212
278
380
2578
7ig
87
27i4 Apr 21
100
29
12*8
29*4
100
212
36*4
3,900
714
*678
26*4
2478
414
25*4
414
25»2
2534
25*4
25*4
293g
1258
26*4
36
412
120
400
3
zll6i2June 12
3*4 Apr 23
16*4 Jan 9
12
1
Apr 16
4% preferred
Keith-Albee-Orpheum pf..l00
"
10012 10012
24*8
*4
25lg
*22l4
4lg
120
200
113
Jan
Kan City P A L pf ser BNo par
Kansas City Southern.No par
Kaufmann Dept Stores
.....
15,200
*2i4
9
4*8
*
•>
200
13*4
*2514
2478
4ig
8u
w
1,000
3718
2i4
2314
*1
m
m
36*4
26*4
2478
*12*8
300
m
*133g
*2514
13*8
2314
125g
*8*4
10012 10012
37
3712
13*8
2314
*125g |13l2
*1
h4
No par
Preferred
100
Jones A Laughlin St'l pref. 100
Kalamazoo Stove A Fura
10
500
*2i4
17«
Johns-Manvllle
20
2,700
612
2l2
*6
2,700
*6*8
25ig
*6
No par
6i2
23
*1*4
Jewel Tea Co Inc
*614
26*4
25
1,100
612
13i2
285g
Jarvis (W B)
_
l78May 2
ITsMay 1
fii4 Feb 19
1
6i2
99i2 *100
..100
Intertype Corp
No par
Island Creek Coal..........1
$6 preferred
1
Co
500
37*4
95
No par
Preferred
""166
3112
19
19
19
16
32i2May 23
38i4 Feb 21
26 May 20
26i4 Feb 15
Foreign share ctfs...No par
Interstate Dept Stores. No par
1412
13l2
*2514
23*8 Feb
May
107, Feb
6712 Feb
lis Apr
......100
2,200
14i2
25
285g
7% preferred
Inter Telep A Teleg
2*8
145g
2278
*28i4
100
23g
Apr 24
125
100
4,300
*8
5
3
No par
2ig
10
1
6ig Apr 21
International Shoe.....No par
International Silver..
50
2*8
14i2
25
*131
1,400
*9712 102
10i8
May
43igMay
InternatRys of Cent AmNo par
5% preferred
International Salt
2i2
31i2
140
100
2»s
1458
37
42
4
*14ig
99i2
•
'
""26
6*8
9
42
'*»•»
42i4
*108
5 % conv preferred
6,600
42
2ig
*214
10lg
*9514
Apr 21
114 Apr 10
Internat'l Mining Corp
1
Int Nickel of Canada..No par
Preferred
100
Inter Paper & Power Co
15
42*8
*97i2 102
7
3018 Apr 23
1,800
10,100
15
1*4
1
3ia Feb 17
No par
Preferred
Apr
Apr 15
135
39
Internat'l Harvester
22
Feb 25
1
314
26
*h4
38i2
Intera&t Agricultural..No par
Prior preferred
100
Int. Business Machines.No par
87gMay
20*aMay
455gMay
4i2May
21*4 Jan
05gMay
Highest
$ per store
161
Int. Hydro-Elec Sys class A.25
Int Mercantile Marine.No par
1414
9
*4112
1434
65*2
Intercont'l Rubber....No par
Interlace Iron
No par
store
11112 Jan 22
1912 Apr 16
109
per
10
21
June 10
6*8
9
27l4
*126
135
6
Year 1940
Lowest
27
5
150
1414
*8*4
*2414
*22l2
20*8
257g
20*4May
93i4May
1551s Feb
6914 Apr
9ij Apr
100
6*4
125g
*27
3i2
26ig
.......100
Feb 13
1,100
3,700
1
678
3lg
6% preferred
400
14*4
1212
*19*4
3,000
7
m
12*4
*170i4 177i2
50*2
635s
*1212
86i4
500
64
6312
63*4 64
63l2
6312
126*4 *125
126*4 *125
126*4
104u 10412 103i2 103l2 10412 10478
10
10
10
*10
*978
10i8
10i8
*97s
10*8
*118l4
*11814
*118i4
*118*4
458
414
414
45g
45g
414
45s
45s
45g
*19
20
19*8
*19
20
*1914
1912
195g
195g
*13
1414
*13
*13
14i2
1412
14l2
*131g
14ig
103
103
10378
*103
10378 *103
1037g 10378
1037s
71*
7i2
7l2
*73s
7i2
*7l2
712
7i2
7*4
63l2
2512
25*4
84
500
160
1
714
*42
600
10412 104i2
2514
25*4
*85
5012
1
*127
1,500
5,200
126i2 126*4 *125
25l2
25*4
5i2
51u
3*8
2512
120
3984
24*4
35
51
5
Insuranshares Ctfs Inc
1
Interchemlcal Corp
No par
200
154i2 154i0
i6oi4 i6oi4 *158
100
No par
1,600
*38l2
35*4
2214
27i2
155
No par
Inland Steel Co-.
Inspiration Cons Copper...20
39l2
24i2
6*8
155
*134
*13212
Ingereoll-Rand—
10
par
Feb 18
18i4May 19
par
11,500
38l2
38i4
4
13
12
38i4
38
247g
2h2
1178
200
35l2
6i4
*20*8
*12i2
*21*4
2712
512
*3312
*8212
12*8
yoy
4
1»s
1218
2,700
*1014
24*4
27s
737g
ioi4
35
113
500
1000
0% preferred-.
73*8
ioi4
4
1*8
102l2 103
10*8
10*8
24*4
*2*8
"""700
23*4
100
Indianapolis P & L Co .No
Indian Refining
Industrial Rayon
..No
*153
6578
28lg
36
*111
800
0l2
*73*4
15ig
28i4
99i2
*6'8
103
*578
*23*8
73i2
14*4
42
3778
13*8
*27
103
65
42
*37ig
*214
7i2
2
30
■
66i4
65l2
*1*8
*25l2
28
278 Jan
19
1478
39
24*4
*67s
135
14i2
43
36
28
xl9
25*8
*37ig
212
35*4
*314
*25i8
*25i2
6
25*8
13l2
37*8
345g Jan
7«s
312
*41*4
28i4
37i2
10
*10112 1037g *10112
*714
7i2
*714
*107
113
*108
113
*1378
65*4
2i2
8*8
13
Leased lines 4%
RR Sec ctfs series A
1
*127
14*4
66
2l2
ioi4
6% preferred series A... 100
110
312
128
2*8
97
600
4
7
4
6ig Feb 15
i8i4
40i2
1
2i4
63l2 6412
126*4
10378 10412
....
26i2
2
38's
10
*3*8
257g
145g
1012
*125
1
$
4
23i2
7
214
10l2
63i4
1
714
100
store
18k
2312
51
per
*39*4
612
160
$
i8i4
*153
50
160
678
128
*134
104
50i2
160
Par
Illinois Central RR Co
40i2
*5*4
*15314 154*4
1
128
38
127
49*4
159
7i2
37s
26*4
4,400
*6
6
6
6
6
*6
6»4
6i4
21*4 21*4
2212 2212
*22i2 2312 *2212
2312
109lg 10978 *107l2 109
*107l2 109 i8 *107i2 109
458
412
4i2
4i2
*4ig
45g
4i2
412
8*8
85s
8i2
812
8*8
8i2
8*8
8i2
112
15g
*li2
*ll2
u2
15g
*112
1*8
43
42
42
*41
43
42
*41
42
*15314 155
5112
10i2
*103
*118
h2
4412
154
37
*125
1018
8*4
Shares
8*8
Range for Previous
Highest
i8i4
2334
12
store
Lowest
*39*4
3i2
19*8
7312
12i4
per
8
19*8
612
104
i2i8
414
$
8
3i2
195g
*153
1178
15ig
2
*103
104
4
*5*4
23*4
12lg
6i4
22*8
67i2
2lg
214
2414
i8i4
4012
7312
1*4
39
*37ig
*41*4 43
28*8
28l2
39
38i2
looig 100l8
28*8
23*4
6ig
735s
14*4
39
19*4
*6
8
8
*3l2
19*8
7312
66i4
*ll8
43
*19i2
*103
*156l2 160
1*8
h8
1 8
714
*3*8
25l2
*17i2
7*8
*153
lh
44
154
75g
7412
8l2
44
128
104
*4
8ig
*15314 155
5012
2412
10912 110
414
8*8
*42
6l2
*153
*72 7g
•
Range Since Jan. 1
On Basis of 100-Share Lois
Week
*714
*17
4087
EXCHANGE
Saturday
$
6
77s Mar
Jan
li2May
Oct
Dec
101* Nov
407g Jan
32*4 Apr
173i2 Dec
36*8 May
53i2
Jan
214 May
4i8
3018
Feb
Apr
20
May
90i2 June
10i2 May
10
105
10i4
Mar
Jan
May
177g
Apr
May 111**** Dec
29
Apr
17'g May
5
June
26
June
9U
47i2
Dec
8*4
Ap
17i2 May
3212
Ap
93
3*8
Apr
Jan
^ Called for redemption.
June 28, 1941
New York Stock Record—Continued—Page 7
4088
June 21
*75%
Friday
the
June 27
Week
$ per share
$ per share
Shares
82
70
29
4%
4%
25)2
*24%
24%
*23)2
*29
29%
29
7%
16%
29%
7%
1638
28%
*4
..
*2412
*2412
4%
2912
7*4
*29
*7
'
29
*27%
16l2
3%
*3
*62
*62%
6412
10%
%
2%
11
10%
%
2%
14%
64%
11%
v
*»i«
*29%
8%
16%
*28%
16%
28%
*105
*3
64
10%
11
»i«
2%
*2%
*%
»u
*2%
*2%
*1334
2%
29)2
2%
14%
*13%
15
15
14)2
14)2 *13%
82
82%
81
82
81%
81% *81% 82
81%
11534 11534 115% 116
115% 115% 115%
11534 *115
*120
122
*11934 122
*119
122
*118% 122
*118% 122
*111
111%
111
111
111
111
111
111
111
111
*13%
*80
*115
*7%
*14%
*19%
3%
7%
14%
7%
*14%
7%
14%
*20%
20%
*19%
20%
3%
4
4
.
*3%
;:
4
4
*16%
17%
*16%
*18
18%
18%
5%
5%
44)2
4%
17%
*43%
19%
C'5%
*43%
■
7%
7%
7%
*8%
8%
*8)4
8%
170:,
16%
16%
16%
16%
*164
170
11
90
*10%
*82%
*82%
11
90
*15
16
16
16
*10%
*5) 2
*8%
*5
14%
*14%
*3%
*60%
*10%
*66%
109%
53g
*4314
4
5%
19
18%
5%
7
7%
*12%
10%
10)4
12%
10%
*10%
13%
13%
13%
13%
13%
6
6
6
6
10%
13%
6%
8%
8%
9%
20)4
9%
*9
20%
*16%
18%
6%
6%
83%
•
7)2
7
:
7%
20
20
20%
20i8
18
18
*17%
18%
*16%
18%
6%
6%
6)2
6?
12%
7%
13
13
6J2
10%
13%
6%
20%
*16%
6%
9%
20%
18%
6%
*1314
63
63
*64%
*3%
*9
:
13)2
*61%
61%
64%
9)2
*8%
8%
39%
*38
15
71%
39%
•105% 107
v. 29%
29%
6%
6%
24%
j
24%
*108)4 109% *108)4 109%
40%
40%
*39)2
41
117B
14%
35)2
*16%
*5
11%
14%
3578
17%
5%
*11%
12%
12%
14%
15
36%
37
17
17
*5
*13%
71%
8%
15
71%
*8%
*13%
71%
13%
62%
64%
3%
*9%
; *8%
3%
9%
9
14%
72
*13%
*71%
5334
6%
13%
62%
*5
12%
37
36%
18%
*17
18
*16%
6)2
5
5
*5
*11%
12%
*12%
37%
12%
58
*%
%
*%2
29%
*26
*54l2
36%
26)2
12%
53%
53)2
*53
55
%
*1,
1«
29%
30%
26%
29%
11%
*26)4
*84
%
30
26%
14
%
29%
29%
*26
%
%
*%2
3%
9%
197
196
37%
17%
6)2
12%
114
114
*113
12%
12%
12%
12%
12%
12%
52%
*53%
53
53%
53
53
53
53%
53%
53%
53%
14%
*24
27
12
12
12
9%
9
20
20.%
20
*6
6%
*4
4)4
14%
14%
144
*143
*6%
7
*46)2
49
*16%
18'
50)2
*48%
*116%
44%
8)2
*2%
*15
....
144
4%
15%
144
7%
7%
48%
48%
17%
5012
*17
*48%
*116%
...
45%
45%
*2%
3
16
15%
15%
7%
6%
6%
10
24
33%
16%
*33%
*16%
4
14%
84
44%
8%
3
*9%
23%
84
9
7
2
28
19
85
*84
*
2
9%
*9%
10
24%
33%
24%
34
16%
17%
63
9%
20
6%
*2
24%
*12
53%
14%
2%
25
12%
13
1#
,l4
12%
*53
114
10
Aug
28% May
Jan 15
24
May
£38)2 Deo
Co......—6
-.5
Mld-Contlnent Petroleum..10
Miami Copper..
125
107
110
117
6
120
Jan
..No par
$4 pref ser C_.
150
12,200
5
1
1
200
Mulllns Mfg Co class B
130
No par
Munslngwear Inc
No par
Murphy Co (G C)
-No par
5% preferred
100
Murray Corp of America.. 10
Myers (F & E) Bro
No par
11%
100
1,700
50
1,600
5%
44)2
4
~4~ 900
18%
10
19%
5%
5%
,
3,300
1,000
300
400
$7 preferred
12%
10
10
100
1,400
1,000
10,200
2,100
13%
13%
6%
*8%
6%
20%
20%
18%
2,400
6%
84%
110
17%
2.400
*17
6%
84%
17%
_
5
10
National Biscuit Co
100
Nat Bond & Invest Co.No par
Gas Co—1
Nat Dairy Products
No par
Nat Dept Stores
No par
6% preferred
10
National Cylinder
Nat Distillers Prod
$4.50 conv preferred.No par
National Lead Co....
10
100
National Oil Products Co
6%
6%
4,800
National Pow A Lt
53%
53%
6%
2,000
4,800
2,500
National Steel Corp
6%
*13%
62%
13%
62%
500
64 %
320
6%
*81
84
*82)2
4
...4
*83
84
*4
14%
15
*143)2 144
714
*47
7%
48%
84
4%
4%
*4%
14%
14%
14%
14%
143% 143)2 *14312 144
7
7%
7%
7%
47%
47%
*47% 48%
17%
17%
18
*48%
50%
*48%
*116%
*116%
44%
8%
*2)2
15%
..
45%
45
9
3
*48%
*116%
45
45
9%
3
15%
15%
15%
9%
3
16", 100
300
800
114
20
300
7,500
50
6,900
30
600
50
300
13,500
21
3,700
6
6
200
83
84
30
600
3,100
144
144
30
7
7
2,800
48
48
300
20
50%
200
7%
7
7
*6%
7%
*9%
24%
10
*9%
24%
24%
10
24%
34
34
34
34
34
34
34
34
17
17
16%
17
17%
17%
17
17%
*6%
2,100
2,800
390
934
$ In receivership,
a
May
106
June 12
Jan 17
100
June
110
31% Jan
8
8% Jan
6
27% Jan
22% Apr 28
5% Apr 23
20% Feb 14
106% Mar 8
31% Apr 24
11% Apr 22
11% Feb 19
25
May
July
10534 Nov
Jan
6
30% May
9% May
16
8% May
110
100
3,400
800
3,200
Def. delivery,
12%June 14
June 18
9
45
117% Aug
58% Nov
1
50
100
n New stock,
23
58% Jan
47% May
47% May
59
6
57% Jan 20
17% Jan 10
7
3
10% Mar 31
Feb 14
Jan 15
Apr 25
June 10
Feb 19
14%May 29
No par
140
100
June
4
6% Apr 23
40% Apr 16
40
June
5
2% Jan 11
27
Jan 11
13% Feb 7
9%May 21
21
Jan
97»2
Dec
4% May
9%
101
May
2% May
25% Aug
11
Dec
5% June)
10% May
7% May
95
Jan 11
114
Jan
Sept
*~27~~May ~~39~"Nov
7
150
Jan
May
6
4% June 12
17% Jan 8
Jan
84)2 June
15
Jan
June 27
Jan
58
104% Jan
10
Dec
'
May
5%
Jan
42%
Jan
16i2 May
884 May
23% Apr
14% Mar
112
2% May
5%
11% June
12434 June
18%
10% Jan 10
7
150
May
12%
Mar
Apr
Jan
Dec
Jan
Nov
May
47
4
53% Jan 10
26% Jan 6
21
June
19
June
3234
Apr
48%June
3
55
Jan 17
47
May
55
Jan
Mar 26
120
Mar 26
115% May
120
16
120
Co. 12.50
38%May 1
7% Apr 9
1% Apr 23
10 May
3
10
.N# par
No par
4% Apr 17
9% June 19
25
22%June
No par
32%May
11
..No var
r Cash sale,
117
14% May
May
3
..No par
Pacific Finance Corp (Call). 10
Pacific Ltg Corp
May
17% Jan 10
97% Apr 16
7%May 8
113% Feb 1
434May 23
Pacific Amer Fisheries Inc...5
Pacific Mills
Apr 29
Apr 29
Apr 21
Mar 7
1334 Feb 19
...100
Pacific Gas A Electric
226% May
73
100
No var
1st preferred.
May
3
6% Feb 19
$5.50 conv 1st pref..No par
2d preferred
Jan
31®4 Dec
35% Apr
Jan
105
7
ll%June
Outboard Marine A Mfg...
Owens-Illinois Glass
May
13%
175
May
l%May 17
No par
...
Jan
%
2
23
No par
6
Otis Steel Co
J»Q
%
2
Jan
34
50
No par
6% preferred.....
•
20
7%June
50
Otis Elevator.....
Oct
%« Dec
Jan 25
110
Co..2.50
8% preferred A
Oppenhelm Collins
Dec
%
117
50%
50%
12%
96%
534
Norwalk Tire A Rubber No par
Omnibus Corp (The)
Jane
ht
6
% Jan 10
31% Mar 17
32% Jan 8
215
12
..50
50
Oliver Farm Equip
% Jan 13
1% Feb
Feb 25
109
Adjust 4% preferred....100
American Co
...10
Ohio Oil Co
56%June
24% Feb 14
7
188 May 31
24%May
North
Pharmacal
12%
115% Mar
$N Y Ontario A Western..100
N Y Shlpbldg Corp part stk..l
Noblltt-Sparks Indus Inc....6
Norfolk A Western Ry
100
Preferred
Apr
Apr
8%
Apr
*ti Jan
Norwich
Jan
39
33)2 Mar
3% May
4% May
Jan
May
3
2
Telegraph
Jan
110
6
Northwestern
Tan
18%
21%
104
4
Northern Pacific Ry
May
50
7
Jan
Aviation
Jan
Jan
Jan
Northern Central Ry Co
Apr
Feb 24
*11 Jan
North Amer
Apr
53%
115
100
6% preferred series
5 *4 pref series
91
110
112
Mar
47
Conv preferred
Apr
10% Apr
10% June
25% Mar
.14% Feb
27»4 Dec
110% Dec
23% Nov
6
6
Nov
8%
6% May
2
May
Jan
9>4 Jan
14% May
80% Dee
15% Jan 10
45
Jan
7334
20)2 July
Jan
110
8%
4
109
50
Pacific Coast Co
'""260
24%
£24
36
100
JNYNH4 Hartford
Outlet Co
3
7
14
72
Co.-lOO
N Y Lack A West Ry
Preferred
24%
Jan 18
79% Feb 10
Northwest Air Lines—No par
12
7
7% May
Oct
45% Jan 16
North States Pow $5 pf No par
25
15
Jan
7
50
100
12
*2%
8%
16
Jan
38% Sept
49% Nov
10% Jan 4
9% Apr 18
Feb 17
June
27
48
Aug
3%
Apr 28
13
No par
5% preferred
NY A Harlem RR Co
Jan
Apr
Dec
34
38
71
100
500
*24
*9%
24%
10
400
96
22)2
26% May
6
Feb
5
15
198
*9%
May
8
20% May
%
45%
4% May
6
7
198
15
6%June 18
137gjune 24
64%June 16
66% June 18
Feb 19
May
48
6
6
*113
*18%
*48%
*116%
44%
45%
Jan
24% Jan
6% Jan
31
25%
50%
13% May
y28% Dec
5% May
40%May
30%
25%
20
9%
*2%
*2%
15%
*18
9%
15%
18
50l2
June
14% May
Feb 14
900
4
7% June
5% May
66
7% Mar 20
Apr 22
10% non-cum pref
14%
73j Nov
7% Oct
26% Apr
15% Jan
12% Jan
4%May 16
8
Apr 12
Dock
Apr
May
June
3
Jan
68)2
3
Feb 14
6% preferred series A
Jan
18%
5% May
3
17
15%May 15
%
4
13% Mar
May
...No par
%
*S3S
14%
6
11%June
New York
20
9%
16%
NYC Omnibus Corp..No par
200
9
Jan
9% May
100
316
20%
Apr
20%
100
*%i
6%
9%
June
Feb 19
10
6%
99)2
Oct
15%
Jan 15
31
Apr 30
110% 110%
6%
Nov
86
23% Jan 10
534May29
49
9
112% 112% *110% 115
8%
8%
8%
8%
39
39
*36% 39
*2
2%
2%
*1%
Apr
15334 Dec
8
96%
6%
19
June
No par
8,100
£96%
Dec
12%
132
3
No par
Dec
Jan 15
9
Feb 19
43
No par
Jan
176
154
May
16% Apr 21
26
41
N Y Chic & St Louis Co... 100
Apr
June
155
142
100
100
New York Central
24%
176
No par
N Y Air Brake
Sept
16%
Dec
May
No par
1
800
10
June
9
16%
£160
Nehl Corp
1,500
34,100
8% Sept
7% June
Jaa
18%June 20
8% Jan 13
8% Feb 19
$5 conv preferred....No par
Jan
5% July
93% Jan 10
17% Jan 6
4% Apr 23
300
Feb
23% Dec
2
40
7,700
7%
22)g
Jan
Jan
Natomas Co....
2,000
June
131s
176
100
700
June
3% May
11
8% Nov
53
Apr
14)2 Apr 22
168%May 29
700
38%
17%
6%
12%
37%
*16%
*5%
12%
14%
97%
20%
Jan 30
5% Apr 21
May 12
111% Dec
May
41
Mar
83
May
4
9%June 25
24% Jan 11
Apr 26
15% Mar
8% May
56
97% May
14)2 Jan 10
6)3 Jan 14
12
4
4*4% convserlal pref... 100
Newberry Co (J J)....No par
5% pref series A
100
Newmont Mining Corp....10
Newport Industries
1
N'portNewsShlp&DryDock 1
May
20
Feb 19
11
National Supply (The) Pa.. 10
Nelsner Bros Inc
Jan
5% Nov
56>2 Nov
2% May
13% Mar 20
1,400
"""116
Apr
26%
13% Feb 24
88% Jan 6
17% Jan 15
9% Apr 28
3%
14%
Apr
18%
May
8% May
175i2 Jan
National Tea Co
72
72
16
May
15
9
9%
*14
Feb
18% Jan
9
3%
Feb
30%
10?! Jan
78
25
5H% prior preferred
6% prior preferred
Jan
45
lit
12
6
7% Jan
6
17
No par
$2 conv preferred
Oct
56
33% May
29%May
23% Jan
7% Apr 21
15%May 26
160%May 27
10%May 27
813.i June 11
14%May 21
6%May 27
ll%May 20
8% Apr 1
12%June 6
4% Feb 15
7% Feb 14
Nat Mall & St'l Cast Co No par
14%
*96%
9
..100
100
7% preferred A.
6% preferred B..
MaF
Jul7
21%June
8% Jan 11
51% Jan 27
5% Jan 4
Feb 17
7
119
122
4
Jan
112
43%June 10
3% Apr 21
14% Jan 3
16
Apr 18
1
Nat Gypsum Co
900
53%
*6
9%May 2
61% Apr 17
1093*June 25
4% Apr 23
June
May
13
6
17
12
16
12
Feb 19
5
Jan
Jan
Jan
17% Jan
6
2% May 15
46
No par
200
30
*53%
20
18%May
1%
4%
19%
24% Jan
4% Jan
63% June
ll%June
71% Jan
6%May 29
3
14%June
Nat Enam A Stamping No par
900
9%
10
No par
Nat Cash Register
17,000
20%
6%
No par
*29
12%
9%
*6
100
Nat Bond A Share Corp
National Can Corp
145)2 145%
*20%
21
53%
53)2
14%
12%
100
7% preferred
200
171
170
300
4
10
6% conv preferred
Nat Aviation Corp
4,800
1
6
Jan
5
Nashv Chatt <fc St Louis
100
National Acme Co
1
Nat Automotive Fibres Inc.-l
5% pref series A
""960
June
Nash-Kelvlnator Corp..
100
2,000
7
7
3,100
38
23
11% Nov
31% May
8
lll%June 18
39% Jan 8
43% Jan 23
28%June 10
108%June 6
31% Apr 30
Dec
113% May
Jan 31
Mar
67%
110
*17
Nov
110
Feb 14
Mar 27
115
62
3%
£79
77
112
Apr
64%
9% May
No par
Jan
4%
*11 Dec
4
Apr
Apr
110
May
15% May 19
88% Jan 7
1% Jan 2
13% Feb 15
54
1% Dec
3
No par
*3%
5%
*43%
4
Dec
124% Dec
7% May
ll%May 6
7, May 10
3
% Jan
June
26
Jan 13
Preferred series B
12
25
9% Feb
Apr
17% May
12%
45
2% May
4% Jan 11
Feb
26
May
95
Jaa
«%
33% May
Jan 16
$4.50 preferred
62
110
103
Jan 14
67
34% Mar
6% May
11% May
23% May
6
45% Jan 10
4
2i2June 6
Feb 14
7% preferred series A...100
20
10
June
56
No par
Mueller Brass Co
67
9% Jan
6
105% Apr 21
37%June 4
Monsanto Chemical Co
53%
53%
1418
*12
17%May 21
3812 Jan 9
Mar
80
12%
*24
37
13
8% cum 1st pref
100
Minn-Honeywell Regu.No par
4% conv pref series B
100
Minn Mollne Power Impt—1
$6.50 preferred
No par
Mission Corp
...10
Mo-Kan-Texas RR
4
27%May 23
6% Apr 21
26% Apr 21
Motor Wheel Corp
*10%
Feb 14
14
14% May
7% May
33% Jan 10
27%May 29
3% Feb 15
21% Feb 15
No par
Midland Steel Prod
Mohawk Carpet Mills.
53%
*19%
Bid and asked prices; no sales on this day.
%
31%
25% 25%
196% 198
196
114
6%
2
50
May
65
Motor Products Corp ..No par
*8%
9
14%
72%
30
26%
196
1934
9
9
19%
*6
30% Apr
(The)
100
57
*113
11%| *11%
May
Mesta Machine
115
114
*24
82
500
*54
195
25%
53% Feb
24% May
2% May
11% May
800
*110
13%
14%
14%
14%
13%
*96%
97%
*961?
97%
*96%
97%
98
6%
6%
6%
6%
6%
6%
6%
*112
112%
113% *112
113% *112
112% *112
*8)2
9%
*8%
9
*8%
9%
*8%V 9%
*37
39
39
38)2
38% *37
*37%
38%
*24
Feb
4% Jan 3
26%June 12
7%
57
195
2
70
14%
20%
3%
14%
*19%
115
*%
,>•■■■
*113
2
8
...1
1
"""226
35
41
25%
25)2
7%
*54
3i«
1JU
2%
May
Montg Ward A Co. Inc.Nc par
Morrell (J) A Co
No par
Morris A Essex
50
*110
32
13%
*96%
*2
85
2,300
111:!
58
*54
7
%
%
26%
Feb
100
120
111
115
*110
115
55
%
29%
*193% 197
114
12%
*110
58
*%
7 32
3,
*113
*53
115
*110
115
*50
64
10
120
64
65
*108% 111% *108% 111% *108% 111% *108% 111% *108% 111%
*110
series A.No par
Jan 16
Merch A M'n Trans Co.No par
600
2%
14%
82)2
83
116% 117
*2%
*13%
*38
*38
*38
39%
39%
39%
39%
*105% 107
*105% 107
*105% 107
10534 107
29
29
*28% 29
29%
29%
*28%
29
*6%
6%
6%
6%
6%
6%
6%
6%
24%
25%
24%
24%
24% 25%
2438
24%
*110
114
110
110
109% 109% *109% 110
38
38
37
38
39
39
37%
39%
12%
12%
12%
12%
12%
12%
12%
12%
14%
15
14%
14%
*14%
14%
14%
15
36%
12%
500
Jan 13
5% conv 1st pref
*38
'
*17
6%
*11%
12
3%
*9%
3)2
*71
6%
65%
*9%
*13%
24%
13%
62%
65
*3%
8%
15
6%
13%
*62%
13%
9
71%
*24
13%
62)2
64%
6%
3
71%
*105)2 107
*28%
29%
6%
6%
13%
62%
3%
*13%
*38
6%
5334
6%
53%
9%
9)2
*8%
53%
53i2
65
65
65
3%
53%
6%
54)2
e%
6)2
13%
5,400
%
*12%
V
54
11%
*tlt
18%
6%
84
84
83)
*82
83)2
83% *82
*80% 82
16%
17
16%
16%
16%
17
16%
17
*16%
1678
*169% 171
*168l2 171
*168% 171
*168% 171
*168% 171
*144
145% *144% 145% *144% 145% *144% 145% *144% 145%
21
21
9 21
21
21%
21%
21%
21%
20%
20%
*28%
30
29%
291?
29%
29% *29)2 30
*28%
30
6%
6%
6%
6%
6%
6%
6%
6I2
6
v
63)2
11%
Dee
108)2
9
75
$5.50 pref ser B w w.No par
Co
May
90
9
109% Jan
70% Mar 19
Melville Shoe Corp
Mengel
7% Jan 15
Feb 15
6
Highest
$ per share $ per share
5
May
9% Jan
$ per share
share
101% Apr 30
7
May 21
100
.
6%
*8%
53
63%
200
7%
7%
7%
*7%
*7%
7%
7)2
8%
8%
*8%
8%
8%
8%
16%
16%
16%
16%
16%
16%
16%
16%
*166
175
175
*166% 175
165% 165% *166
*10)2
11
10%
10%
*10)2
11
*10)2
11
*8234 90
*82%
90
*82%
90
*82%
90
*16
£16
16
16
16
16%
16
16
20
52%
"""766
7)2
*8%
12%
6%
3%
34%
19
*5)g
1,300
*37%
3%
*3%
3%
62
*61
62
*10%
11%
113g
67%
67% •67%
109% *109)2 111%
5)4
5%
5)2
44%
44% *43%
-14
3%
3%
18%
*17%
18%
18%
5%
38%
3
41
26
7%
14%
20
20
20%
*19%
18%
■■■■
9
20%
6%
26
7%
14)2
*17%
17
17
25%
7%
*37%
25%
7%
41
300
....
35%
35
353«
12%
10%
8%
*1238
10%
13%
4
35
*37)2
7%
13%
10%
13%
7%
7%
12)2
10%
13%
6
7)8
44%
M4
18%
*7%
*164
62
61%
63
62
12% *10%
11%
67)2
67%
67% 67%
109% 111% *109)2 111%
5%
5%
5%
5%
*10%
11%
66%
*109
111%
*5%
5%
*43% 44%
11%
5%
26
26
26
7%
14%
66%
4
*37)2
40
26
35%
41
35%
36%
*37%
62
62
;
36
35%
40
25%
7%
14%
21
3%
35%
*37%
*25%
8,200
2,600
80
38%
11%
">4
""'360
115%
*105
3%
65
500
V.iV,, 40
per
No par
preferred
16 preferred
1,300
16%
30%
16%
*28%
conv
Mead Corp
""166
8%
8
39%
*62%
11%
65%
*62%
11
10%
*23) 2
115
....
*3
3%
*3%
24%
115
*38%
38%
38%
3%
*62
2)2
114
115
28%
4
24%
2434
29%
6%
%
1
McLelian Stores Co....
50
400
70
*28%
Par
Lowest
Highest
Lowest
300
1
82
*75)2
*66
25%
24%
29%
8%
16%
29%
*23)2
8%
28%
%
2%
•
29
*105
3%
3%
*24%
115
*105
3%
4
25%
24%
*23%
39%
39
39%
39%
*3%
4
114
114
28%
*24l4
:
29%
115
*105
*105
7%
16%
29%
29%
39%
39%
7%
16%
*112
115
*112
28%
,29
7%
1612
29%
16i2
*75)2
*66
29
4
*66
29
4%
82
66)2
28%
66%
29
82
*75)2
*66
2512 *24)2
24% 1*23%
6612
*28
70
*75%
82
70
28%
4%
25%
24%
82
*66
EXCHANGE
Thursday
June 26
$ per share
% per share
7
7
6%
6%
*6%
7
*6%
7
*6%
7%
6%
678
107%
107% *105
*105
107% *105
107% *105
106
106
107% *105
*7%
8%
*7%
8%
*7%
8%
8%
8l2
*7%
8%
8%
8*4
Range for Previous
Year 1940
Range Since Jan. 1
On Basis of 100-Share Lois
$ per share
June 24
f per share
*7512
STOCKS
NEW YORK 8TOCK
Wednesday
June 25
Tuesday
Monday
June 23
Saturday
NOT PER CENT
SHARE,
RALE PRICES—PER
HIGH
Sales
for
AND
LOW
x
3
5
Feb 19
Ex-dlv.
y
49%
Jan
8
9%June 23
3% Jan
6
16%June 18
7% Jan 6
Jan
June
64%
Jan
434 June
10%
Apr
42
2
May
634
Jan
8
May
23%
33» May
12%
Feb
Jan
11% Jan 28
28% Jan 24
14
Apr
25% May
34%
Apr
40
8
33
May
50
Jan
17%June 26
8
May
16%
Jan
Jan
Ex-rlghts.
9% May
^ Called for redemption.
Volume
LOW
AND
New York Stock Record-Continued—Page 8
152
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Sales
CENT
STOCKS
for
~
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
June 21
June 23
June 24
June 25
June 26
June 27
S per share
On Basis of 100-Share Lots
Shares
$ per share
8
per
share
$ per share
S per share
$ per share
125
117
117
*117
120
*117
122
*116
120
*115
120
*151
159
*151
159
*151
159
*151
159
*151% 159
*151
Lowest
Par
♦3*8
33s
7
2*2
12%
*8%
*1*4
3%
6%
7
*6%
2*2
*6*2
3%
12%
12%
127g
2%
13*4
9
*8%
8%
1%
27%
1%
1%
*26%
27%
*98% 101
*1034
11
27%
*9834 101
11
11*8
*94
97%
*95
97%
*10%
10%
15*2
*15
*1%
25%
*17*2
*%
8%
8
834
1%
7
*678
2%
2%
13
1%
*28
11*8
1,300
15
15
'
15%
15%
100
1%
1%
134
134
>26%
26%
17%
26%
4,500
2,100
1%
1%
1%
26
*26
18%
*17%
7g
8%
*%
7o
*%
8%
8%
8%
*778
8
*7%
47
46%
79%
80
79%
79%
79%
48*2
*13
15
*13
*108
111
*108
3*8
8*2
3
3
2%
32%
23*2
33%
23*2
32%
; *6*8
*6*2
I. 6%
6%
6%
*638
29l2
*4434
30%
*85
86
*10
10%
80
7
30%
46
24
678
29%
*44%
30
10%
*9%
10*8
5%
62
44%
3*8
*45
50
*15%
15%
15%
15%
5%
*5%
5%
50
79%
*106
*55
43%
*2%
*45
62
7*2
11%
5%
*6%
36
10%
15%
37
7*2
7*2
75
1178
*172
1178
175
5%
6%
634
57*4
578
7
58
35%
*59*4
36%
62
10*2
10%
56*2
62
10*4
*163
V
*%
37
*70
5%
;■
36
*59*4
*163
11%
175
"1*8
15%
*7g
15%
111
34%
70
70
11%
*173
117g
534
'•634
175
5%
678
16
80
279%
3%
*45
16%
5%
57
36
*34
*59*4
*10%
62
11
36
37
*7
7%
5%
7%
71
71
11%
11%
11%
*173
5%
*6%
*33%
35%
59%
*59
60
11
11
11%
12%
*163
VI
15%
15*2
15%
19%
*18%
19*2
*17%
15%
19%
6%
6%
6%
6*4
6*4
9*2
*10*8
*10%
9*2
9*2
10%
*10*2
*32%
57*4
10
10%
8%
9%
8%
10%
10%
6%
8%
10%
8%
10%
6%
8%
10%
10%
10%
11%
*10%
11%
35%
57*4
*32%
57%
116
21%
*98*4
19%
11
34%
57%
116
21%
*18
*115
21%
35
*32%
57% >: 57
118
21%
*113
21
15%
*18
6%
15%
19%
6%
*10%
*32%
11%
*10%
11%
35
*33
34
57
58
*113
115
115
21
21%
58%
115
21%
99%
;
11%
58%
115
2,970
Pit Youngs Asht Ry
Pittston Co (The)
50
21%
21%
15%
19%
800
13%
*24%
*14%
*25%
13%
25*2
13
25
25
14%
26*2
23%
1434
*25%
*22*8
*22
*1*8
12%
14%
26*2
*24%
1478
*25%
23*2
*22
12%
*24%
15
19%
12%
25%
*19%
15
*25%
*22%
*1%
26
23%
127g
*24%
15%
25%
23%
1%
29%
*1*8
29%
1%
29*2
*7%
*7%
9
*7%
*7%
9*2
*7%
8%
*10%
834
11
*10%
11
9%
*7%
*10%
*59
61
*59
61
*58
61
*58
61
*58
*50
58%
*53
58%
*54
58%
*54
57%
*54
*27
8%
87g
9
*1%
*29
30
9%
9%
9
30
9%
9%
78
78
1834
18%
101%
*99
101%
100
88%
88%
*86
89
*86
88%
*86
8
8
8
8%
18%
*1%
30
*7%
7%
*10%
11
1%
*30
9%
7%
*7%
*7%
11
*10%
9%
9%
19%
127g
128
19%
9,200
1,100
12~200
1,800
44,500
800
200
16%
16%
12,900
26
23%
*25%
*22%
26
23%
400
317g
9%
7%
11
*1%
*30
*10%
9%
"moo
*17
8%
187g
*108% 109
66%
*17%
109
66*2
66%
»16
197s
19%
19%
19%
19%
101%
19%
19%
8%
187g
109*4
66*2
*11%
12%
12%
12%
*91%
*6%
31%
92
92%
92*2
7
7%
317g
*50
53
7
31%
31%
*50
*8
8*8
*7*2
8*4
*4*2
4%
*16%
11%
16%
*43
44
11%
53
92%
*678
92%
7%
31%
317g
32
7%
8%
8%
*7%
8%
8
*4%
4%
16%
4%
*4%
*16
16%
11%
*10%
11%
44
*43
44
16%
*10%
*43%
*43
*4%
*71«
*7
7%
32%
7
7
32
32%
*50
52%
*50
**8
*4
*%
%
%
%
%
*%«
%«
*3%
5%
*3%
5%
8
*8%
%
*'jj
*18
*5i«
%«
*516
*37g
5%
*4%
3ie
100
71«
%
5l«
*4%
5%
%
5%
1,400
5%
%
*4%
*8
14
*8
14
39%
39%
39%
39%
39
39
39
39
112
112
112
112
Bid and asked prices: no sales on
this day.
*8
15%
14
15%
*8
39%
112
15%
{ In receivership.
"
15%
1,000
June
28%
100
Dec
May
128
Apr
145
Mar
Apr
117%
114% Oct
1678 May
6% Oct
118
Jan 25
28%May 22
10 May 10
84
9
June
15%
10%June17
9% Sept
4% May
15%
Feb
7%
Apr
4?g Jan
4
62i2 Jan
2
3%
Jan
2
June
73% May
48% May
2% Nov
n
New stork,
3%
43%
Feb
Apr
Deo
52% June 27
34
20
Jan 23
16% May
23
17
Jan
13% May
29% May
37% May
2
287, Jan 14
Jan 13
17S Jan 11
30
June 25
9% Jan
8
7
June 18
12% Jan
7
Apr 7
1% Jan 11
22% Jan
6
101% Feb 10
24
June
May
978 May
19% June
27
17
23
May
1% May
17%
4%
Dec
Apr
Apr
Oct
Jan
Feb
25
Dec
65
Mar
6
June
13
Jan
6% May
8
Aug
6
May
*37% June
60
8% Nov
13% Feb
10% Jan
63% Deo
May
69
1
May
14
May
2
Apr
24% Nov
70% May
97
Jan 13
60
11
Jan
3
May
Jan
105% Sept
97% Deo
14% Jan
30%
117
Apr
Nov
74%
Deo
15%
Feb
9
8% May
94% Jan 16
34% Jan
75% Mar
6% May
30% Dec
96% Apr
11% Nov
44
May
53% Jan 13
52
66
Jan 17
10% Jan
May
Oct
9
Jan 22
5% May
6
97# Jan 27
5% Jan 16
4% May
9% Nov
7% Jan
3% Aug
11% May
12% Dec
45% Oct
% Dec
22% Apr
15% Nov
48% Nov
1% Feb
26
42
Apr 15
4%June 27
14%May
1
9% Feb 15
42% Mar 1
Ti»Mar 11
28%May
%. Jan
5
7
% Jan
4
2% Jan 18
4% Mar 20
35
Apr 19
109% Feb 17
5
Cash sale,
69
May
7% Feb 14
No par
r
89
52
par
100
6% preferred
100
{St Louis South western... 100
5% preferred
100
d Def. delivery,
Jan
Jan
11% May
97% May
11% Jan 11
13% Jan
new
32%
102%June 27
9l%June 27
Feb 15
Savage Arms Corp
Jan
July
14% Jan
14% Jan
45% Nov
71% Apr
118% Jan
43% Apr
115% Jan
165
10
.100
Feb
Deo
81%May 9
6%May 5
28%May 29
conv
No par
8
Apr
May
May
5% preferred
12%
Deo
July
Mar
June
June
Safeway Stores
73%
16%
151%
1%
22%
20%
126
39
No par
Jan
143
1107g May
70
{St Louis-San Francisco
170
37,200
May
53
8
St. Joseph Lead
14
39%
112
21
112% May
8
52.50 conv preferred-No par
{Rutland RR 7% pref
100
10
30
4"200
*%2
5% May
4% Oct
6% May
6% May
2
44%
%6
Jan
Jan
*43%
*332
Feb
May
Jan
Rustless Iron A Steel Corp—1
7g
%
Jan
Ruberoid Co (The)
34%
Ma.
73
Roan Antelope Copper Mines.
*71«
7
24
300
34%
19
151% July
113
500
Oct
8%
Jan
6
No
Deo
16% Nov
178
41% Nov
May
May
Apr 17
May
Deo
9% Nov
85%
10
Apr 21
Richfield Oil Corp
Rltter Dental Mfg
1,000
7g
15%
99%june 18
82% Apr 21
7% Apr 19
.....
9
Feb 13
46%
Deo
17
700
44
Apr 22
7% Nov
57
60
4%
*111% 112% *111% 112%
14%
147g
15%
14%
15%
15%
7
Reynolds (R J) Tob class B.10
Common..
10
6,600
""560
34%
14
1% Apr 9
22% Mar 12
Feb
4
Jan
24
7
Feb
158% Feb 11
137
16%June 27
26% Apr 24
Jan
Jan
6%
66
16% May
97
10%
*'i«
Jan 11
Deo
41%
11
10
16%
34
110
49
May
7% May
17% July
10%
4%
2
21
6
16
434
6
June 27
69
1
11
May 2
23%May 28
12% Feb 14
23% Jan 8
.100
A.100
10%
14
*8
preferred
16
39*2
112
7%
6
% Apr 10
16% Feb 14
16
;
17%May
13% Jan
13% Jan
40% Jan
10% Mar 10
67% Jan 23
10%
44
%
33%
34
77g
3%June 7
47%June 9
2% Apr 21
38% Mar 14
preferred... 100
Reynolds Spring
1
52%
8
*4%
2
61
514%
500
44
*%«
7g
I<
33
1,600
120
4%
16%
11%
Jan
61
conv
6
7% preferred
100
5H% preferred...
100
Reynolds Metals Co...No par
100
93%
8
33%
7g
35
.
Mar 31
57%May 23
Class A
600
9234
*77g
1
.10
1
6% conv prior pref ser
Revere Copper A Brass
430
9234
8
52%
7
6% Mar 26
9% Apr 30
7% Apr 21
6%
20
200
1,600
92%
7%
107g
*99
8% Apr
Republic Steel Corp...No par
21,900
32
8%
34%
*
31%
*50
52%
78
14
*7
92%
7%
*8
34%
*8
92%
*50
*16
100
19%
101%
89
8%
*8
*%6
112
100
164
Reo Motors v t c
1,500
-
*87
87
87
89%
8%
8%
8%
8%
8%
*17
*17
*18
18%
1878
17%
17%
111% *110
109% 109% *110
1117g *110% 111%
67%
68
68
69
66%
67
70
67%
12%
12%
12%
12%
12%
12%
12%
12%
34*2
*39
*99
100
78
19%
Mar
83% Feb 16
97jMay 2
100
Remington-Rand
58%
7616
43% Jan 8
75% Jan 8
13% Jan 10
Rensselaer A Sara RR Co.. 100
61
*54
lsi«
Feb 14
Preferred with warrants..25
9%
*58
»i«
*94
6
Hosiery
Reliance Mfg Co
58%
»u.
7
4% May
16
7
.100
preferred
Preferred
""106
11
61
»ie
Jan
June
12%
22% Feb 14
Rels (Robt) A Co 1st pref. .100
Reliable Stores Corp...No par
9%
77g
conv
Real Silk
""*30
32
*7%
'
i*„
65
13% Nov
167
21
121%June 9
138%June 17
114%May 26
4% 1st preferred........50
4% 2d preferred...
..60
200
1%
*7%
100
100
Ray best os Manhsttan.No par
Rayonier Inc.......
.1
53 preferred.......
25
Reading Company
.....60
1,500
*8
*99
78
19%
6%
800
1278
5
60
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
53.50 conv 1st pref._No par
Radlo-Kelth-Orpheum
1
500
1,600
19%
pref
Pub Ser El A Gas pf 55.No par
Pullman Ino
No par
Pure Oil (The)
..No par
"5"900
24%
1%
7% Jan 6
9% Jan 10
10%June 16
6% preferred....
7% preferred..
8% preferred..
100
140% 140%
127g
24%
16%
25
1
123% Jan 15
•
19%
8
June 24
*11334 115
*11334 115
*113% 115
*113% 115
*113% 115
*113% 115
27
27
26%
27
26%
27*4
27%
26%
27%
27%
26%
27
93s
9%
934
10
9%
9%
9%
9%
9%
97g
9%
9%
*100
101
101
101
100% 100%
*100% 101%
101% 101%
102% 102%
9034
90%
91
■; 91
91
90%
91%
90%
91%
91%
91%
*10%
11*8
10%
11%
10%
10%
10%
10%
10%
11
*10%
107g
*10
*10
*10
*10
*10
10%
10%
*10
10%
10%
10%
10%
4
4
4
4
3%
4%
4%
378
4%
37g
37g
4
51
52
52
52
52
51%
52%
52
52
52%
5178
52%
3
3
3
3
3
3
3%
3%
3%
3%
3%
3%
*50
*50
*50
50%
52
52
50*2
50%
50%
51%
52%
52%
19%
12%
25%
147g
26%
23%
1%
Jan
Feb
21
100
19%
15
4% Feb 14
pref..
May
5% May
64% May
8% Jan 10
conv 2d
16
2
97%May 26
100 *108 May 14
600
128
19%
13%
2
Jan 30
84
Pub Serv Corp of N J_.No par
55 preferred..
No par
4,700
1,000
*123
19%
46% Jan
8% Jan
119% Jan 29
29% Jan 9
128
19%
Dec
June 14
*123
*19
Apr
75
115
129
129
287g
May
3% May
16
9% Apr 21
9% Apr 21
32%May 15
50%May
Apr
May
2% May
May
14% Apr 21
1
7s4
35
2
Jan
l%June 9
1678 Jan 17
June
97% May
3% May
22
Mar 28
7% Jan
5% Apr 22
conv 1st
May
78
5% pf (ser of Feb 1 '29). 100
*123
140% 140%
»i«May
14% NOV
23% Jan 11
110
*122% 127
140%
Mar 31
Dec
36
115
9834
June
2
June
115
21%
Apr
61
Procter A Gamble
9834
Apr
30
4,200
21%
Deo
27% May
59
108% 1087g
5%
69% Jan 18
Poor A Co class B.....No par
5%
5%
May
Jan
Apr
Dec
44% June 18
3% Feb
58
98%
98%
*1087g 109
140
No par
5
.
Jan 17
181
Mar
May
45% Feb 14
27
May
53% Apr 29
9% Feb 19
164
Jan
7
Postal Teleg'h lnc pref.No par
109
13912 139%
_
Pressed Steel Car Co lnc
109
139
Jan
2,400
109
139
Mar 29
7,700
109
140%
24
8%
99
128
15
6
10%
11
34%
109
*139
174
Pond Creek Pocahontas No par
99
*123
7% pf 100
Plymouth Oil Co
1,800
6%
109
99%
1
7% pref class B
100
5% pref class A
100
514% 1st ser conv pr pf.100
Pittsburgh A West Va
100
99
99*2
Apr 22
6%May 27
Apr 23
9% Apr 22
69
6
*108% 109
99%
30
4% Apr 26
1
6%
8%
10%
*10%
*32%
Jan 21
4% Apr 22
No par
1278
15%
June 10
No par
60
*18
2
Pitts Screw A Bolt
12%
17% May
11% May
May
5% May
Jan
Pittsburgh Steel Co
60
Nov
4%
13%
46%
29%
Dec
1,000
100
Nov
43
87%
3,100
33%
23
May
47
6%
33%
May
1% June
70
15
No par
""700
*53
Jan
25% Nov
37% May
61
Pgh Ft Wayne A C 7% pref 100
70
Feb
Dec
87
5%
57
4
46%
16%
46
2% Mar 18
Pittsburgh Forglngs Co
10
10% May
Feb 20
*38% Feb 14
100
55 conv preferred
800
12% Mar
62% Jan
96% May
4% Jan
6% May
25%June
51%May 23
35% Feb 20
100
6% preferred
110
23% Nov
2% Mar
8% Nov
10% Feb
40% Jan
4%May
Pitts Coke A Iron Corp No par
300
Feb
2% Nov
44% Apr
7% Apr 4
77, Jan 23
3578 Jan 2
79
25
Pittsburgh Coal of Pa
900
7%
Deo
18
25%May 5
40% Feb 18
Pirelli Co of Italy "Am shares
"soo
6%
38%
*163
*6%
*18
11%
5%
35%
59%
""%
1,700
1678
75
6%
57
7)
*6%
5%
*55
*163
37%
*68
6%
57
24
Jan 31
6
Plllsbury Flour Mills
....
57g
Deo
11%
May 10
38
21
100
Preferred
*173
z5%
6%
*16%
Nov
Apr
15
68
Phoenix Hosiery
3
50
*35
5%
35%
175
57
*34%
16%
*234
99
June 24
60
20% Feb 14
.100
No par
*45
Jan
Dec
23
80
7% preferred
Phillips Petroleum
10
3
Feb 16
42% Feb 15
Notpar
9,100
June
1
108% Apr 18
5%
44
10
45%
105%
10%
May
10
72% Feb 4
series...100, 105 Mar 28
Preferred 4H%
Phillips Jones Corp
60
50
2
Philip Morris A Co Ltd
300
60
4% Mar
25% Apr
15
11%
200
43%
1% May
12% Jan 10
1,200
62
3%June 12
3% Jan 2
8%May 17
79%
44%
June
24% Jan 27
43% Jan23
2% Apr 9
ll%May 6
7
..25
107% 107%
*5%
71
Feb 14
1% Mar 24
Philadelphia Co 6% pref
50
56 preferred....
No par
Phllco Corp
3
43%
*2%
16%
5%
6%
57
78
900
2
7% Jan
8% Nov
1
2934
10%
Jan
4
500
10
87
25% Apr
36% Jan
100
10
Dec
112%Mar
7
140
43
21
No par
5% June
7
9
*5% Apr 17
6
May 19
300
6
Jan
Feb 14
Pet Milk Co
Phelps-Dodge Corp
534
Jan
9% Jan
48
22
Petroleum Corp of Amer
5
Pfelffer Brewing Co...No par
>,
108%
Jan 30
800
18,700
'
Feb 19
600
6%
30
45%
85
*55
44%
71
11%
175
5% preferred....
1% Feb 15
2
6%
24
*84%
*5
-
62
*6%
700
33
24
21
*6%
/
*45
*35
*7
1
5%
50
70
32%
790
*9%
10%
C
55%
""loo
85
80
*5%
*9
30%
45%
45
*107
16%
*163
.
29%
500
2%
9%
56%
No par
*84%
*35
*34%
7
80
*46
16%
6%
*6%
107
5%
36
7*2
*5*4
24
100
40
*1%
33
23%
40
10
33
10,700
23%
*22%
56
*2%
3%
50
1578
23%
2%
*23%
111
*108
40
*9
85
43%
43%
*35
75
5% preferred
100
Pennsylvania RR
..50
Peoples Drug Stores lnc
5
Peoples G L A C C (Chic) 100
{Peoria A Eastern Ry Co.-lOO
Pere Marquette Ry Co
.100
5% prior preferred
100
*2%
23%
23%
*1%
45
5%
*55%
% May
5% May
9% June
80
5%
13% May
14%May 13
107
79%
107
*5%
4
Dec
12
39%
24
*9%
Jan
29%
Penn G1 Sand Corp....No par
56
45
1
9% Jan 10
May
1% May
1% May
11% May
10
*84
85*4
30% Jan 10
20% Jan 6
15
June 16
*22%
*6% > 7
29%
29%
46
85
7
50
6%
67«
Jan
May
6% May
34% Apr 23
23%
6:
85%
*79
80
*7812
*105% 107% *105% 107
23%
23%
397g
2%
33%
*23
Jan 31
2
64
Penn Coal A Coke Corp
10
Penn-DIxle Cement
No par
57 conv pref ser A...No par
56
33
24
9
1,200
111
57%
Jan
3
*108
56
Mar 28
Jan 10
par
111
56%
12%
99%
11%
15%
Penney (J C) Co......No
*108
*77»
1
Jan 11
2,200
111
9% 19%
21
106
80
*108
*1%
27
% May
26%June
99
Sept
4% May
Jan
79%
*2%
111
*39
29
9
May
6%
79%
15
*22%
2,50
...
_
19
l%May
37% Jan 10
12
43% Mar 4
74% Feb 20
*13%
55*2
*6%
Penlck A Ford
15
54%
3212
2312
*70
Patlno Mines A Enterprises .10
500
*13
2
No par
Parker Rust Proof Co
300
8
15
39
1% Feb
25%May
17 May
% Feb
7%May
6% Apr
6
46%
*13
*1%
36
Park Davis A Co
1
6
46%
15
39
1
6
Jan
*2%
2%
23%
*22%
*39%
*1%
*9 ;>
FeD
9%May 27
14% Apr 9
3% Jan
16
10%May
*7%
*13
237g
23%
397g
2%
>10
56%
33
10
95% Feb 14
6
8
15
23%
1
100
-.10
Park Utah Consol Mines
200
*234
% Feb 15
May 31
Paramount Pictures lnc
400
237S
22%
7
May
46%
3
2%
Apr 21
7% Jan
8
2% June
5% Oct
2% May
7%
2%
*45
2% Apr 30
10
Parmelee Trans porta'n.No par
Pathe Film Corp
487g
44
5% Feb 18
4% Jan 10
46%
79%
46%
79%
3
2%
3
99
T.§66
*47
2%
9%
*5%
>:
Mar
100
7g
9%
2-%
49%
*55
3
Apr 22
17%
*47
*5*4
Deo
*%
9%
48
6%
297g
*44%
85%
10%
Mar
160
17%
V
,
9%
share
139
June
100
48
39
*34
;
%
1
27
48
23%
22%
3
8
*17%
*15
48
2%
23%
23%
*2%
*15
15%
1%
26%
18%
per
May
144
Park A Tllford lnc
*15
share
per
115
Jan 10
27
6% 1st preferred
6% 2d preferred
15%
*15
400
10%
16,400
5
Jan 27
160
6
conv preferred
11%
*4612
43%
4%
96%
8
62
20
share
per
126
8
No par
10%
47
43%
99
99
5
6
No par
Parafflne Co Inc.
11
*45%
*55
200
96%
8
5%
1,600
share
May
Pan-Amer Petrol «fc Transp__5
Panhandle Prod A Ref
1
11%
47
*5%
1%
per
116
Pan Amer Airways Corp
300
28%
1%
*28
*98% 100%
11,800
10%
*17%
*%
46
1%
29
Packard Motor Car
11,800
9
9
97
7g
8%
7
1%
*28
2%
13%
2%
13
9
10%
*%
*22
2%
13%
11%
8%
*77g
*3134
2%
*8%
700
97
26
*8
7
1078
18*8
54%
67g
97
26*2
*1*2
7
,
Highest
147% Apr
Pacific Tin Consol'd Corp
1
Pacific Western Oil Corp___10
10%
2534
39
7
"l~6(X)
97
*17%
*22*2
3%
10%
*94
18%
23
3%
13
*98% 100%
11*8
11%
11%
3%
5
Lowest
100
97
278
*2%
*47%
*54%
2*2
12%
87g
1%
29*2
87g
277g
*98-% 100*2
1%
79*4
278
2%
■•••
7
12%
8%
1%
3%
Year 1940
Highest
100
6% preferred
10%
48
*172
3%
277g
1%
78
8*4
3%
3%
Pacific Telep & Teleg
10%
10%
*46
*2l2
2%
1%
26
4
*45%
79%
*2%
3%
20
Range for Previous
EXCHANGE
»
159
1
Range Since Jan. 1
NEW YORK STOCK
Week
*117
4089
12%June
x
Ex-div
3
y
17% Mar 20
13% Jan 3
48% Jan 14
7g Apr 5
3878 Jan 10
% Feb 8
% Apr 15
6
May 5
June
12
Jan
*u
Dec
%
%
Oct
Tg
2
Jan
5
Jan
Jan
May
4% May
Apr 29
3
45
Jan 13
34
May
53
Mar
113
June 19
98
May
111%
Dec
8
Dec
Feb
15%June26
Ex-rlghts.
H Called for redemption
£9k
June 24
Shares
5,800
10%
10%
10
10
10
*79
81
79
79
*79
80
*79
80
79
79
*79
80
200
*34%
35*2
353*
35*8
*3412
35*8
*3412
35*8
35
35
*35
35%
200
•
10i8
97S
10
97*
9?8
*9%
113
*112
113
*112
113
109
109
*109
110
*109
*112
*l8
**8
15l2
31*
**8
3%
716s
8*4
*2*4
7112
8%
*65l8
716
15%
3%
72%
8*4
11%
*65%
11%
66%
378
54%
378
54%
6%
4
4
1,100
54
54
300
37
36
36
14%
4%
18*4
14%
4,800
17*4
14*4
4%
18
1*4
*25% 277g
*2512
29%
2978
28*8
101%
101% 10112 *101
72%
*1%
*25%
29%
1*4
2778
29%
700
314
72*8
314
72
85*
8*4
8*4
8*4
*lli4
651*
1112
65'8
IU4
37*
*53i2
378
378
III4
6514
378
55i2
*5312
4
4
55l2
*36
37
37
5*4
5*4
65
37
14l2
*4
*4
14U
4i8
18*4
41*
4
*1814
1812
185*
1878
187*
187*
*1*8
1*4
1*8
15g
277s
28*4
15*
15*
16s
*2512 277*
*2512
277* *25l2
28l2
285s
2814
*281* 28**
*10112 10212 *ion210212 *101l2 102
*113
*113
*113
113
113
21
21
20l2
20*4
2112
2014
2014
14
*13
*1312
*13i2
*13l2
14
1378
1414
14i4
14*8 *14
*14
*14
14l2
9
91*
87S
87*
91*
8*4
878
178
♦151*
15i4
17*
I6I4
14
14
*100
132
111*
24
*1*8
3*8
*6014
*19
20l2
*19
36
367*
3212
*58%
56*
59
*5814
*512
5*4
48*4
48*4
55*
5%
7»
lg
#7,g
*17*8
20l2
*28
3*8
78
*314
*60i4
1*8
3*8
78
20
*19
2012
36
*32*4
58l2
558
59
55s
5*4
4812
49
3912
3912
116
49
39
55s
5*4
2*4
157*
1714
157«
1714
21
22
16
*17l2
21*8
16
2*4
157s
5*8
*110
18
42%
*37%
21%
39l2
40
397s
42*8
42*4
42*8
38
38
3814
*36*8
5612
57
7%
56
56*4
56*4
7%
7%
378
4
4
4
*57*
6i8
6
6I4
5
5i8
5*8
*5212
*121
*8
*16
2
5l2
378
*378
6%
6%
5%
53%
5%
22%
18*4
19
2178
*18*8
*185s
7
6%
4%
*34*4
3%
8%
*2*4
3%
8%
85s
39%
39%
3*8
39%
; 35g
*458
5%
22%
22
7%
658
x6%
6%
1,900
1,700
4%
*4
6*8
6%
6*8
6*8
*6*8
4%
*4%
4%
*4%
4%
*34*4
*2*4
36*8
314
8i8
39
*34*4
36*8
3%
*34*4
36*8
*2*4
*8%
3%
8*8
40%
3*4
38*4
39%
*34*4
*2*4
8%
39%
3*8
3*4
35s
3*8
36%
6%
35%
35*4
35%
6
6%
5%
35*4
6%
5%
36
6
5%
5%
1078
11%
11%
11%
*8
385*
*2*4
8%
396s
312
312
3514
3514
6ig
514
36
11
11
6i8
514
*10i2
35s
6
5%
*65*
6I4
*5*4
35%
*33%
*38%
46«
39
35
35
4*4
27g
4*4
*38%
*4*8
r36*4
*2%
78
12%
13
10
10
4
10%
97*8
35%
27g
14
14*8
*14
10*8
10%
32%
97%
31*4
44*8
4%
4%
11%
8%
1%
97*8
4%
11%
8%
*7*4
1%
1%
4%
11
*8
1%
97%
478
*9
578
*1
_
„
113
578
17*4
5*8
11
11
8
5
1%
66%
5%
*10
13%
1%
5%
1778
584
18%
1%
I884
*7%
34
34
35
35
11*8
11
11%
10*4
11
11
11%
11%
71%
717S
72%
72
7I84
113
*112*4 113
7*4
1%
19
7*4
70*4
71%
*112*4 113
*1
*18%
7*8
71%
113
1%
18*4
7*8
*112*4
113
14
14
1378
1378
13*8
137s
1378
80%
81
80
80%
80%
81
8034
*11*4
1178
*30
30%
*11*4
30%
39*8
*82
39*8
39%
82
82
10%
10*8
83
83%
534
23,500
*10
6
6
1878
*1
1%
19%
*18%
*7%
3434
11%
20
47
May
38*4
Apr
Dec
6
58%
11%
46
May
66%
Apr
3978 June 23
2678 May
40%
Apr
Feb 16
Feb 19
Feb 14
Mar 4
Mar 6
678 Jan
675g Jan
May
112% Dec
778 Apr
June
113
1
May
25g
Jan
2% May
7%
18%
22*4
Jan
Jan
31
97g May
12% Mm
16% Oct
20*4 May
2978 June
6
May
Dec
62
Apr 16
66
Jan 11
56
60
8O84
4% May
87g
Jan
Feb
5% Jan 28
8% Jan 10
8% Jan 7
4%May 26
May
8*4 Jan 10
6*8 Mar 4
3%May 5
5% Apr 23
4
Dec
8%
Apr
5
May
12%
6*4 May
12%
Jan
Feb
2
123
Apr 21
21
4
Jan
Jan 10
2%May
6
11% Apr 14
17
Jan
6
18%June 21
23%
Jan
2
13g Feb 27
4
6
Feb 15
Jan
6
2%Juue
6
23
19
14
22
4
18
4
19
7% Apr
34% Feb
278 Feb
31% Apr
5% Mar
3% Feb
8%
Jan
5%May
32
June
4
2% Mar 3
38 May 21
4
Feb
1
40*4
39%
40%
10%
12%
39*4
40*8
10%
1034
3978
105s
1284
13
40*8
IO84
11,400
4,200
,
484 May
4*4 Jan
35% Apr
3*4 Jan
9% Jan
40%June
4%May
38
Jan 24
6*4May 12
53gJune 19
12«4May 6
10% Jan 23
40% Jan 21
3
Apr 22
Un Air Lines
United Biscuit Co
No par
12*4
110*8
400
45
200
United Carbon Co
100
•l«
19%
58
Unlted-Carr Fast Corp. No par
United Corporation
No par
22%
22%
110*8 *110
110
110
*110
*43
46
*45
46
45
*17%
18
18
18
*175s
•:«
22*4
%
®i«
22%
2284
t In receivership,
o Def.
10
7,700
7,200
delivery,
.—.100
5% preferred
$3 preferred
n
New stock,
No par
sale,
6
Apr
May
Dec
40
Mar
9% Dec
May
47% Apr
4% Apr
37% Nov
8% Jan
6% Jan
12% Jan
2% May
267g May
Oct
5%
384 July
6
May
7
Dec
18%
36
Dec
53
Mar
2% June
30
June
4
Feb
May
42% Feb
5*4 Mar
June
35
2*4
Feb
4
Jan
6
34
Jan 10
1% Jan 18
18
Jan
9
25*4 May
23
Jan
12
May
35% May
4% May
10% May
8*4 Jan
7
4% May
2
Jan
9
75
Jan
9
1% May
64
Aug
3% May
6% May
Feb 19
5*4 June 27
9% Jan 30
6 May 23
lOigJune 14
6
5
May
16%May 20
7
14
May
1% Jan 10
Jan 10
12»4
Jan
May
2
24
Apr
May
5% Jan 13
17% Jan 2
7% Jan
195s Jan
Nov
6% Dec
38% Apr
1
6
10*4May
7%
8
51% Jan
Mar 25
Jan
3
Feb 17
1
6% Mar
4% May
33
27% Feb 19
16% Feb 20
Apr
32% Jan
9% Jan
7% May
20
6
4
7% Mar
247g
Jan 18
Jan
39
Jan
Mar 15
4% Jan
Mar 17
Jan
2% Jan
18% Nov
35*8 Feb
May
99*4 Jan
34% Jan
l%May
1378 May
6%
21%
9%
597g
May
June
May
June
2%
99*4 Dec
34% Dec
52% Nov
7
Mar
217g Apr
9% Nov
2*4 Jan
82% Mar
5%
Apr
10%
13%
25%
Apr
Jan
Jan
3%
Apr
30
Apr
13% Mar
45
Feb
18*4
88%
Apr
Jan
116% Dec
Jan 15
105
May
12*4 Jan 2
75% Mar 28
6
857g Jan 10
112
May
17%
Jan
71
May
98
Apr
4
ll%May 26
255s Feb 19
34% Apr 19
9%May 15
ll%May 27
109 May
1
407gMay 2
16% Apr 23
85% Jan 13
13% Jan 2
307gJune
70
June
89%
Feb
13
Dec
16
22%
Jan
297g May
44*8 Jan
31% July
63%
Apr
12
23*4
18
Apr
Apr
1117g
Dec
80
30
Mar
%June
3
18*4 Apr 21
....No par
r Cash
May
8*4 May
81
May
18
May
25
Corp
5
Transport-
3*4
4%
28%
27g
107g
277g
5
Jan 17
96
6578 May
45
23
11
30
16
ll%May 14
9% Mar 6
100
United Aircraft
May
2
7
8
7
16
8
23
12
7*4 Jan
678 Jan
6
6
2% Apr
3*4 June
25*4 Apr
% Apr
May
3
16% Aug
383gJune
30
20
*17% May
19% June 23
6
17% Mar 4
6% Feb 14
35sMay 10
7% May
12% May
1% Oct
9% May
45sMay 2
24% Jan 27
Feb 28
l9«4May
32
46*4 Aug
June 26
9
15
6
58*4 Jan
Apr 14
7% Apr 22
117%June
Union El Co of Mo $5 pfNo par xlll% Jan
100
Jan
38%
Union Carbide A Carb.No par
No par
46%
May
No par
4% preferred
Apr
23
—1
Union Tank Car
Jan
29
4
City Rapid Tran.No par
Union Prem Food Stores,Ino. 1
Jan
26%
Jan
7% preferred..........100
100
Deo
40
8,000
700
Dec
43%June 27
No par
600
Jan
6
Jan 4
7278June 18
30
Jan
May
98
112
9% Feb 14
60
Feb 14
30
7
72
6
Jan 24
65g Jan
Union Bag A Paper
29*4
Apr
113% Feb 14
1% Jan 6
4% Mar 20
21% Mar 21
22*4 Mar 21
23%May 6
116
65gMay 22
Feo 14
29*4
Feb
May
30
*11%
Apr
3%
Feb 14
—-1
Union Pacific RR Co
23»4
Jan
34
...No par
Union OH of Califonria
Jan
19
Under Elliott Fisher Co No par
1,200
2,100
Jan
39
45% May
4*4 May
Twin Coach Co
50
Jan
33
34% Feb 19
No par
Truscon Steel Co
..10
20th Cen Fox Film CorpNo par
Twin
347g
9
June
59
1,500
117g
200
20%
38i2 Jan
z37«4 Jan
40%June 27
Corp
SI.50 preferred
May
4
3,500
3,800
29%
Bid and asked prices; no sales on this day.
1,500
2,500
3
June 13
Feb 14
33
Transue A Williams St'l No par
$6 preferrred
3
75s
*29
%
225s
% Mar 21
9%May 15
67i Mar 25
1
Apr 16
63 June 5
Tri-Continental Corp
Jan
15%
8
34*4
11%
11%
7134 72
72%
*11284 113
113
14
14
1378
803s
81
81%
83
83
83%
117fi
1178 *11%
*11%
13
6% Apr 26
108 June 19
Transcont'l A West Air Inc..6
Truax-Traer
6*4 May
4% Jan
Apr 21
27% Apr 25
56% Mar 19
6
Apr 21
44%May 31
31% Feb 19
lll%June 2
par
10
Corp
Jan
13% May
9% Jan 13
35% June 23
30
3978
10%
12%
par
16%
30*4 May
152% Apr
30% May
20% Jan
4%May 26
13%
*18%
par
12% Jan
2% Mar
17% Nov
1% May
3*4 June
6078 Oct
14% May
64
29
2%
10%
12%
I77g
25%
May
23% May
6
7
4
9
2
5
Mar
1% July
1278May
14%May
26% Apr
327aMay
2
100
5
Jan
Feb
7% May
10
28% Jan 3
117gjune 11
2
Jan
60
No par
$4.50 conv pref
510
83%
1178
40
800
10
100
25
Tlmken Roller Bearing. No par
2,400
30
10*8
500
1%
83%
1178
10*8
200
65%
12
.
*
83
4%
*105s
*7*4
1%
65%
30%
105s
*12%
13
*12*4
13
*125s
13
*110
110% *110
110%
110% *110
*44
46
*45
465s
*44% 46
*17%
18
*17%
18
*17%
18
*16
*16
%
%
%
%
23
23
23%
227b
23
23%
10%
6
18
34%
*1
*18%
29
conv
Third Avenue
Transamerlca
43s
34
1%
19
100
Feb 19
10%May 16
Tide Water Associated Oil..10
400
4
2,200
14
81%
600
1,100
3,600
284
*334
*27%
4%
11%
8%
81%
83%
*13*8
84
10%
7*4
35%
7%
33%
1%
*18%
7%
$3 div
14
*35
Timken Detroit Axle
5
13%
*17*4
190
1
Thermold Co
4,500
2,400
*458,
5*4
Preferred
.........No par
100
32%
43%
8
177s
1,400
6
No par
pref.....No par
conv
The Fair
50
4%
36%
2«4
97gMay
2% Apr 1
15*4 Jan 23
2
1*8 Jan
13
100
14
34
19
3%
Co
97
66
5*4
Texas A Pacific Ry
$3 60
39
24*4
14
Texas Pacific Land Trust.—1
36
100
11%
Dec
8
Texas Pacific Coal A Oil... 10
3178
4%
11
1778
50
Telautograph Corp
.....5
Tennessee Corp
—..5
Texas Corp, (The)
25
Texas Gull Produc'g Co No par
Texas Gulf Sulphur
No par
Thatcher Mfg
6%
Oct
May
6
Jan
1534
Apr
22
10% May
14%June 12
9
Talcott Inc (James)
10%
1%
I8S4
7%
1%
*18%
7%
327g
*1078
70*4
578
17*4
Symington-Gould Corp w w.l
Without warrants........ 1
43
8%
*10
900
*38%
4%
Swift International Ltd..
97
1%
66%
12%
*6
3,300
*33%
*2%
25
Swift A Co
44
*8
*10
5%
113«
5%
11%
Class A pref
96*4
32%
*1%
65*4
13
1,100
11,800
1,800
2,100
2,000
114% May
8
Sunshine Mining Co
44
1%
*10
6
Sun Oil Co
32
96*4
8%
5
17*4
10%
10*8
97%
11
5
36
6
*84
11
5
39*4
3%
120
May
Jan
9
1
6H% partic pref
"""166
May
13% Feb 28
8% Mar 3
1
10*8
*14
4%
5
2*4
85s
67
105
21%June 23
No par
Webster
15
278
15
4%
47g
13%
*34*4
2 34
*8%
39%
35s
400
Stokely Bros & Co Inc
preferred
Ry..
Thompson (J R)
Thompson Prods Inc..No
Tompson-Starrett Co.No
$3.50 cum preferred.No
34*4
4
32
44%
65
4%
29
317g
65
3%
*3*4
44%
66
5*4
*96
39
*2778
**4
10%
36
4
28*4
32
66
*17%
*3*4
44*8
4%
66%
*66
4%
34*4
*2%
36%
2%
10
45
*7*4
*34*4
2*8
*27%
32
*1%
36*4
278
4
45
11
*38%
4*8
28*4
84
31%
*11
3
39
45s
4
43*4
4%
*2*4
28%
84
1
13%
6%
*38%
4*4
-
6%
*6
6%
36
4%
36%
35*4
36
6
*3314
*2%
4
31%
97%
2*4
39
*6
*33%
29%
43*4
*97
6%
36
2*4
38%
45g
35%
12%
27g
5*8
11%
*578
*33%
*2%
28%
7S
*3*4
6%
36
5%
*10%
38%
278
278
*3*4
*28%
**4
*27%
5*8
11
*33%
*2b8
*25s
8*8
678
"MOO
7
4%
7
*22%
*18*8
z7
6I4
678
55s
22%
*45s
700
414
7
No par
(4H% cum) 100
100
Superheater Co (The)..No par
Superior Oil Corp
.......1
Superior Steel Corp.......100
Sutherland Paper Co
10
Sweets Co. of Amer (The)..60
19
19
414
678
1,300
53%
300
*13%
*18%
6I4
6*4
53*4
5%
20
13*4
18%
5*8
2178
19%
678
6%
*65s
5%
Studebaker Corp (The)
*18%
*4*8
22
Stone A
20
18%
19%
1,700
300
*13%
S_.No par
Sterling Products Inc..
10
Stewart-Warner Corp..
6
8,500
2,800
6
25
25
Starrett Co (The) L
378
136s
2%
Standard Oil of Ohio....
6%
*13
2%
26
6%
14
2%
cum
*3%
800
2
No par
prior pref....No par
prior pref...-No par
preferred
500
17
2%
17
No par
1,900
1,400
7%
6
Jan 27
14% Feb 19
Standard Gas A El Co.No par
28,600
3,700
*16%
2%
*1658
par
Standard Oil of New Jersey.
70
16%
5% conv preferred
Standard Brands,....No
Standard Oil oMndlana
700
16
1
100
.......
Standard Oil of Calif..No par
8
14
22%
53*4
53%
Spiegel Inc
.........2
Conv $4.50 pref
No par
Square D Co
23% May
Jan
114
*17%May 22
1
Nov
112
—1
(The) vtc
Jan
2% Apr
5
Feb
No par
Spencer Kellogg & Sons No par
7%
57
12% June
297gJune 26
Jan
6% Nov
Feb 15
95
112
11% Feb 15
19% Feb 14
23% Mar 13
1 May 5
3
May 9
14,700
100
31
Southern Pacific Co—No par
16,600
123
20
19
43%
38%
57%
15s May
17*8 May
8
$7 cum
40%
2% Jan 20
27%May 12
Feb
24
8
Splcer Mfg Co........No par
$3 conv pref A..
.No par
Apr
7*8 Mar
12% May
22%May
S perry Corp
56
40%
13%
21% Jan 10
Aug
Wlthlngton—No par
Jan
16% Nov
3% May
May
Mobile 4 Ohio stk tr ctfslOO
16*8
73% Nov
5*4 Jan
7% June
16
5% preferred
Apr
4
Jan
128
—No par
100
Jan
88
May 20
5
187, Feb 19
Jan
27g Nov
15
May
Mar 31
Southern Ry
1%
20
Jan 30
MarlO
$6
42*4
*37%
34
Jan
111% Dec
% Jan
40
21
300
40
May
150
300
8
*4%
22%
30%
4*4 May
3
6
1,200
123
*18%
19
21*8
40% Aug
6% June 26
4
18%
2178
30%
*1758
55*4 Jan 14
June
16
*15
71*4 Jan 17
47g Feb 8
51% Aug
June
$4
2%
2%
8% June
8% May
4
132
$4.50 preferred
"""300
8
*13
22
7»
5,700
123
6
19
7it
43
38%
56*4
7%
37g
6%
5%
6%
5%
2,400
40
*115
8
14%
*217*
350
123
20
6
39
1,800
8%
8%
*4%
14
*4l2
5%
49%
39%
5%
122% 122%
*18%
14
18i8
18
20
40%
40
6%
53%
30%
4%
6%
5%
54
54
536*
535s
5312
122*8
122*8 *122
122*8 *121
8
8
8I4
8I4
8I4
17%
*16*8
17
16*4
17%
2
2
2
2
2%
*13
7%
500
59
*49
27g
16
18
21*4
30%
*15%
*17%
18
714
5,600
36
5%
5*4
5*4
*110
111
111
27«
2112
30l4
7i8
37g
""2OO
37
*58%
39%
....
20
36*4
%
I8I2
57
20
May
1% Sept
61% May
*13
Spear & Co
$5.50 preferred
*34
115%
Oct
%
11
107g Jan 21
1% Mar 28
2358June 4
South Am Gold &
800
*716
4212
5612
13%
3
Jan
Jan
107% June
101% June
% May
3% June 26
78*4 Jan 2
14
Dec
49
Co Inc. 16
Platinum. 1
S'eastern Greyhound Lines..6
So Porto Rico Sugar...No par
8% preferred
..100
Southern Calif Edison
25
Southern Natural Gas.Co_7.50
Socony Vacuum Oil
1%
3%
78
5%
39%
*115%
5*4
40*8
*36
Smith (A O) Corp
Snider Packing Corp...No par
2,100
1,000
36,100
7,800
7.400
1178
3%
*60%
49%
3914
15
100
No par
10
t c-No par
Smith <fc Cor Type v
26,100
1,100
11*4
*1*8
1%
3%
78
558
39*4
714
$6 preferred
Jan
5g
88
May
34
3
9
1678June
Feb 19
3% Apr 23
51% Feb 27
4% Feb 19
35*4 Apr 19
10% Jan 21
4
Apr 18
l6%June 6
Sloes Sheffield Steel & Iron.
Sparks
*49
4214
7i8
Skelly Oil Co
% Jan
14*4 Mar
7it May
64% July
11178 Jan 10
61
10
Simms Petroleum
900
49
42
37l2
56l2
—
100
*58%
3914
71*
*3%
Co—No par
1
Corp
No par
$5 conv preferred
No par
Sharpe & Dohme
No par
$3.50 conv pref ser A.No par
Shattuck (Frank G)
.No par
Sheaffer (W A) Pen Co .No par
Shell Union Oil
15
Silver King Coalition Mines.5
Simmons Co
No par
24*4
3678
36
59
42
*5512
Servel Inc
28
20
39
*3612
Sears Roebuck &
100
23*8
13
9
108
Feb 14
% Jan 9
% Jan 20
12% Mar 3
15g Apr 29
67% Apr 22
8%May 22
10% Apr 23
Del.No par
No par
400
50
115s
33%June 12
109%June
Sharon Steel
24%
33%
216«
305*
Seagrave Corp...
28
36*4
30
3014
Seaboard Oil Co of
$ per share S per share
117g Jan 10
87% Jan 24
38% Mar 28
115% Mar 27
79
No par
No par
{Seaboard Air Line—No par
4-2% preferred
100
24*4
1%
$ per share
8% Apr 15
June 23
6
$4.50 preferred
$4 preferred
29
29*4
30*8
2,300
126
23%
13%
21*4
3012
4014
4212
38%
30
130
300
*11
Corr
5H % preferred
100
Scott Paper Co—..—No par
10
14%
126
Schenley Distillers
Simonds Saw & Steel..No par
"i,200
101
101
4,500
3*8
278
1578
2,600
14%
24%
12
60
400
15*4
20
*716
3
*4
14
*28
*10914 111
3,300
6%
*15%
3612
*7«
212
*25*
*6
15*4
14%
132
235g
115s
12
33l2
58i2
558
*109*4 111
7i«
120
66%
9%
178
13
29
*11512
116
55s
57*
36
3678
3312
*32l2
5*4
1*8
66%
9%
2
*60%
*58i2
16
18%
20l2
*14l2
2414
2812
H2
*19
59
3
*2*s
1178
12
1318
24*4
11*4
1278
1278
2414
85g
11%
20%
1378
14%
9%
2
9
*178
*15%
14%
15*4
1414
72%
8%
20%
1378
*14%
9%
3,400
6,500
2,100
1,200
20%
14
14%
20%
*13%
14*8
"MOO
*113
3*8
3712
32l2
*108i4 111
*106l2 111
11*8
72
*11
*113
20*4
14
*16
3%
*1%
*60]4
3*8
78
20%
386* 38%
39U 397*
*114
116
*114
116
5*8
arl8%
15s
2778
29Js
2378
*28%
H2
29*4
112
49
49
*4
1112
125*
24*8
*2814
33l2
11*4
12
14%
*103%
*10312 132
*10312 132
23%
2314
2312
23l2 235s
11%
11*8
115s
1168
11*4
12*4
78
36
14
2312
*3U
*6014
*31
*1518
14%
12%
HI4
1214
23*4
29*4
1%
11*4
1%
15*4
14*8
2314
11*4
11*2
23l2
*28
15*8
_
*36
14l2
4i8
19i8
2
2
2
♦17*
*151*
*103% 132
*231*
11*4
1214
*23U
2
14*4
1%
5*4
37
*36
145*
4
55l2
55s
568
5*4
*36
14l2
41*
14U
14%
14
**8
*15%
3%
87*
*5414
5*4
5*4
14U
**8
15%
16
11*4
66%
*651*
5512
*5i2
*36
*16
hi
157g
3%
72%
S34
*%
*16
15%
**8
*15
85*
4
*37*
*53
71*4
725*
100
*%
1U2
10%
66
1012
3
""""40
112
*110
110
110
110
*1*
h
7ie
1514
31*
h
**8
1514
*i«
7i«
157*
3i8
72
%
7ie
1512
*%
1512
♦112% 113
*112% 113
*1121* 113
*107% 109
978
Highest
$ per share
Par
Highest
Lowest
Lowest
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Year 1940
EXCHANGE
the
Friday
June 27
Thursday
June 26
Wednesday
June 25
Tuesday
Monday
June 23
Saturday
June 21
On Basis of 100-Share Lots
STOCK
NEW YORK
for
28
Range for Previous
Range Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
SALE PRICES—PES
HIGH
AND
LOW
Jane
New York Stock Record—Continued—Page 9
4090
s
Ex-dlv.
y
116
14%May
May
17% Jan
9
Jan
9
113% Feb
6
12% May
1087g Nov
14
July
50% Jan 10
42% May
65% May
20% Jan 15
12
1% Jan 7
30*4 Jan 10
1%
26
20% Dec
27g Apr
May
Dec
Dec
42
Feb
Ex-rights. 1 Called for redemption.
/
Volume
LOW
AND
New York Stock Record—Concluded—Page 10
152
HIGH
SALE PRICES—PER
4091
NOT
PER
Monday
Tuesday
Wednesday
Thursday
June 21
June 23
June 24
June 25
$ per share
$ per share
$ per share
S per share
3%
*18s
*20%
3I4
*3i8
134
*2038
134
2234
*203g
4
1%
2234
*4
3%
*158
4
4
4%
36
36
66
66
6%
*35%
6534
7
678
3%
37
37
678
*10
IOI4
*3
3
*85%
*13i4
*87
93
14
*9
1334
9%
914
58
5834
♦1745s 175
*712
8%
$ per share
3*4
2234
37
36
37
66
65*8
678
65*4
7
3*4
*1%
*20%
*4*8
2
4*4
67g
7
*87
92
*84
91
14
*13*4
14
14
9l4
58®4
914
59
3%
59
59
175
175
*8
*175
83s
314
3*8
3*4
*3
*9
*77g
*284
5834
44%
*42
44i2
25
25%
25
9*4
58*8
37g
7%
7514
2712
31
714
7U
7*8
7*2
*75i2
7734
2734
75g
7734
27*4
22
27%
*30i2
22
*2712
31
31
21%
22
22
273g
31*2
*21*2
1*8
1
1
H8
Us
1
1
215s
21%
22ig
233g
227g
9034
60
92
22ig
92%
233g
9034
*5858
92
92
9212
60
61
*59
60
59
74
*72
74
*71ig
74
*71*8
56i8
5718
119i2 119i2
27U
277g
*44i2
47l2
*1
1*4
34
57
120
120
26%
*44%
1*8
2734
1*1
»1«
*»i«
*45
14
47
14
51
*4934
152
*152
*142
150
*14612 149l2
152
3g
«1«
*1512
1738
*15%
17
24i8
24%
25
26
12iz
1212
*26l2
*2314
24
15s
25%
15s
*
22*8
1*4
500
900
23*2
37.700
93%
1,900
59
2212
93
59
*71*8
74
5634
573g
119*4 1193s
300
56*2
900
119
53*866
119*2
2,300
283s
47*2
1,900
1*8
*1*8
1*4
""eoo
"is
1,200
200
»16
46i2
*44i2
28
1*8
**i#
"ie
*45*4
72
*
72
*23U
237g
*1%
134
25U
25l2
*40*2
237g
237g
*1%
1«4
25*2
25*2
115% 1155g
*17
193g
*38*2
40
32*4
32*4
300
25*8
3,300
12*2
400
27*2
*115
42*8
24
*
200
24
18
18
*38%
40
*39
40
18i2
*38i2
32
32
32
32
32
32
*100
102
*100
102
100
100
99
100
*98
100
99
99
120
143
143
*138
149
*138
149
*138
141
141
141
*138
149
20
2514
*11534 116
*%
*5s
*814
*1878
*99
I4
58
*714
87g
100
45g
19
99
45g
27
27
*13%
14
*13%
*4l2
*7g
434
1
*18%
18%
22%
3%
61
434
*78
19
33g
13
*583g
Us
123g
31
*30
21
*1934
Us
1514
17
23g
_.
*15
*16*4
*214
19
99
434
27i8
14
484
1
19
33g
6034
1*4
1314
3134
21
15i4
1678
23g
*77
2234
7278
*72
*97
9934
99
99
102
10234
103
103
97i2
97i2
*114i2 115
*97
227g
23%
72%
97%
11434 H512
18
177g
18%
*10378 1055s *1037g 1055s
*27
2712
27i2
28%
3
*27g
3
*27g
*6
7l4l
*412
*7g
1834
5
1
*65
*11%
*14l2
5®8
438
12i2
1478
5i2
4%
*65
*11%
147g
*5U
4*2
*52
58i8
*52
*2434
*17g
*1%
25i2
25
2i«
*312
378
*17g
15s
334
45g
4%
434
7214
7212
1®8
73
24i4
7018
1212
15
55g
412
58i8
25
2
5
15s
378
73
1,200
5
*4i2
434
*4*2
434
200
*4*2
"u
*5838
6034
*59*2
1834
35g
61
118
12l2
1*8
1*8
12%
33s
*1934
3*2
1234
31l4
2OI4
15
15
16
16
23g
23g
1*8
15*2
16*4
125g
30*8
20*8
15*2
16*4
♦2*4
23g
30*8
20*8
*77
*7g
18
*%«
18*4
3%
378
6034
61*4
1*8
12*2
31*4
1*8
1212
*29i2
20*8
*15
20*8
15*2
*16
*77
30,100
378
384
230
62
1
4,700
1,360
1*8
12
123s
29*2
*20*4
15*4
16*4
*2*4
23g
600
19
61
16*4
*2*4
100
7g
78
*18
Feb 14
114
Feb 13
24
243g
2414
2434
24*2
2034
94
■128
133
30
30
32
32
109*2 109*2
*95
2334
97
24
*65
72
*1134
125g
153g
5*2
412
57*2
15
*5*4
4%
*53*8
25*4
*178
1*2
334
434
72
25*4
2
1*2
334
5*8
72*2
*55g
*%
24*4
207g
94%
*130
*6
7
1
*2
243g
243g
21*4
2034
94l2
9434
134
6% dlv partlc preferred.100
19% Apr 22
115*2 Feb 17
2% Jan 2
27% Jan 11
117i2 Feb 1
Va El A Pow $6 pref
Va Iron Coal A Coke
31
*31
32l2
109
109l2
*95
96*2
23*2
23*2
*65
69*8
*115g
12%
16
5*2
5*2
43g
4*2
57*2
25*2
*53*4
*25
2
*6
Preferred
2
134
*130
134
10
31
*30
31
300
23*2
69*8
69*8
12*4
12*4
16
1534
55g
4*2
*54
25
*17«
*31
3212
200
109
109i8
200
*96
97*4
20
23*4
3,100
22*2
*65
12
12
15*2
10(f
70
15*2
6
6*4
200
11,000
6
1,800
1,100
4*2
*41*
4%
58*8
*54*8
*2434
178
25%
*400
17g
300
1%
1,600
1,300
8,900
2,300
25
2
1*2
1*2
1*2
3%
334
47g
73
35g
35g
3*2
3*2
434
5*8
5*8
73*2
5*4
434
73
73*4
1*2
74
158
267g
29
2034
*96
102
*90
...
*5912
*6212
*96
67
197g
1
1334
*118
*10
345g
*85
16
*27
29ig
2034
2758
2934
2114
*27
29*8
205g
102
102
*96
*90
97
*90
60
6012
61
61*2
64
64
64
*637g
98
*96
6984
20
1334
118*2
1012
3434
9018
16
69i4
2C14
HI4
118
103s
3612
*85
275g
293g
205g
104
*2634
29*4
27*s
*20*2
21
*96
29l2
*27*8
29*8
207g
105
*96
97
*90
99
*90
*61
613s
6O84
637g
98
6334
97*2
*67
69
*68*2
277g
295g
2U4
27*8
29*4
207g
73*2
200
100
7
1734 Apr 22
May 31
120*4May 2
27%June 6
27% Apr 17
105
Apr 16
92
Apr 28
21% Apr 18
64 May 19
10*4 Jan 7
12% Feb 14
4
Apr 21
Westvaco Chlor Prod..No par
$4.60 preferred
..No par
Wheellng&LE5 J$%conv pflOO
Wheeling Steel Corp...No par
$5 conv prior pref
No par
White Dental MfgfThe SS)-20
1
White Rock Mln Spr C0N0 par
White Sewing Mach Corp
1
86
Apr 23
*6334
6434
*96
99
38i2
92
*85
*117g
12i8
117g
123s
*1158
134
134
♦I84
178
1®4
16*4
40
300
6834
20*2
1,100
7,900
12
1*4
40
200
12,800
91
*85
91
16*4
117g
1,000
17g
200
16*8
16*8
16*4
16%
117g
117g
1134
*134
178
1134
*134
16*4
*115s
178
*134
25% Apr 21
26%May 26
16% Feb 19
Feb 13
20*4
20*4
20*4
20*2
20®4 *20
14
14*4
14*8
14*4
14*2
14*8
14%
118*2 *118
118*2 *118
118*2 *118
118*2
*10
*10
*10
103s
10*2
103g
lOSg
10%
36
36*4
36*2
36*2
3634
3678
36%
3678
16*4
—10
June 16
58
2014
16*2
114
Prior
14
14i2
118i2 ♦118
16*4
65% Feb 15
Jan 30
69
*85
No par
"
l"206
10
64% Feb 17
pf4^% convserleslOO
Wright Aeronautical...No
par
627gMay 28
17% Apr 24
11% Apr 21
Wrlgley (Wm) Jr (Del) .No par
Yale A Towne Mfg Co..
25
Yellow Truck A Coach cl B..1
Preferred
100
114
Feb 25
Dec
15% May
58*4 Aug
22% Jan 10
105
June
198
Jan
120
80
11
May
21
June
2*4 May
Jan
27% May
108
Deo
100
Jan
85
May
30
Jan
18% May
76
Jan 14
51
6% Jan 13
6S4 Jan 25
74
114
May
7% Aug
7% May
4% Mar
3% May
38
Jan
14*4 May
1% Oct
1% Jan
3
Jan
3% May
4
46
June
June 16
116
Jan
Apr
Apr
5
Jan
8%
Apr
1
Jan
28%
28%
Jan
Jan
118
Jan
140
Nov
37% May
38*2 Feb
1097| Deo
103
35%
74%
11*4
17%
11%
7%
57%
247g
Nov
Apr
Nov
Apr
Deo
Apr
May
Mar
May
3% Jan
3*j Apr
6%
7%
70
Apr
Apr
Mar
121% Mar
34% Nov
55
Oct
June
102%
3
60
July
95
Oct
61%June24
64*4 Jan 28
101% Jan 9
29
Juno,
68
Nov
39
June
65%
91
June
129
Apr
73
May
93
Apr
Jan
102
92
80
June 19
Apr
Jan 11
22% Jan 8
17% Jan 10
120
Jan 10
15*4 May
9*4 May
98
May
12% Jan 11
42*s Jan 6
6% June
26% June
83
80
Youngst'n Steel Door..No
Zenith Radio Corp
No
par
13% Apr 16
94% Jan 31
18% Jan 6
par
1034May 16
1% Apr 23
15% Apr
2% Jan
1
40%
Apr
42% Apr
247g May
May
13% May
9% Feb 19
30% Apr 18
ZonJte Products Corp
105
15*4 May
9
Young Spring A Wire. .No par
Youngstown S A T
No par
preferred ser A
100
Apr 26
Oct
25% May
30
33% Jan
34% Jan
24% Jan
Apr
108% May
26
12«4June 18
17% Jan 9
7% Jan 13
29%
Jan
110
Jan
Deo
Apr
Mar 22
36
Jan
Feb
4%
115
34% Jan 10
110% Jan
24
80
Apr
May
May
141
Jan
Jan
Jan
Feb
Deo
Sept
Sept
Nov
Feb
Apr
75
76
Jan
12*4
34%
28%
20%
Jan
Feb
110%
June
4% May
*8 Dec
14% May
15*4 May
2% Jan 11
3% ADr 18
May
2% May
80
7% Mar 28
l%May 13
25*4June 23
5% Jan 10
4% Apr 24
14
May
May
100% May
51% June 20
25% Mar 28
2%May 12
Maris
400
4%
60%
2*8
105*8 Feb 10
29%June 11
334 Jan 22
Feb 15
93
Y.666
"
Feb
1% Apr 16
1
6% preflOO
May
May
*2 May
3*4 May
7
Feb 14
10
Woodward Iron Co
Mar 21
4
5
Wool worth (F W) Co
2
30
378 Apr 17
20*2 Feb 14
l%May 3
Wilson A Co Inc......No par
$6 preferred...
June
41
No par
...20
85
61%
105
*96
92
60
Weston Elec Instrument. 12.60
7% preferred A
...—100
6% preferred B
100
Prior pref 4^% series
100
99
*60*4
*67
*85
86
10
*96
*90
97i2
92
1
Worth!ngt'n PAM(Del)No par
69i4
103g
Feb
3,000
99
1934
it
5
2U4
6034
64*8
97*2
6884
Jan
13,200
105
69
3
6% pref...100
preferred...
9%
1%
25%
3%
107% Jan 18
117% Jan 3
187gjune 13
234 Apr 28
6% Nov
Deo
% May
13% Aug
5% Jan
l%June
96% May
23% Mar
1047g Deo
35*4
16%
Jan 10
104% Apr 26
23% May
June
115
18*2 Feb 13
conv
10
June
91
Westlnghouse Air BrakeNo par
50
6%
14
25*8 June 27
Mar 31
9% Nov
May
74% Jan 18
106% Jan 25
6
Willys-Overland Motors
June
3
18% May
6
15*2 Feb 19
10
Wilcox Oil A Gas Co
89
6% Jan
3
100
preferred
Jan
5
Western Union Telegraph-100
conv
Jan
80
96%June 27
..100
Prior preferred
13g
2%
6
112
pf -100
White Motor Co
Oct
Dec
Feb
27*8
2978
61*2
64i2
97*2
637g
97*2
100
.100
Jan
*4
13% May
May 31
101*4 May 29
Apr
»t»
5% May
16*2 May
6
6
97
Nov
15%
48
Jan
16®4 Mar
65*8 Mar
No par
120
May
16*2 Jan
20*4 Jan
4% Jan
80
100
Oct
31% Mar
4% Jan
31*4 Jan
135
6
2%May
62
June
22
No par
Feb
Nov
20
3
14
May 14
15*4May 28
Apr
110
23*4 Jan 13
4
Feb
%
May
l%June 20
13% June 20
30%June 25
Feb 19
Jan
35
30% Jan
63
6
Westlnghouse El A Mfg
1st preferred
4
105% Jan
2
18*2June
par
West Penn El class A..No par
Western Pacific
978 Apr
22*4 Jan
4
Jan
5
36% June
28*2 May
% Jan 10
"it Jan 17
21
25
Western Auto 8upply Co
Western Maryland....
2
Jan
% Mar 11
Wesson Oil A Snowdrift No par
$4
5734
120
No par
4% 2d preferred
*30
June 21
No par
6% preferred—
5,200
143
53
No par
7% preferred
6% preferred..
May
Mar 27
...No par
14 conv preferred
May
May
71
»i»June
6
preferred
West Penn Pow Co4
14,200
6,900
95
23*4
13.85
{Warren Bros Co
S3 preferred
14
109
June 13
13% Apr 19
2*4 Feb 19
West Va Pulp A Pap Co No par
100
2434
213g
943g
96
Warner Bros Pictures
May
1*4 May
6
33% Feb
3%May 13
100
340
243g
21
96
7% preferred
19
102
Ward Baking Co cl A..No par
Class B
No par
800
i~§66
2434
213g
32l2
109*2 10912
par
July
35*2 May
56 84
Jan
Feb 15
17% Apr 22
96%June 27
4
May
1
25%May 31
Xl284 Feb 13
No par
7% preferred
58
95
*31
Dlv redeem pref
112
Jan
*8 Apr 15
4
No par
Walk(H)Good A W Ltd No
June
*11 Nov
42
*ii Jan
4H% pref with warrants 100
Walworth Co
Jan
Deo
June
Apr
8
1
**2
*2
Walgreen Co
70
21
__100
100
6
1*566
Apr
2% Apr
63*4 Dee
18% Nov
128
135
No par
No par
Waukesha Motor Co....
"
Deo
2%
159
69
89
100
Webster Elsenlohr
7
Apr
60
May
45
i3734june 12
31% Mar 29
...25
Wayne Pump Co
"
Nov
39*4
13434 June
3
12
6% preferred...........26
Vulcan Detlnnlng Co
100
Wisconsin El Pow
267g
2834
203g
No par
5% pf 100
100
330
Mar 26
2434 Jan 15
500
*130
*29%
15*4
7
67
2
9
Mar 13
300
400
June 11
1*2 Apr 14
23g
40
27
Mar 26
2
Jan 21
115*2 Jan
44% Jan
20
16*4
*72
12*2 May
130
Mar 17
67
15*4
97
May
June
15
5
Washington Gas Lt Co.No
100
725g
1
41
No par
Va-^arollna Chem
Warren Fdy A Pipe
9*.500
245g
May
Deo
June
Deo
4
160%June 26
*2 Jan 9
.100
Vlcks Shreve A Pac Ry
Victor Chemical Works
200
*77
157
39*2June
200
25**8
97
12
z22
29*2
"
103%
29*2
42*2
1*4
67% Nov
x73% Deo
76% Nov
39% Mar
117% Apr
49% May
2
6
21
73
72
72
*70*2
7278
97
97
*96*2
97*2 *96*2 97*2
103
103
103
102*2 103
103*4 103*4
103*4
97
97
*97
97*2
9712
97*2
96*2
97*4
115*4 115*4
11434 11434
115l2 11534
1155g 116
17
17*2
*17*2
1734 *17*2
18
17*2
17*2
<1037g 1055s *104
1055s *104
1055s ♦104
1055s
28
28
28*4
28*2 *28*4
28*2
28*4
28*4
*27g
3
*27g
3
27g
27g
27g
*234
23*2
*72
245g
21*2
94l2
2334
13*4
*78
24 lg
23
70's
13*8
*18*4
24
24%
25l4
20i2 207g
2II4
2134
94
96
94i2
94%
133i2 133i2 *128
13312
*29i8
30
29i2
2978
32i4
32i4
*31%
32i2
*2214
13*4
*13*4
1834
*2912
100
May
22% June
May 20
Jan 17
...6
3,200
900
May
42
19
1,100
27*8
60
43% May
187g
187g
♦96*2 100
434
45g
27*8
Jan
Jan
Apr
117
May
1878
434
May
June
I884
27*4
134
41%
% May
15
68% May
39% May
Jan
12
1 Wabash Railway Co
5% preferred A....
45g
Apr
Nov
25
Waldorf System
27*4
13*4
39
24
Deo
4
100
*96*2 100
38%
22
6
800
45g
21®4 June
27% June
Jan 10
16% Jan 10
5934 Jan 15
74
Jan
400
27*8
13%
Aug
Apr
Apr
May
17
3.
4%
48
Apr
12>4
34*8 Jan
*1#
27*8
May
7%
Apr 21
Apr 10
83s
434
27i8
13i2
50
6
Deo
28
Apr 18
41«
100
7
35
3% May
15
»i«
4i2
4
Jan
182% May
6*2 Mar
23
2
June
•11 Jan
.....
878
27ig
1314
Jan
1% Jan
1*4 Jan
May 10
% Apr 28
447g Apr 25
12
May 10
Jan 13
33% Jan 13
Nov
89
Vanadium Corp. of Am.No par
Van Norman Mach Tool..2.50
**16
9i»
97
l",5o6
325g
65% Apr 4
76% Jan 29
70®4 Jan 6
May
Deo
11
133
**2
*8*4
*87
1
7
25% Apr 4
9434 June 10
48
14
4
6
178 Jan 11
130
May
2% May
25*2 July
May
12%
Universal Picture* 1st pref.100
Vadsoo Sales...
No par
Preferred
100
14
1834
Mar 27
165
97
48
Virginian Ry Co
"
June 12
4*2 Jan
June
1334 Mar
7% Apr
7% Jan
140
5c
*2
*95
80
40
Jan 14
9% June 27
50
Jan
100
14
58
*10914110
2,800
183
5*a May
5%
No par
8% preferred
5o
87g
187g
187g
*95*2 100
42
No par
*8*4
*»,
"1«
97
preferred
14
7*4
*95
conv
I9
*6*4
*10914110
178
2684
*32*4
5
$6
87g
7*4
5g
2418
32%
United Stores class A..
l4
*6i4
*»■
*1«
1,400
178
2534
2634
27*8
116
116
*1155g 116
*17
*17*4
193s
18*2
*38*2
40
*38*2
40
*32
1
*814
1834
*77
*72
18
18*2
40
%
87g
I9I4
4%
*77
115*2 116
%
»16
27
33g
*583g
1*8
1158
*28i4
*1934
*145g
*16%
*214
*
100
No par
25
7% preferred..
United Stockyards Corp..
7% 1st preferred.......100
72
*23*4
178
Preferred
U S Tobacco Co
Vlck Chemical Co
41*8
*134
2
25% 2534
115% 116
1812
18%
lSg
60
60
No par
Van Raalte Co Inc
2712
116
*40*2
Corp
_
25
72
*23*4
490
May
4
Feb 14
Feb 15
Mar 13
Apr 25
49% Apr 21
115*2June 2
22% Apr 30
Universal-Cyclops Steel Corp 1
*12*4
*25*2
116
U S Steel
Universal Leaf Tob
12*2
*25*2
*115
U S Smelting Ref A Mln
Preferred
300
10
Jan
5
34% Feb
25*2 Jan
«i»June
3% Deo
80
8*i Jan 6
7734june 26
3134 Jan 11
1778
80%
55*4
69%
...100
Oct
9
29%May 6
18% Apr 12
No par
10
8% 1st preferred
700
25*8
25*8
12*2
*1214
24
34
49
25
1212
27%
28*2
*44*2
1*8
*>*u
47*2
1*8
{U S Realty A Imp
U S Rubber Co
Jan
Jan 17
54*j Feb 24
26*8 Apr 26
1
15
118
9%
15%June 16
10*4 Jan 27
69% Jan 8
28>4 Jan 10
10
Deo
107% June
May
43
20
Jan
3
Apr 22
100
Deo
85%
3% Jan 10
Feo 10
Prior preferred
41
May
June
Apr 18
5% Apr 24
2% May
25% May
6
3*2 Jan
Apr
Mar
6
65*y Mar
60
Jan 13
47g Feb 17
conv ol A ...No par
Deo
7%
Sept
Jf,n22
3
Partlc A
3®4 May
2
26%
11
90
Highest
$ per share $ per share
117
33
U S Pipe A Foundry
74
8
20
U S Playing Card Co
U S Plywood Corp
573g
4
8*2 Mar
No par
300
59
*71*8
Mar
9*4 Feb 19
Jan
50
conv preferred
U S Leather Co
1,100
*28*8
*44%
62
24
4,200
1*4
2334
925g
227g
56*8
567g
118*2 119*2
2778
28
25
25
2514
12i2 *12*4
12l2
*2512 2712
*26*2
27l2 *25*2
27*2
*115
116
*115
116
*115
116
*114*2 116
*40% 4212 *40l2 4212 *40l2 42l2 *40*2 42*8
62
8
80
275s
3134
4712
45
1414
51
*142
734
*77i2
27*2
*305g
♦2I84
*1*8
225g
Jan 11
U S Industrial Alcohol-No par
5H%
*46
*46*2
49*2
49*2
*14
15
15
15
14lg
14*8
1434
1434
51
51
*49*2
*50*2 52i2
5212
49*2
49*2
148
148
*147*2 153
*147*2 153
*147l2 153
152
158 1 160*2 *150
160
158
155*2 156
*%«
716
%
•%
*%«
7i#
*15i2
173S *15*2
173g *15*2
173g
*15*2
173s
4712
1*8
1,000
59
74
583s
55% 5534
119i2 11934
*26*8 273g
*44% 4712
*1*8
1%
%
34
♦45
49l2
"V.IOO
37g
*1
59
*72
Apr 23
2534
9U2
1*4
233g
92i2
170
44*2
27*4
8% Apr 25
2% Apr 10
2% Feb 19
7% preferred
100
U 8 Hoffman Mach Corp....5
2,100
9*8
37g
31*2
No par
$5 preferred
No par
United Mer A Manulnov to 1
United Paperboard
.—..10
65
60
5
70% Jan 10
10% Jan 15
20
2,400
Jan 11
42
U S Gypsum Co
5734
*24*2
31*2
22l2
United Gas lmprov't
32
60
4
May 14
*42
7734
3% Apr 21
5
May 29
6«4May 9
105 May 3
share
337gMay
5
84
4
*
6
No par
U. S. A Foreign Secur. .No par
8
24
20%May 16
United Electric Coal Cob
United Eng A Fdy
Year 1940
Lowest
434 Jan 13
3% Jan 11
6
100
United Fruit Co
per
3
27gJune
l*2May
10
$
share
$6 first preferred
No par
U S Dlstrlb Corp cony pref.100
U S Freight Co
...No par
400
878
per
600
9*2
56*2
$
5
Range for Previous
Highest
"""260
24
*42
7734
27*2
31*2
22l2
500
834
44i2
334
*76
400
1,300
*175
44J2
2412
*21
*57
58*2
384
75%
*12
*9
2412
73%
2778
31
*tlt
9*4
25i2
3%
73%
*273g
*30i2
8,000
15
35g
7
500
2,900
92
4
7
3*8
15
United Dyewood Corp..
Preferred
""'906
3*8
3*4
*84
*3%
7
\
3*4
8
*42
*27g
92
*175
....
65
Par
United Drug Inc
100
3*4
2
2234
4I4
37
6534
7
1434
*734
*42
*35*8
3*8
*3
93g
59
*175
...
2478
334
4*4
*84
14
14
914
10*8
*27g
3
27g
10*8
3*4
*15s
*203$
4*4
3*4
2
2234
Lowest
600
6~8
1083g 10834 *1083g 10984
10
10*8
10*8
10*4
108*8 108*8
103g
4412
*49U
Shares
*10
*24
14
S per share
IOI4
3*8
*42
*3l2
Week
93
10i8
*27g
3U
*278
June 27
*1%
*20%
4*4
7
108% 108% ►108i8 10934 *10818 109
Range Since Jan. 1
On Basis of 100-jSAars Lots
EXCHANGE
June 26
3*4
65*4
66
STOCKS
NEW YORK STOCK
the
CENT
Friday
•
*36
2234
4
*35i8
6534
66%
7
3%
2
*
Sales
lor
SHARE,
Saturday
25
Oct
19% Jan
126% Sept
14
Apr
May
48%
99*8
12% May
28*2
Jan
Deo
Jan
3
8% May
17%
Apr
6
2
4%
Apr
Mar
?
*
Bid and asked prices; no sales on this day.
{ In reoelvershlp
d Def. delivery,
n New stock,
r
Cash sale,
s
Ex-dlv.
y
Ex-rlghts.
itlon
JTjCaUedTor redemption
y
S55HBK
June 28, 1941
4092
<D
Exchange
Bond Record—New York Stock
friday, weekly and yearly
and defaulted bonds.
Cash and deferred delivery sales are disregarded In the
only transactions of the week, and when selling outside of the regular weekly range are shown In a footnote
No account is taken of such such sales In computing the range for the year.
the column headed "Interest Period" indicate in each case the month when the bonds mature.
NOTICE—Prices are "and Interest"—except for Income
week's range, unless they are the
In the week in which they occur.
The Italic letters in
Friday
Friday
EXCHANGE
N. Y. STOCK
Range
Friday's
Since
Sale
55
27
Week Ended June
Range or
Price
O
119.4
na¬
Bid
Asked
A
Low
il. S. Government
A
High
119.4
No.
11
119.5
..1947-1952
111.22
J
D 111.22 111.21
Treasury 4s
1944-1954
M 8
113.6
113.6
Treasury 3%s_.
.....1946-1956
D
*106.6 106.15
Treasury 3%s
....1943-1947
A
*100.8
Treasury 3%s
1941
O
106.30 106.30
Treasury 3%s_.
1943-1945
O
108.1
108.1
Treasury 3%8
1944-1946
D 110.29 110.29 111
Treasury 3%s
1946-1949
D 113.10 113.10 113.10
Treasury 3%s
1949-1952
D
*110.9 110.18
Treasury 8s
1946-1948
M 8 "113.6
113.6
113-5
Treasury 3s
1951-1955
M 8 111.22 111.9
111.22
Treasury 2%s..........1955-1960
M 8
108.16 108.17
Treasury 2%s
....—1945-1947
M 8
109.25 109.25
Treasury 2%s
1948-1951
J D
110.3
110.3
Treasury 2%s
1951-1954
M 8 111
110.12 111
Treasury 2%s
1956-1959
J D
110.31 110.31
Treasury 2%s..........1968-1963
J D 119". 19 111
11.1.22
Treasury 2>48
1960-1965
J D
108.4
108.4
Treasury 2%s
1945
M 8
109.12 109.12
Treasury 2%s
1948
J D
107.26 107.30
Treasury 2 Ma
1949-1953
M 8
108.8
108.8
Treasury 2%s
1950-1952
M S 105.5
105.5
105.5
Treasury 2%s
1952-1954
M 8 104
103.18 104
Treasury 2%s....
1956-1958
J D
*106.19 106.28
Treasury 2%s
1951-1953
./ D
106.13 106.13
Treasury 2%s...
1954-1956
J
D
*106.12 106.21
Treasury 2s..
1947
M 8
*103.8
103.6
Treasury 2s
Mar 16 1948-1950
J
D
106.8
106.8
Treasury 2s
Dec 15 1948-1950
J D 105.3
104.16 105.3
Treasury 2s
1953-1955
Treasury 4 %s
Low
121.26
5
111.19113.18
2
113.3
115.7
7
110.11112.12
7
112.15114.9
109.24111.21
"~8
22
110.4
113.6
107.14111.22
109.24
6
108
2
107.27110.9
2
107.2
110.3
16
107.1
111
1
31
3s
1944-1949
1942-1947
2%S
1942-1947
3s
Af 8
107.4
111.22
4
107.16109.22
5
105.2
3
105.4
108.8
1
102.8
105.5
103.1
104
103.5
106.10
103.5
*
107.22108.14
106.17
66
107.30
104.28106.28
100.24103.2
104.12106.8
101.24105.3
1Mb series M
Govt.
106.26
106.26
106.17107.26
102.5
102.5
102.5
J
J
1947
1948
Akershus (King of Norway) 4s_1968
♦Antloqula (Dept) coll 7s A—1945
♦External s f 7s series B
1945
♦External s f 7s series C
1945
♦External s f 7s series D
1945
♦External s f 7s 1st series—.1957
♦External sec s f 7s 2d series. 1957
♦External sec s f 7s 3d series. 1957
♦Gtd sink fund 6s
D
103
101.29103.2
*102.22 102.30
J
D
104%
104
104H
1928
♦Austrian (Govt) s f 7s
♦Bavaria (Free State) 6%s
With declaration
F
A
25%
A
O
M 8
23
26
28H
25%
21H
21 H
22%
21%
9%
6
7%
9%
10
7%
7%
9%
8
1950
Cordoba (Prov) Argentina
1941
3% external s f $ bonds
Bulgaria (Kingdom of)—
83
11
78
83
68
26
65
71%
62%
65 H
50
63%
62 %
65 H
51
53%
65%
65%
57 %
56
57 %
23
47
57%
8%
48
J
10
6
A
12
12
27
12
"85"
87 H
85H
87 H
81H
"83""
AO
21
26
43%
43%
90
43%
43%
49%
48%
89
8
15%
Yd
8
8
D
O
20 %
17
17
18 %
8
75
82%
84%
75%
♦Stabilization loan 7 Ha
10-year 2 Ha
1961
1944
1967
30-year3s
1968
♦Carlsbad (City) 8s.
....1954
♦Cent Agrlc Bank (Ger) 7s
1950
25-year 3 %s
7-year 2 Ha
30-year 3s
♦68 Oct coupon
on
♦Chile (Rep)—Extl s f 7s
♦7s assented
♦External siDklng fund
♦6s assented
♦Extl sinking fund 6s
♦6s assented
72
82
17%
10
18
2
101
103%
102%
24
101
104%
101%
59
"61%
152
101%
96
*84
8%
49%
62%
99% 104
87
73
8%
8%
88
10
8%
J
49
49%
9%
31%
38%
""9
31
60
58
10
52
29%
54
"54%
*40
"12
47%
55
With declaration
5H8--1942
f*lst ser 5%s of 1926
1940
§*2d series sink fund 5 Ha
1940
27%
55
8
*42
"54"~
Apr 15 1962 A O
Dominican Rep Cust Ad
31
55%
69%
51%
65
49%
63
61
61
F"1
49%
58
Af S
33%
58
70
52%
58
O
*57%
*57%
59
52%
Customs Admin 5Hs 2d ser.. 1961 U 8
5Hs 1st series
1969 A O
*57%
*57%
67
52
59
58%
60
52%
59%
5Hs 2d series
....1969 A O
♦Dresden (City) external 7s... 1945 UN
*57%
70
52%
59%
27
A
O
A
1948 J
8%
*8%
J
8%
8%
8
9%
50
8
17%
16%
17H
17%
18%
16%
19%
62
62%
64
60
60
52%
61%
63
67
65
5
26%
93
64%
/
D
1949
7s unstamped
67
German Govt International—
♦5 Ha of 1930 stamped
..1965
♦5%s unstamped
1965
♦5 Ha stamp (Canadian Holder)'65
8%
*5%
O
11%
89
9%
8%
42
8%
14%
7
5
9%
20
.1949
unstamped
7%
6
♦German Rep extl 7s stamped..1949 A
♦7s
6%
6%
15
26%
German Prov Ac Communal Bks
1958
♦(Cons Agrlc Loan) 6 Ha
♦Greek Government
s
J
D
*7%
f ser 78—1964 UN
♦7s part paid
♦Sink fund secured 6s
"~9% "12%
1964
1968 F
♦6s part paid
'*6%
A
"T% "io"
1968
55
55
O
15%
5H
27
63
"93"
With declaration
1946 A
17
15%
7s stamped...1949
*75"
D
♦Hamburg (State 6s)
16 H
H
8
55
26%
J
26%
21%
18
8
With declaration
French Republic
8%
22
J
1967 J
(Republic) ext 6s
1945 M 8
♦Frankfort (City of) a f 6%s__-1953 Af N
6%
55
14
38%
66
14%
25
22%
26
With declaration
♦Heidelberg (German) ext 7 Ha 1950 J
Helsingfors (City) extl 6Hs
1960 A
Hungarian Cons Municipal Loan—
♦7 Ha secured s f g
1945 J
♦7s secured s f g
1946 J
♦Hungarian Land M Inst 7HS.1961 Af
30
26
27
O
48
49%
52%
J
5
5
8
5
6%
J
6
6
1
4%
6%
N
5
5
10
n
1961 Af N
♦Sinking fund 7%s ser B
With declaration
A
15
15
4%
15
Irish Free State extl
48%
45%
48%
46
52%
51%
♦Italy (Kingdom of) extl 7s
48 H
49%
50
47
52%
♦Italian Public Utility extl 78—1952 J
J
36
36
32%
37
Japanese Govt 30-yr s f 6 Ha
1954
1965
¥
A
♦Jugoslavia (State Mtge Bk) 7s 1957
♦Leipzig (Germany) b f 7s
1947
A
O
5
4%
4%
2
12%
23%
65
75
20
18
46%
30%
18
29%
83
58%
73
116
41%
6
F
A
6
~~8
68
52
5
5
7
"4%
...
F
26
J
48 %
28
J
6%
6%
5%
7%
5
99%
O
14%
103
*98
1942 J
1955
External g 4 Ha
s
6%
5
8
97 %
99%
88%
*74
1960 UN
f 5s
♦Italian Cred Consortium 7s
1951 J
ser
D
21
Af N
70%
66
72%
70
62%
70
28
----
19%
6
19%
70
8%
26%
8
D
J
75
25
29%
19%
D
J
20
*15
B'47 Af 8
D
99%
7%
8
5
73
9
6%
9%
101H
101H
95
95%
89
96%
♦Medellln (Colombia) 6 Ha
Mendoza (Prov) 4s readj
"~89%
89 %
89%
79%
96 %
86
97
92
90%
97%
Mexican Irrigation—
♦4 Ha stamped assented
5%
5%
25
3%
87
76%
88%
♦Mexico (US) extl 5s of 1899 £.1945 Q
J
76%
88
♦Assenting 5s of 1899
1945 Q
J
5%
5%
28
♦Assenting 4s of 1904
1954 i
D
5%
6
27
3%
3%
5%
6
♦Assenting 4s of 1910
1945
5%
6
18
3%
6
6
18
A
86
102
87%
9
97
7
102
9%
24
25
29%
16
26%
14
J
14%
25
{♦Treas 6s of '13 assent
♦Milan (City, Italy) extl 6
26%
8%
O
8%
8%
14
14
♦Sec extl
s
f 6%s
13%
10%
13%
♦Sec extl
a
f 6%s
HH
O
Feb 1961F
\
13
10
11%
13%
11%
11%
13%
11%
10%
A
Feb 1961 *
11%
13
11H
O
13%
11%
13
1942 M N
1
"ii%
1954
...1954
73
1943 UN
61
73
5%
Mlnas Geraes (State)—
1960
1942 M N
For footnotes see paee 4097.
21%
1
45
J
J J
J J "~87
UN
J J
M S
1960 A
8
81
68
UN
6s...1960 A
30%
27
33%
24%
31%
49
J
♦6s July coupon on
1960
♦Farm Loan s f 6s...Oct 15 1960 A
21
85
Af N
♦Farm Loan s f 6s..July 15 1960 J
1
48 %
O
Aug. 15 1945 F
23%
48 H
48 H
48 %
1952 Af N
5s
23%
102%
O
17%
*55
8
1960 A
20
103
S
♦Lower Austria (Province) 7Ha 1950 J
Canada (Dom of) 30-yr 4s
33%
16%
1949
1977
1953
1945
1951
1952
4%s external debt
Sinking fund 5 Ha—Jan 15
♦Public wks 5%s___June 30
♦Czechoslovakia (Rep of) 8s
Extl sinking fund 5 Ha
1968
25
21%
81
81
a
♦Haiti (Republic) s f 6s ser A..1952 A
"2l"
"20 %
5
8
26
22%
*100%
Af
26
63
A
J
23
26%
26
*55
60 ""
37%
37%
25
2
♦Estonia (Republic of) 7s
65H
A
22%
33
UN
Hungary 7%s ext at 4Hs to... 1979
1967
f 7s
1951
1944
♦El Salvador 8s ctfs of dep
65 H
F
30
23%
30%
Y"j
External loan 4%s
17%
8
Af
30
9
"25%
25%
7s..1942
1949 r
17
J
Af
34
*26"
26
Af N
1904
14
(Prov of)—
1961
1977
1976
1976
1975
1984
36%
36%
9
Af N
J
35%
35%
*25%
1953
25-year gold 4 Ha
7
9H
18
64%
64%
D
10%
8~ "26%
*25%
33%
8%
68%
58%
A
readj 4%-4%s
35%
35%
With declaration
6%
16
f 6 Ha of
External s f 4%-4%s
s
8
2
67
8
11%
11
8H
63 %
1926
1957
A O
♦External s f 6 Ha of 1927...1957
J D
♦7s (Central Ry)
1952
Af 8
Brisbane (City) s f 5e
1957
P A
Sinking fund gold Ss^rr
1958
J D
20-year s f 6s
1950
J D
♦Budapest (City of) 6s
1962
♦Secured
*8
9
61 H
J
12
1951 J D
♦Cologne (City) Germany 6 %s.l950 Af S
Colombia (Republic of)—
♦6s Of 1928
Oct 1961 a o
♦6s of 1927
Jan 1961 J J
♦Colombia Mtge Bank 6 Hs—1947 A O
♦Sinking fund 7s of 1926
1946 m N
♦Sinking fund 7s of 1927
1947 r a
Copenhagen (City) 5s
1952 J D
9%
9%
61
M
5
♦Chinese (HukuangRy) 5s
6%
63
F
11%
10%
7%
63 %
J
"io
10%
10
3
82 H
71H
11%
8%
8%
"n%
Af N
11%
8%
35
Finland
O
M
9%
"11%
8%
*11%
8
6
71H
63 %
J
8%
*11%
10%
m
♦7b assented
9%
14
Refunding s f 4%-4%s
10%
"ii%
Af N
11%
11%
11
12%
11%
8%
10
8
9%
*15
A
9%
"l"6%
m
♦6s assented
♦Chilean Cons Munlc 7s
8H
*8%
6s—1958
f 4%-4%s
10%
*11%
*10%
11%
11%
8H
.....
♦6s stamped
1961
1962
1962
1960
1960
♦6s assented
9
1955
7s
♦Brazil (U 8 of) external 8s
•
♦Sink fund 6%s of 1926
8H
With declaration
s
1961
assented
11
With declaration
External
26
9%
9
8%
1955
f 6s
♦Berlin (Germany) s f 6 Ha
With declaration
External
1
9%
With declaration
Buenos Aires
♦Guar sink fund 6s
♦6 Ha
13
12
11%
104%
26
With declaration
s
100
8%
1949
♦External
136
*25 H
J
J
1945
Belgium 25-yr extl 6 Ha
♦External sinking fund
♦6%s assented
*11%
1957
1957
1961
1961
♦Chile Mtge Bank 6 Ha
13%
12
13%
12
13%
12
9
11%
9%
"I2"
12
With declaration
1972
1955
1957
1956
19£7
External 6s of 1927
11%
Af N
...—1963
♦6s assented..
17%
Apr
Australia Com'wealth 5s
s
*12%
External gold 5%s
1958
6s
8 f extl conv loan 4s
External 30-year s f
10%
♦External sinking fund 6s—.1963 Af N
Denmark 20-year extl. 6s
With declaration
Argentine (National Government)
UN
8 f external 4%b
1948
UN
8 f external 4%s
1971
V A
8 f extl conv loan 4s Feb
1972
External
1
♦Sinking fund 8s ser B
♦Gtd sink fund 6s
External g 4%s of
5
13%
11%
External 5s of 1914 ser A
(Colombia)
Antwerp (City) external
With declaration
11%
13%
*11%
♦Costa Rica (Rep of) 7s
J
8%
1
o
Cuba (Republic) 5s of
Af N
2
o
102.15103
Municipal
Agricultural Mtge Bank
11%
13%
11%
a
101.28103.3
1980
&
S
High
10%
a
*101.27 102.2
New York City
Foreign
J
M
Low
1962
*101.27 102.3
Transit Unification Issue—
3% Corporate stock
J
Sept 1961 U 8
♦6s assented
/
1942-1944
1945-1947
1
6s—1962
♦6s assented
Af 8
1944-1952
series A
2Mb series G
No.
13%
11%
13%
106.28108
107.5
Home Owners' Loan Corp—
3s
13%
With declaration...
106.26107.28
*106.31 107.8
Af N
107.8
1
Corp—
1944-1964
106.31110.31
J
/
Since
Jan. 1
uq&a
10%
8%
♦Guar sink fund 6s
-
3%s
Jan 1961
Jan 1961
1961
♦Ry extl. s f 6s
♦6s assented
♦External sinking fund
11
Ranye
1?
Asked
High
Ac
Low
Fereign G*vt. & Mun. (Com.)
106.26 108.6
107,29109.9
Bid
Chile (Rep)—Concluded—
♦Extl sinking fund 6s_.Sept
-
Federal Farm Mortgage
Price
106.12107.25
101.21102.19
2
Friday's
EXCHANGE
Week Ended June 27
High
119.4
Ranye or
Sale
BONDS
N. Y. STOCK
1
Jan.
Week's
Last
Week's
Last
8*
BONDS
8%
9
9
12
13%
12
13%
12
♦Montevideo (City) 7s
♦6s series
A
1933
J
A
O
6
J
Ha—1952
1958 Af 8
1959 M 8
1952 J
D
1959 UN
5
17
17%
10%
17%
11
19
11
13
10%
60%
60%
*10%
60%
11
2
4%
17
8
8%
6
30
11
11
54
62%
53
60
Volume
New York Bond Record—Continued—Page 2
152
Last
BONDS
N.
Y.
Range or
Sale
EXCHANGE
STOCK
Price
Week Ended June 27
Friday's
Bid
External
s
64
68%
68
66
68
F
A
*60
F
A
Railroad
68 Hi
General 4s
♦Nuremburg (City) extl 6s
Oriental Devel guar 6s
Extl debt 5%s
Oslo (City) s f 4%s
With declaration
a
♦Pernambuco (State of) 7s
♦Stabilization loan
1
Adjustment gold 4s
1995
x
bbb3
91
91
71
Stamped 4s
1995 MN
x
bbb3
91
30
88
61
Conv gold 4s of 1909
1955
D
x
bbb2
100
99
100
5
97
70
Conv 4s of 1905
1955
D
x
bbb2
100
99 Hi
100
28
D
x
bbb2
D
78
Nov
J
91%
2
96Hi
94%
100
97% 101
95%
96Hi
103 Hi 105
100% 102%
Conv gold 4s of 1910
Conv deb 4 His
1948
x
bbb2
104
104
Rocky Mtn Dlv 1st 4s
1965
J
x
aa
2
101 Hi
101 Hi
3
38
40%
aaal
*111%
111
112%
29Hi
34 Hi
J
Trans-Con Short L 1st 4s._1958 J
Jf S
Cal-Arlz 1st A ref 4
x
32%
x
aaal
111
111%
~~6
109
lllHi
40 Hi
Atl Knox A Nor 1st g
D
x
aa
2
*106
29
31 Hi
28
Atl A Charl A L 1st 4 His A.. 1944 J
1st 30-year 5s series B
1944 J
J
30
27 Hi
8
8
J
D
A
27
Atl
Coast
1st
cons
1960
His A. .1962
5s
1946 J
4s.July 1952
44
39
46
General unified 4 His A
40 Hi
42
36 Hi
24 Hi
30
43 Hi
27 Hi
30 Hi
56
1953 M S
105%
1941 J
*99%
100
4
4%
13
13Hi
23
3Hi
7Hi
5
3Hi
3Hi
3 Hi
8Hi
11
10
10 Hi
8
~~3%
10Hi
4Hi
4Hi
S
July 1948 A
1st mtge gold 4s
1948 A
4s registered
96 Hi
a
67
67
2
S
A
O
8%
Oct 1
O y bb
2
F
A
8Hi
♦Saarbruecken (City) 6s
Santa Fe extl s f 4s
1964
64
66
34 Hi
33*%
35%
39 Hi
38%
35 Hi
33%
/
.............1950
12%
to Dec 1 1946) due...1995 J
59
67Hi
27
"33
7Hi
9Hi
8 Hi
33
6Hi
8Hi
*11
N
J
Hi
53%
44 Hi
43%
45%
52
52
85
85%
45Hi
46%
22
43
44%
46%
36
S'west Dlv 1st M(int at 3 Hi %
to Jan 1 1947) due....1950
y
yb
Toledo Cin Dlv ref 4s A..1959
y
...1946
1951
yb
1951
y
Bell Telep of Pa 5s series B..1948
x
aa
2
22 Hi
25 Hi
63
aa
2
54 Hi
Belvldere Del
9 Hi
8 Hi
13Hi
12Hi
11 Hi
3
34
J
19
20
19Hi
20
16
18
36
15Hi
58 Hi
44
34
26
16 Hi
Cod ref 4s
4s stamped
x
x
a
1962
♦Debenture 6s
1955 A
O
58 Hi
26 Hi
♦Berlin Elec El A Undergr 6His'56
26 Hi
Beth Steel 3His conv debs...1952
Consol mtge 3s ser G
4
8Hi
Big Sandy 1st mtge 4s
Blaw Knox 1st mtge 3 His
194T
..1955
Sydney (City) s f 5His
F
F
A
J
Taiwan Elec Pow s f 5 His
1971
Tokyo City 5s loan of 1912
1952
1961
1946
M
O
F
66
20Hi
*64 Hi
61
66
(Republic) extl 8s—
1960
46 Hi
38
19Hi
19
f 6s
3 His-4-4 His ($ bonds of *87)
external readjustment
*47 Hi
44
48
39 Hi
54
47Hi
25
65
59
50 Hi
A/N
1964
♦External s f 6s
71
43 Hi
A
External s f 5 His guar
5Hi
26%
19Hi
46 Hi
S
A
3 Hi
13
A
J
5
6
*3 Hi
6Hi
3Hi
54 Hi
39 Hi
44 Hi
M N
..1979 J/Nj
43
42 Hi
43 Hi
32
—1979
♦Vienna (City of) 6s
♦Warsaw (City) external 7s
♦4 His assented
Yokohama (City) extl 6s
*35 Hi
J/N
1978 J D
1978 F A
1984 J J
1952 A O
1952 MN
1958 F A
1958 F A
1961 J D
3Hi-4Hi-4'u extl conv
...
4-4 Hi-4 His extl read)
3 His extl readjustment
♦Venetian Prov Mtge Bank 7s
38Hi
40 Hi
35Hi
39
35 Hi
41 Hi
46 Hi
*35
46 Hi
40
.....
.....
36 Hi
41 Hi
41Hi
46 Hi
44 Hi
28
4 His series JJ
50
A
A
F
A
{♦Boston A N Y Air L 1st 4s. 1955
A/N
Bklyn Edison cons M 3His..l966
F A
Bklyn Union El 1st g 5s
1950
J/N
Bklyn Un Gas 1st cons g 5s..1945
133
133 Hi
97
8
100%
27
10 Hi
27
15%
15%
17
17
*8
x
102%
105""
a
105Hi
102%
104 Hi
a
x
106%
105%
105 Hi
a
105 Hi
aa
x
bbb2
*6*6%
68%
29
30 Hi
18
18
9
110
4
"~n
110
x
bbbl
x
a
109%
109%
lio
110
110%
92%
aa
25i
3 Hi
3
4 Hi
Bush Terminal 1st 4a
47 Hi
51 Hi
41
67 Hi
111
95%
113
108Hi 110%
k
*
m
42 Hi
1
z
cc
6%
.....
5 Hi
*70%
51
J y ccc2
3%
85
3%
66%
74
41%
51
66
76%
75
51
9
48
7
6%
Bush Term BIdgs 5s gu
Last
Range
Sale
Friday's
See k
Price
Bid
A
or
Asked
ti
Range
Since
Jan. 1
1
O
x
a
2
1962
A
O
x
bbb2
1957
J
J
aa
19
90% 100
Guaranteed gold 5a._July 1969 J
A
Guaranteed gold 5s
Oct 1969
F
Guaranteed gold 6s
1970
J
aa
102
101
102
35
93% 102
O
aa
101 Hi
101%
102
40
A
aa
101%
15
/
D
aa
101%
*99%
Guaranteed gold 4His.....1956 F
Friday
Rating
EXCHANGE
Week Ended June 27
bb
A
Canadian Nat gold 4 His
Week's
Bank
Ella. A
BONDS
STOCK
y
1966
Canada Sou cons gu 5s A
Y.
1960 A O
Calif-Oregon Power 4s
N.
A
aa
M S
Guar gold 4 His
Sept 1951
J
Canadian Northern deb 6 His-1946 J
J
J
Can Pac Ry 4% debstk
aa
98%
98%
aa
107 Hi
107%
Guar gold 4His..June 15
RAILROAD and INDUSTRIAL
COMPANIES
{{♦AbltibI Pow & Pap 1st Ss.1953
Adams Express coll tr g 4s—1948
J
D
cccl
53 Hi
53 Hi
*101 Hi
56
M 8
bb
1
D
bb
1
101
161"
10-year deb 4%s stamped.1946
1952
A
bb
1
105 Hi
106
1943
D
aa
3
1943
D
aa
3
Albany Perfor Wrap Pap 68.1948
6s with warr assented
1948
O
cccl
O
cccl
1946
3 Hi 8 registered
1946
Alleghany Corp coll trust 58.1944
Oy bbbl
43 Hi
56
99 Hi 102 Hi
101
103 Hi
1947 J
Coll trust 4s of 1907
O
♦Adriatic Elec Co extl 7s
Ala Gt Sou 1st cons A 5s
1st cons 4s series B
Alb A Susq 1st guar
3Hi8
109
*106 Hi
55
54
41
54 Hi
83
81Hi
84
A Ills-Chalmers Mfg conv 4a. 1952 M S
♦Alplne-Montan Steal 7s
1955 M S
Am A Foreign Pow deb 5s—2030 M S
Amer IG Cbem conv 5 His— .1949 J/N
J
J
1
aa
2
102*3!
102*32
102*3! 104
bbb2
103 Hi
107 Hi
103 Hi
102
a
2
108
b
1
56
56
73
69
104 Hi
106 Hi 108
108
57
62
bbb2
102 Hi
102 Hi
102 Hi
64
1
101 Hi
100
102
11
b
52
60 Hi
100 Hi 104 Hi
99 Hi 103
Amer Telep A Teleg—
20-year sinking fund 5
M N
aa
101Hi
101 «3!
3His debentures...
A
O
aa
108 Hi
108Hi
J
D
J
Hit-1943
1961
,.1966
deb.1950
O
aa
103 Hi
103
104 Hi
45
103
♦Anglo-Chilean Nitrate deb.. 1967 Jan
J Ann Arbor 1st g 4s
1995 Q J
Ark A Mem Br A Term 5s... 1964 M S
bb
1st
s
f 4s ser
26 Hi
"57"
26Hi
56
57
*99 Hi
bbb3
F
A
bbb2
"foe"
J
J
bbb2
106 Hi
106 Hi
106 Hi
106
99%
20
bb
2
96 Hi
95%
97
41
88
97
cccl
28%
24%
28%
31
17%
28%
49%
14%
99%
a
z
ccc2
49%
48
49%
7
28%
z
cccl
13
12%
13%
76
5%
O
z
cc
19
1959
z
cc
3%
3%
4%
♦Chatt Dlv pur mon g 4s..1951
♦Mobile Dlv 1st g 5s
1946
z
cccl
*5%
13%
z
cc
♦Ref A gen 5s series C
A
1
1
2
56
65
19
84
13
20%
17%
16
17%
60
17%
16
17%
43
19
z
cccl
z
cccl
4s registered
J
z
—..1987
1962 A
Through Short L 1st gu 4s.1954
O
Guaranteed g 5s
1960 F
Central RR A Bkg of Ga 5s. 1942 J/N
cccl
x
a
Certain-teed Prod 5His A...1948 M S y b
Champion Paper A Fibre—
Sf deb 4His (1935Issue)—.1950 M S
26
5
62%
cccl
1987 J
S f deb 4His (1938 Issue)
1950
M
S
15
17
62%
z
1987
....
61%
{♦Cent New Engl 1st gu 48—1961
{♦Central of N J gen g 5s
1987
b
♦General 4s
42
4%
11
23
aaa3
z
5s registered....
9%
111%
y
73%
54%
b
108 Hi
12
72%
74%
49
72
108
107%
72
1
53%
55
71
77
3
1%
5%
1%
5
5%
14%
5%
11%
108% 111%
111%
x
106 Hi
105 Hi 106 Hi
4
11
1966
Cent Illinois Light 3 His
100
105
99%
MN
{♦Consol gold 5s
1945
♦Ref A gen 5 Hi? series B...1959
35
69
104% 108
99% 102 HI
51%
53
97% 99%
D
26 Hi
49
58
4
50
46
D
Corp of America 3s. 1955
98 Hi
1
42
100
106
106 Hi
6
8
102
81%
77
41
105 Hi
*
O y bbbl
A y b
108Hi 111
107
69%
64%
101%
102
87
101% 104%
105%
105%
b
A
14
ccc2
a
b
A y bbbl
llOHi
1955
C (Del)—....1957
27
Cent Pac 1st ref gu gold 4s... 1949 F
108Hi
llOHi
Armour A Co. (Del) 4s B
77
102%
93% 103
92% 101%
90%
99%
90%
99%
102% 107%
52
63%
76
50
Central N Y Power 3His
108 Hi
106
llOJi
1
74
*40
1
22
108 Hi
106
4Hisl950
77
b
106 Hi 110
106 Hi 109 Hi
101 Hi 108
aa
A
bbb2
J
45
bb
Anaconda Cop Mln deb
J
J
{♦Carolina CeDt 1st guar 4s_1949
101'»3!l04*l«
bb
9
2
23
J
Am Wat Wks A Elec 6s ser A.
85%
77
aa
101 Hi
108 Hi
1975 M N
3His debentures
Founders codv
Am Type
99
85%
81%
{Central of Georgia Ry—
♦
1st mtge 6s
Nov 1945 F A
bb
Allegh Val gen guar g 4a
1942 M 8
Allied Stores Corp 4His deba.1951 F A
5
63%
104%
62 Hi
73
50 Hi
73
44
61
63 Hi
78%
46Hi
52 Hi
24
99
107%
103 Hi
52 Hi
1
98%
97%
81%
Celotex Corp deb 4His w W..1947 J
♦Cent Branch U P 1st g 4s
1948 J
b
98%
94
100%
104%
97 Hi
86
1960
1998
~
2
80
♦5s stamped
w
bbb2
79
72 Hi
M
J
85Hi
74 Hi
«
D
81 Hi
74 Hi
98%
J
1944
ctfs..
88 Hi
75 Ji
*88*"
2
•
105% 108
80
89%
6
82
Coll trust gold 5s—.Dec 11954 J
Collateral trust 4 His
1960 J
6s equip trust
88
2
108%
81
bbb2
Carolina Clinch A Ohio 4s...1965 M S
Carriers A Gen Corp 5s w w.,1950 M N
Cart A Adir 1st gu gold 4s... 1981 F A
F A
Celanese
59
*108%
97%
bbb2
perpet...
1946 M S
Coll trust 4 His
*79
O y bbbl
55.
b
5%s, 1949
110 Hi
106 Hi 107 Hi
48
bb
Am Internat Corp conv
109
83
1949
Allegh & West 1st gu 4s
109~"
107Hi
*42
83
Coll & conv 6s
A
100 Hi 107 Hi
20
25
*18
1955
75
42
76
48
75%
40 Hi
54
6%
6
cc
22
7
42 Hi
41%
7
z
1955 J
90
103 Hi 107%
*110%
1952 AO y bb
Consolidated 6s
104
108% 111%
109% 113%
19
Buffalo Rochester A Pgh Ry—
4Hi
104
113
91%
30 Hi
20
107% 110
10
104 Hi
113
74%
9 Hi
12
104%
92%
78
18%
*103
110
110%
79%
85 Hi
66%
425
aaa3
x
81%
75
30
68%
x
Stamped modified (interest
J/N yb
at 3% to 1946) due
1957
73
6
107
18
D
99% 102
84 Hi
75
*
cccl
Buff Niag Elec 3 His series C.1967 /
107% 109
84 Hi
aa
2%
104Hi
102% 106
76
*72
z
x
O
100
*101%
A
A
105Hi 107
103
106%
*107%
F
1981
15
106 Hi
bbb2
1st lien A ref 6s series A...1947 A/N x bbb2
Debenture gold 5s
1950 J D y bb
1st lien A ref series B
1957 J/N x bbb2
2X
12 Hi
&
26Hi
J y bb
1st mtge 4s series RR
1960 J
♦Inc mtge 4 His ser A.July 1970 MN y ccc2
*2 Hi
4
85
110% 113%
130
137Hi
8
1961
{Burlington Cedar Rapid A Nor—
{♦1st A coll 5s
1934
♦Certificates of deposit
17Hi
f
83
*103%
Boston A Maine 1st 5fl A C—1967 M S y bb
1st M 5s series II
1955 J/N y bb
A O y bb
1st
Buffalo Gen Elec 4 His B
3%-4-4His ($ bonds of 1937)—
External conversion
Consol mtge 3 His ser H
g
65%
48
25%
J
1950
5Hi
♦Sileslan Landowners Assn 6s
O
1905
1944
3 Hi
55,<&
44%
z
A
4
3Hi
92%
26Hi
26%
25%
D
4
J/N
1958 / D
1958 J D
extl 7s
58Hi
84
O
1959
1960
J/N
With declaration..
50%
4
'*98 Hi
z
With declaration
43 Hi
6Hi
50%
2
z
18H4
8Hi
43
z
20
19Hi
A
Hi
61%
112
z
M N
1962
extl
133 Hi
Hi
111
z
With declaration
Cons mtge 3His ser F
With declaration
1
62
43
110%
aaa2
x
3 His
30%
64
87%
*.111
14%
50
*46
1960
cons
22Hi
26 Hi
D
46%
b
1943
2HiS—1950
♦Berlin City El Co deb 6 His. 1951
1st A ref 5s series C__
Beneficial Indus Loan
♦Deb sinking fund 6%B—.1959 F
With declaration
Serbs Croats & Slovenes (Kingdom)—
♦8s secured extl
*85 Hi
bb
32
*31
1940 A O
—1945 J D
b
18 Hi
J
18X
17 Hi
♦Sinking fund g 6His
52%
2
bbb3
2
56 Hi
47
52%
Ref g 4s extended to.. 1951 MN y bb
x
"51
17Hi
33
853
Beech Creek ext 1st g
12 Hi
58 Hi
53
35
29%
11
22 Hi
59
fi
46%
33
b
~58%
J
53%
33
27%
y
9
/
38 Hi
134
35
1989
3 His.-1951
19Hi
M
59
35Hi
29 Hi
Battle Cr A Stur 1st gu 3s..
8
1956
40 Hi
ccc3
12 Hi
2
1968
47%
cccl
10 Hi
HHi
11
♦7s extl water loan
73%
33Hi
y
9 Hi
*33
64
434
z
2
3
11 Hi
ccc3
y
to Sept
18
10X
♦6s extl dollar loan
J
12 Hi
10Hi
7Hi
8Hi
it
"59"
N
68
Pgh L E A W Va System—
18X
19
73%
65%
Ref A gen ser D
96 Hi
10 X
11
J
M 8
1952 if
1957 M
{♦San Paulo 8s extl loan of 1921... 1936 J
♦Sao Paulo (City of, Braxll) 8s
♦6 Ha s extl secured s f
♦Saxon State Mtge Inst 7s
y
Ref A ger ser C(Int at 1 1-5%
27
12X
O
100%
62%
73
54
64
ccc3
D
Bangor A Aroostook 1st 58—1943
10 Hi
63 Hi
70
(lnt at 1%
to Dec 1 1946) due...1995 J
27
Hi
"9
62%
2
D y ccc3
1946) due July 1948 A
Ref A gen ser A
27
Rio Grande do Sul (State of)—
A
96 Hi
1st mtge g (int at 4% to
87
*8
M
63 Hi
O y bb
O y bb
20
96
11
1
O
1946
1953
1952
..1953
99%
103% 106 Hi
30
Stamped modified bonds—
8
10
O
1950
♦Rome (City) extl 6 Hs
aa
Baltimore A Ohio RR—
13
8
a
♦Rio de Janeiro (City of) 8s
♦Extl sec 6%s
{♦Secured s f 7s
x
J y b
(lnt at 1%
1 1946) due..2000 M S
Ref A gen ser F (lnt at 1%
to Sept 1 1946) due.. 1996 M 8
♦Conv due
Feb 1 1960 F A
9
8Hi
.....
♦Rhine-Main-Danube 7s A
♦7s extl loan of 1926.
♦7s municipal loan
38
34%
Austin A N W 1st gu g 5s
7Hi
*8
lOHi
33
Atlantic Refining deb 3s
7
*9%
9%
O
68 Hi
11
58 Hi
7
3Hi
A
22
36%
75 Hi
6
.....
*3
1968 J D
—1966 MN
1967 / D
70
35
37
6%
if N
1946
69%
98 Hi
106 Hi
Second mortgage 4s
16
f g
90
70
36 Hi
LAN coll gold 4s....Oct 1952 MN y bb
J y b
1948 J
Atl A Dan 1st g 4s
98
6%
1952
♦8s extl loan of 1921
75
100
98Hi
8
*12 Hi
3 Hi
Queensland (State) extl s f 7s
1941 A
25-year external 6s—
—.—1947 r
69
90
8
*4 Hi
M
61 Hi
77
J y b
103 Hi 104
declaration
f 6s
72
Atl Gulf A W I S3 coll tr 5s..1959 J
6Hi
6Hi
1966
1952
1951
♦Prague (Greater City) 7%s
♦Prussia (Free State) extl 6%s
79%
64%
81
6Hi
6Hi
9 Hi
2
30%
7Hi
6 Hi
1963
1961
102 Hi
73%
6
6%
*7
1950
100%
99 Hi
33Hi
7 Hi
6 Hi
*97%
6
49
33
6%
O
"21
76 Hi
101%
75 Hi
33 Hi
55 Hi
104
bbb2
J y b
90 X
54Hi
58 Hi
104
bbb2
D y bb
J/N y bb
100 Hi
101%
100 %
bbb2
x
x
75
64
x
S
J
115
1948 J
57
63
1964
"ioi"
J
M
10-year coll tr 5s._May 1 1945
25Hi
41
1968
♦4%s assented.
s
91
60
41 Hi
1947
f 7s
s
♦Porto Alegre (City of) 8s
♦Extl loan 7%s
♦External
High
106% llOHi
88 Hi
93%
34 Hi
8
1940
1958
♦External sink fund g 8s
♦Uruguay
No. Low
57
109
36 Hi
♦27 Hi
1961
♦4%s assented.
♦Silesia (Prov. of)
♦4 His assented
High
108%
41
A
1960
f 6s 2d ser
{♦Poland (Rep of) gold 6s
♦4%s assented
sec
l08Hi
aaal
x
30 Hi
33
D
1963 M N
1963 if N
1994 J D
1967 M S
1947 M 8
1959 M S
♦Peru (Rep of) external 7s
♦Nat Loan extl s f 6s 1st ser
♦7s series B
O
.1995 A
34 Hi
....
•8s external..
(Cont.)
31Hi
♦
1952
1953 M S
.......1958 M N
1955 A O
Ext sec ref 3 Ms ser B
s
Cos.
31%
31%
F
♦Stamped assented 5s
Stamp mod 3%s ext to
♦6s extl
Indus.
35
/
1970
♦Panama (Rep) extls f 5s serA
s
&
51 Hi
"io
With declaration
With
Low
Jan. 1
«5<
32
r
Municipal Bank extl s f5s
♦External
Since
Asked
31
O
1963
s
A
38
A
f extl loan
♦Nat Loan extl
Range
Friday's
Bid
52
With declaration
,
Price
Atchison Top A Santa Fe—
68
6
70
*
.-^.1965
f 4%s
With declaration..
s
Sate
See k
51
71
*32
M 8
..1956
With declaration
4s
High
Range or
Rating
Nit
54 Hi
Last
Elig. A
EXCHANGE
56 Hi
65
66%
«...
External sink fund 4%s
s
66
*60
STOCK
Week Ended June 27
35
65
1944
declaration
No. Low
1
51Hi
68 Hi
O
"H"
N. Y.
Since
Jan.
SI
BONDS
Range
Is
S3
4
A
A
20-year external 6s
External
High
F
With declaration
•\
Asked
1957
Apr 1958
1943
f 5s
Norway 20-year extl 5s
With
A
Low
Foreign Govt. & Mun. (Concl.)
New So Wales (State) extl 5s
4093
Week's
Friday
Bank
Week's
Friday
77
1
87
32
2
85%
85%
x
bbb2
105%
105%
x
bbb2
105%
*103%
1
11%
17%
11%
18
12%
12%
106% 108%
65%
76%
63%
75%
42%
58%
51%
79%
82%
91Hi
105% 106%
103% 104%
!
For footnotes see page
4097.
Attention is directed to the column Incorporated in this tabulation pertaining to bank eligibility and rating of
bonds.
See k.
re
New York Bond Record—Continued—Page 3
4094
Bank
BONDS
N.
Last
fcj EliO.
EXCHANGE
Y. STOCK
Rating
sk
Week Ended June 27
See
N,a.
a
Since
Friday's
A
Asked
Highl No.
Lots
N.
Jan. 1
Bid
Railroad & Indus. Cos. (Cant.)
BONDS
Range
Range or
SaU
Price
June 28, 1941
Bank
Week's
Friday
Elig. A
Rating
STOCK EXCHANGE
See
Week Ended June 27
Highl
Low
Y.
Last
18
27
5
17*
25*
cccl
23
6
18
z
ccc2
83
23*
83*
4
75*
1st mtge 3*s...._May 1 1965 M N
x
aa
1st mtge 3*s........—1907 MN
x
aa
1st mtge 3*s......——1970 MN| x
1st mtge 3*s—...
1906 MN x
aa
108*
110*
110*
aa
108*
131 %
111 128% 132%
♦Debenture 4s
..1955
z
cccl
3*s D—1990
*s test E—1996
MN
x
aa
104
103 %
104%
38
102% 106
♦Debenture 4s
1950
z
aa
105
104%
105%
26
102% 105%
f 5a__—1960
1940
R A A Dlv 1st con g 4s...1989
2d consol gold 4s
.1989
♦Chic A Alton RR ref 3s
1949
Chic Burl A Q—111 Dlv 3*8 1949
3 *s registered
1949
Illinois Division 4s
1949
4s registered
1949
J
{♦Consol Ry
J
x
aaa2
J
x
aaa2
z
ccc2
16)4
14%
16*1
J
x
a
32%
92%
93 H
x
a
88
88
J
x
a
x
a
—
1958 Af 6
General 4s
1st A ret 4%n
Chicago A Eastern 111 RR—
♦Gen mtge Inc (conv)
J
"97 %
——1987
3 *s
4b
stamped....
I ♦Secured 6)4*
76
29
81%
71%
84%
26
78*
z
cccl
a
4s ctfs
Union Station—
3*s series E
3)4b
guaranteed
3)48 series F
aaa2
18%
6%
6%
71
5
71
40
36%
40
117
z
ccc2
31)4
z
ccc2
40*
z
ccc2
40%
37%
37%
37%
37%
40%
40%
140
J
179
38
40%
32
z
ccc2
J
z
ccc2
40%
A
69
♦6b
serlee B
♦Deposit receipts
72
Del Power A Light 1st
z
cc
10
0
29%
28%
30%
30%
30%
40
1st mortgage 4*s
39*
40*
4*8—1971
1909
1969
{{♦Den ARG 1st cons g4s__ 1930
{♦Consol gold 4*s
1930
{♦Denv A R G W gen 5s. Aug 1955
40*
J
O
z
c
MN
z
cccl
z
cccl
10% 1330
3% 1511
8%
3
MN
2%
27%
27%
24%
28
23%
25
,
149
28
25
29%
'25%
28%
26
AfN
z
cccl
35
29*
1
20
...
O
♦Assented (subj to plan)
10*
3*
{♦Des M A Ft Dodge 4s ctfs. 1935
28%
304
14%
107*
52*
107*
107*
107*
3
105
104*
1
103* 105*
108
16*
19
5
15
16*
26
96
99*
15*
718
7*
J|z cccl
15*
56
2*
2*
15*
5*
14
7*
1*
F
A
A\Z cc
c
2%
1%
809
1%
2%
z
cccl
46
46%
11
z
cccl
23%
21
cccl
20%
183*
23%
20%
719
z
20%
21%
77
13%
17%
11%
10%
13%
11%
1%
19%
13%
237
12%
7%
cccl
cccl
19%
z
cc
12%
z
cc
13
z
c
J
%
37
597
38%
14%
11%
Prior 4a
12
148
6%
%
D
aaai
M 8 x
A
registered
1996
z
cccl
53*
55
z
cccl
53*
55
27
O
z
cccl
z
cc
29*
11
65*
♦N Y A Erie RR ext 1st 48.1947 MN
♦3d mtge 4*8
1938 M S
x
a
z
A
1956
D
x
13
101
62
53*
♦Ernesto Breda 7s^_;
106* 109*
105
107*
98* 104
89*
91*
27*
16*
20
109
17*
109*
111*
111*
18
109*
i(j I
109
*112*
"98*
bbb2
76
76
x
bbb2
88
88
y
bb
J
z
104* 106
108
110*
111
113*
Francisco Sugar coll trust
89
3
72
5
85
91
111
54
61
51*
58
75
79
55*
56
75
75*
5
108*
9
108*
13
aa
aa
*108
a
*106*
x
a
c
6s_1956|MN
ccc3
x
aaa3
bbb2
x
bbb2
x
bbb2
76*
76
77
x
bbb2
68*
68*
69*
x
bb
107*
104*
81
81*
11
A
x
s
J
x
bbb2
O
x
1949 J
Gouv A Oswegatchle 1st 6a__ 1942 J
S
x
aa
104*
12
12
93
179
103*
23
21*
18
23
31
107
14
*18
21
33
106*
78*
2
aaal
100
107
100
x
a
J
x
1973 J
J
x
J
J
J
x
x
bbb3
x
bbb3
1970 J
General 4*8 series E
.1977 J
General mtge 4s series G..1940 J
103*
103*
103*
114*
"22
26
Gen mtge 4s series H
Gen mtge 3*8 series I
1940 J
J
1967 J
J\
♦Green Bay A West deb ctfs A... Feb
106
106
1st mtge 5s series C
108 *
101*
95
107
106*
bbb3
104
104
bbb3
100
bbb3
92
3
t\
96
03-
73
61*
80
bbb3
x
bbb3
y
99*
91*
91*
17
104*
100
105* 109
33
107*
103* 108*
97* 104*
19
92*
29
89*
95*
91*
100*
21
89
95*
113
100
105*
97
97*
61
95
81*
91*
100*
97*
82*
82*
38
100*
bb
*60
8*
cccl
8*
bb
91
bb
86*
99*
87*
64
12
87*
5
1
87
93
12
91
y
80
62*
62
y
O
1950 A
79
90
73*
9*
Gulf Mobile A Ohio 4s ser B 1975 J
y
bb
70
69*
70*
25
62
♦Gen mtge lnc 5s ser A
2015 J
Gulf A Ship Island RR—
1st A ref Term M 6s stpd—1952
y
b
48*
46*
48*
45
30
50
89
90*
34*
113
47
109*
110
17
107* 110*
112*
17
111
119*
♦Harpen Mining 6s
169
48*
s
f 4*s
x
bbb2
101
101
Hocking Val 1st cons g
x
aa
*117
119
119
aa
*109*
109* 109*
xiaa
109*
3*s debentures
. 1946
3*s debentures.......... 1948
x
aa
104
104*
17
x
aa
105*
106
29
x
aa
105*
106
5
x
aa
108*
109
6
x
D..1969 AfN, x
1949 J J z
J\ x
4*8.1999 J
Hoe (R) A Co 1st mtge
x
O
1961
*101*
109*
17
1944 A O
{{♦Housatonic Ry cons g 58.1937 MN
Houston Oil 4*s debs
1954 AfN
108* 109*
Hudson Coal 1st 8 f 5s ser A.1962 J
8
8
104*
105*
_
103* 105*
104* 106*
103* 106*
106* 109
Hudson Co Gas 1st g 5s
♦Adj Income 5s
Febl957 A
105"
105*
44
110*
8
103* 105*
108* 111*
130*
93*
131*
"l2
127* 131*
94*
94*
13
62*
62*
63*
13
2
a
aaa3
z
bb
z
b
y
bb
x
2
102*
z
30
36
121*
44*
10*
aaa3
3
"44*
cccl
10*
A y b
O
104*
110
bbb2
D y cc
1949 MN|
Hudson A Manhat 1st 5a A..1957 F
*89
J y ccc2
Gulf States Utll 3 *s ser
111*
:
100
104* 108*
L 1st A ref 4*8.1951
Stamped guar 4 *8.......1951
Conn Rlv Pow s f 3*8 A
1961
Consol Edison of New York—
•
2
x
Feb
♦Debentures ctfs B
Gulf Mob A Nor 1st 5*s B—1950 A
105*
114*
44*
104*
104* 107
74*
81*
95
100*
7
*95
J
J
90
110
bbb2
24
78*
113
108*
z
93
10
Great Northern 4*8 ser A..1961 J
13
2
103*
104*
35*
84*
14
bb
y
35
*11
*100
b
30
39
12
1
92*
92*
2
y
D
J
121
11
70
104* 106*
77
85*
15
103*
103*
2
2*
3
56 *
35*
70
111*
:
121
12*
y
General 5*s series B—1952
26
46*
1*
39
"72"
General 5s series C
*113
1
1*
2*
71
Gulf States Steel
x
2*
56
y
73
103*
108*
aa
J
10*
Grays Point Term 1st gu 5s_.1947 J D
Gt Cons El Pow (Japan) 78—1944 F A
1st A gen a I6*s
....1950 J
J
79*
*110
a
D
11*
6*
Grand R A I ext 1st gu g 4 *s 1941 J
74%
103*
A x aaa3
75
7*
9*
108*
68
170
103*
64*
10*
109
15
22*
aaa2
J
49
35
f deb 6a
18
16
21*
bbb2
J
A
30*
88*
103*
bbb2
103
104* 107
100
102*
43
43*
z
79*
84*
21*
x
99
114*
101
—
*12
General 4 *8 series D
81*
29*
103
*120
z
z
1948 M N z
J\ y bb 1
J z cccl
2
{{♦Ga Caro A Nor Istext6s.l934 J
J z c
♦Good Hope Steel Air sec 78.1945 A 0\ z
Goodrich (B F) 1st 4*s
1956 J D x bbb2
*104*
AfN
J
53
53
1945
♦20-year
107* 107*
"80
88
86
bbb2
y
29*
82*
2
67
108
79*
aa
55
50*
16*
16*
37
106
109
AfN y b
Conn Ry A
c
{♦Georgia A Ala RySs.Oct 1 1945 J
*107
x
*2*
*2*
z
Gotham Silk Hoe deb 5s w w.1940 M 8 y bb
x
x
54*
36
cccl
z
Gen Steel Cast 5 *s w w
102* 103*
x
x
c
y
With declaration
105* 105*
x
9*
9*
9*
{♦Sinking fund deb 6*8.. 1940
104* 109*
*104*
*103*
*101*
MN
cc
395
99
107
65*
66
cc
{♦Proof of claim filed by owner.|M N
♦Certificates of deposit
80
65*
86
55
30
98*
54*
F
O
29*
114*
102*
*46
bb
z
z
{Fonda Johns A Glover RR
(Amended) 1st cons 2-4s„1982
♦Gen Elec (Germany) 7s
A
358
107
z
♦Certificates of deposit..
Gas A El of Berg Co cons g 5s 1949
aa
"29*
102
102*
D y b
9*
18
107* 109*
109
111*
9
*104*
aa
60*
36*
{♦Fla Cent A Pennln 6s
1943
{Florida East Coast 1st 4*8.1959
1974 M S
98*
♦103
D y bb
♦1st A ref 5s series A
28*
114*
a
Federal Lt A Trac 6s ser B..1954
96*
38
17%
Fairbanks Morse deb 4s
94
16
aa
"28*
z
42
41
x
90*
40*
a
...1954
52*
108*
105*
46
x
95*
38
65*
95*
x
470
z
99
x
J
60*
O
29*
*95
A
70
56
80*
42
cc
37*
aaa3
58*
25
b
J y bbbl
A
"59*
b
96*
55*
56
cccl
z
96
J,y bb
150
101*
103* 106*
55*
147
1953 A
4s series D
98
84
cccl
z
z
93*
MN y bb
69*
"95*
b
z
J
z
36*
109*
100*
94*
J
100*
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108*
93
150
—
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95
J
ioi"
aaa3
108
*67
O y bb
J
24
98
23
b
16*
105* 109
152
106
♦Genessee River 1st s f 08.1957
37%
aaa3
"4
103
106
51*
93%
x
107*
*17*
106*
aa
78
96
x
106
105*
19
73
2
x
104*
98
40*
65*
44*
2*
2
A
101
*108
3
108*
*105*
aaa3
10
1953 A
♦Series B
conv
104*
1953 A O
♦Conv 48 series A
♦Gen
102
101*
J
J
30
96
*150
O y bb
1996
43
27
101*
z
77
108* 112
109
112*
102* 106*
43
a
J
2*
15*
7%
22
17
105*
2
90
a
AfN
x
aaa3
77
2
a
O y occ2
J
ccc2
x
x
15*
UH
98*
28*
*107
aa
z
J
51
108%
2
aa
MN
1965
Gen 4s registered
13*
14%\
aa
x
♦1st consol gen lien g 4b_—1996
14*
13*
13%\
x
98
♦{Ref A lmpt 5s of 1927—1967 MN
♦|Ref A lmpt 5s of 1930..1975 A O
51
52%
aaa2
S x
x
bbb2
1950 M S
108*
103*
AfN, x
6s stamped
1965
{♦Erie RR 1st cons g 4s prior 1996
45
57
108*
97*
ccc2
65
65%
M S y bb
D
*23
z
77
77
Dybb
Dybb
x
106*
*40
D
♦Erie A Jersey 1st s f 0s..1955
Dybb
x
106*
106*
D yb
51
2
72*
aa
El Paso AS Wist 5s
6
*80
x
Elec Auto-Lite 2*8
20*
21*
19*
7%
3*
D
J
1
6*
2
1
23*
245
30
106
310
4
49
456
1*
13*
5*
112
debs..—1950
Elgin Jollet A East Ry 3*8.1970
2*
12
1*
14*
cc
East Ry Minn Nor Dlv 1st 4s 1948 A O x aa
East T Va A Ga Dlv 1st 5s..1956 MN xbbb2
J\ x aaa3
Ed El 111 (N Y) 1st cons g 58.1995 J
21
D y bb
x
Jiz
2*
ilO*
{{♦Dul Sou Shore A Atl g 58.1937
Duqueane Light 1st M 3 *3—1965 J
z
2*
cc
O.z cccl
Dul Miss A Ir Range Ry 3 *81902
253
z
85
110*
29*
20
J
J
22
28*
35*
46*
13*
112
1995
103* 109
14
18
16%
19%
10*
107*
33
233
54
15
198
11
53
15
~29%
28%
35%
107*
aa
♦Second gold 4s
20
x
15*
98*
aa
Dow Chemical deb 2*s
11
FAx aaa3
:
4
19
15*
98*
cccl
28*
10*
z
J\
98*
z
16*
121
Commonwealth Edison Co—
1st mtge 3*s series I
1968
Conv debs 3*8..
1958
Conn A Pasump Rlv lBt 4a..1943
4097.
22*
20*
18
15*
x
140
379
z
tnotes see page
16*
16
8
aa
Detroit Term A Tunnel 4 *8.1961
308
♦Commercial Mackay Corp—
May
Income deb w w...Apr 1 1909
For 10
12
x
28*
20
AfN y ccc2
Wuertemberg 78.1960
deb 3*8... 1951
19*
18*
16
18
x
16
21
——
Chic A St
of Upper
24*
J
J
*50
20
J x
Consol OH conv
78
97*
15*
14*
16*
J
'28%
16%
17
MN
M S
8*8 debentures..........1956
3 *8 debentures
1958
♦Consolidated Hydro-Elec Works
38
O
28*
16%
14
M
27
10*
24*
22*
20*
aa
Gen A ref 3s ser H
1970 J
Detroit A Mac 1st lien g 4s.. 1995 J
25
19%
11%
F
22*
18*
M Sz b
24
19%
J
Ss.May 1952
Apr 15 1952
Debenture 6s
Jan 15 1961
Columbus A H V 1st ext g 4s. 1948
Columbui A Sou Ohio El 3*s 1970
Columbus A Tol 1st ext 4s..1955
23
19*
Gen A ref mtge 3 *s ser G.1966 M S
10
cc
cc
cc
J
Columbia G A E deb
Debenture 6s..
24*
92*
96*
x
{♦Des Plains Val 1st gu 4*8.1947
Detroit Edison 4s ser F
1965 A
28
cc
cc
S
30
1
15
z
z
z
J
18*
16*
cc
F
40*
z
z
..
J
106
97* 102
J
15
24%
cccl
J
111*
104
aa
28%
27%
z
J
25
4%
14
MN
z
Louis Ry—
General g 4s
...1993
General 6s series B
1993
Ref A lmpt 4*s series E..1977
Cln Wab A M Dlv 1st 4a_. 1991
St L Dlv 1st coll tr g 4s.—1990
Cleveland Elec Ilium 3s
1970
Cleveland A Pittsburgh RR—
Gen 4*s series B...
1942
Series B 3 *s guar
....1942
Series A 4)48 guar
1942
Series C 3*s guar....... 1948
Series D 3*8 guar
—.1950
Gen 4)48 series A
1977
Gen A ref 4*s series B...1981
Cleve Short Line 1st gu 4*s.l961
Cleve Union Term gu 5*8—1972
1st s f 6s series B guar....1973
1st 8 f 4 )4b series C
..1977
Coal River Ry 1st gu 4s....1946
Colo Fuel A Iron gen s f 5s..1943
♦5s income mtge
—1970
Colo A South 4*s series A..1980
107
1
101*
x
♦Ref A lmpt 5s ser B.Apr 1978 A
A
105* 109
8
108
x
14
3
11
109
25
30
10
100* 108*
107* 110*
108* 111*
104*
J
2
10
9%
2
19
Del A Hudson 1st A ref 4s..1943 AfN y bb
24%
9
2
110
16
Dayton P A L 1st mtge 38—1970
24%
10
10
J
M
19*
2
11%
24%
cc
extended to 1946 J
1
101*
110*
106
16*
cc
11%
ccc2
z
J
M
cc
z
108*
105*
101*
*96*
cc
z
J
A
20
.84
110
cccl
z
a
27%
1st A ref 4*s—
1st mtge
Cleve Cln
z
Y'd
z
28%
20
cccl
1963
Chic A West Indiana con 4a. 1952
1st A ref M 4Kb series D—1962
Chllds Co deb 6s
1943
{♦Choctaw Ok A Gulf con 58.1952
Cincinnati Gas A Elec 3*s_.1966
1st mtge 3 *b
1967
Cln Leb A Nor 1st con gu 4s. 1942
Cln Un Term 1st gu 3*s D—1971
1st mtge gu 3*s ser E
1969
Clearfield A Mab 1st gu 68—1943
♦Deposit receipts
♦7*s series A extended to 1940
♦Deposit receipts
z
40%
21%
6
cccl
—1951
1969 MN| x aa
D x aa
Continental OU conv 2*8—1948
Crane Co 2 *s s f debs
1950 A O x a
D x bbb2
Crucible Steel 3*8 s f debs—1955
♦Cuba Nor Ry 1st 6*8
1942 J D z cc 2
z cc
2
♦Deposit receipts
♦Cuba RR 1st 5s g
1952 ~f~j\ z cccl
1st mtge 3*8
x
30%
18
J y bb
1988
25
108*
O
08
27%
cccl
1963
s
D
34 %
28%
27
z
1960
Ch St L A New Orleans 5s.. 1951
Gold 3*8
—June 15 1951
Memphis Dlv 1st g 4s
1961
Chic T H A So'eastern 1st 5s. 1900
Income guar 6s
Dec 1 1960
Consolidation Coal
Curtis Publishing Co 3s deb. 1955 A
33%
27%
deposit
1st mtge
72
34%
z
deposit
27
64
27%
z
1988
22*
109% 114%
28 *
MN
♦Conv g
Chicago
5
32
ccc2
MN
{♦Refunding gold 4s
1934
♦Certificates of deposit
{♦Secured 4)48 series A...1952
♦Certificates of
4)48
62
67
Jrcc
4s—1988
registered
24*
114*
ccc2
♦
♦Certificates of
65%
88%
80
88
z
♦
gen
22%
114%
39
z
1930
D
1st ref g 5s
May 1 20371
J D
♦1st A ref 4 *s stpd May 1 2037
J I)
1st A ref 4)48 C—May 1 2037
MN
♦Conv 4*8 series A
1949
{{♦Chicago Railways 1st 5s stpd
A
Aug 1940 25% part pd—1927
J
{♦Chic RIA Pac Ry
4 s registered
24 %
114)4
67
MN
...1987
100%
93%
97
83%
♦Stpd 48 n p Fed lnc tax. 1987
MN z cccl
♦Gen 4 *s stpd Fed
tax 1987
MN z cccl
4*s registered
1987
MA'z cccl
♦Gen 5s stpd Fed lnc tax..1987
♦4 )4b
96
75%
1987
registered
93 %
"82"
1987
registered———.1987
♦General 4s
94%
88
75*
x
♦1st A gen 08 ser
♦General g 3*8
91
5
95
83
18%
50
32
84 *
J
{•Chic Ind A Loulsv ref 08—1947
J
♦Refunding g 6s series B—1947
J
♦Refunding 4s series C....1947
♦1st A gen 5s series A
1900 AfN
B—May 1900
Chic Ind A Sou 50-year 48—1960
{Chic Milwaukee A St Paul—
♦Gen 4s series A...May 1 1989
♦Gen g 3)4a ser B.May 1 1989
♦Gen 4 *s series C.May 1 1989
♦Gen 4)4s series E.May 1 1989
♦Gen 4Kb series P.May 1 1989
{Chic Mllw St Paul A Pac RR—
♦Mtge g 5s series A
1975
♦Conv adj 5s
Jan 1 2000
IChlcago A North Western Ry-
97%
274
8%
"82*
a
J y bb
J y b
2038
4*s
97
—
bbb3
J
♦Gen lnc mtge
118%
t
M N
1997
Chicago A Erie 1st gold 5S..1982
J
Chicago Gt West 1st 4s ser A.1988
120* 122 %
112
119%
*120
♦113
bbb3
x
1977 FAx
1971 FAx
series B
1st A ref 5s series A
non-conv
Consumers Power Co—
aa
O
J
High
6
130
x
NO\LOW
High
25
131*
Ax
Since
Jan. 1
23
aaa3
Potts Creek Br 1st 4s
pq<$5
23
cccl
x
Ref A Inapt M 3
Asked
23
z
Af S
Ref A Inapt mtge
A
Low
(Cont.)
deb 4s 1954
o?
Friday's
Bid
Rallread & Indus. Cos.
1992
Chesapeake A Ohio Ey—
General gold 4 He
Range
Range or
Sale
Price
a
Week's
Friday
103
4
39
119
1
121*
85*
94*
56
65
101* 103*
26*
39*
121* 127
45
74
43*
10*
30
9*
1
57
102* 106*
;
m
■
•
1
1
1
Attention l» directed to the column Incorporated In this tabulation pertaining to bank and eligibility rating
1
of bonds
be# A.
48*
13*
Volume
EXCHANGE
Week Ended June 27
Y.
STOCK
Railroad
Friday
Week's
Elig. A
Last
Range or
Rating
Sale
Friday's
See
sa,
Bid
Price
a
A
Low
2%s ser A.1981 J
Illinois Bell Telep
"*5
cfe
Cos. (Cont.)
Indus.
&
.
J
*
aaa3
J
J
J
x
bbb3
bbb3
x
3%s—1951 A O
1951 |M 8
Collateral trust gold 4s
1952 A O
Refunding 4s
1955 MN
Purchased lines 3 Ha
1952>J
J
Collateral trust gold 4s....1953 MN
Refunding 5s_.
1955 M N
40-year 4Ha
Aug 1 1966 F A
Cairo Bridge gold 4s
1950 J D
Litchfield Dlv 1st gold 3s._1951 J
J
Loulsv Dlv A Term g 3 %S_1953 J
J
Omaha Dlv 1st gold 3s
1951 F A
8t Louis Dlv & Term g 3S..1951 J
J
Gold 3 Ha
1951 J
J
3 Ha registered
1951 J J
Springfield Dlv 1st g 3 Ha. 1951 J J
Western Lines 1st g 4s
1951 F A
4s registered
1951
111 Cent and Chic St L A N
D
Joint 1st ref 5s series A—1963
D
1st A ref 4 Ha series C
1963
A
♦Ilseder Steel Corp 6s
—1948
J
Ind 111 A Iowa 1st g 4s.__—1950
J
J#Ind A Louisville 1st gu 4s 1956 J
Ind Union Ry 3 Ha series B.1986 M S
Inland Steel 1st mtge3sser F 1961 A O
*
y
b
96 %
96%
bbbl
y
96 %
bbb3
1st gold 38 sterling
103 %
bbb3
Extended lBt gold
No. Low
High
100% 103%
1951 J
1951{/
1951 /
.
4s registered
1st gold
3%s
x
Mob A Montg 1st g 4%s..l945 M
South Ry Joint Monon 48.1952 J
b
y
b
43 H
y
b
b
ccc2
x
bbb2
ybb
y b
y
y
bb
1
1st lien A ref 6 Ha
Int Telep A Teleg
44
cccl
X
aaa2
x
aa
3
z
cccl
2
2
80
79%
t*Iowa Cent Ry 1st A ref 4s. 1951
1st 4s. 1959 J D
Steel 3%s.l961 J J
Mich 1st gu g 4s 1990;A O
Jones A Laugtlln
tl*K C Ft S A M Ry ref g 4s 1936
A
O
bb
a
x
Apr 1950
Kansas City Term 1st 4s
1960
Karstadt (Rudolph) Inc—
♦Ctfs w w stmp (par 1645) 1943
♦Ctfs w w stmp (par $925) 1943
♦Ctfs with warr (par $925) 1943
1st 6s
1946
Kentucky Central gold 4s—1987
Kentucky A Ind Term 4HS-1961
Keith (B F) Corp
1961
Stamped
b
4 Ha
unguaranteed
1961
Kings County El L A P 6a—1997
Kings Co Lighting 1st 5s
1954
1st A ref 6 Ha
1954
e3Hs_-1961
1
b
x
45%
60
65
♦Mlag Mill Macb 1st
60
78
102% 107%
12
98
%
8%
211
223
8
86
1%
17%
17%
36%
51%
71
104
89%
76%
47
32%
112
91
30%
""48
80
83%
49
co5*
"~3
M S ybb
J
x
1%
92%
95%
32%
45
69
63%
75%
107% 109
a
5
109%
1
a
*25
82
x
bbb2
x
bbb2
A
O
x
aaa3
*165%
J
J
x
bbb2
92%
S'x
-
a
z
161
168%
106% 108%
y
ccc2
Lake Sh A Mich Sou g 3 %s_.1997
D
Lautaro Nitrate Co Ltd—
1%
94
x
9
49
67%
11
50
71%
92%
56%
57%
98
x
bbb2
"90%
90%!
14
I
3
1
11
26%
cc
bb
bb
y
73
Lehigh Valley Coal Co—
z
1954 F
♦6s stamped
.
1943
1954
A
100
b
z
b
z
stamped...........1944
100
b
100
67%
58
57
"60%
60%
A
Fa
debenture
Lion Oil Ref conv
1951 A
*57%
b
"58%
56
101
b
z
z
100
6
82% 101
z
"33%
"33%
cc
O y bb
x
85
129
a
54%
11
116%
5
3
16%
14%
17%
20
29%
28
32%
30%
35%
19%
57
48%
116% 120
119
123
124
131
95
104%
8
x
106%
bbb3
ybb
2
A....1962
3%s
1946
Lombard Elec 7s series A
1952
MN
x
F
A
x
a
J
D
z
♦Long Dock Co 3%s ext to..1950
A
O
z
99
100%
aaa2
Loew's Inc s f deb
-
104%
*100%
bb
95
2
M S
x
M S
x
bbb3
M S
x
A
O
x
aaa2
1951 F
A
x
aa
Louisiana A Ark 1st 5s ser A.1969 J
J
x
bbb2
Louisville Gas A Elec 3%s_.1966 M
S'x
96
96%
96%
bbb3
4s..l945 M S.x
aa
aa
96%
*20
"97""
"34
96%
20
Mutual Fuel Gas
1st gu 5s. 1947
Natl Supply
4s. 1986
Light 1st 4%s... 1960
127
12%
28%
29%
24%
25%
25
16
11
27%
26
98
28%
1
U%
11%
12%
62
11%
3%
25%
28%
878
19%
26
26%
20
19%
28%
26%
175
2%
28% 3156
1%
19%
z
cc
104"" 105""
cccl
cccl
z
cc
1
"2%
2%
z
cccl
27%
cccl
27%
25%
24%
27%
92
19
z
cccl
855
20
28%
27%
26
28%
cccl
25
28
z
cccl
1%
1
A
z
cccl
28%
26
cccl
"27%
25
O
¥ "a
cccl
cccl
25
z
bb
1
85
S ybb
1
53%
111%
111%
112
106%
106%
106%
J
y
y
y
*39
b
b
38%
D
x
a
A
ybb
2
D
x
a
2
104%
S
x
bbb2
103%
O
x
aa
3
F
A y
A
O
*83
...
"55
1
1
1
1
1
t
1
'
71
3
..
1953
x
bbb2
z
b
z
b
z
b
z
b
o
.
.
.
96%
2003
O
x
bbb3
93%
93%
E
2003
ext..1950
B ext
1960
O
x
bbb3
87%
J
x
a
86%
J
x
a
x
bbb2
3
3
13
87%
104%
24
6
1
102
105%
96% 101
91
96%
91%
85%
*107
108
103% 105%
105% 109%
*105%
106
104% 106%
104%
3
A
97%
93%
105%
101% 106%
103% 106%
82% 86%
105%
89
120
55
55%
*
88%
Attention is directed to the column
85%
122
124
60
3
75
108%
105% 106%
105% 106%
19
68
39
21
30
37
2
30
"46
42
46
87
45
41
45
125
71%
60%
127%
123% 131%
37
76
39
37
46
a*
45
¥ "a
z
b
46
41%
46
88
z
b
45
42
45
14
IS*
45
z
b
44%
42
44%
76
32%
44%
z
b
42
42
z
b
46%
42%
46%
193
33%
33%
46%
z
b
45
40%
45
111
32
45
107
107
1954
A
O
J
J
.
.
«.
mm
2
J
bbb2
J
61%
95%
57%
62%
60%
78%
bb
101""
bb
3%s..l998
63%
bb
1998
*56
bb
Mich Cent coll gold 3%s__1998
60%
bb
1998
58%
*53
101%
65
69%
146
89%
55%
95%
376
241
61%
63%
69%
46
59%
67%
26
78%
a
m
1946 F
o
bb
2
S
bb
2
a
bbb2
o
bbb2
17
73%
61%
93%
94
100
63%
60
"23
87%
83
101%
70
64%
68%
68
56%
65
63
66%
54%
86%
76%
65
95%
60
60%
72%
61%
93%
"~26
65
60%
42
60%
80%
2
46
49
bbb2
1997
1942
1974
1978
25
*107
59%
78%
1st mtge 3 %s
23
45%
36
72%
.■it.'..
bb
A
C
60
49
104%
104%
72%
mn
Ref 4 %s series
72
102
103
f'a
1956
1952
Hud River 3%s.l997
Ref 5%s series
68
69%
104%
65
61%
59%
78%
4s collateral trust
39
117
9
61%
17
97
30%
107% 109%
115
103%
New York Chicago A St Louis—
103%
bbb3
10
3
b
104
69
71%
105%
106
o
103
37
109%
117%
106%
72%
71
105%
a
registered
42%
80
56%
registered
43%
70
95
3%s
38%
37
36
67
56%
3%e
38%
78
45
75%
95
39
38%
40%
41%
107
61%
87%
109%
108%
39
4
b
Lake Shore coll gold
60
39
2
o
30-yr deb 4s 1912
67
"l"6
o y
128
88%
108%
a
registered—
28%
27%
79%
126%
a
3%s
19
1*08%
1946
lmpt 4%s series A..2013
lmpt 6s series C
2013
N Y Cent A
25%
19%
123
75%
.....
a
20
39
1
<
1
28
1%
28%
126%
123
J y bb
ybb
%
20
54%
122%
t
a
55
19%
2%
28%
27%
28%
102% 107
62%
85
*120
..
1998
122%
107% 109%
bb
*67%
104%
103%
105%
105%
10-year 3%s sec s t
98%
87%
.....
bbb2
Conv secured 3%s
108% 110
x
36
109%
*113
60%
Ref A
99%
36%
2
aa
Ref A
99%
40%
aaa2
x
40
41
bb
bb
119
x
14
108% 111%
110% 113
i
40%
D y b
MN
J
.
x
123
O
32%
53
9
111%
a y
30%
82%
88%
54%
111
bbb2
..1945
4%s
96%
95%
53%
47
106
724
28%
1
25%
28% 1515
55
27%
25%
z
MN
M
1%
f
Gen gtd
93
95%
95%
27%
z
Newport A Cincinnati Bdge Co—
108%
2
O'x bbb3
a
♦1st 5 %s series A
♦Certificates of deposit
7
2003
M Sx
♦1st 4%s series D
♦Certificates of deposit
6
2
40%
25%
x
1956
♦Certificates of deposit
119
3
24%
29
x
♦Certificates of deposit
♦1st 58 series C
124%
109
84
24%
1955
1st A ref 6s series B
86%
"86%
89
37%
53
2
2
3%s
119
2
77%
MN
F
Nash Chatt A St L 4s ser A., 1978
Nat Dairy Prod 3%s debs.. 1960 J
1949 M
Nat Distillers Prod 3%s
A
National Steel 1st mtge 3s... 1965
124%
119"
2
1
2
B...1955
100%
Louisville A Nashville RR—
Constr M 4%s series
22
101
%
...
13%
36%
37%
1956 MN y ccc2
MN y ccc2
Constr M 5s series A
N Y Cent RR 4s series A
*96%
bbb2
1949
1949
1944
104% 106%
*100
2
1949
For footnotes see page 4097
3%s._2000
${*N O Tex A Mex n-c Inc 5s 1935
♦Certificates of deposit...
♦1st 5s series B
1954
100%
3s—1980
6s debentures
New Orleans Term 1st gu 4s.
13
8t Louis Dlv 2d gold
Moh'Jfe.A Malone 1st gu g 4s. 1991
Monongahela W Penn Pub Ser—
1st mtge 4 %s
.1960
52
19
Paducab A Mem Dlv 4s_.1946
{♦Mo Pac 3d 7s ext at 4% July '38
49
30%
33%
12%
5%
2
69%
85%
z
43
"31%
1%
65%
z
1981
N O A N E 1st ref A Imp 4 %s
14
Unlf mtge 4s ser
A
♦Certificates of deposit
43
l>
8%
5
65%
85%
65%
z
1949
1980
♦1st A ref g 5s series H
New Orl Pub 8er 1st 5s ser A.
125%
Unlf mtge 3%s ser A
F
1978 MN
15
"31%
59
z
29
cc
33
tr
1977 M 8
58%
125%
1st A ref 3%s series
O
57%
119
1st A ref 4s series D
A
♦Certificates of deposit
46%
28%
2
12%
y cc
Jy cc
1975 MS
4s
48
27%
*24%
30%
3
y cc
J
♦Certificates of deposit
♦General
46%
175
10%
8%
7%
z
1965
♦1st A ref 5s series A
85%
125%
...2003
J Missouri Pacific RR Co—
33
119
C
.1962
4%s series D...1978
♦Cum adjust 5s ser A.. Jan 1967
*1
c
bb
b
D y ccc2
1962
Prior lieD 5s ser A..
85%
aaa3
1st A ref 4 %s series
J y
A*52
1952
32
45
aaa3
1st A ref 5s series B
z
J y
J
1983 J
54%
116%
cc
z
3%
1%
New Orl Great Nor 5s A
97
x
Lou A Jeff Bridge Co gu
1949
5%s
♦1st A ref 5%s series B...1978 J
t»Mo-Ill RR 1st 5s series A. 1959
Mo Kan A Tex 1st gold 4s_—1990 J
Missouri-Kansas-Texas RR—
46%
cc
z
11%
3%
c
47%
28%
cc
11%
z
z
68%
58%
101
11%
z
J
46%
1
cc
J
J
1946 J
M 8
35%
73
x
debenture
♦25-year
cc
J
J
*{♦MStPASSM con g 4s Int gu *38
{♦1st cons 5s
1938
{♦1st cons 5s gu as to Int..1938
%
145
N J Pow A
60
33
6%
1%
11%
13%
58
*95%
25
11%
12%
35
6
36%
25%
2
10
11%
13%
J
N J Junction RR guar 1st
58%
Little Miami gen 4s ser
5s
cc
J
60%
55%
b
33%
72%
1951
deb 4 %a__ 1952
Lorlllard (P) Co deb 7s
z
65%
15
1%
58
58%
b
26%
62%
60%
93%
78.1944
4s stamped
*1
1
gu_.1965
4s
1
37%
b
z
91%
36
4
z
95
106%
119 *
Long Island unified
Guar ref gold 4s
c
36%
58
z
LIbby McNeil A Libby 4s.. 1965
6s
z
80
57%
J y bb
2003 MN
4s registered
2003
4 %s stamped modified—2003 M N
4%s registered
2003
5s stamped modified
2003 MN
Liggett A Myers Tobacco
8%
2%
♦1st A ref 6s series A
8%
2
58
FA y bb
modified
Leh Val Term Ry ext 6s
*2
29
b
Lehigh Valley RR
Lex A East 1st 50-yr 5s
1
2
z
z
¥'3
Lehigh Valley N Y 4%s ext.. 1950 J
4s stamped
c
3
1954 J D x a
MN y b
3
{♦Naugatuck RR 1st g 4s... 1954
x aaa3
Newark Consol Gas cons 5s. 1948 J D
J
J z bb 1
^♦New England RR guar 6s. 1945
J z bb
1945 J
♦Consol guar 4s
1952 J D x aa
New Eng Tel A Tel 5s A
MN x aa
1961
1st g 4%s series B
z
¥
100%
90
85%
85%
43
y
y
90%
95
90%
82
89%
97
Leh Val Harbor Term gu 6s_
cccl
z
Mountain 8tates TAT 3%s.l968
97
1974
z
1949 M S
1962 Q F
Morris A Essex 1st gu
71%
42%
♦Sec 6% notes extended to 1943
A St Louis 5s ctfs... 1934 MN
♦1st A ref gold 4s
♦Ref A ext 50-yr 5s ser A..
68%
67%
*87%
*99%
33
68
98
69%
bbb2
33
45%
59%
127
74
65
67%
—
Lehigh A N Y 1st gu g 4s_._1945 MSyb
1964
t*MlDn
J
107
28%
26%
65
63
Lehigh A New Eng RR 4s A. 1965 A Ox bbb3
.1974
ccc2
J
25%
*39
29
24
8 tamped
z
I }4Mllw A State Line 1st 3 %s.'41
22
b
b
68
73
♦58 stamped
24%
"63
y
4
68%
70%
♦5s
ccc2
36
*70
66%
25
♦1st A ref sf 5s
z
12
33%
a
66%
26%
73%
1964
"36"
bb
96%
21
72
♦1st A ref sf 5s
cccl
103
bb
68
Djx bbb2
♦1st mtge Income reg
1975 Dec
J
Lehigh Coal A Nav s f 4 %s A 1954 J
J
Cons sink fund 4%s ser C.1954 J
1954
z
70%
33
66%
y
98%
97%
Jly bbbl
1997
f 5s
J D
♦{Con ext 4%s
1939
t*Mll Spar A N W 1st gu 4s. 1947 M S
99%
64
106%
36%
*60
z
*94%
96%
*
s
36%
y
68%
ccc2
A y
J
♦5s stamped
106%
1
1965 A
102% 105%
bbbl
a
2
M
70
95%
4
Montana Power 1st A ref 3%s '66 J
Montreal Tram 1st A ref 5s.. 1941 J
Gen A ref s f 5s series A...1955 A
Gen A ref s f 5s series B...1955 A
A
Gen A ref s f 4%s series C.1955
Gen A ref s f 5s series D...1955 A
104% 105
103%
1%
1%
6%
30
67
13
68%
a
105
1%
69
3%
75
97
96%
68%
106%
36%
68%
z
106% 108%
104%
105
2
A
*108%
——
A O z bbbl
F A y bb 1
F A ybb 1
1942
86
109%
a
b
cccl
♦1st A ref 5s series I
81%
170"
*63
3
bbb3
b
91
103%
«7jx bbb2
M
x
J y
z
♦Conv gold 5%s
88
*106%
J
S y bb
J
♦Certificates of deposit
*82
54
6%
30
z
"77% "82""
82
*89
*6
x
70
bbb2
60
S
101% 103
109% 110%
109%
x
J
M
M N
♦Certificates of deposit
x
1947
1941
♦5s
1951
1952
♦1st A ref 5s series G
101 'i.
109%
2
O
18%
Lake Erie A Western RR—
♦1st A ref
z
aa
dddl
D
69
7
79%
105% 107
109% 112%
46%
32
51
18
J
A O
registered
t 7S..1956 J D
Prior lien
23
J
{♦Laclede Gas Lt ref A ext 5s 1939
Ref A ext mtge 5s
1942
Coll A ref 5H8 series C...1953
Coll A ref 5 Ha series D—1960
Coll tr 6s series A
1942
3%s
s
40-year 4s series B
18%
{♦Kreuger A Toll 6s ctfs....1959
2d gold 5s
z
A
*10
x
3% to
x
A
J
99
73
*
z
6s extended at
O
F
3%s
58%
67%
108%
x
A
4%s series C—1979
Michigan Consol Gas 4s
1963
J}*Mld of N J 1st ext 5s
1940
A No 1st. ext 4%S—1939
95%
42
108%
Lans A Sag
52
10
72%
aaa3
101
97% 103
8
18%
67%
"72%
33
20%
41%
1
2
M S
1
Michigan Central—
*10
M S
Coll tr 6s aeries B
111
60
15%
172
41%
MN
M 8
'
111
51%
4%s.-.1955
Metrop Ed 1st 4%s series D.1968
Metrop Wat Sew A D 5%s..l950
IJ^Met W Side El (Chic) 4s.l938
♦1st A ref 5s series F
1950
Kresge Foundation 3% notes
61%
106% 107%
1%
55%
bbb2
ybb
1961 J
Plain
85
106%
101% 105%
98%
94%
98
bbb3
5
*92%
bbb3
z
x
1950
1st gold 3s
Ref A lmpt 5a
*1
2
11
31%
88%
x
21
54%
1
x
z
♦Certificates of deposit
Koppers Co 1st mtg
y
98
97%
44
25
"99~~
*98
M S
80
43%
46%
45%
A y cccl
M S z c
1
44
Mead Corp 1st mtge
105
43
3
J y cccl
1955 F
38%
86%
86
70
49
102% 104%
90%
*30
1
80%
63%
98
17
*88
28
73
74
24
81
104%
105
24
77%
25
""2
1%
17%
17%
38%
104%
48
77%
106%
Ref A lmpt
18%
89%
104%
cccl
26
ccc2
1st gold 3%s_
26
15%
z
O y bb
O ybb
115
74%
z
51
883
84
bbb2
36%
ccc2
105%
103
13
47
48
100%
36H
r
bbbl
x
147
86
37%
1%
15%
%\
y
80%
53%
38%
87%
78%
40%
15%
17
37
115
51%
36%
*81%
*46%
y
J
105"
105%
79%
53
yb
90
111
81
88
100%
88 %
J
bb
y
114%
80%
112
87%
109
27
*105"
115
112
Tie
*74
154
100
17
88%
ccc2
58
100
1h
110
z
60
106"" "28
99
110%
88%
*108%
44
12
105%
100 h
18
1
High
A
Stamped
{♦Market St Ry 7s ser A Apr 1940 Q A
(Stamp mod) ext 5s
1945 Q A
.
106
1
cccl
J
J
.
*107 %
1st 5a B.1972 MN y bb
1947 F A ybb
deb g 4 Ha 1952
45%
29%
75%
20%
No. Low
47
m
65
50
h
z
o y b
2
o y ccc3
James Frankl A Clear
Kan City Sou
49
45
2
Debenture 5s
Kanawha A
49%
19%
J ybb
M S y b
Ref s f 6s series A
62%
Jan.
43%
43%
.......
"75%
z
Int Rys Cent Amer
61%
-
bbbl
J
A A B.1947
1955
64
58%
95
z
y
cc
Internat Paper 5s ser
59%
13
Jack
cccl
J
Marlon Steam Shovel s f 6S..1947 A
47
1
z
1941
I§*Man G B A N W 1st 3%sl941
80%
49%
ybb
z
1956
49
78
1
61%
J
deb 6a—1944
35%
*45
o
♦1st g 5s series C
178
*47
♦Adjustment 6s ser A.July 1952
♦1st 5s series B._
—.1956
Int Merc MarlDe s f 6s
47%
46 %
47
*58%
b
Manila RR (South Lines) 4s. 1959 MN
6
2
a
z
55
44
2
x
46%
59%
bb
O
M S
39
42
88%
z
49
45%
High
*
A
53 %
38%
8
61%
ybb
y
43 %
44 H
*60
bb
bb
bbb2
McCrory Stores deb 3%s.—1955 A
47%
47
x
93%
39
44
y
a
45 H
44 %
59
ybb
bbb2
x
D
Maine Central RR 4s ser A. 1945 J
D
Gen mtge 4%s series A...1960 J
MN
Manatl Sugar 4s s f
Feb 1 1957
Manila Elec RR A Lt s f 5S..1953 M S
59
3
a
x
^♦McKesson A Robblns 5%s 1950
80
bbb3
x
t*Int-Grt Nor 1st 6s ser A..1952
Internat Hydro El
45 %
*
O y bbbl
O y bbbl
Inspiration Cons Copper 4s_1952
Interlake Iron conv deb 4S..1947
43 H
52 H
"46"
x
J
93%
102
Since
Asked
A
*108
S
Atl Knox A Cine Dlv 4S..1955 M N
♦Lower Aust Hydro El 6%s.l944 F
48%
Range
Friday's
Louisville A Nashville RR (Concl)
90
38
a
Low
97
12
Range or
Bid
Price
Cos. {Cont.)
70
*30
y
y
Indus.
&
89%
*91
44%
44 H
y
Railroad
89%
*93""
44
See
Last
Sale
Rating
88
10
94
44 h
Eltg. A
EXCHANGE
STOCK
92
Illinois Central RR—
1st gold 4s
Y.
Week Ended June 27
Jan. 1
High
102%
N
Since
Asked
103h
BONDS
Range
|S
Week's
Friday
Bank
Bank
*>
BONDS
N.
4095
New York Bond Record—Continued—Page 4
152
27
277
24
90
95%
o
bb
1
95%
99%
95%
a
99%
197
90
99%
1950 J
d
bb
1
91%
91%
5
79
95
a
o
aa
2
100%
101%
40
extended to 1947
1941
3-year 6% notes
6s debentures
N Y Connecting RR
3%s A..1965
a
101%
98% 101%
88
Incorporated in this tabulation
pertaining to bank eligibility and rating of bonds.
Nee a
I
4096
New York Bond
Bank
BONOS
N.
Y.
STOCK
EXCHANGE
Railroad
&
Eliff. A
Rating
if
Week Ended June 27
Friday\
See
I
Last
Range
Sale
hid
Indus. Cos. (Cont.)
N Y Dock lBt gold 4s
Conv 6% notes
b
y
1947
aaa3
x
x
x
N Y Gas El Lt H A Pow g 5S.1948
Purchase money gold 4s__.l949
1094
z
♦Non conv deb 4s
1947 M S
♦Non-cony debenture 3 4» 1947 M 8
b
55
--
♦Cony debenture 34s
6s registered
cccl
254
cccl
244
22 4
4
254
284
265
204
22
27
414
54
254
434
6 4
274
43
334
46
34
7
83
83
I
cc
cccl
64
27
z
106
107 4
1074
3
Vis 1946 J
1
z
cc
1
*80
aaa2
.
z
cc
Izatlon manager) 6a
194 i
Norf A W Ry lstconag 4s...199' o
North Amer Co deb 84s.... 1949 F
34
1104
cc
9
92
1
954 1014
34
1104
34
1104
24 4
104""
1
104 4
1034
1044
104
3
a
3
2
1)
33
%
1044
1254 1274
104
1074
104 4
(Northern Ohio Ry—
♦
•
1stgtdg 6s.
—..1946 A
1st mtge g 6s (stamped can¬
cellation of guarantee). 1946 A
O
♦Certificates of deposit
North Pacific prior Hen 4s... 1997
4s Registered
1997
Gen lien ry A Id g 3s Jan...2047
3s Registered
2047
z
ccc2
O
z
ccc2
z
J
a
1
73
42
A'x bbb2
bb
JV
2
2
2
2047
2047
J y bb
F
644
2
"584
83
45
724
49
414
514
644
574
52 4
66
62
574
1
584
20
5
264
aa
3
1104
1104
31
3
1104
1104
2
x
bbb2
54
42
39
3
S
3
a
J
J
a
D
a
3
J
D
108
1074
1094
*1104
110
A
aa
J/N
aa
"loo"
109
bbb3
F
D
Pacific Coast Co 1st g 5s
1946
Pacific Gas A El 4s series G.1964
1st A ref mtge 34s ser
H..1961
1st A ref mtge 3 4s ser I...1966
1st & ref mtge 3s ser J
1970
(♦Pac RR of Mo 1st ext g 4s. 1938
(♦2d ext gold 5s
1938
Pacific Tel A Tel 34s ser B..1966
Ref mtge 34s series C
1966
Paducah A 111 1st sfg 44s..1956
105
l"63"
1014
*1014
2
2
2
106 4
2
794
79 4
b
aa
1124
112
aa
1114
1104
D
.704
aa
D
110
aa
A
bb
z
O
1044
&
1094
2
x
a
2
A y b
Paramount Pictures 34s deb '47 M S x
Parmelee Trans deb 6s
1944 A O y
Pat A Passaic G A E cons
68.1949 M S x
♦Paullsta Ry 1st a f 7s
1942 M S y
2
534
954
6
6
16
6
80
2
534
2
3
96
bbb2
a
2
a
68
106
16
'l"i04
1084
1
105
1054
1034
9
103
105
2
1054
1104
iio 4 "l7
1084
1054
aa
112
112
1084
1054
1124
aa
112
112
112
10
aa
95
95
59
aa
'1654
a
1968
a
111
Debenture g 44s
General 44s series D
1970
bbb3
93 4
1981
a
3
Gen mtge 44s series E
Cony deb 3 4s
1984
a
3
1024
1024
bbb3
1084
1034 107
105
*104
2
1965
75
1044 1044
1044 1054
105
bbb3
aa
964
49
894
944
24
25
1054 1074
4
1114 1154
1114 1144
122 4
122 4
32
1054
1054
1114
140
110
934
42
944
93
1014
102 4
102 4
63
884
894
65
102
1054 106
108
1104
1064 1104
50
93
98
109
109
4
109
2
1114
1114
1
1114
1114
1
1114 113
1104 112
F
A
x
aa
2
F
A
x
aa
2
1964 J/N
x
aa
2
D
x
a
O
x
a
2
J
x
a
2
J
D y bb
M N x aa
J
J
1959 A
A
874
1104
1104
13
1104
1114
1034
20
994
554
544
60
75
52
60
614
60
105
52
614
117
1194
2
A
x
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2
I)
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— —
—
S y bbbl
—
*994
—
824
814
82 4
1064
1094
2
96
z
cc
1
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y
b
3
J
x
aaa3
*1114
x
aaa3
1454
D
x
aa
J
x
3
------
J
x
1
218 4 222
1094
3
1084 HO
9
104
1044
4097.
Attention Is directed
to the
106
664
68
32
654
83
84
78
844
814
824
23
784
84
704
106
1054
1064
105
1044
1034
105
19
1044
1044
1044
56
1044
1044
21
1024 1044
1034 1054
104
104
104 4
28
103
x
1
a
x
bbb2
bbb3
J
z
100
18
100
1
-----
11
-
-
z
A
*8
84
O
19
—
—
—
-
—
-
-
84
144
84
15
18
1054
104
z
*84
b
b
z
*
1
1
44
cccl
z
x
aa
43
aa
2
8
x
aa
2
1969 M S
Jf S
x
aa
2
-
-
-
47 4
24
7
114
131
-
----
-
-
—
131
mm
——>
110
2
—
110
107
110
-
15
9
45
35
128
120
104
154
31
31
'
-
5
— ——
904
34
89
aa
2
*109
J y b
-
1
bbb2
2
70
2
__
-
64
x
2d gold 6s
1996 A O y b
St Louis Iron Mtn A
Southern—
♦{Rlv A G DIv 1st g 4s...1933 J/N z b
-
5
64
2
c
-
5
x
70
*35
-
34
-
111
85
111
70
—
44
9
94
954
112
60
70
60
1
...
60
74 4
2
74 4
724
64 4
734
734
74 4
734
171
2
b
1
64 4
73 4
40
36
404
209
25
40 4
674
814
464
(♦St L Peor A N W 1st gu 5s 1948 J
J z cccl
St L Pub Serv 1st
mtge 5s
1959 M S y b
2
St L Rocky Mt A P 6s
J y ccc2
stpd.. 1955 J
(♦St L-San Fr pr Hen 4s A...I960 J
J z cccl
♦Certificates of deposit
107
40
-
1094
134
------
2
c
z
z
—'
-
1094
144
-
131
'
*110
cccl
z
105
174
264
64
-
104
*
•
------
8
2
-
444
10
2
x
1
45
104
S
8
♦Certificates of deposit
26^i
13
8
1054
bbb2
x
O
144
27
15
174
8
z
J
264
1
£
*
z
A
33
■
z
D
284
11
17
-
-
-----
84
z
A
-
1
25
-
--'
-
11
♦
-
-
—
-
106 4
964 101
'
•
-
102 4 106 4
1034 105
80
80
814
44
44
1
134
114
14
655
94
9
------
45
39
14
z
♦Prior lien 5s series B
1950 J
deposit
cccl
134
11
134
206
z
cccl
144
144
57
94
144
134
154
124
124
134
59
1000
94
94
144
154
144
124
144
153
94
15
744
484
8
69
76
494
4
354
28
284
55
174
94
494
294
~
J
1978 M S
stamped
z
cccl
z
cccl
z
----
cccl
(♦St Louis-Southwestern
Ry—
♦1st 4s bond ctfs
2
1989 MJV y b
♦2d 4s lnc bond
1
J z b
ctfs__Nov 1989 J
(♦1st term A unifying 6s.. 1952 J
J z cccl
♦Gen A ref g 6s series
J
J z cccl
A—.1990
St Paul A Dul 1st
con g 4s__1968 J
(♦St Paul E Gr Trk 1st 4
J
4s. 1947
((♦St P A K C Sh L gu 4
48.1941 F
St Paul Un Dep 6s
guar
1972 J
1943 J
D
x
bbb2
J
z
A
z
cccl
J
x
aaal
J y bb
aa
z
z
O
----
S
♦Certificates of deposit.
((♦Atl A Blrm 1st gu
4s...l933 M S
----
z
104
—....
94
cccl
cccl
d
2
z
cccl
z
cccl
cc
1
z
cc
94
112
934
*1054
*1214
754
18
100
44
44
74
cccl
113
-
-
44
104
—
40
2
944
1064
78
■
-
24
,112
81
---
-
54
112
134
14
44
44
3
64
54
14
154
184
81
34
11
1144
70 4
954
1054 1064
22
114
*14
44
134
1214 1244
*64
134
------
1
z
z
16
*794
*4
aaa3
O
1946 M
2
------
2
x
x
1950 A O
Oct 1949 F A
1959 A
484
284
174
cccl
Santa Fe Pres A Phen 1st
5s. 1942 M 8
Scioto V A N E 1st
gu 4s
1989 MJV
(Seaboard Air Line Ry—
1950 A
_
14
9
134
123
84
134
62
4
34
21
24
..
74
265
64
45
44
34
2
104
14
914
I
For footnotes see page
152
81
J
6s series A
142
bbb2
x
St Jos A Grand Island
1st 4s_1947 J
St Lawr A Adlr 1st
g 5s
1996 J
cons
1
83
Saguenay Pow Ltd 1st M 44s '66 A O
♦Certificates of deposit
44
1094 1114
-
bbb2
J
stamped
-
bbb2
(♦Rutland RR 44a
stmp___1941 J
g 4s unstamped
-
x
z
g
-
1454
2204
x
z
(♦4s
-----
x
J
(♦1st
974
24
S
O
♦Adjustment 6s
93 4
68
bbb2
stmp__.1949 J
S A A Ar Pass 1st
gu g 4s
1
1094
A
((♦R I Ark A Louis 1st
448.1934
*
85 4
107
87
104 4
O y bb 2
J x bbb2
77 4
1064 1074
17
44
2204
1094
bbb2
82
----
96
*80
aaa3
x
O
Jf
A
614
— m-
*1044
1094
------
J
M
of
514
2
M
^Con M 44s series A
*0118 of deposit
101
*1054
*1174
2
x
...
1948
100 4
60
z
f 8s
1054
99
1064 1064
----
2
D x aa
F
1955
119
102
26
-----
1204
1094 1134
1094 1134
4
100
*1064
------
•
2
M
4s
117
1104
1024
994
1114
117
60
z
s
110
-
1
----
54 4
J/N
34s series J
---
1174
1174
2
z
(♦Rut-Canadian
-----
1174
*117
109
60
D
J
1951
—
------
2
O y bb
^
------
2
D y bb
O y bb
1960
^
1174
2
A
1970
*111
.'
------
J
J
-
♦Ruhr Chemical
5
2
El Pr 7S.1950 MJV
mtge 6s
1952 J/N
Gen mtge
103iji 1044
1054 1064
IO84 1104
----
2
1960
(♦Refunding 4s
1044
aa
1074
1094
aa
z
♦1st
90
974
994 105
2
2
x
J
110
100
aa
aa
aa
mon
1204 1254
1044 1084
116
99 4 105
1014 1044
7
x
A
554
103
"163""
2
a
1064 1094
1074 1104
94
110
1054
90
414
107
*1074
1054
80
1204 126
80
*105
1054
1104 1114
1084 1104
1044 104 4
83 4
90 4
52
*1034
2
60
704
110»i,1134
4
116
x
1956
♦Certificates
49
aa
A
J
1014 103
124
aa
894
2
aa
x
J
103 4
104 4 1054
IO3""
44
a
Consol gold 4s
1948 J/N
4s sterl stpd dollar
May 1 '48 J/N
Gen mtge 34s series C
1970 A O
Consol sinking fund 4 4s..1960
1094
1094
*120
aa
Penna Pow A Lt 34s
1969
44a debentures
1974
Pennsylvania RR cons g 4a..l943 J/N
10
33
ccc2
Pennsylvania Company—
.I960
Pa Ohio A Det 1st A ref 4
4a A *77
448 series B
...1981
70 4
1124
1114
1104
784
156
----
D
1963
♦Cons mtge 6s of 1930
Richfield Oil Corp—
1074 1104
1084 1104
1074 1094
104
1064
1004 1044
9
904
1
106
814
aaa3
1952 J/N
x
x
F
1054 1074
90
b
1963 F
F
4 1074
4 1084
5
20
534
954
106
1094
1051,i»107 4
1957 J/N
1949
1953 J
9
12
111
102 4
3 4
106 4
*107
bbb2
-----
O
1942 M N
1945 J/N
With declaration
1084 1124
1134 1174
1134 1174
104 4
1094
*1094
<f.a3
aa
*1024
*1054
1094
1942 A
With declaration
102
1024
85 4
bb
x
1044
ser B *61
♦Direct
1084 1104
1094 1104
1144
1144
86
904
iui a
Dlx
A
11
19
5
D
D
105 4
103
6
D
D
6
....
109
4
1144
106 4
D
1942 J
1104
109""
109
bb
1944 J
111
114
aa
J
108
1
2
aa
J
106
aaal
aa
Panhandle East P L 3s B
1960 M.
Paramount Broadway Corp—
1955 F
2
1044
M S
54
106
3
J
1044
F
54
aaa2
a
bbb2
warrants
62
*95
2
c
x
62
11
J
4 4s A *52 M S
♦Rhlne-Westphalla
70
55
105
34s 1960
•Rhelnelbe Union s f 7s
1946 J
J
♦34s assented
—1946
♦Rhine-Ruhr Water Serv 68.1953 J
-
584
62 4
1044
Revere Copper A Brass
44 4
544
1044
1st M cony 6 4a.l954 M N
Gen mtge 4 4s series
C...1956 M N
474
50 4
3
J y bb
Pur
76 4
434
414
aa
J y a
1
J x aaa3
44s without
45
1
x
Remington Rand deb 4 4a w w '66 M S
804
73
J
Republic Steel Corp 44s
524
73 4
...
aa
Otis Bteel 1st mtge A 44s.. 1962
1952
70
"99
x
Oregon RR A Nav con g 4s.. 1946 J
Ore Bhort Line 1st cons
g 6s. 1946
Guar stpd cons 6s
1946
Ore-Wash RR A Nay 4a
K61
General 44s series A
General 6s series B
-
x
1967 M
28-year 4s
Pennsyl Glass Sand 34s.
-
A
( (*Og A L Cham 1st gu g 4s. 1948 J
J
Ohio Connecting Ry 1st 4s
1943 M S
Ohio Edison 1st mtge 4a
1965 UN
Guar 34s trust ctfs C
Guar 348 trust ctfs D
Guar 4s ser E trust ctfs
-
M 8
Northwestern Teleg 44s ext 1944 J
f g 3s loan ctfs
-
76
57
414
52 4
115
464
-
4
73
42
Ref A Impt 6s series C
s
73
1
a
Ref A Impt 6s series D
1st M
*55
744
bbb2
X
Northern-States Power Co—
1972
Oklahoma Gas A Eleo 34s.. 1966
4s debentures
1946
Ontario Power N F 1st g 6s_. 1943
Ontario Transmission 1st 6s. 1946
*55
ccc2
X
J
J y bb
J y bb
1st mtge 4s
1st mtge 34s
....
'
Ref A Impt 4 4s series A
2047
Ref A Impt 6s series B..J.2047
(Minn) 1st A ref M 34s—1967
(Wise) 1st mtge 34s
1964
75
108
1084 1104
164
274
34
64
44
64
34
54
124
44
Gen A ref 4 4s series
A... 1997 J
Gen A ref 4 4s series
B...1997 J
123
113
*113
*3 4
Pub Serv of Nor III
A
34s
1968
Purity Bakeries a f deb 5s...1948 J
Reading Co Jersey Cent coll 4s *61 A
1034 107
103»«103»J«
123
------
Public Service EI A Gas
34s 1968 J
1st A ref mtge 6s
J
2037
1st A ref mtge 8a
J
.2037
100
103 4 106
125""
6
1
(♦Proyldence Sec guar deb 4s 1957 J/N
(♦Providence Term 1st 4s
1956 M S
25
104 4
*1154
2
aa
25
1274
1044
4
1034
254
d
Pressed Steel Car deb 6s
244
12
77
*103^32
x
124
124
9
11
99
30
z
Potomac El Pow 1st M 348.1966 J
1024 104
100
127
3
a
64
111
1084 1094
25
100
aa
12
24
109
44
J
Pitts Y A Ash 1st 4s ser
A...1948
F
1st gen 6s series B
1962
J
1st gen 6s series C
1974
J
1st 4 4s series D
1977
M
Port Gen Elec 1st 4 4s
1960
1st 6s extended to
J
1950
97
109
6
25
24
a
Ax
"7
244
1034
24 4
244
1084 1114
51
1074 109
1104
264
64
6
74
1174 120
1134 1154
105«32
254
74
64
1
1104
44
1st mtge 4 4s series B
1st mtge 44s series C
164
87
"2
A
North Cent gen A ref 6s... .'Ill 97 4 J/ 8
Gen A ref 4 4s series A
.1974 M 8
15
944
12/
x
40
94
94
614
"55
84
63
1064 108
1
105»32
------
z
J
83 4
7
1074
1174
1144
1
Gen mtge 6s series B
1975
Gen 4 4s series C
1977
Pitts Steel 1st mtge 4 4s
1950
Pitts Va A Char 1st 4s guar. 1943
Pitts A W Va 1st 44s ser A.1958
1054 1084
99
Ax
F
1084 1104
105
1084
1044 106
26
M S
94
110
72 4
17
1
Series J cons guar 4 4s
Gen mtge 6s series A
544
1094
Ax aaa3
...1959 F
"is"
1094
244
b
7.
14
484
28
*110
1
z
,
99
I
..
74
100
92
I
cc
z
.—
1094
3
a
b
A
7
....
33
14
cccl
ccc2
63
cc
Series G 4s guar
Series H cons guar 4s
Series I cons 4 4s
3
14
*15
c
F
108
314
cc
rt aaa3
b
2
D\y b 2
~)i
1
194«
33
Z
Niagara Falls Power 3 4s
196f M S x
Nlag Lock A O Pow 1st 6s A 195/. A Ox
Niagara Share (Mo) deb 6 4" 19f»<> J/N y
4s called (July
1104
1054
106
aa
A
44
"~7
1104
bbb3
1943 J/N
51
98
99
49 4
z
J
105»3J
31
67 4
108
109
aaa3
/
774
664
d
Series D 4s guar
Series E 34s guar gold
Series F 4s guar gold
86
100
49 4
cccl
1940 F
78
2
a
bbb3
544
106
26
Pittsburgh Cine Chi A St Louis—
284
9
bbb2
X
(♦General gold 6s
♦Terminal 1st gold 6e
1946
♦95
aaa3
20
1144
x
4a__1937 J
Series B 4 4s guar
Series C 4 4s guar
230
64
14
14
2
2
z
A
54
1
c
b
J
...196?
6
b
J
1937 F
1964
1
12
294
2
2
aaa2
x
444
44
3
z
s f
cony
a
a
x
264
cccl
x
111
1144 1184
6
8
654
674
1074
2
D
27
Pitts Coke A Iron
2
2
a
x
----
27
2
4
108
x
D
♦Certificates of deposit
Phillips
Petrol 14s debs..l951 J
18
.
774
M S
J
((♦Philippine Ry 1st
39
cccl
1981 J
264
46
(♦2d gold 4 Vis
Debenture 34s
157
-
High
108
----
47
8
-----
x
J
264
254
D
N Y Steam Corp 1st 3 4s... 1963 J
t«»N Y Susq A W 1st ref 68.1937 J
Debenture 4s
25 4
1
1
S y bb
1977 J
111
*106
cc
aa
1
No. Low
1154
464
Since
Jan.
0}
Hi
1154
Range
2
<
Ask
764
654
674
1074
1074
1174
D
Phlla Bait A Wash 1st g 4s.. 1943 M N
General 6s series B
1974 F A
General g 4 4s series C
General 44s series D
A
-
1154
------
z
J y bb
J y bb
J
34« deb. 1952
—-
1
2
x
A
J
conv
Phlla Co sec 6s series A
1967
Phlla Electric 1st A ref
348-1967
(♦Phlla A Read C A I ref 6S.1973
♦Cony deb 6s
1949
264
25
z
1st 4s series B.
Phelps Dodge
174
234
z
Apr
19
224
254
D
aa
s
or
Friday's
Bid
*
aaal
x
J
12
254
z
x
S
O y b
4s..1974 F
37
24
z
O
A
A
at 6
Range
Sale
Price
a
Low
105
28
cccl
J
1956 J
.
97
cccl
1942
Oy
N Y A Putnam 1st con gu 4s. 1993
Oy
N Y Queens El Lt A Pow 3 Vis *66 MA*
N Y Rys prior lien 6s stamp. 1968 J
J x
N Y A Rlchm Gas 1st 6s A—1951 J/N x
♦Ctfs of dep (Issued bv reorgan
Izatlon manager) 6s.
1^6 ■
♦Ctfs of dep (Issued »>y reor«an
101
100
cccl
(♦N Y Prov A Boston 4s
1961
254
244
244
22
"24
cccl
t(*Norf South 1st A ref 6s
♦Certificates of deposit
19
z
cc
4
95
92
88
--
z
z
z
ser B
--
954
22
cccl
%
3lis
22
100
*90
cccl
(♦Harlem R A Pt Ch 1st 4s 1964 M N
stamped..
((♦N Y West A Bost 1st
—
98
(♦N Y Ont A West re£ g 4s—1992 M 8
6s
264 55
1004 1054
494
57
53 4
59 4
574
*1004
3
O
1940 A
♦1st A ref 4 Vis ser of 1927.1967 J
N Y Telep
2
J
1948 J
N Y Trap Rock 1st 6s
31
Rating
See
Week's
Last
Elig. A
a.
M
'
z
Railroad & Indus. Cos. (Cont.)
Peoples Gas LAC eons 6s.. 1941
1204 1254
1134 1184
174
184
184
1957 M N
♦General 4s
3
1044
534
53
*56 4
z
b 0
S
75
J
1966 J
1948 J
(♦Collateral trust 6s
♦Debenture 4s
634
yo
Friday
S t•x
1064 1094
1074 1104
3
55
*104
53
bb
z
9
June 28, 1941
Ban k
_
M
55
***
z
♦Non-cony deb 3 Vis
..1964 A O
♦Non-cony debenture 4s..1966 J
J
♦Non-cony debenture 4s.. 1966 J/N
7
1214
1154
1154
cccl
y
55
60
19
75
High
Peoria A Pekln Un
4 4s series B
1973 J/N y b
•NVLE4W Coal A RR 6 4s'42 J/N
y bb
•N Y L E A W Dk A Impt 6fl 1943 J
J yb
N Y A Long Branch gen 4s.. 1941 M 8
JN Y New Hav A Hart RR—
604
1214
aa
y
N. Y. STOCK EXCHANGE
Week Ended June 27
Low
No
1094
1094
1094
aaa3
x
N Y A Harlem gold 34s
2000 M N
N Y Lack A West 4s ser A—.1973 J/N
BONDS
Since
Jan. 1
High
109
aaa3
x
(•N Y A Greenwood Lake 6sl946 M N
109
aaa3
5
f?
Range
Asked
594
744
yb
1965
1st lien A ref 34s ser E...1966
N Y A Erie—See Erie RR
♦Cony debenture 6s
A
Low
1961
N Y Edison 34s ser D
or
Friday's
Price
a
Record—Continued—Page
Week's
column incorporated In this
tabulation pertaining to bank
eligibility and rating of bonds.
See
14
54
44
84
74
174
Friday
Last
Bank
Range or
Week Ended June 27
Price
See a
■xft.
,2
N.
Since
Y.
NO. Low
Rating
See a
z
c
1
3M
3
3%
76
2%
4
M Six
A
z
c
1
3%
3
3%
16
2%
4
M
1954
1961
Sblnyetsu El Pow 1st 6 %8—1952
2%s
s
f debs
x
debs
J
a
1946
Slleslan-Am Corp coll tr 78—1941
99%
99%
51
F
52
mmmmmm
z
A
112
98%
99 %
2
98%
y
1951 M
♦Slleela Elec Corp 6 Mb
98M
2
-
♦Siemens A Haleke deb 6 Mb.
mm-mmrn
*43
.
.
.
.
.
y
lrglnlan Ry 3348 series A—1966 M S
45
45%
14
27
1941
b
1
101% 104
{♦Dea Moines Dlv 1st 4s—1939
J
z
cccl
rn+mmmrn
103% 107%
119
120
♦Omaha Dlv 1st g 334s—1941
O
z
cccl
9%
9%
M S
z
cccl
54%
M S
z
cc
1
13%
F
53%
13%
12%
107%
3348—1962
aaa2
108%
108%
1
1979
x
aaa2
107%
107%
67
103
Southern Colo Power 6s A.. 1947
x
bbb2
104%
104%
6
104
-
{♦Toledo A Chic Dlv g 48.1941
►Wabash Ry ref A gen 534s A *75
♦Ref A gen 5s series B
1976
♦Ref A gen 4 Mb series O—.1978
106% 108%
108%
106
y
b
y
b
A .1977
y
.1968
1st 4Mb (Oregon Lines)
y
Gold 43<s
Gold 4 34s
.1969
y
Gold 4 34s
.1981
y
10-year secured 3%s
.1946 J
248
51%
52%
394
39%
51%
52%
452
39%
67%
70%
181
48%
x
bbb2
40%
6
84
65%
66%
66 M
71
bb
2
61M
61
62%
148
57
2
81
80%
81%
90
75
86%
87%
31
79
84
84
78
bb
x
bbb2
x
bbb2
x
aaa3
IIIM
x
aaa3
mmmmmm
rnmmmmm
aaa3
x
aaa3
b
bb
aaa2
1953 J
x
aa
x
bbb2
32
46
105%
44
m
25
101%
3
102%
102%
18
124
124%
14
123% 128%
112%
111%
111%
16
89%
90%
106%
21
89%
aaa3
106%
106%
aaa3
107
bb
106%
*94%
103%
'mmmmm
70%
„
_
„
2
15
104
x
bbb2
Gen A ref 5s series G
1979 A
x
bbb2
70%
70
70%
Gen A ref 5s series D
x
bbb2
70%
70%
71
103
37
1980 J
26
-
-
70%
52
51%
53
cccl
16%
15%
16%
y
{♦Third Are RR 1st g 5s—.1937
Tokyo Elec Light Co Ltd—
1st 6s dollar series
1953
Tol A Ohio Cent ref A Imp 3 34 ■ *60
Tol St Louis A West 1st 4s—1950
Tol W V A Ohio 4s series C—1942
Toronto Ham A Buff 1st g 48.1946
Trenton G A El 1st g 5s
1949
Tri-Cont Corp 5s cony deb A.1953
ccc2
z
Jan 1960
bbb2
y
bb
bbb2
bb
x
aaa2
x
a
93
m
3
bb
mm mm
8%
1
13%
8
1
aaa3
aa
2
105%
105%
105%
aaa2
111%
aaa2
111%
110%
112
x
x
aa
2
x
aa
2
99
98%
99%
23
aaa2
106
105%
106%
86
x
a
106%
106%
3
y
2
56
b
3
3
70
«.■....... .
96
20
86%
87%
107%
*99%
x
aaal
x
aaal
*100
x
aaal
x
aaal
*100%
x
aaal
*100%
aaal
Nov
1944
1 1944
x
1.375s
x
aaal
1.50s
May 1 1945
x
aaal
1.125s
100%
~mmmm —
Nov
1 1945
x
aaal
1.76s
May 1 1946
Nov 1 1946
x
aaal
x
aaal
May 1 1947
x
aaal
mm
m+*rn mm m
1.86s
37
25%
25%
25
42
24%
25%
72
15
29%
79%
79%
80
34
71%
80%
82%
82%
84
62
73%
85
81
81
82%
61
74
82%
3
8
8
8
105% 107
15
30%
2361
2361
16
bb
52%
52%
52%
49
50%
66%
bb
48%
48%
49%
11
46%
62
*114%
J y
114%
mm'rnm
B1966 M 8
93%
93%
93%
83
J
106%
106%
106%
4
1949 M S
aa
x
*103%
O y bb
...1947
z
m
m m
116
mmmm
36%
38%
36%
10%
10%
10
109%
110
j
X* Wor A Conn East 1st 4 34s .1943
Youngstown Sheet A Tube-
z
cc
L
27
36%
13
7
12
7%
7
108% 110%
108
106%
*6
-
102%
103
98
101% 103%
101%
102%
101%
2
38%
26%
*108
2
1948 M S
1960 M N
115
114
33
10%
93%
92%
105% 107%
103
104
28
*8%
cc
112% 115
157
36
I
c
z
-
.
*114%
38
a
f 334a ser D
27
15
J y
Con v deb 4s
104%
100
.
.......
ser
b
y
x
Deferred
a
r
101%
60
96% 103%
d Ex-interest,
sale,
delivery
Odd-lot
e
sale,
Under-the-rule
n
sale
Cash sale.
t The price represented Is the dollar
Accrued Interest payable at the exchange
{ Negotiability impaired by maturity,
tion
per
200-pound unit of bonds.
quota¬
rate of
$4.8484
receivership, or reorganized under
Companies reported as being In bankruptcy,
X
Section 77 of the Bankruptcy Act. or securities
*
Friday's bid and asked price.
♦
assumed by such companies.
week.
Bonds selling flat.
No sales transacted during current
90%
100%
mrnmm
m
•mm'mrnm
100%
.
100% 100%
1
100%
*101%
100% 101
101 %
*101%
m
—
*100%
102%
-
6
Nov
x
aaal
May
x
aaal
*100%
100
x
aaal
*101
101%
x
aaal
*100%
101%
.
«.
x
aaal
-
—
«
-
—
1 x aaal
*101%
101%
101%
10
101%
101%
2
*101%
101%
*100%
*100%
101%
101%
101%
101%
101%
[ x aaal
[ x aaal
t x aaal
( x aaal
m
^
w
m
101%
f x aaal
*101
I x aaal
mmmm
m
10
*100
) z
30
x
-
*10%
) z
A..1955
1967
.
......
31
*10%
/ z
1 x bbb2
? x a
1
i x bbb2
m* mm
mm
20%
33
m
I x
aaal
at
the
York Stock Exchange,
New
103%
33
33%
June 27.
m
25
31%
United
Total
Municipal
Statet
Bond
Shares
Bondt
For'n Bondt
Bonds
1941
Monday
33%
Tuesday
33
Wednesday.
97
Thursday__
.20
21%
32
State
Miscell.
91%
Saturday...
103%
94%
102%
103%
31
102
103%
103
103%
21
$4,965,000
467,000
50,000
554,000
47,000
366,000
56,000
8,362,000
7,606,000
9,124,000
125,200
755,540
444,080
425,630
531,400
409,040
$4,608,000
7,845.000
7,005,000
8,702,000
12,454,000
9,883,000
$50,497,000
619,000
16,000
13,089,000
435,000
82,000
10,400,000
$2,783,000
$266,000
$53,546,000
102% 105%
104%
Friday
*110%
110
*110%
—
111
109
110%
Sales at
l
Week Ended June 27
New York Stock
Exchange
Stocks—No. of shares
1941
1940
Jan. 1 to June
1941
State and
foreign—
Railroad and industrial
1940
2,690,890
3,621,220
63.308,802
$266,000
$646,000
4,137,000
19,902,000
$9,749,000
81,689,000
997,832,000
$25,618,000
2,783,000
50,497,000
4
Total
27
126,796,685
Bonds
Government
t
Bales
$15,000
$342,000
2,690,890
20
mm
Railroad db
Number ef
Stockt
Week Ended
Total
aaal
All Issues
symbol ccc or lower we In default,
default.
Daily, Weekly and Yearly
20%
m
.....
96%
Transactions
100% 104
100
102%
100
103%
100% 104%
104%
36%
*
majority of the Issues bearing
103%
102
28
*
/ z
A great
100% 104%
102
•
mrnm
of reorganization.
In bankruptcy, or In process
symbols In this column are
100% 104%
101
'mmmmm
*
) z
bank eligible due either to rating status
lt speculative.
103%
100
Indicates issues In default.
bearing ddd or lower we In
102%
100% 103
100
100% 104
m
*101
J x aaal
—
102
*100%
I x aaal
102%
100
102
—
101%
m
those bonds which we believe
based on the ratings assigned to each bond
by the three rating agencies. The letters Indicate the quality and the numeral Immedl
ately following shows the number of agencies so rating the bonds.
In all cases the symbols
will represent the rating given by the majority.
Where all three agencies rate a bond
differently, then the highest single rating is shown.
100% 102%
100
103%
102
*101
aaal
aaal
x
) z
-
'
1951
A.1947
♦3348 assented A
1947
United Stockyds 434s w w_.1951
Utah Lt A Trac 1st A ref 58.1944
Utah Power A Light 1st 5s..1944
♦3348 assented C
♦Sink fund deb 634s Ber
mm
'
x
Indicates those bonds we believe are not
provision In the bond tending to make
The rating
100% 102
101%
Nov
z
100% 101
100
100%
100% 102
100
101%
m^mmm
*100%
...
mm mm
2.00s
1 1947
1 1948
1 1948
2.05s
May 1 1949
2.10s
Nov 1 1949
2.15s
May 1 1950
2.20s
Nov 1 1950
2.26s
May 1 1951
2.30s
Nov 1 1951
2.35s
May 1 1952
2.40s
Nov 1 1952
2.45s
May 1 1953
2.60s
Nov 1 1953
2.558
May 1 1964
2.60s
Nov 1 1954
2.65s
May 1 1955
♦Un Steel WkeCorpa 34s A—1951
♦3348 assented A
1961
♦Sec s f 634s series C
1951
y
m m m mm
2
101
101
Rating Column—x Indicates
or some
mrnmmm
100%
100%
Bank Eligibility and
eligible for bank investment.
100
100% 100%
__
1.95s
Cons 8 f 4s series B
9
105%
26%
J
a
101
1.90s
Vandalla cons g 4s series
101%
105%
107% 108%
100
*100%
J
1.625s
1.80s
100%
105%
aa
*100
1.25s
875a
1 00s
95%
90%
J
O
(J ml
1977
j
1
May 1
Nov 1
May 1
Nov 1
May 1
76s
101% 104%
53
a
cc
debentures—
Nov
111% 114
109% 111%
8
103%
x
100%
1941
1942
1942
1943
1943
United States Steel Corp—
626s
11
76%
82%
2
aaa3
107% 110
6
100%
65%
28
107%
86%
bb
124% 128%
7
112
110%
104%
z
110% 114%
110
112%
8
43
70
y
6
109%
110%
♦Certificates ol deposit
101% 105%
99%
x
125%
109%
aa
c
b
mmmmmm
mrn-mm
125%
aaa
102% 107
104% 107%
35
110%
98%
110%
aa
z
1st mtge
71%
65
106% 108%
mm*m
x
x
96% 101%
x
—
-
m
4
109%
Wisconsin Elec Power 3 348—1968
Wise Public Service3348
1971
104Ifjil07
*104"32
98%
34%
71%
m
112
J
8
cc
♦.
32
92%
Conv deb 334s
%
x
1947
...1947
34-year 3348 deb
1970
35-year 3 34a debenture... 1971
Ref mtge 334s ser A
1980
United Biscuit 334s debs
1956
United Clgar-Whelan Ste 58.1952
United Drug Co (Del) 5s
1963
U N J RR A Canal gen 4s._. 1944
4s
4
70
O
90
x
Union Pac RR—
Serial
62
8
85
x
4s registered
34
*107%
aa
J
^♦Wis Cent 50-yr 1st gen 4s.. 1949
♦Certificates of deposit
{♦Su A Du dlv A ter 1st 4s. 1936 IN
20%
15
8%
z
J {♦Union ElevRy (Chic) 58.1945
Union Oil of Calif 6s series A. 1942
3s debentures
1959
34
105% 107%
*8
85
96%
65
34
98
93%
2
85
51%
....
8%
y
1
70%
9
106%
z
Ujlgawa Elec Power s f 78.—1945
£
.
78
104% 104%
106%
—
z
1952
*120
mmmmmm
1
61
48%
97%
81%
92%
3
....
95
93%
aaa3
y
7348—1955
81%
104%
60
*
Dx
Winston-Salem 8 B 1st 4a...I960
65
24
101%
39
3
93
92%
81%
mm, mm m
63
45%
*103%
81%
2
x
100
41%
44%
y
y
14%
92%
x
Wilson A Co 1st M 4s A——1956
108%
48%
*100%
3
x
28
34
aa
x
98
95
aa
x
84
91
95
aa
x
77%
-
60%
1
3
bbbl
x
-
95
A y b
y
mm
A—1946 M 8
—.1946 M 8
Wheeling ALE RR 4s
Wheeling Steel 1st 334s
75%
62%
75
62%
74%
96% 101%
134
cc
z
99%
91%
Registered
62%
1
101%
101%
x
S
1960
35
S y
105%
103
38
83%
82%
*97
**»«•
*.
M
„
104
*103%
83%
2
13%
13%
92%
101%
West Shore 1st 48 guar
94
78
-
-
a
1st A land grant
ccc2
bb 1
Ber
With declaration
102% 106%
102% 107
84
107
x
♦Tyrol Hydro-El Pow
•Guar sec 8 f 75
b
y
/
bbb2
y
i960 M 8
Westphalia Un El Power 68.1953 J J
108% 111%
88
94%
40
71%
3
w
Texas A Pacific 1st gold 5a.. 2000 J
1977 A
Gen A ref 5s series B
♦AdJ income 5s
x
30-year 5s
109% 113%
*110%
3
x
1943 J
M
7%
ID * IB
♦6s assented
106%
y
x
.1965 M
A. 1964
7%
224
12%
Western Union Teleg g 4348.1950 IN yb
D yb
25-year gold 5s
1951
103% 106%
103
105%
100% 109
99% 102%
100% 102%
mm m
mm
AumjUUlU
!♦ Western Pac 1st 5s
104% 109
26%
34
101%
aaa3
x
deb
4s
7%
232
13%
1966 J
1st A ref 5 348 series A
105%
102%
2
aa
x
6
105%
-mm'm
x
8
106
31
106
2
Tenn Coal Iron A RR gen 6s. 196* J
Term Assn St L 1st cons 5s.. 1944 F
Third Axe Ry 1st ref
100
13%
feet N Y A Pa gen gold 4s.. 1943 A
73%
80
109% 111%
36
105%
105%
2
y
6
108%
76%
105%
z
F
Texarkana A Ft S gu 534s A. 1950
1959 A
111%
107%
32
cccl
x
2
76%
111%
mmmmmm
z
1961 M
...
13%
12%
J
86
87 %
2
y
45%
7%
12%
Q M
1945 F A
1945 F A
1st mtge 334s series 1
wwiu
149
cc
Westchester Ltg 5s Btpd gtd.1950 J D
Gen mtge 3 34s
1967 J D
West Penn Power 1st 5s E. 1963 M S
84%
89
12
14%
cc
65%
bb
54%
11
56%
14%
13%
7%
cc
1965 A
M
fash Term 1st gu 334s
1st 40-year guar 4s
94%
90
69
z
F
70%
y
Studebaker Corp cony deb 6s 1945 J
1960 A
Superior Oil 334s debs..
Swift A Co 2348 debs
39
92%
92
92
67%
18%
12
17%
*14
z
M S
88
57%
179
y
1953 J
2J48 debenture
Tex Pas Mo Pac Ter 5 34s
57%
55%
55%
55%
72
44%
bbbl
J
8s debentures
52%
83%
y
.1968 J
Texas A N O con gold 5s
54%
51%
1
a
♦♦Spokane Internat 1st g 5s..1956
.1961 /
Standard Oil N J deb 3s
Texas Corp 3s
53%
362
70
bbbl
Southern Ry 1st cons g 5s—.1994 J
.1956 A
Devel A gen 4s series A...
.1956 A
Derel A gen 6s
...
.1956 A
Devel A gen 634s
.1996 J
Mem Dlv 1st g 5s
.1951 J
St Louis Dlv 1st g 4s
So'western Bell Tel 334s B_..1964 J
Gen refund s f g 4s
48%
52
y
49%
52%
15
63%
63%
z
A
1945 J
7alworth Co 1st M 4a
6s debentures
53%
52 %
x
.1955 J
let A ref 3s series C
37%
52
J
4a—_.1955
1st 4s stamped
49%
48%
54%
.1950 A
San Fran Term 1st 4s
So Pac RR 1st ref guar
y
122
34%
49
2
2
bb 2
b
2
b
2
b
2
bb 2
48%
A
1965 A
Convertible deb 434b
.1949
4s registered
105% 107%
bbb3
D
20%
30
19
17%
*46
1980 A
♦Ref A gen 5s series D
talker (Hiram) G A W—
Southern Natural Gas—'
1951
61%
13
10%
a
.1949 J
44
81
z
aaa3
_
249
J
1st gold 5s
106% 108%
m+rnrn
61
58%
19
x
coll)
26
61
x
4s (Cent Pac
74
108%
1
x
x
b
108%
2
1
South A Nor Ala RR gu 5a..1963
O
65
cccl
75
A
11
b
1950
Socony-Vacuum Oil 3s debs. 1964
1st mtge pipe line 4 Mb
Southern Pacific Co—
90
72%
z
5
3s debentures
aa
mm
rn
z
24
...
x
mmm
z
103%
—
64%
84%
71%
108%
87%
1
J
103%
-
5s
A
103%
—
cons
1954
103
-
54%
87%
1
1939 F
103%
107 %
106%
1
87%
1939 IN
103
*118
60
{♦2d gold 5s
bbb2
mmmmrnm
60
60
♦1st Hen g term 4s
♦Det A Chio Ext 1st 6s
39%
bbb2
3
108% 110%
2
110%
110%
mrnmmmm
I
High
No. Low
High
85
102% 103%
11
x
Skelly Oil 3s debs
Since
Jan.
Asked
Wabash RR Co.—
x
South Bell Tel & Tel
2
O y bb
54
1
81
A
97
....
14
77
78
1—1958
47%
9
26
14
z
1st
99%
99%
94%
1952
Simmons Co deb 4a
aa
By ccc2
J y bbbl
a
A
Low
A
Range
\
Friday's
Bid
High
♦6s Series B certificates--.1935 F
x
Range or
Sale
Price
Railroad & Indus. Cos. (Cora.)
t*8eaboard All Fla 6s A otfa.1935 F
Shell Union Oil 2%s
Last
Elig. A
STOCK EXCHANGE
Week Ended June 27
Jan. 1
High
Low
BONDS
Range
Friday's
Bid
Asked
A
| Sale
Rating
STOCK EXCHANGE
Week's
Friday
Bank
Week's
Elig. A
BONDS
N. Y.
4097
New York Bond Record—Concluded—Page 6
Volume 152
$24,685,000
$1,089,270,000'
121,989,000
695,242,000
$842,849,000
New York Curb
4098
Exchange—Weekly and Yearly Record
June 28,
1941
NOTICE—Caah and deferred delivery sales are
disregarded In the week's range unless they are the only transactions of the week, and when selling outside
of the regular weekly range are shown In a footnote In the week in which
they occur.
No account is taken of such sales in computing the range for the year.
In the
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange
beginning on Saturday last (June 21, 1941) and ending the present Friday (June 27, 1941). It is
compiled entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether
stock or bond, in which any
dealings have occurred during the current year.
for the week
>
Friday
baies
Last
Par
STOCKS
Week's Range
of Prices
Week
Price
Low
Acme Wire Co common-10
Aero
Fridai
for
Sale
High
Range Since Jan. 1,1941
Loto
Shares
30
21%' 22
10%
22
Mar
Par
June
1
5%
Alnswortb Mfg common.-®
Air Associates Inc (N
4%
J)-.1
Air Investors new com
4%
SH
8%
2
pref
5%
4%
8%
1%
21%
Feb
5% May
600
100
4% June
8% June
100
h*
Qt Southern..60
108
108
109
99
120
Jan
Jan
Jan
Berkey A Gay Furniture .1
Hi
Jan
Mar
Jan
103
%
88
Class A
2%
(Mich)..10
15%
6% preferred
Blauner's
Bliss (E W) common
Aluminum Goods Mfg
Aluminum Industries
Ltd common.*
0% preferred
Jan
May
May
113%
110%
June
155
Jan
Bourjols Inc
June
110
Jan
Bowman-BUtmore com..
27%
4%
27%
10
4%
100
Jan
Jan
Apr
Apr
Breeze Corp oommon
%
Jan
10c
Common class B
1
1
1%
200
%
Jan
6%
Jan
Bridgeport Machine
10c
*11
"200
"io% "ii
S3 preferred
16.60 prior pref
*
Amer Centrifugal Corp...I
Jan
He
9% May
03
Apr
May
1%
11%
Jan
Mar
Jan
08%
Jan
He June
Amer Cities Power A Lt—
Class A...
Class B
1
%
%
300
Cynamld class A.. 10
37%
37%
37%
10
35
7,800
1,300
31
Class Bn-v
10
38%
10%
Export Lines com_.l
American Gas A Elec
4% %
Amer General
conv
Corp
24
100
107%
10c
oom
preferred
..1
6%
11%
23%
100
11%
100
24%
4,000
107%
2%
2%
20%
20%
775
000
28%
125
100
575
"l2%
12%
20%
12%
""266
4,000
26
Preferred
100
1
Amer Meter Co
*
Amer
Republics
Seal-Kap
28%
23
30
Jan
Jan
16%
11%
Feb
21
Mar
Feb
15%
Apr
Apr
28%
June
Apr
23 %
84
June
Jan
Jan
^500
47%
50
Apr
3%
Jan
%
Jan
2%
2%
400
2
100
7%
103%
103% 104%
1
"ili
"84%
A
8%
1%
1%
0%
84%
8%
0%
4%
J
May
8%
Atlantic Coast Fisher lee.. 1
32
r%
5%
4%
Corp warrants
Atlas Drop Forge com...6
Atlas Plywood Corp
•
Auburn Central Mfg
•
Automatic Products new.l
Automatic Voting Macii..•
8%
Jan
Jan
6%
June
Apr
6%
Jan
Mar
>11
11% May
3
Mar
300
2%
21%
3%
2%
22%
3%
375
%
%
200
3%
15%
"lb
100
Jan
\H
Jan
Jan
2
Jan
72
May
Jan
Apr
2%
3%
3%
1%
3%
1%
300
3%
200
200
Apr
3%
Jan
23%
May
3%
Jan
% May
13%
Jan
May
2% May
1
Mar
2% Mar
3%
Feb
12% May
15
25
108% May
Jan
17
5%
900
Jan
4
»i»
7%
10
Am dep
4%
Class B
non
vot
7% preferred
Canadian
May
June
4%
Jan
17%
Jan
10
Jan
%
Jan
31
90
30
•
Baldwin Locomotive—
Purcb warrants for com
29%
25
28%
*29%
"2,500
4%
35%
5%
3,000
35%
100
June
30%
Feb
4%
Feb
3%
Apr
Apr
%
80
6
com. 1
1%
6
100
2%
l
1
2%
300
»u
1%
6,300
A com.....6
Refractories Inc...1
0%
0%
100
Baumann—See "Ludwig"
Beau Brummell Ties Inc.. 1
Beaunlt Mills Inc oom..10
$1.60 conv pref
20
31%
Jan
For footnotes see page 4103.
3%
32
Apr
FeD
6%
Apr
9n
Jan
%
Apr
9%
0%
Jan
Jan
7%
Jan
37% Mar
0%
Jan
2% May
1%
Jan
11
7%
May
Jan
4%
4%
17%
17
17%
400
1
12
12%
200
41
...—
41%
150
2,500
16%
16%
92
92%
100
10%
11%
100
Mar
4% June
Mar
5
12%
Jan
Feb
17% June
Jan
Apr
1%
Jan
%
Jan
35% June
%
50%
12% June
8
May
Feb
13% June
1% May
%
May
1% Mar
z24% Mar
% June
11%
Jan
30%
1,30C
%
16%
"l'6%
31
Mar
Jan
Jan
12%
10
Apr
June
""500
Feb
10% June
2%
10
Jan
40
1%
13
June
92
9%
19%
99%
Mar
Feb
May
12%
Mar
%
2%
•u
Feb
%
Feb
Feb
%
%
Feb
Feb
2%
Apr
1%
May
1%
Jan
3%
Jan
Apr
18%
Jan
100
100
1 %
1%
100
14
2% May
13
Jan
%
1,800
"xH "l%
3~566
7
38
38
100
109% 110
140
100
10
7%
8%
1,000
Carter (J W) Co common. 1
Casco Products
♦
Castle (A M) common
10
6%
6%
200
Catalln Corp of Amer
.1
Celanese Corp o 1 America
3%
8%
Feb
% Mar
8% June
z% June
35
109%
105%
7%
Jan
Jan
5
Jan
Mar
1%
Jan
1%
Jan
117%
"11
9
Apr
Jan
Mar
1% June
7%
Apr
Feb
39
Jan
June
113
Apr
June
110%
10%
0%
Feb
8
Jan
Apr
6% June
5% May
17
May
15
1% Apr
1% May
114%
%
%
100
Jan
Jan
300
200
"39% "40"
"75
Apr
20
Apr
Jan
4
June
107
June
134
4
3%
119% 120%
7% 1st partle pref...100
Celluloid Corp common. 16
Feb
2%
35%
90
Feb
Jan
5%
40
Mar
Mar
Jan
110%
Mar
9% June
13%
100%
Apr
100
85%
85%
114"
Cent Pow A Lt 7% pfd 100
Cent A South West Util 50c
Cent States Elec com
1
87
50
Apr
82%
8
114%
100
110
Apr
May
95
Jan
Jan
Feb
10
...100
%
100
Conv pref opt ser '29.100
Cessna Aircraft Co
%
25
110%
Jan
Jan
'11
May
%i
500
Apr
%
100
preferred
Jan
1
Jan
14%
1%
•
preferred
Apr
42% May
3%
$6
0%
7%
Mar
8%
1%
25c
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
Cent Ohio Steel Prod
1
June
%
*
1
Jan
Jan
% June
% May
•
Carolina P A L $7 pref...*
preferred
Carrier Corp common
Jan
Jan
1%
"i» June
1
Carman A Co class A
Class B
Jan
»»»
Feb
% May
% May
% May
% Mar
3% Apr
%
Jan
2%
Jan
%
Mar
%
Jan
Chamberlln Metal Weather
Strip
5
3
7
...100
Marconi
Capital City Products
Carib Syndicate
Conv preferred
30
50
•
2
% May
10
"17"
»
Jan
4%
Feb
1%
15
♦
Mar
June
30
Canadian Industries Ltd
1st partle pref
Cent Hud G A E com
Jan
41
5%% prefshs £1
$7 dlv. preferred
May
Feb
Vot trust ctfs..
50c
Cables A Wireless Ltd—
Mar
Tobacco—
Ayrshire Patoka Collieries 1
conv
%
Feo
Warrants
$1.20
Jan
1
05
Avery (BP) A Sons oom.6
0% preferred w w
26
Basic
%
Jan
108
10
800
"u" "n"
Canadian Car A Fdy Ltd—
7% partle preferred...26
Can Colonial Airways
1
1%
2%
100
40%
Camden Fire Insur Assn..5
Canada Cement Co Ltd..*
Jan
1,200
100
r%
%
42%
Canadian Dredg A Dock.*
100
Jan
Apr
......
Canadian Indus Alcohol—
Class A voting
•
100
June
Apr
60c
com
Jan
1,300
Jan
6%
10
11%
11% May
30%
Jan
10% June
»
June
3
Atlas
7% preferred
26
105
10% June
Atlantic Coast Line Co..60
Atlantic Rayon Corp
1
Baldwin Rubber Co
$1.00 preferred
$5 1st preferred
Bunker Hill A Sullivan 2.50
Apr
Atlanta Birmingham A
Coast RR Co pref... 100
Atlanta Gas Lt 0% pref 100
Babcock A Wilcox Co
%
46%
Buckeye Pipe Line
50
Buff Niagara A East Pow
JuEe
4%
1
Barbon Corp
Barium Stainless Steel
Barlow A Seelig Mfg—
1
Bruce (E L) Co common..6
Bruck Silk Mills Ltd
•
3%
Jan
2% June
Jan
Jan
1
"766
•
1
300
Class A common
""2% "3"
Calamba Sugar Estate..20
Callite Tungsten Corp
1
Jan
Jan
28
Carnation Co common
$6 preferred...
Assoo Laundries of Amer •
Assoc Tel A Tel class A.
Axton-Flsher
preferred.
Jan
{Associated Gas A Elec—
x-w
$0
Feb
Mar
Jan
%
5
30
'"ili ""ili "ili ""460
•
103
6%
Common
7,900
Jan
May
%
2% June
% Mar
3%
Feb
5%
Feb
7%
Apr
3,000
Distillers.]
130
Associated Elec Industries
Amer dep rets reg
£\
preferred
Class A preferred
8
90
7
Apr
Feb
900
1% June
6%
Apr
79% June
7% June
Feb
June
Jan
900
Mar
18%
Jan
200
38%
2,400
10
11%
•
1
230
33
Jan
Jan
%
16%
12
1%
7
27
Apr
Apr
85%
Jan
Mar
Mar
%
00
1%
1%
8%
Apr
7%
1%
dep rets ord reg..10s
Apr
Assoc Breweries of Can..1
Class A
Am
9
"IS
%
38%
100
------
Burma Corp Am dep rets..
Burry Biscuit Corp__12%c
Feb
%
42% May
3%
Apr
2% Mar
1% Mar
4%
9%
10%
Jan
Apr
8%
Cable Elec Prod
6%
400
7J2
4
Jan
Jan
May
Mar
8%
7%
Jan
%
32%
00
Apr
Feb
2%
4%
4%
9%
11
Brown Rubber Co oom
29 %
33
20
40%
£1
Brown For man
Feb
Jan
7%
Am dep rets ord reg
Feb
Jan
Apr
Jan
Jan
British Celanese Ltd—
12%
30%
113%
Mar
2%
I*
Co
Apr
28
Jan
%
13%
Feb
5%
%
British Amer Tobacco—
Am dep rets ord bearer £1
{Brown Co 0% pref
100
Brown Fence A Wire com.l
3%
500
......
•
British Col Power cl A
June
2
Common cl A non-vot..*
Ashland OilARefCo
B
7% preferred
100
Brlllo Mfg Co common...*
Class A
.....
•
Jan
Jan
Jan
34
18% May
*
Jan
%
%
47%
*
Aro Equipment Corp
Art Metal Works com...
Brill Corp class A
*k
28%
7%
6% preferred
10
Arkansas P A L $7 pref..
6%
•
19%
May
6%
1
1
Apr
105% May
2% May
25% June
..1
oom
June
Jan
Jan
Jan
•
Mar
9,300
Apex Eleo Mfg Co com
♦
Appalachian Elec Power—
preferred..... 100
39
2%
10
$6 series preferred
American Thread 6% pf--6
Anchor Post Fence
2
4%%
15%
%
9%
common. _2
Arkansas Nat Oas
Feb
60
Am Superpower Corp com *
1st $6 preferred
»
Angostura-Wupperman
Feb
Jan
Jan
%
38 %
200
%
30
Amer Potash A Chemical.*
American
20%
Jan
17%
79%
20%
28%
Amer Mfg Co common. 100
Amer Maracalbo Co
Feb
25
28%
25
preferred
10%
%
28%
15%
$2.60 conv preferred... 1
Amer Hard Rubber Co..60
Amer Laundry Mach
20
Amer Lt A Trac oom
10
39
%
10
preferred
y<
-
Amer Foreign Pow warr...
Amer Fork A Hoe com...*
S2
16% May
10% June
May
300
6%
100
__
..100
British Amer Oli
25
Class A with warrants.25
Amer
1st preferred
$5 2d preferred
Class
Jan
%
Aeronautical...1
Bridgeport Gas Light Co.*
Mar
27%
20%
2,700
"*34% "35"
Brewster
7%
Preferred
common
Jan
Apr
34% June
5% May
17%
*"6%
Brazilian Tr Lt A Pow...*
99%
Apr
35
16%
*
7%
75%
Apr
Mar
6% June
3% Mar
13%
Feb
*
Jan
4
16%
26
...
18%
24% May
111
May
% May
10% May
37
Apr
50
100
May
,i»
4%
7% 1st preferred
Borne Scrymser Co
Fe.
05
32
900
100
Mar
American Capital—
Amer
com..
050
93
Amer Box Board Co com.!
Class A
Co
000
300
%
1
113% 110%
70
50
34
1,200
*
110% 111 %
08%
23%
•
22%
5%
90
7
Bohack (H C)
Apr
24%
"
%
%
May
2% May
10
90
38
•
18%
..100
American Beverage com
American Book Co
100
27
33
/:■
1
50
0%
27
Jan
7%
10
7
Blumenthal (S) A Co
Apr
12
99
High
Apr
4%
•
common
21%
*
99
38
Blue Ridge Corp com
10%
com-
"99"
12
Feb
Feb
4%
900
*
4
110%
110%
100
3%
*
May
14
750
10
*
com
Aluminum Co common..
Alumlnlum
15%
21%
26
3
12
Apr
%
2
1% May
4.5C0
2.8C0
Foundry
A Machine Co com
$3 opt conv pref
conv com
Altorfer Bros
Blrdsboro Steel
Low
7
19%
»
$2.50 preferred
Apr
Mar
Mar
*
pref
Allied Products
Blckfords Inc common
111%
Allied Intl Investing—
conv
100
Mar
May
♦
AUlancelnvestment
Jan
Jan
94%
2%
20
99%
A lies A Fisher Inc com...*
Bell Tel of Canada
Range Since Jan. 1, 1941
for
Week
Shares
18
Benson A Hedges com...*
Conv preferred
*
Apr
75%
103%
Jan
6%
1
1%
25%
Apr
Feb
200
Warrants
Alabama Power Co $7 pf-*
$0 preferred
*
$3
19%
1
Bellanca Aircraft com
12%
1
20
1%
*
Price
0%
Jan
22%
0%
0%
Range
of Prices
Low
High
1
Bell Aircraft Corp com
..1
Class B
Alabama
Beech Aircraft Corp
Sales
Week's
Sale
High
Supply Mfg—
Class A...
new conv
Last
STOCKS
0Continued)
Co..
...6
"3% "4"
4
4
4
L200
100
Charts Corp oommon
10
Cberry-Burrell common. 6
11%
5%
11%
11%
25
Chesebrough Mfg
88%
88
90%
000
8%
~~2C0
25
5%
Chicago Flexible Shaft Co 6
Chicago Rivet A Mach...4
Chief Consol Mining...
1
Chllds Co preferred
100
Cities Service oommon.. 10
$0 preferred
•
00c preferred B......_•
$0 preferred BB
•
5%
100
3% Feb
4% Mar
11% May
87
June
00
8%
Apr
7% June
•n
7%
7%
3%
56%
7%
4
50%
"650
700
100
Jan
5% June
3%
48
4%
Apr
4%
6%
14%
110%
73%
Mar
10
.0*
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
5%
Feb
69%
6%
Jan
70
Jan
4% Junq
48
Feb
Jan
Jan
Last
Weft's Range
for
(Continued)
Sale
of Prices
Week
Par
94
95
*
*
91
91
91%
5%
1
Inc_.l
Claude Neon Lights
Mar
Mar
15%
June
Jan
7%
preferred
%
Jan
8%
preferred
8%
June
17
May
5%
Jan
%
Clayton A Lambert Mfg..4
Cleveland Elec Blum
•
com...*
Coal Corp. .100
Cleveland Tractor
3%
3%
300
3%
2%
100
Apr
Jan
Co—»
Cockshutt Plow Co com..*
Cohn <k Rosenberger Inc.*
Colon Development ord...
1
8
Jan
6% conv preferred
£1
Colorado Fuel A Iron warr.
2
Patent Fire
Colt'
%
4%
1,100
76%
74%
74%
Arms_26
2%
250
2
2
Columbia Gas A Elec—
660
1%
9,400
Apr
51
1
1%
1%
1
Columbia Oil A Gas
70%
June
2
Warrants
1
1,600
1
1
18%
18%
100
>i«
100
xi6 June
450
10%
10
10%
1,300
55%
2
20
115
May
109%
80
105
Feb
119%
110%
1%
1%
Jan
Feb
8%
Jan
Feb
%
Mar
600
0%
May
8%
150
9%
June
11%
Jan
Jan
500
7
May
11
Jan
General Investment
Apr
37
June
85
6%
9%
7%
9%
7%
'in "~6%
'2~666
Feb
4%
1%
10%
1%
8%
10%
%
Jan
1
Jan
1%
Mar
Jan
June
May
100
200
%
Jan
86%
1%
1,000
4%
Feb
10% June
Feb
2%
Feb
1,900
12%
Mar
17%
May
1,100
3%
May
2%
15%
15%
15%
4%
4%
5
100
3
ht
4%
4%
200
100
Jan
May
May
4%
Jan
i»u
Apr
%
%
1%
200
/
Feb
20%
"7% "7%
7%
V.I66
1%
Apr
Mar
Apr
22%
Jan
%
6%
Jan
7% June
Mar
Jan
1%
May
7
6%
6%
100
Feb
Feb
3%
18%
May
Mar
1
1%
Jan
7%
May
7%
May
20
Mar
9%
25%
7%
1%
100
1
10%
10%
500
9%
1%
com..6
60
1%
"l% "t%
com*
48
1%
2%
Feb
50
June
28
Feb
39
June
Mar
57
June
Jan
ShareholdlngsCorp
Common
...1
$6 conv preferred
.*
General Tire A Rubber—
6% preferred A
100
Gen Water G4E com_..l
$3 preferred
*
Georgia Power $6 pref...*
S5 preferred
..*
Gilbert (A C) common...*
Preferred
*
Gilchrist Co
*
Gladding MoBean A Co
Glen Alden Coal
*
Godchaux Bugars class A.*
46%
2%
1%
2%
Apr
Jan
Feb
Jan
17%
1%
1,100
1%
Jan
June
1%
Jan
2%
Apr
%
Jan
May
17
21
Jan
"6% "6%
"300
Dobeckmun Co common. 1
5%
Mar
Feb
Mar
7
May
6%
Jan
Hat Corp
May
0
Jan
Hazeltlne
June
70
Jan
Feb
31
June
May
111
Jan
Hecla Mining
3
Jan
Helena
10
61
Driver Harris Co
50
21%
110
"2%
2%
2%
"300
2%
72%
%
%
Apr
Apr
76 X
Jan
June
%
June
14,700
150
Hartford
Apr
10%
May
43
Mar
Jan
110
Mar
Jan
100%
Mar
Mar
5
Apr
Jan
49
Mar
Jan
4
June
1%
100
26%
100
"200
275
6%
7% June
Feb
Feb
4% May
13%
June
27
June
May
99
8%
19%
100
6
50
7%
109
Jan
Jan
hi June
Mar
1% June
24% June
14%
Jan
25% June
35%
6%
Apr
127% June
Jan
%
132
June
42
Mar
Mar
Apr
%
Jan
29
Mar
109
Mar
111%
2%
Mar
2%
4% May
8%
Feb
25%
113% 113%
"300
21%
21%
250
20
54
54
10
54
Jan
June
Apr
10%
Jan
1%
Apr
% Mar
35% May
4,400
100
Jan
Feb
105
97
Jan
Jan
5
3% June
"4% "4%
113%
Mar
»u
1%
„
10
34%
33%
109
110%
115
Feb
Jan
Mar
Jan
Jan
Jan
65
%
May
>*n
Jan
1%
Apr
1%
Mar
4
June
17
%
%
May
5%
20%
Jan
Jan
100
Harvard Brewing Co..
of America—
100
1
Corp
Hearn Dept
Stores
2
com..6
25
50
0% conv preferred
23
2
300
26
350
6
1,800
Preferred ww
1%
Jan
200
6%
Mar
7%
Jan
1,100
7%
May
10 %
Jan
1%
1%
2
51%
800
1%
May
3%
June
58%
Jan
Jan
42
Jan
part A.
Hewitt Rubber common..5
Heyden Chemical
10
Hoe (R) A Co class A...10
Bollinger Consol G M....6
ex-warr
4 %
2
Jan
26
June
Apr
10
100
9
10
10%
400
9% June
May
7%
2
26
28
7%
20
Mar
Feb
1%
10
—
Heller Co common
Preferred
1%
5%
Co......25c
•
Rubenateln
Class A
8%
48
May
ht
34%
7
525
Jan
108
1%
8%
Fuel Assoc—
61
Mar
Apr
7% June
8%
June
June
35
Paper—..10
26
Rayon v t 0....1
1%
67
13%
26%
2,800
Hammer mill
31
Mar
98
"266
127% 128
Hartford Elec Light
31
"5% "5%
99% 100%
Gypsum Llme&Alabastlne*
Hall Lamp Co
6
JaD
67
100
Northern Paper
Apr
31
»n
4% June
*
stock
11
67
106%
'""3% "3%
100
Brewery....1
12%
Draper Corp
Jan
Apr
45
1%
7% 1st preferred
B non-vot common
26
150
26%
Great Atl A Pac Tea—
Apr
Ltd
48%
300
10
May
May
46%
6
Mfg oo mm on.. 10
Non-vot com
Jan
%
%
11%
preferred
10
1%
31
Jan
300
26
13
preferred
•
Goldfleld Consol Mines.
Goodman Mfg Co
50
Gorham Inc class A
4%
11
%
17
3%
10%
Jan
May
94
11
50
23
7% June
26
Greenfield Tap A Die
•
Grocery Sts Prod com..25c
{Guardian Investors
1
Gulf Oil Corp
26
Gulf States Utll 15.50 pf.
$0 preferred
18%
10
83
*3 %
June
10
500
26%
Jan
Jan
June
45
Greater N Y
June
70
90
5%
June
40
20
10%
2%
Mar
76
%
55%
40
Class B
Gt
Mar
30
106
Mar
1%
91
rlOl %
Mar
Jan
16%
Apr
Jan
55
"266
%
3%
1
4%
55
General
Jan
1,100
Jan
May
%
June
Mar
1%
26%
6%
50%
1%
Feb
12% May
Jan
%
Jan
52% May
100
14
Apr
Jan
55%
June
76
preferred
Gen Outdoor Adv 6% pf 100
Gen Pub Serv J0 pref
*
Gen Rayon Co A stock...*
16
Feb
112
%
Jan
95% May
May
%
%
100
""%""""%
55
5%
ht May
Dlvco-Twin Truck com..l
*
34
50
40
Grand Rapids Varnish... 1
8%
6% preferred w w
Detroit Gray Iron
...10
100
50
39
48
14
Gorham
29%
Corp
Duke Power Co
100
Durham Hosiery cl B com *
Duro-Test Corp common. 1
Duval Texas Sulphur
*
Eagle Plcher Lead
10
22 %
4
Jan
preferred
♦
Detroit Gasket A Mfg—1
Dublller Condenser
20 %
May
%
Jan
A conv
20
Fdy...l
Det Mich Stove Co oom..l
{ Detroit Paper Prod—
Detroit Steel Prod
10
De Vllblss Co common.. 10
7% preferred
10
Diamond Shoe common..'
Distilled Llauors
2%
9%
May
52
12
Jan
Mar
Jan
8% May
17
90
28%
Feb
Mar
50
June
Feb
Jan
Feb
%
Jan
%
18
39
May
1%
Apr
11
23
100
48
8
35
Apr
11%
300
8%
18%
19%
8%
24
300
1%
Jan
Apr
200
18%
18%
20
99%
100
May
""600
com.l
Gray Mfg Co
Jan
Feb
Gen Electric Co
$3
June
69
134% June
10
50
Jan
19
1,750
19%
100
3,400
June
Feb
""*% """%
2%
9%
25%
6%
1
...
Feb
May
8
ht
1
*
2.50
Curtis Mfg Co (Mo)
5
Darby Petroleum com
5
Davenport Hosiery Mills.*
Dayton Rubber Mfg
1
Class A conv
36
Decca Records common..1
Common..
Jan
%
1%
2%
4%
Apr
Feb
100
Curtis Llght'g Ino com
East Gas A
Jan
0
5
%
%
Cuban Tobacoo com
preferred
0% June
70
T% "in
1%
10
6
Dominion Steel A Coal B
Jan
ht June
stock
Dominion Bridge Co
Mar
98
Jan
May
19
*
Ltd—
Amer dep rets ord reg_£l
Gen F1 reproofing com
•
Gen Gas A El $6 pref B-.*
10
90
6%
'6 %
£1
5
*
Croft Brewing Co
1
Crowley, MUner A Co—•
Crown Cent Petrol (Md)_5
Crown Cork Internat A..*
Crown Drug Co com...25c
7% conv preferred
26
Crystal OH Ref com..
*
7%
Apr
105
Jan
10%
8%
Apr
Apr
G ell man Mfg Co com...
Jan
6
400
1%
Feb
Jan
25%
10%
10%
1%
*7%
1
50
150
58%
ord reg...£l
5%
100
Jan
7
May
19% May
111%
...
Jan
Jan
4%
Apr
5%
100
Jan
10%
30
129
Fox (Peter)
Jan
25%
3%
Mar
3
June
65
132%
63%
131%
900
June
3
2
19
%
Crocker Wheeler Elec
Derby Oil A Ref Corp
2%
65
"ioo
6%
*
6o
..1
*
8% debenture
3,200
7%
Jan
28%
7
6%
May
21%
Mar
7% May
7%
~T% "T%
1%
50
May
1,100
20%
200
1,500
24
3%
1%
400
'"360
Class A non-vot
Feb
Jan
20%
3%
8%
2%
6%
20%
7%
2%
General Alloys Co
Creole Petroleum
S0 prior pref
Jan
73
Courtaulds Ltd—
Dejay Stores
Dennison Mfg d A
Feb
13
Mar
8
"2% "2%
6%
3%
1
1%
24
Cornucopia Gold Mines
preferred
Jan
275
2%
30
Cuban Atlantic Sugar
Mar
15%
2%
A) Co com... 1
$3 conv stock
...»
4% conv preferred... 106
Gamewell Co $6 conv pf.
Gatineau Power Co—
6% preferred
...100
109
90
S3 prior preference.
S6
Jan
2%
May
5%
1
1
•
com...*
5% conv preferred
Jan
Apr
14%
2%
Fuller (Geo
Mar
58%
60
116% 116%
Cook Paint A Varnish
Cosden Petroleum com..
%
8%
Jan
33%
Jan
Continental Oil of Mex
Reynolds
A....
Apr
2,100
"~2%
Jan
Mar
% June
1%
100
So preferred
>n
"94"
%
Brewing Co..5
Franklin Co Distilling
1
Froedtert Grain A Malt—
Common
1
Conv partic pref
16
Fruehauf Trailer Co
1
%
100
Corp. *
Continental Gas A Elec Co
Adrs ord reg
Am dep rets
Jan
Mar
500
Consolidated Steel
Copper Range Co
May
*25
21%
*
Florida P & L S7 pref
Mar
33%
*
1
Corp-.l
Consol Biscuit Co
1
Consol G E L P Bait com.* '"58%
4%% series B pref—100
4% pref series C
100 109 k"
1%
Consol Gas Utilities
1
Consol Mln A Smelt Ltd..5
Consol Retail Stores
1
8% preferred
100
Consol Royalty Oil
10
preferred
Cooper-Bessemer
Mar
Apr
95%
22%
Class B voting
Conn Telep A Elec
Corroon A
13%
June
10
%
Roll A Steel
Jan
Ford Motor of Canada—
Common
Cont
Mar
72
Ford Motor Co Ltd—
24%
%
18% June
1it
18%
Fire Association
Jan
Jan
2
June
Conn Gas A Coke Secur—
7% prior pref
Mar
97
»i«
(Phlla).lO
Jan
Feb
>u
Jan
>»«
Commonw
S3
95
Feb
Flat Amer dep rets
Commonwealth A Southern
Distribution..1
Community Pub Service 25
Community Water Serv
1
Compo Shoe Mach—
V t c ext to 1948
1
Mar
60%
June
Feb
Feb
14%
2%
1
1
Fairchlld Eng A Airplane. 1
Falstaff Brewing
1
Fanny Farmer Candy
1
Fansteel Metallurgical
*
Fodders Mfg Co
6
Fed Compress A W'h'se 25
Jan
Jan
4%
82 %
May
53%
51
51
100
6% preferred
May
70
u«
Falrchlld Aviation
1% Mar
4% May
Jan
Mar
20
5%
Eversharp Inc com
Mar
9
95
91%
21%
Esquire Inc
1
Eureka Pipe Line com..50
Jan
2%
91% June
Feb
"94"
Equity Corp common.. 10c
S3 conv preferred
...1
3% June
June
Club Alum Utensil
Apr
67%
Equip..5
Erneco Derrick A
Jan
5%
80
10
Empire Power part stock.*
Jan
41
May
35
300
36%
4%
3%
36%
3%
10
92
68
100
6% preferred
6%% preferred
Jan
Feb
91%
91%
.100
100
100
0%
6%
High
Low
92
Empire Gas A Fuel Co—
Jan
1941
Range Since Jan. 1,
for
Week
Shares
91%
Empire Dlst El 6% pf 100
102
5%
"ioo
16%
16%
104
Feb
Mar
*89%
200
6
10
City A Suburban Homes
Clark Controller Co
Mar
30
Range
of Prices
High
Low
Price
Par
High
5%
95
preferred
City Auto Stamping
89
110
L17 pre!.*
SO
Clinch field
Shares
High
Low
Price
Sale
(Continued)
Low
Week's
Last
STOCKS
1,1941
Range Since Jan.
STOCKS
Cities Serv P &
Sales
Frxday
Sales
Friday
4099
Exchange—Continued—Page 2
New York Curb
152
Volume
4%
11
82%
100
11
8%
1,200
9%
Jan
Mar
9
Feb
26
Jan
5
Feb
Apr
Feb
65
12
82
10%
20%
13%
Jan
85% June
Feb
11
Apr
10
11%
82
Jan
12
Jan
20
200
Feb
Feb
25
Henry Holt A Co
May
6%
8%
50%
50%
33%
33
33%
700
30
May
13%
13%
13%
100
11
Apr
13%
Jar
June
Corp.....*
17 preferred series A
•
36 preferred series B
•
Easy Washing Mach B
*
Economy Grocery Stores.*
Elec Bond A Share com..6
35 preferred
•
36 preferred
•
Elec P A L 2d pref A
..*
%
%
300
•u
Apr
•it
JaL
Border's, Ino
15
%
15%
125
Hormel (Geo A)
100
Apr
Apr
2% May
11% May
Mar
15%
12%
12%
15%
14
15%
Mar
2%
52
57%
5,500
2
Apr
400
50
June
4%
65%
Jan
Apr
Hubbell
55% June
70
Apr
Humble OU A Ref
June
13
Apr
Jan
15%
Apr
13
Apr
Apr
Apr
Mar
33%
2%
Feb
Feb
June "31%
Jan
Apr
8
Horn
2%
50%
9%
11%
13
Holopbane Co oommon
800
May
31%
prior pref
100
8% preferred
100
Eastern Malleable Iron..25
4 %%
Eastern States
Option warrants
Etectrographlc Corp
Elgin Nat Watch Co
Emerson Elec Mfg
1
16
4
For footnotes see page
2%
"57%
55%
7
7
3,900
70
7
3%
13
4103
4%
4%
900
*
..100
(Harvey) Inc
6
25%
*
Corp 5
12%
32%
Mar
1
25%
16%
Hardart..
50
24%
113%
*5^%
58%
16 %
60
5%
5%
5%
Feb
May
4% June
Huyler's com
V t c for 1st pref
....1
Feb
114%
June
18
Jan
Apr
5% May
63
Jan
""ioo
16
1,900
52%
7%
Jan
Feb
*i«
Jan
%
4%
4%
50
4
June
?
E
Jan
6% May
600
6%
Hussmann-Llgonler Oo... •
11%
4%
150
2%
preferred
Hummel-Roes Fibre
1%
Feb
5%
15
A Co com*
Jan
May
2
Horn A
8%
15
(A C) Co common
Horn A Hardart Baking..*
Feb
Jan
"at
27%
Jan
June
8%
7
Jan
New York Curb [Exchange—Continued—Page 3
4100
Sales
Friday
STOCKS
Last
Week's Ranoe
for
(Continued)
Sale
of Prices
Low
High
Price
Hydro-Electric Securities »
Hygrade Food Prod
6
H
36
IlJInola Iowa Power Co
1%
20%
3%
10%
5%
cony
*
preferred
60
DIt arrear ctfs
Illinois Zinc Co
Low
500
»i0
Jan
1*
Feb
31
1%
300
27%
3%
10%
300
1* May
24* May
3* June
600
50
Feb
Feb
1*
1*
June
38
Jan
3*
35
Jan
0%
0%
Apr
12*
Jan
2*
May
500
6%
5*
7
7*
Apr
7*
Jan
May
£\
Apr
Feb
9
Apr
May 19
7
7*
4%
300
110% 110%
50
4%
2*
Jan
5
June
Apr
111% June
13 %
"is"
100
110% June
"is
"20
Jan
21%
24
14%
Jan
Non-voting class A
1
%
Class B
1
%
Jan
Jan
Jan
Jan
Indian Ter Ilium Oil—
%
Mar
%
Mar
Industrial Finance—
H
10%
%
%
100
10%
75
25
9%
Mar
Insurance Co of No Am. 10
10%
73%
1,350
04%
Feb
International Cigar Macb »
17
17
1
preferred
>100
Internat Hydro Eleo—
Pref S3.60 series
Internat Industries Ino
1
300
% June
17
60
June
%
Jan
12%
Jan
75
June
20%
3% May
1 %
lH
1%
4^800
7%
1% June
4%
Feb
1%
Apr
1,000
~
"I* "1*
Internat Paper A Pow warr
Jan
0%
0%
*
9%
2,600
2%
International Products
3%
*
Class A.
500
3%
300
6
Preferred
Jan
Mar
*
Mar
May
Feo
100
* May
1* June
*
2
Jan
Apr
Apr
40
107
*
17
Jan
June
*
107
112
Apr
300
* May
4*
Apr
*
Feb
100
6
*
Jan
6*
1*
Mar
6* June
Jan
6*
6*
300
3*
5
10
Feb
6%
3
200
2*
Apr
3* June
*
3*
»is
*
4*
4%
6*
Jan
Jan
Middle States Petroleum
Class
A v t c
Class
B
v
1
t c
$2
preferred
conv
»
400
4%
3,200
•
Apr
*
4% May
6*
6*
.1
Middle West Corp com..6
Midland Oil Corp—
1
Superpower A
•
Jacobs (F L) Co
1
Midwest Oil Co
8
Mar
18
Jan
Apr
16*
50
May
Jan
Apr
400
1*
Apr
7*
7*
400
2%
Jan
Apr
Jan
Minnesota Min A Mfg
*
Minnesota P A L 7% pf 100
Mississippi River Power
Missouri Pub Serv com..*
May
4%
Feb
Mock Jud VoehrlngerCommon
2.50
%
Mar
Molybdenum Corp
Jan
*10
Jan
Mar
14*
Apr
34 %
Jan
Montgomery Ward A
7% pref. 100
1,400
3%
Apr
4% June
8%
May
10
Jan
10% May
12
Mar
Feb
17%
150
15%
Feb
3%
%
18%
Mar
10%
Mountain City Cop oom.6c
Mountain Producers
10
10%
100
9%
Apr
14
Jan
"~2%
"766
%
100
~~2
%
91
91
25
96%
90%
97
50
26H
25%
26%
hi May
1%
May
%
Jan
Jan
Feb
Jan
3%
1% May
%
June
97*
Apr
104*
Jan
v
24
Apr
110
22
June
23
75
117
117
10
115% June
71
71
50
"l'% "l%
'600
Feb
9
Feb
4*
69%
61%
"94"
100
3%
"97"
"180
50
Tl%
50
11%
11%
500
4%
300
4%
10
39
~id%
41
10%
10%
3%
20
1,000
400
4
National City Lines com.l
$3 oonv preferred
50
Jan
3% June
10
Mar
94
Apr
60
Apr
11*
Apr
4% June
37
Jan
10* May
3% May
%
Feb
1
Jan
Jan
%
3%
17,000
332
100
22%
7%
300
1,150
8%
hi
%
22
20
2,000
8%
23%
Jan
National Refining
Feb
Nat Rubber Mach
*
Jan
20
75
'
250
2%
2%
400
4%
2%
4%
1,200
107
107
14
Feb
10*
Jan
3% May
12
June
25
18*
1%
2*
2%
4,800
5%
5%
5*
600
11*
300
12
Feb
May
115
Apr
Jan
65*
93
Jan
Mar
116*
Jan
3*
Jan
7%
Jan
9*
Mar
5*
Apr
29* May
8*
36*
*
Jan
Mar
*
1* June
11* Mar
156
5* June
Jan
Jan
2*
Jan
11*
Mar
Feb
174
Apr
May
10
"o%\
"360
10*
6*
18*
Jan
20
Jan
Jan
300
6*
225
*
hi
1
13 *
14
400
11*
700
11*
2,600
3*
99
2,100
"4% "4*
Jan
Apr
Nelson (Herman) Corp
""466
100
Neptune Meter olass A
Nestle Le Mur Co cl A
Jan
Jan
Apr
15*
140
Jan
Mar
12*
17*
Mar
Jan
7
Apr
71
May
11*
June
he May
*
Jan
May
May
17*
6*
Apr
May
May
14 *
Jan
44*
Mar
12*
12*
Jan
12*
10* June
10*
2*
87
May
Feb
Feb
-
May
Jan
Jan
3* June
99*
Mar
3* June
Jan
4*
Jan
Mar
"""460
7*
Apr
25*
9*
Jan
Mar
6*
"~8~
•
Jan
May
10* June
9% May
5* Mar
4*
Feb
8*
Mar
12*
600
12*
Jan
1,500
10*
2*
Jan
3*
May
Jan
Feb
Apr
100
*
9*
3*
*
""§*
12*
3
6
Jan
14*
11* June
2*
Nebraska Pow 7% prjsf.100
Nehl Corp 1st preferred..*
42
Jan
Apr
20*
3*
Apr
3*
Jan
38*
3*
Jan
6*
2,000
11
.1
»ii
5*
6*
.....
'
2* June
14
12*
13*
5*
Jan
10
*i
*
Mines
*
67
12.60
Transit
Nat Tunnel A
15
130*
16* "lO*
10*.
National Tea 5 * % pref. 10
National
50
Jan
Nevada-California Eleo—
5*
1*
106
May
June
10*
Jan
15
Jan
Jan
4%
June
Feb
2%
*
Nat Union Radio
*i«
Apr
Jan
32* June
8%
Jan
May
19
Mar
1*
Jan
15* June
10*
Jan
Feb
Apr
1%
40
200
"366
Feb
June
*
Jan
21%
June
31 *
Jan
20
June
1%
4%
Feb
106%
Apr
28*
Jan
2% June
5* May
109*
Feb
Jan
30
*
Common
3%
cum
60
109* May
3* May
5*
Feb
*
Jan
Pow Assoc
preferred.
.*
100
preferred...
5
Jan
8*
200
1*
1*
300
'45% "45* "48*
350
36*
Jan
49
Apr
""566
3*
32*
June
6*
56*
Mar
18*
Feb
110* May
Apr
3*
Feb
13*
129*
Jan
Mar
4
"37" "32* "37""
14
•
113"
"""lO
3*
300
"64* "67*
i~3o6
113"
New England Tel A Tel 100
New Haven Clock Co
•
New Idea Ino common.._•
New Jersey Zinc
25
New Mex A Aria Land_..l
New Process Co
*
N Y Auction Co com
*
11* June
116* Mar
8
1%
10
4% non-cumlOO
New Engl
$2
10*
10*
109* 110
_*/•
3*
67*
1*
1*
1,000
61*
Jan
8*
Apr
1*
June
5*
Mar
June
5*
Jan
Feb
15* June
May
68*
Jan
Jan
1
29*
3*
1*
29*
Mar
Apr
Apr
Jan
4* June
Warrants
10
N Y Pr A Lt 7% pref..100
$0 preferred
.._..*
N Y Shipbuilding
3*
Jan
5*%
preferred
18
June
24
Jan
6% 1st preferred
5% 2d preferred
7ii
Jan
*
Mar
1%
Mar
Jan
Apr
Jan
100
4
4
200
1%
27*
May
May
55*
Apr
Jan
Feb
he May
1
Massey Harris common..*
Master Electric Co
.1
May McEwen Kaiser Co—
~28~
"29"
"350
34
1
•
Dredging...*
8%
Mead Johnson A Co.—..*
128%
4%
4103.
8%
128
4%
1
200
8%
128%
1,600
4%
200
40
1
5*
June
Jan
124* May
4
Apr
2*
5
Jan
116*
Jan
20
98* June
105*
Jan
Mar
100
350
22*
Apr
29*
390
28*
104* 105
104* June
107*
Jan
8
Mar
30
26* June
42
Jan
6*
30*
31*
Jan
Apr
2%
3,000
"63*
"""96
Apr
May
Jan
79*
Jan
May
65*
Feb
>10
Jan
Apr
»u
Feb
3*
2%
"63 ~
56*
*
2*
"63*
3*
61
hn
10
Jan
4
Feb
Jan
92
Apr
2*
Jan
Niagara Share—
common
Class A preferred
5
89
100
50
*
Jan
10
105.
100
100
Nlles-Bement-Pond
Apr
7*
Apr
Class A opt warrants
Class B opt warrants
Class B
2%
9%
2%
Feb
107
27*
1
Common
Jan
26*
7
30
7*
Niagara Hudson PowerFeb
25*
June
Jan
200
100
New York Transit Co
5
N Y Water Serv 0%
pf.100
"27*"
24
19*
7*
107* 108*
7*
Corp—
Founders Shares
Feb
Mar
Apr
Mar
6
New York State El A Gas—
Mar
1 *
49
15
N Y A Honduras Roearlo 10
N Y Merchandise
21*
38
Communication Co Ltd.
Margay Oil Corp
...»
Marlon Steam Shovel....*
45*
100
*
com
Jan
104*
Jan
8%
~25
25
18
25
10
"*
page
Apr
14*
National Steft Car Ltd...*
National Sugar Refining.*
Manlsohewits(The B) Co.*
Memphis Nat Gas com..5
150
11
Feb
6% June
1,100
22
20
♦
preferred
McCord Rad A Mfg B
"10% "ll%
98%
1*
2*
Jan
1
l
t o
100
"490
"99
*
7*
13%
8%
Louisiana Land A Explor.l
Louisiana P A L 30 pref..*
preferred
*
8
N Y City Omnibus—
.....
Mangel Stores
2%
15%
Long Island Lighting—
Common...
*
7% pref olass A
100
Ludwlg Bauman A Co oom*
Conv 7 % 1st pref
100
Conv 7% 1st pf v t o.lOO
Lynoh Corp common
6
Manatl Sugar opt warr.
Feb
6%
4%
332
31%
7%
Llpton (Thos J) Ino—
0% preferred
...25
Lit Brothers common....*
•
1*
xll*
0%
»
com
Navarro OH Co
16
4%
Jan
300
162*
1*
162"
Nat Mfg A Stores com
.*
National P A L $0 pref...*
Jan
7% June
Leonard Oil Develop_..26
Le Tourneau (R Q) Ino-.l
Line Material Co
5
7ii
600
National Container (Del).l
National Fuel Gas
•
♦
Packing
2,200
May
Mar
Jan
98%
Class A
100
8%
6*
•
Langendorf Utd Bakeries—
Locke Steel Chain
5
Lone Star Gas Corp.....*
8%
6*
1
54
Apr
May
Apr
9
3%
Nachman-Sprlngfilled
76
Feb
1
12
6
..i.*
8*
National Breweries com..*
National Candy Co
*
Feb
%
95
Feb
100
*
.....
Jan
Feb
Apr
1%
Lakey Foundry A Mach..l
Lefcourt Realty com
Conv preferred
common
Murray Ohio Mfg Co
*
Muskegon Piston Ring.2*
Muskogee Co common
*
0% preferred
.100
Apr
118
7
Lane Bryant 7% pref.. 100
Lane Wells Co common..1
Class B
5%
Mountain Sts Tel A Tel 100
Jan
37*
23*
3
*
Corp of Del
91
%
Jan
96 % June
June
103
2,900
22
1
Kreuger Brewing Co
1
Lackawanna RR (N J) .100
Lake Shores Mines Ltd
1
Apr
Nat Bellas Hess
117
14*
(Mountain States Power—
Klelnertd B) Rubber Co. 10
100
10
5%
Moody Investors part pf
Moore (Tom) Dlst Stmp.l
Mtge Bank of Col Am shs
Klrby Petroleum
1
Klrkl'd Lake G M Co Ltd.l
Kelln (D Emll) Co com
*
Kress (8 H) special pref. 10
250
Montreal Lt Ht A Pow..*
300
400
%
Kimberly-Clark 6% pf.100
Kings Co Ltg 7% pf B.100
6% preferred D
100
Kingston Products
1
Koppers Co 0% pref...100
Kresge Dept Stores—
49*
115* 115*
5*
162
4%
6
Ken-Rad Tube A Lamp A *
Kobacker Stores Inc
49*
1
9%
11
Kennedy's Ino
Knott Corp common
Monroe Loan 800 A
4%
1
"~2
Jan
Feb
Feb
'566
Montana Dakota Utll_..10
May
17
io%
1*
7
83*
49*
Monogram Pictures com.l
10%
100
Johnson Publishing Co_.10
Jones A LaughlJn Steel. 100
Julian A Kokenge com..*
7i«
6*
9%
100
100
hi
100
May
May
118* June
xl3*
5%
6%
Apr
108*
1*
Mining Corp of Canada..*
preferred
16
25
1*
118* 118*
1*
10
28
Jersey Central Pow A Lt—
Ma pes Consol Mfg Co.
Marconi Intl Marine
10%
*
50c
150
*
0% pref class B
dlv shares.*
10%
*
Jeannette Glass Co
4% conv 1st pref
non cum
Mid-West Abrasive
400
""T*
Irving Air Chute
6%% preferred
6% preferred
7% preferred
$2
Mid vale Co
11
1
see
Michigan Bumper Corp..l
Michigan Steel Tube..2.50
Michigan Sugar Co
29%
ll$
Investors Royalty
Iron Fireman Mfg v t c
For footnotes
5*
33*
107
11
Interstate Power S7 pref.*
MoWllllams
Feb
78
2,000
*
•
preferred
29%
11
Vitamin
v
$0
11
Mar
4%
.....
Mass UtU Assoc
93
Monarch Machine Tool.
Interstate Home Equip.
Interstate Hosiery Mills..*
conv
25
Apr
3%
400
93
Apr
29*
Metropolitan Edison—
Feb
May
3%
%
•
SI.76 preferred.......
S3.60 prior pref
36
5
4*
1
10%
Jan
9
Internat Safety Razor B_*
International Utility—
Loudon
Apr
4*
Feb
28
25c
Mar
8%
Registered shares
Lehigh Coal A Nav
25
Partlc preferred......15
0%
Coupon shares
Lamson
Mesabl Iron Co
Jan
International Petroleum-
Kansas G A E
28
28
preferred...100
A
20
*
Participating preferred
Merritt Chapman A Scott *
Midwest Piping A Sup..
Internat Metal Indus A..*
Italian
1
High
Mar
Mar
Midland Steel Products^—
V to common
International
Low
15*
3*
Micromatlc Hone Corp..
Indiana Service 0% pf.100
Class B
Range Since Jan. 1,1941
Shares
•
Merchants A Mfg cl A
Price
Warrants
Mar
0
Indianapolis Power A Light
5*% preferred
100
7%
com
6%%
9*
Imperial Tobacco of Can
preferred
Mercantile Stores
Jan
Imperial Tobacco of Great
7%
Week
Metal Textile Corp
Imperial Oil (Can) coup..*
Registered
•
Indiana Pipe Line
for
of Prices
Low
High
Jan
7*
2*
£1
Britain A Ireland
Week's Range
Sale
Par
Imperial Chemical Indus—
Am dep rets regis
Last
High
150
36
STOCKS
(Continued)
300
1%
4%
Hygrade Sylvania Corp..*
Range Since Jan. 1,1941
Shares
%
%
Sales
Friday
Week
Par
June 28, 1941
Nineteen Hundred Corp B1
Ni pissing Mines
6
Apr
Noma Electric
Ti«
Feb
Jan
"»r«
»i0
"166
3*
3
200
3i0
5,200
82*
300
45* June
8* May
*
Feb
3
May
60*
Jan
10*
Jan
*
Jan
4
Jan
Nor Amer Lt A Power—
2*
100
50
33
69*
2*
9*
148
4*
Jan
Jan
Common
$0
0%
Mar
6%
Jan
r_.__
1
*
82*
304
'10
North Amer Rayon ol A..*
Class B common
*
Jan
Jan
preferred
»
prior preferred...60
prior pref called
No Am Utility Securities. •
Nor Central Texas Oil...5
81
hi May
70
Feb
*
Jan
85* May
17*
23*
18*
May
Apr
Feb
23 *
62 *
Jan
50*
50*
Mar
50,7m
May
*
Jan
*
3*
Ian
Jan
May
6
Jan
Jan
New York Curb Exchange—Continued—Page 4
152
Volume
Last
Week's Range
of Prices
Low
High
Week
Par
Price
103
pf.100
Nor Ind Pub Ser 6%
Range Since Jan. 1,1941
Low
Shares
112 5* 112 5*
1015* June
20
110
95*
95*
200
45*
55*
2,000
Novadel-Agene Corp _.
25*
4
Ogden Corp com
Apr
Apr
75*
45* June
205* May
Jan
Apr
25*
Royal Typewriter....
Jan
95*
95*
Russeks Fifth Ave
Mar
Ryan Consol Petrol
35*
Jan
St Lawrence Corp Ltd
125
18
May
235*
Apr
107
Apr
110 5*
Jan
150
1135*
May
100
1095*
1135*
Jan
114
Mar
1185*
Jan
106
50
1055*
June
110 5*
Jan
Jan
65*
May
Apr
215*
Jan
48
May
116 5*
325
50
Jan
Savoy OH Co
116 5*
Jan
Mar
325*
OQ
9Q
104 5*£l055*
82
82
Scranton Lace common..*
60
1015*
May
1085*
Feb
May
87 5*
Mar
Scranton Spring Brook
Water Service 56 pref—*
76 5*
74 5*
Mar
Seullin Steel Co
10 5*
105*
Mar
4
11
Apr
35*
35*
7,900
10
55*
65*
800
Mar
55*
Mar
30
Patchogue-Ply mouthM tils •
Peninsular Telephone oom*
"3l"
"31
~~50
Jan
Jan
60c
2 54
June
Apr
Jan
13
65*
MM
Mar
33
Securities Corp general...
100
25*
Apr
2 5*
Jan
25*
Mar
85*
May
14 H
Jan
Apr
645*
Mar
Feb
38
X
1095* 1105*
1075* 1095*
166 5* 1665*
*
525*
175
1085*
May
115
30
1065*
May
113
50
162
""51"
"525*
"466
65*
15*
44 5*
45
Am deprcts ord
Apr
Jan
Sllex Co oommon.—
14
Jan
Apr
675*
Mar
79
May
92
Jan
22
June
28
Jan
4
5*
3
100
2X
Feb
65*
Jan
Mar
115
100
1135*
Mar
1185*
Jan
May
30 5*
25
305*
June
315*
Jan
35*
100
2X
Feb
35*
Jan
45*
Feb
75*
Jan
15*
Feb
15*
Jan
Jan
6
6
65*
1,000
55*
May
65*
Jan
Jan
455*
May
"655* ~66_"
'"216
Feb
455*
125*
70
Jan
Mar
165*
Apr
June
63
965*
Jan
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
785*
775*
25*
795*
3
600
25*
June
7.60
~~85*
85*
85*
200
85*
June
105*
Mar
""k """5*
""600
73
12 5*
Jan
5*
5*
Feb
600
Feb
15*
Mar
4
4
100
35*
Mar
Jan
25*
Feb
45*
35*
19
100
175* June
235*
Apr
Mar
...1
Solar Aircraft Co
1
1
1
Boss Mfg com
South
1
25
Penn Oil
Feb
55*
85*
Apr
Mar
May
95*
Jan
4
Publlo Service of Colorado
108
1085*
30
105 5*
Jan
115
116
20
1135*
Mar
75
955*
Jan
1585* June
116
June
1255*
May
575
45
Jan
250
51
99
50
52 5*
16
Puget Sound Pulp A Tim *
16
94
May
1,525
100
5
Pyrene Manufacturing..10
75*
'"75* "T"
""466
745*
1475* 149
*
100
595* May
375*
145*
May
Feb
85* June
65*
Jan
Jan
112
675*
185*
85*
Jan
Apr
Feb
85* May
conv
preferred.....*
47
47
48
2
1,800
Feb
30
75*
Jan
Jan
*ii
Jan
X
1,600
55*
200
*
*
""5*
oommon.*
Relter Foster Oil Corp.60c
Reeves (Daniel)
Rheem Mfg Co
35*
125*
1
1
35*
125*
15*
1
15*
6% preferred D
Rochester Tel 654%
Corp
com
Root Petroleum Co
81.20 conv pref
Rosa la International..
Co com
Corp
15*
Stroock
Jan
Sullivan Machinery......
55* June
731 June
Jan
Btlnnea
(Hugo)
(S) Co
Sun Ray Drug
Jan
500
Mar
15*
Jan
Swan Finch Oil Corp
Jan
Feb
104
Feb
1025* June
107
Feb
Texas P A L 7%
114
114
May
12
9
100
85*
25*
500
15*
1
25*
25*
25*
*115*
105*
125*
*
4103.
55*
75*
100
100
300
2
25*
235*
55*
35*
13 5*
1,000
1,000
13 5*
Jan
....
Jan
Tilo Roofing Inc
25*
Jan
June
JaD
Jan
3
Jan
25
May
Feb
5
Jan
55*
25*
Apr
15*
45*
May
75*
Jan
Feb
25*
June
May
15*
Mar
900
35*
14
1
June
Jan
Jan
»ie
Apr
100
35*
Mar
55*
Jan
250
125*
Feb
155*
400
Apr
Jan
Jan
2
100
15*
125*
Jan
145*
Jan
1,000
175*
Apr
20 5*
Jan
70
1075*
he
Jan
Feb
Apr
*ii
Jan
Jan
285*
Mar
1
9,300
95*
400
"l95* "l95*
"700
85*
»n
18
Feb
Jan
Apr
ht
Jan
95* May
Apr
5*
275*
Jan
Jan
Apr
Apr
44
May
12
25*
385*
Jan
4M
Feb
Feb
405*
Mar
7
""5* """
5*
105*
5*
Jan
95*
Mar
55* May
5*
Feb
15*
Feb
85*
"366
44
100
600
5*
55*
5*
15*
15*
100
35*
35*
200
"l45* "145*
55*
""50
55*
5*
100
25*
5*
115*
315*
25*
20
Apr
2
May
14
800
"400
315*
300
20
25*
500
205*
900
85*
700
Jan
Apr
Jan
Jan
"is May
IX
Jan
Jan
4
he
Feb
11
Apr
13i«
Mar
Jan
15
11
Apr
1454
Jan
10 54
15*
375*
Jan
Apr
225*
2
Jan
Jan
June
405*
June
Mar
32
June
Apr
95*
Apr
65*
25* June
12
195*
8
June
Jan
75*
Jan
35*
Jan
85*
25
Jan
25*
17
55*
*48"
35*
95*
Jan
114 5*
Mar
300
25*
May
35*
Apr
17
300
145*
May
19 5*
Jan
6
200
55* June
Jan
5*
85*
Jan
54
Jan
3
~48~
Too
35*
600
995* 104 5*
250
35*
Apr
1035* June
85*
—1
Tobacco Prod Exports..-*
Todd Shipyards Corp
75*
1115* June
15*
Tobacco A Allied Stocks—•
25*
125* June
Jan
H
Apr
8
20
"~50
*~6
it*
Tishman Realty A Constr ♦
Jan
Jan
6
15*
135*
19
15*
135*
185*
Thew Shovel Co com....5
105*
45*
5*
165
1115* 1115*
15*
Texon Oil A Land Co....2
Feb
Jan
June
Jan
45*
65* Mar
15* June
175
pref—100
Apr
Mar
1
Jan
FeD
Jan
200
15
Taggart Corp com
1
Tampa Electric Co oom..*
Technicolor Inc common.*
9
Jan
295*
5*
28
Class B common—.—*
2
315*
29
100
"lk "15*
Jan
5
May
May
200
295*
•is
35*
14
SunrayOil
June
May
Feb
10
55*
1025* 102 5*
Jan
465*
5*
25*
•
55*
145*
7n
30 54
30 5*
"~6~
6
...
Jan
Jan
Apr
May
152
Co
Feb
he
15*
395*
5*
1
1
•
5
Mar
5
For footnotes see page
Ino
45*
15*
500
Feb
Apr
1
365*
305*
50
20
6% 1st preferred
5% 2d preferred
Sterling Aluminum Prod.l
35*
115*
""25
20
Jan
Mar
Jan
900
A Co common..*
*
200
'2~3o6
Roeser A Pendleton Ino..*
Roosevelt Held Inc
500
39
295*
305*
554% conv pref
60
Superior Oil Co (Calif)— 25
Superior Port Cement—
104
100
prflOO
3 5*
15*
15*
Sterchl Bros Stores..
16 5*
5*
5*
5*
1
Mar
Feb
38
Corp ▼ t o.l
Steel Co of Canada
*
Jan
Jan
June
15*
1
June
21
Jan
1
Jan
1
Mar
Rochester GAE16% pf 0100
Rome Cable
Feb
4
Apr
15*
75*
23
Spring....5
25*
Gas Co-
Voting trust ctfs
Standard Steel
Stetson (J B)
May
25*
38 5*
85*
155*
Rice Stlx Dry Goods.....*
Richmond Radiator
hi
900
Relianoe Elec A Engln'r'g 5
Republic Aviation...
175*
35*
Jan
400
19
Standard Silver Lead
60
Apr
104
1,000
1
Sterling Inc
Feb
June
25*
25*
Preferred
175* June
Jan
7u
102
25* June
"l5*
10
Standard Products Co.
Jan
44
400
25*
5*
70
Common class B
Jan
13
55*
60c
Reed Roller Bit Co
175*
102"
5*
5% preferred—..*.100
Jan
'i« June
Feb
Mar
»i»
51.60 conv preferred..20
95*
5*
'is
16
Jan
"Ik "1%
25*
Starrett (The)
5
175*
Feb
Standard Oil (Ohio)—
Sterling Brewers
Raytheon Mfg com
Red Bank OH Co
Rio Grande Valley
Standard Dredging Corp—
Common
1
Jan
Raymond Concrete Pile—
83
10
Conv preferred
Stein (A)
...»
65*
*
Standard Cap A Seal oom. 1
159 5*
147
Railway A Utll Invest A_1
Common
*
Standard Brewing Co
Mar
80
10
Jan
Feb
Feb
Apr
15*
Standard Tube clB
June
1,800
New voting com
1155*
5*
Jan
74
*
Option warrants
Railway A Light Sec—
Jan
Ino
105
120
Radio-Kelth-Orphuem—
1
109
65*
225*
55*
Spalding (A G) A Bros—1
1st preferred
•
65* June
74
270
350
120,
*
Standard Pow A Lt
975*
115
102"
Southland Royalty Co.—5
Standard Oil (Ky)
Public Service of Indiana—
99
1195*
25
Southern Union Gas
May
55
Jan
805*
11
75*
£5*
•
•
Jan
Apr
65*
55*
75*
1225* 123
535*
555*
45*
11
65
Tel...100
Prudential Investors..
*
*
110 5* 1115*
Line.....10
Southern Pipe
Providence Gas
6% 1st preferred.... 100
7% 1st preferred
100
Feb
"l"650
"78
Southern Phosphate Co. 10
Stahl-Meyer
5*
900
500
Jan
3
Feb
7% preferred_—....100
South New Engl
Spencer Shoe Corp
5
"76"
5% original preferred.26
Feb
45*
7
Southern Calif Edison—
*ie
*
1,100
Southwest Pa Pipe Line. 10
May
5*
45*
(H) Paper Mills...*
'11
5*
Producers Corp of Nev—
Apr
Feb
Jan
1,000
500
300
5
Mar
5*
"u
7
June
25*
85*
65*
5*
5*
45*
1305*
Jan
5*
1
Feb
Jan
Jan
Feb
5*
15*
45*
1J* June
65* June
1
775*
reg_£l
Sioux City G A E 7% pf 100
Skinner Organ
6
Preferred A
Prentice-Hall Inc com
Quebec Power Co
Mar
85* May
Amer dep rots ord
6% preferred B
25
55*% pref series O—.26
19
-
50
Singer Mfg Co Ltd—
Jan
Jan
6% preferred
Jan
Southern Colo Pow ol A.26
100
Quaker Oats common
42
1025* June
.100
Singer Mfg Co
Jan
15*
of Canada..*
Pyle-National Co com
100
Jan
Jan
Jan
4
15*
11
Pratt A Lambert Co
86 preferred
45
15*
South Coast Corp com
Alexander—6
Jan
Mar
Apr
Sonotone Corp......
700
15*
Jan
50
15*
Solar Mfg Co.—
15*
6
5*
25*
FeD
Simplicity Pattern oom__ 1
Simpson's Ltd B stock
*
18 5*
10
Jan
Apr
Jan
395* June
145*
25c
5*
154
41
13
Feb
15*
86 preferred
100
250
23 5*
Feb
2,200
Jan
Apr
12
15*
_66~"
Jan
95* June
225*
81
60
May
"18
35*
•
800
Pltney-Bowes Postage
Puget Sound P A L—
85 prior preferred..
200
*
53 conv pref
385*
Pierce Governor common. •
Pittsburgh A Lake Erle.50
375*
Apr
Simmons-Boardman Pub—
495*
Pioneer Gold Mines Ltd.. 1
87 prior preferred
"16
15*
Sherwin-Williams of Can,»
182
300
*
Jan
Apr
5*
Jan
75
6,700
Jan
Mar
reg—1
May
100
65*
Mar
45
Sentry Safety Control—.
5% oum pref ser AAA 100
895*
14
Jan
»n
15*
5*
Selfrldge Provlnc'l Sts Ltd-
Shawlnlgan Wat A Pow.
Sherwin-Williams oom..26
385*
145*
Prosperity Co class B
®1<S
5
Jan
225*
65*
375*
145*
Apr
75* June
25
stock
Allotment certificates
Smith
Conv 83 pref series A.10
Apr
200
35*
35*
Common
Jan
9
9
*
305*
Phillips Packing Co..
Phoenix Securities—
Jan
115
5*
25*
5
55*
PhUa Elec Pow 8% pref.25
Jan
735* June
500
Shattuck Denn Mining
3
115
Feb
22
1,400
Seton Leather common
115
1
PhUadelphla Co common.*
Phlla Elec Co 85 pref
*
295*
1155*
Mar
May
"is
May
22
*
Apr
24
85*
Jan
5*
Jan
25*
5
875*
100
Pressed Metals of Am
400
Jan
Jan
135*
36
135*
-*
60
Pennsylvania Sugar oom 20
Penn Water A Power Go
Premier Gold Mining
50
May
"is
Mar
Xa
Mar
615*
40
Apr
*
6% 1st preferred
76 5*
105*
Serrlck Corp class B
*
5*
145*
May
25*
5*
1
Mar
500
Jan
Feb
5*
100
*
•
Common
5*
14,800
Jan
5* June
Selected Industries Ino—
Apr
95*
June
35*
235* June
17 5*
*
Selberllng Rubber com
Selby Shoe Co
56.60 prior stock
25*
"966
Jan
25*
100
Mar
114
Segal Lock A Hardware..1
Convertible
25*
275*
1
Jan
95*
Feb
5*
Apr
25*
27
*
com
355*
25*
25*
1
com.l
June
June
5*
Warrants
325*
5*
25*
275*
25
Mfg
June
Pennsylvania Gas A Elec—
Power Corp.
25
Apr
305*
31
25
Pennsylvania Edison Co—
85 series pref
*
Powdrell A
Conv preferred
Seem an Bros Ino
55*
300
9
Scranton Elec 56 pref
4
59
5*
Jan
785*
Peb
25* May
12
Jan
10
70
200
1
May
35*
Parkersburg Rig A Reel—1
525
5
Schulte (D A) com
285*
4
Polaris Mining Co
5*
25*
Jan
Potero Sugar common
1,300
345*
315*
Feb
Pneumatlo Scale oom
4,900
25*
%
25*
May
3
Plough Inc corn
May
15*
25*
975* 100
May
2 5*
35*
American shares
Pitts Bess ALE RR
15*
2
305*
Paramount Motors Corp
Meter
Feb
1,100
675*
Pilaris Tire A Rubber
15*
200
315*
Jan
Peppered Mfg Co
Perfect Circle Co
Jan
May
Jan
May
86 preferred
Apr
1
Mar
5*
Schlff Co common......
65*
54
675*
Penn Salt Mfg Co
25*
52
22
Jan
145*
Penn Pr A Lt 87 pref
Feb
Mar
Corp com. 1
Apr
*
Pantepeo Oil of Venezuela—
Class A common
Samson United
1075*
81.30 1st preferred..—*
82.80 series pref
25*
Banford Mills
Page-Hersey Tubes
Airlines
Jan
600
25*
6
185*
Penn Cent
45*
995*
Scovlll
1st pref erred... 2 5
Pacific Lighting 86 pref..* £1055*
Pacific P & L 7% pref—100
Pacific Public Service
*
Pennroad Corp com
Apr
1
18
654%
Penn Traffic Co
35*
3
15*
325*
pf.25
Penn-Mex Fuel
25* June
100
.5
preferred..—100
100
Pacific Can Co common..*
81.40 preferred A
7%
300
1
Overseas Securities new.. 1
Parker Pen Co
100
35*
25*
»
Salt Dome Oil Co
65*
Omar Inc
Pacific G A E 8% 1st
200
3
35*
25*
"25*
St Regis Paper com
195*
515*
65*
185*
515*
116
116
59
3
Class A $2 conv pref. .50
55*
50
$554 conv prior pref—*
58
Ryerson A Haynes com__l
225
High
I
*
114
195*
Low
3
Jan
30
106
Oklahoma Nat Qas com.15
Range Since Jan. 1, 1941
Week
59
•
25*
1
1125* 1125*
114
Price
*
Ryan Aeronautical Co
195*
19
•
Ohio Oil 6% preferred—100
Ohio P 8 7% 1st pref—100
6% 1st preferred
100
Ollstocks Ltd common
5
Ohio Edison $6 pre!
preferred
1,100
Shares
Royallte Oil Co Ltd
1075* 1075*
Ohio Brass Co el B com..*
$3
25*
25*
for
of Prices
Low
High
Jan
119
95*
43*
Week's Range
Sale
Par
110
100
10
preferred
Northern Pipe Line
Last
High
60
104
Northern Sts Pow el A.-25
7%
STOCKS
(Continued)
for
Sale
Sales
Friday
Sales
Friday
STOCKS
(Continued)
4101
43
35*
82
Mar
Mar
Jan
53
45*
Jan
Jan
10454 June
New York Curb Exchange—Continued—Page 5
4102
Sales
Friday
STOCKS
Last
Week's Range
{Concluded)
Sale
of Prices
Par
Toledo Edison 6% pret 10c
1% preferred
100
Tonopah-Belmont Dev. 100
Low
Pries
High
for
Week
Low
Shares
114
Tenopab Mining of Nov
Trans Lux Corp
—1
107 X
40
60
U3X 114
10
105 X
112
Apr
Tung-Sol Lamp Works..
Jan
"i«
400
Apr
1
400
2X
Jan
3X June
200
X
8X
Mar
""loo
39X
1X
QX
3X
100
IX
ex
preferred....
Udyllte Corp
1
lUlen A Coser A pref....
Series B pref
*
Unexcelled Mfg Co
10
3
39X
IX
6X
2X
Union Investment com
Jan
Jan
Apr
8
Jan
40
Jan
Jan
Jan
5
IX
ex
300
400
Feb
May
2% June
2,300
H
2H
7X
4X
Jan
X
of Prices
Low
High
Jan
Jan
Jan
X
Dansig Port A Waterways
•Ext ex* strap
1952
•German Con Manic 7s '47
♦Secured 6a_.
7X
*
Juna
May
3X
Apr
7%
June
"in "Feb
8X
3,200
United Chemicals com...*
9
Apr
*!•
1st 17 pref. non-voting.*
H
X
"u
113X US
X
X
115
Option warrants......
Apr
11X
Jan
•Santiago 7s
7% preferred---.—100
United Lt A Pow
com
81
81
A..*
4,800
1 0C0
1,000
•
'lt
120
X
Common class B
X
22X
"74"
S3 partlc pref
♦
United N J RE A Canal 100
11
1949
»xi
Jan
Mar
22 X
9X
Feb
Feb
2,000
May
23X June
Apr
UX June
OX
18X May
8X
Mar
479^666
7i» May
»»• 284,000
Mar
40
43 X June
32 X June
16
Mar
June
*i« June
H
11
7,000
8%
X June
June
11
Jan
June
Jan
7X
Jan
Jan
118
Bank
X
X
200
*11
23X
400
United Shoe Mach com.25
Preferred.
United Specialties com
U 8 Foil Co class B..
Graphite
X
X
Jan
55
"io""
1
~54~X ~55%
16'
4x
conv
*
85
Jan
*t»
4%
pref.
1,666
7u
Jan
Universal Corp v t c
Universal Insurance
Alabama
Power
Mar
1st 5s..
1948
x
bbb2
Mar
1st A ref 5s
1051
x
bbb2,
1st A ref 6s
1956
x
bbb2
50X
4X
X
Mar
May
49
400
X
100
200
49
June
500
3
Jan
52
4%
IX
IX
3X
•u
Jan
bii Mar
Low
High
Range
Since
Jan.
%
61
Jan
45 X
Jan
10X June
5X
Jan
8% June
X
Jan
61H
Jan
5
May
600
400
1
May
29 X
Jan
IX
2X
Mar
2X
4X
Jan
Mar
Feb
l'x "l'x
"16l
1st A ref 4
—1967
105 X 105 X
104
104H
1102 X 103 X
17,000
105H 107 X
103 X 106 X
103 X 103 X
7,000
y
"i'ooo
101X 101X
2
bb
102 X 105H
103
105H
10,000
101H 103H
104 X 104 X
1968 ybb
H®
2H* § f debs
3X**t debs
3H« a f debs
1950
1960
22,000
4,000
103 H
i05H
106 X
100H
106 X
108 X
110 X
106
107X
128
130
106
106X
108H
108 X 109 X
107
107H
1129
131
1970
Am Pow A Lt deb 6s.
1108
...2016
Appalachian Elec Pow 3Xb 1970
Appalac Power Deb 6s
.2024
Arkansas Pr A Lt 5s
1956
Associated Elec 4Hs
1953
108
43 H
ex
"2",800
5,800
27X
50
18
18
100
14 X
2%
68X
14X
2X
68X
500
X
68X
ex
27X
X
50
25
"l'x "l'x
125
"160
7h
ex
*
1
500
lex
is
275
2X
97 x
17X
Va Pub Serv 7% pref.. 100
Vogt Manufacturing.....*
Vultee Aircraft Co
l
2X
97 x
7X
7X
ex
3X
7
3X
2,200
20
100
1,200
100
i52"666
26,000
108 H
"12^066
44 H
20,000
Assoc TAT deb 5 H» A
1
Apr
Apr
IX
5X
Jan
3X
H
5X
Jan
1
Jan
7
Mar
Feb
27 X
21
Jan
1100
5s without warrants ....1947
1100
109 X
106 X 108 H
51
43X
13 X
May
17 X
Jan
2
117H
117
IX
Jan
2X
May
66 X June
83X
Jan
Bell Telep of Canada—
1st 5s scries B..........1057
x
aa
2
108 H
107 X 108 X
1960
x
aa
2
X
Jan
Bethlehem Steel 6s
1998
x
a
2
bbb2
Feb
Feb
X
Apr
44
Mar
IX
Feb
X May
13X May
X
Jan
85 X
xaaa
IX
IX
Apr
1954 ybb 2
x bbb3
lolx
Jan
Canada Northern Pr 5s ...1953
Jan
Canadian Pae Ry 6s
—1942 x bbb2
Cent 111 El A Gas 3 Hs..
1964 Xbbb2
"~8~5X
a
3
l08X
cc
1
11
»u
Apr
13X
IX
Apr
15
1
Wentwortb Mfg..
1.26
West Texas Util 36 pref..*
West Va Coal & Coke....5
15
200
2
"2
""509
"3%
3X
4X
Western Air Lines, Inc...!
Western Grocer com
20
3X
3X
4X
2",800
2,600
154
Apr
Mar
95 X
2
June
2X
Feb
3X May
3X
Jan
Apr
May
Jan
8X
Jan
4X
Jan
9
Mar
5X
X
X
Apr
15
2X
58 X
Western Tablet A Statlon'y
Common....
•
16
16
100
Westmoreland Coal
19
19
11H
11X
20
.10
Weyenberg Shoe Mfg....]
6
6
Feb
1970
Cent 111 Pub Serv
3X0
1968
Cent States Eleo 5s
x
cc
bb
1927
z
bb
..1952
y
bb
91X
95 X
Jan
Conv deb 5e...
.—1950
y
15 H
45 H
Jan
102
Feb
90
89 X
Debenture 5s.......... 1968 yb
89 X
89 X
—1969 yb
89 X
98X
89 X
Debenture 6a
Cities Serv PAL 5Hs
1952 yb
6H«
1949
Community Pr A Lt 5s... 1957
y
y
bb
5X
Jan
Conn Lt APr 7s A
x
4X
Feb
x
x
1976
x
...1964
x
72
May
-
-
1951
(Bait) 3 Ha ser N
1st ref mtge 3s ser P
1st ref M 2Ha ser Q
Consol Gas (Bait City)—
Jan
19 X
Mar
Gen mtge 4Xo
25
11X
Jan
14X
ex
6X
Feb
Mar
Cont'l Gas A El 5s
Jan
102 X
aaa3
123H 123 X
1958 ybb
3
6
June
x
bbb3
Jan
3
Mar
Eastern Gas A Fuel 4s
1956
x
bbb3
Elec Power A Light 6s ....2030
y
b
Mar
UX
Mar
7
Feb
8X
Jan
Mar
117
Jan
..1944 y ccc2
x bbb2
Elmlra Wat
Lt A RR 5s.. 1956
Empire Diet El 5s....
1952
...6s
Wright Hargreaves Ltd.
2X
2X
3X
7,200
Mar
4X
Apr
6X
Jan
Jan
4X
Mar
4
1,100
3
Registered
4X
5
Apr
5X
Jan
Erie Lighting 5s...
Federal Wat 8erv 5 Ha
June
4X
Jan
98
Jan
GOVERNMENT
149
7,000
20,000
4,000
13,000
40,000
1,000
9,000
82,000
80,000
54.00G
1,000
♦Ereole Mareill Eleo Mfg—
6 Hsseries A...........1953
97 X
98 X
56 X
101X 102
1101 x 102 X
88 X
89
~88H
93 X
93 X
92 X
91X
91X
124
x
a
124
x
a
104H 105 X
102 X 108 X
73 X
69 X
Sales
for
BONDS
Week
...1967
x
105
%2bX
125X
18
8X
12 X
37 X
86 X
28
30
OX
Jan
21X
22 H
17H
—
24,000
Mar
ex
Apr
Jan
23
Feb
24
Mar
26 H
Jan
31
49
92 H
96 X
80 H
90 X
92 X
80
90
79
89 X
88
99H
88 X
99 X
98 X 103 X
127 X 130
4.0C0
22,000
1,000
107 H lHH
3,000
99,000
122 X 128 H
33io66
101
105H HI
101
89 X
53X
101
ib'7',666
96,000
1,000
1,000
12,000
86
78H
91H
103H
98 X
60
102 X
107
89 X
94 %
91X
119H 126
104
y
109
44
b
106
45
109 X
5,000
108 H
103 X 103 X
9,000
101X 104
105 X 106
105
105 H
13,000
64,000
100 X 100 x
5,000
28,000
7,000
33,000
131
x
bbb2
105 X
x
bbb2
105 H
37H
109 H
41H 48
104X 106X
ex-warr
104
106 H
Georgia Pow A Lt 5s
1978 y b
•Gesfruel 6s.............1953
Glen Aldan Coal 4s
1966 ybb
ioox
3
2
"87 X
77 X
78X
98X
78 X
102 X
99
102 X 102 X
163
100H
84 X
110
87
100 X 101X
•Prov Banks 6s B..1951
18
24
13
Apr
27
85 X
9,000
"87X 25"66o
Jan
18
30
22
Feb
22
Feb
78
80
8,000
52
Jan
81
68
73
May
29
"2,006
May
29
25
Mar
29
June
Attention la directed to the
new
Jan
column in this tabulation pertaining to bank
75
eligibility end rating of boa da.
84 X
98 % 102
98% 103
65
161X 22*666
9H June
•6 series A........1952
Danish 6148
...1966
With declaration
30X
100 H
90%
83 X
Cent Bk of German State A
4103
86
108 X
103 X
a
1964
Gen Pub Util 6Hs A
1956 y bbbl
•General Rayon 6s A..... 1948 z
Gen Wat Wks A El 5e
1943 x bbb2
3
For footnotes see page
81X
105H 105 H
17
z
stamped..... 1944 y bb 2
Gatloeau Power 3He A... 1969 xbbb2
General Pub Serv 6a
1953 y b
I
6s
1963
156
101X 103 %
103 X 103 X
Gary Electric A Gas—
AND MUNICIPALITIES-
1951
105 X 111H
106 H 112H
155
102""
Banks 6s-5s stpd—.1961 y
Bogota (see Mtge Bank of)
•Cauoa Valley 7s.... 1948
109 H 127 X
Finland Residential Mtge
2%
5H
Florida Power 4s ser C ....1966
Florida Power A Lt 6s..._.1964
Agricultural Mtge Bk (Col)
*20-year 7s....Apr 1946
•20-year 7s
Jan 1947
99 X
101X 102 H
110H
Mar
Cuban Tobacco 5s.
Cudahy Packing 3Ha
.1955
Delaware El Pow 5Ha —.1959
4X
4%
99
108 X 109
103 X 103H
4X
Petroleum.....1
48.000
22,000
12
110
10X
Woolworth CF W) Ltd—
104H
100 X 102
93
aaa3
600
7% pf 100
Wolverine Portl Cement. 10
Wolverine Tube com
2
101
93,000
85,000
23,000
46 X
64,000
92 X
34,000
96
7,000
92
5,000
90 X 237,000
89 X
47,000
89 X
15,000
aaa3
""56
Jan
114
7%
107 X
107 X 109 X
15X
aaa3
Jan
100
7%
15%
69
106
17X
aaa3.
Feb
7H
*
15H
12 X
63
100X
130
5X
1
98 X
98 X
108 X
130
6
16"x 16 x
15H
15H
15H
Consol Gas El Lt A Power—
1971
1969
99
b
3% June
13
"b'x "6"
44X
91X
b
May
15X
100
b
2
15X
y
y
y
25
Williams OU-O-Mat Ht_„*
Wilson Products Inc.
1
15M
108
y
—1966
77 X
85 X
105X 105 X
1948
Cities Service 5s..
June
83X
.1955 y bb
20
WlohitaRiver OH Gorp..lu
Williams (R O A Co
•
7 ex
1054
rtsserlesB
118
102 X 102 X
103 X 103 X
104 X 104X
1953
6X0
Cent States PAL 5Xa
|*Chlc Rys 5s CtfS
Cincinnati St Ry 6Ha A
15X June
100
3
_..
Jan
Western Maryland Hy—
7% lBt preferred—100
H
x
7X June
4X
Apr
...1
102
Birmingham Elec IXs —.1968
3X
2,000
6,000
10,000
1109 X uox
162 %
1152
Boston Edison 2 Jis.
Broad River Pow 6s
103
Apr
C
Jan
Feb
3
1960 zb
Convertible 6s
Jan
22
12X
12X
12H
Baldwin Locom Works—
*i»
49
Jan
12 X
7,000
3,000
16,000
104H
104H
Jan
X
Wilson-Jones Co
Avery A Sons (B F)—
fie with warrants...—1947
14 X
♦
6
107H 107 H
1108H 109H
Jan
Feb
Wayne Knitting Mills
Wellington Oil Co
1955
.1955
23
4X
100
64
12H
Atlanta Gas Lt 4Hs
Atlantic City Elec 8Xs—1964
Jan
....100
Waftt A Bond class A...*
13H
64
1968
Jan
X
13H
13H
13H
13H
13H
13
1977
4X June
7X
Wagner Baking v t c____*
Walker Mining Co
•Debenture 5s....
♦Conv deb 5Hs
Jan
Apr
Feb
Class B
13
Feb
lu
i
Waco Aircraft Co..
47
"1«
5
Petroleum
113
Feb
100
6
48%
1
preferred
1948
6s series
Utility Equities coin
10c
36.60 priority stock....1
Utility A Ind Corp oom..6
Conv preferred... ....7
Valspar Corp com...
♦Conv deb 4Xb
♦Conv deb 4Hs.—.1949
♦Conv deb 5s
1950
3X
X
Utah Radio Products....1
Ext 6s........
1
American Gas A Eleo Co—
X
l'x "1%
8
Utah Pow A Lt 17 pref...*
•Baden 7s
Sales
Co—
June
1,160
3X
Utah-Idaho Sugar.—...6
Amer dep rote
Price
74
29J4
27 X
Th
Universal Pictures com...1
Universal Products Co...*
Wisconsin PAL
See a
25
m
Universal Cooler olass A..*
Class B
•
Westmoreland Ino
Week
Apr
"10 X
20
1st 17 conv pref
*
United Stores common.60c
United Wall Paper..
2
7% preferred
for
of Prices
1 Associated Gas A El Co—
U S Rubber Reclaiming..*
U 8 Stores common—.50c
Venesuelan
Week's Range
Sale
Jan
1
U S Radiator com—.1
conv
BONDS
June
19 X
X
Apr
43X Mar
7X
Feb
4X May
7X> June
X
Feb
X
361st pref with warr—*
pref—..
Last
Rating)
70
100
5
com
Plywood—,
X
26
1
Mar
Apr
Feb
4X
U 8 and Int'l Securities..*
U 8 LInee
""""io
"74
10
10% preferred...
Mar
80
Friday
Elig. &
May
1st A ref 5s
United Profit 8barlng..26c
FOREIGN
Jan
Feb
9X
9
X
»!•
22
16 1st preferred.......*
Woodley
OX
14X
Jan
Apr
7X
Jan
X June
106 X
Feb
X
Jan
2,700
United Milk Products—*
34
Feb
22 X
23 X
18
%8X
X
May
Feb
7
16
"it
Jan
16
Mar
5X
24
30
18
27
June
13 H
9
X23X
X23X
til
t22
•Russian Govt 6J4S..1919
♦5«s
..1921
8
ex
20
X8X
With declaration...
United Gas & Eleo Co—
*1.50
1,000
2,000
Jai
30 X
\5%
tl3
♦Issue of Oct 1927—
Apr
X June
1,800
ht
United Elastic Corp.....*
United Gas Corp corn
1
U S
Jan
A part pref-...*
cum
Un Cigar-Wbelan Sts..lOc
United Corp warrants..
U 8
Jan
8
3X
*
1
27
27
8/
"ion"
Jan
Jan
May
8
•Mtge Bk of ChUe 68.1931
7
7
13 X
Apr
8
June
8
Mtge Bk of Bogota 78.1947
•Issue of May 1927
High
13
5
•Hanover (City) 7s
1939
•Hanover (Prov) 6)48.1949
Lima (City) Peru—
*6Hi stamped
1958
•Maranhao 7s....... 1958
.....
Low
3
lex
t8
•MedeUln 7s stamped. 1951
Range Sines Jan. 1.1941
for
Week
16
X2X
til
♦Parana (State) 7s
1958
•Rio de Janeiro 6HS.1959
9
Range
1947
Mtgs Bk of Denmark 6s '72
3
Un Stk Yds of Omaha.. 100
United Aircraft Prod
Jan
X
8X
32X May
Union Gas of Canada....*
S3
Jan
3%
X
-.1
conv
'u
H
Tables CbatUlon Corp..
80c
Jan
3H
Trans Pork Stores Inc...*
Class A
J*n
Feb
108 X
114
X
X
Week's
Sale
Price
3H
Tri-continental warrants
Last
High
"b~x" 5X
Transwestern Oil Co
Sales
Friday
BONDS
CContinued)
Bangs Since Jan, 1,1941
*i«
107
June 28, 1941
65
99H 102 X
72
85%
18H 23
80 X
87 X
New York Curb
Volume 152
Bank
BONDSS
Elig. &
Rating
{Concluded)
See a
Exchange—Concluded—Page 6
Sale*
Friday
Last Week's Range
for
Sale |
of Price*
| Week
Low
High
$
Price
4103
Bank
Friday
Week's Range
Last
EUg. A
Sale
of Prices
Rating
Range
Since
BONDS
Jan. 1
{Concluded)
Price
See t
Low
High
Sales
for
Week
Range
Since
$
Jan.
1
i
Grand Trunk West 4a——1960
75 k
Gr Nor Pow 5s stpd
1950
Green Mount Pow 3Ks—1963
j108k 112
*104 K 105K
Grocery stcn-e Prod 6a
1945
Ouantanamo A West 6s—.1968
62K,
61K
*27
—
{♦Guardian Investors 6s.—1948
1935
♦Hamburg Elec 7a
♦Hamburg El Underground
A St Ry 5Ks
1938
Houston IX A Pr 3 Ha
.1966
•Hungarian Ital Bk 7 Ka.—1963
Hygrade Food 6a A
.—1949
20 K
til
i~66o
81deb 8Kb
~77K *27666
1949
1967
1st A ref 6 kb ser B
1st A ret. 6s ser O.
110
110
107K 107 %
17,000
106 K 107
106 K 106 K
101K 102 K
5,000
37,000
100 K 100 K
78 K
79 K
3,000
18,000
1964
106 K
1966
106 K
May
1967
Indiana Hydro Eleo 6s
Indiana Service 6s
.—.1968
1960
1963
let Hen A ref 6s_—
79
78
"3I606
78K
108K
10,000
3
a
3
70 K
77 k
76k
1941 coupon) 1957
z
dd
1952
z
dd
K
tl7
75 K
30 K
1968
1952
1963
107K
tlO
30
72 K
71K
79 k
78 k
92 k
109
21
14K
*2*666
24 K
106 K 108
45K
47K
27,000
13,000
26
14
35k
42
48
x
a
Kansas Gas A E ee 6s—.2022
x
bbb2
126
126
"Cooo
123
xaa
3
112
112
1,000
112
x
3
109
109
1,000
106 k 109
tlO
40
105
105
"s'ooo
i04k
107H 108
25,000
107
a
2
tl07K 109
.1946
Long' Island Ltg 6s...
1945
x
bbb2
Louisiana Pow A Lt 5s
1957
x
a
.....1941
z
3
105 k 108 k
106
106 k
128k
112k
79 K
1948
Memphis Comml Appeal—
Deb 4Kb
1962
Mengel Co oonv 4Kb
1947
Metropolitan Ed 4s E
1971
..1966
Middle States Pet 6Ks
Midland Valley RR 5b
x
y
bb
aa
x
aa
4Kb
1st A ref fia........
107K
107K 107 K
8,000
105
105
6.00C
x
1955 ybb 2
1957 x bbb2
Miss Power A Lt 6s—
Miss River Pow 1st 68—1951
aaal
x
Missouri Pub Serv 5s
1960 y bb
Nassau A Suffolk Ltg 6s
Nat Pow A Lt 5s B
104 K
111
3
*102 K
100
55 H
3*l",000
17,000
9,000
105 %
12,000
102 k
8,000
20,000
109
1946
102
102 K
11,000
2030
x
bbb2
106
% 107K
8,000
z
d
1
tl9
x
aa
2
2
6s series A
2022
x
a
1948
x
110
bbb2
1956 ybb
New Amsterdam Gas 6s... 1948
x
2
aa
*57* "
56 k
Conv deb 6s.......
1950 yb
New Eng Power 3Ks—.1961 x aaa2
New Eag Pow Assn 5s
1948
y
bb
...1954
y
2
bb
110K
"s'ooo
66 K
"66 K
93 h
♦Income 6s series A
York
90
99 k
104
59 k
106 K
112
105k 109
107
26
111K
114k 124
106
1949 ybb
3
102K 103
196
x
a
2
106
4,000
1980
Debenture fis
x
a
3
102 K 102 K
15,000
17,000
x
a
3
109K 109 K
5.000
2004
x
aaa3
x aa
105K105K
tll4K
1,000
1954
1953
...
Nippon El Pow 8kb.
y
3
t41K
88K
109 k
99 k
117k 121 k
56k
56 k
66 k
66 k
56 k
66 H
106 H 109 k
87 k
97 k
91k 100
102
105k
101k 106 k
102k 106
107k 109 k
103
106 K
114
38K
45
115
45
No Amer Lt A Power—
Joaquin L A P 6s B...1952
101k 102
85 K
86 K
3
Sheridan Wyo Coal 6a
Sou Carolina Pow fis
x
aa
aa
2
x
x
K 109 K
138 K
20
"l04K
107
Spalding (A Q) fis
1989 yb
Standard Gas A Electric—
6s (stamped)......
1948 yb
.......1957
_
b
Standard Pow A Lt 6s
1957 yb
♦Starrett Corp Ino fis.....1950 z cccl
y
Stlnnes (Hugo) Corp—
7-4s 2d
——..1946 z
7-48 3d stamped....... 1946 z
Certificates of deposit
87 K
84
93 K
8,000
85
93K
5,000
4,000
93
99
88M
99
94.000
9,000
107
1,000
109 K 110
39
39
6,000
89 K
89 K
1,000
103
105K
102 K 104 K
50 K
34K
46
68,000
69
89 K
89K
47,000
69K
69 K
87 K
89 H 159,000
89 K
56.000
89 K 156,000
70
76,000
23 K
60
105K 107 K
101
110K
87 M
6,000
70
68K
20
*20
52
26 K
*15K
...
28
43
89 K
89 K
89K
89K
25 K
32 K
56K
3,000
12,000
5,000
*i3*K**26K
99K
io'ooo
106K 107H
107
108 K
118K 121K
96
100K
108% 108%
58H
60 K
6,000
27,000
108 % 109
58 K
62 K
8K
8K
115K H5K
15K
15K
*10
30
*14
20
2,000
7
3,000
114
107 K 108
*116K 120
Tide Water Power 6s...—1979 y bb
.1968
15
15K
107K 107K
15
107 K
—.2022 y bb
Tlets (L) see Leonard—
Toledo Edison 3 kb
40
75K
z
♦Ternl Hydro El 6Ks
1963 z
Texas Eleo Service5e—...I960 x bbb2
Texas Power A Lt 5s
.1966 x bbb2
6s series A
36 K
38,000
9,000
104 K 104 %
104 K 104 K
53 %
66 K
109k
2022 y bb
&
88
98
bbb2
K
15
83
85 K
88 K
98
1,000
1,000
43* *
86 K
2
2
16 K
106
133
82
bbb3
„
90 H
28 K
14
t8K
*40 K
bbb3
Southern Cal Edison 3s-...1965 X aa
Sou Indiana Ry 4s
.1951 y bb
S'western Gas A El 3Ks—.1970 x aa
So'west Pow A Lt 6a
82
17
109 K 109 K
137
137
2
x
x
8,000
98K 102
*8
1947 y b
.1957
86 K
98 H 104
*8
z
♦Saxon Pub Wks 6s
99 K
99K
x a
Twin City Rap Tr 5kb... 1952 y b
60 K
{♦Ulen A Co—
Conv 6s 4th stp........I960 z
United Elec N J 4s—.....1949 x aaa3
♦United El Service 7s
1956 z
♦United Industrial 6Ks—.1941 z
♦1st
8
f 6s
1945
z
1,000
15K
20
9K
118K
25
30K
15
30
85
100
88
100K
108 K
United Light A pow CoDebenture 6s...—.....1975 ybb
Debenture 8Kb—
1st lien A cons 6Ks..
1974
y
bb
x
1952
Deb 6s series A
Deb
s
x
1
y
f 6s
103 K
20,000
11,000
117
100 K 100 K
103
103K
3,000
100
102
8,000
103
109
101K 102
9,000
102 % 102K
101
101
103 K
bb
"£53#
..1950 y bb
4,000
55,000
3,000
101K 102
102K 103
1,000
100K 102
120
1
1944 x bbb2
.2022 ybb 2
1946
40,000
60,000
120K
99% 100
2
bbb2
..1973 ybb
Utah Power A Light Go—
1st lien A gen 4 Kb..
Va Pub Service 5 K A
1st ref fis series B
99 K 100 K
104M 104K
99 % 100K
bbb2
6s series A
Deb 6s series A..—.
99 K 100
1
—1959
Un Lt A Rys (Del) 5Ks ..1952 ybb
United Light A Rys (Me)-
.1946
y
b
deb..
1954
Wash Ry A Eleo 4s.....—1951
Washington Water Pow 3Ks'64
z
c
x
aa
♦109
x
aa
*109
West Penn Eleo 6s..
..2030
x
bbb2
5s...1960
x
a
2
I
♦fia Income
West Penn Traction
Western
93 K 101K
121
83 H 100
102 K 102 K
107
51K 52 K
109K 109 k
108 K 108 H
1946 y bb
Ohio Pow 1st mtge 8KB-,—1968
Ohio Public Serv 4s
1962
x
aa
x
4.000
12*666
a
110
102K 103 k
105 k
49 h
54k
109 k u3k
104
*105
4,000
13,000
106
4K
4H
"l*07K
4K
110K
110K
107 K 107K
118
118K
4
5K
108
109K
15,000
105 K HO
13,000
8,000
105
108 K
116K 119
Newspaper Union—
6s unstamped.
6Ks series A
1966 y bb
No Bost Ltg Prop 8Kb...1947 x aa
Nor Cont't UtU 6KB
1948 y b
Ogden Gas 1st fis
105 K 109
Waldorf-Astoria Hotel—
106
..196*
N Y A Westcb'r Ltg 4s
San
6,000
18,000
22 K
Penn A Ohio—
1st mtge 3He
♦Ruhr Housing 8kb
1958
Safe Harbor Water 4kb... 1979
30,000
103 k 103 k
87 K
New Orleans Pub Serv—
♦Ext 4Ks stamped
N Y State EAG 4Kb
103K
102 k 103
23
119
117K 117K
3,000
56 H
59
62,000
56 K
59
19,000
66 K
59
79,000
108K 109K
6,000
91 % 107,000
90 K
93 K
94 K
55,000
162
100
102 K
103 h
88 %
25
110 K
98 K 103,000
97 K
160
89 K
+108
1948 yb
fis.
110
2,000
89
96 k 103
100 k 102 K
21
23
108 K
150 k 151k
6s gold debs
tll7K
97k
1947 y b
N E Gas A El Assn 6s
50k
104 K 104 K
{♦Nat Pub Serv fia ctfs... 1978
Nebraska Power 4kb
1981
108
109k
103 h 107
111K
102 K 103
bbb2
105K 107
5,000
106 k
102 K 105 k
108 K
106
103 h 105 k
111
x
Neisner Bros Realty 6s
Nevada-Calif Eleo 5s
77
95 k
105 %
105 K
54 K
6,000
87 M
105k 109 k
107
110k
105
3,000
106 K 106 K
108
108
88
*2*666
bbb2
1965
Mississippi Power 6s..
New
5Ks series A....
1952 ybb
♦Ruhr Gas Corp 6Ks.—1963 z
101K 103 k
105
55K
76K
26
108 K 108 K
106 K
108
89
2,000
105 K
105
69
17
*8
89 K
6,000
4,000
5,000
Conv 6s (stamped)
1948 y b
Debentures 6s_..
1951 yb
Debenture 6s
Deo 1 1966 y b
79 K
108 K 109 K
tl02K 104 K
5,000
2,000
72 k
87 K
K 103 K
t99K 99K
108K 108 K
103
a
x
25
1945 y bb
1943 y bb
1967 x a
1978 xbbb2
4KB
Debenture 6Ks
Puget Sound PAL 5ks... 1949 ybb
1st A ref fis ser 0_———1950 y bb 2
1st A ref 4Kb ser D—.1950 y bb 2
Queens Boro Gas A Eleo—
..
35
90
72 k
_
tlO
109 K 1HK
50
100
90
*90*"
89 K
Mln A Smelt—
McCord Rad A Mfg—
6s stamped.
Minn PAL
2
2
Shawlnlgan WAP 4Kb—-1967
1st 4Ks series D—
1970
Kansas Pow & Lt
Milw Gas Light
y aa
79 k
43
a
4s series G—
6% perpetual certificates
66 K
b
108 K 108 K
97 k
98
110K 110K
110k hi
1937 z
♦Schulte Real Est 6s—
1951 z cc 1
Scullln Steel Ino 3s....—.1951 y ccc2
z
♦7s mtgesf
bbb2
15
x
Mansfeld
a
X
1969 xbbb2
24
.1942
1966
x
.1949
25k
15k
15K
14K
"97 k
2
-1964
15K
75K 77K 196,000
30 K
45,000
32
1,000
107K 107K
26K
03 K 100 H
86 K
98 K
109
110K
Public Service of N J—
—
Lake Sup Dlst Pow 3kb..
3KB
108
104 K 107
98 H 103
100 K 101k
105
Jersey Cent Pow A Lt 3Ks_1965
Kansas Elee Pow 3 Kb
1966
•Leonard Tlets 7Ks
1st mtge
B f debs 4s..
Pub Serv of Indiana 4s
14K
15K
24
22K
2,000
11,000
2,000
Public Service Co of Colo—
15
1952
3K8—1969
1
15
I
..1957
fie stamped......
l
Fotrero «nv 7s stamped...1947
ccc2
Power Corp(Can)4KsB
1959 y a
1
♦Prussian Electric 6s
1954 z
107 K 110
106 k 108
75
78 (July 1941 coupon). 1952
Jacksonville Gas
a
105
16
♦Isarco Hydro Elee 7b
Italian Superpower 6s
bb
z
x
6,000
25 K
Iowa Pow A Lt 4Kb—
5s stamped extended....1950
Potomac Edison fis E
1956
4Kb series F.
...1961
z
18
13,000
dd
Debenture 6s
29 k
23,000
dd
Interstate Power fie
15
78 K
z
♦7s series F
bb
70 K
79 K
z
—1957
♦7s series E
z
79 K
78 K
108K 108K
78
♦Indianapolis Gas 6s A
1962
Indfanapolia Pow A Lt 3^sl970
{International Power Sec—
♦6K» series C
1955
♦58 stamped...........1940
18k
100 k
102 H 106
17 K
29 K
41,000
25
26 K
100
27k
t3
1963
6s series B_
Idaho Power 3Ks
111 Pr A Lt 1st 6s ser A
*10
*8
z
64
109 k 110 k
105 k 105 k
Portland Gas A Coke Co—
68
15k
"
76K
t76K
K
♦Pomeranian Eleo 6s.....1953
105 k
18
127666
21
—
110 K 110K
77
Phlla Rapid Transit 6s ....1962 y bb
♦Pledm't Hydro El 6Ks—1960 z
17k
3,000
62K
30
20 K
til
.
♦7s (Aug
85
107 k 108 h
103 k 106 h
y
b
Wise Pow A Light 4s.....1966
x
bbb2
{♦York Rys Co 5s stmp_—1937
♦Stamped 5s
1947
z
y
bb
67
bbbl
1944
106 K
64 K
67
106K
97 K
95 K
99
106
13,000
59
68 K
17,000
105
107 K
97K
*96 K
I
22*666
99 K
98 K 100K
109
9,000
108 K 110k
108K 108 k
103 K 103 H
3,000
106 k 109
4,000
103
102 K 102 K
tl03K 105 k
1,000
102K 104 k
99 k
34 k
26i660
105K
tl06
106 K
107 k
107 K
tl07K
tl06K
105k
i08k
108 k
Okla Nat Gas 8kb B
1956 x bbb2
Okla Power A Water 6b—.1948 ybb 3
110
106 K
Pacific Gas A Elec Co—
1st 6s series B
Pacific Ltg A Pow fis
Pacific Pow A Ltg 6s
2
..1941
x
aa
1942
X
aaa3
1956
y
bbbl
Park Lexington 3s........1964 y cccl
1
Penn Cent LAP 4Kb
1977 x a
1st 68
Penn Electric 4s F
6s series H...
Penn Pub Serv 6s C
fis series D.
1979
x
a
1971
x
a
.....1962
x
a
1947
x
a
1964
x
a
Pennsyl Wat A Pow 3KB—1964
3Kb
..1961
99
34 K
"i05k
...1970
108
103
4.000
a
104 k
x a
PhUa Eleo Pow 6KB—1972 x aa
*U3K
104
95
34k
106 K
100 K
38
23,000
104 k 106
108 k
106 k
*2*000
107 Vt
6,000
105 k 107 k
104 k 106k
107 k 110
108
108
4,000
tl07K 108k
Peoples Gas Light A Coka—
4s series B
.1981 x
4s series D.
99k
104 K
104K 105
112K 113K
106 K 109
107k 109 K
106k 108 k
106K 107 k
23,000
102
13,000
102 K 105
109
115
18,000
105
*
a
No par value.
a
Deferred delivery sale.
Under-the-rule sale,
r
Cash sale,
* Friday's bid and asked price.
*
x
d Ex-interest.
e
Odd-lot sale.
Ex-dividend.
No sales being transacted during current week.
Bonds being traded flat.
{ Reported in receivership.
Abbreviations
Used Above—*'cod," certificates of deposit;
"con
consolidated,
"cum,** cumulative, "conv," convertible; "M," mortgage; "n-v," non-voting stock;
"v t o," voting trust certificates; "w I," when Issued; "w w," with warrants; "x w,"
without warrants.
k Bank
Eligibility and Rating Column—x
believe eligible tor
Indicates those bonds waich we
bank investment.
y Indicates those bonds we believe are not bank eligible due either
status or some provision in the bond tending to make it speculative.
z
to rating
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
bond by the three rating agencies.
The letters indicate the quality and the numeral
immediately following shows the number of agencies so rating the bond.
In all
cases the symbols will represent the rating given by the majority.
Where all three
agencies rate a bond differently, then the highest single rating is shown.
A great majority
of the issues bearing symbols ccc or lower are in default.
bearing ddd or lower are in default
Attention is directed to the
new
columnfln this tabulation} pertalnlngQto bank eleglbillty and rating of bonds.
See note k above.
Issues
The Commercial & Financial Chronicle
4104
Baltimore Stock
Friday
Par
Arundel Corp
Low
*
.
1st preferred v t c
31
17
17
Unliated
60
116
Jan
27c May
273
114
40c
2.80
Bell System
Apr
7114
Members Principal Exchanges
Mar
Jed
66
20
Feb
May
1.65
53
Paul
H.Davis &
2214 June
21
2.40
59
High
14?4 May
3
%
116
100
Low
333
2.40
"59%
*
4)4% pref cl B
22
Range Since Jan. 1, 1941
Shares
16
22 %
31
22 %
100
Consol Gas E L A Pow
High
15%
Atlantic C«t Ln (Conn).50
Bait Transit Co com v t c •
for
SECURITIES
Liated and
Week
of Prices
Price
CHICAGO
Hales
Week's Range
Hale
Stocks—
1941
Exchange
June 21 to June 27, both inclusive, compiled from official sales lists
Last
June 28,
Teletype
Municipal Dept. OGO. 621
Jan
714
614
May
Jan
118 %
7%
814
3
3
21
3
June
3
20
10
122
12314
32 %
78
H3>4
Apr
12314
June
43
29
Jan
3214
Apr
9
3
9
May
914
La
S.
Mar
Salle
St., CHICAGO
June
Finance Co of Am A com.5
10
May
5
Trading Dept. CGO. 406-406
Davison Chemical Co
1
com
Eastern Rolling Mills
Fidelity A Deposit
Fidelity A Guar Fire
Houston Oil pref
.....
31%
100
20
225
9
20
20
Feb
50
15 54
Feb
2014
May
100
1.30
1.30
1.30
26
1.00
Feb
1.75
New Amsterdam Casualty2
North Amer Oil Co com_„l
17 54
1754
17 H
509
18
Feb
90c
95c
200
90c June
1.10
Jan
20c
20c
100
20c June
40c
Feb
Last
com
Owlngs Mills Distillery
1
Penna Water A Pwr com.*
51)4
51
Phillips Pkg Co 5%% pf 100
Northern Central Ry
60
U 8 Fidelity A Guar
2
85
85
%
97
2154
2154
20
4914
25
83
23
9414
97
21%
1614 May
Mar
8714
Feb
9714
Jan
21
1,125
57
Apr
June
June
27% June
May
(Continued)
Bendlx Aviation
Co, 4s flatl975
3854
39
1975
4514
4714
7.150
56
56
2,000
A 5s flat
6%
1963
52,600
33J4
,
Mar
40
4114 June
49 J4
56
Jan
50
Apr
May
June
Boston Stock
to
June 27, both
Bergboff Brewing Corp...1
Borg Warner Corp—
Common
Hales
Par
Stocks—
Amer Tel A Tel
for
of Prices
Low
High
Week
Price
100
155%
Blgelow Sanf Cpt Co pf 100
Boston A Albany
100
Boston Edison Co (new).25
"89"
155% 158)4
104
87%
Range Since Jan. 1,1941
1,753
104
5
89
416
30>4
44)4
28%
42%
31
2,075
100
45
296
Boston HeraldiTraveller..*
18%
1814
1814
Boston Elevated
Boston
50
Low
148 %
High
100
Prior preferred
100
7)4
Class A 1st pref std._ 100
2%
May
100
.
168% May
Calumet A Hecla..
11)4
6
Copper Range,...
*
2)4
U%
6
May
Jan
"~6%
Feb
Jan
20%
Apr
Consolidated Biscuit com.l
Jan
%
5)4
Mar
1%
7%
1%
Jan
2%
20
Jan
65
30
1%
1%
1%
265
I'M
Jan
75
50
1 %
11
June
496
6%
Aor
7
6%
Jan
Jan
2
June
Jan
2% May
2%
Apr
2%
12%
Jan
1,495
4)4
FeD
100
4c
Feb
30%
Apr
75c
Jan
51
32%
33%
115
.......100
1.00
81c
1.00
260
81
•
Employers Group.
*
Gillette Safety Razor. _..*
76)4
~~7%
Jan
Crane Co
June
cum
1)4
47% June
Common
5%
Jan
Fairbanks Morse
Feb
8%
Apr
Fox
*
New England Tel A Tel 100
May
25%
Jan
Fuller Mfg Co com
May
3%
Jan
Gardner Denver Co
35c
Jan
825
485
35c
17)4
Pennsylvania RR
60
Qulncy Mining Co
25
23%
1)4
Recce But HI Mach Co,.10
Apr
1)4 May
May
4
Jan
18%
40
4%
Jan
2%
May
May
110
196
45c
1,620
16%
22%
416
11%
23%
605
22
%
1%
2,317
145
6
49%
Torrlngton Co (The)
26
26
Union Copper Land A M 25
May
100
35c
47
10c
26%
10c
21c
June
Feb
Feb
Jan
Apr
140
3c
90
33)4
Feb
620
59%
June
Feb
35%
36
66%
United Shoe Mach Corp_25
54)4
54%
55%
653
44)4
44
49%
Apr
43% May
Warren Bros
8)4
44%
50
40c
800
103
32
8%
8%
10
1%
1%
25
66%
66%
500
29
*
30
35c
Apr
98
Apr
7%
%
General Amer Trans com.5
General Foods
8%
May
57%
3%
39%
60%
266
55%
May
3)4
350
354
Feb
39%
20
37%
Feb
25%
<N «o
7,050
2
2
100
6
2,250
4%
5
24% May
154
Jan
5)4
Feb
6
Jan
Jan
Jan
Jan
%
Mar
%
Jan
112% May
47
Jan
2154
Jan
1
Jan
30
Jan
112%
Jan
954
72%
Jan
May
Jan
Jan
654
Jan
Feb
154
Mar
14%
mmmmrnm
16%
360
12%
Feb
1 flV£
-Tune
17%
17%
16%
25
17% June
23%
1954
m'mm
m
m
-
91
Jan
8
-mrnmmm
'
mmmm mm
4
16
24
230
8
150
7
Jan
Feb
May
50
18
18
29%
2
38M
6%
6%
19
x4%
mm
—m
mm
Apr
50
mmmmmm
mmmmmm
13
91
3%
2
235
90%
23%
7%
11%
mmm mm *'
Hall Printing Co com... 10
Helleman Brewing cap
mm
mm
mm
14%
mmrnmmm
12%
12%
45c
Jan
June
Houdallle-Hershey cl B...*
mmm
mmm
Hubbell Harvey Inc com.5
Hupp Motor Car
17% June
25M June
14
18% June
454
Apr
30
150
28%
Feb
2%
39%
6%
500
50
100
200
4%
June
May
33%
4554
Jan
Feb
6%
Jan
2
554
Jan
Inland Steel Co cap
*
international Harvest com*
Apr
Interstate Pow $6 pref
30%
Jan
10c
June
Jarvls (W B) Co cap
1
Kalamazoo St Ac Fur cap 10
8%
50
Jan
5
Jan
19
Jan
100
4654
Apr
Feb
55%
3954
48%
Jan
40
Mar
Jan
70%
60%
Jan
45%
Jan
52c
Mar
107
Jan
Apr
9%
Apr
Feb
1%
June
*
Katz Drug Co com
1
9%
100
14%
750
50
May
6% May
16
May
8
May
14%
Feb
mm
mmrnm¬
mm
mm
Jan
Jan
20%
Jan
10%
17%
Mar
1654
Jan
Jan
30
40
Jan
80
Jan
100
7%
50
35%
12%
9%
Jan
9%
Jan
12% May
14%
183
12
10
Apr
1354
Jan
15% June
1754
Jan
»i«
Mar
54
Jan
2%
Feb
100
ht
220
8%
25%
650
50
21%
100
1854
May
73%
19%
74%
220
69)4
Apr
51%
406
43%
10
1
20
954
3
1
8
Jan
11%
Apr
8)4 June
7
May
35% June
8%
49%
mmrnmmm.
Jan
23
50
15%
3
8
3
18% May
3% May
15% June
1,200
7%
25%
Indep Pneu Tool vtc
*
Indianapolis Pr A Lt com.*
Jan
34% May
19%
Illinois Brick Co cap
10
Illinois Central RR com 100
June
1%
Jan
Feb
S16
71«
1
com
11%
15%
9%
Apr
53%
35%
June
Apr
52%
Hibbard Spen Bart com.25
Horders Inc com
*
Jan
24
13%
3)4
16
Jan
Jan
96
11
100
4%
19
4%
80%
19)4
2,150
11%
16
8%
7%
35)4
129
May
54
7%
Apr
Feb
6%
4)4
8%
Mar
Jan
2%
30
1
3
30
100
Heln Werner Motor Parts 3
6%
Jan
%
4c June
26
5
40% June
%
mmmmmm
14
com
300
1
10M
mm
10%
9
9
90
mmmrnmm
4%
4%
100
8%
8%
8%
550
4%
4%
45% 45%
100% 100%
3%
3%
350
754 June
May
3%
June
854
May
29%
21%
Jan
Jan
Jan
May
90%
53%
May
2%
Feb
Jan
Apr
14
Jan
9
June
9
June
4
JHD
4%
Feb
7
May
8%
June
3
Jan
Kellogg Switchboard—
Common
*
Ken-RadTube&L'p
com
Ky Utll Jr cum pref
Leath A Co
A*
50
100
6% preferred
com
mmmmmm
mmmmmm
Cumulative preferred..*
LlbbyMcNelllALibby com?
'
mm
mm
5%
25
10
250
45% June
99% June
3%
50
5%
25
546
5
Jan
May
Feb
10
25
5%
50
16
Jan
4% June
50%
Jan
106%
Jan
4
Apr
27%
7%
Feb
Jan
Lincoln Printing Co—
.,..1970
Eastern Mass St Ry—
Series A 4%
1948
Series D 6s..._
100
14
6
Bonds—
Boston A Maine 4S...1960
4)4s
8%
425
Jan
Jan
65
35c
8%
17%
52c
Jan
65)4
103
10
5%
Goodyear T A Rub com..*
11
Apr
*
Gossard Co (H W) com... *
Great Lakes DAD com..*
10
25
26%
......
..1
com..
Jan
Feb
40
mmmmmm
mmmmmm
(Peter) Brewing com.5
May
May
Apr
"35)4
40c
mmm*4*m'
110
17%
9%
14%
26
9%
5%
*
103
mmmmmm
110
250
150
8
5
1
mmmmrnm
100
3,800
6%
180
United Fruit Co
25
m m m
m
30% June
16
May
54 June
27%
Feb
107% May
Goldblatt Bros Inc com,.*
Apr
132
Union Twist Drill Co
6% cum pref
Utah Metal A Ton Co
Jan
Jan
14%
Feb
%
Jan
103% June
2
May
130
Jan
3654
%
86
m
60
110
1,600
4c June
112% 114%
17%
750
39%
May
5%
30%
38%
6%
5c
3
%
mrnmmmm
38%
144
130
%
103% 103%
30%
30%
17%
17%
%
%
28% 28%
ht
3354
15c
4954
•
Jan
13%
22%
5)4
350
hs
430
20
20
100
%
554
36%
Feb
51
''v;
950
6
36%
Feb
4c
6
36%
12%
12%
5)4
95%
Jan
10% May
May
*
50
23
82
10
Gen Motors Corp com.. 10
40
5%
1954
120
86
1% June
140
10
*
Vermont A Mass Ry Co 100
Waldorf System........*
38
17%
Suburban El Sec Co 2d pfd*
..
May
%
13
8%
10%
6%
*
Stone A Webster.......
30
8%
114)4
*
Shawmut Ass'n T C
3)4
25
3
2.50
Pacific Mills Co
*
com
25c June
1%
200
86%
mm~~~~
1
com
3
28
June
21%
U%
554
2154
Four-Wheel Drive Auto. 10
Feb
74% June
Evereharp Ine
21
1%
Feb
Elgin Natl Watch Co_..16
185
4c
"22%
*
Apr
'
180
30%
4%
Elec Household Utll Corp.6
1%
87%
15c
N arragansettRacgAssnl no 1
_.
41%
13
100
National Tun A Mines
Dodge Mfg Corp com
Jan
400
1
2,750
Diamond T Mtr Car com.2
30c
Mflr Old Col Copper Co.25
North Butte
58%
17%
1
Mergenthaler Linotype..*
75
730
5%
»
com
2%
25
Loews Theatres (Boston) 25
Me Cent 5% cum pfd._100
Mass. Utll Ass vtc
Deere A Co
2%
1)4
50
pref
25
com..
7%
23%
30)4
Isle Royale Copper Co. ,15
Lamson Corp (Del) com.,5
6%
78
5%
21%
11%
84%
5%
5%
Cudahy Packing 7% prflOO
30c
*
-
...»
22%
"2%
Hathaway Bakeries cl B._*
Preferred
7
Common
Apr
June
9c June
r
,,.100
Mar
18
Continental Steel—
Eddy Paper Corp (The)..*
50
3354
1354
25
Vtc pref particshs___50
9c
50)4
Jan
Common pt sh v t c B.»
Container Corp of America
Common
20
6%
100
1st preferred..
Capital
2%
9c
100
Eastern SS Lines
10
com
May
May
Eastern Mass St Ry—
Common
Cities Service Co
June
East Fuel A Gas As—
4)4% prior pref
6% pref
June
10%
Consolidated Oil Corp...*
Consumers Co—
18
5%
__10
East Boston Co
Apr
16
Commonwealth Edison—
Apr
34%
50%
33
7
Chicago Yellow Cab cap..*
Chrysler Corp common..6
Coleman Lamp Ac St com.*
186
2)4
pref.*
Jan
940
11%
conv
June
1%
2)4
20%
Jan
16
%
97M
7%
2
2%
_
Class D 1st pref
100
Boston Per Prop Trusts.,*
Jan
Jan
50
28%
104%
2
Class C 1st pref std-.lOO
Class D 1st pref std
100
*
Mar
2
Class B 1st pref std-.lOO
Class B 1st pref
100
8)4
18%
90
Chicago Corp common...1
Jan
87%
26%
41)4
2%
1%
5%
6
Apr
13)4 June
1,000
*
Chicago Towel
A Maine-
Common
3754
17%
16%
Convertible preferred..*
Shares
High
Apr
12%
50c
Prior lien preferred....*
Chain Belt Co com.
Week's Range
600
600
Low
32%
12%
1
Preferred
Hale
1,145
16%
16%
pref. .*
conv
37%
7%
15%
17%
16%
Cent 111 Pub Ser S6 pref..*
Central 111 Sec
Range Since Jan. 1, 1941
Shares
mmmmrnm
10
6% cum conv pref
30
Catnpb Wyt Ac Cn Fdy cap*
36
14%
6
Bracb A Sons (E J) cap..*
Bruce Co (E L) com
5
High
7
Bliss Ac Laughlln Inc com.5
Common
inclusive, compiled from official sales lists
Last
36%
Low
Centra] A S W—
Exchange
Friday
Week
5
com
Common
June 21
for
of Prices
Price
Par
Butler Brothers
Bonds—
Bait Traalt
Stocks
Week's Range
Hale
Apr
Maryland A Pa RR
Hales
Friday
11,000
66% June
19
Jan
74
Mar
30
June
83)4 pref
Lindsay Lt & Chem—
Common..
104% 104%
1948
106
106
81,000
550
101M
Jan
105
Feb
105%
Apr
108% June
*
Marshall
inclusive, compiled from official sales lists
Field
com
*
Masonite Corp com.
*
7
7
*
com
Loudon Packing com
2
100
11%
15%
80
2%
15%
2%
McCord Rad Ac Mfg cl A.. *
McWilliams Dredging com*
Chicago Stock Exchange
June 21 to June 27, both
*
_
Liquid Carbonic
19
19
600
11%
30
6%
Jan
13% May
1%
Feb
9
Jan
21
Mar
8
Apr
1654
Jan
2%
June
14%
Feb
June
8%
15%
8%
300
1,970
554
13%
Jan
16%
Jan
854
16%
mmmmm
22%
22%
20
20%
Apr
2854
Jan
mmmmmm
3%
3%
400
3%
Mar
4%
6%
Apr
7
Apr
16
Mar
Mer A Mfrs Sec—
Friday
Last
"
Hale
.
Stocks—
Par
Abbott Laboratories
Adams (J D)
Mfg
Adams Oil & Gas
com
com
com
Price
*
*
*
Hales
Week's Range
of Prices
Low
48%
mmmmmm
9
4%
High
for
Range Since Jan. 1, 1941
Week
Hhares
49
123
9
20
4%
100
Advanced Alum Castings .5
2%
2%
300
Aetna Ball Bearing com__l
11%
28M
15%
21%
11%
50
29%
15%
Allls-Cbalmers Mfg. Co..*
mmmmmm
WW
Allied Prods Corp com..10
Class A.
25
Amer Tel A Tel Co cap. 100
Armour A Co common...6
----
155
Aro Equipment Co com__l
Athey Truss Wheel cap—4
Aviation Corp (Del)
3
mmmmrnm
3%
Class A
Low
46
8%
Feb
100
4%
May
Jan
Jan
Modified
110
25%
May
36%
Jan
$1 prior pref
50
14%
Feb
16%
Apr
Minneapolis Brew Co
23
Jan
Monroe Chemical Co pref.*
50
19%
Apr
1,494
149)4
May
3,800
4
Apr
150
7
May
2%
2%
100
2
Apr
3%
3%
3,950
2%
Apr
150
9%
Feb
17%
17%
200
16%
May
11
11%
160
10
Jan
5
2,250
4%
May
5%
150
3%
Feb
11%
Apr
12%
May
Jan
12%
Apr
54
May
May
11
250
3
11%
250
3
%
%
150
1%
16%
1%
16%
2,150
6%
U%
6%
350
11
%
Jan
Miller A Hart—
Vtc common stock
1%
preferred...24
com
1
Jan
5)4
Jan
9
Jan
Montgomery Ward com _•
Natl Cylinder Gas com
1
3%
Jan
National Standard
5%
Jan
Noblltt-Sparks Ind cap..5
10%
19%
May
12
May
Common
Nor 111 Finance
16%
10
168)4
Apr
4%
5%
100
3%
12%
21%
4%
mmmrnrnm
100
Mar
10
6% prior lien
7% prior lien
7% preferred A
May
May
10
10
Jan
2%
Bastian-Bleasing Co com.*
For footnotes see page 4107.
Jan
11
2%
Barlow ASeellgMfg A com 5
Belden Mfg Co com
53%
11
158%
4%
4%
7%
7%
155
Middle West Corp cap._.6
Midland Utd conv pref __*
Midland Utll—
High
Mar
1
com
*
com
.
.
10
35%
1%
mmrnmmm
mmrnmmm
mmrnmmm
*
com
N'west Airlines Inc com..*
Northwest Bancorp com
mmrnmmm
.
.
*
______
x5
5
200
50
% May
10
Jan
554 June
454 June
1% June
16% June
6% June
6%
Jan
35
35%
90
35
June
1%
35%
10%
1%
36%
100
1
Jan
154
Feb
339
3154
May
10%
300
25%
25%
150
24
25%
26%
300
24%
8%
8%
10%
8%
100
8%
50
11
7001
854
37
May
39%
Jan
Apr
11
Jan
May
32
Jan
Apr
3254
Jan
May
1054
Feb
754 June
10
Apr
1054
Mar
8
14
Jan
I
Volume
The Commercial & Financial Chronicle
152
Sales
Friday
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Par
Range Since Jan. 1, 1941
Low
Shares
High
Stocks (Concluded)
Week's Range
for
of Prices
Low
High
Week
Price
Par
Lamson & Sessions
*
4%
55 x
100
100
Parker Pen Co (The) comlO
Peabody Coal Co cl B com 5
7% preferred
12
56 x
20
Feb
63
Feb
Leland Electric
.*
10
9%
Prior lien pref.,—
9x
30
6
May
13
Jan
Medusa Portland Cement *
50
11
Apr
13%
Jan
Metro Paving Brick
*
Midland Steel Prod
*
12
12
ix
50
Peoples Q Lt&Coke cap 100
"39 %
ix
200
23 x
550
22
Feb
38 x
40
359
36%
JaD
(The) Co..*
22 X
22 x
50
Poor <fc Co cl B
*
6x
100
Pressed Steel Car com
1
6%
10 X
x
74
22% June
5%
Apr
1% June
Apr
25%
43%
Mar
Jan
National Refining
8
Jan
Prior preferred
National Tile
10%
ix
72 x
350
13
Jan
50
1%
Feb
3
Mar
450
72%
June
105
Jan
Feb
9%
10
Apr
12
Feb
17
Jan
23
June
100
%
June
1 %
Jan
50
26%
Apr
38%
Jan
435
Jan
13% June
3%
119
%
%
16% June
350
100
1%
1%
al2% al2%
"i'x
7
30
45%
110
*
*
N Y Cent RR com
c
Mar
58
108
3%
*
Nestle LeMur A
4%
11
44%
45%
*
High
Jan
x
(new) .*
6%
3%
a29% a30
11%
13%
al8% al9%
13%
1
National Acme
Low
845
23
•
%
Miller Wholesale Drug...*
27
75
IX
(The) com..*
Quaker Oats Co common.*
Jan
Range Since Jan. 1,1940
Shares
4%
23
54%
23 X
Penn RR capital
Process Corp
Last
Sale
N West Util—
Perfect Circle
Sales
Friday
Last
Stocks (Concluded)
4105
1%
23%
Jan
Mar
3% June
Mar
26
45% June
%
June
X
Jan
1 %
jMar
l%|June
10
11% June
15%
Jan
66
18
23%
Apr
Raytheon Mfg Co50c
6% preferred..
5
Mills com 4
2x
ix
Rollins Hosiery
100
2x
ix
3
2x
Common
1
Jan
2% June
Ohio Brass B
c
500
%
Jan
1%
June
150
2%
Apr
4%
Jan
Ohio Oil
*
com..
Ohio Confection A
18%
Serrlck Corp cl B com
71x
"3%
1
22%
Jan
1,141
67%
Apr
78%
Jau
500
1%
28%
Mar
30
3x
28x
40
Feb
4% June
Jan
June
12
8
6%
June
10%
11%
10
11%
Mar
al9%
60
16% June
22%
31%
32%
a42% a43
705
30
Apr
35%
Feb
43
a56% a58%
5
4%
136
34%
49%
Apr
70%
*
al9
*
Republic Steel com
__....*
Richman Bros
Standard Oil (Ohio)
31%
25
15
100
14%
Jan
29%
Apr
Mar
18
200
35%
Jan
Van Dorn Iron Works
5x
230
4%
Apr
6%
Jan
ix
500
Jan
29 x
30 x
1,283
7x
325
1%
25%
6%
2
26
30%
7
6
a42%
Weinberger Drug Stores..*
White Motor
.50
Apr
Mar
Apr
Feb
30%
..*
U S Steel com
*
June
6%
720
80
Feb
9% June
Mar
12
Jan
.
May
Jan
Jan
June
Jan
1,100
3%
May
9
123
8%
Apr
10%
al5% al6
12
12%
30%
Feb
17%
Jan
Apr
42%
Jan
8%
a36%
Youngstown Sheet & Tube*
85
a37%
5
Jan
Jan
May
8%
c
20
7
ix
1
Stewart Warner
7
0.7 x
31
Standard Dredging—
Standard Oil of Ind
a9%
a7%
11%
15
5x
2
Common
Packer Corp
c
a9%
*
31
15
Sivyer Steel Cstgs com...*
Sou Bend Lathe Wks cap.5
Spiegel Inc common
3x
28 x
Signode Syeel Strap pref .30
18% June
150
19
72x
18x
19
___*
Otis Steel
Sangamo Electric com
*
Sears Roebuck A Co cap..*
18%
*
;
Jan
36
Sunstrand Mach T'l com.5
30 x
30 x
200
29
Swift International cap.. 15
18x
19 x
402
1,850
19%
24%
Jan
22 X
40x
3x
645
17% Mar
19% May
34%
Feb
40%
June
56
3% June
6%
Jan
10
10
100
70 x
72
395
61%
Fsb
120
9%
53%
May
17
Jan
May
69%
Jan
49%
Apr
70%
Jan
Swift A Co
25
22%
22
Texas Corp capital
25
39 %
38
Thompson (J R) com
2
25
Trane Co (The) com
x
3x
Onion Carb A Carbon cap *
United Air Lines Tr cap..5
10 x
10X
U S Gypsum
58x
59
20
Co com
57 %
United States Steel com..*
7%
cum
100
pref
Tx
Utah Radio Products com 1
Utll & Ind Corp conv
pref 7
"19"
50
58x
55x
118x 120 x
1
1,786
279
ix
ix
ix
18x
550
150
24x
19 x
24x
310
Western Un Teleg com 100
Westnghs El A Mfg com.60
Wieboldt Stores com
*
94x
94x
40
Walgreen Co com
»
232
8
2%
Williams Oll-O-Matic com *
8
50
2x
4x
3
*
Woodall Indust com
2
"I"
Wrlgley (Win Jr) Co cap.*
Yates-Amer Mach cap...5
68 %
68 x
"llx
3x
11x
Zenith Radio Corp com
4
100
50
3x
375 1
12
12
Jan
72% June
130
Watling, Lerchen Sl Co.
New
Members
York Stock Exchange
Exchange
Detroit Stock
Ford
Building
24
May
24%
June
104%
1
Jan
4%
Mar
3%
May
8
Detroit Stock
Jan
June
June 21 to June 27,
Mar
5%
Jan
Friday
5
3%
10%
Last
Week's Range
for
79%
Jan
Sale
of Prices
Week
May
5%
15%
Jan
May
Par
Stocks—
Par
Stocks—
Week's Range
for
Sale
of Prices
Cin Gas & Elec pref
1
High
Range Since Jan. 1,1941
Low
Shares
20%
54
98%
78
98
2%
2%
Cincinnati Telephone...50
80 x
79%
80%
156
._._25
3%
2%
7,582
50
Cincinnati Street
Cin Union Stock Yards...*
10%
3%
10%
Eagle-Picher .......... 10
8%
8%
15c
15c
15c
300
5%
5%
6
500
Apr
92c
92 c
95c
400
75c
Jan
40C
40c
200
25c May
29%
18%
29%
19%
16
25
25%
Early & Daniel...
.*
Formica Insulation
*
25
Gibson Art
Burry Biscuit com—12%c
Consumers Steel com
1
Continental Motors com
Feb
20% June
Feb
Detroit Paper Prod com
4
Jan
Federal Mogu
99
Jan
Frankenmuth Brew com.
June
Jan
14%
Jan
10%
29% June
27
18
May
23
Mar
245
25
June
29
Jan
General Motors com
Hurd Lock & Mfg
25%
26
378
Kinsel Drug com
24
24
10
1
216
*
58 x
56%
58%
3%
30
Jan
19x
Feb
24
June
x
Jan
1
Feb
95
500
13
......
4%
Wttr
i.
..
.
60c
--««.
30c
^
^
'm
-
68% June
4
Jan
Masco Screw Prod com
Apr
34
Feb
McClanahan Oil com
*
3%
2%
3%
816
Jan
3% May
Michigan Silica com
26 x
24%
26%
193
15
Feb
26% June
25
13x
13x
10%
14%
10 X
3x
39x
354
11%
Feb
15%
...
Michigan Sugar pref
Mill
City Ice.....
Columbia Gas
_—*
2%
General Motors........ 10
38x
.—.
.
Jan
26
8%
Apr
10%
Feb
136
2%
May
4%
Apr
45c
11%
Apr
1%
May
192
36%
May
48%
Jan
.
— .
4%
1,414
3%
Apr
39%
1,184
36%
May
2%
2%
220
2%
Mar
2%
Jan
60c June
1.00
Jan
-
-
-
6%
436
10% May
30c June
47c
47c
550
Feb
24%
590
Feb
26%
46c
23
May
5
1%
200
Apr
May
Jan
400
1%
1%
2
1%
1%
Mar
20c
900
16c
Jan
25c
Jan
1%
1%
100
1
May
6%
6%
600
Jan
May
550
1%
310
1%
7%
200
7
1%
1%
2
_.*
*
.2 %
Peninsular Mtl Prod com .1
Prudential Invest com—1
City Ice & Fuel..
—
Cleveland Ry
Cliffs Corp com
Colonial Finance.
pref
Eaton Mfg
Faultless Rubber
General Elec com
Goodrich (B F)
25
160
17%
86c
86C
300
1%
1%
364
2%
1%
2%
630
1%
1,400
3%
3%
510
1%
1%
100
1
Feb
1%
950
1%
1%
95
95
50
1%
1%
2,050
3%
Jan
Jan
May
30%
Feb
Jan
86c May
20%
1.25
1% June
1%
Jan
2
Apr
2% June
ix
Apr
1%
3
Apr
4% r Jan
1% June
Jan
Jan
Jan
2%
Apr
June
99%
Jan
1% May
1%
Jan
Feb
IX
95
53c
53c
150
50c
Jan
C66c
-1
3%
200
3
Feb
4%
Jan
3%
3%
3%
150
3% May
3%
Mar
4%
4%
100
4% June
5
10%
10%
com—*
*
4%
3
*
— .
.
1%
1
com..4
Jan
...
200
8
3
110
2%
3%
Apr
1%
1%
455
1
Feb
1%
Jan
2%
1
Specialties
Walker & Co cl B
2%
600
2
Jan
3%|May
3
Los
Apr
Mar
10% June
Angeles Stock Exchange
both inclusive, compiled from official sales lists
1,1941
Sales
Friday
104
4x
8
150
2,044
8%
95
Last
High
Low
Jan
Mar
Apr
Jan
6%
11
Mar
Jan
115% June
Broadway Dept Store Inc.*
104
Feb
June
78%
225
70
Apr
79%
580
25% June
32%
Mar
725
12%
17%
Jan
75
10
10% June
110
Jan
Par
60c
Bandlni Petroleum Co—1
Barker Bros Corp com...*
Barnhart-Morrow Cons.. 1
Blue Diamond Corp
2
Bolsa Chica Oil cl A com. 10
10%
27%
28%
28%
100
14%
14%
5
10%
10%
-.1 "16%
all5
all5
100 all5
a32
a32%
---*
Apr
Stocks—
13
Week's Range
for
of Prices
Low
High
Week
Price
Range Since Jan. 1, 1941
Shares
Low
High
June
June
Aircraft Accessories
50
29
June
36%
15
Feb
Central Invest Corp—100
50
12% June
28% June
16%
a32% a32%
35%
Jan
.*
al2% al3%
al7% al7%
106
11%
Apr
14%
Jan
Chrysler Corp
6
Consolidated Oil Corp....*
June
20%
Jan
1.40
1.40
1.50
100
1.20
2%
2%
2%
300
2%
Jen
8%
8%
8%
140
6%
May
10c
alOc
10c
300
a
a
May
2%
Jan
3%
Jan
8% June
2%
2
Jan
2%
1%
2%
1%
880
1%
5%
700
1%
Jan
2
May
5%
5%
5,031
3%
Apr
5%
June
1%
Feb
Jan
12%
*
12%
*
al7%
Goodyear Tire & Rubber.*
Great Lakes Twng pref .100
Greif Bros Cooperage A__*
Halle Bros com
—5
Harbauer Co
*
11
16
80
10
71%
45
25
44
11
3%
12
Kelly Island Lime & Tr..*
4107.
12
Apr
48% June
85
Mar
200
4
12
Jan
June
<
10%
Apr
11
382
11
a23% a23%
40
40%
*
For footnotes see page
77
80
45
Industrial Rayon com..*
Interiake Steamship
May
657
521
1
1
June 21 to June 27,
50
10
103
78%
2%
2%
18%
ix
.*
—
Union Investment
United
50
al0% al0%
78%
June
~
....
United Shirt Dist com
Shares
5%
104
Cl Cliffs Iron pref......-*
2
26%
—
Week
al0%
.—*
Jan
Apr
2%
-
Sale
100
Preferred
Dow Chemical
of Prices
Low
High
10
Jan
1%
1%
18%
-
-
-
(Fred'k) pref—100
Udylite
Range Since Jan.
for
10
6% June
11
1%
-
2
Tom Moore DLst com
Sales
Week's Range
Sale
5
Jan
1%
6% June
Exchange
Last
Amer Coach & Body
5,450
Apr
Jan
May
26%
2%
Packard Motor Car com
1
Simplicity Pattern com.. .1
StdTube clB com. ...... 1
A. T. A T. CLEV. 565 & 566
5%
Jan
Jan
3%
6%
both inclusive, compiled from dfficial sales lists
50c
Jan
240
1%
7%
River Raisen Paper com.
Billiloj, Cleveland
Friday
Akron Brass Mfg
Jan
60c
24%
Jan
45c
6%
Wayne Screw Prod
Price
52C June
1,650
1%
Warner Aircraft com
Par
Mar
30C
7%
com—1
com50c
*
Mich Die Casting—1
Sheller Mfg com
GILL1S f°J RUSSELLco.
Stocks—
Jan
4% June
Jan
48%
30c
Motor Products com
Tivoli Brewing com
Cleveland Stock
2%
7%
13%
4%
5%
Stearns
June 21 to June 27,
Jan
4%
38%
19c
-
.1
10
Rickel (H W) com
Members Cleveland Stock Exchange
Telephone: OHerrj 5050
Jan
600
19c
Parke Davis com
Union Cimmerci
14
Jan
Ohio Listed and Unlisted Securities
c
2%
1%
1%
1
1
Parker Rust-Proof com
c
Apr
Jan
10c May
1%
4
Micromatic Hone
Unlisted—
Am Rolling
23c
1 %
Mid-West Abrasive
Preferred
Jan
20c May
225
13
3%
1%
1%
Lakey Fdry & Mach com _
LaSalle Wines com
-.2
50
U S Printing
.
.
10
1
29%
ix
Card......10
U S Playing
.
Kresge (S S) com
50% May
3x May
58
31%
13%
Feb
24% June
1,143
3%
30%
Randall cl B_-
3,200
17c
12
Houdaille-Hershey cl B
.;—
p & g
2,757
2%
93c May
4
Mar
11%
Jan
%
22%
14c
Mar
Mar
*
*
com—1
1
Apr
45
"l"
21%
2%
21%
50c
94c
Jan
4% June
105
_*
68c
310
Apr
.2.50
855
5
June
_
79c
4%
12
.... .
76c
-
-
Jan
1.00 May
1.25
30c
34
Lunkenheimer
May
91c June
100
101
Magnavox..
Mar
2%
100
1,120
5
June
60c
210
52c
10
25x
403
91c
65c
118
_*
87c
2%
91c
52c
12
Kahn
Jan
60c
34%
Kroger
20c
6%
.1
Grand Valley Brew com
12
101
Apr
15c June
5%
14c
-
1
Graham-Paige com...—1
34
-
7%
Jan
2%
-
Goebel Brewing com
101
.
_
5%
85c
-
91c
1
*
1
6%
2%
w »
3
10
Gar Wood Ind com
*
_—- _
85c
6%
3% May
preferred...*
_
..
com
*
Callaher new
~
•»
1
10
Detroit Edison com
100
Det-Michigan Stove com.l
107%
29
50
*
*
Hall Lamp com
Hobart A
..
June
2x
79x June
2% May
Jan
10%
7x
Apr
210
Rights
High
1
McLaren com—.1
May
152
Low
460
6%
Det& Clev Navcom
High
16x
98
100
Range Since Jan. 1,1941
Shares
5
1
Crowley Milner com
20%
Mach—20
Amer Laundry
Low
High
Brown
Week
Price
Low
Baldwin Rubber com
Sales
Last
Price
Anr
Exchange
Friday
Sales
Jan
May
63
both inclusive, compiled from official sales lists
21 to June 27,
Exchange
both inclusive, compiled from official sales lists
3%
Auto City Brew com
June
DETROIT
Telephone: Randolph 6530
Atlas Drop Forge com
Cincinnati Stock
New York Curb Associate
Chicago Stock Exchange
Jan
1% May
Jan
1%
Feb
19
50
69
4
Jan
85% June
5%
Feb
850
Wise Bankshares com
June
115% June
% Mar
1%
Feb
17%
Apr
650
4x
9
Jan
Feb
2%
20% June
26
235
40
June
43%
Jan
145
11
June
12%
Mar
50
4%
Apr
Jan
Consolidated Steel Corp..*
Preferred—
*
1
Douglas Aircraft Co
*
Electrical Products Cor p.4
Emsco Derrick & Equip..5
Exeter Oil Co cl A com.l
Fltzslmmons Stores Ltd__l
Creameries of Amer v t c.
_
11
a59%
6
5%
11
10%
a59% a59%
6
19%
5%
19%
5%
5%
a72
a72
6
6
19%
327
50
•
684
680
579
Jan
11%
Apr
June
68%
May
5%
Apr
6%
May
5%
June
9%
59
17
Feb
8
20%
6
350
5%
June
a72
5
68%
Feb
72%
207
8%
6
Jan
Jan
Mar
Mar
May
9%
7
7
7
115
6%
May
7%
Jan
15c
15c
15c
1,200
15c
June
25c
Feb
a8%
a8%
a8%
25
7%
Apr
a8%
a8%
a8%
Jan
9% June
The Commercial & Financial Chronicle
4106
Range Since Jan. 1, 1941
Last
Week's Range
for
Rale
of Prices
Week
Low
Price
Par
10
a385*
General Paint Corp com. .»
Goodyear Tire & Rub Co.*
65*
al7%
Holly Development Co—.1
com
40c
Lockheed Aircraft Corp_.l
Los Angeles Invest'mt-.IO
200
5%
48c
48c
9c
9c
36c
Menasco Mlg Co
1
6% 1st pref
6%% 1st pref—
26
-
*
Pacific Pub Serv 1st pref.
«345*
a!5%
Pacific Western Oil Corp 10
al 6%
100
May
110
Mar
Apr
28%
375*
185
15% 015%
06% 06%
52
15
5
Jan
12
Apr
14
Feb
Apr
12
13
123*
13
294
10
10
198
193*
95
175*
134
99
85*
83*
Richfield Oil Corp corn.._»
a
36
53*
53*
a7H
1
3%
1
2%
3%
2%
23%
So Calif Edison Co Ltd..26
23%
30
28
16% May
Mt Fuel Supply Co.
53*
280
10
30
Natl Fireprooftng Corp
65c
70c
1,300
13*
13*
1%
10
Jan
21
7%
630
25*
284
475
871
845
Jan
205*
175*
17.5* June
Apr
Jan
13*
Mar
175* June
Jan
105
jan
105*
Apr
Mar
60
16%
a7%
3%
2%
23%
30
28%
a7%
Ryan Aeronautical Co
Solar Aircraft Co
Jan
Jan
Jan
945*
85*
Jan
10%
11%
Apr 'i
1,938
36
al6%
36
15*
25
965*
83*
Penn Federal Corp com..*
Republic Petrol 55*% pf 60
95*
120
205*
175*
193*
96
com.....*
Home (Joseph)
15*
13*
Koppers Co pref.
.100
Lone Star Gas Co com.—*
June
6
175
10
Harbison Walker Ref com *
333* June
a
25
20
10
Devonian Oil Co..
June
30 %
3
High
18% Apr
65* Apr
73* Mar
23* May
80
85*
35*
85*
Low
165
Duquesne Brewing Co...5
Fort Pitt Brewing
1
May
22 %
100
41
9%
323
75*
75*
Byere (A M) Co com..... *
Col Gas & Elec Co
.*
Jan
May
300
aGVe
Puget Sound Pulp & Tim.*
3,282
1%
9%
24%
31%
28 %
40%
41
10
5%
1, 1941
Range Since Jan
Shares
235*
73*
22%
Allegheny Ludlum Steel..*
Blaw-Knox Co—
—*
Jan
Apr
960
Jar
Week
Price
Par
,
of Prices
Low
High
Apr
20c
20
a33% a34%
28%
25
Pacific Indemnity Co
Pacific Lighting com
8c
674
9%
24%
31%
28%
9%
24%
31%
Stocks—
Week's Range
Sale
48c June
4,400
24%
25%
7% ' 8
1%
1%
Last
May
17%
1,000
34c
«
7%
1%
Pacific Gas a Elec com —26
40
Sales
Friday
May
100
both inclusive, compiled from official sales list
May
25%
Pacific Finance Corp com 10
Pittsburgh Stock Exchange
June 21 to June 27,
37%
35c
Lac Chemicals Inc
Low
Shares
242
9c
Lincoln Petroleum Co.-10c
High
a38% a39%
5%
6%
017% 017%
48 c
General Motors
1941
28,
Sales
Friday
Stocks (Concluded)
June
4
1%
Jan
303*
295*
Pittsburgh Screw <fc Bolt.*
53*
Jan
28
Pittsburgh Plate Glass..25
Jan
5*
4
Pittsburgh Brew Co com .*
Jan
9
Feb
May
25* June
225* May
29
May
10
Reymer <fc Bros com
*
-.5
15*
Jan
Mar
26
65*% pref cl C
26
So Calif Gas 6% pref cl A 25
28%
29%
28%
32%
32
32%
217
Jan
11V*
11%
21%
11%
575
285* May
315* May
85*
Jan
343*
Southern Pacific Co
125*
21%
516
Feb
23
a31% 031%
9%
9%
4%
4%
20
25
Feb
392
315* June
95* June
55*
Jan
1
410
274
79
77%
5%
Mar
345
1
15*
465
1
73*
73*
73*
100
73* June
23*
25*
275
215*
205*
213*
343
25*
25*
60
Jan
Jan
Jan
15*
965*
723* June
45*
Apr
53*
Jan
15*
2
Jan
75*
13*
June
Jan
Mar
9
Feb
3
Jan
May
18
Ruud Mfg Co
79
6
55* May
60c May
13*
Jan
6% pref B
*
•
21 %
Superior Oil Co (The)...25
Taylor Milling Corp.....*
a3\%
Standard Oil Co of Calif.
Transamerlca Corp..
9%
2
4%
Transcon & Western Air.. 6
a\0%
13%
Union Oil of Calif
21
Universal Consol Oil
1C
G%
7%
Vega Airplane Co.....Ik
alO% 010%
13%
14
6%
6%
7%
7%
1,078
85* May
45*
May
HhamrockOil&GasCocom 1
Westnghse Air Brake
*
May
Apr
225*
Jan
Jan
25*
Jan
j
Unlisted—
May
2
175*
Pennroad Corp
vtc.....it
....
2
8
1,024
13
Jai
145*
"
9
Jan
Jan
800
6%
964
4J*Ap
85* J one
35* June
5
Ap
St. Louis Listed and Unlisted Securities
r.-<
Mlnlna Stocks—
3%
3%
3%
275
7c
Alaska Juneau Gold MnglO
7c
7c
1,000
5c
Jai
10c
Ma:
5*c
Edward D. Jones & Co.
Mar
3,000
5*c
Mar
Black Mam Cons Mng.lOt
He
He
5*<
Imperial Development.25t
Jan
Established 1922
Boatmen's Bank
I*
Unlisted—
AMyf'A-
Amer Tel A Tel Co. ...1(X
Anaconda Copper..
al55%
5(
Armour & Co (111)
Atchison Top & San Fe.100
Atlantic Refining Co
a27%
a4k
<z203
3k
Bethlehem Steel Corp
Canadian Pacific Ry
*
(Del) 5
a3%
10
9
28
General Electric Co
32%
General Foods Corp.....*
Goodrich (B F) Co
*
Intl Nickel Co of Canada.*
Intl Tel & Tel Corp
Feb
14
35
a36%
13
026%
a2
*
35*
Mar
45*
Apr
45*
Jan
56
3
Apr
25
11
Jan
9
649
28
28
100
32%
325*
338
13
13
20
25* May
Feb
175*
Feb
75*
255* Apr
285* May
355* Mar
200
Feb
115*
11
28
June
Sale
035%
New York Central RR___*
12%
2%
Jan
135*
Mar
Columbia Brew com
Burkhart Mfg com
37
100
25*
Apr
35*
12%
270
115*
Jan
125*
Apr
Apr
15
31
175*
Jan
17 V*
Jan
23*
Jan
12%
al4%
al4% al4%
North American Co
a!2
012
al2%
43
125* June
09
a9%
105
65*
Feb
25* May
225*
Feb
»
Ohio Oil Co
a9%
a2%
Packard Motor Car Co...*
Pennsylvania
RR
60
Pure Oil Co
*
Radio Corp of America
*
Republic Steel Corp
•
a23%
a9%
Seaboard Oil Co of Del...*
Sears Roebuck & Co
..*
Socony-Vacuura Oil Co..16
o4
19%
15%
o72%
a
a9
5%
5%
Standard Oil Co (N J)...25
Studebaker Corp.
.1
39%
a5%
..25
Texas Corp (The)
26
Tide Water Assoc Oil... 10
Union Carbide & Carbon.*
United AircraftCorp— 6
U S Rubber Co...
10
U 8 Steel Corp
•
Warner Bros Pictures Inc 6
Willys-Overland Motors.. 1
022
39%
220
15%
Jan
June
95* May
3
25
Jan
"
10
a
May
June
43*
Jan
175* May
223*
Jan
37
705*
May
723*
Apr
50
85*
Apr
95*
May
12%
65
5%
160
275
a5%
47
55* May
34
Jan
45* May
63*
Jan
393* June
83*
Jan
23
022%
49
22
39%
248
37
155
95*
Mar
43
64J*
Feb
365?
Feb
383* May
215*
Feb
24
Apr
Apr
683*
Jan
39%
Mar
Jan
10%
071%
a 40%
a22%
56%
3%
al%
a39% o40%
a22% 022%
57%
55%
50
136
505*
3%
3%
700
al%
al%
16
39
23*
Feb
15* May
Feb
393* June
105* June
71
June
35* June
15*
Stocks—
Par
of Prices
Low
High
Shares
*
American Tel & Tel
10%
100
Bankers Sec Corp pref
Barber Asphalt Corp
15
50
10
103*
1553* 1585*
10%
"T%
476
659
110
16
95*
132
4
45*
405
63*
7
281
9
Budd (E G) Mfg Co
*
Budd Wheel Co
*
Chrysler Corp
5
573*
595*
160
Curtis Pub Co com
*
"1J«
"u
15*
*
293*
305*
293*
303*
Prior pref
Electric Storage Battery 100
Low
Feb
95*
1483* May
Feb
123*
65* May
23* May
Feb
55*
55
May
June
June
140
293*
275* Mav
383*
393*
33*
45*
5,531
675
3
11%
1685*
6
30
93*
Hussmann-Ligonier
com.*
65*
63*
190
Huttlg S & D
7
.5
com
1.05
Hydraulic Prsd Brk preflOO
International Shoe com.-*
.
Midwest Ppg & Spl com..*
Mo Prtlnd Cement com.25
National Candy com
._*
53*
363* May
25*
Feb
13*
Jan
53* May
50
235*
235* 24
1665* 166 5*
1,278
22
Feb
45
163
Apr
255*
1825*
1155* 1155*
303* 305*
10
105*
145*
165*
253* 253*
10
1135*
Apr
118
260
295*
Mar
Scott Paper
Sun Oil
—*
United Corp com
Preferred
Westmoreland Inc
.
65*
*
1085*
7i«
200
Ju
5*
178
»u
369
235*
75*
107J* 1085*
122
22%
63*
4107
12
333* June
Apr
505*
«16
Apr
162
Apr
195*
63* May
1045* May
50
105* June
7,703
16
20
135*
135*
65*
440
1.60
Jan
Apr
Feb
15
Feb
Feb
165* June
53* June
45* Mar
55
53*
Mar
75* Mar
53* June
Jan
1.00
Apr
1.60 June
965*
Feb
17
94
Feb
9
June
995* June
975* May
Jan
145*
100
*
Warrants.
T- "* -
60c
...
Securities Inv
105*
60c
35
35
*
com
53*
103*
195
60c
240
60c June
35
15
35
1
Vardman Shoe com
1
1.01
Wagner Electric com...15
245*
25
803*
1.55
Jan
803* $22,000
26,000
255*
3,500
835*
June
385*
Jan
53* June
300
55*
Sterling Alum com
83*
1.15
Jan
20
1.00 June
432
235* May
28
68 %
803* June
25% June
1.01
Mar
Jan
Bonds—
St L Pb Sv 1st mtg 5s. 1959
25-year conv Inc
Scullin Steel 3s
1964
255*
21
1941
835*
815*
Jan
115*
79
Jan
May
863*
Francisco Stock
Jan
Exchange
both inclusive, compiled from official sales lists
Sales
Friday
Range Since Jan. 1,1941
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Par
Shares
1.45
50c
100
Low
:
High
1.05 May
2.10
Jan
95*
Jan
5
Jan
73*
75*
820
7
Jan
45*
100
45*
Mar
Atlas Imp Diesel Engine..5
75*
75*
260
Jan
9
95*
350
65*
75*
Apr
115*
135*
65*
300
85*
Apr
14
5
Jan
7
Calamba Sugar com
♦
20
*
•
125*
-
65*
-«
73*
73*
19
50
June
83* June
Jan
May
Jan
185
7
May
95*
Feb
339
17
Feb
213*
Mar
26
110
253* May
275*
Jan
2.55
510
2.50 May
253* May
4.00
Jan
73*
19
Feb
Jan
253*
Calif Water Service pref .25
C Counties G&E 1st pfd 25
2.55
Apr
Feb
Cons Aircraft Corp com—1
Cons Chem Ind cl A..
*
Creameries of Am Inc com 1
.
—
««
»
„
Preferred
Preferred
El Dorado Oil Works
53*
*
1.60
♦
583*
Jan
Firemen's Fund Ins Co..25
5*
Mar
7ie
Feb
Foster & Klelser pref
10
General Motors com
1,443
53*
June
65*
173
113*
May
155*
86
1.60
107
82 5*
Anr
1.60
147
1.40
Feb
75*
113
Jan
Gladding McBean & Co..*
6
Jan
35*
85*
1,350
185*
235
413*
no
41
225*
47 5*
Jan
18
413*
7
475*
383*
75*
Mar
85* June
Jan
10
213* June
Mar
40
47
275*
505*
May
6
Apr
1,052
37
May
100
5
Jan
53*
Feb
39
Jan
Mar
195*
132
98
75*
53*
75*
1,465
55*
8
445*
365
383*
1.75
Feb
65*
65*
92
Jan
May
Jan
Feb
-
1015* 103
175*
175*
103
General Paint Corp com..*
103*
26
100
55*
125*
*
Jan
205* May
Mar
22 5*
225*
25
Jan
27
185*
85*
413*
Gen Metals Corp cap..25*
13*
303*
432
285*
Jan
305* June
63*
7
Emporium Capwell com..*
50
Ewa Plantation Co cap..20
28
855*
—
100
Preferred (w w)
305*
263*
305*
125*
—
Crown Zellerbach com...5
Di Gioeglo Fruit com...10
2.50
263*
22 5*
-at-
Firemen's Fund Indm.__10
19
1.45
43*
Apr
1175*
1.45
10
Jan
383*
*16 June
25
43*
25
8 5*
1.10 June
315*
53*
May
Anglo Calif Natl Bank-20
313* June
Jan
125*
165* June
265* May
Jan
5*
12
10
Feb
Feb
5*
533*
.*
lor lootnotes see page
125*
235*
59
""%
*
United Gas Improv com
83* June
355*
533*
*
Preferred....
Jan
355*
535*
1
Transit Invest Corp pref .25
2
6»
*
Tonopah Mining
20
50
145*
1.00 May
26
Assoc Ins Fund Inc
485*
45* June
Apr
35*
75* Mar
23* Mar
865
.—50
75* May
425
208
10
Jan
5,868
1st pref
4
7
1.10
285*
55*
Mar
100
Calif Packing Corp com—»
23*
1,420
Jan
8
96
1.60
Calif Cotton Mills com.100
6%
50
65*
55*
6 5* June
98
Jan
25*
Reading RR
Jan
96
Jan
713*
15*
345*
345*
23*
65*
148
75*
115*
98
Calif Art Tile cl A
25*
......
Apr
Jan
Feb
Scruggs-V-B Inc 1st pfdlOO
St Louis Pb Srv A com.._1
Jan
""23*
'll5%
55*
145*
16
Rice-Stix Dry Goods com.*
|73*
1
25
3
28
285*
Key Co com
Byron Jackson Co
*
Phila Elec Pow pref
Philco Corp..
June
25
May
95* June
55*
Jan
Natl Power & Light
Pensylvanla RR
Feb
Apr
16
Pennroad Corp vtc
Penna Salt Mfg
50
Phlla Elec of Pa $5 pref—. *
17
High
568
'"45*
10
....
Lehigh Coal & Navigation *
Lehigh Valley
50
10
65*
Central Eureka Min com.l
General Motors
May
105*
Stocks—
30
31
584
12
Last
838
....
5
65*
105*
1
Aircraft Accessories
American Stores
June
1
com..
General Shoe com
June 21 to June 27,
Week
Price
Feb
9
18
Range Since Jan. 1,1941
Sale
Jan
125*
155*
195*
30
9
18
Sales
for
27
125*
both Inclusive, compiled from official sales lists
Week's Range
Mar
225* June
125*
T25*
*
Ely <fc Walker D Gs com.25
Pepper com
San
Last
28
50
Apr
Philadelphia Stock Exchange
June 21 to June 27,
June
110
2nd preferred
Scullin Steel com
10%
10)*
a.71% 071%
a 22
31
225*
9
5
High
29%
Jan
265* June
6
303*
263*
22>*
265*
—1
Low
Shares
Jan
70
39%
o5%
85*
35*
Jan
a9
a9
Standard Brands Inc.....*
Swift & Co
47
19%
a
071% a72%
al2H
*
9
15
a4
a4
19%
al5%
al2%
Southern Ry Co.
20
o2% a2%
023% a23%
a9% 09%
39
High
265*
Cocoa-Cola Bottling com.l
125
No American Aviation... 1
303*
Mar
a35% a36%
2%
2%
Feb
Low
Range Since Jan. 1,1941
for
Week
of Prices
Brown Shoe com.......
Falstaff Brew
Montgomery Ward & Co.*
Mountain City Copper..6c
Price
Par
Stocks—
Dr
Apr
Sales
Friday
Week's Range
Last
345*
2
Exchange
both inclusive, compiled from official sales lists
36 3*
10
o2
02
St. Louis Stock
June 21 to June 27,
Jan
35*
Apr
235* June
93*
Jan
70
026% a26%
A.T.T. Teletype STL 593
Jan
275
036% a36%
; =
New York Curb Exchange Associate
Jan
2%
23%
150
Phone
CEntral 7600
Postal Long Distance
Chicago Stock Exch.
Chicago Board of Trade
Associate Member Chicago Mercantile Exchange
Jan
183*
35
835*
Jar;
10%
a3
a
'A
?•
St. Louis Stock Exchange
Feb
Mar
76 1
2%
23%
8%
a2%
alO%
V,kv;-
Jan
43*
15
alOk
2h
23%
May
Jar
Feb
Apt
70
o3%
Jan
25*
al5%
Building, ST. LOUIS
Members
New York Stock Exchange
Jan
185*
215*
230
a3k
a2k
275*
25
a
15
Apr
144
191
29%
026% a20%
3%
3%
158
55*
305*
215*
o73% a75%
1
Class A
o4%
a4%
54
a37% a37%
1
Curtis-Wright Corp
341
<
1495* Maj
225*
Fel
45*
Fet
a37k
0.74k
Columbia Gas & Electric.*
Continental Oil Co
273
158
al5
Co.25
Commercial Solvents Corp*
Continental Motors Corp
a
a26% o28%
29%
25
Aviation Corp (The) <Del)3
Baldwin Locomotive v t c—
Bendlx Aviation Corp....5
1155
Jan
Golden 8tate Co Ltd
*
105*
103*
558
Apr
Greyhound Corp com
*
115*
115*
130
963*
Feb
175* June
85*
10
Jan
May
103
Apr
Feb
June
205* June
8
48 5*
Jan
Jan
65*
Feb
85* June
103* June
115*
Jan
Volume
The Commercial & Financial Chronicle
152
Sales
Friday
Range Since Jan. 1,1941
Last
for
of Prices
Low
High
Week
Price
Par
Hale Bros Stores Inc
Week's Range
SaU
Stocks (Concluded)
15
*
Holly Development
1
Home F & M Ins Co cap_10
47c
Honolulu Oil Corp cap...*
13%
Feb
1.00
Apr
3%
16%
4434
Mar
Mar
Jan
32
June
7
Jan
3%
370
1.90
Feb
16 34
43
349
1434
Jan
100
32
41% May
24%
Feb
584
534
2534
1,400
5
1,150
24 %
May
19%
Apr
Toronto Stock Exchange—Curb
Jan
Jan
2834
Jan
Mar
1.15
90c
1.10
3,202
80c
Jan
7%
7%
100
7%
June
1.55
1.60
725
1.50 May
2.35
934
300
Mar
9
10
Jan
Jan
June 21 to June 27,
5%
5%
100
4%
Canada Bud Brew
*
4
4%
210
Canada Vinegars
*
7%
2%
7%
3
10
4
Jan
80
June
Corr Box pref
100
35
35
15
30
Feb
40
Mar
DeHavill pref
100
75
75
23
23
*
21%
21%
Jan
Ontario Silknit pref
38
38
8c
O'Connor Moffat cl AA__*
6%
*
4%
4%
5
5
Plant—15
Fisher com..5
9%
Mar
220
5
450
3%
Jan
Mar
5
120
Jan
734
10
9
9
7c
750
Jan
Apr
29
June
8c
Jan
8
Jan
Pend-Orellle
Temisk Min
1
4% May
534 May
*
June
9
Mar
1.45
407
1.30
Mar
1.65
Jan
2434
32
28%
2,558
22%
June
28%
Jan
1,472
30%
May
3434
Jan
28%
195
28%
May
34
724
33
June
31%
39%
Jan
34
Jan
Service Organizations has been formed with
10134 May
as
103% 104%
30
334
16
11834 11834
103%
405
20
Feb
Jan
Jan
Edward A.
115%
May
Jan
27
44
355
4134 May
44
23
120
1434
Feb
23% June
1234
1234
119
11%
May
1.50
150
1.25
Apr
12%
"l3""
36
13%
Mar
12
600
8
8
Richfield Oil Corp com..
May
3134 June
10
7%
172
Feb
37%
June
16
Jan
June
Jan
14%
850
941
2% May
10%
Feb
2534
Feb
14% June
200
1834
400
17%
May
23%
32
3234
334
1434
28%
18
"is"
3234
736
31
May
11%
12
2,120
21%
2134
2,837
96
pref.*
2
25
11%
21%
96
96
4%
4%
Jan
30
May
Jan
34%
Jan
Jan
13
May
Feb
23
May
95%
May
99
434
May
834
18
10
4%
4%
3,778
Jan
5%
Jan
13%
14
1,236
13
Jan
1234
l.fOO
8
Jan
13
June
334
334
220
334 June
5
Jan
2434
2434
18
18
19
30
2934
30
2834
Western Pipe & Steel Co. 10
Yel Checker Cab ser 1—50
2834
-50
40
Apr
28%
22%
Jan
30
22
60
100
Feb
Mar
Jan
22%
1734
21%
385
Jan
28% June
June
a634
100
Min..50
Anglo Nat Corp cl A com.*
Argonaut Mining Co—..5
Aviation Corp of Del
3
Bendix Aviation Corp
5
a
155
al55
260
2734
705
2734
~6%
Feb
6
60
015634
Sntry
149%
May
Feb
22
York
New
Jan
27% June
Jan
6%
June
2.10 May
3.00
Curb Exchange Marks 20th
6%
74
2.10
100
3%
3%
03634 a3634
100
2%
36%
Apr
70
Jan
37%
Jan
52c
142
60c
May
1.35
The New York Curb
Exchange yesterday (June 27) celeIn
the
Exchange, entertained former presidents at luncheon in the
building.
The following concerning the incident was issued
by the Exchange:
rated the twentieth anniversary of its moving indoors.
observance of the occasion George P. Rea, President of
Exchange Building on June 27,
1921,
trading had been conducted on the pavement of lower Broad Street.
Since
Before
the
opening of a Curb
Cities Service Co com.. 10
25
9%
May
1234
534
organized the New York Curb Agency and in 1911 created the New York
Market Association with offices where
Curb
3% June
7%
Feb
110
27%
Mar
30% June
31c
31c
233
31c June
31c June
General Electric Co com..*
3234
2834
13%
32%
13%
395
com...*
100
13% June
55c
Dumbarton Bridge
Goodrich (B F) Co
9
May
Jan
34%
13% June
*
Montgomery Ward & Co.*
Copper..5c
North American Aviation. 1
20
Onomea Sugar Co
Packard Motor Co com...*
55c June
75c
Jan
4%
6%
Jan
97
31%
May
Feb
25%
25%
o3554 03554
234
3
al434 al434
17 34
1 734
Kennecott Copper com...*
Mountain City
190
920
20
534
Marine Bancorporation..*
Matson Navigation Co
55c
5%
03734 a37%
2134
2134
55c
Corp__l
Idaho Mary Mines
a234
12
20% May
24% Mar
32%
Apr
Canadian
22
Mar
28
! Mar
efforts
Jan
up
Jan
basic
17%
Jan
for
16 34
May
20
Apr
10
234
May
Apr
Jan
3%
Apr
4%
754
50
5%
Jan
8%
1,097
634
Jan
a4
a4
8%
Schumach Wall Bd com..*
26
6% pref
25
Standard Brands Inc..
a5%
Studebaker Corp com
$
United Aircraft Corp cap.5
a4034
30
31%
120
29
2354
2934
31%
Preferred
Bo Call! Edison com
754
734
at
Jan
2354
2934
333
22%
a5%
a5%
20
554
554
03954 a4054
200
4%
70
35%
Jan
May
29
May
534 May
120
Jan
7% June
8
Apr
31%
28
Mar
v
31
Jan
Jan
has
*
United States Steel
57
com.
197,114 tons,
is
range
Canada
is
234
Utah-Idaho Sugar Co com 5
Warner Bros Pictures
5
334
while
more
kinds
Jan
May
8%
Jan
factories
Apr
42%
Jan
and
are
of
In
the output of steel
May
ingots,
compared with 190,170 tons in April and 168,703 tons in
as
of munitions and armaments now being produced in Canada
per
and for her explosives
annum,
Jan
1.30
Feb
minesweeping
70%
Feb
before
200
134
Jan
3
Feb
made
trench
quantities
in operation
Canadian
addition,
of small-arm ammunitions
production in smaller volume anti
aerial bombs, anti-submarine equipment;
mortars,
and
gear,
in
But, in
have under
and
guns,
guns,
1%
Jan
Apr
nearing completion.
are
turning out great
now
Bren
1.00
other
numerous
kinds
of
war
equipment
never
Canada.
May
3% June
2%
11c
Jan
6c
6c
6c
165
6c
Feb
1
75c
75c
79c
722
70c
Feb
7
7
90
6%
Jan
7
Satisfactory Crop Conditions in Canada Reported by
90c May
7
West Coast Life Insur-...5
steadily.
increasing
11
and
armaments
producing millions of shells
4934
Westates Petroleum com.l
Preferred
of
June
As steel forms one of the
munitions, the demand
than $1,700,000,000.
most
remainder
the
100
1,455
at
on
value of such orders
10 out of the 19 plants allocated to it are already
program
634
®i6 June
abated and
not
infinitely larger than in the last war, when her contribution was mainly
to
shells
and
explosives, according to the summary.
Today
915
200
has
confined
1.10
*16
state:
Ottawa
for
been
5754
234
334
16
1.10
U S Petroleum Co
from
May, 1940, reacehed the highest figure for any month in this industry's history.
aircraft
United Corp of Del
orders
war
materials
it
The
Riverside Cement Co cl A *
of
that date
to
39%
3%
22%
Radio Corp of America...*
flow
the Minister of Munitions and Supply placed the total
May
25
Pennsylvania RR Co—50
The
"Business
June 23, went on to
on
continues to pro¬
business activity, and
the industrial structure to greater
the Bank of Montreal reports in
Summary."
The bank's review,
of gearing up
steadily on,
23
June
June
3%
25%
Effort,
War
Greater
to
impetus in Canadian
goes
issued
20
o234
23%
chief
the
the process
14
2%
Geared
Industry
The industrial side of the war program
vide
3734 June
300
o234
2354
and erected a fourteen-
which was opened on Sept. 14, 1931.
Reports Bank of Montreal
37
52
4,700
During the lush markets
'20's the Exchange outgrew these quarters
story addition on Trinity Place,
its
Hobbs Battery Co cl A...*
Department was
opened in 1921, stood on Greenwich Street with
stretch of lawn in front of it on Trinity Place.
Jan
171
334
834
Listing
a
trading continued in the street.
Jan
2,585
834
'3034
a
of the
Jan
9%
334
5
3034
._.*
10
Dominguez Oil Co
In 1908 a group of them
and sell securities.
of the financial district to buy
Jan
4%
30%
1
Curtiss-Wright Corp
had gathered at various places on the streets
befdre the Civil War, brokers
Jan
O1034 al034
Bunker Hill & Sullivan.2%
Anniversary of
Jan
5%
52c
Wohglemuth.
Morton
and
Moving Indoors
Jan
7%
168
2.10
1
Cooper,
S.
The com¬
of the Ex¬
change and from member firms for the work of the United
Service Organizations.
O'Brien,
The building, which was
American Tel A Tel Co.
United
the
James L. Kirby
June 24.
The
is obtaining contributions from members
maintained although
Unlisted—
Anaconda Copper
of
division
Chairman, the Exchange announced on
members
are
Garry Onderdonk, David
mittee
14% May
1234
"12%
25
Equip Co com
1
Waialua Agricultural Co.20
Victor
Exchange
Curb
Jan
9
334
1434
"l4%
15
Service
Jan
1.50
36
28%
Co-.-l
Signal Oil & Gas Co cl A..*
Soundvlew Pulp Co com—5
So Cal Gas Co pref ser A.25
Southern Pacific Co—100
Standard Oil Co of Cadf—*
United
Forms
Exchange
other
Jan
126
592
1.50
York
4%
28
36
New
18%
2234
1.50
A
107%
44
"
Curb
Organizations Division
May
14
27%
2234
York
May
3%
100
334
1534
—
Blair & Co Inc cap
Jan
Apr
No par value.
1134
32
.100
Rayonier Incorp com
1
Republic Petroleum com.l
514% P^f cl A
50
Rheem Mfg Co—
—1
Am Rad& St
8%c
1034 June
Phillips Petroleum cap—*
Series 2
Jan
4%c May
1,000
200
~34~"
100
Union Sugar com
Jan
26
10%
*
Union Oil Co of Calif
4%c
Jan
2.10
21% June
20
4%c
"~4%c
21%
45
June
120
2,465
21%
*
1.55
Jan
35
14
1.38
Feb
Mar
29%
24%
31%
—
Transamerlca Corp
1.38
Supertest ord
New
Tide Water Assd Oil
~~38~*
1
75
27
,1.40
Aggregates.6
Pac QABCo com
25
6% 1st preferred
26
5%% 1st pref
25
Pacific Light Corp com...*
Pacific Light Corp $5 dlv_*
Pacific Pub Serv com
*
Pacific Coast
Ryan Aeronautical
Shell Union Oil com
100
.
5
120
Feb
21% May
20% June
20
7.
10%
10 %
*
pref
75
2%
1,737
75
*
Apr
Jan
Feb
June
Montreal Power
7%
26%
Feb
8
80
Dominion Bridge
50
4%
Mar
10
Jan
293
Apr
6%
80
Jan
8%
Jan
3%
80
*
2034
29
5%
100
2234
-
High
Jan
Cons Sand pref
Consolidated Paper
16
May
Low
*
9%
Apr
1734 June
7
Paauhau Sugar
Week
Bruck Silk
34
8c
R E & R Co Ltd
Shares
Price
39
1
Paraffine Cos com
for
of Prices
Low
High
16
8%
.29
Pacific Tel & Tel com..
Par
Week's Range
Sale
19
9%
Cons..10
Range Since Jan. 1, 1941
Last
16
100
Occidental Insurance Co. 10
Preferred
Sales
Friday
Stocks—
Section
both inclusive, compiled from official sales lists
18
—
Pacific Amer
48c
514
*
Menasco Mfg Co com
1
Natom as Co
*
No Amer Invest 6% preflOO
Pacific Can Co com
1334 May
32
32
1
Oliver Utd Filters cl B
14
Jan
4234
Inc._.l
Occidental Petroleum
43
Apr
934
"550
3%
Magnin & Co (I) com
No American Oil
Mar
11%
90c
16
Libby McNeill & Libby__7
Lockheed Aircraft Corp__l
5%% Pref J
3934
11
4109)
Mar
47c
26
13%
85c
10
Magnavox Co Ltd
55c
13%
150
41
1314
Langendorf Utd Bk cl A..*
Preferred
50
LeTourneau (R G)
Apr
page
Mar
400
50c
11
10
Preferred
(Continued from
Jan
16%
100
41
Canadian Markets
High
Low
Shares
15
47C
Honolulu Plantation Co_20
Hunt Brothers com
4107
Bank
of
Montreal
June
With
*
No par value,
a
trading privileges.
year,
x
Odd lot sales.
6 Ex-stock dividend,
<Z Deferred delivery,
Ex-dlvldend.
y
Ex-rlghts.
t
e
Admitted to unlisted
Cash sale—not Included In range for
t Listed,
tin default.
J Title changed from
The Wahl Co. to Everaharp, Inc.
seeding virtually completed, cool weather has pro¬
moted sturdy growth of grain crops in the Prairie Prov¬
inces of Canada, according to the Bank of
Montreal's crop
Higher temperatures, prevalent for
report, issued June 19.
the past few days,
will stimulate the progress of all crops
are generally satisfactory but more rain
would be welcome in northern Manitiba, central Saskatche¬
wan and northern Alberta.
The bank's report also said:
Moisture conditions
California
Business
Reached
New
Record
Level
in
May, Reports Wells Fargo Bank (San Francisco)
May business activity in California rose to a new record
peak, according to the current "Business Outlook" released
by the Wells Fargo Bank & Union Trust Co. of San
Cisco.
The Well Fargo index of
Fran
on
a
rose to
seasonally-adjusted basis.
been
in
many
In
this
has
areas
usual,
Ontario
recent
needed
crops
largely
to
favorable,
offset
showers
maintain
of
vegetable
cherries
and
crops
but,
frost
or
insects,
but
weeds
have relieved
normal
in
in
good
crops
many
are
apples.
of
an
in
were
early seeding.
the situation,
growth.
are
condition except in
seeding and planting conditions
are
although
the advantage
sowing of grain has been
and
from
the
ground
growth has been retarded by cool, dry weather.
generally have suffered from lack of moisture,
weather has caused delay
the
damage
districts.
Pastures
Quebec Province
In
have been
than
earlier
little
Alberta.
generally
California business (1935-39
145.2 in May from 143 in the preceding
month and 112.6 a year ago.
Compared with the preceding
month, three of the May index factors (industrial produc¬
tion, car loadings, and bank debits) registered increases,
while the fourth (department store sales) dropped slightly
equals 100)
has
There
prevalent
northern
In
and
scattered
but widespread rains
are
In the Maritime Provinces cold, wet
areas
completed.
in the planting of root crops, but
In British
well advanced, but prospects
Columbia hay, grain
are
for light yields
The Commercial & Financial Chronicle
4108
June 28, 1941
"
■'
.
Canadian Markets
AND
LISTED
Industrial and Public
UNLISTED
Montreal Stock
Utility Bonds
Exchange
Closing bid and asked quotations, Friday, June 27
Friday
(Amerlcaa Dollar Prices)
Last
Week's Range
for
Sale
of Prices
Low
High
Week
bid
Ask
Abltlbl P A P ctfs 68—1953
52
54
Alberta Pae Grain 68—1946
68
6954
6954
Bid
71
1948
Algoma Steel 6s
Gen Steel Wares 4X8.1952
Gt Lakes Pap Co 1st 5s '56
66
68
x
66 x
68
Lake St John Pr A Pap Co
British Col Pow
4548-1960
67
69
71
7254
Canada SS Lines 5b...1957
6854
70
Canadian Vlckers Co 6s '47
35
54
...1961
554s
56
37
Canada Cement
4548.1951
62
N Scotia Stl A Coal 3 Xs '63
Dom Steel A Coal 65481955
Dom Tar A Chem 4 54 1951
-
........
....^...1956
68 x
57
68
71
73
65
Power Corp of Can 4Xs '69
Price Brothers 1st 5b..1957
70
50
67
52
69
71
6854
Par
Howard Smith Paper
*
Preferred—.
69
70 x
69
Saguenay Power—
69
454fl series B—1966
72
Imperial Tobacco of Can.5
Jan
1 1948
4134
43
5s
4X«-
Oct
1 1966
40 x
42
6s
Prov of British Columbia—
12 1949
1 1953
.July
6s...
4Kb..-...Oct
Ask
Sept 16 1943
.May
1 1959
5a
87
90
4s—
June
81
82 x
4X8
Jan
101x 10254
10234
102
100
1 1962
101
90 x
91x
94
95 x
1 1941
Aug
4Kb.
97
100
6s
..June 16 1964
69
72
4X8
Mar
2 1950
90 x
5s
..Deo
2 1959
69
72
4a
Feb
1 1958
82
85
454a
May
1 1961
82
85
Prov of New Brunswick—
15 1960
16 1961
6s........Apr
4Hs
Apr
Province of Nova Scotia—
4He......Sept 16 1952
1 1960
Mar
6s
81
83
77
80
88 x
92
90 x
91x
95
36X
15X
Jan
Int Power pref....
82
82
25
June
87 X
Jan
12X
13
210
16
Jan
Jan
"31X
.100
Lake of the Woods
Laura Secord
•»"'
mm-
*
mmmmmm
3
_
Legare pref......
m
mm
»
~
9
9
9
2X
2X
3X
2X
McColl-Frontenac Oil.... *
Montreal Cottons pref. 100
Montreal L H <fc P Cons..*
-
-
3X
m
m
m
m mm
22
22
21X
10
1,448
855
19
34 X
19
35
230
31
Feb
19
10
19
June
52
52
265
49 X
20
81
18
May
May
152
15
150
June
*
mm
m
—*
mm
mm
Ltd
34X
rn-m
m
m
m
19X
*
Power Corp of Canada._.*
.*
—
St Lawrence Corp
3X
mmrnU
Quebec Power
*
Holland Paper v t........
mm-
10
160
9
9
75
pref..50
mmmmmm
mmmmmm
13 X
*
*
•
m
m
m
m
1.40
13X
X
14X
1 1957
4Mb... —July
68
....July
1 1969
98 x
98 x
99 x
102
10234
Oct
1 1969
Feb
1 1970
....Dec
1 1964
8534
81J4
July
1 1960
77
4X8
Ask
15
-July
28
49X
5
80c
85C
263
80c
80c
10
Ask
10
24
50
100
....
Royal
Jan
3s
155
.100
June
to
Amal Electric Corp
1
107 x 107X
194
Jan
1
1962
1962
1
93
91
84
86
Exchange
*
Sales
for
Associated Breweries...—*
A.*
Telephone.......100
Batnurst Pow dc Paper
Bell
Braslllan Tr Lt A Power.*
Bruck Silk Mills
144
Par
6%
Bulolo..
.*
—6
Canada Cement.....
*
Canada Cement pref—100
5x
335
395
10x
16
275
10x
230
144X
183
*
Brit Amer Oil Co Ltd
CalgartPow6%
•
cum preflOO
80c
«.
-
-
m
-
«.
9X
146
May
162
Mar
193
Jan
7
269
June
284
Jan
155
37
150
Fen
166
»»-n
Sales
May
Ford Motor of Can A—..*
Fraser Cos vot trust
*
Jan
MacLaren Pwr & Paper..*
Jan
Massey-Har 5%
cum
prflOO
Jan
Jan
Apr
5H
14x
554
25
X
Feb
5X
Mar
Melchers Distilleries Ltd.*
Preferred....
10
Moore Corp Ltd.
1454
160
13 X
15X
Jan
1554
5x
15x
15 x
145
19
Apr
554
340
14X
4X
Feb
May
Feb
6X
95
1954
5x
5x
4
United Securities Ltd.. 100
Walk-Good <fe Worts H
*
June
Jan
Feb
21X
10 x
Jan
Jan
Aldermac Copper
Bousacadillac Gold
Feb
Cndn Malartlc Gold
17 X
554
405
May
Apr
23
25
22
145
113
113
35
110
May
17
17
5
17
May
20
2
Feb
*
Smeltlngb
590
4
4
5x
254
554
4
145
4
36
362
35 x
X
32.
May
100
124
18 X
3
Jan
21
Distillers Seagrams
"i 5k
100
Dominion Steel A Coal B 26
108 X
Dominion Glass
21
2154
23
*
Dominion Bridge
2354
60
1854
1854
110
10854 10854
654
7
40
Preferred—
Gatineau...
Bights.
*
...
Preferred
*
100
Jan
Francoeur Gold
Jan
Gypsum Lime A Alabas—*
Hamilton Bridge.
May
39
6
95
1,260
75
3X
65
2 X
.
3X
2X
3
350
5
Apr
Jan
1.95
Jan
6
Jan
May
4
Jan
June
2X
16
25
Mar
2X June
2X June
3X June
5X
5X
5X
Jan
mm
15 X
Jan
Jan
m
100
15X
295
15
Jan
16
Apr
7X
460
6
Feb
S
Jan
3X
7
11
90
12
12
265
11
Feb
15X
34
34
1
27
Jan
37
90
m
7
12
7
12
mmm
3X
15
7
rnmrn
90
45
90
May
6X
June
Jan
Jan
Mar
96 X
Feb
1.25
Jan
Apr
5X
Jan
90
41X
Feb
47X
ioix ioix
5X
5X
30
98 X
Apr
104
Jan
5X June
7
Mar
100
mmmmmm
41
104
Jan
1.25
5X
44 X
......
44 X
2
1.25
189
5X
125
45
100
95
1.25
5
Jan
98
May
2
May
Mar
Feb
x
2X
15
38X
39 X
155
38 X
19 X
19X
38
19X
4X
Jan
38 X
Mar
Jan
8c
8c
1,300
lc
lc
1,250
9.90
200
750
8c
8c June
lc June
9.80
May
48e
16c
Jan
2Xc
Feb
10.00 Mav
15X June
52
48
53
21X
21X
22
39c
Apr
55c
21
Jan
Jan
1
4.50
286
4.30 May
4.60 June
27 X
Mar
Malartic Goldfields
1
1.04
1.04
800
1.04
1.04
20 X
119
Jan
Moneta-Porcupine
1
30c
30c
100
30c June
Feb
O'Brien Gold
1
65c
65c
100
60c
9X
Jan
P andora-Cadlllac'Gold
3Xc
3Xc
1,000
5X
Mar
2.60
2.65
28
Jan
Lamaque
Pickle-Crow
Gold.
_
_
„——_
1
3Xc
1
1
1
Slscoe Gold..
9X
Jan
Sladen-Malartic Mines.. .1
IXc
IXC
67c
51
1
17c
17c
Jan
Sullivan Cons Mines..
1
......
6X
Jan
Teck Hughes Gold
1
......
93 X
Jan
Upper OanMa
234 Mar
2X May
3X
Jan
Waite-Amulet Mines
5
Jan
No par value,
67c
17c
Jan
30c June
Apr
1.10
Jan
3Xc June
2.29 May
8X0
Jan
500
3.00
Jan
800
IXc May
2c
Mar
550
61c May
84c
Jan
1,100
52c June
69C
Mar
400
17c June
33c
Feb
65c
Mar
500
50c May
55c
55c
2.80
2.80
150
2.71
2.00
600
1.73 June
2.00 June
3.20
3.20
200
3.10 May
4.05
Jan
13
*
IXc
52
Jan
1.90
1.25
Feb
June
May
Jan
20 X
20
Shawkey Gold...
Apr
47 X
15 X
4.50
Sherritt-Gordon
12
150
Mar
15X
Jan
290
170
Jan
40C
Jan
Jan
1254
170
3K
15
4.45 June
Feb
1254
May
35c May
1.50
Feb
3.50
12 X
60
12 X
Feb
10
200
82
395
2
50
Jan
4.25
87
3
120
50C
Jan
May
Feb
7X
Feb
3
2
10
25c June
600
June
*
Holllnger Gold Mines
.....
116
39c
10 X
25c
Jan
Jan
35
39c
70
4X
38
207
35
Apr
84
86
Mar
June
28
100
Jan
57c
15
20
33 X
20
150
27
2.90
125
40
20X June
24
150
3
Kerr-Addison
June
375
Feb
1
5X
May
May
5
Jan
102 X
24
35c
Jan
18X
June
150
35c
5
June
24 X
775
30c
134
3X May
15
98 X
4.20
May
3X
88
23
5
3X
*
Jan
6 X
87
25
Jan
Apr
Feb
12
454
87
112
320
98 X
23
10X
2.18 May
33c June
75
30c
—
General Steel Wares—
3X
15X
98 X
7
1
6X
387
95
Mar
21X June
87
754
6X
40
1154
754
113
200
.....*
75
12
9 X
Jan
1.50 June
2.35
Dome Mines Ltd
§7
——100
Dominion Textile.......*
9X
Jan
7X
115
2.32
*
Jan
Feb
19
May
21X May
Feb
17X
108
Jan
9.90
East Malartic Mines
425
7
Dom Tar A Chemical—A
Foundation Co of Can....*
245
2.50
85c
Mines—
Lake Shore Mines
Dominion Coal pref.*...25
Feb
203
5
Bralorne Mines
76
2x
5x
4
98X June
1.50
*
Jan
May
23
113
High
Feb
230
7
*
Jan
230
Low
55c
Mar
27X
28X
6X
103
2X
Walker-G & W ?1 cum prf *
June
5X
3X
5
Page-Hersey Tubes Ltd—*
Provincial Transport Co. _*
Sou CndnP wr 6% cum pf 100
Jan
94X
50
207
20 X
18 X
Mar
Oil6%cumprflOO
8X
5X
172
354
1954
22
Canadian Celaneee...—.*
7X
5X
5
...
Lake St John P & P——*
13
160
1.75
19 «
Consol Mining A
Apr
Donnaeona Paper cl B.._*
Fleet Aircraft Ltd
*
26 X
6
Cockshutt Plow
Mar
1,065
2X
Commercial Alcohol pref _5
Consolidated Paper Corp.*
Mar
95
Preferred 7% ....—100
Cndn Converters
100
Cndn Ind Alcohol.......*
Canadian Paolfio By...25
mmmmmm
May
3x
*
—25
7X
18 X
17
Commercial Alcohols Ltd.*
5X
554
-
10X May
137
Jan
80c
2
2
mmmmmm
1.50
94 x
Cndn Car A Foundry
Preferred
5X June
14X
Jan
14 X
Jan
10
80c
Range Since Jan. 1, 1941
Shares
10
m
*
Dominion Engnrg Works.*
Donnaeona Pap Co Ltd A *
High
Feb
7
Jan
269
3X
100
_
22 X
3x
5% preferred
Low
Jan
269
15
15
mmrntmmm
*
7% cum pref
City Gas & Elec Corp
55
5x
Jan
June
1.50
mmmm
312
(new).*
60
24 X
171
100
100
mmmmmm
1,646
5
Jan
Jan
143
for
Price
mmmmmm
1.75
7
JaD
1.00
Week
mmmmmm
2554
0X
June
50
1.15
140
of Prices
Low
High
Canada <fe Dom Sugar Co.»
25 h
1.75
7
1.75
June
Jan
2
Week's Range
Beauharnois Power Corp.*
Brewers & Dlsts of Vane. 5
McColl-Fr
Can North Power Corp.."
Canada Steamship
55
18H
144
28
Feb
70c May
70c May
Jan
30
•
100
cum pref
Aluminium Ltd
May
Feb
*
Building Products A
Shares
17 H
16
"iox
Brit Col Power Corp cl A_*
British Col Pwr Corp B—*
Range Since Jan. 1. 1941
5x
18x
Apr
42
Sale
_
Tffpp'k
W CCfc
*
Asbestos Corp—
60
27, both inclusive, compiled from official sales lists
Cndn Industries Ltd B_._*
8
Jan
June
Montreal Curb Market
June 21
Canada Malting Co Ltd..*
High
73
46
23 X
Mar
70
Feb
165
mmmmmm
_
4s
Of Prices
8
54 X
24
10X
Mar
1.40
1.40
Bathurst P & P Co Ltd B_*
Grand Trunk Pacific Ry—
VTeeh's Range
*
Algoma Steel
June
Jan
147 X 147X
178
178
100
Stocks—
0
Sale
Low
8
49 X
10
Last
102
102 x
101X 102 x
Price
Jan
Jan
28
Abltlbl Pwr & Paper Co__*
Last
Par
Jan
2X
115
54 X
Bonds
27, both inclusive, compiled from official sales lists
Stocks-
Jan
Mar
108 X May
25
54 X
100
8634
82 X
78
Bid
Friday
Jan
14X
10
Jan
59 X
100
Montreal
Canadian Vlckers Ltd
June 21 to June
12 X
Banks—
Canadian Pacific Ry—
4Kb
Sept
1 1946
Montreal Stock
Apr
17
64
Cndn Power & Paper Inv_*
5s
6s.....
5X
17
8X
23 X
Jan
Feb
40X
375
.....25
Jan
21X
155
May
495
mmmmmm
Jan
June
65
mmmmmm
Jan
25 X
67 X
June
69
_•*
Commerce..
Bid
0X»
June
Jan
38
13 X
69
mmmmmm
Mar
12
64
mmmmmm
Canadienne—
Canadian Northern By—
99 x
1.40
65
mmmmmm
Jan
51
31
110
8
29
27 X
10
390
32
13X
Feb
Jan
416
14
32 X
300
9
9X June
May
8
Jan
Jan
118
3X May
mmmmmm
*
...
1.40
110
•
..100
575
10
St Lawrence Paper pref .100
25
9
"
10
mrnmmmm
Preferred
56
4X
9X
mmmm
mm
*
Southern Can Power
Steel Co of Canada
19X
152
1C0
55
Ask
99 x
99 x
June
May
May
18 X
25
52
(American Dollar Prices)
98 x
20 X
15
16
24
Winnipeg Electric el A
Ask
98 x
June
17
Western Grocers Ltd.. —.*
Closing bid and asked quotations, Friday, June 27
4X8... ....June 15 1955
1 1966
4Kb... —Feb
113
Jan
3X
5X
3X June
24
27
Jan
11
*
*
B_
113
Jan
10X
Jan
May
2
100
Montreal Tramways
Class A
113
30
May
6X
70
mmrn
Feb
9
150
.25
*
12
75
9X
9X
m
100
Friday
Canadian National Ry—
1 1951
4Hb... —Sept
Jan
Jan
Mar
66
Dominion Government Guaranteed
Bid
Jan
14
June
62
6s
11X
Feb
13 X June
May
Nova Scotia
63x 63 x
86 x
8554
104x 104 x
777
Jan
Apr
13 X
82
62
(American Dollar Prices)
perpetual debentures
6s
...Sept 15 1942
6b
....July
1 1944
10X
29 X
59
Railway Bonds
4s
Feb
9
382
Mar
22
5X8
Nov
4Xs—Oct
Closing bid and asked quotations, Friday, June 27
Canadian Pacific Ry—
20 X
100
10
Zellers pref..
Bid
May
318
5s........June 16 1943
15 1946
1 1961
May
1,508
Vlau Biscuit pref
Wabasso Cotton...
Prov of Saskatchewan—
23 X
30 X
97
22 X
31X
13X
m
Sher Williams of Can prflOO
Provlnoe of Quebec—
13X
12 X
15
205
18 H
23 X
25
M-
Shawfnlgan Wat & Pow__*
15 1965
Province of Manitoba—
98
25X
9X
12 X
13X
High
Feb
13X
Preferred
•
Inti Nickel of Canada....*
Price Bros & Co Ltd..
1 1942
—Oct
_.
«»—
Low
11
Intl Petroleum Co Ltd...*
Ogllvle Flour Mills
Province of Ontario—
6s
»
m
490
16 X
25
Preferred
Province of Alberta—
«
«.
International Bronze..—_ *
Noranda Mines
Bid
97
25X
9X
Natl Steel Car Corp
(American Dollar Prices)
Ask
25 X
Range Since Jan. 1, 1941
Shares
11
11
mmmmmm
Niagara Wire Weaving
Municipal Issues
Closing bid and asked quotations, Friday, June 27
Bid
11
100
.
National Breweries
Provincial and
Price
Hudson Bay Mining.....*
Imperial Oil Ltd
*
Massey-Harrls
Quebec Power 4s._...1962
Famous Players 454*..1951
Federal Grain 6s
lviv
73
75
Co—
Donnaeona Paper
4s.
73
64
71
Massey-Harrls 454s—.1954
McColl-Front OU 4 548 1949
Stocks (Concluded)
Ask
Sales
1
......
r Canadian
market.
June
3.45
Jan
Jan
and Unlisted
Canadian Markets—Listed
Sale
Stocks (Concluded)
1
Wright-Hargreaves
*
5%c
Harker
;
1
4.00 June
7.00
Jan
High wood
Hinde & Dauch...
*
1.90
3,475
Jan
2c
2c
2,000
l%c
22c
23c
7,050
25
25%
266
53
53
Feb
26c
Jan
Howey
May
2.55
Jan
Hudson Bay
Huron & Erie
International Nickel
Sales
Sale
Par
Stocks—
Inspiration
IntlMet pref
Intl Milling pref.
official sales lists
of Prices
Low
High
Shares
Price
1, 1941
80c
100
6%
4
6c
50
26
26
8
Jan
Lake Shore
Jan
llHc
Lapa-Ca dlllac
17c
Jan
Laura Secord (new)
Feb
9%
Jan
Leltch
Apr
81c
Jan
7
46c
23,520
Apr
Feb
gLOOO
lojofo
Feb
5%c
Jan
1
3%c
3%c
9c
—1
Arntfleld
1,800
1.50
June
2.45
May
8c
Jan
Ashley
52cl
53c
1.
1
Bankfleld
1
Bank of Nova Scotia. ..100
Bank of Toronto
100
Base Metals
...
—*
Bath Power clA
*
Gold Mines
4Hc
270
270
17
270
240
240
2
240
7c
7c
100
10%
20
10%
6%c
1
1.05
1.05
cl
7,400
34%
20
6c
6 He
3,000
52
8,006
51
3.05
Feb
70%c
15%
70 He
74c
6,450
15%
15%
238
15%
May
Mar
5.15
Jan
Mar
12 %c
Jan
9
Apr
10%
Jan
4.45 June
Jan
1.05
73c June
Jan
21
4.50
4.55
668
4.25
9%C
10c
1,500
6%c
9H
9%
9%
150
47c
47c 48%c
3,400
45c
Feb
60c
Jan
1.86
1,100
1.60
Apr
2.06
Jan
1.75
1.86
15
8H
1.10
16c
*
Calmont...——.Vl
Can Bread clA
100
Calgary & Edmonton
70c
70c
70c
5Hi
*
25
Canadian Celanese
*
C G E
50
Cndn Ind Alcohol cl A
*
Canadian Locomotive
*
Canadian Malartlc.—..*
Canadian Oil pref
100
C P R
25
Canadian Wine.....
*
Cariboo
-1
Central Patricia
1
Central Porcupine
_.l
Chestervllle
1
Chromium
*
Cochenour
1
June
120
39
136
3% June
Feb
17
60c
Apr
Jan
1.00
19 %
165
18%
Jan
20
May
9%
5H
9%
5%
22 H
30
8%
May
10
Jan
4%
20%
May
5
Jan
Jan
2%
20
2
Mar
7
60
6% June
9
5,600
54
118
10
5%
5%
4
100
2.10
2.10
1,625
100
Feb
47c
Mar
118
Mar
58c
Apr
Feb
121
Jan
Feb
May
6%
2.10 June
2.91
Jan
Feb
1.95
Jan
4%
3%
1.65
June
4
1.70
900
16c
18c
5,000
9c
Jan
21c
May
1.10
May
1.74
Jan
12c
Feb
40c
May
65c June
1.04
Jan
5%
Jan
1.55
Feb
1.55
130
4
3% June
1.50
1.50
500
1.50
1.29
1.29
300
1.13 June
9
36
35
5
433
55
20 H
21%
22%
21%
146
341
37
190
185
145
Jan
Apr
105
Jan
16 %C
Jan
18%
May
28%
Jan
84
June
97%
Jan
5
8
105
9
1,000
2.30
2.38
*
Gillies Lake—1
God s Lake
;
•
Goldale
1
Golden Gate
1
*
*—..50
Graham-Bousquet—
1
1
1
*
....*
.1
34c
120
5,600
50
25
13 He
2.50
2.60
1,000
22
23%
275
3%c
3%c
lHc
3%
15H
1,500
lHc
3%
3%
Jan
65c
2,100
56c
40c
500
1.15
75c
Jan
June
17c
Apr
Apr
15c
2,620
10c
2%c
1,000
2%c
95%
1.09
17c
19,575
-
Jan
105
June
1.65
Jan
15c June
2,700
15c
4%c May
Apr
98c
125
102
Jan
May
35c May
28c
Jan
Jan
1.40
1,300
1.27
May
1.69
2.80
6,555
2.25
May
3.00
10
95%
Jan
96
55c
1,100
Jan
May
99
Jan
1.04
52 %c June
15H
360
3,000
95
724
May
5%
Apr
3%
June
5%
Mar
83 %
Feb
6%
Mar
8%c June
2.17 May
4
June
2
June
30c June
Mar
24
11 He
1.97
88
Mar
8
June
16%c
2.95
Jan
Jan
June
4
June
3
52c
Jan
Jan
29
May
16%C
Jan
Feb
2.60
Jan
21% May
3%c Mar
Jan
28
6c
Jan
l%c June
3% May
6%C
Jan
Feb
16%
14%
34 %c June
6
Jan
Apr
54c
Jan
6
Jan
9, lfK)
90
3Hc
1,000
3%c June
4 He
Jan
30c
30c
31c
3,801
21c June
39c
Jan
12c
12c 12%c
6,.500
ll%c
Mar
16%c
Jan
3,950
5c
Mar
I3c
69%
7He
70H
52%
52%
20
2c
2c
20
11,000
2,000
5c
5c
13
3
5 He
4.00
4.00
600
4%c
12 H
2%
2%
5%c
4.00
3
3H
3
3
68c
70c
44
4%
Feb
67% May
80
Silverwoods pref
Simpsons pref
Slscoe Gold
Sladen-Malartlc
Slave Lake
Petroleum
Chemicals
South End
Jan
3.40
Jan
13%c
Jan
3c June
5c
Jan
May
166%
May
14 %c
Jan
13% June
14%
May
2.65
Jan
59c
Jan
14,555
600
10c June
3%c
1,000
26
155
50
14
2.40
40c
8c
3,800
5
Feb
2.03
1,564
43c
13%
2.30
13%
149
7,500
8%c
8c
35c June
;
73c May
June
Texas-Canadi an ...
80c
100
68c
5,320
61c June
87c
5% May
6% June
6
6
213
94
94
50
91
17c
17c
3,025
1,600
7 He
7%c
14,600
51c
1
*
..*
53c
51c Juue
43c
Jan
May
19%c
Feb
Mar
12%
158
9
May
12% June
60c
60c
130
50c
Mar
3%
3%
40
2%
Feb
3%
Mar
2%
2%
300
2%
May
2%
May
63%
64%
87
69%
Mar
67
69%
35
67
Apr
73%
1.10
1.18
11,800
81c
Mar
1.78
Jan
2c
2%c
11,200
2c
June
4%c
Mar
1.19
1.22
700
1.10
Apr
1.65
Jan
2%c
2%c
1,500
2%c June
5%c
Jan
2.42
2.45
350
2.40
Apr
2.90
Jan
11
11
10
Feb
11%
2.75
2.80
May
3.75
Jan
Mar
1.25
Apr
1%C
*
*
1
1
*
1
1
2.80
1,000
l%c
1.00
*
1
General Trusts 100
Transcontinental Res—.*
-
Uchl Gold
Union
Gas...
1.50
1
*
Waite Amulet...
*
Walkers
*
Preferred
*
Wendigo—
1
Westons
*
Westons pref—. .. .—100
Jan
Jan
Wood-Cadillac
Jan
Ymir Yankee
6 He
20
1.50
500
11
7,500
26c
1.30
1.30
75
9c
1%C
19%
Jan
Jan
War Loan
Apr
War Loan.
4.00 June
5.40
5
55
3
5%
Jan
50
2 %
Apr
3%
Jan
4,470
67c
May
1.10
Jan
May
1.48
June
June
64
20c
Jan
Jan
Mar
10
1.80
Jan
Feb
80
May
50c
Jan
Apr
2.00
Feb
6c
May
39c
Jan
10%
1.00.
June
14%
Jan
38%
Jan
2%
Apr
5%
Jan
105
2%
Mar
4
Jan
2.05
37,660
1.27
Feb
2.28
Jan
3.40
3.40
390
2.95 May
4.25
Jan
3.20
3.25
2,355
4.10
Jan
39
39%
170
37
19%
20
926
19%
17
39
17
1,000
10
94
3%
12
3%
1.81
)
10
3%
2%
1.90
11
30%
9%
10
94
94
3.10
Apr
48
Jan
Mar
20%
Jan
16c
May
26c
880
8
May
11
22
90
Feb
98
Jan
Apr
1%C
Jan
May
lc
Jan
,
Jan
1%C
l%c
1,500
80c
80c
29
75c May
1.15
Jan
4
3
4
10
4
May
7%
Jan
9c
Jan
3
6c
6c
1,000
3.85
4.70
39,753
3.85 June
7.00
Jan
)
6%c
600
4c
Mar
8c
Mar
101% 101%
.1
*
*
5c May
$1,500
Feb
101%
Mar
98%
23,200
98%
May
99%
Mar
6%c
Jan
6,400
June
Jan
70
30% June
1,821
10%
Bonds—
3%
29%
2% June
95c
6
Jan
90c
Feb
June
1,025
2.71
8,800
30%
Ventures
Wiltsey-Coghlan
1
Winnipeg Electric cl A—*
Preferred
100
600
8%c
23c
*
1
*
*
Upper Canada
1,770
23c
pref. ...50
pref-.—.....25
United Steel
1.15
64
64
United Fuel cl A
Class B
10
6
6
Toronto
Twin City
Mar
69c
14c June
6 Ho
4c May
12
12
t
Toburn
—
Jan
Mar
100
Apr
•
Tip Top Tailors
2%c
Mar
3 %c May
l%c
Hughes
Jan
85c
80c
*
..."
25
Rock Iron Mines...*
Sylvanlte Gold.
Jan
17
June
12
Jan
65%C
Preferred
Wright Hargreaves
55%
12
9%
10c
14
Steel of Canada..
Straw Lake
94%C
3.05
3%c
Jan
Jan
Feb
June
2.70
Feb
153
155
Standard Radio...
Apr
June
52%
7%
10c
50c
....1
*
100
1
1
Sherritt-G or don
SteeD
8%
6
May
88c
410
..........
Teck
May
4
39c
6Hc
Sheep Creek
3%
800
8
x
...
40
88c
2.96
1
*
Shawinigan
4%
88c
cl A..50
Tamblyn com
6%
4H
52 %
June
4%
3
Senator-Rouyn
Jan
38c
7c
3
Feb
9%
4H
3Hc
*
*
-*
3
31c
13 He
General Steel Wares.. —
Goodyear
Preferred.—_
4
25
8,475
5
4
38c
Francoeur.......
100
96
San Antonio
Sudbury Basin
107
88
St Lawrence Corp
Sudbury Contact.
Mar
7%
i
Jan
105
100
St Anthony
Jan
10
9
15H
3
1.35
100
1
Royal Bank...
Feb
24%
106
3%
Gold
Roche (LL)
200
May
106
80
Reno
E Dome..
June
21%
184
Feb
535
Preston
Jan
17
88
•
Feb
2.59
*
1
1
1
Pressed Metals
39%
50
3%
Ford
Jan
50c
1.05
..1
.....
Standard Paving
Preferred....—
May
12c
Premier...
Standard
18
7%
31c
4c
30c June
101
*
Power Corp
Jan
24
4H
4
57%
500
2%C
Powell-Rouyn
Jan
18
2.30
Jan
Feb
4,500
55c
14
June
50
5
85
May
112
1,800
13c
Apr
31%
50
112
55
12 He
Apr
9
78
112
Fleet Aircraft...
Jan
2,600
2.50
Grandoro
29
220
4,800
*
1
1
1
*
A
May
210
9,234
Extension Oil.
Fernland
Jan
Jan
3
2H
Farmer
10%
28
Apr
19%
20
Apr
70c
....—
Federal Kirkland
20
22
85
Eldorado——.1
English Electric class A—*
Falconbridge
300
211
20 H
1
49%
14%c
1
1
100
Ric6 pref...
Porto
231
Jan
1.18
40c
1
Pickle-Crow
200
1.09
Feb
63c
102
Perron
75c May
60c May
1.00
30c
*
Porcupine
Paymaster.....
Mar
Jan
1,500
2%c
♦
Jan
5
21%
310
3
Page-Hersey
Parnour
Mar
30c
*
Pacalta Oils
Jan
Jan
Jan
25%
2%c
J
Omega
65c
52
Jan
54c
47%
2%c June
6
——-1
.*
Okalta Oils
10,800
1.09
-*
....
23c
52
52
Jan
16%
24% June
21 He
Feb
65c
*
15c June
Feb
41
22c
1
1
5
Jan
Jan
12 He
1
...
Jan
Feb
32c June
25
—
O'Brien
Mar
7-
Feb
June
952
25
pref—20
Northern Star pref
Jan
28c
7%
Jan
6%
May
15
10
32c
25
Northern Canada-
June
100
163
9
1
.v-
24 %C
Apr
15%
—*
Norgold.
Jan
May
15c
283
Mines
Noranoa
Jan
1.49
1.29
....100
20
pref
10%
1.49
25
Dominion Stores
*
Dominion Tar ... —. .... *
Jan
Mar
37
3% May
45
Ni pissing
Apr
15
3%
32c
Naybob
Apr
70c
106"
35 H
44%
Negus Mines
Jan
6c
May
cl B
.
5.95
Mar
1.50
......*
Jan
15%
....
National Grocers
Jan
22c
185
25
1
Moore Corp
Jan
1.10
143
4
Foundry pref.... 100
.
ll%c
Feb
1.40
~21%
495
Modern Containers..
1.50 June
Apr
25c
55
36%
Moneta.
Jan
70c
113
May
1
Jan
13
23
.... _ .
Duquesne Mining
East Malartlc
18%
26
1.41
~
2
Jan
147 H
52
36
1,792
15c June
1.67
.....5
_——*
Consolidated Bakeries.*..
Cons Smelters....
5
Consumers Gas..
...100
Cub Aircraft....
*
Da vies Petroleum
*
Dist Seagram
*
Preferred
.....—100
Dome
*
Dominion Bank
100
725
2%
1
*
Jan
4
Coniagas ......
1.85
2%
33%
500
25
118
Cockshutt..
1.60
2%
15c
7
16c
1.60
Model Oils
52c June
2%
2.10
*
*
100
15c
4%
22
52
87c
McWatters
Jan
11c
Mar
32%
211
"5 %
3%
6,400
Mar
Mar
22 H
"22
2.75
45,185
24c
WA
Preferred
Jan
1.49 May
68c
1.05
1.32
22
23
Canadian Car
1.17
59c
1.02
Apr
5
147
.
May
68c
Jan
15c June
14c
400
Apr
1.01
95
65
19
19
Jan
70c
1,500
1.05 May
200
3%
3H
2.35
FeD
1,565
13% June
7%
Feb
18
May
15c
22
123
120
123
1.49
1.10
100
5%
32 H
5%
32 H
32%
*
Can Permanent Mtge._100
Canada Steamships
*
Preferred
50
Canadian Breweries
*
Preferred..
*
Canadian Bank of Com.100
Canadian Canners cl A .20
Cndn Canners class B
*
Canada Malting
5,350
47%
3.40 June
15
99
99
Canada Cement
1.68
15c
2 He
700
1.62
1.08
Jan
6c June
16c
4.30
47%
Jan
37%
71c
16C
Feb
5
13%c
1.25
1,550
3.45
Mclntyre
McKenzle
May
Apr
1.10
481
8c
June
10
3.80
61%
15
8H
1.15
3.80
May
23
50
14
14
"~8%
—
May
May
58
6,000
22%
4c
1,764
4c
156
46%
Jan
3%c
4c
350
23%
156
Jan
325
Jan
25
22%
1
Massey-Harris
Massey-Harris pref
Apr
3.85
Jan
26
24%
25
402
5%
4
27
1,000
3H
15%
3H
Mar
24
3%
7%
3.80
Building Products
Hard Rock
13,618
4 He
10.50
1,500
Harding Carpets
4.25
3%
Feb
13,800
Hamilton Bridge
4.20
4.20
4%c
Feb
83c
galcrow-Sway
alinor Mines
May
*
May
6Hc
Gypsum...
35c
*
3
6c
Grpat Lakes v t
15,400
McD ougall-Segur
5
81c
Buffalo-Ankerite
Buffalo-Canadian.
Fanny
9,400
43c
McColl
9.50
81c
Easy Wash
Apr
16c
39c
Jan
30
25%
1.25
East Theatres
Jan
46c
13%c
Jan
562
1.00
pref
27c
8
260
25H
Broulan-Porcuplne
Jan
6H
6%
1.25
Preferred
Jan
May
160%
6c
25%
Dom Wollens
Jan
15%
1.02
Malartlc (GF)
1.20
47c June
-*
*
1
1
♦
*
Dominion Steel
524
50c
Madsen Red Lake
Feb
June
7c
32
Ai—±——*
Dominion Foundry
1,001
13%
1.65
McL Cockshutt
Maple Leaf Milling
15c
10H
.10
15
British Dom Oil
Dom
31%
Mar
137
186
34%
Oil
Class B
Coniaurum
31
May
4%
100
6
143H 145
8c
9c
144
Co
Burlington Steel
36%
110
1
1
1
Mines
Macassa
Jan
13
May
B
Jan
lie
June
A
Loblaw
Jan
250
Mar
1.00
250
1.08
6
*
100
Bldgood Klrkland
1
Blue Ribbon preferred..50
Bobjo.
1
Bonetal
...... ..*1
Bralorne
-—-*
Brazilian Traction
*
Brewers & Distillers
5
Beatty clA
B C Power
Jan
29% June
13% Mar
10
39c
•
*
*
Little Long Lac...-
Feb
283
6c June
13,100
7Hc
6c
British American
June
10%
Bear Exploration—..... 1
Beattle Gold
June
7c
7c
—
Bell Telephone
115%
112
Jan
4c
Jan
May
Feb
~~16c
*
1
3
1
Lamaque G
Jan
29
Apr
105
93
12c
1
1
Kirkland Lake
Jan
7 He June
15
8
*
Mar
5%c
7,155
8%c
7 He
Feb
25
5
90c
8
Mar
55c
330
~ —
.
Aunor
400
6%
6c
^
Alberta-Pacific Grain prflOO
Aldermac
*
Algoma Steel.
*
Anglo Canadian...
*
AC£Q6 CjtSlS
80c
5
*
_
Abitibl pre!
Apr
5
13%
1
1
Kerr-Addison
Abltibi
Jan
33c
100
31%
—1
Jason Mines
13%
20c
112
112
Jan
10%
Jan
11%
1,200
Apr
May
Feb
8%
120
Jan
56
Feb
2,586
25c
26%
June
52
Jan
30c
100
*
Jack Waite
High
23%
29
9%
25c
2c May
Feb
21c May
12%
9
12%
12%
International Petroleum—*
Week
Low
.....
*
5
1
100
100
Imperial Tobacco ord
Exchange
25%
*
100
12%
12%
23c
1
25c
Range Since Jan.
Jan
1.80
2c
1.58
for
Jan
2.54
1.90
100
Week's Range
13%
1
1,275
Last
May
•
20c
Friday
Jan
12
Homestead
1.90
both inclusive, compiled from
Jan
2,060
1.59 May
Imperial Oil Co
June 21 to June 27,
Jan
b
20c
Toronto Stock
8c
15c
10%
6c June
8%
285
Hollinger Consolidated
Home Oil Co
1.90
1.90
2,200
Jan
21c
19c June
100
19c
19c
1,000
8c
10
9%
Apr
3c May
3%c
8c
8c
*
High
Low
Shares
"12%
76c
Mar
65c
300
52c
50c
1,1941
Week
3 Ac
Jan
1,000
4.50
8%c
Oil-
Anglo-Canadian Oil Co___*
Commonwealth Pete.
*
Dalhousie Oil Co..
*
Home Oil Co Ltd
*
Par
Stocks (Concluded)
High
for
of Prices
Low
High
Price
5c May
,
Range Since Jan.
Week's Range
Sale
800
5%c
4.00
5%c
Low
Shares
High
Low
Price
Par
Wood-Cadillac Mines
of Prices
Last
1, t
Range Since Jan.
for
Week
Week's Range
Sales
Friday
Sales
Last
Exchange
Toronto Stock
Montreal Curb Market
Friday
4109
Financial Chronicle
The Commercial &
152
Volume
*
(1st)
2d
No par
98%
98%
value.
(Concluded
on page
4107)
101
4110
The Commercial & Financial Chronicle
Quotations
Bid
15 1969
City Bonds
Bid
102
1
038
Jan
1
1977
104
June
1
1980.
104
104%
104%
a3%s July
a3%s May
a3%s Nov
1
1975
107
108%
1
1954
111% 112%
1
1954
111 %
o4s
113
1
1960
111% 113
16
1976
111 % 113%
1
1967
May
o4a
Nov
1
1958
116% 118%
117% 119
o4a
May
May
1
1959
117 % 119%
o4a
1
1977
o48
Oct
1
1980
121% 123%
122% 124%
1
1960
122
1
1962
122% 124
04%S Sept
o4)4i Mar
Chicago & San Francisco Banks
Ask
101
a 3a
a3%s Mar
o3H« Jan
Over-the-Counter Securities—Friday June 27
on
New York
123
o4%s Mar
1 1966.
o4%8 Apr
o4%8 Apr 15 1972.
1 1974.
o4%8 June
o4%8 Feb 15 1976.
o4%8
o4%8
o4%8
o4 %a
Jaa
Nov
Mar
1964.
124
125%
124% 126%
125% 127%
1957.
May
122%
123%
126%
127%
128%
129%
1957.
1963.
1965.
June
1967.
15 1971.
July
Deo
A Trust
Deo
1
Bid
1979.
100
235
240
33 1-3
84
87
first National........100
264
274
Bank A Trust
123%
124%
Atk
129
Par
130
131
Bid
Bank of Manhattan Co. 10
Bank of Yorktown..66 2-3
4s Mar 1961
147
4%S April 1941 to 1949.
Highway Improvement—
60.90
#
142
140% 142%
Canal A Highway—
58 Jan A Mar 1964to'71
61.95
Highway Imp 4%8 Sept *63
150
4s Mar A Sept 1958 to '67
Public
Canal Imp 4s JAJ '60 to '67
Barge C T 4%s Jan 11945.
110
111
Trlborough Bridge—
3%ss f revenue.... 1980
Port of New York-
General A Refunding—
3 %s 2nd ser May 1'76
3s serial rev 1953-1975..
103% 104%
101
101%
4th ser Deo 15 '76
3%s 6th
ser
Aug 15 '77
2%e aerial
1945-1952
rev
140
36
38
Par
National
Bronx.
Bid
Ask
...50
46
50
National City
.12%
27%
29%
National Safety
-12%
12
15
Penn Exchange
...10
14
...60
Public National..... -17%
45
50
29%
30%
Sterling Nat Bank A Tr 25
24
26
31%
176
Peoples National
17
...
140%
111%
New York Trust
...
Atk
104% 105%
Bankers
100
10
......
Bronx County......
35
Brooklyn
...100
Central Hanover
103% 104%
98%
61.50 2.50%
62.60
20
331
Par
339
52%
14%
72%
97
Fulton
54%
17%
77%
Bid
Irving
.......
215
100
Guaranty
195
283
288
10
11%
100
46%
35
New York
Colonial
25
10
12
12
103% 104%
Corn Exch Bk A Tr
20
Empire
50
12%
Kings County........100 1560
1610
Lawyers
25
27% 30%
Manufacturers
20
37%
39%
30
25
Ask
100
44%
Continental Bank A Tr.10
101%
Companies
Ask
Chemical Bank A Trust.10
Clinton ...............50
101
6th series... 1975
529
FRANCISCO—
Ask
Fifth Avenue
100 *660
First National of NY..100
1435
Merchants
1001 130
—
Bid
Pennsylvania Turnpike—
3 %s August
..1968
48 1976
516
100
324
Bkof Amer N T A S A 12 %
42
Bank of New York
Atk
Ask
314
...
Authority Bonds
California Toll Bridge—
Ban Francisco-Oak land-
SAN
15%
Bid
Bid
3s
-4 si
Can A High Imp 4%s 1965
World War Bonus—
mmm
61.85
139
Northern Trust Co
*85
Chase National
13.55
Commercial National.. 100
149%
61.80
38 1981
3s
Bid
Canal Imp 4%s Jan 1964..
Bid
Savings. 100
New York Bank Stocks
128
133% 134%
104% 104%
3%b Mar 1970
Par
Harris Trust A
Continental Illinois Natl
New York State Bonds
3e 1974
Ask
127% 129
128% 130
1981.
Mar
Bid
American National Bank
126% 127%
126% 128%
1977.
15 1978.
o4%b
o4%8
o4 %s
o4%8
o4%a
Par
123% 124%
1
o4 %8 Nov
Ask
Beneonhurst National... 60
28 July 1944
June 28, 1941
Preferred............20
251%
96%
53%
99%
14%
13
43%
43%
Title Guarantee A Tr
Trade Bank A Trust
10
17
21
44%
Underwriters
100
80
90
40%
United States
100 1335
2
3
1385
United States Insular Bonds
Bid
Philippine
Ask
Government—
4%S Oct
4%s July
68
Apr
Bid
U S Panama 3s June 11961
1959
107
109
126
Telephone and Telegraph Stocks
Ask
128
Par
109
1952
107
1966
100
101
4%s July 1962
117
Feb
120
1962
108
111
5fl
6%S Aug
107
1941
100% 101
Bid
Ask
108%
5s
Hawaii—
Govt of Puerto Rloo—
Am Dist Tel eg (N J) com.*
July 1948 opt 1943.
112
115
3s 1956 opt 1945
113
JAJ
108»ie 108»u
3s 1966 opt 1946
3%s 1955 opt 1945..MAV
JAJ
109nu 10918ie
48 1946 opt 1944
JAJ
MAN
110'u 1107ie
is 1964 opt 1944
JAJ
100
28
*79
Atlanta %s, l%s
99
Atlantic l%s, l%s
Burlington
Rochester
Par
149
17
19
152%
1%
96
Par
Bid
Ask
1%
10
11%
12%
NN
23%
Kress (S H)
United Clgar-Whelan Stores
$5 preferred
*
18%
19%
6% pref.
FIshman (M H) Co Inc..*
7
OO
99%
Carolina—
.V.
l%s, 2s
First
111
So A Atl Telegraph
25
Sou New Eng Tele p.. .100
98
88
Telephone—
A si
1 %
94
New York 6s...
North Carolina %s. Is....
Bid
/G Foods Inc common..*
Atk
99
Lincoln 5%s
31%
32%
*17
Bohaok (H C) common...*
7% preferred
..100
Bid
Lincoln 5s
r2%
19
30%
30%
$0.50 1st pref—.....100
83
Ask
17
Chain Store Stocks
B
'
Lincoln 4%s
99
Bid
Atk
109*16 109»ie
110% 110%
109% 110%
Lafayette %s, 2s
r 11
Chicago
Denver l%s, 3s
First
Atk
26
47
Franklin Telegraph
Joint Stock Land Bank Bonds
"
Atl Telegraph...25
112% Peninsular Telep com....*
Preferred A
New York Mutual Tel..25
Bid
Par
Pao A
!■;. :.;.v'
8s 1956 opt 1946
Bid
109%
Int Ocean Telegraph... 100
112
Atk
•
104
110% 111%
Converslon|3s 1947
Federal Land Bank Bonds
Bid
100
Emp A Bay State Tel.. 100
U S conversion 3s 1946
4%S Oct 1956 Apr *46..
5% preferred
100
99
Montgomery—
Oregon-Washington
3s, 3%s
■
'■
mmm
99% 100
r4l
SPECIALIZING
100
first New Orleansla. 1%S
First Texas 2s, 2 %s
Pennsylvania l%s, l%s...
99
99%
first Trust Chicago—
18. l%s
Fletcher %s, 3%s_.
Fremont 4%s, 5%s
Illinois Midwest 4%s, 5s..
Iowa 4%s, 4%s
mmm
99
99
mmm
■
mmmm
82
mmm
98
...
.......
Southwest (Ark) 5s
r24
F.H.A. INSURED MORTGAGES
26
The beet
'
99%
'15%
93%
"Hedge'* security for Banks and Insurance Co's.
mm
Circular
17
Union Detroit 2%s_.
Virginian Is
request
STORMS AND CO.
100
...
on
mmm
mmm
100
St. Louis
San Antonio %s, 2s
Southern Minnesota......
99%
Commonwealth Building
99
PITTSBURGH, rA.
Phone Atlantic 1170
Joint Stock Land Bank Stocks
Par
Atlanta....
Atlantic
Dallas
98
Atk
104
Par
Lincoln
Bid
Ask
100
7
3
130
53
59
FHA Insured
7
120
10
100
60
100
85
90~"
.......100
North Carolina.......100
100
80
90
Moines..........100
Pennsylvania
52
58
Alabama 4%s
Arkansas
Denver
Des
Bid
......100
....
New York
First Carolines
100
23
28
Fremont
100
2
5
100
San Antonio
.100
Virginia
5
_
130
3%
140
4
Federal Intermediate Credit Bank
Debentures
Bid
*%%due
H% due
%s due
t%% due
%% due
%% due
July
Aug
Sept
Sept
Oot
Atk
1 1941 b .30%
1 1941 6.25%
2 1941 6.25%
2 1941 6.30%
1 1941
6.25%
...
Nov 1 1941 b .25%
Bid
%s due
Deo
1 1941 6 .25%
XH% due
Jan
2 1942 6 .35%
%8due.......Feb 2 1942 6.30%
t%% due
Mar 2 1942 6 .40%
t%% due
May 1 1942 6.40%
Atk
Commodity Credit Corp—
%%
Aug
1 1941 100.17 100.19
1%
Nov 15 1941 100.21 100.23
%%
May
11943 100.26 100.28
Federal Home Loan Banks
%8.
Apr 15 1942 100.10 100.12
28
.Apr
11943 102.19 102.23
Federal Natl Mtge Assn—
2a May 16 1943—
Call Nov 16 '41 at
100% 101.11 101.14
1%8 Jan 3 1944—
Jan
3
1942
at
Bid
Louisiana 4%s
t%%
:i%%
Us
Oct
July
Apr
Bid
101% 102%
101% 103
102
103%
101% 102%
102
103%
101
102%
101% 102%
101% 102%
102
New Jersey 4%s
5s
York" State" 4 % a
103
102
Pennsylvania 4%s—.....
Rhode Island 4%s
South Carolina 4%s—...
102
102
101% 103
102
101% 102%
103%
Tennessee
102
Texas 4%s
101% 102%
102% 103%
Minnesota 4%s
»
No par value,
15 1942 100.23 100.25
15 1943 101.1
101.3
15 1944 100.23 100.25
U S Housing
Authority—
%% notes Nov 1 1941.. 100.1 100.3
1 % % notes Feb 11944.
102.14 102.16
maturities,
x
103
103
102% 103%
103%
4% a
103
101% 102%
101
102%
101% 103%
102
103%
...
Insured Farm Mtges 4 %s
Virginia 4%s
West Virginia 4%s
servicing tee from %% to %% must be deducted from interest rate.
/Flat prioe.
Ask
II
North Carolina 4%s
Michigan 4%s.......
—
104
101% 102%
101% 102%
102
103%
102
103%
4%s..
4%s
New
Asked
102% 103%
New Mexico 4%s
N Y (Metrop area)
Massachusetts 4%s
Reconstruction Finance
Corp—
%%
Nov
11941 100.22 100.24
%%
Jan
15 1942 100.21 100.23
1%
July
11942 101.1
101.0
_
101% 101.22 101.25
Florida 4%a
Georgia 4 %s
Illinois 4%s
Indiana 4%s.. .......
A
Atk
4%s.........
68
Delaware 4%s
District of Columbia 4%s.
Mortgages
Asked
Maryland 4%s
Obligations of Governmental Agencies
Bid
Bid
n
• I
Now listed
a
Interchangeable.
Nominal quotation,
When Issued
on
®-i
& Basis prloe.
r In
reoelvorshlp.
With stock,
x
d Coupon,
s
Ex Interest.
Quotation shown is for all
Ex-dlyldend.
New York Stock Exchange.
y Now selling on New York Curb Exchange.
v
Quotation not furnished by Bponsor or Issuer.
t These bonds
are
subject to all Federal taxes.
T Chase Natl. Bank announced
on Dec. 31 a distribution at the rate of 577.50
original $1,000 principle amount of debentures; $75.98 on account of
prin¬
ciple and $1.50 on account of Interest.
Previously paid 5% on July 7. 1939, and
5% on Sept. 25,1939.
on each
Securities—Friday June 27—Continued
Quotations on Over-the-Counter
(When Issued)
3o$epb Walker* Sons
Mtmktn N™ r*rk Stock
D«aknia
120 Broadway
Co.
Bear, Stearns &
Exchonp
f
Securities
Railroad Reorganization
Stocks
Guaranteed Railroad
4111
& Financial Chronicle
The Commercial
152
Volume
York Stock Exchange
Members New
Tel. RE ctor
York
New
Chicago
.
OUARAKTUD
NEW YORK
2-6600
STOCKS
Since 1855^
i" i "i\**Jr
Reorganization Rail Issues
i
Issued)
(When, as, and If
Guaranteed Railroad Stocks
(Guarantor In
Bid
Asked
12 M
1334
534
Parentheses)
Dividend
78
83
2.00
2934
3134
88
91
Chicago A North Western Ry—
5% preferred (par $100)
Common (no par)
8.50
20
23
Erie RR—
3.00
z35
5.00
90
9234
5.00
69
7334
Missouri Pacific RR common
3.50
82
84
2.00
4834
50
2.00
(Pennsylvania)
.100
Fort Wayne A Jackson pref (N Y Central)
.100
Georgia RR A Banking (L A N-A C L)
.100
Lackawanna RR of N J (Del Lack A Western)...
100
6.00
Betterment stock
4734
4934
61
64
preferred
Second preferred
Norfolk A Southern RR—
Common (no par)
Ctfs of beneficial interest in J L
5.50
3934
6.00
*95
38
44
47
87
92
17334
16434
176 34
169
6.64
5434
5734
6.00
13634
14134
73
3.00
6.00
100
.100
68
137
142
248
252
10.00
50
6.00
4634
5.00
59
5.00
58
61
5.00
6134
3.50
22
5434
4Mb A...
4s B
General mortgage income
Missouri Pacific RR 1st 4s
Income 4s series A
Income 434s series B
Norfolk Southern Ry—
First mortgage 4348
Bid
Ask
Missouri Pacific 4 34s-5s._-
61.85
1.40
6
62.25
1.80
Nash Chat A St Louis 234s
62.20
1.90
61.85
1.40
62.20
1.90
234s
H8-Erie 214s
Boston A Maine 5s
52.25
1.90
61.90
1.40
Bessemer A Lake
61.70
1.30
62 50
1.50
New York Central
434s__.
64.35
3.50
N Y Chlo A St Louis 4s...
62.50
1.75
Canadian National 4Hs-5e
64.26
N Y N H A Hartford
62.25
61.50
1.00
61.85
1.40
434s
Central of Georgia 4s.....
Chesapeake A Ohio 4Kb..
Chlo Burl A Qulncy 234s__
Chic MlJw A St Paul 5s...
63.80
3.26
3s..
Northern Pacific 234s-234s
No W Refr Line SHb-48...
1.75
Canadian Pacific 434s..„.
3.40
63.50
2.50
61.60
1.25
61.65
1.25
Pennsylvania 4s series E__
61.90
1.40
62.15
1.60
2s-234»and 3348
234s and 234s
234s series G A H
1.75
61.75
1.25
Cllnohfleld 214s
62.25
1.90
Del Laek A Western
62.50
1.75
62.00
61.75
1.50
St Louis-San Fran
1.40
St Louis S'weetern
4s-4 Mb.
4Mb
61.70
1.45
61.85
1.35
Shippers Car Line 5s.....
Southern Pacific 4Mb
71.86
1.50
62.00
1.50
Pere Marquette—
61.90
61.60
1.20
Grand Trunk Western
53.50
2.50
Great Northern Ry
61.75
1.25
Illinois Central 3s
62.30
62.85
1.85
Texas A Pacific
61.85
1.40
Union Pacific 2Mb
61.75
1.35
62.00
1.50
Western
Maine Central 5s
62.00
1.50
Western
1.40
1.80
Southern 3s. _
Lehigh A New Engl 434s..
Long Island 4Ha and 5s._
Louisiana A Ark 33ie
1.50
61.75
234s-234s and 434s.
Reading Co 4Mb
5s..
2s....
Kansas City
Merchants
62.50
2MB
Despatch—
61.75
234s. 434s A 5S
1.30
1.40
61.75
1.40
Mb—
Southern Ry 4s and 4
61.85
1.50
61.85
4s-434s
1.40
Maryland 2s.....
61.90
1.40
Pacific 6s
62.00
1.50
61.75
1.35
61.75
4Mb-4Mb.
Wheeling A Lake Erie 2Mb
1234
Cyanamid—
12
ser..10
6% oonv pref let
2d
series
1154
3d
series
1134
.....10
10
Amer Distilling Co 6% pflO
American Enka Corp....*
American Hardware
25
Amer Maine Products...*
American Mtg 5% pref 100
Amer Viscose Corp
14
334
Atlantic County
5s
Water—
1958
Ohio Water Service 4s.
104J4
Calif Water Service
4s 1961
1946
5Hs series B
6s series A
1946
10834 110
8834
92
96
1948
7334
7734
434 s. 1959
Works—
5s series A
...1958
Kankakee Water
fie
i
102
10334 10534
10534
10134
103
105
B.1961
101
10034
103"
5a
1950
_
103
8prlng Brook Wat
101
103
10234
Supply
...1965
5s
Springfield City Water—
4s A
1956
Union Water Service—
1951
534a
West Va Water
10534
1st 4s
Service—
.1961
Co—
76
80
10834 11034
5% preferred
....1951
1951
Sirvlce—
1951
99
10134
5334
7134
4034
42
2634
2734
3434
/21
3634
107
109
4234
1950
...1951
extended.... 1950
4434
39
42
17
1834
1234
1434
134
234
434
354
1934
21
40
42
lOl"
834
Safety Car Htg A Ltg
50
SoovllI Manufacturing..25
5234
2634
3934
4234
Stanley Works Ino
25
Stromberg-Cartson—
♦
Sylvania Indus Corp....*
Talon Ino 00m
5
Tampax Ino com
1
Taylor Wharton Iron A
44
46
...*
Products......*
Steel common
Thompson Auto
S3 oonv pref..........*
Croweli-Coiller Pub
*
6054
6334
1834
2034
Manganese.2
634
734
Arms
1
•
Tokhelm Oil Tank A Pump
Common
5
Trloo Products Corp
*
Triumph Explosives..—2
United Artists Theat 00m.•
Time Inc
Raynolds B com *
49
1434
1634
27
Crucible... 100
pf_ *
Draper Corp
Dun A Bradstreet com...*
Rad.l
*
Preferred
30
Foundation Co Amer aha *
Garlook Packings com...*
Gen Fire Extinguisher...*
Gen Machinery Corp 00m •
Glddlngs A Lewis
Machine Tool—......2
Good Humor Corp
1
Graton A Knight 00m
*
Preferred
100
Great Lakes SS Co 00m..*
Great Northern Paper..25
Harris burg Steel Corp
6
Interstate Bakeries com..*
36 preferred
...»
King Seeley Corp 00m... 1
Landers Frary A Clark..25
Lawrenoe Portl Cement 100
Federal Bake Shops
Long Bell Lumber.......*
$5 preferred
100
Mallory (P R) A Co
•
Martin Rockwell Corp.._l
1
100
Ring.2 34
National Casket
*
Preferred
........*
Nat Paper A Type 00m...1
5% preferred...
50
30
33 34
36 34
27
30
65 34
68
3234
3434
2
234
12
1334
27
4
5134
5"
5334
14
2734
5
4
1834
2034
40
43
234
334
1034
U34
4
334
4334
4134
114 34
110
15
17
3034
33
334
3
34
A..............*
Class B
♦
United Pleoe Dye Works.*
Preferred
100
Veeder-Root Ino 00m
•
Warner A Swasey.—.—•
Welch Grape Juice com 234
7% preferred
...100
Wick wire Spenoer Steel. 10
Wilcox A Glbbs com
60
Worcester Salt
..100
York Ioe Machinery.....*
7% preferred
...100
1
8
7
6
5
34
134
34
234
2234
5434
2334
1534
1734
5134
108
634
634
734
9
50
40
234
334
37
40
7934
8234
5234
15
2534
6
434
United Drill A ToolClass
46
2834
120
118
Tennessee
1534
5
5434
Singer Manufacturing.. 100
Skenandoa Rayon Corp..*
Standard Screw
20
534
28
For footnotes see page
734
434
634
6434
634
534
1
Exploration.....1
6
60
199
Manufacturing...*
Pilgrim
4%
Consolidated Aircraft—
100
98
174
170
934
1134
10
189
.20
2434
234
834
44 34
8
234
2434
Industrial Bonds—
6s—1961
A
1946
1948
734 Deep Rock Oil deb 6s. 1952
Firestone Tire A Rub 3s '71
68
Minn A Ont Pap 5s...1960
43
1955
3834 Monon Coal 5s
1534 1 NY World's Fair 4s. 1941
134 Old Ben Coal 1st mtg 6s '48
Scovlll Mfg3348 deb..1950
25
Western Auto Supp 3348 '55
9
Amer Writ Paper
1334
234
6
65
4034
36 34
1434
134
2334
8
21
1534
4
Brown Co 534s ser
Carrier Corp 434s
14
16
23
9234
1234
54
56
26 34
1034
12
79
334
24
4110.
95
97
85
87
9634
7434
97
/1534
20
834
6934
7634
834
7134
10534 10634
99
9934
64 34
67
5634
5834
22
24 34
Railroad Bonds—
9534
118
/5034
23
22
104
1st 5s series B
734
4234
83
134
Ask
Bid
234
Remington Arms com
1334
Cuban-Amer
22
2
Pollak
102
deb 6b
86
7034
.06
1834
2534
6% preferred
10334 10534
series A—1950
1st 534b
104 34
8534
/53
134
5234
2334
11034 11034
100
Muskegon Piston
1st conv 5s
9934 10234
101
10334
10234
Par
79
10...1
S3 partio preferred
*
Arlington Mills
100
Art Metal Construction. 10
Autocar Co com
10
Botany Worsted Mills ol A6
f 1.25 preferred
...10
Brown A Sharpe Mfg...50
Buckeye 8teel Castings..*
Chlo Burl A Qulncy
100
Chilton Co oommon_...10
City A Suburban Homes 10
Coca Cola Bottling (NY)*
Columbia Baking com
*
fl partlc preferred _.. *
Merck A Co com
105
Western N Y Water
Rochelle Water—
634b series A
99
South Bay Cons Water—
Muncle Water Works—
New York Water
1958
Shenango Val 4s ser
10534
2834
National
16
50
Farnsworth Telev A
110
A Water Co
Brook
Water Servloe 58.1961
1st A ref 6s A_.
1967
-
1965
1951
434s
103
Monmouth Consol Water—
5s
108
Scran ton-Spring
Kokomo Water
1956
onongahela Valley Water
534s
1950
109
Ontario
Water 6s
Scran ton Gas
10534
6s series B
Richmond Water Works—
1st 5s series A
1957
Rochester A Lake
Joplin Water Works—
1st Gs series A......1957
New
1951
Ask
9234
107
M5s
Pittsburgh Sub Water—
68
Indianapolis Water—
1st mtge 3348
1966
1st
1957
6e
Gulf Coast Water—
1st 5a
1954
1964
Oregon-Wash Water Serv—
Community Water Service
71
2834
Bonds
2134
Arden Farms com v
Dixon (Jos)
Bid
Ohio Valley Water 5s.
1958
5s
34
7034
New Britain
34
31
Domeetio Finance cum
10534
4434
Radiator......10
Machine
*
._.*
1434 Ohio Match Co..
Pan Amer Match Corp..25
...
•
1234 Pepal-Cola Co
....1
1234 Permutit Co
1
1234 Petroleum Conversion
434 Petroleum Heat A Power.*
434
334
Ino
Dictaphone Corp.......*
Ask
Ashtabula Water Works—
86 34
Ask
Bid
•
American Arch....
*
Amer Bemberg A 00m...*
Devoe A
Water Bonds
1998
2014
.........
Dentists Supply 00m.. .10
Bid
8434
f42M
/3234
2015
Industrial Stocks and
1.25
West Fruit Exp
.1957
—1995
2015
1990
2005
convertible 434s A
.
62.25
434s
52
1989
convertible Income 5s
General mortgage
Alabama Mil is
Baltimore A Ohio 4
4s, 434s and
47
1999
First mortgage
Par
Bonds
Ask
Growers Express—
......1989
2014
2039
First mortgage
68
Atlantic Coast Line
Fruit
RR—
....
A 434s—
Erie RR—
American
4s
434«-
......
Roper Lumber Co...
25
3.00
—
Railroad Equipment
Erle 434s
434
64
(Penn-Reading)
Deny A Rio Gr West
534
4M
convertible B 434s—
Chicago & North Western Ry—
First general mortgage 234-4s
Second mortgage convertible Income 434s..
41
Preferred
434s_
17
534
....
General mortgage incone
98
7.00
RR A Canal (Pennsylvania)...
.100
Utloa Chenango A Susquehanna (D L A W)
.100
Valley (Delaware Lackawanna A Western)
.100
Vicksburg Shreveport A Pacific (Illinois Central).
Chlo A Northwestern
-
St Paul A Pacific
General mortgage income
7.00
St Louis Bridge
Central RR of N J
234
2M
1634
4s
FlrBt mortgage
3.00
.100
(Del Lack A Western)
4
5 34
in common stock
57
1.50
.100
Bid
Chicago Milwaukee
4.60
Pittsburgh Fort Wayne A Chicago (Penna) pref...
.100
Pittsburgh Youngstown A Ashtabula pref (Penna).
West Jersey A Seashore
3100)
Certificates ben interest
2634
4.00
Preferred
Warren RR of N J
3434
534
Bonds—
.100
United New Jersey
1134
...
Prior
700
2534
54 34
3.875
(Delaware A Hudson)
1134
334
....
42
500
60.00
1st pref (Terminal RR)
Second preferred
Tunnel RR St Louis (Terminal RR)
434
34
5% preferred A (par
15134
14534
4.00
Northern Central
Rensselaer A Saratoga
39
9.00
-50
A Western (D L A W)...
(Pennsylvania)
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U 8 Steel)
A Pacific RR—
95
8.75
Delaware
New York Lackawanna
Stocks—
Chicago Milwaukee St Paul
5% preferred (par $100)
Common (no par)
71
10.50
(Illinois Central)
100
Albany A Susquehanna (Delaware A Hudson)
Allegheny A Western (Buff Roch A Pitts)
...
Beech Creek (New York Central)
Boston A Albany (New York Central)
Boston A Providence (New Haven)
.100
Canada Southern (New York Central)
.100
Carolina Cllnohfleld A Ohio 00m (L A N-A C L)_.
.100
Cleve Cln Chicago A St Louis pref (N Y Central).
Cleveland A Pittsburgh (Pennsylvania)
Michigan Central (New York Centnu)
Morris A Essex (Del Lack A Western)
7354
6.00
100
Alabama A Vicksburg
Asked
Bid
Par in Dollars
1334
Akron
Canton
A Youngs-
534s ser B triple stamp..
Bait A Ohio 4% notes. 1944
1960
2734
Denv & Salt Lake 6s. .1960
Hoboken Ferry 5s
1946
1134
1434 N Y A Hob Ferry 5s_.1946
83 34 Richmond Term 3348-1965
Tenn Ala A Ga 4s
1957
4
Vicksburg Bridge 4-6S.1968
27
Cuba RR 5s
56 34
54
50
34
51
102 34 10234
40
35
54
7834
8034
4112
The Commercial & Financial
Chronicle
Quotations
Public
.
Investing Companies
&
Curtis
12%
13%
2.67
2.93
Series B-3
6.61
7.28
Series B-4
5%
Series K-l
Bankers Nat
115 Broadway
Amer Utll Serv
8% pref.26
5%
6%
86%
84%
54%
Carolina Power A Light—
$7
preferred
*
37 preferred
•
New York Power A Light—
109% 111%
112 % 114%
Cent Indian Pow 7% pf 100
36
Central Maine Power—
100
100
Cent Pr A Lt 7% pref—100
Community Pow A Lt_.10
Consol Elec A Gas S0 pref-«
preferred
7% preferred
99% 101%
110% 112%
114
87%
63%
Federal Water Serv Corp—
S3 cum preferred
*
cum
4%
15%
38%
(Del) 7%
pref
90%
36%
67
63%
6%
65%
18
20%
Florida Pr A Lt S7 pref-*
40
100
r—< O
108% *—< *-*
31%
59%
100
105
Line Co
63
78%
107%
20
22
29
36 cum preferred
S2
preferred
37 prior lien pref
81%
5% conv partio pref—60
Mississippi Power $6 pref.*,
preferred
102% 104%
18%
19%
101% 103%
Texas Pow A Lt 7% pf.100
107;
26
93%
6%
28%
29%
13%
42
50
Mountain States TAT 100
132
United
100
135%
54%
18
bid
33 preferred
'--*
Utah Pow A Lt 37 pref
•
67
68%
95%
97
48
Conv deb 4%s
Conv deb 6s
/13%
/14
Participating units
1973
Conv deb 6%s
1973
1973
88 without warrants 1940
Assoc Gas A Elec Co—
Cons ref deb 4%s_„ 1958
/9%
Sink fund lno 4%s—1983
/8
1983
/8
1986
Sink fund lno 5-6S..1986
/8
Bflno4%s-6%s
/8
Blackstone Valley Gas
A Electric 3%s
1968
14%
21
22
95
1
4%s.
.1965
Ask
106% 106%
105%
64% 66%
92%
94%
105% 105%
105
Utll—
3%.
1961
104% 105
110% 111
.1965
/I
98
6s.
94%
60%
59%
Cresoent Public Service—
Coll lno 6s (w-s)
195
60%
90%
-
"A
Houston Natural Gas 4s
Inland Gas Corp—
2
89%
Pub Utll Cons 6%s—.1948
Republic Service—
Collateral 5s
Sou
_.
Ca~lff~Gas~3%sr—1970
Sou Cities Utll 5s A... 1958
Southern Count Gas 3s '71
Southern Nat Gas 3%s '56
61%
60%
Tel Bond A Share 5s. 1958
Texas Public Serv 5s__ 1961
63%
Toledo Edison Co—
1st mtge 3%s
106% 107%
95%
97%
5
104
D
81%
84%
105% 106%
102% 103%
105
.
Railroad
Railroad equipment
15%
15.48
16.65
Insurance stk series. 10c
Fixed Trust Shares A... 10
2.98
Series 1955
1
1
Series 1958
1
6.11
2.31
No Amer Bond Trust ctfs
No Amor Tr Shares 1953.*
Series 1956
14%
5.51
8.54
3.36
«
«
•
3.35
3.85
15.19
16.65
4.13
Foundation Trust Shs A.l
Fundamental Invest Inc.2
4.90
♦
£3.77
General Capital Corp
•
General Investors Trust. 1
26.04
28.00
4.33
4.71
B
Group Securities—
Agricultural shares
Automobile shares
4.97
3.48
3.84
Aviation sharee
6.90
7.59
Building shares
4.60
5.07
Chemical
5.59
6.15
7.32
8.05
Food shares
3.63
4.00
4.58
5.05
4.89
5.39
Petroleum shares..
Railroad shares
4.20
4.63
2.62
2.90
shares
RR Equipment shares.
3.44
4.45
4.07
Huron Holding Corp
3.80
4.49
.
shares
4.49
.07
.15
1.25
14.98
1.96
Sovereign Investors
Spencer Trask Fund
1
'
Utilities Inc. 50c
♦State St Invest Corp...*
Super Corp of Amer AA—1
Trustee Stand Invest Shs—
♦Series C
1
♦Series D
1
Trustee Stand Oil Shs—
♦Series
A
1
♦Series B__
1
Trusteed Amer Bank Shs—
Class B
26c
Trusteed Industry Shs 25c
Union Bond Fund B
U 8 El Lt A Pr Shares A...
B
14.21
.89
.98
Fund..
1
Investment
Banking
Corporations
2.19
12.96
♦Blair A Co
1.19
19.07
9.01
...
1.31
17.54
Investm't Co of Amer.. 10
Investors Fund C.
1
9.23
Insurance
Pat
■na
Aetna Cas A Surety... .10
Aetna
10
1
♦Central Nat Corp d A..*
♦Class B...
•
♦First Boston Corp
10
♦SchoeUkopf Hutton A
Pomeroy Inc
10r
oom
Companies
ASk
tai
121
76
23%
20%
Jersey Insurance of N Y.20
Knickerbocker
...5
14%
45%
12%
48%
35
10
28%
Home Fire Security
Homestead Fire
Ins Co of North Amer
22%
19%
10%
5%
12%
43%
10%
46%
25
56
26%
73%
-6
125
54
10
Agricultural-
Clark Fund lno
*
Selected Amer Shares..2%
Selected Income Shares.. 1
Wellington
Bank Group shares
Insurance Group shares.
American Equitable
Republic Invest Fund...l
Scudder, Stevens and
1.36
13.93
1
Income Foundation
Aetna Life
Plymouth Fund Inc—10f
Putnam (Geo) Fund
1
Quarterly Inc Shares.. 10'
Standard
4.51
37
Home
6
10
10
10
Amer Fidel A Cas Co com 5
American Home
.10
108% 108%
106% 107%
American of Newark
2%
American Re-Insurance .10
American Reserve
American Surety
Automobile
.10
Baltimore American
2%
7%
Bankers A Shippers
.25
93%
100
593
/18 %
19%
105% 106
Camden Fire
6
19
21
27%
22%
28%
New Brunswick
10
New Hampshire Fire—10
23%
New York Fire
1970
94
72%
96
75%
103%
107% 107%
57
55%
103% 104
103% 104
109% 110%
103% 105
128
Carolina
.10
30%
Eagle Fire
2%
Employers Re-Insurance 10
40
I960
Llnooln Fire
5
Maryland Casualty
1
Mass Bonding A Ins.. 12%
Merch Fire Assur com...6
Merch A Mfrs Fire N Y..5
National Casualty
8
10
97%
8
9
24%
26%
32%
10
National Liberty
National Union Fire
New Amsterdam Cas
20
Northeastern
%
Excess
8
Federal
47
Fire Assn of Phlla
.10
Fireman's Fd of San Fr 25
Firemen's of Newark......5
Franklin Fire
'
1%
43
9%
49
Georgia Home
-10
Gibraltar Fire A Marine. 10
Glens Falls Fire
.—6
6
6
12.50
North River
2.60
National .25
Pacific Fire
25
Pacific Indemnity Co.—10
Phoenix
10
Preferred Accident
6
121% 126
62%
64%
Provldenoe-Waahlngton.10
102
Reinsurance Corp (N Y) .2
9
104
30%
10%
32%
Republic (Texas).......10
Revere (Paul) Fire
10
40%
22%
42%
25
St Paul Fire A Marine62 %
Seaboard Fire A Marine. 10
23
25
Seaboard Surety
42%
9%
44%
Security New Haven
10
Springfield Fire A Mar..25
Rhode Island
General Reinsurance
Corp 5
2
2
....
Northern
Northwestern
..
2%
10
108% 109%
Globe A Republic
6
Globe A Rutgers Fire. ..16
2d preferred.
61%
65
Stuyvesant
Great American
—
6
27
102
28%
Sun Life Assurance
100
Great Amer
—
1
10
11
Travelers
100
10%
—
West Texas Utll 3%s.l969
Western Public Service—
6%
610
City of New York
10
City Title
Connecticut Gen Life.. .10
Continental Casualty.. —6
Fidelity A Dep of Md.. .20
78% 80
103% 105%
Union Elec (Mo)
3%s_1971
United Pub Utll 6s A. 1960
Utica Gas A Electrle Co—
1957
25
12
National Fire
104
Indemnity
Hartford
7
11%
9%
Standard Accident
10
5
-10
9%
26%
27%
U 8 Fidelity A Guar Co..2
U 8 Fire
4
-10
89
92
U S Guarantee
50%
52%
Wt—i
Hanover
Hartford Fire
Oils
Steel
1
2.05
Halifax
JBc
18.38
Metals
Bank stock series... 10c
American Alliance
107% 108%
103% 104%
debs 3%s
5%s
For footnotes see
page 4110.
17.30
Balanced Fun.d.
Stock Fund
97
i960
s f
5s
3
1951
Joseph Ry Lt Ht A Pow
4%S-_
1947
96%
92%
1.16
Boston.1950
.
85%
5.40
1.05
106%
103% 103%
103
107% 108
4.80
25c
105% 105%
88%
90%
Public Service 3%s.l969
6s.
Central Public Utility—
equipment
Machinery
105% 106
105
96
Electrical
Insurance stock
1
60
59
supplies
Chemical
16.88
2.50
Shares
•96
25%
97%
99%
109% 110%
Building
v.
3.15
C
Dividend
57
106% 107%
Cent Maine Power 3%s '70
4
106% 107%
25%
Central Gas A Elec—
Bank stock
2.76
Deposited Insur Shs A...1
97%
bid
109%
101
4.16
Institutional Securities Ltd
Aviation Group shares..
25
10%
9%
9%
9%
9%
31
15.61
Incorporated Investors. .6
Independence Trust Shs.*
4s.
Sink fund lno 6s
29
112
Tobacco shares
13%
West Penn Power com...*
West Texas Utll 36 pref..*
15
15%
24%
♦Common B shares... 10
Steel
14%
14%
/14%
/14%
/23
/23%
/24
/24%
/57
1973
68
22%
23%
70%
Washington Ry A Ltg Co—
49
1978
22%
Low priced bond scries..
New England Fund
1
N Y Stocks Inc—
Aviation
Mining shares
21
•
Agriculture
Crum A Forster Insurance
Electrical Equipment...
109%
Pub
Ask
Amer Gas A Pow 3-5S.1953
1978
6%
Utility Bonds
Amer UtUlty Serv 6s.. 1964
Associated Electric 5s. 1961
Assoc Gas A Elec Corp—
1978
5%
20%
Public
25%
117%
100
B shares
ser
Income series
'
^
27
Merchandise shares
Utilities Corp
32.75 preferred
*
44
54
Narrag El 4%% pref—60
Nassau A Suf Ltg 7%pf 100
2
81%
£11 %
6% preferred
Income deb 4s
18
Sierra Pacific Pow com...*
S*western G A E 5% pf.100
Monongabela West Penn
Income deb 4%s
Conv deb 4s
16%
124%
17%
5%
1978
122
Republic Natural Gas
79%
Mississippi P A L 38 pref.*
Missouri Kan Pipe Line..5
Income deb 3%s
Income deb 3%s
84
Rochester Gas A Elec—
90%
67%
*
Pub Serv 7% pref
15
Mountain States Power. .*
81%
39
£25
♦8% preferred
Fundament'I Tr Shares A 2
*
6% preferred D
2.43
First Mutual Trust Fund .5
23%
16%
2.43
Fiscal Fund lno—
28
*
2.04
1
83%
109% 111%
18%
20%
(Colo)
(Md) voting shares. _25c
National Investors Corp. 1
National Security Series—
10.89
21%
Mass Utilities Associates—
37
»
Queens Borough G A E—
6% preferred
100
Mass Pow A Lt Associates
3.68
2.04
Accumulative series... 1
Series AA mod
1
Mass Investors 2d Fund.l
25
25.44
Pub Serv Co of Indiana—
Kings Co Ltg 7% pref. 100
Long Island Lighting—
7% preferred.
100
Leuisville G A E 5% pref25
3.39
10c
Mutual Invest Fund Inc 10
Nation .Wide Securities—
2.16
10.25
35%
26
101% 103%
9.84
23.66
67
Jamaica Water Supply—.*
Jer Cent P A L 7% pf—100
101% 102%
70
72%
26.93
9.09
1
33%
Peoples Lt A Pr 33 pref-25
Philadelphia Co—
100
25.04
Eqult Inv Corp (Mass)..5
Equity Corp 33 conv pref 1
Fidelity Fund Inc
*
113% 115%
114% 117
65%
111
4%% preferred
Mass Investors Trust
3.20
♦7% preferred
100
Cumulative Trust Shares. •
Delaware Fund
1
CO
*
Ind Pow A Lt 5 % % Pf-100
Interstate Natural Gas—*
Kansas Power A Light—
Maryland Fund Inc.—10c
13.06
Manhattan Bond
Fund Inc com
Automobile
<N®
•
Penn Pow A Lt 37 pref-.-*
112
21.79
2.55
Eaton A Howard—
preferred
Pacific Pr A Lt 7% pf—100
Eastern Pipe
57%
20.16
23%
D
£76%
Penna Edison 35 pref
56%
.17
Commonwealth Invest
1
Consol Investment Trust-.
1
...1
14.40
.07
Diversified Trustee Sharee
Panhandle
131% 133%
Hartford Electric Light.25
Knickbocker Fund
8
109% 111%
100
preferred
100
Okla G A E 7% pref—100
39
38
preferred—.*
6%
7%
65
1
Series A A
...
Series S-4
13.39
Series ACC mod
..1
♦Crura A Forster com..10
65
Ohio Public Service—
100
Derby Gas A El 17 pref—*
S0.6O
3%
14%
Northern States Power—
Continental Gas A Elec—
preferred
*
6% pf.100
Northeastern El Wat A El
34 preferred
•
116%
10%
9
preferred
cum preferred—.100
N Y Water Serv
7%
9%
105% 107%
Consumers Power S5 pref-*
7%
cum
7%
S3
Ask
36%
37 prior lien pref
*
38 prior lien pref
..*
36 cum preferred
*
New Orleans Pub Service.*
87
52 %
5
Corporate Trust Shares.. 1
New Eng Pr Assn 8% pf 100
New Eng Pub Serv Co—
Series S-2
4%
11.91
Boston Fund Inc
5
British Type Invest A
1
Broad St Invest Co Inc..5
b\a
National Gas A El Corp.10
New EngG A E6%% pf.*
120%
Birmingham Elec 17 pre!.*
Birmingham Gas—
13.50 prior preferred—60
3%
1
Canadian Inv Fund Ltd—1
Century Shares Trust—.*
Chemical Fund
1
A«K
Series K-2
4
Utility Stocks
84
Atlantic City El 6% pref.*
18.91
...
Series S-3
Bullock Fund Ltd
b\a
Series B-2
3.36
Teletype N.T. 1-1*00
108 % 110
Series B-l
10.96
New York City
Tel. BArciay 7-1600
Arkansas Pr A Lt 7% pf—*
4%
17.40
10.19
Keystone Custodian Funds
Investing—
♦Common
Par
Pai
7.84
2-58
Aviation Capital Inc
1
Axe-Houghton Fund Inc. 1
Principal Stock and Commodity gxclxm&s
Public
Ask
7.21
2.36
Amer Foreign Inv't InclOc
Assoc Stand Oil Shares
2
Quoted
•
ESTABLISHED 1879
Alabama Power 17 pref—*
bid
Par
Aeronautical Securities.. 1
Affiliated Fund Inc
1H
♦Amerex Holding Corp.10
Amer Business Shares
1
Sold
Jackson
Members
june 28, 1941
Over-the-Counter Securities—Friday June 27—Continued
on
Utility Preferred Stocks
Bought
:
dtaam Poltar
in
p*t.pr
10
9
SO
A
Quotations
/ i
i
■
■
■
4113
Chronicle
The Commercial & Financial
152
Volume
'
'
'•
.
•
Over-the-Counter Securities—Friday June 27—Concluded
on
Certificates
Real Estate Bonds and Title Co. Mortgage
If You Don't Find the Securities Quoted Here
36
Alden Apt 1st mtge 3s. 1967
which
you
classes of securities
The
bonds.
and
stocks
Banks and Trust
13 A
'45
Cheseborough Bldg 1st 6s '48
14
29?*
5?*a series BK
47?*
49?*
...
6?* s series C-2
29?*
31?*
5?*s series F-l
6?* s series Q
55?*
57 A
44?*
40?*
48 A
N Y Title A Mtge Co—
•
Colonade Construction—
Bonds
Public Utility
Federal Land Bank Bonds
Public Utility Stocks
Foreign Government Bonds
Railroad Bonds
Industrial Bonds
Railroad Stocks
Industrial Stocks
Real Estate Bonds
Insurance Stocks
Real Estate Trust and Land
22
20
.1948
1st 4s (w-s)
33
...
25
...
15
1940
lBt Income 3s
12?*
64*s (stamped 4s)..1949
62d A Madison Off Bldg—
35
1st leasehold 3s. Jan 1 '52
Your subscription should be sent to
40 Wall 8t Corp 6s... 1958
12 A
13?*
1966
12 A
1939
26
New York City.
42 Bway 1st 0s
situation some of the quotations
1st 5?* b(w-b)
60 Park Place
36
stamped.....1948
30 A
91
11?*
13
0s' 42
Hotel St George 4s... 1960
Lefcourt Manhattan Bldg
35
1
...
mmm
/24
/24
/32
Barranquilla ext 4s
1964
1946
A»k
Bid
Ail
18
/50
Housing A Real Imp 7s '46
'37
Hungarian Ttal Bk 74*s '32
Hungarian Discount A Ex¬
change Bank 7s
1936
Hungarian Cent Mut 7s
mmm
..
fx
/4
/4
...
38
38
/8
/7
Bogota (Colombia) 0?*s '47
12
fx
fx
Jugoslavia 2d series 5s. 1956
Bavarian Palatinate Cons
Cities 7s to
12
1943
Koholyt 04*s
fX
...
...
1946
/174*
*41
/3
Bolivia (Republic) 8s. 1947
mi
44*
Leipzig O'land Pr 04*8 '40
fx
1968
1909
1940
mA
4
IX
4
f 5?*
6H
1948
fX
444*
.
-
f
m.mm
.1958
24?*
25 A
1939
2 Park Ave Bldg 1st 4-6s'40
Walbrldge Bldg (Buffalo)—
/28 A
1950
3s
38?*
37 A
30
11?*
1st 5?*s
40
39
Wall A Beaver St Corp—
49
($500 paid)..
1951
18
,..1948
30
1st 4?*s w-s
A
.
..
Westlnghouse Bldg—
London Terrace Apts—
1st mtge 4s
30
35
...
fx
/43A
■
83?*
...
PA
Leipzig Trade Fair 7s. 1953
Luneberg Power Light A
45?*
units.._
64*s w-s
lnc
Lincoln Bldg
due 1952
...
39?*
...
1951
Lexington Hotel
«...
/18
Jugoslavia 6s funding-1956
...
1946
Bavaria 0?*s to
1956
1st 3-5s
^...
1948
1st 4s
34
mmm
(Syracuse)
Textile Bldg—
47?*
Lewis Morris Apt Bldg—
---
22
...
17?*
Trinity Bldgs Corp—
1st lease 4-0 4* s
P
17
.1957
3s with stock
Syracuse Hotel
1st 3s
Lefcourt State Bldg—
...
1950
33
..
1948
1st 4-58
...
13
29?*
3?* s with stock
616 Madison Ave—
31?*
88
Hearst Brisbane Prop
1946
1947
61 Broadway Bldg—
mmm
■v
35 A
/II?*
(Newark)—
1st 3?*s
Harrlman Bldg 1st 6s. 1961
nominal.
1956
10?*
8?*
Sherneth Corp—
Graybar Bldg lstlshld 5s '40
shown below are
1966
3s with stock
...
Fuller Bldg debt 6s...1944
1st 2 4*-4s (w-s)
1949
Foreign Unlisted Dollar Bonds
1948
58
14
lnc deb 5s ws
1st 4s
7%.1947
65
56
1957
Savoy Plaza Corp—
...
,
36 J*
1400 Broadway Bldg—
7s
61?*
...
Roxy Theatre—
1st mtge 4s
Film Center Bldg 1st 4s *49
Dept. B, Wm. B. Dana Co., 25 Spruce St.,
Bank of Colombia
58?*
5?*s stamped
7?*
PA
"•
Bid
1901
Realty Assoo Seo Corp—
6s Income
1943
500 Fifth Avenue—
and
Quotation Record is published monthly
1940
*
50 Broadway Building—
U. S. Territorial Bonds
Antloaula 8s
...
25
24
Prudence Secur Co—
15?*
12
(w-s.'58
Sec 8 f ctfs 4?*s
15?*
15
Eqult Off Bldg deb 6s 1962
Deb 6s 1952 legended
Deposit
U. S. Government Securities
Anhalt 7s to
...
1
Mining Stocks
Due to the European
32
2?*
1H
Hotel units
Mill Stocks
sells for $12.50 per year.
58
2d mtge 6s
165 Broadway Building—
Eastern Ambassador
Stocks
The Bank and
1951
103 E 57th St 1st 6s... 1941
Title Guarantee and Safe
ties
1 Park Avenue—
1950
Dorset 1st A fixed 2s._1957
Stocks
Investing Company Securities
Joint Stock Land Bank Securi¬
/2
Olicrom Corp v to..
Court A Remsen St Off Bid
1st 3 4*s
4?*
3
28 A
1967
Chanln Bldg 1st mtge 4s
Canadian
Out-of»Town)
15?*
Corp—
N Y Majestic
4s with stock stmp_ .1956
3s
Domestic
Canadian
64?*
14?*
Brooklyn Fox Corp—
Municipal Bonds—
Companies—
Domestic (New York and
61?*
62?*
61A
1948
4-0s
...
81
N Y Athletlo Club 28.1956
Motors Bldg—
Broadway
1947
1961
1st 6s (L I)
29
28
1st leasehold 3 4*-5s 1944
covered are:
52
Metropol Playhouses Ire—
8 f deb 5s
..1945
B'way A 41st Street—
carried for all active over-the-counter
cation Quotations are
1st 6s (Bklyn)
6?*
16?*
15?*
B'way Barclay lnc 2s__1960
In this publi¬
Record.
Ludwlg Baumann—
...
6
Beacon Hotel lnc 4s_.1968
fiDd tbem In
have Interest. y«u will probably
monthly Bank and Quotation
our
Ast
Bid
Ask
Bid
8s
7B
78
08
Brandenburg
Eleo 6s. 1963
Brazil funding 6s.
Bremen
.1931-61
1940
f 12
Montevideo
1946
Munlo Bk Hessen 7s to '45
m
S3 A
...
mm
1963
fX
04*s '38
fX
15
0?*s._
(A A B) 4S...1940-1947
/03
/0O
Caidas
Ceara (Brazil)
1902
/4
...
Ind
1948
/4
1945
fX
...
1946
P
...
04*V—1952
/54
57
31
33
National Hungarian A
44*
10?*
Mtge 7s
'
see
German Central
7s to
Oberpfals Eleo 7s
1934
JO
Panama
...
mm .
PA
86
/28
'61
Costa Rica Pac Ry 74*s *49
/II
13
/134*
/II
154*
1949
64*8.-1969
68
Cundinamarca
Dortmund MunUt!164*a'48
1946
Duesseldorf 7s to
1946
Dulsburg 7% to
fx
74*s
0s 1930
94*
...
1966
1907
1907
7B
7s inoome..
...
Mtge 7s. '03
1946
'62
Frankfurt 7s to
French Nat Mall SS 6s
German Atl Cable 7S..1946
/3
/16
...
''
...
13
/3 4*
...
•
-
m
fx
35
...
/25
...
Land1948
German Central Bank
fx
...
1938
rx
Agricultural 6s
German
1946
German scrip
Gras (Austria)
1964
1948
8s
Guatemala 8s
Hanover Hars
08
fn
/i
/5
37
Water Wks
1967
fX
1963
45
Haiti 08
Hamburg Electric 6s.. 1938
sx
fx
deposit..1957
4s scrip
1948
8s otfs of deposit. 1948
Santa Catharina (Brazil)—
8s
1947
stamped. 1942
Santander (Colom) 78.1948
Sao Paulo (Brazil) 08.1943
Saxon Pub Works 7s.. 1945
Santa Fe 4s
01*8
fx
1951
0S..1947
7X
PA
fA
OX
/9
fx
the
the
of
according
...
and
proportion
/13
the
of
10 x
property
ownership and maintenance is as
...
out
of
v..
fx
...
80
favor eight years ago,
loan volume this
15
1955
1947
/68
/18
...
Uruguay conversion scrip..
Unterelbe Electric 0s.. 1963
/40
fX
...
Vesten Elec Ry
7s.... 1947
—
Wurtemberg 7s to
fx
fx
Construction
---
_
_
.
of the same
volume was two and a half
building and ownership movement
April was three times that
when
the
home
revival.
^
in the
two States of Illinois and Ohio, it was pointed out.
Other States where
more
than $5,000,000 was loaned by thrift and home financing institu
tions include California, Pennsylvania, New York and New Jersey.
Ohio
One-fourth
72
of
signs
much in vogue today as it was
and home purchase loan
1936,
in
that
times
showed
.
1945
five years ago
of
all
the savings and
loan advances in April were
...
—
and
California lead in
construction loans.
Analysis of the April
percentage for
Sugar Securities
loans and purpose for
Ask
Eastern Sugar
Antilla Sugar Estates—
196)
6s
Bar aqua Sugar
6s
Estates—
1947
P9A
21
Punta
Savannah Sugar Refg__.l
V ertlentes-Cam aguey
1964
/38
fix
20
1940-1942
f30
*
Alegre Sugar Corp.*
59
Sugar Co
New Niquero Sugar—
4*s
Assoc com. 1
1
57
1989
6s
Preferred..
Bid
6
...
West Indies Sugar
---(
Corp..]
A
A
Purpose
Atk
7A
24
23
Haytlan Corp com
41
Haytlan Corp 4s
Par
Stock*
Estimated Loans
$38,686,000
6,368.000
48,311,000
16,905,000
10,361,000
Construction
Repair and
modernization.
purchase—.—.—
1
Home
Refinancing
6
6 J*
28
29 A
3
3 A
m
4A
which they were made, and
each purpose, follows:
*
Bid
Bona*
since last September,
everywhere an indication that
he pointed out.
...
month
been
they have
14 X
12
Tollma 78
total
Today's home owner advances are
14.02%.
fX
d"
40.05%,
Refinancing loans dropped to the
10 X
/9 A
fx
fx
April figures,
Vice-President of the
32.06% of the total; purchase,
modernization, 5.28%.
repair and
lowest
PA
/66
fX
Toho Electric 7s
Chicago, Executive
Bodfish,
Construction loans were
League.
and loan institutions
graphically in the breakdown of the
Morton
to
financing by the savings
home
days comes out
...
fio
..
April was the twenty-ninth sue
greater than the same month of
preceding year.
Purpose
9
78—1940
Stettin Pub Utll
19
loaned.
was
which loan volume was
month in
cessive
these
deb 08.2930
State Mtge Bk Jugoslavia
6s
1960
2d series 5s
1960
Slem A Halske
volume disbursed for
this year, was 14.7%.
recent years was August of last
volume in
dollar
in
$117,000,000
when
...
...
PA
Saxon State Mtge
Conversion Office
Funding 3s
PA
Salvador
7s 1957
month
closest
year,
...
fX
fx
7s ctis of
German Building A
bank 64*8
...
—V
6«-'47
1940, the gain in loan
...
fX
fx
.
...
9X
1933
8%
Farmers Natl
The League's an¬
11.7%, and the increase over Mlarch,
all purposes was
The
fx
04*s '40
C Church Welfare 7s '40
Saarbrueoken M Bk
/18
Income
alone.
stated:
comparison with April,
In
...
fx
Rom Cath Church
R
/3
fXA
1941
.68
Rio de Janeiro 0 %
...
IX
1963
vestment
Prov Bk
13
fx
fx
Mortgage A In¬
74*s
1960
64*s
European
1940
Westphalia 0s '33
many) 7s
fx
fx
Electrlo Pr (Ger*y) 64<s
of their loans were
and close to $50,000,000 was
purpose
one
nouncement further
(Ger¬
Protestant Church
fXA
1963
'60
East Prussian Pow 6s.
1956
1968
Porto Alegre 7s
1940
Costa Rica funding 6s.
6% scrip.
Poland 3s
Cordoba 7s stamped.. 1937
Colombia 4s
this
for
past 11 years 40%
of homes,
purchase
United
For
6.
...
Panama City
1963
the
disbursed
fQ
City Savings Bank
Budapest 7s
the first time in the
for
League reported on June
Savings and Loan
States
associations
at any time since
the month—the
began to be kept by
records
tlieir
«...
loan
and
$120,631,000—more money than
loaned
Oldenburg-Free State—
Bk
Central German Power
Madgeburg 6s
«»*»#
34*
/2
Central Agrlo Bank—
building
...
Hungary 74*8
18
/9 ?*
1947
8s
104*
/34*
Callao
savings,
April
During
•
Nat Bank Panama—
...
S9A
/15
(Colombia) 7?*s *46
(Colombia) 7B...1947
(Peru) 74*8
1944
Cauca Valley 74*8
1940
Call
Largest
...
(C A D) 4S—1948-1949
Nat Central Savings Bk of
Associations
...
Nassau Laudbank
fx
/47
Burmeister A Wain 6s. 1940
...
Municipal Gas A Elec Corp
Recklinghausen 7s..1947
Brown Coal Ind Corp—
Buenos Aires scrip
...
fX
Activity of
Loan
April
...
fx
Loan
Savings, Building and
on Record
...
/35
scrip
Munich 7s to
■
fx
1962
4110.
fx
7s..1957
Meridionals Elec
Hungarian Bank
7?*S
.1952
1st A gen 3-4s
...
.
For footnotes see page
Mannheim A Palat 7s. 1941
fx
(Germany) 78.1936
08
British
Water 7s
/60
scrip
Brasll funding
Land M Bk Warsaw 8s
184*
29
Other purposes—
$120,631,000
*
Made by
all associations in
the United States.
% of Total
32.06
5.28
40.05
14.02
8.59
■
:
4114
The Commercial & Financial
Chronicle
»•
June 28, 1941
General Corporation and Investment News
RAILROAD—PUBLIC
NOTE—For mechanical
However, they
FILING
OF
UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
It is
reasons
not
are
always possible to arrange companies in exact
alphabetical order.
always as near alphabetical position as possible.
REGISTRATION
STATEMENTS UNDER
SECURITIES ACT
provision for capital stock
tax, $5,000; provision for Federal income and
profits taxes, $114,431; capital stock
(par $1), $121,500; surplus
excess
$575,033; total, $935,809.—V.
The
following additional registration statements (Nos.
4785, both inclusive, and 4727, a refiling) have been
filed with the Securities and
Exchange Commission under
Akron Brass Mfg.
4782 to
the Securities Act of 1933.
a deed dated
Oct. 7,
Geist, the Wilmington Trust Co. and H. S.
The proposed maximum
public offering price, based upon the
Securities
and Exchange Commission
filing fee, is $15 a share.
The underwriters, and the number
of shares underwritten
by each,
follow:
Underwriters
Drexel &Co
A. G. Becker &
__
Shares
40,000
15,000
35,000
10,000
2,500
15,000
35,000
Underwriters—
Shares
J. J. B. Hilliard & Son
W. E. Hutton & Co
7,500
5,000
Blyth & Co., Inc
Indianapolis Bond & Sh.Corp. 20,000
City Securities Corp
Albert McGann Sees. Co.Inc.
4,000
Oollett & Co., Inc
Raffensperger, Hughes & Co.,
Paul H. Davis & Co
Inc
2,500
Harriman Ripley & Co
Thomas D. Sheerin & Co
6,000
Hemphill, Noyes & Co
22,500 Stein Brothers & Boyce
5,000
Kirkland Gold Rand Ltd.
(24727, Form A-l) Montreal, Quebec, has
refiled a statement
covering 500,000 shares of common stock
(par $1).
Stock is to be offered at $1.25
per share. Proceeds for
development, working
capital, &c. J. T. Tebbuttis President. Refiled
June 16, 1941.
Co., Inc.....
The last previous list of
registration statements
our issue of June
21, page 3960.
in
a
of May—
shares sold to
of properties,
Earnings after
exps—
Alabama Great Southern
May—
1939
Net ry. oper. income...
—V. 152, p. 3640.
$237,830
$285,264
Bondholders Oppose Moratorium Act—
In a letter to
bondholders, H. J. Symington, Chairman of bondholders'
protective committee, states that in
the opinion of counsel the
Moratorium
Act recommended by the
Royal Commission is invalid.
This Act, designed
to prevent any
further action against the
company until after Dec. 31,
1942, has been enacted by the
Legislature of the Province of Ontario but
has not yet been
proclaimed and is not in force.
The letter further states
that after careful
consideration of the Royal
Commission report the committee
has concluded that the
report does not
reasonably provide for the interests of the
bondholders and cannot be
recommended to
them.—V. 152, p. 3798.
1937
$477,304
152,947
19,840
109,089
24,620
160,516
23,812
$357,199
Net profit from opers.
Other income.
Loss on mtge. sold
$296,636
$92,937
$292,976
1,284
6,500
1,460
Sundry income deduct'ns
7
517
6 454
bl 14,600
52,100
17,000
c66,115
$242,591
157,950
$245,479
212,625
$69,483
$2.00
$2.02
$221,645
134,865
$1.82
Prov. for Federal income
taxes...
Net income for year..
Dividends
a
1938
$226,646
190,698
23,201
Prov. for depreciation..
Earns, per sh.
1939
469,423
on cap.
343,590
(Pa.)—$1.50 Dividend—
dividend of $1.50 per share on the common
to holders of record June 26.—V.
150, p. 3962.
a
Airlines, Inc.—Debt Converted—
p.
3960.
Directors have declared a dividend of
eight cents per share on the class A
stock, payable June 30 to holders of record June 20.
Dividend of 10 cents
paid on March 31, last, and dividends
totaling 40 cents per share were
distributed during 1940.—V.
152, p. 2229.
was
American
Car & Foundry Co. (&
Subs.)—Annual Re¬
port—The remarks of President Hardy, together with income
account and balance sheet as of
April 30, 1941, will be found
under "Reports and Documents" on a
subsequent page.
Consolidated Income Account for Years Ended
April 30
1941
53,424,854
3,959,080
2,954,976
Profit from operation
Other income—Dividends
32,446,394
1,820,176
1,971,501
23,330,833
1,036,573
1,597,319
Total income
Other charges—Interest
Royalties
Miscellaneous
x$442,981 *$2,111,207
22,248
11,636
752,275
594,715
91,538
81,954
93,877
27,981
$7,922,493
73,508
Royalties
Miscellaneous
on
1939
$6,853,103
18,691
778,449
172,350
99,900
Interest
Loss
1940
allowances..$67,192,012 $35,795,090 $23,853,517
admin., seU'g
$516,958 *$1,394,921
57,997
18,314
99,946
81,215
60,411
45,199
99,963
=
a209,418
a123,043
155,124
92,074
245,729
2,127,927
67,000
property retirements
Federal income tax
Federal excess profits tax
Net earnings for year
Divs. on pref. stock
Earns, per share on common
...
$5,161,130
506,537
$5.23
In respect to
profits of
x$10,777 x$l,662,692
-
Nil
-
-
-
-
-
Nil
subsidiary companies,
x Loss.
Consolidated Balance Sheet April 30
Assets—
Cost of properties
1941
1940
$68,464,756 $63,294,413
22,503,842
9,269,828
contr. for.
997,824
11,037,850
8,912,153
Stocks & bonds of other
companies
1,252,793
1,819,211
b Treasury stock
533,400
533,400
U. S. Government securities
27,331
27,331
Cash
10,464,221
8,578,572
Prepaid taxes, insurance, &c
224,981
101,911
Miscell. securities, less reserve
169,312
171,055
Securities of affiliated cos., less reserve
99,178
94,432
Notes & accounts receivable of
affil.cos., not curr..
2,812,210
4,905,319
...
...
Material on hand
Adv. payments to vendors for materials
Accounts & notes receivable
------
...
stk
Net sales less cost of goods
sold,
60,750
$0.57
including materials and supplies, direct
labor, maintenance, taxes (other than
income), and other
manufacturing expenes.
b Including
$28,200 for
excess
profits
tax.
c Including
$15,865 for surtax on undistributed
and
2,489,270
377,659
American Business Credit
Corp.—8-Cent Dividend—
Bearing Mfg Co.—Earnings—
1940
3,000,019
871,160
611,985
amount reserved for
bond conversion.
This conversion eliminates
practically all funded debt of the Airlines and
leaves Aviation
Corp. the owner of approximately one-third of the out¬
standing common stock.
The bonds were issued as of
July 1,1936 to repay
indebtedness to Aviation Corp.—V.
152,
a
$571,098
3,113,861
884,012
588,531
144,085
The Aviation Corp. has
converted all its holdings of American Airlines,
Inc., 1)4% convertible bonds into stock of the
Airline, thus increasing the
outstanding common stock of American Airlines
193,769 shares to 574,716
shares.
The bonds, due
July 1, were convertible at any time up to matur¬
ity at $12.50 a share.
Only 290 shares are left of the
$3,131,023.
Years End. Dec. 31—
Gross profit from sales
Sell., gen. & admin, exps
incl. salaries & comms.
93,527
65,227
Alliance Insurance Co.
American
1938
$522,430
199,408
Directors have declared
stock, payable June 27
1939
$617,222
1938
$817,457
a
a
1940
$686,754
228,184
148,606
4,049,356
1,384,044
1,819,310
Net ry. oper. income...
From Jan. 1—
Gross from railway
Net from railway
-
RR.—Earnings—
1941
$892,472
306,079
167,367
Repairs, new patterns, flasks, &c
Depreciation
Before depreciation and bond
interest,
b Includes $159,318 received
in U. S. exchange.
Earnings for the five months ended
May 31, 1941, on above basis were
Aetna Ball
1
Gross sales, less discts. &
Cost of goods sold, incl.
1940
b$752,858
treasury (exclusive of 716
employees) at cost, Dr.$800; surplus arising from revaluation
$88,016; total, $350,951.—V. 152, p. 1902.
Gross from railway
Net from railway
given
Ltd.—Earnings—
1941
$70,999
Balance Sheet Dec. 31, 1940
Asset's—Cash, $7,333; marketable stocks at cost
(quoted market prices
$14,237), $6,625; trade accounts receivable
(net), $83,531; inventories,
$92,764; other assets, $2,904; property,
plant and equipment (net), $154,331;
patents and trademarks, $1,810; deferred
charges, $1,652; total, $350,951.
Liabilities—Accounts payable, $31,284; accrued real estate
and Federal
capital stock taxes, $1,946; Federal taxes on
income, $41,266; common
stock (par 50
cents), $49,900; capital surplus, $42,100; earned
surplus,
$97,238; 160 shares of common stock held in
and general expenses-
Abitibi Power & Paper
Co.,
Month
was
$63,583
74,198
62,375
Includes $10,000 for Federal excess
profits tax and $1,266 for additional
assessments for prior years—net.
(24785, Form A-2) Indianapolis, Ind. has
registration statement
covering 225,000 shares of class A common
Schull.
a41,266
14,669
a
Indianapolis Water Co.
1935, between Clarence H.
$139,363
14,281
38,255
15,828
profit
Dividends paid
President. Filed June 21, 1941.
McKesson & Robbins, Inc.
(24784, Form A-2), New York, N. Y. ha®
filed a registration statement
covering $13,700,000 15-year
sinking fund
debentures and 56,000 shares
($100 par) cumulative preferred stock.
W. T.
Murphy Jr., is President. Filed June 21, 1941.
(Further details given on a
subsequent page.)
parent company, owner of the shares.
The parent
company is the successor trustees under
$128,764
9,246
Net
co-founder with A. T. Brown of
Brown-Lipe-Chapin Co., now a division of
General Motors Co.
H. Follett Hodgkins, the
present President and
principal stockholder, became General Manager in
1928 and purchased the
business from the Lipe estate in 1929.
Under Mr. Hodgkins'
management,
the company has become the
leading manufacturer of heavy duty clutches
and since 1937 has added
quantity production of athes to its machine tool
business. H. Hollett Hodgkins is
a
1939
$234,338
94,975
Non-recurring charges
Provision for Federal income tax
Amortization of appreciation
registration statement covering voting trust certificates
for
1,106 shares or common stock (no par).
F. E. Cronise el al are
voting
trustees.
Filed June 18, 1941.
W. C. Lipe, Inc.
(24783, Form A-l) Syracuse, N. Y., manufacturer o*
machine tools and heavy
duty automotive clutches, has filed a
registration
statement covering the proposed
offering of 140,225 shares of class A stock.
Barrett Herrick & Co., Inc. of New
York was named as
principal under¬
writer. Proceeds from the sale of
25,000 shares, to be sold for the account of
the company, will be used for
necessary expansion that may be required
by the present national emergency defense program.
Of the remaining
95,885 shares will be sold for the account of certain
stockholders who will
receive the proceeds. The
remaining 19,340 shares are reserved for issuance
upon exercise of warrants.
Company is stated to be the leading manu¬
facturer in the United States of heavy
duty clutches for trucks of three-tons
capacity and larger.
The principal machine tools
manufactured by the
company are lathes which are used in the automotive
and airplane industries,
in the production of optical
parts, and in the finishing of shells and
pro¬
jectiles. The company operates two plants in
Syracuse, one of which is a
new plant for the
manufacture of machine tools finished
early this year.
Business was established in i875
by C. E. Lipe, co-founder with A. T.
Brown of the
Brown-Lipe Gear Co., now a part of
Spicer Manufacturing
Co. In 1899 Willard C. Lipe became the
manager of the business.
He was
stock, ($10.50 par). These shares are to be issued
upon reclassification of
p/esently outstanding common stock, and are to be
sold to the public for the
account of the
...
1940
$225,515
96,752
Operating profit
Net other deductions—Income
ShattuckProperties Corp. (2-4782, Form F-l), San
Francisco, Calif.,
filed a
has
filed
I
Years Ended Dec. 31—
Gross profit
Selling and administrative expense
The amount involved is
approxi¬
mately $22,844,285.
152, p. 2690.
Co., Inc.—Earnings—
indirect
profits.
Balance Sheet Dec. 31, 1940
Assets—Cash, $260,035; accounts receivable
(net), $136,601; inventories,
$191,239; cash surrender value of life
insurance, $7,873; land, $42,825;
building, machinery and equipment
(net), $286,389; deferred charges,
$4,846; equity in real estate (at cost),
$6,000; total. $935,809.
Liabilities—Accounts payable,
$69,115; commissions payable, $2,170;
vwuiorl eoIorioo onH
QO Oil* nrntriDinn fn*
uracrc±a
Total
$118,587,697 $97,707,627
Liabilities—
Preferred stock
a
1941
Common stock
I
Accounts payable, &c
Bills payable (banks)
Adv. payments received
Insurance reserve
on
sales contracts
1940
$30,000,000 $30,000,000
30,000,000
30,000,000
10,548,691
4,595,878
10,000,000
4,500,000
5,333,410
1,500,000
1,500,000
2,833,645
2,833,645
1,340,128
1,900,873
27,031,823
22,377,231
------
-
Reserve for dividends on com. stock
Reserve for contingencies
Earned surpius account
Total
-
$118,587,697 $97,707,627
a
Represented by 600,000 shares of no par value,
b Represented by
10,550 shares of preferred stock and 600 shares of common
stock.—V. 152,
p.
3960.
The Commercial &
Volume 152
American Disc Clutch Co.-—Extra Dividend—
an extra dividend of $1 per share in addition
the regular quarterly dividend of 75 cents per share on the common
stock, both payable June 25 to holders of record June 14.—V. 151, p. 1738.
Directors have declared
to
Dredging Co.—To Pay $3 Dividend—
American
The directors have
—V. 151, p.
the common
compares with
declared a dividend of $3 per share on
stock, payable June 28 to holders of record June 20.
This
$6 paid on Dec. 28, 1940; $1 paid on June 28, 1940; $4 on
$1 on June 28, 1939, Dec. 28 and June 28, 1938: $2 paid on
and dividends of $1 per share paid on June 28, 1937, and on
Dec. 28, 1939;
Dec. 28, 1937,
Dec. 28, 1936.
3878.
American Fork & Hoe Co.
April 30—
Gross profit from sales
Selling, admin, and general expensesYears Ended
(& Subs.)—Earnings—
1941
1940
1939
$3,094,466 $2,998,431 $1,934,519
1,547,922
1,580,685
1,337,701
$1,546,544
Operating income
Non-operating income (less expense)
-
Dr39,993
(after deprec. charges)
_
$1,506,551
Net income
396,425
Provision for income taxes
$1,110,127
211,890
Net income for year
Dividends on preferred
stock
514,351
Dividends on common stock
$1,417,747
Dr86,687
$596,818
73,018
$1,331,069
289,463
$669,836
115,541
$1,041,606
212.844
514,351
$554,294
213,438
308,610
■
Assets—Cash, $2,238,650;
Dominion of Canada bonds, $112,050; accounts
trade (net), $2,181,744; accounts and notes
stock (528,057 no-par shares), $8,800,950; surplus,
$66,693; 13,706 shares of common stock in
Dr.$215,751; total, $17,047,397.—V. 152, p. 3799.
common
surplus reserves,
$3,855,350;
treasury, at
American Gas & Electric Co.—Capital Contribution—
Securities and Exchange Commission on June 23 issued an order
permitting to become effective a declaration filed pursuant to the Public
Utility Holding Company Act of 1935 regarding a capital contribution to
its wholly owned subsidiary company, Kentucky & West Virginia Power
Co., Inc., in a total amount of $2,035,000, of which contribution $585,000
is to be used by Kentucky to repay present open account indebtedness
owed to American Gas, and the balance of $1,450,000 is to be used by
Kentucky for the construction of a 154,000-volt transmission line from
Hazard, Ky., to Pineville, Ky., to install a new transformer bank, and
make other necessary changes and incidental additions in order to inter¬
connect the systems of Kentucky and the Tennessee Valley Authority.
3641.
American Gas & Power
Co.—Earnings—
Years End. Dec. 31—
—12 Mos. End. Mar. 31
1941
$657,595
Period Ended—
Gross
revenues
52,805
32,854
53,157
33,385
$604,790
335,666
225,984
$797,323
355,077
236,848
$800,771
338,442
226,591
$667,795
357,130
260,335
$43,140
$205,398
$235,739
$50,330
Operating expenses.....
Gross income.
Unconditional interest..
Conditional interest
Net
1939
$701,181
1940
$853,928
1940
$830,177
income.
,
Balance Sheet
Mar. 31
Mar. 31 '41 Dec. 31 '40
41 Dec. 31 '40
S
$
Liabilities—
$
10,328,000 10,328,000
cos...12,997,100 12,997,100 Long-term debt
1,879,597
2,096,758 a Ctfs. of indebt.. 1,880,392
2,096,758
1,341,560
284,453 b Cum. cond. int. 1,397,413
Other investments
284,453
1,093
1,500
261,712 Accounts payable.
a Notes receivable
265,042
j\.\$8€t$"
"
This will be the second largest
A total of 14,143,511 voting sbares was represented at the meeting,
and 13,991,142, or approximately 73%, shares were voted in favor of the
financing program—which required a two-thirds affirmative vote—while
152,369 shares were cast against the proposal.
Registers $233,584,900 of Bonds—Will Be Offered at Par
Stockholders Through Transferable Warrants—
The company on June 26 filed with the Securities and Exchange Com¬
mission a registration statement for $233,584,900 of convertible debenture
bonds, warrants evidencing 18,686,794 rights to subscribe for the debenture
bonds and 2,335,849 shares of $100 par capital stock, to be reserved for
conversion of the debenture bonds.
The interest rate and maturity date
to
The debenture bonds are to
furnished by amendment.
be offered through
transferable warrants, at
principal
to stockholders of record July 25, 1941, in the ratio of $100
amount for each eight shares of capital stock held.
Subscription rights are
to expire Aug. 29, and such of the debenture bonds as are not
through the exercise of rights will not otherwise be offered.
There will be
par,
purchased
no
underwriters.
intends to use the net proceeds for additions and improve¬
and properties of its subsidiary and associated com¬
ments to its property
Company also intends to use
debenture bonds for the same
panies, and for general corporate purposes.
the proceeds its receives on conversion of the
A part of the proceeds may be used to redeem $94,547,000
outstanding 5H % 20-year sinking fund gold debenture bonds due Nov.
purposes.
1943, it is stated.
Acer,
Special deposit with
benture
55,853
139,634
Other accr. liabils.
9,428
13,812
Com. stk. (SI par)
10,599
189,637
1,002,592
761,525
on
346
72,669
21,000
issues..
Cash
Div. receivable.
__
15,737,378
Total
a
p.
And
55
8
Sundry prep. exps.
uncond. int.
secured debs.
346
trustee under de¬
15,654,2391
accrued interest
thereon,
189,637
Capital surplus
1,002,592
Earned surplus...
872,561
15,737,378 15,654,239
Total
b On secured debentures.—V. 151»
2670.
American General
in Fiduciary
Corp.—Must Return Stock—Directors
possible effect of priorities in
A decision directing
Utility Equities Corp. all
purchased by it between July 5, 1939,
all dividends received from July 5, 1939,
down June 18 in the Chancery Court of
the corporation to return to
preferred stock of the latter company
New Jersey.
The decision came as
the result of a suit brought
by Jacob H. Grubman,
minority stockholder of Utility Equities, and covered 11,052 shares of
preferred stock. Utility Equities was directed to pay American
the original purchase price or the shares.
The substance of the complaint was that for several years prior to July 5,
1939, when American General acquired voting control and elected directors
General
of Utility
Equities, it had been the
policy of the directors of the latter
priorities stock in the open market to take advan¬
tage of the excess in equity value over the open market price.
The complaint alleged that, subsequent to acquisition of voting control
by American General, its directors caused Utility Equities to abandon its
former policy and that American General then proceeded to purchase such
shares for its own account and to divert to itself the profit Utility Equities
had previously derived from such purchases.
It had been the policy of
Utility Equities to cancel all stock bought.
In explaining its decision the court pointed out that American General,
by acquiring voting control of Utility Equities and electing officers and
directors, became subject to all fiduciary obligations imposed by law on the
directors of what had become, in effect. its subsidiary.
The court held that directors of Utility Equities stood in a fiduciary
position toward stockholders of their corporation, their relationship to these
stockholders being as trustees.
Their dealings with American General,
with which three of them were also connected as officers and directors, cast
on them and American General the burden of proving that such dealings
were conducted in good faith and solely in the interests of stockholders,
company
to purchase its
the court said.
the decision will materially enhance the
Utility Equities Corp. preferred stock.—V. 152, p. 3484.
It is believed that
of
American
Mfg. Co.—50-Cent
breakup value
had this to say:
"The company
of
and that of
substantialy
the telephone manufacturing activities of Western Electric Co. and the
construction programs of the company and its telephone subsidiaries, with
the result that the latter companies may not be in position to provide all
is unable to determine to what
extent the development
shortages or the imposition of priorities may affect its business
its subsidiaries.
However, the effect thereof may be to curtail
requested."—V. 152, p. 3/99.
telephone service
Dividend—
dividend of $1.25 per share on the common
1 to holders of record July 19.
This compares with
50 cents paid on May 1 and Feb. 1, last; dividend of $1 paid on Dec. 23,
1940; and extra of $1 and regular quarterly dividend of 25 cents was paid
on Nov. 1, 1940.—V. 152, p. 419.
Directors have declared a
stock, payable Aug.
Corp.—Stock
Viscose
American
Listed
dividend of 50 cents per share on the common
July 1 to holders of record June 19.
Previously regular
quarterly dividends of 25 cents per share were distributed.—V. 152, p. 3333.
Republics Corp.—10-Cent Common
declared a dividend of 10 cents per
10 to holders of record June 30.
Dividend—
share on the common
Dividends of 25 cents
on Dec. 28, 1940, this latter being the first dividend paid since
1938, when a dividend of 10 cents per share was distributed.
stock, payable July
was paid
July 11,
—V. 152,
p.
3485.
American
Telephone & Telegraph
Co.—$234,000,000
Approved by Stockholders for Subscrip¬
tion—In order to provide funds primarily for the new con¬
struction needs of the Bell System, but also for other cor¬
New
York
Stock Exchange has authorized the listing of 251,940
cumulative preferred stock (par $100) and 1,729,000 shares of
stock (par $14), all of which are issued and outstanding.
Transfer Agents—(a) Preferred stock: J. P. Morgan & Co.,
New York, and Wilmington Trust Co., Wilmington, Del.
(b) Common
stock:
J. P. Morgan & Co. Incorporated, New York, and Wilmington
Trust Co., Wilmington, Del.
The
New York
shares of 5%
common
Incorporated,
Registrars—(a) Preferred
York, and Delaware
Guaranty Trust Co.
mington, Del.—V. 152, p.
American Water
Co.,
Central Hanover Bank & Trust
stock:
Trust Co., Wilmington, Del.
(b)
of New York, and Delaware Trust
New
stock:
Common
Co., Wil¬
3960.
Works & Electric Co.,
Output of electric energy
Inc.—Output—
properties of American Water
of the electric
for the week ended June 21, 1941, totaled 63,374,000
kilowatt hours, an increase of 21.0% over the output of 52,363,000 kilowatt
hours for the corresponding week of 1940.
Comparative table of weekly output of electric energy for the last five
years follows:
Week Ended—
1941
1940
1939
1938
1937
May 31
59,994,000 49.369,000 42,790,000 36,060,000
June
7
61,781,000 52,392,000 45,105,000 38,670,000 50,718,000
June 14
62,687,000 52,870,000 46,041,000 38,033,000 50,609,000
June 21
63,374,000 52,363,000 45,133,000 37,879,000 49,972,000
—V. 152, p. 3960.
.
Works & Electric Co.
48,018,000
American Window Glass Co.—To Recapitalize—
called a special meeting of stockholders on Aug. 25 to
plan of recapitalization whicn is designed to absorb the company's
wholly-owned subsidiary, the American Photo Glass & Export Co.
The
plan calls for the creation of 175,782 shares of 5% cumulative convertible
preferred stock of $25 par value and 60,000 shares of common stock of
vote on a
$12.50 par value.
Each present preferred share would receive three shares of new
and three shares of new common.
Each present class A share
four-fifths of a share of new preferred and one share of new common,
the present common stock would receive one-fourth of a
new
preferred
would receive
preferred share would be
date until Sept. 1, 1951.
Each new
mon.
common on any
share of
while
com¬
convertible into two shares of
Dividends on this stock would
begin to accumulate from Sept. 1, 1941.
Current capitalization of $16,982,li5 would be reduced to $7,172,566.
There are outstanding 39,950 shares of 7% cumulative preferred of $100 par,
69,915 shares of 7% cumulative class A stock and 129,905 shares
common.
In a letter to stockholders, William L. Munro, President, said:
"Consummation of the proposed merger will wipe out
dividends on the present preferred stock and the class A stock and if
of
accumulated
the
continue the directors hope to be able to
present earnings of the company
begin paying dividends on its new
stock/—V.
preferred and also on its new common
151, p. 2932.
Anaconda Copper Mining Co.—Bonds Called—
Chairman of the Board, announced that
Cornelius F. Kelley,
the company have
of directors of
authorized the calling for
the board
redemption on
fund
1941, of $2,100,000 principal amount of 4M% sinking
debentures of the company (out of a total of $4,025,000 principal amount
outstanding) at the redemption price of 101. plus accrued interest.
Notice
of the numbers of the debentures called for redemption will be given as
soon as the same have been drawn by lot by the trustee.—V. 152, p. 3169.
Aug.
11,
Arkansas Power &
excl. direct
taxes.
Direct taxes
Prop, retire, res. approp.
Net oper. revenues—
Other income
(net)
Light Co.—Earnings—
1941—Month—1940
$932,297
$9,865,225
4,088,869
1,892,105
1,280.000
4,119.547
1,265,812
$246,930
933
$3,320,473
$3,185,866
$3,331,071
1,761,052
370,665
199,342
282,807
94,000
93,000
$268,290
575
101,439
$268,865
147.023
18,585
$247,863
146,365
19.785
chgd. to construc'n.
Crl,862
Cr246
Other int. &
Net
$105,119
$81,959
applicable to pref. stocks for period—
income
Dividends
Balance
1941—12 Mos.—1940
$724,176 $10,581,447
bonds.
deductions.
Gross income
Int. on mortgage
Int.
American Seating Co.—50-Cent Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, no par value, payable July 18 to holders of record June 27.
Like
amount was paid on Dec. 27, 1940; Dec. 27, 1939. and on Dec. 16, 1937,
and 25 cents paid on July 22, 1937.—V. 152, p. 3334.
Convertible Debentures
on
Stock Exchange—
Oper. exps.,
Directors have declared a
American
Div.—
Bottle Co.—$1.25 Common
Thermos
American
Period End. May 31—
Operating revenues
stock payable
Directors have
the
certain materials, the statement
Company has
Capacity to Utility, Court States—
and October, 1939, together with
to the present time, was handed
1,
national defense program.
Inv. in sub.
Inv.inaifil.cos.__
of
toll
the
believed that recent increases in
and local telephone service in sales of Western Electric Co. and in
general business of the Bell System are in large measure attributable to
The statement said the company
As to the
The
—V. 152, p.
aggregate principal amount.
block of capital to be raised
by the company in one operation, the largest, a $257,000,000
stock issue, having been subscribed for in 1930.
in
$234,000,000
exceeding
The company
receivable,
other (net), $61,726; inventories, $4,958,399; non-current investments and
receivables, $694,343; plant and equipment (net), $6,556,566; deferred
charges, $134,349; patents, $109,570; total, $17,047,397.
Liabilities—Accounts payable, trade, $229,436; accounts payable, other,
$76,591; accrued liabilities, $709,228; 6% cum. pref stock, $3,524,900;
cost,
porate purposes, the stockholders on June 25 authorized an
issue of convertible debenture bonds of the company not
of the debenture bonds are to be
Consolidated Balance Sheet April 30, 1941
and notes receivable,
4115
Financial Chronicle
10,598
1.294,000
11,661
$3,197,527
230,759
Crl0,597
1.756.507
277,143
Cr3,562
$1,344,857
$1,167,439
949,265
949,265
$395,592
$218,174
1941,
such taxes
Notes—Provision for Federal income taxes, subsequent to April 1,
at a rate which will result in the accumulation of
at the rate of 30% for the full year 1941.
Includes provision of $39,744 and $203,745 for Federal excess
tax in the month of May, 1941. and in the 12 months ended May 31,
1941, respectively.—V. 152, p. 3799.
is being made
profits
1941,
The Commercial & Financial Chronicle
4116
(D.) Appleton-Century Co., Inc.—New Official—
Company announced
of
the
board
Newell also
since
Arnold
June 20 that Stewart 8. Hathaway, a member
has been elected Vice-Chairman.
George T.
on
1919,
elected
was
director.—V.
a
Because the
a
stock
misleading," the Commission on June 17 denied the application.
It was denied, however, without prejudice to the right of the company
a corrected application and to submit to its stockholders a corrected
notice.
Associated Chain Store Realty Co., Inc.—Tenders—
Associated Telephone & Telegraph
(Accounts of subsidiary companies
,
Calendar Years—
Inc. fr. sub. &
1940
1938
1937
$988,033
$1,065,419
$1,209,296
71,097
70,870
$1,056,787
119,211
$1,136,517
$1,280,166
1.50,446
42,290
Total gross earnings-.
Salaries and wages
$1,087,431
665,901
$1,443,860
675,021
63
156
Taxes.
137,975
40,339
38,852
Net earnings........
on debentures
$897,236
649,007
"$959,690
General interest.
Amort, of debt discount
941
Int.
with
in
(& Subs.)—Earnings—
Earnings for the 6 Months Ended May 31, 1941
+* L L}«
-
63,887
64,623
65,361
66,106
connection
$183,400
101,382
$238,689
25,000
$356,106
100,000
$626,873
60,000
$82,018
41,114
reserve
$213,689
143,901
$256,106
'107,926
$566,873
323,778
Balance, surplus.....
dividends....
Preferred
Including directors' fees, legal and other
expenses.
'
Balance Sheet Dec. 31
(The accounts of subsidiary companies
1940
1940
'S
Patents,
1
rights, Ac
1
1
911,598
987,815
Unamort. debt dis¬
count & expenses
Prepaid
legal
v.'-'
Liabilities—
23,105,902 22,900,167
patent
not consolidated]
are
1939
i
Investments
ex¬
84
pref. cumulative 1,194,300
CI. A cum. pf. stk.
Com. stk. (par SI)
150
389,812
5,545
Due from sub. cos.
Current liabilities.
Due to sub. cos...
1,032
805,564
315,884
Reserves
24,728,741 25,249,179
1,038,308
128,735
4,255
134,505
46,000
500,372
195,000
.
Surplus reserves..
Earned
Total...
2,231,482
1,038,308
$
3,296,700
4,050,805
1,194,300
2,231,482
debentures-11,748,000 11,900,000
494,449
penses
Accts. receivable—
1939
'
$
7% cum. pref. stk. 3,296,700
$6 cum. pref. stock 4,050,805
5H%
Cash in banks,—.
-
$6,502,039
-
$1,396,750
138,257
....
$1,535,007
'
554,449
44,345
273,979
taxes
Net profit
$662,234
-V. 152, p. 3171.
Badger Paper Mills, Inc.—oO-Cent Dividend—
Directors have declared
dividend of 50 cents per share on the common
a
stock, payable June 25 to holders of record June 16.—V. 149, p. 3546.
(J.
T.) Baker Chemical Co .—Extra Dividend—
Directors have declared
an extra dividend of 12 H
cents per share in
quarterly dividend of 12 Vi cents per share on the
stock, both payable July 1 to holders of record June 19Extra of
25 cents paid on Dec. 24, 1940, and extras of 12 Yt, cents were paid on Oct. 1
addition to the regular
1940.—V. 151,
p.
Baldwin Locomotive
^
-
3880.
75,702
Net income.■_
a
-
5,105,289
Federal income
and July 1,
investments
Appropriations to
-
common
and expense.-..
Expends,
656,365
11
140,914
75,676
i
-■
Total income
$1,660,4.50
mmm.
1,400 stockholders were
Expenses
Interest, discounts, &c
/
i
of the
Other income
47,318
_.1
Interest.
Miscellaneous
12
Operating profit
$1,613,132
68,754
assoc. cos.:
Dividends-
a
consolidated]
1939
only
Cost of sales
Co.—Earnings—
are not
)
,,
Net sales -■
The Atlantic Utility Service Corp. reports that for the week ended June
20, net electric output of the Associated Gas & Electric group was 113,793,675 units (kwb.).
This is an increase of 19,309,791 units, or 20.4% above
production of 94,483,884 units a year ago.—V. 152, p. 3961.
that
found
Aviation Corp.
i
Co.—Weekly Output—
Commission
;i>
'•
■
The
present at the meeting where it was decided "unanimously" to delist,
that the proxy by which a majority of shareholders was represented limited
the appointees to voting only on the questions enumerated in the proxy,
and that they received no general authority.—V. 152, p. 3171.
on
The Continental Bank & Trust Co. of New York will until
July 5 receive
bids for the sale to It of sufficient first mortgage collateral
5gold bonds
to exhaust the sum of $265,000 at a
price of 70 and int.—V. 149, p. 1905.
Associated Gas & Electric
notice
to file
July 1 to holders of record June 20.
Jan. 1, last.—V. 152, p. 112.
paid
a
stock and 240,310 shares ($1 par) common stock stock from the Pittsburgh
Stock Exchange and the application itself were "materially inaccurate and
payable June 30 to
dividend declared on the stock since the
company was reorganized in 1937.
Directors also declared a semi-annual dividend of 75 cents per share on
the 5% preferred stock, par $30, payable
was
Exchange Commission found that
by the company to its shareholders of its intention to apply to the
Commission for permission to delist 35,000 shares ($25 par) 7% cum. pref.
dividend of 50 cents per share on the common
holders of record June 23.
This is the first
Initial dividend of like amount
Securities and
sent
151, p. 3879.
Print Works—-50-Cent Dividend—
Directors have declared
June 28, 1941
Automobile Finance Co.—Delisting Denied—
208,142
782,012
surplus...
Total
—
707,706
—24,728,741 25,249,179
Charles E.
Works—Bookings—
Brinley, President of the Baldwin Locomotive Works,
an¬
nounced today that the dollar value of orders taken in May by the Baldwin
Locomotive Works and subsidiaries, including the Midvale Co., was $10,-
654,183 as compared with $2,362,955 for May, 1940.
The month's book¬
ings brought the total for the consolidated group for the five months of 1941
to $61,838,996 as compared with $13,206,289 in the same period of 1940.
Consolidated shipments, including Midvale, in May aggregated $6,750,644
as compared with $3,429,903 in May, 1940.
Conslidated shipments for the
five months of 1941 were $28,165,985 as compared with $18,577,183 for
the same period of 1940.
On May 31, 1941, consolidated unfilled orders,
including Midvale, amounted to $184,735,810 as compared with $151,336,668 on Jan. 1, 1941 and with $38,814,807 on May 31, 1940.—V. 152,
p. 3336.
Baltimore & Ohio
Period
RR.—Earnings—
End.
May 31—
1941— Monlh-^1940
1941—5 Mas,
1940
re venues. $20,091,903 $14,753,077 $85,019,184 $67 ,864,993
Maint. of way & strucs._
1,698,105
1,304,452
5 944,132
7,804,0.53
Maint. of equipment
2.984,003
4,246,068
15 561,479
19,811,807
Traffic...
432,566
428,404
2,065,641
2 021,893
Transportation
6,042,772
5,036,520
28.237,990
25 303,237
Miscell. operations
162,360
144,904
672,180
606,145
General
466,075
600,560
2,291,328
538,954
Cr2,156
Transp. for investment..
Crl ,780
Cr7.437
Cr3,147
Railway oper.
-V. 152, p. 3336.
Net
Atchison Topeka & Santa Fe
Period End. May 31—
Ry.—Earnings—
1941— Month—1940
1941—5 Mas.—1940
Railway oper. revenues.$17,877,266 $13,073,473 $77,548,324 $61,204,942
Railway oper. expenses. 12,870,290
11,218,167
58,910,207
52,239.566
Railway tax accruals...
2,144,364
1,254,579
8,335,749
6,112,291
Other debits or credits..
Cr3,112
030,909
0198,832
Dr6,349
Net ry. oper. income...
2,865,723
631,637
10,501,201
2,846,736
—V. 152, p. 3487.
1941
Gross from
railway
1939
1938
$287,009
26,698
def24,038
def30,482
1,765,045
298,555
15,916
Net from railway......
Net ry. oper. Income...
—V. 152, p.
1940
1,476,530
135,658
111,106
1,531,955
245,354
Net ry. oper. income.
—V. 152, p. 3642.
a
Operating
$249,950
def7,272
def55,862
100,417
Net
1941
1940
1939
$1,679,368
$1,711,402
$1,944,874
5,187
22,345
26,837
Total income..$1,684,555
Selling & gen. expenses..
1,633,421
45,735
4,856
....
Depreciation
Res. for Fed. inc. taxes.'
on sale or retirement
$1,733,747
1,776,933
42,722
3,913
a907
$1,971,711
2,095,066
65,136
10,419
794
(net).
2,996
$252
■
Assets-
$2,324,810
2,344,297
73,991
20,601
1,828
$200,738
$50,648
360
2,259,266
2,146,313
1,183,007
1,229,762
3,823
4,058
Notes and accts.
d Mtges.
rec.
(not
Bank
loans
Divs.
payable....
1940
1~250
1.000
16,934
16,228
152.141
153,393
9,626
202,292
749,824
ac¬
256,890
Accounts payable.
10,198
320.142
24,244
21,803
16,168
Special deposits
Surplus
31,315
749,572
47,563
48,478
$3,885,349
$3,791,3211
d Includes accounts
Total
;
29,802
par shares,
of
Automatic Products Corp.
(Del.)—Admitted to Dealinqs
The New York Curb Exchange admitted to
listing and registration the
capital stock (par $1) on June 26, 1941.
This stock is issuable in
exchange
for the capital stock (par
$5) of Automatic Products Corp. (111.) on the
basis of one share of capital stock
(par $1) of the Delaware corporation
plus a cash distribution of 10 cents in
exchange for each share of capital
stock (par $5) of the Illinois corporation.—V.
152, p. 3800.
Automatic Voting Machine Corp.—25-Cent
Dividend—
Directors have declared
a
dividend of 25 cents per share on the common
record June 20.
Previously quarterly
stock, payable July 1 to holders of
dividends of
12H
cents per share were distributed.—V.
$1,218,790
358,188
$1,082,216
283,671
$94,856
10,606
$860,602
30,615
Drl 5,492
$176,393
61,232
$105,462
61,576
856
446
$891,217
306,942
9,926
$783,053
308,661
12,287
$114,305
funded debt.
...
$43,440
$574,349
$462,105
Including maintenance and depreciation.—Y. 152,
—12
Mos.
1941
taxes
p.
3336.
152, p. 419.
$798,545
;
v
Mar.
31—
1940
-
-
Years End. Dec. 31—
1941
1940
$155,268
v
$147,861
$151,345
123,674
...
Net oper. revenues
Gross income
Interest deductions..-^.
Interest to Amer. Gas &
Power
Co.,
payable
Net
111,957
118,002
111,339
$31,594
$35,903
$33,343
$35,614
1,144
$31,594
15,684
$35,903
16,801
$33,343
16,012
on
$36,758
17,099
-v
$146,952
notes
7,050
income.--...
7,050
7,050
7,050
$8,860
$12,051
$10,281
$12,609
Balance Sheet March
31, 1941
Assets—Property, plant and equipment, $1,165,340; investments, $441;
cash, $3,597; accounts receivable (less reserve), $30,445; merchandise,
materials
and supplies, $26,731; insurance and special interest
deposits,
$1,869; deferred charges, $6,055; total, $1,234,478.
Liabilities—Long-term debt, $300,000; notes payable to affiliated com¬
pany—American Gas & Power Co. (including accrued interest thereon of
$28,805), $146,305; consumers' meter and extension deposits, $1,944; ac¬
counts payable, $37,550; accrued taxes, $4,496; other accrued
liabilities,
$1,224; reserves, $30,653; capital stock ($100 par), $600,000; earned
surplus,
$112,306; total, $1,234,478—V. 151, p. 2670.
$3,885,349 $3,791,321
b Represented by 28,569 no
$101,189 in 1941 and $110,429 in 1940,
and notes.—V. 152, p. 670.
no
reserves
on
360
~
crued liabilities.
After
46,605
$153,978
22,415
Period Ended—
1,625,000
Accrued wages
Accrued taxes
Miscellaneous
Represented by 125,627
$141,461
$118,184
1,600,000
...
16,842
Deferred charges..
c
$226,447
Operating revenues.
Oper. exp., deprec. and
$21,100
857,070
125,627
6,570
Total
from oper
Bangor Gas Light Co.—Earnings—
3,154
125,627
857,070
7,414
Other assets
shares,
$21,100
304,831
—
Special deposits
a
pref. stk.
Common stock..
Other curr. liabs—
current)
par
cum.
1941
b Prior A stock
c
meet dividend..
Cash..
Liabilities
7%
$48,632
Cash on deposit to
v
1941—Month—1940
1941—5 Mos.—1940
$465,800 , $2,942,382
$2,794,257
323,002
324,339 '
1,723,592
1,712,041
Non-operating income..
$93,726
1940
Plant & equip, less
Miscell. receivables
a
;
1941
receivable
642,366
72,469
revenue
Net income..
1938
$2,305,075
19,735
Consolidated Balance Sheet April 30
c
expenses...
Operating income
a950
Of subsidiary company.
Inventories
$9,535,548
Other deductions
Loss
depreciation
$2,958,943 $17,315,478
Other income
Consolidated Income Account for Years Ended April 30
....
$5,702,705
Gross income
Gross profit from sales..
Inc. from other sources.
a
_
Tax accruals
Interest
Net loss
$15,896,590
4,767,916
950,760
defl52,339
14,218
3487.
of capital assets
$4,256,390 $24,139,332
955,748
5,080,131
182,213
935,061
159,486
808,662
Bangor & Aroostook RR.—Earnings—
1,402,481
defl3,090
$269,439
Austin, Nichols & Co. (& Subs.)—Earnings—
Interest
151,474
145,569
Gross oper. revenues.$549,449
-Earnings-
$356,243
>60,987
2,456
Net from railway...
Net ry. oper. income...
From Jan. 1—
Gross from railway.....
from ry.opers $7,045,737
1,045,989
Period End. May .31—
Atlanta Birmingham & Coast RR.~
May—
rev.
Railway tax accruals
Equipment rents (net)..
Joint facil. rents (net)
Barker
Bros., Inc.—To Pay 25-Cent Dividend—
Directors have declared a dividend of 25 cents per share on the
common
stock, payable July 1 to holders of record June 26.
Dividend of 75 cents
paid on Dec. 28, 1940; 25 cents paid on Dec. 30, 1939, and one of 75 cents
was paid on Dec. 23,
1937.—V. 152, p. 2694.
Bates Valve
Bag Corp.—Bonds Called—•
Company on June 22 announced that all of the outstanding
15-year
f. 6% gold debentures due
Aug. 1, 1942, have been called for redemption
on Aug. 1 at 100H and accrued int.
Payment will be made at J. Henry
Schroder Banking Corp., N. Y. City.—Y.
152, p. 3961.
s.
Birdsboro Steel Foundry & Machine
$o.—Dividends—
Directors
have declared a dividend of 25 cents
per share on the common
stock, payable July 31 to holders of record July 19.
Like amounts paid on
Feb. 27, last, Dec. 27 and Oct. 25,
1940, and dividend of 15 cents was paid
on Dec. 30, 1939—V. 152,
p. 2232.
Volume
The Commercial & Financial Chronicle
152
Beaumont Sour Lake & Western Ry.
May—
1941
Gross from railway
Net from railway
$225,140
75.457
59,370
25,200
75,478
19,412
1,388,024
Net from rail way
608,757
Bessemer 8c Lake Erie RR.Gross from railway
Net ry. oper. income...
From Jan. 1—
■Earnings—
1938
Gross from railway
1940
$2,263,111
1,435,177
1,090,666
81 ,881,180
1 ,124,512
916,995
6,609.447
2,885,578
2,360.431
4 ,620,496
2,574,027
1 ,431,708
defl 19.750
def213.336
>
railway
...
Net ry. oper. income.
—V. 152, p. 3489.
Operating
Operating
1939
160,180
122,538
expenses
Director taxes
Property retirement re¬
serve
appropriations.
1,833,102
def313,379
def435,535
shipments, according to Mr. Work, have
reached an all time high
now
for the company of $3,000,000 per month and should continue to increase
for the remainder of the year as the Brwester company speeds up production
in accordance with the National Defense program and places in production
type of dive bomber, now being flight tested, known as the XSB2A-1 i
Brewster Bermuda, which will constitute the bulk of its future shipments,
a new
or
A new plant
being constructed at Johnsville, Pa., which will be devoted
exclusively to the assembly of the new warplane, is being erected according to
schedule and is expected to be completed by Sept. 15.
By November, it
is anticipated that the Johnsville plant will be turning out six Brewster
dive-bombers per day for the U. S. Navy, the British Royal Air Force and
the Netherlands East Indies Air Force.
Mr. Work also stated in his letter that as the result of successful negotia¬
tions for the adjustment of prices on certain contracts, a loss of $1,394,200,
anticipated in the 1940 annual report of the Brewster company will probably
be avoided.
This fact, plus the settlement for $29,532 of a liability for
which a reserve of $55,000 had been set up, has increased the consolidated
net income of the corporation for 1940 to $496,544, or 96.62 cents per share
on the 513,911 shares outstanding as of Dec. 31, 1940, after provision for
all
The
taxes.
consolidated
net
of
income
reported in the 1940 annual statement
—V. 152, p. 2695.
Earnings-
1941—Month—1940
$722,281
$635,674
448,172
4 4.986
100,262
77,750
revenues
$544,855
78,537
51,142
$756,790
1 ,203,971
Birmingham Electric Co.
Period End. May 31—
1,392,550
666,016
371,288
314.394,
1941
Net from railway
Net from
1.314.352
609,362
1,287.284
598,619
310,716
Net ry. oper. income.304,734
V. 152, p. 3488.
May—
1938
$276,762
125,776
68,284
1939
$205,724
116.542
Net ry. oper. income
From Jan. 1—1
Gross from railway,
Sales
-Earnings—
1940
$271,202
4117
was
the
company
$280,057,
or
as
originally
54 cents per share.
Bridgeport Machine Co., Wichita, Kan.—Earnings—
1941~rl2 Mos.—1940
$8,195,566
5,251,163
1,105,412
$7,857,730
5,056,489
994,058
3 Months Ended March 31—
Net loss
a
P.
50,000
50,000
600,000
309
3.707
3,716
$123,538
$82,629
$1,235,284
462
383
5,459
$1,203,467
4,559
$83,012
45,750
$1,240,743
549.000
$1,208,026
549,000
4,474
55,207
53,468
Net income...
$72 ,263
"
$32,788
Dividends applic. to pref. stocks for the period...
$636,536
429,174
$605,558
$207,362
$176,384
1940
1941
and depletion but before income
,
$22,049
$61,276
taxes.—Y.
151,
2343.
600,000
309
After depreciation
a
Amort,
of
limited-term
investments
Net oper. revenues.
__
Other income
Gross income
$124,000
45.750
5.987
Interest
on mtge. bonds
Other int. and deduct'ns
Balance....
429,174
Notes—Provision for Federal income taxes, subsequent to April 1. 1941,
being made at a rate which will result in the accumulation of such taxes
s
at the rate of
30% for the full
year
1941.
No provision has been made for Federal excess profits tax since present
are that no such tax will be payable.
Bryant Paper Co., Kalamazoo, Mich.—Bonds Sold
Privately—Company in April, 1941, sold privately $1,000,000
(authorized $1,500,000) 1st mtge. 4l/£% bonds, series A,
dated May 1, 1941, due serially May 1, 1947-5G, incl. Pro¬
ceeds and other finances were used to refund outstanding 1st
mtge. series A bonds due Nov. 1, 1942, and series B bonds
due Jan. 1, 1948.
The series A bonds were called on May 1,
1941, at 101 and int.
The series B bonds are called for
July 1, 1941, at 103 and int.
They are payable at First
National Bank, Chicago.
The series B bonds may be pre¬
sented for payment at any time prior to July 1, and holders'
will receive 103 and int. to July 1.—V. 135, p. 2342.
indications
i
Earnings for Calendar Years
,
1940
of limited
1937
$7,873,908
6,197,690
$7,773,151
$7,464,685
5,698,326
$7,621,680
5,947,822
3.720
3 734
3.738
600,000
600,000
600,000
600,000
$1,072,510
Amort,
1938
3.708
Operating revenues
Oper. exp., incl. taxes..
1939
$1,221,608
4,700
$1,162,624
4,164
$1,348,630
7,863
res. approp.
II
Other income (net)
Gross income........
Int.
on
•5,669,311
term
investments
Prop, retire,
mortgage bonds.
Other int. & deduct
Buckeye Steel Casting Co.—50-Cent Common Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, payable Aug. 1 to holders of record July 16.
Dividend of 25 cents
paid on May 1, last; 75 cents paid on Dec. 18, 1940; $1 on Nov. 1, 1940, and
50 cents paid on Dec. 28, 1939 and on Nov. 1, 1939, this latter being thefiist dividend paid since Dec. 23, 1937 when an extra of 25 cents per share
was distributed.
Dividends of 50 cents was paid on Nov. 1, 1937 and pre¬
viously regular quarterly dividends of 25 cents per share were distributed.
—V. 152, p. 2543.
5,464
$1,077,974
549,000
54,210
$1,226,308
549,000
$1,166,789
549,000
52,817
52,418
51,785
$474,764
$624,492
$.565,371
$755,709
$1,356,493
549.000
Buffalo Ankerite Gold Mines, Ltd.—To Pay
Like amount
1940,
Net income
...
Balance Sheet Dec. 31
1940
A ssets
Inv. & fund accts.
Special deposits...
28,053
1,783,580
4,502
Working funds
Temp .cash Invest.
Accts. receivable..
3,445
19,629
380,467
367,593
299,171
36,990
Mat'ls & supplies.
Prepayments
Other current
28,078
1,540,248
17,116
'•
•
'
383,580
260,337
36,799
and
Burco, Inc.—To Be Reinstated to Dealings—
s
The
Cap. stk. (no par) 12,691.360 12.691,360
Long-term debt-.. 12,200,000 12,200,000
Liab. to Issue Junior
securities
1,130,000
1,130.000
Accounts payable.
346,015
353,484
Dividends declared
107,293
107,293
Note
pay.,
Nat'l
Pow. <fc Lt. Co- 1,254,540
1,254,540
4,502
.
3,445
2,641
5,524
Customers' depos.
375.678
377,779
778,428
807,081
Taxes accrued....
316,727
261,630
Interest accrued..
194,836
193.983
tal stock.......
Consignments
160,069
160,069
16,104
15,877
Other
and
current
accrued liabi I...
con¬
tra)-.......-..
Deferred
Contrib.
41.684
27.561
24,465
2,533,792
credits..
Reserves
—
in
...
aid
construction
2,875,874
of
Total
33,240,162 32,682,380
:
38,123
...
Consign'ts (contra)
Earned
37,879
16,104
15,877
1,286,173
surplus...
1,465,170
-.32,240,162 32,682,380
Total.
Bush House,
Ltd.—Earnings—
Net income after depreciation, amortization and provision for
income tax and national defense contributions...
$21,025
Notes—(1) This company is a wholly owned English subsidiary of Bush
Building Co.
(2) Above net income was converted to $4.02 per pound official rate of
exchange at March 31, 1941.
Terminal
•
375.375
_
since
Earnings for the Quarter Ended March 31, 1941
Matured long-term
debts & interest
accrued assets..
Reacquired capi¬
New York Curb Exchange has reinstated to dealing the $3 cum.
pref. stock, no par.
Dealings In the above stock have been suspended
April 19, 1938.
The common stock, no par, of the corporation in
which dealings have also been suspended since April 19, 1938, is not being
reinstated to dealings.
The New York Curb Exchange has filed an
application with the Securities and Exchange Commission for the with¬
drawal from listing and registration of the common stock.—V. 152, p. 3015.
conv.
b
Deferred debits...
a
paid on May 6, last; dividend of 6 cents was paid on Aug. 2,:
and previously quarterly dividends of 1234 cents per share were
distributed.—V. 152, p. 2385.
.
1939
S
Liabilities—
29,041,245
369.893
'
1940
$
Plant, prop. <fc eq.29,376,021
Cash............
I
1939
$
Dividend—
A dividend at the rate of 10 cents per share on the outstanding capital
stock of this company, payable in Canadian funds, has been declared pay¬
able on Aug. 1 to shareholders of record at the close of business on July 25.
526 shares $7 preferred and 1,065 shares $6 preferred, at cost,
b Rep¬
resented by 48,436 shares of $7 pref. stock (no par); 16,699 shares of $6
Calaveras Cement Co.—Accumulated Dividend—
Directors have declared a dividend of 75 cents per share on account of
accumulations on the preferred stock, payable June 20 to holders of record
June 16.
Dividend of $1 paid on March 10, last.—V. 152, p. 1422.
California Electric Power Co.—New Name—
See Nevada-California Electric Corp.
a
pref. stock (no par) and 800,000 shares of
cum.
common
stock (no par).
—V. 152, p. 3801.
California
Oregon
A total of $246,000 first mortgage 3bonds, series due Feb. 1, 1950
been called for redemption on Aug. 1 at 100 and accrued interest.
has
Payment will be made at the Union Trust Co. of Pittsburgh, Pa.,
Manufacturers Trust Co., N. Y. City.—V. 152, p. 3642,
or at
the
Co.—Earnings—
Appropriation for retirement reserve............
1941
$5,360,968
1,272.694
244,553
480,000
1940
$5,087,893
1,171,594
273,652
480,000
Amortization of limited-term investment.........
Taxes (other than income taxes)
Provision for Federal income taxes..
7.270
692.655
7,270
653,239
260,664
183,000
Net operating revenues..$2,403,132
Rent for lease of electric plant.—
238.833
$2,319,138
income.............$2,164,298
$2,080,864
Lrll,800
Operation revenues..
Operation........
Blaw-Knox Co.—Bonds Called—
Power
Years Enaed April 30—
.—
Maintenance and repairs
.......
—
.....
—
Boston Edison Co.—Admitted to Unlisted
The
New York
Trading—
Exchange has admitted to unlisted trading the
1st mtge. bonds, series A 2%%, due Dec. 1, 1970.—V. 15
p. 3337.
,
Period End. May 31—
Operating revenues.....
Operating expenses
RR.—Earnings—
194Y-Month—1940
1941—5 Mos.—1940
$5,025,660
$3,803,673 $22,780,432 $19,107,102
3,093,437
2,788,587
15,248,134
14,306,004
...
Net operating
Other income
Taxes......
Equipment rents_Dr
Joint.fac. rents.Dr.....
$1,932,223
578,720
256,257
6.018
$1,015,086
289,190
210,640
5,801
$7,532,298
2,280,526
1,311.269
13,549
$4,801,099
1.490,847
1,052,806
63,541
....
203,223
4,465
$2,069,063
842,500
203,223
3,181
Interest
Cr3,222
70,552
Cr3,263
85,567
on
funded debt
Net ry. oper. income.
—
Total income—
Total
deducs.
$1,091,228
102,814
$509,455
101,275
$3,926,954
526,827
$2,193,903
500,976
$1,194,042
_
$610,730
$4,453,781
$2,694,879
1,964,851
3,079,519
388,586
613,950
$805,456
Net income.
def$3,220
$2,488,930 def$384,640
-V. 152, p. 3489.
charged to construction...
....
of projects abandoned
Brazilian Traction, Light & Power Co., Ltd.—Earns.—
Operating expenses.
Net earnings—.....
1941—Month—1940
$3,554,803
1941—5 Mos.—1940
$3,100,378 $16,794,803 $15,040,277
1,644,727
1.546.141
7,867,728
7,454,341
$1,910,076
$1,554,237
$8,927,075
$7,585,936
3490.
4 Months Ended
Canadian Converters Co.,
•Years End. Apr. 30—
Profits from operation..
Net
income........."
Dividends paid
......
Corp. (& Subs.)—-Earnings—
April 30—
1941
$752,277
—
$1.46
1940
$270,195
$0.59
After charges and reserve for Federal income taxes and excess
profits
1941.
letter sent to stockholders James Work, chairman pointed out that
the net sales of the company during the first third of 1941 amounted to
$10,608,539, as compared with $10,162,882 for the entire year of 1940.
Ltd.;—Earnings—-
1941
$123,160
66.317
1940
$107,888
45,654
1939
x$19,767
18,455
$56,847
$62,234
x$38,222
34,670
Balance, surplus.$22,177
(par
x
—
a
20,949
$916,906
Note—No provision for excess profits tax under the Second Revenue Ac*1
of 1940 was mS.de as it is estimated no such tax will be due.—V, 152, p. 3338*
$100)......—!
Earns.per sh.on cap.stk.
a Net profit.-.
Earnings per share of common stock
a
Net income
1938
$37,553
28,860
$8,693
.......
$62,234
x.$38,222
$8,693
17,335
$3.59
17,335
Nil
17.335
Shs. cap. stk, outstand'g
Brewster Aeronautical
In
—
21,155
$1,028,242
,
Depr. & inc. taxres., &c.
Period End. May 31—
Gross revenues...
in
...
$2,166,915
842,500
(rentals,
interest, &c
—V. 152, p.
—
Amortiz. of preliminary costs
Miscellaneous......
Other Income-
2,617
238,274
Amortizat ion of debt discount and expense.......
Other interest............
Gross income
Interest
Net oper. revenue....
—
,
Curb
Boston & Maine
.
......
17,335
$3.28
$0.50
Loss or deficit.
Balance Sheet April 30, 1941
Assets—Real estate, plant, machinery, goodwill, &c. (net), $1,602,179;
$551,342; accounts and bills receivable,
$240,117; cash, $21,569; Dominion of Canada Second War Loan, $18,565;
stocks of merchandise, stores, &c.,
prepaid insurance. $11,682: total, $2,445,454.
Liabilities—Capital stock ($100 par), $1,733,500; bank loans, $55,000;
accounts payable, $80,215; reserve for sales tax and national defense tax.
$15,897; reserve for income taxes, $35,171; accrued wages, $13,968; earned
surplus, $511,702; total, $2,445,454.—V. 151 r p. 3553-
#
The Commercial &
4118
Canadian Pacific Lines
s
Maine— Earnings—
1938
1939
1940
$216,984
$137,653
$138,978
128,371
def.38,219
def29,769
92,506
38,343
13,081
def66,074
def60,560
2,070,437
867,874
654,667
1,622,885
636,500
463,727
1,204,559
1,302,407
325,746
151,939
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income...
—V. 152, p. 3491.
Canadian Pacific Lines
in
356,266
204,909
Vermont- —Earnings—
$95,009
def22,005
def49,933
$83,181
def22,300
def45,733
1938
$71,418
def41,424
def66,926
535,406
def28,660
Net ry. oper. income...
From Jan. 1—
507,666
def54,520
defl91,581
397,168
defl23,939
def251,277
323,587
def224,513
def354,340
Gross from railway
Net from railway
defl91,581
Net ry. oper. income...
—V. 152, p. 3491.
1939
1940
1941
railway
Net from railway—
from
respectively.
$3,511,934 $25,279,769
$6,008,579
Increase
■
$945,028
Operating revenues.....
Oper. exps., incl, direct
485,525
'i-:-.
Prop, retire, res. approp.
90,000
vNet oper. revenues._.
$349,712
$419,778
$5,693,678
1,083
708
21,026
$350,795
143,750
CY3.417
$420,486
$5,714,704
1,899,477
034,655
177,992
•*■'>*
•*'-*>
2,079,904
...
Gross income........
mortgage bonds.
Other int. & deductions.
Int.
on
Int. ehgd. to
Net
191.667
9,754
Balance....
$4,968,126
21,205
$4,989,331
2,300,000
89.306
------
-
Notes—Provision for Federal income taxes,
1.255.237
$2,600,025
1.255,237
$2,599,927
$219,065
for period...
$211,120
income
Dividends applicable to pref. stocks
subsequent to April 1, 1941,
being made at a rate which will result in the accumulation of such taxes
30% for the full year 1941.
Includes provision of $20,000 and $100,000 for Federal excess profits
tax in the month of May, 1941, and in the 12 months ended May 31, 1941,
respectively, but includes no provision for such tas applicable prior to Jan. 1,
1941, since no excess profits were indicated before that date.—V. 152,
P. 3802.
at the rate of
1941
1940
1939
.
1938
....$87,810,285 $62,371,871 $51,660,437 $52,445,651
Cost of sales, oper. exps.
51,103,668
2,537,497
44,805,748
2,463,651
42,416,514
2,277,398
$15,461,830
191,038
89,053
$8,730,707
240,780
81,408
$4,391,038
332,461
15,513
$7,751,739
466,645
9,851
Fed¬
.$15,563,815
Prov. for Federal taxes..
6,697,809
$8,890,079
$4,707,986
$8,208,533
1,950,375
1,213,463
1,556,539
$8,866,006 a$6,939,705 a$3,494,523
$6,651,993
earned
Interest paid
....
.
Net profit before
eral taxes....
Net profit......
a
.....
Equivalent to $4.71
per
share of common stock in 1941 and $3.53 in
Balance Sheet
s
3,479,912
Notes & accts. rec.
9 401,992
22 581,148
8,143,327
19,715,984
and
a
Accrued
1
good-will...
buildings,
equipment, &C..21 ,367,885 19,876.476
Prepaid insurance,
118,491
35,023
taxes, &c
1,503,143
1,919,419
$2,958,931
763,600
"$132,646
$151,999
15,951
41,800
15,951
$1,698,280
501,606
191,406
$2,195,331
41.800
....
J.
$94,248
$1,005,267
-■
77,861
9,411,200
9,411,200
Capital surplus... 13,733,577
_
Central Ohio Steel Products Co.—Dividend—
dividend of 35 cents per share on the common
payable Aug. 1 to holders of record July 15.
Like amount
paid on March 1, last, and compares with 25 cents paid in each of the three
preceding quarters; 30 cents paid on March 1, 1940; 25 cents on Dec. 1,
Sept. 1 and on June 15, 1939 and 30 cents paid on March 1, 1939.—V. 152,
1275.
P-
-V:
■
60,996,620 51.2,50,723
$13,912,039
shares.—V. 152, p. 3338.
Co.—-Earnings—
1941
.....
Net ry. oper. income...
From Jan. 1—
1940
1939
1938
$2,837,866
613,250
$2,685,386
629,532
65,865
$2,417,519
13,022,054
3,040,837
201,956
11,771,207
16,313,975
4,030,314
1,035,476
Gross from railway
Net from railway
Net ry. oper. income.
—V. 152, p. 3492.
__
1938
$4,082,435
2,780,314
368,000
$3,991,881
2,698,414
365,000
405,000
34,960
34,960
34,960
Power
& Light
$1,090,299
18,512
$899,161
115,286
$892,985
143,376
$1,086,372
227,500
9,582
Crl,163
Int. chgd. to construct'n
...
227.500
Divs.
on
Di vs.
on com.
8,716
_
$7 pref. stock.
$6 pref. stock..
on
*
$1,108,811
mtge. bonds....
Net income
stock
$850,453
52,416
55,638
Not rep't'd
Includes $52,369 excess profits
$872,595
52,416
55,638
650,000
$1,014,447
227,500
11,160
Cr5,110
$780,897
52,416
55,638
550,000
$1,036,361
236,104
8,140
Cr3,32o
$795,437
52,416
55,638
500,000
Central is a member of the Ogen Corp.
utility holding company system.
Central States Power will use the proceeds to
acquire a portion of its
1st mtge. and 1st lien gold bonds,
series, due 1953.
be acquired in the open market.
The SEC, however,
reserved jurisdiction over the bond purchase application.
Texas G,as & Power Corp., a new company, raised $166,000 through
the private sale of its common stock.
It is obtaining the balance of its
funds through an issue of 4% 1st mtge. bonds i the principal amount,
of $350,000 and a bank loan of between $100,000 and $125,000.—Y. 152,
p. 3492. ,:■/■ V;. >■ V:Y C/yV
y,
y
, •• •
outstanding
bonds
The
will
Central U. S. Utilities Co.—To Purchase Sub. Shares—
Commission on June 14 made effective a
Pennsylvania Electric Co. (File 70-129)
regarding the issuance and sale by Pennsylvania Electric of 6,873 shares
(no par) common stock to Central for $2,000,000 in cash.
Pennsylvania
Electric is an operating subsidiary of Central, which is a sub-holding com¬
pany in the Associated Gas & Electric System.—-V. 152, p. 2697.
Cessna Aircraft Co.—Earnings-—
1941—Month—1940
$121,820
Earnings per share on capital
—V. 152, p.
stock
$0.35
....
1908.
Charles City Western
The Interstate Commerce
Ry.—Securities—
Commission on June 16 authorized the com¬
pany (1) to issue at par not exceeding $100,000
use the proceeds to pay maturing obligations;
of promissory notes and to
(2) to extend from July 1.
1941, to July 1, 1951, the date of maturity of not exceeding $350,000 of
1st mtge. bonds, and (3) to pledge as collateral security for the notes,
in the amounts stated, $250,000 of 1st mtge. bonds, as extended.—V, 150,
3550.
Chesapeake Corp. West Point, Va.—Extra
Dividend—
an extra dividend of 50 cents per share in
quarterly dividend of $1 per share on the common
stock, both payable June 12 to holders of record June 2.
Directors
have
declared
addition to the regular
May—
Gross from railway
Net from railway-Net ry. oper. income.
From Jan. 1—
1941—12 Mos.—1940
$342,884
$4,827,544
163.096
Direct taxes
71,100
Prop, retire't res. approp>
Amort, of lim.-term inv.
37,750
2,909
64,813
15,000
2,913
2,383.325
986,751
455,750
34,940
1,981,000
848,647
414,000
34,960
$44,994
$97,062
$966,778
J.
P.
Morgan & Co.
$7,976,394
2,978,115
1,999,579
53,636,671
22,734,793
16,448,793
37.728,087
11,341,209
7,063,446
38,763,032
12,438,056
52,138,950
21,496,281
14,114,212
Ohio Ry. Co.
The bonds
1941, at the office of J. P.
Yoik.—V, 152, p. 3964.
Chesebrough Mfg. Co. Consolidated—New
The appointment of
15
15
17,889
domestic sales and advertising manager and
as
$97,077
18,958
$984,667
$1,111,469
227,500
$25,246
Dividends applicable to pref. stocks for
859
9,653
9,035
CV367
805
Int. charged to construc.
income.
227,500
Cr678
CV484
$77,627
$748,192
108,054
$875,418
108,054
the period
p.
Axel K. Jenson as export
3493.
$640,138
$767,364
share on the common
of record June 16.
Dividend of $1.50 paid
April 1, last; $4.50 was paid on Dec. 16, last; and dividends of 50 cents
were paid on Oct.
15, July 15 and April 15, 1940; this latter being the
initial dividend.—V. 152. p. 2697.
stock, payable July 1 to holders
on
Chicago & North Western Ry.—Equipment Trust
The Interstate Commerce Commission on June
Ctfs.—
20 authorized the com¬
obligation and liability in respect of not exceeding $2,325.000
(second equipment trust of 1941) 2% equipment-trust certificates, to be
pany to assume
Balance.
Official—
Vice-President in charge of
by Robert 8. Gill,
of Basil L. Emery
Chicago Mill & Lumber Co.—Dividend—
18,959
$45,009
18,958
Arthur B. Richardson as
domestic and foreign sales was announced on June 20
President.
Mr. Gill also announced the appointments
Directors have declared a dividend of 50 cents per
Int. on mtge. bonds
Other interest
7,962,067
Incorporated, as sinking fund trustee, announced
redemption $99,000 Of ref. & impt. mtge. 3H %
Morgan & Co. Incorporated in New
manager.—V. 152,
Gross income
1938
1939
$6,397,913
1,586,284
812,996
Bonds Called—
$1,092,510
Net oper. revenues.
Other income (net)
-
Net from railway
Net ry. oper. income.--
$4,371,117
197,236
taxes
.
.
Gross from railway
-Earnings-
mo
1941
$13,485,035 $12,090,641
5,742,938
6,971,716
4,146,141
4,833,174
bonds, series E due 1996, of the Chesapeake &
will be redeemed at 102 }4 on and after Aug. 1,
$353,989
Operating revenues..
Operating expenses, excl.
Net
1941
Net income after all charges
that it has drawn by lot for
tax.
Earnings for Period Ended May 31
direct
,r"
Exchange Commission on June 24 granted permission
$600,652 all of its gas properties in Texas
the corporation to sell for
to Texas Gas & Power Coip.
Chesapeake & Ohio Ry.
Divs.
346,901
Corp.—To Sell Texas
i.:
The Securities and
3,080,529
35,482
$1,068,596
17,776
Net oper. revenues—
Other income (net)
....
14.391,707
3,365,539
414,799
167,085
1937
$4,235,671
2,705,411
limited-term
in vestment.....
on
68,664
700,651
■
States
Gas Unit—
p.
1939
$4,756,832
Oper.exps.,incl.taxes.. *3,221,276
Prop, retire, res. approp.
432,000
Gross income
Earnings
$3,559,727
1,102,356
609,256
May—
Gross from railway.
Net from railway.
surplus...22,045,693 16,944,167
Total...
1940
Calendar Years—•
Other interest.
$1,502,318
Directors have declared a
13,733,577
.
b Common stock..
b Represented by 1,882,240 no par
Operating re venues
Int.
501,607
191,406
,
t
Earnings for the 6 Months Ended May 13,
22,174
sented for red
Central Arizona Light & Power
of
$2,351,553
653,273
stock, par $1
1,029,727
6,250,774
taxes....
.60,996,620 51,250,7231
Amort,
.
_
Federal
After reserves for depreciation of $14,875,854 in 1941 and
in 1940,
$208,870
56,871
—V. 152, p. 3645.
payroll &
for
Earned
a
6,000,000
Pref. stock not pre¬
Land,
Total
2,134,772
,000,000
expenses
Res.
Pats., trade-marks
$
$
,030,061
payable.
Accounts
Notes payable
less reserve...-.
1940
1941
Liabilities—
$
Inventories
56,191
declaration of the company and the
May 31
1940
1941
7 527,103
Assets—
"$188,837
-
...
The Securities and Exchange
1940.
Cash............
.
_
to
&c., less misc. income. 69,597,958
Depreciation
. .
2,750,497
Balance-
.
^ X
preferred stock.
Amort, of pref. stk. exp.
Central
Caterpillar Tractor Co.—Earnings—
12Mos. End. May 31—
Interest
3,841,933
1,563,6.38
1,205,000
Central RR. of New Jersey
is
Net sales
3,954,231
2.138,844
1,415,000
Divs. on
$1,344,788
$3,855,164
115,000
-
311.964
129.965
1,080,000
Cr5,282
CrOSS
constr'n...
$765,800
Int. & other deductions.
Balance..
Other income (net)
$788,936
313,703
164,396
122,000
$74,895
~•-» — — -
Net income.
12 Mos—1940
1941
$9,859,628
$9,569,503
1941—Month—1940
Gross revenue.
TciXGS-
the
Co.—Earnings—
Light
Operating expenses..—
Prov. for depr. & amort
4,882,710
0,109,239
2,014,883
1,155,000
-.
Co.—Admitted to Un~
Exchange has admitted to unlisted trading
series due June 1, 1964.—V. 152, p. 3173.
Illinois
Gross income.
522,910
258,957
105,000
taxes
$182,617;
Curb
York
New
Central
-Earnings—-
1940
1941—-12 Mos.—1940
1941—Month$1,173,295 $14,972,800 $13,010,740
$1,236,579
Period End. May ,31—
The
Period End. May 31—
$5,063,551
: ' ■
Carolina Power & Light Co.
Direct taxes
Illinois Electric & Gas
1st mtge. bonds 3%%
$10,638,876
Earnings of the System for Week Ended June 21
1941
1940
Gross earnings
and supplies,
listed Trading—
1941—Month—1940
1941—5 Mos.—1940
Operating revenues..... $26,725,770 $20 281,335 $116073,136 $91,321,614
Operating expenses
18,936,929
16,769,401
90,793,367 80,682,738
$7,788,841
$15,336,970; cash in banks,
$11,128; notes receivable,
deferred debits, $719,502; reacquired capital stock
501 shares $6 pref.), $51,088; total, $16,985,770.
Liabilities—%7 pref. cum. stock, $745,236; $6 pref. cum. stock, $976,420;
common stock (840,000 shares), $2,535,000; long-term deot, $6,500,000;
accounts payable. $153,993; dividends declared, $250,000; matured longterm debt and interest (cash in special deposits), $1,058; customers' deposits,
$161,359; taxes accrued, $620,967; interest accrued, $23,205; other current
and accrued liabilities, $21,209; deferred credits, $29,502; reserves, $3,517,394; contributions in aid of construction, $148,552; capital surplus,
$29,182; earned surplus, $1,272,692; total, $16,985,770.—V. 152, p. 3645.
Period EndMay 31—
Net revenue.........
31, 1940
and equipment,
property
$220.501; special deposits. $21,158; working funds,
$49; accounts receivable. $427,866; materials
Central
Canadian National Ry.—Earnings—
—V. 152. p. 3963.
Balance Sheet Dec.
Assets—Plant,
^
prepayments, $14,889;
(12 shares $7 pref. and
$98,359
def29,645
def.57,875
May—
1941
subsequent to April 1. 1941,
Is being made at a rate which will result in the accumulation of such taxes
at the rate of 30% for the full year 1941.
Includes provision of $5,000 and $77,369 for Federal excess profits tax
in the month of May, 1941, and in the 12 months ended May 31, 1941,
Notes—Provision for Federal income taxes,
^
$319,871
.
Net from railway—
Gross
in
/1J41
May—
Gross from railway
June 28,
Financial Chronicle
Volume
The Commercial & Financial Chronicle
152
equipment.
,«
The report of the Commission states in part:
The railway trustee invited 131 bankers, banks,
trust companies, and
life insurance companies to bid for the purchase of the certificates, the
bidder to name a rate of dividends to be borne by the certificates.
In
...
received from seven groups comprising 22 firms.
accrued dividends, based on a rate of 2%, was
made by Harris, Hall & Co. and associates, and has been accepted.
On
this basis the average annual cost of the proceeds to the railway trustee
will be approximately 1.95%.
A uthnri?pd
Jiumoiizea
Pan ftQ 09Q
fn
10
^
ray
_
_
_
Llincnfield
KK.—framings—
1938
$434,451
171,806
127,054
3,815,293
2,758,005
2,394,991
2,573,360
Gross from railway
Net from railway
Tnfprpcf
1939
$499,149
217,506
183,572
2,145,771
1941
$935,583
556,872
479,635
Net ry. oper. income
From Jan. 1—
interest—
1940
$710,366
364,045
288,782
4,381,295
May—
Gross from railway
Net from railway
response thereto bids were
The best bid. 100.261 and
TrnJpp
irusiee
4119
stock, both payable July 20 to holders of record June 10.
Like amount'
paid on Jan. 20, last.
Extra of 15 cents was paid on Oct. 20, 1940; extras
of 25 cents paid on July 20 and Jan. 20, 1940 and extras of 15 cents were
paid on Oct. 20 and Jan. 20, 1939.—V. 152, p. 263.
issued by the Harris Trust & Savings Bank, as trustee, and sold at 100.261
and accrued dividends in connection with the procurement of certain
Net ry. oper. income...
2,219,497
Charles M. Thomson, trustee on June 23, was authorized to pay $9,029,315 of interest on the road's $280,175,823 of bonds and other obligations.
Federal Judge John P. Barnes granted permission to make the interest
—V. 152,
payments after hearing extended arguments on final confirmation of the
3 Mos. Ended—
a May 31 '41
Profit from operations.. $1,384,978
Other income
20,457
bonds and
5%
on
firot
mn
Common
a
x
t
oss
rffifiHt,
or
D7
Approves Reprganization Plan—
Federal Judge John P. Barnes on June 25 issued an opinion giving final
reorganization of the road.
He first approved the plan on
Oct. 12,1940.
Judge Barnes acted two days after arguments by attorneys
for the railroad and stockholders in the original ocmpany against confirmation were heard.
Judge Barnes said two-thirds of the road's security holders had approved
As the Interstate Commerce Commission had ruled that the
equity of the preferred and common stockholders had no value, it was not
necessary for them to act.
The plan wipes out the two classes of stock.
During hearings on final confirmation of the plan, Judge Barnes denied
a motion by the debtor corporation that the court reject the results of the
referendum of securities holders taien by the Interstate Commerce Commission.
The debtor corporation urged the results should be thrown out
because the ballot failed to disclose that an appeal was pending and also on
the ground that the lists of securities holders to which ballots were sent was
Inadequate.
the plan.
V^152, p. 3802.
^
Chicago Railway Equipment Co.
have
declared
of accumulations
on
dividend
the 7%
to holders of record June
of
21.
per
—V. 152, p. 2697.
.
j
ifi
r>
o
Ry. oper. expenses
rev.
Netry,
—V
from ry. opre.
framings
income.-.
oper.
152
$1,148,335 $10,313,361
286,039
6,185,303
$5,607,352
1,184,420
3493
p
„
_
.
..
...
.
_
_
„
.
_
-
Chicago St. Paul Minneapolis & Omaha Ry.—EquipTrnvt fWt-ifirnfp*
1 rusi
meni
^crujicaies
,
The
Interstate
Commerce
Commission
on
June
18 approved the pur-
by the Reconstruction Finance Corporation for itself, at par and
accrued interest, of $1,680,000 equipment trust certificates of 1941 to
be issued under an equipment trust agreement.
The report of the Com-
chase
enable
the
applicant to acquire with the proceeds, for use under
lease, and eventually to own, additional equipment consisting of 700
50-ton all-steel box cars, estimated to cost not less than $2,100,000, it
requests the RFC to purchase the equipment trust certificates in question
at not less than par and accrued interest.
The purchase of the equipment
is to be financed by the so-called Philadelphia plan equipment trust for
approximately 80% of the entire estimated cost of such equipment, but
not
to
exceed $1,680,000.
The remaining $420,000, or approximately
20% of the purchase price, would be paid either out of current net income
of the company or out of amounts being paid by the company into the
depreciation
reserve.
,
,,
The trust certificates would be dated
#
July 1, 1941, would bear interest
2y2% per annum, payable semi-annually on Jan. 1 and July 1 of each
year, beginning Jan. 1, 1942, and would be retired in 15 annual instalments
of $112,000 on July 1, 1942, and on each July 1 thereafter, to and including
July 1, 1956.—V. 152, p. 3493.
at
»
mT.
*
,.
o
1
r
™
^
notified that interest at the rate of 2^% for the half-year ending June 30,
1941, will be paid in full after that date in sterling at the counting house of
Henry Schroder & Co., 145 Leadenhall Street, in the City of London,
in dollars at the office of J. Henry Schroder Banking Corp., in N. Y.
J.
or
City, or in Swiss francs at the office of the Credit Suisse in the City of
Zurich —V. 149. P. 4025.
orT,
tyw.
i-r.
Cincinnati New Orleans & Texas Pac. Ry.—framings—
1941
1940
1939
1938
Gross from railway
$1,887,306
$1,541,253
$1,438,143
$1,222,411
Net from railway
819,261
605,898
529,977
382,697
Net ry. oper. income-529,170
419,773
378,513
275,655
May—
1—
From Jan
Gross from railway
Net from railway
Netry. oper. income-V
150 "
d
'
8,813,036
3,692,424
2,482,483
7,558,3-58
2,813,764
2,061,231
7,228,362
2,677,839
1,948,213
5,929,978
1,685,326
1,285,104
3802
_
*
..
_
TY..7
,
Coca-Cola Bottling Co. of St. Louis—frxtra Dividend—
'
Directors have declared an extra dividend of 25 cents per share in addition to the regular quarterly
x$403,843
59,267
140,700
$547,310
$1.22
x$229,482
Nil
x$603,810
Nil
b On 562,800 shares of common stock.
n
3646
■
o?
*
*77^
33,415
v*
n-_
0
,r
from railway
Net from railway
Net r^ro>
o
-
r'oi1(v?me—
P* 4494.
o£'£nr
24,405
68,996
„
3,077,709
794,712
334,485
_
,0
0
2,542,166
491,655
101,318
«1ai
ao7
soq
on'X?o
fonna
oo'/mk
S
,noo
.„.„
oor.
defl2,871
.0.
2,389,424
432,105
defl9,077
icq
.
0
.01
2,376,431
283,924
defl95,060
Columbia Baking Co .—Participating Dividend—
Directors have declared a participating dividend of 25 cents in addition
to the regular quarterly dividend of 25 cents per share on the $1 cum
partic. pref. stock, no par value, both payable July 1 to holders of record
ft
Like amounts were paid on April 1, last, and on Dec. 16 and Oct.1
«
1940.—V, 152, p. 1909.
A
D«
Columbus <Sc Ureenyille Ky.—framings—•
1941
May—
Gross from railway
Net from railway
Net ry. oper. income
^
1939
1940
$116,235
1938
$103,243
$91,085
18,904
9,909
5,662
543
28,185
19,498
20,853
13,453
512,296
100,124
50,788
499,395
85,734
24,906
571,582
139,686
85,140
485,433
63,055
26,908
Gross from railway
Net from railway,
Net ry. oper. income
—V. 152, p. 3494.
_
__
..
~
,
Commonwealth Edison Co.—Weekly Output— /.
Company has furnished us with the following summary of weekly kilowatthour output of electrical energy adjusted to show general business conditions
of territory served by deducting sales outside or territory to other utility
companies:
Week Ended—
1941
1940
% Inc.
June 21
143,552,000
129,501,000
10.9
June 14
145,355,000
126,845,000
14.6
June 7
--141,989,000
128,292,000
10.7
May 31
132,431,000
117,281,000
12.9
—V. 152, p. 3965.
The weekly kilowatt hour output of electric energy or subsidiaries of the
Commonwealth & Southern Corp., adjusted to show general business con-
ditions of territory served for the week ended June 19, 1941, amounted to
177,600,219 as compared with 151,440,748 for the corresponding week in
1940, an increase of 26,179,471, or 17.29%.
330 kilowatt hours for May, 1940, an increase of 27.62%. For the five
months ended May 31, 1941 .the output was 4,303,339,231 kilowatt hours,
as compared with 3,550,540,829 kilowatt hours for the corresponding period
of 21.20%.
dividend of 25 cents per share on the
Total output for the year ended May 31,
1941, was 9,646,804,321 kilowatt hours, as compared with 8,319,496,907
kilowatt hours for the year ended May 31,1940, an increase of 15.95%.
Gas output of the Commonwealth & Southern Corp. system for the month
of May was 1,415,635,900 cubic feet, as compared with 1,345,232,200 cubic
feet for May, 1940, an increase of 5.23%.
For the five months ended May
31,1941, the output was 9,569,880,300 cubic feet as compared with 9,000,-
003,700cubicfeetforthecorrespondingperiodinl940,anincreaseof6.33%.
Total output for the year ended May 31,
common
1941, was 19,034,182,800 cubic
17,556,076,300 cubic feet for the year ended May 31,
increase of 8.42%.
feet as compared with
1940,
an
_
The
request
of the
„
__
.
Securities
and
on
,
Tr
1
..
m
Expert Valuation Testimony—
Exchange
corporation
Commission
to includp in the
on June 20 the
Commission's hearings on
Hartt on the value
threw out
corporate simplification, expert testimony by J. Samuel
ofthe securities held by the corporation.
Commonwealth and Southern sought to prove that
the intrinsic value
power of its assets are sufficient to support a substantial
preferred stock which would meet the corporate simplification
provisions of the Holding Company Act.
The Commission's utilities division in an advisory report concluded
tentatively that C. & 8. could meet the corporate simplification section by
reducing its capital structure to one class of stock—common.
At present there are outstanding 1,500,000 shares of $6 cumulative
preferred stock (no par) on which dividend arrears as of March 31, 1941,
aggregated $28,118,231.
Common stock outstanding totals 33,673,328
and
earning
amount of
shares.
that substantially all of C. & 8. assets consist of
stock holdings of public utility companies, and a very large propordividends.
"These are circumstances that lead forcibly to the conclusion that a
sound security structure for respondent should include nothing but common
stock," the opinion stated.
"Preferred stocks based on no assets other
than common stocks, and fixed dividend requirements supported only by
the prospect of common stock dividends, can hardly be regarded as Con¬
servative as a general rule."
Emphasizing its point, the SEC contended that a "one stock plan would
involve a comparatively simple readjustment between the respondent s two
classes of stock."
On the other hand, C. & S. argues that if the SEC
excludes the testimony of Mr. Hartt on valuation and then enters an order
requiring the company to reduce its corporate structure to a single class of
stock, its action would be tantamount to a finding that the present common
stock is of little or no value. The utilities division has tentatively coneluded as sucn.
"Wnetner or not the present common stock has substantial value, a
readjustment recognizing its interests can be worked out on a fiar basis
when the time comes," the Commission stated.
Similarly, the prior rights
of the preferred stock can be fully compensated without a new issue of
preferred.
A plan can be fair even though the holders of senior securities
are given inferior grades of securities."
The testimony, the Commission stated, is "irrelevant to the issues raised
by the order to show cause and should be excluded at this stage of the
proceeding."—V. 152, p. 3965.
The SEC pointed out
common
,
Chilean Nitrate & Iodine Sales Corp.—Int. Payment—'
Holders of Corporacion De Ventas De Salitre Y Yodo De Chile (Chilean
Nitrate & Iodine Sales Corp.) 5% sterling income debentures are being
^
54,149
140,700
77a
SEC Denies Plea
mission states:
To
x$34,633
month of May was 903,203,180 kilowatt hours, as compared
1941—Month—-1940
1941—5 Mos.—1940
$7,979,074
$6,267,052 $36,458,513 $30,847,444
5,685,883
5,118,717
26,145,152
25,240,092
$2,293,191
1,444,254
$741,085
53,075
140,700
ifi'Inn
in 1940, an increase
Net
------
Electric output of the Commonwealth & Southern Corl>. system for the
with 707,702,-
n
n
r%
Chicago Rock island & Pacific Ry.
Period End. May 31—
Total ry. oper. revenue.
x$264,271
139,572
Commonwealth & Southern Corp.—Output—
^
Accumulated DlV.
$1.31 M
share on account
cum. pref. stock, par $25, payable July 1
This payment clears up all arrears to July 1.
a
144,812
From Jan. 1—
approval to
Directors
152
Net ry. oper. income—
000 cash payment
,.
V
....
Gross fr<on*
^
that the allocation of earnings to
on hand of approximately
On only $1,000,000 of this is he able to earn any interest and
% of 1%.
He pointed out that after making the payments the road will still be amply supplied with cash.
Judge Barnes expressed himself as heartily in accord with making the
payment and authorized it in accord with the petition although he admitted
the objection ofthe serial noteholders had much merit. He agreed that such
noteholders may file a later petition for a supplementary payment.
At the same hearings, Judge Barnes approved a settlement of claims by
the Railroad Oedit Corporation against the road which involves a $300,.
$110,179
Earnings for Month of May and Year to Date
$34,000,000.
n
•
n
256,162
$609,088
$1.33
raiiwav
J1MrtbTh^^n^?u8^,ait^thafheeK?8h
.
share—-
„,
that at the rate of
.
per
.
in line with what would be
The RFC objected to the
objected that its 1939 and 1940 maturities ranked prior to the
bond interest and should be paid first.
Luther M.
Walter, attorney for the debtor corporation which is opposing the plan of
reorganization, objected to any payment at all and demanded tnat the funds
be held to pay off the RFC in full if he succeeds in having the present
r
\
* 1j0SS °r aelicit"
v * 1W» p' rfb4b*
Colorado & Southern Ry.—Lease of Fort Worth & Denver
p„,
City tl]J. Denied,
be© latter company.
mortgage
Court
t
$1,126,896
129,649
Excludes Canadian subsidiary,
serial notes
first
c
June 1, '40 May 27, '39 May 28, '38
$1,112,893
$98,359
x$276,917
14,003
11,820
12,646
—
various securities had failed to provide $400,000 a year for dividends on the
stock of the Superior Coal Co. which it holds. Counsel for the new issue of
new
o
a
$800,038
50,250
140,700
dividends
Surplus.
b Earnings
fmffn
f.
A
,
~
Net profit
Preferred dividends
Sparta & North Western Ry. first mortgage bonds, 4%
Bay & North Western bonds, and $2,222,344 to
effect.
..
—■—
the Manitowoc Greene
due if the plan of reorganization were in
amount of the
payments on the ground
.
0
Total income
$1,405,435
Depreciation
120,165
Federal and State income
taxes
344,679
Federal excess prof its tax
140,553
first and refunding mortgage
the Des Plaines Valley Ry. first mortgage bonds.
the Reconstruction Finance Corporation.
The interest payments being made are about
1587.
p,
^
3^ILom1l(PiCt' xv5 toe31' 3.45% on all 15-year secured 6M% bonds, 2.60%
on the Milwaukee
on
965,800
772,021
1,173,123
Collins & Aikman Corp. (& Subs.)—Earnings—
plan of reorganization.
All parties were given until June 25 to file briefs
on the subject to confirmation.
The interest payments will range from 1.79% on the 4^% 1st & ref.
mtge. bonds to 5.96% on the underlying Sioux City & Pacific divisional
bonds.
Payment will be made at the company's New York office under a
schedule of presentation dates for various classes of securities.
Between Aug. 1 and 15 the road would pay interest of 2.74% on the
3M% general mortgage bonds, 1.81% on the 5% first and refunding
mortgage bonds, and $263,680 on the bank loan.
From Aug. 16 to 31 it would pay 2.79% on the 4% general mortgage
bonds, 2.84% on the AH% general mortgage bonds.
From Sept. 1 to 15, 2.86% on the 4%% general mortgage bonds, 4.39%
on the St. Louis Peoria & North Western bonds, and 3.60% on the Milwaukee and State Line Ry. bonds.
From Sept. 16 to 30, 2.88% on the 5% general mortgage bonds, and
^^itiy7ocl>a^!fith^04^ivcr
From Oct. 1 to lo, 1.79% on the 4^%
1,349,010
1,762,538
tion of its earnings are derived from such
The Commercial & Financial Chronicle
4120
Light & Power Co.—Earnings—
Connecticut
1941
1940
$21,396,693 $19,861.359
3,902.432
3,539,161
Earned per average share
$3.39
$3.08
Note—Federal Income tax accruals have been adjusted from Jan. 1,1941,
on an estimated rate of 30% as against the 24% rate called for under the
12 Months Ended April
30—
.
,
Operating revenues
Bal. for
com.
_ ..
.
.
J.
-
-
stk. & other corp. purpose
present law.—V. 152, p. 2390.
'
Edison
.•
Inc.—Output—
York announced
production of the
the week ended June 22,1941, amounting to
electric plants of its system for
144,000,000 kilowatt hours, compared with 135,700,000 kilowatt hours
week of 1940, an increase of 6.1 %.—V. 152, p. 3965.
for
the corresponding
Consolidated Mining & Smelting
Dividend—
y
'
Co. of Canada, Ltd.
—Extra
1
.1
Directors have declared an extra dividend of 75 cents per
V';,V :'y'•:X,
share in addition
regular semi-annual dividend of 50 cents per share on the capital
stock, par $5, both payable July 15 to holders of record June 19.
Like
amounts paid on Dec. 31, 1940.
Extra of 50 cents was paid on July 15,
1940, and extras of $1 were paid on Dec. 30, 1939, and Dec. 31, 1938.—V.
151, p. 3232.
•
to the
dividend of $4 per share on the common stock
of no par value, payable June 25 to holders of record June 18.
Previous
distributions were as follows: $1 paid on March 17, last: $1.50 on Dec. 21,
last; $1 paid on July 11, June 27 and May 20.1940; $1.50 on Dec. 18, 1939;
$2 on Nov. 20, 1939; 75 cents on Oct. 15, 1929, 30 cents on Aug. 21, $1.50
on June 16, 75 cents on May 15, 1939: 50 cents on March 30,
1939; $1 on
Nov, 14, 1938; 30 cents on Sept. 26. 1938, and 70 cents on Aug. 22,
1938.
—V. 152, p. 1911.
a
Consolidated Sand & Gravel,
Ltd.—Accumula ted Div.-—-
a dividend of $1.50 per share on account of
cumulative convertible preferred stock, payable
28 to holders of record June 16.—V. 151, p. 3392.
Directors
declared
have
accumulations on the 7%
June
Continental Insurance Co.—Extra Dividend—
declared
have
addition to the regular
Reynolds Corp.—Accumulated Dividend—
Corroon &
Directors voted
dividend of $1.50 per share on the $6
a
stock, payable July 1 to holders of
issue of $27.50.—V. 152, p. 1912.
preferred series A
record June 20, leaving arrears on the
Crown Cork International
Corp.—10-Cent Class A Div.
The directors have declared a dividend of 10 cents per share on
on the $1
cum. class A stock, no par value,
of accumulations
July 1 to holders of record June 20.
Like amounts paid on
and Dec. 30, 1940; dividends of 15 cents paid on Oct. 1 and on
and dividends of 25 cents were paid in preceding quarters.—V.
May 31—
but before Federal taxes..
Net profit after deprec n
—V. 152, p. 3648.
$749,262
'Directors have declared
a
Dividend—
dividend of 75 cents per share on the common
stock payable July 7 to holders of record June 23.
on Nov. 20, last, and one of 25 cents paid on Nov.
Dallas Power &
Dividend of $1 was paid
18,1939.—V. 152, p. 264.
Light Co.—Earnings-
Period End. May 31—
Operating revenues
Operating expenses.
.
Direct taxes
1940
$674,319
-/Syyy
Mfg. Co. ''St. Louis)—75-Cent
Curtis
account
payable
April 1, last
July 1, 1940,
152, p. 1912.
Inc. (& Subs.)—Earnings—
1941
Cuneo Press,
5 Months Ended
.
Prop, retire, res. approp.
1941—Month—1940
$612,484
$575,333
231.913
217,903
128,617
101,406
22,250
27,523
$229,704
Net oper. revenues
$228,501
$2,749,065
$2,713,985
658
$229,704
46,667
Interest
on mtge. bonds.
Other int. & deductions.
341
$228,501
$2,749,723
46,667
1,805
560,000
21,992
$2,714,326
560,000
1,871
$181,166
...
from Fort Worth,
round trips daily from Atlanta, Ga., to
majority of intermediate points on two
flights and at all but one intermediate point on the other flight.
Field
facilities are inadequate at Tyler, Texas, to permit planes to land.
Delta
operates two round trips daily between Atlanta, Ga., and Birmingham,
Ala., and two round trips daiiy between Charleston, S. C., and Atlanta,
Ga., stopping at the intermediate
points of Columbia, S. C., and
Augusta, Ga. This route from Fort Worth, Texas, east to Charleston, S. C.,
covers 1,089 air miles, and the total mileage flown daily by the company
on its authorized flight schedules on this route is approximately 6,550 air
miles.
On these flights Delta carries passengers, mail and property.
On May 1, 1941, Delta put into effect one round trip daily from Atlanta,
Ga., to Savannah, Ga., and by the last of May it expected an additional
round trip to be put into effect. Delta transports no air mail from Augusta
to Savannah, Ga., at this time, but it does transport passengers and propTexas, to Charleston, S. C., three
Fort Worth, Texas, stopping at a
round trips daily between
intermediate point of
Cincinnati to Atlanta,
which is a non-stop flight.
As soon as adequate airport facilities exist at
Lexington, Ky. stops will be made at that point.
Delta now operates a fleet of dusting airplanes used in the dusting of all
kinds of crops, fruit orchards, pecan orchards and
vineyards, and in
mosquito control, throughout the South and Mexico.
These extensive
dusting activities are the largest now in existence.
However, Delta does
devote more of its attention to its air transportation business.
Funded Debt—On Jan. 16, 1941, Delta executed its $500,000 instalment
note payable to the order of Trust Co. of Georgia.
This note is payable in
,50 monthly instalments of $10,000 each, together with interest at the rate
of 3% per annum on the unpaid principal due on the due date of each
monthly instalment.
The first monthly instalment became due Feb. 16,
1941. All monthly instalments to date have been paid.
April 15, 1941, Delta put into effect two
Atlanta, Ga
and Cincinnati, O., stopping at the
Knoxville, Tenn., excepting on one return trip from
Capitalization—Prior to Sept. 9, 1940, the company had issued and out¬
standing 34,596 shares of an authorized 50,000 shares of no par value
common stock.
On Sept. 9, 1940, the stockholders increased the authorized
capital stock from 50,000 to 500,000 shares (no par) common stock, and
authorized an exchange by the stockholders of record at that date of one
share of the old stock for four shares of the newly authorized stock. All
but 1,076 shares of the old stock has been exchanged for the new stock.
After completion of the exchange there will be outstanding 138,384 shares
of no par value common stock of the present capitalization of the company.
The company recently authorized the issuance and sale of 60,000 ad¬
ditional shares of no par common stock. After the completion of this offer
and the exchange of the old stock now outstanding, there will be authorized
and outstanding 198,384 shares of no par value common stock of an auth¬
orized 500,000 shares.
clclivGrcid
Dallas Ry.
April 28, 1941.
$60,000 to pay miscellaneous current indebtedness
the ordinary course of its business.
$50,000 working capital.
The balance will be applied on the $500,000 note payable to The Trust
Co. of Georgia.
■ --V
yyyyy
/
incurred by the company in
Lndcrwriter—Courts & Co., Atlanta, Ga., is the principal underwriter
offered.
,yyy;yy-';yyvyyyyyy"';'y;/;y
H
of the shares
Comparative Income Account for
507,386
507,386
Airline oper. expenses—
1939
$680,467
549.544
80,537
Net
inc.
_
_ _ .
5
airline
from
$45,876
200,703
208,876
281,402
$40,456
161
$40,617
dusting
operations.
$42,277
15,505
$512,459
186,063
$502,914
186,063
Net income from
operations....
Nonoperating income...
$326,396
4,167
$316,851
875
$27,647
23.515
1,960
$330,563
282,180
24,631
$331,101
Net income
$2,031
$2,172
Divs. applicable to pref. stock for the period
$23,752
$66,980
$27,506
...
$26,772
14,250
on
mtge. bonds-
Other deductions
1,960
........
282,180
$67,595
2,418
14,813
$74,910
972
5,290
$28,227
$50,365
$56,432
Net income.
_
_
...
.
w -
_
;;
$79,705
loss$17,589
13.526
17.505
def$31,116
Balance Sheet March 31, 1941
Liabilities—
Assets—
$15,016
.
Bank overdraft.
136,238
Cash on hand.
receivable..
Accounts
34,595
Inventories..
-
„
Investments. »
.. ...
...
10
*....
781,950
138,311
Deferred charges—.
1,272
Other assets
a.
... -
payable.
banks.
....
Notes payable,
1 .....
$ 58,020
i.\
159,417
25,000
120,000
5,646
-.
J.
...
Equip, purch. obligations-...
Transp. purch, but not used..
14,335
Accrued liabilities
360.000
344,676
Unexchanged stock—\
11.064
Earned surplus—
9,234
Long-term debt...
-.. ...
Cap. stk. (134,080 shs. no par)
103,901
$80,149
Total
Balance (deficit).
loss$94,015
76,426
7.099
24,725
103.901
1.999
Fed. & State inc. taxes..
Fixed assets-..
$27,506
23,515
Gross income..
Interest
$72,910
615
$24,196
;
16.858
Deducts, from gross inc.
Accounts
Operating income....
5,819
'
alli
223,879
$43,011
15,505
16,594
$67,091 loss$l 10,874
$50,386
loss5,419
operations..
Net income from
Gross income....
1941—12 Mos.—1940
$3,272,344 $3,118,306
2,277,780
2,182,637
24,625
Other income
July 1 '401°
1940
Afar. 31,'41
$893,973
$789,075
747,712
797,285
79,170
102,664
$1,156,473
17,698
Net oper. revenues...
1938
$615,274
483,826
85,572
Total airline oper. revs-
44,064
Rent for lease of plant..
Stated Periods
Years Ended June 30
$1,663,859
$2,167,731
Operating revenues
$300,658
Operating expenses
198,387
Direct taxes...15,196
Prop, retire, res. approp.
.■ *"
from
Y'-yyyy;NVyyyyy
& Terminal Co.—Earnings—
1941—Month—1940
$273,904
189,304
vr ,*,•
*
$25,000 to pay a $25,000 note endorsed by C. E. Faulk, Persident, due 90
days from May 3, 1941, and held by the Central Savings Bank & Trust
Co. of Monroe, La.
*
$40,000 to pay company's note in that sum held by the Ouachita National
Bank of Monroe, La., endorsed by C. E. Faulk, President, due six months
490,467
Notes—(1) Provision for Federal income taxes, subsequent to April 1.
1941, is being made at a rate which will result in the accumulation of such
taxes at the rate of 30% for the full year 1941.
(2) Includes in the 12 months ended May 31, 1941, provision of $4,132
for Federal excess profits tax applicable prior to Jan. 1, 1941, but includes
no subsequent provision for such tax since no excess profits are indicated,—
V. 152, p. 3648.
Period End. May 31—
;
v
Purpose—Delta will realize from the offering of the 60,000 shares the sum
of $495,000.
Out of this sum Delta will pay certain expenses incurred in
connection with the registration of these securities, (approximately $5,760).
The net proceeds of approximately $489,240 will be applied as follows:
$8,500 for purchase from the J. V. W. Corp. of Newark, N. J., of a
Link Trainer and the installation thereof.
$17,000 for the purchase of two complete sets of radio equipment from
Wilcox Electric Co. of Kansas City, Mo., and the installation thereof.
$20,000 to pay Wright Aeronautical Corp. for two spare engines recently
Depreciation
J
Balance
National Bank, in Atlanta, Ga., is a part owner of
yy".y y" ;:yy
y
y
this obligation.
$1,660,345
$180,029
Divs. applicable to pref. stock for the period.*....
Net income..
Monroe,
Corp.,
.
1941—12 Mos.—1940
$7,172,152
$7,077,729
2,734,765
2,601,087
1,424,031
1,220,872
264,291
541.785
Other income.
Gross income
Air
Citizens & Southern
an
extra dividend of 20 cents per share in
semi-annual dividend of 80 cents per share on the
capital stock, both payable July 10 to holders of record June 30.—V. 152,
p. 2700.
;
v" V;./■
Directors
;y
La.—Stock Offered—Courts
& Co., Atlanta, Ga., on June 2 offered and sold at $9.50
per share 60,000 shares of common stock (no par).
Delta
On
Rendering Co.—Dividend—
Consolidated
Directors have declared
realized, and the accuracy of the
workings, the profits or dividends to be
engineers'report.
Business—At this time Delta is operating on its route
of New
Co.
;•
.
-r
Consolidated Edison Co. of New York,
Consolidated
June 28, 1941
concerning examinations made of the company's mining properties, the
existence of ore and the average value per ton, the depth of the mine
.
—
_
.$1,107,391
Total.........
S1,107,391
-V. 152, p. 3340.
Note—No provision has been made for Federal excess profits tax since
present indications are that no such tax
Delaware & Hudson
will be payable.—V. 152, p. 3648.
May—
1941
Gross from railway..... $2,791,289
Net from railway..
982.064
Net ry. oper. income....
760,287
1940
$2,203,602
635,234
453,888
1939
$2,145,114
688,194
432,804
1938
$1,878,792
571,526
402,933
Net ry. oper.
income
12,373,359
3,757,119
2,720,193
10,608,265
2,840,420
1,948,153
9,989,695
2,953,916
2,036,184
8,488,180
1,634,691
828,007
—V. 152, p. 3495.
Davenport
&
Reduction
Co.- -Promoters
En-
y -i;
joined—
The Securities and Exchange Commission reported June 21 that Judge
Frank R. Norcross of the U. S. Distnct Court for the District of Nevada
entered
a
final judgment enjoining Davenport Mining
& Reduction Co..
Ogden C. Chase, and Vilas F. Adams, from further violations of the fraud
provisions of the Securities Act of 1933.
The defendants consented to the
entry of the judgment.
The complaint alleged that since January, 1941, the defendants have been
fraudulently selling stock of the Davenport Mining Co. by the use of
the mails and in interstate commerce.
The complaint charged that the
defendants made false statements and omitted to state material facts
a dividend of 45 cents per share on the new
outstanding, which was exchanged on the basis
of this stock for each share of old $100 par stock previously
oustanding.
Dividend will be paid on July 5 to holders of record June 27.
"This amount," the company states, "added to the dividends heretofore
paid during 1941, makes a total of
the rate of $1.40 per
Net from railway.
__
__
Ry.—Earnings—
1941
$62,229
Net from rail way
Net ry. oper. income.._
—V. 152, p. 3649.
1940
3,626
$64,126
13,156
4,555
261,884
18,674
defl3,399
defl,569
10,734
Net ry. oper. income
From Jan. 1—
Gross from railway
$1.05, averaging 35 cents per quarter,
annum."—V. 152, P- 3966.
Detroit & Mackinac
May—
Gross from rail way
Mining
Co.—45-Cent Dividend—-
declared
of five shares
or at
.
have
$20 par capital stock, now
From Jan. 1—
Gross from railway
Net from railway.......
Edison
Detroit
Directors
RR.—Earnings—
Dominion Oilcloth &
r
270,903
30,215
1938
1939
$71,626
14,942
3,430
$66,593
12,371
9,005
288,926
42,620
2,823
281,564
32,399
2,916
Linoleum, Ltd.—-Extra Dividend—
dividend of 10 cents per share in addi¬
quarterly dividend of 30 cents per share on the common
stock, both payable July 31 to holders of record July 15.
Lute amounts
paid on April 30, last.—V. 152, p. 2550.
Directors have declaied an extra
tion to the regular
Volume
The Commercial & Financial Chronicle
152
Eastern Massachusetts Street Ry.-
Detroit Toledo & fronton R R.—Earni ngs—
1941
May—
Gross from railway
Net from railway
Net ry. oper. income.
From Jan. 1—
$788,516
4.37,033
275,016
$459,993
164,468
105,167
$364,743
103,807
57,094
3,955,009
2.201,733
1,354.941
3,486,760
1,772,421
1,219,879
2,767,634
1,238,748
833,207
Railway oper.
Railway oper.
2,116,350
expenses.
_
>(4
$1,312,283
418,726
$1,141,940
292,100
$200,976
$144,303
4,688
$893,557
18,429
$849,840
24,602
56,673
Gross corp. income
on funded debt,
$148,991
$911,986
$874,442
38,351
42,497
193,602
218,795
$147,556
88.893
$106,494
85,048
$718,384
427,522
$655,647
424,597
$58,663
$21,446
$290,862
$231,050
$185,907
rents, &c
■
Available for deprec.,
dividends, &e
Depreciation
Preferred Stock—
Net inc.
before
prov.
for retirem't losses.
—V. 152, p. 3496.
Company will redeem $300,000 of its 7% preferred stock, par $100, on
The stock will be drawn
Eastern Utilities Associates
The company redeemed $300,000 of the preferred stock on June 10, and
this second redemption will leave only about $300,000 of the issue out¬
standing.—V. 152, p. 3180, 3021; V. 151, p. 2939.
Period End. May 31-
Corp.—To Dissolve—
105,906
$207,728
$210,558
$2,823,530
22.434
10,389
88.309
$2,924,169
12,907
$230,162
65,500
$220,946
64,510
$2,911,839
$2,937,076
790,949
779,004
$164,662
36,148
$156,436
36,282
$2,120,890
475
249
434,776
12,599
$2,158,072
438,782
11,662
$128,038
$119,905
$1,673,514
$1,707,628
Non-oper. income (net).
Balance
accrls..
Gross income
is intended
...
Interest & amortization.
realty com¬
is to be dissolved now that stockholders have approved the sale of
patents to Cornell-Dubilier.
Upon ultimate dissolution of Dubilier, its stockholders will receive one
share of Cornell-Dubilier stock for each three shares of Dubilier now held.
Charlton B. Hibbard was elected a director, succeeding Morton D.
377,799
33,389
37,759
163,622
Net oper. revenues
res.
1941—12 Mos.—1940
$9,639,723
4,699,270
408,293
1,708,631
Taxes (incl. inc. taxes)__
Retirement
$727,652
$838,616
429,508
Maintenance
special meeting held June 19 approved the transfer and
sale of all of the right, title and interest of the company in patents and patent
rights to Cornell-Dubilier Electric Corp. for $7,500.
The main asset of Dubilier. according to the proxy statement, is its
stock interest in Cornell-Dubilier Electric, represented by voting trust
certificates for 101,380 shares or 38.30% of the stock of Cornell-Dubilier.
The only other assets of Dubilier, other than patents and patent rights, are
cash, Government securities and stock of Dubilier Realty Corp., which
owns five vacant lots in the Bronx.
These lots are carried on the books
(& Subs.)—Earnings-
1941—Month—1940
Operating revenues
Operation
a
of the realty company at $16,011 and if they cannot be sold, it
that they will be offered at auction to the highest bidder.
The
3,439
Interest
Aug. 11 at the redemption price of $110 a share.
by lot from holders of record July 8.
Dubilier Condenser
$3,105,263
1,963,323
$182,468
Ry. oper. net incomeOther income
431,316
Casting Co.—Common Dividend—
Driver-Harris Co.—To Redeem
1941—5 Mos —1941
$3,317,908
2,005,625
$269,469
87,001
Taxes
Directors have declared dividend of 25 cents per share on the common
stock, payable July 26 to holders of record July 10.
Like amount paid on
April 18, last, and compares with 50 cents paid on Dec. 24, last, and 25
cents paid on Oct. 25, July 26 and April 18, 1940, this latter being the first
dividend paid on the issue since April 18, 1938, when a dividend of 20
cents per share was distributed.—V. 152, p. 2851.
Stockholders at
revenues.
-Earnings—
724,611
152. p. 3495.
Doehler Die
1941—Month—1940
$668,021
$586,277
398,552
385,301
Operating income
-
Net ry. oper. income.
$540,137
220,986
143,692
_
Gross from railway
Net from railway
—V.
Period End. May 31—
1938
1939
1940
4121
Miscell. deductions
$9,000,285
4.344,096
423,859
1,308,161
pany
Joyce.
Miss A. Starr has been elected Secretary and Treasurer, succeeding
M. D.Joyce.—V. 152, p. 3495 V. 151. p. 1892.
Duluth Missabe & Iron Range Ry.1941
$4,567,774
railway
1940
$3,184,312
3,389,700
2,683,428
May—
Gross from
2,214,680
1,641,145
Net from railway.:
Net ry. oper. income
From Jan. 1—
8,149,457
4,195,963
1,538,193
Net ry. oper. income
—V. 152, p. 3495.
2.285,903
1.326,948
def672,275def1,394,177
def355,348 def1,426,953 def 1,710,081
Ry.—Earnings—
1941
May—
__
$94,600
3,250
defl8,782
589,191
110,039
defl8,427
530,564
59,128
def56,546
471,916
def 1,535
def122,025
Gross from railway
Net from railway
def35,776
,
.
charges
Balance.
1941
$1,147,507
123,415
Balance available for dividends & surplus.
—V. 152, p. 3496.
$622,945
147,469
.
$421,808
154,091
$354,665
$254,096
157,784
167,158
3,634
1,820
1,996
41,438
15,684
34,462
1,041
3,800
222,669
2,640
236,744
218,444
a24,019
b6,418
~2~, 757
1,261
12,514
1,492
prof$21,776
$12,604
$189,358
$101,565
15,755
29,410
1,581
funds for bond int
Remuner'n of
>
3,680
Directors' fees
372,836
Depreciation
Amort, of bond expense
Prov. for income taxes.
Proportion
_
38,735
10,613
1,820
1,651
cCr92
15,
534
Aug. 15, 1940; 35 cents paid on April 1, 1940; 7H cents
on Nov. 15, 1939: 35 cents paid on Nov. 1, 1938;
1940; and
1, 1938, and dividends of 35 cents
Feb.
were paid on Oct. 1 and
March 1, 1937, this latter being the initial distribution on the issue.—V.
on
1280.
p.
Electric
Bond
&
Share
Co.—SEC Rejects
Objections to
Consolidated Balance Sheet March 31, 1941
$373,917;
$132,164;
$69,958; total,
$401,964; accounts receivable (less reserve),
$1,834; inventories, $230,476; other assets,
interest receivable,
$4,407,903; prepaid and deferred charges,
f
Liabilities—Bank
of
loan
a
subsidiary
company,
$48,000;
accounts
and accrued, $59,265;
payable and accrued liabilities, $442,454; taxes, due
unredeemed tickets. $75,169; accrued bond interest,
$67,516; equity of preferred shares of subsidiary companies in hands of
public, $1,563,713; 6% 20-year 1st collateral trust sinking fund convertible
bond series A, due May 1, 1949, $2,433,000; 7% cumulative preference
stock, $2,500,000; common stock (99,020 no par shares), $1,579,210; capital
deficit, $2,705,228; deficit, $444,883; total, $5,618,215.—V. 151, p. 413.
,
The
.1941
^
'1940.
^
$12,628,519 $11,236,639
2,009,543
705,473
Federal income taxes, current year--
.$10,618,976 $10,531,166
Balance
4,319,606
Depreciation and depletion
....
...
Interest
.........
603,266
615,012
$2,787,682
1,108,730
1,108,691
$1,678,991
$5.13
4H % prior preference stock.
available to 6%
dividends
$6,213,453
2,810,759
$3,028,042
$4.49
pref. stock before State
taxes on
Earned per share of
—V. 152, p. 3495.
$6,299,370
2,668,062
—
Net income avail, fordiv. requirements
Div. requirements on
4,317,713
$1,919,312
Debt discount and expense
Ebasco Services,
19, 1941, the system
inputs of client operating
companies of Ebasco Services Inc., which are subsidiaries of American
Power & Light Co., Electric Power & Light Corp. and National Power &
Light Co., as compared
with the corresponding week during 1940, were
follows:
The SEC denied Bond &
American
Thr above figures
1940
Amount
127,679,000 17,437,000
68,572,000 5,810,000
85.632,000 15,957.009
1
%
13.7
8.5
periods.—V. 152, p. 3967.
had contended that
the
SEC
has
no
Share's motion without prejudice to any sub¬
1941
—
..
Net ry. oper. income.
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper.
—V. 152, p.
income.
3496.
—
-.
1940
1939
1938
$2,441,546
1,106,949
623,028
$1,459,498
428,763
266,140
$1,112,383
133,061
def24,145
$847,875
93,293
def8,935
11,511,105
4,941,448
2,724,183
7,873,184
2,394,230
1,347,240
6,651,351
1,731,631
863,022
.4,311,746
405,137
defl05,161
Empire State Gas & Electric Association—Will Dissolve
The Empire State Gas & Electric Association, which was formed in 1905
to facilitate the
in
interchange of information among gas and electric utilities
has decided to dissolve largely because its revenues
by the resignation of five subsidiaries of Consolidated
New York State,
have been cut in half
Edison Co. of New York system.
which included 98%
of
the State industry in its membership, is now going on under the direction
of George Smith, former Secretary.
Erie
RR.—Earnings—
May—
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income...
—V. 152, p.
1Q40
1Q1Q
$6,640,686
1,802,813
986,759
$6,204,877
1,376,241
559,272
$5,401,123
775,534
defl8,778
40,350,542
13,343,622
8,157,262
32,858,472
8,276,498
3,989,718
30,698,154
7,356,733
3,382,417
26,446,658
3,810,066
def270,628
3967.
River
Gas Works
Period End. May 31—
Operating revenues
Operation
Co.—Earnings-
1941—Month--1940
$75,900
$74,298
46,816
43,242
5,181
5,184
1941—12 Mos.—1940
$926,305
530,984
$904,802
497,517
69,779
169,110
16,312
Taxes
Net oper. revenues
Non-oper. income (net).
Retirement
res.
accruals
Gross income
Interest
1941
$8,891,810
3,200,440
2,008,580
charges
13,772
55,538
202,940
$7,590
7,321
$12,100
$136,843
3,394
50,926
$168,396
35,677
$14,911
5,000
$15,495
5,000
$187,768
60,000
$204,073
60,000
$9,911
494
$10,495
605
$127,768
6,973
$144,073
7,832
$9,417
$9,889
$120,795
$136,241
186
do not include the system inputs of any companies
appearing in both
Co.
Elgin Joliet & Eastern Ry.—Earnings—
May—
Gross from railway
Net from railway
Balance
Jr
Operating Subsidiaries of—
1941
Power & Light Co.__.145,116,000
Electric Power & Light Corp... 74,382,000
National Power & Light Co—.101,589,000
Share
sequent motion for separate hearings.
The Commission said the company
would be allowed an exception to the ruling as a basis for any review in
due course after a final order has been issued.—V. 152, p. 3967.
Maintenance.
Inc.—Weekly Input—
For the week ended June
&
and its subsidiaries and between United and Electric Bond & 8hare.
Fall
6% preferred stock
Bond
Electric
Liquidation of the affairs of the Association,
Associates—Earnings—
Total consolidated income
Exchange Commission has overruled objections by
jurisdiction under the Public Utility Holding Company Act to investigate
or determine the validity or enforcability of the loans or obligations owed
by United Gas to the holding company.
The Commission had ordered that a hearing on the proposed refinancing
be consolidated with a broad investigation into the history of all inter-com¬
pany investments, transactions, dealings and relations between United Gas
salesmen's deposits and
Eastern Gas & Fuel
12 Months Endfd May 31—
and
Securities
proposed refinancing operation amounting to $75,000,000 by the United
Gas Corp.
,
Including excess profits tax. b Of profits applicable to preferred shares
Farmers Dairy, Ltd. and Crescent Creamery Co., Ltd. held by
gublie. public. applicable to pref. shares of Crescent Creamery Co., Ltd.,
eld by c Loss
not
Jan.
on
of Acme
as
Jan. 2. last, and
on
The
i
on
Legal fees
Bal.
$1,773,513
the company to a projected investigation of its debt relationship with the
United Gas Corp. and denied a motion that a separate hearing be held on a
1938,
1939
1940
sale of se
Balance.
$1,720,948
Easy Washing Machine Co., Ltd.—Accumulated Div.—
109,865
operation
other income
$5,618,215.
$1,774,047
Directors have declared a dividend of 35 cents per share on account of
accumulations on the 7% pref. stock, par $10, payable July 2 to holders
of record June 16.
This compares with 17M cents paid on April 1 and
$910,098
-Earnings-
(& Subs.).
1941
Bond interest
Assets—Cash,
-
Proposed Investigation—
Eastern Dairies, Ltd.
fixed assets (net),
$1,915,170
141,122
$1,720,948
income
Expenses, taxes and interest...
152,
1940
3021.
Years End. Mar. 31
a
1,605,346
309,824
$1,881,672
160,725
Non-subsidiary income
on
Inc.—Earnings—
Month of April—
Operating revenues
paid
$1,605,346
1,571,848
309,824
Eastern Utilities Associates—
70 cents
Eastern Air Lines,
Prem.
$1,629,976
24,630
$1,571,848
...
Earnings of subs, applicable to E. U. A
def 17,203
Net ry. oper. income
—V. 152, p. 3495.
on
$86,978
$121,573
22,141
702
667,746
146,702
4,381
Net ry. oper. income.
From Jan. 1—
Loss
1938
1939
1940
$117,744
15,114
def7,818
Net from railway
Profit from
77,652
$1,595,862
24,014
Amount not available for dividends & surplus.
Gross from railway
—V. 152, p.
$814,898
241,895
140,732
3,976,392
852,127
Duluth Winnipeg & Pacific
Net income after all
77,652
....
Applicable to E. U. A
Total
Gross from railway.
Net from railway
...
Applicable to minority interest
1938
$1,801,136
1,201,910
758,109
—
B. V. G. & E. Co
Balance
-Earnings1939
Balance
Preferred dividend deductions:
Net income.
—V. 152, p. 3342.
The Commercial & Financial Chronicle
4122
Fafnir
an
extra dividend of SI per share
Mar. 31/41
in addition to
Cash...
$25, both payable July 1 to holders of record June 18.
Extra of 50 cents
was paid on March 31, last; extra of $1.50 paid on Dec. 16, 1940; extras of
$1 paid on Sept, 30 and June 29, 1940, and extra of 50 cents was paid on
March 30, 1940.—V. 152, p. 2068.
Trade
Afar.31,'41 Dec.31,'40
Dec.31,*40
Liabilities—
$
%
Assets—
the regular quarterly dividend of $1 per share on the common stock, par
Accts.
and
notes
5,423,172
Prin.
Fidelity-Phenix Fire Insurance Co.—Extra Dividend—
have
declared
an
extra
dividend
of
20
cents
per
Florida East Coast
1939
$715,375
152,544
def7,843
6,235,053
2,280,683
1,464,488
5,828,176
2,001,778
1,303,566
5,387,364
2,582,019
124,418
164,747
9,075
railway
oper. income—
Net ry.
From Jan. 1—
490,168
520,543
3,805,000
398,214
1,631,332
rev..
cum.conv. pfd.
9,965
5,968,444
2,066,293
1,284,902
Net from
367,564
305,095
3,705,500
Com. stock (par SI)
396,405
Capital surplus
1,598,993
b Earned surplus. 4,446,651
2,010
Dep. with insur.co.
advs.
and
1938
$758,229
218,485
40,165
356,689
stock (par J100)
Mich., Inc—
1940
$946,277
262,621
116,400
43,196
43,603
year.
264,855
5%
and Assocs. of
Ry.—Earnings—
one
Def. finance
316,952
349.837
Ltd
John Z. Fletcher
„
1941
$905,515
216,993
61,560
May—
Gross from railway
within
Long-term debt
Can.
of
on
Reserves
Fruehauf Trailer
Co.
paym'ts
long-term dt.due
solidated:
share in
capital stock, both payable July 10 to holders of record June 30.—V. 152,
p. 677.
889,567
1,973,509
inc.,
estimated
4,158,652
to subs, not con¬
addition to the regular semi-annual dividend of 80 cents per share on the
on
4,800,000
935,331
payable
Fed. taxes
(net). 10,833,349 10.444.988
accts. rec.
Inventories
S
*
6.450,000
2,161,953
Notes pay. to bks.
899,663
1,075,237
Invests, in & advs.
Directors
1941
28
Consolidated Balance Sheet
Bearing Co.—Extra Dividend—
Directors have declared
June
Travel
4,185,859
accts., officers &
employees
Miscell. accts. rec.
Gross from railway
Net from
railway
Nrt ry. oper. income...
—V. 152, p. 3496.
...
15,542
16,124
2,911,705
2,799,104
& investments.,
a
1,756,534
Prop.,
plant
equipment.
&
1
1
105,802
109,683
Patents
Deferred charges.
_
Florida Power & Light Co .—Dividends—
Total
Directors have declared a
dividend of $36.32 per snare on account of
the $7 cum. pref. stock, no par value, payable July 1
This payment will clear up all arrears on
accumulations on
to
the issue.—V. 152, p. 3652.
Florida Telephone
Corp.—Bonds Placed Privately—The
has placed privately with the Massachusetts Mu¬
company
tual
Co.—Signs Union Contract—
At
Harry H. Bennett, Ford personnel chief and head of the service depart¬
Gar Wood
had decided "to go the whole way"
in the belief that "no half-way measures" would be effective.
The state¬
ment expressed the hope that the agreement would result in uninterrupted
a
Period End. May
Net income
Earns, per
J>roduction and that national defense operations would not be hampered
any way.—V. 152, p. 3807.
a
n
9 held
that
the
lease
decision was six to four for
a
rejection, with
one
Fruehauf Trailer
common
Commissioner,
Gross profit
Interest
on
„
instalment notes
...
.
Insur. prems. & commissions earned,
less losses and expenses
Profit
Sell., adminis.&general expenses
Prov. for doubtful notes & accts., less
recoveries
on
1940
General Gas & Electric Corp.—Annual
As
Oct. 9,
Commission entered its order for a new hearing pursuant to
(2) of the Public Utility Holding Company Act of 1935 and
since filed a new plan of corporate simplification and
equitable distribution of voting power with a view to meeting the various
requirements of that Act.
With respect to corporate simplification of the General Gas & Electric
Corp. holding company system, the following steps have been or will be
taken under the proposed plan:
(1) General Gas & Electric Corp. and its immediate holding company
subsidiary, Southeastern Electric & Gas Co., will be merged or consolidated
into a single corporation.
In this connection, an interim order was received
from the SEC on May 17, 1941 approving the merger of these two com¬
panies, subject to certain conditions.
(2) The subsidiaries of Virginia Public Service Co. will be merged or
consolidated with it, to the extent legally practicable.
(3) Eastern Power Co., a subholding company, was merged, on Feb. 18,
1941, into Southeastern Electric & Gas Co., its parent company.
In addition, subject to advice of counsel that such steps can be taken with¬
out adversely affecting franchises, and without substantial tax liability, and
subject, further, to obtaining the necessary approvals of regulatory com¬
missions, the subsidiaries of Eastern Shore Public Service Co. will be
merged into or consolidated with it, and Southern Electric Utilities Co. will
be merged into or consolidated with General Gas & Electric Corp.
If and
when practicable, Virginia Public Service Co.'s stock holdings in Eastern
Shore Public Service Co. (Del.), will be transferred to the new company.
The holdings of securities of the corporation outstanding at Dec. 31,1940,
date,
amounts
108,152
51,995
$1,859,361
1,076,159
$6,449,152
$5,375,826
2,896,106
previously
charged off
17,105
24,596
Total income.
Amort, of discount on deb. notes..
$2,538,429
54,375
19,890
20,884
94,675
1,167
21,606
i._
Prem. paid on retirement of deb. notes
Interest on debenture notes
Other interest expense...
Miscellaneous deductions
...
subsidiary
'
$2,482,029
$775,795
Other income
75,224
$766,097
9,699
Operating profit._
b Net loss of Canadian
336,145
3,891,899
...
48,569
$2,431,151
32,775
56,400
$2,463,926
7,500
were as
excess
profits taxes (est.
profits taxes (est
Net profit...
Di vs.
on
5%
Dividends
con v.
pref. stock
on common
181,800
625,000
:120,800
Held by the
Estate of
59,702
64,241
Issue
9,386
28,655
$1,526,999
Earnings per share of com. stock
47,562
518,380
$1.01
$3.52
465,400
399,850
$4.58
Including sales in the amounts of $114,109 for 1939, $137,495 for
1940, and $37,392 for the period of three months ended Mar. 31, 1941, to
$7
$8
Canadian
cum.
cum.
*
Shares
20,282.5
1,956.4
28
Shares
59,986
14
335,814
283,990
22,238.9
28
1,229.35
13,543.85
b2,621,558.9
2,278,882.7313 4,900,441.6313
10,166.5883
10,519.8050
4,161.8024
4,161.8024
9,964
3,046,948
1.2250
50.7750
52
Class A scrip.
353.2167
c Class A
scrip accumul'ns
1
Class B
3,036,984
.
'
Total
Outstanding
$44,486.35 a$l,119.338.28
32,098
12.9
10,463
6,969
12,314.5
Class A..
year 1940. and $4,410 for the period of three
Held by
Others
27,888
1.1
325,351
277,021
pref. stk., ser. B.
pref. stk., ser. A
& scrip.
Common stocks:
subsidiary not consolidated,
b Not consolidated, including
adjustment for translation of its assets at market rate of exchange.
Notes—(1) Net profit of the wholly-owned Canadian subsidiary in the
(2) Provisions for depreciation of buildings, machinery, and equipment
amounted to $136,418 for the year 1939, $184,389, for the year 1940, and
$48,160 for the period of three months ended March 31,1941,
Shares
$5 prior pref. stock
$5 prior pref. stock scrip._
$6 cum. pref. stock, ser. A
$6 cum. pref. stock, ser. B
$7 cum. pref. stk., ser. A
& scrip
$1,829,041
months ended March 31, 1941, and the net loss of John Z. Fletcher and
-Associates of Michigan, Inc. (also wholly-owned) in the amount of $2,598,for the period of three mos. ended March 31, 1941, have not been taken up.
$1,074,551.93
Preferred stocks:
a
amount of $15,458 for the
Gas
& Electric
126,330
139,078
stock
Associated
4% int. bearing scrip due
Dec. 30, 1942
175,000
$447,433
excess
follows:
"
Federal normal inc. & declared-value
Federal
the
Section 11 (b)
the corporation has
$4,987,686
35,508
1939 filed with the Securities and Exchange Commission a ^plan
simplification of structure and equitable distribution
of voting power."
No action was ever taken in this proceeding, however,
and it was dismissed by the Commission on Feb. 3, 1941.
On the same
1939
$5,804,353
536,648
Report—
Corporate Simplification and Equitable Distribution of Voting Power
stated in last year's annual report, General Gas & Electric Corp. on
of divestment of assets,
9,890,954
$1,665,875
157,978
'
Denis J. Driscoll. President, in his remarks to stockholders states:
$5,614,468 $19,512,145 $14,878,640
13,707,792
Corp.—Common Dividend—-
Plan of
Mos.End. —Years End. Dec. 31-
3,948,593
Company announced on June 20 the election of John J, Bergen and Albert
Lodwick as directors.—V. 152, p. 3968.
directors have declared a dividend of 50 cents per share on the
stock, payable July 1 to holders of record June 20.
This com¬
with 35 cents paid on April 1, last; 50 cents paid on Dec. 26 and on
Oct. 1, 1940; 35 cents paid on July 1, 1940; 25 cents on April 1, 1940; 50
cents on Dec. 23, 1939; 30 cents on Oct. 2, 1939; 20 cents on July 1 and
April 1, 1939, and on Dec. 24, 1938; 15 cents paid on Oct. 1 and on July 1,
1938, and 20 cents paid on April 1, 1939—V. 152, p. 1591.
Earnings for Stated Period (Company and Subsidiaries)
+
profits
pares
previously been listed on any national securities exchange, but has been
issued and outstanding since April 5,1940.
Cost of products sold
excess
General Fireproofing Co.—50-Cent Dividend—
Co.—Listing—
Mar. 31,'41
Federal income taxes and estimated
The
Exchange has authorized the listing of, (a) 400,000
3
1941—5 Mos.—1940
$472,462
$198,084
$0.55
$0.25
common
stock (par $1), and (b) 37,898 shares of its 5% convertible
Net sales
$0.05
a dividend of 27 cents per share on the common
stock, payable July 15 to holders of record June 30.
This compares with
25 cents paid on April 10, last, 56 cents on Dec. 28, 1940; 23 cents on Oct. 11,
1940; 27 cents on July 12, 1940; 24 cents on April 10, 1940; 50 cents on Dec.
30, 1939; 22 cents on Oct. 10, 1939: 24 cents in two preceding quarters, and
30 cents paid on Dec. 23, 1938—V. 152, p. 2552.
preferred stock, cumulative, (par $100), which are issued and outstanding;
and, (c) 105,273 shares of common stock, upon official notice of issuance of
all or part thereof in exchange for its shares of 5% convertible preferred
stock, making the total amounts applied for:
505,273 shares of common
stock, and 37,898 shares of 5% convertible preferred stock.
The common stock has been listed on the New York Curb Exchange and
the Detroit Stock Exchange, since 1937.
The preferred stock has not
a
After charges and
General Capital
Miller, wrote a vigorous dissenting opinion in which he declared that
opposition to the transaction from Texas interests had "taken on the
aspects of a Kentucky feud or an Italian vendetta."
He asserted that
while the Commission was required by the new act to protect employees
displaced through mergers it also had a broader public duty to permit
railroad economies where possible.*—V. 152, p. 3497.
The New York Stock
$43,307
$0.18
Directors have declared
William E. Lee. not participating.
Chairman Joseph B. Eastman, joined by Commissioners Mahaffie and
shares of
$154,763
New Directors—
I.
consolidation of the three roads.
The majority apparently was moved to overrule the division's decision
because of changes made in interstate commerce law by the Transportation
Act of 1940, particularly labor protecting provisions.
new
1941—Month—1940
sh, of com.stk
Note—The company's subsidiaries, St. Paul Hydraulic Hoist Co., and
Gar Wood Industries of Canada, Ltd., are excluded.
by the Colorado & Southern Ry. of the properties owned and the properties
operated by the Fort Worth & Denver City Ry. and the Wichita Valley
Ry. was not consistent with the public interest and denied the application.
This ruling reverses a decision of the Commission's Finance Division
last summer authorizing the lease, which would be tantamount to a physical
The
31—
taxes.
Ry.—Lease, &c.—
June
Industries, Inc.—Earnings—
(Parent Companv Only)
the company
on
Dividend—
previously outstanding) payable July 1 to holders of record June 20.
Divi¬
dend of 25 cents was paid on the old shares on April 1, last.—V. 152, p. 3652.
America, adjoining the office of Philip Murray, President of the C. I. O.
Mr. Bennett and Edsel Ford, I'resident of the company, in formal
Commission
Co.—8-Cent
Directors have declared an initial dividend of eight cents per share on the
common stock
(five reclassified shares issued for one share
ment, who has been an outspoken foe of unions, signed the document for
Commerce
1941, quarterly
reclassified
the company in the executive board room of the United Mine Workers of
Interstate
meeting of the board of directors held June 16,
Galveston-Houston
5 cents to 30 cents an hour, and even to abolish the service department,
which has been attacked for years by the union as an "espionage agency."
The company receives the right to put a union label on its cars.
The
a
1941 were declared upon the preferred stock of the par value of $20
per share of the company, payable June 30, 1941, to stockholders of record
at the close of business June 26, 1941, without the closing of the transfer
books.—V. 152, p. 2854.
year
mobile factory in the world.
The company granted the union virtually everything it asked and threw
Fort Worth & Denver City
l&~Cent Dividend
dividends of 30 cents per share in respect of the first two quarters of the
in the union shop and check-off gratis.
It agreed to pay a wage equal to
the highest in the industry, with individual pay adjustments ranging from
that
20,850,149 18,919.880
(Robert) Gair Co., Inc.—Dividends—
This company on June' 20 signed a contract with the United Automobile
Workers (C. I. O.) covering some 130,000 employees in plants all over the
United States.
About 85,000 are in the River Rouge plant, largest auto¬
said
Total...
Fundamental Investors, Inc.—To Pay
serially, 1942-71.
Proceeds were used to refund the out¬
standing 1st and 2d mtge. bonds.—V. 152, p. 3181.
statements
I
Directors have declared a dividend of 18 cents per share on the capital
stock, payable July 15 to holders of record June 30.
Like amouiit paid on
April 15, last; dividend of 20 cents was paid on Dec. 18, 1940, 15 cents paid
on Oct.
15. July 13 and April 13, 1940; 25 cents paid on Dec, 22, 1939;
15 cents paid on Dec. 2 and on July 1, 1939, and dividend of 10 cents paid
on April 1, 1939.—V. 152, p. 3182.
Life Insurance Co. $750,000 1st mtge. 4% bonds, due
Ford Motor
20,850,149 18,919,880
a After reserve for depreciation of $894,206 at March 31, 1941 and $849,779 at Dec. 31, 1940.
b Of which $2,915,142 at March 31, 1941, is not
available for dividends on, or purchase of, common stock as long as pref.
stock is outstanding.—V. 152, p. 1129.
holders of record June 21.
Class B scrip..
a
Includes accrued interest ($120,028)
payable at maturity, b Includes
720,136.9063 shares, c Included as part of "other reserves" in
due bill for
the financial statements which appear on latter pages
of this report.
Volume
Only two classes of securities, namely $5 cumulative preferred stock and
stock, will be issued in exchange for the various classes listed
new common
60,000
shares of
new
cumulative
preferred
in whole or in part at any time on 30 days' notice at $105 per
accumulated dividends. Each share will be entitled to one vote.
share and
Holders of
of the new com¬
pany. In the event that eight quarterly dividend payments shall have been
passed, holders of the new preferred stock as a class will be entitled to elect
four out of such seven directors until all such dividend arrears shall have
this stock
as
a
4,000,000 shares of new common stock ($5 par) will be authorized, entitled
a class to all earnings and distribution of assets, subordinate only to
preferred stock. Each share of new common stock will be entitled
to one vote.
Holders of this stock as a class will elect five out of seven
directors of the new company except that, in the event eight quarterly
dividend payments on the new preferred stock shall have been passed,
holders of the new common stock as a class will be entitled to elect three out
of such seven directors until all such dividend arrears on the new preferred
as
the new
stock shall have been paid.
The plan provides that the
present securities of General Gas &
$6 Cumulative Preferred Stock (including dividend
arrears)—1.2 shares
preferred stock or 3 shares of new common stock for each share held.
$7 Cumulative Preferred Stock (including dividend arrears)—1.3 shares
of new preferred stock or 3 shares of new common stock for each share held.
$8 Cumulative Preferred Stock (including dividend arrears)—1.4 shares
preferred stock or 3 shares of new common stock for each share held.
Class A and B—3 shares of new common stock for 20
presently held.
A substantial portion of the securities of General Gas & Electric Corp. is
held by the estate of Associated Gas & Electric Corp. In furtherance of the
plan, the trustees of Associated Gas & Electric Corp. have tentatively
agreed, subject to the approval of the plan by the SEC and by a court of
competent jurisdiction and further subject to approval of their action by
the court in the reorganization proceedings affecting Associated Gas &
Electric Corp.:
r
(a) to accept new common stock, on the basis described above, for
their holdings of interest-bearing scrip, prior preferred stock (to the extent
necessary to limit the total issue of new preferred stock to 60,000 shares)
and cumulative preferred stock.
(b) to waive participation in distribution of new common stock in
exchange for their present holdings of class B common stock.
Hearings in connection with the aforementioned plan are now in progress
before the SEC. If and when the plan is approved by the Commission and
of
on
-----
—
-
investment in associated company.
__
;---
-
-
—
a court of competent jurisdiction,
holders for appropriate action.
by
7,318
108,204
25,964
General expenses
—.
a Provision for Federal income taxes
$607,201
39,972
$713,363
39,957
59,286
— __
Other taxes.,
-------
Gross income-
interest-bearing scrip and notes.
add'l Federal
on
$966,565
91,686
132,092
29,424
...
Total income
Interest
266
$800,656
Other income.
Int. accrued on amount reserved for
years—150,000
income taxes for prior
Net income
Dividends
on
72,917
$417,229
$600,488
------
299,930
——
-
$5 prior preferred stock———
No provision required
for 1940 Federal excess profits tax.
Only)
Balance Sheet Dec. 31 (Parent Company
1939
1940
*\sscts
Investments in sub. companies
$34,647,399 $27,969,325
Southeastern Electric & Gas Co—
Interest receivable-
.
Special deposits
Cash.
-
_
_
36,000
500
_
.
52,490
27,515
2,879
-
.
Deposit for unclaimed divs. (contra)
Total
■
8,336
$34,992,132 $28,018,726
-----
Liabilities—
Capital stock
Long-term debt
;
--------
Matured notes and note interest ,&c
Accounts
"5",064
_
-----
A
—
payable.
« _ _ - -.
Dividends accrued on $5 prior pref. stockTcixes accrued,j
•"
, ^ ^w
.-
_.
<
.
^^
Federal i ncome tax settlement (prior years)
$16,069,501a$16 069,501
1,119 ,338
079,366
123 ,226
144,093
14.,317
4,341
12 ,497
12,497
153 ,529
161,289
2,722 ,917
572,917
938
L.^»-'■+.*
Res. for investm't in Southeastern Eiec. & Gas Co.
Deferred credits
Unclaimed dividends (contra)
Miscellaneous accruals...
-
6,686 ,574
,879
'v. 2
...
5,000
52,377
,246,359
670,985
--------
51"
Miscellaneous reserves.
Capit al surplus
Earned surplus
650
7,246 480
. - -.
788 284
-$34,992,132 $28,018,726
Total..
it will be submitted to the security
36,000
225,348
_
-
_
Deferred charges
See b
See b
Southern Electric Co.
Investment in other affiliated company
new
Common Stocks,
shares of either class
1939
$900,000
64,698
1,601
$720,262
73,075
.
Account receivable
Dividends
Electric
new
Ended Dec. 31
sub.—
investment in wholly-owned
on
Convertible obligations
a
Corp. will be exchangeable as follows:
Interest-Bearing Scrip—holders will have the option of receiving cash
or to convert scrip into new common stock on the basis of 20 shares of new
common stock for each $100 of scrip and accrued interest thereon.
Prior Preferred Stock—1 share of new preferred stock or 20 shares of new
common stock for each share held.
Company Only) for the Years
1940
Interest
class will elect two out of seven directors
been paid.
of
Income Account (Parent
stock will be authorized,
able quarterly at the rate of $5 per share per annum before any dividends are
declared on the new common stock. The new preferred stock will be callable
While th ese negotiations are progressing,
predict their eventual outcome.
Carolina Public Service Authority.
it is not possible at this time to
above.
preferred in liquidation over the new common stock to the extent of $100 per
share and accumulated dividends and entitled to cumulative dividends pay¬
4123
Chronicle
The Commercial & Financial
152
Represented by: Prior preferred, 100,000 shares authorized, $5 cumula¬
no par value (entitled to $100 per share in liquidation), 60,000 shares,
preferred, 660,000 shares authorized, no par value (entitled
$100 per share in liquidation after payment of $100 per share on $5 prior
preferred):
$6 conv., series A 335,814 shares: $6 conv., series B, 283,990
shares: $7 (22,267 in 1939) 22,238 shares: $7 class B, 28 shares; $8, 13,544
shares and common stocks:
Class A, 5,000,000 shares authorized, no par
value, 4,910,936 shares: class B, 4,000,000 shares authorized, par value
25 cents per share, 3,047,000 shares,
b See note b to consolidated balance
sheet below..
■■/ u-"
a
tive,
Financial and Accounting
V
progress in refinancing has been made by subsidiaries o*
annual report.
Obligations of subsidiary companies to banks were reduced from $5,605,000 at Dec. 31, 1939, to $2,378,050 at Dec. 31, 1940.
At May 31, 1941,
such obligations had been further reduced to $1,895,000.
The two-year, 3% bank loan of Eastern Shore Public Service Co., in
amount of $1,000,000, which was approved by the SEC on Feb. 2, 1940,
was consummated May 20, 1940.
The funds thus borrowed were for the
installation of additional generating facilities for Delmarva Power Co., a
wholly-owned subsidiary of Eastern Shore Public Service Co., and for line
extensions and miscellaneous service requirements of other of its subsicliaries
*'
!i
'
,i"
1 *
.,**
. v• •
u:
During May, 1940, South Carolina Electric & Gas Co. obtained a bank
loan of $500,000 at an interest rate of 3M% per annum, the proceeds of
which were used to discharge an existing bank loan in the amount of $200,000
and for necessary construction.
A new loan in the amount of $600,000 was
made by South Carolina Electric & Gas Co. in March, 1941, maturing
serially to Sept. 30, 1943, out of the proceeds of which the balance of the
aforementioned $500,000 loan was paid and additional funds were provided
for construction and to discharge other indebtedness.
Primarily these
Substantial
General Gas & Electric Corp. since the last
x
■
borrowings were made necessary because of the requirements for service at
Fort Jackson, S. C., mentioned previously in this report.
On July 1, 1940, certain of the collateral pledged under the $3,350,000,
5% note of Eastern Power Co. was sold and the proceeds, amounting to
$2,994,000, were applied to the principal of the note.
On Feb. 18, 1941,
Eastern Power Co. was merged into its parent, Southeastern Electric &
balance of the note discharged.
Florida Public Service Co. sold $2,750,000 4lA% serial
debentures to retire certain indebtedness due its parent, Southeastern
Electric & Gas Co.
The latter company used these funds for payment of
bank loans and for certain capital contributions to subsidiary operating
companies, thereby increasing its investment in such subsidiaries.
The
capital structure of Florida Public Service Co. was further strengthened
by the return to it for cancellation of $5,167,000 of convertible income
debentures by Southeastern Electric & Gas Co.
All of the common stock
of Florida Public Service Co. is owned by Southeastern Electric & Gas
Co.
As a part of these transactions, Southeastern Investing Corp. was
merged into Southeastern Electric & Gas Co.
During May, 1941, Florida Power Corp. sold $1,000,000 of its first
mortgage 4% bonds due 1966 and $2,000,000 of 3H% serial debentures to
an insurance company.
The proceeds of these sales were applied to the
redemption of this company's outstanding 5% debentures due 1946 in the
amount of $1,948,000, to the payment of a bank loan of $600,000 which had
been incurred to finance construction, and to provide cash for other neces¬
sary construction.
Approval of this financing by the SEC was subject to a
condition that no dividends on common stock shall be paid by Florida
Power Corp. except out of earnings available for such stock subsequent to
Jan. 1, 1941, and then only after deducting from such earnings an amount
equal to $25,000 for each month elapsed subsequent to Jan. I, 1941. The
substance of this condition is that for each year subsequent to 1940, $300,000
of earnings available for the common stock shall remain in the company's
treasury until the ratio of long-term debt of Florida Power Corp. to its net
property is not greater than 50%.
Virginia Public Service Co.'s undertaking a major refunding operation
involving the sale by it of $28,000,000 of 3%% first mortgage bonds and
$8,500,000 of 2 3^ to 15-year serial debentures to a group of private investors.
With the proceeds of this sale, the entire presently outstanding long-term
indebtedness, consisting of nine issues, of Virginia Public Service Co. and
its subsidiary, Virginia Public Service Generating Co., will be redeemed.
Consummation of this plan will result in a very substantial saving in annual
interest requirements.
Included in the series of transactions incident to this financing are:
'
cumulative
.
Consolidated Income Account for Years Ended Dec. 31
:
Maintenance
(b) the acquisition by Southeastern Electric & Gas Co. from Virginia
Public Service Co. of the 60,666 shares of Eastern Shore Public Service
Co. common stock owned by Virginia Public Service Co., representing the
only shares of common stock of Eastern Shore Public Service Co. not
owned by Southeastern Electric & Gas Co. (since the merger of Eastern
Power Co.), payment for which will be made by the delivery of $1,200,000
of Virginia's first mortgage bonds presently owned by Southeastern
(c) the contribution by Southeastern Electric & Gas Co. of $1,500,000
(which Southeastern will borrow on a five-year bank loan) to the capital of
Virginia Public Service Co., all of whose common stock is now owned by
Southeastern, and an aggrement by Southeastern to contribute an ad¬
ditional $2,500,000 out of the proceeds received from the first sale or sales
of all or substantially all of the electric utility properties now owned by any
subsidiary of Southeastern.
The necessary approvals of the proposed financing have been obtained
from the State Commissions having jurisdiction in the States of Virginia,
North Carolina and West Virginia and the matter is now pending before the
SEC.
Negotiations have been under way for some time for the sale of South
Carolina Electric & Gas Co. and Lexington Water Power Co., to the South
-
-
-
—
—
-^
-
of fixed capital.
.
..
-----
10,971,086
698,836
1,858,412
3,440,170
1,263,859
2,999,953
—
— _—...
_
Provision for depreciation
Federal income taxes
Other taxes.
; 1940
1939
$28,894,230 $26,911,315
:
— -- ---
Operating expenses
Electricity purchased for resale...
-.
_.
.....
—
.
Operating income
_
Other income
.
.v.
$7,661,914
-—-
159,962
...
Gross income.
Deductions:
;
/.v.
>
■/:
—.1..
4,128,789
362,424
associated cos,83,649
Interest on miscellaneous long-term debt.-----v 178,624
Other interest.
169,756
Amortization of debt discount and expense.
425,667
Interest on debentures
——
and notes..
tax settlement
;
$1,195,768
39,972
150,000
$1,615,797
39,957
72,917
$1,005,796
299,930
$1,502,923
299,923
$705,866
$1,203,000
—
or
Balance
Interest on Federal income
Net income
on
.
—
.
-
preferred stock
$5 prior
Balance----.
321,627
107,322
246,146
166,705
406,849
014,050
440,001
816,265
paid
Interest on interest-bearing scrip
Dividends
4,016,173
110,031
Cr88,925
440,001
816,090
charged to construction-...
Prov. for di vs.
$7,998,489
124,346
accrued on pref. stocks,
not being paid on cum. pref. stks,
Miscellaneous
Interest
576,809
1,546,457
3,489,468
711,562
2,840,813
''.A'--
;
Interest on advances from
Dividends
9,747,717
'
$7,821,876
$8,122,835
:
'r.■'
—-
':
Subsidiary Companies—
Interest on mortgage bonds,
Gas Co., and the
In July, 1940,
(a) the conveyance of their assets to Virginia Public Service Co. and the
subsequent liquidation of three subsidiaries of that company, namely,
Virginia Public Service Generating Co., The Hampton Towing Corp. and
Middle Virginia Power Co.
■/';
"•
Total operating revenues
-
— —
—
provision has been considered necessary for Federal excess
profits tax for 1940.
Consolidated Balance Sheet Dec. 31
•
Note—No
Liabilities—
Assets*™**
a
Fixed capital
—
..------$161,243,946 Capital
Assoc. Gas & El. Co.
for
181,352
34,219
Long-term debt of sub. cos..
_
3,271,970
263,012
2,399,317
1,078,488
187.865
Materials & supplies
Prepayments
amortization.. .
Abandoned ry. fixed capital
in process of amortization-
5,903,294
Retirement work in progress
149,307
Other def. debits (less res.).
178,521
958,706
536,716
830,097
1,321,264
—
1,466,969
Taxes accrued
1,710,145
Interest accrued
1,487,106
curr.
& accr. liabs
299,476
Deferred credits.
258,013
18,533,220
Res. for add'l Fed. inc. taxes
for prior years
3,172,933
Res. for fluctuation in value
of Investments
724.866
96,080,631
payable-....
Customers' deposits
Res. for retire, of fixed cap..
bonds,
bond int. & divs.(contra).
maturing within one year.
Notes payab le.."
Accounts
Other
Debt discount & expense in
process of
2,238,241
Long-term debt of sub. cos.
5,510
Accts. receiv. (less reserve)
mat'd
1,119,338
19,604,300
217,757
N otes receivab le
for
Corp
1,111,328
struction purposes
Deposits
& Electric
Preferred stocks of subs
Prov. for pref. divs.in arrears
con¬
Deposits for sink, funds, <fcc_
Cash (lncl. working funds) —
Miscell. special deposits
$16,069,501
7,246,480
1,774,986
Long-term debt of Gen. Gas
reserve)assoc. cos. (at cost)--
Other
deposits
......
Consolidated earned surplus
(less
Miscellaneous (at cost)-----
Speclal
stock
Capital surplus.
Investments:
Other
reserves
_
.
2,851,862
-
-
196,376
-
Contribs. in aid of construct.
386,942
Matured bonds, bond int. &
dividends (contra)
Total
$177,909,4631
Total
...
724,866
-.-$177,909,463
a After deducting
excess of underlying book value of investments in
operating subsidiary companies at Dec. 31,1937 over carrying value thereof
by Southeastern Electric & Gas Co. amounting to $23,680,436.
b In 1939, the board of directors of the corporation authorized the creation
of a "reserve for fluctuation in value of investments" as of Dec. 31, 1937
in the amount of $54,000,000.
The provision for this reserve was stated
to be from earned surplus as of Dec. 31, 1937 but it was charged to capital
surplus since the balance in earned surplus was transferred to capital surplus
as
of that date.
Of this amount, $47,329,574,
was
together with $33,606 previously provided,
full against the investment in
The assets of the latter company consist of
for the purpose of providing a reserve in
Southern Electric Utilities Co.
The Commercial & Financial Chronicle
4124
stocks of Associated Gas & Electric Co. against which a full reserve has been
provided. Associated Gas Sc Electric Co. in January, 1940 filed a.petition
for reorganization pursuant to Chapter X of the Bankruptcy Act, as
ration.
The remainder of this reserve, $6,670,425, plus a reserve of $16,149
previously provided, or a total of $6,686,574 was for the purpose of pro¬
viding a general reserve against the investment in Southeastern Electric
<fc
Gas
Co.
whose assets
subsidiaries.
Of this
consist
principally of investments in operating
$3,834,712 represents provision for the excess
reserve
of the corporation's carrying value of its investment in Southaestern Electric
& Gas Co. over the sum of the
underlying ledger amounts of
correspond to the amount of the reserve for fluctuation in value of invest¬
ments provided by Southeastern Electric & Gas
Co., and the remainder,
$624,605, represents a general provision for fluctuation in value of invest¬
ments by General Gas & Electric Corp.
which, in consolidation, has been
combined
with the similar reserve provided
Gas Co. in the amount of $2,227,165.
by Southeastern Electric &
1941
denying the motion to dismiss. Justice Church held that the
Goulds
on
case
trial.—V. 152, p. 2553.
Pumps, Inc.—Accumulated Dividend—
Directors have declared
a dividend of $2 per share on account of accumula¬
7% cumulative preferred stock, payable July 1 to holders
This compares with $1 paid on April 1, last; $4 on Dec. 30,
1940; $1 on Oct. 1, July 25 and April 25, 1940; $2 paid on Nov. 9,1939 and
$6 paid on Dec. 27. 1937.—V. 152, p. 1917.
tions
on
the
of record June 20.
capital stock,
capital surplus and reserve for fluctuation in value of investments as re¬
flected in the accounts of that company as of Dec. 31, 1937, $2,227,165,
represents a provision in the accounts of General Gas & Electric Corp. to
In
should be decided
amended.
June 28,
Grand Trunk Western
yMay—
RR.—Earnings—
$2,595,835
Net from railway
Net ry. oper. income.
254,321
54,807
10,423,898
2,604,804
1,529,914
1938
$1,674,311
485,570
258,244
12,582,694
--
$2,010,457
838,214
560,444
railway.*.
From Jan.
1939
1940
1941
Gross from
$1,289,906
def27,567
def207,497
1—
Gross from railway...
from railway
—
Net
4,079,199
—
Net ry. oper. income
2,800,419
—
8,719,503
6,818,075
1,376,996
defl34,526
385,656 def1,078.590
—V. 152,p. 3498.
Consolidated Earnings for the 12 Months Ended March 31
1941
Operating revenues
Operating expenses..
Electricity purchased for resale
$29,937,339 $27,335,111
.
11,1/1,166
10,236,435
709,397
1,927,494
3,499,984
1,401,858
2,993,449
558,029
1,585,694
3,695,338
757,809
39,972
150,000
110,417
$18,336,617 after charges, including Federal taxes of $7,100,000, John A.
Hartford, President, reported to stockholders June 27.
While gross sales increased to $1,115,774,058 from $990,358,339 in 1940,
net profit rate declined to 1.64% from 1.88%.
Net profit this year com¬
pares with $18,663,571 after charges, including Federal taxes of $4,305,000,
last year, he said.
"The decline of the net profit rate is in line with the company's tradi¬
tional policy of passing along to consumers, producers and employees the
savings resulting from the constantly increasing efficiency of company
operations." Mr. Hartford said.
"The company not only did not pass any of the increased taxes along to
the consumer in the form of higher retail prices, but actually during the
year made several reductions in the gross profit rate as a result of further
elimination of costly handling operations and reduction of waste and spoil¬
age.
We have continued the lowering of our mark-up to the point where
our customers are currently enjoying the lowest retail prices in relation to
our costs in the history of the grocery industry.
'
"This trend, further accelerated by our increasing operating savings, will
this year save our customers more than $50,000,000 on their food as com¬
pared to the lowest prices we could have charged on the basis of our own
operating costs five years ago."
Mr Hartford also credited increased efficiency for the progress the com¬
pany has made in making increased returns to growers.
"Dining 1940 our
growers and shippers received 13% more of the consumer's food dollar than
they did in 1937," he said.
"More than 53 cents of every dollar spent in
A. & P. stores for fruits and vegetables were returned to our suppliers last
year as compared with 46.8 cents four years ago, a percentage well above
the national average for produce marketed through all channels."
Actual wage increases and added compensation during the year totaled
$4,030,000, which, coupled with a further shortening of working hours,
$1,534,358
$1,060,792
gave employees the best average wages and the shortestthat "there is no
general working
in the industry, Mr. Hartford said, pointing out
Provision for retirement of fixed capital...
Federal income taxes
Other taxes
.
-
-
..
.
Gross income.........
Deductions of
$7,687,095
$7,814,320
4,025,723
317,579
248,869
405,933
70,159
94,107
172,630
Cr31,858
25,000
440,001
816,002
18,992
391,488
miscellaneous long-term debt
Amortization of debt discount and expense...
Taxes assumed on interest
on
debt to associated companies
Other interest charges
134,133
430,776'
70,127
82,957
152,713
Cr81,547
100,000
440,001
816,062
19,361
.....
.........
Interest charged to construction
Amortization of abandoned railway fixed capital..
Dividends paid or accrued on preferred stocks
Prov. for divs. in arrears on preferred stocks
Miscellaneous income deductions
Balance
$1,724,330
General Gas & Electric Corp.—
Interest on interest-bearing scrip
Int.
accrued
127,225
Subsidiary Companies—
Interest on mortgage bonds..
Interest on debentures
on
__2,814,711
4,161,969
,
....
$8,283,990
158,381
$8,442,371
Operating income
Other income (net)..-—....
Interest
on
amoun
treserved
for
$1,211,181
additional
Federal income taxes for prior years
'Net income
Earnings for the 12 Months Ended March 31 (Corporation Only)
on
1940
$568,639
73,033
Investment in wholly owned subsidiary:
Convertible obligations
Account receivable
Dividend on investment in associated company..
Other income
5,407
$972,224
87,716
126,319
29,869
$480,400
39,972
working conditions for
110,417
$290,428
$577,931
"With the advent of the new fisdal year, the Eastern Division established
for its 7,000 retail employees the first five-day week in the history of the food
business.
The
$728,320
39,972
150,000
-.
$900,000
68,895
1,151
2,178
$647,079
60,858
79,901
25,920
—
ours
conflict between low prices to consumers and good
employees."
1941
Interest
Net profit of the company for the f seal year ended Feb. 28. 1941. was
39,972
.
Maintenance
Interest
(The) Great Atlantic & Pacific Tea Co.— A nnual Report
1940
new
48-hour week constitutes
a
reduction of 25 hours, or
34.2%, in working time since we first broke with the traditional dawn-todusk hours of the grocery industry 25 years ago to cut the work week from
72 to 65 hours."
Increased
General
expenses
Federal income taxes,
Other taxes
Interest
on
interest-bearing scrip
Interest accrued
on amount
mass
Consolidated Income Account Years Ended Feb. 28
1941
Net income...
Note—No
provision has been considered necessary for Federal excess
profits tax for either of the periods covered by these statements.—V. 152,
Sales...........
Total earnings
Pref. &
Motors
Corp.—Stockholders Number 411.372—
The total number of General Motors common and preferred stockholders
for the second quarter of 1941 was 411,372, compared with 410,542 for the
first quarter of 1941 and with 394.493 for the second quarter of 1940.
The
1941 second quarter total is the highest in history.
There were 390,100 holders of common stock and the balance of 21,272
represents holders of preferred stock.
These figures compare with 389,270
common stockholders and 21,272 preferred for the first quarter of 1941.—
152, p. 3809.
General Outdoor
Advertising Co., Inc.—Earnings—
Quar. End. Mar. 31—
1941
Operating revenues
$2,772,906
Operating expenses.....
2.686,433
Profit from operation.
Miscellaneous income
1940
$2,774,947
2,701,411
$86,473
13.186
Gross profit.
$99,659
Amortization..
246,920
Interest
1939
$2,739,773
2,745,167
$73,536
13,922
x$5,394
17,525
com.
...
divs.....
Balance,
$69,170
14,543
$87,458
251,087
1,907
$12,130
252,575
3,654
$83,713
256.870
4,723
$165,536
$244,098
...
surplus
1,062,034
97,699,515
2,085,812
2,085,812
2,085,812
2,085,812
$7.92
$8.07
$6.72
$3.50
common
Consolidated Balance Sheet
■.Feb,
28, '41 Feb. 29, '40!
Assets—•
Feb. 28, *41
$
Feb. 29, *40
$
Preferred stock.
25,926,200
25,926,200
50,106,671
aCommonstock
36,306,100
36,306,100
1
Pref. stk. of sub.
$
Plant & equip..
Cash
Liabilities—
26 ,511,533
23,429,768
49 ,409,243
1
,581,653
,548,478
74,160,363
Goodwill
U. S. Govt.
sees.
Stocks & bonds.
61,907
,705,096
,447,797
Accts. receivable
Deferred charges
1941
Gross
revenues
(est.)...
$23,550
1940
$21,400
to June 14
1941
1940
$586,001
$485,731
10,000
Accts. payable..
Res. for self-ins.
204,265,708
5,699,471
3,685,121
195,654,887
Represented by 2,085,812
Great
10,000
34,143,901
30,136,687
Notes & accent's
Consolidated
no par
231.607
830,232
7,110,607
Res. for inc. tax.
813,681
4,294,425
236,672
277,175
99,661,492
97,699,515
Total .......204,265,708
195,654,887
reserves..
Surplus
a
Jan. 1
owned
24,877
Other
Total
Week Ended June 14
not
38,548,615
a Includes $91 in 1941, $1,743 in
1940, $3,517 in 1939 and $4,629 in 1938
for miscellaneous deductions.—V. 152, p. 3498.
—
1,495,702 def4,256,366
96,637,481
95,141,780
a
Year ended Feb. 29.
b $1,815,509 in 1941, $1,821,287 in 1940 and
$1,823,209 in 1939 on preferred,'and $14,600,684 in 1941, $16,686,496 in
1940 and $12,514,872 in 1939 on common.
$177,880
Georgia & Florida RR.—Earnings—
9,119,114
13,296,816
78,664
1,961,977
99,661,492
outstanding (no par)
Earnings per share on
1938
2,727,694
$147,354
Net loss...
1938
18,336,618
18,663,571
15,833,783
bl6.416,193 bl8,507,783 bl4,338,081
Cr41,552
0906,246
Profit and loss..
Shares common stock
$2,796,864
93
*
1939
1,115,774,058 990,358,339 878,972,184 881,703,076
28.726,527
26,515,227
23,1.39,457
14,878,682
3,289,909
3,546,656
3,730,674
3,925,568
7,100,000
4,305,000
3,575,000
1.834,000
Surplus adjustments..
Merchandise
a
...
Depreciation
Federal taxes
Net profit..
3809.
General
al940
reserved for additional
Federal income taxes for prior years
p.
public understanding and support of efficient chain store
a trend away from punitive legislation aimed at
distributors, Mr. Hartford said, citing the fact that while 69 chain
store tax bills were introduced in the 47 State Legislatures in session this
year and last, only one new State added such a law to its books.
operation have resulted in
shares.—V. 152,
Electric
Power
p. 3183
Co., Ltd.—Bonds
Called—
Dillon, Read & Co.,
Georgia Southern & Florida Ry.—Earnings—■
^JMay—
Gross from rail way
Net from railway.
Net ry.oper. income...
From Jahv 1—
Gross from railway
1941
$307,244
106,647
67,239
1,663,224
Net from railway
589,579
Net rry/oper. income296,061
—V.IY52.
p.
1940
1939
as fiscal agent, announced that $450,000 principal
mortgage 7% sinking fund gold bonds, series A, due 1944,
amount of first
1938
$196,105
27,847
1,593
$179,955
22,419
def6,578
def23,784
1,101,112
212,055
71,432
1,039,657
221,320
70,029
888,036
90,576
defl4,673
$144,614
def4,369
3498.
have been designated by lot for redemption on Aug. 1, 1941, at 100 and
accrued interest, out of moneys in the sinking fund which have been de¬
posited with the fiscal agent.
Payment will be made on and after Auer. 1
at the New York office of Dillon, Read & Co. or, at the option of the
holder,
at the office of J.
(Adolf) Gobel. Inc .—Committee Named
committee
of
three
stockholders
and
to Form Plan—
on
July 7.
Stockholders were told that the company had a loss for the first
eight
of the current fiscal year of $7,232, as
compared with a loss of
$139,228 for the like period in 1940.
months
Motion to Dismiss Suits Denied—
Supreme Court Justice Church has denied motions to dismiss suits brought
by company against certain directors and past and present partners of the
brokerage firms of Lehman Bros, and Hitt, Farwell & Co. The actions are
for recission of the exchange in 1928 and 1929 of Gobel stock for that of
George Kern, Inc., and Keane-Loffler, Inc.
Dismissal of the action was
sought on the grounds of the statute of limitations.
The Gobel company
the part of the defendants in connection with the exchange
of stock and that they themselves had profited by the loss of the
corpo¬
on
being
the first dividend paid on this class of stock in
some
time.—V. 152, p. 1917.
three
alternates was chosen
June 24 for the purpose of working out problems with debenture holders
looking toward an extension of the debentures.
The committee is to
report back to stockholders.
Both the special and adjourned annual
meeting were postponed to
charges fraud
a dividerfd of 75 cents per share, on account of
the 6% second preferred stock, payable July 3 to holders of
Dividend of $3 was paid on April 4, last, this latter
Directors have declared
accumulation
record June 26.
A
Henry Schroder & Co., London.—V. 151, p. 3889.
Great West Saddlery Co.—Preferred Dividend—
Group Corp.—^-Accumulated Dividend—
Directors have declared
a dividend of 75 cents per share on account of
the 6% cum. pref. stock, payable July 1 to holders of
Like amount paid on April 1, last, and compares with
$1.75 paid on Dec. 16, 1940; 75 cents paid on Oct. 1, July 1 and April 1,
1940; $1.75 on Dec. 28, 1939, and dividends of 75 cents paid on Oct. 2,
accumulations
on
record June 23,
July 1 and April 1, 1939.—V. 152,
Gulf Mobile & Ohio
May—
Gross from
From Jan.
Gross from
1918.
1941
railway
Net from railway
Net railway operating income
Net from
p.
RR.—Earnings—
1940
$1,911,264
615,069
290,741
$1,602,884
401,689
162,785
9,125,895
2,942,970
1,401,281
7,605,875
1—
railway
railway
Net railway operating income
—V. 152, p. 3499.
1.750,757
599,710
Volume
Greater New York
Lowell
Balance Sheet Dec. 31
Brewery, Inc.—New President—
the
Lion,
and Chairman of its Executive Committee.—V.
pany,
Gulf
Power
revenue.
Operating
Taxes...
_
Prov. for depreciation..
Gross income
$45,217
19,414
.
Int. & other deductions.
Net income
Divs.
on
1941—12 Mos.—1940
$2,127,868
$1,946,907
1,045,635
1,010,143
325,905
235,698
189,999
181,250
1941— Month—1940
$159,927
93,160
80,759
27,435
19,577
15.&33
15,833
expenses
$25,803
5,584
pref. stock,...
—V.
?■'
$20,219
$519,815
$566,327
233,021
$43,757
20,489
242,081
$23,269
$333,306
$277,733
5,584
67,014
67,014
;
Special deposits
Working
23,130
x $6 cum. pref.
525,379
Com.
.
-
18,930
Notes receivable.
......
500,767
1,006,335
8,166
2,558
_
stk.
3,801,000
2,845,700
3,801,000
—_
stk 2,845,700
($100
15,000.000 15.COO.OOO
par)..
96,106
18,000,000
137,764
5,094
48,196
1,150,319
Misc. curr. llablls.
117,352
Conslgn'ts (contra)
10,612
Sundry credits
41,483
5,344
64,489
986,712
123,541
10,338
40,807
1st mtge. 3%S-- —18,000,000
5,344
5,093
.
funds
Temp, cash invest.
Accounts
payable.
Mat. long-term dt.
incl. prem. & int
Accts. receivable..
698,753
807,837
Customers'
Mat'ls & supplies.
255,642
325,324
Accrued accounts.
8,578
14,684
Misc. curr. assets.
1,256
14,294
Conslgn'ts (contra)
10,612
10,338
321,000
321,000
915,184
1,204,448
Prepayments
y
tal stock
....
charges.
depos.
Contribs. in aid of
Reacquired capi¬
$210,719
$266,292
$17,684
_
construction
Reserves...
Earned surplus...
147,636
3,581,686
3,137,063
148,370
3,749,067
3,200,248
152, p. 3656.
Total
Hammond Instrument Co.—10-Cent Dividend—
Directors have declared
a
dividend of 10 cents per share on the common
tock, payable June 10 to holders of record June
2.—V. 150, p. 3827.
...48,213,548 47,882,079
Directors have declared an extra dividend of $1 per
share in addition to
dividend of $1 per share on the common stock, par
both payable July 1 to holders of record June 18.
Extra of 50
paid on April 1, last; extra of $2.50 was paid on Dec. 17, 1940;
extras of $1 were paid on Oct. 1 and on July 1, 1940 and extra of 50 cents
was paid on April 1. 1940.—V. 152, p. 2069.
the regular quarterly
$25,
cents was
RR.—Seeks
Central
48,213,548 47,882,079
Total
Represented by 28,457 no par shares,
7% preferred stock.—V. 152, p. 3810.
x
of
Illinois
Cooley Co.—Extra Dividend—
Hart &
par
20,157
344,871
Investments.
Deferred
Balance |
($100 par)..
demand
$181,646
,.
__
$
7% cum. pref. stk.
45 110,143 43,615,801
equipment..
1939
$
Liabilities—
$
Plant, property, &
Cash in banks—on
Co.—Earnings—
Period End. May 31—
Gross
152, p. 1917.
$
Assets—
1940
1939
1940
M.
Birrell, who has successfully completed the recent mergers
Horton, City, and Fidelio brewing corporations into the
Greater New York Brewery, Inc., has been elected President of this com¬
of
4125
The Commercial & Financial Chronicle
152
y
Represented by 3,210 shares
Equipment
Loan-—
~-
The company has filed a petition with tne Interstate Commerce Com¬
mission requesting authority to issue $6,920,000 equipment trust cer¬
tificates.
The certificates will be sold on a competitive
to be received
are
bidding basis.
The tenders
by the road by noon on July 9.
defraying 90% of the cost
3500.
Proceeds from the financing will go toward
of equipment
worth $7,699,166.—V. 152, p.
Haverhill Gas Light Co.—Earnings—
Period End. May 31—
Operating revenues
Operation
1941—Month—1940
$43,153
$41,696
27,849
27,289
2,359
2,819
6,973
6,530
Maintenance
Taxes
1941—12 Mos.—1940
$550,338
342,043
$553,046
359,086
34,175
87,614
30,216
77,576
$5,972
1,176
$5,058
1,725
$86,507
10,166
$86,167
8,359
$7,148
2,917
$6,782
2,917
$96,672
35,000
$94,526
35,000
$4,231
42
$3,866
43
$61,672
763
$59,526
557
$4,189
Net oper. revenues
Non-oper. income (net).
$3,823
$60,909
$58,970
Independent Pneumatic Tool Co.—To Pay IB-Cent Div.
Directors have declared a dividend of 75 cents per share on
Indian Motocycle
Balance
Retirement
accruals
res.
Gross income
Interest charges...
Net income.
—V. 152, p.
Net
$2,488,289
privately to Prudential Insurance Co. an issue of
$3,750,000 3first mortgage bonds, dated April 1, 1941,
and due April 1, 1951.
The proceeds will be used to refund
on or before July 15 next $3,380,0001st mtge. 4s and $500,000
1st mtge. 3%s.
has sold
redemption on July 15, but arrange¬
ments have been made whereby holders may deposit them with the City
National Bank & Trust Co., Chicago, 111., at any time and receive at the
time of deposit payment of principal, redemption premium (in the case of
first mortgage bonds, series of 1942, a premium of 1%; in the case of first
mortgage bonds, series of 1947, a premium of 3%), and accrued interest to
July 15,1941.—V. 152, p. 3810.
The old bonds have been called for
Hudson & Manhattan
RR.—Earnings—
1941—5 Mos.—1940
$3,210,988
Oper. exps. & taxes
1941—Month—1940
$643,463
$636,416
458,974
446,023
2,270,979
$3,171,328
2.205,497
Operating income
Non-operating income..
$184,489
9,905
$190,392
10,118
$940,009
56,727
$965,830
52,329
$194,394
$200,511
$996,736
$1,018,159
149,941
154,810
756,868
773,115
Period
May 31—
End.
Gross oper. revenue
Gross income....
Income
Interest
come
charges
on
adjust, in¬
bonds outstand¬
ing in the hands of
the
public (at 5%)..,
$74,101
592,771
120,650
118,554
Deficit
~~
$74,949
~
603,250
$352,903
$358,206
—V. 152, p. 3345.
Hyde Park Breweries Association,
Inc.—Dividend—
dividend of 50 cents per share on the common
payable July 16 to holders of record July 2.
This com¬
pares with $1 paid on Jan. 3. last; 50 cents paid on Oct. 1 and July 16, 1940;
$1.50 paid on March 21, 1940; $1 paid on Jan. 3, 1940; 50 cents paid on
Oct. 4 and July 15, 1939; $1.50 paid on March 24, 1939, and $1 paid on
Jan. 3, 1939.—V. 152, p. 3970.
Directors have declared a
stock, par $10,
Idaho Power
Co.—Earnings—
Period End. May 31—
Operating revenues
Operating expenses, excl.
direct
1941—Month—1940
$530,541
$497,831
182,175
152,400
taxes
Direct taxes
165,133
130,000
1941—12 Mos.—1940
$6,634,908 $6,225,148
1,906,677
1,550,043
2,026,172
1,749,083
Prop, retire't res. approp
50,000
43,700
556,200
506,300
Net oper. revenues..•„
Other income (net)
$145,966
559
$158,998
606
$2,303,453
2,220
$2,262,128
5,529
$146,525
$159,604
$2,305,673
$2,267,657
56,250
5,127
Crl71
56,250
13,683
Cr26
675,000
111,526
Cr7,626
675,000
116,857
Crl,340
$85,319
$89,697
Dividends applicable to preferred stocks for period
$1,526,773
$1,477,140
414,342
414,342
Gross income
Int. on mortgage
bonds.
Other int. & deductions.
Int.
charged to construe.
Net
income
-"
Balance..
-
$1,112,431
$1,062,798
subsequent to April 1, 1941,
——
Notes—Provision for Federal income taxes,
made at a rate which will result in the accumulation
of 30% for the full year 1941.
provision has been made for Federal excess profits tax
indications are that no such tax will be payable.
is being
of such taxes
at the rate
No
Income Acco'unt
since present
for Calendar Years
1940
1939
1938
1937
Operating revenues
Oper. exps., incl. taxes..
Property retire, reserve
appropriation
$6,439,175
3,643,026
$6,127,874
3,358,179
$5,725,714
2,800,987
$5,399,181
*2,710,109
525,000
475,000
450,000
417,500
from oper...
$2,294,695
Other income (net)
$2,271,149
4,305
7,803
$2,474,727
8,918
$2,271,572
Dr91
Gross income.
$2,275,454
675,000
Net
re vs.
$2,302,498
$2,483,645
Other int. & deductions.
116,679
675,000
112,010
675,000
115,067
$2,271,481
678,911
103,174
construct'n
03,142
Crl,291
0597
Cr45,252
Int. on mtge.
Int. chgd. to
bonds
$1,694,175 $1,534,648
243,600
243,600
243,600
170,742
170,742
170,742
Divs. on common stock.
750,000
600,000
500,000
x Includes Federal surtax on undistributed profits.
Note—No provision has been made for Federal excess profits taxes since
Netincome__.--._-.
$1,486,917
Divs. on pref. (7%) stk._
Divs. on $6 pref. stock._
243,600
170,742
900.000
no excess
profits are indicated.
$1,516,779
174,683
profit after prov. for Fed. inc. taxes & bonus to employees.
p.3810.
—V. 152,
Indiana Associated Telephone
Corp.—Earnings
1941—5 Mos.—1940
1941—Month—1940
$717,067
$161,253
$144,850
$782,987
157
141
763
698
$161,096
87,426
$144,709
83,179
$782,224
416,969
$716,369
382,214
$73,670
$61,530
$365,255
$334,155
45
50
Operating taxes—-----
29,080
20,623
1,701
136,257
102,744
Net oper. income....
$44,545
$227,297
$230,783
Operating re venues
Holly Sugar Corp.—Sells Bonds Privately—The company
Co.—Earnings—
Earnings for the 8 Months Ended April 30, 1941
Sales
Period End. May 31—
3343.
the common
stock, payable July 1 to holders of record June 3.
This compares with
50 cents paid on March 29, last; 75 cents paid on Dec. 30, 1940; 50 cents on
Oct. 1 and July 1,1940; 40 cents paid on March 29,1940; $1 paid on Dec. 28.
1939 and previously quarterly dividends of 25 cents per share were dis¬
tributed.—V. 152, p. 1919.
Uncollectible oper. rev.
_
Operating revenues
Operating expenses
Net oper. revenues...
Rent for lease of oper¬
ating property...
....
$40,85/
628
—V. 152, p. 3500.
Indiana Gas & Chemical
Corp.—Annual Report—
A. M. Ogle, President, in his report to stocuholders states:
On April 7, 1941, company acquired the
Haute and Brazil divisions of Indiana Gas
properties known as the Terre
Utilities Co., consisting of the
distributing system connecting with approximately 15,000 meters in
Terre Haute, West Terre Haute, Brazil and Clinton, Ind., together with a
fireproof construction four-story office building and a water gas plant of
5,000,000 cubic feet capacity located at Terre Haute.
Title to these prop¬
erties was taken in the name of 'l'erre Haute Cas Corp., a wholly-owned sub¬
sidiary organized Nov. 12, 1940.
This transaction was approved by an order of the U. S. District Court
for the Southern District of New York, on March 24 of this year, following
a long series of hearings before the Securities and Exchange Commission
in Washington and the P. S. Commission of Indiana at Terre Haute and
Indianapolis, covering the period since May 22, 1940,
The.price paid for these properties was $1,250,000.
To finance the pur¬
chase, Terre Haute Gas Corp. sold all of its 10,000 shares of (no par) com¬
mon stock to company for $500,000 and sold at par to an insurance company
$720,000 first mortgage 4% 15-year sinking fund bonds dated April 1, 1941,
and maturing April 1, 1956.
Simultaneously your company sold to a
bank at par
% serial notes in the amount of $250,000, payable $50,000
annually from April 1, 1942 to April 1, 1946.
The acquisition of the Terre Haute and Brazil properties strengthens the
position of your company in the market which it serves, and with the intro¬
duction of promotional rates an aggressive sales campaign should result in
steadily increasing revenues from gas sales.
Upon the completion of the reorganization of your company in 1935,
five objectives were recognized as being desirable and necessary.
These
objectives, all of which now have been accomplished, were:
(1) The rehabilitation of the by-product coke and gas plant at Terre
Haute.—This was substantially completed by the end of 1937 at a cost of
gas
approximately $175,000.
(2) The recovery of the company's coke markets.—A production of
50,000 tons a year at the time of the reorganization has been increased to
approximately 200,000 tons at the present time.
This has been accom¬
plished largely through the cooperation of the company's coke sales agent,
the Republic Coal & Coke Co. of Chicago.
(3) The adjustment of freight rates on coal from the West Virginia coal
fields.—In June, 1939, after more than three years' negotiations with the
railroads, a reduction in rates was recommended by them and approved by
the Interstate Commerce Commission.
(4) The determination of coal prices by the Federal Coal Commission
for the Terre Haute market area, which would enable the company to main¬
products on a proper competitive basis in the markets which
serves.—After prolonged hearings before the Commission beginning
tain its
December, 1937, price
requirements satisfactorily.
(5) The acquisition of the
This has now been
local gas utility properties above referred to.
accomplished after a long period of negotiations
by the several hearings
it
in
orders were issued on Oct. 1, 1940, which met the
above mentioned before the Commission
having jurisdiction.
At the end of 1940 directors,
followed
and courts
with the approval of independent
auditors,
examination of the actual costs to the predecessor company,
company's property account to its original investment
value.
As a result, the property account was increased by $2,073,541,
making a total property investment of $4,256,479 and the depreciation
reserve was increased to $1,133,636.
Following the completion of the purchase of the Terre Houte and Brazil
and after an
voted to restore the
properties the directors immediately declared a dividend of $1.50 per share
on the preferred stock, payable May
1, 1941, to stockholders of record
April 21, 1941, representing one-half of the earnings which accrued to the
benefit of the preferred stockholders for the year 19<*0; and again on April 17,
1941, declared an additional dividend of $1.50 per share payable
1941, to stockholders of record May 21, 1941.
This represents the
Which accrued to the benefit of the
1940,
of the earnings
for
the
year
Consolidated Income Account for
June 2,
balance
preferred stockholders
Calendar Years
1940
1939
$1,527,818
1,249,726
$1,239,199
1,104,469
^xu«nce:.v.-2IW3
21.817
Production sales
Manufacturing,
administrative and selling expenses
95,923
Depreciation and other deductions.
Federal income and excess-profit taxes
Netincome
37,195
— --
$114,213
85,770
2,289
$15,245
The Commercial & Financial Chronicle
4126
Earnings for Quarter Ended March 31
$40,186
Consolidated Balance Sheet Dec. 31, 1940
Notes payable—
Accts. payable &
18,009,978
11,871,322
Market, secure.
103,283
Aeets. receivable
8,554,778
Inventories
4,641,560
Sink, funds, Ac1,559,031
_
Liabilities—Accounts payable, $132,786; dividends on cum. pref. and
stock declared but unclaimed, $655; accrued liabilities, $55,267;
for maintenance and contingencies, $32,738; mortgage note of
Wabash Coke & Warehouse Co., $9,750; cum. pref. stock, $1,170,000;
common stock and capital surplus, $2,343,019; earned surplus, $110,559;
Organlza'n
total, $3,854,774.—V. 152, p. 3657.
Prepald and def.
Options for com¬
rec.
$2,873,651
1939
891,077
706,297
$2,753,670
853,116
627,546
$1,276,278
502,724
71,278
$1,273,007
483,945
107,820
$1,229,541
483,945
124,892
Net income............
Interest charges..........
.
Other deductions.........
$702,276
$681,242
of this department.—V. 152,
Industrial Credit Corp. of
Total-
$620,704
New England—Extra Div—
dividend of 32 cents per share on the common
stock, both payable July 1 to holders of record June 10• Similar amounts
were paid in preceding quarters.-—V. 152, p. 1753.
Offered—Smith, Barney & Co.
distributed after the close of the market June 23, a block of
stock (no par) at
common
fixed price of
a
$73.50 per share net.
The block was of domestic origin, it
is said.—V. 152, p. 3811.
/Institutional Securities Corp.—New President—
William D. FJanders, President of the Lawyers Title Corp. of New
York, has been elected President of this corporation, and will assume bis
new duties on July 1.1941, according to an announcement made on June 23
by the directors of this corporation.—Y. 140, p. 803.
International Hydro-Electric
System—Earnings—
1939
Inc.—Divs. receiv. from
sub. companies....
1938
7,124,200
21,403,733
a$7,500
364,763
a$665,475
-
-
—
Miscellaneous.......
$341,324
401,472
"""280
171
*
Southern Kraft Corp.—
Richard J. Cullen, President, announced June 24 that Southern Kraft
Corp., formerly a wholly-owned subsidiary, has been merged into Inter¬
national Paper Co. as a sequel of the recent bond financing.
International
Paper Co.'s Southern Kraft division will continue the business of Southern
Kraft Corp. without change in the latter's personnel.
This merger marks another step in the simplification of the company's
corporate structure.
International now owns directly all of the major
operating properties controlled by it in the United States.
Southern Kraft Corp. was organized in March, 1930, to acquire and
operate International's kraffc board and paper mills in southern United
States.
These mils now have an annual capacity of about 1,200,000 tons
and are located at Springhill, La.; Georgetown, S. C.; Panama City, Fla.;
Moblie, Ala.; Camden, Ark.; Moss Point, Miss.; and two at Bastrop, La.
This merger does not involve any exchanges of securities outstanding in
the hands or the public.
All the stock of Southern Kraft Corp. was owned
by International Paper Co. All of Southern Kraft Corp.'s outstanding first
leasehold and general mortgage 4% % bonds have been called for redemption
on July 12 in connection with the recently announced sale by International
of $26>500,000 3 V%% bonds.
The relatively small amounts of outstanding
purchase money obligations of Southern Kraft Corp. will continue as
obligations of International Paper Co. which is the successor company.
—V. 152, P. 3808, 3971.
1941
subsidiaries
$8,757)
18,870
Gross profit on sales......
$1,017,557
Gen. & admin, expenses.
Taxes (other than inc.
taxes).
Balance...
Int.
bl76,412
on conv.
89,310
57,726
31,054
$752,346
1,594,080
....
6% deb...
$745,537
89,173
88.798
—
$372,543
bl35,540
$147,693
1,594,080
$598,638
1,594,080
$615,615
1,594,080
89,815
89,815
!
$761,667
114,997
Amort, of debt disct. &
expense.
89,815
89,.815
:
Prior
year's inc. taxes
(incl. interest)..
109,478
.... .
Net loss.
»——w
$931,549
Deficit Jan. 1—......
Adjs. incident to amalg.
8,940,241
of Can. subs..
-
*4
$1,645,680
8,886,189
$1,085,257
7,676,432
$1,068,280
4,874.174
1,609,478
..
Amort, of options on shs.
of N, E. Power Assoc.
Credit adjustment.....
124,500
124,500
124,500
b Includes $108,206 ($35,816 in 1939) loss on ex¬
Difference between principal amount and cost of treasury
debentures acquired prior to 1939, less discount and expenses previously
return of investment,
carried
1939
SS ct 31
;
"
^
,
d Secure, of subs.-79,795,743
Advs. to sub. cos..
Other lnv. (cost)._
5,685,710
Options.—.....
249,000
956,454
285,000
Cash..——_
rec.
80,641,016
s
Other accrd, items
7,500
Pref. stk. ($50 par) 7,139,950
Class A stock ($25)
29,438
147,371
240,868
147,371
240,858
291,899
381,714
23,789
398,726
23,069
7,530
7,139,950
.21,417,959 21,417,959
Class B stock ($20
Organiz. expenses.
Unamortiz'n, debt
disct. and exp._
par)....
.„.20,000,000 20,000,000
c Common stock—
2,000,000
2,000,000
Paid-in surplus...20,084,277 20,084,277
Capital surplus...
21,667
21,567
—
Deficit.
9,996,290
Undis. earned surp
Total
398,520
Accrued taxes....
par).......
acquired by subs
in 1931_
87,684,504 88,742,711
......
8,940,241
b
Total..... ——87,684,504 88,742,711
Expiring Dec. 31, 1942, to acquire a $55 a share 30,000 unissued com¬
shares of New England Power Association,
b Prior to 1939 the com¬
followed the practice of recording in its accounts the undistributed
earned surpluses (less deficits) of subsidiaries arising since dates of acquisi¬
tion.
Under the Uniform System of Accounts for Public
Utility Holding
Companies, this practice is not permitted, and the company has eliminated
from its accounts as at Jan. 1, 1939, such items which amounted
to $9
041,764 at that date,
c Par 80 cents,
d Less dividends received from a
a subsidiary representing return of investment.
a
mon
pany
-
Consolidated Income Account for Calendar
•1940
rev.
Years
1939
{Incl.
Subsidiaries)
1938
from oper.
ptherincome—
on
1937
.—$68,243,874 $65,782,678 $61,216,973 $62,900,782
— .—
3,121,317
3,000,250
2,901,578
3 221 489
exchange.
-.
—-
Total gross revenue.
.
Oper. exps. and taxes
359,663
45,794
40,310
299
$71,005,527 $68,737,134 $64,078,241 $66,121,972
32,675,348
30,722,516
27,972,203
28,572,598
3,711,519
3,978,998
3,934,169
Maintenance—3,768,050
Net
revenue
including
-$34,562,128 $34,303,098 $32,127,039 $33,615,205
other income-
-
-
—
Int. of funded debt and
other Interest——
11,778,951
Amort, of discount
:
1,113,003
.
Depreciation —■
...
6,452,430
Res. for income tax
a5,104,221
Divs. on pref. & class A
stocks of subsidiaries.
8,794,061
12,252,496
1,068,060
6,472,543
a3,167,380
13,034,446
985,197
5,524,929
a2,402,216
13,256,178
972,476
5,550,955
2,369,592
8,580,804
8,437,148
of subsidiaries
j
1,180,856
Other charges
Bal. added to surplus-
Earn.persh.onaver.no.
ofcl. A shs. outst'g—.
a
$2,271,812
137,836
$2,223,381
469,919
$2,409,648
452,667
87,081
47.211
99,100
27,453
123.734
39,568
122,080
19,925
$1,455,868
1,181,764
95,480
432
$1,688,423
1,184,125
97,365
433
$178,192
Net earnings.—-...——
—
—
—
Amortization of bond discount and expense.
Other interest charges— —
—....
pref. stock of subs, consolidated, out¬
standing in hands of public... —
Minority com. stockholders' equity in net inc. (net)
$406,500
on
....
Nil
Notes—(1)
income
The amounts contained in the foregoing statement of consoli¬
account
which
translated
from
foreign currencies are
subject to the effect of foreign exchange fluctuations and to exchange and
other regulations and restrictions.
The amount of consolidated net in¬
come, before deducting interest charges of the corporation, should not be
understood to represent U. S. dollars actually received by or available to
the corporation.
(2) No provision has been made for possible losses which may be incurred
are
by European subsidiaries as a result of the war.
(3) No reports are obtainable from certain of the European subsidiaries
and as to many others there are no quotations for U. S. dollars in the
currencies in which their operations are conducted.
Accordingly, as in
previous reports, the accounts of International Standard Electric Corp.
and its subsidiaries (principally manufacturing subsidiaries located in various
European countries) and the accounts of the German subsidiaries have not
In addition, as heretofore, the accounts of American
Gable & Radio Corp. and its subsidiaries, of the Spanish Telephone Co.,
been consolidated.
and of the Mexican subsidiaries have not been consolidated
Statement of Income (Parent
Company Only)
3 Months Ended March 31—
Gross earnings—Total dividends..—
Total interest.
—
-.
1941
—
———-
Miscellaneous income
(net)
Total earnings
———————
General and administrative expenses
Foreign taxes on int . and divs. (no prov. has been
made for U. S. Fed. normal inc. & exc. profits tax)
—
Management and service fees charged to subs..
Rent and portion of expenses charged to subs
Net earnings before loss on foreign exchange
Loss
on
foreign exchange (net)—.——
$77,423
61,539
3,738
_
Net income before deducting Interest charges.
Interest on 25-yr. 4 H % gold debenture bonds..
Interest on 25-yr. 5% gold debenture bonds..
Interest on 4}4% and 5% notes.......—
Amortization of debt discount and expense.
Interest to subsidiaries
—„
1,456,908
1.207,740
1,411,252
$1,200,770
$535,363
$2,226,326
$0.82
$0.04
$2.02
_—-
i
——
1940
$670,945
51,554
513
$142,700
391,146
$723,012
360,112
16,844
1,714
160,926
281,533
191,092
48,488
2,666
172,508
257,820
179.807
$44,695
5,719
-----
Provision for depreciation
—
Rent to International Telephone Building Corp
Net loss.————-
Includes provision for excess profits tax.
...
Net income
dated
Other interest charges..—-—
104,136
$138,605
Net income before deducting interest charges of
$576,865
22,012
$38,976
390,496
621,726
169,542
95,480
1,*87
$554,853
393,750
625,000
165,375
97,365
2,030
7,828,425
Minority int. in earnings
^
42,252
405,875
1,814,217
$
Liabilities—
Conv. 6% debs— .26,568,000 26,568,000
19,231
21,873
1,034,103
tion of property
Loss
$7,262,144
1,996,653
731,333
$2,150,364
73.017
foreign exchange (net)———--—-
Amortization of debt discount and expense.
Other interest charges.....
—
1939
Accounts payable.
Accrued interest..
32,468
(subs.).
1940
5,609,710
286,000
373,500
Exps. of investiga¬
Gross
59,615
458,388
Net earnings before profit on foreign exchange..
Dividends
822,849
1,856.093
Other taxes
parent company. — ...
Interest on funded debt—
as reserve.
1940
Accts.
—
$7,482,837
2,135,528
c
Balance Sheet Dec. 31 {Company Only)
a
98,413
Operating, selling and general expenses.
Maintenance and repairs
U. S. Federal normal income tax (no provision has
been made for excess profits taxes)
Interest on funded debt—
124,500
cl ,716,128
$8,940,241
Deficit, Dec. 31-.-., $9,996,290
$8,886,189
$7,676,432
a After deducting
$845,272 ($1,223,185 in 1939) portion representing
change.
-
Total gross earnings.
on
600,000
1,249
13,929
102,304
1,254
15,753
Miscellaneous and non-oper. income—net.
Profit
$6,544,662
—
Provision for depreciation
'm
■
..
Interest..
1940
$671,456
557,921
$113,535
7,253,882
— ......—
Telephone and radiotelephone oper. revenues
Dividends—Internat. Standard Electric Corp.
Other
Total income-.....
2,000,000
20,122,891
1,936,955
45,331
598.405,791 591,906.612
Total
.598,405,791 591,906,612
3 Months Ended March 31—
Sales by manufacturing and sales
1937
$382,734
362,803
20,000,000
x
Par 80 cents.-—V. 152, p. 3811.
Cost of goods sold (incl. prov. for deprec. of
Int. from sub. cos—.342,472
Other interest.
9,438
-
International Telephone & Telegraph Corp. (& Subs.)
Income Account Years Ended Dec. 31 (Company Only)
1940
19,517,530
22,953,731
7,124,200
Class A stock
21,399,208
ClassBstock... 20,000,000
Common stock2,000,000
....
$3.50 series.
International Paper Co.—Merges
p. 3345.
Directors have declared an extra dividend of 6>£ cents per share in addi¬
8,000 shares of
18,000,135
22,326,061
subs—
Pref. stk.—conv
20,131,847
def93,029
Capital surplus.
54,219
tion to the regular quarterly
Inland Steel Co.—Stock
1,185,429
Paid-in surplus.
Earned surplus-
Registers with SEC—
See list given on first page
1,089,213
—145,573,504- 135,065,223
of subs
appllc.to
securities...-
810,120
588,577
x
Balance available for dividends....
stk, A surp. of
bonds & other
$2,628,238
Oper., maint. & retire, or deprec
All Federal and local taxes..........
——
240,858
exp.
future oper.—
Disct. & exp. on
Indianapolis Water Co.—Earnings1940
Mln. Int. in com.
240.858
1,780,798
72,633.454
190,808
1,191,598
Pref.A oth stks.
66,887
(non-cur.)
exps.
1941
373,500
66,145
Accts. and notes
^
12 Months Ended May 31-—
Gross revenues-•*.
249,000
stock—-
mon
common
reserve
12,877,755
-
— -
Cash.————
net),
?11,495;$3,122,843; total, $3,854,774.
miscellaneous investments, $3,822; lands, buildings and equipment
$
3,568,712
1,430,000
2,334,561
accruals
13,897,180
17,954,595
9,354,498 Fund, debt ma¬
turities pay'le
134,459
currently--.1,447,798
8,194,209
4,292,250 Res. lor deprec. 75,328,332
208,090
842,191 Suspense creds.
Other reserves—
1,157,913
6,688,942
orders in prog.
Investments
1939
$
Liabilities—
Funded debt—.266.420,467 269,011,422
Construe'n work
Assets—Cash, $232,479; cash on deposit for payment of dividends on
cum. pref. and common stock not exchanged under plan of reorganization,
$655; special deposits, $26,050; accounts receivable (net), $193,722; in¬
ventories, $213,415; prepaid insurance, $4,533; accrued interest receivable,
$100; deferred charges, $55,661; cost of work in progress not allocated,
„
1941
28,
1940
1940
1939
$
Assets—
$
Prop.,plant, Ac. 527,331,544 527,415,645
1940
1941
Net earnings before Federal taxes,.$74,779
.
jane
Consolidated Balance Sheet Dec. 31
_
_
432
$1,240,687
/
433
$729,100
Note—In the foregoing income accounts income from subsidiaries repre¬
sents only the amounts received in U, 8. dollars or available in currencies
transferable into U. S. dollars.
The accounts for the three months ended
March 31,1940, as shown above have been adjusted by excluding therefrom
income from subsidiaries in the amount of $198,129 which was not received
in U. S. dollars or which was not available in currencies transferable into
U. S. dollars.—Y. 152, p. 3811.
Volume
Corp.—Initial Dividend—
an
See list given on first page of
stock, payable Aug. 1,1941, to stockholders of record July 16.
■■
v
,,
.
Directors have declared a dividend of 30 cents per share on
co-transfer agent
stock, payable July 1 to holders of record June
was paid on Dec. 20, last.—V. 151, p. 2195.
corporation.—V.
\
Leece-Neville Co.—Dividends—
International Vitamin Corp.—Earnings—
9 Months Ended March 31—
$121,067
$0.59
profit
b Earnings per share.
1939
$86,656
1940
$113,619
$0.56
1941
*
Net
a
this department.—V. 152, p. 2241.
Latrobe Electric Steel Co.—30-Cent Dividend—
the common
20. Dividend of 90 cents
Co-Transfer Aqent—
Central Hanover Bank & Trust Co. has been appointed
for 338,000 shares common stock $1 par value of this
152, p. 3970.
Ltd.—Registers With SEC—
Kirkland Gold Rand,
initial dividend of 40 cents per share on the
International Machine Tool
Directors have declared
common
4127
The Commercial & Financial Chronicle
152
dividend of 20
share, payable
152, p. 3348.
Directors of company have declared an initial quarterly
share and a fiscal year-end extra of 30 cents per
cents per
July 26,1941 to stockholders of record July 5.—V.
$0.42
a After depreciation, amortization and Federal income taxes and excess
profits tax in 1941.
b On 204,000 shares of capital stock.—V. 152, p. 1436.
(R. G.) LeTourneau, Inc.—50-Cent Dividend—
a dividend of 50 cents per share on the common
payable Sept. 1 to holders of record Aug. 2.
Previously regular
quarterly dividends of 25 cents per share were distributed.—V. 152, p. 3972.
Directors have declared
stock,
Interstate Bond
Co.—Earnings—
income
.....
141,582
133.971
Interest and funded debt expense
General and administrative expenses
Other income deductions
Additions to
1940
$332,582
147,361
1941
$351,881
Years Ended March 31—
Gross
26,065
60,999
2,791
11,900
28,097
5,911
$13,529
prof$7,785
..ji...
reserve
Provision for income taxes
Net loss...
131,528
.....
Balance Sheet March 31, 1941
hand, $41,623; cash in deposit with trustees,
$121,335; cash in banks (pledged), $102,062; customers' settlements in
transit, $26,857; U. S. Treasury bonds, $10,253; contracts receivable,
$25,026; other current assets, $2,645,679; due from officers and agents,
$2,664: miscellaneous notes and accounts receivable, $1,135; investments,
$212,282; furniture, fixtures and automobiles (net), $4,922; preferred
charge, $159,593; other assets, $8,553; total, $3,361,981.
Liabilities—Notes payable,
banks, $503,181; notes payable, others,
$39,810; accounts payable, $2,171; accrued liabilities, $45,852; other current
liabilities, $571,307; funded debt, $1,314,500; reserve for adjustments and
osses in settlement of tax liens and interest thereon, $54,589; reserve for
unearned income, $2,548; class A non-cum. partic. pref. stock, $96,100;
class AA 7% cum. pref. stock, $687,500; class B common stock (111,172
shares), $54,322; deficit, $9,799; total, $3,361,981.—V. 150, p. 4128.
Assets—Cash in banks and
Interstate
Home
Lexington Water Power Co.—Bonds for Sinking Fund—
The Securities and
declaration
Lexington Water Power Co., its wholly-owned subsidiary,
of convertible sinking fund debentures, due 1953, of
Lexington Water Power Co., with Jan. 1, 1942 and subsequent coupons
attached.
The purpose of said donation being to enable the latter company
to meet its sinking fund payment on July 1,1941.—Y. 152, p. 2860.
_
......
.....
.
;« -
.
Net operating income
.
Liberty Aircraft Products Corp.—3h-Cent Dividend—
Net income before Federal income & excess profits taxes
p.
a
$851,580
83,120
-
$934,700
224,304
70,000
100,000
-
...
Increase in provision for Federal income taxes
Net income
a
$540,396
$1.16
'.i.—
b Earnings per share on capital stock
.
.
*
.;
.
... _ — - -
Applicable to unrealized taxable income based on anticipated increases
b On 462,500 shares,
.(,'7■.?= ■
:
'■■■
in tax rates,
>
v
Balance Sheet May 3,
1941
,
Assets—Cash, $630,564; accounts receivable (net), $6,335,163; merchan¬
dise inventories,
$685,574; miscellaneous loans and accotuns receivable
(net), $60,196; fixed assets (less reserve for depreciation of $14,416), $31,539;
cash on deposit in closed bank (less reserve of $5,000), $2,789; total,
$7,745,826.
Liabilities—Notes
payable
(currently), $200,000; accounts payable,
$759,911; accrued bonuses, $72,000; accrued taxes, $336,489; five-year
note payable (dated June 10,
1940), $162,500; reserve for Federal income
tax on unrealized taxable income, $997,020; capital stock (par $1), $462,500;
paid-in surplus, $250,000; surplus at date of organization, as adjusted,
$1,235,243; earned surplus, $3,270,163; total, $7,745,826.—V. 152, p. 3971.
(W. C.) Lipe Co., Syracuse, N. Y.—Registers With
See list given on first page
Southern Ry.—New Director—
McCain
was
this railway.
McDonough.—V. 152, p. 3972.
Gross from
108,742
65,458
1940
$180,390
93,119
56,703
1939
$233,535
119,825
81,279
1938
$168,244
68,945
40,669
996,986
562,446
360,090
936,863
514,938
338,527
1,099,091
558,436
365,491
927,326
430,732
265,681
$200,527
railway.
Net from railway
Net ry. oper. income—.
Net ry. oper. income—
—V. 152, p. 3501.
Kansas Power
Period End. Mar. 31—
Los Angeles
$1,749,795
1.284,397
$1,689,720
1.234,145
$455,575
__
Int. & other deductions.
$99,675
$465,398
28
24
82
90
$108,318
65.527
$99,698
67,211
$465,479
263,332
1941—5 Mos.—1940
$5,265,561
391
355
7,378
5,981
35,192
27,110
Operating revenue— $1,097,493
794,117
Operating expenses
120,244
Depreciation.
-
$1,051,520
796,374
116,144
$5,301,144
3,951,809
601,444
$183,132
$139,002
$747,891
84,275
81,439
i, 419,457
$98,857
$57,563
$328,434
67
152
568
$98,923
65,497
$57,715
65,583
$329,002
329,921
1,272
rail
operations -
$42,791
29,885
$32,487
$202,147
119,540
$172,548
$2,602
$82,607
$5,206,640
Revenue from other
and coach
_
Net oper. revenue
Taxes...
_
-
—
Operating income.—
Non-operating incomev.
Gross income
Int.
Int.
funded debt
unfunded debt—
on
on
363
4,064,800
580,982
$588,324
401,838
$186,486
1,061
$187,547
331,284
1,982
def$2,192 def$145,720
def$8,231
$33,427
income-..
i$5,234,106
I
—V. 152, p. 3660.
Louisville Gas & Electric Co.
Years Ended April
(Ky.) (& Subs.)
-
,—_
—
--
—
-
Appropriation for retirement reserve
(other than income taxes)-
„
1,428
1,125,419
---
—
1,284,126
781,544
$4,225,253
216,921
$4,494,656
1,030,450
160,227
5,839
250,000
37,000
Cr33,161
21,439
—
—
Interest on funded debt
Amortization of debt discount and expenseOther interest
rehabilitation expense
capital expenditures.
charged to construction.
Netincome
640,864
1,281,000
1,428
1,103,368
$4,264,336
230,320
Gross income
Amort, of flood and
£78,378
1,391,500
------
N et operating income
Other income
■Earns.
1940
1941
.$12,393,653 $11,542,680
3,509,222
—
3,748,466
30—
Amortization of limited-term investments
$4,442,174
1,030,450
160,227
26,185
250,000
37,000
Cr6,674
24,197
---
-
$3,022,862
$2,920,789
j\r0te—Provision for excess profits tax under the Second Revenue Act of
calendar year 1940 in the amount of $154,000,000
and provision is being made the calendar year 1941 on the basis of an esti¬
mated tax of $475,000.—V. 152, p. 3972.
1940 was made for the
$455,664
283,116
$12,906
Gross income.
$108,290
388,387
1941—Month—1940
$1,090,038
$1,045,467
77*
71
reyenue
Other rev. from transp'n
Miscellaneous
1941—12 Mos.—1940
$399,761
300,086
30,121
8,809,402
1,505,799
Ry. Corp.—Earnings—
Passenger
Interest
1941—3 Mos.—1940
$417,164
308,874
Net operating income.
Other income—...
def355,830
Amortization of contractual
Co.—Earnings—
Operating re venues
Oper. exps. & taxes
247,556
Period End. May 31—
From Jan. 1—
Gross from railway..
Net from railway......
9,261,724
1,506,993
575,542
70,875
Provision for Federal and State income taxes
Ry.—Earnings—
1941
9,550,674
1,547,376
488,112
148,585
10,157,641
2,428,498
income—
3505.
Net ry. oper.
—V. 152, p.
Taxes
Kansas Oklahoma & Gulf
May—
1938
$1,981,387
547,714
Maintenance
June 24 elected a director of
on
1939
$2,270,182
I.
from
Operating revenuesOperation
payments were made in preceding quarters.—V. 152, p. 2241.
S.
1940
$2,037,327
479,272
2,959
railway
Net from railway
on the 7 % cum. class A pref. stock, par $100, and a dividend
of 40M cents per share on the 6H% cum. class B pref. stock, par $100.
Both dividends will be paid on June 30 to holders of record June 16.
Similar
Charles
1941
Net ry. oper. income...
From Jan. 1—^
;
Gross
SEC—
of this department.
$2,252,495
687,398
Net from railway
accumulations
He succeeds the late James A.
3242.
Net
Iowa Electric Co.—■Accumulated Dividends—
Directors have declared a dividend of 43 % cents per share on account of
Kansas City
& Savings Bank, Chicago, 111., has been appointed
the common stock (par $5).—V. 152, p. 3972; V. 151,
V
Trust
Long Island RR.—Earnings—
-
z
profits taxes
Harris
Initial dividend of
Co.—Transfer Agent—
Line Material
The
transfer agent for
May—
..$4,921,657
2,745,969
i
1,324,108
...
.....
Federal income taxes
excess
-
share on the common
Directors have declared a dividend of 35 cents per
Gross from railway.____
....
Other income (net)-.--
Federal
» - .
to
stock, payable July 3 to holders of record June 26.
25 cents was paid Dec. 23, 1940.—V. 152, p. 1755.
Equipment Co., Inc.—Earnings—
Earnings for the 6 Months Ended May 3, 1941
Expenses.
donate
$125,000 of 5H%
on
Gross sales, less returns
Cost of goods sold and selling expenses
registered holding company, proposes
Southeastern Electric & Gas Co., a
to
1
■
Exchange Commission has issued an order permitting
effective pursuant to Rule U-23, concerning the
become
to
following:
$53,008
Lowell Bleachery
Inc.—$1 Dividend—
declared a dividend of $1 per share on the common stock
holders of record June 19. Dividends of 75 cents were
paid on April 14 and on Jan. 11, last.—V. 151, p. 3400.
Directors have
Netincome.........
Pref. stock dividends...
Balance
Note—Federal income tax has been accrued at rates provided in the Second
Act of 1940, and 1940 figures previously published have been
Revenue
adjusted for purposes of comparison.—V. 151, p. 3564.
Kansas Power & Light
The
New York
Curb
Co.—Admitted to Unlisted Trading
Exchange has admitted to unlisted trading the
1, 1969.—V. 152, p. 3502.
1st mtge. bonds, 3K% series due July
Kellogg Co.—50-Cent Dividend—
the common
21.
Previous payment was
April 1, last, and amounted to 25 cents per share.—V. 150, p. 3980.
Directors have declared a dividend of 50 cents per share on
stock, payable July 1 to holders of record June
made
on
Kellogg Switchboard & Supply Co.—25-Cent Dividend
Directors have declared a dividend of 25 cents per share on
stock, payable July 31 to holders of record
July 15.
the common
Previously regular
quarterly dividends of 15 cents per share were distributed.—V. 150, p. 2258.
Kentucky Power & Light Co.—Earnings—
Period End. Mar. 31—
Operating revenues
Operating exps. & taxes.
Net operating income.
Otherincome
...
1941—3 Mos.—1940
.
— —
-
658,671
$759,164
579,073
$137,406
$180,091
$137,406
143.954
$180,093
146,060
1
1
registration statement (No. 2-4784, Form A-2), under the Securities
Act of 1933, covering $13,700,000 of 15-year sinking fund debentures, due
July 1, 1956, and 56,000 shares of cum. pref. stock ($100 par).
The
interest and dividend rates are to be furnished by amendment.
Under the plan of reorganization of the company, the net proceeds
from the sale of $11,200,000 of the debentures and from the sale of all
the preferred stock, together with other funds of the company, will be used
to pay in full in cash the claims of all creditors of the company (other than
its priority creditors, whose claims will also be paid in cash out of other
funds) whose claims were deferred in the reorganization proceedings and
had been allowed at the date of execution of the underwriting agreement
covering the securities or were then admitted to be due and owing.
Such
claims
aggregate
of the remaining
$28,044,427, it is stated.
.
.
Int. & other deductions.
Nefcincome...
$31,613
35,541
$46,778
36,006
def$3,928
$10,772
def$6,548
Note—Federal income taxes have been accrued in accordance
visions of Second Revenue Act of 1940.—V. 152, p.
3502.
,
J
$34,033
with pro¬
J
to facilitate the offering it is intended to
debentures and preferred stock.
This is not an
assurance, it states, that the prices will be stabilized or that the stabilizing,
if commenced, may not be discontinued at any time.
prospectus states that
stabilize the prices of the
Listing of Common Stock on
Stock Exchange—
Exchange has authorized the listing of 1,685,901
(par $18) which will be issued upon official notice
of issuance in accordance with the plan of reorganization.
These shares
constitute a part of the 2,000,000 shares of the company's common stock
(par $18) authorized by articles of amendment and reduction to be filed on
or about June 30, 1941.
No shares of such common stock are now listed on
the Exchange.
■" ' '
•• :
The New York Stock
Gross income....
The proceeds from the sale
$2,500,000 of debentures will be added to the company's
working capital,
...
_
The price at which the securities are to be offered to the public, the names
of the underwriters and the redemption provisions are to be furnished by
amendment to the registration statement.
,
$796,077
$46,777
31,613'
McKesson & Robbins, Inc.—Files Registration Statement
filed with the Securities and Exchange Commission
Company on June 21
a
The
1941—12 Mos.—1940
$215,476
168,700
$222,094
190,482
payable June 25 to
shares of common stock
,
The Commercial & Financial Chronicle
4128
Summary of Major Provisions of Plan of Reorganization
Under the plan of reorganization
company itself is to be reorganized and
will retain all of its
property and will continue the same line of business it
on in the past.
The major provisions of the plan,
briefly summarized, are as follows:
(1) Interest on all debt is to be paid in cash.
(2)
The principal of the priority debt, amounting to about 1160,000, is
in cash.
(3) All other creditors whose claims were deferred in the reorganization
proceedings and are allowed or are admitted to be due and owing are to
receive, for the principal amount of their claims, 40% in cash, 40% in new
debentures and 20% in new preferred stock unless there is an underwriting
to be paid
June 26, 1941.
of said new debentures and new
preferred stock as contemplated by the
plan, in which case they are to be paid in full in cash.
(4) Holders of the company's 595,712 shares of old preference stock, S3
series, with accrued dividends to the date of distribution, which accured
dividends amounted,
March 31,
at
1941, to $4,542,304,
stock
will receive
the basis of 2.3 shares of
1941
28,
Coupons debentures in the denom. of $1,000.
Red. as a whole
in part at option of company at any time, upon at least 30 days' published
notice, at principal amount plus following premiums: $40 prior to May 1,
1942 $35 on and after said date and prior to May 1, 1943 $30 on and after
May 1, 1943, and prior to May 1. 1944 $2.50 less than the premium for
redemption during the period of 12 months immediately preceding, if the
day fixed for redemption shall occur during any 12-month period beginning
with May 1 in any year between May 1, 1944, and April 30, 1955 and on
and after May 1, 1955, without
premium together in each case with interest
accrued thereon to the date fixed for redemption.
It is expected that
debentures in permanent form will be available for delivery on or about
has carried
370,138 shares of
June
Mass.
Company—Was incorporated in Michigan, Dec. 3, 1912, for a period of
30 years from Dec. 2, 1912.
The charter may be further extended by
appropriate stockholders' action pursuant to the Michigan Corporation
law.
Company (in the trust indenture securing the debentures offered)
has agreed to cause its
present term of existence to be legally extended to
1,-
date
18-73% of the entire issue of new common stock.
(6) The plan provides, however, that, if an underwriting and public sale
subsequent to May 1, 1956.
Company is engaged in the design, fabrication, erection and sale of steel
consisting of spray booths, drying ovens, industrial
washing machines, exhaust systems, steel roof deck, roofing and sheet metal
work, fire doors, rolling doors, and other industrial plant equipment Com¬
pany is also engaged in the fabrication, erection, installation and sale of
structural steel for industrial plants, office buildings, locks and dams,
bridges and highway viaducts.
Company also stocks and sells standard
of the
new debentures and new preferred stock can be effected on
appro¬
priate terms, such underwriting and sale shall be consummated by the
proceeds used, with other funds of the company, to pay in
full in cash all creditors' claims (other than claims of the priority creditors
above mentioned) which were deferred in the reorganization proceedings
sizes of structural steel and sheet metal.
trustee and the
Company has fabricated and sold the various products above referred to
during the five-year period 1936 to 1941, and for several years prior thereto.
Many of these products have been improved in design and construction from
and are allowed or are admitted to be due and owing at the date of execu¬
tion of the underwriting agreement, in lieu of delivering securities to such
creditors in payment of a portion of their claims.
Those claims which,
subsequent to the d^te of the execution of the underwriting agreement,
used in spray
stock
mon
for
new common
each
share
of
the
on
old
preference stock,
S3
a
new com¬
series,
or
an
aggregate of 81.27% of the entire issue of new common stock.
Holders of the company's 1,263,053 shares of old
(5)
common
receive 315,763 shares of new common stock on the basis of
stock for each share of old common stock, or an
stock will
share of new
common
be allowed
and sheet metal products
aggregate of
time to time.
simplifies cleaning operations and insures
Table
or
Comparing New Capitalization
Under Plan
with
Old
groducts madetanks, cabinets and plate, including such items as machine
largely from steel racks.
storage
a sea,
During the period between 1935 and 1939,
Total old capitalization
*
Not including accumulated and
$4,542,304 at March 31, 1941.
The aggregate of the company's business from completed contracts and
warehouse sales in 1940 may be classified as follows: approximately 47%
consisted of sales of structural steel, including designing, fabrication and
$15,725,000
*29,785,600
6.315,265
New
dividends
which
aggregated
Capitalization—
debentures
New
---a$13,700,000
New preferred stock (56,000 shares par $100 estimated to be
outstanding out of 100,000 shares to be authorized by charter)
a5,600,000
Common stock (1,685,901 shares par $18) estimated to be out¬
standing out of 2,000,000 shares to be authorized by charter)
Total
new
30,346,218
capitalization
$49,646,218
1941, allowed claims (exclusive of
in the aggregate principal amount of $28,044,427.
It is
assumed that this will be the principal amount of claims so allowed or
a
erection approximately 22% consisted of the sales of steel products such as
washing and cleaning machines, spray booths, drying ovens and dust col¬
lectors; approximately 13% consisted of sales from its warehouse of hot
rolled steel products, and the balance of
approximately 18% consisted of
sales of rolling doors, tin clad doors, kalamein doors, steel roof deck, com¬
position roofing and sheet metal work and welded steel products.
As of May 31, 1941, the company had unfilled orders amounting to about
$2,000,000, of which the company estimates about 89% is attributable
indirectly to national defense needs.
$51,825,865
unpaid
The court, by an order of June 12,
priority claims)
large part of the company's
kinds to Federal, State and municipal governments.
Beginning with 1939,
a large part of the company's sales volume shifted to and was derived from
the sale of steel products of various kinds for private industrial corporations.
Capitalization
—
a
sales volume was derived from the sale of structural steel work of various
Old Capitalization—
20-year 5^% convertible debentures....
Preference stock, $3 series (595,712 shares outstanding)
Common stock (1,263,053 shares par $5)
a greater degree of ventilation.
1939, the company established a department for the production of steel
In
be admitted to be due and owing will be paid in full in
cash out of the treasury of the company and, if the company so
chooses, it
may effect an underwriting or sale of new debentures and new- preferred
stock to the extent of, respectively, 40% and 20% of said claims in order to
procure cash for the required payment(7) The plan provides no alternative treatment in respect of creditors or
security holders who have dissented from or objected to the plan.
may
In 1931 the company introduced for sale a hydro-filter booth
painting.
This wet type sp-ay booth, in the opinion of the
reduces plant fire hazards, permits salvage of paint pigments,
company,
Purpose of Issue—The net proceeds (estimated at $950,274) will be used,
the redemption of all of the outstanding 5% sinking fund de¬
1951.
The amount estimated for this purpose
is $529,924, including premium in the sum of $16,980, after applying funds
on deposit in the sinking fund, subject to variation
depending upon the
actual date fixed for redemption and the accrued interest to sucn date.
The balance of the proceeds will be used for general corporate purposes
and for working capital.
in part, for
benture notes, due April 1,
admitted to be due at the date of the execution of the underwriting agree¬
Pursuant to the terms of the plan, and based on said assumption,
Capitalization Giving Effect to Present Financing
ment.
Authorized
$11,200,000
(or approximately 40% of said claims so allowed) principal
debentures and $5,600,000 (or approximately 20% of said
claims so allowed) of new preferred stock will be issued, and if underwritten,
the funds thus obtained will be used with other funds for the payment of
the claims so allowed, if and if not underwritten, said new debentures and
new preferred stock will be delivered to the creditors of the estate
pursuant
to the terms of the plan.
As and when other claims are allowed or admitted
to be due the company will (1) if there has been no underwriting of the
$11,200,000 of new debentures and $5,600,000 of new preferred stock, issue
amount of new
and deliver to claimants
new
debentures and
new
preferred
stock
up to
40% and 20%, respectively, of said claims or (2) if there has been such an
underwriting, pay said claims in cash, in which event it may sell or have
underwritten new debentures and
new
respectively, of said claims, in order to
The trustee has estimated
that
preferred stock up to 40% and 20%,
cash for the payment thereof.
additional claims will not
procure
these possible
exceed $1,500,000.
Assuming the correctness of this estimate, the addi¬
tional debentures which may thus be issued in respect of these claims will
not exceed $620,000 in principal amount and the amount of preferred stock
which may similarly oe issued will not exceed
$310,000
par value.
The plan provides that the company may issue $2,500,000 of new deben¬
tures, upon meeting certain tests, in addition to the debentures issued in
4\i% sinking fund debs., due May 1, 1956
$1,000,000
preferred stock—cumulative divi¬
dend $2.20 per share (no par)
1,460 shs,
Class A (conv.) preferred stock cumulative divi¬
dend $2 per share (no par)
50,000 shs.
Common stock (par $5)
200,000 shs.
Feb.
On
new
b Class A preferred stock, no par, is convertible prior to April 15, 1966,
and the no par value preferred stock is
at the
convertible prior to Oct. 15, 1948,
option of the holder thereof, Into common stock, on a share for share
basis.
Company has reserved 51,460 shares of
Statement for
Three Months Ended March 31,
[Including transactions of William J. Wardall
and
after
giving
effect
the
to
as trustee
changes
Burr, Gannett & Co
Coffin & Burr, Inc
to
Cost of sales.
3 Mos. End.
Year Ended Dec. 31
Mar. 31/41
1940
1939
1938
$1,158,092
$5,716,717
$6,513,478
$6,120,585
1,001,562
5,252,806
6,334,134
5,818,087
$156,530
$463,910
16,931
$179,343
798
496
$302,497
7,678
$157,328
$480,842
$179,839
$310,175
7,075
28,552
362
29,516
1,003
32,070
282
521
2,666
4,079
1,287
6,057
""794
232
375
36,000
,
warehouse sales...j..
the
1941
plan
107,000
41,000
Crl,611
25,500
46,500
Cost of completed contr.
and warehouse sales..
of
$43,829,163
2,703,985
34,578,304
4,847,484
124,752
----
Selling, general and administrative
Depreciation and amortization.
expenses
Other income
Total income
Int. paid & accr. on deb.
notes
Interest
Gross profit
Other income.
$1,574,639
108,149
;w,
$1,682,788
329,884
—
Net profit
Adjustment of investment in and advances
wholly-owned subsidiary companies..
Net profit.--------
$1,352,904
to
count and expense-
Increase in reserve
Miscell. deductions
Normal Income tax
Excess profits tax
$1,355,195
472,500
Net profit
Divs.
Divs.
on
Divs.
pursuant to the plan of
Liabilities—
18,845,717
Wages,
Merchandise Inventories
30,940,377
Other assets.
916,960
advances..
810,279
Property, plant and equipm't
5,208,554
514,455
Deferred charges.
trademarks,
salaries,
local
trade
Ac
Instalments payable
Reserve
for
payable
Preferred stock
Total
$7,610,978
and
accts. rec.
5289,746
trade
(net).
"Cr339
$226,127
Uncompleted
1,087,463
tracts and orders
493.096
326,346
129,838
(net) 1,093,436
Deferred charges38,628
1,018,040
1,075,000
1,629,230
$18)
and
equipment
45,159
(R. C.) Mahon Co —Debentures Offered—Public offering
$1,000,000 4J4% sinking fund debentures due May 1,
1956, was made June 25 by Burr, Gannett & Co. and Coffin
& Burr, Inc., at 100 and accrued interest.
payable
on
s.
14,112
148,000
192,573
f. deb. notes
566,000
Res. for comp. Ins.
566,000
50,000
Preferred stock-_
792,768
792,767
480,000
381,878
680,618
480,000
due Apr. 1,
Com. stk.
1951
(par $5)
Capital surplus
Earned surplus—
$4,079,019 $3,885,019
13,360
14,112
169,000
Inc._
compl'd contr's.
a
Total
$66,374,342
5821,221
9,434
Adv. billings on un-
5%
5,600,000
30,346,218
3,174,714
-V. 152, p. 3973.
Dividends
61,862
plant
5742,637
tax. Ac
Fed. taxes
con¬
Inv. A oth. assets.
Prop.,
Mar. 31 *41 Dec. 31 '40
Liabilities—
Accounts payable.
1,056,403
13,700,000
(par $100)..
3,663
52,826
96,000
Accr'd capital stk.
975,273
1,069,166
Inventories
1,402,944
1,827,852
Debentures
3,212
53.236
96,000
14,400
5279,582
Notes
income
Reserve for contingencies...
Reserve for estimated claims
Capital surplus
.$66,374,342
"3", 123
$115,098
3,358
53,104
72,000
$302,078
Mar. 31 '41 Dec. 31 *40
Cash
7,406
Federal
taxes
Common stock (par
Total
def803
Comparative Balance Sheet
taxes,
Ac. accrued liabilities
1,138,500
taxes
pref. stk.
cl. A pref. stock
stock-
Assets—
Accounts payable, trade..
Claims for refund of Federal
on conv.
1941
reorganization]
$7,999,500
Notes and accts. receivable..
187
To reduce marketable securities to quoted market prices.
$882,695
Pro Forma Condensed Consolidated Balance Sheet March
31,
$91,449
803
13,309
on common
a
Net profit
Assets—
22,000
Addit'i prov.for prior yrs
2,291
-
Cash
debt.
non-consolidated
Provision for Federal income taxes
[After giving effect to the changes
on current
Amort, of deb. note dis¬
a
Total income
Other charges
names,
$500,000
500,000
;
Operating profit
Gross sales
Goodwill,
for this
Comparative Income Account for Stated Periods
during reorganiza¬
pursuant
Discounts, returns and allowances
and
stock
I nderwriters—The principal amount of bonds which each of the under¬
writers has severally agreed to purchase follows:
reorganization]
Investments
common
purpose.
Completed contracts and
Consolidated Income
tion
b96,000 shs.
14,
1939, directors granted to the holders of no par value
exchange such shares for class A
preferred stock, no pa-, on a share for share basis. Company has reserved
1,460 shares of class A preferred stock for this purpose.
a
debentures to be issued at this time will be
$13,700,000.
1,460shs.
a26,618 shs.
convertible preferred stock the right to
connection with the satisfaction of the claims of creditors of the estate. It is
contemplated that these additional debentures will be issued concurrently
with the issue of the $11,200,000 of new- debentures above referred to, and
therefore, the total of the
Outstanding
$1,000,000
Convertible
Total
50.000
381,878
617,680
$4,079,019 $3,885,019
Represented by 1,460 shares (no par) convertible preferred stock (annual
and 26,618 shares class A (convertible)
preferred stock (no par) (annual cumulative dividend $2 per share).—
V. 152, p. 3814.
a
cumulative dividend $2.20 per share)
of
Dated May 1,1941
due May 1,1956.
Principal and int. (M-N) pavable
at principal office of Union Guardian Trust
Co., Detroit, Mien., and
interest also at principal office of Boston Safe Deposit & Trust
Co., Boston,
Marlin-Rockwell Corp. (& Subs.)—Earnings—
3 Months Ended March 31—
a
Net profit.
Earnings
a
per
After
152,
p.
share of common stock
1941
$790,336
$2.33
1940
$719,735
,
$2.12
depreciation. Federal income and excess profits taxes, &c.—V.
3973.
Maine Central
Metropolitan Coal Co.—Earnings-
RR.—Earnings—
Operating revenues
Operating expenses
$5,250,066
3,786,464
$6,097,877
3,981,769
$2,116,108
74,325
579,156
C/-21.442
Drl88,690
I>r95.848
$865,660
21,889
-22,484
169.583
$294,852
(rentals,
$221,304
terest,
113,690
$1,231,825
33,611
388,404
116,437
$187,693
35,865
Gross income
Deductions
$263,060
$158,987
$1,401,408
Joint facil. rents-Dr
Net ry. oper. income.«
Other income—.
161,500
$1,031,992
817,639
$56,599
x$14.635
72,146
$57,511
23,896
Net
profit.
;
28,652
and $78,738 in 1940 depreciation expense.
'
4
*
31, 1941
Balance Sheet March
152, p. 3506.
$98,669
76,281
.
—
Including $77,787 in 1941
XJOSS
$127,321
.......
Provision for Federal income tax.
X
$51,040
$33,614
Profit from operations
Sundry income (net)..
a
—V.
3,55.5.768
1,137,390
Selling, general and administrative expenses
a
825,922
$206,070
,
$4,622,971
3.441,668
1,130,264
166,332
$583,769
164.705
$133,352
&c.)
45,135
$4,678,523
Discounts and allowances.
in¬
Net income
1940
$4,668,106
41,915
$1,463,602
142,946
I>r8,591
$432,413
Net oper. revenues
Taxes
Equipment rents
1941
$4,720,438
Years Ended March 3£—
1941—5 Mos.—1940
1941—Month—1940
$1,219,027
$986,348
786,614
723,288
31—
Period End. May
4129
& Financial Chronicle
The Commercial
152
Volume
bonds (at cost), $2,050: accounts
(net), $728,432; inventories, $433,517; investment in
Assets—Cash, $236,390; U. S. Treasury
Manhattan Shirt Co.—Earnings—
after taxes,
depreciation, &c
Shs. com. stk. outst'g..
Earnings per share
assets
Net earnings,
$161,148
$180,115
$228,357
$113,059
214,180
218,133
218,800
$1.10
$0.84
$0.74
$0.51
The May 31, 1941 balance sheet of the company, estimated and subject
to correction at the close of the fiscal year, shows total current assets of
$6,331,294, including cash of $432,411, compared with total current liabili¬
ties of $891,892, a ratio of 7 to 1.
Total assets amounted to $12,240,548.
Earned surplus aggregated $4,381,240.—V. 152, p. 834.
208,106
Manila RR.—Earnings—
1937
1938
June 30,'39
June 30, '40
5,144,142
3,642,88 1
8,946,253
7,615,201
Total oper. re venues
Total oper. expenses
Calendar Years
6 Mos. End.
Year Ended
In Pesos—
8,668,336
6,885,27 0
8,476,800
6,127,312
1,331,053
98,295
1,501,261
Total taxes, accr's, &c_.
26,797
1,783,066
45,991
2,349.488
44,251
income.
1,232,758
1,474,464
1,737,075
2,305,237
Net
rev.
from oper...
Rail way oper.
Otherincome..
459,320
Interest. &c
Inc.
applic.
375,222
583.990
1,692,078
1,731,942
Grossincome.
1,849,686
919,035
2,321,065
1,927,294
(net), $1,263,023; prepaid expenses
total, $2,843,450.
Liabilities—Note payable to bank, $50,000; accounts payable,
accrued wages, $10,388; social security taxes accrued and withheld,
$301,694;
1,724.275
1,230,037
263.262
fund & other reserve..
Middle Western Telephone Co.—Bond Called—
Co. announced that it is offering to purchase
and after July 1, 1941, for a limited time only. Middle Western Telephone
Co. 15-year 6% collateral bonds, due Jan, 1, 1943, at 101 and interest to
Central Electric & Telephone
on
date of payment.
The bonds may be
,1
Midland
Valley RR.—Earnings—
def303,126
def299,386 defl ,330,504 sur668,131
Philippine currency; 1 peso equals 50 cents
currency.—V. 143. p. 3152.
Note—Values are expressed in
TJ. S. A.
Marion-Reserve Power
Period End. May 31—
Operating revenues
Non-operating income.
Gross
.
1941—12 Mos.—1940
1941—Month—1940
$300,697
$264,405
3,085
1.855
3,523,244
27,504
$3,197,200
21,543
$303,782
$266,260
$3,550,748
$3,218,743
138,066
revenues
Net from railway
1.539.801
1,419,801
259,534
19,065
116,942
20,346
....
15,655
9,336
Prov. for retirem't res_.
23,336
24,331
16,219
23,351
180,755
361,861
Interest on serial notes.
$83,329
22,604
2,620
$80,065
22,604
2,995
$1,006,599
346,500
28,457
Other deductions (net)..
Cr3,221
4,507
$952,600
271,250
33,542
7,750
General taxes
Federal
and
inc.
Maintenance..
256,197
209,337
excess
profit taxes
—
mtge. debt..
on
,
Midwest Piping
104,068
43,790
$61,325
$49,959
$640,059
$587,851
13,461
13,461
161.530
166,067
$47,864
Net income-...
& Supply Co.,
$36,498
$478,529
$421,784
stock
Market Street Ry.
1941
*
1940
$6,012,319
4,308,190
——...
....
685,946
500,000
416,000
$102,183
Net operating income
Interest on securities and accounts-
423,000
$183,648
1,206
4,782
848
5,232
$108,171
245,461
13,673
70,666
639
$189,727
327,312
$245,256
........
——_
income
......
——. —
Interest on funded debt—
....
Amortization of debt discount and expense.
Other interest
J.....
—
deductions.
—..
—
Net loss
p.
19,892
84,160
3,619
3815.
Corp.—Extra Dividend—
Company paid an extra dividend of 25 cents per share in addition to the
regular quarterly dividend of 25 cents per share on the common stock, on
June 10 to holders of record May 20.—V. 152, p. 2558.
Massachusetts Investors
Earnings for the Three
Second Fund, Inc.—Earnings
Months Ended May 31, 1941
$91,523
Dividend income
Expenses
a
9,057
—...
Net income for period
—
...
$82,466
81,908
Dividends paid
a
Exclusive of gains or
losses on securities.
Statement of
Net Assets May 31, 1941
cost
$5,-
958,600; non-income producing (no dividends declared in last 12 months),
$204,375; cash on demand deposit, $227,446; cash on deposit for reacquisition of scrip, $6,490; dividends receivable, $44,171: receivable from broker
for securities sold—in process of delivery, $13,404; receivable for capital
stock sold, in process of delivery, $1,363; total, $6,455,850.
Liabilities—Accrued expenses and taxes, $4,267: payable for capital stock
reacquired, not yet received, $9,561; dividend payable. $81,908; liability
in respect of scrip outstanding, $6,490; total, $102,227: net assets (based on
carrying securities at market quotations), equivalent to
818,093 Yi shares of $1 par value capital stock (exclusive
outstanding at May 31,1941,
$7,77 per share for
of 193,520% shares
$6,353,623.—V. 152, p. 3973.
Massachusetts Investors Trust—Dividend—
declared a distribution at the rate of 21 cents a share,
payable July 19, 1941 to shareholders of record June 30
This distribution,
which is derived from investment income on securities owned, for the
quarter ending June 30, compares with a distribution of 20 cents for the
preceding quarter.—V. 152, p. 2710.
Trustees have
373,148
130,544
10,922,706
1,790,853
$1,836,331
216,045
def74,504
Net ry. oper.
-
_
—
income.
491,132
9,409,195
8,744,518
659,926
324,090
def663,666 defl ,177,493
Central Ry.]
1941—Month—1940
1941—5 Mos.—1940
$1,319,383 $1,320,672 $5,345,486 $5,243,052
38,551
42,570
179,611
195,301
120,5/7
111,460
520,558
482,432
Period End. May 31—
Freight revenue
Passenger revenue
All other revenue
$1,478,511
356,647
revenues
$5,920,785
1,041,265
1,195,599
52,679
$237,013
$264,943
120,669
86,154
509,176
465,661
$116,343
$178,789
$13,034
$218,822'
7,164
14,162
12,088
12,690
53,617
61.953
66,322
61,770
$151,936 loss$102,536
$90,730
51,201
General expenses
Net railway revs__-_.
Taxes..
Net after taxes
...
equipment
Rental of terminals
Net after rents
$97,091
...
8,954
8,216
Other income (net)
$105,307
interest
accr'd & paid.
Income before
Int. being
$6,045,654
1,204.595
1,190,024
258,280
34,650
540,004
.51,917
expenses—
Transportation expenses
H ire of
356,606
243,356
35.045
522,072
of equipment
Traffic
$1,474,703
4,511
interest
on bonds, &c._
—V.. 152, p. 3507.
170,880
175,558
2,693,328
264,617
2,57.5,940
247,939
$.522,210
$684,483
43,878
$160,890 loss $58,658
1,129
2*. 932
$141,932
loss$81,590
$126,273
15.659
Balance before
$100,797
$159,761
Valley Canning Co.—Bonds Bold Privately—
in March, 1941, sold privately to Mutual Life
Ins. Co. of New York $1,000,000 sinking fund
de¬
bentures dated March 15, 1941, and due March 15, 1956.
Proceeds were used to retire the outstanding 4p^% 1st mtge.
loan and a portion of 7% preferred stock.
Under the trust indenture, the company is obligated to pay the trustee,
as a sinking fund for the redemption of debentures, annually on or before
June 1 in each year, the first such payment to be made on or before .Tune 1,
1942, and the last such payment to be made on or before June 1, 1955, an
amount in csah equal (to the nearest $1,000) to 25% of the amount by which
the net income of the company for the preceding fiscal year shall exceed
$50,000, provided that in no event shall the payment be less in any year
than $45,000, except that if in any fiscal year the company shall have no
net income, then the sinking fund payment shall be such an amount as may
be necessary to make the average of the annual sinking fund payments for
1942 and all subsequent years, to and including the year in question, equal
Minnesota
The company
the
$45,000.
In addition to redemption of debentures at par through
operations of the sinking fund, the company may redeem all or any part
to
Assets—Securities, at market quotations (average cost, $8,316,578,
for Federal income tax purposes, $8,594,370)—Income-producing,
in treasury)
$2,273,128
611.288
383,020
12,270,633
2,524,219
986,854
Gross from railway
—.
Martel Mills—Dividend—
Directors have declared a dividend of $1.50 per share on account of accu¬
mulations on the preferred stock, payable July 1 to holders of record
June 26.—V. 146, p. 4123.
Masonite
$2,652,567
-Earnings
1938
,
Mtce.
$6,351,072
4,513,616
730,808
? 500,000
$222,268
Other..
152,
1939
843,391
476,872
Net ry. oper. income—
From Jan. 1—
Mtce. of way & struc...
Appropriation for retirement reserve.
Taxes (other than income taxes) —
—V.
1940
$3,055,261
Net from railway
Total
Co.—Earnings—
1941
Years Ended April 30—
Operating revenue
Operation
Maintenance and repairs
Other income
Inc.-—25-Cent Dividend—
Ste. Marie Ry.
Minneapolis St. Paul & Sault
May-
—V., 152, p. 3507.
Gross
84,526
[Excluding Wisconsin
stock......
Balance avail, for com¬
mon
171,606
with
accrued on $5
preferred
135,699
15,907
490,886
declared a dividend of 25 cents per share on the common
payable July 15 to holders of record July 8.
This compares
15 cents paid on April 15, last; 25 cents paid on Feb. 24 and Jan. 15, last;
50 cents paid on Dec. 14. 1940; 25 cents on Oct. 15,1940, 20 cents on July 15,
1940, and previously regular quarterly dividends of 15 cents per share were
distributed.—V. 152, p. 2075.
Net from railway.
Dividend
128,999
1938
$92,760
31,181
Directors have
Gross from railway
Net earnings...
Interest
19,015
518,434
227,005
$96,750
36,448
stock,
189,989
288,949
Operation...
5,866
542,186
226,738
123,912
— __
Net ry. oper, income
—V. 152, p. 3507.
Co.—Earnings—
1939
$94,694
23,961
521,701
219,162
Net ry. oper. income—
From Jan. 1—
Gross from railway
1940
1941
$91,957
28,500
11,812
Gross from railway
Net from railway
Bal. to profit and loss.
Electric & Telephone Co. for
National Bank & Trust Co. of
withdrawal at any time after
presented to the Central
purchase at the office of Continental Illinois
Chicago.
The purchase offer is subject to
July 15, 1941.—V. 139, p. 934, 283.
2.962,184
2,017,766
276,287
$10,467;
excise and sundry taxes, $67,455; provision
for insurance claims, $6,597; dividends payable, $44,810; provision for loss
on
disposal of non-operated properties, $100,000; provisions for contin¬
gencies and for liability insurance in excess of claims, $31,625 ; 7% cumula¬
tive preferred stock (par $100), $5,000; 5% cumulative preferred stock,
class B (par $75), $1,188,000; 3^% non-cumulative 2d preferred stock
(par $15), $237,600; common stock (28,000 no par shares), $560,000; capital
surplus, $207,454; earned surplus since July 1, 1940 (effective date of plan
of recapitalization), $22,361; total, $2,843,450.—V. 151, p. 109.
accrued Federal income, State
May—
sinking
to
656,947
receivable, $13,200; fixed
and deferred charges, $39,338;
$127,500; mortgage notes
subsidiary company,
1938
1939
1940
1941
6 Mos. End. May 31—
and notes receivable
of
interest payment date by payment of the principal
amount thereof and accrued interest to date of redemption, plus premiums
beginning at 4%, on March 31, 1943, and graduating down to H of 1% on
Sept. 15, 1955.
The indenture places certain restrictions on the payment
of dividends, on the further issuance of funded or mortgage indebtedness,
and on the dispostion of assets of the company or any corporation defined as
a "subsidiary" by
the indenture.
Tne holders of the debentures are en¬
titled to mortgage security if at the end of any fiscal year the net working
capital of the company is less than the amount of outstanding debentures.
the debentures on any
Change in
Capital—Newo% Issued in Exchange for 7 %
Pref.
the company amended its articles of incorpora¬
authorized capital stock by an issue of 15,000 shares of
During the current year,
tion to increase its
5% cum. pref.
March 15,1941,
stock
(par $100).
Company called for redemption on
preferred capital stock at $105 per
all of its outstanding 7 %
accrued dividends thereon to that date.
The owners and holders
of the shares so called for redemption were given the option or right to
exchange said shares for shares of the .5% cum. pref. stock on the basis of
share for share.
share and
The Commercial & Financial Chronicle
4130
On March 31, 1941, a total of 11,363 shares of 7% preferred stock had
been exchanged for 5% preferred stock 3,474 shares had been redeemed and
411 shares were outstanding.
The redemption of the
-194!Co. and
Gross profit on sales
Depreciation
Affiliates
$3,930,065
221,647
$1,880,086
105,046
1,492,397
37,753
2,231,912
47,022
1,232,623
35,685
Only
1940
$411,443
249,009
120,205
1939
$179,148
89,400
9,219
1938
$261,078
164,907
71,437
1,972,146
1,187,274
642,041
Net ry. oper. income
From Jan. 1—
Gross from railway
1940Co. and
Company
Company
Only
$2,585,598
105,717
Net from railway
Net ry oper. income
Affiliates
$3,170,026
221,357
1941
28,
1941
$561,751
383,506
252,603
2.140,572
1,282,343
642,810
1,255,189
664,654
220,888
1,226,379
689,506
217,124
Gross from railway
Net from railway
Earnings for the Year Ended March 31
June
Ry.—Earnings—
May—
outstanding shares
has been accomplished.
Monongahela
»
—V. 152, p. 3508.
Admin.,
exp.,
gen.
& selling
incl. advertis'g..
Interest and expense
Nashua
1,908,226
lations
Net trading profit
Other income
$949,731
25,293
deductions.._—
Res. for Fed, & State in¬
come taxes
—
Net profit
$1,466,938
1,952
$527,564
7,813
126,166
234,444
Divs. from affil. cos—
$509,217
75,914
Net profit..
a
$585,131
a
— ....
....
39,949
Nashville Chattanooga & St. Louis
$393,585
Gross
mm
mm
m
.
:
$791,826
hand
and
Net from railway..
Net ry. oper. income—
Period End. May 31—
1941—Month—1940
$335,871
$260,948
183,016
135,980
56,916
38,791
31,000
25,000
revenue
expenses.....
Taxes
Prov. for depreciation..
Gross income..
Divs,
on
pref. stock
2076.
;
Period End. Mar. 31—
-
/
.
National Power &
$3,562,890
1,751,948
507,726
288,333
on
Net oper. revenues...
(net)
$6,476,711
$6
Gross income..
to
Pref. divs. to public-..
$456,652
253,062
Balance
$6,514,156 $26,057,014 $26,241,035
2,390,120
Cr36,796
2,582,575
Cr4,571
9,955,370
067,815
$1,653
$82,415
dividend of $1.50 per share on account of
stock,
no
ac¬
par
$3,936,152 $16,169,459 $15,073,281
1,405,802
5,623,206
5,718,409
$2,530,350 $10,546,253
Missouri Pacific RR.-
-Court
Net
equity...
26
Nat. Power &Lt. Co.—
Net equity..
a
—
.
—
.
Other income-—
Total
2,722,961
9,739
348
$9,354,524
2,530,324
8,841
10,546,154
120.329
9,354,524
98,107
$2,539,165 $10,666,483
99,094
608,248
256,788
1,021,545
$9,452,631
409,222
1,020,088
$2,346,401
$2,183,283
$9,036,690
$8,023,321
$0.35
$0.32
$1.34
$1.16
$2,732,700
Expenses, incl.
129.413
taxes
Int. & other deductionsBal.
car'd
Earns, per
$307,509
$643,136
a
b
for Federal
provision
excess
by certain subsidiaries of $165,196 and $341,106
profits tax for the 3 and 12 months, respectively.
Comparative Statement of Income (Company Only)
Consolidated
Other
Approves ICC Reorganization
it into effect.
$6,728,943
120,329
$6,205,200
98,107
$1,636,781
46,810
52,284
$6,849,272
258,928
349,320
$6,303,307
70.911
expenses
Net oper. income.... $1,501,992
Interest and other deductions from income
256,886
Net
1941—12 Mos.—1940
$1,627,940
8,841
.$1,631,405
58,502
Total income.
Other
1941—3 Mos.—1940
$1,621,666
9,739
_.
Taxes.....
The Interstate Commerce Commission's plan of
reorganization for the
road, providing sharp reductions in capitalization and fixed interest
charges,
was approved June 20
by Federal Judge George H. Moore at St. Louis, Mo.
undergoing reorganization since March 31, 1933,
when it filed a petition under the amended
Banktrupcy Act.
Guy A.
Thompson has been serving as Federal Court trustee.
Under the plan total capitalization will be reduced from
$671,205,664
to $560,478,900. total annual
charges from $29,108,019 to $21,695,499,
and fixed interest from the present
$24,770,052 to $7,286,804.
Judge Moore listed 16 classes of creditors entitled to vote on the plan.
Approval of two-thirds in amount of each class will be necessary to put
Light Co. in income of subsidiaries,
Period End. Mar. 31—
Income from subs.—
$1,410,131
been
:
share..
Of National Power &
Includes
256,886
consol.
to
com.
Plan—
income.........
$1,245,106
$1,537,687,
.
$6,241,024
>;•
■■■ -:
208,428
200.794
$5,894,085
.■
256,788
^ 1,021,545
1,020,088
$1,280,899
$5,219,479
$4,873,997
Note—No provision has been made for Federal
excess profits are indicated.
excess
profits tax since
no
Balance Sheet March 31,
1941
Assets—
Investment securities and advances—Subsidiaries and minor
other investments
$129,960,182
Cash in banks—On demand....
4,030,961
Cash in banks—Time deposit..
I
250.000
a
Judge Moore overruled all objections to the reorganization, which wipes
out the interest
of present common and preferred stockholders.
The
debtor corporation contended the plan discriminated
unfairly in this
respect, but Judge Moore said he found the plan equitable.
Judge Moore, in approving the plan, modified it in one respect,
holding
that the
International Great Northern, a
subsidiary, must be continued
separate corporation because a Texas statute requires the lines'
oper¬
ating offices must be situated in Palestine, Texas.
It may be consolidated
later under certain conditions.
a
...
.....
Special cash deposits
U. S. Government Treasury bills
1,238
15,996,527
Accounts receivable—Associate companies
Accrued interest receivable
-
-
—
...
Dividends receivable—Associate companies
Others
Other current assets
The opinion stated that the general offices of the
Missouri Pacific have
long been maintained at St. Louis, and under the consolidation of all or
Prepayments.
Eart of the Texas lines it that not be feasible to move the offices from St.
ouis.
The judge ruled will
inconsistent State laws must give
way to
Liquidation account—Memphis Power & Light Co
affected
under
authority of the
commerce
powers of the Federal Constitution.
or
'
•
Payment
lias
on
Underlying Bonds—
been
amount
of $48,312.
_
—
Unamortized debt discount and expense......—
—
500
4,896
279,407
2,303
1,501
8,847
1,682,588
74,417
bankruptcy
authorized by the Federal District Court at St.
Louis to pay the semi-annual bond interest on the Pacific
RR. of Missouri
2d mtge
bonds for the six months ending June 30, 1941, in the amount
°t $45,027, and the Missouri-Illinois
RR. 1st mtge. bonds in the
Total....
Liabilities-**- "
$152,293,368
■
•.'
■'
■'
' vv ■
'•
c Capital stock
(no par)
b Long-term debt
Accounts payable—Associate companies.
Others.
Accrued interest
$125,839,095
18,104,500
12,015
.....
__
35,239
281,205
,
Trustee Abandonment—
The Interstate Commerce Commission on June
2 issued a certificate
permitting abandonment by Guy A. Thompson, trustee of the
company,
of a branch line of railroad
extending from Le Roy to Madison, apprixmately 29.5 miles, in Coffey and Greenwood Counties, Kans.—V.
152
P.
$9,354,872
99
$2,530,324 $10,546,154
.$2,722,961
earned surplus.....
Lines—Earnings—
$196,520
27
value,
1941— Month—1940
1941—5 Mos.—1940
Operating revenues
$2,594,513
$2,166,833 $12,403,112 $10,769,842
Operating expenses
2.092,048
1,791,595
9,564,306
8,786,914
Inc. avail, for fixed chg.
166,968
57,763
1,188,987
416,076
Fixed charges
363,487
365,272
1,832,123
1,826,208
Interest
<>13,531
$4,128,790
1,405,802
$203,590
Period End. May 31—
The trustee
11,181,285
$2,722,988
Balance
;
consolidations
7,617
Portion applicable to mi¬
Missouri-Kansas-Texas
has
6,083
,
and
$335,477
253,062
payable Aug. 1 to
holders of record
July 15. This compares with $2 paid on May 1, and
Feb. 1, last; Nov. 1, Aug. 1, May 1 and Feb. 1, 1940, 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. 152, p. 3818.
road
2,000
$6,500,147 $25,970,989 $26,136,939
14.009
86,025
104,096
$6,482,114
public
other deductions.....
Int. chgd. to construc'n.
$22,741
21,089
1st pref.
Loss after fixed chgs..
-V. 152, p. 3508.
$6,498,147 $25,964,906 $26,129,322
1,425
—.
...
Interest
a
the
1941—12 Mos.—1940
Rent from lease of plants
$1,014,882
558,230
Mississippi Power & Light Co.—Accumulated Dividend—
cumulations
V..
—
$831,406
495,929
$1,945
a
.X:'/;
1941—3 Mos—1940
/
nority interests
Directors have declared
'
Light Co. (& Subs.)—Earnings—-
Operating revenues
$20,924,794 $19,385,367 $80,249,255 $76,685,047
Operating expenses
9,598,804
9,237,034
37,993,077
37,128,474
Direct taxes.
—b3,241,266
2,176,620
b9,639,729
7,071,873
Prop, retire, res. approp.
1,608,013
1,473,566
6,651,543
6,355,378
$61,177
38,436
Balance
as
Corp.—To Pay 2It-Cent Dividend—
1941—12 Mos.—1940
$3,609,719
1,772,020
676,293
330,000
—V. 152, p. 3661.
The
5,583,477
1,059,328
539,545
National Aviation
$23,033
21,088
Net income
6,201,816
1,391,757
826,536
1938
Directors have declared a dividend of 25 cents per share on the common
stock, payable July 15 to holders of record June 25.
Dividend of 50 cents
paid on Dec. 16, last, and 25 cents paid on July 12. 1940, and on Dec. 15,
1939, July 14, 1939, and Jan. 14, 1939, this latter being the first dividend
paid since Dec. 15, 1936, when $1 per share was distributed.—V. 152, p.
$64,939
41,905
Int. & other deductions.
6,206,174
1,223,872
678,775
Operating income.... $6,478,136
Other income (net)
3,978
Mississippi Power Co.—Earnings—
Operating
$1,156,468
307,450
214,470
—V. 152, p. 3974.
in
banks, $1,284,536; accounts and trade
acceptances receivable
(less—reserve for doubtful accounts of $1,971),
$656,387; inventories, $1,524,764; insurance deposits, $83,478; life insurance
(cash value), $149,280; prepaid expense (chargeable to 1941 pack),
$66,002;
notes receivable (not current), $22,146; investment in other
companies,
$205,365; plant and farm properties, $2,646,493; asparagus beds, $57,061;
deferred charges, $31,372; goodwill, $1: total, $6,726,886.
Liabilities—Accounts
payable,
$13,143; accrued
expenses,
$36,839;
reserve for Federal and State income, excess
profits, capital stock, franchise,
and payroll taxes, $645,480; reserve for advertising, $68,664; reserve for
redemption of 7% preferred stock, $43,155; reserve for compensation insur¬
ance, $1,376; 15-year 3H% sinking fund debentures due March 15,
1956,
$1,000,000; registered notes payable of Blue Mountain Canneries, Inc.,
(1947, 1948, 1950), $103,028; reserve for contingencies, $25,000; 5% pre¬
ferred stock (par $100), $1,111,500; common stock (no par
value, class A,
44 shares, class B, 68,823 shares, $367,935; surplus (subject to accrued
dividends on 5% cum. pref. stock from March 15, 1941),
$2,041,861;
public interest in affiliated companies (Central Wisconsin Canneries, Inc.,
$842,147; Blue Mountain Canneries, Inc., $426,758); $1,268,906; total,
$6,726,886.—V. 151, p. 2506.
Gross
1939
$1,295,085
270,624
149,062
7,657,573
2,191,391
1,279,492
From Jan. 1—
Gross from railway.....
$471,913
Consolidated Balance Sheet March 31, 1941
on
458,845
278,876
railway.... $1,600,714
78,328
Ry.—Earnings—
1940
$1,229,353
241,345
136,837
1941
from
Net from railway
Net ry. oper. income...
Central Wisconsin Canneries, Inc., and Blue Mountain
Canneries, Inc
Assets—Cash
Dividend of $2.50
May—
$855,822
am
dividend of $2 per share on account of accumu¬
payable June 30 to holders of record
was paid on May 1, last, and $1.25 paid on
April 1 last, this last being the first dividend paid since December, 1939.
—V. 152, p. 2556.
$1,035,087
8,817
609,163
a
the first preferred stock
on
June 23.
$995,139
464,757
Total income
Other
$506,733
20,831
$975,024
1,049
——
$1,429,485
37,453
Mfg. Co.—Accumulated Dividend—
Directors have declared
45,305
Preferred dividend declared
Accrued taxes
——
Liquidation account—Tennessee Public Service Co
Reserve for retiring minority int. in subsidiary liquidated
Reserve (appropriated from capital surplus)
Earned surplus (incl, $5,154,532.95 restricted as to divs.)
419.574
222,094
333,086
10,400
281,378
6,754,782
3816.
Total
Missouri
Portland Cement Co.— To
Pay 50-Cent Div.—
Directors have declared a dividend of 50 cents
per share on the common
stock, payable June 30 to holders of record June 14.
This compares with
75 cents paid on Dec. 20, 1940; 50 cents
paid on June 29, 1940; 75 cents
on Dec. 20. 1939; 50 cents on June
30, 1939; 25 cents on Dec. 20, 1938, and
June 30, 1938, and 75 cents paid on Dec.
20, 1937.—V. 151, p. 3750.
Mode
b Pursuant to authorization by the board of directors, $8,775,000 of 6%
gold debentures and $4,500,000 of 5% gold debentures were called for re¬
demption on May 19 and June 19,1941, at 110% and 106% of the principal
amounts
respectively, with accrued interest to the respective redemption
6% gold debs., series A,
1, 2026, $8,775,000; 5% gold debs., series B, due May 1, 2030,
$8,959,000; Lancaster County Ry. & Light Co. 50-year 5% coll. trust mtge.
gold bonds, due July 1, 1951 (less $629,500 reacquired and pledged under
this issue), $370,500.
c
$6 preferred cumulative (entitled upon liquidation to $100 a share),
outstanding 279,716 shares; common outstanding (less 12,810 shares in
treasury;, 5,456,117 shares.
dates.
O'Day Corp.—Dividends—
Directors have declared
a dividend of 15 cents
per share on the common
stock, payable June 27 to holders of record June 7.
Like amount was paid
on Oct.
15, 1940, and compares with 35 cents paid on June
24, 1940; 25
cents on April 15, 1940; 15 cents on Jan.
15, last; 10 cents paid on Dec. 22,
1939; 15 cents on Oct. 13, 1939; 10 cents on June 27, 1939, and dividends
of
15 cents paid on June 20 and on April 13, 1939.—V.
151. p. 2050.
$152,293,368
a Includes $465,000
principal amount of county and municipal securities,
pledged under collateral trust mortgage bonds.
The long-term debt is made up as follows:
due Aug.
Volumt
The Commercial
152
Exchange $6 Pref. Stock for Houston Lighting
Offers to
Power Co. Common-—
Securities
d,6tGrniiii€Ki lsitcr«
As of May
*
31,1941, the company had 279,716 shares of $6
preferred stock
outstanding entitled to $100 a share and accumulated dividends upon
liquidation.
The company owns 500,000 shares of common stock of
Houston Lighting & Power Co., which is all of such stock outstanding.
—V. 152, p. 3818.
Sayable31, last; extra of 75 cents paid June 20. 20, 1940;of $1 was 50 cents
larch
June 30 to holders of record on Dec. Extra extras of paid on
paid on Oct. 1 and June 29,1940,
1940.—V. 152, p. 1925.
New
*
Corporation announced on June 20 the election of H. O. Berryman and
Paul H. Schmitz as Vice-Presidents.
At the same meeting John Arthur Brown was elected a director.
Giving effect to these additions, the executive officers of the corporation
are now:
George F. Doriot, Chairman of the Board; L. F. Gieg, President;
E. D. Murphy, Vice-President and General Sales Manager; Charles Beach,
Manager of General Line Sales; H. O. Berryman, Vice-President in Charge
of Packers Can Sales; Carle Cooling, Manager of Packers Can Sales, and
A. G. Hopkins, Vice-President in Charge of Manufacturing and Engineering.
—V. 152, p. 3508, 2559.
Corp.—10-Cent Dividend—
National Investors
of 10 cents per share
was
changed to $25 as of March 31.
On Dec.
share and extra of $2.50 were paid on the
Co.—Initial Common Dividend—
dividend of 25 cents per share on
Directors have declared an initial
common
National Tea
the
of record June 23.
stock, payable July 1 to holders
.Y 7-
kwh.,
New England Gas & Electric Association
10,777,870 kwh.
This is an increase of 2,469,411
8,308.459 kwh. for the corresponding
week
a
Gas
cu.
ft.,
week
29.72% above production of
or
year ago.
or
a
4.56% above production of
ago.—V. 152, p. 3975.
85,883,000 cu. ft. in the corresponding
year
|
Land Co.—-Earnings—
1940
$57,469
New Mexico & Arizona
& int.
Interest expense.
on
Int.
.
bonds other than debentures.
85,066
86,914
1,495
36,120
1,495
36,120
115,603
_
6M% conv. gold debentures..
6% cum. income debentures.,
Prov. for deprec. and amortization.,
ision for Federal income taxes.,.
Pro
150,955
—
-
IIIZIIIIIIIIZIIi:!-*---:"--.-------
Taxes
Other than
maturities and
Balance of income
Assets—Cash,
bonds.
$82,801; U.
1941
$100,000; accounts re¬
receivable, $1,185; inventory
(estimated), $1,000", non-current investments and receivables,
$2,058; plant and equipment (net), $3,167,238; deferred charges and pre¬
paid expenses, $62,832; assets held by trustee as security for collateral
trust sinking fund 614% bonds due April 1,1943, 13,192; total, $3,550,413.
Liabilities—Rank loans, $27,600; accounts payable, trade,
$15,416:
ice,
payable to affiliated
company, $17,058; funded debt, past due, $591,400", deferred rental credit,
$83,420; reserve for handling charges and deferred income, $11,397; accrued
interest on cumulative income debentures, $218,880; collateral trust sinking
fund 6Ji% bonds, due April 1, 1943, $705,300; 6% cumulative income
debentures, due April 1, 1945, $608,000; capital stock ($5 par); $591,095;
surplus, $496,394; total, $3,550,413.—V. 151, p. 2949.
\
Liabilities—Capital stock, $1,000,000; current liabilities, $235;
unearned rents collected, $14,870; other unadjusted
$1,015; deficit, $75,507; total, $965,028.—V. 151, p. 2199.
New Orleans &
Gross from railway..
Net from railway
and accrued expenses, $184,452; account
Gross from railway
retirement re¬
appropriations.
_
319,711
320,298
107,316
52,500
56,700
$8,450,521
3,757,825
3,807,175
1,562,257
1,303,015
630,000
650,900
Amortization of iimited-
800
800
9,600
21,615
$209,530
$214,416
60
$2,779,401
3,423
$209,591
61,875
17,500
$2,739,958
742,500
Other int. & deductions.
9.220
$214,476
61,875
17,500
9,503
$2,782,824
mtge. bonds....
debenture bonds
Int. chgd. to construe._
Cr471
Cr328
742,500
210,000
111,932
DrS57
Net oper. revenues
Other income
Gross income....
Int.
on
Int.
on
is
1,892
210,000
113,503
Cr4,078
$1,720,899 $1,675,169
499,100
499,100
$1,221,799 $1,176,069
Notes—Provision for Federal income taxes, subsequent to April 1, 1941,
being made at a rate which will result in the accumulation of such taxes
Net income
Divs. applicable to
v
$121,467
$125,926
preferred stocks for the period
Balance
of 30% for the full year 1941.
provision has been made for Federal excess profits tax
indications are that no such tax will be payable.—V. 152, p.
at the rate
No
Nevada-California
Electric
since present
3819.
Corp.—Refinancing
Plan
Approved—New Name Adopted—
Net from railway
Net ry. oper. income—
Power
will be changed to California Electric
Co.—V. 152, p. 3819,3974.
Nevada
Northern Ry.—Earnings—
May—
Gross from railway
Net from railway
Net ry. oper. income
From. Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
—Y. 152, p. 3508.
Net ry. oper.
income
3509.
95,166
1,208,713
ti^'Ano
517,099
..
.
Central RR.—Earnings—
May—
1941
1940
1939
Gross from railway
$36,717,134 $29,494,370 $25,343,068
Net from railway-10,629,751
6,936,974
5,700,642
Net ry. oper. income.-5,133,024
2,873,605
1,688,138
New York
Gross from railway
Net from railway
Net ry. oper. income
—V. 152, p. 3974.
.170,487,940 145,450,851
46,524,697 32,644,394
22,541,306
12,464,909
1938
$22,896,666
4,586,725
902,346
129,274,228 115,902,370
26,98b,850 1^,921,725
6,233,565 def814,057
May—
Chicago & St. Louis RR.—Earnings
1941
1940
1939
$4,818,202 $3,449,064 $3,170,516
railway
2,048,130
881,397
911,119
1,259,903
383,332
431,457
1938
$2,737,642
663,230
224,544
22,619,909
9,263,769
18,436,838
5,448,066
l^'l'H'ooo
4,686,282
*o'?lo4oA
3.158,430
5,623,010
2,743,078
2,297,917
Gross from railway
Net from
Net ry. oper.
income
Gross from railway
Net from railwayNet ry. oper.
—V. 152, p.
New
income
3975.
York
Haven
New
1941
1940
1939
1938
$65,566
39,702
29,635
$53,593
27,651
17,866
$50,368
21,587
15,168
282,397
126,869
301,226
169,077
121,743
269,648
129,650
87,063
213,191
73,904
49,448
& Hartford
891,285
RRCertificates
Awarded—Gregory & Son received June 24 the award of an
issue of $2,890,000 1%% equipment trust certificates, on a
bid of 99.3612, or an interest cost basis of 1.87%.
The issue,
it was announced, has all been sold and there will be no
formal reoffering of the certificates.
The certificates will be issued under an agreement between the New
England Car Co. and the road with the National Shawmut Bank of Boston,
as trustee.
They will be dated July 1, 1941, and mature in equal annual
instalments of $289,000 each, beginning on July 1, 1942, and ending on
JUThe'proceeds
of equipment costing
will be used to pay 80%
$3,710,000.
Diesel electric switching locomotives from the
costing $60,000 each; 1,000 50-ton steel box
cars from the Pressed Steel Car Co., costing $2,798, and six 44-ton Diesel
electric switching locomotives from the General Electric Co., costing
It will include 10 100-ton
American Locomotive Co.
$36,700 each.
,
,
,
..
.
,
received the following tenders:
A group headed by Alex.
three bids, as follows:
97,793 for 1 Ms. 99,071
for lMs, and 100.351 for 2s; Halsey, Stuart & Co., Inc.,
for lMs and 99.907 for 2s; Salomon Bros. & Hutzler 98.537 for
Drexel & Co. and associates 100.264 for 2Ms; Chase National Bank, 100
for 2s; Lazard Freres & Co. 98.764 for lMs, and Freeman & Co. 100.06
road
Brown &
Sons submitted
offered 99.357
lMs;
for 2s.
Ended May 31
1941—5 Mos.—1940
$6,647,839 $40,662,931 $33,273,434
351,626 a5,921,162
2,067,223
Earnings for Month and 5 Months
1941—Month—1940
$8,995,048
Total oper. revenue.Net ry. oper. income--.
Inc avail, for fixed chgs.
c
l\A<d5,W2
1,693,705
b587i226
Net after charges.. —
514,243
def607,875
6,904,315
2,881,717
bl,352,397def2,717,437
the following companies were rejected on dates stated
below but net railway operating income includes the results of operations
of these properties: Old Colony RR., June 2, 1936; Hartford & Connecticut
Western RR., July 31, 1936; Providence, Warren-& Bristol RR., Feb.
1937; Boston & Providence RR. Corp., July 19, 1938.
b Effective as of these dates, no charges for the stated leased rentals are
included covering the Old Colony RR., Hartford & Connecticut Western
a
The leases of
11,
RR., Providence,
Corp. leases.
Warren & Bristol RR.,and
Boston & Providence
RR.
account for the operated
system, includes accrued and unpaid real estate taxes on Old Colony, and
Boston & Providence properties: also accrued and unpaid charges against
said properties for Boston Terminal Co. taxes and bond interest.—V. 152,
c
p.
For the
purpose
of showing the complete
"
3820.
New York Ontario
$63,146
32,809
23,027
82,246
1938 ^
$237,195
1,163,473
4i?A'Z§?
430,964
1,122,576
411,775
440,116
1,192,306
457,207
471,321
Net from railway
—V. 152, p.
The
approved the refinancing of the first trust
mortgage bonds now outstanding.
Under the plan adopted by 81 % of the
preferred stockholders and 89% of the common, of which 99% voted favor¬
ably, each existing share of preferred stock will be converted automatically
and reclassified into four-fifths of a share of $3 preferred stock, with a par
value of $50, and six shares of comrrion stock.
The amount of authorized common will be increased from the present
approximately 85,000 shares now outstanding to 1,200,000 shares.
Also,
200,000 shares of a new class of cumulative prior preferred stock of $50 par
value may be issued from time to time in series, as a vehicle for senior
preferred stock financing.
It is anticipated that 60,000 of this prior pre¬
ferred stock will be issued to finance the company's funded debt.
At a
dividend rate anticipated at 5%, but dependent upon market conditions at
the time of issuance, each of the prior preferred shares will be convertible
into five shares of common at the option of the stockholder.
Unpaid cumulative dividends on preferred will amount to $11 per share
on June 30, 1941.
The new plan provides that no dividends can be paid
on the common stock until these arrears have been paid.
The company
has offered preferred stockholders one-fifth share of the new $3 preferred
stock and $1 in cash in settlement of these arrears.
The savings to the
company will be sizable, according to company officials, because the present
bonds are 5s, while the new money will be available at around 3H%.
The present bonds will be retired at 102M, provided the Federal Power
Commission approves the refinancing plan and the issuance of the new
The stockholders on June 20
securities*
Under the plan, the company name
& Mexico Ry.—Earnings1940
1939
$175,115
$201,109
33,738
£3,763
70,900
44,280
60,399
1941
$220,360
65,442
May—
Gross from railway
$2,738,066
61
term investments
69,102
—V. 152, p. 3508.
1941—12 Mos.—1940
$8,809,333
Property
serve
480,836
income---
32,115
1,208,070
346,547
New York
1941—Month—1940
$721,286
$695,330
134,545
Direct taxes
1938
$246,782
1,195,617
410,291
142,696
1,295,500
447,955
1 81,337
1,968,664
925,565
"
Net from railway._
Net ry. oper.
accrued
credits,
—
Net ry. oper. income
Nebraska Power Co.—Earnings—
Period End. May 31—
Operating revenues..
Operating expenses, ex¬
cluding direct taxes
Northeastern RR.—Earnings—
1941
1940
1939
$439,493
$264,985
$245,425
212,955
89,491
98,006
40,425
35,496
Gross from railway
S. Govt, securities,
ceivable, trade (net), $120,108; other accounts
other payables
$389,149: U. S. Treasury securities (at cost), $500,235;
investments, $624; cash, $50,572; bills collectible, $8,547;
$2,127; notes receivable, $650; land sale contracts,
receivable,
taxes, $24,414;
$119,367
Consolidated Balance Sheet March 31,
of
$15,084
Dec. 31, 1940
Assets—Lands,
miscellaneous
New Orleans Texas
$168,275
on funded debt, less interest income,
b On April 1, 1933,
coupons and premium on retirement of 1st mortgage and
collateral trust 6M% gold
1939
$51,325
5,908
30,333
$27,422
Expenses
300
__
$85,336
N-tioss
$87,177
8,913
6,406
_
1,105
36,480
151,593
on
a
_
84,673
on
Int.
1939
$156,337
1,769
$198,891
10,376
b Additional interest_
Int.
1940
1941
Years Ended March 31—
a
5,653
24'394
„
Total income
May—
Corp. (& Subs.)—Earnings-
Net inc. before deprec., amort.
of 3,918,000
89,801,000 cu. ft., an increase
output is reported at
$13,123; total, $965,028.
Co.—Sales—
1941, amounted to $5,257,293,
with $4,549,748 for the corresponding period in 1940, an
increase of 15.54%.
The number of stores in operation decreased from
1,059 in 1940 to 1,053 at June 14. 1941.—V, 152, p. 3818.
compared
National Terminals
Assn.—System Output—•
For the week ended June 20
reports electric output of
interest
Sales for the four weeks ended June 14,
as
March 28,
Par value
27, 1940, dividend of $1.50
$100 par stock.-Vv. 152, p.
,
England Gas & Electric
New
Balance Sheet
National Screw & Mfg.
the common
dividend of 45 cents per share on
Years Ended Dec .31—
will be paid on July 19 to holders of
record June 30.
This payment compares with 13 cents paid on Dec. 23,
last; eight cents paid on July 20, 1940; 14 cents paid on Dec. 23, 1939;
five cents paid on July 20, 19.39; four cents paid on Dec. 24, 1938, and two
cents per share paid in each of the preceding quarters.—V. 152, p. 3031.
A dividend
paid on March 30,
Co.—45-Cent Dividend—
England Confectionary
Directors have declared a
1925.
Officials—
and extra of 25 cents
stock, par $25, payable June 27 to holders of record June 20. On
last, dividend of $1.80 a share was paid on the $100 par stock.
per
National Can Co.—New
quarterly dividend of 50
a
1
'
dividend of $1 per share in addition
cents per share on common shares, both
Directors have declared an extra
to
Company has filed with the
and Exchange Commission an
application (File 70-337) regarding a proposed offer to the holders of its
$6 preferred stock (no par), to exchange such shares for common stock
(no par), of Houston Lighting & Power Co.
The basis of exchange is to
Co.—-Extra Dividend—
Machine
Britain
New
&
,
.
4131
& Financial Chronicle
May—
Gross from
-
railway
-
Net from railway.-----
Net ry. oper.
income
GraTfromrailway
Net from railway
Net ry. oper. income.-—V. 152, p. 3509.
& Western Ry.—Earnings—
1941
$542,740
81,012
1940
$450,748
7,521
1939
$568,442
61,714
1938
$517,894
27,256
def7,456
def77,377
def31,662
def56,382
2,303,735
122,160
2,096.476
def63,122
2,504,751
26,309
def266,871
def447,4oo
2,881,316
"426,065
def45,221
def385,166
4132
The Commercial & Financial Chronicle
New York & Richmond Gas Co.—Suit Dismissed—
Supreme Couit Justice Walter has dismissed
New York
James W.
minority stockholder's
a
Hubbell, who joined the
suit to invalidate the recapitalization
plan on the grounds that it was in¬
equitable to the holders of 6% cumulative preferred stock. The
plan, which
went into effect last
December, was
in accordance with the
Commission.
Vice-President in
who
Carl
defendants in
insufficient and without merit.
Operating
Gross
Earnings for Period Ended May 31
1941—Month—1940
1941- -12 A/os.—1940
$102,824
$101,894
$1,242,074
$1,226,964
inc.
after
retire¬
ment reserve accruals.
2.5,275
9,974
27,461
13,590
332,029
154,203
•—V. 152, p. 3353.
in interest cost to the
company.
To A crept
Sealed Bids
on
Stock Issue—
New York Steam
Directors
effective July
special
duties.
Ingram was elected Assistant Treasurer.—V.
Vernon B.
New York
Gross from railway——
1941
Gross from railway
Net from railway
1940
$322,763
1938
$271,625
102,819
34,830
$243,622
57,821
defl4,830
1,516,370
633,885
290,906
Net from railway
Net ry. oper. income...
&
2865.
$248,029
74,980
19,085
1,302,261
480,040
199,411
1,325,982
498,351
144,794
1,297,922
435,810
74,872
—V. 152, p. 3510.
North
p.
157,386
84,694
Net ry. oper. income
From Jan. 1—
Gross from railway.-
Judd
Mfg. Co.—$1
Dividend—
Directors have declared a dividend of $1
per share on the common
stock, payable June 26 to holders of record June 18.
This compares with
50 cents paid on March 31, last, and
previously regular quarterly dividends
of 40 cents per share were distributed.
In addition extra dividend of 50
cents was paid on Dec. 28, 1940.—V.
151, p. 3897.
North American Co. (&
Period End. Mar. 31—
Operating
Operating
revenues
expenses
Maintenance.
—
a
Approp. for deprec.
22,585,882
2,437.056
1,027.826
def440,125
1,531,763
Gross from railway.....
28,338,692
6,847,344
5.425,430
25,126,328
4,927.130
3,593,287
Net from railway
Net ry. oper. income...
.
res.
4,951,258
Net oper. revenues...
$9,814,784
4,000,488
2,513,30 1
4,640,875
15,0*1,274
9,31 6,562
17,351,633
19.662,921
931,005
—V. 152, p. 3510.
Northern States
Power Co.
(Del.)—Weekly Output—
Electric output for
the week ended June 21, 1941, totaled 32,441,761
compared with 27,382,139 kwh, for the corresponding week last
year, an increase of 18.5%.—V. 152, p. 3976.
kwh.,
as
Northwestern Bell Telephone
Co.—Earnings-
Period
End. May 31—
1941—Month—1940
1941—5 Mos.-—1940
Operating revenues..... $3,255,107
$3,065,391 $15,586,081 $14,699,569
Uncollectible oper. rev..
7,960
6,975
39.668
39.997
Operating revenuesOperating expenses.....
$3,247,147
2,196,793
$3,058,416 $15,546,423 $14,659,572
2,036,802
10,462.580
10,020,645
$1,050,354
464,035
$1,021,614
408,830
$5,083,843
2,207,108
$4,638,927
2,038,711
$586,319
539,124
$612,784
570.306
$2,876,735
2,593,610
$2,600,216
2,358,605
.
Operating taxes
...
Net operating income.
—V.
152, p. 3510.
(
Northwestern Electric
Period End. May 31—
Operating revenues
Oper. exps., excl. direct
Co.—Earnings—
1941—Month—1940
1941—12 Mos.—1940
$360,501
$357,915
$4,581,004
$4,779,136
227,479
195,156
2,550,866
64,313
25,000
60.916
790,880
2,611,032
764.866
25,000
325,000
300,000
taxes
Direct taxes...........
Prop, retire, res. approp.
Amortiz. of
limited-term
investments
14,737,668
6,228,819
15,940,774
24
.
24
$1,103,214
4,722
Net oper. revenues...
Other income (net)
$43,709
67
39
$914,234
259
Gross income
_.A.
Int. on mortgage bonds.
Interest on debentures..
Other int. & deductions.
$43,776
22,333
9,975
3,135
$76,804
$914,493
$1,107,936
22,333
268.000
10,500
14,106
122,413
339,166
75,250
136,337
0199
Int. chgd. to constr
4,177,569
3,043,323
Prov. for inc. taxes—
$3,964,816
138,169
defl61,004
1,844,821
.
$76,843
56,111
Crl9o
Cr 19
01,118
$8,528
$29,884
$469,087
__
Subs.)—Earnings—
1941—12 Mas.—1940
$37,514,062 $35,520,410 $132268,508 $125172,673
13,589,139
13,057,339
48,638,962
46,181,225
1,937,989
1,900,864
7.965,262
7,796,360
n.
1938
$5,384,363
901,241
590.991
Net ry. oper. income...
From Jan. 1—
Net Income.
1941—3 Mos.—1940
Taxes, other than income
taxes
1939
$6,481,717
railway.
Net income
152,
1939
bid of 99.523 for 2>^s.
a
1940
$5,758,142
1,491,630
1,168.028
Susquehanna & Western RR.—Earnings—
May
the award of
Net oper. revenues...
Corp.—New Treaswer, &c.—
June 24 elected Lewis E. Frank, Treasurer of the
corporation,
1.
He succeeds George S. Beith who will be
assigned to
on
won
1941
Net from
/
The corporation, in a final effort to receive bids for
its securities, will
accept sealed proposals for 120.000 shares of new preferred stock on
July 1
next, R. D. Jennison, President disclosed June 26.
The dividend rate on the new
preferred stock, which is to be sold at
not less than par in
compliance with State law, has been raised from a
maximum of 5% to 514 %. This action, which has been
appioved informally
by the Securities and Exchange Commission, received the approval of the
New York State Public Service Commission, June 26.
The corporation
petitioned the Commission, June 26 for approval to raise the dividend
rate and the State agency,
following a special meeting announced its ap¬
proval of the proposed dividend rate increase.—V. 152, p. 3975.
June 20
on
Halsey, Stuart & Co., Inc., entering
May—
disadvantage.
Halsey Stuart <& Co.
was 3.04% to 3.05%
Ry.—Equipment Trusts Placed Privately
Ewnings for Month of May and Year to Date
theory
the preferred,
The assumption in financial quarters is that the
company would go to
the Commission asking that the form of its invitation to
bid be revised to
permit joint as well as several bids. The Commission,
recently promulgated
Co.; First Boston Oorp. and Glore, Forgan & Co.;
and Equitable Life Assurance
Society.
The lowest
Mr. Hubbell has been
Salomon Bros & Hutzler and associates bid 99.572 for 2Hs. and a
group
headed by
the
the rule requiring competitive bids on certain
utility issues.
The four bidders for the bonds were
Blyth & Co. and Smith Barney &
Clerk in its
a
The bonds, issued under the Philadelphia plan, are to be secured
by new
equipment estimated to cost approximately $6,425,000, including 200
ballast cars and 1,850 steel sheet box cars,
Originally the company proposed to ask for three kinds of bids: all of
the bonds and stock: second, all of the
bonds, and third, ail of the stock.
The Securities and Exchange Commission vetoed the first on
a
as
$5,700,000 1 to 10-year equipment trust certificates, bidding
99.274 for 2% obligations, an interest cost basis of 2.14%.
Two other bids were made for the issue, which the bankers
report has been privately placed.
The corporation on June 23 rejected all of the bids for its
$35,393,000
first mortgage bonds, due April 1, 1971, while none were received
for its
120,000 shares of preferred stock.
The reason for rejection was that the
company wanted to sell both bonds and stocks and not bonds alone.
at
company's retirement plan.
—Latirence M. Marks & Co.
Corp.—Rejects All Bids
on $35,393,000 Bond Issue—Received No
Offers on Stock—SEC
Requirement Seen as Reason■—
use
1902
Charge of Operations since 1934.
Northern Pacific
328,523
158,997
New York State Electric & Gas
that it placed the insurance
companies, which could not
company in
Whitmore, Vice-President in Charge of Personnel, was designated
Vice-President in Charge of Operations to succeed Mr. Hubbell and Oscar
M. Taylor. Assistant Vice-President of the personnel relations department
of the American Telephone & Telegraph Co., parent concern of the Bell
System, was appointed Vice-President in Charge of Personnel to take over
All. Whitmore'if duties.—V. 152, p. 3821.
revenues,,.
Net income
1941
traffic department in Brooklyn, was on June 25 elevated to the Presidency
of the company. He succeeds James L.
Kilpatrick, who w ill retire on July 31
approved by the New York P. S.
Goetz, representing the directors of the company
the action, contended the
complaint was
Jacob H.
named
were
June 28,
Telephone Co.—Eew President—
334,199
Balance
$557,382
334,196
$134,888
Divs. applicable to pref. stocks for the period
$223,186
Notes—Provision for Federal income taxes, subsequent to
April 1, 1941,
is being made at a rate which will result in the accumulation of such taxes
at the rate of 30% for the full year 1941.
No provision has been made for Federal excess
profits tax since present
are that no such tax will be payable.—V. 152,
p. 3822.
indications
Non-oper.
revenues--.-
2,161,484
$9,407,-543
2,037,411
$33,964,815 $34,287,827
10,032,891
10,398,076
Gross income.
$11,976,268 $11,444,954 $43,997,706
Interest on funded debt.
3,391,020
3,460,060
13,656,904
Amort, of disc, and ex¬
pense on funded debt.
Other interest charges.Interest during construc¬
tion charged
300,725
18,773
1,204.238
68,972
1,206,691
83,923
Crlll ,471
1,339,140
1,396,043
514,360
...
Minority interests in
CV35.011
438,656
575,000
Cr286,494
5,376,261
092,786
5,718,744
Other deduction
575.000
1,749,777
1,591,817
1,250.000
Bal. for divs. & surplus $5,948,721
Divs. on pref, stock of
North American Co..
955,314
1,250,000
$5,287,172 $20,978,048 $20,952,121
955,458
surplus.....
$4,993,407
.—
Earns, per share of com.
stock of North. Ameri¬
can Co
3,821,256
3,821,832
$4,331,714 $17,156,792 $17,130,289
$0.58
$0.51
$2.00
$2.00
Provision for income taxes for the three months
ended March 31, 1941
and 1940 and for the 12 months ended
March 31, 1941 and 1940 include
$il3,220. $76,500, $305,150 and $76,500,
respectively, for excess profits
taxes.—V. 152. p. 3510.
North Texas Co. (&
Perioa End. May 31—
Operating
revenues
Operation.
Maintenance.
Federal income taxes
Other taxes
#
19,342
770
17,331
def240
12,724
11,978
Gross inc. before depr.
1941—12 Mos —1940
$1,395,590
$1,375,170
750,109
759,974
209,897
199,160
18,215
145,087
1,215
145,345
$31,440
$21,847
$272,282
$269,476
209
37
1,620
67
1,243,535
Gross from railway
1.183,667
defl70,340
323,669
1,198,840
defl31,701
def263,721
993,019
def514,323
def658,546
railway.def20,807
200,960
Oklahoma City-Ada-Atoka
May—
Ry.—Earnings—
1941
1940
1939
1938
$21,418
1,752
def4,421
$34,594
$32,668
2,397
110,333
31,052
1,803
Gross from railway
$24,269
Net from railway
Net ry. oper. income...
8,298
13.032
5,591
5,911
def2,749
Gross from railway
Net from railway
Net ry. oper. income
117,699
21.967
158,972
defl0,413
—V.
152,
p.
26,330
180,070
58,166
15,184
56.490
3510.
Oklahoma Natural Gas
Co.—Earnings—
12 Months Ended May 31—
Operating
Operation
1941
revenues
.....
...
Alaintenance
—
—
Federal and State Income taxes
Other taxes
x
Utility operating income
..............
income
on
bonds
Interest
on
bank loans
$273,903
137,183
$269,543
138,773
$11,570
$136,720
$130,770
Int.
on
1st
coll.
2,571
2,842
1,007
929
Bal. (before deduction
of income interest).
$16,514
Interest on 1st coll. lien bonds,
3% income
$3,505,919
848,607
121,109
1,394
1.230,368
Cr9.121
26.242
44.206
63,340
$2,519,792
$2,446,621
319 000
273.165
208,279
273,156
$1,927,627
$1,920,046
...
Convertible 6% prior preference
lien
Net income
-V. 152, p. 3353.
$4,736,287
Preferred stock dividend requirements:
(excl.
interest):
bonds, 3% fixed
Int. on equip, notes,&c
$4,540,917
1,181.037
173.754
Amort, of debt dist. & exp., less debt premium
Other income charges
Net income
deduct'ns
income
$4,734,893
Preferred...
$21,884
10,314
$20,092
Gross income
Income
1940
$9,265,836
3.231,209
247,885
296,008
755,840
$3,359,880
631,250
Gross income
Retirement reserve accruals
Interest
2/9,318
528.994
768,430
-
$4,535,414
5.503
Other income (net)
x
$9,478,173
3,366-016
$5.50 convertiole prior preferred
$31,649
11,557
Depreciation
1938
$280,573
def25,692
def55,546
Net ry. oper. income...
—V. 152, p. 3510.
Gross
Oper. inc. before depr.
Other income (net)
1939
$287,617
3,825
def24,311
....
Subs.)—Earnings—
1941—Month—1940
$129,493
$116,102
65,963
64,441
j..'
1940
$265,486
defl0,752
def41,900
From. Jan. 1—
divs. and
com.
RR.—Earnings—
1941
$285,728
35,072
6,283
Net ry. oper. income
From Jan. 1—
net
income of subsidiaries
Pacific
Gross from railway
Net from railway
Net from
to prop¬
erty and plant-.
Pref. divs. of subs
Bal. for
299,088
23,946
Northwestern
May—
$44,685,903
13,975,393
32,504
12,059
37,754
10,572
Balance for common stock and
x
$7,798
$92,157
33,276
$58,881
reserve
surplus—
accruals.—V. 152, p. 3977, 3354.
Omar, Inc.—50-Cent Dividend—-
$82,443
37,931
$44,512
Before retirement
45,140
Directors have declared
a
dividend of 50 cents per share on the commou
stock, payable June 23 to holders of record June 18.
Last previous payment
was made on June 26, 1940, and amounted to 40 cents
per share.—V. 151,
p.
2359.
v
&
Volume
The Commercial & Financial Chronicle
152
Old Dominion Power Co.
Period End. Mar. 31—
Operating revenues.____
Operating exps. & taxes.
$230,220
178,299
Net operating income, f
I
$51,921
$45,325
Gross income
$51,921
40.926
$10,995
1941—12 Mos.—1940
$878,252
$106,241
685,296
622.478
$216,714
171.389
$173,762
$192,955
Other income
68
Int. & other deductions.
Net income
Note—Federal income tax
has
96
$45,325
41,102
$193,023
163,221
$29,802
Liabilities—Accounts payable, $45,488; salaries, wages and commissions,
$6,030; prepayments by customers for advertising, &c., $8,641; accrued
local and Federal capital stock taxes, interest and royalties, $21,024;
Federal taxes on income, $50,114; 1st mortgage 5% notes due prior to
Dec. 31, 1941, $10,000; 1st mortgage 5% notes, $220,000; deferred income,
$40,540; 7% cumulative preferred stock (par $100), $2,007,800; common
stock (16,000 no par shares), $400,000; capital surplus, $58,603; earned
sin-plus, $282,741; total, $3,150,982.—V. 152, p. 3978.
$173,666
$4,223
been
$8,072
accrued
at
provided in the
rates
Pennsylvania RR. Regional System—Earnings—
165,594
Second Revenue Act of 1940.—V. 151, p. 2951.
The company has received permission to list 82,051 additional shares
entered
stock
into
Railway
Railway
Net
of
the New York Curb Exchange.
On June 9 it
contract to acquire all the capital stock of the Richmond
(no par)
a
on
Sanitary Co. in exchange for this stock.
Earnings for the 4 Months Ended April 30, 1941
Net sales.
a
b
Earnings
$607,804
5,858
Net profit
After Federal income and
a
Pacific
$1,016,580
$2.57
___
...
of $282,820 for
and
$750,000 for contingency reserves, b On396,125sharesofcapitalstock.—V.
152, p. 3823.
Pacific Power & Light
Period End.
Federal
and
State tax
reserves
Co.—Earnings1941—12 Mos.—1940
1941—Month—1940
May 31—
Operating revenues.
Oper. exps., excl. direct
$570,707
$481,374
$6,648,872
$6,096,572
231,074
93,014
57,908
205.717
73,458
57,908
2,874,419
2,575,151
899,527
694,900
134
136
$188,711
18,835
$144,291
$2,042,279
224,293
Direct taxes
res. approp.
1,037,140
694,900
Amortiz. of limited-term
investments
Net oper. revenues
Rent from lease of plant.
Net ry. oner, income.
May—
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
—V.
152,
p.
$7,097,686 $34,678,598 $28,944,256
$8,514,455
(Earnings of Company Only)
1940
1939
1938
1941
$51,773,209 $37,683,303 $30,688,016 $27,684,173
11,992,755
7,634,731
7,446,950
14,620,346
7,127,268
3,552,667
3,384,449
8,524,570
222,565,710 180,807,114 155,771,384 138,507,372
49,860,882
39,197,193
32,685,769
60,249,522
29,093,672
21,159,475
14,494,407
34,796,392
3663.
'
>
To
Peoples Gas Light & Coke Co., Chicago
Public Service Units in Chicago—
Acquire
Company has been authorized by the Illinois Commerce Commission to
acquire all the gas properties of the Public Service Co. of Northern Illinois
lying within the corporate limits of the City of Chicago for $3,700,000.
Heretofore Peoples had been leasing such facilities from Service at the
annual rental of approximately $368,000.
The properties include five
production plants, 14 distributing stations, two leased stations, and two
purification plants as well as some transmission mains.—V. 152, p. 2715.
$1,926,858
215,477
taxes
Prop, retire,
$14,622,365 $11,973,991 $60,285,960 $49,760,788
4,066,500
2,886,845
16,955,800
12,037,505
651,179
473,606
2,933,561
2,447,157
Railroad retire, taxes—_
651,196
473,458
2,933,764
2,447,202
Equip, rents Dr. bal
535,159
803,488
1,846,008
3,032,220
Jt. facil. rents—Dr. bal.
203,876
238,908
938,229
852,448
Gross from railway
Net from railway
Mills—Earnings—
After provision
from railway
_
no par
Earnings for the 5 Months Ended May 31, 1941
a Estimated net
profit...
b Earnings per share
a
oper.
rev.
operations
profits taxes and provision for con¬
capital stock.—V. 152, p. 1444.
excess
b On 195,000 shares of
tingencies.
oper.
Railway taxes—
Unemploym't ins. taxes.
$0.03
share
per
®
Eastern RR.]
1941—Month—1940
1941—5 Mos.—1940
revenues_$51,894,071 $37,766,186$225,032,315$181,179,562
expenses. 37,271,706
25,792,195 164,746,355 131,418,774
[Excluding Long Island RR. and Baltimore &
Period End. April 30—
Pacific Can Co.—Lists New Stock—
common
goodwill, $2,063,162; deferred chagres, $22,583; total, $3,150,982.
tions and
(& Subs.)- -Earnings—
1941—3 Mos.—1940
4133
Peter
Paul, Inc.- -Earnings—
Operating income
$207,546
Dr3,848
Gross income
Int.
on
mortgage bonds.
Other int. & deductions.
Int.
1941
1940
1939
$163,671
$1.10
$182,961
$1.23
$165,555
$1.12
$2,266,572
Dr22,956
$162,650
Dr62
85.417
$2,142,335
Dr4,959
Earnings per share
—V. 151, p. 3098.
$2,243,616
1,025,000
$162,712
$203,698
85,417
29,245
Other income (net)..
3 Mos. Ended March 31
Net income after all charges
18,421
$2,1.37,376
1,025,000
240,844
02,575
Net sales.
260,212
22,156
0430
chgd. to constr
Pettibone Mulliken
Corp.—Earnings—
•
— —
—
.
1941
$3,245,736
1940
$2,784,066
2,583,708
Year Ended March 31—
2,174,196
Cost of sales (incl. depreciation)
Unabsorbed burden
$958,834
458,478
Balance
$874,107
$500,356
$89,036
$55,077
Divs. applicable to pref. stocks for the period
$415,629
458,478
Notes—Provision for Federal income taxes, subsequent to April 1, 1941,
$515,242
305,646
profit
Selling and administrative expenses..
Net profit from
operation
$464,035 loss$58,710
288,922
214,337
$209,596
Gross
$175,112 loss$273,047
7,173
6,310
9,960
Other income
is
being made at a rate which will result in the accumulation of such taxes
at the rate of 30% for the full year 1941.
No provision has been made for Federal excess profits tax since present
indications are that no such tax will be payable.—V. 152, p. 3663.
Pacific Western Oil
Corp.—Debentures Called—
Corporation has called for redemption on Aug. 1, 1941, $50,000 principal
amount of its 3K % sinking fund debentures due Aug. 1, 1949.
The deben¬
tures drawn by lot will be redeemed at the principal office of the trustee,
City Bank Farmers Trust Co., at par.—V. 152, p. 3354.
— _
55,190
$182,285 loss$286,737
59,255
67,491
Net profit
Earnings per share on common stock.
$164,365
$1.51
$123,030 loss$334,228
$1.13
Total
profit
a
Incorre Account, Years Ended
Including wholly-owned subsidiary.
Balance Sheet March 31
1941
$99,782
Assets—
Notes & accts. rec.
Inventories
April 30 (Including Subsidiaries)
1940
1941
1939
1938
$2,630,202
76,438
$2,416,180
$2,706,640
1,246,363
Depletion & depreciation
Interest expense
437,775
Prov. for Fed. inc. tax—
a6,687
Prov. for contingencies,
150,000
Propor. of profit applic.
$2,512,274
1,296,462
440,108
76,857
Other income.
Total income
$2,265,411
1,055,184
495,933
32,153
15,000
b43„577
35,000
Net profit
b Including
5,588
36,925
48,447
$383,276
$661,922
$856,533
Of subsidiaries.
$587,269
on
undsitributed profits.
1941
Liabilities—
S
1 ,791,495
1,684,696
2,121,101
taxes, &C—
(at cost)
Receiv. (less res.).
499.950
500,000
1 ,201,308
2,244,769
Res.
Inventories
1 ,276,500
1,109,152
Long-term debt.
and
225,735
216,464
150,578
168,596
Cum.
ables (less res.).
Advances
cers
a
to
serves
1,186,107
8.801,900
stock
.13,588,400 13,588,400
par)
($1,000 par)..—
12,611
12,199
Prop., plant and
equip,
420.000
9,277,714
1,195,388
Class A com. stock
2,366.825
2,366,825
Class B com. stk.
Paid-in surplus...
3,406,590
3,406,590
offi¬
& employees
pref.
($100
Non-current receiv¬
2,691,826
535,000
for conting—
Min. int. in subs..
bonds
(less reserve)—.
accr.
y
Earned
(less re¬
for deprec.
177,641
463,966
834,063
518,302
cJDr75,869
surplus
Treasury stock
dZ)r46,250
..28 151,340 26,956,797
and
404,073
218,254
and depletion)
Prepaid
exps.
a
...33,713,178 33,111,340!
After special reserves
33,713,178 33,111,340
Total
of $1,696,983 in 1941 and $1,869,997 in 1940
b Represented by shares of $5 par.
c At cost—413
shares class A common, and 59,300 shares
shares
cum.
pref.,
(incl. 1,300 shares
partially owned subsidiary) class B common,
d Par value of
413 shares of pref. and 4 38-40 shares of class A common held by trustee
vto be surrendered to company upon death of owner).—V. 152, p. 3355.
4 38-40
held
by
Penton Publishing
Co.—Earnings—
1940
$1,395,813
1,108,136
Sales
Cost of sales-—
1939
$1,124,226
927,534
1938
$1,122,871
951,752
1937
$1,328,899
1,038,849
$287,677
Years End. Dec. 31—
Admin, and gen. expense
122,345
$196,692
109,870
$171,119
108,905
$290,050
117,852
Operating profit
(net)
Prov. for Fed. taxes on
$165,331
$86,822
24,421
11,983
$62,214
11,603
$172,198
12,078
26,057
Gross profit
Other expense
49,065
13,160
8,508
of
Equipment Digest
Publishing Co
Cr3,534
Drl3,827
Drl8,523
Net profit.
$95,380
$47,852
$23,580
income
—
Prov. for profit or loss
$134,062
Balance Sheet Dec. 31, 1940
and accounts receivable (net),
$123,674; inventories, $29,854; investments and advances, $122,212; other
assets, $38,031; property, plant and equipment (net), $627,766;'publica
Assets—Cash,
$123,700;
trade
$136,119
16,067
570,871
Accrued liabilities-
221,997
136,334
15,000
16,728
16,521
Reserve
Sundry
accts.
c
Notes payable
Buildings
Property,
—
1,959
21,736
.
10,000
(not
536,767
567,912
Common stock—
2,710,625
2,710,625
Capital surplus
Earned surplus—
144,936
current)
2,125
21,267
118,043
115,794
2,601,729
b Deferred cost...
vaca¬
Accr. local taxes.
339,379
notes and
receivable
Prepaid items and
defd charges...
for
tion expense
2,719,890
150,000
a
OQK
QQ4.
164,365 defl53,798
plant &
equip, (net)
175,000
Pats., less amort—
452
Total
—$4,759,398
482
$3,735,772'
Total
$4,759,398 $3,735,772
b Of development and pre¬
Represented by 108,425 no par shares.
paratory work, tools, jigs, fixtures for U. S. Govt, ordnance contract,
c
Machinery and equipment for U. S. Govt, ordnance contract (net).—
Y. 151, p. 3407.
a
Offered— The
public offering of utility securities issued under the newcompetitive bidding regulations of the Securities and Exr
change Commission was made June 26 as the result of the
sale of $48,000,000 of 434% collateral trust sinking fund
bonds and $12,000,000 of 1 to 10-year 2V$% collateral trust
serial notes of the company to two banking groups.
Offering
of the $48,000,000 of bonds was made at 102and int. by a
group jointly managed by Kuhn, Loeb & Co. and Smith,
Barney & Co., and including as other principal underwriters
Harriman, Ripley & Co., Inc.; Drexel & Co.; E. H, Rollins
first
Inc.; Ladenburg, Thalmaun & Co.; Lee Higginson
Corp.; Goldman, Sachs & Co., and Union Securities Corp.
Offering of the $12,000,000 2%% collateral trust serial
notes was made at prices to yield from 0.80% to 3.3.5%,
& Sons,
deferred charges
Total
$367,729
581,251
Philadelphia Co.— $60,000,000 of Securities
int.,
accr.
pay,,
payable.
?
Curr. liab.—Acc'ts
U. S. Govt, secure.
Stocks
1940
$
1940
$
Assets—
Cash
Accounts
-
$1,117 for surtax
Consolidated Balance Sheet April 30
1941
contract.
nance
1940
Notes payable
247,698
U. S. Govt, ord¬
U. S. Treas. bills—
9,281
int. in stock of sub. co.
a
$1,934,417
1,017,852
480,548
96,094
$2,213,259
52,152
stockholders'
min.
to
$1,817,373
117,044
469,068
816,924
1941
Liabilities—
1940
$22,970
Ad vs. on & Inv. for
"Pfnf jt frATYl nonl bqIac orid
auxiliary operations..
$219,555
—
Other deductions
Cash
Peabody Coal Co. (& Subs.)—Earnings—
145,835
146,786
—
Net income
al939
$1,420,352
1,210,050
269,011
notes
according to maturity.
The offering of the notes was
handled by a syndicate headed by Mellon Securities Corp.
and The First Boston Corp.
[The group headed by Kuhn, Loeb & Co. bid 100.3375 for the $48,000,000
collateral trust bonds as 4 Ms while the Mellon Securities Corp. and The First
Boston Corp. syndicate named the same coupon but a price of 100.14.
On
the $12,000,000 of collateral trust notes the Mellon-First Boston bid was
100 07 for 2%% obligations, while the Kuhn Loeb group followed closely
with a price of 100.0125 for 2%s.
The bids were submitted on June 24.]
In addition to the bonds and notes, the company is offer¬
ing directly to holders of its outstanding shares of preferred
5% capital stock and of its common capital stock of record
at the close of business on June 24, 1941, the right to sub¬
scribe at $7.25 per share for 390,290 shares of common
capital stock of the company.
"*
Because this is the first underwriting to follow promulga¬
tion of the Securities and Exchange Commission order for
competitive bidding in the marketing of
ties, uncommon
financing.
public utility securi¬
company's
interest was manifest in the
4134
The Commercial & Financial Chronicle
Purpose of Issue—Company intends, simultaneously with the issuance of
the bonds and serial notes, to
apply the net proceeds from the sale thereof
(estimated at $59,767,000 after deduction of estimated expenses in connec¬
tion with the issue and sale of the bonds and serial notes and of the
capital stock)
the redemption
to
of its outstanding
common
$60,000,000 of 5%
secured gbltf bonds, due Dec. 1, 1967, at 105
(interest to be provided from
other corporate funds).
The balance of the redemption price is initially
to be obtained either from the
proceeds of a temporary bank loan or from
funds in the treasury of the company, or from both
sources, and the com¬
pany intends to use the net proceeds received from the issuance and sale of
the common stock, first for the repayment of such
temporary bank loan,
if any, and then for the
reimbursement, to the extent of the remainder, of
treasury funds expended in the redemption of the 5% secured gold bonds,
due Dec. 1, 1967.
Brief Description of Both Issues
The bonds and the serial notes
to be Issued under an indenture to be
are
executed
by the company to First National Bank, New York, trustee, dated
July 1, 1941.
Bonds are to be dated July 1, 1941, are to mature July 1,
1961,and are to bear int. at rate of 4%% per annum, payable J-J in each
year.
Serial notes are to be dated July 1, 1941, are to mature $1,200,000
on July 1, 1942, and
$1,200,000 principal amount on each July 1 thereafter
to and including July
1, 1951, and are to bear interest at the rate of 2% %
per annum, payable semi-annually on J-J.
Both principal of, and interest
on
thejbonds and serial notes are to be payable in New York City, Pitts¬
burgh and Chicago, in lawful money of the United States of America.
Company is to covenant in the indenture that it will pay the principal of,
and interest and premium, if
any, on, the bonds and serial notes, without
deduction for any tax or taxes (other than estate, succession, inheritance
and income taxes) which may be lawfully imposed under any present or
future law by the Commonwealth of Pennsylvania, or by any municipal or
political subdivision thereof upon any of said bonds or serial notes or upon
the ownership thereof, not in the
aggregate in excess of five mills annually
on each dollar of the taxable
value, not in excess of the principal amount,
thereof, which the company or the trustee or any officer or paying agent of
the {company may be authorized or required or
permitted to pay on the
principal thereof, or to deduct or retain from the principal thereof or the
interest thereon, the company agreeing to pay such tax or taxes in so far
as it may
lawfully do so; and the company is further to covenant in the in¬
denture that it will reimburse the holders of the bonds or serial notes, who
are individuals, or trustees for one or more
individuals, resident in the
State of Maryland for any Maryland tax assessed or measured on income
not exceeding 6% of the interest received on each bond or serial note in
any
year and paid by such holders, but in each case, only upon application made
in the manner provided in the indenture.
11995446738052
The bonds are entitled to the benefit of an annual sinking fund
beginning
July 1, 1942, which is calculated to retire $18,175,000 principal amount
of bonds prior to maturity.
The "annual sinking fund
requirement" with respect to the bonds for any
"indenture year" is to be the amount, if any, remaining after deducting
bond service requirement" for such a year (a) interest
payable during such indenture year on the serial notes and the bonds and
(b) the principal of all outstanding serial notes which by their terms mature
during such indenture year.
The term annual bond service requirement
for any indenture year is to be defined to mean
$3,550,000 less the amount
from the "annual
of the annual interest
charges
on
the operation of the
all bonds retired, otherwise than through
June 28, 1941
1% % If redemption date Is thereafter and
redemption date is thereafter.
on or
before July 1,1945, and 1 %
if
(f)
In the case of serial notes maturing on July 1,1947, 3 A % if redemp¬
tion date is
before July 1,1942, 3 A % if redemption date is thereafter
2A% If redemption date is thereafter and
July 1, 1944, 1A% if redemption date is thereafter and on or
before July 1,1945, 1 A % if redemption date is thereafter and on or before
July 1, 1946, and A % if the redemption date is thereafter; (g) In the case
of serial notes maturing on July 1, 1948, 2A% if redemption date is on or
before July 1, 1942, 2% if redemption date is thereafter and on or before
July 1, 1943, l6A% if redemption is thereafter and on or before July 1,
1944, \*A%it redemption date is thereafter and on or before July 1,1945,
1% if redemption date is thereafter and on or before July 1, 1946. *A% if
redemption date is thereafter and on or before July 1, 1947, and *A% if
redemption date is thereafter; (h) In the case of serial notes maturing on
July 1, 1949, A % if the redemption date is on or before July 1, 1942, A %
if the redemption date is thereafter and on or before July 1,1943, A % it the
and
on
on
or
or
on or
before July 1, 1943
,
before
redemption date is thereafter and on or before July 1, 1944, %% if the
redemption date is thereafter and on or before July 1, 1945, M% if the
redemption date is thereafter and on or before July 1, 1946, A% if the
redemption date is thereafter and on or before July 1, 1947, A%if the
redemption date is thereafter and on or before July 1, 1948, and A% if the
redemption date is thereafter; (i) In the case of serial notes maturing on
July 1, 1950, and on July 1, 1951, there shall be no premium.
Security—In the opinion of general counsel for the company, the bonds are
initially to be secured by the pledge with the trustee of 2,040,000 shares of
the common stock (no par) of Duquesne Light Co., subject to no prior
lien
or
encumbrance.
______
~
Business—Company is a registered public utility holding company under
Holding Company Act of 1935.
It owns, directly or
indirectly, more than a majority, in most cases all, of the voting capital
stocks (and in some instances certain other securities) of operating public
utility and other corporations which, exclusive of certain railway corpora¬
tions, are as follows:
the Public Utility
Cheswick A Harmar RR.
Duquesne Light Co.
Allegheny County Steam Heating Co.
Pittsburgh & West Virginia Gas Co.
Equitable Gas Co.
Philadelphia Oil Co.
Finleyville Oil A Gas Co.
Kentucky West Virginia Gas Co.
Equitable Auto Co.
Equitable Real Estate Co.
Equitable Sales Co.
Pittsburgh Railways Co.
Pittsburgh Motor Coach Co.
Such
public utility corporations furnish electric light, heat and power
service in the City of Pittsburgh and surrounding municipalities in Allegheny
and Beaver Counties, Pa.; natural gas service in the greater part of the City
of Pittsburgh and surrounding communities in Pennsylvania and in some
parts of West Virginia; and steam heating service in the principal business
district of Pittsburgh.
The Pittsburgh Railways and Pittsburgh Motor
Coach Systems, provide street railway and inclined plane railway and
motor bus service in the metropolitan area including and surrounding
Pittsburgh.
Philadelphia Co. also owns a natural gas producing and transmission
system located in southwestern Pennsylvania and a gas distribitung system
located in Pittsburgh and surrounding territory in southwestern Pennsyl¬
vania, which systems are leased to and operated by its subsidiary, Equitable
Gas Co.
sinking fund, at or prior to the first day of May in such
indenture year, and not to be used as a credit to the
sinking fund, and the
term indenture year is to be defined to mean 12 months'
period commencing
summary
the second
solidated
day]of July and ending the first day of July next following.
The following table sets forth the manner in which the annual bond service
requirement is to be applied (giving effect to the use of all moneys that may
be in the sinking fund in amounts sufficient to redeem bonds for the
sinking
fund but without giving effect to the purchase in the
open market, as dis¬
tinguished from redemption, of bonds by the trustee, or to voluntary retire¬
ments, if any, of bonds):
Int.Require¬
Annual
ment on
Indenture Year Ending Bonds and
July 1—
Serial Notes
$2,355,000
2,323,500
2,290,938
2,256,973
2,221,605
2,184.750
2,146,365
2,106,365
2,064,708
2,021,265
1,975,995
1,910,035
1,841,185
1,769.360
1,694,433
1,616,275
1,534,675
1,449,463
1,360,510
.
1946.
-
Be
Retired by
Sinking
quirement
$1,200,000
1,200,000
1,200,000
1,200,000
1,200,000
1,200,000
1,200,000
1,200,000
1,200,000
1,200,000
Fund
None
None
$26,500
59,063
93,028
128,395
165,250
203,635
243,635
285,293
328,735
1,574,005
1,639,965
$25,000
58,000
91,000
126,000
162,000
200,000
239,000
281,000
324,000
1,552,000
1,620,000
1,690,000
1,763,000
1,708,815
1,780,640
1,855,568
1,933,725
2,015,325
2,100.538
2,189,490
1,839.000
'
1,920,000
2,005,000
2,093,000
2.187,000
$18,175,000
Capitalization Giving Effect to New Financing
collateral trust sinking fund bonds
Pref. 5% stock, non-cum. (par
$10)
6% cum. pref. stock (par $50)
$6 cum. pref. stock (no par)
$5 cum. pref. stock (no par)
Oommon stock (no par).—..
%
.
Outstanding
$12,000,000
48,000,000
1,585 shs.
491,140 shs.
100,000 shs.
53,868 shs.
$12,000,000
48,000,000
60,680 shs.
500,000 shs.
100,000 shs.
150,000 shs.
-,.-10,000,000 shs. 5,190,644 shs.
Amortization and Sinking Fund—Sinking fund bonds are to be
subject to
redemption for the sinking fund mentioned below on July 1 in each
year
to and incl. July 1, 1960, upon not more than
60 and not less than 30 days'
previous notice by publication, at the principal amount thereof and accrued
interest thereon to the date of redemption, and a
premium on the principal
amount thereof as follows: 2M% if red. date is
July 1, 1942; 2%% if red.
date is July 1
1943; 2H % if red. date is
July 1, 1944; 2H% if red. date is
July 1 1945.2 K % if red. date is July 1, 1946;
2% if red. date is July 1,
1947; 1 %% if red. date is July 1, 1948; -1
if red. date is July 1, 1949;
1 % % it recL date is July 1,1950; 1
A % if red. date is July 1, 1951; 1 % % if
red. date is July 1,1952; 1H % f redI. date is
July 1,1953; 1A % if red. date
If red. date is July 1, 1955;
H% if the red. date is July 1,
%
1| red- date is July 1, 1957; A % if the red. date is July 1, 1958;
% if red. date —jJuly 1,1959; and /s % AM. M. cu. date AO ti uij X 4.17UU#
is
-K
A /Q if red.
is July 1,1960.
T
47
*
The sinking fund bonds are also to be
subject to redemption at the option
of the company (otherwise than
through the operation of the sinking fund
mentioned below), as a whole or in part
by lot on any date upon not more
than 60 and not less than 30
days' previous notice by publication, at the
principal amount thereof and accrued interest thereon to the date of reuemption, and a premium on the principal amount thereof as follows:
5»A% If red. date Is on or before July 1, 1945; 4^% if red. date is thereafter
and on
before July 1,1948; 3
A % if red. date is thereafter and on or before
ZA% it red. date is thereafter and on or before Julv 1, 1954;
2A% if red. date is thereafter and on or before July 1, 1957;
1A% if red.
date is thereafter and on or before
July 1, I960; and without premium if
•
j
a
jt
,
»
,
'
red. date
is thereafter.
The serial notes of any one or
more
maturities
are
to be redeemable, at
the option of the company, as a
whole, on any date upon not more than
60 and not less than 30 days previous
notice by publication, at the principal
amount thereof and accrued interest thereon to
the date of redemption,
and a premium on the
principal amount thereof as follows: (a) In the case
of serial notes
maturing on July 1
1942. 2A%; (b) In the case of serial
notes
maturing on July 1. 1943,
3%% if redemption date is on or before
July 1, 1942, and 1 A% if the redemption date is
thereafter; (c) In the case
of serial notes maturing on July 1,
1944, 4A % if redemption date is on or
before July 1, 1942, 3 46 % if redemption date is
thereafter and on or before
July 1, 1943, and 1 % % if redemption date is
thereafteGW In the case of
serial notes maturing on July 1, 1945,
4%% if
is on or
before July 1, 1942 3 %% if redemption date is
thereafter and on or before
July 1,1943, 2 A% if redemption date is thereafter and on or
before July 1,
1944, and 1A % if the redemption date is thereafter;
(ey In the case of serial
notes maturing on July 1, 1946,
4A% if redemption date is on or before
July 1, 1942, 3 % % if redemption date is thereafter and on or before
July 1,
9 ti. 2M % if redemption date is thereafter and on or
before July 1, 1944,
redejhptioh,date
,
was
1938
Duquesne Light Co. and subsidiaries
(electric and auxiliary properties)- $7,540,680
Gas and oil properties
869,668
Other properties and investments
24,264
Total..
1939
1940
$8,973,574
1,473,300
122,718
$8,978,022
2,158,693
216,271
$8,434,612 $10,569,593 $11,352,987
Less—Philadelphia Co.'s fixed chgs.,
taxes, and general expenses
4,012,425
4,490,218
4,647,009
$4,422,187
Consolidated net income
$6,079,375
$6,705,978
Underwriters of Bonos and Serial Notes
(1) Bonds—The names of the principal underwriters of the bonds and
principal amount of bonds severally to be purchased by each, are as
the
follows:
A mount
Underwriters—
$3,660,000
Kuhn, Loeb & Co
Smith, Barney & Co
3,660,000
Harriman, Ripley & Co., Inc.. 3,640,000
Underwriters—
A mount
Bacon, Whipple & Co
240,000
240,000
240,000
240,000
240,000
Biddle, Whelen A Co
Drexel & Co
1.600,000
E. H. Rollins & Sons, Inc
2,400,000
Blair, Bonner & Co
Elkins, Morris & Co
First of Michigan Corp
Ladenburg, Thalmann & Co..
2,000,000
W. H. Newbold's Son & Co—
240,000
2,000,000 William R. Htaats Co
1,400,000 Field, Richards & Co
1,200,000 The First Cleveland Corp
A. C. Allyn A Co., Inc
800,000 Granbery, Mar ache & Lord—
A. G. Becker A Co., Inc..
800,000 Green, Ellis & Anderson
Blair & Co., Inc
800,000 Hawley, Shepard & Co
Blue Ridge Corp
800,000 Reynolds A Co
H. M. Byllesby & Co., Inc—800,000 Schwabacher & Co
Central Republic Co. (Inc.).-800,000 Yarnall & Co
240,000
200,000
200,000
200,000
200,000
200,000
800,000
BancOhio Securities Co
160,000
Hayden, Stone A Co....Hemphill, Noyes & Co
800,000
Brush, Slocumb & Co
160,000
800,000
Butcher & Sherrerd
W. E. Hutton & Co
Curtlss, House A Co
160,000
160,000
Jackson & Curtis
800,000
800,000
Fahey, Clark A Co
160,000
Merrill Lynch, E. A. Pierce A
Cassatt
800,000
Farwell, Chapman & Co
Mackubin, Legg & Co
Paine, Webber & Co
800,000
Lee HIgginson Corp
—
Goldman, Sachs & Co
Union Securities Corp.
-
..
200,000
.
200,000
200,000
-
Authorized
/1
of Derivation of Income—The following statement sets forth in
form the sources, by types of properties, from which the con¬
income of Philadelphia Co. and subsidiaries consolidated
derived for the three years ended Dec. 31, 1940:
net
Estabrook&Co
$12,000,000
2%% collateral trust serial notes
4M
Bonds to
Sinking
Fund Re¬
Serial Note
Maturities
Statement
f
Hallgarten & Co
A. E, Masten A Co
600,000
Maynard H. Murch & Co
160,000
600,000
Dominick & Domlnlck
160,000
160,000
160,000
Nashville Securities Co..
600,000
ParrishACo
160,000
160,000
160,000
160,000
400,000
J. M.Dain&Co
120,000
400,000
Glover A MacGregor, Inc....
120,000
Laurence M. Marks A Co—-
400,000
J. J. B. Hilliard & Son
G. M.-P. Murphy & Co
L. F. Rothschild & Co
400,000
Kalman & Co., Inc
120,000
120,000
120,000
120,000
Schroder
Rockefeller
A
Co.,
Newhard, Cook & Co
Inc
600,000
Dean Witter & Co
Hayden, Miller &Co
Janney A Co
.
;
Newton, Abbe & Co.
400,000
Knight, Dickinson & Co
400,000
Chas. W. Scranton & Co
Stern, Wampler & Co., Inc—
Swiss American Corp
400,000
400,000
I. M.Simon & Co
Whiting, Weeks A Stubbs.Inc.
400,000
320,000
Wells-Dickey Co
W. W. Lanahan ACo._
Schoellkopf, Hutton A Pomeroy, Inc
Alex. Brown A Sons
The Milwaukee Co
320,000
320,000
320,000
280,000
Rlter & Co
G.H. Walker A Co..
Baker, Watts & Co
-
120,000
120,000
— -
StixACo
120,000
—
Whitaker & Co
120,000
120,000
—
Wurts, Dulles & Co
120,000
John W. Clarke, Inc
80,000
Grubbs, Scott & Co..
80,000
Hill & Co
80,000
-
Equitable Securities Corp.—
280,000
Reinholdt A Gardner..
The Illinois Co. of Chicago—
280,000
The Robinson-Humphrey Co.
80,000
Kean, Taylor A Co
280,000
280,000
Lowry, Sweney, Inc —
80,000
Putnam A Co
80,000
.
— ..
Harold E. Wood & Co
80,000
(2) Notes—The names of the principal underwriters of the notes and the
principal amount of notes severally to be purchased by each, are as follows:
Underwriters—
a
Amount
Underwriters—
Mellcn Securities
Mack ay & Co
The First Boston Corp
Minsh, Monell A Co., Inc
Corp—-...$1,760,000
1,760,000
Auchincloss Parker A Redpath
50,000
Blyth & Co., Inc
Boettcher & Co
Bond A Goodwin, Inc
940,000
50,000
50,000
Mitchum, Tully & Co
Moore, Leonard & Lynch
F. S. Moseley & Co
Amount
50,000
50,000
60,000
150,000
590,000
Arthur Perry A Co., Inc
100,000
590,000
150,000
E. W.Clark & Co.
120,000
Shields & Co
Coffin & Burr, Inc
200,000
Singer, Deane & Scribner
R. S. Dickson & Co., Inc.
a
Starkweather A Co
50,000
Eastman, Dillon A Co
350,000
Stein Bros. & Boyce.
50,000
Graham, Parsons & Co
120,000
Stone & Webster and Blodget,
Harris, Hall A Co. (Inc.)
Heller, Bruce & Co.
Kidder, Peabody A Co
W. C. Langley A Co
400,000
Lazard Freres & Co...
a
50,000
50,000
Inc.—
Stroud & Co., Inc
940.000
940,000
Tucker, Anthony & Co
200,000
250,000
250,000
White, Weld A Co.
590,000
940.000
The Wisconsin Co
150,000
Equal amounts of each series.
Velum*
The Commercial & Financial Chronicle
1S2
Terms of
Company proposes to offer to the holders of its outstanding shares of
preferred 5% stock and of its common stock, of record at the close of bus¬
iness on June 24, the right to subscribe at $7.25 per share for 390,290 shares
of common stock, the gross proceeds of which will be equal to the amount by
which $63,000,000 (the sum, exclusive of accrued interest, required for the
redemption of the company's 5% secured gold bonds, due Dec. 1, 1967)
exceeds the aggregate price, exclusive of accrued interest, for which the
bonds and notes shall be sold by the company.
Such offer entitles the
holders of outstanding preferred 5% stock and common stock to subscribe
for shares of common stock in the ratio in which the number of shares of
preferred 5% stock and (or) common stock held by them of record at the
close of business on June 24, bears to the aggregate number of shares of such
stocks then outstanding, being 0.08128 of a share of common stock for each
share of preferred
5% stock and (or) common stock so held. No fractional
shares or scrip certificate will be issued, but each purchaser (other than
Standard Gas & Electric Co.) entitled to subscribe for a fractional share
may subscribe, in lieu thereof, for one full share of common stock.
Company's offer expires July 26, 1941.
Any holder of preferred 5 % stock or of common stock desiring to exercise
his subscription rights may do so by delivering to the company, properly
executed, the appropriate subscription form which has been prepared for
the purpose of entering subscriptions. Payments for shares of common stock
subscribed for must be made to the company at the time the subscription is
•
Total.
Consolidated
Balance
Sheet
on
in
and
amounts
Patents
and
tions
Operating income
Equipment rents (net)..,
Joint facility rents (net).
346,559
$4,609,994
1,422,651
Total income——
Miscell. deductions from
$382,911
70,299
58,304
$3,187,343
353,922
180,991
69,089
Allowances to customers—.
(net)-.c3,062,837
patent applica¬
Royalties and other expense.
$254,308
64.576
$2,652,429
239,967
Total
$1,702,805
280,774
$318,884
$2,892,397
29,373
c
Common stock (par $3)
deducting
5,367
266,007
$42,186
$1,494,981
4,116,429
4,545,965
7,186,867
12 Months Ended
Gross revenues.
May 31—
$2,419,764
693,436
130,555
667,215
129,219
$1,635,931
$1,623,329
676,000
33,622
191,951
11,776
99,915
245,056
676,000
11,499
94,435
251,212
....
charges.....
$1,494,356
•_
Federal income tax
$587,313
1939
1940
$2,459,922
240,033
$614,774
$603,185
$601,362
700,068
128,253
Interest
575
v
i972 has
.
1941
$2,561,646
-
..
,
625
and other res. funds..
5series due
$1,733,325
641,766
....
Amortization and other deductions.
:
depreciation.—V. 152 p. 3663.
.V1-;"'.:.-
Taxes
$587,889
:
...$21,885,909
Total
reserve for credits, allowances, and
b Valued at lower of cost or market,
for
After deducting $1,573,766 for reserves for
Net earnings
sinking
income.104,289
Philadelphia Suburban Water Co.- -Earnings—
28,989
1,336.900
29,069
1,338,973
$310,984
income
$392,975
Operation (Including maintenance).
5,450
267,045
debt
$21,885,909
After
—V. 151,p.3898.
^
equipment.
34,168
210,914
guaranty
Philadelphia Electric Power Co.—Bonds Called—
v
Rents for leased roads &
to
197,308
Deferred
A total of $221,000 first mortgage gold bonds,
29,802
a;
6,084
applied
Res. for refrigerator
been called for redemption on Aug. 1 at 105^ and accrued interest.
Pay¬
ment will be made at the Fidelity-Philadelphia Trust Co , Philadelphia, Pa.
$1,983,580
5,324
$589,563
161,873
Miscellaneous liabilities
174,697
134,873
(net)
uncollectible notes and accounts,
$2,282,196
418,290
161,101
income..
1,997,715
544,475
Federal and State taxes
106,830
Surplus.
$3,182,639
900,443
$562,866
26,697
Net ry. oper, incomeOther income—
$52,657
2,584,576
77,767
268,215
Capital surplus
$672,794
46,546
63,381
.
<
Commissions and payroll
492,865
Television license <fc exp. (net)
Def'd charges to future oper.
$568,952
186,041
Railway tax accruals—
Net
due
from subs., not consol
Deferred payment acc'ts rec.
Miscell. ad V8.& investments.
Fixed assets
1940
$5,617,993 Notes payable other than
banks or trade..
a6,574,818
5,454,598 Accounts payable, trade..._
Acc't payable, sub. not consol
hand..
b Merchandise inventories
Invest,
Domestic
Owned
Wholly
and
Liabilities—
■
Notes & acc'ts rec'ble (net)..
a
Inc.
of Corporation
•';
.
Cash In banks and
1941—Month—1940
1941—5 Mos.—1940
$3,334,580
$2,650,852 $15,719,388 $13,572,987
2,315,228
2,081,899
11,109,394
10,390,348
Net operating revenue $1,019,352
on
,
450.
$4,545,965
...
Subsidiaries as of Dec. 31,
Assess—
$4,546,415
_
purchase of treasury stock
Ry.—Earningsh~
May 31—
Operating revenues
Operating expenses
Interest
on
Balance Dec. 31, 1940
(a parent), by agreement dated June 5,
1941, has agreed to purchase from the company, at $7.25 per share, on or
before Aug. 1, 1941, all of the 390,290 shares of common stock which shall
not be subscribed for by the other stockholders.—V. 152, p. 3979.
Pere Marquette
.
Deduct, premium paid
entered with the company.
Standard Gas & Electric Co.
Period, End.
4135
Year Ended Deci 31, 1940
Balance Jan. 1, 1940
None
Add—Excess of equity acquired over par value of stock issued
in the acquisition of Philco Radio & Television Corp. stock $2,856,519
Excess of equity acquired over par value of stock issued in the
acquisition of all the outstanding stock of Simplex Radio
Corp., successor to The Simplex Radio Co., which includes
the total earnings of The Simplex Radio Co. for year 1940-.
152,396
Excess of proceeds received over par value of 150,000 shares
of $3 par value common stock sold from treasury stock..
1,537,500
Consolidated Capital Surplus Account for the
Subscription for Common Capital Stock
,
Retirement expenses (or deprec'n)
Inc. bal. transferable to
profit and loss
$42,186
$310,984
Balance available for dividends.
—V. 152, p. 3356.
—V. 152,p.3824.
Philco Corp.—Annual
Consolidated Income Account
...
...;
Phillips Pump & Tank Co .—Dividends—
Report—
Directors have
(Including Wholly Owned Domestic Subsidiaries)
each
on
declared three regular quarterly
the class A common stock, payable Aug. 1,
dividends of 2 H cents
1941, Nov. 1, 1941, and
Cost of sales
1942, to stockholders of record July 15, 1941, Aug. 15, 1941, and
Jan. 15, 1942, respecitvely.
This action represents .declaration in advance
of the balance of the company's annual dividend requirements on the class
A common, one quarterly dividend of 2H cents having been paid May 1,
Maintenance and repairs
1941,
Years Ended Dec. 31—
Gross sales, less discounts,
:
1940
Feb. 1,
1938
1939
returns
.—$52,311,132 $45,421,078 $30,527,655
36.918,705 31,718,013
22,955,850
328,961
326,149
165,493
Depreciation and amortization
238,567
284,368
302,444
Taxes (other than inc. & profits taxes)
1,556.596
1,349,712
650,899
Rents and royalties
928,414
944,179
649,933
Provision for doubtful accounts
105,623
119,726
86,199
Selling, general and administrative__
8,273,869
7,354,211
6,024,433
and allowances
Profit before other inc. & deductions $3,960,396
Other income—Dividends and interest
Miscellaneous
40,578
Net adj. appl. to prior periods
37,307
Total.
—
...
loss$10,249
y80,172
y3,469
Indemnification to stockholders
93,735
8,786
78,025
....
47,684
187,434
-
$3,595,789
...
Provision for Federal & State income
$2,431,110 loss$222,477
'
!
^
and excess profits taxes:
Federal income
994,647
Federal
x
Previously reflected
items.
directly
in
$2,248,568
surplus
accounts,
'v
;
$1,899,323 loss$222,477
y
Non-recurring
v-;
the Year Ended Dec. 31, 1940
$6,262,699
Deduct, adjustment due to elimination of Canadian sub¬
sidiary from consolidation
278,332
Consolidated Surplus Account for
Balance Jan. 1, 1940
Balance
$5,984,367
*
*
^
,i*'j„'#■
M
w
2 064 224
^
'
stock sold: Philco Corp. old shares of $100 par val
on com.
claims for years 1933 to 1939, incl.,
$750,000; less provision for Federal and State income taxes
attributable to this settlement, $211,000; balance
10,030
of royalty
Total
$8,597,621
-----
—
value,
par
$336,672
-
of accumu¬
pref. stock, no par value, payable July lOfto
Similar payments were made on May 10, last,
Dec. 12, Sept. 14, and June 15, 1940, Dec. 21, Oct. 10, Aug. 5 and June 3,
1939.—V. 152, P. 3036.
Pittsburgh & Shawmut RR,—Earnings
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Television Corp. div.
in the net
equity
acquired by Philco Corp. upon exchange
of stock on Feb. 6, 1940
$38,966
def2,304
def2,467
370,260
92,545
49,833
466,952
155,458
95,278
212,511
de(l,7l9
defl6,443
def31,541
railway
560,849
railway194,285
income—
119,211
152, p.3511.
519,659
172.228
359,831
83,740
357,092
56,650
98,557
23,759
defll,643
Net ry. oper.
—V.
27.652
$66,.382
$51,884
defl3,285
Net from
-
,,!»§§§
,
defl,204
Pittsburgh Steel Co.—Listing of Stocks—
additional shares of prior
has authorized the listing of 14,127
preferred stock, first series, 5H%, and 35,316
additional shares of class
A 5% preferred stock, all in exchange for out-
The
available undistributed
earnings of Canadian sub. for the years 1939 and 1940)..
208,208
12,295
GrosiTfrom
1,410,755
$26,703
def8,372
def8,866
$95,136
Net ry. oper. income
reflected
Bal. Dec. 31, 1940 (Incl. $27,876 of
1938
$136,783
61,177
46,234
$129,968
50,857
33,730
Gross from railway
Net from railway
Radio &
...
1939
1940
1941
$98,763
43,165
32,032
May—
<
$1,438,407
Total
was
Pittsburgh Brewing Co.—Accumulated Dividend,—
Pittsburgh Shawmut & Northern RR.—Earnings—
1941
1940
1939
1938
83.258
990,825
27,652
Philco
employees and sundry debtors, $11,908; inventories, $570,433; Investment
in British affiliate, $308,350; land and buildings, machinery and equipment,
tools, jigs and dies, and furniture, $1,937,624; rental equipment In service
and on hand, and parts therefor, $3,110,629; patents, goodwill, and de¬
velopment,
$518,038; deferred charges to operations, $34,396; total,
$7 544 800
' 1
^Liabilities—Accounts payable and accruals, $213,393; provision for
estimated Federal, 8tate and foreign taxes, $334,607; advance meter
rentals (net), $543,867; reserves for depreciation and amortization of fixed
assets and rental equipment, $2,929,666; capital stock (906,806 no-par
shares), $1,827,796; capital surplus, $12,879; earned surplus, $1,682,658;
total, $7,544,866.—V. 152, p. 1290.
' ,
Net ry. oper. income
—V. 152, p. 3511.
prior to exchange of stock for Philco Corp.
stock
,
Consolidated Balance Sheet March 31, 1941
Net from rail way
re¬
May 14,
1940—$10 per share
prior to exchange of stock
+
$5 preference stock—redeemed and canceled
July 16. 1940
New common stock—$3 par value—75c. per sh
Philco Radio & Television Corp. $2 per share
which
Bureau of Internal Revenue.
Gross from railway
.
classified
Less,
al93,322
....
—
May—
539.000
...
Deduct, dividends paid—cash:
Philco Corp.:
Old
common
stock—$100
.......
holders of record June 25.
acquired during the year and 100% owned at Dec. 31, 1940,
to
capital surplus, amounting to $184,344;
balance
16.453
$784,846
lations on the $3.50 cum.
transferred
Settlement
14,133
$882,041
320,000
Directors have declared a dividend of $1 per share on account
Add, Net profit transferred from profit and loss statement,
$2,248,568; less proration for the year of profits of subs,
Prem.
167,184
$768,393
accounts
107,150
10,481
..—..
...
Net profit transferred to surplus...
177,430
Assets—Cash, $521,686; Canadian and British war bonds, $11,452;
receivable from customers (net), $520,350; receivable from officers,
414,156
119,125
State income
Canadian income.....
2,241,630
533,320
$562,041
a$591,524
448,269 .,
448,633
Earnings per share on capital stock
$0.62
a$0.66
a After adjustment to reflect provision of $35,514 for additional Federal
income tax payable for the year ended March 31, 1940, as adjusted by the
*
233,450
profits.....
excess
2,572,279
$867,908
Federal, State & foreign taxes-
Net profit
Dividends paid
and State
,
$3,643,395
of
Prov. for estimated
1 06,947
Net profit before prov. for Fed. inc.
tax
Atn
$4,150,937
-
1
5,299
Canadian equity
income
1940
discounts, returns
Profit before taxes
"-i—
Foreign exchange and conversion of
and excess profits taxes
less,
;>■
of securities
Miscellaneous
income
Profit from operations
Dividends from British affiliate
16,009
833,405
388,213
payments.
Expense in the registration and sale
rental
product sold and expenses for selling,
servicing and general administration
—
Provision for depreciation and amortization
Expenditures for development and research—..
xl3,095
$3,512,881
and
and allowances
;a':
Christmas
and
l03,990
1941
Years Ended March 31—
Sales
Cost
$4,150,968
....
bonuses
Incentive
Pitney-Bowes Postage Meter Co. (& Subs.)—Earnings
:
193,356
104,445
70,622
share on the class
Aug. 15, 1941.—V. 152, p. 3356.
$3,324,720 loss$307,596
81,470
31,217
Net profit of Canadian, subsidiary,
not consolidated
The directors also declared a dividend of 2 K cents per
B common stock and a special dividend of 2K cents per share on the class
A common stock, both payable Sept. 1, 1941, to stockholders of record
$7,186,867
New York
Stock
Exchange
The Commercial & Financial Chronicle
4136
standing
class
7% preferred stock, and 31,393 additional shares of
common stock
(no par), upon conversion of prior preferred stock, first
series 5A%. making the total amount applied for to date: 64,087 shares
prior preferred stock, first series 5 A %; 104,750 shares class A 5% preferred
B
stock, and 654,458 shares
The
board
of directors
common
stock.
May 27, 1941 authorized and directed the
7% preferred shareholders 4-10 of a share
on
officers to offer to the class B
of prior preferred stock, first series,
5A% and a full share of class A 5%
preferred stock for each share of class B 7% preferred stock held.
The
offer which the board of directors has authorized and directed the officers
to make to the class B 7
% preferred stockholders is identical in all respects
plan of capital readjustment.
The articles of consolidation and merger of the company
provide that
for a period of five years from Sept. 22, 1937 the board of directors shall
not authorize the Issue of any prior preferred stock (in addition to the
50,000 shares of prior preferred stock, first series, 5 A % established therein)
to the offer which was made under the
except for certain purposes unless the holders of
majority of all of the
class A 5% preferred stock outstanding at the time shall vote in favor of
the issuance of such stock at a meeting
duly called for that purpose.
When
the right of exchange under the plan of capital readjustment was terminated
on
Nov. 15, 1938. the balance of the then established 50,000 shares of
prior preferred stock, first series, 5 A % was sold to Pennsylvania Industries,
Inc.
Company was. therefore, required to secure the consent of the
holders of the class A 5% preferred stock to the issue of 14,127 shares of
prior preferred stock, first series, 5A% for the above purposes and such
consent was secured at the adjourned annual meeting of the shareholders
held May 15, 1941.
At the meeting May 27, 1941 the board of directors
in accordace with the provisions of the Pennsylvania Business Corporation
Law, increased by resolution the number of snares of prior preferred stock
of the series designated as "prior preferred stock, first series, 5A%t"
a
from 49,960 shares to 64,087 shares.
Consolidated Balance Sheets
Assets—
$
1,643,861
1,977,114
Payrolls accrued..
681,761
94,110
529,976
27,178
Taxes accrued....
Int. accrued
receivable (net).
accrd
come taxes
notes receivable,
Sink,
3,340,000
mining cos...
Other cos
1,028,561
1,109,509
429,723
Corp. of America—To Start Commercial Television
The RCA stated that it would be ready to start test programs for a
proposed Washington, D. C., station about Nov. J and probably would
be ready to operate in Philadelphia by July 1, 1942.—V. 152, p. 3037.
Reading Co.—Earnings—
Period End. May 31—
425,291
$1,569,756
Dr20,339
Cr3,561
$1,078,288
Dr39,298
Cr6,239
$7,028,010
_
Dr522,267
CV4.581
$5,192,136
376,556
Crl7,151
Net ry. oper. income.
$1,552,978
$1,045,229
$6,510,324
$4,832,731
Railway oper. income-
Equip, rents (net)
Joi nt facility rents
(net)
—V. 152, p. 3512.
Reliance Steel
471,000
6,029,000
708,989
375,895
6,029,000
897,230
849,422
5A% cum. pr. pref 4,996,000
5% cl A cum pref. 6,943,400
7%c1.Bcum.pref. 3,531,600
4,996,000
6,943,400
3,531,600
75,777
458,891
Common stock..
Earned surplus...
4,862,190
4,862,190
3,785,222
..i
—
Provision for loss on disposition of land not used in operations
Expenses—property not used in operations
a Provision for Federal taxes on income
48,779,378 48,113,4731
Total..
48,779,378 48,113,473
for depreciation of $22,254,081
at March 31, 1941 and
b Less amortization of $54,023 at Dec. 31,
1940 and $56,459 at March 31. 1941.
c Represented by 508,917 no par
shares,
d 1,539 shares of 7% class B cumulative preferred stock, at cost.
—V. 152, p. 3980.
Portland Gas & Coke
Period End. May 31—
0
$520,174
Net profit
41,247
Dividends
97,614
on common
taxes
$3,467,440
156,809
45.205
161,987
42,697
1,958,624
437,985
2,012,801
447,458
22,916
22,916
275,000
275,000
10
72
1,155
Net oper. revenues
Other income (net)
$58,294
$50,229
$731,026
Dr325
Dr630
$826,952
Dr3.072
Gross income..
Int. on mortgage bonds.
$57,969
$823,880
38,550
$49,599
40.355
2,342
2,480
34,608
$730,064
487,001
38,517
749
698
$17,077
$6,764
Divs. applic. to pref. stocks for the period
$318,990
430,167
$205,244
430,167
Direct taxes
Prop, retirement reserve
appropriations
Amortiz. of limited-term
investments..
Other int. & deductions
_
Dr962
471.031
Int. chgd. to construct'n
(credit)
Netincome...
Balance
def$ill,177 def$224,923
a Dividends
accumulated and unpaid to May 31, 1941, amounted to
$3,032,230.
Latest dividends, amounting to $0.87 a share on 7% preferred
stockand $0.75 a share on 6% preferred stock, were paid on March 15,1941.
on
these stocks
cumulative.
are
Note—Provision for Federal income taxes, subsequent to April 1, 1941, is
being made at a rate which will result in the accumulation of such taxes
at the rate of 30% for the full year 1941.
No provision has been made for Federal excess profits tax since
present
are that no such tax will be
payable.—V. 152, p. 3824.
Balance Sheet March 31, 1941
Assets—Cash, $585,075; trade receivables (net), $1,325,080; inventories,
$1,498,206; other assets, $65,772; property, plant and equipment (net),
$786,810; deferred charges, $92,766; total, $4,353,709.
Liabilities—Note payable to bank, $100,000; accounts payable, $664,215;
accrued taxes and expenses, $65,046; Federal taxes on income, $417,000;
long-term debt, $400,000; $1.50 cumulative convertible preference stock,
$662,500; common stock ($2 par), $484,098; capital surplus, $735,456;
earned surpuls, $825,394; total, $4,353,709.—Y. 152, p. 1766.
Remington Rand Inc.—Annual Report—
James H. Rand Jr., Chairman and President, states in part:
Total volume of business for the year ended March 31, 1941,. exceeded
the previous year by $5,947,057, with total net sales to our customers of
$49,17.3,969,
This represents an increase of 14% over net sales of $43,226,912 for the previous year.
The increase in general business activity
in the United States brought about a greater demand for the company's
products, with the result that the increase of $7,183,498 or 23% in domestic
sales more than offsets the decrease of $1,236,441, or 10% in foreign sales.
The consolidated net profits were $4,263,249 after providing $1,375,000
for estimated United States and foreign income taxes, as compared with
net profits for the preceding year of $2,305,177.
The improvement in
earnings for the current fiscal year reflects a continued recovery in general
business from the recession in 1938, but with approximately the same dollar
volume of sales, current earnings were below thoes of $4,509,733 for the
year ended March 31, 1938, due to increased taxes and other costs.
After deducting dividends paid on the preferred stock, the net profit
for the year ended March 31, 1941, amounted to $2.17 per share on the
common
stock outstanding on that date, compared with 94 cents per
common share in the previous year.
There is included in current earnings $800,016 of operating profit from
transactions with and net profits of foreign suosidiaries and branches not
located in the Western Hemisphere.
Remittances and dividends received
in United States dollars during the current fiscal year from such subsidiaries
and branches exceeded these profits.
Foreign—The company's investment in foreign subsidiaries and branches
decreased $1,216,245 during the year and amounted to $4,793,364 as of
March 31, 1941, as shown by the following comparative summary;
Mar. 31 '41
Service
Co.
of
Indiana—Admitted
to
$2,361,175
926,859
886,034
177,736
$2,255,717
1,423,933
1,036,939
334,841
x$105,458
497,074
150,905
157,105
Net assets consolidated
$4,351,804
Wholly owned foreign subsidiaries not
$5,051,430
$699,626
240,468
467,200
32,932
459,986
Canada, Mexico & South America.
England.
India and
Trading—
Service
Co.
-See
Chicago Properties—
of
Northern
Illinois—To
Peoples Gas Light &
Coke
consolidated:
Sell
Co.—
V. 152, p. 3037.
Germany
Occupied countries
Partly owned foreign subsidiary
Germany) not consolidated
Quincy (111.) Memorial Bridge Co.— EarningsYears Ended April 30—
Gross income
1941
Depreciation
_
Int.
on mtge., discount & exp. on
mtge.; trustees
fees, premium on bonds
Federal income and excess profits taxes
23,701
$1,216,245
Increase.
$148,757
10,222
63,367
located in or near
countries engaged in the war, and the decrease in the net assets of such
companies was received by the Company in United States dollars during
16,191
10,894
23,426
the year.
$37,271
14,470
,
The decrease in the total investment
of
accounts receivable
and
was
inventories
effected through the liquidation
of companies
Company has received $220,000 United States dollars, since the close
its interest in a type¬
Balance Sheet April 30, 1941
trustee,
$577,361; cash, $7,561; funds in hands of
$49,156; other assets
$717; deferred charges,
$644 f067
Liabilities—6 A %
cumulative
i
•
preferred
stock,
$301,200;
preferred
stock (8,545 shares of no par
subscriptions, part paid, $860; common
value), $42,725; 3^% serial mortgage notes, $348,000; accounts payable,
$484; SU% serial mortgage notes, due July 1, 1941, $30,000; real estate
taxes, $1,751; social security taxes, $37; Federal capital stock tax,
$699;
Federal income and excess proifts taxes, $10,894; accrued
liability insur-
Stockholders at
a
Corp.—Man Recapitalize—
special meeting on July 2 will discuss and vote upon the
following matters:
To decrease the number of outstanding shares of the
common
capital
stock of the corporation by exchanging one share of common
capital stock
of the par value of $2.50 per share, for five shares of the
presently out¬
standing common capital stock of the par value of $1 per share.
(2) To discuss the proposed loan from the Reconstruction Finance
Corporation and the mortgage to be given in connection therewith.
(3) To discuss the issuance and sale of additional shares of the common
capital stoci£ of the corporation to meet the necessary requirements of the
writer manufacturing subsidiary in Germany.
After applying this payment
and a dividend of $4,369 also received in United States dollars since March
31, 1941, the company's investment of $227,810 has been reduced to $2,441.
Taxes—Total taxes paid and accrued during the year ended March 31,
1941, not including taxes paid on supplies, &c., purchased, amounted to
$2,744,248, an increase of $909,091 or 50% over the preceding year.
This
amount was equivalent to $1.73 per share on the outstanding common
stock, compared with $1.16 in the previous year.
These taxes for the year
ended March 31, 1941, and March 31, 1940, consisted of:
»
Federal income and capital stock taxes
1941
1940
$1,094,716
804,485
$420,971
795,679
State and local taxes
371,083
405,706
Foreign
—vref|^)vepf<Ji3iyai,:ltenance' $i0,415; deficit, $103,731; total,
Rademaker Chemical
(1)
250,511
$6,009,609
$147,740
10,345
19,997
63,348
Assets—Property account,
$644 067
x
226,810
$4,793,364
Total investment
1940
of the fiscal year, for approximately two-thirds of
Netincome
note
207,536
7,214
(in
$26,966
.......
Bridge operating expenses
Fixed charges and general office expenses
mortgage
Egypt
Portugal and Sweden
Public
Decrease
branches consolidated:
and
Unlisted
The New York Curb Exchange has admitted to unlisted
trading the
1st mtge. bonds, series A 4%, due Sept. 1, 1969.—V. 152, p. 3825.
Mar. 31 '40
Wholly owned and foreign subsidiaries
ndications
Public
$1.95
a
Includes $173,000 for excess profits tax, and credit adjustment of
$1,075, for over-provision for prior year.
Note—Provision for depreciation for the year amounted to $63,641.
1941—12 Mos.—1940
$3,498,633
stock
Earnings per share of common stock
Co.—Earnings-
1941—Month—1940
$283,224
$277,839
Operating re venues
Oper. exps., excl. direct
$1,009,524
23,404
40,900
9,000
120
415,924
Di vs. on $1.50 cumulative convertible preference stock
2,896,612
$21,892,494 at Dec. 31, 1940.
Dividends
$1,004,723
4,801
Operating profit
Total income-__
617,314
418,721
Other accts. pay'le
Funded debt
24,392,986
.$12,836,417
9,704,152
2,127,542
goods sold
Warehouse, trucking & delivery, sell., admin. & gen. exps
Other income
245,000
year...
contracts
Reserves
reserve
—$13,269,331
432,914
Cost of
394,224
Capital surplus...13,014,249 13,014,249
a
Corp.—Earnings—
Earnings for Year Ended March 31, 1941
d Treasury stock.. Z>rl06,790
After
$7,257,182
2,065,046
Interest expense
one
c
a
$1,542,217 $10,150,894
463,929
3,122,884
Netrev.fromry. oper. $2,317,720
Railway tax accruals...
747,964
Provision for doubtful accounts—
on
& equip.,
Total.
1941—Month—1940
1941—5 Mos.—1940
$4,935,968 $30,429,941 $24,896,935
3,393,751
20,279,047
17,639,753
Railway oper. revenues- $6,527,317
Railway oper. expenses. * 4,209,597
instal¬
fund
a
506,625
Advance collect'ns
Land, plants,coal
rolling stock, Ac.24,516,300
b Pats, <fc licenses.
73,341
Deferred charges..
450,452
complete construction of
The corporation has notified Chairman Fly of the Federal Communica¬
tions Commission that it is prepared to start commercial television in
New York City on July 1.
ments of funded
270,838
Nat. Supply Co. 3,240,000
Partly owned ore
to
July 1—
debt pay. within
288,757
Investm'ts & advs.:
props.
354,885
771,625
Federal & State in¬
Long-term accts. &
a
Radio
Net sales
Accts. pay., trade.
59,735
& sundry secure.
necessary
magnesite plant.—V. 152, p. 2872.
%
%
3,022,003
Accounts and notes
Inventories
June 28, 1941
funds
Returns, allowances, discounts and freight
Liabilities—
$
2,904,830
61,735
secure.
additional
Dec. 31'40
Afar.31 '41
5,063,825 3,354,317
..10,721,853 11,604,127
Marketable
the
and
Gross sales
Mar.31 '41 Dec. 31 '40 I
Cash
RFC
473,964
212,801
$2,744,248
$1,835,157
Social
security taxes (State and Federal)
taxes
Totals..
According to company's interpretation of the provisions of the Excess
Profits Tax Act, the income for the year ended March 31, 1941, was not
subject to any Federal excess profits taxes.
Employees—In comparison with the previous year, the earnings of em¬
ployees in this country increased $1,544,693 despite a temporary reduction
in number of employees resulting from the moving of one of the company's
largest manufacturing operations.
All employees on hourly payrolls,
having one or more years service, were granted one week's vacation with
pay during the year, and the company has recently announced the con-
Volume
equal to
tinuance of this vacation plan, or in lieu of vacation, an allowance
40 hours' pay.
As of March 31, 1941, 10,214 employees were insured under
the em¬
ployees' group life insurance policies in the total amount of $12,004,000.
Benefits amounting to $348,000 have been paid to beneficiaries of em¬
ployees during the nine years that group life insurance has been in effect.
Group health and accident insurance plans have been continued and hos¬
pitalization insurance plans, which have been provided in some locations
during the year, are being made available to other operating locations as
rapidly as possible.
Years Ended March 31
Consolidated Income Account,
Cost of sales—
...$23,644,681 $19,932,325
17,600,704
16,868,431
Gross profit..
Selling, administrative and general expenses
Profit from operations
$3,063,894
$6,043,977
-
.....
with and operations of
from transactions
/
non-consolidated subsidiaries and branch in:
.
Common dividends
(cashi
Common dividends (stock of
814,526
289,000
94,163
99,320
28,238
al ,375,000
473,000
$4,263,249
831,729
1,265,097
$2,305,177
822,709
1.264,525
...
^
(cash)
$3,975,866
789,468
36,000
;
Expense of properties not used in operations.
Net loss on liquidation of foreign subs, and branch.
U. 8. and foreign income taxes,
estimated^
Net profit
$4.50 preferred stock dividends
728,547
$6,591,275
income
Provision for foreign exchange—
158,145
10%)
$2.17
$0.94
profits taxes, for the year ended
included in the consolidation
Subsidiaries in Germany and in German-occupied Norway,
Belgium, which are again omitted because of exchange re¬
strictions and trade and other uncertainties, and (b) a subsidiary in France
(with branch in Algeria), consolidated to March 31, 1940, which is omitted
for the same reasons.
The accounts of a parent company branch in
except:
four of the six
John MarshaU,
Earnings—Interest requirements on the bonds (exclusive of interest on
been covered by the average operating results
during the last five years as follows:
Max. Int.
Avge. Int.
Requirements Requirements
certain unsecured notes) have
of the company
Bonds
on
operations except interest— 3.21 times
operations except depreciation,
amortization, and interest
5.02 times
After all charges to
Bonds
4.89 times
After all charges to
7.67 times
Security—Bonds are to be secured by a closed mortgage to be dated July 1,
1941, on all of the real estate, buildings, stores, furnishings, furniture,
fixtures, machinery, and equipment owned by the company, which said
properties are known as the Hotels John Marshall, Richmond, William
Byrd. and Murphy.
The real estate, buildings and improvements (per¬
manently annexed to the freehold) have been appraised as of April 15,1941,
follows:
— _
188,000
107,500
596,200
474,400
——
$900,500
$3,575,500
—
William
Total.
—
—
separate
(incl.
Byrd
garage and stores)
Hotel Murphy..
$2,145,300
964,600
$1,800,300
704,600
Hotel Richmond
Hotel
Total
Each Hotel
Buildings &
Impts.
Land
$345,000
260,000
Hotel John Marshall
— .
-
784,200
581,900
•
$4,476,000
Legal for Trust Funds—In the opinion of counsel, based upon the foregoing
appraisal, the bonds will be lawful investments for fiduciary funds in
Virginia within the meaning of Section 5431 of the Code of Virginia.
Purpose of Issue—The purpose of
this issue of new bonds is to refund
and consolidate the present mortgage
indebtedness.
proceeds, together with other corporate funds, will be used con¬
currently with the issuance of the bonds (a) to pay the $50,000 of old
bonds which mature July 1,1941, (b) to redeem and pay all of the remainder
of the old bonds at their principal amount of $1,950,000, plus the premium
The
Earnings per share of common stock—...
a No provision for United States excess
March 31, 1941, is considered necessary.
b All active wholly owned subsidiaries are
Company (a Virginia corporation) owns and operates
principal hotels in Richmond, Va.; namely, the Hotels
Richmond, William Byrd, and Murphy.
82,833
100,592
547,298
...——
Profit from operations and other
Interest on debentures
;
,
.
—— _
of amts. consolidated)
France and Jugoslavia (net
Other income
Central National
semi-annually 1942-56.
Va., trustee.
Central National Bank of Richmond
Trust Co., Richmond, Va.. paying agents.
and State-Planters Bank &
as
received
Norway, Holland and Belgium (amount
in United States currency)
Dated July 1, 1941; to mature
Bank of Richmond,
on
bl940
1941
..$49,173,969 $43,226,912
25,529,288
23,294.587
Net sales
Profits
4137
The Commercial & Financial Chronicle
152
(a)
all of the Murphy bonds
premium of $3,468.75.—
thereon of $19,500, and (c) to redeem and pay
at their principal amount of $282,000. plus a
Holland and
V. 144, p. 4197.
Jugoslavia are excluded.
As previously, partly owned foreign and domestic
corporations are excluded from the consolidation.
In previous reports it has been the practice to include the amount for
foreign subsidiaries,
foreign branches and domestic subsidiaries con¬
solidated on the basis of their accounts as at March 31 as to their assets
and liabilities, and for the year then ended as to their operating accounts,
except that there has consistently been included for the subsidiary in
Argentina and for the branch in India their assets and liabilities as at
Feb. 28, and their operating accounts for the preceding 12 months.
Be¬
cause of war conditions, this practice has been changed to the extent that
the consolidated balance sheet at March 31, 1941, includes amounts for
subsidiaries in England on the basis of their assets and liabilities at Feb. 28,
1941, and the consolidated profit and loss statement for the year ended
March 31, 1941, includes results from their operations for the 11 months
ended Feb. 28, 1941.
The effect on the consolidated financial statements
of this change is believed to be not material.
No specific provision has been made in the financial statements for
possible losses on European investments and operations which might
addition to the regular
arise
as
a
Consolidated Balance Sheet March 31
'•
8S CtS""""'
Cash deposits and cash funds
b Accounts, drafts and notes
Inventories
c
profit and los
and $931,852
ended March 31, 1940.
for the year
'
ll,592,338
$5,624,335
9,496,513
14,369,342
_
14,044,872
3,104,214
2,539,801
$7,443,959
—.——
receivable
;
Rental machines and equipment
....
branch,
——
214,750
707,667
Partly owned foreign subsidiary, not consol——
Partly owned domestic corporations..—
226,810
1,001,721
250,511
514,343
900,996
963,396
consolidated
...
353,196
1
$47,434,858 $43,356,682
1941
al940
Total....
Liabilities—
$854,423
foreign currencies)
Trade accounts payable—
...
Commissions, salaries and wages..
Accrued taxes, interest, insurance, rents, &c
cost
of
redemption
...
current accounts
of 25
since
Riverside & Dan River Cotton Mills—Accumulated Div.
have declared a dividend of $3 per share on account of ac¬
on the preferred stock, payable July 1 to holders of record
June 20. Like amount paid on Feb. 15, last.—V. 152, p. 1449.
Rochester Button
Co.—Extra Dividend—
an extra dividend of 37)4 cents per share in
quarterly dividend of 25 cents on the common
stock, both payable July 19 to holders of record July 9.—Y. 152, p. 3826.
addition
to
have declared
the regular
Rutland RR.—Earnings—
1941
$333,603
Net from railway
57,394
Net ry. oper. income
39,291
1938
$298,850
defl03,308
defl34,490
1939
$301,941
13,280
def6,908
$250,233
def5,681
def37,423
1,398,028
23,871
def90,191
1,353,751
16,498
def88,804
defl78,887
1940
Gross from railway
From Jan. 1—
1,473,339
110,313
20,380
Gross from railway
1,160,042
def329,002
—V. 152, p. 3826.
St.
Joseph Ry., Light, Heat & Power
A total of $36,000
first mortgage bonds 4)4 %
Payment will be made at the
Co.'—Bonds Called
series due 1947, due Dec. 1,
Aug. 1 at par and accrued interest.
1947 has been called for redemption on
Guaranty Trust Co. of N. Y.—V.
152, p. 2873.
& Mexico Ry.—Earnings—
1941
4940
1939
1938
$593,972
$553,688
$693,838
$629,553
184,188
/ 125,566
256,522
218,261
122,785
j 73,587
174,125
133,751
St. Louis Brownsville
May
Gross from railway
Net from railway..
Net ry. oper. income
From Jan. 1—
181,467
1,053,560
181,225
878,714
1,584,895
1,584,895
158,145
8,836,550
5,505,936
8,836,550
3,713,493
\
J®,564,770
01,384,637
3,914,323
1,784,786
^^73,903
3,824,936
1,625,386
1,302,528
1,120,427
stock,
19,060,000
4,623,296
3,630,343
1,526,118
1,086,422
Gross from railway.....
524,206
1,413,128
Louis
St.
{
National Stockyards
Co.—$1.25 Dividend—
dividend of $1.25 per share on the common
payable July 1 to holders of record June 23.
Previously regular
quarterly dividends of $1.50 per share were distributed.—V. 150, p. 2438.
Directors have declared a
...—
May 1, 1941, as stock div. on com.
■—-
....—
1940;
Directors
Louis-San Francisco
St.
:
Issued and outstanding
dividend of 75 cents per share on the
July 15 to holders of record July 1. This
cumulations
18,446,000
4,623,296
—
a
with $1.25 paid on Jan. 23, last; 50 cents paid on July 15,
$1 paid on Jan. 23, 1940; 50 cents on July 17, 1939, and a dividend
cents paid on Jan. 23, 1939 this latter being the first dividend paid
Jan. 25, 1936 when $1 per share was distributed.—V. 152, p. 275.
Net ry. oper. income
—V. 152, p. 3512.
—
——
declared
stock, no par value, payable
75-Cent Dividend—
compares
533,725
498,839
524,113
607,433
...
20-year 414% debentures
$4.50 cum. pref. stock ($25 par)
Common stock ($1 par):
To be issued
Directors on June 18
com.
'
.
Rike-Kumler Co.—To Pay
Net from railway.
payable
Est. cost of completion of service contracts, rents
of unoccupied leased premises and other non-
Capital surplus
Earned surplus
866,134
737,642
of
Dividends
Reserves...
$313,512
1,004,544
1,414,986
1,395,222
835,611
—
merchandise
coupons and completion of service contracts....
U.S. and foreign income taxes—estimated
Estimated
8,897,945
317,298
1
8,227,531
———— — —
—
Deferred charges.
Goodwill, patents, &c~...
Bank loans (payable in
3575.
Net from railway
Net ry. oper. income
,
Wholly owned' foreign subsidiaries and
Other assets
d Properties
p.
share in
semi-annual dividend of eight cents per share on the
stock, both payable July 15 to holders of record July 1.—V. 151,
May—
'J <)4.() ■
J (j/j[ ^
i
Investments and advances:
not
common
Dividend—
declared an extra dividend of four cents per
have
Directors
result of the war.
Note—Provision for depreciation of properties charged to
amounted to $899,300 for the year ended March 31, 1941,
V:,-\ '
(H. W.) Rickel & Co.—Extra
Directors
Ry.—Earnings—
Earnings of System
:
1941—Month—1940
1941—5 Mas .—1940
Total operating revenues $5,034,873
$3,621,488 $23,168,735 $18,345,726
Total oper. expenses.._
3,731,039
3,175,347 17,471,379 16,389,830
Net ry. oper. income—
847,808
72,452
3,995,604
233,711
Other income
\ 19,312
16,515
81,491 °
72,791
Period End. May 31—
......
...—.$47,434,858 $43,356,682
Total.
statement,
b After reserve of $991,538
in 1941 and $949,771 in 1940.
c After reserve for depreciation and obso¬
lescence of $3,197,289 in 1941 and $2,844,081 in 1940.
d After reserve
for depreciation of $16,623,924 in 1941 and $16,687,057 in 1940.—V. 152.
p. 1449.
a
See footnote b under income
""$867,120
5,877
$88,967
6,142
$4,077,095
33,629
$861,242
Total income..
Deductions from income
$82,825
$4,043,465
Balance avail, for int.,
&c
-
$306,502
37,937
..
„
$268,565
...
Rhineland
Paper Co.—30-Cent
Directors have declared a
Dividend—
dividend of 30 cents per share on the common
stock, payable July 1 to holders of record June 23.
This compares with
20 cents paid on April 1, last; 40 cents paid on Dec. 23,1940; 20 cents paid
in the three preceding quarters; 40 cents paid on Dec. 20. 1939, and 20
cents
paid
on
Oct. 2, 1939.
See also V. 152, p. 2083.
Richmond Fredericksburg & Potomac
Math-
1941
$1,125,376
$726,862
176,568
60,724
Net from railway
433,755
Net ry. oper. income
From Jan. 1—
215,952
9,750
Gross from railway
Net from railway
Net ry. oper.
To
income—
Pay $3
1938
$651,992
1939
$781,445
141,515
Gross from railway
RR.—Earnings
1940
5,689,274
2,207,923
4,276,944
1,136,888
3,905,258
1,055,631
1,116,909
399,343
400,666
120,709
23,493
'
3,575,075
730,647
185,981
Dividend—
declared a dividend of $3 per share on the common
stock and on the dividend obligations, both payable June 28 to holders of
record June 20.
Previously regular semi-annual dividends of $2 per share
were distributed.—V. 152, p. 3512.
Directors
—V.
152, p. 3512.
San
Angelo Telephone
Co.—Bonds Called—
outstanding first mortgage 30-year s. f. 5% gold bonds, series
called for redemption on Aug. 1 at 102 and accrued interest.
Payment will be made at the St. Louis Union Trust Co., Sc. Louis, Mo.—
V. 145, p. 292.
All of the
A, have been
San Diego
Gas & Electric Co.—Earnings—
-
Taxes—
—
$9,949,440
3,605,896
1540
$8,722,946
3,094,564
......
1,417,699
1,374,851
$2,770,737
20
$2,167,615
2,197
$2,770,757
575,556
58,711
24,907
Cr21,900
9,586
$2,169,813
$2,123,897
$1,490,588
1941
Year Ended April 30—
Operating re venues.
Operation.
...
...
Maintenance and repairs..
Depreciation
Amortiz. of limited-term investments.
—
063,409
—
—
—
Provision for Federal income taxes....
Net
operating income
Other income
— -
458
1,142,102
349,140
715,070
429
1.178,871
191,545
have
Offered—Galleher
& Co., Richmond, Va., are offering $2,250,000 3%, 33^%,
3H%i and 4% 1st mtge. bonds at prices to yield from 1%
to 4%, according to interest rates and maturity.
Bonds are
offered only to residents of and within the State of Virginia.
Richmond
(Va.) Hotels, Inc.—Bonds
Grossincome
Income deductions: Interest on funded debt
Amortiz. of debt discount and expense—..
Other interest.
Interest charged to
.....—
construction
Miscellaneous
Net income
—
620,000
61,954
3,747
020,020
8,544
„
profits tax under the Second Revenue Act
made as it is estimated no such tax will be due.—V. 152, p. 3826.
Note—No provision for exess
of 1940 was
—
.. ..
4138
The Commercial & Financial Chronicle
San Antonio Uvalde & Gulf RR.-
■Earnings—
Afay—
1941
1940
1939
1938
Gross from
$123,402
10,622
def20,647
$98,852
def3,566
def32,409
$126,377
19,844
defl0,727
$100,768
def15,045
def46,208
554,463
46,269
def 111,865
526,195
27,199
defl29,577
614,702
513,530
def53,294
def216,765
railway
Net from railway
Net ry. oper. income...
From Jan. 1—
Gross from railway.....
Net from railway
Net ry, oper. income...
—V. 152, p. 3513.
San
Francisco
Bay
Toll-Bridge
80.662
83,760
Co.—Reorganization
Assets—Cash, $22,850; trade accounts and notes receivable (net), $236,056; inventories, $28,004; plant site at cost, $26,315; buildings, machinery
and equipment
(net), $617,165; gypsum deposits and claims, $32,924;
former plant sites at reduced amount as independently appraised in
1941,
$25,000; goodwill, $350,000; deferred charges, $26,243; total, $1,364,559.
Liabilities—Accounts payable, $88,216; dividend on preferred stock
payable, $42,690; accrued wages and expenses, $4,179; accrued taxes,
$15,044; reserve for Federal income and excess profits taxes, $95,000;
participating preferred stock (cumulative dividends $2 per share per annum,
28,460 no par shares), $711,500; common stock (66,000 no par shares),
$66,000; surplus, $341,929; total, $1,364,559 —V. 152, p. 2875.
Effective—
A plan of reorganization of the
company was confirmed by the U. S.
District Court for the Northern Distrct of California, Southern Division,
Nov. 25. 1940.
Following is a summary of certain provisions of the
plan of reorganization:
(a) Exchange of $4,303,000 1st mtge. 6H% sinking fund bonds, due
Nov. 1, 1957, for new 3% income bonds dated as of
May 1, 1940, and due
May 1, 1977, on the basis of $1,000 of 3% income bonds and two shares of
new common stock of $1 each for each
$1,000 of 1st mtge. 6K % sinking
on
fund bonds.
(b)
Cancellation of $2,000,000 15-year participating sinking fund 7%
debentures, due Nov. 1, 1942, upon payment ot the holders thereof an aggre¬
gate amount of $30,000.
^c) Cancellation and extinguishment of following capital stock with no
new
securities
or
June 28, 1941
Balance Sheet April 30. 1941
other consideration given to the holders thereof:
8% cum. pref. ($100), authorized 25,000 shares; issued and outstanding,
8,705 shares.
Common of $.01 each—authorized 175,000
shares; Issued and outstanding,
Sentinel Gold Syndicate—Promoters
Enjoined—
The Securities and Exchange Commission reported June 21 that Judge
Frank H. Norcross of the U. S. District Court for the District of Nevada
entered a final judgment enjoining Sentinel Gold Syndicate, Harry Hedrick,
H. R.<!Adams, William H. Westerland and Harold W. Friedman from
further violations of the registration and fraud provisions of the Securities
Act of 1933.
The defendants consented to the entry of the judgment.
The complaint alleged that since Dec., 1940, the defendants have been
selling securities of Sentinel Gold Syndicate by the use of the mails and
commerce without there being a registration statement in effect
interstate
with the Commission under the Securities Act.
The complaint further alleged that in the sale of these securities the
made false statements and omitted to state material facts
defendants
concerning the production of ore at certain mining properties, the probable
distribution of substantial profits, the value of the securities of the Syndi¬
cate, the previous experience of the promoters in the mining field, the use of
the proceeds of the offering, and the terms of the sale of the securities.
128,650 shares..
The balance sheet at March
31,1941, gives effect to the transactions sum¬
marized in the foregoing and the
following adjustments arising in connection
therewith:
(a)
Accrual of interest and the amortization of discount and expense on
% sinking fund bonds has been discontinued as of April 30,
the 1st mtge. 6M
1940.
(b) Accrual of interest and the amortization of discount and expense on
15-year participating sinking fund 7% debentures has been discontinued
Shatterproof Glass Corp.—Earnings—
6 Months Ended April 30—
Sales
1941
$709,370
115,019
a
Earnings
a
$558,236
130,164
$0.29
Net income after charges and taxes
$0.33
share
per
On 400,000 shares of common stock.—V.
1940
151, p. 3900.
the
of Nov. 25,
as
1940.
(c) Cancellation of unpaid accrued interest:
Shattuck Properties
April 30, 1940.
7% debentures to Nov. 25, 1940.
81) 1st mtge. 6M% sinking fund bonds at Aprilexpense:
Cancellation of unamortized discount and 30, 1940.
Shuron
participating sinking fund 7% debentures at Nov. 25, 1940.
Reorganization expense, including bondholders committee expense,
disinterested trustee expense, and allowances for
compensation approved
and confirmed by the court on
May 5, 1941, has been charged to deficit
from operations at March 31, 1941.
The bridge is owned and operated under a
50-year franchise expiring on
July 11, 1977. at which date the bridge and its approaches will become a free
public highway of the State of California.
Earnings for 3 Months Ended March 31. 1941. After Giving Effect to Adjust¬
ments Arising Under Plan
of Reorganization
Revenue
$52,287
Expenses
a
648.
Net profit after all charges incl. Federal income taxes
a Earnings per share
a
..$181,219
$2.20
On 82,373 shares of common stock.—V. 152, p.
Sierra Pacific Power
Period End.
May 31—
Operating
revenues
income after
Gross
Co.—Earnings—
1941—Month—1940
$198,880
$172,631
1941—12 Mos.—1940
$2,360,037
2,176,013
825,636
710,555
908,683
774,609
re¬
tirement res. accruals.
63,342
56,506
Netincome
—V.
3038.
64,306
53,272
152, p. 3513.
Simmons Co.—To Pay 50-Cent Dividend—■
Reorganization
$25,787
34,203
73,148
32,272
______
on
property.
expense
b Provision for income interest
Loss
$113,836
Before provision for amortization and
depreciation, interest on income
b From Jan. 1 to March 31, 1941, at
bonds, and reorganization expense,
3% per annum on income bonds.
Balance
p.
26.500
Profit from operations
Provision for amortization & depreciation
a
140,
Optical Co., Inc.—Earnings—
Earnings for the 4 Months Ended April 30, 1941
n
On 15-year
(e)
Corp.—Registers With SEC—
See list given on first page of this department.—V.
On 1st mtge. e>]4 % sinking fund bonds to
On 15-year participating sinking fund
Sheet March til, 1941 (After Giving
Effect to Adjustments Arising
Under Plan of Reorganization)
Assets—Cash, $184,250; accounts receivable (net), $8,940; property
(net), $4,914,624; insurance premiums, $7,037; taxes applicable to future
period, $18,600; operating supplies and expense. $1,005; total, $5,134,456.
Liabilities—Accounts payable, $69,832; estimated accrued 1941-42 real
and personal property taxes,
$13,860; reserve for unpaid cum. income
interest from May 1, 1940 to March
31, 1941, at 3% per annum on income
bonds, $118,332; income bonds dated as of May 1, 1940, and due
May 1,
1977, $4,303,000; common stock (8,606 shares of $1
each), $8,606; surplus
arising from reduction of capital stock and cancellation of certain indebted¬
ness, $4,905,576; deficit from operations,
$4,284,750; total, $5,134,456.
—V. 150, p. 2267.
Savoy-Plaza, Inc.—Earnings—
Period End. April 30—
Oper. revs.—Rooms, res¬
taurant, beverages,
telephone, &c_
Oper. & gen. & adminis.
1941—3 Mos.- -1940
1941—9 Mos.—1940
Directors have declared a dividend of 50 cents per share on the common
stock payable July 10 to holders of record June 27.
This compares with
$1 paid on Dec. 18, 1940; dividends of 50 cents paid on Oct. 9 and on
July 10, 1940; 75 cents paid on Dec. 19, 1938, and a dividend of 50 cents
paid on Nov. 1, 1938, this last being the first payment made since Dec. 22,
1937, when 50 cents per share was distributed.—V. 151, p. 3409.
Simpson's, Ltd.—Accumulated Dividend—
Directors have declared
a dividend of
S1.62H per share on account o
the 6K % cumul. pref. stock, payable Aug. 1 to holders of
Like amount was paid on May 1 and Feb. 1, last; Nov. 1,
Aug. 1 and May 1, 1940. dividend of $2.62Yz was paid on Feb. 1, 1940;
$1.25 on Nov. 1, Aug. 1, and on May 1, 1939, and dividend of $2.25 was
paid on Feb. 1, 1939.—V. 152, p. 2083.
accumulations
on
record July 18.
Sisters of
Charity of Cincinnati, Ohio—Bonds Offered—
Ziegler & Co., West Bend, Wis., are offering at prices
ranging from 100 and int. to 101 and int., according to
maturity, $350,000 serial debentures.
Due serially, May 1,
1942, to Nov. 1,1953.
Debentures bear interest from May 1,
1941, payable semi-annually on Nov. 1 and May 1 of each
year.
All debentures bear interest to their respective
maturities at the following rates:
3% per annum to and
incl. the int. payment due on Nov. 1, 1945; thereafter 3}/£%
per anum to and incl. int. payment due on Nov. 1, 1949;
thereafter 4% per annum to maturity.
B. C.
$558,856
$541,097
$1,783,034
$1,759,679
Real estate tases
Other taxes
436,240
85,675
14,098
426,763
86,288
13,447
1,329,487
257,025
41,032
1,311,420
258,863
37,879
Net oper. income
Other income
$22,843
2,330
$14,599
2,439
$155,490
7,371
$151,518
6,749
or interchange.
Principal and interest payable M-N 1 at office of the
trustee, or at option of the holder, at office or agency of corporation at
Cincinnati, Ohio, or at the office or agency of the corporation at West Bend,
$25,173
35,000
52,500
69,137
$17,038
52,500
69,137
$162,862
105,000
157,500
207,411
$158,266
105,000
157,500
207,411
Wis.
Both principal and interest of these debentures will be payable in
lawful money of the United States of America.
Continental Illinois Na¬
tional Bank & Trust Co. of Chicago, 111., trustee and registrar; Provident
$131,464
$139,599
$307,050
$311,645
expenses
Net income before int.
and depreciation
Interest
on
Interest
on
first mtge
income bonds
Depreciation
35,000
Dated May 1, 1941; debentures are in coupon form in denoms. of $5,000,
$1,000, $500, and $100, registerable as to principal and interchangeable as
to denominations, upon payment of expenses incident to such registration
Savings Bank & Trust Co., Cincinnati, Ohio, registrar and paying agent;
National Bank of West Bend, West Bend, Wis., registrar and paying
agent.
At option of corporation and upon not less than 30 days' published notice
any and all of the debentures may be redeemed by the corporation on any
interest date by the payment of principal, accrued interest, and a premium
on the principal as follows:
1% if redeemption be effected on or prior to
May 1, 1946;
of 1% if redemption be effected after May 1, 1946.
In
addition, the corporation may on May 1 and Nov. 1 of each year, at its
option, whicn shall not be cumulative, redeem in the reverse order of their
First
Balance Sheet April 30, 1941
Assets—-Cash, $274,322; accounts receivable (net), $90,107; inventories of
beverages (at cost), $102,542; other inventories,
$48,010; prepaid
food and
toYal siimilsne°U8 lnvestment' «: fbied
Liabilities—Accounts
<"<*>•
payable,
$96,359; accrued liabilities, $32,746;
$11,667; cumulative interest at 3% on
1936, $962,500; funded debt, $9,800,000;
reserve for repairs
$8,710; class A common stock ($1 par), $82,050; class B
OTimo^°rck ($1 Lar)- $27,350; capital surplus, $4,769,901; deficit,
Dr$l,859.165; total, $13,932,118.—V. 152, p. 2250.
accrued interest on 1st
mortgage,
income bonds, dated Oct. 1,
Schenley Distillers Corp. (& Subs.)—Earnings—
a
Earnings for the 9 Months Ended May 30, 1941
interest, depreciation, Federal
^capita!
34,386,433
697,836
Balance, surplus
b Earnings per share
a
But
before
stock.—V.
152,
p.
profits
3664.
$2.92
b On
taxes,
Schumacher Wall Board
a
$3,688,597
]
excess
Years Ended Aprol 30—
Gross profit on sales
1,260,000 shares of
common
1941
Profit
Loss on capital assets
Interest expense
11111
expenses
i„_,,
Earnings
a
$219,028
107,572
36,581
6,796
bll7,219
r
Pr?fitfor the y®ar~
on
$216,824
2,204
a dividend of 50 cents per share on the common
to holders of record June 27.
Like amount was
paid on Dec. 20 and Aug. 28, 1940; dividends of 25 cents were paid on
Jan. 30, 1940, and on Dec. 22, 1939, and 50 cents paid on Nov. 15, 1939.
and on Dec. 15 and July 25, 1938.—V. 152, p. 2875.
stock, payable July 30
Sonoco
Products Co.—Extra Dividend—•
Directors have declared
Provision for Federal income tax..
Dividends
208,956
$402,616
185,792
$443,881
Selling, shipping and general
The Congregation, Sisters of Charity of Cincinnati, Ohio, numbers 1,185
members, of whom 75 are novices.
There are approximately 700 engaged
in schools and 250 in hospital work; 85 are enrolled in various colleges and
universities; 40 are retired; and the remainder are doing administrative work,
social service work, &c.
These Sisters conduct 62 elementary schools
and 22 high schools (not actually owned by the Congregation) in the Diocese
of Lansing, Saginaw, Toledo, Detroit, Denver, Cleveland and the Arch¬
dioceses of Cincinnati, Chicago, and Santa Fe.—V. 145, p. 1114.
Directors have declared
1940
,442$J
a
pended by it, in constructing
Skelly Oil Co .—50-Cent Dividend—
Corp.—Earnings—•
5551 357
Purpose—Net cash proceeds of these debentures shall be paid out by the
reimburse the corporation for cash expended by it, or to be ex¬
a new high school to serve the north central
section of Detroit and its suburbs.
Upon completion of the building and
full payment of construction costs, any balance of proceeds may be paid
trustee to
to the corporation.
Net income after
provision for
8t?ck taxes
Preferred dividend
requirements.
stated maturities not to exceed $10,000 aggregate principal amount of de¬
bentures without payment of any premium.
-
Southern
—
preferred stock.
per share on common stock
Including depreciation,
b Including
$100,284
71,150
$0.66
a
11472
$283,285
an extra dividend of 25 cents per share in addi¬
quarterly dividend of 25 cents per share on the common stock,
both payable July 1 to holders of record June 20.
Like amounts paid on
Dec. 21 and Sept. 30. 1940.—V. 151, p. 3901.
tion to
""
excess
85 380
$3.43
profits tax.
Acid
&
Sulphur Co.—25-Cent
Dividend—
Directors have declared a dividend of 25 cents per share on the common
stock, payable June 16 to holders of record June 10.
This compares with
373^ cents paid on March 15, last, and on Dec. 19, 1940, and previously
regular quarterly dividends of 25 cents were distributed.—V. 151, p. 3901.
Volume
South Carolina Power
Period End. May 31—
Gross revenue
Operating expenses
Prov. for depreciation..
Gross income
$92,962
53,124
Int. & other deductions.
Net
$1,114,818
$1,062,938
656,412
$73,516
55,937
673.654
$17,578
14,286
$458,406
171,438
$389,283
171,438
$25,552
$3,292
$286,968
3827.
152, p.
trust
Co.
appointed trustee for first lien collateral
bonds of the company.—V. 152, p. 3665.
Trust
Southern Ice
has
been
Co.—Earnings—
Gross sales and earnings...
Net sales, ice and coal
1940
1939
$8,319,490
$7,557,563
2,342.223
1,949,217
1,368,532,
1,099,888
1941
$11,363,547
4,190,066
Net ry. oper. income
From Jan. 1—
2,642,065
Gross from railway
Net from railway
Net ry. oper. income—
—
38,488,697
10,735,037
6,181,661
41,858,780
11,889,508
7,129,056
52,639,884
19,052,636
12.185,122
Southwestern Associated Telephone Co .—Earnings—
1941—5 Mos.—1940
1941—Month—1940
$713,651
1,800
$573,983
$115,149
69,737
$711,851
$572,483
420.546
345,199
$45,412
$227,284
53,382
$173,902
$149,405
$115,449
500
300
$148,905
90,851
$58,^4
Uncollectible oper. rev__
Operating revenues
Operating expenses
1,500
.
■'■'.../•v /'
Years Ended Dec. SI—
$1,056,069
521,876
357,925
$1,171,110
526,028
368,641
25,000
—
64,304
............
i
Net operating revenues
1939
1940
Delivery, selling and general expenses
Appropriation to contingent wage reserve
Taxes..
Earnings for Month of May cmd Year to Date
May—
Gross from railway
Net from railway
Period End. May 31—
Operating revenues
Southeastern Gas & Water Co.—Trustee—
Colonial
Peabody & Co.: Union Securities Corp.; Alex. Brown & Sons, and Whltel
Weld & Co., and has been accepted.
On this basis the average annua
proceeds to the applicant will be approximately 1.96%.
cost of the
$217,845
$39,838
pref. stock
Balance
—V.
1941—12 Mos.—1940
$4,197,757
$3,771,494
1,989.636
1,765,654
718,302
567,902
375,000
375,000
14,286
income
on
Co.—Earnings—
1941—Month—1940
$370,119
$308,427
184,028
161,021
61,879
42.641
31,250
31,250
Taxes
Divs.
4139
The Commercial & Financial Chronicle
152
Operating taxes
23,645
10,714
$291,305
101,720
$34,409
$34,698
$189,585
•
:
Net oper. income.___
—V. 152, P. 3513.
r
47,674
•
Spokane International Ry.—Earnings—
Operating income
(net)..—
Other income
Gross
Bond
■
-
-
-
947
Miscellaneous interest
Amortization
a
$123,963
41,889
$79,991
29,983
income..
interest
■
$116,276
7,687
$68,083
11,908
—......
May—
Gross from
1,462
80,000
loss$32,126
Appropriation for retirement reserve..
—V. 152, p.
J. B. Mahoney, President, states:J
The "plan for refunding and reduction of debt," submitted
to bondholders
April 1, 1940, was most successful. The holders of $242,200
of first mortgage and refunding 8% bonds due April 1, 1942 exchanged their
bonds for a like principal amount of the new first lien and refunding mort¬
under date of
gage 5J^% bonds due April 1, 1955.
to the plan, purchased for cash and
In addition the company, pursuant
retired $152,300 of its first mortgage
and refunding 8% bonds, at 87 lA and interest, and interest scrip certificates
aggregating $54,710 face amount at 20% of the face amount thereof, with
funds raised in part by a bank loan of $75,000 of which $25,000 was repaid
during 1940.
As a result of this plan, the outstanding first mortgage and
refunding 8% bonds due April 1, 1942 were reduced to $115,500 principal
amount at Dec. 31, 1940.
■
' VBalance Sheet Dec. 31, 1940
?;
Assets—Property, plant and equipment, $1,548,059; cash, $53,350; notes
receivable, $3,000; accounts receivable, $169,895; materials and supplies,
$27,560; ice inventory. $1,560; fuel inventory, $89,320; prepayments,
$18,493; miscellaneous investments, $60,067; sinking fund, $54; unamor¬
tized
reorganization
$1,982,670.
expense,
$10,425;
301,862
53,757
11,904
265,356
16,218
def20,463
,
Net from railway
Net ry. oper. income...
deferred
$887;
debits,
total,
($1 par), $37,497;
long-term debt, $366,700; scrip interest (non-interest bearing), $63,893;
notes payable, $50,000; accounts payable, $72,959; taxes accrued, $18,961;
interest accrued (cash), $4,774; interest accrued (scrip), $866; miscellaneous
liabilities, $652; reserves, $710,057; surplus, $163,209; total, $1,982,670.
—Y. 151, p. 3756, 713, V. 150, p. 3989, 3373, 855.
;
Liabilities—Preferred stock, $493,100; common stock
49,590
21,445
3513.
Dividend—
Co.—50-Cent
Standard-Coosa-Thatcher
These amounts have been accrued to
provide a reserve against which
property retirements will be charged as they occur.
a
339,768
79,784
35,778
1938
$57,063
def2,949
defll,386
$611
expense
Net income..
1940
$70,021
9,512
484
From Jan. 1—
Gross from railway.—
"
1,188
80,000
1939
$62,884
1,910
def6,650
298,174
1941
$84,300
19,662
10,287
railway
Net from railway
Net ry. oper. income—
Directors have declared a dividend of 50 cents per share on the common
stock, payable July 1 to holders of record June 20.
Previously regular
quarterly dividends of 37H cents per share were distributed.—V. 149,
p.
4186.
■'■■■■
■<
v-'v
<•'
■Seeks Bids
Standard Gas & Electric Co.-
on
San Diego
Gas & Electric Co. Stock—
Leo T. Crowley, President of the company, announced June 24 that sealed
would be received at the company's headquarters in Chicago on
bids
July 8 for the
common
stock of the San Diego Gas & Electric Co.
the parent concern.
held by
„
590,527 shares of common stock of San Diego and intends
to divest itself of the controlling interest in this company as a step toward
compliance with the integration provisions of the Public Utility Holding
Company Act.
Previously, Standard had offered to its debenture holders
the common stock of San Diego Gas in an effort to reduce outstanding
indebtedness.
This exchange offer, however, expired a few days ago.
Each proposal, Mr. Crowley announced, may be for the purchase of all,
or any part of, the San Diego common stock and may be submitted by an
individual bidder or by a group.
Standard
owns
SEC Approves Sale of San Diego
Gas Stock—
v
:: and Exchange Commission on June 24 issued an order
approving the plan of Standard Gas & Electric Co. to divest itself of the
590,527 shares of San Diego Gas & Electric Co. Standard Gas has invited
bids for the purchase of the stock by underwriters for re-offering publicly
The Securities
Standard Gas had previously reduced its holdings in San Diego by 4 02,879
an offer to exchange its own notes and debentures for the
operating company shares. The divestment is part of the company's plan
to comply with Section 11 of the Holding Company Act of 1935.
Standard Gas will use the proceeds from the sale of its San Diego common
stock holdings to retire outstanding notes and debentures.
"If any question should arise under the terms of the indenture as to the
power with the consent of Standard immediately to use the balance of
proceeds to retire debt," the SEC says, "There are adequate remedies under
Section 11.
We will require Standard to advise us within 30 days' as to
the status of this matter and the steps, if any, which have been taken or
which it plans to take to dispose of the problem."
:
shares under
Southern Indiana Gas & Electric
1941—Month—1940
Period End. May 31—
Gross
revenue.
Prov. for depreciation &
amortization
$4,524,047
1,830,198
1,106,385
1,843,870
802,742
54,918
593,452
388.528
$1,283,983
390,071
$853,828
$893,911
412,296
130,181
412,296
10,848
$81,125
34,358
10,848
$35,919
$311,352
$351,435
34,358
pref. stock
Amort, of pref. stk. exp.
Balance
—V. 152, p.
627,610
$1,242,356
$34,546
income
49,454
$113,667
32,542
$79,753
Int. & other deductions_
on
$4,806,550
151,401
70,820
$112,145
32,393
Gross income
Divs.
$385,341
153,779
93,866
...
Net
1941—12 Mos.—1940
$414,708
....
Operating expenses
Taxes
Co.—Earnings—
130,181
Corporate Offices Moved—
Company has moved its corporate offices from New York to Chicago,
following reincorporation in Illinois, and is located at 231 South LaSalle
Street.
The firm moved from Chicago to New York in 1939.
"-A;.;:
Weekly Output—
Electric output of the public utility operating companies in the Standard
& Electric Co. system for the week ended June 21, 1941, totaled
y-i ■'' ,i ,.rr'
3827.
,
Gas
Southern Kraft
Corp.- —Merged Into International Paper
Southern Pacific
147,922,380 kilowatt hours,
as
compared with 127,642,655 kilowatt
for the corresponding week last year, an increase
Co.—See latter company.- -V. 152, p. 3986.
Co,—Equipment Trust Certificates—
16 authorized the com¬
pany to assume obligation and liability in respect of not exceeding $14,625,000 equipment trust certificates series R, to be issued by the Penn¬
sylvania Co. for Insurances on Lives & Granting Annuities, as trustee,
and sold at 99.568% of par and accrued dividends in connection with the
procurement of certain equipment.
The report of the Commission states in part:
The applicant invited 117 banks, bankers, insurance companies and in¬
vestment houses to bid for the purchase of the certificates, the bidders
being required to name the rate of dividends to be borne thereby in multiples
of H of 1% per annum.
In response thereto four bids representing 30
parties were received. The best bid, 99.568% of par and accrued dividends,
based on a rate of 2 H % per annum, was made by the First Boston Corp.,
acting on behalf of itself and associates, and has been accepted.
On this
basis the average annual cost of the proceeds to the applicant will be
approximate! y 2.31 % •
The Interstate Commerce Commission on June
Earnings of the Transportation System
Standard Radio, Ltd.—Initial
the class A
payable July 10 to holders of record June 30.
Standard Steel Spring
Co.—50-Cent Dividend—
Directors have declared a dividend of 50 cents per share on
stock, payable July 10 to holders of record July 7.
amounts were paid in July and December of 1940.—V.
v."
9 Mas. End.
-Years Ended March 31
—
1940
Dec. 31, '40
1939
1938
$2,409,671
$2,255,381
Bullion produced.—
Exchange compensation
$2,006,973
$2,561,332
Total oper. income—.
Less: Oper. expenses—
$2,006,973
$2,561,332
:}
the common
Dividends of like
150, p. 4142.
-Earnings—
Sylvanite Gold Mines, Ltd.
Administrative exps
1941—Month—1940
1941—5 Mos.—1940
revenues_$23,988,277 $18,364,706 $108607,634 $87,420,468
expenses. 16,250,494
13,984,999
74,876,831
68,184,167
Dividends—
Directors have declared initial dividend of 10 cents per share on
and B shares both
hours
of 15.9%.—V. 152, p.3987.
8,780
912,567
l,186,041j
14,538
$2,418,451
1.067,122
51,545
$2,269,919
1,001,570
60,722
Period End. May 31—
Railway oper.
Railway oper.
$1,094,406
Reserve for taxes
$7,737,782
Railway tax accruals—
1,615,342
Equipment rents (net)
1,083,273
Joint facil. rents (net)..
13,871
Net
rev.
from ry. oper.
Netry. oper. income.
$5,025,296
$4,379,707 $33,730,803 $19,236,301
1,543,772
7,804,703
7,626,004
963,134
5.062,446
4,577,771
55,512
276,639
330,715
$1,817,288 $20,587,016
Earnings of Company Only
1941
1940
$18,486,126 $14,010,038 $13,441,846 $11,918,816
3,562,753
2,068,588
5,984,560
3,654.649
1.600,793
75,016
income—
3,873,938
1,669,509
May—
Gross from railway
Net from railway.
Net ry. oper.
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income—
—V. 152, p. 3986.
Southern
The
ICC
on
82,572,686
26,101,445
16,031,439
65,164,169
14,471,631
4,914,724
60,717,990
56.029,534
13,524,92.3
7,423,446
4,457,946 defl ,869,569
Ry.—Equipment Trust Certificates—
June 13 authorized the company to assume
obligation and
respect of not exceeding $11,250,000 2% serial equipment
trust certificates series JJ, to be issued by the Bankers Trust Co., as trustee
and sold at 100.1779 and accrued dividends in connection with the procure¬
ment of certain equipment.
The report of the Commission states:
The applicant invited 114 investment houses, banks and insurance com¬
panies to bid for the purchase of the certificates, the bidders being required
to name the rate of dividends to be borne thereby in multiples of K of 1 %
per annum.
In response thereto three bids representing 23 parties were
received.
The best bid, 100.1779 and accrued dividends, based on a rate
of 2% per annum, was made by a group comprised of Harriman Ripley
& Co., Inc.; Blyth & Co., Inc.; Drexel & Co.; Lazard Freres & Co.; Kidder,
liability
in
$1,299,783
$1,207,627
66,064
219,005
50,929
187,625
41,210
145,000
$1,090,223
$1,061,229
824,875
824,875
$1,021,417
824,875
$750,522
a732,2l7
-
dividends
..
Including $72,317 exchange thereon.
Balance Sheet Dec. 31, 1940
$6,701,813
1Q88
10^0
Profit
Common
$1,375,291
68,014
275.870
Net oper. earnings..,.
Reserve for deprec
Assets—Cash, $269,467; bullion on hand and in transit, $150,897; bonds
and debentures, at cost, $108,524; stores and materials, $134,887; shares in,
and loans to subsidiary companies, $1,915,861; buildings, plant and equip ¬
ment (net), $181,951; mining properties, development, &c., $1,401,146;
outside properties, $22,669; prepaid expenses and sundry assets, $26,647;
total, $4,212,049.
Liabilities—Accounts payable and accrued charges, $81,959; reserve for
taxes, $295,000; reserve for contingencies, $105,000; capital stock, $3,299,500; discount on shares, Dr.$916,500; profit and loss balance, $1,347,090; $9, total, $4,212,049,—Y. 152, p. 1144.
Temiskaming Mining Co.,
Ltd.—Earnings—
Mar. 31 '41
Years Ended—
Earnings
Taxes
-
719
2,rf4»
-------
General expenses.
-
$5,239
Profit for the year
Mar. 30 '40
$7,015
1,020
1,218
$4,777
Balance Sheet March 31, 1941
Assets—Cash, $21,039; marketable
securities (market value, $114,012),
$93,802; interest receivable, $54; mining properties, $1;
Liabilities—Accounts payable and accrued charges,
unclaimed dividends, $4,598; capital stock, $242,-373;
total, $114,896.—V. 151, p. 2058.
total, $114,896.
$249; reserve for
deficit, $132,323;
4140
The Commercial & Financial Chronicle
Texas
Gas
Securities
&
Power
Be Sold
to
193867
Privately—See Central States Power &
Light Corp.
Terre Haute Gas Corp.—Sells
$720,000 Bonds
See Indiana Gas & Chemical
Corp.
Texas & Pacific
Equip, rentals (net).._.
Jt. facil. rents (net)-.-.
Net ry. oper. incomeOther income
$368,988
32.345
$576,417
2,681
for
$401,333
$2,729,518
3,246
18,086
—
—
$2,552,363
177,155
requirements being $22,000
$1,880,341
166,959
$2,047,300
23,246
$398,087
320,526
$2,711,432
1,607,221
$2,024,054
1,611,612
$77,561
$1,104,211
$412,442
$252,887
per
year.
Net Sales
—
.
Accts.
Comparative Balance
Dec. 31 '40 Mar. 31*41
rec.
corp.
408,107
53,150
513,173
52,070
less
Stocks, other
Bloomfield process
1
Texas Power & Light
Period End. May 31Operating revenues
Oper. exps., excl. direct
639,887
934
5,368
10,422
4,542,397
1,467,101
1,120,159
386
4,648
4,256
$316,509
$4,262,550
19,371
$4,488,276
$4,281,921
2,045,000
120,000
88,753
$4,503,808
2,081,458
120,000
111,678
$2,028,168
865,050
$2,190,672
865,050
$1,163,118
$1,325,622
investments
Net oper. revenues
Other income (net)
_
4,521,614
1,213,477
1,088,914
$320,912
Prop, retire, res. approp.
Amortiz. of limited-term
360,466
89,088
92,532
386
-
$858,981
403,238
121,586
100,000
788
925
$11,396,855 $11,316,537
pref. stock..
33,000
17,750
41,728
105,831
100,000
100,000
100,000
100,000
Special pref. stock
200,000
200,000
Common
934
100,000
100,000
654,901
774,402
stock-..
Surplus
Total
32,387
107,024
Ac.,
Second pref. stock
properties (net)
Deferred charges-.
1941—12 Mos.—1940
$946,122
.
First
152,266
21,141
Dividends payable
Reserves.-
Real estate, outside
Co.—Earnings-
1941—Month—1940
Fed.
taxes
1
611,383
Mar. 31*41
106,758
141,742
Acer.
Land,
bldg.
and
equipment (net)
Dec. 31'40
Accounts payable.
Accrued wages....
328,814
Profits
$102,013
114,125
Sheet
Liabilities—
$144,359
res.
$161,102
259,225
Net
$617,760
779,658
~
-
Inventories
-V. 152. p. 3360.
—
—
Assets-
Net income.
$164,555
263,565
1940
equal
approximately 7.56 times total dividend requirements on all preferred
incxuding special preferred stock being offered, such total dividend
Cash—
$573,736
320,849
taxes
—
Calendar Years
1939.
$247,855
393,104
44,589
—
The average annual net earnings for the past 20 years were
$i66,399
to
fixed
charges
Fixed charges
Direct taxes
—
stock
1941
Miscell. deductions
Net Earnings After Taxes for
Net sales and profits first three months of:
$541,280
35,137
Total income—
avail,
1940
Privately—
194 l—Mc
Month—1940
1941—5 Mos.—1940
$2,538,713
$2,146,627 $12,167,478 $10,808,102
1,698,282
1,557,119
8,208,976
7,663,099
234,400
121,041
970,029
772,095
68,247
95,263
447,759
477,663
Cr3,496
4,216
Crll,649
14,904
Operating revenues
Operating expenses
Railway tax accruals
Inc.
Purpose—Tne purpose of tnis new issue of stock is to pay temporary bank
loans made by tne company in order to redeem its former issue of
7%
special preferred stock on April 15, 1941, tnus refunding tnat issue with this
new issue of 434 % special preferred stock.
Ry.—Earnings—
Period. End. May 31—
June 28, 1941
that may be declared tnat year until it nas received 6%, after wnicn tne
first preferred and common stocks participate
equally in any additional
dividends.
Corp.—Acquisition of Properties—
$1,499,273 $1,689,661
..
Total
$1,499,273 $1,689,661
-V. 144, p. 4201.
Trico Products
Calendar Years—
Gross profit..
Other income
Corp.—Earnings
1940
1939
1938
1937
$7,314,492
608,386
$5,449,819
505,285
$3,604,032
412,923
$6,690,051
527,927
$7,922,878
$5,955,104
$4,016,954;
$7,217,978
1,632,838
1,639,434
1,287,099
Provision for Federal and
Canadian income taxes c2,065,000
2,192,457
775,000
410,000
bl ,233,276
$3,540,669
$2,319,855
$3,792,245
1,042,828
1,046,304
$3.43
1,960,769
$5.61
a
15,532
—
—
'
Gross income
Interest on mtge. bonds.
Interest on deb. bonds..
Other int. A deductions.
$321,700
170,417
10,000
7,545
$317,434
170,417
10,000
10,258
Net income..
$133,738
$126,759
Divs. applicable to pref. stocks for the
period——
Total income
Admin., selling, deprec.,
amortiz., general exps.
Net profit
$4,225,040
1,042,281
$6.25
Dividends paid--....—
Balance
Earns.per sh.on cap. stk.
Notes—Provision for Federal income taxes,
subsequent to April 1, 1941,
is being made at a rate which will result in the
accumulation of such taxes
at the rate of 30% for the full
year 1941.
Includes in the 12 months ended May 31,
1941, provision of $61,000 for
Federal excess profits tax applicable
prior to Jan. 1, 1941, but includes no
subsequent provision for such tax since no excess profits are indicated.—V.
a
$5.24
After deducting cost of sales, discounts,
excess
excess
Operating
Operating
revenues.
Balance Sheet Dec. 31
1940
1939
1940
2,082,695
life insur. polic's
293,210
deliveries of
come
66,721
$331,338
152.813
$3,329,393
1,687,120
$3,211,225
1,667,291
Marketable
Taxes
$342,595
163,569
Operating income
Non-oper. income.;
$179,025
18,204
$178,525
$1,642,273
198,456
$1,543,935
Gross income.
a
$197,229
213,637
$198,887
212,459
Net loss
$16,407
$13,571
—V. 152, p. 3514.
Thrift Stores, Ltd. (&
$1,840,729
2,353,031
67,434
206,566
10,250,000
56,374
8,721,818
surplus
b Treas.
& other expenses
$1,793,571
2,375,704
Investments
$512,302
$582,133
stock
10,784,365
8,016,605
(at
Drl ,866,280 Dr1868,569
cost)
10,410,052
106,376
fund
106,376
Invests, in & ad vs.
70%
owned
135
foreign subs, co.
Land, bldgs., ma¬
chinery & equip, 2,727,420
c
Subs.)—Earnings-
Mar. 29 '41
Mar. 30 '40
Mar. 25 '39
Mar. 26 '38
$121,432
34,450
b$98,64l
d Patents
$21,383
27,099
16,452
loss$97,764
18,289
Total
Operating profit
Depreciation
Miscellaneous expenses
Indem. paid for cancel.of
a
executive officer's
22,924
con¬
tract
Prov. for income taxes._
13,500
c35,500
14,371
$51,482
Net profit
$57,171
Includes
excess
profits tax.
x
Loss.
1,745
2,839,588
244,003
246,804
24,551,292
18,975,751
Total
24,551,292
18,975,751
a Represented
by 675,000 no par shares,
b 47,975 shares in 1940 and
48,075 shares in 1939.
c After reserve for depreciation of $2,619,804 in
1940 and $2,349,802 in 1939.
d After reserve for amortization of $234,902
in
1940 and $266,967 in 1939.
e After reserve of $44,490 in
1940 and
$38,931 in 1939.
f Includes excess profits taxes.—V. 150, p. 3679.
x$l7,993
x$129,553
Expenses in connection with closing and
disposing of Toronto stores
warehouse,
b Includes $105 interest
earned, Dominion of Canada
c
92,840
60,000
206,566
Capital stock—11,250,000
Earned
1,127,198
136,054
60,000
to
Years Ended—
a
1,341,778
pur.
chase accts., Ac_
Insurance
and
826,606
in¬
.com¬
Prepaid ins., taxes
Deductions.
bonds,
f2,069,403
for
taxes
1,321,240
secur.
Inventories
249.636
532,799
pensation insur.
Other reserves
Employ, stock
20,363
662,499
76,185
2,031,961
5,863,312
Accts. receivable 1,393,477
e
951,744
Res. for work
raw
S
1,384,740
Provision
270,926
Deps. agst. future
1939
$
payable.
expenses.
Accrued
material
Net oper. revenue
Liabilities—
Accounts
Cash buit. value of
1941—Month—1940
1941—11 Mos.—1940
$1,275,171
$1,263,167 $13,278,631 $13,255,108
932,576
931,828
9,949,238
10,043,883
-
$
1,901,319
Cash..—..*
Ry.—Earnings—
expenses
c
profits taxes.
$
Period Ended May 31-
allowances and
EaIncluding normal, undistributed and depreciation, amortization, &c.
tent expenses, but before charging
profits taxes,
Includes
152, p. 3829.
Third Avenue
returns and
Truscon Steel Co.-
-Earnings—
Calendpr Years—
1940
1939
1938
1937
Gross sales..
$29,285,822 $25,327,714 $16,174,357 $23,527,812
Netsales
27,406,728
23.519,759
15,000.478
22,026,352
Cost of sales & expenses. 25,004,497
22,253,357
15,412,831
20,930,420
——.
Consolidated Balance Sheet March 29,1941
Assets—Cash,
$65,098; inventory of merchandise. $338,070; accounts
receivable (net), $58,057; prepaid
expenses, $13,276; fixed assets, $213,475
total, $687,975.
Liabilities—Accounts payable and accrued
charges, $247,341; miscel¬
laneous taxes accrued, $8,670; provision for income
and excess profits
taxes,
$35,500; note payable, $30,000; 6H% 1st cum.
redeemable convertible
preference shares ($25 par), $342,750; 7% 2d cum.
redeemable convertible
preference shares ($10 par), $120,000; deficit.
$96,286; total, $687,975.
—V. 151, p. 261.
Toledo Edison
The
New
York
Co., Inc.—Admitted
to Unlisted
Curb
Operating profit
$2,402,231
163,428
$1,266,402
142,634
y$412,352
190,084
$1,095,932
153,287
$2,565,659
362,782
372,488
500,000
$1,409,036
370,069
358,718
120,000
y$222,269
$1,249,219
380,487
289,014
xl40,000
Net profit
Preferred dividends
$1,330,390
$560,249
y$813,057
$439,718
332,391
Balance, surplus
Earns.per sh.on com stk.
$1,330,390
$1.43
$560,249 def$813,057
$107,327
Total profit
Depreciation*.
Other deductions
Prov. for Federal tax
Exchange has admitted to unlisted trading the
1st mtge. bonds, 3lA% series, due
July 1, 1968.—V. 152, p. 2721; V. 151
Shipbuilding Co.—To Pay 75-Cent Dividend—
Directors have declared a dividend of 75 cents
per share on the common
stock, payable June 30 to holders of record June
21.
This compares with
25 cents paid on March 29, last.—V.
107, p. 409.
Tool Steel Gear & Pinion
Co.—Preferred Stock Offered—
Field, Richards & Co., Cleveland, recently offered at 103
per share and div. 2,000 shares 4^2% cum. special
preferred
stock ($100 par).
This offering was limited to bona fide
residents within the State of Ohio,
buying for their own ac¬
count for investment
purposes.
History and Business—Company was incorp. March 17, 1909.
owns
unincumbered
Township Avenue
Common stock
The three classes of preferred stocks
are
entitled to dividends,
arrears
dividends
/
survey
by Republic Steel Corp. and its subsidiaries, it is believed that there will
not be any amount payable for such excess
profits taxes by Truscon Steel Co.
Comparative Balance Sheet Dec. 31
1940
Assets—
1939
5
Cash
582,181
b Notes and accts.
receivable
a
7,383,583
206,618
Deferred charges.
Other assets
4,722,888
7,505,752
Fixed assets
3,405,943
5,109,171
549,874
Patents, Ac
Liabilities—
Preferred stock
206,618
573,379
65,678
58,004
189,117
162,314
_
$
1939
S
3,323,690
3,323,910
7,658,060
Accounts payable.
553,343
Unpaid
payrolls,
164.571
commissions, Ac
7,658,060
c
4,904,479
Investments
1940
$
825,335
—
Common stock..
Accrued 1 labilities
415,291
142,971
699,064
350,788
1,275,492
927,192
63,976
4,000,000
31,353
4,000,000
275,082
.
232,989
Indebt. to
Repub.
Steel Corp. & its
subsidiaries
Adv. bill'g on erec.
& struc. contr's.
Funded debt
Reserves
Surplus:
Appr. of real est.
323,739
Capital surplus. 1,242,118
323,740
1,242,118
Prof. & loss def.
223,112
1,553,502
19,356,024
17,094,911
at rates
given above, payable quarterly Jan. 15, &e. in the case of the first
preferred
stock and the second preferred
stock, and on Feb. 1, Ac. in the case of the
special preferred stock, in preference to holders of common stock.
After declaration each
year of the preferred dividends and any
thereof, the common stock is entitled to receive any further
$0.27
undistributed profits,
Note—The provision for 1940 Federal normal income and declared value
excess profits taxes does not include
any amount for excess profits taxes
under the Second Revenue Act of 1940.
On the basis of a preliniary
$100,000
100,000
200,000
100,000
6% participating first preferred stock (not cumul.)
4M % cumulative special preferred stock
7% cumulative second preferred stock
Nil
on
Indicates loss.
Inventories
Company
plant equipped with automatic sprinklers for fire
in Elmwood Place, Ohio, with a
railroad siding.
Company's principal products are steei gears,
pinions,
crane wheels and
rolls, all hardened by a secret process and
guaranteed to
give sufficiently longer life than competitive material to
jusafy their cost.
Capitalization—Upon completion of this financing the company wnl have
outstanding the following capital:
a
on
y
$0.43
Includes $38,000 provision for estimated surtax
x
protection, located
377,942
212,845
Trading—
P. 2515.
Toledo
..
Other income
Total..
a
After
19,356,024 17,094,9111
deducting
for
Total
depreciation of $4,014,199 in 1940 and
$4,080,652 in 1939.
b After deducting reserve for doubtful
accounts,
freight, Ac., of $521,287 in 1940 and $529,229 in 1939.
c Represented bv
shares of $10 par.—V. 152, p. 2571.
reserve
Volume
The Commercial & Financial Chronicle
152
Tri-State Telephone & Telegraph
Period End. May 31—
Operating
$2,841,979
10,715
$2,712,601
1,766
$596,849
435,999
$562,621
392,587
$2,831,264
2,076,760
$2,703,739
$160,850
67,561
$170,034
47,620
$754,504
249,228
$771,311
242,338
$93,289
22,864
...
Net oper. revenues
Operating taxes
1941—5 Mos.—1940
2,112
revenues
$122,414
$505,276
163,973
$528,973
185,700
Uncollectible oper. rey
Operating revenues.
Operating expenses
together
Co.—Earnings-
1941—Month—1940
$598,961
$564,387
....
4141
8,862
1,932,428
with two operating companies—the Iowa-Nebraska Light
Power Co. and the Columbus & Southern Ohio Electric Corp.
One of the questions which the Commission specifically reserves
54,285
—V. 152, p. 3039.
Union Pacific
Period
RR.—Earnings—
End.
Railway
oper.
1941—Month—1940
1941—5 Mos.—1940
May 31revenues_$16 ,513,367 $12,421,770 $75,024,651 $60,706,521
Maint. of way & strucs
2 ,065,081
5,478,639
1,180,858
8,526,488
Maint. of equipment
12,327,337
3,816,574
2,660,180
17,691,810
Traffic expenses
517,982
499,034
2,208,767
2,180,479
Transportation
5,200,108
4,266,175
21,841,883
25,194,702
Miscell. operations
324,587
270,382
1,437,947
1,227,520
General expenses
467,453
486,519
2,352,008
2,310,926
Net
from ry. opers
$4,121,582
1,784,106
$3,058,622 $17,612,919 $15,339,737
1,202,238
6,629,200
8,085,345
Railway oper. income.
Equipment rents
Joint facility rents
$2,337,476
$1,856,384
571,098
85,988
Net ry. oper. income..
$1,551,997
rev.
Railway tax accruals...
4,769
$9,527,574
2,851,428
286,937
$8,710,537
2,966,981
184,074
$1,280,517
699,491
$6,389,209
the tentative opinion today.
The Commission found, tentatively, that the Kansas City Power &
.
Thus, the Commission found that "the electric facilities in and around
City" comprised the single integrated public utility system to
which operations of Continental should be limited, subject to certain
statutory exceptions.
It was at this point that the Commission found it
advisable for United or Continental to dispose of systems not adjoining
Missouri and Kansas.,'
With regard to the American Light & Traction Co., the Commission
suggested that it dispose of the San Antonio Public Service Co.
Likewise,
it said, nonutility properties owned in Texas would have no place in a single
integrated system built around the system's Michigan properties, which
appeared to the Commission to be the logical basis for a single system.
The Commission also found that "it is evident that none of the American
Light & Traction properties can be retained together with the Kansas City
electric system, since those properties are located in the States of Michigan,
Wisconsin and Texas, none of which adjoin the States of Missouri and
Kansas
Kansas."
The Commission consolidated its proceedings
questions under
United Printers & Publishers,
Stores, Inc.—Earnings—
al940
Sales..
1939
Cost of goods sold.
Operating expenses
Depreciation
,$880,317
83,683
Other income
Total income.
Interest paid
Prov. for Fed. inc.
$986,914
58,367
$743,129
$964,000
28,286
Operating income
$1,045,282
10,369
v $777,654
-
State income taxes
tax of
1,340
222,080
163,443
118,879
$658,656
71,513
326,129
$812,832
60,056
310,984
$612,870
4,439
310,540
$460,441
$2.34
$1.96
$1.62
$1.79
com...
was
distributed
1940.
b In addition 25,540 shares
dividend,
c Includes excess profits
a
as
1940
1939
$837,095
39,635
2,416,249
1,816,933
Accts. receivable..
Inventories
37,878
Notes receivable <fc
advs.,
9,471
1,090
96,836
5,283
1,810,941
9,500
4,480
388,701
Accrued liabilities.
Mortgages (not
50,841
charges
42,828
15,093
324,344
30,243
20,287
15,785
......
Value of insurance
11,292
Pref. stock, sinking
216,500
825,000
Com. stk. (par $1)
164,770
1,167,912
332,129
3,040,993
Capital surplus...
332,129
1,051,263
777,600
Earned surplus-823,133
fund
21,417
Goodwill
211,335
Total.
191,133
Total...
$6,325,124 $4,811,380
$6,325,124 $4,811,380
-V. 152, p. 3990.
United Fuel Investments, Ltd.
Years Ended March 31—
charging
depreciation or bond interest—... $1,456,568
Int. on bonds, including premium on
Amortization of plant
316,431
26,634
239,741
.
1940
^939
$1,196,741
$923,055
cial taxes
324,135
22,926
241,131
271,351
24,178
224,225
63,580
$682,048
52,593
Profit
$713,239
$528,843
86,913
39,320
16,379
65,631
14,500
$711,370
98,350
$734,641
93,766
44,918
10,428
17,485
$306,101
200,000
33,434
$439,123
$463,032
...
Depreciation.
Interest
on
77,218
35,431
14,519
163,000
6,130
_
debentures..
Int. on borrowed money.
Federal taxes..
Other charges
$416,941
Net profit
Divs.
on
Divs.
on com.
200,000
pref. stock!
50,152
stock
41,884
10,955
110,630
22,977
92,462
200,000
33,434
Balance Sheet Feb. 28, 1941
Assets—Cash, $336,937; accounts and notes receivable (net), $1,209,842;
inventories, $524,995; real estate, buildings, machinery and equipment
$30,192; commissions advanced to
booked but not shipped, and other deferred items,
(net), $1,691,138; other investments,
on
business
$163,000; accrued
$1; total, $3,912,634.
$112,617; provision for Federal income
and other taxes, $101,830; bonds and
Liabilities—Accounts payable,
taxes,
expenses
mortgages, $531,165; preferred stock ($10 par), $1,000,000; common stock
($1 par), $334,344; capital surplus, $506,822; earned surplus, $1,162,856;
total, $3,912,634.—V. 152, p. 1936.
United
Utilities
Public
Co.—Aug.
25
Last
Day for
Exchange of Securities—
May 26, 1941 by John P. Barnes of the
U. S. District Court at Chicago, holders of 1st lien bonds and pref. stock
notified that, unless good cause is shown before Judge Barnes on July 15,
1941 why such action should not be taken, an order will be then entered
are
fixing Aug. 25, 1941 as the last day on which securities of that company
may be exchanged for securities of United Public Service Corp. (the re¬
organized company), and providing that after Aug. 25, 1941 the holders of
the first lien bonds and preferred stock of the old company shall have no
right to participate in the plan of reorganization nor be entitled to any
claim whatsoever against United Public Utilities Corp. (the new company),
nor against City National Bank & Trust Co., nor Provident Trust Co. of
Philadelphia, Pa.—V. 140, p. 3234.
United Specialties
Period End. May 31—
Net sales
— —
.
Co.—Earnings—
1941—Month— 1940
$471,616
$163,070
336,404
122,823
31,090
Selling & admin, exp
Other deductions (net)..
...—
Fed. & State inc. taxes..
62,473
17,618
921
5,037
$41,649
$16,671
Netprofit--.
a
50,000
Dominion and
on
$661,660
49,709
Cost of sales
for future
ventory values
Provision for
$480,099
48,744
1941—9 Mos.—1940
$4,450,294
2,766,586
380,705
$1,641,774
1,222,297
160,301
605
782,163
4,740
55,440
a$520,235
a$198,996
purchased for
production.
price decline in in¬
war
Prov.
2,035,137
$668,085
45,154
Net profit from opers.
Miscellaneous income.
(& Subs.)—Earnings
1941
Profit from operations before
United States exchange
Bond & loan exps. & disct. absorbed.
Provision for depreciation
2,717,185
Pursuant to an order entered
as¬
sumed)..
Cum. pref. stk
Deposits with land-
2,769,656
2,107,995
371,607
583,997
Mdse. in transit
Prepaid & deferred
lords, &c
$105,171
equipment.
payable:
Trade,
Mtge. instalm'ts
(less
deprec.&amort.) 2,255,431
-
1939
$500,000
For
20,481
21,090
truckers.
assets
Notes pay., bank.
Trade accept'ces
Accounts
Investments
Fixed
1940
Liabilities—
$1,275,044
2,562,961
2,082,862
other
$119,530; goodwill, trademarks and copyrights,
Comparative Consolidated Balance Sheet Dec. 31
Assets—
2,648,298
1,980,213
&
expenses
salesmen
$22,000.
Cash......
__
sell.
bl96",440
Fifty-two weeks ended Feb. 28,
stock
;
$586,873
7,552
c277,058
Common dividends
common
34,533
$556,831
30,042
&
Net income
Preferred dividends
a
1937
1938
.$29,200,548 $24,498,783 $18,283,068 $13,760,889
22,906,464
19,282,058
14,465,858
10,999,010
5,162,467
4,046,416
2,967,503
2,154,049
251,300
183,394
106,584
50,998
Inc.—Earnings—
Feb. 28, '41 Feb. 29, *40 Feb. 28, '39 Feb. 28, '38
$5,466,944
$5,626,174
$5,728,886
$5,672,305
Gross profit from opers.
Ad minis.,
Consolidated Income Account for Calendar Years
of
a
Years Ended—
Premier Food
Earns, persh. on
involving United so that
11 (b) (1) and 11 (b) (2) could be considered
resumption of hearings for July 7.—V. 152, p. 3990.
Sections
jointly and called for
Net sales
Union
Light
Co., the largest of the public utility subsidiaries of Continental Gas &
Electric, constituted an integrated public utility system witnin the meaning
$5,559,482
—V. 152, p. 3515.
for
the resumed United hearings on both the integration and corporate simplifi¬
aspects of the "death sentence" was whether the system should
embrace more than one major holding company,
This question was
raised by the Commission's public utility division and not passed upon in
cation
of the statute.
Net operating income
Net income
and
Equivalent to $3.06 per share of common stock in 1941 and $1.17 in
1940.
Provin¬
income
135,249
353,000
Balance Sheet May 31, 1941
75,160
$942,032; accounts receivale due from customers (net),
$351,909; inventories, $543,725; other assets, $6,347; permanent assets,
$968,733; patents, $10,331; deferred charges, $20,509; total, $2,843,587.
Assets—Cash,
Net profit for year....
Dividends
$407,181
270,000
....
..
6% pref. shares
on
...
$473,300
270,000
$328,139
180,000
Consolidated Balance Sheet Mar. 31, 1941
'
1941
Assets—
'
1941
1940
Liabilities—
$
7,504,204
7,491,467
4,079,955
079,955
690,757
Property
....
Premiums
$
629,011
-
paid
iary companies.
Cash..
Invest,
in
class A shares..
Non-cumul.
4,500,000
4,500,000
2,250,000
2,250,000
pref.
B shares
200,000
100,536
50,000
1,017,300
50,000
914,400
Funded debt.....
of Dom. of Can.
Common shares.
Consol.earned surp
secure,
and accrd. int_.
$
a
5,745.000
5,824,000
264,369
165,035
729,333
622,115
Accts. payable, &c.
Accrd. int. on bds.
120,300
121,379
Inventories
737,603
767,413
Res. for taxes....
368,016
254,068
Def. & other assets
440,633
455,885
Dividend payable.
67,500
67,500
Accts.receivable..
Total...
a
90,000
.14,382,486
no par
United
14,146,382)
shares.—V. 151,
p.
Gas Improvement
Total.........14,382,486 14,146,382
3257.
Co.—Weekly Output—
The electric output for the U. G. I. system companies for the week just
and the figures for the same week last year are as follows: Week
closed
1941, 102,690,965 kwh.; same week last year, 87,251,869
increase of 15,439,096 kwh., or 17.7%.—V. 152, p. 3990.
ended June 21,
kwh.,
an
United Light & Power
Co.—Split-Up Fixed by SEC—
The Securities and Exchange Commission held Jan. 14, in a tentative
advisory opinion handed down for the benefit of and at the request of the
company, that United could not retain, as additional systems to the Kansas
City Electric System within the same holding company system, any of the
utility properties in States which did not adjoin Kansas and Missouri.
This would require that "disposition must be made by Continental
Gas & Electric Corp. of its interests in Columbus & Southern Ohio Electric
Co., Point Pleasant Water & Light Co. and Panhandle Power & Light Co."
The Commission's interpretation of the integration requirements of
Section 11(b) (1) of the
Holding Company Act as applied to United follows
Southern and Engineers Public Service, in
that applied in Commonwealth &
each of which the interpretation is under review by the Commission.
The Commission on March 20 ordered the dissolution of the United
Light & Power Co., the top company in the system, and of United American
holding company.
With compliance with these
United's interest in the Northern Natural Gas Co.,
which United has said it intends to dispose of, the system would have
remaining three holding companies—the United Light & Railways Co.,
American Lignt & Traction Co. and Continental Gas & Electric Corp.,
Co., an intermediate
orders and the sale of
Liabilities—Accounts payable, $145,121; accrued liabilities, $995,976;
stock (par $1), $170,000; capital surplus, $893,980; earned surplus.
$638,510; total, $2,843,587.—V. 152, p. 3990.
common
6% cum. preferred
on
acquis, of subsid¬
1940
5
U. S. Industrial Alcohol
E. Adams, Chairman, and
state in part:
>;v
Corp.—Annual Report—Charles
Charles S. Munson, President,
/yV
■ ^ '
■>
1933, the stockholders, acting upon a recommendation of
increase in the property reserves in order to
reduce the book value of all fixed assets of the company and subsidiaries
to the nominal amount of $1 as of Dec. 31, 1932.
The reasons underlying
the recommendation of the directors were fully set forth in the President's
letter dated Feb. 23, 1933, which accompanied the annual report to stock¬
holders for the year 1932.
■;
'
Since 1932 the company has methodically carried on a program of aban¬
donment renewals, repl acements and betterments.
As a result, the present
condition of the operating properties is satisfactory.
When the action was taken to reduce the net book value of the company's
fixed assets to the nominal value of $1 as of Dec. 31, 1932, the then existing
book value of such assets was considerably in excess of the amount that
would have been necessary to provide new producing facilities sufficient to
take care of all the company's business.
The book value of the company's
fixed assets which it is now recommended be adopted is considerably below
the amount which would be necessary for that purpose at the present time.
The company's producing facilities are now being used to their fullest
On
April 20,
the directors, authorized an
,
,
c&p&cit/y
*
i
This matter of the
manner
i
in which the fixed assets should be stated
who recommend that, effective as of
has been reviewed by the directors,
April 1, 1940, all buildings and equipment be stated at cost less depreciation
and that land be stated at $1,500,000.
The amount to which the book
value of land would thus be adjusted is $3,494,537 below the cost, and of
this amount, $2,973,834 is applicable to land in Cuba and the balance,
$520,703, to land in the United States.
It is believed that the recommended
manner of stating the fixed assets will enable the company to simplify its
accounting and its statements to stockholders, and is conservative.
As the change to the former method was adopted pursuant to a vote
of the stockholders, it is felt that they should act on the recommendations
now
made by the board of directors.
To illustrate the precise effect
which this change in the method of accounting for property will have on
the company's financial statements if these recommendations be approved,
there are included in this report a pro-forma consolidated balance sheet as
of March 31, 1941, and pro-forma summaries of consolidated income
and
surplus for the year ended
that date.
The Commercial & Financial Chronicle
4142
Year End.
3 Mos. End. —-Calendar
Mar. 31, '41 Mar. 31, '40
1939
Period—
Net sales
*15,047,660
10,916,132
Cost of sales
Gross profit on sales-.
*3,052,143 *11,908,939
2,245,483
9,069,199
Years
1938
*9,490.966
7.785,491
*4,131,528
2,307,405
$806,660
518,721
*2,839,740
2,106,957
*1,705,475
placements
Provi for cleprec. of prop.
420,000
317,299
105,000
420,000
214,803
420,000
107,549
Net oper. income.-..
Other Income (net)—„.
*1,086,824
255,944
$121,529
100,900
*97,980
x$787,069
365.311
Sell,,
& adxn. exps_
gen.
1,964,995
Prov. for renewals & re¬
61.410
316,937
Utah Light & Traction
Period End.
securs..
*414,917
bDr337,392
x$421,758
.
$1,108,204
87,457
6,879
79.894
6,588
1,011,742
78,534
1,012,157
86,121
*4,403
47,315
*7,060
44,658
*25,342
595.062
$9,926
607,933
$51,718
50,763
1,276
*51,718
50,763
1,276
$620,404
609,150
15.112
*617,859
def$321
def$321
def$3,858
def*3,867
taxes—
993,402
inventories
Prov. for Fed. inc. taxes
a275,000
income
*1,067.768
Dividends
$222,429
*77,525
*$667,653
391.238
$0.57
391,238
*0.20
391,238
xS1.71
Gross income
195,615
Interest
Shs. of com. stock outst'g
391,238
*2.72
(no par)
Earnings
*1,115,618
cCr747,504
Extraord. write-down of
Net
per
share
on mtge. bondsOther int. & deductions
-
Balance
No liability incurred under Excess Profits Tax Act of 1940 as amended.
b Write-down to lower of cost or market quotation value at Dec. 31. 1939.
x Loss.
c To lower of cost or market quotation value at Dec. 31, 1938.
a
1941
1940
*
Assets—
*
Property, plant
and equipment-
Notes—No provision has been made in the above statement for unpaid
1
1
b Capitalized since
Jan. 1, 1933
indications are that
*
$
Common stock..
4,934,563
4,934,563
Accounts payable.
Miscell. accruals..
944,397
Investments
Dividends payable
195,619
Cash
1,301,807
985,320
Misc. current llab.
652,783
Accts. rec., &c
Pension fund-...-
1,813,201
1,250,106
100,000
550,000
236,883
197,957
Res. for contlng—
Res. for pen. fund
Merchandise, &c-
5,576,690
4,653,102
<fc hurricane Ins.
299,739
Deferred charges.Pats. & licenses-—
597,227
678,056
248,813
701,465
Other
206* 148
958,608
reserves
Total
Amortiz. of limited-term
investments
Net oper. revenues
Other income (net)
4,645,578
securities.
•
18
$357,522
189,028
25,000
*3 70,.501
189,028
25,000
17,565
*4,693,380
5,237
*4,326,672
4,485
Interest
on
Interest
on
mtge. bonds.
deb. bonds._
Other int. & deductions.
*4,698,617
2,268,330
*4,331,157
2,275,178
300,000
180,948
'
300,000
17,858
Inc. chgd. to const. (Cr.)
Cr6,123
185,411
Cr8,146
Year Ended March 31, 1941
[Giving effect to recommendations of the directors
reverse
*370,483
159
Gross income
*24,369,104
b After reserve for depreciation of $785,727 in 1941 and *547.460
Represented by 391,238 no par shares,
d Includes marketable
c
Pro-Forma Summary of Consolidated Income for
300
$357,363
15,804,140 14,142,037
After reserve for depreciation of *22,212,349 in 1941 and
in 1940.
in 1940.
150
537,563
763,027
5,461,450
Capital surplus
Earned surplus
15,804,140 14,142,0371
Total
a
1
(& Subs.)- —Earnings—
Period End. May 31—
1941—Month—1940
1941—12 Mos. —1940
*1,178,384
Operating revenues
*1,111,841 $14,649,394 $13 ,954,868
Oper. exps., excl. direct
taxes
503,829
,326,863
496,914
6,314,249
Direct taxes
,209,333
217,733
153,444
2,516.229
Prop, retire, res. approp.
99.309
,092,000
91,000
1,125,236
1,561,701
456,298
1,493,955
3,216,812
2,666,682 d3,160,682
3,611,649
such tax will be payable.—V. 152, p. 3990.
no
Utah Power & Light Co.
300,000
Bank loans
11,338
6% income demand note, payable if, as, and when earned,
amounting to $2,290,399 for the period from Jan. 1, 1934, to Dec. 31,1940.
No provision has been made for Federal excess profits tax since present
1940
1941
Liabilities—
c
610,388
interest on the
Consolidated Balance Sheet March 31
a
1941—12 Mos.—1940
$93,542
Net oper. revenues
Rent from lease of pfknt.
$222,429
$98,739
Direct taxes
$1,342,768
&c—
Adj. of market,
Co.—Earnings-
1941—Month- -1940
May 31—
Operating revenues
Oper. exps., excl. direct
Net income before
taxes,
June 28, 1941
general corporate purposes up to *5,600,000. The loan
agreement which provides for interest at 5% runs for three years from June 30
1941 and is renewable at the option of the company, for an additional year.
"The new loan consolidates and expands the credit facilities available oo
the company," said Mr. Cowdin.
"The additional working capital provided
under the agreement is important at the present time since the company's
current program calls for the manufacture of a substantial portion of the
product for the 1941-42 season prior to its opening on Sept. 1.
Universal
production is already well ahead of any previous year and it expects to
enter the new season with a record number of pictures completed and in
the hands of its exchangers for delivery in accordance with its release
schedule."—V. 152, p. 3831.
for production and
Consolidated Income Account for Stated Periods
as
follows: (1)
Net income
To
a
the annual provision for renewals and replacements of fixed assets
1932; and (2) to substitute therefor provision for
Divs. applicable to
*132,052
*138.615
pref. stocks for the period..
*1,957,485
1,704,761
*1,570,568
1,704,761
in existence at Dec. 31,
Balance.
depreciation of such property (and subsequent renewals and replacements
thereof) on the basis of cost.]
*4,085,546; selling, general and administrative expenses, *2,307,405;
provision for depreciation of buildings and equipment, *921,446; net oper¬
ating Income, *856,696; other income (net), $254,609; total income, *1,111,305; provision for Federal income taxes (no liability incurred under the
Excess Profits Tax Act of 1940 as amended), *275,000; net income for the
year,*836,305.
Notes—Provision for Federal income taxes, subsequent to April 1, 1941,
.
is being made at a rate which will result in the accumulation of such taxes
at the rate of 30% for the full year 1941.
No provision has been made for Federal
indications are that
Pro-Forma Summary of Consolidated Surplus for Year Ended March 31, 1941
Utilities
[Giving effect to recommendations of the directors]
Earned
Surplus
*4,645,578
Capital
Surplus
*537,472
454,903
Balance April 1,1940 (before adjustments)
18,846,140
Additions—
To reverse the provisions for special reserves created
in 1933, thereby restoring the book value of fixed
assets
as
at
Dec. 31,
1932, to the basis of de¬
preciated cost
Total.
$5,100,481 $19,383,612
Adjustments to record the transactions relating to
fixed assets and depreciation thereof, following
the above restoration of their value to depreci¬
ated cost for the period from Jan. 1, 1933 to
March 31,1940
$7,841,650
Adjustment of book value of land from *4,994,537,
representing cost, to *1,500,000
3,494,537
Transfer to capital surplus of earned surplus deficit
as of April 1, 1940
Dr6,235,706
*537,472
6.235,706
(less reserve of
accruals, *944,397; miscellaneous, $652,783; reserves, *430,174; common
(391,238 shares, no par), $4,934,563; capital surplus, $12,610,433;
#
United States Rubber Co.—Stock
Offered—Shields & Co.
3,300 shares of 8% 1st pref. stock (par
net.
Dealers discount $2.25 per share.
3040.
June 23 offered
Smelting,
Refining
&
Mining
Co.—
Dividend—
Directors have declared a dividend of *1 per share on the common stock,
Like amount was paid on
payable July 15 to holders of record June 25.
April 15 and Jan. 15, last; $1.50 paid on Dec, 20, and Oct. 15, 1940; divi¬
dends of $1 were paid in three preceding quarters; $1.50 paid on Dec. 22,
1939 and quarterly dividend of $1 wsa paid on Oct. 14, 1939.—V. 152,
p.
3990.
United States Steel
6 Months Ended May 31—
Net profit
Earnings
ear'd surplus from Apr 1 1940, $532.295; total, $21,794,220.—V. 152, p. 3516
States
.
a
stock
United
an associate trustee in the subsidiary com¬
panies involved.
The largest request, for *1,170,894, brought by the Atlas Corp., which,
held 75% of the securities, representing the indebtedness of Utilities Power
& Light, was cut almost in half.
A total of *600,000 was allowed.—V. 151,
p.117.
Valspar Corp. (& Subs.)—Earnings—
*532,294 $12,610,433
Liabilities—Accounts payable, $1,493,955; dividends payable, $195,619
at
Holly followed closely the recommendations of
Special Master, Harry N. Gottlieb, who had sliced the total of $2,273,332 requested to *1,013,851.
Judge Holly, however, added *28,500
by raising the totals suggested by Mr. Gottlieb in four instances and added
*45,000 through three cases where the master had made no recom¬
*328,012). *1,813,201; inventories, *5,685,165: land (less *26,191 repre¬
senting cost of land sold in July, 1940), $1,473,808; buildings and equip¬
ment (at cost, $21,641,380; less reserves for depreciation of
*13,621,933),
$8,019,447; pension fund, $236,883; investments (less reserves of *684,914),
*2,666,682; prepaid expenses and other deferred items (less reserves,
$90,838), $597,227; patents and licenses, $1; total, $21,794,220.
$100)
Light Corp.—$1,687,351 Is Cost of
Filing a memorandum authorizing fees of *1,087,351 in connection with
the reorganization, Federal Judge William H. Holly at Chicago on June 14
took the final step in winding up the tangled affairs of the corporation,
which once had assets listed at $400,000,000.
Although the company was reorganized as the Ogden Corp., as of Jan. 2,
1*940, the fees remained as loose ends to be tied after a special master's
study.
The present allowance, together with *600,000 paid previously for
administrative expense, such as the fees for the master, engineers, investi¬
gators and counsel for the investigators, brought the total cost of reorgani¬
mendation because he had been
[Giving effect to recommendations of the directors as follows: (1) To
adjust the book value of fixed assets to the basis of depreciated cost; (2) to
adjust the resulting book value of land as of April 1,1940, from *4,994,537,
representing cost, to *1,500,000; and (3) to charge to capital surplus the
resulting consolidated earned surplus deficit as of April 1, 1940.]
—V. 152, p.
&
another
Pro-Forma Consolidated Balance Sheet March 31, 1941
on
Power
Reorganization—
zation to *1,687,351.
In fixing the fees Judge
$5,100,481
*6,773,179
Nil
$12,610,433
836,304
Dividends declared (50 cents per share)
195,619
Loss on disposal, July, 1940, of plant at Peoria, 111.
108,391
Assets—Cash. $1,301,807; notes and accounts receivable
excess profits tax since present
such tax will be payable.—V. 152, p. 3991.
no
the
Total
Balance April 1, 1940 (after adjustments)
Net income for the year
Balance, March 31, 1941
*252,724 def*134,193
a Dividends
accumulated and unpaid to May 31, 1941, amounted to
*7,671,425, after giving effect to dividends of *1.75 a share on *7 preferred
stock and *1.50 a share on $6 preferred stock, declared for payment on
July 1, 1941.
Net sales, *15,047,660; cost of sales, *10,962,114; gross profit on sales,
Corp.—Number of Stockholders—
United States Steel Corp. common stockholders of record
May 20, 1941,
numbered 164,873, an increase of 1,734 since Feb. 20, 1941.
On Feb. 20,
1941, there were 163,139 common stockholders, a decrease of 454 since
Nov. 20, 1940.
United States Steel Corp. preferred stockholders of record May 2, 1941,
totaled 68,539, an increase of 85 since Feb. 3, 1941.
On Feb. 3, 1941,
there were 68,454 preferred stockholders, a decrease of 193 since Nov. 1,
1940.—V. 152. p. 3831.
a
per
Co., Inc.—Negotiates $5,600,000 Loan
*84,433
*0.16
After depreciation, Federal income taxes, &c.,
but before
*0.06
excess
profits
taxes.—Y. 152, p. 696.
Virginian Ry.—Block of Stock Offered—Harriraan Ripley
& Co., Inc., on June 25 offered 5,000 shares of 6% preferred
stock (par $25) at 32^ plus an amount equal to the Stock
Exchange commission.
V. 152, p. 3516.
Vulcan
Dealer
discount
was
25
cents.—
Detinning Co.—Dividends—
Directors have declared a dividend of $1.50 per share on the common
stock, payable June 30 to holders of record June 24, and another dividend
of like amount payable Sept. 20 to holders of record Sept. 10.
Dividend of
*1.50 was paid on March 29, last, dividend of $2.50 was paid on Dec. 20,
1940, and previously regular quarterly dividends of *1.50 per share were
distributed.—V. 152, p. 3204.
Van
Camp Milk Co.—Annual Report-
Years End .Mar. 31—
Gross profit from opers.
1941
$372,405
1940
*307,658
1939
a*193,731
1938
a*208,935
Selling, adminis. & gen.
147,491
145,753
144,134
140,849
Net prof, from opers. j
Miscell. income—net
$224,913
1,598
*161,905
17.336
*49,597
1,500
*68,085
91,197
Net profs .before prov.
for inc. taxes
$226,511
*179,141
*51,097
$159,282
70,720
34,436
1,257
28,002
$155,791
49,393
75,000
$144,805
50,033
*49,840
53,812
*131,280
$31,398
$38,522
def*3,972
*19,458
$1.42
$1.26
*0.66
*1.01
expenses
Prov.
for
Fed.
&
State
taxes
Net
profit
Preferred
dividends
Common dividends
Balance, surplus
Earns, per share on
stock—
56,250
55,572
56,250
com.
Note—Depreciation for the year ended Mar. 31,1941, amounting to *89,555
charged to profit and loss.
was
Balance Sheet March
Universal Pictures
J. Cheever Cowdin, chairman of the board announced June 23 that the
company had concluded a loan agreement with the First National Bank,
Boston and Bank of Manhattan, New York, making available to it funds
1940
1941
$125,106
share on common stock
31,1941
Assets—Cash, *103,490; accounts receivable (net), *575,008; cow notes
(net), $2,896; inventories, $485,388: deposits in closed banks
(net), $10; reciprocal insurance subscribers' fund and surplus reserve,
*21,888; prepaid expenses, $10,860; land, buildings, machinery and equip-
receivable
Volume
ment
(net),
$2,234,202.
The Commercial & Financial Chronicle
152
$1,033,660;
established
milk
$1,000;
supply system,
total,
Liabilities—Accounts payable and accrued expenses, $408,758; dividends
$31,087; reserve for Federal and State income taxes, $69,061;
payable,
for contingencies, $15,000; $4 cumulative preferred stock, $986,960;
common stock (75,000 shares at $1), $75,000; capital surplus, $434,984;
reserve
earned surplus,
Wabash
$213,352; total, $2,234,202.—V. 152,
1937
1941
Gross from railway
Net from railway
from
railway
Net from railway—...
Net ry. oper. income...
1939
1938
$3,604,342
741,324
183,040
$3,517,806
651,105
96,931
$3,260,484
651,518
99,056
22,365,663
6,684,648
3,504,832
..
1940
$4,716,818
1,466,589
728,929
Net ry. oper. income...
From Jan. 1—
18,450,251
3,829,828
996,404
17,351,520
3,402,122
506,538
15,587,797
2,248,850
def613,998
—V. 152, p. 3990.
Wabasso Cotton
Years Ended—
$1,106,370
366,659
$296,318
35.062
30,172
$1,443,732
190,568
163,775
\
35,432
$373,781
Dr26,856
$231,083
Dr3,014
$1,089,389
Dr42,120
$346,925
8,486
$228,069
9,452
$1,047,270
$338,439
$218,618
$1,005,457
Net after taxes
Hire of equipment
$438,087
28,874
Net after rents—....
$1,719,547
17,823
$811,628
13,770
Other income (net)
$1,737,370
1,160,508
$825,398
Int.
$568,216
139,806
.....
$2,002,009
558,277
$606,378
168,291
.
$2,258,212
1,689,996
-
expenses.........
$346,345
50,027
Net railway revs.....
Taxes
$576,862
96,466
$187,979
69,903
Income before interest
Net income.
Operating
$5 ,001,920
28,877
431,048
34,401
$6,224,979
758,137
869,841
140,944
2,254,469
199,579
$1,177,864
166,164
171,028
$1,576,751
221,667
191,663
Traffic expenses
28,561
Transportation expenses
478,956
General expenses
49,525
$2,215,524
42,688
...
.....
$4 ,587,724
Mtce. of equipment
May 3, *41 Apr. 27, '40 Apr. 29, '39
..........
1941—5 Mos. —1940
$5,727,496
105,810
391,672
,
Rental of terminals
Co., Ltd.—Earnings—
Net profit for year.
Interest on investments
Ry.—Earnings—
Period End. May 31—
1941—Month—1940
Freight revenue
$1,442,892
$1,078,346
Passenger revenue.*...
20,485
17,650
All other revenue
113,373
81,867
Total revenues.
Mtce. of way & struc—
Ry.—Earnings—
May—
Gross
p.
4143
Wisconsin Central
being accr'd & paid.
'
96,919
317,277
593,375
853,724
144,657
.128,287
175.507
$739,711
186,892
152,417
:
41,813
$400,402
Drl9,349
$381,053
47,326
:
637,420
Balance before interest
Net profit.
Dividends paid...
Balance Sheet
Assets—Cash, $480,035; Dominion of Canada and Provincial bonds with
accrued, $829,829; accounts and bills receivable (net), $937,931;
inventories, $1,520,255; cash in hands of trustee for bondholders, $5,000;
real estate,
buildings, plant, machinery, &c. (net), $4,334,333; investments,
$268,094; deferred charges, $58,883; total, $8,434,359.
Liabilities—Accounts and bills payable ,f$465,786; operating expenses and
accrued wages, $87,230; provision for government and municipal taxes,
$1,146,651; bond interest accrued, $23,436; 4% 1st mtge. bonds due
Feb. 1, 1942, $175,000; deferred liabilities, $200,729; 4% serial bonds,
$1,050,000; 4H% 15-year bonds, $1,000,000; capital stock (69,903 no par
shares), $2,000,000; earned surplus, $2,285,528; total, $8,434,359.—V.
150,p. 4145.
Washington Water Power Co.—Earnings—
taxes
1941—Month—1940
337,259
168,626
4,671,867
2,304,861
4,127,540
1,737,481
re¬
91,338
92,974
1,100,830
1,111,739
$223,211
2,421
$300,308
2,268
$3,326,791
36,782
$4,136,663
32,510
$225,632
64,167
5,921
$302,576
64,167
8,554
$3,363,573
770,000
206,703
$4,169,173
Cr5,800
01,506
$2,391,950
622,518
$3,331,436
622,518
$1,769,432
appropriations
$2,608,918
.
Worthington Pump & Machinery Corp.—Pref. Div.—
Directors have declared dividends of $1.12H Per share on both series of
company's 4K% prior preferred stocks payable Aug. 1 to holders of record
July 21.
Dividends of like amounts were paid on June 15 and March 15,
last, and on Dec. 14, 1940, these letter .being the first dividends paid since
Spetember, 1938.—V. 152, p. 3517.
(Rudolph) Wurlitzer Co. (& Sub.)—Earnings—
Years Ended March 31—•
1941
Gross profit from sales.
__
1940
$5,672,724
$4,679,772
Operating expenses, provision for losses on doutful
accounts
4,306,418
—^*.*
Loss
4,205,668
$1,366,306
,649,719
$564,104
1,146,680
$2,016,025
Profit from operations
Other income
$1,710,784
real estate operations, after allocation of
on
,
rentals to retail stores.
126,044
45,602
Interest charges (other than interest on mortgages)
Loss on disposition of capital assets
Provision for normal Federal and State taxes
on
mtge. bonds
Other int. and deduct'ns
on
.
Int. charged to construc¬
tion (Cr.)
Net income.........
$155,544
$229,855
Dividends applic. to pref. stock for the period-__
Balance
807,869
Net profit-.
Dividends on 7 % cumulative preferred stock
Dividends on common stock....
131,374
Includes in the 12 months ended May 31, 1941, provision of $7,353 for
Federal excess profits tax applicable prior to Jan. 1, 1941, but includes no
subsequent provision for such tax since no excess profits are indicated.
—V. 152, p. 3991.
;
v;-/v
...
Western Grocer Co.
Directors
have declared
(Iowa)—Accumulated Dividend—
of $5.25 per share on account of
7% cumulative preferred stock, payablef June 25 to
holders of record June 15. Like amount paid on Jan. 25, last and compares
with $3.50 paid on June29,1940, and on Jan. 22,1940.—V. 152, p. 849.
a
dividend
the
on
Western
Maryland. Ry.—Equip.
Trusts Awarded—A
comprising Salomon Brothers & Hutzler; Dick &
Merle-Smith, and Stroud & Co., Inc., on June 20, received
the award of $1,900,000 2}4% equipment trust certificates
on a bid of
100.38, an interest cost of 2.05%.
The cer¬
tificates, which mature in 1 to 10 years, were reoffered at
prices to yield 0.40 to 2.45%, according to maturity.
The
equipments will be issued to the extent of 86% of the cost
of the new equipment.
'
...r:
group
,
Other bids received were: Halsey, Stuart & Co., Inc., 100.236 for 2Hb,
and Harriman Ripley & Co., Inc., 100.1779 for 2 Hs.
1941—Month—1940
Operating revenues.
*
$1,918,563
$1,440,287
206,347
Maint.ofway& struct..
244,736
Maint. of equipment.__
309,785
379,622
Traffic expenses.......
38.440
42,000
382.632
Transportation expenses
468,006
Miscell. operations
8,351
49,915
General expenses
3,759
50,638
Dr804
share on common stock
1941—5 Mos.
1940
$8,681,719
$7,717,847
953,453
912,166
1,853,074
1,623,754
207,579
197,591
2,183,407
2,038,653
33,048
30,612
239,837
235,694
Drl,180
Drl7,610
Transpt. for investment.
Cr338
Net operating revenue
Taxes
$725,595
$449,490
110,000
$3,212,501
220,000
880,000
$2,696,987
550,000
Operating income
Equipment rents
Joint facility rents (net).
$505,595
28,086
13,447
$339,490
20,754
12,181
$2,332,501
82,722
65,567
$2,146,987
79,145
60,140
Liabilities—Notes
$225,000;
Net ry. operating
$520,234
inc.
$348,063
$2,349,656
12,210
10,436
37,688
$2,165,992
52,765
$532,444
279,030
$358,499
278,407
$2,387,344
"$2,218,757
1,393,332
1,398,468
$253,414
$80,092
$994,012
$820,289
Other income
Gross income.
Fixed charges
Net income.
—V. 152, p. 3517.
Equipment—
will receive bids June 30 for $2,650,000
equipment trust certificates.—V. 152, p. 3835.
company
one
to
10 year
Wichita Union Stock Yards—Dividend—
dividend of $1.50 per share on the common
stock, payable June 30 to holders of record June 20. This compares with
$3.50 paid on Dec. 24, 1940; $1.50 on June 29,1940; $3.50 on Dec. 23, 1939;
$1.50 on June 30, 1939, and a dividend of $3.50 per share distributed on
Dec. 19, 1938 —V. 151, p. 3759.
Directors have declared
Wilcox
&
Gibbs
a
payable,
banks,
payable,
accounts
$902,485;
$6,640,032; total,
special dividend of 50 cents per share on the
common stock, payable June 27 to holders of record June 17.
Last previous
payment was made in August, 1937 and also amounted to 50 cents per share.
The company also announced that William H. Suydam, retired banker
had been elected a director.
Will & Baumer Candle Co., Inc.—10-Cent Dividend—
Directors
on
June 19 declared a dividend of 10 cents per share on the
Dividends of
stock, payable June 25 to holders of record June 20.
like amounts
were
paid on May 15 and on Feb. 14, last.—V. 150, p. 3842.
within
salaries,
one
year,
commissions,
$20,821,350.
1941, which option the company elected to exercise.
Interest on the new loan was reduced to 2 K % and principal payments
to be made to the banks In 24 equal quarterly instalments
beginning
Dec. 31, 1941.
On April 2, 1941, the company made a supplemental agreement with its
banks which stipulated that the company could borrow an additional
$500,000 on or before July 31,1941, at the same rate of interest and schedule
of payments as provided in agreement dated Dec. 6,1940.—V. 152, p. 3983.
are
CURRENT
NO TIC E S
—William W. Gamwell, member New York Stock Exchange, Carter
Tiffany and Ralph C. Draper announce the formation of the firm of Gam-
offices at 40 Wall St., New York City.
Mr. Gamwell
was
connected for a brief time with the Kerr Steamship Co. and the Bankers
Trust Co.
&
For the past 10 years he has been
a
partner of Jas. H. Oliphant
Co., members New York Stock Exchange.
advisor to
Mr. Tiffany
Anthony Fokker for a period of about 12
years
was
financial
was
and since Mr.
Fokker's death in 1939, he has b^en an executor of the estate.
Mr. Draper
graduated from the Harvard Business School in 1929 and has been
H. Oliphant & Co. since that time until May 31 of
associated with Jas.
:
this year.
—Harold B.
A--;'.
''
./
....
Cobb, partner of Murfey &
Co.,
on
July 1 will become
associated with Prescott & Co., members of the New York Stock
securities
business
commodity exchanges,
in
Cleveland
since
Mr. Cobb has
1913,
when
he
two years
Exchange
been
in
joined the
Department of the Cleveland Trust Co.. remaining there forl2
the
Bond
years
with
leavr for service in the U. S. Navy during the World War. In
Murfey & Co. and has been associated with
1925 he joined Worthington,
that firm and its successors ever since,
becoming
a partner in 1928.
—Harold Choate,
Financial Advertising Manager of "Business Week,"
has been appointed Chairman of the Transportation Committee which will
for members who intend to attend the Financial Advertisers Asso¬
ciation convention in Cleveland from Sept.
8 to 11.
Mr.
Choate's
mittee will look after members going from New York State,
and New England.
At the present time arrangements
New York Central RR. for special accomodations
York City on the evening
on
are
a
pending with the
train leaving New
—Brown & Atkins, Certified Public Accountants, announce the
of their
Their
new
new
opening
offices at 71 Broadway, New York City, as of July 1,
1941,
phone number is Bowling Green 9-1437-8.
—Philip T. Heartt and Rudolph L. Weissman
the
com¬
New Jersey,
of Slept. 6.
partnership
of
Heartt
&
Weissman.
announce the
investment
formation
advisers,
with
offices at 61 Broadway, New York,
—D. Arnold Skelly, for many years
Montreal offices of A. M.
Manager of the Burlington, Vt. and
Kidder & Co
,
has been admitted
as
a
general
partner.
—Newman Bros. & Worms
common
due
accrued
Note—On Dec. 6, 1940, company entered into a new agreement with its
banks whereby the $975,000 owing as at that date under agreement dated
July 31,1939, was paid and a new loan was made on that date for $2,400,000
with an option to borrow an additional $300,000 on or before March
31,
of
a
maturities
$515,799; notes payable to banks, $2,475,000; real estate mortgages,
$1,350,903; reserves, $1,061,654; deferred income, $346,402; contingency
provision, $1,000,000; 7% cumulative preferred stock, $1,305,000; common
stock ($10 par), $4,095,730; paid-in surplus, $225,000; earned
surplus,
Sewing Machine Co.—50-Cent Divi¬
dend—New Director—
Directors have declared
$2.39
taxes, &c., $508,649; provision for additional compensation,
$95,000; mortgage maturities, due within one year, $51,860; dividend on
7 % cumulative preferred stock, $22,837; Federal and State taxes on
income,
arrange
Western Pacific RR. Co.—Seeks Bids for
The
...
interest,
and other stock and
:
$1,050,132
91,350
<
180,580
222,675
$2.48
Assets—Cash, $2,055,151; cash value of insurance on lives of officers,
$167,930; receivables (net), $9,834,995; inventories, $2,695,016; other
assets, $237,508; land, buildings, equipment, fixtures, &c.
(net), $5,687,316; prepaid taxes, insurance, &c., $143,434; patents, goodwill, &c..
$1; total, $20,821,350.
well & Co., with
Earnings for Month of May and Year to Date
*
Period End. May 31—
per
$1,107,310
91,350
—...
Consolidated Balance Sheet March 31, 1941
Notes—Provision for Federal income taxes, subsequent to April 1, 1941
Is being made at a rate which will result in the accumulation of such taxes
at the rate of 30% for the full year 1941.
accumulations
Earnings
-
59,419
12,234
277,500
12,140
575,000
inc.
-----
Gross income..
Interest
196,203
115,296
-
149,929
Miscellaneous deductions.
Net oper. revenues
Other income (net)
$333,727
3992.
Total income..*
396,141
175,482
*
serve
1941—12 Mos.—1940
$899,167 $11,404,349 $11,113,423
$886,172
Direct taxes
Property retirement
bonds, &c
152, p.
May 3,1941
interest
Period End. May 31—
Operating revenues
Oper. exps., excl. direct
on
—V.
announce
that Charles A. Price has become
associated with them in their Cotton Futures Department.
—Atwill & Co. of Miami Beach, Fla., have opened an office in
at 120 South La Salle St.
Chicago
The Commercial & Financial Chronicle
4144
1941
total 1,378,727
bags compared with 1,061,510 bags a
London cabled that no cocoa has been burned on
the Gold Coast so far this year.
Last autumn there had
been talk in British Government circles that low grade cocoa
might be destroyed to have storage space.
Local closing:
July, 7.57; Sept., 7.65; Oct., 7.69; Dec., 7.75; Jan., 7.79.
On the 26th inst. futures closed 3 to 4 points net lower,
with sales totaling 233 lots. Hedge selling against cocoa
from West Africa which arrived at American ports today
caused an early decline of about 10 points.
Those arrivals
totaled 124,537 bags, of which 7,937 arrived at New York
and 49,600 at Boston, both coming on chartered boats.
Manufacturers started buying at the bottom and bid prices
up a few points, the market standing 4 to 6 points lower
now
COMMERCIAL EPITOME
June 28,
year ago.
Friday Night, June 27, 1941.
Coffee—On the 23d inst. futures closed 3 points
5 points
higher.
First notice day for Julv is
a
fair amount of
liquidation
July closed at 10.63c.,
Nothing in the
Brazil soft 4s
4s
switching basis
was
effected.
32 points under its seasonal top.
developed to influence the trend.
In
Friday, hard
news
were
or
Thursday, in advance of which
on a
500 reis below the close on
300 reis lower and Rio 7s 200 reis off.
were
lower to
Only the July position showed a decline.
Brazil
ex¬
ported 256,000 bags of coffee last week, of which 206,000
bags were for the United States, none for Europe and 50,000
bags for all other destinations.
In the actual market be¬
cause of the dulness
prevailing, some sellers reduced mild
prices about l/%(s. per pound.
On the 24th inst. futures
closed 6 to 17 points net higher for the Santos contract, with
sales totaling 306 lots.
The coffee market was stronger
today on a better turnover.
Dec. in the early afternoon
sold up 21 points.
Switching from July was heavy in an¬
ticipation of first notice day tomorrow.
A substantial
number of tenders are expected.
In Brazil the official
spot price on soft Santos 4s was up 300 reis; hard 4s up 500
reis and Rio 7s up 200 reis.
This reverses the trend of the
last week.
On the 25th inst. futures closed 11 to 6 points
net lower.
Santos coffee was 4 points lower in quiet trading.
Further July switches took place in anticipation of first notice
day tomorrow, not today as originally announced.
In
Brazil the spot price on Rio 7s was up 200 reis.
Private
cables again talk of minimum prices to be established by
Brazil against second-quota year coffees.
On the 26th inst. futures closed 10 to 20 points net higher,
with sales totaling 147 lots.
Brazil's National Coffee Depart¬
ment suspended registrations of coffee for export pending
publication of regulations controlling the second year quota.
This announcement helped firm the coffee futures market
today.
It was the trade's interpretation that the Brazil
statement indicated the imminence of new quotas regula¬
tions and perhaps a minimum price.
However, a factor
influencing the upturn also was the prompt stoppage of 162
notices against the July position.
Today futures closed 23
to 27 points net higher for the Santos contract, with sales
totaling 177 lots. The Rio contract closed 5 to 18 points net
higher, with sales totaling 28 lots. Santos coffee was 16 to
20 points higher in early afternoon after having been up as
much as 32 points.
Distant months were at new highs.
Brazilian and trade buying made up the bulk of the demand.
In Brazil the spot price of Rio 7s reached a new high at
21.800 milreis per 10 kilos, up 100 reis.
The National Coffee
Department of Brazil announced that the United States
quota for the second quota year beginning Oct. would be
divided as to coffee producing States and amongst exporters
based on previous business.
Rio coffee closed
as
follows:
I March
__7.30
July
September
7.50
7.58
December
Santos coffee
(May
trad.|
prices closed
July
J.'.
September
10.92
11.10
11.17
December
-_.__7.67
7.70
-
as follows:
| March ,1942
!May
_
_
11.25
11.32
trad.)
The Washington announcement that the SEC would
scrutinize
unregulated markets, which included
the fact that
cocoa,
and
today is first notice day against the July posi¬
tion, worried the
reaction
cocoa
futures market into
a
sizable technical
today.
Wall Street liquidation was substantial and
included switches from July to forward positions.
Dealers
were on the other side in this
switching, which accounted for
more than 300 lots of the total.
Local closing: July, 7.61;
Sept., 7.72; Oct., 7.76; Dec., 7.82; Jan., 7.86; Mar., 7.93.
On the 24th inst. futures closed 2 points up to 1 point off
compared with previous finals, with sales* totaling 276 lots.
Absence of pressure from producing countries accounted for
the improvement.
The open interest was reduced by 102
lots yesterday, standing at 7,108 lots today.
This was first
July notice day but no notices of delivery were issued. Ware¬
house stocks decreased 2,40^ bags.
They total 1,380,926
bags against 1,058,814 bags a year ago. Local closing: July,
7.63; Sept., 7.71; Dec., 7.83; Mar., 7.93; May, 8.00.
On
the 25th inst. futures closed 5 to 8 points net lower, with sales
only 71 lots, of which 24 lots were switches. Although dull,
the cocoa market had a steady undertone.
Prices during
early afternoon were 2 to 5 points lower. Sales to that time
totaled
35 lots.
The
stalemated condition in
the
continues, caused by indifference of producers and
facturers alike.
This is the slow
season
market
manu¬
for manufacturers.
Open interest decreased 36 lots yesterday, standing at 7,072
lots today.
Warehouse stocks decreased 2,200 bags. They
The open interest increased 1 lot.
It
morning at 7,073 lots.
Warehouse stocks in¬
creased 6,100 bags.
They now total 1,384,817 bags com¬
pared with 1,060,260 bags a year ago.
Local closing: July,
7.54; Sept., 7.61; Dec., 7.72; Jan., 7.76; Mar., 7.82; May,
7.90.
Today futures closed 7 to 11 points net higher, with
«sales totaling 175 lots.
Demand for cocoa was moderate
but selling pressure was light.
Prices rallied 4 to 6 points
in a slow market with July selling at 7.58c.,
up 4 points.
stood
this
Sales to mid-afternoon totaled 110 lots.
The market acted
if sold out as it advanced on small volume.
as
Big arrivals
bothering the trade.
So far this first half year 3,046,951
bags of cocoa have been imported into this country.
In
1940 arrivals for 12 months totaled 4,982,901 bags.
Local
closing: July, 7.61; Sept., 7.68; Dec., 7.79; Jan., 7.83; Mar.,
7.89; May, 7.97.
are
Sugar—On the 23d inst. futures closed 5 points to 1 point
lower for the domestic contract.
The Department of Agri¬
culture's threat to increase quota supplies had a dampening
on
the domestic sugar market.
It held down the
effect
volume of the dav's
trading to 233 lots and prices slipped
point.
Today is first notice day for July and
that position showed the maximum decline.
Shipping fears
and other factors were ignored because of the Government's
statement as to increasing the quota.
In sympathy with the
trend in futures, raw sugar developed an easier tone
today.
Offerings were held at 3.55c., but it was questionable whether
interest existed at 3.50c. unless for far off arrival positions.
The world sugar contract ended 4J/2C. to 6 points net
higher.
On the 24th inst. futures closed 1 to 2 points net lower for the
domestic contract, with sales totaling 211 lots.
The world
sugar contract closed unchanged to 1 A points net lower,
with sales totaling 656 lots.
Raws were still offered at from
3.55c. to 3.60c., with bids of no better than 3.50c.
The
Philadelphia refineries are still tied up by a strike. At last
back 5 to 1
one
refiner
line
on
believed to have extended the June 30 dead
was
delivery of $4.95 contracts pending settlement of
labor difficulties.
Traders
the Russian-German
war
are
Indies will
soon
grow more
still uncertain
will have
believe that Russian sugar
also point out that Great
on
production
just what effect
world sugar.
may
Some
bo affected and
Britain's needs from the West
urgent.
On the 25th inst. futures
closed unchanged to 2 points higher for the domestic con¬
tract, with sales 103 lots.
World sugar contracts closed 1
...
Cocoa—On the 23d inst. futures closed 15 to 17 points net
lower.
late this afternoon.
to
Sji points net higher, with sales totaling 571 lots. Light
buying disclosed a scarcity of contracts in the domestic
sugar market with the result that prices gained from 1 to 3
points during early afternoon.
There was nothing new in
the raw market.
Offers ranged from 3.55c. against bids of
better than 3.50c.
no
It
was
announced that Dr. Joshua
Bernhardt, chief of the sigar section of the AAA would meet
New York Sugar men tomorrow morning to discuss the
question of quotas and other problems.
In the refined
market Refined Syrups offered July delivery sugar at $5.00,
or 10c. over the
price at which JuDe sugar was sold. World
sugar futures were in demand despite the absence of any
concrete fresh news to account for the
On the 26th inst. futures closed
strong tone.
unchanged to 1 point off
for the domestic contract, with sales totaling 35 lots.
world sugar contract closed 4 to 2 points net higher,
sales
totaling 606 lots.
The
with
The meeting of AAA officials with
the sugar trade caused some
early misgivings, which influ¬
market to ease off about a point
during early trading.
However, after reports leaking
enced the domestic sugar
or
so
out of the conference
ment action
was
room
indicated that
no
further Govern¬
threatening the market price, traders
re¬
covered confidence and bought back contracts sold early..
During early afternoon the market was about a point net
higher with Sept. selling at 2.56c. a pound,
The raw sugar
market was quiet.
Sellers wanted about 3.55c. a pound,
while refiners indicated unwillingness to pay more than
3.50c.
No sales
were
announced.
The world sugar market
quiet and steady, lA point lower to llA points higher.
Cuban selling pressure appeared to have subsided.
Today
futures closed 4 to 2 points net lower for the domestic con¬
tract, with sales totaling 202 lots.
The world sugar contract
was
to
BEET
Prices closed
July
September._
iA
.
_ .
_ _
.
2.541 May
November
Domestic Beet
Initial stocks of refined, Jan.
Deliveries......
which
On
June
1941,
9,
increase in
an
Department.
the
by
.
total
a
also
Source of
Jan.
Supply
;
;
Stocks
Deliveries
on
or
Apr. 30,
Usage
1941
104,465
*93,444
1,
Receipts
1941
of
172,207
25,702
Cuba
0
12,932
2,028
89,197
16,819
0
46,208
43,230
8,438
1.119
146,231
2,028
241
Hawaii
Puerto Rico
-
303
1,842
21,313
1,026
39,178
Philippines
282,093
175,040
>
Other foreign areas.
Total..
-
reports and Information submitted by
importers and distributors of direct-consumption sugar on Forms SS-15B and SS-3.
*
Includes 20,865 tons in customs' custody.
:
;
:
in
Complied
TABLE
the Sugar Division from
4—MAINLAND
CANE MILLS' STOCKS, PRODUCTION
DELIVERIES JANUARY-APRIL, 1941
AND
'•:(Short Tons, Raw Value)
/'"V
Deliveries
United States
Stocks on
Stocks
on
■
For Direct
For Further
Consumption
25,971
89,818
69,994
*62,214
Apr. 30, 1941
Processing
Production
1941
Jan. 1,
stocks "assures
of the current
of hte past.
million tons of sugar
there is in prospect well over a
United States in other Western Hemisphere
this supply
to
the
;
of June
14,419
countries."
Totaled
refiners, beet sugar processors, importers and others.
prepared by the Sugar Division of the
Agricultural Adjustment Administration.
Total deliveries
of sugar during the period January-April, 1941, amounted
to 2,759,363 short-tons, raw value, compared with 1,850,847
tons during the corresponding period last year.
The Depart¬
ment's announcement goes on to explain:
sugar
The statement was
continental United States during the first four
follows:
refiners (Table 1)
3,217
1,786,399
768,736
175,040
25,971
.......
(Table 2, less exports)...
Beet sugar processors (Table 2).
_
Importers direct-consumption sugar (Table 3)._
Mainland cane mills for direct consumption (Table 4)
...
2,759,363
Total—
7,148 tons
:.\r■ ;;
(Table 5).
Stocks
of Hawaii
and in Puerto Rico, 33,152
for local consumption in the Territory
for the first four months of 1941 was
of sugar
hand April 30, in short-tons, raw value, were as
on
follows:*
z'9
Beet sugar processors..
1940
561,402
461,717
957,012
146,231
Refiners' refined..
1941
473,535
267,794
Refiners' raws
1,024,106
194,316
.......
....
Importers' direct-consumption sugar....
cane factories........
..s:-.-..
14,419
69,811
1,858,991
2,311,352
Mainland
Total
These data were obtained
The statement of charges
April was made public on May 7.
Not including raws
amounted
1—RAW
----—
refiners,
in 1940.
REFINERS'
SUGAR:
JANUARY-
tND DELIVERIES FOR DIRECT CONSUMPTION FOR
PRIL, 1941
(Short Tons, Raw Value)
.■
against 82,100 head last year. The top price for hogs at
Chicago today was $10.75, with the range from $10.25 to
$10.75.
On the 24th inst. futures close 10 to 12 points net
lower.
The market ruled heavy during most of the session,
head
the day. Western hog receipts
109,000 head for the same day
last year.
Chicago hog sales ranged from $10.25 to $10.70.
On the 25th inst. futures closed 10 to 12 points net lower.
The market ruled heavy during most of the session.
The
foreign demand for United States lard remains very slow.
Chicago hog prices were mostly 10c. higher, .with sales
ranging from $10 to $10.25.
Western hog receipts were
54,600 head, against 69,100 head for the same day last year.
On the 26th inst. futures closed 25 to 27 points net higher.
New highs were reached in lard prices at Chicago today
under active covering and substantial commission house buy¬
ing influenced largely by the rise in hogs and the forecast
for a seasonal decrease in hog marketings during the next six
weeks.
The market closed at the best levels of the day.
The opening range of lard futures was 10 to 15 points net
higher. Chicago hog prices advanced 25c. per 100 pounds.
The top price for the day was $11 per 100 pounds.
Sales
ranged from $10.50 to $11. Western hog marketings totaled
53,700 head against 61,900 head for the same day last year.
Today futures closed 10 to 20 points net higher. The lard
market moved up in sympathy with strong hog and grain
closing at about the lows of
totaled 74,100 head, against
DAILY CLOSING
.
July
10.52
........10.75
10.85
..11.05
October
December
January, 1942-
PRICES OF LARD
Sat.
\
—
Source
of Supply
Receipts
Jan. 1,
Lost
by Fire,
Stocks on
Apr. 30,
Consumption
1941
dec.
1941
401
8
a206,527
38,569
245,800
803,269
246,479
965
0
Puerto Rico
88,889
264,489
281,557
412
32
71,377
Philippines
79,670
362,431
2
2
Continental
48,223
98,192
319,141
134,319
1,437
18
122,9.56
10,641
Virgin Islands
Other countries
0
1,764
1,764
0
0
0
12,437
44,994
32,322
0
0
b25,109
258
258
0
0
0
355,076 1,940,845 1,819,109
3,217
60
473,535
87,288
Cuba
Hawaii.
922,917
0
M isc. (sweepings, &c)
Total
Compiled in the Sugar Division, from reports
Form SS-15A.
Includes 35,442 tons
custody.
in customs' custody,
36,925
submited by sugar refineries on
b Includes 11,923 tons in customs'
■; t
Mon.
10.80
1J-05
11.12
11.35
FUTURES IN CHICAGO
Fri.
Tues.
10.70
10.92
11-05
11.25
----
Wed.
10.60
10.82
10.92
Thurs.
11.10
11.25
----
----
10.87
10.97
11.07»
11.22
11.17
I.135
II.55
$29.87^ (8-10 pieces to barrel);
barrel); $21.75 (200 pound barrel).
Beef: (export), steady.
Family (export), $21.50 per barrel
(200 pound barrel).
Cut Meats: firm. Pickled Hams:
fhcnic, loose, c.a.f.—4 to 6 lbs., 16c.; 6 to 8 lbs., 16c.; 8 to 10
lbs., 16c.
Skinned, loose, c.a.f.—14 to 16 lbs., 23 yc.; 18 to
20 lbs., 22Mc. Bellies: Clear, f .o.b. New York—6 to 8 lbs.,
193^c.; 8 to 10 lbs., 19Mc.; 12 to 14 lbs., 16%e.
Bellies:
Clear, Dry Salted, Boxed, N. Y.—16 to 18 lbs., not quoted;
18 to 20 lbs., 13c.; 20 to 25 lbs., 13c.; 25 to 30 lbs., 13
Butter: Firsts to Higher than Extra and Premium Marks:
36 to 37Mc.
Cheese: State, Held '39, 263^ to 28; Held '40,
24ii to 26. Eggs: Mixed Colors: Checks to Special Packs:
Pork—(Export), mess,
Deliveries
for Direct
Meltings
closed 27 to 30 points net
higher.
The continued strength in hogs and gains helped
to keep the lard market strong.
Russia's entrance into the
war played a part in the market's strength.
The opening
range in the lard market was 17 to 25 points net higher.
Chicago hog prices reached new highs for the current upward
movement.
Receipts for the western run totaled 71,600
September
STOCKS, RECEIPTS, MELTINGS
Stocks on
7,148
33,152
markets.
..
commercial value, in 1941 and
short-tons,
64,003 short-tons, commercial value,
TABLE
'
■
for processing held by importers other than
49,989
to
of 1937.
January-
in the administration of the Sugar Act
against the 1941 sugar quotas during
JANUARY: :v .3.
—
Lard—On the 23d inst. futures
Refined sugar by refiners
RICO,
(Short Tons, Raw Value)
mentioned in our issue
months of 1941 in short-tons, raw value, was as
CONSUMPTION IN
:■;••/•""■••':'>
1941
Territory of Hawaii.
Puerto Rico.....
The Department of Agriculture issued on June 18 its
monthly sugar statistical statement covering the first four
months of 1941, consolidating reports obtained from cane
The distribution of sugar
-■
5—DISTRIBUTION OF SUGAR FOR LOCAL
TERRITORY OF HAWAII AND PUERTO
APRIL,
'■■-•v.
Sugar Deliveries for First Four Months of 1941
2,759,363 Tons
Raw sugar by
'
THE
14, page 3720.
Distribution of sugar in
* Revised.
TABLE
the world supply of sugar for the 1940-41 mar¬
pointed out that
The revision referred to above was
a
*
.
Stocks on
99-9;
^"^..1:■'■9.9
keting year is the largest supply on record.
which
DIRECT"
JANUARY
1941
(Short Tons, Raw Value)
production, together with relatively large carryover
available
*
RECEIPTS
AND
DELIVERIES OF
SUGAR
FROM
SPECIFIED AREAS,
supply available to the United States well in excess
Besides
tons
3—STOCKS,
APRIL,
marketing quota and in excess of consumption during any year
It
; , ,
' ,
The Department o*
17,494 short tons,
small amount representing losses in reprocess¬
.v;V.
' :"y r:'"-.'./"
&c.
CONSUMPTION
requirements the Department has already pointed out in a recent survey of
the Bureau of Agricultural Economics, on the sugar situation, that this
season's
;
that exports of
the total quota supplies of sugar was
The quantity of 7,125,561 short tons
regard to the amount of available supplies to meet
With
1940.
Larger than actual deliveries by a
c
established was deemed, on the basis of
accordingly.
ratio of
and
TABLE
Continues
SS-16A and
.
delivered against sales for export.
refined sugar amounted to
value, during January-April, 1941.
;
ing,
information then available to
the Department, to be sufficient to meet actual consumption requirements
for the calendar year 1941
and to provide reserve stocks equal to the
average of prior years.
However, investigations of the Sugar Division of
the
Agricultural
Adjustment
Administration indicated that
with the
augmented industrial pace resulting from the national defense effort, buy¬
ers
and consumers built up larger stocks of refined sugar than in previous
years during the first three months of this year.
Should this situation
continue, and if it becomes clear that for the duration of the emergency
buyers and consumers wish to carry larger working stocks than in prior
years, it will be the policy of the Department to increase quota supplies
sugar
is the
1939
Commerce reports
9 The Department of Agriculture issued on June 21 the
following statement in response to inquiries concerning its
policy on possible further revisions of sugar quota supplies
under the Sugar Act of 1937:
announced
factories.
converted to raw value by using the factor 1.063030
meltings of raw sugar to refined sugar produced during the
b Deliveries include sugar
raw
Policy of Building Larger Stocks
reports submitted on Forms
refineries and beet sugar
The refineries figures are
years
Department of Agriculture Statement on Sugar Policy
—Further Revision of Sugar Quota Supplies to Be
Made if
C768.736
957,012
267,794
30, 1941
Compiled by the Sugar Division, from
SS-11C by the sugar
123,992
„
bl,803,893
...
...
Final stocks of refined, April
1,601,756
1,799,209
...
,
Factories
272,478
1, 1941.
Production
....2.58
...2.60
2.63
--
(Short Tons. Raw Value)
Refineries a
.o;
.2-49 |January, 1942
_.2.52 IMarch
i
1941
^
a
follows:
as
PRODUCTION AND DELIVERIES OF CANE AND
STATES REFINERS AND PROCESSORS.
BY UNITED
SUGAR
JANUARY-APRIL,
shipment Puerto Ricos at that price.
of Aug.
2—STOCKS,
TABLE
1points net lower, with sales totaling 467 lots.
Domestic sugar was easier but the world sugar contracts
developed strength. The selling in the domestic market was
attributed to a feeling that the sugar quota may be increased
further.
It also may have been due to the inactivity in the
raw sugar market.
In the raw market a lot of Cubas due
here next week, and several parcels of July Puerto Ricos
were offered at 3.50c.
Other sugars were held at 3.55c.
The last actual sale was made at 3.51c. last Wednesday
when the American Sugar Refining Co. bought 4,200 tons
closed
4145
The Commercial & Financial Chronicle
152
Volume
family (50-60 pieces to
26
M to 27 M.
4146
The Commercial & Financial Chronicle
Oils—Linseed oil
in
tank
is
quoted 10.2 to 10.4.
Quotations: Chinawood: tanks, spot—3034 offer, nominal;
drums—32 offer.
Coconut; crude: tanks, nearby—.0734
bid, nominal. Aug.-Sept.—.07 bid, nominal; bulk—.06 bid
nominal.
Corn: crude: West, tanks,
nearby—not quoted.
Olive: denatured: drums spot—$3.50 to $3.75.
Soybean:
tanks, old crop—1034 to 10%; Oct .-Dec .—.09% to 10%
New York, 1. c. 1., clarified—12.8 bid.
Edible: coconut:
76 degrees—13% bid.
Cod: crude: not quoted.
Lard: ex.
winter prime—11% offer; strained—11 offer.
Turpentine:
4734 to 49%.
Rosins: $2.36 to $3.13.
cars
Cottonseed Oil sales yesterday,
including switches, 483
Crude S. E., val. 1134-% iiom. Prices closed as
follows:
contracts.
July
11.23® bid
November
13.25® nom. December
...12.85®S7tr. January, 1942
12.59® 61 tr. February
August
September
October
Rubber—On the 23d inst.
new
12.61®
nom.
12.52® trad.
12.50® 125-4
12.50® nom.
Local
On the 26th inst. futures closed 5 to 7 points net lower.
With activity in the spot market at a standstill
pending
it
In
a
second
meeting
Commodity Exchange, Inc.,
decided "after careful consideration to
in rubber futures contracts on
Tuesday, the
was
resume
trading
24th, but that
trading should be limited to liquidation of open positions.
The opening of new positions is
prohibited."
At the same
time
it
was
decided
to
amend
the
rule governing price
by reducing the daily
limit of fluctuations from 2 to 34c.
per pound.
On the 24th
inst. futures closed 25 points off to 10
points net higher, with
sales totaling 46 lots.
Trading in rubber on the local Ex¬
change was resumed today but was limited to the liquidation
fluctuation
limitations
for
rubber
of
outstanding contracts.
The board of governors has
no new commitments
may be made.
It also has
limited fluctuations to half a cent in
any
ruled that
single session as
The market today had
against 2c. previously permitted.
fairly steady tone on sales which aggregated 28 lots to early
a
afternoon.
Prices
irregular.
The Singapore market
unchanged to l-16d. higher.
Local closing: Julv,
21.00; Sept., 21.05; Dec., 20.95; Mar., 20.70.
On the 25th
inst. futures closed 10 points
up to 5 points off.
Trading
in rubber now restricted
to
liquidation of outstanding
commitments, had reached only 15 lots to raid-afternoon.
Prices were irregular, standing 10
points higher to 10 points
lower, with Julv at 21.05c., up 5 points.
Certificated
were
closed
stocks in licensed warehouses decreased 30 tons.
is 350 tons.
The Singapore rubber market
now
to
The total
closed 1-32
1-16d. higher.
Local closing: July, 21.00; Sept., 21.05;
Oct., 21.05; Dec., 21.05; Jan., 20.95; Mar., 20.70.
On the 26th inst. futures closed 10 to 30
points net higher,
totaling 44 lots. Rubber advanced 15 to 30 points
in quiet trading when dealers covered in
anticipation of
further government action.
It is believed the OPACS will
fix prices on so-called "free"
rubber, already in this country
but not yet sold to the ultimate consumer.' Such
rubber has
been selling in the local spot market at 22c. a
pound. During
with sales
early afternoon July rubber was selling at 2.15c.,
up 15
points. Sales to that time amounted to 31 lots. The
Singa¬
pore rubber market closed unchanged to 3-32d.
higher. Local
closing: July, 21.10; Sept., 21.30; Dec., 21.30; Mar., 21.00.
Today futures closed 5 points off to unchanged, with sales
totaling only 12 lots.
The rubber market was quiet, only
two contracts
having been sold to early afternoon.
Sept.
sold at 21.30c.,
unchanged.
Sixty tons were tendered for
delivery on the July contract. Open interest stood at 1,751
lots, a decrease of 28. The Singapore rubber market closed
unchanged. Local closing: July, 21.05; Sept., 21.30; Dec.,
21.30.
Hides—On the 23d inst. futures closed 8 to 15
joints net
Transactions totaled 1,480,000 pounds or 37 lots.
Certificated stocks of hides in warehouses licensed
higher.
by the
Exchange increased by 1,286 contracts to 269,984 hides.
Trading in the open spot market last week reached the
large
total of
some 230,000 hides.
All these hides were sold at
flat, without any differentials for various
grades.
Local closing: June, 14.62;
Sept., 14.65; Dec., 14.65; Mar.,
14.65; June, 14.65.
On the 24th inst. futures closed 14 to
15 points net lower.
All deliveries on the board closed
15c.
virtually at the same level of 1434c. today.
Of the 16 lots
traded, 4 were in the June position, 8 in Sept. hides and the
No new
developments were reported
in the spot market
today.
An additional 480,000 pounds
were tendered for
delivery against the June contract, bring¬
ing the total for the month to 4,680,000 pounds.
Trans¬
actions today totaled 640,000
pounds, including 40,000
pounds exchanged for physicals.
Local closing:
Sept.,
14.51; Dec., 14.50; Mar., 14.50; June, 14.50.
On the 25th
inst. futures closed 5 to 6
points net lower.
The open
interest in hide futures dipped below
1,000 contracts today,
continuing the slow but steady shrinkage in this market.
Trading was virtually at a standstill all day, only 24 con¬
tracts being traded.
Prices fluctuated only moderately.
After holding steady
during the morning, they receded a few
points in sympathy with other agricultural futures markets
other 4 in Dec. hides.
and clpsed lower.
The spot market
was
reported
as
quiet.
a
clarification of the question of differential between different
grades of hides, trading in the futures market marked time.
Trading there amounted to only 880,000 pounds or 22 lots.
Futures
prices, however, were under pressure reflecting partly
uncertainty over the spot market situation.
Local
closing: Sept., 14.40; Dec., 14.38; Mar., 14.38; June, 14.38;
Today futures closed 5 points net higher, with sales totaling
26 lots.
Raw hide futures opening was
unchanged.
The
market held steady during the morning and
prices by early
afternoon were 1 to 2 points advance. Transactions amounted
to 560,000 pounds.
Open interest increased by three con¬
tracts, totaling 982 today.
Some sales of spot hides were
reported.
Local closing: Sept., 14.45; Dec., 14.43; June,
the
14.43.
commitments in rubber
for crude rubber from the Far East.
of the board of governors of the
closing: Sept., 14.45; Dec., 14.45; Mar., 14.45; June,
14.45.
Ocean
future contracts
were stopped by the
Commodity Exchange,
Inc., in a move which followed a one-day's suspension of all
trading in rubber futures.
This action had been taken
early
yesterdav morning by the board of governors of the
exchange
following announcement from Washington that,
starting
with today, the Rubber Reserve Co. would act as sole
buyer
June 28, 1941
Freights—Trading in tonnage continues on a very
The new developments abroad are
having their
small scale.
influence in the freight or charter market. Charters included:
Grain bookings: Several lots totaling 9,000
tons, mostly
barley, booked for end June, July and
up
to Aug. 2: North
Atlantic to Lisbon; wheat $1.15 per 100 pounds and
barley,
$1.25.
Time Charter: West Indies trade, $9 to $11 asked
per ton.
Canadian trade, $7.50 asked per ton.
North of
Hatteras-South African trade, $7.50 to $8 per ton. North of
Hatteras-East
Coast
South America, $8 to $9; West Coast,
United States Pacific-Far East, $8.25
per ton.
Sugar: Philippines to United States Atlantic, $25
bid, asking $30.
Queensland to Halifax-St. John, $21 per
ton.
Coal: Hampton Roads to Rio de
Janeiro, $11-11.50
per ton asked.
Hampton Roads to Montevideo, about $12
per ton asked.
Hampton Roads to Buenos Aires, $12 per
ton asked.
Hampton Roads to Lisbon, $16.
Ore: South
Africa to Hatteras, $18 f. i. o. per
ton; Brazil to Sydney,
N. S., $12.50 per ton.
Philippines to Baltimore, $18 bid.
$8
to $9
per
ton.
Coal—Commercial production of anthracite for the week
ended June 21st is estimated
by the Anthracite Institute at
1,165,200 net tons. Output for the first 24 weeks of the year,
ended June 14th, is set at 22,868,313
tons, against 21,829,700
period of 1940, an increase of 1,038,613
tons, or 4.76%.
In reviewing the additional requirements
placed on the fuel oil and coke industries by virtue of the
operation of the full defense program and its effects on the
anthracite industry, Weston, Dodson &
Co., in a detailed
analysis recently issued, points out that the maximum additional output required of the anthracite
industry to take
up the entire slack is estimated to be about 29,000,000 tons
a year,
resulting in a total commercial production of 77,0o0,tons for the
same
000 tons.
The review further points out that the
supply of
such augmented tonnage "Presents no
insuperable problem
for the anthracite
industry."
Wool—On the 23d inst. futures closed 12 to 24
points net
On a favorable construction of the war
news the market closed steadv with
substantial
higher for wool tops.
gains.
Short
covering and trade buying resulted in sales totaling some 75
lots or 375,000 pounds.
Spot certificated tops were 10
points higher at 126.5c. nominal.
Grease wools futures
developed only one sale of 6,000 pounds clean content at
94.0c. for the Oct. delivery.
The closing was quiet with bid
prices 4 to 5 points up. Spot grease wool was 93.7c. bid, 8
points higher. Local closing: Wool Tops: July, 126.0; Oct.,
123.2; Dec., 121.7.
Grease Wool: July, 93.3; Oct., 93.7;
Dec., 93.7. On the 24th inst. futures closed 10 to 14 points
net lower for wool tops.
There was liquidation, profit taking
and hedge selling, with the trade
buying on the decline. Sales
were estimated at 30 lots
or
150,000 pounds.
Spot cer¬
tificated tops were 10 points lower at 125.5c. nominal. Grease
wool futures also
were/easier and closed steady at 2 to 4
points net loss. Sales were about 18 lots or 108,000 clean
equivalent pounds. Bid prices for spot wool were 6 points
lower at 93.1c., with the asked price 94.0c.
Local closing:
Grease Wool: July, 93.0; Oct., 93.5;
Dec., 93.3.
Wool
Tops: July, 125.0; Oct., 121.8; Dec.. 120.6.
On the 25th
futures closed 1 point up to 1 point off for wool
tops, with
sales estimated at 20 lots or 100,000
pounds. Dealings were
confined to Oct. and Dec. contracts.
Although today was
first notice day no delivery notices were issued
against the
July.
Spot certificated tops were unchanged at 125.5c.
nominal.
Grease wool sales totaled 25 lots or 150,000 clean
equivalent pounds. The closing for grease wool futures was
unchanged to 4 points up.
Spot grease wool was 93.2c.
nominal, comparing with 93.1c. bid, 94.0c. asked the previous
day.
Boston reported the market there generally quiet.
Local closing: Wool Tops: July,
125.0; Oct., 121.9; Dec.,
120.7.
Grease Wool: July, 93.2; Oct., 93.5; Dec., 93.7.
On the 26th inst. futures closed 4
points a decline to 2
points advance for wool tops.
Sales were estimated at 45
lots or 225,000 pounds.
Switching, trade and Boston sup¬
port, and scattered hedges appeared. There were no notices
issued.
In the grease wool market 28 notices
were
issued
today against the July position, representing 148,000 clean
equivalent pounds. The market was active for grease wool
futures in a slight range with
closing steady at 1 to 4 points
advance.
Sales
were
estimated at 43 lots
or
258,000 clean
equivalent pounds.
Spot certificated tops were 125.5c.
nominal, unchanged, and spot grease wool was 4 points
lower at 92.8c. bid.
Local closing: Grease Wool: July 93.3;
*
Volume
4147
the Commercial & Financial Chronicle
152
Oct. 93.8; Dec. 94.1.
Wool Tops: July 124.6; Oct.
Dec. 120.9; Mar. 119.5.
Today futures closed 5 to 9
121.0;
points
This
Since Aug
1. 1940
Brownsville
"205
Mobile
678
147,119
1,380
112,673
30,511"
25",522
21,171
9,700
25,890
13,641
2,044
4,181
7,581
34,299
5,000
3,095
1,150
2,348,059
161", 720
185
54,593
1,882
65,575
47,394
Savannah
Panama
635,923
38,821
96,315
610,818
54,297
70,641
26
Jacksonville
760
953.347
64,495
99,842
460,232
49,649
55,355
1,946
761
Pensacola
15
City
11,920
18,096
29,156
7,100
20,576
1,093
9
Lake Charles
Wilmington
Norfolk
38,565
45,971
10,325
34,623
158
Charleston
22,028
578
New York
Boston.
Baltimore,
1HC-
Silk—On the 23d inst. futures closed unchanged to
higher. With war uncertainties increasing as a result of
the latest developments between Russia and Germany, the
silk market idled along today on a small volume of transac¬
tions, 230 bales, or 23 contracts, being traded.
What at¬
titude the Japanese take toward their Russian and German
commitments is a matter for speculation, but caution in
*
Savannah
209
805
1,116
1,297
4,441
4,529
1,114
909
507
152
405
533
429
1,679
2,368
15,752
21,952
~
1,093
Charleston
Wilmington
_
"""578
"""374
11,920
_
711
706
365
22,893
41
Norfolk
158
285
662
64,570
40,690
30,001
_
All others
Total this wk_
Since Aug. 1_„
9,923
1,157
782
664
6,685,631
3,727,694 7,036,127 3,428,090 7,071,497 6,247,345
reach a total
Britain, 136 to
the correspond¬
ing week last year total exports were 16,294 bales.
For the
^ason to date aggregate exports have been 856,405 bales,
against 5,905,438 bales in the same period of the previous
The exports
for the week ending this evening
of 4,624 bales, of which 2,945 were to Great
China and 1,543 to other destinations.
In
Below
season.
the exports for the
are
27,
week:
Exported to—
Week Ended
June
1941
Ger¬
Great
Exports from—
France
Britain
Total
Other
China
Japan
Italy
many
743
2",945
New Orleans
Los
»
Local
1940
1939
3,818
1,325
9,084
Total
closing: June (expired) July, 2.933^; Aug., 2.94; Sept., 2.95;
Oct., 2.95^; Dec., 2.953^.
On the 26th inst. futures closed Yc. off to lc. net higher,
3,370
Britain
Norfolk
1,680
600
2,280
56,986
"""974
6M25
58",517
6,948
3,827
20,462
15,180
6,221
45,690
106,332
....
1
314
1.
-
26", 981
-
2,313
Boston
Los Angeles.
_
Francisco
San
71,599
333,201
25,505
46,804
3,947 146,619
1,145
182,767
28,461
3,573
27,295
2,313
135-.864
York
New
1,927
10,558
23,225
123,501
28,461
3,573
Total
Other
China
Japan
Italy
many
377,675
Orleans.
Mobile
market declined lc. to $3.03 a pound. Prices
were unchanged to 9 yen lower on the Yokohama Bourse.
The price of Grade D silk in the spot market was unchanged
at 1,630 yen a bale.
Local closing: July, 2.93; Aug., 2.94;
Sept., 2.943^; Oct., 2.95K; Nov., 2.96^; Dec., 2.96^;
Jan., 2.963^.
Today futures close IY to 2Y points net
higher, with sales totaling 51 lots.
Strength of primary
markets was the decisive factor in the silk market here.
Prices opened about lc. higher and held steady throughout
the morning.
Tender of 210 bales on contracts was changed
for physical silk.
Tender of 210 bales on contract was with¬
out market effect.
The price of crack double extra silk in
the New York spot market advanced 13^c. to $3.04 3^ a
France
172,077
Corpus Chrlstl
New York spot
16,294
26,063
2,410
Ger¬
21,723
Galveston
Houston
New
1,0 50
Exported to—
Great
Exports from—
lots.
Silk futures opened 1Y to lc.
lower, but rallied for a net gain of about lc. in active trading,
which to early afternoon totaled 58 lots.
Tender of 450
bales on contract was made but notices were stopped by
trade interests.
The price of crack double extra silk in the
4,624
1,400
1,992
15,104
2~40i
"39
From
Aug. 1,1940 to
June 27.1941
with sales totaling 82
1,543
136
136
2,945
Total
3,745
136
Angeles
Total
outside
....
-
743
800
Galveston
market was unchanged
the Yokohama Bourse were 2
lower to 1 yen higher.
Grade D silk in tiie
market remained unchanged at 1,630 yen a bale.
185
6
Mobile
double extra silk in the uptown spot
yen
.
2,006
4,602
7,854
4,185
4,782
2,576
5,963
4,099
17,781
205
Orleans
New
12,190
6,566
8,338
1,377
5,362
21,259
36,610
Houston
1935-36
1936-37
1937-38
1938-39
1939-40
1940-41
Receipts at—
Galveston
quiet trading which to early afternoon totaled 16 lots. Ten
were tendered on contract.
The price of crack double
extra silk in the New York spot market declined Y%o. to
$3.04 a pound.
Pending new developments traders found
little incentive to do business.
On the Yokohama Bourse
the market was 8 yen higher.
The price of grade D silk in
the spot market remained unchanged at 1,630 yen a bale.
Local closing: July, 2.94; Sept., 2.94; Oct., 2.95; Dec., 2.96;
Jan., 2.96.
On the 25th inst. futures closed lc. advance to
3^c. decline. The silk market was firm, prices standing Y%o.
to 2c. higher this afternoon, influenced by Far Eastern news.
Sales to early afternoon totaled 44 lots and 70 bales were
tendered on contract, bringing the total for June to 1,640
bales.
Today was last June notice day. The price of crack
Prices on
comparison may be made with other years,
give below the totals at leading ports for six seasons:
In order that
bales
pound.
Included in Gulfport.
we
jumping to conclusions seems to have been the by-word
today. Yokohama futures however, felt the influence of war
fears, with declines up to 10 yen at the close.
Grade D
remained unchanged at 1,630 yen.
Spot sales in both
primary centers amounted to 200 bales, while futures transac¬
tions equaled 5,200 bales.
Local closing: June, 2.95H;
July, 2.953^; Aug., 2.96; Sept., 2.97^; Oct., 2.97K; Dec.,
2.98; Jan., 2.98. On the 24th inst. futures closed 1H to 33^c.
net lower, with sales totaling 279 lots.
Silk held steady in
a
64,570 3,727,694
Totals
net
$3.04
1,290,674
10,529
33,883
Gulf port
Oct. 94.5.
at
36,6l5
New Orleans
646,363
40,690 7,036,127 2,857,961
8.588
Beaumont
5,000
pounds. No sales were reported on the opening of the grease
wool exchange this morning.
Later in the session active
positions showed advances of 4 to 7 points net higher. Bid
prices at midday were 5 to 7 points net higher. Total sales
to noon were estimated in trade quarters at about 18,000
clean equivalent pounds.
Local closing: Wool Tops: Oct.
122.4; Dec. 121.4; Mar. 120.4.
Grease Wool July 94.1;
estimated in the trade at approximately
were
21,259 1,404,173
*■
32
149,257
Houston
Corpus Christ!
1940
1941
921,611
5,963 1,766,416
41,153
4,099 2,081,423
179,248
71,685
17",781 2,460,920
691,870
15,596
5,362
Galveston
active positions were 3 points above yesterday's last quota¬
tions.
At midday bid prices were unchanged to 5 points
higher.
Total transactions on the New York exchange to
1, 1939
Week
to 8
noon
Since Aug
This
Week
June 27
higher for wool tops, while grease wool futures closed 7
points net higher. There were no dealings on the open¬
ing of the wool top market today but later in the morning
net
Stock
1939-40
1940-41
Receipts to
137
137
78,789 293,609
856,405
Seattle-
Total
Total
Total
33,456 611,279
1939-40 1960,866 835,698
1938-39 464,361 394,208
auuiuon
in
to
452,826 297,895
auove
exports,
the following amounts
cleared, at the ports named:
give
us
On
Ger¬
France
Britain
many
tumgnt mow
Foreign
icise
Leaving
Stock
CoastTotal
500
"182
_
1,662
182
500
Houston
Orleans.
Savannah
Other
500
Galveston
New
ttuegrauus
Shipboard Not Cleared for—
Great
Prices rose 20 to 30 yen on the Yokohama Bourse.
Grade D silk in the outside market was unchanged at 1,630
yen a bale.
Local closing: July, 2.95; Aug., 2.953^; Sept.,
2.96Y; Oct., 2.98; Nov., 2.98; Dec., 2.98Y-
our
of cotton on shipboard, not
June 27 at—
pound.
897,937 399,218 1166984 5905,438
876,057 95,639 649,083 3230,069
2,162
Charleston.-..
Mobile
COTTON
Norfolk
Other
Friday Night, June 27, 1941.
Crop, as indicated by our
The Movement of the
tele¬
from the South tonight, is given below. For the week
ending this evening the total receipts have reached 64,570
bales, against 78,427 bales last week and 73,311 bales the
previous week, making the total receipts since Aug. 1, 1940,
3,727,694 bales, against 7,036,127 bales for the same period
of 1939-40, showing a decrease since Aug. 1, 1940, of
grams
925
Galveston
4,145
Houston
Corpus
Christi..
Thurs.
6",574
Totals this week.
5,362
21,259
6.500
4,314
5",816
36,610
19
45
139
205
453
9
1,093
13,370
64,570
5,193
923
3,033
10",873
32
640
11,784
lUiiUWiLLg
IdiULKJ
total since Aug. 1,
with last year:
Total
2,154
798
-
Charleston
Lake Charles
Fri.
1,473
5,480
569
2
Mobile
Wed.
78
1,519
3,364
32
New Orleans
1 lie
Tues.
Mon.
Sat.
Receipts at—
7,950
16,144
BUUVYO
MU.U
8,011
VYOOii. D
1940, and the stocks
7,311
9
ports—
Total 1941..
Total 1940.
.
Total 1939-.
682
1,662
14,042
4,409
Speculation
"804
3,000
cotton
in
wuoi iwvi^vo,
500
7,576
13,962
2,100
5,136
2,844 2,855,117
24,522 2,323,537
30,360 1,742,405
for future delivery was
quite
early part of the week, when
strength.
Cotton prices last
Monday went into the highest ground in 11 years on Mon¬
day, showing net gains that day of 33 to 40 points, traders
construing Russia's entrance into the war as bullish.
Dur¬
ing the latter part of the week most of the early gains were
lost, the market sagging under threats of ceilings on agri¬
cultural products if they get out of line.
This latter an¬
nouncement from Washington had quite a dampening effect
active, especially during the
the market showed unusual
on
all commodity
markets.
prices closed 9 to 11
points net higher.
17, 1937, were touched in the
late cotton futures trading today as a local covering move¬
ment combined with mill buying brought only limited offer¬
ings.
Final prices were the best for the day and for the
On the 21st inst.
tonight, compared
3",853
921,111
953,165
458,070
147,119
30,511
55,355
25,890
263,896
Highest prices since Mar.
4148
The Commercial & Financial Chronicle
in most of the active
movement
June 28,
deliveries, with the Mar.
penetrating the 14%e. level.
a lack of
the spot
markets, and reports of insect activity in cotton regions
were factors helping
the market.
Opening prices were 3
to 6 points lower in quiet trading.The initial offerings
were attributed to
hedge selling but the volume of such was
not large.
The market soon steadied with the appearance
of trade buying.
Local interests who had been early sellers
also rebought later in the session and the pace of trading
quickened as prices advanced.
On the 23d inst. prices
closed 33 to 40 points net higher.
Cotton prices went into
the highest ground in 11 years during today's session.
Dec.,
Mar. and May went above the 15c. level as traders con¬
Good Middling
.20
on
strued
Strict Middling
.08
on
Middling
.22 off
and
May,
designated by the Secretary of Agri
culture, and staple premiums and discounts represent full
discount for % inch and 29-32 inch staple and 75% of the
average premiums over 15-16 inch cotton at the 10 markets
deliveries
1942,
Unfavorable crop reports from the Western belt,
Southern offerings owing to
tight conditions in
Russia's
opening
into
entrance
the
war
as
bullish.
A
on
The market moved
over
a
On the 26th inst. prices closed 21 to 23 points net higher.
Mill buying to fix prices rallied the cotton market from
the
setback
also continued to offer cotton.
After the opening the trend
Government
dried
up.
intervention
in
the
market
The market continued
to
appeared
gain
to have
strength as
about one-lialf
Today prices closed 27
was
the
recent
to 28 points
daily
average.
higher.
Cotton
a bale to highest prices since
trade interests, and Wall Street
net
bid up more than a dollar
May,
1930,
when
competed
for
ranged
high
mills,
contracts.
Late
this afternoon net gains
The strongest opening of the
week registered net overnight gains of from 14 to 24
points,
which put prices at new 11-year
highs, with July selling
at 14.88c., up 18 points.
The buying came from all directions
as
as
30 points.
and
completely absorbed early offerings.
Mills which have
not been deterred from buying
by the expectation that price
ceilings will be established on cotton goods were actively
fixing prices.
Bombay was a free buyer and Wall Street
trailed
along.
The official quotation for middling
upland cotton in the
New York market each day for the past week has been:
June 21 to June 27—
Sat.
Mon.
Tues.
Middling upland 15-16 (nom'l).15.13
15.50
15.35
Wed. Thurs.
15.30
15.53
.55 on
.61
.37
on
.49
on
.55 on
,64 on
on
.31
on
.43
on
.49
on
.58
on
.08
on
,19
on
.30
on
.37
on
.46
on
.22 off
.06
on
.14
on
.11 off
Basis
.70
on
on
.71 off
.61 off
.51 off
.45 off
.36 off
1.42 off
1.36 off
1.31 off
1.27 off
1.23 off
Extra White—
Strict Low Middling
Low Middling..
on
.43
.49
on
.58
on
.30 on
.37
on
.46
on
Even
.06
on
.14
on
on
„
.71 off
.61 off
.51 off
.45 off
.36 off
1.36 off
1.31 off
1.27 off
1.23 off
.11 off
.05 off
.34 off
Middling
_
.23 off
.46 off
.36 off
.23 off
.18 off
.11 off
.93 off
Strict Middling
a
on
.19
1.42 off
Spotted—
Good Middling
a
.31
.11 off
.84 off
.72 off
.65 off
.59 off
.03
on
Middling spotted shall be tenderable only when and if the Secretary of Agri¬
culture establishes
a
type for such a grade.
New York
The
York
Quotations for 32 Years
quotations for middling upland % (nominal) at New
June
on
27 for each of
the past 32 years
have been
follows:
as
r
1941 *..>.15.80c.
1940
10.93c.
1939
9.97c.
1938
8.81c.
1937
12.76c.
1933
1932
1931
1930
1929
10.40c.
5.35c.
10.40c.
13.60c.
___._19.50c.
22.65c.
__.__16.75c.
1936 .....12.49c.
12.00c.
1928
1935
1927
1934 .....12.35c.
1926 ....,18.70c.
*
1941
24.60c.
1917
27.40c-
30.25c.
1916
13.10c-
1922
28.55c.
21.75c.
1915
1914
1921
11.50c.
1925
1924
1923
9.45c-
.....
13.25c1913
12.30c1912 _____11.60c1911 ...._14.90c-
1920 __.__38.25c.
1919
34.75c.
1918
31.95c.
1910
15.00c-
quotation is for 15-16ths.
Market and Sales
New York
at
Market
Closed
Closed
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
•'-*
i' ''
Futures
Spot Market
SALES
Contr'ct
Spot
Total
Nominal
Steady
Nominal
Firm..
"200
"200
Nominal
Steady
Steady
700
700
Firm
600
600
2,300
2,300
Nominal
.
Nominal
Nominal
Total
Very steady
week.
Since
400
Aug. 1
400
4,200
127.809
4.200
58~206
186,009
Futures—The highest, lowest and closing prices at New
York for the past
week have been
Saturday
Monday
Tuesday
June 21
June 23
as
June 24
follows:
Wednesday
June 25
Thursday
Friday
June 26
June 27
July (1941)
Range
14.20-14.34 14.44-14.73 14.51-14.70 14.41-14.63 14.47-14.66 14.85-15.01
14.34 14.71 —
14.52-14.53 14.47-14.48 14.7077
14.97
__
Closing
_
August—
Range
—
Closing
September
14.4171
14.7977
14.5977
14.5377
14.7677
15.0377
14.48n
.
14.8777
14.6677
14.6077
14.8277
15.1077
-
Range..
Closing
.
October—
Range..
14.40-14.56 14.65-14.99 14.74-14.95 14.60-14.84 14.67-14.90 15.05-15.25
Closing.
14.55
14.95-14.97 14.74-14.75 14.67
-T-
—
14.89-14.90 15.17
November-
Range
—
14.9977
14.6071
Closing.
14.7977
14.7177
14.9477
15.2277
December—
14.50-14.66 14.71-15.05 14.82-15.03 14.68-14.93 14.77-15.00 15.12-15.33
14.65-14.66 15.03-15.04 14.84-14.85 14.76 —
14.99-15.00 15.27
Range..
Closing.
Jan.(1942)
14.54-14.67 14.77-14.95 14.87-15.07 14.75-14.85 14.78-15.02 15.17-15.30
14.68n
15.0577
14.79 —
14.87
15.00-15.01 15.2977
Range..
Closing
.
February—
Range..
Closing
14.7177
.
15.0677
14.8977
14.8177
15.0277
15.3077
March—
14.62-14.76 14.85-15.12 14.90-15.10 14.75-15.00 14.83-15.05 15.19-15.37
14.91
14.75-14.76 15.08
14.83
15.04-15.05 15.32
Range..
Closing
April—
_
Range..
Closing
May—
l4.75n
.
15.0977
14.9177
14.8277
15.0477
15.3177
Range..
14.60-14.76 14.84-15.11 14.91-15.10 14.72-15.00 14.84-15.05 15.17-15.35
Closing
14.75
.
15.10-15.11 14.92
14.82
15.04
—
15.31-15.32
June—
Range..
Closing.
v,
n
Nominal.
.
'
.
";
■■
Range for future prices at New York for the week ended
June 27, 1941, and since trading began on each option:
Option for—
Range for Week
Range Since Beginning of Option
1941—
July__.
August
September
14.20 June 21 15.01
June 27
8.59 Aug.
7 1940 15.01 June 27 1941
.
October
14.40 June 21 15.25 June 27
18 1940 15.25 June 27 1941
8.70
Oct.
9 ~2S
Dec." 19_ 1940
November..
December-_ 14.50
June 21 15.33
June 27
1533
June"
271941
1942—
January
February
....
_
14.54 June 21 15.30 June 27
9.49 Feb.
17 1941 15.30 June 27 1941
_
March
14.62 June 21
June 27 10.43
Mar. 17 1941 15.37 June 27 1941
May
14.60 June 21 15.17 June 27 13.16
May 19 1941 15.17 June 27 1941
15.37
June
Fri.
15.80
Premiums and Discounts for Grade and Staple—The
following table gives premiums and discounts for grade and
staple in relation to the grade, Basis Middling 15-16 inch,
established for deliveries on contract on
July 3.
Premiums
and discounts for grades and staples are the
average quota¬
.43 on
on
.20
Strict Low Middling
the
passed, with the result that by noon prices were
16 to 23 points net higher, and the tone was
decidedly firm.
Sales in Southern spot markets yesterday reached
only 9,000
was
on
.26
Low Middling
forenoon
bales, which
.33
Middling
turned
definitely upward when mill iprice-fixing and further
spot house buying disclosed that selling pressure was light.
The liquidation
precipitated late yesterday by fears of
and Up
Strict Middling
suffered
yesterday, gains during early after¬
noon ranging from 13 to 17 points.
First prices were un¬
changed to 2 points higher.
Spot houses were buyers and
trade interests covered, imparting a firm tone to the mar¬
ket.
The supply consists chiefly of hedge sales, but Bombay
1 Inch
Inch
White—
com¬
power, rallying under persistent trade demand.
Prices
in early afternoon stood unchanged to 6 points lower.
Sales
in Southern spot markets yesterday totaled 16,000 bales,
against 4,000 a year ago.
On the 25th inst. prices closed
5 to 10 points net lower.
Threats of ceilings on agricultural
products if they get out of line, and reports that ceilings will
be placed on gray goods within a couple of days, accounted
for heavy liquidation in cotton today.
The market opened
2 to 4 points lower, then recovered and made gains of 8 to
10 points on heavy price-fixing for Southern mill accounts,
only to break to losses of 11 to 19 points in the afternoon.
Houses with Bombay, and Southern connections sold about
15,000 bales, mostly Mar. and May in the afternoon, making
a
total of about 65,000 bales by this same interest this
week so far.
Sales in leading spot markets were 9,070 bales,
compared with 3,083 last year./ The average price at the
10 designated spot markets was 14.31c., and the 8-delivery
point average was not available.
31-32
Inch
Middling Fair
The
paratively wide range during the forenoon.
There wa3
heavy selling of Mar. by New Orleans interests.
Bombay
bought Mar. and May.
Trading was quite active. Later
in the forenoon the market demonstrated its absorptive
15-16
Inch
Strict Good Middling
Good Middling
9 to 12 points higher.
scale down.
a
29-32
Inch
followed from the opening to the close.
terests
June 26.
on
A steady advance
There were only
slight reactions on profit-taking, and fairly heavy selling
on
the scale up.
Leading spot firms sold about 40,000
bales of Oct., Dec. and Mar.
A broker with California
connections bought about 15,000 bales of Oct., Dec. and
Mar.
The Commodity Credit Corporation reported that
through June 19 there were 2,158,708 bales of the 1940 loan
stock repossessed leaving
1,020,177 in the loan stock.
Sales in leading Southern spot markets were 16,192 bales.
The average price at the 10 designated markets was 14.57c.
On the 24th inst. prices closed 17 to 21 points net lower.
The cotton market ran into active selling and profit-taking,
some of it originating in Bombay, which caused the list to
sell off.
Prices in the late afternoon were 13 to 16 points
net lower.
The opening range was 2 points higher to 2
points lower, but a downward trend quickly developed under
a wave of
selling around the 11-year highs established yes¬
terday shortly after the opening prices had lost 9 to 13
points.
Selling included profit-taking, liquidation of July
in advance of first notice day tomorrow, and hedge offerings
by the South.
Sales were absorbed by trade and mill in¬
range was
1941
tions of 10 markets,
Volume of Sales for Future Delivery—The Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we hate compiled the following table.
The
figures are given in bales of 500 lb. gross weight.
Volume
.4149
The Commercial & Financial Chronicle
152
-1939-40
-1940-41Week
Takings
.257,335
.*32,556
Net overland to June 27
—
11,700
5,300
20,200
22,100
11,100
3,800
14,700
75,800
41,100
43,300
27,800
302,200
Decembc
59,000
19,800
72,700
66,200
64,700
57,600
483,500
700
400
2,900
3,100
3,300
28,300
46,400
18,400
73,700
63,900
1,900
30,800
26,500
11,600
44,000
21,000
45,100
26,900
170,700
h
h
h
384,100
31,500
h
182,083
*52,142
K-
h
*25,900
43,000
h
.
1941—
October.
40,690
11,393
130,000
h
.
Aug. 1
Week
Aug. 1
64,570
2,765
.190,000
Receipts at ports to June 27-.
June 26
Since
Since
In Sight and Spinners
Open
Contracts
June 20 June 21 June 23 June 24 June 25 June 26
New York
July
Interior stocks in excess
h
1942—
January.
Came into sight
during week.
129,941
h
.
Open
June 18 June 19 June 20 June 21 June 23 June 24
New Orleans
h
.224,779
70.200 289,300 217,400 196,900 145,900 1,394,700
192,300
h
K
r
Contracts
h
64,648
h
19,525
* Decrease,
h We withhold the totals since Aug. 1 so as to allow for
adjustment at the end of the crop year.
proper
June 24
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
Southern cotton markets for each day of the week:
Below
1941—
150
1,400
1,050
24,500
21,350
22,400
28,050
28,700
29,350
29,050
October—
*—**■**.
December
6,650
1,700
34,650
3,950
21,300
113,050
9,100
30,850
27,450
115,350
50
1,200
July
100
100
50
1942—
15"500
16~300
17,450
10,700
22,850
27,300
4,900
115,750
May.-.-——---.
8,150
6.800
17,000
3,700
9,250
12,700
54,650
Total all futures..
77,400
73,300
87,650
31,300
99,400
92,750
Closing Quotations for Middling Cotton on-
432,750
January
March
*
Includes 6,500 bales against
,
Week Ended
Monday
Saturday
Wednesday
Tuesday
Friday
Thursday
June 27
%
15-16
H
15-16
%
15-16
Vs
In.
In.
In.
In.
In.
In.
In.
In.
15-16
%
15-16
In.
15-16
In.
In.
In.
which notices have been issued, leaving net open
v
13.85 14.05
20 14
14.12 14.14 14.34 14.42 14.62
New Orleans. 13.87 14.07
bales.
contracts 19,400
Galveston
.
of Cotton—Due to
permitted to be sent from abroad.
cotton statistics are not
We
obliged to omit
therefore
are
supply of cotton and
visible
conditions
war
can
usual table of the
our
give only the spot prices at
13.85 14.05
28|14
20| 14
14.32 14.33 14.53 14.71 14.91
Mobile
Savannah
14.19 14.34
55| 14
14.42 14.49 14.64 14.77 14.92
Norfolk
14.15 14.35
14.50 14.50 14.70 14.80 15.00
Montgomery. 13.95 14.15
The Visible Supply
14.30 14.35 14.55 14.60 14.80
14.12 14.24 14.44 14.42 14.62
14.77 14.74 14.99 15.02 15.27
Augusta..... 14.40 14.65
Memphis
Houston
14.25 14.25 14.50 14.50 14.75
13.90 14.15 14
13.84 14.04 14.
Little Rock.. 13.80 14.05114
Liverpool.
25 13
14.15 14.15 14.40 14.40 14.65
13.70 13.95 14
.14'13
14.07 14.04 14.29 14.35 14.60
Dallas
1940
1941
June 27—
1938
1939
4.96d.
5.62d.
7.60d.
Closed
Middling upland, Liverpool
■'
'
15.30d.
13.64d.
8.34d.
9.20d.
5~29d".
5.91d~.
10.40d.
8.25d.
4.27d.
4.06d.
8.34d.
Egypt, good Giza, Liverpool.___
L'pool
Broach, fine, Liverpool
C. P. Oomra No. 1 staple, super¬
fine, Liverpool
5.96d.
4.36d.
the
movement,
New Orleans Contract Market—The
closing quotations
leading contracts in the New Orleans cotton market for
the past week have been as follows:
4.13d.
Peruvian Tanguis, g'd fair,
•
■
^
k
±
^
for
Saturday
Interior
the
At
14.19 14.21 14.41 14.48 14.68
24i 13
Towns,
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding periods of the previous year—is set out i n
detail below:
Friday
June 27
14.526-.54a 14.725-.74a 15.036-,05a
14.60
14.355- .37a 14.79
14.72
15.24-15.26
14.93
14.98-15.00 14.80
December. 14.68
15.05-15.07
14.88
14.80-14.81 lo.04-15.05 15.30-15.31
15.076
14.906
14.826
1942—
14.67
-.
14.76-14.78 15.12
May.---. 14.776-.78a 15.12
Movement to June 28, 1940
June 25
October— 14.57
March
June 27, 1941
June 24
Thursday
June 26
Wednesday
Tuesday
June 23
1941—
July
January
Movement to
Monday
June 21
the
that is,
15.076
15.42-15.43
15.10-15.11 15.42-15.43
14.87
14.98
15.326
15.10-15.11
14.97-14.99 14.87
Tone—
'
Ship¬
June
Week
Season
Week
Stocks
ments
Receipts
Towns
Week
27
Ship¬
3,615
2~032
119,272
15,783
63,428
1,243
92,158
466
17
26,281
824
51
1,050
142,950
2,535
148
1,027
-A.
32,314
~"l2
564
24,238
19
70,920
Eufaula
Montgom'y
Selma
Ark.,Blythev.
Forest City
25
47,547
6,399
'
m «• ~
-
28
435
16,647
67,753
29,253
171,495
39,941
47,213
88,618
23,142
4,397
Ala., Blrm'am
June
Week
Season
82
Stocks
ments
Receipts
51,948
276
487
7,249
74.344
1,383
49,436
4,227
226
112,996
33,256
804
35,064
255
60,349
43,541
1,016
26,740
41,111
200
31,618
Jonesboro..
46
13,272
189
22,823
300
Rock
2,216
140,016
3,837
109,216
205
9,295
114,066
23,728
119,270
Newport—
Pine Bluff-
608
Walnut Rge
9
Helena
Hope
Little
133
601
54,681
1,272
167,714
299
65,861
169
15,886
36,457 V'**
2,819
142,145
4,727
292,156
500
29,500
450
39,792
284
Ga., Albany..
Athens
'
'
'
—
Atlanta
l",i08
Augusta
4,142
1,064
n
Columbus
.
38,764
83
48,864
460
142,132
1,269
28,480
41
63,007
250
12,710
33,792
19
15,397
175
21,889
64,131
33,072
10,345
34,698
2,995
168,289
3~581
99,669
190,816
2,934
169,079
4,185
114,868
29,200
300
17,000
100
Ala
22,181
36,741
40,244
States follow:
..
Total Loans
Amount
Bales
38,494
32,866
262
39,146
16,776
528
123,366
5,900,950.62
50
125
36,076
Arlz___
71,092
371
58.706
143
108,653
201
54,678
Ark_.-
128,458
3,324,899.07
6,087,004.95
811
155,009
1,941
1,962
386,132
508
81
22,622
451
39,991
30,285
Calif--
16,249
198,726
25,666
46,083
27,229
469
71
Fla
2,982
52,493
678
241,813
1,558
50,666
Ga
582
11,357
34,266
578
167,205
La_...
13,502
Mo...
48,194
347
6,261
12
30,611
4,557
1,374
N.
390,946
5,097
104
2,343
168,056
1,781
2,664
69,669
51,275
534,338
17
9,447
1,381
46
5,640
179
9,184
1
20,231
33,093
381
8,672
56
898
10,285
553,617
10,691
21,919
2,359
24
Mo., St. Louis
6,309
N.C., Gr'boro
311
9,265
224
2,546
52
2,814
1,628
463,515
12,744
128,260
2.305
180,966
93,218
74,882 4543,491
405
48,166
78,756
843,201
442
13,369
20,192
417
1,018
334,745
126,961
18,423 3475,618
26,954
7,422
'
-V""
Yazoo City-
151
184,730
12,625
12,493
26
Natchez
Vicksburg,.
—
352
Jackson
7,332
•
*
«#
28,070
4*
-
Miss
15 towns *.
S. C., Gr'ville
Tenn., Mem's
Texas, Abilene
Austin
■'
-
-
-
»
~~~2
10,963
150
1,271
76,916
J,972
667
87,085
896
1,565
39,143
22,523
6,778
140
2,269
106
9,198
516
980
187
52,731
537
7,832
50
566
Brenham.
47,343
1,062
16,236
31
112,450*8183,269!145,006
2423,063
-
Dallas
Paris.*—*
Robstown—
Marcos
Texarkana
-
Waco
Total,56 towns
'
„
■
■
Includes the combined totals of
above
totals
3
12
15,738
52,386
60
166
1,120
31,923
76,246
7
69
22,441
——
6,518
....
4,406
37,321
56,781
36,301 6589.930
572
V".
**.'
—
1,078
22,178
12,749
*.
461
;
16
88,443 2100,52?
19,239,441.38
7,320.73
8,833,401.70
7,577,800.87
3,546,302.79
591,757.14
251,826.69
2,821,017.68
155,280
77,199
12,738
—
M.
5,473
N. C_.
59,457
210,011
Okla..
8.C—
Oklahoma—
122,853
15,136
Tenn..
Texas
.
1,625,625
699
Va
9,893,848.82
6,205.967.26
734,412.96
78,006,513.06
33,573.35
the
that
interior
103,993
4,980,150.94
2,464,561.09
18,599
5,662,660.59
8,987
10,464,111.89
177,009
25
1,185.37
6,377,646.15
10,484
8,775,329.49
6,135.36
2,455,755.55
126
133,086
136,130
69,731
51,644
19,150
7,468
2,254
6,659,054.05
3.171.577.93
918,746.82
374,724.86
105,250.49
4,662
486,506.65
214,638.06
811
37,188.63
32,626
1,558,827.24
26,831
154,053
7.263.672.94
55,958
94,711
4,720,535.72
15,136
47,760,745.49
25,359.56
28,142
626", 110
30,245,767.57
160
8,213.79
734,412.96
999,515
1,262,190.44
2,630,175.88
1,485,431.54
539
2,135,778 102,545,646.63 1,042,622 50,510,392.44
Unallocated (collections include
approximately
822,290,195.79 covering approxi¬
mately 455,132 bales.
'/
.
Department of Agriculture announced
that through June 14, 1941, loans outstanding on 1938-39
crop cotton held by the CCC and lending agencies aggregate
1,306,149 bales.
On
June
have
during the week 32,556 bales and are tonight
322,536 bales more than at the same period last year. The
receipts of all the towns have been 76,149 bales more than
920,799.68
860,337.98
424,344.36
19,373
52,493
119,471
209,123
21
the
Total
stocks
Amount
Bales
Amount
Bales
Total 3,178,400 153,056,039.07
15 towns in Oklahoma.
show
Loans Outstanding
Repayments
States
600
618
-
1940-41 Cotton Loans and 1938-39
Loans—The
Department of Agriculture announced on
June 18 that through June 14, 1941, loans outstanding on
1940-41 crop cotton held by the Commodity Credit Corpo¬
ration and lending agencies aggregate $50,510,392.44 on
1,042,622 bales.
Cotton loans completed and repayments on loans by
16,540
_
Greenwood.
Very
Steady
on
145,570
473
Rome
Steady.
Steady.
stdy. Very stdy.
Steady
Steady
Steady
Nominal.
Reports
25
Macon.-..
La., Shrevep't
Miss., Clarksd
The
b Bid.
Asked
CCC
546
Columbus..
*
Firm
29,500
27,180
400
San
Steady
Steady
'
Futures-—
a
14,361
Steady
Spot
States
Bales
in Loans
Repayments
Through
June 14,
1941
Balance
Out¬
standing
decreased
in the
same
week last year.
Alabama.-,
—
-.
Arizona-------Arkansas--
-1939-40-
1940-41-
Via St. Louis
Via Mounds, &c
—
Via Rock Island
Via Louisville
Via
V
6,261
2,350
h
Oklahoma
h
h
South Carolina-
h
895
h
Tennessee—
h
h
3",254
h
Virginia.---*--
h
8,669
UlVOJl iV/l
Inland, &c., from South
Total to be deducted
Leaving total net overland *
*
-2l(054
h
21,429
1,306,149
53,065
320,957
1,228,696
60,090
15,620
72,211
183,753
25,236
29,378
3,292
59,147
4,216
92,980
h
-
-
h
-
Total
158
h
194
h
172
h
-18,095
h
9,706
h
-18,289
18,289
h
10,036
h
2,765
H
h
.-
Including movement by rail to Canada,
h
1 so as to allow for proper adjustment
.ince Aug.
11
184,566
h
-
3,290
Deduct ShipmentsOverland to N.
JJCUVfWJJ
139
3,175.777
23,734
3,032
—-—
Virginia points
&c
glUDO
150
39,188
North Carolina.
10,691
3,375
666
h
4,481,926
110,793
New Mexico...
Aug. 1
Aug. 1
Texas—
Via other routes,
JL ULCtl
Week
Week
Shipped—
436,194
Mississippi--*--
Louisiana
Since
Since
.'W
June 27—
139,708
142,088
Missouri—
Georgia—------
Week and Since Aug. 1
42,225
556,093
53,056
162,333
219,759
578,564
85,557
9,810
20,442
125,419
48,849
227,977
792,502
195,144
177,953
291,970
762,317
California—
Overland Movement for the
275,373
19,904
317,598
79,994
695,801
11,393
H
We withhold the totals
at end of crop year.
Activity in the Cotton Spinning Industry for May,
1941—The Bureau of the Census announced on June 20,
that, according to preliminary figures 24,353,138 cotton
spinning spindles were in place in the United States on
May 31, 1941, of which 22,980,286 were operated at some
time during the month, compared with 22,787,396 for Apnl,
22,795,742 for March, 22,769,368 for February, 22,820,724
The Commercial & Financial Chronicle
4150
for
January, 22,817,658 for December, and 22,213,378 for
May, 1940.
The aggregate number of active spindle hours repotted
for the month was 10,286,738,218. Based on an activity of
80 hours per week, the cotton spindles in the United States
were operated during May, 1941 at 121.8% capacity.
This
percentage compares, on the same basis, with 119.6 for April,
116.7 for March, 114.0 for February, 112.1 for January,
105.0 for December, and 89.4 for May, 1940.
The average
number of active spindle hours per spindle in place' for the
month
We give prices today below and leave those
of this and last year for comparison:
spinning spindles in place, the
number active, the number of active spindle hours, and the
average hours per spindle in place by States, are shown in the
following statement:
32s Cop
d.
s.
s.
12 1034 @13
16.91
28-
0
13
10.90
4—
11—
Not
Average Per
United States...
24,353,138
22,980,286
10,280,738,218
422
Cotton growing States
17,977,360
5,663,940
711,838
17,339,358
5,004,500
636,422
8,225,155,709
1,867,315,311
194,267,198
458
New England States,
All other States
Total
Spindle in Place
1,777,486
847,302,410
497,330
2,993,450
151,197,680
1,460,501.214
Maine
248,959,396
Massachusetts
.
.
—
Mississippi
.
1,035,406,402
....
New Hampshire
59,226,832
110,818,201
255
2,508,212,987
298,071,808
2,667,653,324
261,991,750
108,310,898
258,187,215
181,812,259
434
553,328
Texas
Virginia..,..
245,532
641,272
All other States
679,852
540,180
North Carolina
Rhode Island
.......
5,400,102
South Carolina
13
10.19
13
0
10.19
13
16.19
13
3
7.75
14.40
12
7.84
14.45
12
Closed
14.76
12
3
@12
3
@12
434012
6
Closed
734
8.09
3
Closed
14.78
12
434012
734
8.07
12
8.18
Closed
3
@13
@13
0
16-
16.19
13
0
23..
16.19
13
0
29-
10.19
13
1
8.12
6
0
Closed
14.85
3
Closed
14.74
12
434012
434012
734
734
3
Closed
14.08
11 10 34 @12
134
3
Closed
Nominal
4*4
Closed
14.04
11 1034012
3
@13
@13
@13
@13
@13
8.14
7.42
Closed
Nominal
134
Closed
Closed
16.19
13
3
Closed
14.04
3
0
Closed
14.04
11 1034012
11 1034@12
134
13
@13
@13
6
10.19
134
7.25
10.19
13
3
@13
0
Closed
14.22
12
734
7.82
16.19
13
3
@13
6
Closed
14.06
12
9
7.60
434@12
6
@12
(1) That the total receipts
from the
288
plantations since Aug. 1, 1940, are 4,211,716 bales;
were 6,847,665 bales and in 1938-39 were 4,401,026
(2) That although the receipts at the outports the
past week were 64,570 bales, the actual movement from
plantations was 32,014 bales, the stock at interior towns
having decreased 32,556 bales during the week.
in 1939-40
bales.
390
327
488
shown on a previous page, the
United States the past week
The shipments, in detail, as
from mail and telegraphic reports, are as follows:
News—As
Shipping
473
441
exports of cotton from the
have reached 4,624 bales.
403
267
made up
evening indicate that in Texas cotton has made good progress
in the western two-thirds of the State but it continued too
wet in the eastern third.
Recent weather has been favorable
Bales
656
87
2,945
800
136
GALVESTON—To Colombia
To Cuba
-
NEW
ORLEANS—To Great Britain
To Chile.
LOS ANGELES—To China
activity in the south.
Rainfall
Inches
High
Low
2.31
90
72
81
0.47
90
60
75
95
70
83
1
1.55
0.01
90
65
78
6
8.71
88
70
79
3
1.18
88
79
0.09
91
69
66
4
..
•
Amarillo.
Austin..
2
--
..
Brownsville
Corpus
..
Christi..
..
-Thermometer
Mean
79
96
dry
Fort Worth.
0.47
70
83
70
0.64
91
69
68
95
66
81
0.47
Little Rock
93
68
0.23
95
69
0.43
94
67
0.09
96
67
0.23
93
70
82
97
68
83
dry
81
0.95
96
66
81
0.80
3
..
Cotton.
India Cotton Movement from All Ports.
82
Shreveport.
Mississippi—Me
from abroad.
tables:
81
2
-
World's Supply and Takings of
82
1
1
..
Foreign Cotton Statistics—Regulations due to the war
80
1
..
Smith..
are no
in Europe prohibit cotton statistics being sent
We are therefore obliged to omit the following
80
0.18
Antonio.
Freights—Current rates for cotton from New
longer quoted, as all quotations are open rates.
Cotton
Vork
82
93
90
0.46
Palestine
Arkansas—Fort
4,624
Total
Rain
Days
San
@12
by Telegraph—Telegraphic advices to us this
Returns
for insect
12
3
@13
0
The above statement shows:
413
83,085,842
252,384
Tennessee
—
14.31
9.00
134
27..
325
285,784
5,602,462
840,976
5,291,854
545,100
228,540
600,944
New York
d.
d.
s.
6-
379
2,784,188
132,252
d.
s.
13-
464
595,356
d.
20-
273
525,000
1,792,048
Georgia...
10,19
473
Connecticut
Upl'ds
d.
d.
June
330
3,147,788
657,020
3,188,596
151,836
282,620
325,060
6,783,632
911,592
Alabama.........
Middl'g
to Finest
available
18—
ft-
ing May
ings, Common
Twist
Apr.
2..
State
May 31
32.? Cop
Upl'ds
Mar.
for May
Active Dur¬
Cotton
Middl'g
to Finest
May
Active Spindle Hours
In Place
1940
8!4 Lbs. Shirt¬
Coitou
Common
ings,
Twist
26..
Spinning Spindles
for previous weeks
1941
8H Lbs. Shirt¬
d.
The total number of cotton
Market—Our report by cable tonight from
Manchester
Manchester states that the market in both yarns and cloths
is steady.
Demand for both yarn and cloth is improving.
422.
was
June 28, 1941
95
64
Alexandria Receipts and Shipments.
Liverpool Imports, Stocks, &c.
The
Liverpool market closed at
80
and
0.15
0.74
94
69
81
ences
93
68
81
liauidated
Montgomery
0.04
90
69
2.98
95
90
69
82
0.80
90
5.05
3.55
92
73
70
88
64
76
4.53
88
69
79
5.93
89
66
78
5.75
86
71
79
0.20
86
56
71
91
67
76
66
were
80
Florida—Jacksonville.
Monday, Mar. 31.
noon on
transferred to March at existing differ¬
contracts still open at close of business were
All contracts
1.74
Atlanta.
5
,
South
5
.
2
-
dry
Charlotte.
82
74
81
BREADSTUFFS
81
'
0.49
93
4
2.03
84
71
0.69
97
67
82
Friday Night, June 27, 1941.
Flour—Buyers
flour
of
91
dry
62
77
97
0.38
Nashville.
80
67
82
The
following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
June 27, 1941
Feet
June 28, 1940
Feet
Above
zero
Memphis
Above
zero
of gauge.
of gauge.
7.1
17.4
Above
zero
of gauge.
9.4
Shreveport.
Above
zero
19.2
continues
flour
several
disappointing.
Demand was slow for
whether
past, and it is doubtful
days
mills maintained all
action
week
ended
The large
prices once again in spite of the lower
States
United
wheat.
of
not any
or
large commitments were made in the local area.
June 21
were
exports
of
flour
for
the
fairly heavy and totaled 84,000
barrels.
13.3
zero
of gauge.
of gauge.
20.8
Above
Consumer
inactive.
but despite this situation inquiry
shipments on contracts,
for
10.2
Vicksburg..
again
11.6
Nashville
are
supplies are dwindling gradually as a result of moderate
78
3
2
.
value.
at official
10.2
New Orleans
4.1
Wheat—On the 21st inst. prices closed
Wheat moved up
in
Receipts
from
the
Plantations—The following
table
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
Southern
consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
Week
Receipts at Ports
Stocks at Interior Towns
Receipts from Plantations
End.
1941
1940
1939
1941
1940
1939
1941
1940
1939
about
a
% to J^c. higher.
cent a bushel in moderate trading
today's short session, deriving strength from
and lard
the
quotations, which advanced to
season
and
to
new
soy
bean
high marks for
the best levels in four years.
Lack of
hedging sales at the slightly lower opening encouraged
fessional
milling
in
buying
interests
the
also
were
remained comparatively
that larger
at
the
receipts
start
of
are
next
wheat
pit.
Some
reported.
pro¬
purchases
However,
by
demand
cautious in view of trade reports
expected at Southwestern terminals
week.
Trade
reports
said that har¬
Mar.
28.
44,562
87,760
19,979 3033.584 2617,890 2951,233
14,414
38,925
Nil
vesting in Kansas
62,719
72,250
54,785
46,094
50,671
11,788 2988,790 2570,714 2907.928
21,385 2920,639 2527,094 2807,759
13,296 2873,968 2480,117 2831,695
12,397 2848,100 2454,769 2795,440
7,925
25,073
Nil
sections
Nil
11,165
13,145
25,323
Nil
Apr.
4.
11.
59,025
18.
68,555
61,959
26.
20,824
36,091
Nil
Nil
2.
57,306
9.
67.690
16.
75,438
23.
83,347
05,092
29.
Nil
Nil
Nil
Nil
Nil
Nil
showers
37,576
9,324
Nil
Nil
Nil
On
25,232
Nil
Nil
3,658
Nil
16,177 2553,544 2220,186 2600,639
23,331 2499,999 2190,925 2570,117
36,239 2455,619 2152.669 2541,961
26,909 2423,063 2100,527 2512,919
35,193
19,766
34,047
32,014
6.
93,349
13.
73,311
20.
78,427
27,624
32,919
25,190
27.
64,570
40,690
•o
Nil
8.083
Nil
Nil
Texas.
Some
some
Southwestern
anticipating receipt of 1,000 wheat cars after the
Grain thus far received is reported as hign grade
a high
moisture rating.
Skies were clear in
Southwestern wheat area today and only scattered
17,109
June
and
without
11,322
16,498 2802,116 2411,420 2757,237
10,724 2751,529 2360,407 2725,840
15,932 2697,331 2321,071 2692.155
10,953 2651,560 2288,087 2667,674
17,870 2011,700 2256,647 2635.929
Oklahoma
are
week-end.
21,240
35,572
41,104
39,262
42,308
30,472
progressing rapidly, outstripping
points
and
May
of
was
the
the
were
23d
forecast for that section
inst.
over
the week-end.
prices closed 2}4. to 27Ac, net higher.
Grain prices soared today as traders tried to evaluate
economic and political aspects of the war between Germany
and Russia, which apparently will involve at least part of
the latter's huge cereal producing resources.
Wheat, of
The Commercial & Financial Chronicle
Volume 152
which. Russia is
much
and
were
principal producer, soared as
to $1.0434, Dec. to
futures gave ground after a fairly steady start when demand
proved unable to take care of hedging pressure. 'Cash house
selling put pressure on the market, which some traders
termed hedge selling against purchase of Government-owned
grain.
Shipping demand and bookings to arrive were light,
with sales reported at 25,000 bushels.
On the 25th inst.
prices closed unchanged to 34c. higher.
Trading was light
men
largely
on
opening bell, July
were
expressed belief early wheat buying was based
bullish interpretation of the new turn of events
with respect to the
war
as
whole.
a
Later, however, im¬
portant implications, such as possibility of destruction of
crops and impairment of harvest operations in Russian
and fluctuations
territory, were recognized.
Also, the possibility of
shipments to Russia under the lend-lease bill were
brought to attention.
On the 24th inst. prices closed 134
net lower.
Ail wheat and
corn
Russo-German
and
war
its
than 2c.
more
at one
September contracts reaching new highs for the past
13 months at $1.05%,
respectively.
Buying was stimulated
by the fact that only a small portion of the new wheat
coming to market is being offered for sale, by showery
weather in parts of the harvest belt, strength of soybeans,
now
lard and hogs, and Russian claims of success in certain
military operations. Downstate interior mills were reported
overbidding Chicago for the small amount of "free" wheat
being offered for sale.
Farmers stepping up harvest in
the
Southwest
concerned mostly with getting their
due to threatened scarcity of room in
were
grain into-storage
some
localities.
Receipts at most terminals, therefore,
were going directly
into store or into commercial buyers'
stock, with very little being offered for sale on the open
market.
not
Estimates
more
than
10%
petitively.
Today prices
almost 2c.
a
were
that
Kansas City,
of new wheat
closed 1%
bushel
a
to l%c.
at times
in the
was
net
for example,
being offered com¬
higher.
Gains
wheat pit today
of
lifted
July contracts to above $1.06 and September to near $1.08,
highest quotations posted here since May, last year.
Sharp
rises in other commodities, including cotton, which
the highest in 11 years, imparted much bullish enthusi¬
to the wheat pit.
Buying came from mills, previous
price
was
asm
short
sellers
ests.
Price
and other commercial and speculative inter¬
supporting effect of the Government loan pro¬
gram, which is causing the bulk of new wheat to be held
off the market, was a fundamental factor.
Open interest
in wheat tonight, 40,387,000 bushels.
DAILY CLOSING PRICES
OP WHEAT
Sat.
No. 2 red
DAILY
IN
PRICES
OP
Tues.
121%
WHEAT
Season's High
and
106%
108
December
109%
DAILY CLOSING
YORK
Wed.
122
Tues.
104
105%
IN
Thiers. Fri.
123% 12$%
CHICAGO
Thurs. Fri.
104%
Wed.
102% 102% 104% 106%
104% 106% 107%
106% 107% 109%
When Made
\
Season s Low and When Made
June 27,1941 July.
Feb. 17,1941
73%
June 27,1941 September.
Feb. 17,1941
73%
June 27,1941 December
96%
May 31.1941
PRICES
OF WHEAT
Sat.
FUTURES IN WINNIPEG
Mon. Tues.
Wed. Thurs. Fri,
July
October
78%
Season's High and
75
July
September
When Made
June 23, 1941
June 23,1941
June 23, 1941
79%
80%
Corn—On the 21st inst. prices closed
34 to lc. net higher.
shipping interests, professionals
and some of the leading commission houses pushed corn
prices
higher.
The Dec. contract sold at a new seasonal high.
The quantity of corn under Government loan on June
14,
it was reported today, totaled 102,136,342 bushels, an in¬
crease of 200,000 bushels for the week.
On the 23d inst.
prices closed % to 34c. net higher.
Corn ran up as much
as
324c. at the start.
Corn, oats, sgy beans and lard
futures were the highest in four years.
After the early
advance, led by Sept. contracts, corn trade diminished.
The price rise, however, was accompanied by the best
ship¬
ping business in several weeks, totaling 200,000 bushels.
On the 24th inst. prices closed 24 to %c. net lower.
Corn
Mon.
90%
IN
NEW YORK
Tues.
90
Wed.
90%
December
Tues.
74%
76%
79%
Thurs.
90%
Wed.
Fri.
91%
Season's Low and
December
73%
76%
74%
77%
When Made
58%
57%
—
Thu,rs. Fri.
73%
76%
78%
....
....
July
September
Sept. 23, 1940
Feb. 17, 1941
May 23, 1941
73%
Oats—On the 21st inst. prices closed 34 to
24c. net higher.
A firm undertone
developed in oats, but the trading pace
was
slow.
Some improvement in
shipping demand
noted.
The cash market,
was
little stronger, with
a
was
ready
a
demand reported for moderate
offerings.
On the 23d inst.
prices closed % to 34c. net higher.
Oats followed wheat,'
and reached the highest levels in four
years.
On the 24th
inst. prices closed 34 to
net lower.
Trading was light
and without
noteworthy feature.
On the 25th inst. prices
34 to 24c. net lower.
Oats sagged in sympathy with
the heaviness in other grains.
closed
.
On
26th
the
inst.
prices closed
fluctuations
%
to
%c. net higher.
Trading light, with
narrow.
Today. prices
closed 1% to l%c. net higher.
The continued strength in
the hog market had its
stimulating influence on oat values.
•
DAILY CLOSING PRICES
OF
OATS
Sat.
■
.
July--.September
July (new)
September (new)
December (new)
FUTURES
Mon
36%
-.37%
36
37
38%
Season's High
and
38%
IN
CHICAGO
Tues.
Wed.
Thurs.
....
37%
38%
36%
37%
36%
36%
37%
38%
,
36%
Fri.
38%
39%
38%
37
-
When
June
June
June
40%
—
Made
Season's Low and When Made
27, 1941 July
30%
Oct.
9, 1940
27, 1941 September
30
Feb. 17, 1941
27, 1941 July (new;
33%
May
3,1941
June 27, 1941 Sept. (new)
33%
May 3,1941
June 27, 1941 Dec. (new)... 36%
May 26, 1941
July
September
39%
July (new)... 38%
Sept. (new)... 39%
Dec. (new)
40%
...
...
...
..
...
DAILY CLOSING PRICES OF OATS FUTURES IN
WINNIPEG
Sat.
Mon.
Tues.
Wed. Thurs. Fri.
Jul/-KOctober
—- —
38%
-
35%
33%
.,
December
39%
39
39%
.III
HH
41%
..
33%
....
Rye—On the 21st inst. prices closed 24 to lc. net higher.
Rye advanced in sympathy with wheat, but trade was not
large.
Traders say stocks of rye are very large and that there
is no export outlet at
present.
On the 23d inst. prices closed
Vs to lc. net higher.
In sympathy with the sharp rise in
wheat, the
market
was strong and active and showed
On the 24th inst. prices closed 234c.
the old crop deliveries and 134c. net lower on
rye
substantial net gains.
net
the
higher
on
deliveries.
On the 25th inst. prices closed
34 to
124c. net lower.
There was some substantial selling in
rye
futures, and there was little support to the market.
new
On the 26th inst. prices closed % to
l%c. net higher.
The rye market was the only grain that
responded to the
strength in wheat values.
Today prices closed 1*4 to %c.
net higher.
Rye futures followed the upward trend of
all other grain markets.
DAILY
CLOSING
•,
PRICES
OF RYE FUTURES IN CHICAGO
Sat.
Mon.
Tues.
Wed. Thurs. Fri,
July--September
July (new)....
September
December (new)
Season's
High and
52
-
....
54%
56%
54
53%
57
,
61
Season's Low and
July..
43
September
44
)
July (new)
54 '
May 15, 1941 Sept. (new)
54%
June 23, 1941 Dec. (new)... 56%
...
Sept. (new)... 60%
Dec. (new).. 62%
July
When Made
Feb.
OF RYE FUTURES IN WINNIPEG
Sat.
Mon.
Tues.
Wed. Thurs. Fri.
59%
-
October.
57
DAILY CLOSING PRICES
21, 1941
21, 1941
May 31, 1941
May 31, 1941
May 23, 1941
Feb.
..
DAILY CLOSING PRICES
57
59^
61
....
When Made
54%
57%
53%
58%
57%
December
A fair demand credited to
CORN
Mon.
73%
76%
104% 107% 106%
.
July
September
Mon.
101%
103%
-
December
NEW
FUTURES
Sat.
July
September
Sat.
July
September
December...
■■■■■'
Mon.
120% 122%
.
CLOSING
-.90%
.
stage today, July
and
OF
Sat.
yellow—
'
war
rose
higher.
DAILY CLOSING PRICES OF CORN FUTURES IN
CHICAGO
accompanied
Wheat prices
the wheat market.
on
net
No. 2
crop outlook restrained buyers.
Thus, the market clung to
its stalemate in the wake of Monday's abrupt rise, which
the first flush of bullishness following the
development.
Wheat tried to rally early in
the day on buying by mills and previous short sellers, but
gains were held to about 34c.
Later, prices dipped a full
cent from the highs, but recovered again and closed un¬
changed to %c. higher.
On the 26th inst. prices closed l%c. to 2c. net higher.
closed
DAILY CLOSING PRICES
domestic wheat program committed to at least 85 % of parity
prices, held sellers in check.
The huge surplus and favorable
newest
prices
„
The
outcome.
inst.
Today prices closed % to
Corn demand was strengthened by the
improved feeding ratio in recent weeks and by prospects
that today's pig crop report would show
larger feeding re¬
quirements than had been expected.
Open interest in corn
tonight, 20,416,000 bushels.
%c.
trading to establish new lows for the
session today.
Final prices were at or near the day's lowest
levels.
Uncertainty over war developments, profit-taking,
easiness of surrounding commodities and the bearish inter¬
pretation placed on yesterday's crop estimate, forced prices
downward in a reaction to the sharp advances of the previous
session.
Mild
rallying tendencies developed after the
opening break on buying by milling interests but recovery
moves were difficult to maintain.
The mid-monthly report
issued after the close yesterday, showed a decrease of around
12,000,000 bushels in the winter wheat crop.
The total
was placed at
476,000,000 as against 488,000,000 on June
1 and compared with the
June, 1940, figure of 396,000,000
and the 1930-39 average of 394,000,000 bushels.
On the
25th inst. prices closed unchanged to 24c. higher.
Inde¬
cision characterized wheat trading today as prices switched
up and down and grain men sought to make up their minds
about world-wide political and economic effects likely to
the
26th
attention
futures broke sharply
in the final minutes of
flow from
the
unchanged to %c. up.
Corn prices failed to respond to the vigorous
strength of
the wheat market.
Traders appeared to be focusing their
wheat
.
narrow.
...
On
food
to 1
4151
the highest prices since May last year
only a few cents below the best levels since 1937.
These
Grain
world's
434c. at the
as
$1.09.
the
OF
58%
56%
58%
....
....
56%
....
BARLEY FUTURES IN WINNIPEG
Sat.
Mon. Tues.
Wed. Thurs.
Fri.
July—
——
October
December...
Closing quotations
51%
46%
45%
were as
44;';V 'I I
52%
47%
51%
....
51%
53%
46%
....
...!
45%
follows:
4v:4;
FLOUR
Standard Mill Quotations
Spring patents
First spring
6.40@6.65(Soft winter straights
_6.15@6.40
clears—..._6.15@6.40|Hard winter straights....6.25@6.40
GRAIN
Wheat, New York—
No. 2 red, c.i.f., domestic.-.125%
Manitoba No. l.f.o.b.N.Y. 93%
Corn New York—
No. 2 yellow, all rail
91%
.I"/'
' .1.
Oats, New York—
No. 2 white
Rye, United States, c.i.f
Barley, New York—
40 lbs. feeding
Chicago, cash
49%
73%
66
55-6v
The Commercial & Financial Chronicle
4152
All the statements below regarding the movement of grain
—receipts, exports, visible supply, &e.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended Saturday, June 21, and since Aug. 1 for
June 28,
ended June 20 and since July 1, 1940
shown in the
and July 1, 193
u
are
following:
Corn
Wheat
Exports
1941
Since
Week
Since
Week
Since
Since
July 1,
Wheat
Corn
Oats
bblsm lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
1940
1939
Bushels
Bushels
Bushels
Bushels
Bushels
Black Sea.
5,976,000 215,849,000 206,092,000
3,992,000 41,820,000
363,000
181.000
Argentina.
2,528,000
212,000
399,000
742,000
Australia
1,116,000
515,000
58,000
33,000
138,000
708,000
60.000
6,000
2,000
673,000
countries
209,000
25,000
966,000
279,000
Total...
5,599.000
118,000
32,031,000 113,066,000
118,000
57,009,000 190,325.000
49,000
.140,000
22,458,000
27,929,000
Other
1,129,000
128,(KM)
Duluth
15,000
._
1,264,000
Buffalo....
July 1,
1941
20,
bush 56 lbs bush 48 lbs
2,862,000
Milwaukee.
Toledo
June 20,
1939
Bushels
Barley
Rye
No. Amer.
237 .(KM)
206.000
Chicago —
Minneapolis
July 1,
1940
June
Flovr
Receipts at—
July 1,
1941
each of the last three years:
75,000
Indianapolis
318,000
563,000
96,071,000 168,738,000
11,293,000
.
6,200,000
......
2,520,000
23,824,000
8.504,000 322,112,000 451,767,000
43,731,000
72,000
123,000
565,000
117,(KM)
16,000
1,000
47,666
Peoria..—
41,000
23,000
642,000
21,000
60,000
Kansas City
Omaha
23,000
3,608,000
172,000
20,000
26,000
822,000
100,(KM)
4,000
119,000
St. Louis
..
St. Joseph
Wichita
31,000
31,000
27,000
16~666
~7\6OO
4,000
29,000
12,578,000
4,180.000
.
943,000
...
Sioux City-
1,382,000
823,000
2,010,000
Same wk '40
388,000
4,409,000
8,611,000
665,000
259,000
1,010,000
Same wk '39
373,000
16,606,000
3,844,000
1,175,000
534,000
1.373,000
Tot. wk.'4l
Since Aug.
1940
408,000
1
1939
19,434,000 331,434,000 261,694,000
20,014,000 349,918,000 222,364,000
1938
20,827,000|338,464,000
56,797,000
70,392,000 16,998,000 97,118,000
88,187,000 28,370,000 107733000
99,723,000 25,474,000 93,083,000
and grain at the seaboard ports for
Saturday, June 21, 1941 follow:
Total receipts of flour
the week ended
Wheat
Flour
Receipts at—
Corn
Indicated Production of Winter Wheat
as
of June 16,
1941, for Nine States—The Crop Reporting Board of the
Oats
Barley
Rye
United States Department of Agriculture has preapred the
following mid-month report on probable production of winter
wheat in nine of the most important winter-wheat producing
States to supply information which can be utilized in facili¬
tating the orderly movement of the crop.
A production of 476,310,000 bushels of winter wheat is
indicated for these nine States by reported conditions and
probable yields on June 16.
This i& a decline of 12,460,000
bushels since June 1, when the indicated production in these
nine States was 488,770,000 bushels.
Even with this de¬
cline from
expectations, at the first of the month, comparison
with the 10-year (1930-39) average
production of 394,839,000
bushels, shows the mid-June indication for this year's
crop
to be one-fifth above the average.
bush 56 lbs
bush 60 lbs
bbls 196 lbs
bush 56 lbs bush 48 lbs
bush 32 lbs
11,000
40,000
4,000
2,000
40~000
8.000
9,000
981,000
151,000
Boston
14,000
Phll'delphia
25.000
20~66o
Baltimore—
25,000
1,373,000
11,000
56,000
New Orl'ns*
24,000
15,000
104,000
12,000
New York
132.000
.
6,000
220,000
6,147,000
322,000
37,000
89,000
6,000
1941....
6,057,000
98,432,000
5,390,000
1,238,000
519,000
669,000
Week 1940-
262,000
1,211,000
405,000
63,000
6,000
5,000
6,115,000,
63,005,000
15,773,000
2,421,000
1.613,000
1,131,(KM)
Tot. wk. '41
prospective yields have occurred since
Oklahoma, and parts of Kansas as a result
of the excessive rains.
These losses
due both to de¬
were
terioration of the crop from rust, insect damage ana longing
of the grain, and to the delay in harvesting operations caused
3,275,000
Can.Atl.pts
in
losses
June 1 in Texas,
483,000
Galveston—
Severe
by wet fields.
Deterioration of the crop extended into the
south central and eastern districts of Kansas, but there the
Since Jan. 1
Since Jan. 1
1940
♦
on
Receipts do not include grain
passing through New Orleans for foreign ports
through bills of lading.
damage was not as severe as in Oklahoma and Texas.
Timely rains in the winter wheat States of the eastern
corn belt where moisture was badly needed brought general
improvement in prospects in the first two weeks in June.
Similar improvement occurred in Nebraska, Colorado, and
western Kansas.
The exports from the several
ended Saturday, June 21, and
Estimates for the nine States are shown below:
seaboard ports for the week
since July 1, are shown in
WINTER
WHEAT
the annexed statement:
PRODUCTION
Indicated
Average
Corn
Wheat
Exports from,—
Oats
Flour
Barley
Rye
1940
1930-39
State
June 1, 1941
259,000
Can.
Atl.
31,000
Ohio
40,718,000
42,097,000
40,754,000
41,748,000
Indiana
3,275,000
ports-
30,321,000
30,030,000
39,555,000
31,680,000
33,668,000
34,056,000
36,413,000
26,989,000
41,151,000
131,460,000
47,682,000
31,360,000
8,745,000
Illinois
Total week 1941.
a31,000
3,534,000
Since July 1, '40. 165,618,000
22,619",000
i,o6"i",666
712",000
145",000
6,026,000
49,705
520,000
703,000
2,000
Since July 1, '39. 145,244,000 27,819,000 3,984,000 4,198,000
a
3,556,666 10,284,666
visible
The
granary
supply of
the stocks in
grain, comprising
at principal points of accumulation at lake
and
Wheat
Bushels
Oats
Rye
Barley
Bushels
Bushels
Bushels
Galveston
_
Fort Worth
...
Wichita
...
Hutchinson
...
St. Joseph
...
Kansas City
...
Omaha
16,000
...
14,000
11,000
38,000
mmmrn-mm
3,753,000
7,071,000
402,000
35,000
2,735,000
...
76,000
7,000
1,000
5,581,000
2,000
260,000
18,000
6,982,000
11,668,000
26,000
8,000
5,000
3,274,000
1,450,000
2,000
5,000
38,000
3,788.000
774,000
37,000
1,088,000
279,000
5,000
4,000
1,107,000
197,000
2,000
1,174,000
...
Canal.
697,692,000
1940
on
on
62,000
1,042
—
903,579
551,155.23
58,895
.
58,857,528
35,902,052.72
879
626,371
379,551.87
9
5,649
3,445.89
10,323
7,923.737
4,826,403.61
3,411
2,918,778
15,127
Missouri
841,000
2,723,000
19,922.000
2,439,000
172.000
542,000
456,000
South Dakota
4,000
2,000
140,000
12,935,616
1,778,668.69
7,872,403.92
Wisconsin
4,848,000
5,821,000
710,000
510,000
191,000
......
3,167,000
5,518.000
5,486,000
9,340,000
4,694,000
4,877,000
6,241,000
bushels in 1940.
Wheat
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
Bushels
496,000
187,000
537,000
657,000
Other Can. & other elev-298.031,000
2,780,000
836,000
731,000
2,714,000
893,000
4,144,000
4,125,000
6,206.000
3,933,000
3,824,000
1,754,000
6,347,000
1,781,000
3,746,000
5,518,000
4,694,000
3,933,000
1941-426,979,000
14, 1941—425,403,000
1940-251,829,000
1,754,000
4,144,000
1,847,000
461
Summary—
426,979,000
Total June 21, 1941.-546,863,000
50,362,000
14, 1941.-544,905,000 53,845,000
1940.-336,927,000 24,595,000
7,679,000
7.272,000 §,838,000
7,432.000
7,333,000
9,002,000
9,514,000 11,121,000 12,447,000
~The world's shipment of wheat and corn, as furnished by
Exchange, for the week
Broomhall to the New York Produce
159,618.70
38
....
—
4,016,858
18,928
2,429,916.38
11,280.28
108,394
102,136,342
$62,234,525.37
Weather Report for the Week Ended June 25—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the/influence of the
weather for the week ended June 25, follows:
In central and eastern portions of the United States the weather of the
week was controlled largely by an extensive high-pre6sure area which had
overspread all sections between the Appalachian and Rocky Mountains at
the beginning of the period and drifted slowly eastward on the 18th-21st.
Temperatures rose
to abnormally high values in Eastern States, with
unusual warmth from the Middle Atlantic area northward.
On June 21
Greenville, Me., reported a maximum of 92 degrees, and Burlington, Vt.,
97 degrees, while on the 22d Eastport, Me., had 92 degrees.
These interior
New England temperatures were higher than any reported in the Southern
States during the week.
Also, the latter part of the period had exces¬
sively high temperatures in the far Northwest, Havre, Mont., 105 degrees
on the 23d.
The highest temperature reported was 108 degrees at Phoenix,
Ariz., on the 22d.
At the close of the week the Eastern stagnant highgave
pressure
-..-119,884,000 50,362,000
261,670
5,510
Ohio
Total.
Lake, bay, river & seab'd 51,131,000
Ft. William & Pt. Arthur 77,817,000
Total June 22,
52,087.28
113,150
96
North Dakota.
229,000
■
472,000; Baltimore, 1,249,000; Portland, 1,156,000; Buffalo, 6,022,000; Duluth,
14,938,000; Erie, 2,315,000; Albany, 2,770,000; on Canal, 210,000; in transit—rail
(U. S.), 3,518,000; total, 38,636,000 bushels, against 24,751,000
40,802.90
66,890
24
Kentucky.
Michigan
33,000
3,746,000
3,608,000
$8,227,137.90
13,487,588
12,579
199.000
1,796,000
--
Amount
Bushels
No. Loans
Minnesota
Note—Bonded grain not included above:
Oats- —Buffalo, 452,000 bushels; total,
Barley—Buffalo, 10,000 bushels;
452,000 bushels, against 371,000 bushels in 1940.
10,000 bushels, against 1,222,000 bushels in 1940.
Wheat—New York,
2,583,000 bushels; New York afloat, 1,054,000; Boston, 2,349,000; Philadelphia,
Total June 22,
589,151,000
16,058.000
'
total,
Canadian
•.
Indiana
1,981,000
50,362,000
Total June 14, 1941-.119,502,000 53,845,000
Total June 22, 1940.. 85,098,000 24,595,000
American
476,310,000
Iowa.
19,000
Total June 21, 1941.-119,884,000
Total June 21,
488,770,000
Kansas
1,091,000
...
Canadian—
396,291,000
State
1,746,000
2.277,000
Detroit..
Buffalo..
45,914,000
—
2,000
...
60,156,000
56,116,000
15,484,000
Corn Loans—Corn loans under the
June 14, 1941, totaled 108,394 on
102,136,342 bushels valued at $62,234,525.37, the Depart¬
ment of Agriculture announced on June 20.
Repayments to
June 14, 1941, were 5,211 loans valued at $3,112,534.98.
Loans by States follow:
5,233,000
Duluth.
Total June
United States.
9,000
21,051,000
Minneapolis
Total June
Nine States
Illinois
Chicago..
...
71,296,000
9,888,000
1,000
..
Milwaukee
56,332,000
29,355,000
...
■
5,305,000
95,000
...
Indianapolis
2,000
86,000
264,000
1,486,000
St. Louis
2,000
40,000
2,328,000
Sioux City
On
47,000
16,000
178,000
...
New Orleans
Peoria-
Corn
544,000
Baltimore
188,694,000
Oklahoma...
Report
Bushels
123,000
Philadelphia
188,694,000
1940 loan program
GRAIN STOCKS
United States—
123,648,000
31,690,000
sea¬
ports Saturday, June 21, was as follows:
New York
18,018,000
35,340,000
Texas
Colorado
Export data not available from Canadian ports.
36,326,000
33,696,000
569,417,000
Nebraska
18,018,000
33,060,000
394,839.000
Missouri
Kansas
Total week 1940.
June 16 1941
Bushels
Bushels
Bushels
Barrels
Bushels
Bushels
New York
way
and
showers, prevailed.
Rains of the week
much
cooler
weather,
with
some
heavy
local
local character
than recently.
Some heavy 24-hour falls include 2.12 inches at WilkesBarre, Pa., reported on the morning of June 18; Brownsville, Tex., 2.30
inches on the 21st, and again 2.40 on the 23d; Atlanta, G'a.,
2.36, and
Baltimore, Md., 4.24 inches, both for 24 hours ending at 7:30 a. m.,
the
were
less
extensive
and
more
of
a
24th.
The
weekly
northern
half
temperatures were abnormally high throughout
from the Rocky Mountains eastward to
mean
of
the
country
I
the
the
Volume
from normal ranging generally
From the Ohio River and
Central Plains southward the means were approximately normal to 2 de¬
grees
or
3 degrees below normal.
West of the Rocky Mountains most
stations reported somewhat above-normal warmth.
11
Rainfall
of the
week was decidedly spottedThere were some local
heavy falls in the Middle Atlantic area, while most stations in the Carolinas,
Georgia and Florida reported amounts ranging from about one
inch up to five inches, the heaviest being 5.3 inches at Jacksonville, Fla.
The interior valleys had but little rain, but the amounts were fairly heavy
in some sections of the Great Plains.
A narrow belt from northwestern
Oklahoma
and
southwestern Kansas northeastward to western Minnesota
and eastern South Dakota had substantial to heavy rainfall.
While rainfall of the week
was less extensive
than recently, the pre¬
ceding falls had supplied enough soil moisture for present needs in most
sections of the formerly dry areas, and crops, in general, made good prog¬
ress, although a few sections are still too dry.
These latter include scat¬
tered areas in central and northern New England,
considerable portions
of New York, southern Virginia, North Carolina, Tennessee, and sections
contiguous to the last-named State.
Otherwise, the current moisture situa¬
tion is satisfactory, except very locally, such as southern Illinois.Rains
of the week were helpful in the extreme Southeast, particularly in Florida.
Conditions in the western half of the country continue satisfactory.
In
the southern Great Plains, where persistent wetness had been unfavorable,
the generally fair weather of the week was especially welcome, and farm
work made unusually good progress.
Also, the reaction to warmer weather
in the central valleys, where soil moisture is now mostly ample, brought
a
rapid response in vegetation, especially corn.
The mostly fair weather
facilitated field work, and row crops are in a much better state of cultiva¬
tion than at the close of last week.
For the country as a whole current
weather conditions in relation to the agriculture situation are decidedly
Atlantic
Ocean,
degrees
4
trom
with
to
the
as
plus
many
departures
as
10
degrees-
''-TV"
favorable.
SMALL GRAINS—In
the winter wheat belt much better
weather for field
excellent progress, except locally
by rainfall.
southeastern
Kansas and progressing rapidly
in central and southwestern counties of
that
State.
Also, good advance was made in Oklahoma, except in the
northwest, notwithstanding extremely difficult conditions of harvest through
the breaking down of much early wheat which is badly tangled, while
leaf and stem rust is showing considerable damage; late fields are standing
up
fairly well, but there is much light weight grain and abandonment
will be unusually, heavy.
In Texas rust damage has become more apparent
and quality is lower than anticipated.
From the Central Plains northward
and northeastward and in the central and eastern portions of the wheat
belt
conditions
are
satisfactory.
Harvest is general as far north as
northern Kentucky and is beginning to central Indiana.
In the
spring wheat area the outlook continues satisfactory, with prog¬
ress
and condition of small grains mostly excellent.
However, high tem¬
peratures near the close of the week were unfavorable in the Northwestern
Plains.
In the Pacific Northwest small grains maintain their favorable
position.
In the Central Valleys and East oats show improvement, with
barley and soybeans mostly good.
Rice is doing well in lower Mississippi
work
prevailed and harvest made good to
the Southwestern Plains, where there was still interruption
the Western belt harvest is half done as far north as
in
In
Valley sections.
CORN—Warmer weather and sufficient
moisture for current needs rather
generally made practically an ideal week for the corn crop throughout the
principal producing area.
Fair weather and much sunshine permitted
almost uninterrupted cultivation and fields are mostly clean.
Growth of
corn
was
rapid, except in a few limited areas where moisture is still
needed, principally in western Kentucky, Tennessee, and Bome adjoining
sections.
In Iowa the crop is 10 days earlier than normal, or about the
same stage as last year at this date, but it is not as well cultivated.
COTTON—In
normal,
sections.
the
belt temperatures
cotton
trended to somewhat below
with rain less extensive in the west but fairly general in
On the whole, conditions were favorable in most parts
eastern
of the
vv:
:/,;•,
In Texas cotton made good progress in the western two-thirds of the
State, but it continued too wet in the eastern third, and recent weather
has been favorable for insect activity in the south.
In Oklahoma weekly
progress was satisfactory, with the general outlook improved, but stands
are not as good as usual.
';V7
In central States of the belt progress was mostly fair to good, although
rain is needed in western Tennessee, northern Alabama, and northeastern
Arkansas, while it still is too wet in Louisiana, where cotton is mostly
poor to only fair.
In the eastern States of the belt progress was generally
fair to good.
Many bolls have developed in central and southern Georgia,
and plants are blooming in southern South Carolina.
-x--■•; v/'
belt.
The
Weather
;•
Bureau furnished the following resume
conditions in different
Virginia—Richmond:
of
States:
Warm,
dry
week.
Crops generally improved in
but elsewhere slight change and Eastern Shore crops
Rains would benefit crops.
Tobacco and soybeans fair to good,
Pastures in north and central improved, but deteriorating in other sections.
Some light hail daamge.
North Carolina—Raleigh: Favorable temperatures.
Lack of rain being
felt and soil mosture badly depleted, except in scattered places of north¬
east
Piedmont
and along western border of coastal plain where rains
adequate for present.
Progress of cotton fairly good ; condition generally
north
and
central,
declining.
food to excellent. otherwise very unsatisfactory.
heavy showers, Corn good progress and good
y
conditionimprovement of
where relieved
Some
generally only poor to fair.
Vegetables and truck in
parts of east in fair to good condition, but very poor in some middler
southern counties.
More rain needed practically everywhere.
tobacco,
but
still
Carolina—Columbia: Temperatures mostly favorable.
Rainfall
adequate.
Corn, truck, tobacco, gardens, pastures, and fruit improving
with ample moisture.
Late sweet potato transplanting about completed.
Rains too late to benefit some earlv truck and gardens.
Forage crops
cofhing to good stands.
Progress of cotton good; considerable blooming
in south; weather favorable for weevil activity.
South
Georgia—Atlanta:
Rainfall generally adequate.
Progress of corn good,
rather poor and very poor in many western counties.
improvement of sweet potatoes, truck, pastures, meadows, and
growing tobacco, but unfavorable for curing tobacco.
Progress of cotton
good, but needs warmth; condition mostly fairly good, except poor in
but
4153
The Commercial & Financial Chronicle
152
conditions mostly
Marked
in north, while blooming rapidly in middle
Peaches developing better size.
rain of importance in north, but adequate
falls elsewhere.
Progress of cotton good; condition fair in all sections.
Vegetables, pastures, grass, peanuts, and sweet potatoes poor to fair.
southwest; squares forming
and south, with many bolls.
Alabama—Montgomery:
Corn, melons, and legumes
No
mostly fair.
-
:
Mississippi—Vickeburg: Temperatures generally favorable.
Lack of rain
being felt
locally, especially in northeast, but adequate falls in many
localities.
Progress and condition of octton fairly good; mostly favorable
for weevil activity.
Progress of corn poor in northeast and locally else¬
where, but mostly fair in west and south.
Progress of gardens, pastures,
and truck showing improvement.
Louisiana—New Orleans: Too much rain in most sections and soil too
wet
for cultivation;
fields weedy.
Progress of cotton generally rather
poor; condition poor to fair and locally good; blooming retarded.
Rice
generallv doing well, though some poor stands.
Progress of other crops
poor and general condition only fair.
Some matured hay crops damaged
by wetness.
•'\
Texas—Houston: Favorable temperatures; rainfall spotted.
Extent of
damage to wheat bv rust becoming apparent; yields severely reduced in
some
areas
and quality poorer than anticipated.
Yield of oats fair in
central; heavy in northwest.
Earlier corn good progress, except in east
where
too
much rain generally.
Planting and cultivating cotton good
progress in western two-thirds, but soil too wet for cultivation and low¬
lands flooded in eastern third; some replanting necessary in central and
northwest due to hail; conditions favorable for insect activity in south.
Onion
harvest continues in north.
Tomato harvest restricted in east.
Potatoes good progress in Panhandle.
Ranges and livestock continue gen¬
erally in excellent condition.
Oklahoma—Oklahoma City: Week favorable for harvest, exceptin north¬
west.
Rapid progress in wheat harvest under extremely difficult con¬
crop
broken, badly tangled, and weeds in some
broken wheat: late standing fairly well, but breaking
damage; leaf and stem rust causing considerable
damage.
Oats spotted condition; damaged by previous rains and rust.
Progress of cotton good and condition fair to good; stands below average.
Progress of corn good; condition fairly good to very good; considerable
chinch bug damage in northeast.
Second cutting of alfalfa heavy yield.
Pastures mostly excellent.
much
ditions:
fields
and
higher
of
early
than
rain
more
would
Arkansas—Little
Favorable temperatures most of
Rock:
week.
Cotton
good progress, except in northeast where progress rather poor, but
crop clean and well cultivated.
Early corn good progress, except in north¬
east, where lack of rain being felt, especially on uplands, where progress
poor.
Weather favorable for harvesting wheat and oats.
Rice stands and
growth good.
Pastures and hay deteriorating in dry areas.
very
Tennessee—Nashville:
No
rain
of
importance;
soil moisture badly de¬
pleted in central and west; more rain needed in east.
Corn deteriorated in
west, but fair to good progress in east;
condition rather poor to Very
good.
Progress of cotton fair; mostly small; first squares showing; con¬
dition fairly good to good.
Harvesting wheat good progress.
Tobacco
poor in west,
but good in east.
Tomatoes goodpotatoes poor to fair.
Meadows and pastures short.
v';\ '
THE DRY GOODS TRADE
New York,
Friday Night, June 27, 1941
Trading in the markets for dry goods was greatly curtailed
and in some instances virtually suspended during the past
and sellers attempted to analyze the
proposed price ceilings. The question of price
ceilings, however, became more or less confused during the
week and appeared to have taken a new turn.
Early in the
week, reports from Washington stated that the Senate
Agriculture Committee was opposing any such action by
the Office of Price Administration and Civilian Supply, but
officials of the price control organization continued to suggest
the establishment of ceilings within the very near future
unless President Roosevelt orders otherwise, or unless Con¬
week
as
both buyers
effects of the
legislation ordering the withholding of any such
trading continued slack pending
information regarding the Government's
program, with the result that the markets presented a more
or less holiday appearance.
Buyers were concerned to hear
about the price fixing regulations, sellers were keeping an
eye open for the first intimations of details relating to prices
and new details regarding production costs occupied much
of the attention of mills.
Above all, the one thing that was
emphasized in the markets generally was the disposition of
merchants to cooperate wholeheartedly with the Office of
Price Administration and Civilian Supply and encourage
friendly relations all around.
Uncertainty regarding the contemplated price ceilings
caused a sharp falling off in activity in wholesale markets
during the week. Fewer buyers inquired for goods and sellers
for the most part withdrew from the markets.
Some secondhands were reported willing to move a few spot gray goods
at slight concessions, but buyers displayed little or no inter¬
est in adding to their commitments.
There was also very
little sales action in the print cloth division, and buyers
searching for sheetings, particularly narrow widths, found
their efforts to be so much labor lost when the constructions
they sought happened to come from mills whose offerings
were withdrawn from sale.
This same situation also applied
to various other lines of goods.
Another factor contributing
to the dullness of the markets was the approach of the semi¬
annual inventory
period.
Rayons were/ quiet.
Much
apprehension prevailed among merchants concerning price
fixing.
The general undertone, however, remained firm.
Prices for print cloths were as follows:
39-inch 80s, 10Hc11 Mc.; 39-inch 72-76s, 1039-inch 68-72s, 9 He.-10 He.;
38H-inch 64-60s, 8He.-9He., and 38H-inch 60-48s, 7Hc-
gress passes
action.
more
In the meantime,
definite
'
7He.
Woolen
'
.
Good*—Buying interest in wool piece
developed more activity during
facturers commenced to switch
.
goods
the week. Clothing manu¬
their attention to the task
of lining up supplies for the spring-summer season
nounced that formal openings of garments
and an¬
for the new
season would be held immediately after Labor Day or con¬
siderably earlier than usual.
In the men's wear division,
activity was restricted for the most part to viewing fabrics
for the coming 1942 spring season.
Mills commenced to book
orders on lightweight worsteds for summer wear at prices
upwards of 35 cents a yard above the levels quoted last
July.
Demand for women's wear continued active and a
number of mills were reported to have sold-up their produc¬
tion for the season.
Garment manufacturers' operations
showed further expansion and were expected to reach the
highest levels in more than 12 years during the next few
weeks or so. Wool hosiery and underwear markets continued
in a strong position.
There was no let-up in the demand for
swim suits, and sweater mills were said to be in a tightly
sold-up position with a number refusing to consider the
acceptance of additional business.
Foreign Dry Goods—Linen markets continued quite
active, particularly in the piece goods section, with white
linens for church use in good demand.
The situation as
regards linen damask, which is used for pattern goods, was
said to be somewhat tight because of the bombing damage
to factories in Belfast which are the principal producers of
this type of goods.
However, factories are being repaired or
moved to new localities and are expected to resume full
production soon.
Burlaps ruled firm, with offerings of
goods for prompt delivery growing increasingly scarce.
Domestically, lightweights were quoted at 9.90c. and
heavies at
13.00c.
The Commercial & Financial Chronicle
4154
formula
the
for
•
Newark
of
allocation
and franchise taxes for
Specialists in
June 28, 1941
public utility
1938 and
gross
receipts
1939.
and other large municipalities receive
proportionally less and
the smaller municipalities more under the revised valuation and allocation
system, which has been the subject of litigation since 1938.
The total of
taxes to be distributed
was
$14,000,000 when argument was held last
Illinois & Missouri Bonds
October on the appeal from the Supreme Court decision.
The appellant
Elizabeth, Paterson, New Brunswick, Montclair, Somerville,
Plainfield, Nutley, Summit, Westfield, Kearny, Hackensack,
Mill burn and Burlington.
included
Trenton,
"The fact that the commissioner acted without a valid grant of power
does not put the results of his labors beyond adoption by the Legislature,
whose power in the premises is not limited by the Constitution," said
Justice Harry Heher in the opinion of the State's highest tribunal.
Stifcl. Nicolaus & Cojnc.
-
Founded 1890
105 W. Adams St.
314 N.
DIRECT
•
CHICAGO
"Respondents (Newark, Jersey City and Hoboken) proceed on the er¬
hypothesis that the Legislature cannot do what it may delegate
though direct action may be had without
transcending constitutional limitations."
Broadway
roneous
ST. LOUIS
WIRE
another to do in its behalf, even
New
York, N. Y.—Light, Telephone and Gas Sales Tax
%—The City Council amended a section of the sales
tax law on June 24, reducing from 3% to 2% the tax on
receipts from the sale of telephone service, electricity, gas,
refrigeration and steam.
This action was also ratified by
the Board of Estimate on the same date, as both bodies
adopted an emergency relief tax program for next year
designed to raise a total of $71,575,000.
Cut to 2
News Items
California—Relief Burden Shifted Back to Counties—
Adjournment of the California Legislature without passage
of an appropriation for the State Relief Administration,
throws the
remaining relief load in California back on the
present funds are exhausted some time in
when
counties
The Democratic-controlled Council voted the tax cut in the face of op¬
position by Mayor La Guardia and Comptroller Joseph D. McGoldrick, who
that the tax program should be re-enacted without change.
Because of the Mayor's opposition, Councilman Joseph E. Kinsley, Chair¬
man of the Council Finance Committee, reported that the Council would
be unable to reduce the city sales tax from 2 to 1 %.
The Citizens Budget
It will also result in liquidation of the State organiza¬
July.
contended
tion under Governor Olson.
The remaining case load on relief in California is about 27,000 but has
been declining steadily under defense employment.
Defeat of the Olson demand for SRA funds was due to firm position of
the legislative economy blocs which offered only limited compromises, not
acceptable to the Governor and its supporters.
Main economy effort was
to return control of relief administration to the counties with State sub¬
ventions.
A necessary two-thirds vote in both houses was not obtainable,
however.
Commission, the Merchants Association and
State history.
Massachusetts—Changes in List of Legal Investments—
The following bulletin (No. 10), showing the latest revisions
in the list of securities considered eligible for investment by
savings banks, was issued by the Commissioner of Banks
June 18:
Added to the List of
July 1, 1940
The $3,300,000 reduction voted by the Council will benefit householders
who have been paying a city relief tax of 3 % on their bills for
telephone,
and electric service.
The new rate is 2% and the expected revenue
from
O.;
Ogden,
It also fixed the basic tax rate for the next fiscal year at $2.80 on each
$100 of assessed valuation, the figure named on June 19 by Controller
McGoldrick.
Philadelphia,
Utah,
and
Hudson
Gas
&
Tulsa.
Okla.
(for
failure
to
file
1965
Jersey—Governor To Start Highway Inquiry—Pro¬
ceeding under the provisions of a new law patterned after
New York's Moreland Act, Governor Charles Edison an¬
nounced on June 23 that he would investigate the State
Highway Department.
Highway Commissioner E. Donald
E. Sterner said he " welcomed" the inquiry, but would like
a
non-partisan one by the State Chamber of Commerce
and Taxpayers' Associations.
The Governor's move is a direct result of toe failure of the
Republican-
to confirm William L. Dill as Commissioner Sterner's
Mr. Edison and Mr. Dill are Democrats, the latter now Re¬
controled Senate
Committee
committee
of
the
of
Assistance
Laws
Public
Welfare
Association
survey
showed
on
Covering about three-fourths of the 43 States meeting this year—the
rest were still in session—the survey found that grants for the various
types
of public assistance were revised upward in many cases, while
"strings"
formerly tied to the grants in the form of liens against property of the aided
were cut.
Increased cooperation among agencies within a State and between
States, and improvement of personnel practices were the chief constructive
changes in administrative procedures.
Both the trend toward liberalization of aid and incorporation of merit
system principles reflect the leadership of the Federal Government, which
took such steps through amendment of the Social Security Act in
1939, the
Association said.
Maximum old age assistance grants were raised this year from $30 to
a month in Arizona, Indiana, Oregon and Rhode Island.
More tnan a
other
States
liberalized
old age
assistance by other methods.
the $30 included any
private income the recipient of aid might have.
West
Virginia removed the maximum limits on old age assistance, the new 1941
stipulating merely that payments never exceed twice the Federal
law
contribution.
Maximum limits for aid to the blind
were increased from $30 to $40 a
Arizona, Colorado, Iowa, Indiana and Montana.
North Dakota
Wyoming dropped their top limits entirely.
The average monthly aid
to the blind paid by all States at present is less than $25.
Among 1941 laws relating to aid to dependent children are those of
Connecticut, Maine, Maryland, North Carolina and Wyoming, all raising
the age limit for aid to school children to 18.
Five States, including niinois,
Mississippi, Iowa, Texas and Nevada, still lack an aid to dependent children
law which complies with the Federal Social Security Act, but a proposal
that will meet the Federal requirement is pending in Illinois.
West Virginia
this year raised the maximum aid limit up to 18 years without requiring
school attendance, and New Mexico removed a 16-year top limit.
State liens against the property of people given various kinds of public
assistance were repealed in a number of States, including Kansas and New
Mexico.
Nebraska dropped a requirement for liens on the
property of
recipients of old age assistance and "blind" aid, while Indiana dropped the
requirement for old age assistance recipients only.
Minnesota enacted a
law permitting the release of liens on property of these dependents when
"the major portion of the investment in the recipient's homestead was made
by children of the recipient by personal service in the home, or otherwise."
South Dakota was one of the very few States whicn tightened lien provisions,
according to the survey.
Medical care provisions In their public assistance laws were liberalized
by Indiana, Iowa and Maine.
Washington stipulated that $40-a-month
month in
and
an investigation than the Senate passed and sent to the AssemDly a bill
giving life tenure to State Highway Engineer James Logan, also a Republican.
The Governor said he wished to find out "if everything is managed
properly."
"I feel," he said, "that I ought to know something about the Highway
Department in order to remain faithful to my oath of office.
Therefore,
I am reluctantly forced to take the path of conducting an investigation,
not for the purpose of sending anybody to jail, but just because I must
jnow that public funds are being spent properly.
"Such a huge department operating without any supervision does not
tend toward good government.
Personally, I am not relieved by the Senate
action of any responsibility for the careful management of the Highway
Large Cities Lose Utility Tax Suit—Reversing a decision
by the State Supreme Court, the Court of Errors and Ap¬
peals declared constitutional on June 26 two laws enacted
by the Legislature in 1940 with the object of validating
State Tax Commissioner J. H. Thayer Martin's revised
Public
June 23.
Several
making
Department."
Broaden
legislatures meeting in 1941 made more
generous provision for the needy aged, liberalized aid to
dependent children and to the blind, and in general took
steps to improve the administration of public assistance, an
Utah provided chat recipients may receive, in addition to a $30 maximum,
certain sorts of supplementary aid equivalent to $10 monthly.
Vermont
and Maryland authorized a flat maximum of $30 a month, whereas before
April the Gover¬
nor nominated Mr. Dill, but it was not until last Thursday that the Senate
acted by adopting a judiciary committee report recommending that no
change be made in the administration of the Road Department during the
present national emergency.
Under existing law, the Highway Commissioner holds over until a suc¬
cessor qualifies.
The Senate's move, therefore, keeps him in office in¬
definitely and also is notice that not only Mr. Dill but any other person
who might be proposed by Mr. Edison would be denied confirmation.
intention
States—States
now set a $40 maximum for this aid or name no maximum at
all; the average assistance actually paid out, however, is much less than
$40 a month.
month before Mr. Sterner's term expired in
his
approximat¬
$40
gional Social Security Director with Headquarters in Philadelphia.
announced
an amount
rentals.
dozen States
Mr. Dill for many years was New Jersey Motor Vehicle Commissioner,
twice his party's candidate for Governor and for a time a lay judge of the
Court of Errors and Appeals.
Commissioner Sterner is a lumber dealer.
Council
finance
1941—State
American
New
Edison
Plan—The
by reducing the real estate tax levy by
sewer
United
Electric Corp., first and ref. mtge., 3}£s,
Governor
Bond
Under the present sewer rental plan property owners would pay 30 cents
an amount equal to 25% of the annual
in
(called June 1, 1941).
had
Pa.—City
Approves
City
Council, by an unanimous vote on June 26 approved an
ordinance authorizing a referendum on a plan calling for the
issuance of about $42,000,000 bonds for improvement and
extension of Philadelphia's sewer system.
Early favorable
action is expected by the Council.
The proposal would go
Sewer
ing the
Public Utilities
•
sooner
more
After taking the first step toward reducing the tax burden on city resi¬
dents, the Council adopted the relief tax program without further change.
Municipal Bonds
No
is $6,700,000, against
former tax bill principals and brokers both paid a city tax on the same trans¬
action.
The new set-up assesses only one tax on each transaction.
rental plan
Cumberland, Maryland (excessive debt).
a
year
water rent for the property.
Only a half-year's rental would be payable for
1942 and full year's rental thereafter.
The city plans to offset the sewer
Town of Walllngford, Connecticut (for failure to file statement).
More than
during the next fiscal
per $100 of assessed valuation and
Removed from the List
S.
.statement).
source
steam paid $243,171, telephone users paid $3 J51,009 and taxes on telegraph
and cable service amounted to $76,683." Relief taxes on
other utility
services brought the total above $10,000,000.
Stockbrokers also received a benefit in the new tax program through
the elimination of double taxation on brokerage transactions.
Under the
& Ohio Ry. Co., equipment trust of
Municipal Bonds and Notes
Columbia,
this
than $10,000,000 raised in the fiscal year now expiring. Comptroller McGoldrick's figures showed that relief taxes on electricity in the current fiscal year
raised $4,980,156, taxes on gas consumption produced $918,287, users of
before the voters at the November election.
Railroad Equipment Trusts
As of May 26, 1941—The Chesapeake
1941 (serially) l%s, 1961.
-
successor.
number of other organizations
,
Illinois—Legislature Extends 3% Tax on Utilities' Gross
Receipts—The Senate has passed a bill extending the 3 % tax
on gross receipts of
public utilities for another two years,
according to Springfield advices.
The measure, a part of the
State's revenue program, was forwarded to Governor Green.
Under the existing law the tax would have reverted to 2%
on July 1.
Central
a
had asked for the sales tax cut in view of the present surplus in relief tax
funds.
gas
As with previous sessions of the Legislature the relief matter had been
segregated from the Governor's budget early in the session for separate
handling which has been part of the conomy bloc program in California ever
since Governor Olson took office and control of State finances, particularly
on relief, were taken out of the Governor's hands.
The current session of
the Legislature which began in January has been the second longest in
on
,
i
Volume
The Commercial & Financial Chronicle
152
pensioners should receive when necessary medical, dental, surgical, optical,
hospital, and nursing care as well as artificial limbs.
Advances in interstate cooperation on public assistance matters are
reflected in interstate agreements relative to indigents and dependents,
the survey said.
Idaho granted its department of public assistance authority
to make reciprocal agreements with other States on welfare services and
aid to residents and non-residents. Minnesota charged its Department of
Soqial Security to cooperate with agencies of other States through reciprocal
agreements for payment to recipients who have moved out
Other States making provision for interstate action include
of the State.
Connecticut,
Maryland, Pennsylvania and Wyoming.
Examples of changes in personnel laws this year are those of North
Dakota, Montana and Indiana.
North Dakota placed State and county
personnel administering crippled children's services under a merit system.
Montana now relaxes residence requirements for State and county welfare
department personnel when it Is impossible to find State residents with
required qualifications.
Indiana State agencies receiving Federal social
security aid which had been under a Bureau of Personnel were
under a new law establishing a State civil service agency.
covered
4155
syndicate composed of the Bankers Trust Co. of New York, Harriman
Ripley & Co., Inc.; Weeden & Co. of San Francisco, the Mercantile-
a
Commerce
Bank &
Co.
Trust
Louis, the American Trust
of St.
Co. of
•
San Francisco; Martin, Burns & Corbett
of Chicago, and Bacon, Stevenson
of 100.051, a net interest cost of about 1.466%
on the bonds divided as follows:
$699,000 as 3s, due $233,000 on July 1 in
1942 to 1944; $1,631,000 as 114s, due $233,009 on July 1 in 1945 to 1951,
and the remaining $1,170,000 as 114s, due $234,000 on July 1 in 1952 to
& Co. of New York, at a price
1956.
OFFERED
BONDS
FOR
INVESTMENT—The
successful
bidders
re-
offered the above bonds for public subscription at prices to yield from 0.20
O
1.60%, according to maturity.
OTHER BIDS—Second high bidder for the securities was the account of
Lazard Freres & Co., which specified the equivalent of a cost basis of about
Blyth & Co., Inc., and associates named 1.547% and the First
1.543%.
Boston Corp. 1.5498%.
Harris Trust & Savings Bank bid 1.56% .Union
Securities Corp. 1.57 %, Chase National Bank of New York 1.59%, Halsey,
Stuart & Co., Inc. 1.5984%, and Lehman Brothers 1.72%.
NAPA
COUNTY
(P. O. Napa), Calif.—SCHOOL BONDS VOTED—
The issuance of $650,000 Napa Union High School District construction
bonds is said to have been approved by the voters at a recent election.
Bond
Proposals and Negotiations
SAN DIEGO COUNTY (P.O.San
Diego), Calif .SCHOOL DISTRICT
District building and im¬
SALE—The $55,000 Caion Valley Union School
provement semi-annual bonds offered for sale on June 23—V. 152, p. 4004
purchased by Redfield & Co. of Los Angeles, paying a premium of
$30, equal to 100.05. a net interest cost of about 2.65%, divided as follows;
$43,000 as 2Hb. due on June 23, $2,000 in 1942 to 1946, and $3,000, 1947
to 1957; the remaining $12,000 as 214s, due $3,000 on June 23 in 1958 to
—were
Alabama
Municipals
1961.
Steiner, Rouse & Co.
Members New York Stock Exchange
NEW
BIRMINGHAM, ALA.
COLORADO
JEFFERSON COUNTY SCHOOL DISTRICT NO. 2 (P. O. Arvada).
Clerk states that $20,000
construction bonds have been purchased by Sidlo, Simons & Roberts of
Denver, subject to an election to be held on July 15.
Colo.—PRE-ELECTION SALE—The District
YORK
Direct Wire
SALIDA, Colo .—BOND PURCHASE CONTRACT—It is reported that
ALABAMA
Ala.—BOND TENDERS REJECTED—The First Na¬
fund agent forHomewood, reports
of general refunding and improvement
refunding bonds, dated Jan. 1, 1938, were rejected.
«
HOMEWOOD,
tional Bank of Birmingham, as sinking
that all tenders received on June 25,
TO PUBLIC—A $239,000
being offered by
Denom. $1,000.
Dated July 1, 1940.
Due on July 1 as follows:
$6,000 in 1942 to 1944;
$5,000 in 1945; $6,000, 1946 to 1948; $10,000, 1949 to 1953; $1,000, 1954;
$10,000, 1955 to 1964; $9,000, 1965; $10,000, 1966 to 1968, and $8,000 in
1969.
Prin. and int. (J-J) payable at the Phenix-Girard Bank of Phenix
City. Legality approved by Storey, Thorndike, Palmer & Dodge of Boston.
Associated with the above named firm In the purchase were:
Stubbs,
Smith & Lombardo, Inc.; Brodnax & Co., Inc.; Watkins, Morrow & Co.;
Marx <fe Co., all of Birmingham; J. Mills Thornton, and the First National
PHENIX
issue
CITY, Ala.—BONDS OFFERED
contract has been entered into with Peters, Writer &
Christensen, Inc..
Bosworth, Chanute, Loughridge & Co., both of Denver, for the
purchase of $55,000 2% % water extension bonds.
a
and
WRAY, Colo.—BOND CALL—All outstanding 4% electric light
will
cease.
of 4% refunding, secured improvement bonds is
Bros, of Birmingham, for general investment.
CONNECTICUT
Steiner
Bank,
both
of Montgomery.
revenue
bonds, aggregating $45,000, dated Jan. 1, 1940, due $5,000 from Jan. 1,
1942 to 1950, are being called for payment at the United States National
Bank, Denver, at 105 and accrued interest, on July 1 on which date interest
HARTFORD,
Conn.—BOND SALE—The
$600,000 coupon
bonds
were awarded to Dick & Merle-Smith, of New York, as Is,
premium of $840.40, equal to 100.14, a basis of about 0.98%.
offered June 26
at par
plus
a
Sale consisted of:
$450,000 series E public works bonds.
from 1942 to 1956, inclusive.
150,000 series B public school bonds.
from 1942 to 1956, inclusive.
Due $30,000 annually
on
July 1
Due $10,000 annually
on
July 1
All of the bonds bear date of July
1, 1941.
Denom. $1,000.
Principal
(J-J) payable at the City Treasurer's office.
The issuing of
duly authorized by the Court of Common Council under
City Charter, the provisions of which direct, authorize!and!obligate the
city to raise sufficient funds to meet the annual maturities by direct taxa¬
tion.
Legality approved by Storey, Thorndike, Palmer & Dodge of Boston.
and interest
these bonds is
ARIZONA
Markets in all
BONDS
Municipal Issues
The successful bidder re-offered the bonds for public investment from a
yield of 0.15% to a price of 99.
Other bids for the issue were
as follows:
Int. Rate
Rate Bid
Bidder—
Shields
&
Co.; B.
J. Van Igen & Co., Inc., and
Kaiser & Co
ELY, BECK & CO.
REFSNES,
PHOENIX, ARIZONA
1%
100.087
1%
1 %
1%
100.07
100.061
100.037
1.10%
100.538
Union Securities Corp.; G. M.-P. Murphy & Co.
and Lee Higginson Corp
First Boston Corp. and Cooley & Co
Barr Bros. & Co. and Spencer Trask & Co
Harris Trust & Savings Bank, and Kean, Taylor
ARIZONA
PHOENIX, Ariz.—BOND OFFERING DETAILS—In connection with
the offering scheduled for 10 a. m. on June 28, of the $165,000 324%
semi-annual water works extension bonds—Y. 152, p. 4004—-it is stated
by Jos. C. Furst, City Clerk, that the bonds are more fully described as
follows:
Denom. $1,000.
Dated Oct. 1, 1938.
Due on July 2 as follows:
$35,000 in 1941; $10,000, 1942 and 1943; $20,000, 1944; $25,000, 1945 and
$65,000 in 1946.
These bonds are part of a total authorized issue of
$760,000.
ARKANSAS
ARKANSAS, State of—BOND TENDERS INVITED—It is announced
by Homer M. Adkins, Chairman of the State Refunding Board, in pur¬
suance of resolution duly adopted by the Refunding Board, and, as provided
by Act No. 150 of the Acts of the General Assembly of the State for the
year 1941, that the board will receive tenders until July 8 at 11 a. m. (CST)
at the State Treasurer's office, of the following obligations:
1. State of Arkansas, 334%. A. & O., State Highway refunding, serial
series bonds, dated April 1, 1941, maturing April 1, 1943.
2. Direct general obligations of the United States of America, maturing
not later than
July 1, 1951.
All bonds will be purchased
& Co
Dillon & Co.; Equitable
D. White & Co-„
First National Bank of New York, and R. W.
Pressprich & Co
Halsey, Stuart & Co., Inc.; First of Michigan Corp.
and R. F. Griggs Co
Blyth & Co., and Paine, Webber & Co
Phelps, Fenn & Co.; Eldredge & Co., and Charles
Lehman Bros.; Eastman,
Securities Corp. and R.
M. Bradley & Co
Trust
Webster and
of
New
York
1.10%
1.10%
100.378
100.37
1.10%
1.10%
100.35
100.34
and
Stone
100.202
100.17
&
1.10%
Blodget, Inc
;•
100.169
FLORIDA MUNICIPAL BONDS
Our
Florida issue* gives us • compro-J
background of familiarity with these municipal bonds.
We
long experience in handling
henslve
with primary regard to the best interest of
Co.
100.401
1.10%
Estabrook & Co. and Putnam & Co
Bankers
100.529
1.10%
1.10%
Clark & Co
Harriman Ripley & Co. and Hemphill, Noyes & Co.
R. L. Day & Co.; F. S. Moseley Co. and Edward
1.10%
will be glad to answer any Inquiry regarding
them at no obligation.^
the State's credit standing and revenues.
Tenders must be at a flat price.
No accrued interest will be paid on the
obligations accepted, and the right of acceptance or rejection of all or any
part of the bonds so tendered is reserved.
Immediate confirmation will
be made of accepted tenders, and payment will be made on July 16.
Forms to be used in submitting tenders may be obtained by request, at
the office of the Refunding Board.
R E Crummer & Company
m
LEVEE
PINE BLUFF SCHOOL DISTRICT
OFFERING—The Clerk of the
school bonds.
CALIFORNIA
CALIFORNIA, State of—WARRANTS SOLD—An issue of $2,326,819
general cash revolving fund registered warrants was offered on June 23 and
awarded to Kaiser & Co. of San Francisco, at 0.75%, plus a premium of
$3,457.
Dated June 26. 1941.
Due on or about Feb. 25, 1942.
COUNTY (P. O. EI Centro), Calif.—SCHOOL BOND
OFFERING—We are informed by W. J. McClelland, County Clerk, that
he will receive sealed bids until 2 p. m. on July 21, for the purchase of
$67,000 Brawley School District building and improvement bonds. Inter¬
est rate is not to exceed 5%, payable X-D.
Dated June 16, 1941. Denoms.
$1,000, $500 and $100. Due $6,700 June 16, 1945 to 1954. Prin. and int.
payable in lawful money at the County Treasurer's office.
The district
has been acting as a school district under the laws of the State continuously
since Sept., 1907. The bonds will be sold for cash only and at not less than
par and accrued Interest to the date of delivery.
Each bid must state that
the bidder offers par and accrued interest to the date of delivery and State
separately the premium, if any, offered for the bonds bid for, and the rate
of interest the bonds shall bear.
Enclose a certified check for not less
than 5% of the amount of bonds bid for, payable to the Chairman Board of
Supervisors.
IMPERIAL
IMPERIAL COUNTY (P. O. El Centro), Calif.—INTEREST RATE—
The County Clerk states that the $14,000 Imperial Union School District
semi-annual building and improvement bonds sold to Thomas Kemp &
Co. of Los Angeles, at 100.721, as noted here—V. 152, p. 3848—were pur¬
chased as 5s, giving a basis of about 4.54%.
Due on Aug. 20 in 1941 to
1944.
LOS
ANGELES,
Calif.—BOND SALE—The $3,500,000 semi-annual
23—V. 152, p. 4004—were awarded to
airport bonds offered for sale on June
FLORIDA
(P. O. Pine Bluff), Ark.—BOND
Board of Education will offer for sale at
public auction on July 8, a $50,000 issue of
CHICAGO. ILUNOIS
1ST. NAT. BANKBLDC>
DISTRICT (P. O. Newport), Ark.—BONDS
SOLD—A $55,000 issue of refunding bonds is said to have been purchased
by the Bank of Newport.
NEWPORT
BROWARD COUNTY (P. O. Fort Lauderdale),
Fla.—BOND SALE
of 1941 semi-annual coupon bonds, aggregating
$2,952,000, offered for sale on June 23—V. 152, p. 3848—were awarded to
a syndicate composed of B. J. Van Ingen & Co. Inc. of New York; Welsh,
Davis & Co. of Chicago; Stifel, Nicolaus & Co. of St. Louis; Sullivan,
Nelson & Goss of West Palm Beach;
Robert H. Cook, Inc. of Miami,
and Ogden & Co. of Fort Lauderdale, at 102.685:
—The following refunding
$57,000 3 H % general bonds.
Due on May 1 in 1942 to 1946.
109.000 3 HVo general bonds. Due on May 1 in 1947 to 1951.
755,006 4% general bonds.
Due May 1 In 1952 to 1970.
75,000 3 H% highway bonds.
Due on May 1 in 1942 and 1943.
439,000 314 % highway bonds.
Due on May 1 in 1944 to 1949.
1,316,000 3 H % highway bonds. Due May 1 in 1950 to 1960.
The highway refunding bonds are optional for redemption on and after
May 1, 1951, at par and accrued interest.
$15,000 314% Special Road and Bridge District No. 3 bonds.
Due on
May 1 in 1942 and 1943.
62,000 314% Special Road and Bridge District No. 3 bonds.
Due on
May 1 in 1944 to 1949.
124,000 3H% Special Road and Bridge District No. 3 bonds. Due May 1
in 1951
The Special
to 1960.
Road and Bridge District refunding bonds are optional for
redemption on and after May 1,1951, at par and
accrued interest.
DAYTON A BEACH HOUSING AUTHORITY (P. O. Daytona Beach)
^
Fla.—BOND SALE—The $23,000 series A (First Issue) bonds offered for
sale on June 17, were purchased by C. E. Weinig, White & Co. of Buffalo,
on a net interest cost of about 2.97%, as follows:
$5,000 maturing Jan. 1,
$3,000 in 1942, $1,000 in 1943 and 1944, as 314s, $4,000 maturing $1,000
Jan. 1, 1945 to 1948, as 2.80s, $7,000 maturing Jan. 1, $1,000 In 1949.
$2,000 in 1950, $1,000 in 1951 and 1952, $2,000 in 1953. as 2.90s, and.
$7,000 maturing Jan. 1, $1,000 in 1954 and 1955, $2,000 in 1956, $1,000.
fn 1957, and $2,000 in 1958. as 3s.
The Commercial & Financial Chronicle
4156
FLORIDA,
State
of—MUNICIPAL
MARKET
DISCUSSED—The
following statements are taken from the June Issue of the monthly bulletin
on municipal bonds, put out by A. B. Morrison & Co. of Miami:
"During the past 30 days prices of practically all Florida municipal bonds
have advanced sharjdy.
The passage of the Legislature of the new gas
tax laws strengthened county road and
road districts bond decidedly.
Many callable bonds, both county and city, have advanced closer to par on
the assumption that refunding of present callable bonds may take place in
the not distant future.
Few f>onds are appearing in the secondary market.
New issues bring spirited bidding although judging by the range of bids
there is
quite a difference of opinion as to the price at which bonds can be
marketed,
after enacting into law most of
Probably the most important
laws enacted from the standpoint of the bondholder, are those pertaining
to the gas tax which we discussed in our May bulletin.
Other important
legislation has to do with the assessment and collection of taxes, both real
and personal.
It appears now that a determined effort is to be made to
put the tax dodger out of business.
There is no question but that the tax
collection machinery of the State ha» been greatly strengthened.
"Probably the most important f'ugle development in the last 30 days,
again speaking from the bondholders standpoint, has been the settlement of
the Everglades Drainage District situation.
The whole transaction was
very quietly engineered and even up to within a few days of the final con¬
summation of the deal, little general information was available as to what
was going on.
With the principal of the debt cut 50% and with new legisla¬
tion passed at the closing days of the Legislature, setting up a more workable
taxing system, it is hoped that the Everglads Drainage District will in future
be able to take care of its obligations satisfactorily.
"The Florida Legislature has adjourned
the recommendations of Governor Holland.
PLANT CITY SPECIAL ROAD AND BRIDGE DISTRICT (P. OTampa), Fla.—BOND SALE—The S37.000 4K% semi-annual refunding
bonds offered for sale on June 20—V. 152, p. 3849—were awarded to Welsh,
Davis & Co. of Chicago, and Sullivan, Nelson & Goss of West Palm Beach,
jointly, paying a premium of $1,399.95, equal to 103.78, a basis of about
3.70%.
Dated April 1,1941.
Due on April 1 in 1943 to 1949: optional for
redemption on and after April 1, 1947.
COUNTY
POLK
SPECIAL
ROAD
AND
BRIDGE
DISTRICTS
(P. O. Bartow), Fla.—BOND SALE—The following 4% coupon semi¬
annual refunding of 1941 bonds, aggregating $105,500, offered for sale on
June 20—V. 152, p. 3849—were purchased by Allen & Co. of Lakeland, Fla.:
30,000
18,000
16,000
2,000
1946.
Denom. $1,000, one for
utility revenue bonds and made public re-offering of the
prices to yield from 1% to 2.75%, according to maturity.
1941.
Denom. $1,000.
Due June 1 as follows: $14,000
in 1944: $15,000, 1945 and 1946: $16,000. 1947: $17,000, 1948 to 1950 incl.;
$18,000, 1951: $19,000, 1952 and 1953: $20,000, 1954: $21,000, 1955 and
1956: $22,000, 1957: $23,000, 1958 and 1959: $24,000, I960: $25,000, 1961;
$26,000 in 1962, and $13,000 in 1963Prin. and int. (J-D) payable at the
Continental Illinois National Bank & Trust Co., Chicago.
Bonds were
authorized by the voters to permit the city to acquire the electric
utility
system of the Southern Indiana Gas & Electric Co., and to provide for
improvements thereto.
Legality to be approved by Matson, Ross, McCord
& Ice of Indianapolis.
These bonds, in the opinion of counsel, constitute valid and
binding
special revenue obligations of the city of Boonville, Indiana, Payable
solely from and constituting a first charge on the net earnings of the electric
utility (defined as gross revenues after deduction only for the reasonable
expense of operation and maintenance).
The bonds of this issue also con¬
stitute a first charge and lien on all of the property of the electric
utility,
including all extensions, additions and improvements hereafter to be ac¬
quired or constructed.
GREENE
PETERSBURG,
unlimited ad valorem taxes to be levied and collected on all taxable
property
therein.
Proceeds of the issue will be applied to the
payment of indebted¬
previously incurred by various townships in the county on account of
Successful bidder will be required to pay for examination of
bond transcript.
A certified check for 3% of the bonds bid for, payable to
order of the Board of Commissioners, is required.
ness
poor relief.
INDIANAPOLIS SANITARY
Jan. 1:
Jan. 1,
repealing conflicting laws, and declaring
1941.
INFORMATION
PRE¬
PARED—A circular has been prepared on the above named city by Allen
& Co., 30 Broad St., New York City, which should go far toward answering
any question propounded by a prospective investor as to the security
underlying the city's obligations.
In addition to a complete financial
the circular gives essential facts about population growth,
building permits, gas receipts, street railway passenger growth, home
owners, &c.
Copies of this interesting brochure are available to interested
parties upon request.
statement,
SEMINOLE
COUNTY
(P.
O.
Sanford), Fla.—BOND SALE CON¬
TEMPLATED—-The County Auditor states that $150,000 hospital bonds
near
future.
VERO BEACH. Fla.—CERTIFICATE SALE—The $85,000 water and
light revenue certificates offered for sale on June 19—V. 152, p. 4005—
were awarded to Leedy, Wheeler & Co. of Orlando, divided $40,000 as 3
Hs
and$45,000 as 3%s.
GEORGIA
MACON, Ga.-CERTIFICATE OFFERING—It is stated by Mayor
Charles L. Bowden that he will receive sealed bids until 11 a.m. on July 7,
for the purchase of $150,000 debt c^tificates.
These certificates will be
awarded at par to the bidder offering" the lowest interest rate.
SAVANNAH,
Ga .—BOND ELECTION—We
McNamara, Clerk of Council, that
an
are
informed
P.
by
J.
election is scheduled for July 23 on
the proposed issuance of $500,000 2% semi-ann. coupon national defense
bonds..
Denom, $1,000.
Sept. 1 in 1951 to 1970 incl.
purposes
on
Dated
Sept.
1,
1941.
Due
$25,000
TOOMBS COUNTY
(P. O. Lyons), Ga.—BOND PURCHASE CON¬
TRACT—It is reported that Brooke, Tindall & Co. of Atlanta, have con¬
tracted to purchase $115,000 3Y% % semi-annual funding bonds.
HAWAII
HONOLULU (City and County), Hawaii—BOND SALE—The $250,000 2%% semi-annual Board of Water Supply revenue bonds offered for
sale on June 19—W 152, p. 3530—were awarded to Dean Witter & Co.
of San
Francisco, at a price of 103.18, a basis of about 2.52%.
Dated
Due $10,000 from June 20, 1946 to 1970 inclusive.
June 20, 1941.
IDAHO
PLUMMER, Idaho—BOND ELECTION—The Village Clerk states that
an
election is set for July 1 in order to vote
on
the issuance of $6,000 water
main bonds.
ILLINOIS
ALPHA SCHOOL DISTRICT, 111.—BOND SALE DETAILS— The
$35,000 1 %% construction bonds purchased by the First Galesburg Na¬
tional Bank & Trust Co. of Galesburg, as reported in V. 152,
p. 3849, were
sold at a price of 100.57, a basis of about 1.65%.
Due Dec. 1 as follows:
$3,000 from 1942 to 1946, incl., and $4,000 from 1947 to 1951, incl.
CENTRALIA, 111.—PROPOSED BOND ISSUE—City Council is
sidering an issue of $723,000 3% reservoir revenue bonds.
con¬
James E.
on
cities and any incorporated towns located
within the boundaries
thereof,
an emergency," approved March 9,
amended by an act apnroved March 6,1937, and as amended by the
Acts of 1935, page 580; and the proceeds of the taxes now in the
process of
1917,
as
CHICAGO, III.—SECURITIES PUBLICLY OFFERED—Halsey, Stuart
Mullaney, Ross & Co. are offering $1,000,000 2% water
system certificates of indebtedness.
These certificates
mature
$400,000 on May 1,1959 and $600,000 on May 1,1960, and are being offered
at prices to yield 1.90% for both maturities.
They represent a purchase
originally made on May 2 but not previously offered.
& Co., Inc. and
COOK
COUNTY SCHOOL DISTRICTS (P. O.
Berwyn), III.—
OFFERED—Halsey, Stuart & Co., Inc., of Chicago
making public offering of $66,000 2% refunding bonds, as follows:
$39,000 School District No. 98 bonds.
Due July 1 as follows: $10,000 from
1951 to 1953, incl., and $9,000 in 1954.
27,000 School District No. 100 bonds.
Due July 1, 1958.
BONDS PUBLICLY
are
All of the bonds bear date of July 1, 1941.
Denom. $1,000.
Principal
interest (J-J) payable at the office of
Halsey, Stuart & Co., Inc.,
Chicago.
Legality to be approved by Chapman & Cutler, of Chicago.
and
COOK
COUNTY
SCHOOL
DISTRICT NO. 39 (P. O.
group composed of John Nuveen & Co.,
and Channer Securities Co., all of Chicago, was
June 24 an issue of $150,000 2M% building bonds at a
price
basis of about 1.57%.
Dated July 1, 1941.
Due $25,000 on
1952 to 1957, incl.
III.—BOND SALE—A
Corp.
Wilmette),
Lee Higginawarded
on
of 108.47, a
Dec. 1 from
issue of
1941 and due $5,000 annually on June 15 from 1942 to 1945 incl.
pledged and appropriated,
so
far
as
is necessary, to
warrants.
2 p. m.
(CST)
July 14 for the purchase of $104,000 not to exceed 4%
on
interest bonds, divided as follows:
$52,000 School township building bonds.
Due $2,000 July 1, 1942, $2,000
Jan. 1 and July 1 from 1943 to 1954 incl. and
$2,000 Jan. 1, 1955.
Bonds are direct obligations of the school
township, payable out of
unlimited ad valorem taxes to be levied and collected
on
all taxable
property therein.
52,000 Civil township community building bonds.
Due Dec. 30 as follows:
$3,000 flbm 1942 to 1958 incl. and $1,000 in 1959.
Interest J-D.
Bonds a^e direct obligations of the civil township,
payable out of
unlimited ad valorem taxes to be levied and collected
property therein.
on
all taxable
Each issue will be dated July 1,1941.
Denom. $1,000.
single rate of interest on each issue, in a multiple of
Bidder to name
a
of 1%.
Legal
opinion of Matson, Ross, McCord & Clifford of Indianapolis, will be fur¬
nished the successful bidder at the expense of the
respective townships
issuing the bonds.
No conditional bids will be considered.
Delivery
within approximately 10 days after the award.
JEFFERSON TOWNSHIP (P. O.
Hagerstown), Ind.—BOND SALE—
The $4,500 3% general funding bonds offered June 23—V.
awarded to Kenneth S. Johnson, of
were
1941.
Due $450 July 1,
incl., and $450 Jan.
1,
152, p. 3530—
Indianapolis.
Dated July 1,
1942; $450 Jan. 1 and July 1 from 1943 to 1946,
1947.
MICHIGAN CITY, Ind.—BOND SALE— The Harris Trust &
Savings
Bank of Chicago purchased an issue of $261,000 1 % funding bonds. Dated
May 1, 1941.
Denom. $1,000.
Due July 1 as follows:
$26,000 in 1942;
$31,000, 1943 and 1944: $35,000, 1945 and 1946; $32,000, 1947; $37,000 in
1948 and $34,000 in 1949.
Principal and interest (J-J) payable at the
City Treasurer's office.
Legality., approved by Chapman & Cutler, of
Chicago.
RICHLAND TOWNSHIP SCHOOL
TOWNSHIP
(P.
O.
Newton),
Ind.—BONDS NOT SOLD—The issue of $33,000 not to exceed
4Y%
interest building bonds offered June 23—V. 152. p. 3681, was not
sold,
because of a restraining order issued by Circuit
Court, according to T. G.
McKnight, Township Trustee.
ROANOKE, Ind.—BOND OFFERING—Harry M. Stabler, Town-ClerkTreasurer, will receive sealed bids until 7:30 p. m. (CST) on July 7 for the
purchase of $6,000 3% coupon public comfort station, town hall improve¬
ment and fire fighting equipment bonds.
Dated July 1, 1941.
Denom.
$500. Due $500 on Jan 1 and July 1 from 1942 to 1947 incl. Prin. and int.
(J-J), payable at the First National Bank, Huntington.
Trasncript of
proceedings preliminary to the issuance of the bonds will be furnished by
the town, but any expense in connection with the examination or
approval
thereof by counsel shall be paid for by the successful bidder.
A certified
check for $200, payable to order of the Town Clerk-Treasurer, is required.
IOWA
AMES,
Iowa—BOND
the
SALE—The
$22,000 semi-annual sewer bond
152, p. 3850—were awarded at auction to
Iowa-Des Moines National Bank & Trust Co. of Des Moines, as
paying
on
June 25—V.
Is,
a
premium of $190, equal to 100.863, a basis of about 0.80%.
Due on Nov. 1 in 1942 to 1948.
Dated May 1, 1941.
BOONE COUNTY
(P. O. Boone), Iowa—BOND SALE DETAILS—
County Treasurer states that the $44,000 funding bonds awarded
jointly to the Carleton D. Beh Co. of Des Moines and the Boone State
Bank & Trust Co. of Boone as 2s as reported in V. 152, p. 4006, were
pur¬
chased at par and mature on Nov. 1 as follows:
$14,000 in 1945, $15,000,
1946, and $15,000 in 1947.
The
ELLIOTT CONSOLIDATED INDEPENDENT SCHOOL DISTRICT
O. Elliott), Iowa—BONDS VOTED—The issuance of $18,000 con¬
(P.
struction bonds was approved
by the voters
on June
10, it is reported.
HORNICK, Iowa—BOND OFFERING—Sealed and oral bids will be
Frank Becker, Town Treasurer, until July 1, at 8 p. m., for the
purchase of $2,500 not exceeding 4% semi-annual electric light refunding
bonds.
Dated July 1, 1941.
Due $500 July 1, 1942 to 1946.
All other
circumstances being equal, preference will be given to the bid of par and
accrued interest or bidder specifying the lowest interest rate for the bonds.
The town will furnish the bonds and the approving
opinion of Ralph Prichard of Sioux City, and all bid£ must be so conditioned.
A certified check
for $50, payable to the town, is required.
'
received by
-
111.—BOND SALE—John Nuveen & Co. of Chicago were
$20,000 water revenue bonds as l%s, at par plus a
premium of $276, equal to 101.38, a basis of about 1.07%.
Dated June 15,
an
been
JEFFERSON TOWNSHIP (P. O. Goldsmith), Ind.—BOND OFFER¬
ING—Ernest Vawter, Township Trustee,
will receive saled bids until
VAN
JOLIET,
awarded
have
the payment of the notes or
offered for sale
works
son
(P. O. Bloomfield), Ind.—BOND OFFERING—
on
1:
as
Fla.—DETAILED
will be offered for sale in the
COUNTY
Eskel Beasley; County Auditor, will receive sealed bids until 8 p. m.
(CST)
June 27 for the purchase of $85,000 not to exceed 6% interest series A
1941, advancement fund (poor relief) bonds.
Dated June 1,1941. Denoms.
$500 and $250.
Due $4,250 on June 1 and Dec. 1 from 1942 to 1951 incl.
Bidder to name a single rate of interest, expressed in a multiple of
M of 1 %.
Interest J-D.
Bonds are direct obligations of the county, payable out of
on
collection
ST.
at
on
1:
1:
:
Dated Jan. 1
electric
Dated June 15,
Due
,
$500.
only,
securities
Due
1-
fecial Roa<i antl Bridge District No. 15 bonds. Due on Jan. 1,
5,500 Special Road and Bridge District No. 16 bonds.
$2,000 in 1945 $3,000 1946 and $500 in 1947.
4 000 Special Road and Bridge District No, 17 bonds.
INDIANA
BOONVILLE, Ind.—BOND SALE—Stranahan, Harris & Co., Inc.
of Toledo have purchased $385,000 3 M % coupon, registerable as to principal
DISTRICT, Ind .—NOTE OFFERING—
Deery, City Comptroller, will receive sealed bids until 10 a. m.
July 8 for the purchase of $100,000 not to exceed 6% interest notes.
Dated July 8, 1941.
Due Nov. 10, 1941.
Interest payable at maturity.
The notes shall
be payable to bearer at the County Treasurer's
office,
Indianapolis, or at one of the authorized depositories in the city.
The notes
are issued by the city acting on behalf of and for the use and
benefit of the
Sanitary District of the city and the Board of Public Works and Sanitation
thereof, for the relief of and in aid of the "Sanitary Maintenance and General
Expense Fund," of the district and board.
The notes or warrants shall
import no personal obligation for their payment and shall be payable only
out of the taxes actually levied and now in process of collection under
Sec. 21
of an act of the General Assembly of the State in the
year 1917, entitled "An
act concerning the department of public sanitation in cities of the first
class,
defining its powers and duties, creating sanitary districts consisting of such
Road and Bridge District No. 2 bonds.
Due on Jan.
$4,000 in 1949, $3,000, 1950 and $2,000 in 1951.
Special Road and Bridge District No. 3 bonds.
Due on Jan.
$12,000 in 1956, and $18,000 in 1957.
Special Road and Bridge District No. 10 bonds.
Due on Jan.
$4,000 in 1949, $9,000, 1950 and $8,000 in 1951.
Special Road and Bridge District No. 12 bonds.
Due on Jan.
$1,000 in 1947, $9,000, 1948 and $8,000 in 1949.
1
Special Road and Bridge District No. 14 bonds.
Due on Jan. 1
follows:
$7,000 in 1948, and $9,000 in 1949.
$9,000 Special
21.000
June 28, 1941
CLEVE
CONSOLIDATED
SCHOOL
DISTRICT
(P.
O.
Van
Cleve) Iowa—BOND OFFERING—Bids will be received until 8
p. m. on
June 30, by Pearl S. Warden, Secretary of the Board of
Directors, for the
Durchase of $11,000 building bonds.
The bonds and legal opinion will be
furnished by the district.
■
Volume
KENTUCKY
(P. O. Pineville), Ky.—BOND REFUNDING PRO¬
Bondholders' Committee
of a proposal for refunding $594,000
bonds.
The county has outstanding $684,000 bonds, but one issue of
$90,000 unlimited tax bonds, dated Jan. 1, 1917, will be treated separately.
Holders of these bonds are requested to write to the committee, whose
BELL COUNTY
has submitted to bondholders the details
is
It is proposed to issue
135^South LaSalle St., Chicago, 111.
$594,000 new Refunding bonds in exchange on a par for par basis for out¬
standing limited tax road and bridge bonds.
The new bonds will be dated
June 1, 1941, mature June 1, 1981, and bear 3% interest.
The bonds will
at par and accrued interest on any interest
maturity date of bonds for which they are exv"'"/
■
(7
7
optional for redemption
be
payment date, on or after
exchanged.
FRANKLIN
COUNTY
SCHOOL
CORPORATION
(P.
O.
Frank-
fort), Ky-—BONDS OFFERED FOR INVESTMENT—'The following first
mortgage refunding bonds aggregating $248,000, were purchased recently
by the Bankers Bond Co., Inc., Stein Bros. & Boyce, both of Louisville,
and J. D. Van Hooser & Co. of Lexington, and are being reoffered for general
investment at prices to yield from 1.00% to 2.65%, according to maturity:
$14,000 2M % series No. 1 (Bridgeport School) bonds.
Due on April 1,
$2,000 in 1942 and $3,000 in 1943 to 1946.
34,000 2M% series No. 1 (Bridgeport School) bonds.
Due on April 1,
$3,000 in 1947 to 1949; $4,000 in 1950; $3,000, 1951 and 1952;
$4,000, 1953; $3,000, 1954, and $4,000, 1955 and 1956.
Callable
on and after April 1, 1946, at par and interest.
42,000 3% series No. 1 (Bridgeport School) bonds.
Due $14,000 on
April 1 in 1957 to 1959.
Callable on and after April 1, 1942, at
par and accrued interest.
9,000 2M% series No. 2 (Forks of Elkhorn School) bonds.
Due on
April 1, $1,000 in 1942 and $2,000 in 1943 to 1946.
25,000 2M% series No. 2 (Forks of Elkhorn School) bonds.
Due on
April 1, $2,000, 1947; $3,000, 1948; $2,000, 19*9 and 1950; $3,000,
1951; $2,000, 1952; $3,000, 1953; $2,000, 1954; $3,000 in 1955 and
1956, with bonds maturing in 1947 to 1952, callable on and after
April 1,1946, at par and accrued interest.
Bonds maturing in 1953
to 1956 are callable on and after April 1, 1942, at par and accrued
13,000 2M% series No. 3 (Peaks Mill School) bonds.
Due on April 1,
$1,000 in 1942; $2,000, 1943 and 1944, and $4,000 in 1945 and 1946.
47,000 2M% series No. 3 (Peaks Mill School bonds.
Due April 1, as
follows: $4,000 in 1947 and 1948; $5,000 in 1949; $4,000 in 1950,
and $5,000 in 1951 to 1956.
Bonds maturing in 1947 to 1952,
callable on and after April 1, 1946, at par and accrued interest.
Bonds maturing in 1953 to 1956, callable on and after April 1, 1942,
at par and accrued interest.
12,000 2M% series No. 4 (Bald Knob School) bonds.
Due on April 1,
$1,000 in 1942: $2,000, 1943, and $3,000 in 1944 to 1946.
34,000 2K% series No. * (Bald Knob School) bonds.
Due April 1, as
follows: $3,000 in 1947 to 1951; $4,000 in 1952, $.3,000 in 1953 and
$4,000 in 1954 to 1956.
Bonds maturing in 1947 to 1952, callable
on and after April 1,
1946, at par and accrued interest.
Bonds
maturing in 1953 to 1956, callable on and after April 1, 1942, at
par and accrued interest.
»
5,000 2M % series No. 5 (Thorn Hill School) bonds.
Due $1,000 on
April 1 in 1942 to 1946.
13,000 2M% series No. 5 (Thorn Hill School) bonds.
Due on April 1,
$1,000 in 1947 to 1950; $2,000 in 1951 $1,000 in 1952 and 1953;
$2,000 in 1954; $1,000 in 1955, and $2,000 in 1956.- Bonds ma¬
turing in 1947 to 1952, callable on and after April 1, 1946, at par
and accrued interest.
Bonds maturing in 1953 to 1956, callable
on and after April 1, 1942, at par and accrued interest.
Interest payable A-O.
Dated April 1, 1941.
Denom. $1,000. Prin¬
cipal and interest payable at the Farmers Bank & Capital Trust Co., Frank¬
These bonds are issued in five separate series, as
outlined. Each
fort.
of the school properties covered under the mortgage securing these various
issues is completed, with the exception of the series No. 1 (Bridgeport
School) issue and the replacement value of each building is conservatively
outstanding debt against the particular
estimated at twice the amount of the
property.
Part of the original mortgage debt against each property has
been retired prior to the refunding and Federal aid was secured in the con¬
struction of each school building amounting to nearly one-half of the
construction cost.
Issued for the purpose of refunding at a substantial
saving in interest the entire outstanding school building indebtedness of
the County Board of Education and to provide funds for the rebuilding and
enlargement of the Bridgeport School Building.
The call provision con¬
tained in the County School Corporation bonds is unusual and is provided
for the reason that because of the enormous whiskey revenue collected by
the
County Board of Education, it is contemplated that the entire indebted¬
will be retired well in advance of the final maturity date.
The Board
ness
contemplates retiring, in addition to the bonds maturing in the next five
years, an additional one-third of the entire combined issues.
The policy,
of course, wid be to retire the higher coupon bonds first.
Legality approved
by Woodward, Dawson & riobson of Louisville.
FULTON
COUNTY
(P.
O.
Hickman),
Ky.—BOND SALE—The
$258,000 issue of road and bridge refunding bonds offered for sale on June 20
152, p. 385(1—was purchased by Hunter, Jones & Co. of Memphis,
at a price of 103.50
according to the County Judge. No other bid was
received.
7' 7777. '< /"'<7..:7. -777 77 ■'
7.V''777v7;>777 ■ ;;
—V.
.
MURRAY STATE TEACHERS COLLEGE (P. O. Murray), Ky.—
PUBLICLY OFFERED— Stein Bros. & Boyce of Louisville, are
$65,000 issue of 3% coupon Fine Arts
Building revenue bonds.
Denom. $1,000.
Dated April 1, 1941.
Due on
April 1 as follows: $2,000 in 1943; $3,000, 1944 to 1950; $4,000, 1951;
$3,000, 1952 and 1953; $4,000, 1954; $3,000, 1955; $4,000, 1956 to 1960,
and $5,000 in 1961.
Principal and interest (A-O) payable at the Bank of
Murray.
Callable on any interest payment date upon 30 days' published
notice in inverse numerical order at 100 and accrued interest plus a call
BONDS
offering for general investment a
premium of M of 1 % for each year or fraction of a year from the call date
to the stated maturity date of the bonds.
These bonds are offered on a when, as, and if issued basis and subject
to the approval as to legality by Grafton & Grafton, Louisville.
(This offering was advertised recently for $60,000—V. 152, p. 2589—but
the amount was subsequently increased to embrace the total $65,000
777 77
authorized.)
PONCHATOULA, La.—BOND SALE—The $50,000 issue of semi¬
public improvement bonds offered for sale on June 24—V. 152,
3681—was awarded to Weil & Co. of New Orleans, as 3 Ms, according to
the Town Clerk.
Dated July 1, 1941.
Due on July 1 as follows: $2,000
in 1944 to 1947; $2,500, 1948 to 1952; $3,000, 1953 to 1957; $3,500, 1958
to 1960, and $4,000 in 1961.
annual
POSAL SUBMITTED—The Kentucky Counties
address
4157
Chronicle
The Commercial & Financial
152
.
7'777:'-7
7-."7
ROCKCASTLE COUNTY (P.
O. Mount Vernon), Ky.—REFI¬
NANCING
PLAN APPROVED—It was reported recently that a re¬
financing plan for this county, which has been in default on $91,000 in
road and bridge bonds since 1934, was approved by H. Clyde Reeves,
State Revenue Commissioner and State local finance officer.
Under the proposal, the country would issue $123,000 in refunding bonds
at 3% interest, to be taken over by holders of present bonds, issued in
1928 and bearing 5M% interest.
In addition to the $91,000 still owed
on the earlier issue of $96,000, the refunding bonds, would pay overdue in¬
terest amounting to $32,000.
Mr. Reeves' formal decision also said that in consideration for refunding
the bonds and interest the bondholders had agreed to pay off the county's
floating indebtedness of $19,000.
The county itself pledged $5,500 an¬
nually to pay the interest on the net issue and creation of a sinking fund
to pay off the bonds when they mature in 40 years.
p.
DISTRICT NO. 1 (P. O. Rayne), La.—BOND
bonds offered for sale on June 25—
3681—were awarded to the Equitable Securities Corp. of Nash¬
ville, divided as follows: $42,500 as 2Ms, due on March 1, $1,000 in 1943
to 1945, $1,500, 1946 to 1958, and $2,000 in 1959 to 1968; the remaining
$7,500 2Ms, due $2,500 on March 1 in 1969 to 1971.
RAYNE SEWERAGE
SALE-t-The $50,000 semi-ann. sewer
V. 152, p.
ST. FRANC1SVILLE SEWERAGE DISTRICT NO. 1 (P. O. St.
Francisville) La.—BOND OFFERING—Sealed bids will be received until
11 a. m. on July 15, by J. H. Kilbourne, Town Clerk, for the purchase of
$18,000 sewerage bonds. Interest rate is not to exceed 6%, payable F-A.
Denom. $500. Dated Aug. 1, 1941.
Due on Aug. 1 in 1943 to 1961. The
approving opinion of B. A. Campbell of New Orleans, will be furnished. A
$360 certified check, payable to the District, is required with bid.
(This notice supplements the offering report given on June 21—V. 152,
p. 4006.)
MAINE
Me.—BONDS SOLD—F. W. Home & Co. of
a price of 100.03, a
July 1 as follows:
$2,000 from 1942 to 1946, incl., and $3,000 in 1947.
Interest J-J. Legality
approved by Chaplin, Burkett & Knudsen of Portland.
BOOTHBAY HARBOR,
Hartford purchased $13,000 school bonds as 1 Ms at
basis of about 1.24%.
Dated July 1, 1941.
Due
(State of)—BOND OFFERING—Belmont Smith, State Treas¬
(EST) on July 2 for the purchase
highway bonds.
Dated July 1, 1941.
Denom. $1,000.
Due $50,000 annually on July 1 from 1942 to 1951, incl.
All bids must
indicate the coupon rate in multiples of M or M of 1%, as well as the
MAINE
urer,
will receive sealed bids until 10 a. m.
of $500,000 coupon
?rice offered. PrincipalAll bids must be for the total issue offered. State
and semi-annual interest payable at the The
'reasury Department.
bonds
are
exempt from taxation
in Maine and from all present Federal in¬
unqualified, direct obligation of the State, and the
good faith of the State is pledged for payment of both principal
and interest.
The opinion of the Attorney General as to the legality will
be furnished the purchaser.
This issue is authorized by vote of the Governor
and Council, passed at a meeting held on June 18,1941, and is a part of the
$5,000,000 issue authorized by Chapter 96 of the Resolves of the 87th
Legislature, approved.March 30, 1935, and having been favorably voted
upon by the people at a special election on Sept. 9, 1935, was by proclama¬
tion of the Governor declared a part of the Constitution Oct. 8, 1935.
come
tax and are an
credit and
Payment of the bonds and accrued
July 15, at which time the definitive
interest may be made on or about
bonds should be ready for delivery.
MARYLAND
(State of)—BOND CALD-Secretary State Roads Com¬
mission L. H. Stewart announces that State of Maryland Bridge Revenue
MARYLAND
3M%. series A bonds, Nos. 1 to 6000, aggreagting $6,000,000, are called
for payment on July 21, together with a premium of 4% of the principal
said principal amount to date of redemption,
will be made on surrender of said bonds in negotiable form,
accompanied by all Oct. 1,1941, and subsequent coupons, at the Maryland
Trust Co., in Baltimore, or at the Guaranty Trust Co. in New York City.
Coupons maturing April 1, 1941, and prior will be paid on presentation and
surrender.
Dated Oct. 1, 1938.
Denom. $1,000.
Due Oct. 1, 1968.
Said bonds may be surrendered at any time at either of the above-mentioned
places of payment, and the full redemption price, including redemption
premium and interest accrued to July 21, 1941, will be paid.
Bonds regis¬
tered as to principal alone or as to both principal and interest must be
accompanied by appropriate instruments of assignment executed in blank.
amount and accrued interest on
and payment
of)—BOND SALE—The $859,000 certificates o
general bond issue of 1941, offered June 25—
awarded to the First National Bank and the Harris
both of Chicago, jointly as Is, at a price of 100.159,
a basis of about 0.98%.
Dated July 15 ,1941 and due July 15 as follows:
$58,000 in 1944; $60,000, 1945, $61,000, 1946; $62,000, 1947; $63,000,
1948; $65,000, 1949; $66,000^1950; $67,000, 1951; $69,000, 1952; $70,000,
1953; $71,000, 1954; $73,000 in 1955 and $74,000 in 1956.
Among other
MARYLAND
indebtedness,
(State
known
as
V. 152, p. 3851—were
Trust & Savings Bank,
bids
were
the following:
Dick & Merle-SmithChase National Bank of
New York and Alex. Brown
1%
: 7
1M%
Equitable Securities Corp.; Tucker,
Anthony & Co., and E. Lowber Stokes & Co___ — _
Lazard Freres & Co.; C. F. Childs & Co.; Charles Clark
& Co., and F. W. Craigie & Co_._
—
Salomon Bros. & Hutzler; L. F. Rothschild & Co.;
Estabrook & Co., and F. S. Moseley & Co—
First National Bank of New York; R. W. Pressprich &
Co.; Mercantile-Commerce Bank & Trust Co., and
First National Bank of Baltimore—- —
100.059
102.134
1M%
S
& Sons__
Shields & Co_...
Lehman
Rate Bid
100.0599
Int. Rate
1%
Bidder—
101.80
Bros.;
■:
101.786
1M%
■
101.609
1M%
.
1M%
7
101.57
GEORGE'S COUNTY (P. O. Upper Marlboro), Md.—
BOND
ISSUANCE RECOMMENDED—The Board of Education on
June 10 requested the County Commissioners to issue $225,000 school
construction bonds, part of an authorized issue of $500,000.
.
,
PRINCE
.
MASSACHUSETTS
BEVERLY, Mass.—NOTE SALE— The issue of $300,000 notes offered
June 25—V. 152, p. 4006—was awarded to the Beverly National Bank of
Beverly, at 0.12% discount.
Dated June 26, 1941 and due $100,000
Dec. 18, 1941, and $200,000 March 13, 1942.
Other bids:
7
Bidder—
of Boston
of Boston
;
7
Second National Bank
First National Bank
,
——
Discount
0.129%
0.18%
BOSTON, Mass.—NOTE SALE—The issue of $4,000,000 notes offered
awarded to Halsey, Stuart & Co., Inc., New York, at 0.32%
June 25 was
27, 1941 and due JDec. 31,
The Chase National Bank
W. Pressprich & Co., in
rate of 0.37% and $47 premium, this being the
interest, plus a premium of $52.
Dated June
1941.
Reoffered by bankers to yield 0.25%.
of New York; Salomon
joint account,
only other bid
Bros. & Hutzler, and R.
named a
received for the issue.
CHELMSFORD, Mass.—NOTE OFFERING—Harold C. Petterson,
Town Treasurer, will receive sealed bids until noon (DST) on July 1 for
the purchase of $43,000 coupon school loan notes.
Dated July 15, 1941.
Denom. $1,000.
Due July 15 as follows: $6,000 from 1942 to 1944, incl.,
and $5,000 from 1945 to 1949, incl.
Bidder to name rate of inte-est in a
multiple of M of 1 %.
Principal and interest (J-J 15) payable at the Second
National Bank of Boston.
Notes are exempt from taxation in Massachu¬
setts and will be prepared under the supervision of and certified as to their
genuineness by the Director of Accounts, Department
Taxation, Commonwealth of Massachusetts.
Notes
the Second National Bank of Boston.
of Corporations and
will be delivered to
the purchaser at
EAST BRIDGEWATER, Mass .—BOND
LOUISIANA
La.—BOND SALE—The $216,000 issue of semi-ann. gas
utility revenue bonds offered for sale on June 25—V. 152, p. 4006—was
awarded to the Equitable Securities Corp. of Nashville, at a net interest
cost of 2.73%, according to the City Clerk.
Dated Aug. 1, 1941. Due
on Aug.
1 as follows: $11,000 in 1942, $13,000 in 1943, $15,000 in 1944,
$16,000 in 1945, $17,000 in 1946, $18,000 in 1947, $19,000 in 1948 and 1949,
$20,000 in 1950, $21,000 in 1951, $23,000 in 1952, and $24,000 in 1953.
These bonds will be callable on Aug. 1, of any year at a price of $1.02 on the
dollar of the face value, plus the accrued interest to date, upon publication
of a call notice at least once 30 days prior to the call date in a financial
journal published in New York City.
Payable at the Whitney National
HOUMA,
7
Bank, New Orleans.
APPROVED—A $38,000 issue
refunding bonds is said to have been approved as to legality by
NEW IBERIA,
of
3%
*
La .—BOND LEGALITY
Charles & Trauernicht
refunding of St. Louis.
Dated Feb. 1, 1941.
SALE DETAILS—The $10,000
0.75% school bonds awarded to Tyler & Co. of Boston, at a price of
as reported in V. 152, p. 4006, mature $2,0o0 annually on June
1942 to 1946, incl.
100.399,
15 from
Salem), Mass.—BOND SALE—The $10,000
Agricultural school land bonds offered June 24—V.
& Co. of Boston, as 0.50s, at a price
Dated June 15, 1941, and due $2,000
annually from 1942 to 1946, incl.
Other bids:
Bidder—
Int. Rate
... Rate Bid
Cape Ann National Bank, Gloucester-- — — ——— 0.50%
100.03
ESSEX COUNTY (P. O.
coupon
Essex County
152, p. 4006—were awarded to Tyler
of 100.099, a basis of about 0.47%.
Beverly National Bank
——
Bank of Salem--.—----Salem—
,
Kidder, Pea body & Co
Gloucester National Bank
R. L. Day & Co
—
Merchants National
Naumkeag Trust Co. of
0.50%
0.50%
0.50%
0.75%
0.75%
1%
100.01
Par
Par
100.61
100.156
100.15
The Commercial & Financial Chronicle
4158
EVERETT, Mass.—NOTE SALE—An
Issue of J.500.000 revenue anticipation notes of 1941 was awarded June 26 to the National Shawmut
Bank and the Merchants National Bank, both of Boston,
jointly, at 0.19%
discount. Dated June 26,1941 and due $250,000 each on May 6 and June 5.
1942.
Other bids: •
Bidder—
Discount
Middlesex County National Bank
0.197%
Second National Bank of Boston
.Leavitt & Co
FALL
RIVER,
0.21 %
0.313%
Mass.—BOND SALE—'The $460,000 municipal relief
bonds offered June 26 were awarded to Tyler & Co. of Boston, and the
Central Republic Co. of Chicago, jointly, as Iks. at a price of 100.333, a
basis of about
1.19%.
$1,000, registerable
as
opinion of Storey, Thorndike, Palmer & Dodge of Boston.
Coupon formtfn denoms. of
Due $46,000 annually on July 1
'
Bidder—
Bristol
1941
Other bids:
Int. Rate
Rate Bid
0.75%
0.75%
County Trust Co
First National Bank of Boston
100.057
100.02
Kidder. Peabody & Co
1%
100.162
1%
R. L.Day & Co.
100.06
NOTE SALE—The $300,000 note issue offered the same day was awarded
to the Bristol County Trust Co., of Taunton, at 0.16% discount.
Due
Dec. 19.1941. The First National Bank of Boston, next best bidder, named
a rate of 0.22%, plus $1 premium.
Dated July 1, 1941.
to principal only.
from 1942 to 1951 incl. Principal and interest (J-J) payable at the National
Shawmut Bank of Boston. Legality approved by Ropes, Gray, Best, Coolidge
June 28,
of the city, exempt from taxation in Massachusetts, and payable from
unlimited ad valorem taxes on all of the city's taxaDle property.
Legal
WALTHAM, Mass.—BOND SALE—The $102,000
June 20 were awarded to Tyler &
101.222,
a
basis of about 1.02%.
coupon bonds offered
Co. of Boston, as lks, at a price of
Sale consisted of:
& Rugg, of Boston. The successful bidders reoffered the bonds at
prices to
yield from 0.20% to 1.25%, according to maturity.
Second high bid of
100.317 for Iks was made by Kidder, Peabody & Co. and Goldman,
$52,000 municipal relief bonds.
Due July 1 as follows: $6,000 in 1942 and
1943, and $5,000 from 1944 to 1951 incl.
50,000 drainage bonds.
Due $5,000 on July 1 from 1942 to 1951 incl.
Sachs & Co.
All of the bonds bear date of July 1, 1941.
Denom. $1,000.
Principal
and interest (J-J)payable in Boston.
Legality approved by Storey, Thorn¬
dike, Palmer &JDodge^of Boston.
Other bids were as follows:
.
Other bids:
Bidder—
Harriman
and
Int. Rate
Rate Bid
Ripley & Co., Inc.; Newton, Abbe & Co.,
Bidder—
Chace, Whiteside & Symonds
National Shawmut Bank of Boston
lk%
lk%
..
Graham, Parsons & Co.; John Nuveen & Co.; Bond,
Judge & Co. and C. F. Childs & Co
First Boston Corp
Ilalsey, Stuart & Co., Inc
100.136
100.07
1 H%
101.087
100.88
100.839
100.80
1H%
1H%
Fall River National Bank
1H%
GLOUCESTER. Mass.—BOND SALE—The $120,000
coupon
municipal
relief bonds offered June 25 were awarded to the
Cape Ann National Bank
of Gloucester, as Is, at a price of 100.633, a basis of about
0.88%.
Dated
July
1, 1941.
Denom. $1,000.
Due $12,000 annually on July 1 from
1942 to 1951 lncl.
Principal and semi-annual interest payable at the Mer¬
National Bank of Boston.
Legal opinion of Storey, Thorndike,
Palmer & Dodge of Boston.
Second high bid of 100.582 for Is was made
Int. Rate
Bond, Judge & Co
Whiting, Weeks & Stubbs and Estabrook & Co
Halsey, Stuart & Co., Inc
a
First National Bank of Boston
Chace, Whiteside & Symonds
Perrin, West & Winslow
a
HAVERHILL,
Mass .—NOTE
$300,000 notes^issuedln
anticipation of revenue for the year 1941 offered for sale on June 24 were
awarded to the Second National Bank of Boston, at
0.276% discount.
Dated June 24, 1941, and due
April 7, 1942.
Other bids:
Discount
0.29%
0.317%
0.33%
,
National Shawmut Bank of Boston
Leavitt & Co
First National Bank of Boston
For $52,000 Is and $50,000 134s.
MICHIGAN
ALLEGAN,
LAWRENCE, Mass.—BOND SALE—The $250,000
coupon municipal
bond/? offered June 26 were awarded to Tyler & Co. of Boston, as
a price of 101.155, a basis of about
1.03%. Dated July 1, 1941.
Denom. $1,000. Due $25,000 on
July 1 from 1942 to 1951 incl. Principal
and interest (J-J) payaole at the Second National
Bank of Boston, or at
holder s option, at the City Treasurer's office.
Legality approved by Ropes,
Gray, Best, Coolidge & Rugg of Boston. Other bids:
114s, at
Bidder—
Harriman Ripley & Co., Inc. and
Whiting, Weeks &
Stubbs
First Boston Corp
tary of the Teachers' Retirement Fund, states that the call for tenders on
June 24 resulted in the purchase of $200,000 non-callable city bonds to
yield 2.5954 % to 2.62 %.
HIGHER
SALARIES MAY LIFT DEFICIT ABOVE
$9,000,000—
Demands of city employees for pay increases comparable to those recently
granted by private industry are expected by city officials to interrupt the
city's progress toward elimination of its operating deficit.
At June_30 the deficit will be between $7,000,000 and $7,500,000
LEXINGTON, Mass.—NOTE SALE—The issue
may
in sharp contrast with the approximately $3,000,000 contemplated by
city
officials when the 1941-42 budget was approved.
Detroit's tax rate for the 1941-42 fiscal year was established at a level
expected to produce sufficient revenues to cut the standing operating deficit
by about $4,000,000.
of
Rate Bid
101.00
100.862
100.69
Present and prospective wage increases not only will cancel the $4,000,000
but may add another $2,500,000 to the $7,000,000-$7,500,000 deficit of
June 30, 1941.
The City Council already has approved increases of 10 cents per hour for
100.316
100.11
per
$100,000 notes offered
Lexington Trust Co., other bidder,
rate of
0.174%.
MALDEN, Mass.—NOTE SALE—The $500,000
notes offered June 24=
to the National Shawmut Bank of Boston,
Dated June 24, 1941 and due Dec. 12, 1941.
Other
io2, p. 4006—were awarded
0.174% discount.
bids:
Bidder—
Second National Bank of Boston
Maiden Trust Co
First National Bank of Boston
t
Discount
a
0.186%
0.19%
0.21%
0.214%
0.24%
0.253%
Middlesex County National Bank
First Boston Corp
Leavitt & Co
-
MASSACHUSETTS
(State
of)—NOTE
OFFERING—W illiam
E.
Hurley, State Treasurer, will receive bids in writing until noon
(DST) on
June 30, for the
purchasetof $3,500,000 notes, dated July 15, 1941, due
Jojy 14, 1942, issued under the provisions of Chapter 49fof the Acts of
1933 as amended,
creating Jan Emergency Finance Board, being in renewal
of part of $4,500,000 notes
dueJJuly 15, 1941. Award of this loan is subject
to the
approval of the Governorjand Council. Thejnotes are direct obligaJtoH8 of the Commonwealth, and interest will be payable at maturity.
monwealtb fi£ures the interest on exact fnumber of days on a
360-day year basis.
Proposals by letter or telegram should be designated
Proposal for Notes." Boston delivery.
Principal and interest payable in
Boston or New York at
option of purchaser.
j
'
METHUEN, Mass.—NOTE SALE—An issue of $50,000" notes offered
June 24 was awarded to the Second
National Bank of Boston, at 0.259%
discount.
Due June 16, 1942.
Other bids:
National Shawmut Bank of
Boston, 0.31%; First National Bank of
Boston, 0.36%.
NEWTON, Mass.—BOND SALE—The $100,000 coupon street improve¬
ment bonds offered June
26 were awarded to Graham, Parsons & Co. and
Chace, Whiteside & Symonds, of Boston,
^^'ntly, as Is, at a price of 100.863,
basis of about
0.84%. Dated July 1, 1941. Denom. $1,000. Due $10,000
on July 1 from
1942 to 1951 incl. Principal and interest
payable at the First
a
National
Bank of Boston.
Coolidge & Rugg of Boston.
Tyler & Co. of Boston,
Legality
approved
by
Ropes,
Gray,
Best,
Second high bid of 100.855 for Is was made
by
ADAMS, Mass.—BOND SALE—The $30,000
municipal
relief bonds offered June 23—V.
152, p. 4007—were awarded to R. L. Day
& Co. of Boston as 0.75s at a
price of 100.29 a basis of about 0.65%. Dated
^00° on Ju*y 1 from 1942 to 1946, incl. Second
high bid of 100.276 for 0.75s was made by Second National Bank of
Boston.
PLYMOUTH COUNTY (P. O.
Plymouth), Mass.—NOTE OFFERING
""Avis A. Ewell,
County Treasurer, will receive sealed bids until 11 a. m.
(DST) on June 30 for the purchase of the
following:
$125,000 tuberculosis hospital maintenance notes to be sold
at discount.
coupon
oa
aaa ^)ated July i, 1941..
Denom. $25,000.
Due Mar. 18, 1942.
30,000 registered county
buildings notes of 1941.
Dated July 1, 1941.
Denom. $1,000.
Due $5,000 on July 1 from 1942 to
1947, incl.
Bidder to name one rate of interest in a
multiple of 34 of 1%.
Interest J-J.
Both issues
will
be payable as to principal and interest at
the Second
National Bank of Boston, which will
supervise preparation of the securities
and certify as to their
genuineness.
Legal opinion of Storey, Thorndike,
Palmer & Dodge of Boston will be
furnished the successful bidder.
RANDOLPH,
Mass.—NOTE SALE—The Second National Bank of
on June 23 an issue of
$60,000 revenue notes at 0.187%
discount.
Due June 30, 1942.
The Home National Bank of
Brockton,
second high bidder, named a rate of
0.23%.
Boston was awarded
SPRINGFIELD, Mass .—NOTE
Co.
of
revenue notes at
SALE—The Springfield Safe~DepS
Springfield purchased on June 19 an issue of $200,000
0.12% discount.
Due April 9, 1942.
TAUNTON, Mass.—BOND
SALE—The $35,000 coupon bonds offered
?nn%oo Wei!e award®d to Tyler &
100.222, a basis of about
Co. of Boston, as 0.75s, at a price of
Sale consisted of:
$25,000 fire department equipment bonds.
Dated June 1, 1941 and due
55,000 on June 1 from 1942 to 1946 incl. Interest J-D.
10,000 water bonds
Dated July 1, 1941 and due $2,000 on
July 1 from
0.68%.
,a
1942 to 1946 incl.
Interest J-J.
Principal and interest payable in Boston,
or at the City Treasurer's
Coupon bonds exchangeable for fully registered
certificates, interest
which is payable at Treasurer's office.
Bonds will be general obligations
office.
on
com-
t
f)ared with $14,300,000 three years ago. Byand $10,000,000, which will be
stand somewhere between $9,000,000 the end of the next fiscal year
134%
134%
134%
June 23—V. 152, p. 4006—was awarded to the
Second National Bank of
Boston and the Boston Safe
Deposit & Trust Co., jointly, at 0.127%
discount.
Due April 24, 1942.
The
Trust
held
134%
134%
Shields & Co. and Chace, Whiteside &
Symonds.
&
be
DETROIT, Mich.—BONDS PURCHASED—Edward M. Lane, Secre¬
int. Rate
Second National Bank of Boston
Halsey, Stuart & Co., Inc
v
Mich.—BOND
ELECTION—An election will
July 21 on the question of issuing $80,000 construction bonds. '
relief
a
101.062
100.924
100-899
100.81
100.77
SALE— The
Bidder—
named
100.277
134 %
134 %
134%
134%
134%
WATERTOWN, Mass.—NOTE SALE—The Second National Bank of
Boston was awarded June 26 an issue of $200,000 notes at 0.129% discount.
Due $100,000 each on March 31 and May 15, 1942.
chants
by Ilalsey, Stuart & Co., Inc., New York.
Rate Bid
l%-lk%
-
****
diem workers, equivalent to about a 10% raise.
It will cost $900,000
The Council also has indicated that salaried general employees
next year.
will be given proportionate
Detroit school teachers are
increases, thereby adding another $2,800,000.
asking that an additional 200 teachers be em¬
ployed at a cost of $300,000.
These three items, if all are granted, will total $4,000,000—exactly the
amount
by which city officials had hoped to reduce the deficit next year.
Not included in the foregoing is an anticipated demand for salary in¬
creases for all teachers. If it is on a proportionate basis and if it is
granted,
another $2,500,000 would be added to 1941-42 costs.
DETROIT, Mich.—NOTICE TO HOLDERS OF CALLED BONDS—
City Controller Charles G. Oakman advises that the City will provide funds
July 21 to repay interest to call dates and face amount in full for all bonds
called in recent redemption notice of $51,158,560.83, except bonds called
July 15.
There will be no prepayment of interest or face amount before
July 21.
Bonds called July 15 will be paid in full on July 15.
ECORSE, Mich.—BOND * OFFERING—Don H. Beckmann7~Village
Clerk, will receive sealed bids until 8 p.m. (EST) on July 1, for the purchase
not to excess 14% interest refunding bonds of 1941.
Dated
July 1, 1941.
Coupon bonds in $1,000 denoms.
Due Aug. 1 as follows:
$12,000 from 1943 to 1945, incl. and $10,000 from 1946 to 1963, incl. Rate
or ratesTof interest to be expressed in multiples of 34 of 1
%.
Interest pay¬
able Feb. 1, 1942, and semi-annually thereafter on Feb. 1 and
Aug. 1.
Both principal andjinterest will be payable at the Manufacturers National
Bank of Detroit, in the City of Detroit, Michigan, or at its successor paying
agent named by said village, which shall be a responsible bank or trust
company in the City of Detroit, Michigan.
Bonds Nos. 177 to 216, both
inclusive, will be subject to redemption prior to maturity, in inverse numeri¬
cal order, at par and accrued interest, on
any one or more interest payment
dates, upon 30 days' publishedlnotice, bonds Nos. 207 to 216, both inclu¬
sive, beinglredeemable on and after Aug. 1, 1942, bonds Nos. 197 to 206,
both inclusive, being redeemable on^and after Aug. 1,1943, bonds Nos. 187
to 196, both inclusive, being redeemable on and after Aug. 1, 1944, and
bonds Nos. 177 to 186, both inclusive, being redeemable on and after
Aug. 1, 1945.
These bonds will be the general obligations of siad village
which is authorized and required by law to levy upon all the taxable prdperty
therein such ad valorem taxes as may be necessary to pay the bonds and
the interest thereon as the same shall become due, without limitation as to
of $216,000
rate
or
amount.
Bids shall be conditioned upon the legal opinion of Claude H. Stevens of
Berry and Stevens, attorneys, Detroit, approving the legality of the bonds.
The cost of said legal opinion and of the printing of the bonds will be paid
by the village.
The bonds will be delivered at the City of Detroit, Michigan.
A certified check for $4,320, payable to order of the village, is required.
GROSSE POINTE WOODS, Mich.—BOND OFFERING—Philip F.
Allard, Village Clerk, will receive sealed bids until 8 p.m. (EST) on July 1
the purchase of $52,000 not to exceed 6% interest bonds, divided as
for
follows:
$16,000 Special Assessment Paving District No. 20 bonds.
Due $4,000
on
June 15 from 1942 to 1945 inclusive.
12,000 Special Assessment Paving District No. 21 bonds.
June 15 from 1942 to 1945 incl.
12,000 Special Assessment Paving District No. 22 bonds.
June 15 from 1942 to 1945|incl.
12,000 Special Assessment Paving District No. 23 bonds.
Due $3,000 on
Due $3,000
on
Due $3,000
on
June 15 from 1942 to 1945 incl.
All of the bonds will be dated June 15, 1941.
Denom. $1,000.
Coupon
bonds payable as to principal and interest (J-D) at a bank or trust company
which will be mutually agreeable to the purchaser of the bonds.
Bids may
The bonds under charter provision,
special assessment obligations, have the full faith and
be made for each of the several issues.
in addition to being
credit of the village for the prompt payment of principal and interest.
A
certified check for 2% of the bonds bid for, payable to order of the Village
Treasurer, is required.
Bids shall be conditioned upon the unqualified
opinion of the purchaser's attorneys approving legality of the bonds.
Cost
of opinion and of printing the bonds to be paid for by the purchaser.
MIDLAND, Mich.—BOND SALE—The $25,000 general obligationspecial assessment street improvement bonds offered June 24—V. 152,
p. 4007—were awarded to Watling, Lerchen & Co. of Detroit, as follows:
$i4.000 Is, due Aug. 1 as follows: $4,000 in 1942 and $5,000 in 1943 and
1944; $11,000 0.75s, due $5,000 in 1945 and $6,000 in 1946.
Dated June 1,
1941.
Second high bid of 100.40 for Is was made by Halsey, Stuart &
Co., Inc.
PENNFIELD AGRICULTURAL'SCHOOL DISTRICT NO. 1 (P. O.
R. F. D. No. 3, Battle Creek), Mich.—BOND SALE—The $40,000 coupon
general obligation bonds offered June 25—V. 152, p. 4007—were awarded to
Crouse & Co. of Detroit, at Is, at par plus a premium of $32.61, equal to
100.08, a basis of aboutiO.97%.
Dated April 1, 1941 and due April 1 as
$6,000 in 1942; $7,000, 1943;*$8,000, 1944; $9,000, 1945, and
$10,000 in 1946.
Second'high bid of 100.04 for $30,000 Iks and $10,000
Is was made by Braun, Bosworth & Co. of Toledo.
follows:
Volume
ROYAL
The Commercial & Financial Chronicle
152
OAK,
Mich.—BONDS
PURCHASED—Minnie
N.
City Treasurer, reports that $31,000 series B refunding bonds
on June 23 for a total price of
$26,920.
4159
to principal and interest. The bonds will be issued and sold pursuant to
Chapter 130, Laws of Mississippi, 1938, as amended by Chapter 109, Laws
of Mississippi, 1940, and resolution adopted by the State Bond Commission,
reference to which is made for a more detailed description thereof.
The
approving opinion of Chapman & Cutler, of Chicago, to the effect that such
bonds are valid and legally binding obligations of the State payable solely
as aforesaid will be delivered to the purchaser without charge.
Enclose a
certified check for 2% of the par value of the bonds bid for, payable to the
Reeves.
as
were pur¬
chased
TAYLOR TOWNSHIP SCHOOL DISTRICT NO.
5, Wayne County,
Mich.—BOND OFFERING—Hersey Hunt, District Director, will receive
sealed bids until 8 p.m. (EST) on June 30 for the purchase of
$45,000 coupon
refunding bonds of 1941.
Dated July 1, 1941.
Denom. $1,000.
Due
Aug. 1 as follows: $2,000 from 1942 to 1944 incl.; $3,000, 1945 to 1947 incl.;
$4,000, 1948 to 1954 incl., and $2,000 in 1955.
The $6,000 bonds maturing
State Treasurer.
1954 and 1955 will be callable in inverse numerical order at par plus
on any interest payment date on and after
Aug. 1, 1942,
upon 30 days' published notice.
Bonds will bear interest at a rate or
in
MISSISSIPPI,
State
connection
of—BOND SALE DETAILS—In
accrued interest
with the sale of the following $202,000 refunding bonds to M.
& Co. of Memphis, at a net interest cost of 2.96%, as noted—V.
rates not
—it is reported that Leftwich
A. Saunders
152, p. 4008
& Ross, of Memphis, Lewis & Co., Lelana
Speed Co., both of Jackson; Widmann & Holzman, Fox, Reusch & Co.. both
of Cincinnati; Baum, Bernheimer Co., of Kansas City; Southern Bond Co.,
Deposit Guaranty Bank & Trust Co., both of Jackson, and the W. R.
Stephens Investments, of Little Rock, were associated with the above
exceeding 3% to Aug. 1, 1941, 3H% thereafter to Aug. 1, 1944,
and 4% thereafter until maturity, expressed in multiples of M of 1%.
Principal and interest (F-A) payable at the Detroit Trust Co., Detroit, or
at its successor paying agent named by the school district which shall be a
responsible bank or trust company in Detroit.
The bonds are unlimited
tax obligations of the district and bids shall be conditioned
upon the legal
opinion of Berry & Stevens, of Detroit, approving legality of the bonds.
Cost of legal opinion and of printing the bonds to be paid for by the successfull
bidder,
a certified check for
the District Treasurer, is required.
2%
named in the purchase of the bonds:
of the bonds, payable to order of
MINNESOTA
,
$35,000 3H% dormitory and laundry revenue bonds.
Due on Feb. 1 as
follows:
$6,000, 1942; $7,000, 1943 to 1945, and $8,000 in 1946.
154,000 3% dormitory and laundry revenue bonds.
Due on Feb. 1 as
follows:
$18,000 in 1947 and 1948; $9,000, 1949 to 1952; $10,000,
1953 to 1955; $11,000, 1956 to 1958, and $13,000 in 1959 to 1961.
13,000 2M % dormitory and laundry revenue bonds.
Due on Feb. 1,1962.;
Interest
BROWNSVILLE (P. O.
Brownsville, R. F. D.), Minn .—MATURITY
that the $15,000 road and bridge bonds sold to the WellsDickey Co. of Minneapolis and the First National Bank of St. Paul as
lJis at a price of 100.10—V. 152, p. 3851—are due $1,000 on Dec. 1 in
1943 to 1957, giving a basis of about 1.74%.
—It is reported
Dated July 1, 1941.
Denom. $1,000. The bonds
on or after Aug. 1,1946, in inverse numerical
% for each year
Prin. and int.
payable at the Chemical Bank & Trust Co., New York.
Legality will be
approved by Chapman & Cutler of Chicago.
payable F-A.
callable
are
GLENCOE, Minn.—BOND SALE—The $40,000 semi-annual hospital
interest date
MISSISSIPPI,
bonds offered for sale
CALL—J.
to the First National
the
on June 20—V. 152, p. 3852—were awarded
jointly
Bank, and the Security State Bank, both of Glencoe,
2s, paying a premium of $125, equal to 100.312, a basis of about 1.97%.
Dated July 1, 1941.
Due on Jan. 1 in 1944 to 1957.
Optional on any
interest payment date.
on any
order (or by lot within a maturity), at a premium of H of 1
or fraction thereof, by which the maturity is anticipated.
State
of
Institutions
Learning—BOND
Higher
Secretary of the Board of Trustees, reports that
bonds are called for payment on Aug. 1:
Due Feb. 1, 1942 to 1963.
Dormitory and laundry, Nos. 13 to 214, $202,000.
Due Feb. 1, 1942 to
as
A.
Ellard,
following 4%
revenue
Women's dormitory, Nos. 3 to 61, $59,000.
1962.
J
,
GROVE (P. O.
and
Greenwald), Minn.—BOND SALE—The $25,000 road
bridge bonds offered for sale
to the C.
S.
Ashmun Co.
Dated June 1, 1941.
MOUNT
of
Due
PLEASANT
on
on
June 23—V. 152, p. 3682—were awarded
Minneapolis, according
to the Town Clerk.
June 1 in 1943 to 1957.
(P. O.
Lake
City,
R.
F.
D.).
INDEPENDENT
SCHOOL
DISTRICT
NO.
(P. O. Crookston), Minn.—BOND SALE—The $75,000 refunding bonds
on June 24—V. 152, p. 3852—were purchased
by Kalman
Minneapolis and associates as 2s at par, according to the District
Clerk.
Dated July 1, 1941.
& Co. of
RAMSEY COUNTY
(P. O. St. Paul) Minn.—BOND OFFERING—We
Monick, County Auditor, that sealed bids will
informed by Eugene A.
be received by the County Board until 10 a. m. (CST), on July 7, for the
purchase of a $348,000 issue of public welfare bonds, series II.
Interest
rate is not to exceed 6%, payable F-4..
Denom. $1,000.
Dated Aug. 1,
1941. Due on Aug. 1 as follows: $32,000 in 1942 and 1943, $33,000 in 1944,
$34,000 in 1945 and 1946, $35,000 in 1947, $36,000 in 1948, $37,000 in 1949
and 1950, and $38,000 in 1951.
Bidders are required to specify a rate of
interest in multiples of ^ of 1 % and must be the same for all of the bonds.
Prin.
and
int.
payable at the County Treasurer's office, First National
Bank, St. Paul, and the Chase National Bank, New York. Registered as to
principal only. These bonds will be sold to the bidder who will pay not less
than the par value thereof at the lowest interest rate bid and upon the terms
deemed
most favorable to
the county, and are to be issued in full com¬
pliance with the provisions of Chapter 403, Session Laws of Minnesota for
1941.
Issued for the purpose of defraying the county's proportionate
share of the cost to be incurred for the support and relief of poor persons in
St. Paul and
Ramsey County, and will be used for these purposes only.
are a direct obligation of the county with provision for the
payment of principal and interest made in each year's annual budget and
tax levy.
There is no sinking fund as all the county's bonds are serial. The
legal debt limit of the county is 10% of the assessed value of its taxable
property. The average tax rate for 1940 for $1,000 taxable value is $97.28.
The county will prepare and furnish at its own expense the bonds and cou¬
pons attached thereto.
Delivery of the bonds will be made to the purchaser
on or about Aug. 1, at such place as he may
designate at the purchaser's
expense, and the purchaser will be required to take and pay for said bonds
immediately upon being notified by the County Auditor of his readiness
to make delivery. The approving opinion of Calvin Hunt, of St. Paul, and
Thomson, Wood & Hoffman, of New York, will be furnished with these
bonds at the time of delivery.
Enclose a certifeid check for 2% of the
The bonds
amount of bonds bid for.
ROBBINSDALE, Minn.—BOND SALE—The $40,000 permanent im¬
provement, revolving fund, semi-annual bonds offered for sale on June 23
—V. 152, p. 3852—were awarded to J. M. Da in & Co. of Minneapolis as
1 Ks, paying a premium of $121.50, equal to 100.303, a basis of about 1.45%.
Dated July 1, 1941.
Due on July 1 in 1943 to 1951.
SAUK CENTRE (P. O. Sauk Centre), Minn.—BOND SALE DETAILS
—We are informed that the $25,000 road and bridge bonds sold to J. M.
Dain & Co. of Minneapolis—V. 152, p. 4008—were purchased as l?is,
paying
June
1,
a
premium of $312.50,
1941.
Denom. $1,000.
payable J-D.
SCOTT
equal to
101.25.
Coupon
Due serially in 1943 to
bonds, dated
1957.
Interest
y
COUNTY
INDEPENDENT
SCHOOL
DISTRICT
(P. O. Shakopee), Minn.—BONDS OFFERED—Bids
were
NO.
1
received until
June 27, by J. A. Metcalf, Superintendent of the Board of Education, for
the purchase of $16,000 building bonds.
Due $4,000 in 1947 to 1950;
optional in 1946.
•
MISSISSIPPI
COUNTY
CLAIBORNE
(P.
O. Port Gibson), Miss.—BOND SALE
Chancery Court states that the $15,000
2H% semi-annual stock show building bonds sold to Weil & Arnold of
New Orleans—V. 152, p. 4008—were purchased at a price of 100.10, and
mature on May 1 as follows:
$1,000 in 1943 and $2,000 in 1944 to 1950,
giving a basis of about 2.23 %.
DETAILS—The
Clerk
of
the
CLARKSDALE, Miss.—BOND SALE DETAILS—In connection with
the sale of the $90,000 refunding bonds to a syndicate headed by the First
National Bank of Memphis, noted here on Feb. 8, it is stated by the City
bonds were purchased at par, divided as follows:
$30,000
2%s, due $5,000 from March 1, 1949 to 1954, and $60,000 as 2^s, due
March 1. $9,000 in 1954 to I960, and $6,000 in 1961.
Clerk that the
as
on
Bond
State
of—BOND OFFERING—Sealed bids will be
June 30, by Greek L. Rice, Secretary of the State
the purchase of an issue of $1,061,000 highway
a. m. on
Commission, for
refunding, second series, coupon bonds.
Denom. $1,000.
Dated Feb. 1,
1941. Due on Feb. 1,1964. The State will have the option of redeeming the
bonds in inverse numerical order on Feb. 1. 1916, and on any interest pay¬
ment date thereafter at par and accrued interest.
Bidders shall specify the
rate, or rates, of interest such bonds are to bear in multiples of H of 1%,
No bid of less than par and accrued interest to Aug. 1, 1941 will be con¬
sidered.
Prin. and int. (F-A) payable at the State Treasurer's office, or at
the Guaranty Trust Co., New York.
The bonds shall be registerable as to
principal only. Authorized by virtue of Chapter 130, Laws of Mississippi,
1938, as amended by Chapter 109, Laws of Mississippi, 1940, and shall be
payable from the revenues and shall be secured in all respects as provided
by the provisions of said Chapter 130.
Payable as to both principal and
interest from such portion of the gasoline or motor fuel taxes levied by the
State as may be necessary and fully sufficient for such purpose, or in accord¬
ance with the provisions and definitions contained in the aforesaid Chapter
130, Laws of Mississippi, 1938.
Under the terms of and as permitted by the Act, the bonds, together
with the other
bonds authorized, issued and permitted under the Act,
enjoy a prior pledge of such portion of the revenues as may be necessary for
the prompt payment of the principal of and interest on the bonds, and it is
recited, covenanted and agreed that the taxes to the amount necessary as
aforesaid, shall be irrevocable until all of the bonds have been paid in full
Chemicai Bank & Trust
redemption date with coupons maturing on that
attached.
Interest ceases on date called.
WATER
VALLEY, Miss .—BOND SALE DETAILS— It is now reported
National Bank
as 2Hs, as noted here on Jan. 18, were purchased at par, are
1, 1941, and mature on Jan. 1 as follows:
$1,000 in 1942 to
that the $12,000 refunding bonds sold to the Union Planters
of
Memphis,
dated Jan.
1949 and $2,000 in 1950 and 1951.
<
MISSOURI
PARMA, Mo.—BOND DISPOSAL REPORT—The City Clerk states that
$20,000 4% semi-annual water refunding bonds were handled by the Muni¬
cipal Bond Cofp. of Kansas City.
Dated May 1, 1941.
ST.
CHARLES
FUNDING
COUNTY
BONDS
(P.
O.
APPROVED—A
St.
Charles)
refinancing
Mo.—BRIDGE REcalling for the
plan,
issuance of refunding bonds to retire the outstanding securities of the Lewis
and Clark bridges, at a saving to the county of more than $25,000 during
the next year, was approved recently by the Missouri Supreme Court.
In a decision written by Chief Justice C. A. Leedy Jr., the tribunal
upheld the validity of new refunding revenue bonds In the amount of
$1,950,000, with interest rates of 2>£%, and ordered State Auditor Forrest
Smith to register them.
These bonds would be used to retire the outstanding series A 3%% toll
bridge revenue bonds, and the 4% series B
securities.
"The issuance of the refunding revenue bonds in question would effectuate
the purpose of the statute by materially reducing the fixed charges by way
of interest, and thereby make additional funds available for debt retirement,
and so accelerate the freeing of the bridges from tolls," the opinion stated.
Since purchasing
the two spans between St. Louis and Alton, 111., over
Mississippi Rivers, May 20, 1936. St. Charles County has
the amount of $765,000, and plans to retire
the Missouri and
able to retire bonds in
been
another $42,000 next month.
WAYNESVILLE,
Mo.—BONDS
SOLD—The Town
Clerk states that
$23,000 water system bonds approved by the voters at an election
held
April 22 have been sold.
on
MONTANA
CUT
bonds offered for sale
State
.—BONDSALE—The 517,500 semi-annual airport
BANK, Mont
Board
of
Land
on
June 23—V. 152. p. 3532—were purchased
Commissioners,
2 Hs, at par,
as
by the
according to the
City Clerk.
GLENDIVE,
Mont.—BOND SALE—The $65,000 semi-ann. water
supply bonds offered for sale on June 24—V. 152, p. 3683—were purchased
jointly by the First National Bank & Trust Co. of Minneapolis, and Kalman
& Co., and the First National Bank, both of St. Paul, as 2s, paying a
premium of $640, equal to 100.98.
COUNTY (P. O. Plentywood), Mont.—BOND CALL—
F. Christiansen, County Clerk, that all outstanding
issue of Jan. 1, 1935, are being called for payment on
July 1, at the office of the County Treasurer.
SHERIDAN
It
stated
is
by C.
bonds of the county,
TOOLE
COUNTY
SCHOOL
DISTRICT
NO.
14
(P.
O.
Shelby),
Mont.—BOND OFFERING—It is stated by Charles Mallender, District
Clerk, that he will receive sealed bids until 8 p. m. on July 21, for the pur¬
chase of the following bonds aggregating $18,000: $15,000 shop building
construction, and $3,000 equipment bonds.
Interest rate is not to exceed
6%, payable J-J.
Amortization bonds will be the
Dated July 1, 1941.
Board.
put into
first choice and serial bonds will be the second choice of the School
If amortization bonds are sold and issued, the entire issue may be
single bond or divided into several bonds as the Board of Trustees may
determine upon at the time of sale, both principal and interest to be payable
in semi-annual installments during a period of 20 years from the date of
one
If serial bonds are issued and sold they will be in the amount of
$900 each; the sum of $900 of the serial bonds will become payable on
July 1,1942, and the sum of $900 will become payable on the same day each
year thereafter until all of such bonds are paid.
The bonds whether amor¬
tization or serial will be redeemable in full on any interest payment date
from and after 10 years from the date of issue.
The bonds will be sold
for not less than par and accrued interest, and all bidders must state the
lowest rate of interest at which they will purchase the bonds at par.
En¬
close a certified check for $500, payable to the District Clerk.
issue.
Mont.—BOND OFFERING—Bids will be received by the
until July 12 at 8 p. m., for the purchase of $11,712.33^
refunding bonds, according to Mayor P. A. Fischer.
Amorti¬
WIBAUX,
Council
Town
water works
zation
MISSISSIPPI,
received until 10
on
1
offered for sale
are
Co., New York City,
Minn.—BOND
paying a premium of $240,
equal to 100.96, a basis of about 1.68%.
Denom. $1,000.
Dated July 1,
1941.
Due $2,000 in 1943 to 1953, and $3,000 in 1954.
Int. payable J-J.
COUNTY
will be paid on presentation of said bonds at the
date and all subsequent coupons
SALE—The $25,000 coupon road and bridge bonds offered for sale on
June 20—V. 152, p. 3683—were awarded to Kalman & Co. of St. Paul and
the Wells-Dickey Co. of Minneapolis as 1^8,
POLK
Dated Feb. 1, 1938.
Denom. $1,000.
Payment of said bonds, to¬
gether with interest accrued to redemption date and the requisite premium,
bonds will
choice
of
the
be the first choice and serial
Council.
If amortization bonds
entire issue may
bonds will
are
sold
be the second
and
issued,
the
single bond or divided into several bonds,
as the said Council may determine upon at the time of sale, both principal
and interest being payable in semi-annual instalments during the period
of 12 years from the date of issue.
If serial bonds are issued and sold they will be in the amount of $1 000
each, except that the last bond which will be in the amount of $712.33,
the sum of $1,000 of the said serial bonds will become due and payable
on the first day of August, 1942, and a like amount on the same day each
be put into
one
.
year thereafter until all of such bonds are
stalment will be in the amount of $712 .33.
paid, except that the last in¬
serial bonds, will bear date
Aug. 1, 1941, and will bear interest at a rate not exceeding 4% per annum,
payable semi-annually on the first day of February and the first day of
August in each year, without option of prior redemption.
Said bonds
will be sold for not less than their par value with accrued interest to date
of delivery, and all bidders must state the lowest rate of interest at which
they will purchase the bonds at par.
The Council reserves the right to
reject any and all bids and to sell the said bonds at private sale.
All bids other than by or on behalf of the State Board of Land Com¬
missioners of the State of Montana must be accompanied by a certified
check in the sum of $500, payable to the order of the Town Clerk, which
will be forfeited by the successful bidder in the event that he shall fail or
efuse to complete the purchase of the said bonds in accordance with the
The
er ms
said
bonds, whether
of his bid.
amortization
or
.
,
The Commercial & Financial Chronicle
4160
$26,000
NEBRASKA
ALLIANCE
SCHOOL
DISTRICT
(P.
O.
Alliance).
Neb.—BOND
SALE DETAILS—The Superintendent of Schools states that the $41,000
refunding bonds sold to the National Co. of Omaha, as 2Ms, as noted
—V. 152, p. 3852—were purchased at par and mature on June 15 as follows:
$6,000 in 1943 to 1945. $8,000 in 1946 and 1947, and $7,000 in 1948.
COLUMBUS, Neb.—BONDS SOLD—The City Clerk states that $14,000
airport bonds have been purchased by Greenway & Co. of Omaha.
WITT
DE
SCHOOL
DISTRICT
(P.
O.
DeWitt),
Neb.—BONDS
SOLD—The School Director states that $3,000 school bonds approved by
the voters in April, have been sold.
FREMONT, Neb.—BONDS SOLD—Vie are informed by the City Treas¬
that $40,000 coupon refunding viaduct bonds were sold on June 3 to
& Schweser of Lincoln, as
13^8, paying a premium of $100,
equal to 100.25, a basis of about 1.155%.
Denom. $1,000.
Dated
June 15, 1941.
Due $8,000 on June 15 in 1942 to 1946 incl.
Interest
payable J-D 15.
urer
Steinauer
GOTHENBURG, Neb.—BONDS DEFEATED—It is now stated that
the voters turned down the proposal to issue $340,000 electric light power
bonds at the election held on April 29.
sewer
June
bonds.
28,
1941
.
,
26,000 improvement bonds.
246,000 street improvement bonds.
165,000 school bonds of 1941.
All of the bonds will be dated May 1, 1941. Denom. $1,000. Due May 1
as follows:
$36,000 in 1942; $35,000 in 1943 and 1944; $40,000, 1945 to 1951
incl.; $35,000. 1952; $20,000 in 1953 and $22,000 in 1954. Bidder to name
a single rate of interest, expressed in a multiple of M or 1-10th of 1
%. Prin.
and int. (M-N) payable at the First National Bank, Paterson, or at the First
National Bank, New York City.
Amount bid for the bonds must be not
less than $463,000 nor more than $464,000.
A certified check for $9,2u0,
payable to order of the city, is required. Legal opinion of Hawkins, Dela¬
field & Longfellow of New York City will be furnished the successful bidder.
PISCATAWAY
TOWNSHIP
SCHOOL
DISTRICT
(P. O.
New
Market), N. J.—BOND ELECTION—An election will be held July 14 on
the question of issuing $60,000 construction bonds.
TUCKERTON,
N. J.—PROPOSED BOND ISSUE—Borough
plans to
issue $93,000 not to exceed 4% interest general refunding bonds.
Dated
June 30, 1941.
Denom. $1,000.
Due Dec. 30 as follows:
$1,000 in 1941;
$4,000, 1942 to 1947 incl.; $5,000, 1948 to 1952 incl.; $6,000, 1953 to 1956
incl.; $7,000 in 1957 and 1958, and $5,000 in 1959.
revenue
to
KEARNEY, Neb.—BONDS AUTHORIZED—The City Council is said
have passed an ordinance calling for the issuance of $43,000
refunding
bonds.
OXFORD,
Neb.—BONDS
AUTHORIZED—'The Village
Council is
calling for the issuance of $36,000 electric
said to have passed an ordinance
light system bonds.
PLATTE
TRICT
(P.
VALLEY
O.
PUBLIC
North
POWER
Platte),
AND
Neb.—BOND
IRRIGATION
ISSUANCE
DIS¬
CONTEM¬
PLATED—It is reported that $400,000 electric light power revenue bonds
are to be issued.
NEVADA
HUMBOLDT COUNTY (P. O.
same
at
BAY,
N.
YORK
Y.—BOND
OFFERING—Roy F. Pearce,
Village Clerk, will receive sealed bids until 4 p. m. (DST) on June 30 for
of $20,000 not to exceed 6% interest coupon or registered
street paving bonds.
Dated June 1, 1941, Denom. $1,000. Due June 1 as
follows: $2,000 from 1942 to 1948 incl. and $3,000 in 1949 and 1950. Bidder
to name a single rate of interest, expressed in a multiple of H or l-10tb of
1%.
Principal and interest (J-D) payable at the Alexandria Bay Branch
of the Northern New York Trust Co., Alexandria Bay, with New York
exchange, or at the Marine Midland Trust Co., New York City. Bonds are
general obligations of the village, payable from unlimited taxes. A certified
check for $400, payable to order of the village, is required. Legal opinion of
Dillon, Vandewater & Moore of New York City will be furnished the
the purchase
successful bidder,
Winnemucca), Nev.—BOND OFFER¬
ING.—Sealed bids will be received until 10 a.m. on July 7, by J. W.
Davey,
County Clerk, for the purchase of $150,000 public hospital bonds.
Interest
rate is not to exceed 6%, payable J-J.
Dated July 1,1941.
Denom. $500.
Due $7,500 July 1, 1942 to 1961.
Prin. and int. payable at the County
Treasurer's office.
Bidders
are
required to submit offers specifying:
(a) The lowest rate of interest and premium, if any, above par at which
such bidder will purchase such bonds; or (b) The lowest rate of interest at
which the bidder will purchase said bonds at par.
Issued for the purpose
of constructing additional necessary buildings to the present public hospital
and for the maintenance of the
NEW
ALEXANDRIA
Winnemucca.
The bonds will be
sold to the bidder making the
best bid, subject to the right of the county to
reject any and all bids and readvertise, and will not be sold at less than par
and accrued interest, nor will any discount or commission be allowed or
paid
on the sale of said bonds.
Enclose a certified check for 5% of the amount
bid, payable to the county.
(The above issue was previously offered
poned.)
on
June 3, and the sale post¬
ATTICA, N. Y.—BOND SALE—The $70,000
Other bids:
Bidder—
Int. Rate
Sage. Rutty & Co
HAMPSHIRE
of
about 1.62%.
Dated March 15, 1941.
Due March 15 as follows:
$2,000 from 1942 to 1951 inci., and $5,000 from 1952 to 1955 incl.
Interest
M-N.
Legality approved by Harold K. Davidson, Esq., of Woodsvillel
LYME, N. H.—BONDS SOLD—F. W, Home & Co. of Hartford pur¬
chased $34,000 refunding bonds as 1%&, at a price of 100.42, a basis of
about 1.68%.
Dated July 1, 1941.
Due July 1 as follows: $3,000 from
1942 to 1945 incl. and $2,000 from 1946 to 1956 incl.
Interest J-J.
Legal¬
ity approved by Harold K. Davidson, Esq., of Woodsville.
NASHUA, N. H.—NOTE SALE—The First Boston Corp.
awarded
on June 24 an issue of $100,000 notes at
0.278% discount.
Due Jan. 20,
1942. Other bids; Arthur Perry & Co., 0.28%; Nashua Trust
Co., 0.29%;
Indian Head National Bank, 0.3145%.
Rate Bid
1 %%
Marine Trust Co. of Buffalo
1.80%
180%
1.90%
1.90%
1.90%
1.90%
2%
2%
2%
2%
2%
Blair & Co., Inc
-
--
E. H. Rollins & Sons, Inc--.--_-._--.
R. D.White & Co
Union Securities Corp..
—
—
—
..
—
H. L.Allen & Co
NEW
sewer
$3,000 from 1960 to 1969 incl.
Manufacturers Traders Trust Co
HAVERHILL. N. H.—BONDS SOLD—P. W. Home & Co. of Hartford
purchased $40,000 refunding bonds as 1.70s at a price of 1C0-627, a basis
registered
coupon or
bonds offered June 20—V. 152, p. 3853—were awarded to C. F. Childs &
Co. and Sherwood & Co., both of New York, jointly, as 1.70s, at a price of
100.22, a basis of about 1.68%. Dated July 1, 1941 and due July 1 as fol¬
lows:
$2,000 from 1942 to 1951 incl.; $2,500 from 1952 to 1959 incl. and
Roosevelt & Weigold, Inc
Stevens, Dann & Co
George B. Gibbons & Co., Inc.
-----
__
Citizens Trust Co. of Fredonia
FISHKILL,
N. Y.—BOND SALE—'The $20,000
coupon
100.218
100.22
100.15
100.658
100.639
100.54
100.239
100.667
100.62
100.206
100.142
100.10
or
registered
bonds offered June 24—V. 152, p. 4009—were awarded to Wood, Struthers
& Co. of New York, as
Sale consisted
IKs. at
a
price of 100.06,
basis of about 1.49%.
a
of:
Due $1,000
$5,000 water bonds.
15,000 fire house bonds.
on July 1 from 1942 to 1946 incl.
Due $1,000 on July 1 from 1942 to 1956 incl.
All of the bids will be dated
July 1, 1941.
Other bids:
Bidder—
Union Securities Corp
C.F. Childs & Co., and Sherwood & Co
Marine Trust Co. of Buffalo
Rate Bid
Int. Rate
CAMDEN
COUNTY
(P.
O.
Camden),
N.
N.
J .—BOND
J.—BOND OFFERING—August J.
Perry,
Borough
Clerk, will receive sealed bids until 8 p.m. (DST) on July 16 for the purchase
of $72,000 not to exceed
6% interest coupon or registered general
improve¬
ment bonds.
Dated July 1,1941.
Denom. $1,000.
Due July 1 as follows:
$4,000 from 1942 to 1954 incl. and $5,000 from 1955 to 1958 incl.
Bidder
to name a
1%.
single rate of interest, expressed in a multiple of % or 1-10 of
Principal and interest (J-J) payable at the First National Bank.
or at the office of the
Borough Collector-Treasurer.
Amount
Carteret,
bid for the bonds must be not less than $72,000 nor more than
$73,000.
A certified check for $1,440,
payable to order of the borough, is
required.
Legal opinion of Hawkins, Delafield &
be furnished the successful bidder.
FAIR
LAWN
SCHOOL
Barr Jr.,
Longfellow of New York City will
DISTRICT, N. J.—BONDS VOTED—Harry
District Clerk, reports that the voters authorized
$490,000 building bonds at an election on June 24.
LODI, N. J.—BONDS NOT SOLD—No
$402,000 refunding bonds offered for sale
bids
were
an
submitted
June 20.—V.
on
152,
p.
issue
of
for the
3852.
MERCHANTVILLE SCHOOL DISTRICT, N. J .—BOND SALE—The
$40,000 coupon or registered construction bonds offered June 24—V.
152,
p. 3852—were awarded to H. B. Boland & Co. of New
York, as lKs, at
par plus a premium of $33.78, equal to
100.084, a basis of about 1.49%.
Dated July 15, 1941 and due July 15 as follows:
$3,000 in 1943 and 1944;
$4,000 from 1945 to 1952 incl. and $2,000 in 1953.
Second high bid of
100.40 for 1.60s was made by Schmidt, Poole & Co. of
Philadelphia.
NEW
JERSEY
(State of)— BONDS CALLED FOR PAYMENT—
Secretary State Sinking Fund Commission Christopher H. Ellin announces
that the following State of New
Jersey highway extension bonds are called
for payment on Jan. 1, 1942:
Series B, $5,000,000.
Series C, $2,000,000.
Dated July 1, 1925.
Dated July
1,
Due July 1, 1955.
1926.
Due July 1, 1956.
Said bonds are to be redeemed at the
principal amount thereof, together
with accrued interest thereon to Jan.
1, 1942 and on said date there will
become due and be due and payable on each of said
bonds to be redeemed
at the First Mechanics National Bank in
Trenton, the principal thereof,
together with accrued interest to Jan. 1, 1942.
Said bonds are required to
be presented for payment with all
coupons
maturing after July 1,
1941
NORTH
IN 1 AX
as
a
BERGEN TOWNSHIP, N. J.—NOTES SHARP
INCREASE
COLLECTIONS—Reflecting the steady growth of the township
manufacturing and residental area as well as further improvement in
the community's economic
position, current tax collections in the month of
May, 1941 showed an increase of
approximately 20% over the like month
of the previous year,
according to a statement by Mayor Paul F. Cullum.
As the Lincoln tunnel has
brought the township to within 15 minutes of
the center of New York
City, the authorities expect a further substantial
growth over the next few years in both industrial and
residental facilities.
In the past two years over 20
plants have located in North Bergen, bringing
the total number of establishments to 50.
This is largely the result of the
township's aggressive campaign to point out the advantages of the com¬
munity to manufacturing concerns.
At the present time several firms are
considering building factories in the township while the residental sections
of the town may be expanded in the near
future by the erection of a number
of modern apartment houses.
PATERSON,
N. J.—BOND OFFERING—Howard L. Bristow, Clerk
Finance, will receive sealed bids until 10:30 p. m. (DST)
July 1 for the purchase of $463,000 not to exceed 4
H % interest coupon
registered bonds, as follows:
of the Board of
on
or
I
l%%
100.219
1.90%
100.187
Gordon Graves & Co
i
HARRISON
SALE—The
$42,000 coupon or registered road improvement bonds offered June 25—
V.152,p. 3852—were awarded to the Camden Trust Co. of Camden, as
1.20s, at par plus a premium of $53.44, equal to 100.127, a basis of about
1.17%.
Dated July 1, 1941 and due July 1 as follows: $5,000 from 1942
to 1948 incl. and $7,000 in 1949.
Second high bid of 100.147 for lj^s was
made by John B. Carroll & Co. of New York
City.
CARTERET,
100.04
100.305
100.225
100.166
R. D. White & Co
JERSEY
1H%
1.60%
1.60%
1.60%
George B. Gibbons & Co
NEW
was
(P. O. Harrison), N. Y.—CERTIFICATE SALE—The
Rye Trust Co. of Rye was awarded on June 24 an issue of $292,800 tax lien
certificates at 0.58% interest, plus a premium of $13.
Dated July 1, 1941
and due July 1, 1942.
The First National Bank of Boston, next highest
bidder, named a rate of 0.64%.
JOHNSON
CITY,
N.
Y.—BOND OFFERING—C.
R.
Nimmons,
Village Clerk, will receive sealed bids until noon on July 7, for the purchase
of $23,000 funding bonds.
KEESEVILLE,
N.
Y.—BOND
OFFERING—Winifred
Lesperance,
Village Clerk, will receive sealed bids until 11 a. m. (DST) on June 30 for
purchase of $29,000 not to exceed 6% interest coupon or registered
judgment funding bonds.
Dated July 1, 1941.
Denom. $1,000.
Due
July 1 as follows: $2,000 in 1942, and $3,000 from 1943 to 1951 incl. Bidder
to name a single rate of interest, expressed in a multiple of K or l-10th of
1%. Principal and interest (J-J) payable at the Keeseville National Bank,
Keeseville. The bonds are payable from unlimited ad valorem taxes and the
approving legal opinion of Reed, Hoyt, Washburn & Clay of New York
City will be furnished the successful bidder.
A certified check for $580,
payable to order of the village, is required.
the
LAKE WOOD, N. Y.—BOND OFFERING—Carl R. Hedburg, Village
Clerk, will receive sealed bids until 11 a. m. (EST) on July, 1 for the pur¬
of $48,000 not to exceed 6% interest coupon or registered sewer
bonds.
Dated July 1, 1941.
Denom. $1,000.
Due $2,000 annually on
July 1 from 1942 to 1965, incl.
Bidder to name a single rate of interest,
expressed in a multiple of
or
l-10th of 1%.
Principal and interest
(J-J) payable at the Bank of Jamestown, Jamestown.
The bonds are
unlimited tax obligations of the village and the approving legal opinion of
Reed, Hoyt, Washburn & Clay of New York City will be furnished the
successful bidder.
A certified check for $960, payable to order of the
village, is required.
chase
NEW YORK, N. Y.—MAYLOWER TAX RATE—'The basic real estattax rate for the 1941-42 fiscal year will show a decrease of four points under
the current year, provided the City Council enacts the local law applying
the proceeds of the business tax to the general fund, Comptroller Joseph D.
McGoldrick revealed June 18.
The State Legislature at its last session
passed the enabling Act. cutting the business tax in half and applying the
proceeds to the general fund instead of to emergency revenues.
Thus, the basic rate for next year would be 2.80, compared with 2.84
for the 1940-41 fiscal year which ends June 30.
Likewise the borough rates
for Manhattan, Brooklyn, Queens and Richmond will all be reduced from
one to six points, the Comptroller declared, while the borough rate for the
Bronx will remain the
same as
the 1940-41 fiscal year.
Mr. McGoldrick's computations were made in connection with his cer¬
tification to the Cuoncil of $119,746,327 as the amount available for the
general fund during the next fiscal
If the Council should fail to pass
by $6,500,000 and the
over last year in all
borough rates, except Queens, he said. With the enactment of the business
tax, the amount to be raised by the real estate levy in 1941-42 will be $453,994,267, which is a decrease of $12,754,567 under the amount of $466,748,834 which was raised from the real estate levy for 1940-41.
Actually the
amount to be raised next year will be less than at any time since 1937, Mr.
year.
the business tax law, this amount would be reduced
basic tax rate would remain at 2.84, with increases
McGoldrick added. ——
While the city has been within $218,074 of the 2% tax limitation during
it will have the considerably greater cushion of
$8,975,867, the Comptroller disclosed.
The general fund for 1940-41 was
the current year, next year
$114,300,000,
<
or $5,446,327 less than the amount estimated for 1941-42.
The assessments collected with the taxes next year will be $28,308,239,
increase of $1,143,974 over the i940^11 figure of $27,164,265, he stated.
an
The borough rates for the current and
following fiscal
Borough—
Manhattan--.-
Brooklyn
Bronx
Queens
Richmond
-
-——--
year are as
1940-41
2.98
v
follows:
1941-42
2.96
2.99
-
—
—
;
-
2.96
2.96
2.96
3.15
2.99
3.09
2.98
Volume
"In computing the real estate tax rate for the next fiscal year," Comp¬
McGoldrick commented, "I feel fairly safe in assuming that the
troller
Council will implement the State enabling Act which permits us to apply the
revenues of the business tax to the general fund for the reduction of taxa¬
tion.
which is the most rigid
basic rate four points less than that of the
"Because of a number of factors, not the least of
sort of economy, we
will have
a
present fiscal year. Not only that, but the amount to be raised through the
real estate levy will be less than the amounts raised annually since 1937."
REVENUE
$42,500,000
Joseph
SOLD—Comptroller
BILLS
Goldrick sold June 20 by allotment
D. Mc¬
The bills
$42,500,000 in revenue bills.
of 0.50%.
Of the total,
dated June 20 and were sold at an interest rate
are
$3,500,000 are due July 15, 1941; $6,000,000 on Sept. 15, 1941; $3,500,000
on Nov. 14, 1941; $2,500,000 on Jan. 15, 1942; $1,500,000 on March 13,
1942; and $25,500,000 on June 19, 1942.
The allotments were as follows;
Bank of New York
Brooklyn Trust Co
Hanover
Bank
The
Continental
Trust Co., N.
Y
Empire Trust Co
;
Y.
8,304,000
1,190,000
The Natl. City Bank, N.
Public
The
Bank
National
425,000
and Trust Co., N. Y
212,500
.....
Corn Exchange Bank Trust
Co
297,500
CO. of New York
The New York Trust Co.^.
10,510,500
1,657,500
<fc
Bank
1,827,500
Marine Midland Trust
The
3,187,500
Chemical Bank & Trust Co.
2,125,000
127,500
1,657,500 Irving Trust Co...
510,000 Kings County Trust Co
467,500 Manufacturers Trust Co
&
Trust Co...
Chase National Bank, N. Y.
$85,000
Fulton Trust Co., N.Y
$3,400,000
Bank of the Manhattan Co.
Amount
Bank—
Amount
Bank—
Bankers Trust Co
Central
85,000
Title Guarantee & Trust Co
J. P. Morgan & Co., Inc....
2,903,000
$42,500,000
.......
YORK, N. Y.—DEFINITIVE BONDS READY FOR DELIVERY
has been made that definitive bonds of the issue of
—Announcement
$21,215,000 234% serial bonds dated March 15, 1941, and due Sept. 15,
1942 to 1956, incl., will be ready on and after June 26, 1941, at the office
of the
City Comptroller (Stock and Bond Division), Room 830, Municipal
Temporary bonds will be received for exchange
Building, New York City.
at
that
office
between
9:00
a.
m.
and
2:00 p.
Mondays to Fridays
m.
Exchanges must be
(no exchanges will be made on Saturday).
inclusive
his agent at the Comptroller's office.
Definitive
by the Comptroller under any circumstances.
Temporary bonds when presented should be endorsed by a rubber stamp
or otherwise with the name of the bank, firm or corporation making pres¬
made by the bondholder or
bonds will not be mailed
entation for exchange.
.
(State of)—BOND SALE—The $15,000,000 State insti¬
bonds offered June 24—V. 152, p. 3853—were awarded
to a syndicate headed by the Chase National Bank of New York as 1 Ms
at a price of 100.7199, a basis of about 1.1946%.
This compares with a
cost of 1.4968% required on the previous sale of 25-year serial bonds which
was held July 30,
1940.
The bonds just sold are dated June 26, 1941,
and mature $600,000 annually on June 26 from 1942 to 1966, inclusive.
They were reoffered by the successful banking group from a yield of 0.15%
to a price of 99.
In addition to the Chase National Bank of New York,
the underwriting group consisted of:
' 7
YORK
NEW
tutions buildings
Hallgarten & Co.
Barr Brothers & Co., Inc.
G. M.-P. Murphy & Co.
R. W. Pressprich & Co.
Hornblower <fc Weeks
Schoellkopf, Hutton & Pomeroy, Inc
Hannahs, Ballin <fe Lee
Chemical Bank & Trust Co.
The Public National Bank & Trust
National Commercial Bank & Trust Co.,
BIyth & Co., Inc.
Albany
The Marine Trust Co. of Buffalo
Int. Rate
& Co., Inc.; Roosevelt &
Weigold, Inc.; Bacon, Stevenson & Co., and Lee
Higginson Corp
____ _ _
1.90%
Marine Trust Co. of Buffalo; R. D. White & Co.; E. H.
Rollins & Sons, Inc., and B. J. Van Ingen & Co., Inc. 2%
Manufacturers & Traders Trust Co.; Kean, Taylor &
Bidder—
Reynolds & Co.
Harris Trust & Savings Bank
Co.; Estabrook & Co.; George B. Gibbons & Co.,
Inc., and Adams, McEntee & Co., Inc
2.10%
Blyth & Co.; Kidder, Peabody & Co.; Shields & Co.;
Equitable Securities Corp. and C. F. Childs & Co_« 2.20%
Schwabacher & Co.
Estabrook & Co.
Traders
Trust
Co.,
C. F. Childs & Co., Inc.
;
Dominick & Dominick
:
.
100.83
101.09
100.398
100.578
(P. O. Troy), N. Y.—BOND SALE—
registered series A funding bonds offered June 25
COUNTY
RENSSELAER
152, p. 4009—were awarded to a group composed of E. H. Rollins
& Sons, Inc.; A. C. Allyn & Co., Inc.; B. J. Van Ingen & Co.. Inc.; H. L.
Allen & Co., and Minsch, Monell & Co., all of New York, as 1.60s, at a
price of 100.224, a basis of about 1.57%.
Dated July 1, 1941, and due
July 1 as follows:
$35,000 from 1942 to 1945, incl.; $50,000, 1946 to
1953. incl.; $45,000 in 1954, and $40,000 in 1955 and 1956.
Other bids.
—V.
Bidder—
Int. Rate
Co. and Phelps, Fenn & Co
Rate Bid
1.60%
*
•
Smith. Barney &
100.1609
1.70%
100.441
Halsey, Stuart & Co., Inc.; Blair & Co., Inc., and First
of
Michigan Corp.
Buffalo; R. D. White & Co.; C. F.
Equitable Securities Corp.
Goldman, Sachs & Co.; George B. Gibbons & Co., Inc.;
Bacon, Stevenson & Co. and Roosevelt & Weigold,Inc
Manufacturers & Traders Trust Co.; Kean, Taylor &
Co., and Adams, McEntee & Co., Inc
—
Marine Trust Co. of
1.70%
100.337
1.75%
100.18
1.75%
Childs & Co., and
100.144
UTICA, N. Y.-^CERTIFICATE SALE—The issue of $1,000,000 tax
anticipation certificates of indebtedness offered June 25 was awarded to
the First National Bank of New York at 0.11% interest, plus a premium
of $12.
Dated June 26, 1941, and due Nov. 26, 1941.
Certificates will
be issued against and redeemed out of the tax levy for the fiscal year 1941.
Denom. $50,000.
Payable at the Chemical Bank & Trust Co., New York
City.
Legality approved by Thomson, Wood & Hoffman of New York
City.
Other bids:
Prem.
$11
Par
Par
$25
Par
Par
Int. Rate
0.11%
0.12%
Barr Bros. & Co
0.122%
Chase National Bank of New York-.
0.13%
Bank of the Manhattan Co
0.133%
First National Bank of Boston and First Boston Corp.
0.16%
National City Bank of New York
* 0.17 %
Bidder
Bankers Trust Co., New York-..**..
Trust Co
Chemical Bank &
-
VALLEY
N.
STREAM,
Par
SALE—The $76,000 coupon or
Y.—BOND
premium of $95.76, equal to 100.12, a basis of about 0.95%. Dated July 1,
1941 and due May 1 as follows: $18,000 in 1942 and 1943; $17,000 in 1944
and 1945. and $6,000 in 1946.
Reoffered to yield from 0.30% to 1%,
according to maturity. Other bids:
Equitable Securities Corp.
Kidder, Peabody & Co.
Rate Bid
Union Securities Corp.; Blair
registered general improvement bonds offered June 26—V. 152, p. 4009.—
were awarded to H. L. Schwamm & Co. of New York, as Is, at par plus
Co. of New York
The Northern Trust Co., Chicago
Buffalo
Y.—The $1,032,000 coupon or registered bonds offered June 25—
152, p. 4009—were awarded to a group composed of Halsey, Stuart & Co.,
Inc.; Goldman, Sachs & Co.; Hemphill, Noyes & Co., and First of Michigan
Corp., all of New York, as 1.80s, at a price of 100.164, a basis of about
1.79%,
Dated July 15, 1941 and due Jan. 15 as follows: $30,000 from
1943 to 1954 incl.; $40,000 from 1955 to 1970 incl. and $32,000 in 1971.
The banking group reoffered the bonds at prices to yield from 0.50%
to 1.85%, according to maturity.
Other bids;
The Commercial National Bank & Trust
Manufacturers Trust Co.
&
Co. of
New York
Blair & Co., Inc.
DISTRICT NO. 1 (P. O. Suffern),
RAMAPO CENTRAL SCHOOL
N.
V.
— _
Salomon Bros. & Hutzler
Manufacturers
seeking something as near to absolute safety as is humanly possible, is not
apt to be depleted any time in the near future."
Among other facts brought out by the Comptroller's circular was that the
State's bank deposits as of June 1, excluding sinking funds and unexpended
bond
money,
amounted to $95,101,170.84.
The circular makes the
categorical statement that "the State of New York has never delayed in
payment of principal and interest on its obligations."
The $665,000 coupon or
297,500
The First Nat. Bank, N. Y.
340,000
1,615,000
U. S. Trust Co., N. Y
1,190.000
85,000
The Fifth Ave., Bank, N. Y.
NEW
4161
The Commercial & Financial Chronicle
152
Stone & Webster and Blodget, Inc.
-.V.f.?!;.v]
A. C. Allyn <fc Co., Inc.
Kean, Taylor & Co. •■Vmv '""-./Vly
Swiss American Corp.*
Green, Ellis & Anderson
F. S. Moseley & Co.
Co. of Buffalo
H. L. Allen & Co
Francis I. du Pont & Co.
L. F. Rothschild & Co.
Schlater, Gardner & Co., Inc.
Roosevelt & Weigold, Inc.
Mercantile-Commerce Bank & Trust Co.
Bidder—
Manufacturers & Traders Trust
Edward Lowber Stokes <fe Co.
.........
Int. Rate
■
1%
1.10%
Premium
$8.36
60.80
Arnbold & S. Bleichroeder, Inc.
/:
Rutter & Co.
A. G. Becker &
V
C.—NOTES SOLD—The Secretary of the Local Govern¬
ment Commission states that $1,000 revenue notes were purchased on
June 25 by Mr. J. C. Little of Raleigh, at 4%.
Due in three months.
■!>
Co., Inc.
Schmidt, Poole & Co.,
State Bank of Albany
Otis & Co., Inc.
Laurence M. Marks & Co.
Ernst & Co.
Cohu & Torrey
First of Michigan Corp.
Lee Higglnson Corp.
■
^
Geo. B. Gibbons & Co., Inc.
Federal and New York
of the bankers, are legal investment
for savings banks and trust funds in New York, Connecticut and certain
other States and for savings banks in Massachusetts.
They are issued
or State institutions buildings and constitute, in the opinion of the AttorneyGeneral of the State of New York, valid and binding obligations of the
State, and the full faith, credit and taxing power of the State are pledged
for the payment of principal and interest.
The bonds
are
interest exempt from all present
State income taxes and, in the opinion
OTHER
BIDS—Aside from the accepted
other offers for the bond issue.
bid, the State received four
Highest of these was a price of 100.40 for
134s, a net cost of 1.219%, which was made by a group composed of the
National City Bank of New York; First National Bank of New York;
Bankers Trust Co., New York; First Boston Corp.; Smith, Barney & Co.;
Harriman Ripley & Co., Inc.; Halsey, Stuart & Co., Inc.; Lazard Freres
& Co.; Goldman, Sachs & Co., and union Securities Corp.
Third best bid
of 100.289 for 134s, a basis of about 1.227%, was entered by a syndicate
which included Lehman Bros.; Phelps, Fenn & Co., Inc.; Eastman, Dillon
<fc Co.; Paine, Webber & Co.; Jackson & Curtis; Tucker, Anthony & Co.;
Merrill Lynch; E. A. Pierce & Cassatt; Eldredge & Co.; Harvey Fisk &
Sons; Kaiser & Co. and Charles Clark & Co.
An offer of 100.328 for 134s,
a net cost of 1.2247%, came from an account consisting of J. P. Morgan
& Co., Inc.; Kuhn, Loeb & Co.; Drexel & Co., and Dick & Merle-Smith.
Final tender of 101.769 for 134s, a basis of about 1.3639%, was submitted
by Bank of the Manhattan Co.; Ladenburg, Thalmann & Co.; C. J. Devine
& Co.; E. H. Rollins & Sons, Inc.; B. J. Van Ingen & Co., Inc., and Adams,
McEntee &
Co., Inc.
YORK
(State of)—COMPTROLLER
CONDENSED FINANCIAL STATEMENT-—In
NEW
TREMAINE
ISSUES
anticipation of June 24
State bonds for State institution
building purposes—V. 152, P. 3853—State Comptroller Morris S. Tremaine
issued a condensed statement of the State's financial condition as of June 1,
1941.
The statement, issued in circular form and made available to
prospective investors in State securities, as well as to the public generally,
disclosed that the State's net funded debt as of June 1, amounted to $514,341,879.88, or approximately 2% of the assessed vgtlue of the property in
the State subject to taxation for State purposes.
Based upon the present
bonded indebtedness, the schedule of serial bond redemptions over the next
10 years shows maturities ranging from $33,127,000 during the forthcoming
fiscal year downward to $12,327,000 in 1951.
Sinking fund bonds to be
redeemed during the same period aggregate only $13,000,000, whereas
sinking fund assets now in the State's possession total over $146,000,000.
In issuing these figures, Comptroller Tremaine pointed out that the
forthcoming issue is the last of the authorization voted by the people for
State institution building purposes.
The only other outstanding authoriza¬
tions, he said, are those for grade crossing elimination and those to be issued
on behalf of the State Housing Authority, voted on by the people in 1938.
The Comptroller emphasized that whereas the original grade crossing
elimination project of $300,000,000 was authorized by the people as much
as 15 years ago, the State has so far issued only $137,500,000 of the original
issue.
Likewise, the State has issued only $19,600,000 of the original
$300,000,000 authorization for housing purposes.
Therefore, the Comp¬
troller concluded that judging from past experience the issuance of the re¬
maining authorizations is likely to be very gradual and is not apt to ma¬
terially affect the current State bonded indebtedness.
In other words,
from present prospects, the schedule of redemptions of State bonds is likely
sale of
to
a
$15,000,000 issue of long-term
exceed the issuance of new bonds.
"Due to the prospect of continued chaotic
Tremaine declared, "it seems
CARY,
N.
RUTHERFORD
'
Craigmyle, Rogers & Co
William R. Compton & Co., Inc.
\
#
world conditions," Comptroller
likely that the reservoir of
43.56
CAROLINA
NORTH
Wells-Dickey Co.
Hemphill, Noyes & Co.
White, Weld & Co.
R. L. Day & Co.
1.10%
Tilney & Co
investment capital
COUNTY
(P.
O.
Rutherfordton), N. C.—BOND
bridge, general, and school refunding of 1941 coupon
bonds, aggregating $507,000, offered for sale on June 24—
SALE—The road,
semi-annual
4009—were awarded to a syndicate composed of R. S. Dickson
the First of Michigan Corp.; Stubbs, Smith & Lombardo,
Thomas & Co. of Pittsburgh; C. S. Ashmun Co. of Min¬
neapolis, and the Southern Investment Co. of Charlotte, paying a premium
of $115, equal to 100.022, a net interest cost of about 3.15%, on the bonds
divided as follows:
$305,000 as 3 Ms, due on June 1, $45,000,1958; $50,000,
1959; $60,000, 1960; $70,000, 1961, and $80,000 in 1962; the remaining
$202,000 as 3s, due on June 1, $95,000 in 1963, and 107,000 in 1964.
BONDS OFFERED FOR INVESTMENT—The successful bidders re¬
offered the above bonds for public subscription, the 3Ms to.yield from 3%
to 3.05%, according to maturity, while the 3 % bonds are priced to yield 3 %.
V.
152, p.
& Co. of Charlotte;
of Birmingham;
NORTH
PIERCE
COUNTY
(P.
O.
DAKOTA
Rugby), N.
Dak.—BONDS SOLD—The
County Auditor states that the $127,000 funding bonds approved recently
by the voters—V. 152, p. 4010—have been sold to the State, as 2s.
OHIO
AKRON, Ohio—BOND OFFERING—The $700,000 coupon water works
improvement bonds offered June 23—V, 152, p. 3854—were awarded to a
group composed of Fox, Reusch & Co., Cincinnati; C. F. Childs & Co.,
Paine, Webber & Co., and McDougal & Condon, all of Chicago; Commerce
Union Bank, Nashville; Seasongood & Mayer, P. E. Kline, Inc., Katz &
O'Brien, and Pohl & Co., all of Cnicinnati, as 2Ms, at a price of 101.27, a
basis of about 2.13%.
Dated June 1, 1941 and due $28,000 annually on
Oct. 1 from 1942 to 1966 incl.
Other bids:
Int. Rate
Bidder—
& Co.; Field, Richards & Co.;
First Cleveland Corp., and
Hawley, Shepard & Co
Stranahan, Harris & Co., Inc.; BancOhio Securities
Co.; Otis & Co.; McDonald-Coolidge & Co., and
Merrill, Turben & Co
Blyth & Co.; Hayden, Miller & Co., and Lowry
Braun,
Rale Bid
Bos worth
Fahey, Clark & Co.;
Provident Savings Bank
101.09
2M%
100.95
2M%
100.786
2M%
100.72
2M%
Sweney, Inc
2M%
101.204
& Trust Co.; Ryan. Suther¬
& Co.; Einhorn & Co.; Breed & Harrison;
Weil. Roth & Irving Co., and Van Lahr, Doll
land
&Isphording
-
Halsey, Stuart & Co., Inc.; Illinois
Martin, Burns & Corbett, and
& Co
Co. of Chicago;
Mullaney, Ross
-
EXEMPTED VILLAGE SCHOOL DIS
Ohio—NOTE OFFERING—C. O. Gudmund
son, Clerk of the Board of Education, will receive sealed bids until 2 p. m.
on July 11 for the purchase of $7,392,23 not to exceed 4% interest second
series refunding notes.
Dated July 11,1941.
Due July 11,1943.
Subject
to call after Nov. 30 in any year by the Board of Education.
Issued for
the purpose of refunding outstanding notes issued under and pursuant to
Section 2293-81 of the General Code of Ohio.
A certified check for 1 % of the
notes, payable to order of the Board of Education, must accompany each
ASHTABULA
HARBOR
TRICT (P. O. Ashtabula).
proposal.
BELLEFONTAINE,
'
Ohio—BONDS
$60,000 municipal light plant revenue
on June 11.
AUTHORIZED—An
o(
Council
issue
bonds was approved by City
4162
The Commercial & Financial Chronicle
BLOOM TOWNSHIP SCHOOL DISTRICT
(P. O. McConnell.ville),
Ohio—BOND ELECTION—An election has been called on
the question of
issuing $82,000 construction bonds.
of
bidder.
at
an
the question of issuing $35,000 construction
bonds.
on
will receive sealed bids until
noon on July 7 for the purchase of
$19,200 3%
estate purchase bonds.
Dated June 1, 1941.
One bond for
$200, others $1,000 each.
Due as follows:
$200 March 1 and $1,000
Sept. 1, 1942, and $1,000 March 1 and Sept. 1 from 1943 to 1951 incl.
Callable in inverse order of
maturity at any interest paying date upon six
months' notice to holder.
Bidder may name a different rate of interest,
expressed in a multiple of M of 1%.
A certified check for $250, payable
to order of the village, is
required.
coupon real
early
BLUE ASH RURAL SCHOOL
DISTRICT, Ohior—BOND ELECTION
—An election will be held
July 15 on the question of issuing $27,000 high
school and $16,000 grade school
CINCINNATI,
building bonds.
Ohio—SINKING
FUND
PURCHASES
$733,100
BONDS—Henry Urner, City Auditor, reports that the City Council has
authorized the issuance of the following
$733,100 bonds, all of which have
been or, will be, purchased by the
Sinking Fund Trustees, at par:
$5,000 234% sewer bonds.
Dated July 1,1941 and due serially in 5
years.
0,100 234% street bonds.
Dated July 1, 1941 and due serially in 10
years.
7
92,000 234 % street bonds.
Dated July 1, 1941 and due serially in 25
years.
-
.•
40,000 234% public works equipment bonds.
Dated July 1,1941 and due
serially in 5 years.
«
100,000 2 34 % street bonds.
Dated Aug. 1,1941 and due serially in 10 years
20,000 234% park bonds.
Dated Aug. 1,1941 and due serially in 5 years.
22,000 234 % street bonds.
Dated Aug. 1,1941 and due serially in 5 years.
35,000 2%% waste collection land bonds.
Dated Aug. 1, 1941 and due
serially in 30 years.
60,000 2%% fire department building bonds.
Dated Aug. 1,1941 and due
serially in 25 years.
50,000 234 % general hospital bonds.
Dated Sept. 1,1941 and due serially
in 10 years.
68,000 234% street bonds.
Dated Sept. 1, 1941 and due serially in 10
yo&rs
.
230,000 2%% grade crossing elimination bonds.
due serially in 30 years.
7.V
Dated Sept. 1, 1941 and
CLEVELAND, Ohio—BOND OFFERING—G. A. Gesell, Director of
Finance, will receive sealed bids until noon on July 9 for the
purchase of
$4,000,000 4% coupon refunding bonds, as follows:
$2,700,000 series A of 1941 bonds.
Due $270,000 annually on Nov. 1 from
1946 to
or
1955
incl.
Payable from taxes
unlimited
as
to
rate
amount.
474,000 series B of 1941 bonds.
Due Nov. 1 as follows: $47,000 from
1946 to 1951 incl. and $48,000 from 1952 to 1955 incl.
Issued
to refund a like amount of serial bonds
heretofore issued under
the then-existing 15-milI tax limitation
prior to Jan. 1, 1931.
365,000 series C of 1941 bonds.
Due Nov. 1 as follows: $36,000 from
1946 to 1950 incl. and $37,000 from 1951 to 1955 incl.
Issued
to refund a like amount of serial bonds
heretofore issued under
the
then-existing 15-mill limitation prior to Jan. 1, 1931.
of 1941 bonds.
Due Nov. 1 as follows: $27,000 from
1946 to 1951 incl. and $28,000 from 1952 to 1955 incl.
Issued
to refund a like amount of serial
bonds heretofore issued and are
274,000 series D
payable from
limitation.
taxes
subject
to
a
previously
existing
15-mill
187,000 series E
of 1941 bonds.
Due Nov. 1 as follows: $18,000 from
1946 to 1948 incl. and $19,000 from 1949 to
1955 incl.
Issued
a like amount of serial bonds
heretofore issued and
payable from limited taxes.
to refund
p
All of the bonds will be dated
Aug. 1, 1941.
Denom. $1,000.
Bidder
a different rate of
interest, expressed in a multiple of M of 1%.
not be considered on
any single issue, but different rates
may name
A certified check for $163 is required.
NAPOLEON, Ohio—BOND OFFERING—Bay C. Gilbert, Village Clerk,
BLOOM TOWNSHIP SCHOOL DISTRICT (P. O.
Lithopolisl, Ohio
—PHOPOSED BOND ELECTION—An election will be held
date
Jane 28, 1941
Squire, Sanders & Dempsey of Cleveland will be furnished the successful
NILES, Ohjo—BOND SALE—The $71,625.29
ment
street
awarded to
coupon special assess¬
improvement bonds offered June 20—V. 152, P. 3854—were
Fahey, Clark & Co. of Cleveland, as l?^s.
Dated April 1,
as follows:
$8,625.29 in 1942 and $7,000 from 1943 to
1941 and due Oct. 1
1951 incl.
PAINT
TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Winesburg), Ohio—BOND OFFERING—H. E. Herman, Clerk of the Board of
Education, will receive sealed bids until noon on July 5 for the purchase of
$7,500 ZlA% building bonds.
Dated July 1, 1941.
Denom. $1,250.
Due $1,250 on April 1 and Oct. 1 from 1942 to 1944 Incl.
Bidder may name
different rate of interest expressed in a multiple of
A of 1 %.
Interest A-O.
a
SPENCERVILLE, Ohio—BOND OFFERING—George W. Sowards,
Village Clerk, will receive sealed bids until noon on July 5 for the purchase
of $50,000 5% coupon first
mortgage eiectric plant revenue bonds.
Dated
June
1,
1941.
Denom. $1,000.
Due $2,000, July 1, 1942. and $2,000,
and July 1 from 1943 to 1954 incl.
Bidder may name a different
interest, expressed in a multiple of \i of 1 %.
Principal and interest
(J-J) payable at the Village Clerk's office.
The bonds are secured by a
mortgage on the property and revenues of the municipal electric plant and
power generating plant and distribution system now
existing and to be
further extended and improved.
A certified check for 3% of the bonds
bid for, payable to order of the village, is
required.
Jan.
1
rate of
TOLEDO,
passed
Ohio—PROPOSED REFUNDING ISSUE—City Council
9 a resolution authorizing an issue of $654,000
refunding
on June
bonds.
UNIVERSITY HEIGHTS, Ohio—NOTE OFFERING—W. A.
Harky,
City Clerk, will receive sealed bids until noon on July 8 for the purchase of
$19,000 3% fire department tax anticipation notes.
Date July 15, 1941.
Denoms. as may be requested by the purchaser.
Due $9,500 on Dec. 15
in 1942 and 1943.
Bidder may name a different rate of interest, expressed
in multiples of
of 1 %.
Issued in anticipation of collection of taxes voted
outside of tax limitations by the voters of the
city.
Proceedings looking
to the issuance of the notes have been undertaken
by Squire, Sanders &
Dempsey of Cleveland, whose approving opinion as to legality of the notes
can be obtained by the
purchaser at his own expense.
A certified check for
$200, payable to order of the city, is required.
WOODLAWN VILLAGE SCHOOL DISTRICT
(P. O. Glendale),
Ohio—NOTE OFFERING—John W. Norrish, Clerk of the Board of Edu¬
cation, will receive sealed bids until noon on July 18 for the purchase of
$3,413.93 not to exceed 4% interest second series refunding notes.
Dated
July 22, 1941.
Due July 22, 1943.
Subject to call after Nov. 30 in any
year
by the Board of Education.
Authorized
pursuant
to provisions of
H. B. No. 282, enacted by the 93rd General
Assembly, effective Feb. 23,
1939, and a resolution adopted by the Board of Education June 20, 1941.
A certified check for
1% of the notes, payable to order of the Board of
Education, is required.
Split rate bids will
may be bid for different issues.
Prin. and int. (M-N), payable at the
Irving Trust Co., N. Y. City.
Bids may be made separately for each lot
or for "ail or none."
Conditional bids will not be considered.
Proceedings
relative to issuance of the bonds have been
taken under the supervision of
Squire, Sanders & Dempsey of Cleveland, whose
approving opinion can be
obtained by the
purchasers at their own expense.
Delivery to be made on
or about
Aug. 1,1941, at any bank in Cleveland designated by the
purchaser,
or at a bank
agreed upon by the purchasers and the Director of Finance.
A
full transcript of
proceedings will be furnished the successful bidder.
At
the request of the
owner, coupon bonds may be exchanged for bonds
regis¬
tered as to principal and interest.
Coupon bonds also may be registered as
to principal
only, and thereafter be transferable to bearer.
A certified
check for 1% of the bonds
bid for, payable to order of the City Treasurer,
is required.
/
COLUMBUS, Ohio—PLAN'S ADDITIONAL AIRPORT ISSUE—City
Council considered on June 6 an issue
of $115,000 bonds to construct an
administration building at the
municipal airport.
This is in addition to
$100,000 bonds previously authorized for the
project.
CONNEAUT, Ohio—BOND OFFERING—B. L. Palmer, City Auditor,
will receive sealed bids until
noon on June 21 for the
purchase of $6,500 3 %
special assessment street improvement bonds.
Dated May 15,
1941.
Denom. $1,300.
Due $1,300 on Sept. 1 from 1942 to 1946 incl.
Bidder
may name a different rate of interest,
expressed in a multiple of H of 1%.
Interest M-S.
A certified check for
$65, payable to order of the
city, is
required.
DRESDEN, Ohio—BONDS AUTHORIZED—Village Council
an
authorized
issue of $12,881 not to exceed
5% interest street improvement bonds.
Dated July 1, 1941.
One bond for $881, others $500 each.
Due Sept. 1
as follows:
$2,500 from 1942 to 1945 incl. and $2,881 in 1946.
Prin. and
Payable ati the First, Trust & Savings Bank,
Dresden, or at the
Village Treasurer's office.
OKLAHOMA
NORMAN, Okla.—BOND
OKLAHOMA, State of—GENERAL REVENUE DEFICIT FORESEEN
—According to estimates by Frank C. Carter, Auditor of State, and Carl
Sebring, Treasurer, the S^ate of Oklahoma's cumulative general revenue
deficit as of June 30, when the budget
balancing amendment will be effective,
will be approximately $40,000,000.
This will include new funding bonds of $17,000,000 to
$18,000,000 to
be issued to cover deficit of the current fiscal
year.
In 1939-40, the general
fund deficit was $7,000,000.
The Legislature in enacting revenue measures
to add $7,500,000 to the State's Income is
regarded as having prepared for a
balanced budget, depending upon the accuracy of revenue estimates
by the
State Board of Equalization.
With final action by Gov. Leon C. Phillips on
appropriation bills passed
by the Legislature, the State will begin the new fiscal year on a program
wnich promises to produce a
surplus of $161,684.
Appropriations total
$25,814,722 and the revenue estimate is $25,976,407.
For the second year
of the biennium, the indicated
surplus is $1,007,113.
In approving the
budget balancing amendment at a special election in March, the citizens
set up a bar against appropriations in excess of the revenue
estimate cer¬
tified by the Board of Equalization.
TULSA, Ok 1 a.—BONDED DEBT PUT AT $10,521,000—The present
bonded indebtedness is $10,521,000 or
approximately $73 for every man,
and child in the city, according to Milton W.
Davis, city auditor.
"Due to the absence of bond issues the indebtedness had been reduced
an all-time high of $17,492,407 in 1931-32 to
$9,771,000 in 1940-41.
woman
from
The increase is due to voting $750,000 short-term bonds for the bomber
assembly plant site," he stated.
EUCLID CITY SCHOOL DISTRICT
(P. O. Euclid), Ohio—NOTE
OFFERING—Alice M. Bessler, Clerk of the Board of
Education, will
receive sealed bids until 8
p. m. on July 11 for the purchase of
$19,574.32
not to exceed
4% interest second series refunding notes.
Dated July 11,
1941.
Due
July 11, 1943. Subject to call after Nov. 30 in any year by
the Board of Education.
Issued for the purpose of
refunding outstanding
notes issued under and
pursuant to Section 2293-81 of the General Code or
Ohio.
A certified check for 1
% of the notes, payable to order of the Board
of Education, is
required.
FREMONT, Ohio—BOND SALE—An issue of $27,500
2H% swimming
pop1 kinds was sold to local banks, at par, according to Russell H. Colvin,
City Auditor.
P^eOct.
in 1945.
Dated April 15,1941.
One bond for $500, others
$1,000 each.
1 as follows: $5,000 in 1941; $6,000, 1942 to 1944 incl., and $4,500
Principal and interest (A-O) payable at the
City Treasurer's office.
SA?J?JS£!£X5LLaAGE
SCHOOL DISTRICT (P. O. Newark), Ohio
—BONDS VOTED—An issue of
$32,000 construction bonds was authorized
by the voters at an election on June 17.
,
CA GRANGE, Ohio—-BOND
bonds offered June
SALE—The $18,000 coupon water works
19—V. 152, p. 3686, were
actually awarded June 25
,° Securities Co. of Columbus,
$126. equal to 100.70,
a
as
23is, at
basis of about 2.18%.
par plus a premium of
Dated June 1, 1941 and
$1,000, 1945;
dMNpv. 1 as follows: $500^in 1942; $1,000, 1943; $500, 1944;
fwi bids: ®1»000» 1947; $500, 1948, and $1,000 from 1949
Other
Bidder—
Ryan, Sutherland & Co
Seasongood & Mayer
Bliss Bowman & Co
Int. Rate
to
1961 incl.
LORAIN CITY SCHOOL
DISTRICT
MERRILL,
Ore.—BOND
OFFERING—Sealed
bids
will
be
received
until 8 p. m. on July 1
by Uel Dillard, City Recorder, for the purchase of
$12,000 refunding bonds.
Interest rate is not to exceed 3M%, payable
M-N.
Dated July 15, 1941.
Denom. $500.
Due $1,000 Nov. 1, 1942
to 1953.
Payment of entire issue is to be optional with the city on Nov. 1,
1945, or on any interest paying date thereafter.
No bid for less than par
and accrued interest.
Merrill.
Enclose
a
Prin. and int. payable at the First National
Bank,
certified check for $240.
MULTNOMAH AND WASHINGTON COUNTIES, JOINT SCHOOL
DISTRICT NO. 42 (P. O. Portland, R. F. D. No.
5, Box 414), Ore.—
—BOND SALE—The $5,000 semi-ann. school bonds offered for
sale on
June 25—V. 152, p. 4010—were purchased
by Fordyce & Co. of Portland,
as 1%b.
Dated July 1, 1941.
Due $500 on June 1 in 1943 to 1952 incl.
SALEM, Ore.—BONDS VOTED— The City Recorder states that $200,000
plant bonds were approved by the voters at a recent election.
No
offering date has been scheduled.
sewage
189.85
30.60
(P. O. Lorain), Ohio—NOTE
OFFERING—Charles A. Hartz, District
Clerk, will receive sealed bids
noon
on
July 2 for the purchase of $50,026.32 not to
exceed 4%
interest refunding notes.
Dated July 6,1941.
Due July 6,1943.
Subject
to call after Nov. 30 in
any year.
Issue will refund
outstanding notes
issued under and pursuant to Section
2293-81 of the General Code of Ohio.
A certified check for
1% is required.
rfPnrA?£* COUNTY
♦ a
(P. O. Elyria), Ohio—BONDS SOLD—An issue of
$45,000 3% poor relief bonds was sold to the
County Treasurer, at par.
Dated May 12, 1941.
Denom. $5,000. Due Nov.
12, 1948, Payable fromdelinquent taxes.
Interest M-N. •
MAPLE
HEIGHTS SCHOOL DISTRICT
(P. O
Bedford)
Ohio—
OFFERING—F. J. Vasek, District Clerk
Mil
until noon on July 7, for the
purchase of $16,300 4%
refunding bonds.
19iU Dae $!.300 May 1 and $1,000 Nov. 1, 1942, and
?k000 May 1 and Nov. 1 from 1943 to 1949, incl. Bidder may name a
different rate of interest,
expressed in a multiple of M of 1%
Principal
and interest (M-N)
payable at office of the District Clerk.
Legal opinion
1951, inclusive.
$147 60
2%%
4%
until
BOND
OREGON
LINN
COUNTY
SCHOOL
DISTRICT
NO.
8
(P. O. Albany,
Route 2), Ore.—WARRANT SALE—The
$4,500 annual interest-bearing
warrants offered for sale on May 29—V.
152, p. 3382—were awarded to
Fordyce & Co. of Portland as 2Hs, paying a price of 100.39, a basis of
about 2.425%.
Dated June 1, 1941.
Due $450 on June 1 in 1942 to
Premium
2K%
n:"
ELECTION—The issuance of $20,000 munic¬
voters at an election on July 8*
ipal airport bonds will be submitted to the
according to the City Clerk.
?eceive seal?d b1di
PENNSYLVANIA
DUNMORE, Pa .—BONDS PUBLICLY OFFERED—Public offering of
$110,000 4H% judgment funding bonds is being made by a
group com¬
posed of Moore, Leonard & Lynch; Glover & MacGregor, both of Pitts¬
burgh, M. M. Freeman & Co., Philadelphia; Fox, Reusch & Co.;
Walter,
Woody & Heimerdinger, and Pohl & Co., all of Cincinnati.
These are the
bonds for which
no
bids were received
on
June 10—V. 152, p. 3855.
HOLLIDAYSBURG SCHOOL DISTRICT, Pa.—BOND OFFERING
—Blanche M. Davis, District
Secretary, will receive sealed bids until 7:30
p. m. (DST) on July 25 for the purchase of $130,000
1, IX, 1H, IH,2, 2M
ot 2K% coupon registerable as to
principal only, refunding bonds. Dated
Aug. 1, 1941. Denom. $1,000.
Due Aug. 1 as follows: $6.u00 from 1942 to
1944 incl. and $7,000 from 1945 to 1960, incl.
Bidder to name one rate of
interest for all of the bonds,
payable F-A.
Prin. and int. will be payable
without deduction for any tax or
taxes, except succession taxes, now or
hereafter levied or assessed thereon under
any present or future law of the
Commonwealth of Pennsylvania, all of which taxes the district assumes
and agrees to pay.
The bonds will be payable from ad valorem taxes within
the taxing limits placed
by law upon school districts of this class.
Bonds
will be issued subject to favorable
of
opinion of Townsend, Elliott & Munson
Philadelphia, and to the approval of the Pennsylvania Department
of
Volume
A certified check for 2% of the bonds bid for,
required.
Internal Affairs.
payable
to order of the District Treasurer, is
cost to the
No bid for less than par and accrued interest can
purchaser.
be considered, and all bids must be
Singer,Deane & Scribner of Pittsburgh.
$5,000 in 1942 and $10,000
Dated July 1,1941, and due July 1 as follows:
TENNESSEE
UTILITY
HIXSON
to issue
LOWER
CHESTER
TOWNSHIP,
Pa.—BOND
CALL—Township
Secretary John T. Lamplugh calls for payment on Aug. 1, 4%, F. & A.,
highway bonds Nos. 25 to 36, aggregating $60,000.
Dated Feb. 1, 1928.
Denom. $1,000.
Due Feb. 1, 1958.
Payable at
the Marcus Hook National Bank, Marcus Hook.
YODER
OFFERING—Richard
TOWNSHIP (P. O. Johnstown),
Pa .—BOND
C. McMonigal, Secretary of the Board of Super¬
visors, will receive sealed bids at the Dale National Bank, 719 Bedford St.,
Johnstown, until 7 p.m. (EST) on June 30 for the purchase of $10,000 3%
issue of 1941 refunding bonds.
Dated July 1, 1941. Denom. $1,000. Due
$1,000 yearly on July 1 from 1942 to 1951 incl.
Principal and interest
(J-J) payable without deduction for any State tax or taxes, except succession,
gift or inheritance taxes, now or hereafter levied or assessed thereon under
of Pennsylvania, all of
pay.
The bonds have
been approved by the Department of Internal Affairs and proposals must
be accompanied by a certified check for $500, payable to order of Richard O.
any present or future law of the Commonwealth
which taxes the township assumes and agrees to
McMonigal, Township Treasurer.
NEWPORT TOWNSHIP (P. O. 8 W. Kirmar Ave., Alden Station),
Pa.—BOND OFFERING—James E. Price, Township Secretary, will re¬
(EST)
ceive sealed bids until 7 p.m.
DISTRICT
on
July 7 for the purchase of $42,000
1M. 2, 2M, 2}4, 2M, 3, 3M, 3H, 3M. 4, 4H or 4M% coupon, registerable
to principal, funding and improvement bonds.
Dated July 1, 1941.
Denom. $1,000.
Due July 1 as follows: $4,000 from 1942 to 1949 incl.
and $5,000 in 1950 and 1951.
Bidder to name a single rate of interest
for all of the bonds.
Principal and interest (J-J) payable without deduc¬
hereafter levied
taxes, except succession or inheritance taxes, now or
assessed thereon under any present or future law of the
or
or
Commonwealth of Pennsylvania, all of which taxes the township assumes
and agrees to pay.
Bonds will be issued subject to favorable legal opinion
of Townsend, Elliott & Munson
the Pennsylvania Department of
of Philadelphia, and to the approval of
Internal Affairs.
2% of the bonds bid for, payable to order of the
required.
A certified check for
Township Treasurer, is
BONDS EXCHANGED—Drexel
refunding group, announce
that more than $51,000,000 of the bonds have been tendered for exchange
to date out of a total of $131,064,000 eligible under the exchange offer.
No more bonds of series A or L are available and less than $200,000 of
PHILADELPHIA,
are
O.
Pa.—$51,000,000
FOLLETTE,
LA
Dated Nov.
Tenn .—BONDS
O.
(P.
COUNTY
MORGAN
SOLD—An issue of $126,000 3%
H. Little & Co. of Jackson.
Due on Nov. 1 in 1941 to 1965.
1, 1940.
Wartburg), Tenn .—BONDS SOLD—
bonds nave been purchased by Clark
It is reported that $175,000 refunding
& Co. of Nashville, and associates.
SHELBYVILLE, Tenn.—BOND CALL—It is stated by J. B. Frierson,
that a total of $40,000 5% refunding bonds are
Town Secretary-Treasurer,
being called for payment on Aug. 1, at par and accrued interest.
Dated
Aug. 1, 1931.
Due on Aug. 1, 1951.
Payable at the Chemical Bank &
Trust Co., New Yorit City, with Aug. 1, 1941, and all subsequent coupons
attached.
WINCHESTER, Tenn.—BOND SALE— The $75,000 coupon semi-ann.
offered for sale on June 19—V. 152, p. 3855—
awarded to a syndicate composed of Nunn, Shwab & Co., the Nash¬
ville Securities Co., both of Nashville, and the W. R. Stephens Investments,
of Little Rock, paying a premium of $203, equal to 100.27, a net interest
cost of about 3.09%, divided as follows:
$28,000 as 2Hb, due $2,000 on
June 1 in 1944 to 1957, the remaining $47,000 as 3Ms, due on June 1, $3,000
Water Works revenue bonds
were
in 1958 to
1966, and $4,000 in 1967 to 1971.
TEXAS
AUSTIN, Texas—BOND ISSUANCE CONTEMPLATED— The City
Council is said to be considering the issuance of from $400,000 to $500,000
civic improvement bonds.
BRACKETTVILLE,
Texas—BONDS OFFERED—Sealed bids were
27 by F. S. Fritter, City Secretary, for the
received until 2 p. m. on June
on
1955 to 1958, and $3,000 in 1959 to 1962;
redemption in inverse order at 102, on any interest date
July 1, 1953.
$2,000,
after
1951 to 1954; $2,500,
BROWNFIELD
CONSOLIDATED SCHOOL DISTRICT
(P. O.
Brownsfield) Texas—BONDS VOTED— The issuance of $125,000 con¬
have been widely approved by the voters at an
election held on June 16.
struction bonds is said to
Texas—BONDS SOLD—'The City Secretary states
bonds have been purchased by Rauscher,
at par.
Dated June 1,1941.
Due on June 1
follows:
$1,000 in 1942 to 1945; $1,500,/1946 and 1947, and $2,000
1948 to 1951; optional at any time after 5 years from date of issue
Denom.
that
$15,000
water
system
Pierce & Co. of Dallas as 2
as
interest
succession and inheritance
in
SMITH TOWNSHIP SCHOOL DISTRICT (P. O. Burgettstown),
Pa.—BOND SALE—The $30,000 bonds offered June 23—V. 152, p. 4011
of
(F-A) payable free of State taxes, except gift,
taxes.
A certified check for $250 is required.
awarded to S. K. Cunningham & Co. of
basis of about 1.78%.
EL
PASO
COUNTY
Pittsburgh, as 2s, at a price
Sale consisted of:
CONTROL AND IMPROVEMENT
Texas—BONDS VOTED—'The issuance
WATER
DISTRICT NO. 1 (P. O. Ysleta)
$18,000 funding bonds of 1941.
Due June 1 as follows: $1,000 in 1942;
$2,000 from 1943 to 1950, incl. and $1,000 in 1951.
Optional to
call for prior redemption on June 1, 1947, or on any interest date
thereafter, any or all bonds thereafter maturing in the inverse order
$700,000 water and sewer system bonds
approved by the voters at an election held on
is said to have been widely
June 7.
(P.O. Richmond), Texas—PRE-ELECTION
SALE—It is stated by H. P. Harris, County Judge, that $200,000 road
bonds were sold on June 23 as 2s, subject to the outcome of an election
FORT BEND COUNTY
scheduled for June 28.
Texas—BONDS SOLD—A $35,000
purchased jointly by A. W. Snyder
both of Houston, as 2 Ms.
HAWKINS INDEPENDENT SCHOOL DISTRICT (P. O. Hawkins).
Texas—BOND SALE DETAILS—It is now reported that the $110,000
school bonds sold jointly to Pondrom & Co. and Ohas. B. White & Co.,
both of Houston, as noted here—V. 152, p. 4012—are dated July 1, 1941,
and were purchased as follows:
$66,000 as lUa due $11,000 on July 1 in
1942 to 1947, and $44,000 as 1Mb, due $11,000 on July 1 in 1948 to 1951.
The bonds maturing from 1947 are optional on or after July 1, 1947.
Prin. and int. (J-J) payable at the First National Bank of Dallas.
HALE COUNTY (P. O. Plainview)
said to have been
issue of road bonds is
of their numbers.
12,000 operating revenue bonds.
Due June 1 as follows: $1,000 from 1
to 1945, incl.; $2,000 in 1946; $1,000 from 1947 to 1950, incl. and
$2,000 in 1951.
Optional to call for prior redemption on June 1,
1947, or on any interest date thereafter, any or all bonds thereafter
maturing in the inverse order of their numbers.
All of the bonds bear date of June 1,
1941.
Bidder—
Other bids:
Int. Rate
Burr & Co.
Rate Bid
2%
2%
-
;
Phillips, Schmertz & Co
100.793
100.57
2%
2%
2M%
2M%
E. H. Rollins & Sons, Inc
Singer, Deane & Scribner
Johnson & McLean, Inc
Moore, Leonard & Lynch.
July to 1950;
1947 1, 1941.
?urchaseJuly $40,000 sewer system in 1943 to 1946; $1,500,
>ue
of 1 as follows: $1,000 revenue bonds. Dated
CRYSTAL CITY,
$7,500 3% fire fighting equipment bonds.
Dated Aug. 1, 1941.
$500.
Due $500 on Aug. 1 from 1942 to 1956 incl.
Principal and
of 100.927, a
Tenn.—BONDS
the district
bonds has been purchased by C.
water revenue
available.
SPANGLER, Pa.—BOND OFFERING—Paul M. Lantzy, Borough Secre¬
tary. will receive sealed bids until 8 p.m. on July 7 for the purchase of
were
Hixson),
with the option of
Co. and Lehman Brothers, joint managers of the
series B bonds
(P.
Judge is said to have authorized
$100,000 water system bonds.
as
tion for any tax
A certified check for
A UTHORIZED—The County
in 1943 and 1944.
LOWER
unconditional.
$1,000, payable to the district, is required.
LAFAYETTE TOWNSHIP (P. O. Guffey, Mt. Jewett, R. F. D.), Pa.
—BOND SALE—The $25,000 2M % coupon series C bonds offered June 21
—V. 152, p. 3855—were awarded to
4163
Chronicle
The Commercial & Financial
152
100.236
100.177
100.775
100.383
SPRINGFIELD TOWNSHIP SCHOOL DISTRICT (P. O. Mill Run),
SALE—The $6,000 school bonds offered June 21—V. 152,
Pa.—BOND
p. 3687—were awarded to S. K.
Nov. 1, 1940 and due $1,000 on
Cunningham & Co. of Pittsburgh.
Nov. 1 from 1942 to 1947, incl.
RHODE
Dated
ISLAND
PROVIDENCE (P. O. Centredale), R. I.—BOND SALE—
A. Robert Black, Town Treasurer, reports that an issue of $100,000 refund¬
ing bonds was sold June 16 to Lincoln R. Young & Co. of Hartford.
NORTH
SOUTH
CAROLINA
GREENVILLE COUNTY, Parker Water and Sewer Sub-District
O. Greenville), S. C.—BOND ELECTION—It is stated by James
P.
9 Howard, Chairman of the District Commission, that an election has been
& Co.,
and Paul H. Aves & Co.,
HIDALGO
COUNTY
ROAD DISTRICT NO. 6 (P. O. Edinburgh
OFFERED—A syndicate composed of C. F.
Texas—BONDS PUBLICLY
Thomas & Co. of Pittsburgh; Camp bell, McCarty
& Co. of Detroit; the First National Bank of St. Paul; the First National
Bank & Trust Co. of Minneapolis; Juran, Moody & Rice of St. Paul; the
Dallas Union Trust Co. of Dallas; Moroney & Co. of Houston; William N.
Edwards & Co., and the State Investment Co., both of Fort Worth, is
offering the following coupon semi-ann. bonds aggregating $610,000, for
general investment:
Childs & Co. of Chicago;
$269,000 3M% road, series of 1941 bonds.
Due on April 1 as follows:
$23,000 in 1942, $24,000, 1943; $25,000, 1944; $26,000, 1945;
$27,000, 1946 and 1947; $28,000, 1948; $29,000, 1949 and 1950,
and $31,000 in 1951.
210,000 3M% road, series of 1941 bonds.
Due on April 1 as follows:
$32,000 in 1952; $34,000, 1953; $35,000, 1954; $36,000, 1955;
$34,000, 1956, and $38,000, 1957.
131,000 4% road, series of 1941 bonds. Due on April 1 as follows: $16,000
in 1958; $32,000, 1959; $25,000, 1960; $2,000, 1961; $15,000, 1963;
$25,000, 1964, and $16,000 in 1965. Bonds maturing in 1958 to
1965, optional as a whole or in part, on 30 days' prior notice on
Oct. 15, 1956, and on 30 days' notice on any interest paying date
.
called for July 15 in
order to vote on the issuance of $150,000
fire protection
thereafter.
,
Dated April 1,1941. Prin. and int. (A-O) payable at the
office. These bonds represent the unexchanged balance of
a total issue of $857,000 refunding, series 1941 bonds, the remainder having
been exchanged by the original holders thereof.
The unexchanged balance
of bonds to be refunded have been called for payment on Oct. 1. 1941.
Interim receipts for same issued by the American National Bank, Austin,
will be available for delivery on or about July 1, said interim receipts to be
exchangeable into actual bonds, without charge, on or about Oct. 1. The
levy of Road District No. 6 is wholly a debt service tax. Funds for the main¬
tenance and repair of roads within the district are furnished by the County
and Highway Commission of the State.
nnn
^
,,
„
This issue, to be outstanding in the amount of $857,000, constitutes the
entire indebtedness of the district, which has been arranged with level debt
service requirements. Payable from unlimited ad valorem taxes levied on all
taxable property within the district without legal limit as to rate or amount.
However, the Commissioners' Court of the county has specifically agreed
to levy a tax sufficient to produce $60,000 annually, based on the net ad
valorem tax collections for the three immediately preceding tax years.
From this $60,000 there may be deducted excess cash on hand each Sept. 1.
after providing for interest due Oct. 1, and any funds furnished these
series 1941 refunding bonds by the Board of County and District Road
Indebtedness, Austin (State Aid) for the next 12 months* period, and so
confirmed by this Board. Inasmuch as the series 1935 refunding bonds were
issued under a decree of the United States District Court for the Southern
District of Texas, this decree will be reaffirmed and extended to include all
of the above provisions on the new refunding, series 1941 bonds.
Legality
approved by the Attorney General and Dillon, Vandewater & Moore,
Denom. $1,000.
bonds.
State Treasurer's
SOUTH
DAKOTA
GETTYSBURG, S. Dak.—BOND OFFERING—Both sealed and oral
bids will be received by V. L. Klein, City Auditor, until July 7, at 8 p. m.,
for the pin-chase of $28,000 auditorium bonds.
Interest rate is not to
exceed 3%, payable J-J.
Dated July 1, 1941.
Denom. $1,000.
Due
July 1, as follows:
$3,000 in 1944 to 1948, and $1,000 in 1949 to 1961.
Bonds maturing in 1949 to 1961, subject to prepayment and redemption at
par and accrued interest on any interest date on or subsequent to Jan. 1,
1947.
Prin. and int. payable at any suitable bank or trust company
designated by the purchaser.
The approving opinion of Fletcher, Dorsey,
Barker, Colman & Barber of Minneapolis, will be furished.
No bid for less
than par and accrued interest will be considered.
Enclose a certified check
for $1,000, payable to the City Treasurer.
GREGORY COUNTY INDEPENDENT
SCHOOL DISTRICT NO. 3
(P. O. Fairfax), S. Dak.—BONDS OFFERED—Sealed bids were received
R. A. Davis, District Clerk, for the purchase
until 8 p. m. on June 28 by
of $48,000 refunding bonds.
HENRY
DISTRICT
SCHOOL
(P.
SOLD—It is reported that $10,000 3%
been purchased by
O. Henry), S. Dak.—BOlfDS
semi-annual building bonds have
C. J. Burns & Co. of Aberdeen.
HOWARD, S. Dak.—BOND SALE—The $5,000 semi-ann. water
works
improvement bonds offered for sale on June 23—V. 152, p. 3855—were
awarded to Gefke, Dalton & Co. of Sioux .Falls, as 2Ms, at par, according
to the
to
City Auditor.
1947
Dated July 1, 1941.
Due $1,000 on Jan. 1 in 1943
incl.
HURON, S. Dak.—BOND ELECTION—The issuance of $34,000 sewage
plant bonds will be submitted to the voters at an election scheduled for July
22, according to report.
SCHOOL DISTRICT (P. O. Madison),
S. Dak.—BOND OFFERING—It is stated by G. N. Arneson, District
Clerk, that he will receive both sealed and oral bids until July 11 at 7:30
p. m., for the purchase of $51,000 refunding bonds.
Interest rate is not
to exceed 3%, payable J-J.
Dated July 1, 1941.
Due Jan. 1 as follows:
$2,000 in 1942 and 1943, $3,000 in 1944 to 1951, $5,000 in 1952 and $6,000
in 1953 to 1955.
All of the bonds maturing after July 1, 1948, to be re¬
deemable at the option of the district at par and accrued interest on said
date and on any interest payment date thereafter.
Prin. and int. payable
MADISON INDEPENDENT
suitable bank or trust company designated by the successful bidder.
will furnish the executed bonds and the legal opinion of
Fletcher, Dorsey, Barker, Colman & Barber of Minneapolis, both without
at any
The
district
„
of
New York.
Sulphur Springs), Texas—BONDS SOLD
$18,500 road refunding bonds have been purchased
Co. of Chicago, as 3s at par.
Due on May 10, 1946.
HOPKINS COUNTY (P. O.
—It is reported that
by Barcus, Kindred &
JACKSON COUNTY ROAD DISTRICT NO. 10 (P. O.
SALE—The $150,000 issue of semi-annual road
—BOND
Edna), Texas
bonds offered
Ransonand
2M8.
15, 1952.
sale on June 13—V. 152, p. 3856—was purchased by the
Davidson Co. of San Antonio, Charles B. White & Co. of Houston
the Columbian Securities Co. of San Antonio, jointly, as 2Ms and
Due on July 15 in 1942 to 1961; callable on and after July
for
LAMAR
COUNTY (P. O. Paris), Texas—BONDS
issuance of $200,000 road improvement
approved by the voters.
recent election the
have been
MEXIA, Texan—BONDS VOTED—The
4% airport
the voters.
VOTED—At a
bonds is said to
issuance of $50,000 not to exceed
construction bonds is said to have
been approved recently by
The Commercial
4164
Financial Chronicle
A
MOORE COUNTY (P. O. Dnmu), Texa.—BO.VD ELECTION—'The
issuance of $55,000 highway Improvement bonds is said to be up for approval
shall refer to
by the
state that the
voters at an election scheduled for
Julyy 5.
PALESTINE, Texas—MATURITY—The City Secretary states that the
$15,000 water revenue bonds sold to Fritz, Stewart & Co. of Dallas, as 2
at par—V. 152, p. 3688—are due on June 1 as follows:
$3,000 in 1952 and
$4,000 in 1953 to 1955.
RIO
VISTA
INDEPENDENT
SCHOOL DISTRICT
(P. O. Vi.ta),
Texas—BONDS SOLD—It is reported that $7,000 4% semi-annual re¬
funding bonds have been purchased by Elliott & Eubank of Waco.
Dated
April 15, 1941.
TARRANT COUNTY (P. O. Fort Worth), Texas—BONDS SOLD—
A $468,000 issue of
refunding bonds is reported to have been purchased
by W. N. Edwards & Co. of Fort Worth.
UVALDE.
Texas—BOND
OFFERING—Sealed
bids
will
be
received
until July
10, by E. W. Evans, City Secretary, for the purchase of $30,000
airport bonds.
Bidders are to name the rate of interest.
Due serially in
14 years.
VERNON, Texas—BONDS SOLD—It is stated by 8. H. Hall, City
Secretary, that $50,000 3% semi-annual airport bonds were purchased on
by Watson, Lynch & McEvoy of Dallas, arid the Dunne-Israel
Investment Co. of Wichita, jointly, paying a premium of $1,526, equal to
103.05, a basis of about 2.20%.
Dated July 1, 1941.
Due on Jan. 1
as follows: $2,000 in
1942 to 1951 and $3,000 in 1952 to 1961; optional
June 24
after five years.
appeal now pending in the State Supreme Court on the part
plaintiff-taxpayer in a suit to test the validity of the District, but will
plaintiff's case is without merit. Bidders are advised to com¬
municate with Houghton, Cluck & Cougblin, 535 Central Building, Seattle,
in respect to the status of the litigation as a decision may be forthcoming
before July 14, 1941.
Enclose a certified check for 5% of the amount of
of
a
he bid.
PIERCE COUNTY SCHOOL DISTRICT NO. 99 (P. O. Tacoma),
Wash.—BOND SALE POSTPONED—It is stated
by Paul
Newman,
County Treasurer, that the sale of the $9,000 not to exceed 6% annual
3688—has been
school bonds, originally scheduled for June 21—V. 152, p.
postponed to June 28.
PORT
ST. ALBANS, Vt.—BOND OFFERING—13. W. Fisher, Mayor reports
1961 to 1965 incl. and $4,000 in 1966.
Bidder to name a single rate
of interest, expressed in a multiple of M of 1%.
Prin. and int. (F-A)
payable at the Peoples Trust Co., St. Albans.
The bonds will be au¬
thenticated as to genuineness by, and their legality will be approved by
Charles D. Watson, Esq., of St. Albans.
Duly certified copies of all re¬
solutions and records incident to the authorization of this issue will be
from
filed with said attorney and may be inspected at his office.
Delivery of
bonds to be made on or about Aug. 18, 1941 at the Peoples Trust
Co.,
8t. Albans.
.
VIRGINIA
RICHMOND, Va.—LIST OF BIDS—The following is
official tabula¬
4012:
Name of Bidder—
Int. Rate
Shields & Co.; B. J. Van Ingen & Co., Inc.; Kaiser &
Co.; Schwabacher & Co.; Stroud & Co., Inc.—
Seattle,
By Shields & Co
Price Bid
1,462,877
1,461,298
a
price of 100.30, reports the Manager of the Port
TACOMA, Wash.—BOND ISSUANCE CONTEMPLATED—The City
calling for the issuance of
$500,000 general obligation, water system bonds.
WISCONSIN
LAFAYETTE
COUNTY
(P. O. Darlington), Wis.—BOND SALE—
highway improvement, non-taxable, series D coupon
June 23—V. 152, p. 3856—were awarded jointly
to the Wisconsin Co., and the Milwaukee Co., both of Milwaukee, as
0.75s, pacing a premium of $310, equal to 100.36, a basis of about 0.63%.
Dated May 1, 1941.
Due on May 1 in 1944 and 1945,
The $85,000 semi-ann.
bonds offered for sale
on
The
(P. O. Manitowoc), Wis.—BOND SALE—
following semi-annual
coupon
bonds aggregating $580,000, offered
152, p. 3536—were awarded to the Harris Trust
& Savings Bank and the First National Bank, both of Chicago, jointly,
as 1 Ms. paying a price of 101.482, a basis of about
1.33%:
for sale
on
June 25—V.
asylum
on
June
for
the
bonds.
insane
Dated
June
1,
BONDS
OFFERED
1941.
lin 1943 to 1961 incl.
120,000 non-taxable
highway improvement, series I,
bonds.
May 1, 1941.
Due on May 1 in 1946 and 1947.
FOR
INVESTMENT—The
Dated
bidders
successful
re-
offered the above bonds for general subscription at prices to yield from
0.04% to 1.40%, according to maturity.
MANITOWOC COUNTY (P. O. Manitowoc), Wis.—BOND SALE—
$460,000 issue of insane asylum bonds offered for sale on June 25
152, p. 3536—was awarded jointly to the Harris Trust & Savings
Bank, and the First National Bank, both of Chicago, at public auction, as
1 Ha, paying a premium of $8,600, equal to 101.869, a basis of about 1.32%.
Dated June 1, 1941.
Due on June 1 in 1943 to 1961.
—V.
1%
1,460,693
1%
1,460,439
1%
1%
1%
1,459,088
1,458,776
1,458,658
1%
1,456,725
1%
1,455,834
Corp. of Norfolk—By Chemical Bank &
Trust Co
Union
Securities Corp.;
Roosevelt & Weigold,
R. W. Pressprich & Co.;
Inc.: Bond, Judge & Co.,
Inc.—By Union Securities Corp
Glore Forgan & Co.—By Glore Forgan & Co
Dick & Merle-Smith—By Dick & Merle-Smith
Smith, Barney & Co., New York; Northern Trust
Co., Chicago; Boatmen's National Bank,
St.
Louis; Illinois Co. of Chicago; Miller & Patterson,
ADDITIONAL SALE—The $120,000 issue of non-taxable highway im¬
provement, series I bonds offered for sale on the same date—V. 152, p. 3536
—was awarded to
the Marshall & Ilsley Bank of Milwaukee, at public
auction,
about
as
Is, paying a premium of $897,
0.85%.
Dated May 1, 1941.
equal to 100.747, a basis of
Due on May 1 in 1946 and 1947.
PRAIRIE FARM, Wis.—BOND SALE— The $7,000 3H% semi-annua1
road bonds offered for sale on June 20—V. 152, p. 4012—were purchased
at
par
by Park, Shaughnessy & Co
of St
Paul, according to the Town
Dated July 1, 1941.
Due $1,000 on March 1 in 1942 to 1948.
Treasurer.
Richmond—By Miller & Patterson
.The First Boston Corp.; Lehman Brothers; G. M.-P.
Murphy & Co.—By The First Boston Corp
Phelps, Fenn & Co.; Stone & Webster and Blodget,
Inc.; Mercanthe-Commerce Bank & Trust Co.;
First of Michigan Corp.; Paul II. Davis & Co.;
Campbell, Phelps & Co., inc.; Fenner & Beane;
The
Richmond Corp.; Bank of Commerce &
Trust*, Richmond-—By The Richmond Corp
Halsey, Stuart & Co., Inc.; Darby & Co., Inc.;
Hemphill, Noyes & Co.—By Halsey, Stuart &
Co., Inc
Kidder Peabody & Co.; E. H. Rollins & Sons,
jnc,;
The Central National Bank of Richmond—By The
1,454,779
1%
1,449,890
1%
1,443,644
1M%
1M%
Boyce—By Blyth & Co., Inc
1,492,627
1M%
WYOMING
COUNTY
(P.
O.
Cheyenne),
Wyo.—CERTIFICATES
AUTHORIZED—The
County Board of Commissioners is said to have
resolution calling for the issuance of between $40,000 to $50,000
certificates of indebtedness, to meet county expenditures.
1,489,255
passed
&
1M%
July 1,
WAUWATOSA, Wis.—BOND OFFERING—It is stated by W. T.
Whipp, City Clerk, that he will receive sealed bids until 7:30 p. m. on July 15
LARAMIE
Co., New York City; Equitable Se¬
curities Corp., New York City; F. W.
Craigie &
Co., Richmond; Scott, Horner & Mason, Inc.,
Lynchburg—By F. W. Craigie & Co
on
School, 4 M %.
Dated Aug. 1, 1922, due Aug. 1, 1941.
School, 4>£%.
Dated Aug. 1,<,1926, due Aug. 1, 1941.
Street construction, 4 M %.
Dated Aug. 1, 192 7. due Aug. 1, 1941.
General refunding, 4 ii%.
Dated Aug. 2, 1924, due Aug. 2, 1941.
School, 4H%.
Dated Sept. 1, 1922. due Sept. 1. 1941.
School refunding. 43^%.
Dated Aug. 31,1929, due Sept. 1,1941.
General school, 4%.
Dated Nov. 1, 1931, due Nov, 1, 1941.
July 15, 1941.
Due on March 15 as follows: $3,000 in 1942 to 1951, and
$2,000 in 1952 to 1961.
Bidders must agree to furnish printed blank bonds
and attorneys' opinion to the city.
Delivery will be made at the office of
the City Treasurer.
1,499,522
Blyth & Co., Inc.; Lazard Freres & Co.; R. S. Dick¬
son & Co.,
Inc.; Mason-Hagan, Inc.; Stein Bros. &
First National Bank of New York; Blair &
Co., Inc.;
Goldman, Sachs & Co.; Kean, Taylor & Co.;
Grouse & Co.—By Blair & Co., Inc...
Manager, that the following bonds are being called for payment
at the City Treasurer's office:
for the purchase of a $50,000 issue of engine house first series bonds.
In¬
terest rate is not to exceed 3%, payable M-S.
Denom. $1,000.
Dated
Harriman,
Ripley & Co., Inc.—By First & Merchants Na¬
tional Bank
SUPERIOR, Wis.—BOND CALL—It is stated by F. R. Buechner, City
$15,000
5,000
3,000
8,000
25,000
10,000
1,000
1%
Central National Bank.
First & Merchants National Bank of Richmond; The
National City Bank of New York;
rate
(P. O. Port Angeles), Wash.—BOND
The
New'York—By
State-Planters Bank & Trust Co
Chemical Bank & Trust Co.: F. S. Moseley & Co.;
Eldredge & Co., Inc.; Baker, Watts & Co.; In¬
Successful bidder net
ANGELES
Council is said to be considering an ordinance
*$1,464,846
1%
Brown & Sons
lj^s, at
as
Due
1%
C. J. Devine & Co., New York; The Marine Trust
*
PORT
$460,000 county
1%
Co.; Harris Trust & Savings Bank;
Stringfellow—By Scott & Stringfellow
Alex. Brown & Sons; L. F. Rothschild & Co.; Lee
Higginson
Corp.;
Weeden
&
Co.—By
Alex.
Scott &
Estabrook
Wash.—BONDS OFFERED—
Pasco),
Commission.
Bankers Trust
vestment
OF
MANITOWOC COUNTY
an
tion of the bids received for the $1,486,000 public improvement bonds that
were awarded on June 19 to a
syndicate composed of Shields & Co. of New
Co.,
O.
sale
that the City Council will receive sealed bids until 7 p.m. (EST) on July 10
the purchase of $29,000 not to exceed 3% interest refunding bonds.
Dated Aug. 15, 1941.
Denom. $1,000.
Due Aug. 15 as follows: $5,000
Co., Buffalo; Reynolds &
(P.
received until 5 p. m. on June 27 by Karl J. Grimm,
of Commissioners, for the purchase of $100,000 not
Board
exceeding 5% semi-annual harbor revenue bonds.
Dated about Aug. 1,
1941.
Denom. $500 or other miltiples of $100.
Said bonds are to run
for a period of 25 years.
The various annual maturities thereof will
commence with the second year after the date of issue of said bonds and
shall (as nearly as practicable) be in such amounts as will, together with the
interest on all outstanding bonds, be met by equal annual tax levies for
the payment of said bonds and interest.
The proceeds of the sale of said
Trends will be used for the acquisition of property and making of improve¬
ments, in accordance with the comprehensive scheme of harbor improve¬
ments heretofore adopted and approved by the Port Commissioners and
by the electors of the port.
for
p.
PASCO
were
Clerk of the
PORT
York, and associates—V. 152,
OF
Sealed bids
SALE—The $60,000 bulkheads and seawall construction bonds offered for
on
June 23—V. 152, p. 3688—were awarded to Grande & Co. of
VERMONT
„
June 28, 1941
an
a
1,489,165
CANADA
1.13507917 basis.
ALBERTA
WASHINGTON
<
BREMERTON,
Wash.—COURT
UPHOLDS
BOND
ISSUANCE—
The Kitsap County Superior Court is said to have
upheld the city in its right
to issue city-owned light and power
utility bonds in the amount of $750,000,
approved by the voters
some
time ago.
LEWIS COUNTY PUBLIC UTILITY DISTRICT
NO. 1 (P. O.
Chehalis) Wash.—BOND OFFERING—It is reported by the Distric
Secretary that he will receive sealed bids until 10 a. m. on July 14, for the
purchase of $85,000 electric revenue, series A bonds.
Denom. $1,000.
Dated July 1, 1941.
The amounts of said bonds maturing each year shall
be such that the total amount required in each
year, so long as any bonds of
or instalment shall be outstanding, to
pay the principal of and
on the bonds of such series or instalment
instalments of interrst
year,
shall insofar
as
during said
practicable be substantially equal to the total amount
in every other such year, but it shall be im¬
purpose
material if the difference between the largest and smallest amounts
quired in any year shall be less than $2,000.
Redeemable, pursuant to Resolution No.
so re¬
W.
Deb
Farris,
who led the
Alberta
argument
in support
Geoffrion.
In his closing argument Mr. Farris upheld the power of the Alberta
Legislature to pass the Act.
A major point of argument has been the
provision under the Act that a creditor seeking to bring action against an
Alberta debtor must first obtain a permit from the Debt Adjustment Board,
which may grant or refuse the permit or adjourn the application.
J. M. Stevenson, representing the Attorney General of Saskatchewan,
supported the Alberta argument for validity of the Act.
He outlined
provisions of the Saskatchewan debt adjustment measure and asked for
rulings in respect to the Alberta Act which would be a guide to his Province.
>
by Thomson, Wood & Hoff¬
man, of New York, or Chapman & Cutler, or Chicago, whose favorable
opinion will be delivered to and paid for by the purchaser; such opinion
J.
validity of the Act, completed his case and replies were made by
acting for the Dominion Attorney General and W. N.
Tilley, for the Canadian Bankers' Association, and Mortgage Loans Asso¬
ciation of Alberta, who asked that the Act be declared beyond the powers
Aime
ALBERTA
94,
adopted by the Com¬
mission of the District on June 9, 1941,
authorizing said issue, on or after
July 1, 1945, in whole at any time, or in part (selected by lot if less than an
entre maturity is to be redeemed), in the inverse order of
maturities, on
any interest payment date, upon payment of the principal amount thereof
and accrued interest thereon to the redemption date,
plus a premium
upon such principal amount, as follows:
5% if redeemed on July 1, 1945,
or thereafter to and
including June 30, 1947, 4% if redeemed on July 1,
1947, or thereafter to and including June 30, 1952, 3% if redeemed at
any
time thereafter and prior to
maturity. Bidders shall submit separate bids on
blank forms furnished by the Secretary of the
District, specifying the price
offered for tire bonds (i. e., whether at par or with stated
discount or
premium), and the interest rate.
Issued to finance the acquisition of the
electrical
properties now operated by the Interstate Power & Light Co.,
the construction of additions, betterments and
improvements, for working
capital and other purposes stated in said Resolution No. 94.
The bonds shall be approved as to
legality
Senator
of the
of the Province to enact.
such series
required for such
(Province of)— COURT TO RULE ON DEBT ADJUST¬
MENT ACT—The Supreme Court of Canada reserved judgment June 26
after hearing arguments on a reference as to the validity of the Alberta
Debt Adjustment Act of 1937 and amendments.
(Province
Holders debentures which
of)—NOTICE
matured
Jan.
interest will be paid at the rate of 2% %
OF
INTEREST
PAYMENT—
1, 1939, are being notified that
in respect of the half-year ending
July 1, 1941.
Interest will be paid on presentation of debentures for nota¬
tion thereon of such payment of interest at
anv branch of the Imperial
Bank of Canada in Canada or at the Bank of the Manhattan Company
in New York City.
CANADA (Dominion of)—CASH AND CONVERSIONS TO VICTORY
LOAN TOTAL $806,000,000—One person in every thirteen in the Dominion
of Canada has subscribed to the 1941 Victory Loan, which reached on
June 21 the known total of $806,000,000 in cash and conversions—that is
to say,
p.
$200,000,000 more than the figure set by the Government—V. 152,
3856.
Cash subscriptions were just short of $711,000,000 and this
exceeded even the great Victory Loan of 1918, when $707,000.0(F)
total
was
subscribed.
"The
huge total of
beyond any question,"
must
have been
a
subscribing, made
individual subscribers—91,885 in all—indicates
Finance Minister J. L. Ilsley said, "that there
large number of people of modest means who, in
patriotic sacrifice."
very
a
@FedFRASER